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H U N T ’S MERCHANTS’ MAGAZINE. E s t a b lis h e d J u l y , 18 3 9 , b y F r e e m a n B u n t . JANUARY, V O L U M E X L. CONTENTS OF NUMBER L 1 869. NO. I., VOL. XL. ARTICLES. ART. PAQ B I. CAUSES TH A T PRODUCED TITE CRISTS OF 1857 CONSIDERED. The Importance o f the Subject — Difficulty of Understanding it — Four Operating Causes — Monetary Question Involved in Politics—Prejudice against Paper Money and Banks—What is Money? — Banks— Propositions of lion. A. Walker in Part Considered—The Uses o f Banks - Fluctuations o f Money in Quality and Quantity—Paper Money has not the Cost Value of Coin—Does Paper Money Drive Specie, out of the Country ? —Paper Money Stimulates and Depresses Credits—Is Paper Money the Cause o f Bankruptcies?— Does Paper Money affect Prices?—The Question Discussed—Condition o f things in 1857 com pared to a W ork Shop—Statistics o f Specie—An Estimate o f the amount o f Banking Capital and Paper Money at different P eriods-P aper Money did not Produce the Crisis of D57— Amount of property in the United states—Foreign Debt o f the United States. By G eorge S. W ard , Esq., o f Mas achusetts.......................................................................... 19 U . COMMERCE OF A U STRIA, W ITH REFERENCE TO ITS CURRENCY. Bank o f Austria—Suspension—R esum ption-Geography o f Austria—Its Origin and Growth — Wars—Present Extent and Population -Bankruptcies -D ebt -Revenue and Expendi tures—Borrowing—Commercial P olicy— Money — Metallic—Convention Money—Old Coinage—New Coinage—Currency R eform -B ank Notes— Paper not a Legal T e n d e r Bank of V ienna-Form ation—Circulation—Condition— Decree for Resumption—Effect o f Decree—No Credit Currency—Commercial Policy of Austria—Iron Manufactures— Growth of Liberal Ideas—Credit Mobilier—R ailroads-A griculture-B eet-root Sugar, progress of Taxes on—Imported Sugar - Commerce of Austria—Manufactures—Spindles — Cotton Manufacture—Reciprocal Intercourse—Tariffs o f United States, Zollvcrein, and Austria compared in United States Currency.................................................................. 38 H I. COMMERCIAL AND IN DU STRIAL CITIES OF THE UNITED STATES. No. lx . RICHMOND, V IR G IN IA . Seat of Justice of Henrico County—Situation—Head o f Tide-water—Largest City of Virginia—Neighborhood—Seven Hills—Public Buildings— Squares—Churces—Publications— Water-power—Mills—Climate—Supply of Raw Mate rials—Table o f Manufactures—Recapitulation —Artistic Products—Merchandise—Sales of Real Estate—Live Stock—Industrial Pursuits -Miscellaneous—Professional-Officers —General Recapitulation—Large Capital required -Produce Purchases for Cash—Mer chandise on Time—Capital Invited—Banking Capital—Insurance-Inspections—Canals and Railroads-Shipping—Steamers—Foreign 'T rade — Tobacco Exports—Population and Property of Richmond—Finances— Water W orks—Ga-1—City Debt—City Property —Comparative Products per Hoad - Property per Head of Population. B y G e o r g e B a u g h m a n , Esq., o f Richmond, Virginia................................................................................... 54 IV . TE X TILE FABRICS OF THE ANC IE N TS............................................................................ J O U R N A L OF M E R C A N T I L E 67 LAW. Damages for Non-delivery o f Sugar...................................................................... Practice—When a Counter Claim can be Sustained.......................................... Decisions in Revenue Cases...................................................................... .......... 70 73 75 C O M M E R C I A L C H R O N I C L E AND R E V I E W . Bupplv o f Money—Decline in Im ports—Specie in the City—Amount in Banks—Exchanges, Table of—Rates of Money Abroad—Silver Shipments - Rates o f Exchange—Specie Move ment—Exports o f Boston and New Y ork —Nature and Destination—Coinage at Philadel phia—New York Assay-office Operations—United States Coinage -E xp ortsof G old—Increase of Coins—Silver Coinage—Legal Tender— Metallic * urreney— Improved Business—Specie in Treasury—Excess of Expenditure—United States Debt—Semi-annual In terest................. 76-83 V O L. XL.---- N O. I . 2 20 Causes that P roduced the Crisis o f 1857 Considered. mass are ignorant and look outside and beyond themselves— they are right and all else is wrong; this is their reasoning. There are four great operating causes, or controlling interests, that have undoubtedly exerted, and that do exert, at all times, a marked influence upon the business and the prosperity of the country, namely, our banks, banking, or monetary system ; the tariff; speculation and over-trading; and the credit system. Most o f the persons who have written on the subject, so far as we have been able to ascertain, have attributed the crisis of last year to some one or all of these causes. W hile all these act reciprocally upon one another, and each and all have more or less influence in shaping and directing our business as a whole, we think they have each, respective^', exerted a widely different influence in regard to the crisis of last year. This we propose to consider briefly ; and we shall take up these interests in the order in which they are referred to above. The time was when the monetary system of the country could be dis cussed on its merits. General Jackson’s opposition to the United States Bank caused the bank question to become a political question. A t first, it was simply opposition to a national bank— not on its merits, but because it used its influence for political purposes— and approval o f State banks. The latter were created in great number, without much regard to the wants of the community, and, not unfrequently, for party purposes, or to insure political ends. All such were in the main, as a matter of course, unsuccessful. “ Down jvj'tk ;al,l, banks’^ ;be<}am®.the party cry ; all good Democrats were expected to'apjSosfef ba'nks,I and all good W higs to ap prove of them. Thus the banking question became a leading party ques tion, and it was discu-sed in the Sahje; spirit that prominent party questions are discussed in times of high pirity' esciWment. ■ Prejudice, and not reason and judgment, was appealed to., Triumph was the object, and not truth. Although this question has,I to jit^reat extent, ceased to be a foot-ball in politics, there is yet a popular prejudice against banks and paper currency that is ready to attribute all unfavorable fluctuations in business, whether confined to an individual or extending over the country, to them. Much of this prejudice arises from ignorance of the nature and the functions of money, and of banks, and of paper currency. What is money, and by what laws is it governed ? Money consists of gold, silver, and copper coined. It is governed substantially by the same laws that regulate other property. It possesses a real cost value, and is the standard, or measure of money value, or of exchangeable value of all commodities in any and all communities where it is used and circulated as with us. Paper money has no intrinsic value— a bill of $100 is worth no more of itself than a bill of $1. It is a representative of property, or evidence of debt. It is not a measure or standard o f value; neither does it influence prices any further than so much credit. It is a substitute for gold and silver, as a check, or a draft, or a bill of exchange, or a negotiable note is. A in Boston wishes to pay $100 in New York ; he procures the amount in a bank bill, or a certified check, or in a draft, or bill o f ex change, suiting his own convenience, in whatever form he selects; to him it is paper money, more valuable under the circumstances than coin, although it has no cost value, and is simply a representative o f property, or evidence of debt. It is a substitute for coin or property. Money, both real and paper, is a motive power in business. It facilitates Causes that P roduced the C risis o f 1857 Considered. 21 business and the exchange o f products. Supply and demand, in a meas ure, regulate its value. The amount required by a community is de termined by the amount and the character of its business, the method of transacting that business, the geographical extent over which it is spread, and the facilities of communication. One community of equal population with another may have ten times the amount of money of the other, and still have very much less in proportion to its business wants. Whether money is plenty or scarce is not ascertained by the number of the population, neither is an increase o f money or banking capital to be determined by comparing the amount at one period with that o f another. It is regulated by the amount of business— this is the only true criterion. Banks are the aggregation or association of previously acquired in dividual wealth. They do not create wealth of themselves any more than does a plow or a hoe. They aid and facilitate business as a steamengine aids and promotes mechanical production. Business exists and banks are required; they are not the forerunners but the followers of business. Bus ness is made or created in a community, and a bank is required as a place of deposit, to collect and to facilitate the transmis sion of funds between different points, and to provide a currency. In these and other ways they aid in creating wealth; they are a labor-saving ma chine, one of the most important o f modern times. In the few suggestions we propose to make in regard to the influence or agency our banking system and paper money had in producing the crisis of 1857, we do not intend to discuss the whole theory of banks and paper money, but to take a practical view o f the working of the system as developed through well regulated banks. It is contended by one class of writers, and they are very numerous, 'that not only the crisis o f last year, but that all disturbances in our financial and commercial affairs, arise directly or indirectly from our banking system. To this class be longs the Hon. Arnasa Walker, of this State. He takes extreme or ultra views of the subject. He published a series of articles in this Magazine, all but one prior to the last crisis, discussing the points at issue. W e propose to refer to these articles, not considering every point, but some of the more prominent ones, rather as preliminary to the main question. Mr. Walker is an able writer, has studied and taught political economy, and has had a large experience in business, and he has undoubtedly made the most of his case. W e begin with his article in the August number of 1857, on “ Mixed Currency— its Nature and Effects.” He assumes— 1. That a mixed currency is, fluctuating, both in quantity and quality. 2. That not having the cost value o f gold and silver, it can perform well only one function of money, to-wit, that of medium of exchange. 3. That it is not correct as a standard of value, consequently, it is local in its use— money at home and “ moonshine abroad.” 4. That it causes an extension of credits, demand for foreign products, and the export of specie. 5. That it stimulates and depresses credits. C. That it produces bankruptcies, which, he says, occur “ just in pro portion to its expansibility and contractibility.” These points are argued somewhat at length, and a variety o f bank statistics are given by way of illustration and proof. He says, “ fixing 22 Causes that P roduced the Crisis o f 1857 Considered. our eye steadily on these great facts,” (namely, the fluctuations of a mixed currency in quantity and quality,) “ we are enabled to account for all those frightful convulsions in the monetary world which we know take place,” such as “ overtrading,” “ speculation,” “ gambling,” “ reckless ness,” etc., etc. It is very clear from this language that Mr. W alker be lieves our banking system to be an unmixed evil— in fact, the root of all evil, commercially and financially considered. The first point, to-wit, “ the fluctuations in quantity and quality of a mixed currency,” is extremely important. Much of the error and prejudice concerning banks arises from not understanding clearly the rules or laws that regulate the issuing of bank bills and the true criterion o f their value. In the main, supply and demand regulate their amount and their exchangeable value, or what is the same thing, their “ quality.” A bank is established for its dividends, and to facilitate business. It is clothed with limited and well-defined powers, and is managed by, or under the control of, a board of directors. It has four sources of profit— its capital, its deposits, its circulation, and its exchanges. Its circulation, that is, the amount in bills it can have out at any one time, is limited by law, and depending upon the amount of specie on hand. The amount of its discounts is also restricted by law, and, as a general thing, cannot ex ceed at any time twice the amount of the capital. From them its profits are chiefly derived. When they can be increased and kept up to the limit without issuing bills, as they can in case of large deposits, the bank prefers not to issue bills, and in many instances, where the law allows it to use those of another bank, it does not. It is a common opinion that a bank can, and that it does, at pleasure, increase and diminish its cir culation ; and that the banks do .capriciously affect the money market in this way. This is a great mistake. The true interest of the bank lies in having its customers, and the public generally, successful; consequently it acts with caution and prudence, doing all it can to promote the public good, consistently with taking care of itself. It never issues bills gratuit ously, nor without securing or putting into its vaults their value. Every bill going from the bank is a debt against itself, payable on demand; and it is in the hands of the public, who, as it regards the bank, are jealous, unfriendly, and uncharitable. The interest of the bank, and that of the public, depend reciprocally upon each other; the bank will do all it can in safety to accommodate the pu blic; more than this the public have no right to expect, nor the bank to gran t; and it is not only untrue, but absurd, to say that the bank increases or diminishes its circulation capriciously. It might be said with as much propriety that a prudent and responsible merchant buys and sells his goods in the same way. A merchant, in making his purchases, goes into the market remembering that there is a pay-day; in selling, he keeps steadily in view the question of getting his pay ; and, not only so, of getting it in time to meet his own payments. This is the principle of the bank. They both may', and do, make mistakes— infallibility is not an attribute o f humanity. W e find a great fluctuation, as Mr. Walker says, in the amount o f bank circulation, not only at periods distant from one another, but at different seasons of the same year, and also in different sections of the country, and he produces a variety of statistics in proof. This fluctuation we regard as perfectly natural, forming no argument against a paper currency. If paper money o f itself made the corn grow, Causes that P rodu ced the Crisis o f 1857 Considered. 23 built and equipped the factory, pegged the boots and shoes, constructed the railroad, it might be. Its office is o f a very different character. After the corn is grown and ready for market it comes into aid in selling it, and in distributing it to consumers over the country. It lends its aid in the same way in scattering over the country all kinds of merchandise. The factory that turns out a million of dollars’ worth o f goods, the 80,000 people in Massachusetts engaged in making shoes, say amounting annually to $50,000,000, are all benefited in the same way. As this corn, these goods, and boots and shoes are chiefly sold during five or six months o f the year, it is very natural that more money should be required at one time than at another, causing a “ fluctuation” in business, and a correspond ing “ fluctuation” in the amount o f paper money in circulation. Supposing the corn crop should fail, or partially so, and there should be scarcely any to send to market; supposing the factories should stop, or run half time, and supposing from any cause there is a great depression in business, a “ fluctuation” in the amount of paper money in circulation ensues, comparing one year with another, just as it fluctuates in a single year by crowding the business into a few months; this is a logical and legitimate result. Objection might be made with the same propriety to a railroad, because there is a fluctuation in the number of cars sent over it daily, monthly, or yearly, as to our banking system, because of the fluc tuation in the amount of bills in circulation. The number of cars is graduated by business and by passengers. Passengers go W est to buy corn, and others come East to purchase the products of the factory and the boots and shoes. These articles are sent simultaneously in their op posite and respective directions, creating a necessity for a greater number of cars and a larger amount of money at one time than at another. The condition of the banks in 1857, as compared with 1858, illustrate our argument:— In 1857..................... In 1858..................... Capital. Specie. Loans and discounts. Circulation. $370,834,088 394,622,797 $58,349,838 74,412,832 $684,456,887 683,165,242 $214,778,822 165,208,344 Business is extremely light this year as compared with the last, and we see that while the banking capital has been increased very considerably, the loans and discounts have diminished more than $100,000,000, being about one-sixth ; the circulation has decreased about $60,000,000, more than a quarter ; and the specie has increased nearly a third, upwards o f $16,000,000. This condition o f the banks is not a matter of choice, in respect to decrease o f loans and circulation, but o f necessity. Their cir culation, business having fallen off, is not required, and, as a matter of course, it returns to the banks. The error in Mr. Walker’s argument is fundamental. His premises are wrong, and, as a matter o f course, his conclusions are wrong. He puts an effect for a cause. He assumes that the banks create and regulate the business of the country, when, in fact, the business exists, and the banks come in to afford facilities for transacting it. His method of determining the value o f paper money (he calls it the “ quality”) is certainly erroneous. Assuming that it may be worth at one time 90 per cent, at another only 50, at another only 10, or even 5 per cent, he comes to this conclusion by comparing the amount of specie in the banks, at a given time, with the circulation. For instance, in 1840, the circulation of all the banks in the United States was,7 in round figures, o / 24 Causes that P roduced the Crisis o f 1857 Considered. $107,000,000, and they had only $33,000,000 in specie, leaving the bills worth, by his criterion, only 31 percent. W e are at loss in determining why Mr. Walker adopts this method o f discovering the value o f the cir culation. W hy should specie be regarded as the true exponent of the value o f our currency, or the debts of the banks, any more than it should be of the debts of individuals or o f the community ? It is a well-known fact that deposits are as much a debt in all respects against a bank as circulation. In 1840, these same banks owed to depositors, in round figures, $76,000,000. The depositors have the same right in law and equity to draw out the specie that the billholders have, and, as a genera! thing, they could do it with greater facility, having large amounts, while the bills are scattered over the country. If the value of a bank’s indebtedness is to be decided by its specie, cer tainly the deposits should be an element in the calculation. In the case cited, the result would be very different from Mr. Walker’s conclusion. The deposits added to the circulation make $183,000,000, leaving the bills worth not 31 per cent, but 18 per cent. Now we regard this criterion, of judging the value of bills, as utterly fallacious, for a variety of reasons. There may be two banks having each $200,000 as a capital, and each having $100,000 in specie and $300,000 in circulation, and yet the bills of one may be worth in fact twice as much as those o f the other. This is not an extreme case, and to a man who is acquainted with banks it is obvious, and at once understood. It is true a bank agrees to pay its bills and deposits in specie; but scarcely any person makes a deposit in a bank, or takes one of its bills, with reference to its specie. Other con siderations control him. As a general rule he prefers not to take the specie; when he does, it is an exception. There are but about four cases in which a man wants coin— namely, to send abroad ; to pay government; to make change; and to make a legal tender in case o f anticipated liti gation. This view was most strikingly exemplified last year, at the time our banks suspended. Although it was expected for weeks, and known for days, that they would suspend, there was no run upon them. Nobody doubted their solvency, or judged it by their specie. Let us examine a moment, and see where this criterion o f Mr. Walker's will lead to. As I have before said, the banks promise to pay their debts in specie. So do the savings banks— so do all merchants— bonds and mortgages, and all obligations of almost every name and nature, are payable in specie. The deposits in the savings banks in Massachusetts in 1856, amounted to upwards of $30,000,000, and they held less than $->00,000 in specie, leaving, according to Mr. Walker’s criterion, the deposits worth a fraction over one-and-a-half per cent. W e have no doubt that the in dividual and corporate indebtedness of the country at the time o f the crisis of last year was, at the lowest calculation, five thousand millions o f dollar.., all payable in specie, and the specie in the country did not much exceed two hundred and fifty to three hundred millions, leaving the debt worth about 5 per cent. It is only necessary to carry aut Mr. Walker’s reasoning to its ultimate results to expose its absurdity. The second general argument of Mr. Walker is, that paper money, not having the cost value o f coin, can perform wrnll only one function of money, to wit, that o f medium o f exchange; and not being a standard o f value, it is local in its use— “ money at home, and moonshine abroad.” The enemies of our banking system have a peculiar way of reasoning. Not content with charging upon the banks all the evils wdiich business is Causes that P roduced the Crisis o f 1857 Considered. 25 heir to, they attribute to them and paper money certain powers or func tions which no friend claims they possess, and then proceed in the most formal manner to prove that they do not possess them. This is precisely what Mr. Walker does. He objects to paper money because it has not all the power of coin, and because it is not a standard of value. He might as well object to a horse because it is not a cow, or a steamboat because it is not a railroad car. W e must take paper money as it is. It has no value per se. It is merely a representative of property— it cannot, in the nature of things, be a standard of value. It is simply a medium of exchange within a limited sphere ; that is, where it is known. Where it is not known, it is as Mr. Walker says— “ moonshine.” The third general proposition of Mr. Walker is, that paper money causes an extension of credit; an increased demand for foreign products; and, consequently, the export o f specie. All this comes to us in the form o f mere assertion. Still, it may be true. W e are not favored, however, with either facts or arguments to aid us in determining the case. The old syllogistic system of logic is relied upon the banks produce all our commercial and financial evils— the extension of credit is an evil— there fore the banks caused it. It is impossible to determine from facts whether our system of paper money produced the results alleged, so far as the extension o f credits and the increased demand for foreign products are concerned, for we have no facts or figures that directly bear on the subject. This is not true, how ever, in regard to the export and import of specie. W e have reliable statistics concerning them, and also of the amount of paper money in circulation each year, at least for the last thirty years. The excess o f importations over the exportations of specie for each five years from 1830 to 1849, inclusive, is as follows:— From 1830 to 1834. From 1835 to 1839. From 1840 to 1844. From 1845 to 1849. $24,812,910 $31,327,885 $15,939,560 $9,315,676 From 1850 to 1854, our exports o f specie were largely in excess of our imports. The excess in these five years amounted to $121,806,069. In 1855, the excess was $52,587,531; in 1856, it was $41,53 7,855. In seven years, from 1850 to 1856, inclusive, the excess o f exportation of specie was $215,932,055. W e will see for a moment how the movement in specie squares with Mr. Walker’s argument. These statistics, and those of the banks, are the only reliable facts we know of that directly bear on the question ; and what are the facts, and what do they teach us ? and what are the fair logical deductions therefrom ? After examining carefully, and we think critically, the bank statistics, and also those of all the great interests o f the country, we have come to the conclusion that the banking capital and the amount o f paper money in circulation have decreased, from 1830 to 1856, inclusive, a period of twenty-seven years, three-quarters; that is to say, in 1856 the banking capital and the paper money in circulation were each only one-quarter as much as in 1830; therefore there has been a decrease of three-quarters in the period named. This decrease has not been uniform from year to year, but in the aggregate the result is as we have stated, and in consid ering anolher branch of the subject we shall attempt to demonstrate it. It will be borne in mind that Mr. Walker’s argument, or rather asser 26 Causes that P roduced the Crisis o f 1857 Considered. tion, is, that paper money causes an extension of credit, an increased de mand for foreign goods, and consequently the export of specie. W e contend that facts disprove his conclusion, and therefore his assertion falls to the ground. From 1830 to 1836, inclusive, a period of seven years, we imported $42,252,113 more specie than we exported. From 1850 to 1856, in the same length of time, we exported $215,932,055 more than we imported. In the former period the paper money in circulation, in round figures, was four dollars to one dollar in the latter, and yet we imported specie largely, and in the latter exported still more largely. Now, it may be said that during the latter period we were producers of specie, and as a matter of course exporters. Admit this for argument’s sake. Our facts are then conclusive as against Mr. Walker’s assertion, for from 1830 to 1849, there was a very rapid decrease in paper money, and also a large diminution in the importations o f gold and silver. From 1830 to 1834, we imported $24,812,910 more specie than we exported; from 1845 to 1849, we im ported $9,315,076 more than we exported. Here is a falling off between these two periods o f two-thirds in the importations o f specie, and the paper money decreased about in the same ratio. Now, if these facts stood in the relation of cause and effect, we should have strong grounds for concluding that paper money brought specie into the country. But we do not assume this. W e simply say these facts disprove conclusively Mr. Walker’s assertion, that paper money necessarily drives specie out of the country. W e wish to discuss the question fairly. A good cause is not strengthened by claiming for it what it does not possess, neither is a bad cause overthrow'll by denying it the little good that may rightfully be long to it. Mr. Walker’s next assertion is, that “ paper money stimulates and de presses credit.” Volumes have been written in favor of this statement, and yet we have seen no direct proof o f the statement in the sense in which it is intended it should be understood. It is obvious, however, that whatever enlarges the sphere of business, extends improvements, or stimulates production, evidently, under our vicious credit system, “ stimu lates and depresses credit.” Our whole commercial system is floated along on credit. If the proof o f this depended upon the cash transac tions, that is, on the exceptions to the general rule, they are really too small in number to prove it. But more o f this at another time. The next point we notice is Mr. Walker’s assertion respecting paper money, that bankruptcies occur “ just in proportion to its expansibility and contractibility.” Here is great exactness, considering there is no proof excepting the following statement. He says :— “ W e have seen it asserted, but do not recollect upon what authority, that the comparative bankruptcies among business men in the different countries named were as follows:— In France, 15 out of every 100; England, 3 5 ; Scotland, 6 0 ; United States, 80.” This comparative statement would be much more forcible if it were more comprehensive. If Mr. Walker had only “ remembered ” about other countries— for instance, in Asiatic Turkey, among the Bedouins, 0 out o f every 100; in European Turkey, 1 ; in Rome, 2 ; in Spain, 3 ; in Portugal, 4—-he rvould have had a regular progression, not only in figures, but as it respects currency and banks, or bank facilities. In Turkey they have a purely specie currency; in Rome, only now and then a fugitive check or draft is seen ; in Spain, paper money of the same Causes that P roduced the Crisis o f 1857 Considered. 27 kind is a little more frequently used, and so in Portugal; and when we reach France, we find modern paper money and a great increase of fail ures. Now, wTe have no doubt that failures among business men occur in the long run very much in accordance with this comparative statement, taking it as a whole; but to charge it to paper currency is contrary to fact, and simply absurd. In California, and also in Australia, where they not only have a specie currency, but produce specie as an article of commerce, there are more failures and a more rapid and extreme fluctuation in the prices of goods than in any other part of the world. In France, and before the establish ment of their present bank, which Mr. Walker views with such an un friendly eye, there were instances of the wildest, the most senseless spec ulation that ever occurred ; during which the number of failures and bank ruptcies exceeded greatly anything that took place with us even in 1837. The crisis of last year was felt with more intensity in Hamburg and other parts of Northern Europe, where they have no paper currency like ours, than it was with us. Failures were more rapid, and the panic more sud den, complete, and all-pervading than even in New York. And there is still another fact bearing pertinently upon this point. There is more banking capital and paper money in New England, and, according to Mr. Walker’s criterion, of less value, than in any other portion of the United States, and yet last year the failures were fewer in proportion, and, with one or two exceptions, less disastrous, than elsewhere. The true cause of mercantile failures lies much deeper in our system than paper money. It is to be found in the characters of our race. The Anglo-Saxons are the pioneers o f modern civilization and im provement. They are adventurous, enterprising, and far-seeing. There is no spot on the face o f the earth, however remote or difficult of access, they will not visit, provided it promises to put money into their purse. This adventurous spirit characterizes them at home as well as abroad. W e conquer countries; lay out, people, and improve States ; cut down forests ; cultivate farms ; open mines ; construct rail ways and erect factories, with a rapidity unknown and incomprehensible to the old countries. Cincinnati, of forty years’ growth, contains more inhabitants than Madrid, the largest city of Spain. Wherever such rapid improvement exists, and such extraordinary enterprise prevails, there will be much of rash adventure, failure, and vicissitude. Such results are natural, and no more depend upon paper money than the difference of character and temperament existing between our own people and those of Catholic Spain and France depend upon, or grow out of, paper money. The next point we wish to consider relates to the effect o f paper money on prices, and it is found in an article from Mr. Walker, published in the September number o f this Magazine for 1857. He assumes that paper money inflates the prices o f all articles, and also the prices o f wages, but not the latter so much as the former, and consequently the laborer is es pecially injured by a mixed currency, and that this injury has been felt with peculiar force in the United States by the working o f our currency system. One of the most difficult problems in political economy is that o f de termining the causes of the variations in the prices both o f labor and of property. So far as the price o f labor is concerned, the question is a very different one with us from what it is in Europe; and it is a very dif 28 Causes that P roduced the Crisis o f 1857 Considered. ferent one now in Great Britain from what it was a century, or even half a century, ago. W ith us labor is an independent pow er; formerly in Europe it was a machine. It was treated as such in fact, and in the theories of political economy. It had but little more voice in the com pensation it was to receive than the steam engine had in regard to the amount of fuel which should be used in running it. Generally it was for the interest of the owner o f the engine to expend upon it fuel enough to develop its full power; so it was for the interest of the capitalists to pay their labor sufficient at least to sustain its bodily strength. In this country labor is a poiver, in a measure independent and self-controlling. It meets capital and negotiates with it on common ground. If the price offered is not satisfactory, it has an alternative in our vast and almost exhaustless public domain. In considering this question we shall have more regard to facts than to the theories laid down in books. The question recurs, then, what regulates the price of labor in this country ? Our answer is a general and comprehensive one— it is regu lated by the results o f labor itself, as developed in the multiplied forms of production. Labor produces wealth; increases the number of laborsaving machines ; settles and improves States; constructs railways; every new and substantial improvement made has its influence, not only on the condition of the laborer, but on the price o f his wages. In our country, wages of laboring people of nearly every grade and all classes have about doubled within thirty years. In England, Scotland, and Ireland, among some classes, prices have risen very m uch; this is true also on the continent. Price of property is regulated primarily by its cost in labor and capi tal, and secondly by supply and demand. Its money price is regulated by the amount of money in the community, and the facility and extent o f credits— paper money being a part o f this credit. Beyond this there are a variety of operating causes, some more and some less direct. New inventions in machinery, increased facilities for transportation, improved skill in labor, all have their effect in modifying the elementary principles that regulate prices. For instance, a man to-day may produce an article by improved machinery at less than half the cost three months before, and without increasing the capital employed. W e proceed to examine Mr. Walker’s proposition as it regards our country. He says our mixed currency inflates prices to the injury o f the laborer. This he regards as true in theory and in fact, giving various statistics in proof. In commenting upon his statistics he comes to the conclusion that he has “ ascertained and established the law ” on this sub je ct; and adds, “ at the present moment (1857) the currency is greatly expanded, and nominal wages are high,” but commodities are “ much higher.” Universal complaint is heard of “ hard times,” and with good reason, from the laboring classes, though they have the highest o f wages and 'plenty o f employment. Such assertions as these we expect to hear from unprincipled demogogues, who array themselves against wealth and respectability wherever they meet them, and who make it a part of their duty to do all they can to intensify the jealousy and prejudice which unfortunately too often exist between the laborer and the capitalist, but we did not expect to hear them from Mr. Walker. Such carelessness o f statement is absolutely inexcusable in him — a man of his standing, character, and intelligence. Now, let us exam Causes that P roduced the Crises o f 1857 Considered. 29 ine bis statistics. He says he has “ taken pains to ascertain the cost in Boston of ten different articles which laborers are supposed to want, at three different periods, and the rate o f wages for common laborers at the same time.” These articles are flour, sugar, molasses, pork, coffee, rice, corn meal, rye meal, butter, and cheese. The different times referred to are 1836, 1840, and 1843. The wages are given at the first period at $1 25 a day; at the other two at $1 each. These statistics have a par tisan look. W e can scarcely fail of coming to the conclusion that they were selected more for the purpose of argument than for the establishment of cor rect principles. W hy specify a year in which the people were literally crazy, given up to the wildest speculative mania that ever existed in this country, and then the two years when the reaction was most intensely felt, to estab lish a general principle? In 1836 we imported flour, and it was sold at Chicago at 122 a barrel, and the very articles named, taking them together, were higher than they had been at any time for twenty years before, or than they have been since. In 1840 and 1843, the same articles were lower than they had been for twenty years prior, or than they have been since. Mr. Walker had the statistics bearing upon the subject, or could have procured them very easily, for a period of twenty-five or thirty consecu tive years, and why he did not avail himself of them to establish his ar gument we cannot understand, unless it is that they would have utterly disproved it. The position I assume in regard to prices of labor and the great lead ing articles of commerce or of consumption in this country is this— that the price of labor, taking it in its broadest aspect, has doubled within the last thirty years; and that the price of all the great leading articles of consumption, such as cotton, woolen, and linen goods, have fallen from a nominal per cent to 50 per cent; hardware, taking all articles made out of the metals, (gold and silver excepted,) have also in the main materi ally fallen in price; boots and shoes have fluctuated very much during the period— the result, all things considered, has been a slight increase in price; groceries have also fluctuated, but the general result has been a decline; food has also varied; breadstuff's have risen a little in the main, and but a little; meats of all kinds, and the products of the dairy, have doubled in price. W e propose to classify and consider these different kinds of articles some what in detail, Butcher’s meat, including poultry, and the products of the dairy, have undoubtedly doubled in price within the period under consideration. In referring to butcher’s meat, we mean as sold in mar kets fresh. W e do not include mess pork, nor mess beef by the barrel; and when we say the products o f the dairy, we mean butter and cheese. Has this great change in price been caused by our mixed currency ? A few pertinent facts will aid us in answering this question. In citing them we shall not imitate Mr. Walker by selecting exceptional cases, and ig noring all others. W e take them as a whole, so far as they have come under our observation. The stock furnishing food and the grain in the United States in 1840 and in 1850 to each inhabitant, as shown by the censuses o f the respect ive periods, are as follows:— 1840 . 1850. Neat cattle.......................................................... .88 .77 Sheep and swine......................................................... Bushels rye, wheat, buckwheat, and b a rle y ......... Bushels of corn........................................................... 2.67 6.73 22.12 2.25 5.55 25.60 Causes that P rodu ced the Crisis o f 1857 Considered. 30 It will be seen from 1840 to 1850 there was a diminution in the Uni ted States to each inhabitant, of neat cattle, of about one-tenth ; o f sheep and swine, o f about one-sixth; of bushels o f rye, wheat, buckwheat, and barley, of about one-sixth; and an increase of corn of about one-eighth. There are the best o f reasons for believing that this variation has been going on at even a greater ratio since 1850. Such State statistics as we have been able to procure confirm it. But take the facts as they stand, and supposing the ratio has been going on the same since 1850 that it did from 1840 to 1850, and we have the true explanation of the rise in butcher’s meat and butter and cheese. It is well known that where the supply of an article is simply equal to the demand at a given or fair price, a slight diminution in supply effects frequently a very consid erable rise. Let us look now at the average value of the exports o f breadstuffs and o f provisions for each five years, from 1822 to 1856, inclusive:— 1822 1821 1832 1831 to to to to $13,130,526 I 1842 to 1846..................... 1826..................... 1831.......................... 13,118,553I1841 to 1851..................... 1836.......................... 12,116,211I1852 to 1856........ 1841.......................... 18,106,335| $14,400,285 38,466,020 41,113,264 W e see an increase o f our exports in about sixteen years of four fo ld ; during which time there has been a very great decrease in production. These two facts— decrease in production and increase in exportation— af ford us a logical and conclusive cause for the increase in the price of meat, butter, and cheese. There is another fact worthy of notice in this connection, as having an important bearing upon the manufacturing interests of the country. W e refer to the agricultural products as compared with the manufacturing products, as shown by the census of 1840 and that of 1850:— 1810. 18a0. Agricultural products to each person...................................... Manufacturing products to each person................................... $33 24 25 12 $41 60 45 18 Total................................................................................. $58 96 $86 18 Here is one fact going to show that the manufacturing interest o f the country, although it has not been as prosperous as it probably would have been under the tariff o f 1842, has, on the whole, gained on agriculture. W e have taken a general view of the subject, as it relates to the prices o f butcher’s meat and butter and cheese; and we will now take a some what local one. In the following statistics we embrace horses and mules, as throwing some light on the rise in the price o f horses, and we also include neat cattle and sheep and swine, showing the number in 1840 and also 1850 in New England:— Horses and mules. 1840............................... 1850............................... 269,660 212,650 Heat cattle. 1,546,213 1,468,938 Sheep. 2.822,301 2,251,583 Swine. 148,698 361,481 The aggregate o f the former period was 5,383,938 ; of the latter was 4,200,652, showing a positive decrease from 1840 to 1850 of 1,183,286, while there was a positive increase in the population during the same pe riod of 493,315. This extraordinary decrease in stock is not confined to New England. The statistics of the great agricultural State of New York show a similar decrease, as will be seen by the following statement:— Causes that P roduced the Crisis o f 1857 Considered. 31 Horses, 1840............................ 1850........................... asses, uuu m u ios . Neat cattle. Sheep. Swine. 474,543 447,977 1,911,244 1,877,639 5,118,777 8,453,241 1,900,065 1,018,252 The aggregate in 1840 was 9,404,629 ; in 1850, 6,797,109, showing a decrease of 2,607,520 in number in live stock, when, at the same time, there was a positive increase in population of 668,473. There were in New York and in New England in 1840, of live stock that furnish meat for consumption, 14,044,364, equal to 3 to each in habitant; in the same States in 18o0 only 10,473,134, equal to 1A to each inhabitant. It is obvious that almost all the butcher's meat, and the butter and cheese, consumed within the States named, must be by them produced, excepting for a short time in the winter. With this fact in view, the sta tistics we have cited explain beyond a cavil the cause o f the increase in prices. There are other facts to show that these high prices are in a measure local, or confined to New England and the large cities. The following table will serve to prove it, by showing the prices of mess beef and mess pork, and also to prove that there has been for a long period no great rise in the prices of many of the leading articles of groceries:— Average price o f mess b e e f.. .from 1819 “ mess pork, “ cod fish, per quintal, “ rice, per pound, “ St. Domingo coffee, “ Young Hyson tea, “ Muscovado sugar, to 1858, §10 19 ; 1848 to 1858, $12 50 “ “ “ “ “ “ 14 63 2 72 3.67 10i 50 6.52 “ “ U <( “ (( 15 50 2 98 4.17 SI42 5.54 These prices are prepared by David M. Balfour. I find them in a former number of the Magazine, and I believe, from my own investigations, that they are substantially correct. The fluctuations in breadstuff’s, or flour, which may be taken as a fair criterion to judge of them, have been very considerable during the pres ent century; the general price has, however, been quite uniform. The average export price at New York, from 1800 to 1855, inclusive, a period of fifty-six years, was $7 43. The average price from 1850 to 1855, in clusive, was $6 45, showing that the variation, in the main, has been in favor of the purchaser. In investigating the price o f boots and shoes for a period of twentyfive or thirty years, we have found very few kinds, if any, that can rightly be considered representative articles for that period in price and quality. Scarcely any have been made uniformly the same in stock and labor; consequently we are obliged to rely upon the judgment o f dealers and manufacturers. The result of the information obtained is this, that in the period under consideration there have been in some kinds, and par ticularly the coarser and heavier kinds, great fluctuations; the highest prices were in 1836 and 1837, and the lowest early after 1840. Since that period there has been a general rise, attributable entirely to the rise in stock. The finer kinds, and those manufactured for women and chil dren, have risen less in price. Take all kinds in the aggregate, and consid ering the quality, the consumer gets about as much for his money now, as he did twenty-five or thirty years ago. There has been a general rise in stock, but a cheapening in the cost of manufacturing. Iron and hardware have, of course, like all articles of commerce, varied 32 Causes that P roduced the Crisis o f 1857 Considered. in price. The average cost of refined bar iron at the ports of Boston, New York, Philadelphia, and Baltimore, for seventeen years, from 1840 to 1856, inclusive, was a fraction over $70 a ton. Previous to this pe riod it was higher. In 1840 it was $92 50 ; in 1841, $79 87 ; in 1856, $69 86, showing a general decline. There are certain staple articles o f hardware, such as Ames’s shovels, Collins’s and also Hunt’s axes, that have been for twenty or thirty years uniformly o f nearly the same quality and price; the only variation has been a slight improvement in quality, and a small per cent diminution in cost. In the great bulk of hardware there has been a very considerable decline in price, especially such as is manufac tured chiefly by machinery. Silks have varied probably more than any other article. Since 1824, the raw material, the cost of which must, in the main, regulate the price of the manufactured article, except when fashion or fancy regulates it, has varied over three hundred per cent, by a tariff of prices published in Lyons, France. Linen goods have also fluctuated in price. In the main, there has been a decline. All plain goods, and they constitute the bulk of linens con sumed in this country, have fallen at least thirty per cent. Woolen goods constitute one o f our most important articles of manu facture and consumption. W e consumed in 1856 about i 80,000,000 W'orth. Of these, we imported $23,000,000, and manufactured the re mainder. It is impossible to decide upon the variation of prices in de tail. All kinds, or nearly all kinds, have decreased in price very consid erably— fully 33 per cent, if not more. Such articles as we manufacture have fallen more than those we do not manufacture. This is true gene rally in regard to all kinds of goods— or manufactures produced chiefly by machinery. Cotton goods exceed in amount the woolens. W e consumed in 1856 about $90,000,000 worth. O f these, we imported $24,000,000, and man ufactured the remainder. W e have fortunately a variety o f standard ar ticles, that have been uniformly in quality the same for twenty or thirty years, enabling us to judge with great accuracy of the variation of prices. The Merrimack prints, the prices o f which we find in the Hon. N. Appleton’s pamphlet on Lowell, have been for upwards of thirty years the same in quality. Their prices have varied as follows :— The average price per yard in 1825 w a s ................................................ cents “ “ 1880.................................................................. “ “ 1885.................................................................. “ “ 1840.................................................................. " “ 1845....................... “ “ 1850.................................................................... “ “ 1855 .................................................................... 28.07 16.86 16.04 12.09 10.90 9.24 9 16 The Lawrence “ C ” sheetings are another article, the quality of which has not varied. Through the kindness of a gentleman in Boston, we have the wholesale prices for twenty-three years, from 1834 to 1856. W e give the average prices for eachfive years and the last three:— From 1834 to 1838 it was.. . .cents 11.2 From 1839 to 1843 it w as....... 8.4 From 1844 to 1848 it w a s....... 7 .6 From 1819 to 1853 it was.. ..cents From 1854 to 1856 it w as. . . . . . . 7 .2 8 W e have, from the same source, the prices of Suffolk drills for a like period:— Causes that P roduced the Crisis o f 1857 Considered. From 1834 to 1838 it was....centg From 1839 to 1843 it w a s............. From 1844 to 1848 it w a s............. 12 8 .8 7 .8 From 1849 to 1853 it was....cents From 1854 to 1856 it w a s............ 33 7 .2 7 .2 Here we have three representative articles, showing that, within the last twenty-three years, there has been a decline in the price o f cotton goods, at least such as the great body o f the laboring population wear, of from 30 to 45 per cent. Some other kinds of plain goods have fallen still more. W e are probably justified in saying that cotton goods, the great bulk of those consumed in the United States, have fallen 40 per cent in twenty-five years. In reviewing our statement in regard to prices for twenty-five or thirty years, we find that butcher’s meat and butter and cheese have locally doubled in price; that mess beef and mess pork have advanced from 12 to 20 per cen t; that breadstuff's have, some kinds, risen, others fallen— the variation in the long run has been small; that groceries have fallen some what— take the ordinary articles o f tea, coffee, sugar, molasses, salt, and spices, and there has been a perceptible decline; that boots and shoes have risen somewhat— not so much as stock out o f which they are manu factured ; that hardware in no instance of any consequence has risen— in the main, it has fallen from a nominal to 40 per cent; that linens have fallen certainly 30 per cent, except where style has regulated the price; that silks have fluctuated 300 per cent; that woolens o f nearly every kind have fallen very considerably— many kinds from 25 to 50 per cent; and that cottons have fallen about 40 per cent. During this period, say of thirty years, while this decline o f prices, with the exceptions stated, has been going on, the wages of the laboring people, and we embrace all classes except those engaged in the professions, have doubled. We do not assume that these prices have fallen gradually from year to year, for such is not the fact. There are causes constantly occurring that affect very materially the price of a given article. A short crop in the United States or in Europe will raise the price o f breadstuffs and provis ions. A partial failure in the cotton crop will raise the prices o f cotton goods for a year or two. Over-production in any one article, and it not unfrequently occurs, will lower the price o f that article perhaps for two or three years. These disturbing causes or exceptions are constantly taking place. They are a part o f the changes incident to all business— they are mere exceptions to the general rule, and are not regarded (nei ther should they be) in deducing general results. It is the general opinion that “ everything” has risen in price within the period under consideration, and very many attribute this supposed rise to the great increase o f paper money. Being aware o f this popular notion, we have examined the question of prices with great care, and we have no doubt that the conclusions we have come to are substantially correct. W e come now to the more special consideration of the main question, viz., did our mixed currency, or our monetary system, bring about that extraordinary state of things which finally culminated in the crisis of 1857 ? W e propose to consider this question with reference to facts rather than theory, and under three divisions— 1st. Has our paper money driven specie out o f the country ? 2d. Is our currency one of paper in fact, or as com pared with the past, or as compared with that of other countries ? 3d. In view of existing facts, is there any good ground for alleging that the crisis of 1857 was an effect of our monetary system? V OL. X L .---- N O . I . 3 34 Causes that P roduced the Crisis o f 1857 Considered. W e have in this country a variety of interests, all acting reciprocally upon one another. There are agriculture, mining, manufactures, navigation, commerce, railroads, banking or money, and credit. The two latter stand in the same relation to the former that motive power does to machinery. All these interests in the aggregate, with their respective collateral in terests, constitute a system. Under proper management, in a free country like ours, they adjust themselves to one another, and work harmoniously, producing wealth and happiness. The crisis of last year, so terrible in its effects, so wide-spread, and so thoroughly diffused over the country, extending from one end to the other, and even to the remotest part of Europe, is conclusive evidence that something in this system is wrong, that the parts are not adapted to one another, or that there has been an overworking somewdiere. Perhaps we can illustrate and explain our idea of the extraordinary state of things existing last year, by comparing our system to a large work shop driven by steam. There is— 1st, the boiler; 2d, the engine, the two constituting the motive power ; 3d, there is a room for the manufactur ing of agricultural implements; 4tli, one, with ship-yards connected there with, for the building o f steamers and ships ; 5th, one for the manufactur ing of cotton and woolen g ood s; 6th, one for the manufacture of railroad cars and locomotives; 7th, one for miscellaneous manufactures; 8th, one for general business. In all the departments there is a great number of hands at work. The whole establishment is under excellent management, working admirably well, and producing satisfactory results; the entire production is selling, and the demand not satisfied ; the proprietors decide to increase the speed of the machinery; this involves the necessity of adding more steam to the already over-strained boiler. Unfortunately one of the engineers had coupled on to his engine half-a-dozen or more railroad locomotives to insure a little extra profit, thus diverting a part of the power o f the engine from its legitimate sphere. When the word came to put on more steam and to increase speed, this engineer attempted to uncouple or disengage all the locomotives at once, and with the engine in full motion. His co-engineers, and also the workmen in the mill, remonstrated, urging upon him that with such a head of steam, and increasing too, the slightest derangement in the movements of the engine might be fatal, and that he had better wait, take time to work off a part of the steam, and slacken speed, when he could “ cut off” the locomotives with safety. This he re fused in the most offensive manner to do— off went the locomotives, and one of the valves of the engine, by this sudden shock, became deranged in its movements, failed to perform its office of working off steam, throwing the steam back upon the already surcharged boiler, and, quick as thought, it exploded, stopping the entire establishment, deranging all and destroying much. The steam-boiler represents our credit system, the engine the monetary system, and the other departments the great interests of the country, all constituting one great whole. There was doubtless an over-action in each department, but the root of the evil lay in the excess of steam in the boiler. It would undoubtedly have burst soon from sheer pressure ; the derangement o f the engine hastened the explosion, and intensified the panic features of the crisis. The valve in the engine that first got out o f order and the obstinate engineer represent the banks and their directors o f New York. They had been engaged, as the engineer had, in business not strictly legitimate. Causes that P roduced the Crisis o f 1857 Considered. 