Full text of The Merchants' Magazine and Commercial Review : June 1850, Vol. XXII, No. VI

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

THE

MERCHANTS’ MAGAZINE,
E stab lish ed

J u ly 5 18399

BY FREEMAN HUNT, EDITOR AND PROPRIETOR,

VOLUM E X X II.

J U N E , 1850.

CONTENTS

O F N O . V I .,

' NUMBER V I.

V O L . X X I I .'

ARTICLES.
A rt.

P

age

I.

TR A D E : WITH REFERENCE TO ITS ORIGIN, LAWS, AND ITS INFLUENCE ON
CIVILIZATION, AND ON THE INDUSTRIAL POWERS OF NATIONS. By G e o r g e
S. B o u t w e l l , Esq., Merchant o f Massachusetts... . . ................ » ......................................... 596

II.

M ONEY: ITS HISTORY AND PHILOSOPHY, AND ITS USE AND ABU SE—Part I.—
OF THE HISTORY AND PHILOSOPHY OF MONEY. By the Rev. S a m u e l M a r t in ,
of London (England) ........... ........................................... .................................................... 612

III. THE TRADE AND COMMERCE OF THE NEW YORK CANALS...............................

622

IV . CURRENCY—INTEREST—PRODUCTION—No. III. By J. S. R., o f Massachusetts......... 630
V.

FREE TRADE vs. PROTECTIVE TARIFFS. A reply to an article in a former number o f
the Magaziae. By G e o r g e B a c o n , Esq., o f New York
................. ................... 635

M E R C A N T I L E L A W CASES.
«-

English Law of Bills o f Exchange and Promissory Notes, with the latest decisions thereon........... 637
Points relating to the Form of Bills of Exchange and Promissory N otes.......................................... 637
Bankruptcy—Fraudulent Preference to Bankers (English Case).
....................... .........................638
Dishonored Checks—Disclosure of a Customer’s Account (English Case).............................. .......... 639
O f a Deed by a Person in Embarrassed Circumstances...................... ............................................... 640
Action upon a Bill of Exchange Accepted by Defendant (English Case)......................................... 641

C O M M E R C I A L C H R O N I C L E A ND R E V I E W :
EMBRACING A FINANCIAL AND COMMERCIAL R E V IE W OF THE UNITED STATES, ETC., ILLUSTRA­
TED W ITH TABLES, ETC., AS FOLLOWS I

Increasing abundance of Money—Exchanges in favor of the Commercial Center—Specie in the
New York Banks and Treasury—Import and Export of Specie—Gold from California—Prices of
American Stocks in London—Transfers of Stock at Washington on Foreign Account—Export
of Cotton and Woolen Goods from Great Britain—Demand for American Stocks in Europe—
Revenue and Expenditures of United States—Progress of Manufactures in the South and West
—Statistics of Manufactures in Lowell—Changes in the World’s Commerce.
............ 642—649
v o l

.

x x ii

.—

n o

. v i.




38

594

CON TEN TS O F N O . V I ., V O L . X X I I.
PAGE.

J O U R N A L OF B A N K I N G , C U R R E N C Y , A N D F I N A N C E .
Condition of the Several Banks in the State o f Ohio, taken from returns made to the Auditor o f
State, on the 1st Monday of February, 1850 ........................................................................................ 650
“ Ten Minutes Advice about Keeping a Banker.” By James William Gilbart, o f London........... 653
The Banker— the Man. From A. B. Johnson’s Treatise on Banking................................................. 657
Real and Personal Property and Taxation of New Y ork...................................................................... 659
United States Treasury Notes outstanding May 1,1850....................................................................... 660
Early History o f Savings Banks in England........................................................................................... 660
Banking Capital and New Banks o f Massachusetts............................................................................... 661
Coins and Moneys of Brazil—Interest and Fun ded Debt o f Brazil in 1849 ........................................ 661
Appropriations and Expenditures o f the New York City Government for 1849 ............................... 662
Receipts and Expenditures of the Government o f the United States in 1850.................................... 663
Revenue of Great Britain in years ending 5th of January, 1849, and 1850......................................... 663
English Joint Stock Companies................................................................................................................ 663

COMMERCIAL STATISTICS.
Trade and Commerce of R io d e Janeiro................................................................................................ 664
Cottons, Linens, Silks, and Woolens, imported into Rio de Janeiro from 1845 to 1849.................... 665
Movement of the Rio de Janeiro Flour Market from 1845 to 1849 ...................................................... 666
Export of Produce from Rio de Janeiro, from 1843 to 1849 ................................................................. 665
Destination of Hides exported from Rio de Janeiro in 1848 and 1849 ................................................. 667
Destination of Coffee exported from Rio de Janeiro in 1848 and 1849................................................ 667
Export of Coffee from Rio de Janeiro to principal ports of the United States................................. 668
Commerce of Venezuela with other nations during the years 1844 to 1849 ........................................ 669
Import o f Cotton W ool into Great Britain in 1849—Production and consumption o f Indigo... 670-671
Import o f American hops into England—Import of Guano into England........................................ 671

NAUTICAL INTELLIGENCE.
Great Circle Sailing—Capt. Godfrey’s voyage to Australia—Wreck off the Humber........................
Improvement useful to Navigators—converting Salt Water to Fresh.................................................
Royal Sovereign Shoal off Beachy Head—Navigation o f Wilmington in 1849...................................
Scroby Sand, Yarmouth...........................................................................................................................