35 They had been loaning large amounts of money to brokers “ on call,” and when the Ohio Life and Trust Company failed they were frightened, and attempted to call it in abruptly. This could not have been done with safety even in ordinary times and from regular and legitimate customers. But to make such a call upon the brokers, who, it must be remembered, are in part by profession and practice “ panic makers,” it was, as the sequel proved, a dangerous and an imprudent experiment. A panic ensued, spread through the city and thence over the country with a speed only limited by the velocity of electricity; from the country it reacted upon the city, until the crisis was upon us in its full force. The following statistics exhibit the aggregate of the population in Europe and in America, respectively, including the United States, in 1830, 1840, 1850, and 1856 ; the population o f each country, and also of the United States, at the same periods, and also the aggregate amount of specie at each period, and the amount to each person, and also to each person in the United States :— 1830, population in Europe. 220,000,000 “ “ America 36,000,000 “ “ U. S . . . . 256.000. 000— Specie, 81,666,350,000; to each person, 6 50 12,800,000 “ 32,000,000; “ 250 1840, population in Europe. 234,000,000 “ “ America 44,000,000 “ “ U .S .... 218.000. 000— Specie, $1,666,000,000; to each person, 6 00 11,000,000 “ 83,000,000; “ 488 1850, population in Europe. 258,000,000 “ “ America 54,000,000 “ “ U. S . . . . 312,000,000— Specie, $1,183,000,000; to each person, 511 23,000,000 “ 154,000,000; “ 610 1856, pop. in Europe & Am. 830,000,000 “ “ United States 21,000,000 “ “ 1,900,000,000; 250,000,000; “ “ 5 48 9 30 W e also give the population of Great Britain and of France, and the aggregate amount of specie in each country, and the amount to each person:— 1856, population in G. B ... “ “ France 30,000,000— Specie, $230,000,000; to each person, 1 66 38,000,000 “ 400,000,000; “ 10 63 W e also give the amount of banking capital, paper money in circula tion, and specie in this country in 1830, 1840, 1850, and 1856, respectivel y :— 1830. 1840. 1SS0. 1856. Banking capita l................. $145,192,268 Paper money in circulation 61,000,000 Specie in the country.. . . 32,000,000 $358,442,692 101,000,000 83,000,000 $211,311,211 131,000,000 154,000,000 $343,814,212 196,000,000 250,000,000 W e have felt the importance in discussing this question of ascertaining whether the banking capital and the paper money o f the country have been greatly increased, as Mr. Walker and other opponents of our banking system allege, within the last twenty or thirty years. When we say in creased, we mean, of course, relatively with the growth and expansion of business. “ Large amount of banking capital,” and “ small amount of banking capital,” are relative terms; and are only determined by the ex tent or amount of the business of the country. This is so obvious that 36 Causes that P roduced the Crisis o f 1857 Considered. it is unnecessary to illustrate or explain it. After investigating the matter with care, we have come to the conclusion that the amount invested in manufactures, the product of manufactures, the aggregate of imports and exports, the amount o f tonnage and its value, and the amount invested in railroads, all in the aggregate furnish the most reliable and accurate basis that the statistics of our country afford for determining the relative and true amount of the banking capital and of paper money at any given period. W e give below the statistics o f these great interests for 1830, 1840, 1850, and 1856, valuing at each time the tonnage at $50 a ton, and add ing to the aggregate amount of each period the per cent which the banking capital and the paper money respectively then amounted to on them, and also the per cent which they amounted to on the whole property o f the United States in 1855, as estimated by Mr. James Guthrie:— 1830. 1840. 1850. 1856. Capital in manufactures. Products of manufactures Ag. imports and exports. Ain’t tonnage at $60 ton. Am’t invested in railroads $62,000,000 112,646,466 144,126,428 59,588,800 1,435,000 $261,126,619 $521,209,193 $843,629,193 441,360,814 1,055,596,899 1,688,953,433 239,221,465 330,031,033 685,153,129 109,038,200 116,112,100 252,091,300 15,845,000 251,425,000 1,000,000.000 A ggrega te.............$380,395,694 $1,133,191,998 $2,341,039,825 $4,410,321,055 Bank’g cap., each period 38 per cent. 32 per cent. 9£ per tent. 8 per cent. Paper money in circulat. 16 “ 9-£ “ 5.6 “ 4.3 “ The amount o f property in the United States, in 1855, was eleven thousand three hundred and eighteen millions of dollars, the banking capital amounted to 3 per cent on it, and the paper money to I f per cent. W e have a specific question before us— “ Did our mixed currency bring about that extraordinary state o f things which finally resulted in the crisis of 1857 V' The statistics we have given in regard to specie, the increase o f busi ness, the amount of property in the United States, and the diminution of banking capital and of paper money, are significant facts bearing on the question. They show us at a glance that the popular belief respecting the increase o f paper money and the decrease of specie is erroneous; and, we think, they show also that the idea that our currency produces all our financial troubles is simply absurd. In 1830, there was in Europe and America (including the United States) six dollars and fifty cents in specie to each inhabitant; in the United States, at the same time, only two dollars and fifty cents. From that time to the present there has been a relative change going on, greatly in favor of this country. In 1856, we had nearly double the amount to each inhabitant that there was at the same time to each inhabitant in the countries before referred to. They had four dollars and fifty-four cents to each inhabitant and we had nine dollars and twenty cents, and we probably now have at least twelve dollars to each person, which is more than Great Britain has, and about the same as France. Considering the newness of our country, with an active foreign trade extending over the world, and in competition with the old and wealthy and manufacturing exporting States of Europe, all eager to obtain the precious metals, this result is truly wonderful. There is another view to take of these statistics. In 1830, we had $32,000,000 in specie; we have unquestionably now $300,000,000, an increase in twenty-seven years of about ten-fold, jor one thousand per cent. If the same ratio of increase continues for a like period we shall be the great depository Carnes that P rodu ced the Crisis o f 1857 Considered. 37 o f gold and silver for the civilized world. W e shall have in fact as a currency more than all Europe and A m erica; it will amount to about three thousand millions o f dollars— about a third more than there is now in Europe and America. Is there any reason why this increase shall not continue ? W e do not say it will in the same ratio ; but we do say, that we are relatively, as it respects Europe, in abetter condition for competing with them than we were in 1830. Our great material interests are im proving more rapidly than theirs. In looking at the statistics which we have presented of banks, instead o f that great increase of banking capital and paper money which Mr. Walker speaks of so often, we find there has been an actual relative decrease, since 1830, in each, o f three quarters, that is, o f 75 per cent The facts are these— the positive increase o f banking capital has been less than three hundred per cent; that o f paper money has been about the same. The increase of the business of the country has been about one thousand per cent in the same period, showing, as we have stated, that there has been really a decrease in bank capital and paper money o f 75 per cent. It is difficult to see how any candid and unprejudiced man can, with the facts we have given before him, assert that the recent crisis was caused by our “ mixed currency.” If one dollar o f paper money produced such results in 1857, why did not four dollars have, at least, as great an effect in 1830 ? There was no great commercial and financial disturbance at the latter period. In considering the influence of paper money, we are not disposed to undervalue it, and for argument’s sake we will admit it to be all that it is said theoretically to b e ; it is impossible then to see how an amount, in any community, equal to only one and three-quarters per cent on the property of the community, could bring about such a state of things as existed in 1857. W e think an impartial and thorough investigation will convince any man, whose judgment is not beclouded by hobbies and theories, that the defect in our system, and the one from which our last great commercial and financial disturbance arose, is the abuse o f the credit system. A careful examination of the condition and extent of commercial credits, and the amount of indebtedness existing at the time and for a year or two prior, will show this fact. But this branch of the subject we cannot discuss now. Another fact in regard to these statistics we wash to notice— it is that in reference to the amount o f property in the United States and the amount of our foreign debt. In 1855, Hon. James Guthrie, then Secretary o f the Treasury, estimated the property of the United States as upwards of eleven thousand millions o f dollars. This estimate was prepared evidently with care. It is certainly not too high for the present period. Our foreign debt is variously estimated from two hundred and fifty millions to five hundred millions of dollars. The latter sum is the highest figure of those who take the most desponding view of our financial and commercial condition, and, although we think it above the actual fact, we assume it for our calculation, and we find that wre owe a foreign debt, which is chiefly in the form of private and public corporate securities, payable through a period of fifty years, in round figures, of four-and-a-half per cent on our property. a. x.. w. Cambridge , Massachusetts, December 7th, 1858. 38 Commerce o f A u stria , with R eference to its Currency. Art. II.— COMMERCE OF AUSTRIA, WITII REFERENCE TO ITS CURRENCY. B A N K OF A U S T R I A — S U S P E N S IO N — R E S U M P T I O N — G E O G R A P H Y O F A U S T R I A — I T S O R IG IN A N D G R O W T H — W A R S — P R E S E N T E X T E N T A N D P O P U L A T IO N — B A N K R U P T C IE S — D E B T — R E V E N U E AND E X P E N D IT U R E S — B O R R O W I N G — C O M M E R C IA L P O L I C Y — M O N E Y — M E T A L L I C — C O N V E N T IO N M O N E Y — O L D C O IN A G E — N E W C O IN A G E — C U R R E N C Y R E F O R M — B A N K N O T E S — P A P E R N O T A L E G A L T E N D E R — B A N K OF V IE N N A — F O R M A T IO N — C IR C U L A T IO N — C O N D IT IO N — D E C R E E FOR R E S U M P T IO N — E F F E C T OF D E C R E E — NO C R E D I T C U R R E N C Y — C O M M E R C I A L P O L IC Y O F A U S T R I A — IR O N M A N U F A C T U R E S — G R O W T H OF L I B E R A L I D E A S — C R E D I T M O B IL 1 E R — R A IL R O A D S — A G R I C U L T U R E — B E E R - R O O T S U G A R , P R O G R E S S O F T A X E S ON— I M P O R T E D S U G A R — C O M M E R C E O F A U S T R I A — M A N U F A C T U R E S — S P IN D L E 8 — C O T T O N M A N U F A C T U R E — R E C IP R O C A L IN T E R C O U R S E — T A R I F F S P A R E D IN U N I T E D OF U N IT E D S T A T E S , Z O L L V E R E IN , A N D A U S T R IA COM STATE8 CURRENCY. I t is now ten years in June last since the revolutionary troubles o f Europe compelled the National Bank of Austria to suspend its payments in specie; it has now by Imperial decrees, following the condition of the convention held in 1856, and also the currency convention of last year, re sumed payments November 1st, 1858. This is an event which, with the extension of railroads in Germany, the amelioration of commercial re strictions, and the improved crops of the present year, is calculated to give a new impulse to the commercial relations of the United States with Austria, as wrell as the vast empire of Germany. W e therefore enter into a brief outline of events in order to recognize the present asjject of affairs with greater precision. Whoever regards the great panorama o f Germany will be struck with the curious and picturesque view presented by the Austrian Empire. It presents the greatest variety of dialects, o f costume, of custom, o f in terests, political and material, all blended under one Imperial sway, and moving with some degree o f regular progress. If Austria has made less progress than some other States, since Rudolph, Count of Hapsburg, in Switzerland, was, in the thirteenth century, raised to the Imperial throne, it has been owing perhaps as much as to the Mosaic nature of the political structure and the “ paternal” character of the government, allowing its people to move only in such a way as the ruling individual thought best for the general interests, his own included. The manifold marriages of the line of Hapsburg princes did much to extend the Empire, while it diversi fied its people, and the growing power of Austria resulted in the thirty years’ war, by which all Europe sought to curb the progress of that State, and which ended in the treaty of Westphalia in 1648, securing the free dom of the Protestant religion and the independence o f the German States. Fifty years later the Turks were finally expelled from Hungary, and that kingdom secured to the Empire. In 1140, the male line of the House of Hapsburg had failed in the death of Charles VI. Maria Therese, his daughter, married to Francis of Lorrain, succeeded to the crown. That princess was no sooner seated on the throne than Great Frederic of Prussia seized upon Silesia, and Maria Therese, by involving France in the seven years’ war which followed, cost that country 200,000 men, §100,000,000, and large American possessions. The continued intrigues of that powerful princess against France, ruled by the weak and degenerate successor o f Louis X IV ., were a leading cause of the French revolution, from whence sprung the avenging sword of Napoleon, that twice entered Vienna, and produced those financial evils , 39 Commerce o f A u stria with R eference to its C urrency. under which Austria groans to this day, and which, after forty years of peace, are yet a grand source o f trouble. As Maria Therese duped the weak rulers of France to ruin themselves by supporting her cause against the supposed growing power of Prussia, so was Austria brought twice to the brink of destruction by the intrigues of the English government, which made her the tool in the attempt to sap the power of Napoleon. The losses of territory that Austria suffered during the French wars were subsequently adjusted at the Congress of Vienna. But the losses and de vastation which her people suffered by the French have not yet been re covered from. The territorial adjustment, which was made by the Con gress of Vienna in 1815, continued, with the exception of the seizure of Cracow by Austria, in contravention o f the treaty o f Vienna, until the revolt of 1848; a new territorial adjustment was then made. The divi sion of the empire, with the number o f the people, as given by Joseph Hain, in 1851, Secretary of the Ministry, was as follow s:— Area. square miles. Lower Austria............................. Upper Austria.............................. Salzbourg...................................... Styria, three circles..................... Carinthia...................................... Carniola........................................ Illyrian coast................................. Tyrol and Voralberg................... Bohemia................ ..................... Moravia........................................ Silesia............................................ Bukowina.................................... D alm atia...................................... L om bardy.................................... V e n ice.......................................... Hungary........................................ G alicia.......................................... Wowodie....................................... Croatia........................................... Transylvania................................. Military frontier......................... Total.................................. ......... ......... 7,633 2,764 ......... ......... 11,084 20,112 ........ 9,189 ,----------- Inhabitants. ISal. 1,538,047 706,346 140,007 1,006,971 319,224 463,956 508,016 859,706 4,409,900 1,799,838 438,586 380,826 393,765 2,725,740 2,281,732 7,864,262 4,642,827 1,426,221 868,456 2,073,737 1,009,109 1854. 1,714,608 755,255 154,971 1,095,078 346,155 505,886 613,056 925,066 4,800,818 1,972,165 479,321 430,664 432,337 3,009,505 2,493,968 8,744,481 5,056,647 1,574,427 967,136 2,885,572 1,054,794 35.776,842 33,411,307 These give the extent of territory and number of the people according to the most recent figures, but in Austria, as in other countries o f Europe, the population of late years has concentrated in the cities. Thus, Vienna, in 1838, had 326,250 souls, and in 1854, 431,889. The finances of Austria have never been published as freely as those of other States, and the expenditures never until very recently. But it follows that after the severe losses that country sustained in the early part o f the present century, that they could not be very flourishing. The chief revenues may be stated in the following proportion— direct tax, 88,000,000 florins, of 484 cents each United States money; indirect taxes, 139,000,000 florins; mines, money, railroads, 10,000,000 florins; other items, 22,000,000 florins— total, 258,000,000 florins, of about $129,000,000; while the expenses are $150,000,000. The immense efforts made necessary by the consequence of the wars with France, from 1790 to 1816, had caused 40 Commerce o f A u stria, with R eference to its C urrency. great exhaustion. The revenue of paper money had failed through excess of issue, the country being filled with depreciated notes ; voluntary con tributions were called for ; the silver o f the churches taken ; a currency of base metal issued; the export of the precious metals prohibited ; a forced loan of 75,000,000 florins resorted to to reduce the quantity of paper outstanding ; immense duties imposed on imports, under pretence that it was them which caused the difficulty; postage raised two or three times; property tax of one-half o f 1 per cent levied, and, as a last resort, the promise of the Emperor violated by the issue o f more bank notes. The amount of these now outstanding had reached 1,060,000,000 florins, say $500,000,000. This paper was becoming valueless when, in 1811, Count Wallis became Finance Minister. He determined on a coup d ’etat. He determined that new quittances should be issued, by which one florin of this new paper should discharge five florins due in old paper, in all public and private transactions. These orders were printed with the most profound secrecy, and sent, sealed, to all the public functions throughout the Em pire, to be opened only at 10 o’clock, A. M., March 15th, 1811. Thus, all debts throughout the Empire were cut down 80 per cent with the stroke of a pen. In 1813, the war compelled new issues, and when Count Stadion succeeded Count Wallis he repeated the measure in the proportion of 20 to 8. That is to say, the property o f all miners, institu tions, and capitalists was cut down from 100 to 20 by Wallis, and from 20 to 8 by Stadion. The peace found that country exhausted, and it was compelled to borrow 38,000,000 florins from Rothschild and 60,000,000 florins from others, raising the debt to 630,000,000 florinsin 1816. There was a large amount of debt paid off by the operation of the sinking fund and drawn by lottery down to 1816 ; but inasmuch as that there was al ways a large deficit in the revenues, caused mostly by the absurd com mercial policy of the government, the new loans were continually neces sary, and the state of the debt is now as follows, in “ convention ” florins :— In 1846, debt outstanding....................................................................... Borrowed in 1849 in paper at 4J per c e n t .......................................... “ 1849 in silver at 5 “ “ 1850 “ 5 “ “ 1851 “ 6i “ “ 1852 in paper at 5 il .................................................. “ 1852 in silver at 5 “ foreign loan..................... “ 1854 lottery 4 “ .......................................... “ 1854 in silver at 5 “ .......................................... National loan of 5 per cent..................................................................... Funding of coupons, 1848 to 1851.......................................................... Credits of the bank................................................................................... 1,037,000,000 71,000,000 35,000,000 43,000,000 75,000,000 80,000,000 42,000,000 50,000,000 35,000,000 506,000,000 32,000,000 411,000,000 Total...................................................... ...................................... Bank notes outstanding............................................................... 2,417.000,000 400,000,000 This enormous debt has swollen up mostly by reason of the insane per sistence of the government in its prohibitive system in respect of com merce. The national loan of July 20, 1854, was raised by subscription, as was pretended, mostly to bring the paper money within a reasonable limit. It was raised with much facility, under the existence of specula tion then rampant. The wants of the State have arisen mostly to provide for its large military establishment, and the revenues and expenses have been as follows :— Commerce o f A ustria, with R eference to its C urrency. 41 REVENUES. 1853. 1854. 1855. Direct taxes................................ Customs...................................... Tobacco........................................ Other in direct........................... Mines, railroads, (fee.................. Other........................................... 84,722,657 20,728,163 21,467,565 88,082,686 2,709,732 1,821,301 85,554,815 19,068,677 22,308,792 91,878,333 7,159,328 19,363,788 87,965,257 19,666,482 25,165,480 94,359,807 9,537,313 21,815,576 Total.................................... 235,930,102 245,333,724 258,508,915 66,819,173 6,760,292 111,967,916 108,412,247 72,148,316 7,551,579 117,401,192 188,945,557 77.407,532 6,743,813 114,320,715 204,214,122 293,960,628 58,030,526 386,046,646 140,712,922 402,686,182 144,177,267 EXPENSES. Debt........ .................................... Emperor...................................... Army........................................... All o th e r .................................... Total.................................... . Deficit................................. This enormous deficit is covered by continual borrowing, as we have seen, while the business of nearly 40,000,000 of people languishes under the oppression of the restrictive policy, which began with Maria Therese, and which, by destroying traffic, not only prevents the raising of indirect taxes, but the ability to pay direct taxes. This system, like Dr. Sangrados’ bleeding and hot water, the less it cures the more obstinately it is persisted in. Depreciated money has been one great evil but growing out o f the same system. There have been two depreciated currencies in Austria, the metallic and paper ; both these are now undergoing reforms. In re lation to the metallic there are now three classes current in Austria, a fourth class ceased to be current in 1800. At the close o f the last century Francis II., Emperor of Austria, was also titular Emperor of Germany, and his dominions comprised Austria, the kingdom of Hungary', Duchy of Lombardy, and the low countries, or Belgium. For each of these countries there was a distinct coinage. Belgium was then detached from German rule, and that coinage ceased. The conquests of Napoleon in Lombardy also stopped that coinage. In 1806, the old German empire was dissolved, and the legends on Austrian coins were changed. In 1815, Lombardy and Venice were restored to Austria, and there remained then three coinages of Austria, Hungary, and Lombardy7. The first are in gold, the single, double, and quadruple ducat, coined, according to the rate of 1559, and in use in Germany ; that is, 67 ducats from a Cologne mark, 3,607.5 grains troy weight, 2 3 f carats fine, or, according to the United States Mint terms, the ducat is 53.87 troy grains, .986 fine. The value is 41 fiorins, and has the commercial mark. The silver coins— 1st, rix dollar ; 2d, florin, or half a rix dollar, and is the principle money o f account, divided into 60 kreutzers; 3d, Zwamiger, or piece of twenty kreutzers, one-third o f a florin ; 4th, the Ztimer, or ten kreutzers ; 5th, the piece o f five kreutzers, and 6th, the piece o f three kreutzers. The coins o f Hun gary7 are the same, with the exception of the device. The Lombardy coinage began in 1819. The value of the coins is as follows :— 42 Commerce o f A u stria , with R eference to its Currency. GOLD. Ducat....................................... ........ Quadruple............................. ......... Hungarian d u ca t................. ......... Date. 1839 1840 1837 Weight, grs. 53.7 215.5 53.7 Fine. .983 .985 .986 Value, d. c. m. 2 27 8 9 14 0 2 28 1 432.5 216.5 103.0 60.0 .834 .834 .582 .498 0 0 0 0 SILVER. Rix dollar............................. Florin...................................... Twenty-kreutzer................... Ten-kreutzer.......................... 97 48 16 08 2 7 2 1 The standards o f these florins were fixed, in 1753, by convention be tween Austria and Bavaria ; hence they are known as “ convention” florins. Most o f the German States adopted the terms of the compact, and a considerable degree o f uniformity was thus acquired. They have since, however, been superseded in every State except Austria. Last year the monetary system o f Germany was submitted to a conference in Vienna, and a convention was concluded to be submitted to the several States of Germany. The basis is a Zollverein pound of 500 grammes of fine silver, divided as follows, viz., into 30 thalers in the kingdom o f Prussia, (with the exception of Ilohenzollern,) in the kingdom of Saxony and Hanover, the Electorate of Hesse, the Grand Duchy o f Saxony, the Duchies of Saxe-Altenburg, Saxe-Gotha, Brunswick, Oldenburg, and Birkenfeld, Anhalt-Dessau-Coeun, and Anlialt-Bernebourg, the Principality of Sch warzbourg-Sonderhausen, and the boundary of the Principality of Waldeck and Pyrinont, the elder and younger branch of Beuss, Schaunburg Lippe, and Lippe. In the Empire of Austria and the Principality of Lichenstein, the pound of 500 grammes of fine silver is divided into 45 florins. In the kingdoms of Wurtetnberg and Bavaria, the Grand Duchies of Baden and Hesse, the Duchy of Saxe-Meiningen, the Principality of SaxeCoburg, the Prussian countries of Hohenzoilern, the Duchy o f Nassau, the Principality of Schwarzburg-Rudolstadt, the Landgrave of HesseIlomburg, and the free town of Frankfort, the silver pound is divided into 52* florins. These are to be called “ thalers of the union.” The coins are nine-tenths fine silver, one-tenth copper, to be taken everywhere in payment of debts. There is to be coined up to December, 1862, 24 thalers of the union for every 100 souls of the population, and after 1862, 16 thalers per 100 souls every four years. The convention also agreed that the emissions of “ billon” ought not to exceed five-sixths o f a thaler per head o f the population, and places are designated for the exchange of the small pieces. It has also been resolved, in order to facilitate transactions, to coin gold pieces called crowns and half-crowns, at the rate of 100 to the pound, nine-tenths fine, the value o f these gold pieces to be determined only by price of the day in relation to silver. Hence, silver remains the standard, and gold the commodity, At the same time, the States will have the right to make gold a tender at a fixed rate for six months or more. This rate is not to exceed the average rate established by the quotation of the Bourse. B y the terms proposed by the convention, Austria was obliged to re model her monetary system, as the florin was not of the desired weight, and besides this, it circulates in different provinces at different values. By an Imperial decree o f the 27th of April, 1858, the new system was , Commerce o f A u stria w ith R eference to its Currency. 48 definitively arranged to come into operation after the 31st o f October, 1858, after which date the pound of fine silver was to be divided into 45 florins, the florin to be the only Austrian money having currency from the 1st of November, 1858. The 20 kreutzer, or zwanziger, to be abolished. From the 1st o f January, 1859, all the books and accounts of administra tions placed under the superintendence of the State, must be made up in the Austrian new currency. All the obligations contracted privately be fore the 1st of November, 1858, and formed upon the basis of any one of the following moneys, which do not come to maturity until after that period, must be regulated in the following proportions, namely, for— 100 florins o f Convention money, at the rate of 20 fl. in new money, .florins 100 florins of Vienna value.................................................................................... 100 florins national value, at the rate of 24 florins............................................ 100 lires of A ustria................................................................................................ 100 Polish florins, as valued in the territory of C ra cow .................................. 105 42 87^ 35 25 The above proportions will be adopted also in reference to the public debts of the State, and at the same period, the same measures will be applicable to all payments made to or by the State, so long as the sums expressed in these payments have not been designated in the new moneys in the tariffs. The payments for which it will have been found convenient to employ foreign silver moneys, must be effected in the new currency after the 1st of November, 1858. W ith reference to the reimbursement of the loans given in accordance with the Imperial Ordinance of the 7th February, 1856, which shall have been expressed in silver money current in Austria, or generally in specie, they will be calculated after the moneys expressed in the contract, and reduced to the new moneys after the pro portions given above, and from the 1st of November, 1858, they will be effected in the same proportion whether in new or old moneys. In the Lombardo-Venetian Kingdom the same regulations will be adopted, although the ordinance of the 7th February, 1856, has not been applicable. The regulation applied in all payments or transactions by virtue of the patent of the 2d of June, 1848, and of the Imperial ordi nance of the 7th of February, 1856, by which the notes of the Bank of Austria are received at par as florin money of Convention, will continue until the new order is established. With regard to the National Bank notes in circulation established upon the basis of Convention money, they will be received as ready money until they are retired, at the rate of 105 florins of new money for 100 florins of Convention money. The National Bank will retire its notes of Convention and replace them by notes of the new monetary value in the following manner Notes of 1,000 florins................................................ Notes of 100 and 50 florins...................................... Notes of 10 florins...................................................... June 30, 1859. August 31, 1859. October 31, 1859. A longer time is given for the retirement o f the smaller notes o f 1, 2, and 5 florins each; and until they are entirely replaced by new ones, the old ones will be receivable in payment conformably to the terms o f the Convention. The pieces of 1 crown and half-crown coined by the contracting States, will be placed on the same footing with the money o f the Union coined in Austria— by this arrangement there will be no agio between them. In 44 Commerce o f A u stria , with R eference to its Currency. consequence of this law, the interest of the debts of the States contracted in old money will be paid in new money, with an addition o f 5 per cent. The National Bank of Austria in order to carry out the principle of cash payments, will be under the necessity of retaining in its coffers, in bullion and specie, an amount equal to one-third of its notes in circula tion, which will be received in payment at their nominal value at the State Treasury. The convention also established that no State can emit paper money as a legal tender, without having in hand the equivalent in silver money. The exceptions to that rule to be abolished before January, 1850. It is a consequence of this regulation that the National Bank of Vienna has been required to resume its payments November 1st, 1858. This bank was founded in 1816 with a capital of 100,000 shares, of which, however, only 50,624 were subscribed. The nominal value is 600 convention florins. The payment was made 1,000 florins paper money with 300 florins silver, 100 florins cash and 200 florins in funded interest. The capital is, therefore, 30,372,800 convention florins. In the course o f the year 1854 new payments carried the capital of the bank to 80,000,000 florins. This institution has had always a large circulation— at the end of 1847 it was 218,971,125 florins, and in June, 1848, it was reduced to 181,373,890 florins, when the bank suspended. It speedily expanded again in order to facilitate the loans made to the government, and its cir culation, December, 1848, was 222,975,040 florins; January 1st, 1850, 250,477,658 florins. The bank had lent the State 207,000,000 florins by the close of 1849, and the government, in order to revive the credit of the bank, paid over to it funds borrow’ed and received from Sardinia. The specie o f the bank, when it suspended, was 20,022,777 florins, having been reduced from 70,240,509 in six months. After the suspension the specie began again to accumulate, and the condition of the bank, November, 1857, was as follows:— N A T IO N A L Specie and bars.........florins Loans in V ien n a ................. Loans elsewhere in Austria. Deposits on lo a n s............... Reserve in State pap er.. . . Pension fu n d ....................... Bank property.............. Total.............................. 1857. Circulation.................florins R elief.................................... Reserve.................................. Dividends.............................. Pensions................................ Bank fund.............................. 396,606,326 3,604,600 10,361,588 4,763,065 1,082.554 103,180,536 Total............................... 519,598,536 B A N K O F A U S T R IA . N O V E M B E R . 97,050,401 63,285,634 23,922,904 306,009,906 10,361,558 1,092,122 17,876,008 619,598,536 The operation o f the bank was to discount at 5 per cent in notes payable in specie, and to require deposits o f stock as security for the loans in double the amount; hence the large figure o f “ deposits on loans.” The bank has been required to resume payments November 1 instead of Janu ary, 1859. The decree to this effect was published in our December num ber, but we repeat it here for the sake of compactness:— IMPERIAL DECREE OF AUGUST 30, 1858, VALID FOR ALL THE AUSTRIAN CROWN LANDS, WITH THE EXCEPTION OF THE LOMBARDO-VENETIAN KINGDOM. As a preparatory measure to the complete realization of the Currency Conven tion of January 24, 1857.* and pariicularly of article 22 of the same, I, after having taken the counsel of my ministers, and having heard the opinion of my Council of the Empire, do ordain— * W ith the German States. , Commerce o f A u stria w ith R eference to its Currency. 45 1. That from November 1,1858, the privileged Austrian National Bank shall only issue notes of 1,000 florins, 100 florins, and 10 florins in (the new) Austrian currency. The bank, however, is at liberty to make use of such notes before the 1st of November, 1858. 2. The Austrian National Bank is bound, on the demand of possessors, to pay to them at all times the full value of notes in the new Austrian currency. 3. At least one-third of the notes in Austrian currency which may be in circulation must be covered (bedeekt) by means of lawful silver coin or silver ingots, or, under certain circumstances, and with the consent of my Minister of Finances, by gold coin or gold ingots. The remainder (of the notes) must be covered by means of legally discounted bills of exchange, or by stock on which advances have been made. 4. The notes in Austrian currency must not only be accepted at all the public treasuries—which privilege is secured to the notes of the National Bank by paragraph 1, of the patent of July, 1841— but every one will be bound to take them at their full nominal value in all cases in which payments are to be made in the Austrian currency. 5. In the same proportion as the Austrian National Bank issues notes in the Austrian currency, it will draw in the notes in conventional currency which are now in circulation. In the mean time these latter are to be accepted in payment, (are to be legal tenders,) agreeably to paragraphs 10 and 13 of my patent of the 27th of April, 1858. G. It is determined that the 1,000 florins in conventional currency shall be called in and cease to be in circulation by the 30th of June, 1859 ; the 100 and the 50 florin notes (C. C.) by the 31st of August, 1859, and the 10 florin notes (O. O.) by the 31st of October. 7. The 5, 2, and 1 florin notes in conventional currency are to be reduced to 100.000. 000 florins as speedily as possible. The time at which they will be called in, and entirely withdrawn from circulation, will be fixed at a future period. 8. A committee of three bank directors—to be appointed by the Direction— and the Imperial Commissary will co-operate, and see that the instructions con tained in paragraphs 3, 5, and 7 are strictly observed. 9. A t the end of each month the amount of the different notes of the Austrian National Bank which may be in circulation is to be made public, as also the security for them (bedeckung,) of which mention is made in paragraph 3. F14ANCIS JOSEPH MAHERE. B aron" T on B e v o k . This decree states that the reserve o f bullion which is to serve as security for the convertibility of the notes shall be in the proportion of one to three; but there is a great exception to this general rule, inasmuch as it also ordains that notes of five, two, and one florins of the value of 100.000. 000 florins should for a time remain in circulation “ without be ing covered (bedeekt) by any metallic reserve.” The first financial authorities in Austria are of opinion that 400,000,000 florins in bank notes is not more than is requisite for such an extensive empire; that is, 380.000. 000 florins in actual circulation, and 20,000,000 florins in the different public treasuries. The metallic reserve of the bank, including foreign bills, is about 130,000,000 florins, so that, in the proportion of one to three, there is at present security for 390,000,000 florins. As the Minister of Finances was o f opinion that 20,000,000 or 30,000,000 florins, in hard cash, might possibly be drawn out of the coffers o f the bank du ring the first three or four months, he considered it advisable to leave the above mentioned 100,000,000 florins “ u n c o v e r e d b u t to this the Ger man States object, because it is not in accordance with the engagements entered into by Austria when she signed the Currency Convention of the 24th January, 1857. Should the presentiment o f the minister be fulfilled, and 30,000,000 florins be withdrawn from the bank, there would only be 46 Commerce o f A u stria , with R eference to its Currency. legal security for 300,000,000 florins, and consequently the bank would be necessitated to withdraw bank notes to a very large amount from the circulation. The strange conduct of the bank in giving but 102 florins Austrian currency for 100 florins conventional currency bonds tends to increase the prevalent malaise. The excuse made by the bank directors and their friends is, that the notes in Austrian currency are hut “ merchan dise ” (waaren) until the 1st of November, and as such may be sold for the highest price that can be obtained for them. Great complaints are made by the South German States, that only 34 new kreutzers are given by the Austrian Bank for old zwanzigers, but the Minister of Finances is justified in refusing to accept coins, the majority of which have been either bored, clipped, or “ sweated,” at their nominal value. The Currency Con ference were given to understand that as soon as the convention came in force the zwanzigers would be treated as merchandise by the Austrian Bank. It may be observed that almost all the zwanzigers and coins of 10 kreutzers, which have circulated in Southern Germany during the last 20 years, were coined by and at the expense of Austria. Zwanzigers to a large amount continually arrive from Southern Germany, from the Danubian Principalities, and from Northern Italy. The new currency is not to the taste of the inhabitants of the Lombardo-Venetian Kingdom. This operation o f changing the currency has already produced an active demand for money, but the operation of resumption has worked well during the sixty days from resumption down to latest dates. The kinds of paper money that have been put afloat in Austria are the remains of the old war paper, 3 per cent treasury notes, about 7,000,000 treasury notes without interest, obligations on receipts from Hungary 5,000,000, making together about 150,000,000 florins. The paper money afloat in Germany, exclusive of Austria, is as fol lows :— State paper............................................................thalers Bank notes......................................................................... Together, 1858 .................................................... “ 1848 .................................................... 38,570,000 96,801,000 135,371,120 87,429,000 I f war and paper money have been injurious to Austria, the barbarous commercial policy of her government has been still more disastrous, and it even prevented any recuperation of the State under the industry of her people. The policy of Maria Therese was so bigoted in its nature that, rather than increase her revenues by relieving Sclavonia, Croatia, and Transylvania from the commertial shackles that she laid upon them to “ foster home industry,” she chose rather to beg money of the churches and pay court to the mistresses o f the French king to secure aid in her war. Joseph II. was endowed with such wisdom as manifests itself in the following address to Count Kolowrath:— “ In order to bring out indigenous productions, and to curb the useless growth of luxury and fashion, make public my orders concerning the general ■prohibition o f foreign manufactures From these orders date prohibition o f almost every nature. Among the articles thus protected, to “ bring out home production,” was iron, which was imported only by special permission on payment of $2 50 duty per 123 pounds, or two cents per pound, say §45 per ton— that was at the close of the last century. But iron and native steel are found in such abundance in Styria and Illyria that the ore is merely quarried from rocks Commerce o f A u stria , with R eference to its Currency. 47 several thousand feet high, and which are solid blocks o f carbonate of iron ore. It would seem, then, that with such a resource and such ample “ protection” that there would be no lack o f iron in Austria ; but the new Polish railroad company, published in the Vienna Gazette, that “ having proved by official statements that a sufficient quantity of rails could not be furnished by the mines and foundries of the Empire, they had received per mission to import the required supply.” Such were the means by which the Empire of Austria, its people, and government, although possessed of the most abundant natural resources, have been kept poor. Since 1848, however, a light seems steadily growing in the mind o f those Statesmen. The example of England, the success o f the Zollverein union, and the disposition of France, have, with the aid of steam and railroads, produced a conviction that the right to traffic is the best incentive to “ home industry.” In 1852, Prussia and Austria for the first time signed a treaty of commerce and navigation for twelve years, in virtue of which there are no more any prohibitions of entry, travel, or export of any so rt; the vessels of each country are on equal footing, and natural products free of duty, with moderate charges upon manufactured articles. This was followed in 1853 by the extension o f the Zollverein for twelve years more, with the annexation o f Hanover. Last year the Austrian and Prussian commissioners were to meet to form some mode of equalizing the customs of Austria with those o f the Zollverein, in order to smooth intercourse. This treaty greatly aided the credit of Austria in raising her loan in 1854. In the following year the Baron Bruck was appointed Finance Minister, and almost his first act was to perfect the grant of the Austrian Credit Mobilier to the house of Rothschild, capital 00,000,000 florins, which was all subscribed in a few hours. Austria has also given great attention to the construction o f railroads. The government has granted a great number o f concessions, with a guaranty o f 5 a 6 per cent interest. These roads will open a vast extent of territory to market, and make available produce that has not heretofore paid the transporta tion. In Austria the Lombardo-Venetian and South-Austrian system will be, when completed, one of the most considerable in Europe; 650 miles are already in full work, while, when all the lines are completed, it will have nearly 1,900 miles, connecting Austria, Hungary, and Southern Ger many with Trieste and Italy, and extending in one unbroken line from Vienna to Milan, and from the Bavarian frontier to Florence. The agriculture has also benefited by the general improvement, and among other articles the production o f beet-root sugar has made great progress in Austria as elsewhere on the continent o f Europe, and it has done so in face of a constantly increasing tax. I n i830, there were two sugar factories in Bohemia, and those composed the whole sugar interest of the Austrian Empire. In 1858, there are 109 factories in operation, consuming, on an average, 4,850 tons of beet-roots per annum. The distribution of these factories is as follows :— 48 , Commerce o f A u stria w ith R eference to its Currency. This would give 47,000 tons o f sugar per annum, and in Bohemia thirteen new factories were opened in October, 1858, for the new year. The greater success o f the manufactories in that country is attributed to greater attention paid to the beet culture, and also to the fact that the soil of Bohemia yields beets with a greater proportion o f saccharine matter. It is observable the “ fostering” hand o f government has been extended to this culture in a reverse sense, since in proportion to the growth of the business it has been stricken with a higher tax, a species of “ protection” which our own sugar growers do not believe in. In 1849, the tax was 1 florin 40 kreutzers or 8 cents per cwt. of raw sugar, or 5 kreutzers (about 4 cents) per cwt. o f fresh beet roots, or 271 kreutzers on dry roots. The tax o f 5 kreutzers on fresh roots was continued in 1850; in 1853, it w7as raised to 8 kreutzers; in 1857, it was advanced to 12 kreutzers. The consumption continued to increase and the manufac tories to flourish, conferring wealth on the manufacturers, prosperity on the root growers, and revenue on the government. A t it is, however, the sugar refiners o f Vienna met last summer and determined to recom mend an addition o f 50 per cent to the beet-root tax ; that is, to make it 18 kreutzers, and this meets the views of the government. The argu ment of the refiners is that while beet-root sugar pays a tax of 2.36 florins per 100 pounds, raw colonial sugar is taxed seven silver florins per 100 pounds, Custom-house weight, or 89J- pounds Vienna weight. Hence the difference against imported sugar is 6.17 florins, but colonial sugars imported for refineries pays two florins per 100 pounds less than if im ported for consumption. Hence the refiners of imported sugar say they cannot compete with those of beet-root. The interest of the gov ernment lies with the importers because its revenues suffer. Thus, the customs revenue for 1857 was 20,568,464 florins, against 22,101,796 florins in 1856, a decline of 1,533,332 florins due entirely to sugar as follows, showing the decline in 1857 as compared with 1856 :— 61,285 cwt., at 12f. 30k................florins “ 11,918 9f. « 183,848 6f. It 3,860 3f. 766,062 107,261 1,103,688 11,637 Total decline........................................................................................... Deduct for Parma and Modena.............................................................. 1,988,649 106,861 Net decline o f revenue................................................................... 1,882,288 Refined......................... Raw sugar................... “ for refining. Molasses...................... This was compensated in some degree by the rise in the revenues from beet-root. There is no doubt that a great portion of the decline in the import of sugars into Austria in 1857 w7as due to the high prices ruling all over the world in that year as much as to beet-root competition. The agricultural productions of Austria are given as follows for 1850:— Wheat...................... metzer R y e ...................................... Barley.................................. Oats...................................... Indian corn......................... 46,720,000 61,352,000 49,797,000 82,378,000 33,458,000 Rice.........................quintals W ine............................ einer Tobacco...............quintaux W o o l.................................. 845,300 39,701,000 732,400 580,200 The metzer equals 1J bushels, the quintal 124 pounds, and the einer 15 gallons. The wine production is therefore 600,000,000 gallons. W ith all the extent o f territorial advantages and diversity of mineral and other productions, the external commerce of Austria, finding its way , Commerce o f A u stria with R eference to its Currency. 49 through the ancient ports o f Venice and o f Trieste, has not increased m uch; it does not average over $60,000,000 imports and exports. The commerce of Austria has o f late been drawn more through the northern cities of Germany, Hamburg and Bremen more particularly, in relation to raw materials for manufactures. The freights from the United States to these northern ports are cheaper than to Trieste, and these northern importers afford better facilities to the spinners. Those of Trieste have banking commissions to pay in London and Paris, there be ing no exchange on Trieste as on Hamburg or Bremen. The consumption of cotton increases in Austria, reaching last year 768,190 cwt. The spinners of Bohemia get all their American cotton from the north, and Trieste supplies Egypt in cotton. The whole number of spindles, in 1841, was 988,000; in 1850, 1,441,000; in 1854, 1,533,243, and in 1857, 1,786,000. In Lombardy, 33 mills work 123,000 spindles. Of late years the cotton manufacture has increased very considerably, having shared the general prosperity o f that branch o f industry in Europe. The import of cotton wool for the year 1856, according to the official review of the imports and exports for that year, published at Vienna in 1857, amounted to 768,197 Zoll centners, which, at ll O J /Z j United States pounds each, would make 84,774,371 United States pounds; of this 758,895 Zoll centners, or 83,747,858 pounds, were for consumption, and 9,302 Zoll centners, or 1,026,503 pounds, were in transit. The importation o f 1856, compared with that o f 1855, exhibited an increase o f 140,936 Zoll centners, or 15,552,993 pounds. The value of the cotton consumed was, in Austrian convention florins, 23,760,070, equal, at 4SI cents each, to the sum o f $10,938,634. Upon raw cotton and its waste, imported for consumption, no duty is levied ; if it be in transit, there is a small duty of six kreutzers, or 4T87 cents, per Zoll centner. “ The report of the Department o f Statistics, published by the Directory of Administrative Statistics o f the Imperial Ministry of Commerce for the fourth year, Vienna, 1855,” gives a complete list of the cotton spinneries of the empire in the year 1854, from which the following table has been compiled :— Provinces. Upper A u stria... Lower A u stria... Styria................... Carniola................ Goerz.................... T y r o l................... Bohemia............... Lom bardy........... Venice................... Hungary............... Transylvania........ Mills. Spindles. 47 9 3 1 2 22 71 30 2 1 1 669,979 83,690 25,464 12,000 18,300 214,094 449.906 129,046 28,464 1,440 960 Description o f yarns, &c. No. 6 up to 40, 60, 80, 100, 110, 120, 140. No. 4 to 44, 50, 60, 80, 100. No. 6 to 40, 100. No. 6 to40. No. 4 to 44, 4 to 26. No. 4 to 46, 6 to 46, 10 to 40, 30 to 40. No. 1, 4, <fc 6 to 20, 80, 40, 60, 60, 80, 90,100,120.. No. 4 to 20, 6 to 20, 6 to 30, 6 to 40, 20 to 100. No. 6 to 40. No. 6 to 16, 6 to 20. No. 6 to 16. Total............ 189 1,533,243 Several of these mills also spin twist, particularly those of Felixdorf, Ho. 3 0 -1 0 0 ; Truman, 6 -1 4 0 ; and Haratic, 20-160. It will be perceived that the great bulk o f Austrian spun yarns are of the lowest numbers, ranging from No. 4 to No. 50, upon which the tariff affords a very high and almost prohibitive protection. It is levied on the100 pounds of yarn without regard tb quality. VOL. XL.---- NO. I . 4 50 , Commerce o f A u stria with R eference to its Currency. The yarns produced are mostly unbleached, and a ready home market is found for them. The demand is principally for middling qualities 16-24, which are worth, ordinarily, in the Trieste market, 5J florins ($2 70) the package of 10 English pounds. When imported, they are sent chiefly to Hungary, Bosnia, aud Wallachia. Bleached yarns o f the lower numbers imported cannot ordinarily compete, by reason o f the duty, with those of domestic production. At Trieste, which is a free port, they are worth, generally, from 4 florins (-Si 94) to 4k florins ($2 18) the package of 10 English pounds, and are in demand for the Levant markets. The duty on bleached yarn and twist is 4 6 i kreutzers (near 36 cents) the package of 10 English pounds. On bleached and twisted yarn the duty is 541 kreutzers (near 44 cents) in the package of 10 English pounds, while on those which are dyed it is 1 florin 22 kreutzers (near 65 cents) for the same measure, and they are also excluded from the domestic market by reason of the duties. The domestic yarns are worth at Prague, which is the great center o f production, the province of Bohemia having 71 mills, and 440,906 spindles out of a total of 1,533,243, from 42 to 45 kreutzers, (35 to 36 cents) the English pound. This does not materially differ from the prices at other points of Austria. A very active spinning business is carried on at Prague and the neighbor ing districts of Bohemia, the raw material being almost wholly supplied by way of Bremen. The mill of Mr. Richter— the only one visited by me— has 16,000 spindles, employs 500 hands in spinning and weaving, and consumes, on an average, 10,000 pounds o f cotton per week, nearly all of which is “ middling” Georgia and Louisiana, which, delivered at the mill, cost from 45 florins ($21 83) to 50 florins ($24 25) the centner, (llO y^ jV United States pounds.) Surat is used but to a limited extent, and for the lowest numbers, being mixed with the other varieties. The yarns spun are chiefly Nos. 25 and 20, which are woven into ordinary cloths. The yarn of this and other lower numbers is worth at Prague from 42 to 45 kreutzers (33v6„ to 36 cents) the United States pound. The wages paid are, fora head spinner, from 7 to 8 florins ($3 40 to $3 86) per week. He is allowed one assistant, at 2 florins, (97 cents,) and two boys, one of whom receives one florin 4S kreutzers, (8GT\ cents,) and the other one florin 30 kreutzers, (72 cents,) per week. For women and girls, the wages are from 15 to 25 kreutzers (12 to 20 cents) per day. For weavers, the average wages are 3 florins ($1 45) per week. The working day begins at 5 A . M., and ends at 7 P. M., and an ordinary weaver can weave from 24 to 30 Austrian ells (20 to 26£ yards) per week. Spinning is also carried on in all the other provinces named in the table to a greater or less extent; the difference being mainly in the fineness or coarseness of the yarns turned out. In the two provinces (Upper and Lower Austria) of Austria proper and Styria, a greater proportion of the finer numbers are turned out; but the new material consumed continues to be, for by far the greater part, o f the growth of the United States; and, as before observed, imported for the mills in the Voralberg, Vienna, and Styria, by way of the Northern States. The extreme jealousy which the Austrian government continues to exhibit in relation to foreign products is a bar to much extension of in- Commerce o f A u stria , w ith R eference to its Currency. 51 tereourse, but it is to be hoped that the relaxations that have taken place in regard to the interior o f Europe will have the effect o f illustrating the benefits of more extended relations, and this applies also to the United States, which imposes duties too high to foster exchanges. The following are the duties on imports into the United States, Aus tria, and the Zollverein compared, and applies to the whole of the Austrian Empire, with the exception of Styria, the district of the free port Trieste, of Venice, Fiume, Buccari, Porto Re, Zengg, Carlopago, Brody in Galicia; Dalmatia, and the Quarnerian Islands. The importation, exportation, and transit of kitchen-salt, gunpowder, tobacco, raw or manufactured, though specified in the tariff, can only be allowed to take place by special per mission— the government retaining the monopoly o f these articles. The import duty, if not otherwise stated, implies net weight; while the ex port and transit duties, if not otherwise stated, imply, on the contrary, gross weight. In February and March, 1857, the duties on looms o f any motive power for weaving, and on machines for spinning yarn, were removed. Denomination o f merchandise. U. States p. ct. ad val. under act of No., weight, 1846.1857. or measure. 30 24 11 Oi lbs. Ale, in bottles............................... do. Ale, in casks................................... 30 24 do. Alum............................................... 20 15 Anise seed..................................... 20 4 do. Ashes, pot....................................... 20 15 do, Apples, bitter................................. 20 free. free. free. Apparel, wearing.......................... free. Baggage, personal, in actual use. free. free. Bark, Jesuits’, or Peruvian......... 15 free. 1101 lbs. 20 8 do. Bark, Cascarilla........................... 8 20 Bark, all, for dyeing purposes__ free. Beans, vanilla................................. 20 15 110J lbs. do. Beef, fresh....................................... 20 15 do. Beef, smoked, salted, or dried.. . 20 15 do. Beer, ale, porter, in bottles........ 30 24 do. Beer, ale, porter, in casks............ 30 24 Beeswax......................................... 20 15 do. Boards & plank, rough or dressed, pin e............................................ 20 15 4,125 lbs. Bone, whale................................... 20 15 free. B randy.......................................... 100 30 110* lbs. do. Brass, in sheets, rolled, <fec........... 30 24 Kettles, & c ................................ 30 24 do. do. Brushes of all kinds, common . . 30 24 Fine............................................ 30 24 do. Butter............................................. 20 15 do. Candles, w a x ................................ 20 157 Tallow........................................ 20 15 ! do. Sperm......................................... 20 15 f Stearine..................................... 20 15J Carpets........................................... 80 24 do. do. Chamomile flow ers..................... 20 15 Cheese............................................ 30 24 do. do. Chemical preparations................. 30 15 do. Chinaware, white......................... 30 24 Chocolate...................................... 20 15 do. Cigars.............................................. 40 30 do. do. Cinnamon........................................ 30 4 Eate of No., weight, duty. or measure. 1104 lbs. do. do. do. do. $5 b l 1 721 92 69 H i do. free. free. 1101 lbs. 36f do. 36f do. 4.8 do. 24 25 do. 36f do. 1 211 do. 3 63 do. 36f do. 1 94 2 30 2 30 4 1 1 5 1 1 481 38 38 52 721 721 100 cub. ft. 11<£ lbs. 23 5 4 6 2 6 2 52 14 90 07 90 63 do. do. d o. do. do. do. do. 4 14 i 13 80 2 30 o 53 2 30 6 90 7 69 13 80 4 481 Eate o f duty. $3 63 36f 52# 4 85 4.04 4.8 do. 36f 86# 3 84# ., 3 6 24 1 3 1 84 06 25 211 84# 211 1 94 do. do. do. 24 2 2 2 do. do. do. do. 7 9 12 12 25 421 421 421 271 70 121 121 52 Commerbe o j A u stria , with R eference to its Currency. Denomination o f Merchandise. U. States p. ct. ad val. ,----------Austria.---------- * under act ol•/----- Zollverein.----Eate o f No., weight, Eate of No., weight, 1846.1847. or measure. or measure. duty. duty. Citron............................................ Cloth, oil, coarse, Dot print’d, linen Silk............................................. India rubber.............................. Clothing, ready-made................. Cloves............................................ Coal, Btone..................................... Cochineal...................................... 20 30 25 30 30 40 30 10 8 24 19 24 24 4 24 4 Cocoa, in beans and shells......... 10 4 do. 4 Coffee, raw, and substitutes........ Copper, crude................................ In sheets, &c.................................. Cutlery........................................... Cubebs.......................................... Cotton, raw.................................... Unbleached, yarn, unmixed, or mixed with wool or linen, one or two threads...................... Bleached, 3 threads it upw’ds. Drugs for dyes, not enumerated. Medicinal, not enumerated___ Dyeing articles, not enumerated. Woods, in blocks or sticks . . . G round.................................. Earthenware, common................. Figs................................................ Fish, fresh...................................... Flax-seed...................................... Flour, wheat or other grain........ Furs, caps, gloves, and all furs covered with cloth, linen, & c.. Fur, without cloth covering........ Skins, for furs........................... Gold and silver, in bars, bullion, coin, and dusts........................ Guano........................................... 20 15 free. 30 24 30 24 20 15 free. do. do. do. do. do. 3 110i 1lbs. do. do. do. do. do. do. free. 4 6 4 free. 51 211 38 1101 lbs. 38 '} 24 26 59 [ do. 45 ) do. fine. 72 75 90 12 121 48i do. free. 2.9 36f do. 3 84£ [ do. raw. 48^ j do. jground. 6 06£ 4 85 45 do. 36f do. 341 do. 3 84J 14 do. 4 85 90 4 85 do. 481 free. 25 25 20 20 20 20 20 SO 40 20 20 20 19 19 free. 15 free. free. free, 24 8 15 15 15 do. do. do. do. do. do. do. 1 38 do. 341 4.04 1 21 1 21 341 S6f 30 10 10 24 8 8 do. do. do. 15 18 4 14 46 do. do. do. 48 50 4 85 211 free. free. free. do. do. do. do. HI 23 2 76 free. 2.9 free. free. Gum, A ra b ic................................ Elastic, unmanufactured.......... A ll medicinal, and for dyeing. Gunpowder.................................... Gutta percha, unmanufactured . H am s............................................ Herrings........................................ Hides, green, salted, dry, raw . . H o p s .............................................. Horns.............................................. India-rubber, unmanufactured... Indigo............................................ Instruments, astronomical, die.. . Iron, crude or o ld ......................... Pig, bar, and s h e e t................. Ivory, unmanufactured................ Jerked b e e f .................................. Kino gum....................................... L a r d .............................................. Lead, crude, in blocks, bars, Ac.. Manufactures of....................... 10 8 free. 10 8 free. 20 8 1104 lbs. 20 15 do. 20 4 free. do. 20 15 20 15 i bbi. 5 4 free. 20 15 1104 lbs. free. 5 4 10 4 free. 10 4 free. do. 20 15 do. 30 24 do. 30 24 5 free. free. 20 15 do. 20 8 free. 20 15 do. do. 20 15 20 15 do. 1.65 bush. 2 91 .... 4.08 2 421 4.08 do. do. do. free. do. do. do. 20 15 do. 2 07 5 52 111 2 30 2 30 GraiD, all kinds............................. $1 1 7 3 75 4 111 2 30 i 38 i 38 69 i 72 4 14 23 1 031 1 38 1 38 171 1 38 < ( free. free. wheat. 16.16 do. do. rye. 121 361 do. 4.08 do. for governm’t, free. 3 841 l i o i :lbs. do. 1 211 do. 1 94 211 do. 1 211 do. free. 3 84} do. 36f do. 4 85 do. 361 do. 1 211 do. free. do. 1 211 do. 2 421 do. 1 211 1 211 do. 3 84f do. Commerce o f A u stria, w ith R eference to its Currency. Denomination of merchandise. Manufactured, fine................... Leather, tanned............................ Common, saddlery, shoes, <fcc. Wares, fine, of all kinds......... Linen, raw yarn, spun by m’chin’s Spun by h a n d ............. Yarn, bleached, colored . . . . Or wound.............................. Gray, for packing sail duck. Raw, tick and trellis................ Linseed.......................................... Mahogany, unmanufactured........ Manufactured............................ Manufactures of casting............. Common..................................... Fine............................................ Marble, unmanufactured............. Manufactured............................ Nutmegs................................. .. Oil, spermaceti, in b a rre ls ......... Whale and other f i s h ............. Paints and varnish....................... Paper, printing............................. Letter......................................... Gold and s ilv e r ....................... Pimento ........................................ Pitch............................................... Rice................................................ Paddy......................................... Root, ginger................................... Medicinal, not provided for. . . Rosin.............................................. Fine............................................ Skins and furs, salted and d r y .. Designed for furs..................... Spirits of turpentine................... Sugar, brown................................. T a llo w .......................................... T a r ................................................ T e a s .............................................. Tobacco, l e a f ................................ Smoking, in rolls....................... Cigars and snuff....................... Turpentine...................................... under act of No., weight, 184(i. 1857. or measure. 30 20 20 30 20 20 20 20 20 20 10 20 40 30 30 30 20 30 80 40 20 20 20 SO 30 30 40 20 20 20 40 20 20 20 30 5 10 20 80 10 20 20 30 ., 40 20 Wines............................................. 40 Wood, staves and heading.......... 20 Kate of No., weight, duty. or measure. 53 Rate of duty. 24 110} lbs. $6 SO 1104 lbs. $7 27} 7 27* 15 do. 4 14 do. 15 7 27* do. 6 90 do. do. do. 19 40 24 15 18 15 1 21} do. 1 38 do. 15 36} do. do. 11} do. 4 85 15 2 07 do. 15 do. do. 7 27* 2 76 15 do. 72} 46 do. do. 15 2 76 do. 7 27* do. free. 2.9 8 free. free. do. 30 do. 2 07 7 27* 24 .... do. do. 2 42* 24 69 do. 24 4 14 free. 15 free. do. do. 72} 24 6 90 4 14 2 42* 24 do. 4 48* do. 24 25 4 do. 92 do. 1 21} 15 do. 84* do. 24} 15 do. 15 2 30 do. do. 24 69 1 45* do. do. 3 84} 24 3 45 do. do. 7 27* 24 6 90 4 do. do. 4 85 4 48} do. free. 15 11} do. do. 15 69 36} do. do. 15 46 12* do. do. 4 85 15 4 m do. do. 15 2 30 2 42* 15 free. free. do. 6 90 15 7 27} do. do. 15 IS 19 40 24 4 21.2 free. do. do. S 46 1 21} do. do. 36} 15 23 do. 24 do. 5 52 5 38* do. 8 do. 36} 2 07 do. free. 15 11} do. do. 5 52 15 7 27* do. 2 76 do. *4 85 24 do. 24 do. 7 59 12 12* do. do. 12 12* 30 13 80 do. free. 19 15 do. bottles. 5 52 i do. 30 j 7 27* do. casks. 4 14 do. 92 36} 15 4,125 lbs. * Besides the import duty, an extra due for the grant of the license must be paid, amounting to 97 cents per pound for unmanufactured ; $1 21 £ per pound for manufactured. 54 Com m ercial and In d u stria l Cities o f the United S tates: Art. III.— COMMERCIAL AM) INDUSTRIAL CITIES OF THE UNITED STATES. NUM BER LX. RICH M OND, S K A T O F J U S T IC E O F H E N R IC O V IR G IN IA . C O U N T Y — S I T U A T IO N — D E A D O F T I D E - W A T E R — L A R G E S T C IT Y O F V I R G I N I A — N E IG H B O R H O O D — S E V E N H I L L S — P U B L I C B U I L D I N G S — 6 Q U A R E S — C H U R C H E S — P U B L I C A T I O N S — W A T E R -P O W E R — M IL L S — C L IM A T E — S U P P L Y O F R A W M A T E R IA L S — T A B L E OF M AN U F A C T U R E S— R E C A P I T U L A T I O N — A R T IS T I C P R O D U C T S — M E R C H A N D IS E — S A L E S OF REAL EST AT E— L IV E STOCK— IN D U S T R I A L P U R S U IT S — M IS C E L L A N E O U S — P R O F E S S I O N A L — O F F IC E R S — G E N E R A L R E C A P I T U L A T I O N — L A R G E C A P IT A L R E Q U IR E D — P R O D U C E PU RC H A 8E 8 FOR C A S H — M E R C H A N D IS E O N T IM E — C A P I T A L IN V IT E D — B A N K IN G C A P I T A L — I N S U R A N C E — I N S P E C T IO N S — C A N A L S S T E A M E R S — F O R E IG N T R A D E — TO BACCO F IN A N C E S — W A T E R W O R K S — G A S — C IT Y E X P O R T S — P O P U L A T IO N D E B T — C IT Y AND AND R A IL R O A D S — S H IP P IN G — PR O PER TY P R O P E R T Y — C O M P A R A T IV E OF R IC H M O N D — PROD UCTS PE P. H E A D — P R O P E R T Y P E R H E A D O F P O P U L A T IO N . R ichmond , the capital of Virginia, and seat o f justice of Henrico County, is situated on the northeast bank of James River, at the lower falls, and at the head of tide-water, about 150 miles above its mouth, and 130 miles, by railroad, south of Washington. It is the largest city in Virginia, and one of the most beautiful in the Union, The situation of the city, and the scenery o f the environs, combine in a high degree the elements of grandeur, beauty, and variety. The river, winding among verdant hills, which rise with graceful swells and undulations, is interrupted by numerous islands and granite rocks, among which it tum bles and foams for a distance of several miles. The city is built on seven hills, the largest of which are Shockoe and Church hills, separated from each other by Shockoe Creek. It is laid out in rectangular blocks. About twelve parallel streets, nearly three miles long, extend northwest by south east; these are intersected by about forty streets, about one mile long. The Capitol and other public buildings are situated on Shockoe Hill, the top of which is an elevated plain, on the west side of Shockoe Creek. The Capitol stands in the center of a public square of about eight acres, is adorned with a portico of Ionic colums, and contains a marble statue of Washington, by Houdon, taken from life, considered a perfect likeness. The Governor’s mansion is situated in the Capitol Square, and immedi ately on front of i t ; and northward of the Capitol is the colossal eques trian statue of Washington, by Crawford, elevated upon a granite monu ment of hexagonal form, resting upon a circular base, and at each corner of the hexagon is a small pedestal, upon two of which stand the statues of Jefferson and Ilenry ; the four remaining are to be occupied by statues of Mason, Nelson, Lewis, and Marshall. Within the square, near the southeastern corner, stands a large building used as a State Court-house. On the north side of the square, and fronting it, are the City Hall and the First Presbyterian Church; on the west side are St. Paul’s Episcopal Church and the Mechanics’ Institute, and on the south side the new granite Custom-house, all elegant and costly buildings, representing as many different styles of architecture. The intermediate lots on the south side by Goddin’s Hall, offices, and dwellings, and on the other sides by the Central and Powhatan hotels and beautiful modern dwellings. There are in all thirty-three churches of different denominations, with 19,800 sittings, and three Jewish synagogues; a medical college, female R ichm ond, V irginia. 55 institute, orphan asylum, masonic, odd fellows, and temperance halls; a court-house, jail, poor-house, hospital, theater, three bank buildings, two market-houses, and three public halls owned by private individuals or as sociations ; and in the western suburbs, near the river, is the State Armory, 320 feet long by 280 feet wide, and northwest from it stands the Peni tentiary, with a front o f 300 feet, and a depth o f 110 feet. Richmond College is located about one mile out o f the city. There are sixteen pe riodicals— daily, weekly, and monthly ; thirty-five public and private schools of various grades; sixteen societies for the promotion of religion, such as Bible, tract, and missionary; five public charitable itstitutions; eight divisions of the Sons of Temperance; eleven masonic lodges; nine lodges of the Independent Order o f Odd Fellows; seven German socie ties, beneficial, musical, &c.; fourteen various public institutions and so cieties, such as the Virginia Historical, Mechanics’ Institute, School o f Design, medical, colonization, agricultural, various mechanic societies, &c., & c.; three public libraries; water works and gas works. Richmond possesses an immense water-power, derived from the James River, which, from the commencement of the rapids, about five miles above the city, descends 116 feet to tide level. By the James River and Kanawha Canal, on the north side of the river, and a canal owned by the corporation of Manchester, on the south side, this power is made available at a moderate rate, and is now u.sed by very extensive flour mills, iron works, cotton mills, &c., &c., leaving power and territory suf ficient for the accommodation o f an increase of a thousand fold upon the present machinery. No place in the State, and but few, if any, in the whole country, possesses greater natural advantages for productive indus try. W ith a mild and equable climate and healthful locality, with com plete railroads and canal of nearly 1,000 miles, radiating from Richmond, penetrating forests, mines, grazing and agricultural districts, abounding in every variety of raw material for the loom, anvil, burr, screw, saw, <fcc., and by their connections giving quick and cheap access to the products o f the South and Southwest generally, and with an unobstructed outlet by the river to the ocean for coastwise and foreign export, and with an almost unlimited interior demand for every article o f merchandise and manufacture, we really believe that Richmond has scarcely a parallel for combined manufacturing and commercial advantages. Her manufactures, trade, and commerce have been largely increased within the last few years, making an annual aggregate of very large amount. The tables and statements which follow will show the variety, extent, and value o f its mechanical, manufacturing, commercial, and industrial pursuits. W e have made these up with great care from data obtained in the workshops, stores, and counting-rooms of the various industries. The length of this article precludes such remarks as we intended upon the various interests covered by these tables. These we will make hereafter. With very rare exceptions, our inquiries were promptly responded to, and many gentlemen took quite an interest in our object. To all these we tender our thanks:— M A N U F A C T U R IN G A N D M E C H A N IC A L . No. estabNo. lislnnents. hands. 53 Tobacco, chewing................... “ smoking............................... “ stemmeries.............. 6 4,052 300 600 Value tools and machinery. $515,00U 20,000 3,000 Value real estate occupied. $636,000 12,000 30,000 Amount o f sales. $ 6 ,2 2 8 ,4 9 6 22,000 1 8 7 ,5 0 0 56 Com m ercial and Industrial Cities o] the United States Flour......................................... Corn meal................................. Iron rolling m ills............... ) Iron and steel mill..............f Foundries machine shops.. Architectural foundry............ Stove foundry......................... General foundry...................... Railroad machine shops . . . . Shapening mills...................... Iron railings............................. N a ils....................................... Blacksmiths........................... Bell and brass founder......... Coppersmith........................... Saw m aker............................. File m aker............................. Tin-ware, stoves, plumbing, and lightning-rods............. Silver plater........................... Agricultural implements*.. . Bookbinders........................... Bakeries................................. Boot and shoe makers............ Brush makers.......................... Boxes, merchandise packing.. Boxes and cases, tobacco. . . . Bottling, soda, ale, and beer. Butchers................................... Building—Brick making........ Brick laying......................... Plasterers ........................... Painters............................... Sash, blind, & door makers. Mouldings............................ Planing mills....................... Slater................................... Saw mill............................... Architect! plast’r orna’m’ts Architects................................. Stone-cutters.......................... Marble-cutters........................ Cabinet makers....................... Carriage makers..................... Coopers..................................... Confectioners............................ Carver, w o o d ......................... Cotton factories....................... Cedar and willow ware......... Curriers..................................... Dyeing...................................... Distillery.................................. Gas works................................ Gunsmiths............................... Glass works.............................. H atters.................................... No. estabNo. lishments. hands. S 21 375 7 38 8 2 410 1 650 7 1 14 16 1 12 1 159 4 16 2 42 6 1 175 42 126 1 5 1 14 1 10 1 4 12 1 6 6 SO .. 2 2 6 48 7 13 37 12 23 5 .. 2 1 1 1 5 3 3 13 11 60 ii 26 1 2 2 3 3 1 1 ., 1 . • 91 4 105 36 126 283 3 7 90 36 96 210 225 295 70 106 35 6 30 10 16 3 11 24 40 105 185 420 305 48 1 460 6 13 14 75 60 20 55 21 Yalue tools and machinery. $400,000 8,000 Value real estate occupied. $16,000 650,000 53,000 $22,932 4,643,637 221,000 192,000 481.500 212,000 191,000 7,500 5,000 8,200 ' 10,000 3,000 3,500 66,000 34,750 4,375 3,250 7,500 22,000 Capital, 150,000 82,000 12,600 1,500 2,000 6,000 7,500 8,000 2,000 3,000 1,000 795.000 15.000 15.000 12.000 78,173 17.500 40.000 237.500 126.000 5.000 14.000 15.000 4.000 158,000 10,000 400 10,000 3,900 5,000 7,075 200 500 1,000 4,500 .... 5,000 23,000 20,450 700 1,900 1,200 1,000 10,000 300 3,500 500 2,500 600 2,100 2,000 5,000 2,000 25,000 3,000 122,500 1,000 8,000 40,000 . . . . 5,000 2,000 1,000 87,500 1,500 60,000 20,000 131,000 75,000 2,000 4,000 50,000 12,500 120,000 69,000 19,000 143,000 2,000 17,250 9,800 3,000 30,000 2,000 5,700 2,000 10,000 36,000 36,500 52,500 78,000 42,000 42,000 420 169,000 6,000 17,000 12,500 20,000 283,000 20,000 15,000 4,000 ♦ Agricultural foundries included under agricultural implements. Amount o f sales. 230.000 4.000 200.000 63.500 300.000 253.000 2.000 5,211 250,852 40,310 557,151 143.500 300.000 330.000 70.000 76.500 24.500 6,000 60,000 10,000 29,400 3.000 10,000 12,000 60,000 346.000 239.000 459.000 220.000 83,333 750 435.000 3.000 205.000 14.000 260.000 107,085 30.000 40.000 65.000 R ichm ond, V irginia. Jewelry, makers & repairers. Ivory cutters and carvers... . Lime-burners, shell................. Lock maker............................. Lock repairers....................... Looking g ass and fram e.. . . Lard refinery......................... Leather belting and hose___ Millwright................................ Milliners and mantua makers Paper m ill............................... Plaster mills........................... Paper hanging & upholsterers Phosphate of lim e ................. Piano m akers......................... Plumbers.................................. Penitentiary, sundries............ Stoneware................................ Saddle and harness makers . Soap and candle makers........ Sail m a k er.............................. Tannery.................................... Turners.................................... Umbrellas................................ Wheelwrights......................... Water works........................... Printing, book and job............ Newspaper and periodical. No. estabNo. lishments. bands. .. 60 4 2 2 1 3 2 1 1 .. 60 1 2 3 1 2 2 1 1 8 5 1 1 4 6 ® |4 1 5 4 2 25 400 40 14 29 8 12 4 . . 12 78 40 11 4 12 5 45 57 Value Value real estate tools and machinery, occupied. Amount of sales. $ 2 ,5 0 0 500 1,0 0 0 $ 1 0 ,t o o 2 ,0 0 0 1 ,1 0 0 4 ,5 0 0 8 ,0 0 0 300 2 ,0 0 0 1 ,0 0 0 2 ,5 0 0 9 ,0 0 0 1 0 ,0 0 0 2 ,5 0 0 .... 4 0 ,0 0 0 3 0 ,0 0 0 8 ,0 0 0 2 8 ,0 0 0 2 ,0 0 0 4 ,0 0 0 5 ,0 0 0 1 0 ,0 0 0 2 5 ,0 0 0 1 1 7 ,0 0 0 6 0 ,0 0 0 2 8 ,0 0 0 1 1 1 ,5 0 0 1 2 ,0 0 0 9 ,5 0 0 3 ,0 0 0 8 1 ,3 8 8 .... .... 2 5 ,0 0 0 5 ,7 0 0 .... 600 1 ,0 0 0 8,000 4 ,0 0 0 . . . . 1 0 ,0 4 3 500 1 0 ,0 0 0 4 8 ,0 0 0 2 4 ,5 0 0 2 ,0 0 0 3 ,5 0 0 . . . . 1 5 ,0 0 0 . . . . 2 ,5 0 0 $ 6 0 ,0 0 0 4 ,0 0 0 2 0 ,9 0 0 10,000 1 2 0 ,0 0 0 1 1 5 ,0 0 0 12,000 6,000 1,200 6,000 100 1,5 0 0 3 ,0 0 0 1 5 ,0 0 0 3 5 0 ,0 0 0 1 0 ,0 0 0 2 ,5 0 0 2 0 ,0 0 0 3 2 ,2 7 8 1 3 6 ,5 0 0 1 2 5 ,3 5 0 2 7 2 ,5 0 0 Total.................................... 11,811 $ 1 ,8 1 9 ,1 9 3 Deduct the value of manufactures included in the above, not the product of Richmond, viz.:— Agricultural implements........................................................... Furniture...................................................................................... Carriages...................................................................................... Leather......................................................................................... Guns, ifcc...................................................................................... Paper hangings........................................................................... $ 4 ,6 0 9 ,2 7 0 $ 1 9 ,8 7 8 ,8 9 6 . . 15 1 16 } . . 207 $15,000 120,000 60,000 130,000 15,000 40,000 390,000 Total...................................................................................................... $19,488,896 R E C A P IT U L A T IO N . Different kinds of manufacturing and mechanical establishments......... No. of persons employed, including principals, clerks, and operatives.. Amount of capital invested in the necessary tools and machinery Amount of capital invested in real estate occupied by establishments. Total amount o f product in twelvemonths.............................................. 91 11,811 1,819,193 4,609,270 19,488,896 No estimate is made in tlie abo-vo of capital invested in raw materials. It is but proper to state that several o f the establishments named, such as the nail factory, cotton factories, &c., are located outside o f this city, but are owned and managed in Richmond, and all their business transac tions are dated in it. A R T IS T IC . Ambrotypists & photographists Portrait and landscape painters Artistic founders......................... Total..................................... No. estabNo. lishments. hands. 7 17 3 i 7 21 Value tools and machinery. $ 3 ,0 0 0 Value real estate. $ 3 2 ,0 0 0 . . . . . . . . . . . . . . . . $ 3 ,0 0 0 $ 3 2 ,0 0 0 Amount of sales. $ 2 8 ,0 0 0 est. 4,000 $ 3 2 ,0 0 0 58 Com m ercial and In d ustrial Cities o f the United S tates: M E R C H A N D IS IN G . Groceries, wholesale, inc. provisions, <fec.,. . “ family, retail.................................. “ mixed with dry goods, shoes, & c. Dry goods, w holesale.................................... retail, including carpet store.. . Clothing............................................................. Shoes................................................................. Hardware.......................................................... Drugs and medicines....................................... Books and stationery..................................... Stationers’ Hall............................................... Silk and straw goods..................................... Liquor, wholesale............................................ Confectioners.................................................... Queeusware...................................................... H ats.................................................................. Jewellers.......................................................... House furnishing............................................ Ship chandlers and grocers........................... Paint and artistic supplies............................ Variety, retail................................................. Toy and variety.............................................. Sewing machines,............................................. Musical............................................................. Piano................................................................ Periodical.......................................................... Lam ps............. ................................................. Small stores, mixed goods............................. Lumber yards................................................ Granaries and feed stores............................... Forwarding agents and ship brokers............ Coal and wood, including wood by country carts and wagons......................................... Produce and other articles sold by commis sion merchants, not included in groceries. Ice, Northern.................................................. Ice, cou n try.................................................... Fish, poultry, & vegetables, in two markets M ilk................................................................... Total........................................................... No. estabskments. •29 145 52 6 43 60 11 14 25 i f 1 7 26 5 17 20 2 No. hands. 195 362 156 87 173 180 25 71 100 Value real estate occupied. $ 4 8 7 ,5 0 0 5 8 0 ,0 0 0 1 5 6 ,0 0 0 1 7 5 ,0 0 0 2 1 5 ,0 0 0 6 0 0 ,0 0 0 1 5 0 ,0 0 0 8 2 ,0 0 0 2 2 0 ,0 0 0 Amount of sales. $ 8 ,S 6 0 ,0 0 0 2 ,9 0 0 ,0 0 0 4 1 6 ,0 0 0 2 ,1 8 0 ,0 0 0 1 ,9 5 0 ,0 0 0 1 ,2 2 1 ,0 0 0 1 ,1 5 1 ,3 5 0 6 1 0 ,0 0 0 6 0 0 ,0 0 0 33 7 7 ,0 0 0 3 5 0 ,0 0 0 6 30 70 27 35 25 6 9 6 1 0 0 ,0 0 0 2 5 0 ,0 0 0 2 6 0 ,0 0 0 2 0 0 ,0 0 0 3 1 5 ,0 0 0 3 0 0 ,0 0 0 6 5 ,0 0 0 1 5 0 ,0 0 0 7 ,5 0 0 6 0 ,0 0 0 10,U00 1 0 ,0 0 0 8 ,0 0 0 3 1 3 2 2 1 2 3 2 156 12 12 5 4 5 4 229 65 40 18 2 1 ,0 0 0 6 5 ,0 0 0 8 2 ,0 0 0 6 9 ,0 0 0 8 3 ,0 0 0 1 4 0 ,0 0 0 1 8 ,0 0 0 1 5 ,0 0 0 8 ,0 0 0 3 5 ,0 0 0 5 ,0 0 0 1 0 ,0 0 0 1 0 ,0 0 0 1 5 ,0 0 0 3 ,0 0 0 4 ,0 0 0 2 3 4 .0 0 0 9 0 ,0 0 0 5 0 ,0 0 0 2 0 ,0 0 0 10 101 8 8 ,3 0 0 5 4 3 ,1 1 9 62 3 195 30 15 130 3 2 5 ,0 0 0 2 0 ,0 0 0 1 3 ,0 8 6 ,5 5 0 5 0 ,0 0 0 est. 2 5 ,0 0 0 est. 5 0 0 .0 0 0 est. 6 4 ,2 4 0 2,384 $ 3 ,9 6 2 ,8 0 0 $ 3 7 ,6 7 3 ,1 5 9 .. .. •• 7 4 4 2 ... 1 8 ,0 0 0 5 ,0 0 0 8 ,0 0 0 6 0 8 ,4 0 0 3 9 1 ,0 0 0 4 0 0 ,0 0 0 The value of Richmond manufactured articles is not included in the above, they having been included under the preceding head of Manu facturing and Mechanical, viz.:— Clothing........................................................................................ $459,000 Shoes............................................................................................ 263,000 Confectionery............................................................................... 83,333 Hats.............................................................................................. 65,000 Jewelry......................................................................................... 60,000 9 2 0 ,3 3 3 Balance.................................................................................................................................. Foreign articles sold by Richmond manufacturers and mechanics........... Showing the amount of merchandise and manufactures, not the product of Richmond, sold during twelve months to b e ................... $ 3 6 ,7 5 2 ,8 2 6 390,000 $ 3 7 ,1 4 2 ,8 2 6 Lime, guano, fertilizers, and other articles not named above, are sold by those engaged in other branches o f merchandising, the aggregate o f whose sales are included in the above. 59 R ichm ond, V irginia. S A L E S OF R E A L A N D P E R S O N A L P R O P E R T Y . No. Auction, “ “ “ real estate................................. negroes .................................... personal property generally . . . . . and brokers’ sales of State, city, and other stocks................. estabNo. lishments. hands. 2 9 3 19 6 33 T o ta l................................................ L IV E Horses, private sale ..................... “ auction............................... .. .. 11 61 Value Amount of sales. real estate. $1,230,180 $8,000 25,000 *3,500,000 435,000 65,000 2,500,000 $88,000 $7,665,180 STOCK. Mules, private sale........................... “ auction................................... 833 455 ----800 180 Cows, private sa le .......................... “ auction.................................... 121 90 1,288 at average of $116 980 U 211 « 138 29i T o ta l........................................................................................................ $149,408 135,240 6,189 $290,837 Hands employed, 5 4 ; real estate occupied, $20,000. The above in cludes sales made only at the public stables and live-stock auction-yards. Beef cattle.................................. Calves.......................................... 6,763 I Sheep and lambs......................... 7,000 | H o g s .......................................... 21,000 9,372 These were bought by Richmond butchers, and resold in the markets, and as the amount of sales is placed under the head o f Manufactures, the amount is not added here. IN D U S T R IA L . Livery stables, numbering 16 ; 39 hacks, with 78 horses; 51 buggies, with 51 horses; 38 saddle horses.......................................... Omnibuses, public and hotel, 25, with 54 horses............................................................. 118 wagons, 226 drays, carts, furniture wa gons, &c., employing 926 horses <fc mules. Diggers of foundations, & c ............................ City paving and street work generally, in cluding quarry.................... ......................... James River improvements, in removal of obstructions to navigation by the c it y .. . Total........................................................ No. Value per hands. sonal prop. Value Amount real estate, o f receipts. 9(J $105,750 $60,000 $111,008 30 18,100 30,000 36,500 462 78 177,730 9,000 60,000 9,000 362,700 45,000 60 2,000 3,500 40,387 20 hands during 6 months. 3,506 740 $312,580 $152,500 $599,101 Value real estate. $ 2 8 ,0 0 0 M IS C E L L A N E O U S . Agents, hiring sla v e s................... “ renting real estate........... Hotels, five principal................... Other hotels and boarding houses Drinking saloons............................. Total* No. estabNo. lishments. hands. 14 18 225 252 1 7 5 ,0 0 0 1 8 9 ,0 0 0 Amount of sales. $ 1 7 7 ,1 2 5 1 0 2 ,9 0 0 3 7 0 ,0 0 0 1 8 9 ,0 0 0 495 1392,000 $839,025 .. 5 63 86 * This sum includes private sales at jails. 60 Com m ercial and In d ustrial Cities o f the United S tates: P R O F E S S IO N A L . N o. o f V a lu e o f V a lu e o f h a n d s , l i b r a r ie s , e t c . r e a l e s t a t e . Ministers o f the Gospel.......... Teachers and assistants.......... Physicians................................ Lawyers................................... Dentists, (ascertained)............ $10,500 8,500 22,900 86,000 12,000 T o ta l............................... $139,900 In com e, e s t im a t e d . ] 105,000 }■ $351/750 73,000 82.000 j 42,700 50,000 $£10,000 $394,450 IN S P E C T O R S A N D O T H E R O F F IC E R S , C L E R K S , A N D L A B O R E R S , N O T IN C L U D E D I N A N T OF TH E IN D U S T R IE S N A M E D B E F O R E . Inspectors o f tobacco and assistants.......................................... Laborers in inspection.................................................................... Inspector of flour, assistants, and laborers................................. “ lime, lumber, guano, fish, guager, grain measurer, live stock w eigh er..................................................................... Banks................................................................................................ Exchange and brokers’ offices...................................................... Insurance offices............................................................................. James River and Kanawha Company........................................ Railway officers............................................................................... Officers of city government, including Mayor, City Council, Hustings Court, and every city officer..................... ......... . . Total GENERAL Estimated income. ........... ........... ........... 9 .............. 88 25 27 80 61 ........... ........... ........... ........... $208,800 132 65,000 426 $270,800 R E C A P IT U L A T IO N . No. of hands. Manufacturing it mechanical... Artistic........................................ Merchandising............................ No. 21 75 8 11,811 21 2,384 Value of tools Value of real and machinery, estate occupied. $1,819,193 3,000 .... $4,609,270 32,000 3,962,800 Value of product. $19,488,896 32,000 37,142,826 $56,663,722 Auction sales of real and per sonal property....................... Live stock................................... Industrial.................................... Miscellaneous............................ Professional................................ Inspectors, etc............................ T o ta l.................................. 61 54 740 495 287 426 10,279 .... 139,900 88,000 20,000 152,500 392,000 310,000 .... 7,665,180 290,837 599,101 839,025 394,450 270,807 $2,274,673 $9,566,570 $66,723,115 312,580 .... These aggregates do not include our foreign or coastwise commerce, nor the earnings of our shipping or railroads. It is seen, as above, that the aggregate amount of manufacturing and mechanical product and merchandising is over fifty-six-and-a-half millions o f dollars, requiring a very large amount of current capital, concerning which we made no special inquiry, nor have we attempted any estimate. Persons familiar with each separate branch can make their own estimates with greater accuracy than we. W e may, however, say that as all the leaf tobacco and wheat, as well as nearly every other article o f raw material, is bought for cash, and the product sold on an average time o f at least four months, with an allowance for the time consumed in manu facturing, and deducting on the other hand from the above $19,488,896 the amount of a reasonable profit, it is fair to conclude that not less than five-and-a-half millions of dollars are used by our manufacturers and R ichm ond, Virginia. 61 mechanics. Flour is always considered a cash article, but much o f the flour manufactured here is exported by our millers, and very frequently large stocks are accumulated in their hands with an expectation o f higher prices. W e suppose that their average returns are at least four months from the date of their purchase of wheat. All articles of produce and fertilizers are bought for cash— groceries, usually on four months’ tim e; dry goods and other articles of merchandise, on from four to eight months. In proportion to the amount of sales, our merchants require less capital than our manufacturers and mechanics, bearing in mind that about twenty-three millions of the thirty-seven mil lions are for sales of produce and groceries. W e, therefore, slate the probable amount of capital used in merchandising at five millions, and adding half-a-million for all the other industries, we find a total o f eleven millions of dollars current:— Cash capital................................................................................................. Invested, as above, in tools and machinery.......................................... real estate used in business. $11,000,000 2,274 673 9,566,570 ................. $22,841,243 Richmond :— Capital. Deposits. Bank of Virginia. .J . #»*l§S86j25if * Farmers’ Bank of ViTgiitJa . . ! . \ .•S54'tJt>Q*’ Exchange Bank of V irginia...’ '.' ‘ 7f3,300Bank of the Commonwealth***; •••> 4 12,000 Total. $771,319 898,255 560,452 paid in. SS,901,050 $2,230,076 Fourteen savings banks, joint fund and capital.. Eleven building fund associations........................ Three insurance companies, capital and deposits Discounts. $1,657,569 1,752,755 1,308,752 $1,319,809 1,721,811 1,231,778 $4,619,076 1,508,215 421,017 365,800 $4,273,398 1,508,215 421,017 365,800 $6,914,108 $6,568,430 Total There are five exchange brokers, through whom private capital is fre quently used in discounting bills, but to what amount, we do not know ; nor do we know the amount o f capital and amount of their general busi ness. There are two stock brokers. F I R E , M A R IN E , A N D L I F E IN S U R A N C E . Three Richmond stock and one mutual com pany; five Virginia com panies, twelve foreign companies, represented by agents. IN S P E C T IO N S O F F L O U R A N D TO BACCO . ,hhds. . .lbs. .bbls. Richmond inspections for the last fiscal year o f tobacco Loose tobacco received....................................................... Flour................................................................................. . C A N A L A N D R A IL R O A D S C E N T E R IN G IN 44,616 3,832,570 628,693 R IC H M O N D . The canal and railroads centering in Richmond, are as follows :— Length. James River and Kanawha Canal, finished. .miles (This sum includes all the connections, but does not include expenditures west o f Buchanan, the point of its present terminus, nor the expenditures upon North River, which will be completed next August, at a cost to the company of about $300,000, and will add twenty miles to the length.) 196 Cost. $8,611,908 27 This bank has just commenced operations, with authorized capital of two millions of dollars. 62 Com m ercial and In d ustrial Cities o f the United S tates: Richmond and Danville Railroad............................................ “ Petersburg Railroad, including branch to Port W a lth a l......................................................................... Richmond, Fredericksburg, and Potomac............................... Virginia Central, (195,) finished.............................................. Richmond and York River, unfinished.................................. Clover Hill Railroad is a feeder of Richmond and Potomac Length. 14a 25 75 38£.. 18 Cost. $3,487,684 89 1,202,960 61 1,983,256 95 5,296,761 12 303,271 94 220,000 00 Total.. ................................................................................. 690£ $21,105,843 78 (There is a continuous line of railroad from Bristol at the Tennessee line, to the juncture of the South-Side Road with the Richmond and Danville, and thence to Rich mond. The length of these may, therefore, be properly added to the above as centering here.) Virginia and Tennessee Railroad, including Saltville branch 213 6,582,37065 South-Side Railroad from Lynchburg to junction...................... 71 2,185,63844 Total......................................................................................... 974| $29,873,85287 These radiate from Richmond in almost every direction, and the com munication is prolonged by other roads to the rem test sections, placing this city in connection with'all points o f the Union. The c ^ a l is finished within forty-four miles of Covingto.n.. ’ .All the railroads are finished except the Central, which, at 195 miles, is within eleven miles of its com pletion, and the York River, which is-nearly ready for the rails. S H IP P IN G . The number o f seagoing vessels owned.iru Richmond is 21, with a ton nage of 8,065.* These vessels belong to regular lines between this port and Rio, New York, and Boston, five of them are in the Rio line, nine in the New York, and seven in the Boston. Besides these, there are many transient American and foreign vessels engaged in the coasting and foreign trade. The arrivals and departures into and from the dock numbered, in twelve months, 1,752 inward, and 1,891 outward. The inward entered in ballast are not counted— hence this difference. There are four regular lines o f steamers. The one to New York, com posed of two steamers, constructed especially for sea service, with side wheels and double marine engines, to which the company intend to add another ship. This line makes regular semi-weekly trips, will full freights both ways, and is deservedly popular as a passenger line. The tonnage of the two ships is about 2,300. The line to Baltimore consist of three steamers o f about 2,500 tons in the aggregate, but of much greater actual capacity for carrying freight. The line to Philadelphia consists of three steamers o f 1,500 tons, but also o f greater actual capacity. These two lines make semi-weekly trips, with full freights generally. The line to Norfolk consists of two steamers— a daily line for freight and passengers, stopping at twenty or more intermediate wharves on both sides of the river. Another boat is to be added to this line. Besides these, there are several small steamers and many small sailing vessels engaged in the trade o f the river, its tributaries and inlets. S T E A M T O W IN G A N D N A V IG A T IO N C O M P A N Y . Under this title a company has been formed, who have put a propeller and two barges upon the river for the purpose o f carrying freight between * Messrs. Currie have added a vessel of 1,800 tons, and have just launched another of 850 tons. R ichm ond, V irginia. 63 tliis city and Norfolk. The propeller will carry freight herself, and tow the barges. This line is intended to facilitate the transit of produce and merchandise to and from Norfolk and different points on the canal. F O R E IG N IM P O R T S A N D E XPO R TS FOR TH E LAST F IS C A L Y E A R . Imports. England................................................ Australia.............................................. British North American possessions France on the A tlan tic..................... France on the Mediterranean......... Austrian possessions in I t a ly .......... Bremen................................................. Holland................................................. Belgium............................................... Cuba.................................................... U ruguay............................................ Porto Rico........................................... Brazils................................................... Buenos Ayres..................................... Uncertain........................................... $112,142 Total....................................................................... 30,000 5,308 101,964 365,176 Exports. $1,218,901 245,118 76,044 578,403 380,302 969,012 154,181 54,342 184,632 6,129 64,658 9,056 1,774,810 53,746 53,746 $665,906 $6,359,334 W e have been unable to ascertain the value of foreign importations, by our merchants, through New York, but know it to be large. Of these goods the amount only of 875,510 was brought here under warehouse bonds, and the duties paid in Richmond ; the remaining paid duties in New York. Our direct foreign importations to this port consisted chiefly o f coffee, sugar, molasses, plaster, and guano. Our foreign exports consisted of a great variety o f articles, but those of chief value were tobacco and flour. Reserving for a future article a more detailed account of our import and export trade, foreign and domestic, and also of the manufactures and export of tobacco and flour, we conclude by stating that nearly all our manufactured tobacco is exported, but mostly coastwise ; that 27,129 hhds. of leaf tobacco and stems were exported to foreign countries, and about 5,500 coastwise, and that the larger part of our own manufactures of flour, which amounted to nearly 535,000 bbls., was exported to foreign countries, during the past year, and that the average value of tobacco, per hogshead, as entered at the Custom-house during the last fiscal year, ending June 30th. is 8157, and of flour is $8 25. P O P U L A T IO N A N D P R O P E R T Y O F R IC H M O N D . The population at this time is estimated to b e :— W h ite s ............................................................................................................. Blacks............................................................................................................... 30,000 15,000 Total, which includes the suburbs................................................... 45,000 Assessed value of real estate within the corporate limits....................... Assessed value o f personal property within the corporate limits......... Estimated value o f real estate outside the corporate lim its................. Estimated value of personal property outside the corporate lim its.. . Estimated value of negroes.......................................................................... The custom-house, governor’s mansion, State-house and grounds, ar mory, penitentiary, county court-house and jail, the “ city property ” enumerated elsewhere, male and female orphan asylums, medical college, churches, etc., are exempt from taxation................................ $18,423,348 9,876,371 4,000,000 1,000,000 7,644,000 3,859,000 6A Com m ercial and In d ustrial Cities o f the United S tates: Real property of the James River and Kanawha Canal Com pany__ State and city stocks are not available— the amount of these held in this city, at a very low estimate, say...................................................... 500,000 8,000,000 Showing the total value of real and personal prop’y of Richmond to be 847,802,719 A sum, amounting to several millions, is invested by citizens o f Rich mond in Western lands, cotton and sugar plantations in the South, tobacco factories in the West, in cotton speculations, and in various other securities out of the city, which, added to the above, would swell the amount to probably fifty-five millions; and showing a wealth, in proportion to the white population, greater, probably, than any city of its size, or larger, in the United States. C O E P O R A T IO N F IN A N C E S . The receipts and disbursements for the last fiscal year were as follows:— Taxes........................... Loans........................... Interest and discount. Water works............. (( Gas works.................. Street culvert ................................. James River im provem ent........... Market-houses.................................. Burying-grounds.............................. Fire depaitment.............................. City poor.......................................... City officers and watchmen........... Miscellaneous................................. Balance on hand, March 1st, 1857 Balance on hand, March 1st, 1858 T o t a l............................................................. Receipts. $294,831 86 375,048 49 80,521 80 81,625 57 1,639 98 8,582 64 695 25 24,001 40 58,474 44 Disbursements. $471,251 124,827 *27,316 + 17,702 + 17,162 §58,254 40,386 3,506 2,369 2,998 9,818 10,748 40,004 19,422 25 34 38 87 45 65 57 95 70 01 75 39 72 82 29,650 53 $875,421 38 $875,421 38 Since the above report by the “ Committee o f Finance,” the water works have made a report to a late date, making an exhibit from which we take the following:— The water is raised from the river by six force pumps into a reservoir holding nearly eleven million gallons, and distributed to every part o f the city by pipes 2 7 i miles long. These works were commenced in 1830— the whole sum expended upon them to the present time is.......................................................... Total amount of receipts in same time..................................................... $624,717 71 458,269 68 Balance against the w ork s............................................................. $166,448 03 No credit has been given them for the water supplied to the Fire Department, and for city uses generally, and the quantity gratuitously dispensed. Receipts last fiscal y e a r .............................................................................. Disbursements other than for construction............................................... $32,278 44 19,528 28 Difference.......................................................................................... To which add value of gratuitous distribution........................... $12,750 16 1,575 00 Balance in favor of the works for the fiscal year............... * Expenses and construction, t Culvert pumphouse. X $14,325 16* Construction. § Expenses. 65 R ichm ond, V irginia. The value of these works cannot be estimated by this exhibit of profits, but by the low rates o f insurance, and the safety secured to property from conflagration. GAS W O R K S . The pipes to convey gas traverse the streets to the length o f thirty miles. These works were commenced in 1850, and cost for construction $229,143 99. The whole amount expended to the present time is............. Total amount of receipts in same time.................................. $ 6 1 7 ,2 3 6 81 4 1 2 ,8 4 3 76 Balance................................................................................. From which deduct gas consumed by city la m p s___ $ 2 0 4 ,3 9 3 05 1 7 6 ,6 1 2 60 Balance against the w o rk s ...................................... $ 2 7 ,7 8 0 4 5 Receipts last fiscal y e a r ........................................................... Add value of gas used by the city at cost............................ $ 8 1 ,6 2 5 57 2 5 ,4 5 9 45 $ 1 0 7 ,0 8 5 02 5 8 ,2 5 4 65 Disbursements other than for construction.................... $ 4 8 ,8 3 0 3 7 C IT Y D E B T . Funded........................................................................................ Bills payable— loan by banks................................................ $ 1 ,9 4 0 ,0 7 8 7 3 4 0 ,0 0 0 00 Total................................................................................ $ 1 ,9 8 0 ,0 7 8 7 3 C IT Y P R O P E R T Y . Productive— Water w o rk s ................................................. Gas works......................................................................... Two market-houses and scales, Seabrook’s Warehouse, and burying-grounds.................................................. 1 3 5 0 ,0 0 0 3 0 0 .0 0 0 2 0 8 .0 0 0 $ 8 5 8 ,0 0 0 0 0 Unproductive— City-hall, jail, engine-houses, public squares and lots, poor-house, hospital, and powder-magazine...................................... Total................................................................................ 2 2 9 ,0 0 0 0 0 $ 1 ,0 8 7 ,0 0 0 0 0 W e have been comparing the statistics of Richmond, with those of several other cities, as we find them in recent numbers o f “ Hunts Mer chants' Magazine." In Philadelphia, in 1850, the population amounted to 408,762, the value of manufactures $60,494,575, or equal to $148 to each inhabitant. In New York, in 1850, the population amounted to 515,547, the value of manufactures $104,219,308, or equal to $204 09 to each inhabitant. In Boston, in 1855, the population amounted to 162,629, the value of manu factures $51,935,028, or equal to $319 40 to each inhabitant. In Buffalo. N. Y ., in 1855, the population amounted to 74,214, the value of manufactures $10,169,329, or equal to $137 03 to each inhabitant. In Chicago, in 1857, the population amounted to 130,000, the value of manu factures $15,515,063, or equal to $119 34 to each inhabitant. In Richmond, in 1858, the population amounted to 45,000, the value of manufactures $19,488,896, or equal to $433 08 to each inhabitant. VOL. XL.---- NO. I. 5 66 Com m ercial and In d u stria l Cities o f the United States. W e have given the latest dates in the above exhibit which we have at hand. It is seen that the product of our manufacturing establishments gives to our population an average o f nearly three times as much as the average of Philadelphia, more than twice as much as New York, onethird more than Boston, more than three times as much as Buffalo, and nearly four times as much as Chicago. Taking the figures as they stand above, the comparison must be gratifying to every citizen o f Richmond, as well as to every Virginian. In making the comparison, it will be more favorable still to Richmond, when we remember that all the statements above are for periods of prosperity, except in the single case o f Chicago, for the last four months o f the year, and that in our case it is for the present year, in which we are just emerging from the effects o f a terrible financial revulsion. The number o f hands employed in producing the above amounts are in Philadelphia......................................................... New Y o r k ........................................................... Boston.................................................................. B u ffalo................................................................. Chicago................................................................. Richmond............................................................. 66,474 Equal to 83,620 “ not stated. 6,820 “ 10,573 “ 11,811 “ $910 03 to each. 1,268 30 “ 1,491 10 “ 1,467 42 “ 1,650 06 “ Here is shown another great difference in favor o f Richmond. By a comparison of the list of our manufactures with any of the above cities, the difference in the average to each hand will be seen chiefly to be in our milling business, in which 375 hands turn out over four-and-a-half million dollars; and this illustrates another great advantage we enjoy in our great water power, and still another in being at the outlet of an interior which produces the only wheat, the flour from which has always been shipped to extreme southern latitudes without spoiling. The advantages o f Richmond over the cities named above, as a manu facturing locality, is without question. She has them in her immense water power, in her immediate vicinity to an almost illimitable field of the best coal, and in her great convenience to the very best iron ore, leaf tobacco, wheat, cotton, and almost every other kind of raw material. O f the commerce of Richmond, and its comparison with other commer cial places, we shall have something to show in a subsequent article. The following will exhibit the population and amount of real and per sonal property in some o f our principal cities:— Year. Philadelphia.................................... New Y o r k ...................................... Boston.............................................. Buffalo............................................. Chicago.......................................... Detroit............................................. Richmond, (whites,)....................... 1854 1855 1855 1855 1857 1854 1858 Population. 480,000 625,000 162,629 74,214 130,000 40,373 30,000 Property. Per head. ................... $487,060,838 241,932,200 83,037,711 36,266,249 12,524,095 47,802,719 ............. $779 29 1,419 96 445 16 278 89 310 29 1,593 42 Here, again, Richmond compares most favorably with these principal cities o f the Union. Textile Fabrics o f the A ncients. 67 Art. IV.