672
673
673
674

COMMERCIAL REGULATIONS.
Commercial customs o f St. Louis............................................................................................................ 674
An Act of Ohio to provide for taxing Banks and Banking Companies............................................... 675

RAI LROA D, CANAL, AND S T E A M B O A T S T A T I S T I C S .
Complete Statistical View o f the Massachusetts Railroads in 1849 .....................................................
Delaware and Raritan Canal, and Camden and Amboy Railroad and Transportation Companies..
What Railways should be Commercially...............................................................................................
Expenses of German Railways—Improved method of navigating Steam Vessels............................
New York Steam Marine..........................................................................................................................
American Railway Guide—French Steam Navigation—Loans to Railway Companies, Ireland

JOURNAL

676
679
679
681
682
683

OF M I N I N G A N D M A N U F A C T U R E S .

Cotton Manufacturing Establishments of New Y ork...........................................................................
W oolen Manufacturing Establishments o f New York...........................................................................
lUiscellaneous Manufacturing Establishments of New York................................................................
Cotton Spinning in various parts o f the World.—Zinc Mines of New Jersey....................................
Iron Manufactures o f Pittsburgh—Average Price of Bar Iron in England, from 1813 to 1839.........
Gold and Gold Mining.—Of the Manufacture and Refining o f Sugar......... .....................................
Improvement in the Manufacture o f White Lead.—Hydraulic Pressure in Coal Mines....................
Economy of Iron Ships—Manufacture of Boots and Shoes in New Y ork..........................................
Progress o f Manufactures i jl Spain........................................................

684
685
686
687
688
689
690
691
692

MERCANTILE MISCELLANIES.
Insurance—its importance.......................................................................................................................
Mercantile Honesty...................................................................................................................................
Energetic Devotion to Business...................................................................................................
Effects of the repeal of the English Navigation Laws..........................................................................
The Snow Trade o f Italy.—An Iron Built Warehouse for California.................................................

692
693
695
696
696

T H E BO O R T R A D E .
Notices o f 39 Ne Works, or New Editions.................................................................................... 697-707




i

HUNT’ S

MERCHANTS’ MAGAZINE
AND

COMMERCIAL REVIEW.
JUNE,

1 8 5 0.

Art. I.—T R A D E :
WITH REFERENCE TO ITS ORIGIN, LAW S, AND ITS INFLUENCE ON CIVILIZATION,
AND ON THE INDUSTRIAL POWERS OF NATIONS.

W e propose, in the present paper, to develop and exhibit the natural prin­
ciples and divine laws in which trade has its origin, to note its influence in
stimulating the industrial powers o f the race, as manifested in inventions, in
discoveries, and in science,— its animating and civilizing spirit in the history
o f great nations, and, lastly, to observe its influence over the industrial and
political affairs o f the American Republic.
W hile trade itself has great charms for those who hope to secure the
golden .fleece, there are others who regard it as an unnatural, artificial pur­
suit ; and beyond these a small Class who believe that the world would be
better fed, better clothed and better educated, were trade unknown. These
look with suspicion on those who, as traders, carry on an exchange in the
productions o f neighboring towns and counties, or as merchants go down to
the sea in ships, and render the inhabitants of every isle and nation, in the
broadest sense, consumers and producers. They see that it is by and through
the influence o f trade that those luxuries have been introduced, and innova­
tions made, which are unfavorable to the natural purtty and simplicity o f the
race. In their minds the world is divided into two great classes-— producers
and non-producers— and in the latter, traders and merchants have a promi­
nent place. The vast wealth, too, which these men sometimes accumulate,
is regarded as evidence o f the hostility o f their profession to the productive
labors o f men. Some o f these objections are well founded— others are n o t ;
but it is no part of my present purpose to remove the latter, or establish the
former. My design is rather to present the subject o f trade or commerce in
such a view, that after all allowances for inherent and incidental evils, we
shall be well satisfied o f its importance as one o f the principal human pur­
suits, and its close sympathy with agriculture and the mechanic arts*




596

Trade : its O rigin , Laws, and its Influence

Trade, in its rude form, is o f great antiquity. It no doubt existed prior
to the time when Abraham bought the field o f Machpelah at the cost of
four hundred shekels of silver, current money with the merchant. The fact
here stated, and the language used, shows that trade was subject to certain
rules and principles, which might be termed a system. Our knowledge o f
Egypt, whether derived from her written history or the hieroglyphics o f the
country, exhibits her people in a trading or commercial character. W e can
readily perceive that the huntsman or the herdsman, at a point little re­
moved- from the savage state, would be willing to exchange the products o f
the chase or the fold for the rudest garment or the most ostentatious orna­
ments. Our first idea o f trade is associated with that o f property and with
that of locomotion— the right to own and the right to transport. There was
probably never any ownership o f land— one o f the first subject o f the exer­
cise o f the right o f property in civilized society— so exclusive as to deprive
other persons than the owner o f the right o f way over it.
The necessities o f trade very early determined that the public must have
a right o f way over every man’s land, and that the sea was, and must ever
continue to be, the highway o f nations. Trade had made great progress at
that early period o f the world when the canal between the Mediterranean
and Red Seas was bu ilt; the marks o f which were barely discernible by the
scientific men who accompanied Napoleon in his Egyptian expedition. Cen­
tral America, California, and the regions o f Lake Superior, bear marks o f tho
existence o f a trading, commercial people. Hardly a race has been found
who did not exhibit some desire to exchange their own products for those o f
other countries. The pursuit is almost as universal as the belief, rude or en­
lightened, in the existence o f a God.
The foundations o f trade are in those natural and immutable laws, whose
power we see in the alternation o f day and night, in the regular changes of
the seasons ; in the geological structure o f the earth, producing different soils;
in the formation o f ranges of mountains, giving direction to the currents o f
air— and to some extent determining the line and frequency o f storms, and,
above all, in the influence o f that mysterious agency, the ocean, upon the
productions and productiveness o f the land. H ad God given to every zone
the same climate, to every region the same soil, and to all races and nations
o f men desires limited by the ability o f their own locality to produce, trade
would have been comparatively unnecessary, and probably unknown. A s it is,
the depths o f ocean, the liights o f air, the recesses o f the forest and the bo­
som o f the earth, are full o f the materials o f trade ; while the desires o f men
reach from continent to cofitinent, and from pole to pole, and will not be satiated even with the products o f all. The divine law has limited each pro­
duct o f the earth, air, ocean or forest, to certain localities, and yet has im­
planted in man a desire to acquire, appropriate and enjoy the products of
all. If, because we find all nations entertaining some belief, rude or enlight­
ened, in the existence o f a God, we may regard that belief as an innate idea
o f the mind, so from the universality of trade we may regard it as both a
natural and divine pursuit. It is apparent, then, that that which, between
neighboring towns or counties, is called trade, and between distant countries
and continents is called commerce, is the necessary, inevitable result o f the
natural order of things ; a result over which human power has but little
control.
There are three elements o f trade. The inability o f any one section o f the
world to be an universal producer ; the desire of every person to acquire,