— TEXTILE FABRICS OF THE ANCIENTS. T oe clothing of the human race is an interesting subject o f inquiry, and if “ fine linen” now holds but a secondary place in some respects, it once held a proud place among textile fabrics. The Greeks and Romans are but moderns when compared with the Egyptians and Assyrians. The fashions of Pharaoh’s court, and the luxury of Sardanapalus, bore little analogy to the stately extravagance of George IV. or of Louis Quatorze. But unless, as Byron suggested, some future age should actually disentomb George IV. and his courtiers, posterity probably will be puzzled as to Brussels lace with the same doubts which perplex writers on ancient linen. When Lucius Lueullus invited his friends to supper in the Hall of Apollo, had he a shirt to his back ? When lovely Thais inveigled the philosopher, had she a cambric handkerchief? The learned say that Alexander Severus was the first emperor of Rome who wore a shirt, at least in our sense o f the word, for everybody had an indusium. And here we are fairly plunged in the ambiguities of language, and we shall not easily emerge from them. The Roman subuenta, the under tunic, was made o f linum. Was it linen or calico ? Curtis uses linum of cotton and cotton cloth. In Yorkshire they call flax “ l i n e w e moderns have restricted the word “ linen” to the fabric made from flax. W e may remark in general that the more deeply we dive into antiquity, the more completely isolated we find man kind, in their arts and their luxuries, in their religion and their govern ment. Clothing was one o f the prime necessities of life, and different races of men have clothed themselves with various materials; the Chinese kept silkworms, and from time immemorial have worn silk ; the natives of Ilindostan cultivated the cotton tree, and consequently have worn calico ; the Syrian, the Iberian, the Gaul, made garments of the skins of beasts ; nay, the ancient Spaniard, and all that maritime population which dwelt on the shores o f the Bay o f Biscay, used leather for the sails of their ships. When Lucian, who was a Syrian, describes Timon in his poverty, he dresses the misanthrope in a dipthera, or leathern garment. Linen would have been unsuited to the poverty of Timon. Thus, even to modern times, while mankind live apart, nations are distinguished by their clothing. The native fabiic o f Otaheite was the tappa, made from the bark of trees, but Queen Pomare, although, like Penelope, skilled in the indigenous manufacture, preferred for herself an English cotton gown. At Manilla they make muslin from the fibers of the pine-apple; in New Zealand flax is in use, but the New Zealander does not employ the loom— he plaits the fibers into a square mantle for the chief. So it is everywhere; the domestic production is cheap, the imported goods costly, and therefore valued. Thus linen, which so slowly made its way among the rugged Romans, was in more than one country the habiliment of females, of the luxurious, nay of the gods, and their at tendants. In the days of old Homer the wife o f Ulysses superintended the spinning, but it was wool which her maids spun. Doubtless she had linen among her stores, but it was iinen imported from Egypt, with which a trade already existed. Whether Penelope had not even some calico may be doubted; for, if cotton was not yet cultivated in Egypt, it was brought from the East in caravans. The wares of China have been found 68 Textile F abrics o f the A ncients. in the Pyramids, and a portion of those o f India might have been there also. It is not at all unlikely that the rigging of the Grecian fleet which went to Troy was supplied from E gypt; for, at a period long subsequent to that expedition, we find Egyptian sailcloth made from flax enumerated among the commodities for sale in the Tyrian marts. (Ezekiel xxvii., 7.) The manufacture o f ropes from the same material is a frequently recurring subject of those truly immortal designs which illlustrate Egyptian arts. Here we are, then, on the early traces o f the East Indian trade. It was carried on partly by ships from the Malabar coast, and partly by caravans arriving at the Euxine Sea, or passing down through Syria to Tyre, or even to Egypt. In the age of Homer we find a Mediterranean trade in iron flourishing in full vigor. W hen Telemachus inquires of Mentor whether he was bound, the goddess, in disguise, informs the prince that she was conveying iron to Brundusium, where she would take up a return cargo of copper. Doubtless the other goal o f this voyage was on the coast of Pontus. The Chalybes, or Chaldcens, were famous for their iron— whether they got it from the higher Asia, or forged it themselves. At all events this track was one of those by which Asiatic goods found their way into Europe for centuries. In the age of Pliny, iron came from the Seres in company with wearing apparel and skins. But the earliest certain indication of the arrival of cotton in Europe is given by Herodotus. He relates the gift by Amesis, King of Egypt, to the Lace demonians, of a linen corslet ornamented with gold and cotton, B. C. 556. The embroidery on this corslet, whether executed with the needle or the loom, was a triumph o f Egyptian art. Devices o f all kinds, more es pecially of a religious character, were produced by the Egyptian crafts men, who wrought, according to Julius Pollux, with a warp of linen and a woof of cotton, or with colored threads, or gold. According to Pliny, whose information as to their operations was most accurate, they were familiar with the use o f mordants. “ In Egypt,” he says, “ they produce colored delineations with marvelous skill, not by applying the colors to the fabric, but drugs which take up the color. After the drug is applied there is no visible result; but the cloth, once plunged in the seething bath, is raised again partially colored. And marvelous it is, when there is but one color in the vessel, how a succession of hues is given to the robe, produced by the quality of the drug which calls them o u t; nor can they be subsequently effaced by washing.” It was probably against this delineation o f patterns ingrain that the prohibition o f the Mosaic law in Leviticus xix., 19, and Deuteronomy xxii., 11, were directed. The Israelites were to be withheld from luxury; that is the point of many o f their institutions; their strength consisted in their simplicity. But, moreover, they were to be preserved from the symbolism of Egypt. The embroidered representations o f Egyptian gods were as hateful to Moses as the more permanent images in wood or stone. Here, then, we have arrived at the great flax-growing country. From Egypt the Greeks derived the manufacture o f linen. But was all the linen which the Egyptians sold made from flax ? More than one author has gone the length o f asserting that the linen garments of the Egyptian priesthood, no less than the mummy wrappers, were all cotton. This notion counts among its partisans the well-known names of Forster, of Tremellius, and of Dr. Solander. Rouelle, in the “ Memoirs of the Royal Academy of Sciences at Paris in 1750,” says that “ all the mummy cloths Textile Fabrics o f the A ncisnts. 69 ■without resinous matter, which he had examined, were entirely o f cotton; that the rags with which the embalmed birds are furnished forth, to give them a more elegant figure, were, equally with the others, cotton ?” “ Was the Egyptian flax cotton after all ?” he asks, “ or was coltou consecrated by religion for the purposes of embalming?” The inquiries carried on at the British Museum led to the same conclusions as those arrived at by the Frenchman. But the more recent microscopical investigations of Bauer and Thomson have overturned all these speculations. The fibers of linen thread are said by these more recent inquirers to present a cylin drical form, transparent and articulated, or jointed like a ca n e; while cotton offers the appearance o f a flat ribbon, with a hem or border at each edge. It has, indeed, been suggested that the ripeness of the cotton might affect the condition of the fiber, or that the ancient mode o f treat ing the plant might give to the Egyptian flax an appearance not presented by European specimens. Yet, although Philostratus expressly affirms that calico was exported from India to Egypt for sacred purposes, the balance of opinion has inclined to the belief that all the cere-cloths at least were of flax. As our inquiry leads us from the shores of Greece to the banks of the Nile, the language in which the subject of discussion is expressed is radically changed. In Egypt we are in contract with a Shemitic dialect. The Teutonic word “ linen” disappears. The Greek, in purchasing a foreign commodity, had learnt the word bussos, and he had given it to the Romans as “ byssus.” But in the Shemitic dialects we meet with half-a-dozen words which may all mean linen or cotton, and whose signi fication has been abundantly disputed. No doubt these words had origin ally different significations ; but eventually they were all confounded to gether. The account o f the corslet presented by Amesis, if there were no other evidence, would prove that the Egyptians had cotton under the Pharaohs. The very phrase for cotton, which we find in the mouths of the Greeks and Romans, viz., “ linen of the tree” or “ woollen of the trees,” we find in the book o f Joshua ii., 6. But “ byssus” seems to have been selected as the name of the material specially destined for sacred rites. It certainly is the term which Herodotus employs in speaking of the mummy wrappers. But had the father o f history another word in use, intelligible at least to Greek ears ? On the other hand, if bussos meant linen, why did he choose the foreign word ? Byssus evidently had a special adaptation to his subject. That the Jewish byssus had a more yellow tint than the plant cultivated in Elis may be inferred from a pas sage in Pausanias; but the etymology of the word leads us to surmise that the name implied peculiar brilliancy and whiteness. Theocritus, who enjoyed the favors of Ptolemy Philadelphus, and may be supposed to know the appropriate name for the material used in Egyptian rites, represents one of his female characters as attending a procession to the grave o f Artemis in a tunic o f byssus. But if we are in doubt as to the native names for the various sorts of Egyptian linens, the mummy wrappers leave no uncertainty as to the ex cellence of the workmanship. The interior swaths are indeed coarse; but some of the exterior bands vie with the most artistic productions of the modern loom. The peculiarity of the Egyptian structure is a great disparity between the warp and the w o o f; the warp generally containing three or even four 70 Journ al o f M ercantile L aw . times as many threads as the woof. This disparity probably originated in the difficulty o f inserting the woof when the shuttle was thrown by hand. To give an idea of the fineness o f the Egyptian muslins, we may remark that the yarns average nearly 100 hanks to the pound, 140 threads in the inch to the warp, and about 64 to the woof. Some of the cloths are fringed at the end, and remind us of the garments prescribed to the Jews in the Mosaic law. (Numbers xv., 38.) Several specimens are bordered with blue stripes of various patterns. Had the patterns, instead o f being confined to the edge, been extended across the structure, they would have formed a modern gingham. The Nubians at the present day rejoice in similar shawls. The dresses in the Egyptian paintings, descrip tive of women o f rank or of deities, resemble our chintzes. Such was the ancient linen, the staple commodity of Egypt. She ex ported it in Phoenician bottoms to the Mediterranean ports. It was not all made of flax. Both Pliny and the Rosetta stone testify that the calico was in especial favor with the priesthood; but their partiality for the more modern material was not strong enough to break through ancient customs. The experiments on the mummy cloths corroborate all which we know of Egyptian conservatism. For religious purposes the flaxen texture was rigidly demanded. JOURNAL OF MERCANTILE LAW DAMAGES FOR NON-DELIVERY OF SUGAR. In the Supreme Court— General Term. Before Judges Davies, Sutherland, and Hogeboom. Albert Havemeyer, & c, vs. John A . Cunningham, &c. This was an action to recover damages for not delivering a lot of sugar which defendants had agreed to sell to plaintiffs. The contract was as follows :— “ N ew Y ork , May 1, 1856. “ Sold for account of Messrs. CuDDingham Brothers to Messrs. Havemeyer & Moller, the invoice of sugar for their account, per Anna Kimball, 700 tons, more or less, at 6-J cents, less 4 per cent off for cash ; to arrive on or before 1st August, to be of current quality, clayed, to be delivered foot of Charlton-street, New York. “ H A L L E T T , D O W & Y O U N G , Brokers, 89 Wall-street.” The sugar arrived in New York 29th August, 1856. On the 1st August the plaintiffs notified the defendants that whenever the sugar should arrive thereafter, they would accept it at contract price. On the arrival of the sugar the plaintiffs demanded it, and offered to pay for it. The market value of the sugar on 1st August was 8i cents a pound. Defendants refused to deliver the sugar to plain tiffs, but sold it to other persons. Judgment is asked for the difference between the contract price and the market value , of this sugar in New York on 1st August, 1856, with interest. The answer admits the contract—-it sets forth a correspondence between the parties and others, to extend the time of delivering the sugar, showing a disagreement—also a correspondence between the parties, to obtain a new price in case the sugar should not arrive by 1st August, showing a disagreement. Also a correspondence between the parties, to show the plain tiffs offered to take, and defendants refused to deliver, the sugar in case it sliould arrive after 1st August, alleges, that on 30th August, 1856, part of the sugar arrived in New York, but that another part was lost at sea. Claims, as matter of law, that the failure of the sugar to arrive in time defeats the contract; and 71 Journal o f M ercantile L aw . also the fact that only a part of it ever arrived, has the like effect. alleged market value, and damage claimed. Denies the STA TE M E N T OF TU E C A SE A S M A D E ON TH E T R IA L . Plaintiffs proved the signification of the abbreviations in the contract. They mean that the price was six cents and seven-eighths of a cent per pound, and that from the whole value there should be deducted four dollars in the hundred dollars. Plaintiffs prove that the sugar (except what was lost at sea) arrived on 29th or 30th August, 1856, and was sold by defendants to Roberts & Williams. That the quantity by weight was as follows Sound sugar..................................................................... pounds Damaged sugar........................................................................... Sweepings..................................................................................... 960,583 157,658 4,245 This sale to Roberts & Williams was made 2d July, 1856, sold to arrive, and it was supposed at the time to be 500 tons. Plaintiffs proved the market value of this sugar in New York, on 1st August, 1856, to be 8£ cents per pound, and the same price on 29th and 30th August, but higher during that month. The plaintiffs proved a computation made, as follows Sound sugar at market value, at 8£ cents a pound, 9 6 0 ,5 8 3 pounds, is The same, at 6 f cents a pound, is................................................................. $ S 1 ,6 9 4 6 6 ,0 3 9 69 86 Difference is..................................................................................................... Deduct the four per cent, which is............................................................... $15,609 96 624 38 Difference on 1st September, 1856............................................................... A dd interest from 1st September, 1856, to 18th May, 1858, on $14,985 31 $14,985 31 1,800 69 $16,786 00 Defendants claimed that the calculation should be made at 8J and not at 8i cents. The court refused to direct that 8£ cents be taken as the price for computation, and thereupon the defendants excepted to that ruling. The defend ants also excepted to the allowance of any interest. The defendants then introduced their evidence. They proved and read a correspondence in June, 1856, in relation to a proposed sale of the sugar, in case it should fail to arrive by 1st August. The plaintiffs objected to this correspondence as irrelevant. The court admitted it, and the plaintiffs excepted. Both parties then read, by con sent, a correspondence between them on the 31st July and 1st August, 1856, in relation to the taking of the sugar by plaintiffs, in case it should arrive after 1st August. The plaintiffs proved the fact that their telegram, offering eight cents a pound, was sent by a clerk, without authority. The plaintiffs rested their case, and the defendents introduced and read a letter from their correspondent in Manilla, dated 6th February, 1856, informing them of the shipment of this sugar, amounting to 18,341 bags. The defendants then read the deposition of the master, showing that the vessel sailed from Manilla 24th February, 1856, with 700 tons of sugar ; was met by a storm, and put into Singapore 9th March, 1856. There took out part of the sugar and re-packed it, and sold some sugar which the storm had damaged. By reason of that storm 4,477 bags were lost or sold. Ship remained at Singapore thirty-seven days, and then sailed for New York with the remainder of the cargo, having lost some 200 tons of it by that storm, Most of the evidence of this witness was taken under objection, and at the read ing thereof the plaintiffs renewed the objections and took exceptions to its admission. 72 Journ al o j M ercantile L aw . This closed the proofs, and the plaintiffs asked a judgment for the sum of $16,786, as shown in the above computation. The defendants moved to dismiss the complaint on the three grounds :—The entire invoice never arrived in New York. None of it arrived within the time specified in the contract. The correspondence in June, and the subsequent silence of the plaintiffs were an abandonment of the contract. This motion was denied, and defendants excepted. The court then directed that a verdict be taken for plaintiffs for $16,786, on the basis of the above computation, subject to opinion of General Term ; and defendants excepted to this disposition of the cause. No objection was taken, because it was not submitted to the jury to assess damages or to determine any question of fact, but simply to the rulings of the court as to the construction of the contract and the measure of damages. For defence, it was alleged that on the 22d January, 1856, an invoice of 18,341 bags of sugar, weighing 112,060 pp., (a Manilla weight,) marked A. K., was shipped on account of the defendants at Manilla, consigned to them at Bos ton, in the ship Anna Kimball, (fol. 60.) The defendants were advised of this shipment by letter of February 7th, 1856, (fol. 56,) received at Boston April 21st, 1856, (fol. 55.) On 1st May, 1855, an agreement was made, through Hallett, Dow & Young, brokers, by bought and sold notes, (fol. 7 and fol. 15,) both alike, (except that of the plaintiff specified the wharf in New York for delivery,) for the sale of the invoice, 700 tons more or less, at 6-J cents per pound, to arrive on or before lsf Avgust, and sugar to be of current quality, clayed. On the 24th February the ship sailed with the invoice of sugar from Manilla, (fol. 74.) On the 3d March she met with a typhoon in the China Sea, which lasted three days, (fol. 63, 69.) The ship took in from 5J- to 6 feet water, (fol. 63,) up to the seventh tier of bags; the sugar was melted and a quantity of it thus lost, (fol. 73 ;) by the master’s estimate, 225 tons, (fol. 67.) What was on board damaged was taken on shore and sold at auction, (fol. 65.) If not landed it would have melted before reaching the Cape of Good Hope, (fols. 65 and 68;) 1,297 bags only remained in good order ; 1,931 bags sea damaged, with sugar in them; 2,564 bags much sea damaged, and mostly empty, (fol. 75.) The ship remained thirty-seven days at Singapore, in repairing and restowing cargo, (fol. 70.) The ship, with the sugar on board, did not arrive on or before August 1st, as in the contract, but arrived in New York on the 30th August, with only the remnant of the sugar, (fol. 69.) after a passage of 140 days from Singapore, (fol. 71.) On the 23d June, 1856, the defendants at Boston, supposing that the ship would not arrive by the 1st August, authorized J. B. Glover & Co., brokers, to offer the sugars to the plaintiffs at 8i cents, (fol. 39.) The plaintiffs replied on the 24th June, asking time to consider the offer, (fol. 42.) On the 25th June, the defendants wrote to plaintiffs asking an immediate answer by telegraph, (fol. 44 ;) to this the plaintiffs replied by telegraph, that they would take the sugar at 8 cents, (fol. 45 ;) to which the defendants replied by telegraph on the same day, “ offer not accepted,” (fol. 45.) On 31st July, the plaintiffs wrote to defendants, claiming that they were entitled to the sugar, even if it did not arrive on the first of August, under the agreement, (fol. 46.) On the 1st of August, the plain tiffs telegraphed to the defendants, that the ship had not arrived, but claiming the sugar, if it should arrive afterwards, under their contract, (fol. 50.) The defendants telegraphed in reply on the same day, that unless the ship arrived that day the plaintiffs were not entitled, (fol. 51.) and on 2d August answered the plaintiff's letter of 31st July, (fol. 48.) On the 2d July, the defendants sold the sugar to arrive to Roberts and Williams; sound and damaged ; the latter in creased in weight from 7 to 10 per cent, (fol. 34, 35.) The difference of value on the sound sugar delivered, between 6|- the contract price, and 8£ cents the price at the dates August 1 and August 30, was proved to be $14,985 31, (fol. 54.) for which, with interest, a verdict was ordered by the judge, reserving the questions of law presented, (fol. 78.) For plaintiffs, H. H. Stuart and C. O’Conor. For defence, D. Lord. J ourn al o f M ercantile L aw . 73 PRACTICE— WHEN A COUNTER CLAIM CAN BE SUSTAINED. In the Superior Court— Special Term— October 7. Before Judge Hoffman. The Xenia Branch of the State Bank of Ohio vs. Janies Lee and Benj. C. Lee. Motion to strike out a counter claim in an answer. The plaintiffs, a corpora tion created by the laws of Ohio, allege that they became possessed of certain bills of exchange and acceptances (which they enumerate) by taking and discount ing them in the regular course of business; that, to facilitate the collection of them, they indorsed and transmitted them to their agent, the Ohio Life Insurance and Trust Company, at its office in New York ; that such company was only authorized to collect and pay the proceeds to the plaintiffs, without power to sell, pledge, or otherwise dispose of them ; that such company was indebted to the defendants for money loaned upon usurious interest, and transferred and delivered the bills and acceptances in question to the defendants as collateral security for such usurious and precedent indebtedness; that the defendants took the same, with knowledge that they were the property of the plaintiffs, and that the Trust Company had no power to transfer the same. A statute of Ohio is then set forth, under which the plaintiffs became in corporated, by which it was enacted that no notes or bills discounted by such bank should be assignable, except for collection, or to pay and redeem the cir culating notes of such bank, or to pay its liabilities ; that the defendants had notice of such statute. The complainant then states a demand and refusal to deliver; an unlawful detention and conversion ; that the value of the securities is the sum of $51,833 86, and demands judgment for such sum. The answer denies the allegations of the complaint, and avers that the several drafts or bills of exchange mentioned were indorsed in blank by the Ohio Life and Trust Company, by Edward Ludlow, its cashier, and were delivered to the defen dants before their maturity ; that they were received in good faith without any notice of their being the property of the plaintiffs, or not being the property of the said Ohio Life and Trust Company, and were delivered and received as collateral security for the payment of lawful money loaned to such company, on the faith and credit of such bills of exchange so indorsed; that the amount loaned was equal to the amount payable by the terms of the drafts, and became due be fore the demand made upon them ; further, that the plaintiffs have received the full amount of the drafts or bills from the drawers or indorsers ; that the plaintiffs were at the commencement of the action, and are now, indebted to the Ohio Life and Trust Company, in an amount exceeding the whole of the drafts, anti they, therefore, claim the right to retain them as indorsers of such company. The answer then sets up, by way of counter claim, the making of the several drafts by the respective makers, with dates, &c., in favor of Jas. B. Scott, cashier, or order, addressed to E. Ludlow, Cashier of the Ohio Life and Trust Company ; that the plaintiffs were in fact the payees of them respectively, Scott being their cashier ; sets forth their indorsement by Scott, as such cashier, and delivery to the Ohio Life and Trust Company, who became the legal owners and holders thereof; the indorsement of them by the cashier of such company, and delivery to the defendants; the due presentment at maturity at the office of the company, to the cashier, on demand, and refusal, protests, and notice to the plaintiffs, and its reception. The defendants allege that there is due upon the bills an aggregate amount of $51,833 86, with interest as stated, and demand judgment for this sum against the plaintiffs. H o f f m a n , J.—The question is thus presented. The plaintiffs have brought an action to recover damages for the unlawful detention and conversion by the defendants of certain bills of exchange, which they aver belonged to them, and were illegally obtained and converted by the defendants. The defendants admit the possession, deny the property or right of the plaintiffs, insist upon the legality and justice of their own title, state the mode of acquiring the possession in good faith and for value, and make out, upon their own showing, a case of a full de 74 Journ al o f M ercantile L a w . fence to the plaintiffs’ claim. They then aver that the plaintiffs are indorsera upon the bills, a demand at maturity of the drawees, refusal, protest, and notice; and they claim judgment against the plaintiffs for the amount. Can such a counter claim be admitted under the Code ? The 150th section warrants a counter claim in favor of a defendant against a plaintiff, for a cause of' action arising out of the transaction set forth in the com plaint. as the foundation of the plaintiff’s claim, or connected with the subject of the action. (Sub. 1.) The transaction out of which fhe plaintiffs’ claim arises, or on which it is founded, is the delivery to, oi* possession by, the defendants of the bills in ques tion. The case of the plaintiffs is, that such delivery and possession gave no title to the defendants ; the claim of the defendants is, that it .vested in them a full right to the bills and their avails, and necessarily to all remedies against all parties to them. Thus the plaintiffs’ claim and the defendants’ demand seem strictly to spring from the same transaction, although other circumstances attending that transaction will make the case turn in favor of the one or the other. Again, what-mear.ing is to be given to the broad language, “ or connected with the subject of the action ?” The subject of the action is the possession and right to the bills. The cause of action of the plaintiffs is the illegal withholding of them by the defendants. The cause of action of the defendants is the legality of their possession and ownership. The cause of each is connected with the same subject. The legal character of a counter claim, under the Code, was fully discussed in the case of Gleason vs. Moer (2 Duer Bep., 624.) It is such a cause of action as, under the former system, would have sustained an action at law, or a suit in equity, against the plaintiff on record. The old set-off is comprised ; any claim or contract, sealed or unsealed, and whether the damages are liquidated or un liquidated, is included ; and also, any breaches by the plaintiff of any promise or contract on his part contained in the contract sued upon : any equitable relief against a legal demand formerly attainable by a bill in chancery ; and any affirm ative relief which, in equity suits, could bo had by a cross bill. Comprehensive as this description of a counter claim is, and clearly as it de fines the laws, at least in our court, it perhaps does not, by any logical inference, include precisely the. present case. Certainly, however, there is nothing to ex clude its being comprised within the legal scope and meaning of a counter claim. In the case of the Mayor of New York vs. Maybie (3 Kernan B., 151,) it was held, independently of the Code, that in an action by a lessor for rent, the lessee might recover damages sustained by a breach of an implied covenant for quiet enjoyment. In the court below, the question was suggested whether, under the Code, it might not be done, but the case depended upon the law before the Code. In Drake vs. Cockroft, (10 Howard Bep., 377.) the action was for rent received in a lease, and the defendant set up a claim for damages resulting from the plain tiff breaking open a stable, part of premises hired, and taking away certain personal property. This, it was held, he could not do. A mere trespass was no more connected with the subject of an action brought for rent, than an assault and battery of the tenant by the landlord would be. Mr. Justice Woodruff, in delivering the opinion of the court, states proposi tions fully co-exteusive with the principle of the decision in the Mayor, &c., vs. Maybie, subsequently made. (See page 382.) In Ashins vs. Hearne, (3 Abbott Bep., 184,) Justice Emmott thought that a counter claim could not be sustained upon the following facts :—The plaintiff sued for damages for the conversion of a ring. The defendant alleged an exchange of rings, each to be kept until the other should be returned, and averred a tender of the one, and demand of the other, and asked judgment for his ring or its value. It is supposed that the ground of this case is, that opposite causes of action for torls cannot be the subject of counter claim. Yet, perhaps, a distinction may J ou rn a l o f M ercantile L aw . 75 be suggested— that where the ground of each claim is really a contract, although the form of action under the old system would be for a wrong then, when the transaction which gives rise to each is the same, the Code is broad enough to in clude a counter claim. The exchange alleged of the rings was, in fact, a mutual agreement. In Pattison vs. Kichards, (22 Barbour Bep., 143,) the action was for damages in diverting the tvater of a stream from the plaintiff’s land by ditches cut on the land of the defendant. -The defendant set up a claim for the violation of an agreement by the plaintiff, relative to the deepening of the channel of the stream through their respective lands, made four years previously. It was held by the General Term to be inadmissible as a counter claim. It is apparent, that the alleged counter claim did not arise from the same trans action, and was not connected with the subject of the plaintiff’s action, except in the most indefinite and remote manner, as relating to the land. But the learned judge does state, that in an action of tort, previous to the Code of 1852, set-offs were not allowed ; nor are they now allowed as counter claims, under the second sub-division of section 150 of the Code of 1852. Counter claims under the Code of 1852, embrace both seboffs and recoupments, as they were understood prior to the Code. Assuming that, in a pure action of tort, as before understood, no counter claim for a tort isperntissable, we do not yet obtain a rule which would clearly exclude a claim to or upon a piece of property or chose in action, by contract express or implied, when the plaintiff’s demand is to recover that property or its value. And, as I have before endeavored to show, every essential element, either in re lation to the transaction or subject matter, required by the Code, is in this case found to exist. I think the counter claim is properly set up within the Code, and the motion must be denied. Order accordingly. Mr. William Stanley for plaintiffs ; Mr. Seward for defendants. D E C IS IO N S IN REVENUE CASES. United States Circuit Court. Before Judge Nelson. Conrad H. Banneldahl vs. H. J. Redfield ; Carl Beckhacher, et at., vs. same ; Carl Waldthausen vs. same; H. Heyman, et al., vs. same; Jules Scheldt vs. same; Bobert Waldthausen vs. same. The following opinion is in the first of the above suits. In the other suits the same order was made:—This was an action to recover back a penalty paid the Collector, under protest, imposed under the 11th section of the act of 1842, of 50 per cent on duties for undervaluation. The plaintiff claims to have been a manufacturer of the goods imported, and therefore not subject to the above penalty as coming within the section aforesaid ; also, that the re-appraisal should have been under the acts of 1823 and 1830. Held, That the re-appraisal was properly made under the act of March 3d, 1851, which applies to all goods imported by the manufacturer as well as by the purchaser; and further, that the 17th section of the act of 1842 is general, and not limited to the case of the importation of purchased goods, but applies to all goods imported, and authorizes the penalty of 50 per cent for undervaluation of all goods imported other than those purchased, which latter are provided for by the 8th section of the act of 1846, imposing a penalty of 20 per cent on ap praised value. Judgment for defendant upon the question reserved in the case made. 76 Com m ercial C hronicle and R eview . COMMERCIAL CHRONICLE AND REVIEW. S U P P L Y OF M O N E Y — D E C L I N E TABLE IN I M P O R T S — S P E C IE IN T H E O F — R A T E S OF M ONEY A B RO AD — S IL V E R M ENT— EXPORTS P H IA — NEW IN C RE A SE OF E X C H A N G E — S P E C I E M O V E OF B O S T O N A N D N E W Y O R K — N A T U R E A N D D E S T IN A T IO N — C O IN A C E A T P H I L A D E L YORK A S S A Y -O F F I C E OF C O I N S — S I L V E R N E S S — S P E C IE C I T Y — A M O U N T IN B A N K S— E X C H A N G E S , S H IP M E N T S — R A T E S O P E R A T IO N S — U N I T E D STATES C O IN A G E — E X P O R T S O F G O L D — C O IN A G E — L E G A L T E N D E R — M E T A L L IC IN T R E A S U R Y — E X C E S S OF E X P E N D I T U R E — U N I T E D C U R R E N C Y — IM P R O V E D STATES B U S I D E B T — S E M I-A N N U A L IN T E R E S T . T h e supply of money in the market has remained during the month very abundant, and at low rates for the season. There has been no increase in the business movement, but, as will be observed in the trade tables annexed, the ex ports, with the exception of cotton, have declined in value as compared with last year. Nevertheless, the decline in imports has been such as keeps exchanges at a very low point, considering the season of the year, and to limit the export of specie below the average of the last few years at this season. For the month of November the receipts of specie from California exceeded the exports by §2,000,000, but the same circumstance that kept foreign exchanges in favor of New York also kept exchanges in favor of the South and Southwest, and, in face of the fact that the California supplies have exceeded the exports, the amount in the city has declined §1,000,000. Although remittances to the South, and the accumulation in the banks of New York, has been nearly $2,500,000 during the month to December 6th, there has been no revival of demand for money that could cause a rise in the discount lines, and our tables of weekly bank returns show very little improvement in discounts. The rate of money has therefore undergone no material change, but may be quoted as follows :— Loans on call, stock securities.. . Loans on call, other securities... Prime indorsed bills, 60 d a y s .. . Prime indorsed bills, 4 to 6 mos. First-class single signatures___ Other good commercial p a p er... Names not well known................ Oct. 25th. 3 a u 4* 5 5 7 8 a a a a a a 4* 5 6 7 8 10 Nov. 24th. 4 4| 5i 6* 7 8 a a a a a a a 4 6 5 6 7 8 10 Dec. 6th. Si a 4* 5 a 6 4i a 5i 5 a 6 6 a 6 7 a 8 8 a 10 Dec. 14th. 31 a 4* 4 a 5 4 a 5 6 a 6 6 a 7 7 a 8 8 a 10 These figures indicate the abundance of money on call and the decline in prices on short paper, with some inclination to put it up on long dates. The rates of money continue very low abroad, and the Bank of Frankfort, which put the rate up to 5 per cent on the resumption of the Bank of Austria, has put it down again to 4 per cent. In the other cities it is apparently increasingly abundant, although in France there are signs of a renewal of the shipment of silver. This arises in seme degree from the demand caused by the resumption in Austria, and the reported failure of the China tea crop, which would cause a rise and speculation in that article. There has remained, however, for a long time an unusual approximation of the price of money in London and New York, which has aided in keeping steady the exchanges. These have been as follows :— Com m ercial Chronicle and M eview. December 1. 9* a 9* 6.15 a 5 .16* 5.13J a 5 16* 41* a 41* 41# a 41# 79* a 79* 36£ a 36* 72* a 72* Decembef 15. 9f a 9* 5 15 a 5 .16* 5 .1 3 f a 5 .16* 41* a 41* 41# a 41f 79* a 36* a 36* 72* a 72f ovement o f specie has been small, London......................................... Antw erp...................................... Paris............................................ Am sterdam ................................ Frankfort...................................... B rem en ....................................... Hamburg..................................... Berlin, Liepzig, Cologne....... .... With these rates of ex chan, comparatively, as follows :— BOLD R E C E IV E D FROM AM O U N T O F C A L IF O R N IA A N D E X P O R T E D S P E C IE IN FROM S U B -T R E A S U R Y , A N D T H E N E W T O R K W E E K L Y , W IT H TH E T O T A L IN ,------------1857 • Deceived. Jan. 1 6 .... . . $1,269,107 2 3 .... .................. 3 0 .... . . 1,460,900 Feb. 6 . . . . 1 3 .... 2 0 .... . . . . . . . . . . 2 7 .... . . 1,296,108 Mar. 7 . . . . 636,000 1 3 .... 2 0 .... . . 1,004,000 2 7 .... . . . . . . . . . April 3___ . . 1,487,128 1 0 .... 1 7 .... . . 1,229,238 2 4 .... 140,075 May 1— . . 1,800,000 8 .... 1 5 .... . . 1,929,527 22... 198,000 2 9 .... . . 1,658,072 June 5 . . . . ................. 1 2 .... . . 1,920,168 1 7 .... 26.. .. July 8----- . . 1,892,000 1 0 .... 1 7 .... . . 1,591,107 200,000 2 4 .... 8 1 .... . . 1,488,040 Aug. 7___ ................. 1 4 .... . . 1,245,905 2 2 .... .................. 2 9 .... . . ............... Sept. 4 . . . . . . 1,706,000 1 1 .... 100,000 1 8 .... 2 5 .... 260,000 Oct. 2 . . . . ................. 9 ... . . . 1,268,735 1 6 .... . . 1,664,200 600,000 2 3 .... 8 0 .... . . 1,877,858 . . 2,605,457 Nov. 6----1 3 .... . . 1,207,000 515,000 2 0 .... 515,000 2 7 .... Dec. 4 . . . . 1 1 .... .................. Total. TH E C IT Y . 1858. --------------- 'I Specie in Total Exported. Received. Exported. snb-treasury. in the city. $250,000 $1,607,440 $1,045,490 $2,934,000 $33,145,266 781,295 1,244,368 3,073,900 33,903,151 57,075 3,288,600 84,561,500 1,565,779 1,177,812 2,928,271 3,168,787 33,821,735 348,216 1,348,507 48,850 3,384,800 33,611,075 641,688 3,360,000 34,776,076 279,667 26,708 1,640,430 128,114 3,420,900 35,079,294 967,405 297,898 2,996,700 35,736,431 422,914 1,279,184 225,274 2,964,000 85,925,076 306,351 11,000 116,114 6,853,852 87,681,656 38,734 1,403,949 83,120 6,141,594 37.071,066 742,233 il5,790 5,548,069 37,078,069 468,698 260,246 4,875,975 36,912,411 779,892 1,325,198 203,163 3,841,577 37,035,026 106,200 15,850 3,695,071 37,808,806 41,208 1,711,390 1,650,000 136,873 3,145,400 88,209,613 671,101 106,110 2,874,200 38,327,346 1,826,629 1,626,171 720,710 6,853,'590 41,586,300 353,166 532,862 5,566,300 39,613,700 2,714,002 1,575,991 400,S00 6,398,500 37,894,600 489,668 51,425 5,263,800 38,053,660 3,394,892 1,446,176 16,616 4,803,609 38,170,900 2,045,389 68,318 7,773,108 38,011,251 2,019,406 1,799,502 276,487 7,461,600 39,410,688 58,228 317,110 5,820,000 89,650,000 1,184,115 1,500,000 564,030 5,342,200 40,047,800 523,368 637,240 5,157,600 40,485,000 1,028,270 5,336,000 40.851,000 1,893,893 303,318 5,144,700 40,856,800 896,407 1,163,818 786,841 5,553,400 40,699,200 1,615,932 ............... 440,729 12,886,800 44,037,300 930,430 1,531,514 2,180,008 844,781 17,739,600 46,089,100 187,941 13,418,000 41,235,000 149,399 1,434,674 287,600 562,087 13,077,000 41,125,600 227,980 12,626,900 40,686,300 187,187 1,796,139 1,361,110 12,612,200 41,420,200 102,968 474,945 11,838,000 40,463,000 10,687 1,570,924 1,126,404 11,100,600 39,633,700 412,600 69,000 1,322,005 675,817 10,476,649 39,646,853 886,234 10,198,837 39,706,345 5,000 401,866 9,695,817 38,377,246 593,310 9,151,600 35,859,300 177,545 1,352,101 184,452 8,256,052 34,598,407 227,000 142,180 7,808,518 33,847,700 697,650 1,672,656 13,832 7,463,162 34,254,142 1,686,511 1,686,511 1,816,532 1,064,038 6,786,786 33,944,517 133,802 6,345,500 83,753,200 1,808,750 825,000 6,344,033 33,539,033 2,651,420 1,643,140 42,884,398 39,715,146 34,024,017 25,898,483 77 Com m ercial C hronicle and R eview . 78 The bulk of the exports for the week, to December 11th, were to Havana in doubloons. The receipts of specie last year in November and December em braced large sums from Europe, in consequence of the panic then prevailing. The exports from Boston for November were $29,000 only. The total exports from Boston and New York, from the 1st of January to the 1st of December, were as follows :— 1856. 1857. 1858. Boston............................................ New Y o r k .................................... $11,154,270 36,303,570 $7,115,460 37,063,726 $2,551,653 25,073,482 Total...................................... $47,457,840 $44,179,186 $27,625,135 This gives a decline of 820,000,000 as compared with 1856, and of §16,500,000 as compared with last year. The nature and destination of the shipments from New York, to December 11th, were as follows, showing the description of metals exported :— S H IP M E N T S O P American coin. Liverpool. 12,650 50,000 London... 170,060 H avre... . Hamburg. 2,500 Bremen .. Xibara . . Havana.. Aspinwall 3,504 1,500 Savanilla. Mayaguez Maracaibo 10,000 Carthagena Arroya.. . 8,250 Montevideo 7,875 Porto Rico St. John’s. 14.350 St. Thomas 2,277 S P E C IE POET OF N E W YORK. French Silver. Sov’ reigns. D’bloons. gold. Bars. 661,391 ..... .... 413,787 .... .... ...... ...... FROM Spanish silver. ...... 1,200 ... .... .... .... 4,920 .... .... .... . .... Total. 678,812 50,000 613,847 2,500 4,840 ..... ...... ..... 1,200 4,050 865,000 4,050 855,000 3,504 1,500 2,632 ...... 2,632 ...... 10,000 ..... ...... ...... 7,885 ...... 1,000 ........ 4,920 8,250 7,875 8,885 14,350 2,277 .... 4,840 869,567 1,000 2,261,352 T ota l.. $282,967 1,105,108 6,120 May 8th to Dec. 11 2,437,769 11,524,051 55,786 322,128 1,232,109 88,575 166,798 15,726,960 The amount o f United States coin shipped for the month was only $282,967, but the amount coined for the month at Philadelphia was $304,135 gold coins and $550,000 silver coins. The operations o f the N ew Y o rk Assay-office showed deposits o f $2,100,000 gold and $165,000 silver, o f which $1,600,000 w'ere pay able in bars, and $665,000 in coins. The comparative operations o f the Assayoffice for four months were as follows :— NEW YORK A S S A Y -O F F IC E — F O U R M O N T H S T O D E C E M B E R .----------------Deposits.---------------- . Gold. 1856 ........................ 1857 .............................. 1858 .............................. $6,653,000 8,468,000 6,895,000 Silver. $98,100 1,377,200 1,312,000 1. ,--------------- Payments.--------------- , Bars. $6,559,700 3,364,000 6,288,000 Coin. $82,000 6,777,300 1,919,000 The payments, that in 1856 had been all “ bars,” last year were two-thirds in coin, and this year less than one third in coin. These results show an immense accumulation of coin in the country. It goes from New York to the South, following the large returns of the cotton crop, in face of small sales of imported Com m ercial Chronicle and R eview . 79 and manufactured goods. The annual report of the Secretary of the Treasury furnishes evidence of the same fact for the fiscal year ending June 30th, 1858. We therefore find that the coinage for the year, with the exports, was as follows :— U N IT E D STA TE S M IN T F O E Gold. Deposits.................................... $51,494,311 29 Coinage..................................... 52,889,800 29 Exports of United States metals. 1858. Silver. Total. $9,199,954 67 8,233,287 77 $30,691,265 96 61,123,088 06 42,407,246 00 Thus the manufacture of bars and coins has exceeded the exports by $18,715,843. It will be observed that the manufacture of gold coins has ex ceeded the export by over $10,400,000, and that the manufacture of silver coins has been $8,233,287 77, making over $35,000,000 under the law of 1853, and producing quite a glut of silver in the country, so much so that the director of Mint asks to have the legal tender of these depreciated coins raised to $50 a $100, in order to extend their circulation. This large increase of metallic currency in the country has, no doubt, checked the increase of small bank notes, since the returns show that these have not in creased in the last few years. The extension of a sound currency is every way calculated to lay the foundation of a very healthy and sound business at no dis tant day. The country is full of material wealth and has an abundant currency, there can therefore be no question but that a speedy revival will take place. In the meantime, however, the imports continue very small, and, as a consequence, the revenues of the government continue inadequate to its wants. During the quarter ending September 30th, 1858, the government borrowed $10,000,000 on stocks, and the proceeds of that loan carried the amount of specie in the Treasury to $12,895,042 at the close of August, since when the amount has declined to $10,868,934 at the close of September, $7,889,257 at the close of October, $6,059,824 at the close of November, and a further reduction in December, although the government re-issued $1,000,000 in treasury notes in exchange for specie, to aid in meeting the semi annual interest on the public debt due January 1st. The public debt is as follows :— Amount, July, 1857 Redeemed in 1858 . 129,060,386 90 3,904,407 24 Old debt, July 1, 1858.................................................................... Treasury notes issued iu 1858.................................. $23,716,300 R edeem ed..................................................................... 8,961,500 $25,155,977 66 Loan in'first quarter of 1859 Total debt..................................................................................... 19,754,800 00 10,000,000 00 $54,910,777 66 The semi-annual interest on this, due in January, is $1,650,000, or $700,000 more than last year. There remains $10,000,000 of the authorized loan to issue. A revision of the tariff is advised by a small rise in the rates, estimated to produce $1,800,000. A large portion of the decline in last year’s revenues was due to the lessened imports of sugar, and these imports are in any event not likely to be renewed. The aspects of the markets are such as to give little encouragement that a rise in the rate of taxes will improve the revenues. The imports of foreign merchandise at the port of New York for the month of November, have slightly exceeded those for the corresponding month of last year, Com m ercial Chronicle and R eview . 80 when by far the larger portion of the receipts were entered directly for ware housing, so that the value thrown upon the market was exceedingly small. This year the reverse has been the case, the quantities put on the market having ex ceeded those entered at the port:— F O R E IG N IM P O R T S A T N E W Y O R K IN 1855. Entered for consumption............... Entered for warehousing............... Free goods....................................... Specie and bullion......................... NOVEM BER. 1856. $7,654,782 2,547,741 1,730,287 14,378 $9,730,429 3,318,842 1,097,524 321,750 1857. 1858. $2,792,185 $7,350,322 5,821,588 1,725,318 1,776,884 1,425,520 3,027,803 90,446 Total entered at the port.............. $11,947,188 $14,468,545 $13,417,960 $10,591,606 Withdrawn from warehouse......... 1,197,650 1,725,544 3,152,316 2,124,655 It will be seen that the imports of specie and bullion, from foreign ports, were unusually large last year—indeed larger than for any previous month within the last ten years. This leaves the total foreign imports at New York, since January 1st, 881,898,876 less than for the corresponding eleven months of last year, and $62,018,960 less than for the same period of 1856 :— F O R E IG N IM P O R T S A T N E W YORK FOR ELEVEN 1855. M ONTH S, F R O M JA N U A R Y 1 S T . 1856. 1857. 1858. Entered for consumption.............. 104,408,458 148,662,621 120,107,089 $93,167,226 Entered for warehousing............. 24,115,079 34,650,285 79,033,885 24,115,146 Free goods...................................... 13,065,406 16,760,950 19,068,434 20,039,083 Specie and bullion......................... 747,776 1,567,549 12,216,910 2,200,987 Total entered at the port.............. 142,336,719 201,541,405 221,421,318 139,523,442 Withdrawn from warehouse........ 22,266,546 24,097,168 37,024,982 35,684,657 Of the imports of dry goods during the month of November, the great bulk was thrown into warehouse last year, when less than four hundred thousand dol lars went directly into consumption. This year the reverse is the case, and the larger proportion was entered for consumption. The receipts, during the month of November, are more than for the corresponding period of last year. I M P O R T S O F F O R E IG N DRY GOODS A T NEW ENTERED FOR YORK FOR THE M ONTH OF N O V E M B E R . C O N S U M PTIO N . 1857. 1858. 1855. 1856. Manufactures of wool.................... Manufactures o f cotton................. Manufactures o f silk..................... Manufactures o f flax..................... Miscellaneous dry goods............... $924,069 489,752 977,765 897,225 274,889 $834,527 746,138 1,074,671 543,868 274,144 $182,088 67,042 83,748 56,012 59,281 $1,052,067 687,389 1,019,817 465,008 265,760 Total........................................ $3,063,700 $3,473,348 $398,171 $3,490,041 W IT H D R A W N FROM W AREH O U SE. 1856. $62,270 54,073 29,439 32,190 45,284 $82,988 135,307 155,945 57,739 56,220 $154,950 74,239 127,187 26,715 42,318 $203,011 72,653 78,766 117,901 102,151 Total........................................, Add entered for consumption.. . . . $223,256 3,063,700 $488,199 3,473,348 $425,409 398,171 $574,482 3,490,041 Total thrown on m arket.. . . . $3,286,956 $3,961,547 $823,580 $4,064,523 1857. 1858. 1855. Manufactures of wool.................. . Manufactures of cotton................. Manufactures of silk...................... Manufactures of flax...................... Miscellaneous dry goods............... Com m ercial C hronicle and R eview , ENTERED FOR 81 W A R E H O U S IN G . 1885. 1856. 1857. 1858. Manufactures of w ool................... Manufactures of cotton................. Manufactures o f silk................... . Manufactures of fla x ................... Miscellaneous dry goods............. $176,557 292,537 289,766 107.094 119,588 $198,179 339,220 195,326 183,681 63,357 $424,866 620,983 488,688 290,811 230,579 $117,077 200,469 95,765 55,634 49,169 Total...................................... . Add entered for consumption__ $985,542 3,063,700 $979,763 3,473,348 $2,055,927 398,171 $518,114 3,490,041 Total entered at port.......... . $4,049,242 $4,453,111 $2,454,098 $4,008,155 This leaves the total imports of dry goods at New York, since January lst? only $32,958,698 less than in the corresponding period of last year. The ware housing account is much less, showing an excess withdrawn from warehouse of $7,800,000, when the excess put into warehouse last year was $8,400,000, in dicating the accumulation to be again diminished :— IM P O R T S O F F O R E IG N DRY GOODS A T TH E FROM ENTERED PORT JA N U A R Y FOR OF NEW YO RK , FOR E L E V E N M O N TH S , 1ST. C O N S U M P T IO N . 1856. 1855. 1857. 1858. Manufactures o f w o o l.................. $15,686,552 $23,060,524 $19,343,504 $15,951,589 7,774,506 14.103,863 13,911,067 Manufactures of cotton................. 8,774,510 Manufactures of silk .................... 19,856,354 27,335,024 22,141,161 16,344,300 7,601,581 5,290,905 Manufactures of flax..................... 5,170,527 4,240,801 4,777,945 6,535,099 Miscellaneous dry goods.............. 5,550,137 3,190,458 T otal......................................., $53,386,262 $78,636,091 $66,116,396 $49,001,658 W IT H D R A W N FROM W AREH O U SE. 1855. 1856. 1857. Manufactures of w ool................. . Manufactures of cotton................ Manufactures of silk.................... Manufactures o f flax.................... Miscellaneous dry goods. . . . . . . $2,334,214 2,095,993 2.514,650 1,139,270 785,930 $2,570,682 2,024,250 1,979,346 985,013 423,328 $5,031,888 2,813,062 4,039,982 1,420,743 775,453 Total withdrawn.................. . Add entered for consumption. . . . $8,870,057 53,386,262 $7,982,619 $14,081,128 $14,496,097 78,636,091 66,116,396 49,001,658 1858. $4,507,237 3,417,410 3,198,729 2,058,461 1,314,250 Total thrown upon market.. . $62,256,319 $86,618,710 $80,197,524 $63,497,755 ENTERED FOR W A R E H O U S IN G . 18§§» 1856. Manufactures of w o o l................. . Manufactures of cotton.............. Manufactures of silk................... . Manufactures of flax.................. Miscellaneous dry goods............ $1,746,241 1,733,099 2,105,529 987,403 738,385 $3,124,867 2,228,952 2,133,144 1,123,993 639,755 $7,854,770 4,178,679 6,013,955 2,561,074 1,904,663 1857. $2,120,741 1,927,260 1,172,538 864,413 584,319 Total........................................ . Add entered for consumption.. . . $7,310,657 53,386,262 $9,250,711 $22,513,141 78,636,091 66,116,396 $6,669,271 49,001,658 1858. Total entered at the port.. . . . $60,696,919 $87,886,802 $88,629,537 $55,670,929 V O L . XL.---- NO. I . 82 Com m ercial Chronicle and R eview . The export trade for the month shows a decline even from last year, when the difficulty of negotiating foreign exchange and the general derangement of busi ness affairs checked exports. The decline is owing to the low rates of breadstuffs abroad:— EXPORTS FROM NEW Y O R K TO F O R E IG N Domestic produce.......................... Foreign merchandise (free).......... Foreign merchandise (dutiable).. Specie and bullion ....................... Total exports......................... Total, exclusive of specie . . PORTS FO R TH E M ONTH OF NOVEM BER. 1855. 1856. 1857. 1858. §8,344,333 129,405 306,817 1,011,900 $7,541,595 55,662 202,093 2,955,839 $5,245,599 386,528 1,194,355 3,239,231 $3,481,654 129,671 254,310 471,970 $9,792,455 $10,755,189 $10,065,713 8,780,555 7,799,350 6,826,482 $4,337,605 3,865,635 This leaves the shipments from the port of New York since January 1st, ex clusive of specie, $26,257,550 less than the corresponding total of last year :— E X P O R T S F R O M N E W Y O R K T O F O R E IG N P O R T S F O R E L E V E N M O N T H S , F R O M J A N U A R Y 1 S T . 1855. 1856. 1857. 1858. Domestic produce.......................... $54,766,778 $71,007,627 $58,970,897 $50,249,635 Foreign merchandise (free)........... 3,618,875 875,668 3,726,297 1,416,295 Foreign merchandise (dutiable)... 4,290,000 2,887,023 6,104,554 3,600,167 Specie and bullion......................... 26,639,205 35,439,585 36,825,122 24,103,223 Total exports...........................$89,314,868 110,209,903 105,626,870 $79,869,320 Total, exclusive of sp e cie ... 62,675,653 74,770,318 68,801,748 55,266,097 A considerable part of the difference, as compared with last year, is owing no doubt to the falling off in values, as nearly all articles of domestic produce are entered for export at lower rates, and this is likely to be still more strongly marked during the next six months. The cash revenue, as we have already stated, shows a very important deficiency, and there is now no question in regard to the emitting the remaining §10,000,000 of the loan to meet the current expenses of government 1856. CO c-f Tf Total since January 1 s t.... t/> First quarter........................... Second quarter....................... Third quarter............................ In October................................. In November............................ 10,898,464 14,430,078 3,391,230 2,774,845 NEW YORK. 1857. 46 29 08 97 63 $43,137,300 43 $13,406,813 5,886,70S 13,183,832 867,534 1,121,792 26 85 90 99 70 $34,466,681 90 OO D U T IE S R E C E I V E D A T OO CASH $5,918,711 5,170,400 9,605,358 2,054,834 1,706,529 60 97 97 43 47 $24,455,835 46 The revenue at this port is now, since January, §10,000,000 less than last year, and §19,000,000 less than in the previous year, but for October and November there is a recovery over last year. J ourn al o f Banicing, Currency, and F inance. 83 JOURNAL OF BANKING, CURRENCY, AND FINANCE. UNITED STATES FINANCES FOR THE FISCAL YEAR 1858. The report of the Secretary of the Treasury for the fiscal year 1858, is an unusually interesting document, since it gives the effects upon the government finances of the panic of 1857. From it we extract the following figures. The report for 1857 will he found on page 81, volume xxxviii.:— Quarters. September SO, 1857-. December 31, 1867 . March 31, 1868......... June 30, 1868............ Total Quarters. Customs. §18,673,729 6,237,723 7,127,900 9,860,267 Lands. 37 69 69 21 $41,789,620 96 Treasury notes. §2,059,449 497,781 480,936 474,584 Miscellaneous. 39 53 88 07 $296,611 356,159 393,690 207,741 $3,513,715 87 $1,254,232 77 Total receipts. Total expenses. September 30, 1857, December 31, 1S57. March 31, 1858 . . . . , June 30, 1858............ .............................................. $20,929,819 81 $23,714,528 .............................................. 