y

On Civilization and the In d u strial P ow ers o f N ations.

[597

appropriate and enjoy the products o f all countries and o f every clime ; and,
lastly, the ability o f every section o f the globe to produce a surplus o f some
article which is either a necessity or luxury in some other section.
The feather of the ostrich is more valuable at St. Petersburg or Quebec
than at Zanzibar or Mozambique. The fur's o f Siberia are sought with avid­
ity in China, and all the regions of the temperate zone ; the spices and teas
o f the East find purchasers and consumers in all lands ; while silk, and cot­
ton, and wool, and iron, either wrought or unwrought, have become essen­
tial to, and are desired by, every human being. The ice which binds in
chains the upper temperate and frigid zones, when transported to the tropics
becomes a luxury, in which only the opulent can indulge.
In early ages the products o f human industry were rude and unimportant,
compared with the results of modern times. Y et such was the desire o f the
different races to procure articles o f foreign growth or manufacture, that the
most tedious and vexatious modes o f commerce were pursued with a fidelity
which gave to the caravans o f the East an historical reputation. The annals
o f our race are not authenticated so far back as the time when there was no
trade by caravans between the cities o f the Mediterranean and the territories
and countries o f Central Africa, India and China. N or has the time arrived
for the abolition o f that trade. It still exists. Two caravans arrive at Alex­
andria, annually, from Darfour, composed o f from four to five thousand cam­
els, and from two to three hundred men. They bring down elephants’ teeth,
rhinoceros’ horns, ostrich feathers, gum arabic, tamarinds, and usually several
thousand female slaves.
Had God chosen to make each section o f the globe fruitful in the products
o f all, or had he limited the desires o f man to the products o f his own sec­
tion, trade would have had no existence. But so long as one region produ­
ces ice, another cotton, rice, coffee, or sugar— so long as the finny tribes of
the deep have no home upon the land— so long as the beasts o f the forest
flee from human abodes, and so long as the desires o f men covet the pro­
ducts o f the whole earth, so long will trade be a natural and important pur­
suit o f our race. To be sure, scarcely any people would be deprived o f the
means o f living if confined to the immediate products of their own indus­
try. The Spaniard, Frenchman, or Italian, has, perhaps, no positive neces­
sity for the furs of Kamtschatka or Siberia; the Italian or Englishman may
dispense with the various fabrics o f Indian or American cotton ; and all o f
them may dispense with the silks, fruits, and delicate manufactures of France
and Italy, the tea o f China, and the coffee of Java and Mocha. W hile,
then, the successful culture or manufacture of each of these products is lim­
ited to a comparatively small territory, the desire to acquire, appropriate and
enjoy them is nearly co-extensive with the human race. The opinion may
be safely expressed that this desire is one of the principal elements o f trade,
and that its origin is not in art or civilization, but in nature.
The first element in trade, then, is the natural incapacity, inability, we may
say, o f any one soil, clime or country, to produce, indiscriminately, all those
articles which are the indigenous pro-lucts of every soil and every climate.
Each locality has its particular product. The silk-worm cannot be reared at
Spitzbergen, nor can water be congealed at Calcutta.
The second element o f trade is this desire o f man, co-extensive with the
products o f every country and every branch of industry. The inhabitant of
Calcutta relishes the ice more than the Icelander him self; and the Icelander,
in Ms turn, covets the garment of silk more than the swarthy Italian. But




598

Trade : its O rigin , Law s, and its Influence

Calcutta cannot be supplied with ice except from the cold regions ; nor can
Iceland be supplied with silk except from the warm regions o f the globe.
The fruits o f the tropics are highly prized in the temperate sections, and the
fruits o f the temperate are equally desired by the inhabitants o f the torrid
zones. Trade is essential to the gratification o f their mutual, and, so far as
we know, reasonable tastes and desires. But without another element this
taste could not be gratified, however rational and innocent it may be.
The third and last is the ability o f every section o f the habitable globe to
produce more o f some articles, o f the land, o f the forest, o f the ocean, the
mill or the mine, than is necessary for home consumption. That is, there is
everywhere the ability to produce, or procure, a surplus o f some article which
is either a necessity or luxury to some other people. The ice o f the North
cannot be consumed by the people who dwell on the banks and shores o f
frost-bound rivers and lakes. The granite o f the mountains is always abun­
dant for the dwellings, edifices and monuments o f the plains. The fur-pro­
ducing animals will always increase faster than the positive wants o f the
people o f the fur-consuming regions. One cotton-growing plantation will
furnish cotton-wool sufficient to clothe an entire city, province or State. A
coffee-producing island, or belt o f the mainland, will furnish the fascinating
beverage to a whole nation. A rice-field, which acknowledges the care o f a
single laborer, will yield sustenance for many scores o f inhabitants. Every
nation has, or may have, a surplus o f some one or more articles o f human
desire. The central, desert regions o f Africa have a surplus o f ivory, gold
dust, tamarinds and valuable gums. Great Britain once had a surplus o f
wool, which was sought by and sent to the inhabitants o f Flanders and the
Netherlands ; then she had a surplus o f corn, which was sent to Spain and
P ortu ga l; now she has a surplus o f coal and iron, which, either crude or
manufactured, is sought by and conveyed to every people and tribe whose
night o f barbarism has been broken by the light o f civilization. A t every
age o f the world Egypt has had a surplus o f grain, which she has distribu­
ted over those sections with which she has had commercial intercourse.
Our infant State o f California, which once had only a surplus o f hides and
tallow, the product o f its herds o f wild cattle, has now a surplus of gold, o f
cinnabar, of auriferous quartz, o f silver, and other precious metals. That
surplus the world seeks at any cost, and at every conceivable risk. Its near
neighbor, Oregon, has a surplus o f fish, o f furs, o f timber, o f coal, and waits
only the signal of human labor to send from its fertile valleys a surplus o f
wheat, corn and beef. The Sandwich Islands have a surplus o f precious
woods, the island o f the East Indies a surplus o f spices and coffee, China o f
teas, Chili o f copper, Brazil o f hides, coffee and sugar, the W est Indies o f
molasses, sugar and coffee, Central America o f dye-woods, British North
America o f furs, fish and lumber, Russia o f gold, the countries o f the Black
and Baltic seas o f grain, while the United States have a surplus o f timber,
grain, rice, various meats, cotton, tobacco, and numerous manufactures and
minerals.
W e have the origin o f trade in those natural laws which regulate the sea­
sons, the alternations o f day and night, and determine the products of differ­
ent countries. W e have also the true definition of trade, or commerce— the
exchange o f the surplus products o f one country, clime, or pursuit, for the
surplus products o f another country, clime, or pursuit. W e have also this
great truth— that the trade o f the world is in exact proportion to the
aggregate surplus o f the products o f the different sections.
This sur­
plus o f course depends upon the application and skill o f the'Saborers, who




On Civilization and the In du strial P ow ers o f N ations.

599

are the source o f all the convertible wealth o f the nation. The trader, or
merchant, is the agent acting between the producers on either hand, and
aiding each in the exchange o f that o f which he has too much for that of
which he has too little. Tie carries the ice to Calcutta, and the ostrich
feather to Quebec or St. Petersburg. H e takes the raw material from the
hand o f the producers, carries to the mill or the manufactory, and finally
distributes the product or manufacture among all the consumers. H e gath­
ers elephants’ teeth, gums, gold dust and tropical fruits in Central Africa,
-conveys them to Alexandria, and from thence distributes them among the
civilized inhabitants of the globe. H e takes the furs of the Arctic regions
and carries them to all those points where they are esteemed luxuries. H e
takes the silks o f Italy and France and puts them within the reach o f the
Englishman, the American, the Sandwich Islander, the Hottentot, or the New
Zealander. By the agency o f the trader the wheat-grower on our prairies
is able to obtain for his surplus a price proportioned to and determined by
the price in all the markets o f all the world, instead o f limiting his produc­
tion to his own wants, or witnessing the decay o f the surplus on his own
hands. B y the same agency he is enabled to possess and appropriate to his
own use the most comely or the most beautiful fabrics o f silk, or cotton, or
wool, o f the handiwork or the looms o f Italy, or France, or Germany. The
trader enables the cotton-planter to exchange his surplus, which, in ordinary
cases, is his entire crop, and, under any circumstances, would be a very large
proportion o f his crop, for the products and manufactures o f eveiy clime and
every department of industry. So the northern farmer, whose chilly climate
and rugged fields will yield only corn, or rye, or potatoes, realizes as the pro­
duct o f his labor every manufacture o f every countiy, and the growth, either
spontaneous or artificial, o f every soil and every clime. B y his agency a
nation like Great Britain or the United States, whose surplus is large and
various, is at once in possession o f some portion of the surplus o f every con­
tinent, coast or island o f the sea. W hoever, then, is able to produce a sur­
plus o f any one article within the limits o f human desires, is able, from that
fact, to acquire a certain quantity o f every other article within the limits of
human production. B y the intervention o f trade, you are able to see upon
each field, whether it be cotton, or coffee, or rice, or corn, the produce o f soils
the most various, and o f climates the most opposite. Y ou need not tax
your imagination to see on the tobacco or rice-field the wheat o f the prairie,
the iron, the silver, or the gold o f the mine. Whatever o f practical benefits
there may be in these things is derived from trade. It has, no doubt, intro­
duced many customs and habits which are not compatible with our ideas of
purity and duty. It is true that by and through trade innovations are made
in the customs of every people, and that whatever is bad o f one race or na­
tion is liable to be communicated to every other race or nation. But not
these alone. Whatever is good or valuable in the character or knowledge
o f any people is speedily communicated to every other people. Previous to,
and without the agency o f commerce, there was no general civilization. The
Egyptians had their civilization, the Greeks theirs, the Romans theirs, while
the Chinese, as ancient, perhaps, as either, had theirs. Neither in any great
degree contributed to, or modified the others. The Egyptians might have
borrowed from the Chinese, or some nation having the ascendancy in that
part o f the world ; the Greeks certainly did borrow o f the Egyptians, and
the Romans o f the Greeks ; but no two o f these nations were assimilated to,
or in any considerable degree resembled each other. The tendency o f com-