7,092,66517,035,653 10 $11,087,600 19,090,128 35 18,104,915 12,628,700 23,161,256 43 22,730,570 Total................................... Cash in Treasury, July 1, 1857 $23,716,300 Total means for fiscal year 1858 05 78 78 15 $70,273,869 60 17,710,114 27 87 07 74 58 $81,585,667 76 $87,983,983 86 The expenses were applied to the various branches of the public service as follows:— Civil, foreign intercourse, and miscellaneous........................................ Service in charge o f Interior Department............................................ “ “ War Department................................................ “ “ Navy Department.............................................. Public debt and redemption of treasury notes.................................... $26,387,822 6,051,923 25,485,383 13,976,000 9,684,537 20 38 60 59 99 As shown in detail by statement No. 1— Deducting the expenditures from the aggregate means during the fiscal year 1858, a balance remained in the Treasury on the 1st of July, 1858, of......................................................................................... 6,398,316 10 During the first quarter of the current fiscal year, from July 1st to September 30th, 1858, the receipts into the treasury were as follows :— From “ “ “ “ customs....................... public la n d s............... miscellaneous sources loan o f 1858............... treasury notes issued. $13,444,520 28 421,171 84 959,987 34 10, 000,000 00 405,200 00 -----------------$25,230,879 46 The estimated receipts during the three remaining quarters of the current fiscal year to June 30th, 1859, are— From custom s........................................................... “ public la n d s .................................................. “ miscellaneous sources................................ Estimated ordinary means for current fiscal year $37,000,000 00 1,000,000 00 500,000 00 --------------- $38,500,000 00 $70,129,195 66 Journ al o f B anking, Currency, and Finance. 84 The expenditures of the lirst quarter of the current fiscal year, ending Sep tember 30th, 1858, were— For civil, foreign intercourse, and miscellaneous service................... For service in charge of Interior Department.................................... “ "War Department................................. . . . “ “ Navy Department......................................... For public debt, including redemption of treasury notes................... Brought forw a rd............................................................................. The estimated.expenditures during the remaining three quarters of the current fiscal year to June 30, 1859, are ................................. £6,392,746 1,994,304 8,224,490 4,086,515 1,010,142 38 24 04 48 37 $21,708,198 51 52,357,698 48 Ordinary means as a b ov e....................................................................... $74,065,896 99 70,129,195 56 Deficit of ordinary means to meet expenditures ................................ $3,936,701 43 The deficiency in the ordinary estimated means to meet the estimated expendi tures during the remainder of the current fiscal year, ending June 30th, 1859, are therefore $3,936,701 43. There are extraordinary means within the command of the Department as follows :— Treasury notes which m aybe issued previous to the 1st of January, 1859, under the 10th section of the act of December 23,1857, say Balance of loan authorized by act of June 14th, 1858....................... Which added to the ordinary estimated m eans.................................. $1,000,000 00 10,000,000 00 70,129,165 56 Makes the aggregate means to June 30th, 1859................................. Deduct the actual and estimated expenditures as heretofore stated $81,129,195 56 74,065,896 99 Leaves an estimated balance in the Treasury, July 1st, 1859, of . . $7,063,298 E S T IM A T E F O E T H E F IS C A L Y E A E F E O M J U L Y 1 S T , 1 8 5 9 , TO JU L Y 1 S T , 57 1860. Estimated balance in the Treasury........................................................ “ receipts from customs for the fiscal year ending June 30th, 1860.............................................................................................. Estimated receipts from public la n d s.................................................. “ “ miscellaneous sources.................................... $7,063,298 57 Aggregate of means for year ending June 30th, 1860....................... $69,063,298 57 56,000,000 00 5,000,000 00 1,000,000 00 Expenditures estimated as follows:— Balance of existing appropriations........................................................ Amount o f permanent and indefinite appropriations......................... Estimated appropriations to be made by law for the service of the fiscal year to June 30th, 1860 ........................................................... 52,162,615 68 The estimated receipts being.................................................................. $73,139,147 46 69,063,298 57 Deficit................................................................................................. $4,075,848 89 12,478,907 28 8,497,724 50 To this estimated deficiency on the 30th of June, 1860, should bo added the sum of $3,838,728, which will be required for the service of the Post-office De partment during the present fiscal year. This latter amount is not taken into the foregoing estimates, but is asked for by that Department, as will appear from the letter of the Postmaster-General accompanying the annual estimates. The foregoing estimates contemplate a deficiency in the means of the govern ment, which, by the 30th of June, 1860, will amount to the sum o f $7,914,576. J ournal o j B anking, Currency, and F inance. 85 Provision should be made by Congress at its present session to supply the de ficiency. In what manner shall it be done ? A loan for this purpose is not deemed advisable, in view of the addition already made to the public debt. A revision of the tariff of 1857, and the imposition of additional duties, is the only remedy, unless Congress shall take some action to relieve the treasury from a por tion of the expenditures it is now required to meet. In revising the tariff, the same principles should direct and control the action of Congress that would be considered in the adoption of an original act. I do not deem it proper to enter into any extended discussion of the theoretic principles on which a tariff act should be framed. They may be briefly stated. Such duties should be laid as will produce the required revenue, by imposing on the people at large the smallest and the most equal burdens. It is obvious that this is most effectually done by t-axing, in preference to others, such articles as are not produced in this country; and among articles produced here, those in which the home product bears the least proportion to the quantity imported are the fittest for taxation. The reason is, that in taxing articles not made in the country the whole sum taken from the consumer goes into the treasury, while in the other class the consumer pays the enhanced value not only on the quantity imported, but on the quantity made at home. This last tax is paid not to the treasury, but to the manufacturer, thereby rendering such a duty not only more burdensome, but grossly unequal; the home producer being benefited at the expense of the consumer. The public debt on the 1st of July, 1857, was $29,060,386 90, as stated in • my last report. During the last fiscal year there was paid of that debt the sum of $3,904,409 24, leaving the sum of $25,155,977 66 outstanding on the 1st of July, 1858. To this amount must be added the sum of $10,000,000, negotiated during the present fiscal year, of the loan authorized by act of June 14th, 1858. There was issued under the provisions of the act of December 23d, 1857, during the last fiscal year, treasury notes to the amount of $23,716,300, of which there was redeemed, and the Department informed thereof, during the same period, $3,961,500, leaving the sum of $19,754,800 outstanding on the 1st of July, 1858* The details are shown by statements marked 1 and 5. In estimating the receipts and expenditures for the present and next fiscal years, it is not contemplated to redeem the outstanding treasury notes. As these notes will become due and payable during the next fiscal year, some provision should be made to meet them. RICHMOND BANKS. The official statement of the banks in Richmond for the quarter ending Sep tember 30, 1858, shows their condition on that day to be as follows :— Capital. Bank of V irginia............... Farmers’ Bank of Virginia. Exchange Bank of Virginia. Bank of Commonwealth. . . Loans. Specie. Circulation. T o t a l............................$2,901,050 $4,773,398 $322,562 $528,263 $2,230,526 This amount paid in—authorized capital two millions. Deposits, $880,250 $1,819,800 $98,187 $85,900 $771,819 854,500 1,721,811 155,292 228,094 898,255 748,800 1,231,778 69,083 216,469 660,462 *412,000 ........................................................................... 86 J ourn al o f B an kin g, Currency, and F inance. UNITED STATES MINT. The Mint returns of the United States were formerly made up to the close of the fiscal year, but an act of Congress, in 1857, directed that the returns should be made to correspond with the fiscal year, ending June 30th. The returns from 1793 to 1847, were given February, 1849, volume xx., page 200, and the continuation down to the close of 1856, was contained in volume xxxvii., page 52. The six months, January 1st to July 1st, 1858, in volume xxxviii., page 371. The returns for the whole fiscal year, to July 1st, 1858, are now at hand. From these we take the following figures :— D E P O S IT S OS' G O L D A T T H E U N IT E D STA TE S M IN T A N D B R A N C H E S . Silver. Gold. Total. $9,876,842 SO 1,148,793 33 19,123,111 28 95,614 58 176,067 49 21,073,882 31 $3,387,541 88 3,306,667 29 193,388 24 Less redeposits., $51,494,311 29 8,572,401 88 $9,199,954 67 2,300,362 21 $60,694,265 96 10,872,764 09 Total deposits................... Six months, 1S57 ................... 1856........................................... $42,291,909 41 23,488,719 32 48,329,696 68 $6,899,592 46 2,620,950 14 4,689,229 43 $49,821,501 87 26,109,669 46 53,018,926 11 Philadelphia......................... New Orleans....................... San Francisco..................... Dahlonega........................... Charlotte, If. C................... Assay-office, N. Y ................ $13,214,383 4,445,460 19,316,499 95,614 176,067 23,436,239 2,367,317 64 88 54 52 58 49 95 The description of the metals deposited was as follows GOLD. Six months. 1867. 1856. Foreign coin................................ Foreign bullion........................... United States coin, O. S........... United States bullion............... Parted from silv er................... Total g o ld ......................... $60,923 388,766 1,565 64,627,147 47 40 00 33 $55,078,402 20 $107,471 99,916 6,754 26,294,626 4,546 1858. $1,636,909 290,135 5,219 49,549,570 12,477 20 31 50 13 57 23 01 27 43 35 $26,513,314 71 $51,494,311 29 S IL V E R . Deposits, including purchases.. United States bullion, parted . $4,798,696 05 321,938 38 $4,646,930 04 127,256 12 $8,883,482 31 300,849 36 15,623 00 Total s ilv e r....................... Total gold and s ilv e r__ _ $5,120,634 43 60,199,036 63 $4,774,186 16 31,287,500 87 $9,199,954 67 60,694,265 96 The coinage was as follows S IL V E R . GOLD. Doable eagles... Eagles............... H alf eagles . . . Three dollars... Quarter eagles. Dollars.............. Fine b a r s ......... Unparted bars.. Pieces. Value. 1,401,944 $28,038,880 629,900 62,990 772,775 154,555 22,059 66,177 206,253 515,632 230,361 230,361 7,105 21,819,779 816,295 488 Total go ld . 2,085,755 $52,889,800 29 00 00 00 00 50 00 14 65 Half dollars .. Quarter dollars.. Dimes................ Half dim es.. . . Three-c’t pieces.. Fine bars........... Value. Pieces. 8,86(1,000 $4,430,000 00 12,079,000 3,019,760 00 2,260,000 226,000 00 6.540.000 327,000 00 1.266.000 37,980 00 900 192,657 77 Total silver___ 31,005,900 $8,233,287 77 COPPER. Cents ................ 23,400,000 $234,000 00 87 J ourn al o f B anking, C urrency, and F inance. R E C A P IT U L A T IO N . Pieces. Value. Total gold............................................................... Total silver............................................................. Total copper........................................................... 2,085,755 31,005,900 23,400,000 $52,889,800 29 8,233,287 77 234,000 00 Total coinage............................................. 56,491,655 $61,357,088 06 The director remarks in relation to these operations :— The amount of gold of domestic production deposited during the year was $40,977,168 55; derived as follows:—from California, $40,591,140 88; from Oregon, $9,181; and from the Atlantic States, $376,846 67. The deposits of Spanish and Mexican fractions of the dollar at the principal mint, the branch mint at New Orleans, and the Assay-office at New York, from the passage of the act of February 21st, 1857, entitled “ An Act relating to foreign coins and to the coinage of cents at the Mint of the United States,” to the 30th of June, 1858, have amounted to $1,072,434; of this amount the sum of $293,246 was deposited at the principal mint for exchange for cents coined under the act above cited. Within the last year some new'varieties of bullion have been brought to our notice. The gold of the Frazer Eiver region, of which, however, but little has reached us, is one of these varieties. It is found to be considerably alloyed with silver—more so than the average of California gold. With our present scanty knowledge we cannot rate it higher than 840 thousandths fine, on the average, which, allowing for the silver, would be $17 50 per ounce after melting. Another variety which has been brought to our attention is the gold from Platte Eiver, of which we have had but one sample. This was of high fineness, equal to that of Australia, and a little superior to that which was formerly re ceived from Santa Fe, through the overland traders. The sample alluded to gave a fineness of 964 thousandths; equal to $19 92 per ounce, after melting. A deduction of from two to four per cent upon the values above stated will give a proximate valuation of native unmelted grains, free from the gangue or stony substance. The Mint has lately received a deposit of Chinese stamped ingots of gold. They were sufficiently uniform in weight and fineness to induce the belief that they were intended to be of a definite value for the purposes of currency. In fact, the gold and silver currency of China is always in stamped bars or ingots, and never in coined pieces, in the sense commonly understood in other parts of the world, except so far as Spanish and Mexican dollars are used, and tnese re ceive a Chinese stamp as they pass from one merchant to another. The gold ingots just mentioned were of the fineness of 966 thousandths, which probably is considered “ sycee,” or fine gold, in a commercial way. the value per ounce troy of w'hich would be $19 97. The average weight was eleven ounces eighty-hun dredths (11.80) nearly, and the average value $235 50, without the mint deduc tion for coinage. In Chinese language they were pieces of ten taels each, making the golden tael $23 55. These particulars may be interesting to commercial men, and to the public, especially if it should be one of the effects of the recent treaty of our government with China to cause a current of gold in this direction, in payment for our manufactured exports. This was the first opportunity we have had of testing Chinese gold bars. The production of silver from the mines of Lake Superior increases from year to year, but usually with the disadvantage of a large alloy with copper, so that the latter metal has to be sacrificed by the owner to render the silver available. The working of silver ores in other regions, however, has usually much greater difficulty and cost to contend with. Heretofore, the yield of silver from Lake Superior was too inconsiderable to require a place in the statistical tables, but in view of the increased value of the deposits from thence during the last year, they will be found stated in this report, and will hereafter be regularly noticed. For various reasons, growing out of production and trade, we now receive more of the Mexican dollars than for some years past. And the removal of the 88 J ournal o f B an kin g, Currency, and F inance. restrictions which formerly prohibited the exportation, from that country, of sil ver bars and amalgams, has much increased the supply of silver bullion. Much of it finds its way from the Mexican States, through Matamoras, to New Or leans ; and I have reason to believe that the supplies from that direction will continue to be large and regular. STATE TAXES. The following table of State expenses was prepared by Col. J ohn H. W heeler Alabama.............................. Connecticut.......................... F lorida ................................ Georgia......................... Indiana................................. M ain e.................................. Mississippi.......................... New Hampshire................. New J e rse y ....................... New Y ork............................ North Carolina................... Pennsylvania..................... Rhode Isla n d .................... South Carolina..................... Texas.................................... Vermont............................... V irg in ia .............................. Wisconsin............................. Alabama.............................. Connecticut.......................... F lo rid a ................................ Georgia................................ Indiana................................. M a in e ................................ Misais-ippi.......................... New H am pshire............... New Jersey......................... New Y o r k .......................... North Carolina................... Pennsylvania..................... Rhode Island....................... South Carolina................... T e x a s .............'.................... Vermont.............................. V irginia.............................. Wisconsin............................. Total State. $428,600 67,947 58,616 292,707 552,463 381,911 779,163 77,313 ........... ........... 114,086 1,536,662 16,951 373,421 74,936 138,533 368,642 93,982 All others. $12,U20 288,065 2,876 42,571 58,153 327,945 80,979 200,993 171,800 ........... 87,906 847,891 198,559 188,781 21,332 149,763 352,835 167,435 County. $ 2 0 2 ,9 6 0 1,101 2 3 ,6 9 0 1 5 6 ,0 6 1 4 4 9 ,6 1 6 1 4 1 ,7 0 5 4 3 6 ,9 9 3 8 4 ,8 5 4 1 9 0 ,6 8 5 School. $ 7 ,5 1 9 4 8 ,6 6 9 105 1 5,728 9 6 ,7 3 6 2 3 4 ,8 4 2 3 1 ,1 0 6 1 4 4 ,1 7 8 6 2 ,7 0 6 1 4 4 ,1 8 9 1 ,6 8 9 ,2 1 2 .............. 4 3 ,8 4 0 8 4 0 ,0 6 6 5 6 ,9 3 6 3 5 ,0 5 5 3 ,5 7 8 2 2 9 ,2 8 5 1 5 1 ,8 3 5 ........... 8 8 ,9 3 0 4 5 ,6 9 7 7 5 ,9 8 0 Total taxes. $663 ,4:46 5 6 6 ,3 4 3 8 5 ,2 8 7 5 2 2 ,4 8 2 1 ,3 8 3 ,3 6 0 1 ,7 5 3 ,0 3 7 1 ,3 4 0 ,4 0 0 9 0 8 ,9 9 6 5 9 9 ,4 0 4 7 ,1 6 0 ,2 5 5 4 5 5 ,3 4 3 6 ,0 8 9 ,4 5 5 3 4 7 ,1 1 1 6 3 2 ,1 6 2 1 3 1 ,3 1 3 7 1 9 ,4 1 4 1 ,1 2 6 ,8 5 2 5 7 0 ,4 6 9 $ 2 5 ,0 5 5 ,1 2 9 Poor. $ 2 ,0 4 9 8 0 ,4 4 4 Koad. $ 3 ,0 0 0 8 0 ,1 1 7 1 4,027 5 4 ,8 3 8 1 0 2 ,7 4 7 7,461 1 5 0 ,7 4 5 5 4 ,5 9 1 1 ,3 8 8 1 7 1 ,5 5 4 5 6 3 ,8 8 7 4 ,6 9 8 2 5 0 ,9 1 3 1 1 9 ,6 1 4 66J62 3 5 8 ,7 5 7 4 5 ,5 8 7 4 9 ,1 4 3 660 8 1 6 ,8 0 7 2 9 ,6 7 7 2 0 ,8 1 7 9 0 ,8 0 9 1 1 0 ,0 7 7 9 ,1 9 4 2 4 7 ,8 0 1 2 0 ,3 0 9 7 2 ,1 0 3 Population. 7 7 1 ,6 2 3 3 7 0 ,7 9 2 8 7 ,4 4 5 9 0 6 ,1 8 5 9 8 8 ,4 1 6 5 8 3 ,1 6 9 6 0 6 ,5 2 6 3 1 7 ,9 7 6 4 8 9 ,5 5 5 3 ,0 9 7 ,3 9 4 8 6 9 ,0 3 9 2 ,3 1 1 ,7 8 6 1 4 7 ,5 4 5 6 6 8 ,5 0 7 2 1 2 ,5 9 2 3 1 4 ,1 2 0 1 ,4 2 1 ,6 6 1 3 0 5 ,3 9 1 Paid by each. $ 0 86 1 53 0 97 0 61 1 39 3 00 2 21 2 85 1 22 2 31 0 52 2 63 2 35 0 94 0 61 2 28 0 79 1 86 1 4 ,5 6 9 ,7 2 2 THE DEBT OF NASHVILLE, TENNESSEE. The city of Nashville, Tennessee, it is said, owes a funded debt of $662,500; a total debt of $805,338. Its means of every description are put down at $841,350; the revenue this year is estimated at $166,130. The liabilities for the present year, exclusive of ordinary expenses, are put down at $154,776, and the ordinary expenses are at least $120,000—so the deficiency at the end of the present fiscal year will be $107,646. 89 Journ al o f Banicing, Currency, and F inance. CITY WEEKLY NEW 2 9 16 23 30 Feb. 6 13 20 27 March 6 13 20 27 April 3 10 17 24 May 1 S 16 22 29 June 5 12 19 26 July 3 10 17 24 31 Aug. 7 14 21 28 Sept. 4 11 18 25 Oct. 3 9 16 23 30 Nov. 6 13 20 27 Dec. 4 11 Jan. Loans. YORK Specie. BANK W EEKLY BANK Circulation. RETURNS. RETU RN S. Deposits. Average clearings. BOSTON BANKS. Due Jan. Feb. 5. 12. 18. 25. 1 .. 8 .. Actual deposits. §98,549,983 §28,561,946 $6,490,403 $78,635,225 !$13,601,357 $65,033,867 98,792,757 29,176,838 6,625,464 79,841,362 13,899,078 63,942,284 99,473,762 30,211.266 6,349,325 81,790,321 14,066,412 67,723,909 101,172,642 30,829,151 6,336,042 82,598,348 13,074,762 69,523.836 102,180,089 31,273,023 6,369,678 83,997,081 13,519,330 70,477,751 103,602,932 30,652,948 6,873,931 86,000,468 15,489,083 70,561,405 103,783,306 30,226,275 6,607,271 84,229,492 13,803,583 70,425,909 103,706,734 31,416,076 6,542,618 86,773,222 14,769,565 72,003,657 103,769,127 31,658,694 6,530,759 87,386,81 1 15,657,056 71,729,805 105,021,863 32,739,731 6,854,624 90,882,446 18,002,665 72,370,781 105,293,631 32,961,076 6,755,958 90,063,432 16,511,506 72,552,926 107,440,350 31,902,656 6,853,852 91,238,505 17,064,588 74,173,917 109,095,412 30,929,472 6,892,231 90,644,098 16,429,056 74,201,709 110,588,354 31,530,000 7,232,332 93,589,149 17,567,160 76,021,989 110,847,617 32,036,436 7,245,809 93,566,100 16,775,237 76,790,863 111,341,489 33,196,449 7,190,170 96,448,450 17,329,431 78,121,026 111,003,476 34,113,891 7,140,851 95,340,344 16,141,451 79,198,893 111,868,456 35,064,213 7,431,814 98,438,506 17,875,203 80,563,308 112,741,955 35,453,146 7,735,056 101,165,806 19,488,661 81,727,146 114,199,288 34,780,728 7,502,975 101,884,163 18,284,868 83,599,295 115,658,082 84,047,446 7,307,445 101,9)7,869 17,620,131 84,297,738 116,650,943 31,496,144 7,252,616 99,351,901 16,199,657 83,152,244 116,424,597 32,790,333 7,547,830 101,489,535 17,982,648 83,506,887 116,022,152 33,367,253 7,367,725 100,787,073 16,503,899 84,283,194 117,797,547 32,396,456 7,297,631 102,149,470 16,818,521 85,280,987 118,823,401 31,948,089 7,215,689 101,961,682 15,825,983 86,135,699 119,812,407 33,830,232 7,458,190 106,803,210 17,267,927 89,536,283 118,863,937 34,705,593 7,571,373 106,420,723 18,168,757 88,260,956 119,164,222 35,328,184 7,846,946 107,101,061 17,046,961 90,054,100 118,946,482 35,315,243 7,351,065 105.490,896 15,365,206 90,105,690 119,850,456 35,712,107 7,408,865 106,456,030 15,310,157 91,145,873 120,892,857 35,154.844 7,784,415 107,454,715 17,115,237 90,339,678 123,374,459 31,150,472 7,388,739 105,034,769 15,208,690 89,826,082 126,368,231 28,349,507 7,480,684 104,609,658 15,449,895 89,159,763 126,004,424 27,817,006 7,466,846 103,928,178 16,208,039 87,720,139 125,885,840 28,048,661 7,748,249 103,347,811 15,414,213 87,933,594 125,013,211 28,059,495 7,830,669 102,899,554 15,989,375 86,908,179 124,649,018 28,808,068 7,313,695 104,733,688 17,603,982 87,129,706 124,118,904 28,625,331 7,864,373 102,429,844 16,347,447 86,081,897 123,659,697 28,533,785 7,875,750 104,901,563 19,015,193 85,886,370 123,599,250 29,170,204 7,980,519 105,565,930 19,175,717 86,390,203 124,216,701 28,506,508 7,890,624 106,497.058 19,907,696 86,589,362 124,374,222 28,681,429 7,879,024 108,072,518 20,929,351 87,143,167 126,093,586 26,707,817 7,822,909 108,801,256 21,494,870 87,306,387 126,809,492 26,337,855 8,186,933 109,217,448 21,899,507 87,317,941 127,027,619 26,039,277 7,975,420 109,238,497 20,715,976 88,542,521 125,898,631 26,790,815 7,860,576 108,172,947 20,127,516 88,045,437 125,585,698 27,167,731 7,652,457 106 599,963 19,866,258 86,733,705 126,338,324 27,407,726 7,837,517 109,342,455 19,797,165 89,541,290 126,320,129 27,195,522 7,750,166 109,354,647 20,372,681 88,981,966 .. .. .. .. .. .. Due Loans. Specie. Circulation. Deposits. to banks. from banks. $ 5 0 ,7 2 6 ,8 0 0 $ 5 ,0 2 8 ,0 0 0 $ 5 ,4 1 6 ,0 0 0 $ 1 7 ,0 7 3 ,8 0 0 $ 3 ,9 1 1 ,0 u 0 $ 5 ,7 3 2 ,6 0 0 5 1 ,2 2 1 ,0 0 0 5 ,4 4 9 ,0 0 0 5 ,9 3 8 ,4 0 0 1 7 ,2 2 6 ,7 0 0 4 ,3 6 8 ,0 0 0 5 ,9 6 9 ,5 0 0 5 ,6 6 1 ,2 1 6 5 ,6 6 9 ,0 2 8 1 7 ,7 2 2 ,5 5 3 4 ,7 5 4 ,0 0 6 5 ,8 9 1 ,8 0 0 5 1 ,7 4 0 ,9 2 6 1 ,9 4 9 ,0 3 1 5 ,4 9 4 ,7 2 1 3 ,5 3 1 ,7 2 1 5 1 ,7 7 2 ,4 1 2 6 ,0 7 3 ,6 8 0 1 8 ,1 2 9 ,6 4 9 5 ,2 5 1 ,0 0 6 1 8 ,3 9 5 ,6 9 2 5 ,1 1 1 ,2 7 8 5 1 ,8 5 4 ,1 7 8 6 ,4 0 2 ,4 6 0 5 ,7 2 5 ,3 3 7 5 ,4 9 8 ,6 0 0 1 8 ,6 0 2 ,9 8 4 5 ,3 1 7 ,7 6 4 5 ,7 5 6 ,0 6 8 5 2 ,0 1 1 ,8 2 1 6 ,8 7 2 ,9 7 7 90 Feb. 1 5 . . . . 2 2 ____ M ar. 1 ____ 8 ____ 1 5 ____ 2 2 ____ 2 9 ____ April 5 . . . . 1 2 ____ 1 9 ____ 2 6 ____ M ay 4 ____ 1 0 ____ 1 8 ____ 2 5 .... 8 1 ____ June 7 . . . . 1 4 ____ 2 1 ____ 2 8 ____ July 5 ____ 1 2 ____ 1 9 ____ 2 6 ____ Aug. 2 ____ 9 ____ 1 6 ____ 2 3 ____ 3 0 ____ Sept . 6 . . . 1 3 ____ 2 0 ____ 2 7 ____ Oct. 4 ____ 1 1 ____ 1 8 ____ 2 5 ____ Nov. 1 ____ 8 ____ 1 5 ____ 2 2 ____ 2 9 ____ Dec. 6 ____ 1 3 _____ J ourn al o f B anking, Currency, and F inance. Loans. 5 2 ,1 3 7 ,9 7 2 5 2 ,0 8 9 ,5 0 0 5 1 ,9 7 0 ,8 0 0 5 2 ,2 5 1 ,3 0 0 5 2 ,0 6 8 ,7 4 3 5 1 ,9 9 9 ,4 5 1 5 1 ,6 3 2 ,4 5 1 5 1 ,9 1 8 ,0 0 0 5 2 ,0 4 2 ,4 2 8 5 1 ,7 5 2 ,5 0 0 5 1 ,3 8 8 ,9 7 7 5 1 ,4 9 9 ,7 0 0 5 1 ,6 7 9 ,3 1 5 6 2 ,6 2 2 ,0 0 0 5 3 ,3 9 6 ,7 4 1 5 3 ,4 6 9 ,1 7 9 5 3 ,4 0 7 ,6 9 3 5 3 ,9 5 1 ,0 8 2 5 4 ,1 6 2 ,1 1 9 5 4 ,7 8 0 ,6 4 4 5 5 ,8 0 8 ,4 5 3 5 6 ,2 0 0 ,9 2 9 5 6 ,6 2 6 .2 6 4 5 6 ,6 0 2 ,4 6 9 5 6 ,2 5 0 ,5 0 0 5 6 ,0 9 6 ,8 0 5 5 5 ,9 7 1 ,0 7 2 5 5 ,8 4 5 ,2 7 1 5 5 ,6 5 0 ,3 5 0 5 5 ,9 2 6 ,0 4 2 5 6 ,2 3 8 ,6 1 5 5 6 ,4 1 4 ,4 9 7 5 6 ,4 1 0 ,2 6 8 5 6 ,2 2 6 ,3 4 4 5 5 ,9 9 3 ,8 1 0 6 5 ,9 4 0 ,0 3 9 5 5 ,8 5 7 ,6 1 8 5 5 ,6 0 1 ,5 7 3 5 5 ,8 1 7 ,1 5 1 5 6 ,3 1 4 ,4 2 0 5 6 ,7 8 3 ,9 0 2 5 6 ,8 6 5 ,2 1 7 5 7 ,6 7 8 ,9 1 2 5 8 ,5 1 0 ,1 2 3 W EEKLY Date. Jan. 1 1 , ’ 5 8 . Jan. 1 8 ____ Jan. 2 5 ____ F eb. 1 ____ F e b . 8 ___ Feb. 1 5 ____ F eb. 22____ Mar. 1 ____ Mar. 9 ____ Mar. 1 6 ____ Mar. 2 3 ____ Mar. 3 0 ____ Apr. 6 ____ Apr. 1 2 ____ Apr. 1 9 ____ Apr. 2 6 ____ Specie. 7 ,0 7 9 ,6 0 6 7 ,2 5 7 ,8 0 0 7 ,3 1 6 ,8 0 0 7 ,4 9 7 ,7 0 0 7 ,5 5 9 ,6 9 8 7 ,2 3 5 ,5 3 1 7 ,9 0 5 ,4 9 1 8 ,2 5 9 ,5 0 0 8 ,5 0 5 ,3 1 2 9 ,0 0 7 ,0 0 0 8 ,8 5 1 ,7 1 9 9 ,2 4 3 ,0 0 0 9 ,3 5 1 ,8 6 1 9 ,2 1 0 ,0 0 0 9 ,0 1 5 ,1 4 6 9 ,1 2 0 ,8 4 6 9 ,3 1 5 ,0 8 6 9 ,4 1 0 ,5 6 9 9 ,4 5 7 ,8 3 1 9 ,1 1 9 ,6 0 4 9 ,1 0 4 ,4 6 1 9 ,0 0 0 ,6 6 3 8 ,9 3 0 ,7 5 7 8 ,9 4 3 ,0 0 4 8 ,8 8 3 ,4 0 0 8 ,9 8 5 ,5 2 6 8 ,7 9 5 ,9 4 5 8 ,9 5 8 ,2 8 0 8 ,7 2 4 ,1 8 6 8 ,7 0 1 ,6 7 9 8 ,5 8 9 ,8 2 5 8 ,4 3 2 ,2 5 0 8 ,3 7 8 ,5 6 4 8 ,5 9 3 ,3 7 8 8 ,6 0 1 ,9 8 2 8 ,6 9 2 ,2 2 5 8 ,9 4 0 ,5 7 2 9 ,0 9 8 ,9 0 7 9 ,2 5 8 ,4 5 2 9 ,2 8 4 ,3 1 4 9 ,4 2 5 ,0 3 4 9 ,5 1 3 ,0 2 6 9 ,5 6 4 ,7 1 6 9 ,5 4 7 ,6 9 9 AVERAGE Loans. $ 2 1 ,3 0 2 ,3 7 4 2 1 ,0 6 8 ,6 5 2 2 0 ,7 3 0 ,9 5 18 2 0 ,4 2 3 ,7 0 4 2 0 ,3 5 9 ,2 2 6 2 0 ,0 7 1 ,4 7 4 2 0 ,1 6 1 ,2 6 0 2 0 ,2 5 1 ,0 6 6 2 0 ,4 7 1 ,1 6 1 2 0 ,5 2 2 ,9 3 6 2 0 ,7 9 6 ,9 5 7 2 1 ,0 2 0 ,1 9 8 2 1 ,6 5 7 ,1 5 2 2 1 ,6 5 6 ,0 2 8 2 1 ,7 7 6 ,6 6 7 2 2 ,1 4 1 ,3 0 0 Circulation. 5 ,8 9 8 ,6 6 0 5 ,2 9 9 ,0 0 0 5 ,1 7 0 ,0 0 0 5 ,1 8 2 ,4 0 0 5 ,2 9 1 ,5 4 9 5 ,1 6 3 ,4 9 2 5 ,1 5 9 ,5 6 9 5 ,4 7 7 ,5 0 0 5 ,8 5 2 ,9 9 1 6 ,2 2 4 ,5 0 0 6 ,0 0 7 ,6 2 8 5 ,9 0 3 ,6 0 0 6 ,1 6 5 ,7 6 8 6 ,1 1 7 ,0 0 0 6 ,0 9 6 ,4 1 7 6 ,9 0 3 ,0 2 0 5 ,8 7 0 ,8 0 8 5 ,7 3 2 ,9 0 0 5 ,7 0 3 ,6 9 9 5 ,6 3 3 ,1 7 6 6 ,3 1 3 ,0 4 9 6 ,5 3 S ,3 2 5 6 ,2 3 6 ,6 9 8 6 ,2 6 8 ,7 4 5 5 ,8 6 9 ,8 0 0 6 ,2 3 8 ,2 2 1 6 ,0 2 6 ,8 1 8 5 ,9 8 S ,9 9 5 5 ,8 8 9 ,4 7 7 6 ,1 3 7 ,9 8 1 6 ,2 6 5 ,5 7 7 6 ,2 6 5 ,3 1 4 6 ,1 5 5 ,1 3 6 6 ,4 1 5 ,7 9 9 6 ,9 5 0 ,8 2 4 6 ,6 7 4 ,7 3 7 6 ,5 0 5 ,8 5 8 6 ,4 0 2 ,2 2 2 6 ,7 3 5 ,1 2 4 6 ,7 5 9 ,9 0 9 6 ,7 7 3 ,7 6 4 6 ,8 9 9 ,5 1 3 7 ,1 4 9 ,7 8 6 6 ,8 6 4 ,7 5 5 OF TH E Specie. $ 3 ,7 7 0 ,7 0 1 4,018.,2 9 5 4 ,2 4 3 ,9 6 6 4 ,4 6 5 .,6 9 3 4 ,6 6 8 ,,085 4 ,8 8 8 ,,983 4 ,9 2 4 .,906 4 ,9 0 3 ,,9 3 6 5,147.,6 1 5 5 ,4 4 8 ,,5 1 4 6 ,4 8 3 ,3 5 8 5,6 6 1 ,7 8 2 5,9 3 7 ,5 9 5 6 133 ,0 0 0 6 ,3 8 2 ,4 8 5 6 ,7 5 2 ,6 4 0 Deposits. 1 8 ,4 2 9 ,9 4 5 1 8 ,4 5 0 ,5 0 0 1 8 ,5 2 5 .0 0 0 1 9 ,0 3 1 ,6 8 2 1 8 ,9 0 9 ,6 8 2 1 9 ,0 2 9 ,2 5 1 1 8 ,8 9 5 ,2 4 9 2 0 ,1 3 6 ,4 0 0 2 0 ,6 7 5 ,0 2 8 2 0 ,6 5 7 ,5 0 0 2 0 ,6 7 1 ,5 6 9 2 1 ,2 5 7 ,9 0 0 2 1 ,1 4 3 ,9 7 3 2 1 ,5 2 7 ,7 0 0 2 1 ,4 1 8 ,5 7 8 2 0 ,8 4 6 ,8 6 0 2 0 ,6 6 8 ,0 3 7 2 0 ,8 1 5 ,5 6 0 2 0 ,7 6 4 ,7 3 9 2 0 ,8 3 3 ,9 4 2 2 1 ,5 7 0 ,8 0 3 2 1 ,0 7 5 ,2 4 7 2 1 ,4 6 2 ,4 3 7 2 1 ,4 5 6 ,4 7 1 2 1 ,1 6 1 ,0 0 0 2 1 ,0 5 1 ,5 1 9 2 0 ,8 0 4 ,8 7 5 2 0 ,6 9 8 ,7 9 4 2 0 ,6 9 8 ,2 2 8 2 0 ,9 7 1 ,1 3 8 2 0 ,6 3 4 ,7 7 1 2 0 ,7 9 9 ,4 7 4 2 1 ,0 0 3 ,5 8 3 2 1 ,5 6 1 ,4 2 4 2 1 ,9 4 0 ,0 6 2 2 2 ,3 0 3 ,4 3 3 2 2 ,4 3 5 ,3 5 9 2 2 ,5 3 8 ,4 7 7 2 2 ,8 1 6 ,2 6 3 2 2 ,7 4 4 ,5 7 2 2 2 ,2 3 3 ,8 9 6 2 2 ,7 2 1 .2 9 5 2 2 ,8 8 1 ,3 4 8 2 2 ,4 8 1 ,8 0 5 P H I L A D E L P H IA Circulation. $ 1 ,0 1 1 ,0 3 3 1 ,0 4 6 ,5 4 5 1 ,0 6 2 ,1 9 2 1 ,0 9 6 ,4 6 2 1 ,2 9 3 ,0 4 6 1,5 5 9 ,2 1 8 1 ,6 8 6 ,6 8 9 1 ,8 0 8 ,7 3 4 1 ,9 1 6 ,3 5 2 2 ,0 7 7 ,9 6 7 2 ,1 4 0 ,4 6 3 2 ,2 9 6 ,4 4 4 2 ,6 4 7 ,8 9 9 2,6 7 5 ,1 9 3 2 ,4 8 4 ,1 5 0 2 ,4 0 8 ,4 2 1 Due Due to banks. from banks. 5 ,5 2 3 ,0 1 2 5 ,6 6 8 ,4 6 4 5 ,3 7 7 ,9 0 0 5 ,3 3 9 ,6 0 0 5 ,7 7 8 ,0 0 0 5 ,6 2 5 ,0 0 0 6 ,1 3 7 ,0 0 0 5 ,7 6 4 ,0 0 0 5 ,8 3 7 ,5 3 4 6 ,0 1 1 ,3 7 7 6 ,0 5 7 ,6 9 9 5 ,9 3 4 ,0 0 7 5 ,9 2 5 ,4 6 2 5 ,8 0 4 ,5 6 9 6 ,3 8 6 ,0 0 0 6 ,5 7 6 ,9 0 0 6 ,5 9 0 ,3 5 0 5 ,9 8 7 ,7 2 5 7 ,2 5 9 ,4 0 0 6 ,1 1 0 ,0 0 0 7 ,3 6 3 ,7 0 2 5 ,8 8 4 ,5 3 3 7 ,4 4 4 ,0 0 0 5 .9 2 5 ,9 0 0 7 ,5 6 2 ,8 8 5 5 ,9 4 9 ,9 8 6 6 ,2 6 3 ,0 0 0 7 ,1 8 7 ,8 0 0 6 ,7 5 6 ,7 9 2 7 ,1 7 5 ,4 8 6 6 ,5 3 0 ,8 2 8 6 ,9 2 9 ,0 6 2 6 ,3 9 9 ,0 6 1 7 ,2 6 5 ,6 0 7 5 ,7 5 5 ,2 6 8 7 ,5 3 2 ,9 0 0 7 ,8 0 4 ,8 9 6 5 ,8 0 9 ,5 4 2 5 ,6 7 4 ,7 9 5 .7,8 2 7 ,0 7 5 8 ,0 8 9 ,1 6 2 6 ,3 6 7 ,4 1 3 8 ,5 2 6 ,5 1 0 6 ,2 9 9 ,0 1 9 6 ,0 2 3 ,4 1 5 8 ,5 6 5 ,6 4 7 6 ,2 6 8 ,7 4 5 8 ,6 5 8 ,1 8 5 8 ,4 6 7 ,0 0 0 5 ,7 5 7 ,0 0 0 8 ,4 4 5 ,7 3 4 6 ,1 1 2 ,0 2 3 8 ,1 3 2 ,3 5 6 5 ,6 7 5 ,3 6 7 7 ,6 9 3 ,9 8 9 5 ,5 9 9 ,4 5 7 7 ,5 3 7 ,7 2 8 5 ,9 5 2 ,8 4 4 7 ,6 3 2 ,5 6 2 7 ,8 3 7 ,5 4 8 7 ,9 3 2 ,0 8 2 7 ,7 2 8 ,7 6 6 7 ,5 7 2 ,4 3 4 7 ,7 9 7 ,6 5 9 7 ,6 5 8 ,8 5 8 7 ,8 3 6 ,1 0 0 7 ,5 8 3 ,0 6 9 7 ,4 3 5 ,6 9 0 7 ,6 8 0 ,5 6 4 7 ,6 6 3 ,7 0 7 8 ,0 4 3 ,4 3 7 8 ,6 1 3 ,3 3 7 9 ,4 2 3 ,0 7 8 6 ,2 8 7 ,3 9 7 6 ,2 6 7 ,7 6 9 6 ,4 9 3 ,8 8 6 6 ,5 6 5 ,2 0 8 7 ,0 6 4 ,2 8 5 7 ,8 4 1 ,1 0 9 7 ,4 7 4 ,1 8 7 7 ,4 7 0 ,6 6 6 7 ,3 4 8 ,9 3 4 7 ,4 7 2 ,2 0 0 7 ,2 4 1 ,0 4 7 7 ,2 5 1 ,2 7 1 6 ,9 8 2 ,4 5 4 7 ,1 2 6 ,0 4 1 6 ,5 1 3 ,1 0 9 BANKS. Deposits. $1 1 ,4 6 5 ,2 6 3 1 1 ,5 1 2 .7 6 5 1 1 ,5 4 7 ,6 9 7 1 2 ,1 9 5 126 1 1 ,9 0 4 ,6 1 9 1 1 ,8 8 9 ,3 4 2 1 2 ,0 1 4 ,6 0 5 1 1 ,8 3 0 ,5 3 2 1 2 ,2 5 3 ,2 8 2 1 2 ,6 9 1 ,5 4 7 1 2 ,4 1 3 ,1 9 1 1 3 ,2 0 1 ,5 9 9 1 3 ,4 2 2 ,3 1 8 1 3 ,7 8 4 ,6 5 6 1 4 ,6 8 2 ,1 7 5 1 5 ,0 6 8 ,1 7 8 Due banks. 4 ,4 5 3 ,3 0 4 4 ,3 4 9 ,6 7 6 4 ,4 1 4 ,1 6 0 4 ,1 7 3 ,7 1 0 3 ,6 3 1 ,7 2 1 2 ,9 6 7 ,9 3 3 2 ,7 7 6 ,6 6 5 2 ,6 4 5 ,6 6 2 2 ,7 2 6 ,1 2 4 2 ,7 8 2 ,0 8 5 2 ,8 4 9 ,7 3 0 2 ,9 4 5 ,1 8 5 3 ,0 5 6 ,1 8 1 3 .1 7 8 ,8 5 5 3 ,0 7 1 ,6 0 3 2 ,8 0 4 ,0 9 5 Journ al o f B anking, Currency, and F inance. May 3 . . . . May 1 0 . . . . May 1 7 . . . . May 2 4 . . . . May 3 1 . . . . June 1 . . . . June 1 4 . . . . June 2 1 . . . . June 2 8 . . . . July 6 . . . . J uly 1 2 . . . . July 1 9 . . . . July 2 6 . . . . Aug. 2 ----Aug. 9 . . . . Aug. 1 6 . . . . Aug. 23___ Aug. 3 0 . . . . Sept. 4 . . . . Sept. 1 3 . . . . Sept. 2 0 . . . . Sept. 2 7 . . . . Oct. 4 __ _ Oct. 11___ Oct. 18___ Oct. 25___ Noy. 1 . . . . Nov. 8 . . . Nov. 1 5 . . . . Nov. 22 . . . Nov. 29___ Dec. 6 . . . . Loans.. 22,243,824 22,190,934 22,592,841 22,969,576 23,103,418 23,542,751 23,796,085 23,803,903 24,060,708 24,311,928 23,783,792 24,555,873 24,570,778 24,524,569 24,542,291 24,829,767 24,913,526 24,843,131 24,988,251 24,903,328 24,972,044 25,138,137 25,248,410 25,242,857 25,436,147 25,225,000 25,463,417 25,881,978 26,243,675 26,236,924 26,152,600 26,195,509 Specie. 7,027,712 7,143,628 7,019,204 6,963,371 7,031,756 6,985,208 7,055,188 6,873,971 6,664,681 6,835,877 6,399,754 6,868,596 6,956,440 7,070,145 6,882,660 6,375,520 6.605,882 6,476,406 6,635,856 6,704,753 6,853,374 6,909,985 7,139,461 7,102,950 7,261,211 7,361,906 7,581,340 7,637,257 7,407,648 6,800,132 6,635,382 6,439,795 NEW Oct. Dec. Jan. 1 7 .. 1 2 .. 2 .. 9 .. 1 6 .. 2 3 .. 8 0 .. 6 .. 1 3 .. 20. Short loans. . $ 1 9 ,2 0 0 ,5 8 3 . 1 8 ,0 6 9 ,0 8 8 . 1 8 ,1 4 9 ,4 5 6 . 1 4 ,8 7 3 ,4 0 4 . 1 4 ,8 0 4 ,3 2 0 . 1 4 ,5 5 9 ,1 3 1 . . . . 2 7 .. . March 6 . . . 1 3 .. . 2 0 .. . 2 7 .. . April 3 . . . 1 0 .. . 1 7 .. . 2 4 .. . May 1 . . . 8 .. . 1 5 .. . 2 2 .. . 2 9 .. . June 5 . . . 1 2 .. . 1 9 .. . Feb. 1 4 ,6 7 4 ,2 1 7 14,4 9 0 ,0 0 1 1 4 ,9 3 7 ,3 0 7 1 4 ,8 9 0 ,3 5 1 1 5 ,0 6 2 ,0 5 8 1 5 ,8 3 2 ,1 8 1 1 5 ,8 8 8 ,3 4 7 1 5 ,9 3 7 ,9 2 4 1 6 ,1 5 7 ,9 9 8 1 6 ,6 4 1 ,5 5 4 1 6 ,4 8 1 ,2 4 9 1 6 ,4 8 0 ,5 4 7 1 6 ,0 9 4 ,7 2 1 1 5 ,9 3 3 ,0 4 6 1 5 ,4 5 9 ,4 3 5 14,9 5 8 ,4 0 1 1 4 ,7 7 2 ,1 7 3 1 4 ,2 5 0 ,6 2 9 1 3 ,5 2 1 ,5 3 4 1 2 ,8 2 S ,7 2 1 1 2 ,3 7 4 ,1 2 3 Circulation. 2,329,617 2,406,482 2,351,709 2,410,181 2,436,527 2,406,568 2,387,886 2,365,435 2,389,252 2,431,181 2,422,411 2,548,945 2,614,345 2,505,278 2,534,652 2,522,540 2,505,899 2,460,645 2,520,501 2,572,275 2,597,781 2,591,549 2,677,116 2,804,030 2,748,492 2,728,580 2,642,004 2,687,878 2,696,079 2,738,490 2,632,663 2,721,111 Deposits. 15,589,713 15,260,858 15,548,237 15,354,423 15,726,640 15,776,251 15,883,306 15,867,904 16,356,129 16,566,846 15,898,464 16,937,535 17,196,794 17,533,780 17,054,076 16,929,656 16,848,980 16,961,496 17,426,777 17,138,243 17,264,823 17,509,605 17,506,426 17,224,619 17,239,952 17,241,249 17,390,903 17,472,897 17,160,609 16,760,023 16,630,268 16,683,561 9i Due banks. 2,610,000 2,754,973 3,055,076 3,221,858 3,211,889 3,380,477 3,565 213 3,504,300 3,101,201 2,986,297 3,369,430 3,351,204 3,291,107 3,234,866 3,176,333 3.378,351 3,421,217 3,446,195 3,370,165 3,405,537 3,187,622 3,020,702 3,244,940 3,465,323 3,380,724 3,445,086 3,555,971 3,991,605 3,790,303 ORLEAN S BANKS. Specie. Circulation. $ 3 ,2 3 0 ,3 2 0 $ 6 ,1 9 6 ,4 5 9 8 ,8 4 1 ,3 7 0 4 ,1 4 8 ,8 5 9 1 0 ,5 0 5 ,1 8 3 4 ,5 3 5 ,9 5 1 1 0 ,6 2 6 ,2 6 0 4 ,7 7 8 ,5 3 9 1 0 ,5 9 2 ,6 1 7 4 ,7 9 7 ,7 4 6 1 0 ,6 9 3 ,3 3 0 4 ,7 6 7 ,8 1 6 1 0 ,8 4 4 ,2 4 6 4 ,8 0 3 ,0 7 1 1 1 .1 8 7 ,8 9 8 5 ,0 3 7 ,9 0 6 1 1 ,1 1 0 ,7 6 3 5 ,1 0 0 ,9 1 6 6 ,2 5 4 ,1 8 1 1 1 ,0 6 5 ,5 9 7 1 1 ,0 6 1 ,8 3 2 5 ,5 2 4 ,2 0 9 1 0 ,9 6 7 ,2 2 5 6 ,0 0 5 ,7 0 9 1 0 ,9 7 8 ,7 5 9 6 ,2 9 9 ,9 5 7 1 0 ,8 9 7 ,8 6 6 6 ,6 5 4 ,4 3 4 1 0 ,9 4 7 ,6 3 6 7 ,0 6 8 ,2 4 0 1 0 ,8 4 8 ,6 0 5 7 ,5 7 2 ,0 9 4 1 0 ,9 6 2 ,5 7 0 7 ,6 9 2 ,6 3 4 1 0 ,8 5 4 ,0 1 2 7 ,6 8 5 ,5 3 9 1 0 ,7 9 8 ,4 5 5 7 ,8 2 8 ,3 9 9 1 0 ,8 9 2 ,4 5 3 7 ,9 4 5 ,3 3 4 1 0 ,6 1 5 ,5 3 0 8 ,0 2 3 ,4 2 9 1 0 ,4 7 8 ,6 7 5 7 ,9 7 2 ,5 9 9 7 ,9 5 4 ,8 2 9 1 0 ,3 9 4 ,6 3 8 1 0 ,2 9 9 ,1 3 5 7 ,9 1 6 ,8 5 8 1 0 ,2 5 7 ,1 7 1 7 ,9 6 5 ,4 8 4 7 ,9 4 3 ,8 1 9 1 0 ,3 1 2 ,2 3 7 1 0 ,2 0 8 ,9 0 0 7 ,6 4 5 ,8 4 4 Deposits. Exchange. $ 7 ,4 4 2 ,1 4 2 $ 2 ,2 9 7 ,3 4 8 9 ,9 9 3 ,3 7 0 2 ,8 3 8 ,8 7 8 1 1 ,9 4 8 ,9 0 5 4 ,1 1 4 ,6 2 2 1 1 ,7 6 4 ,5 9 3 4 ,6 7 5 ,0 2 8 1 2 ,3 2 8 ,8 0 8 5 ,0 9 5 ,7 7 1 1 2 ,5 7 3 ,1 7 3 5 ,2 0 1 ,3 6 8 1 2 ,6 7 8 ,6 9 6 5 ,2 4 9 ,1 3 6 1 4 ,5 3 9 ,4 0 8 6 ,9 3 4 ,7 8 1 1 4 ,3 6 8 ,8 3 5 6 ,6 2 4 ,6 5 7 1 4 ,6 4 0 ,9 7 6 7 ,1 2 4 ,4 7 7 1 4 ,8 9 4 ,7 1 4 7 ,6 2 3 ,2 5 2 1 5 ,2 0 1 ,9 0 9 7 ,9 1 9 ,6 0 5 1 5 ,4 2 1 ,4 9 9 8 ,2 2 0 ,0 0 0 1 5 ,7 6 5 ,0 8 4 8 ,7 7 6 ,6 2 1 1 5 ,7 9 2 ,5 5 4 8 ,8 8 0 ,7 9 8 1 5 ,4 5 3 ,8 5 0 9 ,1 4 7 ,7 0 9 1 5 ,6 5 8 ,1 8 2 9 ,3 2 1 ,3 5 2 1 5 ,6 4 0 ,9 4 8 9 ,0 3 5 .5 2 2 1 5 ,5 8 9 ,1 5 1 9 ,2 2 1 ,2 7 7 1 6 ,6 8 1 ,5 9 3 8 ,7 5 4 ,1 4 0 1 6 ,3 8 6 ,5 2 9 9 ,1 5 9 ,8 4 8 1 5 ,0 3 5 ,1 8 2 9 ,4 1 8 ,1 5 1 1 5 ,0 9 6 ,5 2 8 9 ,1 8 4 ,2 7 1 1 4 ,6 4 8 ,1 6 4 8 ,8 9 9 ,1 7 0 1 6 ,0 0 7 ,9 3 9 8 ,2 6 9 ,2 6 0 8 ,5 3 3 ,9 6 4 1 5 ,4 6 4 ,3 4 7 1 5 ,7 1 4 ,3 0 2 8 ,7 2 0 ,2 5 7 Distant balances. $ 8 9 7 ,5 5 1 8 1 6 ,1 3 2 1 ,5 9 0 .0 7 2 1 ,3 4 9 ,7 8 1 1 ,5 5 2 ,8 5 5 1 ,4 5 9 ,8 6 1 1 ,3 7 9 ,9 0 S 1 ,2 5 6 ,8 1 5 1 ,2 8 3 ,6 0 9 1 ,2 7 4 ,0 3 4 1 ,3 2 7 ,7 5 0 1 ,3 7 8 ,8 4 6 1 ,3 4 7 ,6 2 3 1 ,1 7 2 ,5 5 2 1 ,2 7 1 ,0 8 4 1 ,6 6 4 ,6 1 4 1 ,4 1 0 ,3 4 9 1 ,3 8 1 ,5 2 7 1 ,4 7 3 ,9 9 4 1 ,2 6 3 ,8 8 2 1 ,1 1 2 ,1 8 8 1 ,4 2 9 ,6 6 0 1 ,2 6 6 ,1 4 0 1 ,3 6 8 ,5 3 1 1 ,1 0 2 ,6 4 8 1 ,0 0 9 ,3 7 0 1 ,1 1 9 ,3 1 7 92 J ou rn al o f B anking , C urrency , and Finance. June 26. July 8 . . 10.. 1 7 .. 2 4 .. 8 1 .. Aug. 7. 1 4 .. 21. . 2 8 .. Sept. 4 .. 11. 1 8 .. 25. Oct. 4. 9. 1 6 .. 23. 80. Nov. 6. 13. 2 0 .. 2 7 .. Dec. 4. Short loans. Specie. Circulation. Deposits. Exchange. Distant balances. 12,890,984 12,291,555 12,116,486 11,981,985 11,985,231 12,011,616 12,452,664 12,883,216 13,516,161 14,196,661 14,892,969 15,323,750 16,121,809 16,864,950 17,470,301 17,689,981 17,988,170 18,266,049 18,545,880 18,107,801 18,193,911 17,868,682 18,062,660 18,618,026 10,423,080 10,676,674 10,755,126 10,877,768 10,936,870 10,992,148 10,835,005 10,912,975 10,806,910 11,173,021 11,285,308 11,621,848 11,304,474 11,299,625 11,163,318 11,317,465 11,473,772 11,678,670 12,177,863 12,540,982 13,025,597 13,934,292 14,421,314 14,923,536 7,323,034 7,962,959 7,671,824 7,452,104 7,334,414 7,231,739 7,135,389 7,024,587 6,860,289 6,731,599 6,828,889 6,853,324 6,704,604 6,638,594 6,722,197 6,802,860 6,902,184 7,004,259 6,985,839 7,055,717 7,010,884 6,990,619 7,233,244 7,825,629 15,676,134 16,013,100 14,114,217 14,078,294 13,864,925 15,262,173 15,200,271 13,564,756 13,164,598 13,343,938 14,636,311 13,684,268 13,682,634 13,931,777 16,161,514 15.373,011 15,647,690 16,181,041 17,315,282 17,365,047 20,528,777 19,342.662 20,753,728 21,306,450 8.110,788 7,890.863 6,970,157 7,427,930 6,348,192 6,053,229 5,844,132 5,263,035 4,652,889 4,081,875 3,858,326 3,855,010 3,654,192 3,890,649 4,899,449 5,657,057 6.165,398 6,775,262 7,415,987 8,000,117 8,574,969 9,036,848 9,886,479 9,759,156 1,034,117 1,061,242 1,192,675 1,244,213 1,336,398 1,402,012 1,547,831 1,327,951 1,258,843 1,185,562 1,189,616 1,220,262 993,280 1,120,727 1,226,565 1,351,648 1,556,595 1,694,868 1,840,370 1,916,922 1,995,961 2,172,335 2,269,507 2,122,447 Deposits. Due banks. P IT T S B U R G BAN K S. Loans. April 12 19 26 3 May 10. 17. 24. 31. June 7. 14. 21. 28. July 5. 12 19. 26. •? Aug 7 14 21 28 Sept 5 13 20 27 Oct. 4 11. 18. 25. Nov. 1. 8 15. 22. 29. Dec. 6. IS. ........ ........ ......... 5,570,585 5,611,689 5,784,492 ......... 5,769,868 ......... 5,836,952 ......... 6,077,608 ......... . ... 5,975,821 5,940,451 ......... 6,089,536 ......... ......... ......... ......... ......... ........ ......... ......... ......... ......... 6,096,979 6,034,370 6,075,227 6,059,315 6,039,272 6,075,883 6,106,381 6,213,928 6,344,180 6,572,381 Specie. Circulation. 1,220,683 1,221,195 1,192,216 1,171,627 1,191,663 1,175,334 1,212,178 1,207,637 1,218,342 1,223,759 1,266,195 1,246,588 1.229,383 1,249,398 1,256,026 1,198,767 1,236,485 1,257,921 1,266,621 1,257,173 1,261,195 1,273,341 1,272,874 1,302,584 1,445,575 1,481,217 1,571,879 1,543,958 1,324,219 1,322,359 1,334,177 1,325,975 1,338,038 1,325,001 1,308,530 $1,287,095 1,291,091 1,319,416 1,360,551 1,365,651 1,373,401 1,371,586 1,394,146 1,426,586 1,385,926 1,866,481 1,377,096 1,436,651 1,458,776 1,475,351 1,439,916 1,423,669 1,378,231 1,428,856 1,452,751 1,435,516 1,470,741 1,456,763 1,495,741 1,506,073 1,540,098 1,515,198 1,540,453 1,578,523 1,525,723 1,554,168 1,619,172 1,748,172 1,843,703 2,066,953 2,071,813 $1,305,294 1,345,062 1,404,750 1,504,549 1,585,182 1,491.620 1,464,767 1,467,849 1,540,926 1,556,862 1,571,589 1,630,570 1,699,196 1,691,758 1,720.691 1,708,210 1,730,650 1,788,792 1,818,617 1,887,579 1,884,917 1,858,072 1,916,852 1,842,590 1,835,375 1,908,049 1,913,592 1,878,953 1,940,501 1,924,691 1,985,183 1,965,034 1,895,792 1,866,434 1,843,817 1,802,214 $70,236 87,713 84,171 40,312 74,491 111,260 124,044 88,896 90,334 108,994 134,480 125,743 85,698 157,608 165,257 188,551 188,242 136,835 57,411 182,413 181,392 142,215 162,709 159,734 178,532 138,940 124,605 154,592 179,738 168,676 188,122 186,794 171,190 189,455 178,455 165,243 93 J ou rn a l o f B anking, C urrency, and F inance. ST. LOUIS BANKS. April 10........ . 17 . . . . 24........ May 8 ........ 15........ 22........ 29 ........ June 5 ....... 12........ 19........ 26........ July 3 ........ 10____ 17........ 24........ 31........ Aug. 7. . . . 14........ 21____ 28____ Sept. 4 ____ 11........ 18____ 25 ___ Oct. 4 ____ 9 ____ 16___ 23___ 30___ Noy. 6 . . . . 13____ 2 0 ____ 2 7 .... Dec. 4 ___ 1 1 .... P R O V ID E N C E Loans. Jan. 11........ Mar. 15........ Apr. 5 ........ 19........ May 3 ......... 17......... June 7 ......... June 21......... J uly 5 ......... July 19........ Aug. 2 ........ Sept. 6 ........ Oct, 4 ........ Nov. 1 ........ Dec. 6 ........ $17,701,725 16,925,349 17,037,949 17,169,822 17,203,225 17,054,877 17,060,695 17,345,487 17,653,908 17,8ri7,068 17,780,220 17,121,639 17,685,831 17,784,851 18,075,083 Exchange. Circulation. Specie. $1,255,694 1,161,065 1,250,295 1,369,316 1,494,025 1,547,938 1,548,531 1,657,119 1,471,190 1,459,735 1,417,340 1,523,179 1,445,704 1,490,876 1,494,116 1,487,256 1,531,723 1,609,067 1,695,299 1,766,798 1,734,169 1,848,603 1,970,955 2,033,244 2,016 967 2,696,873 2,198,824 2,179,916 2,141,285 2.156,499 2,378,495 2,588,535 2,682,170 2,922,073 3,149,839 $1,788,970 1,793,945 1,832,915 1,240,431 1,864,960 1,825,810 1,921,475 2,087,890 2,101,405 2,161,985 2,005,505 2,246,835 2,260,560 2,190,955 2,161,370 2,159,540 2,079,225 1,932,160 1,882,625 1,943,735 1,975,760 1,928,710 1,650,430 1,525,180 1,452,893 1,463,690 1,398,925 1,556,780 1,515,975 1,561,025 1,618,255 1,843,625 1,973,025 2,083,275 2,086,035 $1,673,628 1,720,728 1,770,882 1,959,823 2,161,503 2,225,285 2,396,027 2,452,141 2,536,707 2,465,372 2,434,398 2,320,758 2,315,635 2,322,245 2,238,498 2,169,387 2,108,988 2,081,197 2,026,841 2,043.783 1,995,312 1,885,317 1,708,042 1,668,182 1,736,080 1,596,531 1,549,076 1,522,221 1,689,802 1,671,161 1,591,763 1,650,676 1,772,615 1,731,998 1,747,061 D ueotb.b’ks. BANKS. Specie. Circulation. Deposits. $565,553 520,828 591861 664,033 566,869 567,024 577,863 573,317 523,691 466,266 444,165 175,635 414,331 435,854 426,864 $1,552,822 1,310,787 1,409,695 1,483,226 1,393,553 1,451,356 1,555,717 1,604,850 1,810,047 2,039,911 1,921,812 1,420,455 1,898,902 1,920,530 1,993,552 $2,025,956 1,903,082 1,946,998 1,965,316 2,068,335 2,062,597 2,088,873 1,988,496 2,402,956 2,079,183 2,022,092 935,593 2,100,328 2,339,930 2,340,355 $1,338,435 1,043,930 1,080,817 996,961 1,089,333 1,131,176 1,208,543 1,170,711 1,010,101 1,145,364 1,095,396 958,242 893,863 1,068,233 1,114,195 ASSESSED VALUATION OF ALBANY. The assessed valuation of real and personal property of the city and county of Albany for the year 1858 is as follows :— Real. Personal. Total. Towns....................................... City............................................ $11,445,443 00 19,486,017 57 $1,832,391 00 6,477,850 54 $13,277,724 00 25,963,922 11 Total............................. $30,931,504 57 $8,310,141 54 $39,241,646 11 94 J ourn al o f B anking, Currency, and F inance. BASKS OF SOUTH CAROLINA, The following is a comparative return of the banks of South Carolina, Octo ber 31 L IA B IL IT IE S . 1857. 1858. Capital................................................................... Circulation.............................................................. Profits.................................................................... Due banks............................................................. Deposits................................................................. Due State............................................................... Other item s.......................................................... $14,837,642 7,105,170 1,847,500 2,880,724 2,839,284 3,321,000 194,418 $14,888,451 6,777,260 1,881.151 3,083,017 3,333,240 3,073,894 152,620 93 89 14 94 62 31 36 T ota l.......................................................... $33,005,740 $33,189,637 19 Specie...................... Eeal estate............................................................. Banknotes.............................................................. Due from banks.................................................... Discounts................................................................ Domestic exchange............................................... Foreign exchange................................................ Bonds...................................................................... Stocks.................................................................... Suspended debt.................................................... Branches................................................................. State...................................................................... Other items............................................................ $999,397 680,260 366,27 5 762,350 12,521,803 10,265,530 231,553 1,404,768 ............... 1,240,201 1,750,423 94,986 698,076 $1,953,047 99 677,781 47 411,16 6 44 1,696,887 36 12,648,183 93 8,011,133 27 232,634 23 1,228,750 09 1,861,261 22 1,544,594 03 1,681,733 94 140,336 08 1,102,127 15 Total........................................................... $33,005,740 $33,189,637 19 RESOURCES. The change is not material under the influence of the panic. DEBT AND FINANCES OF GEORGIA. From the report of the Controller-General of the State of Georgia we learn that during the fiscal year ending October 21,1858, the receipts into the Treas ury of that State were— On account o f general tax........................................................................... Net earnings of Western and Atlantic Railroad...................................... Bank tax.......................................................................................................... Bank dividends............................................................................................... Railroad ta x................................................................................................... Sale of bonds to the Atlantic and Gulf Railroad................................... Miscellaneous............................................................. $390,897 20 200,000 00 31,120 11 29,575 00 6,204 94 100,000 00 5,775 88 Total................................................................................................... Add balance of available funds from previous year................... $763,578 13 112,262 16 T o t a l...................................................................................... And the disbursements were, (including subscription of $100,000 to the Atlantic and Gulf R ailroad............................................................. Leaving available funds in the Treasury...................................... $875,835 29 745,480 64 $130,354 65 To meet the balance unpaid on the appropriations of 1858, amounting to $110,130 43. The payments into the treasury from the net earnings of the West ern and Atlantic Railroad were $200,000 ; in 1857, $108,500, showing an in crease of §91,500. It is estimated that the receipts into the treasury from this source alone, during the coming year, will not be less than §300,000. The re ceipts into the Treasury from all sources, during the coming year, are estimated J ourn al o f B anking, Currency, and Finance. 95 at $767,906 10; and the expenditures, §548,575—allowing §50,000 for miscel laneous or extraordinary appropriations; so that, after reducing the public debt §45,000, paying the interest on the same, as well as meeting all the ordinary de mands upon the treasury, there will still be a surplus of §219,325 10 to apply to a further reduction of the debt, to education, or any other purpose the Legisla ture may direct. The public debt in bonds now amounts to §2,630,500, which will be increased to §3,530,000, when the remainder (§900,000) of the bonds for the subscription to the Atlantic and Gulf Railroad are issued. The following will show the character and amount of the various bonds, and when due:— _ _ _ _ _ _ _ _ _ _ 1 8 5 9. .. .7 per cent Central Bank bonds .. 1860___ “ “ “ 1861___ “ “ “ .. 1S62___ “ “ “ .. 1863 . . . “ “ “ 1864 “ “ “ 1862 __________ 7 per cent bonds for railroads, etc. 1862_____6 “ “ “ 1863 6 “ “ “ I 860_____6 “ “ “ 1868_____6 “ “ “ 5 “ “ “ sterling bonds 1868 1869 6 “ “ “ 1870 6 “ “ “ 1871 7 “ “ “ 1872 7 “ “ 1872 6 “ “ “ 1873 6 “ “ “ 1874 7 “ “ “ 1874_____6 “ “ 6 “ “ “ 1878____ T o t a l.................................................... To be issued, payable twenty years after date T o ta l........................................................................................ $45,000 40.000 10.000 22.500 48.500 75.000 100,000 20.000 62.500 47.500 216.500 72.000 283.500 153.500 162,260 104,750 625.500 180,000 181,600 80.000 100,000 $2,630,500 900,000 $3,530,500 Except the bonds issued, (bearing 7 per cent.) to pay the liabilities of the Central Bank, amounting in all now to §241,000, and which are annually falling due in comparatively small sums, there will be no State bonds due sooner than 1862. There are, however, §289,500 of State bonds issued in 1848 for the ben efit of the railroad, and not due until 1863 and 1868, but the State, in issuing them, having reserved to itself the right to redeem them and stop interest at any time after ten years, these bonds can now be redeemed at any time the State chooses to do so. There are also §200,000 7 per cent bonds, issued in 1852, to pay for railroad iron—§100,000 are due in 1862, and the State also reserved to itself the right to redeem the §200,000 in 1862, if it desired to do so. The assessed valuation of the, property of the State, exclusive of bank and railroad capital, is §539,055,114, which is an increase of §11,226,151 in one year. The number of slaves is 432,124, valued at §227,468,927. This is an in crease of 5,558 since 1857. VALUATION OF BUFFALO, NEW YORK, The following is the equalized valuation for 1858 :—Real estate, §30,279,228 ; personal, §6,182,230 ; total, §36,461,448. 96 Statistics o f Trade and Commerce. STATISTICS OF TRADE AND COMMERCE. GENERAL STATISTICS OF NORTH AMERICA. E X H IB IT IN G THE FOR THE T E A R A R E A , P O P U L A T IO N , C O M M E R C E , R E V E N U E , E T C ., O F 1855. C O M P IL E D FROM EACH GOVERNMENT O F F IC IA L A N D O T H E R A U T H E N T IC SOU RCES B Y R I C H A R D S . F IS H E R . AREA AND P O P U L A T IO N . Russian America........................... Hudson’s Bay Territory,* British. Vancouver’s Island, “ Canada, “ New Brunswick, “ Nova Scotia, “ Prince Edward Island, “ Newfoundland, “ St. Pierre and Miquelon, French. United States of America........... United States of M exico............ British Honduras......................... Guatemala, Central America...... Honduras, “ ... Salvador, “ ... Nicaragua, “ ... Costa Rica, “ ... Mosquitia, “ Greenland and Danish colonies... Other Northern lands.................... Total.................................... Area, square miles. 4 8 1 ,2 7 6 2 ,4 3 6 ,0 0 0 3 5 7 ,8 2 2 2 7 .7 0 4 1 8 ,7 4 6 2,184 3 5 ,9 1 3 118 2 ,9 6 3 ,6 6 6 8 0 2 ,4 1 6 1 8 ,6 0 0 4 3 ,3 8 0 3 9 ,6 0 0 9 ,6 0 0 4 9 ,5 0 0 1 3 ,5 9 0 1 0 ,0 0 0 3 8 0 ,0 0 0 6 0 0 ,0 0 0 ? Population. 8 0 ,0 0 0 1 0 0 ,0 0 0 1 8 ,0 0 0 2 ,5 7 1 ,4 3 7 2 1 3 ,1 8 7 3 0 3 ,7 2 9 6 9 ,2 5 9 1 0 9 ,7 1 1 2 ,2 2 6 2 7 ,2 3 7 ,5 1 0 7 ,8 5 9 ,5 6 4 1 1 ,0 6 6 9 7 1 ,4 5 0 3 5 0 ,0 0 0 3 9 4 ,0 0 0 2 5 7 ,0 0 0 1 0 0 ,0 0 0 6 ,0 0 0 1 0 ,0 0 0 6 ,0 0 0 ? 8 ,3 0 7 ,0 6 5 4 0 ,6 7 0 ,1 3 9 17 ,0 0 0 TO TAL COM M ERCE OF EACH Populat’n sq. miles. 0 .1 8 0 .0 4 1 .0 7 7 .1 8 7 .6 9 1 6 .2 3 3 2 .4 1 3 .0 6 1 8 .8 6 9 .1 9 9 .7 9 0 .5 9 2 2 .3 9 8 .9 0 4 1 .0 4 6 1 .9 2 7 .3 6 0 .6 0 0 .0 3 0 .0 1 4 .8 9 CO U N TRY. Exports. Canada................................................................. New Brunswick................................................... Nova Scotia, ( 1 8 5 2 f)........................................ Prince Edward Isla n d ...................................... Newfoundland... ................................................. $28,188,461 4,416,862 3,883,124 1,281,104 6,703,985 Imports. $ 3 6 ,0 8 6 ,1 6 8 8 ,2 7 5 ,0 9 3 4 ,7 7 6 ,7 0 2 1 ,0 9 4 ,6 6 2 6 ,3 5 8 ,1 2 0 Total British colonies.. United S tates..................... M exico^............................... British Honduras................. Guatemala................ ........... Honduras.............................. Salvador............................... N icaragua........................... Costa Rica............................ Other States and countries; $ 4 4 ,4 7 3 ,5 3 6 2 7 5 ,1 5 6 .8 4 6 2 0 ,0 0 0 ,0 0 0 2 ,0 5 7 ,4 1 5 1 ,0 7 6 ,9 7 3 7 4 5 ,9 0 1 1 ,2 8 5 ,4 8 5 9 5 8 ,5 7 2 1 ,3 5 1 ,7 7 9 2 ,5 0 0 ,0 0 0 $ 5 6 ,5 9 0 ,7 0 9 2 6 1 ,4 6 8 ,5 2 0 2 0 ,1 5 7 ,0 0 0 9 7 4 ,3 8 9 1 ,0 6 5 ,8 1 6 9 3 7 ,2 8 9 1 ,0 4 6 ,7 2 0 9 7 2 ,8 5 1 1 ,2 6 7 ,3 8 7 1 ,5 0 0 ,0 0 0 $ 3 4 9 ,6 0 6 ,5 0 7 $ 3 4 6 ,9 8 0 ,6 8 1 Total*§ * All of this territory west of the Rocky Mountains and south o f the 55th parallel o f latitude has been erected into a new colony, under the title of British Columbia. It contains Frazer River, on which extensive gold fields have been recently discovered. t These returns are the latest in possession o f the compiler. Probably the values for 1855 were 50 per cent additional. X On the authority o f the “ Almanac de Gotha,” 1858. § In this summary arc included Russian America, the Hudson Bay Company’s territories, Dan ish Greenland, the French fisheries, and Mosquitia. The compiler has searched in vain for specific information on the commerce of these couutries, and hence has been forced to adopt a reasonable estimate. Statistics o f Trade and Commerce. COMMERCE OF THE U N IT E D STATES W IT H OTHER N ORTH 97 A M E R IC A N Imports into United States. $ 1 2 ,1 8 2 ,3 1 4 2 ,9 5 4 ,4 2 0 1 3 9 ,8 5 4 2 ,8 8 2 ,8 3 0 3 3 9 ,9 7 4 2 8 6 ,4 0 9 Canada........................... Other British possessions. St. Pierre and Miquelon. United States of Mexico British Honduras........... Central American States. ST A T E S. Exports from United States. $ 1 8 ,7 2 0 ,3 4 4 9 ,0 8 5 ,6 7 6 1 8 6 ,5 2 5 2 ,9 2 2 ,8 0 4 5 2 2 ,9 5 9 1 ,2 6 2 ,1 7 0 Total.............................. $32,700,478 RECEIPTS, EXPENDITURES, AND PUBLIC DEBTS. Receipts. Canada...................................... New Brunswick....................... Nova Scotia............................... Prince Edward Island............. Newfoundland.......................... ___ United States............................ M exico...................................... Guatemala................................. Honduras*................................ Salvador.................................... Nicaragua*............... ................ Costa R ica ................................ ___ A ll other States, etc............... 324,029 591,156 Expenditures. $4,445,856 830,892 509,117 141,071 309,971 66,209,922 12,000,000 1,024,358 160,000 619,348 105,000 531,899 1,000,000 Debts. $17,242,644 211,519 351,559 71,756 414,876 39,969,731 133,524,242 1,200,000 761,000 883,695 S00,000 300,000 Total.................................. ___ $87,887,434 $82,219,483 Add debts of the several States of the United States............. $195,730,922 192,026,298 Grand total....................................................................... $387,757,220 The amount of debts exhibits only the absolute indebtedness of the various States, etc. Several have also contingent debts, being guaranties issued on ac count of municipalities, public improvements, etc., and for which they are liable on failure of the original parties to the issue. Thus, Canada has a contingent debt of nearly £10,000,000, and to a smaller extent the other British provinces. The total contingent debt of the several States of the Union in 1855 amounted to $44,767,851. The Indian and other annuities of the United States may7 also be considered as debt, but which are provided for by an annual appropriation. C A P IT A L S A N D States and countries. Russian America.............. Hudson’s Bay Territory... Vancouver’s Island.......... Canada............................ New Brunswick.............. Nova Scotia..................... Prince Edward Island.. . . Newfoundland................. St. Pierre and Miquelon... United States of America United States of Mexico . British Honduras. Guatemala.......... Honduras............ Salvador.............. Nicaragua......... Costa Rica......... Mosquitia............ Danish Greenland. T IT L E S O F G O V E R N O R S , E TC. Capital cities. New Archangel........ York Factory.......... Victoria.................. Toronto.................... Frederickton............ Halifax.................... Charlottetown.......... St. John’s................. St. Pierre................ Washington............ Mexico..................... Belize....................... New Guatemala . . . . Comayagua............. Cojutepeque............ Leon........................ San Jose.................. Blewfields............. . Lichtenfels................ * Or authority of the “ Almanac de Gotha,” 1858. V O L . X L .-----N O . I . 7 Governors, etc. .Governor-General. .Manager. .Governor. . Governor-General. .Lieut. Governor. .Lieut. Governor. .Lieut. Governor. .Governor. .Governor. .President. .President. .Superintendent. .President. . President. .President. .President. .President. •King. .Sliftamptrnan. Statistics o f Trade and Commerce. 98 In former numbers we have given similar details respecting the extent, popu lation, commerce, revenue, debts, etc., of the several States and countries of the West Indies and South America for the year 1855. We now proceed to sum up the totals of these several divisions of the Western World, and thus complete the task we have imposed upon ourselves, viz., to exhibit in a connected series for a single year the material statistics of the States involved in the inquiry :— EXTENT AND P O P U L A T IO N . Area, square miles. North America........................................ West Indies............................................. South America....................................... 8,307,065 96,050 6,767,401 Total............................................ 15,170,516 Populat’n to sq. m ile. Population. 40,670,139 3,911,905 19,835,633 64,417,671 4.89 40.71 2.93 4.24 TOTAL COM M ERCE. Exports. Imports. North America........................................ West Indies............................................. South America....................................... 1349,606,507 78,045,761 145,219,350 $346,980,681 71,261,635 132,758,227 Total............................................ $572,871,618 $550,990,543 C O M M E R C E O F T H E U N IT E D S T A T E S W I T H O T H E R ST A T E S, E TC. Exports from United States. Imports into United States. North America........................................ West Indies............................................. South America....................................... $32,700,478 25,966,344 13,455,417 $18,785,801 18,061,963 27,894,126 Total............................................ $72,122,239 $64,741,890 R E C E IP T S A N D E X P E N D IT U R E S . Receipts. Expenditures. North America........................................ West Indies............................................. South America....................................... $82,219,483 21,032,674 69,013,992 $87,887,434 21,665,032 61,748,114 Total............................................ $162,266,149 $171,300,680 P U B L IC IN D E B T E D N E S S . North America................................................................................. West Indies, say............................................................................... South A m erica ................................................................................ $387,757,220 10,000,000 201,585,638 Total...................................................................................... $599,342,858 UNITED STATES COMMERCE FOR 1858. The official figures for the imports and exports of the United States for the fiscal year ending June 30, 1858, have been published, and they compare with former years as follows :— U N IT E D S T A T E S E X P O R T S — T E A R TO JU N E Domestic produce. Foreign produce. United States specie. 1855 $192,751,135 $26,158,368 $53,957,418 1856 266,438,051 14,781,372 44,148,279 1857 278,906,713 14,917,047 60,078,352 1858 251,351,033 20,660,241 42,407,246 Foreign specie. 30. Total specie. Total exports. $2,289,925 $56,247,343 $275,156,846 1,597,206 45,745,485 326,964,908 9,058,570 69,136,922 362,960,682 10,225,901 52,633,147 324,644,421 The exports of domestic produce suffered by the panic, showing a decline of Statistics o f Trade and Commerce. 99 $27,600,000 as compared with the former year, and a diminution as compared with 1856. The re-export of foreign produce was larger than in 1857, but not so large as was accasioned by the pressure of 1855. The exports of specie show the most remarkable result. The effect of the panic was to cause a cessation of the exports of the metals to some extent, and to convert the United States metal into coin instead of bars. The large immigration of the previous years had brought in a good supply of foreign coins in addition to the imports, and these were re-exported, but a large portion of the re-exports of coin were doubloons to Havana, following the course of the sugar market. The United States re mittances in gold bars declined $17,600,000. The aggregate exports of gold, produce, and goods reached as high a sum as ever before, except in 1856. The imports at the port have been, on the other hand, as follows :— U N IT E D 1855. 1856. 1867. 1858. Dutiable. $ 2 2 1 ,3 7 8 ,1 8 4 2 5 7 ,6 8 4 ,2 3 6 2 9 4 ,1 6 0 ,8 3 5 2 0 2 ,2 9 3 ,8 7 5 Free. $ 3 6 ,4 3 0 ,6 2 4 5 2 ,7 4 8 .0 7 4 5 4 ,2 6 7 ,5 0 7 6 1 ,0 4 4 ,7 7 9 STA TE S I M P O R T S . Specie. $ 3 ,6 5 9 ,8 1 2 4 ,2 0 7 ,6 3 2 1 2 ,4 6 1 ,7 9 8 1 9 ,2 7 4 ,4 9 6 Total. $ 2 6 1 ,4 6 8 ,6 2 0 3 1 4 ,6 3 9 ,9 4 2 3 6 0 ,8 9 0 ,1 4 1 2 8 2 ,6 1 3 ,1 5 0 Duties. $ 5 3 ,0 2 5 ,7 9 4 6 4 ,0 2 2 ,8 6 3 6 3 ,8 7 5 ,9 0 5 4 1 ,7 8 9 ,6 2 0 The imports of dutiable goods declined nearly $92,000,000, involving a loss of $22,100,000 in the revenue. This was due partly to the panic, which caused goods to be countermanded, orders to be declined, and consignments withheld, and was also partly due to the new tariff, which came into operation July 1, 1857, that is to say, the commencement of the fiscal year, and which passed under the free list many goods before dutitable, raising the free list by $6,800,000 instead of diminishing it. The import of specie was large, partly of doubloons on their way to Havana, and partly silver drawn from Mexico and Central America into New Orleans. The aggregates show that if the exports declined $38,300,000, the imports declined $98,200,000, or thus :— U N IT E D S T A T E S “ B A L A N C E O F T R A D E .” 1855 1856 1857 1858 ................................................... ................................................... ................................................... ................................................... Imports. $ 2 6 1 ,4 6 8 ,5 2 0 3 1 4 ,6 3 9 ,9 4 2 8 6 0 ,8 9 0 ,1 4 1 2 8 2 ,6 1 3 ,1 5 0 Total.................................. $1,219,611,753 Exports. $ 2 7 6 ,1 5 6 ,8 4 6 3 2 6 ,9 6 4 ,9 0 8 3 6 2 ,9 6 0 ,6 8 2 3 2 4 ,6 4 4 ,4 2 1 $1,289,726,857 Excess exports. $ 1 3 ,6 8 8 ,8 2 6 1 2 ,3 2 4 ,9 6 6 2 ,0 7 0 ,5 4 1 4 2 ,0 3 1 ,2 7 1 $70,115,104 The fiscal year 1858, which ended June 30, commenced with the operation of the present tariff, and also with the development of the panic, which culminated in the middle of October. The course of business in that year therefore furn ishes some points of interest beyond those of ordinary years. I f we analyze the movement of merchandise the results are as follows, as compared with the previous years, exclusive of specie :— 1857. 1858. Imports merchandise............................................ Re-shipments............................................................ $348,428,342 14,917,047 $263,338,654 20,660,241 Net imports...................................................... Domestic produce exported........................... $333,611,295 278,906,713 $242,678,413 251,351,033 Excess imports........................................ Excess exports. . . . .............................. $64,604,582 ................... .................... $8,676,620 100 Statistics o f Trade and Commerce. Thus curiously leaving specie out of the calculation, the apparent balance was in favor of the United States by $8,676,620. It is probable, however, that the produce exported did not realize those invoice values, although American produce was better sustained abroad than were foreign manufactures in this market. If we now compare the specie movement of the two years, we have results as fol lows :— 1857. 1858. Import of specie........................................ $19,274,496 Re-export of specie....... .......................... 10,225,901 Balance import.................................. Export United States specie................ $9,048,595 42,407,246 Net export of specie.................. Thus as the balance on merchandise was for 1857 $54,604,582 against the country, and we exported net $56,675,123, there was still a balance of $2,070,541 due the United States at the close of the year, without taking into account the profits on produce shipped that year, and which must have been large, since cot ton and other produce rose through the year. GENERAL STATISTICS OF JAPAN, Japan, properly speaking, is a large island empire in the North Pacific, off the coast of China, consisting of an archipelago, comprising three large, mountainous, and volcanic islands—Niphon, Kiusiu, and Sikok—and an immense number of smaller islands. Of these lesser islands the principal are Sado, Tsousima, Awadsi, Tanegasima, Yki, Yakesima, and Osima, with the groups Okisima, Gotusimo, and Kosikisim, forming Japan proper ; and the large island of Yesso, north of Typhon, and separated from it by the Straits of Tsugar, or Matsmai, with the south half the island of Tarakai, Krafta or Saghalin, and the larger and more southern Kurile Islands, forming a dependency called the prin cipality Matsumae. The Bonin-Sima and Lew-Chew also form dependencies. The following summary gives the extent of the Japanese Empire, including all these dependencies:—-Area of Japan proper, 116,405 square miles; area of dependencies, 43,312 square miles; total, 163,717. The population is variously estimated at from 15,000,000 to 50,000,000 ; the mean of the two estimates being, perhaps, nearer the truth. The principal or more important towns of the Empire are :— On Niphon—Yedo, (or Jeddo,) Mijako, (or Kio,) &c. On Kiusiu—Nangasaki, Saga, Korkurn. On Sikok—Simoda, Kotsi, Takamutsi, &c. On Yesso— Hokodadi, Matsumae, etc. The interior of the country is unknown to foreigners; but it is represented to be in many parts sterile— agriculture being compulsory, and under a system of sumptuary laws long known to exist in Japan. The natural productions of this vast Empire are various and valuable. Its mineral riches include gold, silver, and copper; sulphur and nitre abound ; coal is found in the greatest abundance; and precious stones, including sapphires, agates, jasper, cornelians, and even diamonds, are obtained in different parts of Japan. Statistics o f Trade and Commerce. 101 The mulberry tree grows in the greatest perfection, and dispenses food to myriads of silk worms. Cloths, stuffs, cordage, &c., are manufactured from the paper tree, (Kadsi.) The varnish tree, (cerusi,) yields a milky juice, employed iu varnish ing articles—an art which has attained to such perfection in Japan, that the English language has adopted the name of the Empire itself to signify the highest perfection in the art of varnishing. Besides these, there are numerous other valuable trees indigenous to Japan, among which may be classed the bay tree, the camphor tree, the fig tree, the cypress tree, all of which are made subservient to the wants and luxuries of the Japanese; and should commercial intercourse ever be freely opened with that Empire, could be made available in supplying most valuable export staples. Hemp, cotton, rice, and every variety of cereals, some of them abounding with superior farina, are extensively and successfully cultivated. Rice is the principal food of the natives, and that raised in Japan is said to be the best grown in all Asia. The silks, muslins, and cotton goods are manufactured with superior skill. In deed, in several branches of handicraft the Japanese have no rivals. This is especially true as respects their ingenious and elegant carving in wood, ivory, pear), and fish-bone. By the laws of Japan, all intercourse is forbidden between the Japanese and foreigners, though for a long period of time the Chinese have been permitted to carry on a limited trade at Nangasaki. The number of junks engaged in the trade yearly is limited to four. The trade consists in the exchange of broadcloths and woolen stuffs for lacquered wares, copper, and other produce, and manu factures. The Dutch have been also permitted to send two vessels annually to this port for purposes of trade. The merchandise imported by the Dutch consists chiefly of wax, spices, ivory, iron bars, quicksilver, glassware, musk, sapan wood, sugar, piece goods, and woolens, which they exchange for copper, camphor, silks, and lacquered goods, wax, pitch, wheat, and Japanese manufactures. KECIPRO CITY, At a meeting of the New York Chamber of Commerce, held in November, the committee appointed to report upon the working of the Canadian Reciprocity Treaty submitted majority and minority reports, the latter of which, presented by Royal Phelps, was finally adopted by the Chamber. In it they say :—Your committee look upon the Reciprocity Treaty with Canada as one of the most important commercial treaties ever made by our gov ernment. The following statistics, taken from official documents, will give the Chamber some idea of the enormous increase in the trade of the two countries since the treaty has been in operation :— E X P O R T S F R O M T H E D. S . TO C A N A D A . Years. 1851 ........................... 1852 .................................... 1853 .................................... 1854 .................................... 1855 .................................... 1866 .................................... Total. $’7,929,140 6,717,064 7,829,099 17,300,706 18,730,344 20,883,241 I M P O R T S FR O M C A N A D A IN T O T H E U. S. Years. 1851 ........................... 1852 .................................... 1853 .................................... 1854 .................................... 1855 .................................... 1856 .................................... Total. $4,926,471 4,589,969 5,272,116 6,721,539 12,182,314 17,488,197 102 Com m ercial R egulations. COMMERCIAL REGULATIONS. AMERICAN TREATY WITH CHINA. We annex the entire treaty made between this government and China:— P reamble.—The preamble declares that the President of the United States and the Emperor of China, being desirous of renewing the obligations of friend ship between the two countries, and of establishing fixed rules for regulating the intercourse of their citizens, have named, on the one side, William B. Keed, Plenipotentiary of the United States, and on the other, Kweiliang and Hwas-hana, Imperial Commissioners, and that said ministers have agreed upon the following articles :— A r t i c l e 1. There shall be permanent peace between the United States of America on the one part, and the Chinese Empire on the other, and between their people respectively. They shall not insult or oppress each other for trifling causes ; and if any other nation should have differences with the Chinese Empire, or act injudiciously towards them, the United States will exert their good offices to bring about an amicable adjustment of such differences. A rt . 2. To perfect this friendship it is agreed that, upon its ratification, this treaty shall be kept for safe preservation. The original treaty, as ratified by the President and Senate of the United States, shall be deposited at Pekin, in cus tody of the Privy Council; as ratified by the Emperor of China, it shall be de posited at Washington, in custody of the Secretary of State. A rt . 3. In order that the people of the two countries may know and obey the provisions of the treaty, the United States agree, upon its ratification by the President and Senate, to publish and proclaim the same through the journals in which the laws of the United States are published and proclaimed ; and the emperor on his part, agrees to direct its publication at the capital of the Empire, and by the governors of the provinces. A rt. 4. In order to perpetuate their friendship, the minister or representative of the United States in China, shall have the right to correspond on terms of equality and in the form of mutual communication with the Privy Council at the capital, or with the Governors-General of two Kwangs ;—and whenever he desires to communicate with the Privy Council, he may send his communication through either of the governors or by the general post, as he may prefer. His letters may be sealed, and the seal shall be respected ; and his letters when re ceived shall be considered and acknowledged promptly and respectfully. A rt. 5. The minister of the United States, whenever he has important busi ness making it necessary, may visit and sojourn at the capital and confer with the members of the Privy Council, or with other officers who shall be deputed for that purpose. Such visits shall not exceed one in each year, nor shall they be attended with any unnecessary delay. He may go by land or by way of the mouth of the Peiho, but he shall not bring any ships-of-war of the United States into that river. He shall inform the government of his arrival in the river, that they may provide boats for his service. Such visits shall not be made on trivial occasions or for trifling reasons. The Board of Bites will give all necessary directions for his accommodation, and will provide him a furnished residence, but he shall defray his own expenses, and his suite shall not exceed twenty persons in all, exclusive o f Chinese servants, none of whom shall be engaged in trade. A rt. 6. If the Emperor of China shall hereafter enter into any treaty en gagements, permitting the representatives of any other nation to reside per manently at the capital, then the representative of the United States shall, with out any further negotiation or discussion, have the same privilege. A rt. 7. The superior authorities of the United States and China, in corres ponding together, shall do so in terms of equality and in the form of mutual Com m ercial R egulations. 103 communication. The consuls, and the local officers, civil and military, in cor responding together, shall likewise employ the style and form of mutual com munication. When inferior officers of one government address superior officers of the other, they shall do so in the style and form of memorial. Private in dividuals, in addressing superior officers, shall employ the style of petition. In no case shall any terms or style be suffered which shall be offensive or disrespect ful to either party. And it is agreed that no present, under any pretext or form whatever, shall ever be demanded of the United States by China, or of China by the United States. A rt. 8. All personal intercourse and interviews between the minister of the United States and the officers of the Chinese Empire shall be held at the official residences of those officers, or at the temporary residence of the minister of the United States, nor shall any pretexts or excuses be urged for declining such in terviews. All intercourse upon current matters shall be by correspondence. A rt. 9. Whenever ships-of-war of the United States, in cruising upon the coast for the protection of the commerce of their country, shall arrive at any of the ports of China, the commanders of said ships, and the superior local authori ties of the government, shall hold intercourse together in terms of equality and courtesy; and the said ships-of-war shall enjoy all suitable facilities on the part of the Chinese government for the purchase of provisions, procuring water, and making necessary repairs. And in case merchant vessels shall be wrecked and plundered, or captured and pillaged by pirates, the national vessels of the United States may pursue the pirates, and shall deliver them, if taken, to the Chinese government for trial and punishment according to the Chinese laws. A rt. 10. The government of the United States may appoint consuls or other officers, for the protection of trade at each of the ports opened to commerce, who shall be duly recognized as such by the officers of the Chinese government, and shall hold official intercourse and correspondence with them, either personally or in writing, and in the style of mutual communication. If disrespectfully treated or aggrieved in any way by the local authorities, said officers shall have the right to make representations of the same to the superior officers of the Chinese gov ernment, who shall see that full inquiry and strict justice be had in the premises. The consuls shall avoid all acts of unnecessary offence to, or collision with, the officers and people of China. Upon the arrival of any consul, the minister of the United States shall give notice of the same to the government, in order that he may be properly recognized. A rt. 11. All citizens of the United States in China, peaceably attending to their affairs, being placed on a common footing of amity aud good will with the subjects of China, shall receive and enjoy for themselves and their property the protection of the local authorities, who shall defend them from insult or injury of any sort on the part of the Chinese. If their dwelling or property be threatened or attacked by mobs, incendiaries, or other violent and lawless persons, the local officer, on requisition of the consul, will immediately dispatch a military force to disperse the rioters, and will apprehend the guilty individuals. Subjects of China, who may be guilty of such violence, shall be punished according to the laws of China, and citizens of the United States who may injure the persons or property of the subjects of China, shall be punished by the consuls of the United States according to the laws of their own country. Arrests for such injuries may be made by either party. A rt. 12. Citizens of the United States residing or sojourning at any of the ports open to foreign commerce, shall enjoy all proper accommodation in obtain ing houses or places of business, or in hiring sites on which to construct houses and places of business, and also hospitals, churches, and cemeteries. The par ties shall fix the rent by mutual agreement, and the local authorities shall not interfere, but all legal fees for necessary papers shall be paid. The merchants shall not unreasonably insist on particular spots, and the cemetries shall be pro tected from desecration by the authorities of China. A t places where ships are permitted to come, the citizens of the United States, merchants, seamen, and others, sojourning there, may pass aud repass in the immediate neighborhood, 104 Com m ercial R egulations. but they shall not go into the country or neighboring villages, or to the public marts for the purpose of disposing of goods unlawfully, and defrauding the revenue. A rt. 13. If any vessel of the United States shall be wrecked or stranded on the coast of China, and be subject to plunder or other damage, the proper officers of the government, on receiving information of the fact, will immediately adopt measures for their relief and security, and the persons on board shall receive friendly treatment and be enabled at once to repair to the most convenient of the free ports, and shall enjoy all facilities for obtaining supplies of provisions and water. If any merchant vessel of the United States in Chinese waters shall be plundered by robbers or pirates, the Chinese local authorities, civil and military, on receiving information thereof, will arrest the said robbers and pirates, and punish them according to law, and will cause all the property which can be re covered to be placed in the hands of the nearest consul, or other officer of the United States, to be by him restored to the true owner. If it should happen that the robbers should not be apprehended, the Chinese government will not make indemnity for the goods lost. But if it be proved that the local authorities were in collusion with the robbers or pirates, then proper representations of that fact shall be made to the superior authorities, in order that they may memorialize the throne, and the guilty officers shall be punished and their property confiscated. A rt . 14. The citizens of the United States are permitted to frequent the ports of Canton, Chau-thau, or Swau-tou, in Kwangtun; Amoy, Fuhchau, Taiwan in Formosa, in the province of Fuh-kien ; Ningpo, in the province of Oheh-kieng ; and Shanghae, in Kiang-Su ; and any other ports that may he opened to the commerce of other nations, and to reside with their families, and trade there, and to proceed at pleasure with their vessels and merchandise to and from any foreign port, and either of the said ports, to any other of them. But said vessels shall not carry on a clandestine and fraudulent trade with other ports or along the coast. Any vessel under the American flag which shall violate this provision shall be seized, and with her cargo shall be subject to confiscation to the Chinese government; and any citizen of the United States who shall trade in contraband articles of merchandise, in violation of this provision, shall be dealt with by the Chinese authorities, and shall not be entitled to the countenance or protection of the government of the United States. And the United States shall take measures to prevent the American flag from being thus abused. A rt. 15. The citizens of the United States may export from, and import to, any of the designated ports which are open to commerce, all merchandise which is not prohibited—the tariff of duties to be paid by them being the same as that agreed to by the treaty of Whanghia, except as the same may be modified by treaties with other nations. But it is agreed that they shall in no case be sub ject to other or higher duties than are or shall be required of the most favored nation. A rt. 16. Tonnage duties shall be paid upon merchant vessels at the rate of four mace (forty cents) per ton, if said vessel be over one hundred and fifty tons burden; and one mace per ton if they are of the burden of one hundred and fifty tons or under, according to the amount of her tonnage, as specified in her register lodged with the consul. And if any vessel which, having anchored at one of the said ports and there paid tonnage duty, should have occasion to go to any other of the said ports, to complete the disposal of her cargo, the consul shall report the same to the Commissioner of Customs, who. on the departure of said vessel, will note in port clearance that the tonnage duties have been paid, and report the same to the other Custom-houses ; and on entering another port the said vessel will only pay duty there on her cargo, but shall not be subject to tonnage duty a second time. And the government shall take measures for erecting light-houses, placing buoys, &c., the expenses to be defrayed out of the tonnage dues. A rt. 17. Citizens of the United States, for their vessels bound in, shall be allowed to engage pilots, who will take said vessels into port, and when the lawful duties have been paid they may engage pilots to leave port. It shall also be Com m ercial R egulations. 105 lawful for them to hire, at pleasure, servants, compradors, linguists, and writers, and passage or cargo-boats, and to employ laborers, seamen, and persons for whatever necessary service for a reasonable compensation, to be agreed upon by the parties. A rt. 18. Whenever merchant vessels of the United States shall have entered port the Superintendent of Customs will, if he see fit, appoint Custom house officers to guard the said vessels, who may live on board the ships or in their own boats at their convenience. Mutineers on board American vessels shall be apprehended by the local officers and delivered to the consuls for punishment. I f Chinese criminals shall take refuge on board American vessels they shall not be harbored, but shall be delivered up to the officers of justice upon proper de mand being made, and in case of violence between seamen and Chinese subjects the local officers shall enforce order and do justice. A rt. 19. Whenever any merchant vessel of the United States shall cast anchor at any of said ports the supercargo, master, or consignee shall, within forty eight hours, deposit the ship’s papers in the hands of the consul, or other United States agent, who will cause to be communicated to the Superintendent of Cus toms a true report of the name and tonnage of said vessel, the names of her crew, and the nature of her cargo, which, being done, the Superintendent will give a permit for the discharge of her cargo ; and the master, supercargo, or consignee, if he proceed to discharge the cargo without such permit, shall incur a fine of $500, and the goods so discharged without permit shall be subject to forfeiture to the Chinese government. But if the master of any vessel in port desire to discharge a part only of the cargo, it shall be lawful for him to do so, paying duties on such part only, and to proceed with the remainder to any other ports ; or, if the master so desire, he may, within forty-eight hours after the arrival of the vessel, decide to depart without breaking bulk. In case of the absence of the consul and agent of his own government, he shall apply to the consul of some friendly power, or directly to the Superintendent of Customs. A rt . 20. The Superintendent of Customs, on application made through the consul, will appoint suitable officers, who shall proceed in presence of the cap tain, supercargo, or consignee to make a just and fair examination of all goods being discharged or laden on board any vessel of the United States. I f dis putes arise as to the value of goods subject to an ad valorem duty, and the same cannot be satisfactorily arranged by the parties, the question may, within twentyfour hours, and not afterwards, be referred to the consul to adjust with the Superintendent of Customs. A rt. 21. Any citizen of the United States who may have imported merchandise and paid the duties upon it, and may wish to re-export the same to another port, shall be entitled to make application through the consul to the Superintenent of Customs, who shall make examination to ascertain whether the duties have been paid according to the report, and whether the goods remain with their marks un changed, and shall make a memorandum in the port clearance of the goods and the amount of duties paid on the same and delivered to the merchant, and shall also certify the facts to the officers of customs of the other ports ; all which be ing done, on the arrival in port of the vessel in which the goods are laden, and everything being found on examination there to correspond, she will be permitted to break bulk and land the said goods without being subject to the payment of any additional duty thereon. But if on examination the Superintendent of Cus toms shall detect any fraud on the revenue in the case, then the goods shall be subject to forfeiture and confiscation to the Chinese government. Grain and rice may be re-exported without hinderance. A rt. 22. The tonnage duty on vessels belonging to citizens of the United States shall be paid on their being admitted to entry. Duties of import shall be paid on the discharge of the goods, and duties of export on the landing of the same. When all such duties shall have been paid, and not before, the Super intendent of Customs shall give a port clearance, and the consul shall return the ship’s papers, and she may proceed on her voyage. The duties shall be paid to the Shroffs authorized by the Chinese government to receive the same in its behalf. 106 Com m ercial Regulations. Duties payable by merchants of the United States shall be received either in sycee silver or in foreign money, at the rate of exchange of the day. Consuls shall be held responsible if they permit vessels to go without paying the legal duties. A k t . 23. When goods on board any merchant vessel of the United States into port are to be transhipped to auother vessel, application shall be made to the consul, who shall certify the occasion thereof to the Superintendent of Customs, who may appoint officers to examine into the facts and permit the transhipment. And if any goods be transhipped without such application and permit they shall be subject to confiscation to the Chinese government. A k t . 24. For debts due from subjects of China to citizens of the United States, the latter may seek redress in law, and on suitable representation being made to the Chinese authorities, through the consul, they will cause due ex amination in the premises, and take all proper steps to compel satisfaction. If citizens of the United States be indebted to subjects of China, the latter may seek redress in the same way through the consul. But the Chinese government will not hold itself responsible for any debts due from subjects of China to citizens of the United States, nor will the United States be responsible for any debts of its citizens to subjects of China. A k t . 25. It shall be lawful for the officers and citizens of the United States to employ scholars and people of any part of China to teach any of the lan guages of the Empire, and to assist in literary labors, and the persons so em ployed shall not, for that cause, be subject to any injury on the part of the government or of individuals ; and it shall in like manner be lawful for citizens of the United States to purchase all manner of books in China. A r t . 26. Relations of peace and amity between the United States and China being established by this treaty, and the vessels of the United States being ad mitted to trade freely to and from the ports of China open to foreign commerce, it is further agreed that, in case at any time hereafter China should be at war with any foreign nation whatever, and for that cause should exclude such nation from entering her ports, still the vessels of the United States shall not the less continue to pursue their commerce in freedom and security, and to transport goods to and from the ports of the belligerent parties, full respect being paid to the neutrality of the flag of the United States—provided that the said flag shall not protect vessels engaged in the transportation of officers and soldiers in the enemy’s service—nor shall said flag be fraudulently used to enable the enemy’s ships, with their cargoes, to enter the ports of China; but all such vessels so offending shall be subject to forfeiture and confiscation by the Chinese govern ment. A r t . 27. All questions in regard to rights, whether of property or person, arising between citizens of the United States in China, shall be subject to the jurisdiction and regulated by the authorities of their own government, and all controversies occurring in China between citizens of the United States and sub jects of any other government shall be regulated by the treaties existing between the United States and such government respectively, without interference on the part of China. A r t . 28. If citizens of the United States have special occasion to address any communication to the Chinese local officers of the government, they shall submit the same to their consul or other officer to determine if the language be proper and respectful, and the matter just and right, in which event he shall transmit the same to the appropriate authorities for their consideration and action in the premises. In like manner, if subjects of China have occasion to address the consul of the United States, they shall submit the communication to the local authorities of their own government, to determine if the language be respectful and proper, and the matter just and right, in which case the said authorities will transmit the same to the consul, or other officer, for his consideration and action in the premises. And if controversies arise between citizens of the United States and subjects of China, which cannot be amicably settled otherwise, the same shall be examined and decided conformably to justice and equity by the N autical Intelligence. 107 public officers of the two nations acting' in conjunction. And the extortion of all illegal fees is prohibited. A r t . 29. The principles of the catholic religion, as professed by Protestants and Roman Catholics, are recognized as teaching men to do good, and to do to others as they would have others do unto them. Hereafter, therefore, those per sons who may be quietly and peaceably teaching these doctrines shall not be persecuted; and any person who may teach these principles shall not on that account be interfered with or molested in any way. A r t . 30. The contracting parties agree that if the Ta-tsing Empire should grant to any nation, or to any citizen of foreign nations, any rights or privileges connected with commerce, navigation, or politics, such rights and privileges shall enure to the merchants and citizens of the United States also. This treaty shall be ratified by the President and Senate of the United States within one year or sooner from the date thereof, and by the Sovereign of the Ta-tsing Empire forthwith And ratifications shall be exchanged within one year from the date of its signature. Dated at Tien-tsin, June 18th, 1858. (Signed,) WM. B. REED, United States Commissioner. HWAS^HANA.’ S’ Chinese Commissioners. NAUTICAL INTELLIGENCE. LIGHTS AND FOG SIGNALS, TO BE CARRIED AND USED BV SEA-GOING VESSELS OP GREAT BRITAIN , TO PREVENT COLLISION. The following official notice respecting lights and fog signals to be carried and used by sea-going vessels -of Great Britain, to prevent collision, has been issued by the Commissioners of the Admiralty, and is republished for the information of mariners. By order of the Lighthouse Board, THORNTON A . JENKINS, Secretary. W ashington , September 6, 1858. ADM IRALTY NOTICE RESPECTING LIGHTS AND FOG SIGNALS TO BE CARRIED AND USED BY SEA-GOING VESSELS, TO PREVENT COLLISION. By Ihe Commissioners for executing the office of Lord High Admiral of the United Kingdom of Great Britain and Ireland, etc. :—By virtue of the power and authority vested in us, we hereby revoke, as from and after the 30th day of September, 1858, the regulations made and published by us on the 1st day of May, 1852, relating to the lights to be carried by sea going vessels to prevent collision :—And we hereby make the following regula tions, and require and direct that the same be strictly observed and carried into effect on and after the 1st day of October, 1858. STEAM VESSELS. All sea-going steam vessels, when under steam, shall, between sunset and sun rise, exhibit the following lights:— 1. A bright white light at the foremast head : a green light on the starboard side ; a red light on the port side. 2. The mast-head light shall be so constructed as to be visible on a dark night, with a clear atmosphere, at a distance of at least 5 miles, and shall show an uniform and unbroken light over an arc of the horizon of 20 points of the com pass, and it shall be so fixed as to throw the light 10 points on each side of the ship, viz.:—from right ahead to 2 points abaft the beam on either side. 3. The green light on the starboard side, and the red light on the port side, shall be so constructed as to be visible on a dark night, with a clear atmosphere, 108 N autical Intelligence. at a distance of at least 2 miles, and show an uniform and unbroken light over an arc of the horizon of 10 points of the compass, and they shall be so fixed as to throw the light from right ahead to 2 points abaft the beam on the starboard and on the port sides respectively. 4. The side lights are to be fitted with inboard screens projecting at least 3 feet forward from the light, so as to prevent the lights from being seen across the bow. 5. Steam vessels under sail only, are not to carry their mast-head light. F o g S i g n a l s . All sea-going steam vessels, whether propelled by paddles or screws, when their steam is up, and when under way, shall in all cases of fog use as a fog signal a steam whistle, placed before the funnel at not less than 8 feet from the deck, which shall be sounded once at least every five minutes; but when the steam is not up, they shall use a fog horn or bell, as ordered for sailing ships. SAILING VESSELS. 1. All sea-going sailing vessels, when under way or being towed, shall, between sunset and sunrise, exhibit a green light on the starboard side, and a red light on the port side of the vessel, and such lights shall be so constructed as to be visible on a dark night, with a clear atmosphere, at a distance of at least 2 miles, and shall show an uniform and unbroken light over an arc of the horizon of 10 points of the compass, from right ahead to 2 points abaft the beam on the star board and on the port sides respectively. 2. The colored lights shall be fixed whenever it is practicable so to exhibit them ; and shall be fitted with inboard screens projecting at least 3 feet forward from the light, so as to prevent the lights being seen across the bow. 3. When the colored lights cannot be fixed (as in the case of small vessels in bad weather) they shall be kept on deck between suDset and sunrise, and on their proper sides of the vessel, ready for instant exhibition, and shall be exhibited in such a manner as can be best seen on the approach of, or to, any other vessel or vessels, in sufficient time to avoid collision, and so that the green light shall not be seen on the port side, nor the red light on the starboard side. F o g S i g n a l s . All sea-going sailing vessels, when under way, shall, in all cases of fog, use when on the starboard tack a fog horn, and when on the port tack shall ring a bell. These signals shall be sounded once at least every five minutes. Sailing pilot vessels are to carry only a white light at the mast-head, and are to exhibit a flare-up light every 15 minutes, in accordance with Trinity House regulation. VESSELS AT ANCHOR. All sea-going vessels, when at anchor in roadsteads or fairways, shall, between sunset and sunrise, exhibit where it can best be seen, but at a height not exceed ing 20 feet above the hull, a white light in a globular lantern of 8 inches in diameter, and so constructed as to show a clear, uniform, and unbroken light all round the horizon, at a distance of at least 1 mile. Given under our hands, this 24th day of February, 1858. CHARLES WOOD. R. S. DUNDAS. By command of their Lordships, W. G. ROMAINE, Secretary. The following are intended to illustrate the use of the lights carried by vessels at sea, and the manner in which they indicate to the vessel which sees them the position and description of the vessel which carries them :—■ 1st. When both red and green lights are seen :—A sees a red and green light ahead ; A knows that a vessel is approaching her on a course directly opposite to her own. If A sees a white mast-head light above the other two, she knows that B is a steam vessel. 2d. When the red, and not the green light, is seen :—A sees a red light ahead or on the bow ; A knows that either a vessel is approaching her on her port bow, or a vessel is crossing in some direction to port. If A sees a white mast-head N autical Intelligence. 109 light above the red light, A knows that the vessel is a steam vessel, and is either approaching her in the same direction, or is crossing to port in some direction. 3d. When the green, and not the red light, is seen :—A sees a green light ahead or on the bow ; A knows that either a vessel is approaching her on her starboard bow, or a vessel is crossing in some direction to starboard. If A sees a white mast-head light above the green light, A knows that the vessel is a steam vessel, and is either approaching her in the same direction, or is crossing to star board in some direction. CHERRYSTONE INLET LIGHTHOUSE AND STINGRAY POINT LIGHTHOUSE. ix e d L is h t s . The new lighthouse on the bar at the entrance of Cherrystone Inlet will be lighted for the first time at sunset on January 1,1859, and will be kept burning during every night thereafter from sunset to sunrise. The light house is situated on the west side of the entrance to the inlet, in about 4 feet water at low water, aud is 1J mile south of Sandy Point. It is a screw-pile structure, hexagonal in plan. The house is painted white, and the piles and lan tern are painted red. The focal plane is 36 £ feet above the water, and the illumin ating apparatus is a Fresnel lens of the 4th order, showing a fixed light of the natural color, and illuminating 270° of the horizon. The light should be visible in ordinary weather a distance of 10 nautical miles. Its position, as given by the Coast Survey, is—latitude 27° 15' 30" ; longitude 76° 03' 00." S t i n g r a y P o in t L ig h t h o u s e . This lighthouse is situated off Stingray Point, the south point of the mouth of Rappahannock River, Ya. It is about one mile east from the point, and is in six feet water. It is a screw-pile structure precisely like Cherrystone lighthouse in all respects. The illuminating apparatus is a Fresnel lens of the 6th order, showing a fixed light of the natural color, and illuminating the whole horizon. The light should be seen in ordinary weather a distance of 7 nautical miles. Windmill Point light-vessel bears from this light house E. N. E., (true,) distant 4 nautical mile3. The position of the lighthouse, as given by the Coast Survey, is—-latitude 36° 33' 35" north; longitude 76° 16' 40" west of Greenwich. This light will be lighted for the first time at sunset on the evening of January 1st next, and will be kept burning during every night thereafter from sunset to sunrise. By order of the Lighthouse Board, F L. SITGEEAVE3, Captain Corps Topographical Engineers. B a lt im o r e , M d ., November 20,1858. NOTICE TO MARINERS—KINGDOM OF THE NETHERLANDS. The floating light announced in the month of June last, has just been placed near the east side of the North Hinderbane, in the North Sea, in latitude 51° 36' 40" north, and longitude 2° 34' 35" east of Greenwich. It is moored in 21 fathoms water— bottom, sand and shells. The vessel has two masts. The lantern, which contains eight argand lamps and reflectors, is hoisted on the main mast, and shows a fixed light of the natural color. The light is 40 feet above the level of the sea, and is - visible in clear weather a distance of l l £ English mile3. It was lighted for the first time on the evening of the 23d August last, and the light is kept up every night from sunset to sunrise. The hull is painted red. Upon the sides are painted, in large white letters, the words Noord Hinder. A t the top of the mainmast is a red ball. In fogs a bell will be ruDg every fifteen minutes, preceded and followed by stroks of a gong. In the direction N. 17° W. mag., more than two English miles distant from the light-vessel, is placed, in 14 fathoms water, a red buoy, on which is marked in white letters the word Hinder. Mariners are warned that ships of large draught ought to keep to the northward of this buoy in order to avoid, as much as possible, the shoal water of the North Hinder. J. S. LOTSIJ, Minister o f Marine. L a H a t e , August 31, 1858. By order of the Lighthouse Board, W . B. I’ E A N K L IN Secretary. W ashin gton , October 23,1858. N autical Intelligence. 110 ENTRANCE TO THE RIVER THAMES, PRINCES AND HORSE CHANNELS. T r in it y H ouse , L ondon , September 15,1858, Notice is hereby given, that the Girdler Spit buoy has been moved to a position midway between the Princes Channel light-vessel and the Girdler beacon, and now lies in 31 fathoms at low water spring tides, with the following marks and compass bearings, viz. :— Chislet Mill open west of Geoge’s Farm, S. S. W. i AV.; St. Peter’s Church open west of a mill at the back of Margate S. S. E. i E .; North Tongue buoy S. E. by S .; Girdler beacon N. W . by W. Notice is also given, that it is intended in the course of the month of October to make the following changes in the buoys in the Horse Channel, viz.:— The Gore Patch buoy will be taken away. The East Last buoy will be moved I f mile east of the AVest Last buoy, by which arrangement the three last buoys and Margate Hook beacon will be separated at equal distances. A red buoy will be placed on the Reculver Sand, which, with Margate Hook beacon, will form the eastern entrance to the Horse Channel. Further notice will be given when the above changes are effected. By order, _________________________ P. H. BERTIION, Secretary, LIGHTHOUSES ON CAPE GROSSO, ON THE ISLAND OF LEVANZA; A N D ON FO RT SAN SALVADOR, MESSINA— KINGDOM OF THE TWO SICILIES. Official information has been received at this office from the Department of State — 1. That on the 1st instant a light of the third order was shown for the first time from the lighthouse on Cape Grosso, island of Levanza, province of Trapani. Sicily. The apparatus is a Fresnel lens. The light is fixed, elevated 282 leet above the level of the sea, and should be visible in clear weather a dis tance of 18 nautical miles. Latitude 38° 03' 30" north, longitude 10° 01' 17" east of Paris. 2. That on the same night (1st instant) was shown from Fort Campana di San Salvador, at the entrance of the port of Messina, a fixed red light. The light is at the extremity of the fort, and its object is to show the entrance of the port. It bears with Fort St. Raineri, N. AV. f AY. and S. E. f E. By order of the Lighthouse Board, W . B. F RAN KL IN , Secretary. W ashin gton , October 27,1858. FIXED RED LIGHT AT PORT CI0TAT— COASTS OF FRANCE AND CORSICA. Official information has been received at this office, that the Imperial Ministry for Public AVorks in France has given notice, that on and after the 15th October, 1858, a fixed red light would be exhibited all night from the tower recently con structed on the head of the new mole of Port Ciotat, on the south coast of France. The light is elevated 52 feet above the mean level of the sea, and is visible at about 6 miles. In entering the harbor, the above red light must be kept to port, and the fixed white light on the mole Berouard to starboard. F i x e d AV h i t e L ig h t a t P o r t d e 1 ’ i .l e -r o u s s e . Also, that on and after the above date a fixed white light would be shown all night from a lantern placed at the center of the head of the jetty of Port de Plle-Rousse, or Isola Rossa, on the northwest coast of the island of Corsica. The light may be seen in clear weather at a distance of 5 miles. By order of the Lighthouse Board, W. B. FR AN K L IN , Secretary. W ashin gton , November 12, 1858._________________________ NOTICE TO MASTERS OF ALIEN VESSELS, It is now required by the Trinity House authorities, that the masters of all alien vessels under treaties of reciprocity with England, should give their pilots a certificate of their vessel’s name, tonnage, draught of water, destination, &c., which certificate is attended with no expense to the vessel or master. But should the master refuse to sign such certificate, the pilots will demand the lull rate of alien pilotage for the vessel. P il o t O f fic e , Eedcross-street, 10th June, 1858. Ill J ourn al o f Insurance. BISHOP ROCK LIGHTHOUSE, SCILLY ISLANDS. T r in it y H ouse , L ondon , September 7,1858. Notice is hereby given, that, pursuant to the intention expressed in the advertisement from this house, dated 15th December last, a fixed bright dioptric light, of the first order, was exhibited on the evening of the first instant from the lighthouse on the Bishop Bock, and will henceforth be continued every eve ning from sunset to sunrise. The light burns at an elevation of 110 feet above the mean level of high water, and illuminates the entire circle, and will be visible in clear weather at a distance of about fourteen miles. By order. __________________________P. H. BERTHON, Secretary. SURVEY OF THE ROCCAS, OFF THE COAST OF BRAZIL. The Department of State has received notice from Bobert G. Scott, Esq., Consul of the United States at Bio de Janeiro, that a survey has lately been made of the coral island lying off the coast of Brazil, called the Boccas on the English charts. The position of the island as given by this survey is— latitude 3° 51' 30" S., longitude 33° 50' 09" W. of Greenwich. It is a perfect coral island, circular, about two miles in diameter, and has in its center a shallow lake with an opening to the sea. The greater part of the reef is under water. There are two sand banks, one on the southwest side, and the other on the northwest side of the island. These are ten or twelve feet above water at all tides, and are two or three hundred yards long. The smaller has on it some stunted vegetation and hazle trees. A tower 33 feet high has been erected on the larger bank, which can be seen in good weather a distance of about 11 nautical miles. The island lies in a strong westwardly current, varying from one to two miles per hour. By order of the Lighthouse Board, W . B. FRAN K L IN , Secretary. ■Washington , November 2,1858. JOURNAL OF INSURANCE. WISCONSIN INSURANCE LAW. AN ACT IN RELATION TO AL L COMPANIES TRANSACTING THE BUSINESS OF LIF E . F IR E , AND MARINE INSURANCE W ITH IN THIS STATE— APPROVED, MAY 15, 1858. The people of the State of Wisconsin, represented in Senate and Assembly, do enact as follows:— S e c t i o n 1. Every company or corporation, organized under the laws of the State of Wisconsin, or of sister States, or foreign governments, and transacting the business of life, fire, and marine insurance companies in this State, shall within three months after the passage of this act, and, also, on or before the first day of February in each and every year thereafter, furnish to the Governor of this State, and shall also publish in the State paper, daily, for two weeks, a state ment verified by the oath of their president, or principal officer, and majority of their directors or trustees, showing the amount of their paid-up capital and accumulations of which they are possessed, and specifying the particular securi ties in which they are invested, with the amount of each; the number of policies, and the amount of outstanding risks thereon ; the several amounts received in premiums and from other sources for the current year; the amount of losses and the expenses severally for the same period ; the amount of claims unpaid ; the amount offered for re insurance; the amount of premium notes, if any, held on account of policies upon which the risk has terminated; the whole number of policies issued or continued through their offices or agencies; the amount of risk thereon, and the gross amount of premiums received therefor, in the year pre ceding their report; the number and amount of losses paid through their agencies, and by their officers, during the same period. J ou rn a l o f Insurance. 112 S ec. 2. It shall be lawful for the Governor, whenever he shall deem it expedient so to do, to appoint one or more competent persons, not officers of apy life, fire, or marine insurance company doing business in this State, to examine into the affairs of any life, fire, or marine insurance company, incorporated in this State, or doing business by its agents in this State; and it shall be the duty of the officers or agents of any company doing business in this State, to cause their books to be opened for the inspection of the person or persons so appointed, and otherwise to facilitate such examination so far as it may be in their power to do, and for that purpose the Governor, or the person or persons so appointed by him, shall have power to examine, under oath, the officers and agents of any company relative to the business of said company ; and whenever the Governor shall deem it for the interest of the public so to do, he shall publish the result of such investigation in one or more papers in this State. S ec. 3. Whenever it shall appear to the Governor from examination made under his direction, that the assets are not sufficient to insure the outstanding risks of any company incorporated by or under the laws of this State, he shall communicate the fact to the Attorney-General, whose duty it shall then become, to apply to the Circuit Court for an order, requiring them to show cause why the business of such company should not be closed ; and the court shall, there upon, proceed to hear the allegations and proofs of the respective parties, and, in case it shall appear to the satisfaction of the said court, that the assets and funds of the said company are not sufficient, as aforesaid, the said court shall decree a dissolution of said company, and a distribution of its effects. The Circuit Court shall have power to refer the application of the Attorney-General to a referee, to inquire and report upon the facts stated therein. S ec. 4. I t shall not be lawful for any person to act within this State, as agent or otherwise, in procuring applications for insurance in either life, fire, or marine insurance, or in any manner to aid in transacting the insurance business o f any company or association not incorporated by or under the laws o f this State, until he has procured from the Governor a certificate that the company or association for which he acts has complied with the provisions o f this act, and for every certificate so obtained the sum o f three dollars shall be paid the Governor. S ec. 5. Whenever it shall appear to the Governor from the report of the person or persons appointed by him, that the affairs of any foreign company, as afore said, are in an unsound condition, he shall revoke all such certificates in behalf of such company, and shall cause a notification thereof to be published in the State paper for four weeks, and the agent of such company is, after such notice, required to discontinue the issuing of policies. S ec. 6. Every violation of this act shall subject the party violating to a penalty of five hundred dollars for each violation, which shall be sued for and recovered in the name of the State, by the District Attorney of the county in w’hich the company or agent so violating shall be situated ; and in the case of non-pay ment of such penalty, the party so offending, shall be liable to imprisonment for a period not exceeding six months, in the discretion of any court having cogni zance thereof. S ec. 7. This act is hereby declared a public act, and shall be printed by the State printer immediately, and when so printed, the same shall take effect, and be in full force. F. S. LOVELL, Speaker of Assembly. E. D. CAMPBELL, Lt. Gov. and President o f the Senate. A lexand er W . R and all. St a t e of W isconsin , ) Secretary’s Office, j 88* The Secretary of State of the State of Wisconsin does hereby certify that the foregoing act has been compared with the original enrolled act deposited in this office, and that the same is a true and correct copy thereof, and of the whole of such original. In witness whereof, I have hereunto set my hand, and affixed the Great [ l . s .] Seal of the State, at the Capitol in Madison, this 27th day of May, one thousand eight hundred and fifty-eight. D . W . JONES, Secretary of State. Journ al o f Insurance. 113 INSURANCE COMPANIES OF BOSTON, The following is a summary of the Boston fire and marine insurance com panies, their capital and dividends, October 16, 1858 :— Names. Am erican............... Boston....................... B oylston ................. City, fire only......... Elliot, tire o n ly .. . . Firemen’s, fire on ly. Franklin................. H o p e ....................... Manufacturers’. . . . . Mercantile............... Merchants’ ............. National................. N eptune................. N. American, fire.. . Shoe and Leather.. United States......... Warren................... W ashington........... Char tered. 