800

Trade : its O rigin , L a m , and its Influence

merce is to break down the partition wall between the Jew and the Greek*,
and the Greek and the barbarian. Christianity has molded the civilization
o f ancient times, and introduced new civilities ; but for the power to extend
itself, or the civilization which it has introduced, it is in a considerable degree
dependant on commerce. It is a singular fact that true religion has made
but little progress in non-commercial countries. China, Asia generally, and
the continent o f Africa verify this statement, while Europe and the United
States, the present seats o f commerce, are acquainted with, and in some de­
gree controlled by, the Christian dispensation.
It is not to be denied that there are many evils connected with trade. But
are they o f any great weight against the manifest advantages o f bringing'
all men in possession o f the products o f every soil and climate, and the civ­
ilities and improvements o f every nation and people ? I f Massachusetts were
confined to her own products, the necessities o f life would remain, but what
we esteem luxuries would be unknown. W e could not consume our ice, our
timber, our granite. South Carolina could not eat her cotton, nor Louisiana
her sugar, nor Michigan and Illinois their wheat. The inhabitants o f St.
D om ingo would starve in the midst o f their coffee; Brazil could not consume
its hides, coffee and sugar, nor Chili its copper, nor the Sandwieh Islands
their precious woods, nor California its cinnibar, silver and gold, nor Oregon
its lumber and coal. China could not consume its tea, Siberia its furs, Italy
its silk, nor Central Africa its ivory, horns and gold dust. Thus, with enough
in the world and to spare, without trade there would everywhere be destitu­
tion and misery. It is not unreasonable, then, to claim that trade is not
only the result o f natural laws, but that its origin, like that o f agriculture,
is divine.
There can be no doubt that trade has had great influence in stimulating
the industrial powers o f the race. W e hear o f active men and indolent
m e n ; o f active villages and cities and inanimate towns and districts; o f
thriving, populous marts and nations, whose advance is scarcely perceptible.
If, when the decree was made that man should eat his bread in the sweat o f
his brow, nothing more was meant than that he should procure the necessi­
ties o f life by his own labor, the penalty cannot be considered as severe.
True, some suffer— but it is because others have too much. If a person have
a reasonable quantity o f land, a small outlay o f labor is sure to furnish the
positive necessities of life. Luxuries and conveniences constitute the princi­
pal demand upon the intellectual and physical powers o f men.
If we can conceive o f a condition o f society influenced by the spirit o f
trade, we can estimate the change it has produced upon particular cities,
countries, and races o f people. Perhaps the North American Indian is a
good illustration o f tribes and races destitute o f trade or commerce ; and i f
you were to contrast them with the Venetians in their power, or with the ac­
tive population of Great Britain at the present moment, you would have a
lair idea o f the point I am now7 considering. But m y purpose is rather to
show, in a more methodical manner, the effect o f trade upon the industry o f
the world. Going back to an early period, we may suppose that the laborer
♦upon the Nile is able to supply his wants without the aid o f any agricultural
implements or machinery. The soil produces sustenance for man almost
spontaneously. H e has no occasion for energy or enterprise. But when he
learns that corn can be exchanged in the East for gold, ivory and fine linen,
he desires to increase his production, as the means o f obtaining these articles.
This he does by increasing his own labor, and by the invention o f implements




On Civilization and the In d u strial Pow ers o f N ations.

601

which render that labor more efficient. H e learns that he can raise more
com by devoting a portion o f his labor to the manufacture o f tools and la­
bor-saving machines. By-and-bye one fanner leaves the land altogether,
and devotes himself to those pursuits by which the remaining husbandmen
are able to increase their crops. This man is none the less a producer o f
corn than when he worked on the land, and he receives a portion o f the
crop as compensation for his labor. H e is the mechanic, and owes his exist­
ence and position not so much to agriculture as to trade, by which agricul­
ture has been raised from a pursuit which demanded nothing o f men but
labor enough to supply their physical wants, and has been made active, en­
terprising and inventive.
The whole business o f the mechanic is to increase production. H e raises
neither corn, nor coffee, nor sugar, nor cotton ; yet by right he is entitled to
a portion o f all that is raised, H e is not directly a producer; but he enables
the farmer to increase his crop, and a part or all of that increase belongs to
the mechanic. The husbandman finds that the opportunities for exchanging
corn, or the products o f the fold and the pasture are numerous, and that he
may obtain, appropriate and enjoy in proportion to the magnitude o f his
crops.
The mechanic is active in inventions and improvements to aid labor; for
thus and thus only, can he hope to procure those products by which all other
desirable articles are to be obtained.
Thus trade has made corn valuable as an article o f export. It has fasci­
nated the husbandman with the vision o f gold, ivory, and precious stones,
and inspired him with a spirit o f labor to which he was before a stranger?
The mechanic, animated by the same feeling, cooperates with the farmer, and
increases the productiveness o f the land by improvements in the implements
and machinery o f agriculture.
The pearl-diver or gold-hunter finds that in proportion to his success is
his ability to procure the necessaries o f life, and that it is easier to obtain
bread from the depths o f the ocean or the bowels of the earth than by the
cultivation o f the soil o f its surface. The mechanic finds that various arti­
cles, such as wood, copper and iron, are essential to his business. The de­
mand which this knowledge creates must be satisfied— and at once we have
men in the forest and the mines. A s a consequence of the increase of trade,
it becomes necessary to increase and improve the modes o f communication
between distant places. Then we have roads, canals, and railways, the con­
struction o f which gives employment to, and increases the activity of, every
department o f industry ; and especially by making a demand for the pro­
ducts o f agriculture, increases the activity o f labor on the land. The con­
struction o f a road or canal, by affording means of general and frequent
communication, makes each section acquainted with the products and wants
o f every other section, adds to the number o f exchangeable articles, and thus
trade and production are everywhere stimulated. Hence we see how it is
that without trade there would be little energy, and how it is that trade in­
fuses new life and vigor into all who are brought within its influence.
In the first periods o f its existence it deals only with what are called raw
materials. It exchanges the corn o f one country or province for the meat,
or furs, or skins, o f another. But soon it takes notice o f the rude imple­
ments o f agriculture, of hunting, o f manufactures, and conveys to every
country or race the knowledge of improvements and inventions which have
been made in other countries. Men everywhere, within the influence o f