1 818 1823 1825 1850 1851 1831 1823 1830 1822 1823 1 816 1832 1 831 1851 1855 1825 1835 1834 Capital. $ 3 0 0 ,0 0 0 3 0 0 ,0 0 0 3 0 0 ,0 0 0 1 5 0 ,0 0 0 Par. $100 100 100 50 60 25 200,000 3 0 0 ,0 0 0 3 0 0 ,0 0 0 100 100 100 100 100 100 100 100 100 200,000 4 0 0 ,0 0 0 3 0 0 ,0 0 0 5 0 0 ,0 0 0 5 0 0 ,0 0 0 3 0 0 ,0 0 0 200,000 100,000 200,000 50 100 100 1 5 0 ,0 0 0 200,000 Divid'ds payable. Jan. tfc July. Mar. & Sept. Apr. <fc Oct. Apr. & Oct. Apr. <fc Oct. Jan. & July. Jan. <fc July. Apr. & Oct. Apr. & Oct. May & Nov. Apr. & Oct. Apr. & Oct. Apr. & Oct. Jan. & July. Apr. Oct. June & Dec. Apr. & Oct. Apr. & Oct. Two last paid. 8 10 6 10 10 10 Value, p. ct. 140 105 140 4 5 130 5 5 16 6 * 12 5 * 100 220 100 37 190 115 140 140 140 15 5 15 5 5 5 * 5 4 4 * 120 100 5 5 100 8 10 8 12 15 10 10 96 80 “ Martin’s Twenty-one Tears of the Stock Exchange ” remarks :— Large as the dividends have in some cases been, the profits on marine risks, taking three of our best Boston offices as a test, have not exceeded for the past thirty years 4 per cent annually on capital stock. The extra profits have been realized from investment of capital. Had the dividends on this class of risks depended on the profits thereon, they would have been exceedingly small, even with the best paying offices. A State-street office, which declared 20 per cent dividends for several years, made but 4 per cent on its marine, and 6 per cent on its fire risks— the remaining 10 per cent being earned by its invested capital. The actual business of three of the Boston insurance companies, confined solely to marine writing, from 1826 to 1853, shows average dividends of 9 642-1,000 per annum. Of this, 7 247-1,000 per cent was derived from interest on invest ments, leaving a net profit of only 2 395-1,000 from marine insurance. Since 1853, the marine losses, as is well known, have been unusually severe, and had these years been included in the above statement, the profits from this source would have shown even a smaller percentage. It is stated that the enormous sum of $18,972,092 74 was absorbed in marine losses by the insurance companies of Massachusetts and New York during the disastrous year of 1854. LIFE INSURANCE IN ENGLAND. The success of several of the old established life offices in England has led to the formation of one hundred and one additional companies in London since the year 1837, viz.:— 183 7 . 1S38. 1839 . 1840. 1841. 184 2 . 1843. 5 1844............................ 6 1845............................ 3 1846............................ 5 1847............................ 2 1848............................ 1 1849............................ 3 1850............................ 8 4 9 2 4 2 4 1851 ................. 1852 ................. 1853............................ 1854............................ ................. 1855 1856 ................. 1857 ................. 3 4 9 13 10 3 1 •T he Warren Insurance Company has made no dividend since April, 1856, nor has the Hope Company made one for about the same time, and the probability is that this company will long have to forego dividends. I think the foregoing nearly accurate. The shares I have placed at the per centage advance, or percentage discount on the par value. V OL. X L .-----NO. I . 8 114 P osta l D epartm ent. The evident unfitness of many of the projectors of these companies, and of others preceding them, is fully established by the fact, that six of the companies have been declared swindles, seventeen have died out from want of business, fifteen are insolvent or winding up in chancery, and seventy-nine have been merged in older companies. POSTAL DEPARTMENT. STATISTICS OF UNITED STATES POST-OFFICE, 1858, From the annual report of the Hon. J. N. Brown, Postmaster-General of the United States, we extract the following figures, in relation to the service of the past year. The statistics of the preceding year will be found on page 110, vol. xxxviii.:— NUMBER OF POST-OFFICES. The whole number of post-offices in the United States on the 30th June last was 27,977, of which 400 are of the class denominated presidential. The num ber established during the last fiscal year was 2,121, and the number discontinued 730, being an increase of 1,391. The number of postmasters appointed during the year was 8,284. Of these 4,595 were to fill vacancies occasioned by resigna tion” 998 by removals, 278 by deaths, 292 by change of names and sites, and 2,121 on establishment of new offices. The whole number of offices on the 1st of December, 1858, was 28,573. TRANSPORTATION STATISTICS. On the 30th of June last there were in operation 8,296 mail routes. The num ber of contractors was 7,044. The length of these routes is estimated at 260,603 miles, divided as follows, viz.:— Railroad............ ............. miles Steamboat................................. 24,431 1 Coach................................ miles 17,043 | Inferior grades.......................... 63,700 165,429 The total annual transportation of mails was 78,765,491 miles, costing $7,795,418, and divided as follows :— Railroad, 25,763.452 miles, at $2,828,301; about eleven cents a mile. Steamboat, 4,569,610 miles, at $1,233,916 ; about twenty-seven cents and two mills a mile. Coach, 19,555,734 miles, at $1,909,844; about nine cents and eight mills a mile. Inferior grades, 28,876,695 miles, at $1,823,357 ; about six cents and three mills a mile. Compared with the service reported on 30th June, 1857, there is an addition of 18,002 miles to the length of mail routes; 3,859,424 miles to the total annual transportation, being about 5.11 per cent, and of $1,173,372 to the cost, or 17.46 per cent. The aggregate length of railroad routes has been increased 1,901 miles, and the annual transportation thereon 1,495,508 miles, or 6.05 per cent; at a cost of $268,454, or 10.44 per cent. The length of steamboat routes is greater by 1.798 miles, and the annual transportation 51,491 miles, costing $241,918 additional, or 1.10 per cent on transportation, and 24.38 per cent on the cost. The addition to coach routes is 5,371 miles in length, 464,804 miles in annual transportation, or 2.43 per cent, and $499,018 in cost, or 35.37 per cent. The additional length of inferior routes is 9,932 miles; the additional annual 115 P osta l D epartm ent. transportation 1,847,621 miles, and the additional cost §163,982 ; being 6.83 per cent in transportation, and 9.87 per cent in cost. The lettings of new contracts for the term commencing 1st duly last embraced twenty-one States and Territories of the Northwest, West, and Southwest, includ ing California, New Mexico, Utah, Oregon, and Washington. The following table shows the new service, as in operation on the 30th Sep tember, including the overland mail route from St. Louis and Memphis to San Francisco, also the route from New Orleans, via Tehuantepec to San Francisco : Miles in length. Conveyance. Miles of annual transportation. Cost. Railroad.................................................. Steamboat................................................ Coach....................................................... Inferior modes....................................... 8,603 16,146 40,055 115,547 8,972,850 3,321,462 13,933,727 18,997,016 81,022,437 1,361,758 2,580,460 1,520,555 Total............................................ 180,351 45,225,055 $6,485,210 Compared with the service on 30th June last, the length of routes increased 27,973 miles; the annual transportation thereon 9,026,666 miles, and cost §2,243.156. Divided as follows, to wit Length. Conveyance. Annual transportation. Cost. Railroad........................................... Steamboat......................................... Coach................................................ Inferior modes.................................. 676 6,291 11,861 9,145 807,047 456,590 5,485,946 2,277,083 $271,168 337,568 1,288,814 345,616 Total...................................... 27,973 9,026,666 $2,243,156 On 30th of June last there were in the service— 440 28 23 1,464 route agents, at a compensation of...................... express route agents, at a compensation of......... local agents, at a compensation of...................... mail messengers, at a compensation of.............. $334,750 28,000 29,989 184,634 00 00 00 41 Making a total of.................................................................... This amount, with the increased cost of service under new con tracts, commencing on the 1st of July....................................... Added to the cost of service as in operation on 80th June last. 2,243,156 00 7,795,418 00 Makes the total amount for current year............................ $10,615,947 41 1577,373 41 REVENUE AND EXPENDITURES. The expenditures o f the department in the fiscal year ending June 30, 1858, amounted to ............................................................. For transportation of inland mails, including payments to route agents, local agents, and mail messengers........................... $12,722,470 01 7,821,556 83 For transportation of foreign mails, to w it:— New Tork to Liverpool.......................................... New York to Bremen.............................................. New York to Havre................................................ Charleston to Havana.............................................. New Orleans to Vera Cruz..................................... Aspinwall to Panama.............................................. Agency at Panama.................................................... $33,758 100,585 99,828 60,000 29,053 100,000 1,270 48 93 19 00 89 00 85 424,497 34 Total. 8,246,054 17 116 P ostal D epartm ent. For compensation to postmasters..................................................... For clerks in post-offices.................................................................... For ship, steamboat, and way letters.............................................. For office furniture for post-offices................................................... For advertising ................................................................................. For mail bags...................................................................................... For blanks............................................................................................ For mail locks, keys, and office stamps.......................................... For mail depredations and special agents...................................... For postage stamps and stamed envelops... .............................. For dead letters claimed................................................................... For wrapping paper. ....................................................................... For payments to letter carriers......................................................... For miscellaneous payments............................................................. For payments for balances due on British mails........................... For payments for balances due on Bremen mails......................... For payments for balances due on Hamburg mails...................... For payments for balances due on French mails.......................... Total o f expenditures............................................................ $2,365,016 918,272 16,613 2,927 128,034 38,454 196,277 13,485 73,527 93,019 50,229 174,038 193,544 282,406 2,859 1,S66 26,343 28 73 38 70 92 19 76 09 01 10 98 67 10 02 17 14 13 07 $12,722,470 54 If there be added to the above $91 90 lost by bad debts, and the sum of $925 35 gained on the suspense account be subtracted, then the net amount of ex penditures will be $12,721,636 56, as adjusted in the Auditor’s office. The gross revenue for the year 1858, including receipts from letter carriers, and from foreign postages, amounted to $7,486,792 86, as stated below :— Letter postage, received in money.......................................................... Received for postage stamps and envelops sold................................... Received for postage on newspapers and phamphlets......................... Received for postage for registered letters............................................ Received for fine9..................................................................................... Received on account of emoluments....................................................... Received from letter carriers................................................................... Received from dead letters unclaimed.................................................... Miscellaneous receipts............................................................................... Total revenue.................................................................................. $904,299 5,700,314 591,976 28,145 85 80,644 174,038 3,410 3,878 13 03 90 16 00 96 10 66 92 $7,486,792 86 To the gross revenue above stated are to be added the permanent annual appropriations, amounting to $700,000 granted to the department by the acts of March 3, 1847, and March 3, 1851, for the transportation and delivery of free mail matter for Congress and the executive departments, thus making the whole revenue of the year amount to $8,186,792 86, which falls short of the expenditures, as adjusted on the Auditor’s books, $4,534,843 70. I beg leave to invite attention to the full and highly satisfactory report of the Auditor, hereto appended, and marked. From this interesting document, I de rive the following brief synopsis of the financial operations of the department in the past fiscal year :— The balance standing to the credit of the department, on the books of the Auditor, on the 30th June, 1857, was..................................... The receipts of the department from all sources during the year 1858, including a gain of $925 35 on the suspense account, amounted to ............................................................................................ The amount o f the various appropriations drawn from the treasury during the year was............................................................................... $1,163,886 05 7,487,718 21 4,679,270 71 Making the total o f receipts........................................................ $13,330,874 97 The whole amount of expenditures in the year, including $91 90 for accounts closed by bad debts, was.............................................. 12,722,561 91 Leaving to the credit o f the department on the 1st July, 1858........ $608,313 06 117 P osta l D epartm ent. RATES OF FOREIGN POSTAGE. England...............................................................................cents Ireland......................................................................................... Scotland....................................................................................... France, (^oz.)............................................................................. China, via England.................................................................... China, via Marseilles.................................................................. Hong Kong........................................................... Mauritius, via England............................................................ Mauritius, via Marseilles........................................................... N. S. Wales, via Marseilles...................................................... N. S. Wales, via England........................................................ New Zealand, via England...................................................... New Zealand, via Marseilles.................................................... Talcahuano, Chile..................................................................... Valparaiso, Chile....................................................................... Callao, Peru............................................................................... Paita, Peru................................................................................. Panama........................................................................................ Sandwich Islands...................................................................... Australia, via England............................................................. Australia, via Marseilles........................................................... Letters, 24 24 24 15 S3 45 *26 *33 *45 *45 *33 *33 *45 *34 *34 *22 *22 *20 *10 *33 *45 Newspapers. 2 2 2 2 4 4 2 4 8 8 4 4 8 6 6 6 6 2 j-26 4 8 THE BRITISH POSTAL SYSTEM. We Lave before noticed statements taken from the report of the British Postoffice. By the annexed, which is copied from the Boston Post, it will be per ceived that the employments of the Duke of Argyll in the time of Queen Caroline, and he of the time of Victoria, are essentially different. The fourth annual re port of the Postmaster-General of Great Britain, (for 1857,) is just ont. It appears to have been issued by the Duke of Argyll, just before he left office, as it is signed by him, and dated February 25th, though not published till April. It is similar in size and appearance to the annual report of our Post-office Depart ment, and evidently a copy of the plan long in use in this country; for until the last four years, the British Post-office has issued no distinct yearly report. The present number is a modest brown, or tea-colored, pamphlet of 84 pages, and is taken up with current statistics, past progress, postal history, notices of railway bills, postal conventions with foreign nations, and reports of the health officer and controller on the sanitary condition of the Post-office, and the general health of the men. Everything in the report indicates system, care, and good manage ment, very different from the “ circumlocution office,” made notorious by the pen of Dickens. There are in Great Britain 11,101 post-offices, and of these 810 are head postroffices, and 10,271 sub post-offices. The increase during the year 1857 was 256. The number of persons employed in the British postal service within the kingdom is 23,545. There are also 125 in the colonies that are considered as attached to the home Post-office, and 61 agents in foreign countries, for the collection of postage, making a total of 23,731. These persons are classed as follows:— 1 Postmaster-General, 5 secretaries and assistant secretaries, 15 surveyors, 19 other superior officers, 11,101 postmasters, 1,610 clerks, &c., 205 mail guards, 10,582 letter carriers, messengers, &c., and 7 marine mail officers. * Payment to be made in advance. A ll other letters optional, t W eekly, per annum. Papers in all cases to be paid in advance. 118 R ailroad, Canal, and /Steamboat Statistics. In large offices many of the same persons that are classed as letter carriers and messengers, act as clerks and sorters a portion of the time, on the arrival or before the departure of important mails. The gross expenses or actual amount of money paid out for the support of the Post-office during the year is set down as §8,604,380, and consists of the following items, along with the expenses of 1856, in a parallel column 1856. 1857. Salaries and pensions...................... Buildings.......................................... . Conveyance of mails— by railway. By coaches, carts, Ac.................... By packets....................................... Cost of postage stamps................. Miscellaneous.................................. $4,545,470 166,650 2,095,000 814,185 71,545 130,820 544,110 $4,742,865 146,838 2,100,000 825,000 61,490 142,830 548,360 Total...................................... $8,317,780 $8,567,380 RAILROAD, CANAL, AND STEAMBOAT STATISTICS. WEAR AND TEAR OF IRON ON THE PENNSYLVANIA RAILROAD AND BRANCHES. ACCOUNTING DEPARTMENT, PENNSYLVANIA RAILROAD COMPANY. To J. R e e v e s , Esq., Vice-President Phoenix Iron Company :— :—The following is a copy of the account of worn out and con demned rails, taken from the line of the Pennsylvania Railroad, from the open ing of the road in September, 1849, to November, 1857, v iz.:— S amuel D ear S ir Eastern Division, (Harrisburg to Altoona,)................................................ tons Western Division (Altoona to Pittsburg,).......................................................... 863 2,084 Total. Total miles of track on Eastern Division, including double track and sidings “ “ Western Division............................................................ 2,637 223 231+ Total................................................................................................ 454+ Very respectfully, your obedient servant, H. J. LO H B A E R T , C. and A . Pennsylvania Railroad Company. Eastern Division— Main track...................................................... miles Second track and sidings....................................... 132 91 Western Division— Main track......................... Second track and sidings. 116 115+ 223 231+ Total main track, 248 miles, and second track and sidings, 206+ miles 454+ The following quantities and patterns were laid, as below 45 48 50 7 3 lb .T & 75 lb.T rails, .miles “ n “ ............ “ T “ ............ “ pi “ ............ 17 652 14+ 1,200 tons, on the Indiana Branch. 500 M “ Hollidaysburg Branch. 158 U “ Sidings. M 1,678 “ Mountain Division. Total sundry patterns......... 64 lb. T ra ils......... 40 414+ 3,536 41,686 « « Total track and sidings....... 64 lb. T rails on hand, equal t o . . . 454+ 23+ 45,222 2,455 « 478 47,677 « Total equal to...................... “ Main track. “ Available for renewals. 119 R ailroad, Canal, and Steamboat Statistics. WEAK AND TEAK. Eastern Division— Length, 223 miles; rails removed, 5^ miles; quantity, 553 tons. Western Division “ 231£ “ “ 20f “ “ 2,084 “ Total........... “ 454|- “ “ 26£ “ “ 2,637 “ Eastern Division— W ear,2^ p.ct.; in use, 8 y’rs ; equal toabout J p.ct, p. an. Western Division “ 9 “ “ about 4 “ “ “ '1 } “ “ On entire track “ 5 .’77 “ Average, “ 6 “ “ “ 1 “ “ The entire purchases since the beginning of the construction, up to November 1st, 1857 :—Brought from above statement..................................................................... tons A small quantity of steel-headed rails and city grooved rails, say............... 47,677 323 T o ta l........................................................................................................... 48,000 Seven-eighths of all the rails in use were made at the Phoenix and Safe Harbor Iron Works, by Reeves, Buck & Co., and Beeves, Abbott & Co. None of the iron removed from track was remanufactured until 1850, when a few hundred tons were re-rolled ; also, an additional quantity during the year 1857 :— The entire quantity remanufactured was.................................... After the whole 454^ miles of track was laid with rails, there were left o v e r ............................................................................. 1,394 tons. 2,455 tons 64 lb. T. Sufficient to lay 23J miles of track. This quantity was sufficient to replace nearly all the worn out and broken rails taken up from September, 1849, to November, 1857. Thus :— On h a n d ........................................................................................................ tons Re-rolled............................................................. 2,455 1,394 T o ta l......................................................................................................... Removed 26J miles, o r ...................................................................................... 3,849 2,637 Balance of 64 lb. T rails on hand, November, 1857 .................................... 1,212 The number of tons required to lay a mile of track of the several patterns, is as below:— 48 pounds rails................................................ tons per mile 45 “ T “ 50 “ “ “ 64 “ “ “ 73 ................ ....................................................................... 75 “ “ “ 75.43 70.72 78.58 100.57 114.71 117.86 The Eastern Division has been open since September 1st, 1849, and is laid entirely with Phoenix and Safe Harbor iron. The main track is 132 miles long. The first 65 miles, say from Harrisburg to Lewiston, is laid with 64 pound T rails, from the Phoenix Works. The remaining distance, and all the second track, is laid with 64 pound T rails made at the Safe Harbor Works. The wear and tear of rails includes the use of them in construction of road. P h il a d e l p h ia , November 15th, 1858. I have compared the foregoing statement, prepared by S. J. Reeves, from data furnished him from this office, and find the amount of iron rails, purchased for the tracks of the Pennsylvania Railroad Company, and the amount worn out and taken from the track, to be correct to the date given, viz., November, 1S57. H E R M A N J. LOM BAERT, Cont. & And. F. E. R. Co. 120 R ailroad, Canal, and Steamboat Statistics. P h il a d e l p h ia , November 16th, 1858. The foregoing is a fair exhibit of the wear of rails upon the Pennsylvania Eailroad. It is a very satisfactory certificate of the good quality of the rails furnished by the Phoenix and Safe Harbor Works, from whence seven-eighths of all the iron used on this road was obtained. The durability of the rails furnished from these works, I am gratified to state, has exceeded our expectations. J. E D G A E THOMSON, President Pennsylvania Eailroad Company. AUSTRIAN RAILWAYS. A statement of the Austrian railway, Francnis-Joseph, appears in the report of the first general meeting of shareholders. The information was supplied by H. Etsel, the engineer. The lines are as follows :—• 1. Vienna, Oedenburg, Steimanger to Kanisa, 28 miles. 2. Pragerhoff to Kanisa, 15 miles. 3. Uj, Szony, (Comorn,) Stuhlweissenburg to Ofen, 19 miles. 4. Kanisa to Esseg, 24 miles. 5. Esseg to Semlin, 22 miles. Total, 157 miles. Each inspecting engineer to have from 15 to 20 miles. Engineers of “ section ” (resident engineers) to have five to superintend directly. An administrative inspector, or “ traveling director,” is stationed with each inspecting engineer. The state of the staff at the end of 1857, was as follows :—Traveling directors, 13 ; inspecting engineers, 12 ; ditto for surveys, 7 ; ten working “ sections,” 86 ; five surveys ditto, 22 ; total, 140. When the first group is in fair way of con struction, the staff will be increased to 180, of whom 36 will belong to the secretary’s department. The state of the work is as follows From Petau to Kanisa the first lot was contracted for on the 9th of December. Three other lots and the bridge over the Mur, near Callori, followed soon after. The other contracts will be put up for competition very shortly. The company treated with an English house for 650,000 cwt. of rails, at 6 florins 30 kreutzers per cwt.; and they attribute to the Indian war and the late crisis the low price, in spite of which the rails are proved to be of the best quality. They calculate that they have saved two million florins by this favorable bargain. Fifty locomotives are ordered at the government workshops at Vienna, and thirty at Esslingen, at an average rate of 30,500 florins, duty included. CAVIL RECEIPTS AM) DISBURSEMENTS. The comparative statement of receipts and disbursements on account of the Ohio canals for the fiscal year ending November 15th, 1858, do not make a very favorable showing for the State revenues. The receipts and expenditures have been as follows :— Ohio C anal................................................................................................ Miami and Erie Canal............................................................................. Muskingum improvement tolls............................................................... Hocking Canal........................................................................................... Walhonding Canal.................................................................................... Western Reserve and Maumee Road..................................................... Total.................................................................................................... Disbursements for Bame time........................................................ Net expense....................................................................................... $101,606 146,969 17,308 16,671 472 2,272 59 27 88 61 26 68 $285,801 89 383,007 08 97,706 79 The receipts for the fiscal year ending November 15th, 1857, were $330,511 73 ; disbursements for same time $309,263 35. Net revenue $21,248 38. Decrease in receipts over 1857, $45,210 44. Increase in disbursements over 1857, $73,743 73. 121 R ailroad, Canal, and Steamboat Statistics. RAILROADS OF NEW YORK. Corporate title of company. Albany and Susquehanna......................... Albany and West Stockbridge................ Albany, Vermont, and Canada................ Black River and Utica.............................. Blossburg and Corning............................. Brooklyn City............................................. Buffalo, Corning, and New Y o r k ........... Buffalo and New York C it y ................... Buffalo and Pittsburg................................ Buffalo and State Line.............................. Canandaigua and Elmira........................... Canandaigua and Niagara Falls.............. Cayuga and Susquehanna......................... Chemung..................................................... Division-avenue, (Brooklyn)..................... Eighth-avenue, (New York)..................... Erie and New York City......................... Flushing...................................................... Genesee V alley.......................................... Hicksville and Cold Spring...................... Hudson and Boston.................................... Hudson R iver................... . ...................... Lake Ontario, Auburn, and New York.. Lake Ontario and Hudson R iv e r ........... Lebanon Springs........................................ Long Island................................................ New York and Erie................................... New York and Harlem............................. New York Central..................................... New York and New H aven ................... Niagara and Lake Ontario....................... Northern, (Ogdensburg)........................... Oswego and Syracuse............................... Plattsburg and Montreal........................... Potsdam and Watertown......................... Rochester and Genesee V alley............... Rensselaer and Saratoga.......................... Sacketts Harbor and Ellisburg................ Saratoga and Schenectady....................... Saratoga and Whitehall........................... Second-avenue........................................... Sixth-avenue................................................ Sodus Point and Southern....................... Staten Island.............................................. Syracuse, Binghamton, and New York . Third-avenue............................................... Troy and Bennington................................. Troy and Boston........................................ Troy and Greenbush................................. Troy and Rutland...................................... Troy Union and D epot............................. Union, (R am apo)....................... *............ Union, (Syracuse)..................... ............... Watertown and Rome............................... Total.................................................... Total Second Cost of road and Line Branches track & length of line, complet’d, comp'd. sideings. equipment. 140 0 3 8 .0 3 1 .9 1 0 8 .5 1 4 .8 3 0 .2 1 3 4 .3 9 1 .0 7 5 .2 68.3 4 6 .8 9 8 .6 3 4 .6 1 7 .4 3 .8 10.0 ...... 3 8 .0 3 1 .9 3 4 .9 1 4 .8 0.8 2.6 ...... 20.1 100.0 0 .7 91 . 0 1 .5 ..... 6 8 .3 4 6 .8 9 8 .6 3 4 .6 1 7 .4 1.6 4 .S 0.2 6 3 .2 7 .8 1 6 .0 4 .1 1 7 .0 1 4 4 .0 7 3 .8 1 8 2 .0 2 2 .5 9 5 .0 4 4 6 .0 1 3 0 .8 2 9 7 .7 6 2 .3 1 3 .2 1 1 8 .0 3 5 .9 9 5 .0 4 4 6 .0 1 3 0 .8 2 9 7 .7 6 2 .3 1 3 .2 1 1 8 .0 3 5 .9 20.6 20.6 7 5 .4 4 9 .7 2 5 .2 1 8 .0 7 5 .4 1 8 .5 2 5 .2 1 8 .0 7 .8 4 .1 1 7 .0 1 4 4 .0 .... ..... ...... 21.0 21.0 4 0 .9 9 .0 4 .0 3 5 .0 1 3 .2 8 0 .0 4 0 .9 9 .0 4 .0 ..... ...» 8 0 .0 8.0 6.0 5 .4 3 4 .7 5 .4 2 7 .2 6.0 6.0 1 7 .3 1 7 .3 2.0 0.2 2.0 0.2 1 .3 9 6 .8 1 .3 9 6 .8 ,286.4 2,447.8 ...... 2 8 .0 3 .5 1.6 20.6 6 .3 5 .5 ...... 1 6 .0 2 .9 6 .9 3 .5 2.1 ...... ...... ..... $ 2 1 9 ,6 6 2 2 ,0 0 7 .2 0 7 2 ,0 1 0 ,6 3 5 1 ,2 2 1 ,0 8 0 4 9 6 ,6 6 1 1 ,0 2 6 ,7 0 9 2 ,8 1 9 ,0 9 6 3 ,4 0 1 ,8 6 8 1 3 3 ,1 6 7 2 ,7 3 9 ,9 3 6 1 ,2 7 5 ,7 9 6 3 ,4 9 5 ,8 3 2 1 ,1 8 7 ,5 6 2 4 5 0 ,0 0 0 4 .8 ..... 0 .4 ..... 8 0 8 ,4 2 4 2 6 9 ,7 2 7 3 1 0 ,9 6 2 1 6 7 ,2 5 4 5 2 ,0 0 9 0 .3 1 7 5 ,0 0 0 1 0 6 . 5 1 1 ,2 8 3 ,0 1 9 3 9 2 ,8 1 3 3 ,5 3 7 ,1 7 8 ........... 3 2 4 ,4 4 8 10.1 2 ,5 6 5 ,7 9 2 2 8 1 . 3 3 4 ,0 3 3 ,6 8 0 3 0 .9 6 ,1 1 2 ,4 0 9 3 2 5 . 4 3 0 ,5 1 5 ,8 1 5 6 3 .8 6 ,2 5 8 ,2 3 2 3 9 3 ,7 2 9 1 7 .7 4 ,7 4 1 ,4 8 7 2.2 7 5 2 ,0 3 0 3 .1 3 4 7 ,7 7 5 2.0 1 ,5 5 5 ,5 2 9 1 .3 6 4 8 ,0 8 8 2.1 9 0 0 ,2 8 7 1 9 .0 3 8 9 ,3 1 0 1.6 4 8 0 ,6 8 4 4 .6 8 9 5 ,4 2 1 9 .0 4 2 6 ,3 2 2 4 .4 8 5 5 ,9 5 7 3 5 ,2 9 8 ..... 3 9 ,0 0 0 2 ,6 8 3 ,1 6 8 6 .3 6.0 1 ,1 7 0 ,0 0 0 0 .3 2 3 5 ,9 3 1 3 .2 1 ,4 2 2 ,1 8 8 0 .4 2 9 4 ,7 3 1 2.8 3 8 0 ,8 1 8 2.0 7 3 1 ,4 3 2 6 0 ,0 0 0 7 7 ,4 1 4 ..... 11.0 2 ,1 5 9 ,6 9 3 ...... ..... 2 .5 1 9 .0 2.1 2 5 8 .2 ...... 3 .8 6.6 ..... ...... ..... ..... ..... .... ..... 299.6 1,019.4 139,958,296 122 R ailroad, Canal, and Steamboat Statistics. L A K E S AND CANAL S . Our Canadian neighbors have, with admirable foresight, accomplished a line of artificial navigation, so as to give a course of nearly 2,500 miles for small steamers or propellers. The capacity of the American lakes for internal naviga tion is shown in the following table, showing the length and breadth in miles, the depth of each in feet, the elevation of each above the sea level, and the area of each in square miles:— AMERICAN LAKES. Lakes. S u perior.................................. Michigan................................... Huron....................................... St. C la ir.................................. E rie.......................................... Ontario.................................... St. Lawrence r iv e r ............... Length, miles. Breadth, miles. Depth, feet Elevation, feet 420 320 270 25 250 190 700 120 70 145 18 45 40 .. 600 1,000 350 20 70 500 ... 600 573 578 570 564 234 ... Area, sq. miles. 32,100 21,900 18,750 800 9,300 7,300 .... The Canadian Government has completed five canals, with a uniform depth of ten feet; locks 200 by 45 feet, viz. CANADIAN CANALS. Canals. Lachine.................... ............ Beauharnois....................... Cornwall................... Far rand's PoiDt . . . . Rapid Plat............... Point Iroquois......... G a lo p s ..................... Welland.................... Length, miles. Depth, feet. H 10 10 10 10 10 10 10 10 Hi Hi n Size of locks. 200 200 200 200 200 200 200 150 by by by by by by by by 45 45 45 45 45 45 45 26J Lockage. 44f 824 48 4 Hi 6 8 330 No. locks. 5 9 7 1 2 1 2 27 By means, therefore, of these internal improvements of Canada, vessels drawing ten feet can be taken from Fond du Lac, on Lake Superior, to the Gulf of St. Lawrence, a distance of twenty-two hundred miles. RAILROAD BUILDING IN RUSSIA. A correspondent of Le Nord under date of St. Petersburg, September 14, 1858, states:— To-day subscriptions for the bonds of the great railroad company began to come in. There was a crowd ; six cashiers were hardly able to count and receive the subscribers’ deposits. For each bond, a tenth of the nominal capital, or 50 roubles, must be paid down. As it is expected that the amount subscribed will be much greater than the capital required by the company, it is announced that the deposits for all the bonds not delivered will be restored. It is said that on this, the first day, seven million roubles’ worth of bonds were signed. The subscription is to remain open for ten days, and it is likely that more than one hundred million roubles will be subscribed during that time, for the number of subscribers usually increase during the last days. As the company desires but thirty-five millions, the bonds will evidently command high premiums in the market after the first day. This premium, like that for shares, will be more considerable for the bonds delivered than for the promises to deliver, (promesses A’obligations.) A largo proportion of the sales made to-day were upon speculation. The distribution among the individual proprietors is to be made subsequently. Hence, while the speculator who buys a promise to deliver, confines his speculation to Journ al o f M ining, M anufactures, and A rt. 123 the premium which he can obtain by a subsequent sale, the holder of a bond entirely free will derive from it a much more considerable profit. The holder of a promesse d'obligation by freeing it, is allowed a discount of 3J per cent per annum, something like 8 or 9 roubles a bond. By sending it then to Paris, for instance, to negotiate it there, (which is easily done, since the bonds will be indorsed 500 roubles, 2,000 francs, 80 pounds sterling, 536 thalers, and 944 Dutch florins, to facilitate transactions)—by selling there the bond merely at par, with no premium, and having the proceeds put into a draft upon St. Peters burg, the speculator will gain from 5 to 7 per cent, or 25 to 35 roubles. Tou may therefore expect soon to see in the Paris market bonds delivered at St. Peters burg. On the other hand, it will naturally follow in course of time that the market price of these bonds in Paris will be lower than that which they will command here. Now that we are speaking of railroads, let me say that the line from St. Peters burg to Peterhof is about to have a branch to Krasnoe-Szelo, the place were the camp of the Imperial Guard is pitched every summer, and where all the reviews take place. There will be no great amount of travel in winter, but in summer there will probably be not a little, without reckoning the employment of the road by the government for the transportation of troops, already a source of revenue to the main line from Peterhof. The grant is made, like that of the Peterhof road, in the name of the Baron Stieglitz. JOURNAL OF MINING, MANUFACTURES, AND ART. THE RELATIONS OF SCIENCE TO MODERN CIVILIZATION. Whatever will best meet the demands of comfort and refinement by increasing the productive power of labor, by diminishing the cost of raw material, by adapting it to the greatest and widest utility, by quickening circulation and facilitating exchange, must necessarily advance civilization. Let us see if science meets this demand. It has in some way contributed to every valuable process of modern industry. Take for example the single article of cotton ; chemistry selects and prepares the soil; geology points out the hidden places of iron, lead, and carbon ; chemistry, by the safety lamp, prevents explo sions in coal mines, and dictates the most economical process of manufacturing raw materials into machinery ; mechanical philosophy directs the constrnction of the cotton gin, which separates the filaments from the seeds; of the jenny, which spins them into threads; and of the power-loom, which weaves them. The pro cess of bleaching, which formerly required five thousand hours, is now as thoroughly effected in one. The mineral, vegetable, and animal kingdoms pay tribute of their richest dyes; and the arts of design, engraving, and mechanics combined, tint the new-made fabric at the rate of two thousand yards per hour. Aided by chemistry, machinery metamorphoses the rags into paper, and stamps, with the symbols of thought, fifty newspapers per second. Thus, in six short months from the planting of the cotton seed, the paper pro duct, covered with news of the latest discoveries, improvements, controversies, hostilities, sentiment, and song, may be vivifying, energizing, and harmonizing the entire mind of the world. We read our obligations to mathematics in the stupendous structures which span the briny flood of Menai, and the fathomless abyss of Niagara. W e have not lost the lesson in the fall of the suspension-bridge of Bochester. 124 J ourn al o f M ining, M anufactures, and A rt. Of the living force which is now absorbed in productive work, nine-tenths are generated in the water-wheel and the engine. Man’s puny arm is tasked but for the remaining tenth, necessary to accomplish the present triumphs of industry. Science has shown him that mind is the seat of all power—has taught him divis ion of labor—has enabled him to command and harmonize the powers of antagonistic forces— it has elevated him from the drudge to the superintendent— has raised him from muscular toil to the evermore productive, ennobling, and re fining effort of mind. The fabled spear of Holus had not so potent control of the elements, as, in the hand of man, has the lever. He touches it— a thou sand spindles whirl, and shuttles fly, animated by the transmitted force of gravity. He springs the valve, and the steaming Pegasus whirls his articulated train across the landscape at a speed of fifty miles per hour. The intelligent observer sees the potency of science in the indispensable utility and elevating influence of every appliance of modern civilization— in the gas, which drives crime from the midnight street—in the supplies of water, which flow through the iron arteries of our towns—in the window, which admits the light, and repels the tempest'—in the retort, which reveals the secrets of alchemy—in the crystal edifices which in London, Paris, and New York, rear their princely domes, sacred to industry and art—in the microscope that reveals the complex and symmetrical structure of the animalculi—in the artillery of astronomy, which brings the denizens of infinite space within the sphere of human observation. Political economy has brought to light those fundamental truths which regu late exchange—has disabused the civilized nations of the idea that individual or national wealth could result only from another’s loss—has changed commerce from a source of hostility into a bond of peace. Modern civilization is vigorous, radiant, all aglow under the genial influence of a universally extended commercial intercourse. Not only are the products of the material world thus brought under the laws of supply and demand, but a commerce of ideas exists to an extent hitherto unknown, vivifying humanity to the remotest parts of the globe. But how were obtained the stupendous agencies requisite to carry on this gigantic exchange ? What has enabled man thus to extend his dominion over the inanimate forces—to give them muscles of steel, and doom them to perpetual service? Why, in the last half century, have burst forth such great revolutions in agriculture, manufactures, commerce, literature, and art ? How has material and immaterial nature thus suddenly a ten-fold capacity to administer to the con venience, taste, physical and mental well being of man ? Whence the authority to appoint the goddess of the tides an omnipresent pilot of the deep—to arrest the thunderbolt in its path—to bid it mount the magic wire—dart athwart the land—plunge beneath the sea, and resume its terrene flight on foreign shores, an universal courier ? What, we ask, has enabled the civilized nations of to-day thus to realize results more stupendous, magnificent, glorious, than imagination in its loftiest flights has ever before embodied? We have but to turn to the studies which have occupied the silent thoughts of scientific minds of the last three centuries for an answer. When man has accumulated facts, and in studying their relations, abandons those speculations which transcend the limits of his capacity; when he places himself in harmony with the forces employed by his Creator, then his inquiries J ou rn a l o f M ining, M anufactures, and A rt. 125 are practical—science becomes a fit handmaid of Christianity in extending civilization, in purifying and developing the human mind, and in spreading over the world the blessings of industry and peace. DI AMOND C U T T I N G , By cutting, the peculiar brilliancy of the diamond is brought out, and its value fixed. Then the jeweler adds new beauty by tasteful setting. His skillful combination of various kinds of precious stones, so that the one may impart splendor to the other, makes the starry rays of the diamond sparkle with glory in the tiara, brooch, or necklace. During the last twenty years great progress has been made in the art of setting, of which splendid exhibitions were exhibited both at the London and Paris exhibitions. Rubies, sapphires, emeralds, and diamonds, are now formed into anemones, roses, carnations, tuilps, convolvuli, lilies, and other flowers. Probably, the idea originated with the glory which is seen, early on a summer morning, when the rising sun shines on the dewy flowers. The revolution in Prance, at the end of the last century, nearly ruined the jewelers of Paris, and for a time gave a check to improvement. Under the imperial government of Napoleon I., some progress was again made, but the art only began to flourish after the restoration. A t first, they worked with stones of the second class, such as topazes, amethysts, and aigue-marines, with which trinkets of more appearance than value could be made. Afterwards, it was found that by imitating flowers, the number of precious stones, in proportion to the size of the jewel, could be reduced without injuring the effect; while diamonds of less purity, such as those of Bahia, could be more freely used. The practice of setting diamonds in silver, and rubies in gold, so as to impart au apparent in crease of size to the one, and splendor of color to the other, became more general; and the most beautiful designs have been wrought out with the greatest neatness and taste. A t no period in the history of the world have so fine specimens of the jeweler’s art been produced as during the present century by the artists of London and Paris. MACHINE-MADE WATCHES. It is not more than twenty years since clocks were exclusively furnished to us by European countries, and their manufacture here, with very few exceptions, was almost unknown Now, however, they are daily manufactured here by thousands, through the instrumentality of machinery, which enables them to be constructed not only in a much superior and correct manner, but at one-twentieth the price originally demanded for them when manufactured by manual labor. The most ingenious machinery is now in operation for this purpose. The manu facture of watches is also now carried on upon the same principle, and by some what analogous machinery to that employed for the manufacture of clocks. Dies of the most exquisitely-delicate formation are employed for cutting the various wheels, as well as other intricate parts, and lathes and polishing-wheels for re ducing the pivot-jewels to the proper size, and giving them the proper finish. And while the simplicity observed in the construction of the watch lessens its liability to stop or otherwise get out of order, any cause of disarrangement is more easily detected. 126 J ourn al o f M in in g, M anufactures, and A rt. MINES AND FACTORIES OF PRUSSIA, From official sources we gather that the entire mineral (iron) production of Prussia amounted last year to 18,064,326 cwt., beiDg an increase of 1,030,490 cwt. compared with the figures of the year preceding. The production of cast iron rose from 7,072,768 to 7,721,833 cwt., of iron in bars from 5,333,730 to 5,494,100 cwt., of steel from 440,352 to 449,158 cwt., of zinc from 766,521 to 872,221 cwt., of gold and silver from 55,052 to 59,025 marks, (a mark, 8 ounces,) of lead from 245,719 to 265,678 cwt., of vitriol from 42,694 to 47,406 cwt., whereas copper experienced a decline of from 34,251 to 31,946 cwt., and the total value of the metals produced had fallen from 79,598,610 to 74,457,965 thalers. The number of laborers employed in the mines had increased to 59,198, being an excess of 1,000 against the previous year. A t present Berlin is the great emporium of Germany for engine building, machinery, and iron works of every description. Orders are received not only from all parts of the interior, but also from abroad, especially from Russia, where everything appertaining to railways is now in great demand. The machine building factories of Berlin may be divided into two classes, the larger and the smaller establishments. The more extensive of them construct locomotives, steam-engines, machinery for miners and furnaces, tubular bridges, iron steamers, and so forth ; those of the second class furnish iron pipes for gas and water works, apparatus for heating greenhouses, saloons, &c., and many other articles. In spite of the flourishing state of our engine building trade, several establishments, particularly the smaller ones, suffered not a little from the effects of the crisis, but unlike most other branches of industry they soon recovered from the shock, and are now in full employment again. In a factory for building railway cars and wagons, belonging formerly to Herr Pflug, which has been purchased by a joint-stock company, no less than 3,702 workmen are engaged, so that, including the members of their families, 10,892 persons are maintained by this single establishment. The extensive works that owe their origin to the late John Frederick Borsig, I have adverted to in a former letter. Of the iron foundries—fifteen in number—which are mostly con nected with machine building establishments, one belongs to government, and fourteen to private persons. In 1857 the royal iron foundry produced 29,623 hundred weight of cast iron articles, to the value of 168,253 thalers, and employed 176 workmen, whose families numbered 394 individuals. A t the private foundries the castings amounted to 360,983 hundred weight, the value being 1,775,602 thalers, and occupying 740 workmen, whose families comprise 2,180 members. These figures will give some idea of the scale on which this branch of industry is carried on in onr capital, and which must be considered very creditable to the enterprise of its inhabitants, when it is recollected that twenty-five years ago there was hardly a single private factory of the kind in all Berlin. STRUCTURE OF ANTHRACITE COAL, It has been ascertained that anthracite coal is susceptible of division into very thin laminae, all of which, examined under the microscope, give evidence of their vegetable origin. During combustion in an ordinary coal fire the cinders which fly off are very good for these examinations ; they easily split into thin layers and show vegetable tissues of various kinds. Even completely decarbonized coal shows this origin. The little white spots are the vessels. It is more difficult Statistics o f A gricu ltu re, etc. 127 to examine soft coal, as the bitumen swells and obscures the vegetable forms. The principal forms observed are thin layers of elongated cells, scutariform ducts, flattened tubes, arranged in spiral lines, large rectangular cells, the charcoal-like masses. IMPROVED JACQUARD LOOM, In an improved construction of the Jacquard loom which has been introduced, the object had been to substitute for the heavy cards a sheet of prepared paper, punched with given apertures, like the cards of the old machines ; but, instead of being a series of pieces two-and-one-half inches wide laced together, the punctured paper formed a continuous band only three-quarters of an inch wide ; thus so diminishing the bulk that the weight of the new band, as compared with that of the old cards, was in the proportion of one to eleven. The method by which this desirable result has been attained is chiefly by an arrangement which permits the four hundred spiral springs on the needles used in the old machine to be dispensed with, when, as a consequence, the force, and the wear and tear due to their resistance is done away with, and the important advantage gained of making fine and light wires do the work of strong and heavy ones. STATISTICS OF AGRICULTUIIE, &c. AGRICULTURAL EXHIBITION IN FRANCE. The Paris Monileur of the 2d October has an ample report of the Minister of Agriculture on the regional agricultural exhibitions in France. The number of them this year was ten, at central places in the great territorial divisions. The report embraces the names of the exhibitors to whom the chief prizes were awarded, and the main results of the convocations and the competitive system. Formerly those divisions of the country entertained mischievous prejudices and antipathies against each other ; the peasantry refused to employ new implements of tillage, or to admit any changes in their antiquated husbandry. This evil has nearly disappeared under the influences of the assemblages and the means of com parison. France, says the minister, has at length learned to know herself and her resources ; the rural progress, in every particular, surpasses all expectation. Many thousands of people of different provinces have been drawn together; they have parted with mutual cordiality ; their only solicitude is how to make the best figure in the shows and intercourse of the next year. The railroads afford them facilities for every purpose, of which their forefathers could have no con ception. The departments and the large cities contribute sums o f tweuty-five and thirty-five thousand francs towards the accommodation and arrangement of the animals and machinery brought to each of the rendezvous. From year to year the numbers of the frequenters and the objects for exhibition and rivalry have signally advanced. The report adduces the statistics. In 1846 wheat was grown on not more than 5,936,908 hectares, (the hectare is two-and-a-half acres ;) in 1856 it occupied 6,468,236 hectares ; the increase in the yield is larger in propor tion. Special attention will henceforth be paid to the classification of the animals 128 Statistics o f A gricu ltu re, etc. according to localities, and breeds, and qualities, and of the farming implements in reference to origin and usefulness. From 1860 the number of agricultural regions will be ten or twelve ; each will comprise seven departments or provinces, and an exhibition will be annually held in each by turns. The central govern ment and the authorities of the several circumscriptions or demarkations will appoint inspectors, juries to award the premiums, surveyors of the farms in com petition, and scientific and practical instructors. The emperor has created five model farms in the neighborhood of the Camp of Chalons, on which the soldiery and coips of engineers are occasionally employed. His chief object is to fertilize for pasture the arid and nearly barren plains; and considerable sums are appropriated from the civil list to carry out his plans. Bach of the new establish ments has stables for a hundred cows, stables for twenty horses, and folds for twelve hundred sheep. Four hundred cows of the race of Brittany, more than three thousand sheep, rams of the English stock, and thirty choice brood mares are already collected. Five similar establishments are to be undertaken and completed next year. IRISH AGRICULTURAL STATISTICS. The Begistrar-General’s annual returns of the extent of land under crops for the year 1858, and of the numbers of live stock for the same period, have been issued, and are of no little interest at the present time. In our September No., page 387, we gave the crop statistics; the following are the live stock Horses. 1 8 5 5 ..................... 1 8 5 3 .................... 1 8 5 7 ..................... 1 8 5 8 ..................... 5 7 3 ,4 0 8 Cattle. 3 ,5 6 4 ,4 0 0 3 ,5 8 7 ,8 5 8 3 ,6 2 0 ,9 5 4 3 ,6 6 1 ,5 9 4 Sheep. 3 ,6 0 2 ,3 4 2 3 ,6 9 4 ,2 9 4 3 ,4 5 2 ,2 5 2 3 ,4 8 7 ,7 8 5 Swine. 1 ,1 7 7 ,6 0 5 9 1 8 ,5 2 5 1 ,2 5 5 ,1 8 6 1 ,4 0 2 ,8 1 2 The following is the total value of live stock in each year from 1855 to 1858, calculated according to the rates assumed by the census commissioners of 1841 — viz.:— For horses, £8 each; cattle, £6 10s.; sheep, 22s.; and pigs, 25s. each:— 1 8 5 5 ................ 1 8 5 6 ................ 1 8 5 7 ................ 1 8 5 8 ................ Horses. £ 4 ,4 5 0 ,2 9 6 4 ,5 8 7 .2 6 4 4 ,7 9 8 ,2 8 6 4 ,8 8 5 ,7 3 6 Cattle. £ 2 3 ,1 6 8 ,6 0 0 2 8 ,3 2 1 ,0 7 7 2 3 ,5 3 6 ,2 0 1 2 3 ,8 0 0 ,2 6 1 Sheep. £ 3 ,9 6 2 ,5 7 6 4 ,0 6 3 ,7 2 3 3 ,7 9 7 ,4 7 7 3 ,8 3 6 ,5 6 3 Hogs. £ 1 ,4 7 2 ,0 0 6 1 ,1 4 8 ,1 6 6 1 ,5 6 8 ,9 8 2 1 ,7 6 3 ,5 1 5 Total. £ 3 3 ,0 5 3 ,4 7 8 8 3 ,1 2 0 ,2 2 0 3 3 ,7 0 0 ,9 1 6 3 4 ,2 7 6 ,1 7 5 THE VINTAGE IN MISSOURI, From the Volksblatt, published at the German settlement of Hermann, in Mis souri, we learn that this year’s vintage in the vicinity of Hermann, in spite of the poor prospects in the early part of the season, has been an average one. The quantity of wine produced will reach 25,000 gallons, which is highly satisfactory in view of the fact that last year’s yield was enormous, and that the vines seldom yield two consecutive heavy crops. The yield per acre of the different vinyards is variable—three and four hundred gallons per acre being secured in some, while others afforded only fifty gallons per acre. In general, however, the vintners are well pleased with the result, and have no cause to complain of hard times. Statistics o f A gricu ltu re, etc. 129 WHEAT CROPS OF CALIFORNIA. The San Francisco Price Current remarks :— We have received returns from the county assessors in relation to the wheat crops. The indications, we think, are fair that the wheat crop of the present year will prove larger than that of any preceding year. The statistics, we think, are more reliable. Formerly, agriculturists were less informed as to the quantity of land they might have under cultivation, and their conjectures were often very extravagant. This probably led to the excessive returns of 1856. Since then, lands have more gener ally been surveyed, and assessors have become more careful in their estimates. We may also allude to the extravagant ideas in vogue in regard to the productive ness of the soil. Few farmers would admit that their crop would be less than thirty bushels to the acre, and we have seen statements, apparently on good authority, of from sixty-five to eighty bushels. It is true that in exceptional cases, such large yields might have been afforded ; but perhaps the average yield of this, as of most of the best grain-growing States, would not be over twenty bushels, even in favorable seasons. By the subjoined table, it will be perceived that in those counties where wheat has heretofore proven an uncertain crop, the number of acres harvested this year is greatly reduced, showing that the farmers are turning their attention to other branches of agriculture ; while in Napa, and in various other counties in different portions of the State, the area of land de voted to wheat has been greatly extended during the past year. The following table gives a comparative statement of the wheat crop in twenty counties for the past three years — Acres.— Alameda......... A m a d or......... Calaveras........ Colusa............. Contra Costa . El Dorado . . . F resn o........... Los Angeles. . Merced............ Napa............... Plumas............ Placer............. Santa Clara... Sacramento .. Shasta............. Siskiyou.......... Sutter............. Trinity............ T u la re ........... Yolo................ Total........... ' 1S58. 12,803 1,476 671 3,560 16,870 250 610 600 16,000 3,080 .... 14,500 9,628 1,200 7,000 2,225 953 1,800 10,500 103,626 ---- Bushels.— 1857. 1 8 5 6 .' 14,000 1,245 1,348 3,347 9,012 22,052 800 1,600 5,320 8,611 .... .... 442 3,100 9,520 1,858 70 2,400 1,500 10,000 2,731 16,000 10,969 1,034 6,500 830 500 81.3S6 15,000 6,791 2,429 7,495 2,581 950 1,500 13,300 ' 1858. 256,060 22,145 6,760 52,900 286,790 10,258 5,000 10,200 12,000 500,000 46,200 108,000 145,000 171,340 24,060 140,000 62,300 19,060 36,000 210,000 103,349 2,124,073 m i. 1856. ' 252,000 460,500 31,125 28,000 13,480 25,495 66,907 122,360 162,216 . 310,386 19,200 17,280 2,800 26,094 14,000 15,000 75,000 800,000 300,000 30,000 24,500 63,000 59,770 200,000 ISO,000 213,248 132,420 16,554 63,618 130,000 149,900 48,452 16,000 18,950 266,000 1,556,764 2,296,638 It will be perceived that Contra Costa has largely increased her area of wheat crop over the two preceding years, while she has apparently fallen below 1856 in productiveness. Perhaps this can be best accounted for by the allusions before made to the unreliable character of the statistics of former years. VOL. X L .---- N O . I. 9 Statistics o f A gricu ltu re, etc. 130 THE CATAWBA VINTAGE OP 1858. The yield of vinyards in Hamilton County for 1858 is 14,000 gallons ; Brown County, 17,000; and Clermont, 2,500—a total of 33,500 gallons in the three counties. Mr. Fourmier, the director of W. Longworth’s wine house, states that the wine of 1858 is of a superior quality, being as good as the celebrated vintage of 1853, and the yield is considerably greater than that of 1857. The price per gallon ranges from SI to SI 20, the latter being the current quotation. The The entire crop is valued at $40,000. Mr. P. has purchased 25,000 gallons of the new wine. The Commercial makes the following note of the yield of several of the vinyards “ The largest quantity produced in any township in this county is Storrs. T . H. Teatman, Esq., who produced 1,400 gallons last year upon eight acres, made but 800 gallons this year. His neighbor— Mr. John Brent, reputed one of the best vintners in Ohio, produced 513 gallons, against 1,200 last year— on five acres. In 1853 his vinyard yielded 1,100 gallons per acre! and during several successive years the crop was very small. Mr. Bentz likewise made 1,100 gallons per acre that year, and during several years after his vines failed. It is obvious, therefore, that heavy crops are injurious. Near Bipley, (Brown County,) many vintners realize a full crop this year. Mr. Brumback, near that town, made 1,500 gallons from eight acres, and his neighbor, Mr. Hoffman, made 1,700 gallons on a similar area. An evidence of the difference in crops resulting from careful and careless culture, is exhibited in the cases of Mr. Fee, near Moscow, Clermont County, who made but 300 gallons from a vinyard of 22 acres, and of Mr. Tattman, who made 400 gallons from two acres. Both vinyards have a south-westerly slope; and are close together. Mr. Fourmier esteems Brown County the best vine-growing district in Ohio.” • HOG STATISTICS OF KENTUCKY, Wo have already, in previous numbers of our magazine, published the Assessors’ returns of hogs in Kentucky, so far as they had been received at the Auditor’s Office. Having now received the returns from the remaining counties not before reported, we are enabled to lay the total aggregate before our readers :— Edmondson.............. .. ................................ Floyd............................................................. Fulton............................................................ Hardin........................................................... H arlam ......................................................... Jefferson....................................................... Jackson ......................................................... Marion........................................................... Owen............................................................. Trimble......................................................... Ouseiy........................................................... Perry............................................................. Previously reported from 98 counties.. . T o ta l................................................. 1856. 1857. 1858. 8,627 9,981 8,984 20,207 8,855 14,327 2,609 11,187 6,724 6,975 7,454 7.698 977,820 7,378 11,462 5,444 26,310 12,904 17,666 3,980 17,023 9,938 9,786 8,182 8,278 1,285,043 4,383 14,971 4,611 11,746 10,036 12,037 3,047 12,393 7,914 4,444 8,613 9,427 1,004,221 1,440,394 1,107,843 1,085,943 Statistics o f P opulation , etc. 131 STATISTICS OF POPULATION, &c. POPULATION OF THE GLOBE, The population of the globe has been estimated variously by different authors :— Malte Brun, (the geographer) gives...................................................... Balbi, (a French statistician).................................................................. Hopei, (German)...................................................................................... M’Gregor, (English) on the basis of the Almanac Von W eim er... . M. de Reden.............................................................................................. 633,000,000 '737,000,000 938,421,000 812,533,742 1,135,488,000 Most of these great differences are founded—1st. On the degree of credibility given to the Chinese Emperor ; 2d. On ignorance of America; and 3d. On ignorance of Africa. But our recent travelers and geographical discoveries have enabled us to correct much of this speculation and error. 1st. The recent knowledge acquired by the English in China, assures us that the Chinese censuses are authentic, and as reliable as such documents generally are. 2d. African travelers, such as Drs. Livingstone and Barth, have ascertained that the interior of Africa is much more populous than was supposed. 3d. The population of America we have almost exactly—it is 64,417,677. The population of America, as estimated by statisticians, is as follows :— Malte Brun, (1 8 2 5 ).................................................................................... M’Gregor, (1828)...................... M. de R e d e n ............................................................................................... 46,000,000 42,164,440 50,000,000 Now, at this time, we can arrive tolerably near the population of America, allowing for the slow progress of Spanish America, and the rapid progress of the Anglo-American. The result is as follows :— United States..................... British America................. Russian America............... M exico................................ Central Am erica............... West Indies....................... B razil.................................. Columbia............................ Buenos Ayres..................... 28,500,000 2,500,000 500,000 7,000,000 2,500,000 3,500,000 8,000,000 4,000,000 1,000,000 Monte Video and Uruguay Paraguay............................. P e r u .................................... Bolivia.................................. C h ili.................................... Guinea, etc., etc.................. 300,000 300,000 3,000,000 2,000,000 2,500,000 600,000 A ggrega te................. 66,100,000 W e believe the above is rather an over-estimate. It will be seen that we have allowed but little more than twenty millions for South America. Is there any evidence that there is more ? For each country specified we have allowed more than authentic returns will justify. Let us now look at Asia. The last authentic Chinese census, recently taken, makes China and its dependencies over 400,000,000. Fair estimates for India and dependencies, with those for Persia, Turkey in Asia, and some minor countries, make 763,000,000, and we have a full estimate for Asia. From Africa, according to M. de Reden, the recent travelers have found mil lions of people where, it was supposed, there were none; and the estimates of M. de Reden is 46,000,000. Europe, as censuses are taken in every country, may be taken at what it is estimated above at. The result, then, is as follows, giving the superficies and population according to M. de Reden :— 132 Statistics o f P opulation, etc. Square kilometres. Population. Asia............................................................. E u rope...................................................... A m erica............................................... Africa.......................................................... Australia, Ac.............................................. 43,832,152 10,064,951 41,414,401 30,019,393 9,042,731 163,000,000 266,043,000 56,000,000 46,000,000 8,945,000 Total................................................ 134,373,428 1,135,488,000 PROGRESS OF POPULATION IN CALIFORNIA, The California Price Current remarks :—The figures which we present below, showing the arrivals and departures by sea during the quarter, exhibit a loss of population more apparent than real; since really our coast has gained, and thousands of those who have left us for the north during the summer, are already returning, or preparing to return. We predicted at the outset of the Frazer Eiver phrenzy, that such would be the case, and we feel every confidence that the statistics of the quarter on which we are just entering, will, when presented to our readers three months hence, show a pretty full list of the present missing. The extravagant stories also, promulgated abroad, must greatly swell the emigra tion to the Pacific coast, and the new comers will just as surely make California the terminus of their journey, a3 did the last large number of Frazer River bound passengers by the Sonora, and more recently by the Golden Gate. Before presenting our monthly and quarterly tables we shall append the Frazer Eiver statistics, for April 24th to September 30th. Exceedingly few are now departing in that direction :— FRAZER RIVER EMIGRATION. From April 20th to June 30th............. From June 30th to July 10th............... From July 10th to July 18th............... From July 18th to July 26th............... From July 26th to August 3d.............. From August Sd to August 11th......... From August 11th to August 18th___ From August ISth to August 26th___ From August 26th to August 31st.. •. From August 31st to September 11th. From September 11 to September 19. From September 19 to September 25. From September 25 to September 30. Total to d a t e ................................. Men. 15,552 5,901 746 340 270 262 30 109 30 37 62 ■Women. 286 136 35 11 24 13 6 11 5 4 5 Children. 69 22 6 3 7 20 5 1 Total. 15,907 6,059 787 354 301 295 36 125 35 42 67 .. .. .. 50 •• •• 50 23,407 536 133 24,078 .. The arrivals from the same quarter have been :— Previous to September 26th........................ Arrived since that date to September 30th 5,470 745 T o ta l...................................................... 6,215 During the three quarters of the year, the statistics were as follows — ARRIVALS. First quarter....................................... Second quarter................................... Third quarter.................................... Total Men. 3,833 8,101 18,578 Women. 1,126 1,805 1,063 Children. 236 526 304 Total. 5,195 10,432 14,945 26,512 3,994 1,066 30,572 138 Statistics o f P opulation, etc. DEPARTURES. Men. First quarter....................................... Second quarter.......................................... Third quarter.......................................... 2,712 19,187 10,749 W omen. Children. Total. 282 617 552 164 832 159 8,156 20,136 11,460 T o t a l.......................................... 32,648 1,451 655 34,752 Loss...................................................... Gain...................................................... 7,136 ....... ____ 2,543 ... 411 4,180 ____ It would appear from the foregoing, that although over 24,000 persons left this port for the reputed gold mines north between April 20th and the present date, the entire loss to the population of the State has been, for three-fourths of the year, namely, from January 1st to October 1st, but 4,180 persons, an aggre gate not equal to the gain of the single month of September. CENSUS OF MINNESOTA, 1857. The census of the Territory of Minnesota, which Congress, by the act of February 27,1857, directed to be taken under the supervision of the Department of the Interior, was not finally returned until the 23d of July last. Many causes, inseparably incident to the prosecution of such a work in a new country, com bined to produce this delay. The facts returned by the local officers have since been classified and arranged in this department. The most prominent of these may be briefly stated as follows:—CENSUS OF MINNESOTA, SEPTEMBER 21, 1857. White males...................................................................................................... White, females ................................................................................................ Colored males.................................................................................................. Colored females................................................................................................ Aggregate population..................................................................................... Number of families......................................................................................... Native voters.................................................. Naturalized voters. ........................................................................................ 87,395 62,425 144 128 150,092 32,536 26,737 22,393 STATISTICS OF FOREIGN COUNTRIES. A Parliamentary blue book has just been published, being part five of a series of papers containing information in regard to foreign countries, compiled from official sources. The population of Portugal in the year 1854 is stated to have been 3,499,121, and the area 35,400 English square miles. The total population of Spain in 1857 (including the Balearic Islands and the Canary Islands) is calculated to have been 16,301,851. The population of Austria in 1846 was 36,950,547, its area 243,472 English square miles. The population of the Roman States in 1853 was 3,124,668. The population of Turkey, according to the census of 1844, was 35,350,000. The total population of Switzerland in 1850 was 2,392,740. PONTIFICAL STATES. There are, in the twenty provinces of the Pontifical States, 181 governments, divided into 832 communes, and having a population of 3,126,263 persons, of whom 29,055 must be considered as having no fixed residence in the country. 134 M ercantile M iscellanies. ♦ POPULATION OF CARONDELET, MISSOURI. Few towns in the Union have increased in population so rapidly as our sister city of G'arondelet. In 1853, the total population was 1,580 ; in 1856,1,701 ; and in November of the present year— the census having just been taken—the total population is 3,102. In the brief period of one year the population has nearly doubled. MERCANTILE MISCELLANIES. SHOPS IN CHINA, The following description of the shops in China has an interest now that that people and country are coming more into the circle of commercial intercourse:— The plan of shops in China is very much influenced by circumstances. If the depth be not very great, and the street be wide, the light that enters in at the door and a large window is deemed sufficient; but if the street be narrow, and the depth of the shop considerable, an opening is left in the roof of the building. In this case the shop is often divided into an anterior and posterior apartment by a partition. Galleries run round the interior, and serve for the accommoda tion of different kinds of stores. The partition is often very diffusely ornamented with carved work, gildiug, scrolls of colored paper, and above all, with an elegant tablet, bearing the owner’s name. In the better kind of shops, the fittings are very pretty, and exhibit a great deal of neatness and taste in their arrangement. The goods are placed upon shelves, laid up in drawers, or displayed in glass cases. For the last, perhaps, they are indebted to a hint obtained from Europeans. It is observable that the most attractive shops are those which are furnished with goods to be sold to foreigners, or with foreign goods for the use of natives. The extent of European influence may be traced in Canton, by obvious signs of im provement, though that influence be oftentimes no greater than what is associated with a transfer of commodities. The superiority of the manufactures from Europe, naturally suggests to a Chinese the propriety of seeking for a shop which, in the order of its furniture, exhibits a superior attention to beauty, and a correspondence of parts. The old and new China streets excel all others in the extensive suburbs of Canton, in the style of proving, the elegance of the shops, and the variety of goods they are stored withal. Now these goods are intended expressly for the accommodation of foreigners, who keep a running account with the shopmen, and give their orders with as much facility and good understanding as they do in their own country. The shopmen speak a language which is a curious mixture of Chinese, Portuguese, and English, with here and there a sprink ling from other sources. The shops which rank next after those in old and new China streets are met with in a new street, not far from them. These are furnished with European wares for sale among the Chinese, and, as hinted above, present a neat and tasteful appearance. The persons who wait upon customers in them, are generally well dressed, and not unfrequently gentlemen, in the grace and ur banity of their address. Most, if not all of these, are strangers to the English language, and have little need of it, as their business lies chiefly among natives. The air of improvement which a European diffuses around him, even in the celestial land, as they fondly term it, is a circumstance worthy of note, as it affords a silent, but powerful reply to pompous and abusive edicts, and shows, in the way of practical encouragement, that the common people of China are not so conceited, or so stereotyped, as not to adopt a useful hint, when placed within their reach. At the head of the shops which have not hitherto received any improving hints from abroad, may be ranked the apothecaries’. And, if we except the glass window and the showy array of glistening jars, it is a counterpart of our own. M ercantile M iscellanies. 135 The wall behind the counter is occupied with drawers, which contain various mendicaments of a dry and herbaceous kind. Above these are shelves, whereon are ranged rows of China jars, filled with liquids and moist preparations. The natives, though manufacturers of glass, seem to prefer the. porcelain jar to the transparent vessel. The glass workers make bottles of small dimensions, which are very neat in figure, and very convenient for small quantities. The writer found them very opportune for diminutive and tender objects of natural history. But the use of bottles, of a large size, is confined to natives, who sell ardent spirits to the foreigner. The vessel is of foreign extraction; but the fiery and pernicious ingredient is a native product. The druggist has not yet condescended to adopt the European fashion, and perhaps has little need, as the jars are very slightly, and answer his purpose very well. We see him sometimes engaged in dispensing a prescription, selecting the several ingredients, in their respective quantities, asset down in the written formulas sent by the physician, and exhibit ing throughout a diligence that very well agrees with the importance of what he is doing. The pestle and mortar are seen, but their use, in the case of medicinal woods and roots, is superseded by the plane. By means of this instru ment, the drug is cut into thin slices ; and it must be confessed, that this is a more elegant plan than that of reducing it to powder, and, perhaps, a more appropriate one; for in decoction, the common form in which medicine is ad ministered in China, the more active parts are taken up by the water, while the woody and the inert are left behind. Rhubard, for example, instead of being reduced to the form of a powder, is cut into a thin slice, and may be fastened to paper for the entertainment of the physiological botanist. The shops in which the swallow’s nest is prepared and sold, are numerous. A nest of drawers, at the back of the counter, hold these precious articles of diet in different states, and of different qualities. The shopmen are occupied in separating the feathers and other impurities from the gelatinous parts. As the front of the shop is open, the process is fully exposed to the gazer’s view ; in fact, mechanical operations and manipulations are conducted in sight of the public, after the manner of the smiths, etc., in this country. The painters’ shops are numerous in certain streets, and make a gay figure from the number of highlycolored drawings exposed for show. The artist works full in the view of passen gers, who very rarely stop to inspect his handy achievements, unless a stray foreigner happens to stop and gaze for better information. “ What does he think of the things which we admire ?” is an interesting question, and never failed to collect a great crowd of persons, to the great annoyance sometimes of the shop man, and the interruption of the public thoroughfare. The shoemakers’ shops are very gay, as the shoes worn by ladies’ maids, and persons of better circum stances, whose feet have not been marred, are richly embroidered, and set in rows for effect and display. Their soles are an inch or more in thickness, to increase the height of the wearer, as tallness is regarded as an accomplishment in China. Shoes worn by gentlemen are black, as colors, in this part of their dress, are reckoned unbeseeming. Pawnbrokers’ shops are not unfrequent. One, within the recollection of the writer, stood at the back of a court yard. The window was long, and so high above the ground, that the persons who pledged their goods had to hold them higher than their heads, in order that the broker might receive them. By this contrivance thievery was prevented, and the men had leisure to inspect the goods before they made their offer for them. But the article is soon labeled, and its duplicate, with the money, handed to the individual. The makers of looking-glasses are to be found very thickly planted in the suburbs of Canton. The greater portion of the glass made in China, is intended for this purpose, and hence, after it is blown into a large hollow spheroid, the workman proceeds to cut it with a diamond into plates of given dimensions for mirrors. The pro cess of silvering is very simple ; a little mercury is spread over the surface of the glass, and confined there by the application ot a sheet of lead foil. These look ing glasses form an essential part of the ladies’ dressing cases, wherewith many shops are largely stored, in company with pictures of the Chinese female wearing the softest smile the painter could impart to a very comely face. Glass is stained green or blue, and wrought into beads, rings, ear-rings, bracelets, ornaments for 136 M ercantile M iscellanies. the hair, and so forth. They are ground upon a stone, which alternates within a case or frame; but does not revolve, for the Chinese have not yet lighted upon the device of a scissors-grinder’s machine, by which he can turn a wheel with his foot, at any reasonable rate he pleases. The simple business of grinding a bead, is executed with labor, and at much cost of that patience for which the natives are so well distinguished. The mention of a wheel for turning, will prepare us for the cloekmaker’s shop, which is vdry common in some parts of Canton. As to the qualities of these time-keepers, experiment does not enable the writer to offer an opinion; but, perhaps, it will be enough to say, that the workman turns the wheel with one hand, while he applies the object to it with the other. He once took some pains to show a man, that the wheel ought to be turned by the foot, that both hands might be used to guide the object to be shaped and polished. They took the hint of clockmaking from foreigners ; but have not yet had an opportunity of seeing the lathe. In some of the retired streets, those monuments of patience, the ivory workers, may be seen, scraping the elephant’s tusk into those beautiful forms which we so much admire in this country. The mother of pearl counters are executed by the same hands, and oftentimes with the nicest touches of beauty and finish. The work is performed by a variety of chissels, which lie in a pile on the bench by the side of the artist. T H E S I L K WO R M, The following facts just laid before the Academy of Sciences by MM. Decasine, Peligot, and de Quatrefages, members of the committee appointed to investigate the cause of the disease of the silkworm and seek a remedy for it, are not with out interest. These gentlemen, having visited various parts of France, found the mulberry leaves everywhere in excellent condition, so that there is no founda tion in the opinion which attributes the disease to bad food. Of all the diseases to which the silkworm is subject, that most frequently met with is known by the name of patles rwiros or poicre in France ; M. de Quatrefages proposes to call it the maladie de la tache, from the spots which appear on the worm when attacked with it. These spots are often invisible to the naked eye, and can only be perceived with the aid of a magnifying glass; and this circum stance explains why the malady, especially during the present year, escaped the observation of silk growers in the majority of cases until five or six days after the worm had cast its fourth skin. The spots exist in all the tissues and organs of the worm, and the antennae, the legs, or a portion of the wings. In the be ginning the spots appear under the form of a yellowish matter, pervading the whole system; this matter gradually becomes darker, and is then concentrated i nto a number of tubercles, which are the spots in question. That such a diseased state should exercise an influence on the quality of the eggs is not surprising, but to what extent can only be determined by future experience. An infected silk worm may spin its cocoon when the disease is not too far gone, but the insect generally dies, and the body instead of putrefying, becomes dry and brittle. M. de Quatrefages has tried several methods of cure ; first, the hygienic pro cess, which consists in rearing the worms in open sheds instead of close rooms. The leaves of the wild mulberry, not stripped from the branches, he has found very efficatious. He strongly recommends silkgrowers to rear small lots of worms apart from the others, solely for the purpose of propagating the species. But, besides these precautionary measures partly recommended by others, he has had recourse to new remedies not hitherto recommended, and has endeavored to ad minister various medicines to the worms. M ercantile M iscellanies. 137 From his experiments it appears that the silkworm does not refuse to eat the leaves of the mulberry, sprinkled Peruvian bark, gentain, valerian, mustard, &c., and the two latter powders especially would seem to produce good effects. But scraped sugar appears for the present to be preferable to all other remedies. The worms eat the leaves sprinkled with sugar with extraordinary relish, and the experiments with this subsistence were accordingly repeated on a larger scale in the establishment of M. Augliviel, in the Department of the Guard, where one of the silk sheds, fitted up for twenty-seven trays, was redaced by disease to four. The worms of these were transferred to another shed, and divided into four lots ; the first was fed in the common way, the second with moistened leaves, the third with sugared leaves, and the fourth was subject to a rigorous abstention of food for seventy-five hours, and then fed chiefly with sugared leaves. A t the end of twenty-four hours several worms of the latter lot began to spin, and made several small and imperfect cocoons on the tray ; the other worms began to shrivel up and diminish in size, but on receiving the sugared leaves they speedily rallied, and many of them spun cocoons. The worms fed with moistened leaves fared very badly, and very few of them spun cocoons. Those fed in the common way presented nothing remarkable, and yielded a certain quantity of cocoons; but those fed with sugared leaves thrived well and spun their cocoons sooner than the others. The quantities of silk yielded by these four lots were respectively :— 1st lot, 210 grammes; 2d lot, nought; 3d lot, 392 grammes, and of a superior quality ; 4th lot, 152 grammes. Now, when it is considered that such a result was obtained from the use of sugar on worms the state of which was hopeless, it may reasonably be concluded that its effect will be much more satisfactory in less desperate cases. At all events, one great fact has been put beyond a doubt—viz., that medicine may be ad ministered to silkworms in the same way as it is administered to cattle and poultry. GIRARD, THE MONEY-MAKER, A recent number of the Household Words contains a sketch of Stephen Girard. It is not correct in all particulars, yet it embodies many interesting facts in the history of the celebrated banker. After giving the leading events in the early life of Girard, the writer proceeds as follows :— In 1812 Stephen Girard, the one-eyed cabin boy of the Bordeaux, purchased the banking premises of the old Bank of the United States, (whose charter was not renewed,) and started the Girard Bank, a large private establishment, which not only conferred advantages on the community greater than the State institution upon which it was founded, but, while the public credit was shaken, the govern ment finances exhausted by war, the Girard Bank could command large subscrip tions of loan, and put itself in the position of the principal creditor of the country. In 1814 Girard subscribed the whole of a large government loan from patriotic motives, and in 1817 he contributed by his unshaken credit and undiminished funds to bring about the resumption of specie payments. In 1831 his operations were so extensive, that when the country was placed in extreme embarrassment from the scarcity of money, by reason of the balance of trade being against it, he was enabled, by a single transaction with an eminent English firm, to turn the exchanges and cause the specie to flow into the States. To add to his singular and deficient character, he was deaf in one ear, could only speak broken English, never conversed upon anything but business, and wore the same old coat, cut in the French style, for five years together. An old ricketty chair, remarkable for its age, and marked with the initials “ S. G.,” 138 M ercantile M iscellanies. drawn by a faded horse, was used when he rode about the city. He had no sense of hospitality, no friend to share his house or his table. He was deferential in appearance to rank and family, violent and passionate ouly to one man—an old and faithful clerk, named Roberjot. His theological opinions were heterodox in the extreme, and he loved to name his splendid vessels after Voltaire and Rousseau. He was devoted to the improvement of his adopted country, and he was a determined follower of ostentatious charity. No man ever applied to him for a large public grant in vain, while the starving beggar was invariably sent from his gate. He steadily rose every morning before the lark, and unceasing labor wras the daily worship of his life. Stephen Girard began his remarkable trading career with one object, which he steadi y kept in view all his long life—the making of money for the power it con ferred. He was content at starting, with the profits of the retail trader, willing to labor in any capacity to make these profits secure. He practiced the most rigid personal economy ; he resisted all the allurements of pleasure ; he exacted the last farthing that was due him ; and he paid the last farthing that he owed. He took every advantage the law allowed him in resisting a claim ; he used men just as far as they would accomplish his purpose ; he paid his servants no more than the market price; when a faithful cashier died he exhibited the utmost indifference, making no provisions for his family, and uttering no sentiment of regret for his loss. He would higgle for a penny with a huckster in the street; he would deny the watchman at his bank the customary Christmas present of a great coat. Thus he attained his eighty-second year in 1830 ; he had nearly lost the sight of his one eye, and used to be seen groping about his bank, disregarding every offer of assistance. Crossing one of the Philadelphia roads, he was knocked down by a passing wagon, his face was bruised, and his right ear was nearly cut off. His one eye, which before opened slightly, was now entirely closed; he gradually wasted away, and his health declined. On the 26th of December, Stephen Girard expired in the back room on the third floor of his house in Water-street, Philadelphia, leaving the bulk of his large fortune, upwards of a million sterling, to found charities, and to benefit the city and the country in which he had acquired it. THE HAIR TRADE, In most countries the hair is regarded as one of the finest ornaments of the female head. Among the inhabitants of Britanny, however, in France, a contrary idea prevails, and while the men wear theirs hanging over their shoulders in long tresses, it is a mark of immodesty for a women to reveal a single lock or ringlet. A close fitting cap, which effectually hides the hair, is the height of propriety. But there are other prudential reasons for this besides that of modesty. The females turn their hair to account in other markets than that of love, and make a good profit out of it. Shocking as it may appear, '•many London and Paris ladies are indebted for the magnificent hair which adorns their heads, to the wilds of Brittany.” A recent English traveler detected the traveling hair merchant in the very act of spoliation. He says :— Strolling through the street, my attention was attracted by a crowd around a half-ruined house. Wedging my way to the entrance, I saw a man standing in the middle of a room, armed with a formidable pair of scissors, with which he Was clipping the hair from a girl’s head, with a rapidity and dexterity bespeaking long practice. For not only was the operation performed with almost bewilder ing quickness, but when the girl was liberated, her head assumed the appearance of having been shaved. There was a great laughing among the peasants, as she emerged from the house, leaving the long tresses in the hands of the hair mer chant, who, after combing them carefully, wound them up in a wreath and placed M ercantile M iscellanies. 139 them in a basket already nearly half full of hair. For, as I heard, he had been driving a highly profitable trade all the day ; and girls were still coming in willing, and in some cases apparently eager, to exchange their fine ehevelures—which would have been the glory of girls anywhere but in Britanny—for three poor little handkerchiefs of gaudy hues, scarcely worth a dozen sous! This terrible mutilation of one of woman’s most beautiful gifts, distressed me considerably at first; but when I beheld the indifference of the girls to the loss of their hair, and remembered how studiously they conceal their tresses, my feel ings underwent a change, and I looked at length upon the wholesale croppings as rather amusing than otherwise. Great was the apparent disappointment of girls, when the hair, although seemingly abundant and fine, did not come up to the hair-merchant’s standard ; but the fellow had so abundant a market, that he was only disposed to buy when the goods were particularly choice. His profits, too, must have been great, as the average price of a good head of hair, when cleaned, is eleven shillings.” CLOCKS AS AW ARTICLE OF EXPORT. In the early part of the present century, this species of time-keepers was first introduced. Rapidly superseding the tall Dutch and English clocks—not more by their cheapness, than by their greater beauty and convenience— they soon penetrated to the remotest settlements of the South and West—astonishing all by their cheapness, and charming all by their beauty and accuracy of performance. It is but a few years since American clocks first attracted the attenion of merchants and shippers as articles of export to foreign countries. Yet now large quantities are regularly exported to the British North American Provinces, to Europe, to South America, and the East and West Indies, to Australia, to Constantinople and the various ports in the Mediterranean, to the Cape of Good Hope, to China, &c. &c. In the year 1857, 1,000 packages of clocks, valued at $10,000, were imported into Hamburg, Germany, from the United States. In short they are now sold in nearly all the great markets of the world, wherever commercial enterprise carries the constantly increasing manufactures of our coun try. Every newly settled region, and every new market opened to American commerce, are sure to create fresh demands for clocks of every description. There has been, for the last year or two, a constantly increasing foreign demand for these articles. The large quantities, shipped from time to time tor the foreign export trade, as reported in our pages, can hardly have escaped the notice of our readers—and doubtless, with so general a demand, handsome profits have been realized therefrom. TRADE MARKS I3V FRANCE, The Moniteur publishes directions, drawn up in concert by the Ministers of Justice and of Commerce, for the execution of the law of the 23d of June, 1857, and the decree of July 26th, 1858, on manufacturers’ marks. Manufacturers, dealers, or agriculturists, who wish to deposit their respective marks at the registrar’s office of the Tribunal of Commerce, or, in places where there is no Tribunal of Commerce, at that of the Civil Tribunal, may either present them selves personally or by another having a power of attorney to that effect. In the latter case the procuration must be duly signed and registered. The depositor must furnish a copy, with a duplicate, of his mark or paper. This model or copy must consist of a drawing, engraving, or impression, executed so as to represent the mark in a clear and distinct manner. The paper on which this model is traced must be seven inches square, and have the mark placed in the center of it. The mark must not be more than three inches high by four wide. The two copies must be exact counterparts of each other. One of them will be posted on the leaves of a register kept at the office; the other will be sent to the Minister of Commerce, and by him deposited at the Conservatoire des Arts et Metiers, where it will be shown without charge to any one requiring it. 140 M ercantile M iscellanies. CURRENCY T E R M S . The origin of the word sterling has been explained as follows in a correspon dence of the Transcript:— “ Your correspondent refers to the pound sterling, or easterling, which word, I believe, is commonly spelled esterling. Some of your readers may not be aware of the origin of the word sterling, about which antiquarians have doubted. The word esterlings may be found in Spelman’s glossary. The word was first applied to English pennies, in the reign of Edward I., about the year 1279. llenry, in his History of G. B., vol. vi., page 297, London, 1814, says—•In the course of this period, the silver penny is sometimes called an esterling or sterling ; and good money in general is sometimes called esterling or sterling money.’ It is unnecessary to mention the various conjectures of antiquaries about the origin and meaning of this appellation. The most probable meaning seems to be this :—that some artists from Germany, who were called esterlings from the situation of their country, had been employed in fabricating our money, which consisted chiefly of silver pennies, and that from them the penny was called an esterling, and our money esterling or sterling money. “ I used to be puzzled to know why a certain coin was called a milled dollar. Antoine Brucher, a Frenchman, invented the ‘ mill’ for making money, and money was first struck with it, in 1553. It was brought into England by Philip Mestzel. and Elizabeth had milled money struck in England, in 1562. It was used in France, till 1585, and in England, till 1572, but gave place to the cheaper expedient of the 1h a m m e r which, in 1617, gave place to the engine of Belancier; which was merged in the great improvements of Boulton and Watt, at Soho, in 1788. In 1811, the art was brought to very great perfection, at the mint in London. One of the most interesting objects, at the present day, in Philadelphia., is the whole process of coinage, from first to last, from the crude California snuff, as it enters the melting pot, till it verifies the proverb and taketh the wings of an eagle and flieth away.” The dollar mark ($) is derived from the use of the old Spanish pillar dollar, which was of very general circulation and known value, the two pillars enclosed with an S became the cypher for a Spanish dollar. FULMINATING QUICKSILVER, On the late trial of Dr. Simon Bernard, in London, for conspiracy to murder Louis Napoleon, some very interesting scientific information was elicited in the testimony regarding fulminating powder. J. D. Parker, a druggist, testified that Bernard on the 14th of November, 1857, bought of him 8 pounds of absolute alcohol, 10 pounds of pure nitric acid, and 1 pound of quicksilver, which were the exact proportions for making fulminating quicksilver. C. Nicholson, chemist, engaged in the manufacture of fulminating powder for the government, testified that the ingredients and proportions for making fulminating mercury were 1 part by weight of mercury, 8 of absolute alcohol, and 10 of pure nitric acid. In order to make this powder, the mercury is first dissolved in nitric acid, and the solution thus obtained is added to the alcohol. When this is effected, a violent reaction ensues, accompanied with evolved masses of white vapor, and the fulmi nating mercury is precipitated in the form of a dense powder varying from a white to a gray and a yellow-brown color, but the white is the purest and strong est. It is more explosive than gunpowder when dry, but it is kept prepared in a wet state, wrhen it is perfectly harmless. M. 0. Picot, director of the chemical laboratory connected with the artillery department in Paris, testified that the powder of the shells or grenades employed in the assassination act in Paris, was pure fulminating mercury. He had examined their contents and was sure of this. W. Tozer, of the artillery works of the Woolwich arsenal in England, testified that fulminating mercury was twenty times stronger as an-explosive agent than gunpowder. This he had proved by experiments with shells. 141 T he Booh Trade. THE BOOK TRADE. 1. — The Life and Times of Sir Philip Sidney. Ticknor & Fields. 12mo., pp. 281. Boston : The only memoirs of Sir Philip Sidney, the poet knight, who fell so gloriously in the Netherlands, while bravely combating for the glory of his country and old Queen Bess, are those written by Greville and Dr. Zouch, both of which being now out of print, the author has herein undertaken to collect the scattered souvenirs of Sir Philip Sidney’s life, in whom, we are told, were united, with the patriot, philosopher, and scholar, the hero and pride of chivalry. The book from beginning to end is tinged with a shadow of “ lang syne,” and carries one back to the time when London, we quote here from the author, possessed only 60,000 inhabitants. “ The picturesque old timber houses were built with gable roofs, oriel windows, gilt vanes, and immense carved chimney-pieces. Tapestry and wooden panels were just giving way to plaster, on which a contemporary writer thus delightedly expatiates—‘ Besides the delectable whitenesse of the stuffe itself, it is laid on so even and smoothlie as nothing, in my judgment, can be done more exactly.’ Wealth was displayed in quantities of silver plate, in mirrors from Venice, and clocks from Germany ; but carpets had not yet super seded the rushes that littered even palatial halls. The table was divided by a large salt-cellar, above which were the seats of honor, the choice viands, the Muscadel and Hippocras sparkling in Venice goblets ; and below the humble guests aud poor kinsmen were content to sit with ale and coarser fare. Knives were a recent luxury, and forks still unknown. The streets of London were lighted by individual agency, each family hanging out its lanthorn. The Thames was a clear stream, upon which 4,000 watermen plied their craft. Coaches were not introduced until 1650, and were then regarded as an effeminate innovation. St. Paul’s Cathedral was the fashionable resort each day from 10 to 12 A. M., and from 3 to 6 P. M. There sauntered the Mercutios and Gratianos, to sport their jeweled rapiers, to learn the news, (for newspapers, those exhilarating little fountains of gossip, had not yet made their appearance, aud in the churchyard was the principal book sale of London, for book-shops had, at that time, no ex istence,) to make appointments, to offer challenges for the duels, to barter and to bribe.” Desecrating times we would call these, if at these times our middle aisles do still teem with gallant knights, silken cloaks, and ruffs starched almost as stiff as were even old Queen Bess’. 2. — The Ministry of Life. By L ouisa C iia r l e s w o r t h , author of “ Minister ing Children,” etc., etc. 12mo., pp. 422. New York : D. Appleton & Co. In gathering from the experience of life, says the author, there is found much to regret in the present aspect of many amongst the sons and brothers of our land who iudulge in a reckless selfishness, as if it were a birthright privilege, or who study apathy as if it were repose, and appear incapable of being quickened into self-forgetting interests and animated energy. And equally amongst the daughters and sisters of our land must we mourn the indifference, the unsheltered forwardness which are effacing the true dignity aud feminine grace which have been one peculiar glory of our nation. All very sensible Mrs. Charlesworth. She further says, as it would be impossible in so small a volume to delineate all the bearings of society’s large circle, no attempt has been made to illustrate the personal effort involved in moral progress on earth, but to illustrate the actual ministry of life, and to point out as it were a more excellent way. It appears to be exceedingly well written, nothing lacking in incident and denouements, the whole narrative running gracefully along with one finger upon the earth and the other pointing to the skies. The moral certainly is a good one, and as such we wish it success. 142 T he B ooh Trade. 3.— Southern Institvtes; or, an Inquiry into the Origin and early Prevalence of Slavery and the Slave Trade, with an Analysis of the Laws, History, and Government of the Institution in the Principal Nations, Ancient and Modern, from the Earliest Ages down to the Present Time. By G e o r g e S a w y e r , of the Lousiana bar. 8vo., pp. 393. Philadelphia : J. B. Lippincott & Co. This treatise of the “ peculiar institution” is among the most voluminous we have seen, the author treating his subject in a number of historical and augumentative essays ; first, the origin and general prevalence of slavery and the slave trade ; second. Hebrew slavery, or slavery in the Old Testament; Greek slavery. Roman slavery, slavery in the New Testament, slavery in the middle ages, moral attitude of slavery in the Uuited States, and its origin in this country, and relative position and treatment of negroes, ending with an essay on the political and judicial attitude of slavery in the United States, and an appendix eliciting some curious statistical facts concerning the institution and its appur tenances. Mr. Sawyer takes the most enlarged views of his subject, taking for his theme in one of his essays nothing less than that redoubtable golden rule “ whatsoever ye would that men should do to you, do ye even so to them,” and that too, in his exhibit of the moral attitude of slavery in the United States. However unpalatable the subject, he is evidently a philosopher who can never pander to public prejudice, or flatter what he deems popular error ; in other words, where there is a truth to he told he outs with it. He seems to have begun too, with the purpose of avoiding all sectarian views, in morals, politics, and religion, and of preserving, as far as possible, a high tone of moral and religious sentiment; but the zeal for his cause seems to have carried him away at times, as evinced in his criticism on the remonstrance of Jefferson to King George, and in his hypothetical assertion in the Declaration of Independence, that “ all men are created equal, and are endowed by their Creator with certain inalienable rights.” In the latter case, holding that men have no natural or political rights that they may not voluntarily or involuntarily forfeit to the body politic, seem ingly forgetful that it was but a hypothesis with Mr. Jefferson, which was car ried out by the framers of the Declaration of Independence, that 1here should be no titles of nobility or no hereditary claims to prominence, or that no man should be deprived of his life, liberty, or property without due process of law. Had we time and space a great deal might be said concerning this book, but we will have to dismiss it with an earnest recommendation to the many who go about doing good in this great cause, and the many who prefer that far-reaching sympathy which manifests itself so strongly in the cause of the Southern slave, to the complaining man at their own doors, and we promise them that though Mr. Sawyer may not be able to convert them, they will at least find that within which will recruit their exhausted energies with an additional stimulus, which is probably the most they require. ^.--Electron; or. the Pranks of the Modern Puck. A Telegraphic Epic for the Times. By W m. C. R i c h a r d s . New York : D. Appleton & Co. A neat little book from the press of the Messrs, Appletons which may be looked upon as an electric spark of the times, throwing off, in the attractive form of verse, the origin, progress, and marvelous developments of the sciences of electricity and magnetism, from its first discovery by Thales to the failure of that most stupendous enterprise known as the Atlantic Cable, whose waning in terest lies dimly now in the gigantic attempt to clasp two worlds in closest brotherhood. 5.— Bertram Noel. A Story for Youth. By E. J. M ay , author of “ Louis’s Schooldays,” “ Sunshine of Greystone,” etc. 12mo., pp. 359. New York : 1). Appleton & Co. Is one o f the sweetest and purest domestic tales we have read in a loDg time, and just the thing for a gilt book for Christmas times. 148 T he Booh Trade. 6. — The Autocrat of the Breakfast Table. Sampson & Co. 12mo., pp. 364. Boston : Phillips, Those enterprising publishers, Messrs. Phillips, Sampson & Co., have sent us a copy of those Autocrat papers, which originally appeared in the Atlantic Monthly, but which they have since collected in a neat volume. As everybody is aware, they are etchings from the graphic pen of Oliver Wendell Holmes, than whom we have no more pleasing humorist. These breakfastable conversa tions have elicited a great deal of attention, and are positively refreshing in their quaint humor. The many prismatic colors of life reflected in the partial and in complete view of everything touched upon, added to the deep underlaying vein of reason running through the whole, lends to them a degree of elasticity which is highly palatable, and remind one of the familiar conversations of an intellec tual club—they seem so to draw the substance out of everything, as hot water draws the strength out of tea leaves. 7. — The Four Sisters; a Tale of Social and Domestic Life in Sweden. By F r e d r i k a B r e m e r , author of “ The Neighbors,” “ Nina,” “ The Home,” “ Homes in the New World,” etc. 12mo., pp. 393. Philadelphia: T. B. Peterson & Brother. Miss Bremer possesses an enviable reputation as a high toned fiction writer, and, we think, deservedly so, as the womanly purity shadowed forth in all her narratives has a tendency to engender a moral growth very different from most of the literature of this sort. There is a finish and charm in her style, coupled with a ■womanly purity, which all good and true must appreciate, aud which naturally bind us to her with a sort of brotherly love. Her characters are always boldly efrawn, never shrinking behind subsidies, but with all her vigor there is no over straining for mere sake of effect, but all bears evidence of that careful fiuish known only to cultivated minds. The “ Four Sisters,” we think, is destined to a merited prosperity. 8. — The Battles o f the United States by Sea and Land: with official Documents and Biographies of the most distinguished Military and Naval Commanders. By H e n r y B. D a w s o n , Member of the New York Historical Society, etc., etc. Parts 4, 5, aud 6. New York : Johnson, Fry, & Co. We cannot bestow too much praise on this superb work of Mr. Dawson’s, inasmuch that there has hitherto existed no really good military and naval history of the United States prior to this, and for the style in which it is got up, which the author assures us shall be maintained to the end. Wo will again speak of the merits of this work in some future number. 9. — The New Priest in Conception Bay. A Novel in Two Yolume3. pp. 309, 339. Boston : Phillips, Sampson & Co. 12mo., A beautiful and instructive story, the events upon which it is founded being laid in Newfoundland. This, although a barren spot, is inhabited by a hardy race, whose bold outlines of character correspond to the beetling ciiffs that are washed by the ever surging sea on all its coast, and form a good subject for the novelist’s pen. It is well written and deeply imbued with that natural piety and religious feeling which commends itself to the best feelings of the heart. 10. — Isabella Gray. Charles Desilver. A Novel. By a lady. 12mo., pp. 252. Philadelphia: Is seemingly a finely written tale, both generous and spiritual, taking in review the varied vicissitudes of life, in which are shadowed forth the true principles which form the only support for the weary and despondent. It possesses quali ties which the authoress need not fear to have indorsed with her name, and that it will serve in some measure to anchor a seasonable thought in the mind of the reader, leading ultimately to an active principle, we do not entertain a doubt. r 144 T he B ook Trade. 11. — A yacht Voyage of Six Thousand Miles-, or, Letters from High Latitude e. Being some Account of a Voyage in the Yacht Foam to Iceland, Jan Mayen, and Spitzbergen. By L okd D u f f e r i n . 12mo., pp. 406. Boston : Ticknor & Fields. Sometime in June, 1856, Lord Dufferin started in his yacht Foam for a voyage of pleasure and adventure to Iceland and Spitzbergen. In this volume we have some accounts thereof. The narrative in many respects will be found exceedingly interesting, from the fact that so little is known of the habits and customs of the people inhabiting the high latitudes reached by these daring amateur sailors ; besides, Lord Dufferin is evidently a practical, well-educated, business-loving Eng lishman, possessing all the roystering qualities of a true British sailor, and the lively picture given by him of the countries visited, and of the hospitality they received at the hands of the Norsemen, cannot but well repay a perusal. 12. — Nightcaps. By the author of “ Aunt Fanny’s Christmas Stories.” York : D. Appleton & Co. New Is another of the Messrs. Appleton’s charming tales designed for the festivi ties of Christmas. Aunt Fanny is evidently a brick, as the dedication of her book will fully prove. Here it is verbatim ad libitum :— “ To my Rusty, fusty, crusty, gusty, Kind, good natured. generous, trusty, Bachelor brother, And no other, (Who will maintain were’t his last word) That children should be seen, not heard, This book with many a childish trait And talk, which he pretends to hate, Most lovingly I dedicate.” 13..— The Modern Cook; or, Practical Guide to the Culinary Art in all its Branches. By Charles Elme F rancatelli. Philadelphia : T. B. Peter son & Brother. Is all that it pretends to be, the best book of the kind in the English language— a guide to compounding good dishes and how to cook them. M. Francatelli’s position as Mastre-d’Hotel and chief cook to Her Majesty the Queen is sufficient guaranty of his qualification for doing what he here teaches others how to do, in a style easily understood, wdiile “ from the ninth London edition” proves the appreciation of his work. This book “ comprises, in addition to English cookery, the most approved and recherche systems of French, Italian, and Ger man cookery.” and is adapted to the easy comprehension of every would-be cook or housekeeper for the smallest family or the largest hotel, and is alike complete in all its departments, while a peculiar merit pervades the whole, namely, economy. To live elegantly, nicely, and economically we have only to follow Francatelli. The manner of dressing the dishes too, by over sixty handsome engravings, is a highly useful part, showing, as well as telling, the features of good cookery. And the work itself, a large octavo of 585 pages, is “ served up” by the Messrs. Peterson, as a cook book ought to be, in first-rate style, and well worthy-of imita tion by all book makers.
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