602

Trade : its O rigin , Law s, and its Influence

trade, learn that wood, iron, copper, or brass, wrought into articles necessary
or convenient for use, is more valuable than in its crude state; that many ar­
ticles made o f iron are more durable than when made of w o o d ; that cotton,
or wool, or silk, or flax, may be wrought into articles more desirable for
clothing than the skins o f beasts. Thus every nation becomes, under the eye
o f the trader, both an exporting and importing country, by exchanging the
surplus which it is able to produce for the manufactures or raw material o f
other countries. One nation takes the lead, and is actually commencing. Its
traders build ships, and thus not only consume the products o f the mines
and the forests, but employ a portion o f the labor which would otherwise
remain idle, or be indolently following some unproductive pursuit. The con­
struction o f ships awakens the mechanical skill o f the people, and efforts are
made to improve their model, augment their capacity, and increase their
speed. The demand for cargoes sweeps from the hands o f the producers
their surplus, and perhaps even bids, in the name o f distant people, for those
articles which are actual necessities o f life. The demand for the products of
agricultural, manufacturing and mechanical skill, has a tendency to increase
those products. Labor is consequently in demand, and the laborer can com­
mand more o f those articles which are produced at home, and those which
are brought from abroad. The return cargo o f the vessel, by introducing
the productions o f other countries, again stimulates labor, that the trade may
be increased. W hen the trader finds the products o f labor increasing, he
increases and extends his facilities for business. H e builds new ships for the
commerce o f the sea, and new roads, canals, and railways, for the trade of
tjie land. The interior is brought into near and speedy communication with
the coast. Thus trade increases production, and production increases trade.
From the introduction o f trade some nations have been actively commer­
cial, and other nations have been passively commercial. The former usually
grow rich and powerful, while the progress o f the latter is scarcely percepti­
ble. The active country builds ships with its own labor, invests in them its
own capital, sails them with its own men, and usually fills them with cargoes
o f its own products. O f this character were Egypt, Phoenecia, Carthage,
Venice and Genoa, Portugal, Spain, Holland and the Hanse Towns; and
at this moment such are the United States, Great Britain, Russia, France,
and most o f the sea-bordering nations o f Europe. Other nations are pas­
sively commercial. Their surplus production is comparatively small, the la­
borer is unintelligent and poorly paid, they have few merchants, they build
no ships, their active trade is limited to unimportant transactions among
themselves. They seldom visit foreign countries, are ignorant o f the wants
o f the world, and o f course make no effort to supply them. On the other
hand, an actively commercial people are never at a loss for the direction o f
their labor. They are acquainted with the wants o f the world, and without
delay provide for those wants.
The passively commercial wait for the foreigner to visit them, and are en­
tirely dependant upon others for the sale o f such products as they have. O f
this character in ancient times was the known world, except the cities and
towns already mentioned. The discovery of this continent, in the fifteenth
century, opened a new world, destitute o f any active commerce, yet full of
the articles and materials o f commerce.
In our day the passively commercial people occupy a large part o f Africa
and Asia, South America, and the whole western coast of North America.
Together they comprise not less than three-fourths o f the territory and pop-




On Civilization and the In du strial P ow ers o f N ations.

603

ulation o f the globe. The United States and the islands and sea-bordering
countries of Europe are the only actively commercial parts o f the world.
A t this moment commerce demands a ship-canal from the Atlantic to the
Pacific Ocean ; the United States and Great Britain are the representatives
o f the commercial spirit, and hence you see them engaged in the prelimi­
nary steps, while the rest o f the world look silently on, awaiting, with little
interest, the result o f the negotiations upon the subject. Nicaragua is not a
commercial State, and therefore has neither the power nor the disposition to
build this canal. If, however, she had energy and skill, her position is so fa­
vorable, being next to, if not superior to that o f Egpyt, that she might,
without injustice or extortion o f any sort, place a large part o f the com­
merce o f the world under her control. The whole trade between China,
the East Indies, the eastern coast o f Africa, and the western coast o f Amer­
ica, on the one hand, and Europe and the United States on the other, must
pass through her territory. W h at nation ever had such commercial facili­
ties ? But the absence o f energy and commercial skill is such that other
nations are to do what Nicaragua ought to do, and will o f course appropri­
ate the benefits to themselves. This is a good illustration of the difference
between an actively and a passively commercial people.
There are two classes o f producers. One o f these classes produces arti­
cles of value— the other adds value to the articles produced. The farmer
produces articles o f value : the mechanic, by the invention o f the hoe and
plow, increases production. They are both o f the first class. The merchant,
by his business, adds to the value o f the corn and meat, the wool and cotton,
which the farmer or planter has produced. H e is a producer o f the second
class. W e all know the effects o f a commercial demand upon the produc­
tiveness o f labor. A foreign demand for grain and meat is the source o f
more wealth to this country than can be derived from any other single cause.
This foreign demand could neither exist nor be satisfied without the aid o f
the merchant. Whatever, then, is added to the value of grain and meat by
this foreign demand, and whatever benefit is conferred upon labor thereby,
is the contribution o f trade to the wealth and prosperity o f the country.
W ithout commerce a surplus is valueless. The trader takes the surplus o f
corn, hides, or cotton, and exchanges it for wool, tea and coffee. The trader,
then, and the farmer and mechanic, are all producers, either o f articles or o f
value, and eminently dependant upon each other.
Commerce has, with few exceptions, been the animating spirit o f great
nations. Egypt was one o f the first nations o f power, as she certainly was
one of the earliest in commercial pursuits. Her natural productiveness gave
her the ancient appellation o f granary of the world. The fertilizing quali­
ties o f the Nile enabled the land of Lower Egypt to produce four crops an­
nually. The surplus o f the country was large, and it enjoyed a prosperous,
and, for those ages, an extensive commerce. It is supposed that the Bed
Sea was connected with the Mediterranean by a ship-canal one thousand
stadia, or something more than one hundred miles in length ; and by this'
canal Egypt had communication with Africa on the one side, and Asia on
the other, over an area o f twenty degrees o f latitude, and beyond that with
the shores o f Ilindostan and Southern China. Thus was she enabled to en­
gross a trade which has, from that day to the present, been a source o f wealth
to every nation which has enjoyed it. In addition to her commerce in the
East, she carried on an extensive trade with all the Mediterranean colonies
and States, and, passing beyond the pillars o f Hercules, visited the western




604

Trade : it O rigin , Laws, and its Influence

coasts o f Europe and Africa. Under the stimulating influence o f this trade
Egypt is supposed to have attained a population o f twenty millions, while
now it does not exceed two millions.
Historically speaking, Egypt was not only the first commercial nation, but the
first in arts, letters and civilization. Her commercial position and power
may be inferred from the fact that she sent her false systems o f religion,
more or less modified, to Phcenecia, Greece, Rome and Carthage. Her civil­
ization, letters, and scientific knowledge, have been distributed among, and
adopted by, the principal races of men ; while modern times have continu­
ally mourned the loss o f arts and sciences which were familiar to the inhab­
itants o f the Nile. It is not improbable that by trade she derived many
ideas from the remote East—-and it is not improbable that the revival of
commerce with China, under the lead and power o f Great Britain, will re­
store to the world much knowledge supposed to be lost. But whether the
knowledge and power o f Egypt were the result o f her commerce acting upon
her people at home, or whether it brought to her notice the improvements
and knowledge o f other nations, it is equally the means through which they
were derived. For more than three thousand years she has been an import­
ant part o f the globe. The Grecians, in the times o f Homer and H erodo­
tus, visited Egypt to perfect their knowledge.
Her importance is principally derived from two sources :— The first source
is her position. She is near to three continents, and the extreme points of
her territory rest on two seas, which connect with the principal oceans o f the
world. O f such value is her position, that the discovery, or re-discovery o f
the passage by the Cape o f Good Hope by the Carthaginians did not de­
stroy, but only diminished her comfnerce. Her advantages o f position were
perceived by Alexander. On one o f the mouths o f the Nile he founded the
great commercial city o f Alexandria, which for eighteen centuries maintained an
enviable position among the cities o f the world. There is no doubt that Na­
poleon perceived the commercial advantages o f Egypt, and hoped, by its
possession to check in some measure the power of England in the East.
Egypt in her position resembles Nicaragua, or the countries o f the isthmus
between North and South America. I f Egypt had the energy to open com ­
munication across the Isthmus o f Suez, she would place the commerce of
the Mediterranean with the East under contribution to her.
The second cause o f her power is the fertility o f her soil. Although the
sands o f the desert have been driven down the Nile and have seized large
tracts that were fertile in the time o f Alexander, she has yet about two mil­
lions o f acres which yield four crops a year. Situated at a point through
which a portion o f the trade o f other countries must pass, and capable o f
producing in great abundance corn, cotton, coffee, and various oils used in
the arts and for medicinal purposes, Egypt must ever be an important part
o f the world. “ In ancient times,” says Alison, “ Egypt and Lybia, it is well
Jjnown, were the granary o f R o m e ; and the masters o f the world depended
for their subsistence on the floods o f the Nile. * * * * Thus the com­
merce of Egypt is the only one on the globe which can never decay, but
must, under a tolerable government, continue to flourish as long as the
warmth o f Asia furnishes articles which the industry and perseverance o f
Europe are desirous o f procuring.” (Alison, vol. 1, p. 506.) The commerce
o f Arabia must always pass through Egypt, and the trade o f the Mediter­
ranean will be divided between the Isthmus o f Suez and the Straits o f Gibralter.
The Phcenecians were of Egyptian origin, and the Tyrians and Sidonians




On Civilisation and the In du strial Pow ers o f N ations.

>

j

605

were probably colonists from the Nile. Carthage was founded by the Phcenecians; so that all the ancient commerce o f which we have any knowledge
was o f Egyptian origin.
Sidon was founded twenty-two hundred years n. c., and for more than
six centuries was the principal commercial city of the world. But her sister,
Tyre, founded sixteen hundred and ninety years B. C., speedily eclipsed her.
Tyre became the first city of the Old W orld, without any exception, and rendered
it doubtful whether Phoenecia did not impose greater obligations upon man­
kind than any other nation. Phoenecia, in point o f territory, was one o f the
most unimportant nations o f antiquity. It extended along the Syrian coast
for fifty leagues, while its breadth was much less considerable, being limited
on the east by Mount Libanus, and on the south by Mount Carmel. The
Scriptures term its inhabitants Canaanites, or merchants. The surface o f this
narrow tract was generally rugged and mountainous, and the soil o f the val­
leys, though moderately fertile, did not afford sufficient supplies o f food to
feed the population.
Libanus and its dependant ridges, were, however,
covered with timber suitable for ship-building; and besides Tyre and Sidon,
Phoenecia possessed the ports o f Tripoli, Byblos, Berytus, &c. In this situ­
ation, occupying a country unable to supply them with sufficient quantities
o f corn, hemmed in by mountains and by powerful and warlike neighbors on
the one hand, and having on the other the wide expanse o f the Mediterranean,
studded with islands, aud surrounded by fertile countries, to invite the enter­
prise o f her citizens, they were naturally led to engage in maritime and com­
mercial adventures, and became the boldest and most experienced mariners,
and the greatest discoverers o f ancient times.”
(McCullock’s Geo. Die.)
They formed alliances with the Hebrews, and acquired two ports on the Red
Sea. Prom these ports the Tyrians traded with the East. Under the pa­
tronage o f Nechos, king o f Egypt, a vessel manned and officered by Phoenecians is supposed to have passed from the Red Sea around the Cape of
Good Hope, thence by the Pillars o f Hercules to the Mediterranean, two thou­
sand years before the same passage was discovered by Vasco de Gama.
They founded Carthage, and had settlements at Cyprus, Rhodes, and Cadiz,
in Spain. Their vessels visited the western coast o f Africa, the coast o f
France, the Island o f Great Britain, the islands and mainland o f the Baltic
Seas, while some have supposed that they were acquainted with, and made
settlements upon the continent o f America. McCullock says, “ It would not
be easy to overrate the beneficial influence o f that extensive commerce from
which the Phcenecians derived such immense wealth. * * * Nor were
the Phcenecians celebrated only for their wealth, and the extent o f their
commerce and navigation. Their fame, and their right to be classed among
those who have conferred the greatest benefits on mankind, rest on a still
more unassailable foundation. Antiquity is unanimous in ascribing to them
the invention and practice o f all those arts, sciences, and contrivances, that
facilitate the prosecution o f commercial undertakings. ' They are held to be
the inventors o f arithmetic, weights and measures, o f money, o f the art o f
keeping accounts, and, in short, o f everything that belongs to the business o f
a counting-house. They were also famous for the invention o f ship-building
and navigation; for their discovery of glass; for their manufactures o f fine
linen and tapestry; for their skill in architecture, and for their art of work?
ing metals and iv ory ; and still more, for the incomparable beauty and
splendor o f their purple die. The mythology o f the Greeks came from Phoe­
necia. Hercules was a Phoenecian god. N ot only was Greece indebted to




606

T ra d e: its O rigin , L a m , and its Influence

these people for her religion and civilization, hut also for the gift o f letters.
N o fact in ancient history is better established than that a knowledge o f al­
phabetic writing was first carried to Greece by Phcenecian adventurers; and
it may be safely affirmed that this was the greatest boon any people ever re­
ceived at the hands o f another.” (McCulloch’s Com. Die.)
N o better account o f Tyre exists than that contained in the 27th and 28th
chapter o f Ezekiel. The prophet speaks to her in these words :—
“ 0 thou that art situated at the entry o f the sea, which art a merchant
o f the people for many isles, Thus saith the Lord G o d :— O Tyrus, thou hast
said, I am of perfect beauty. Thy borders are in the midst o f the sea;
thy builders have perfected thy beauty. They hare made all thy shipboards
o f fir-trees o f Senir; they have taken cedars from Lebanon to make masts
for thee. * * * Fine linens with broidered work from Egypt was that which
thou spreadest forth to be thy sail; blue and purple from the isles o f Elishah
was that which covered thee.” The sacred narrative then proceeds to say
that the merchants o f Tyre were of Sidon, of Arad, o f Persia, o f Lud and o f
Phut, o f Javan, Tubal and Meshech, o f Dedan and Syria, o f Judah and the
land of Israel, o f Arabia and the princes o f Kedar. “ The ships o f Tarshish
(that is, Cadiz in Spain, or the whole known world beyond the Pillars o f
Hercules) did sing o f thee in thy m arket; and thou wast replenished and
made very glorious in the midst o f the seas.”
The Israelites were a commercial people. Solomon was a merchant king.
His proverbs show that either himself or his people had had experience in
suretyships, nothing o f which is known in other than commercial countries.
The contract for the materials for the temple, which he made with Hiram,
king o f Tyre, combines, on the part o f each, the skill o f the merchant with
the diplomacy o f the statesman. The well known Scriptural account is in
these words
“ A nd Solomon sent to Hiram, king o f Tyre, saying, As thou didst deal
with David, my father, and didst send him cedars to build him an house to
dwell therein, even so deal with me. A nd the house which I build is great,
great is our God above all gods. * * * Send me, therefore, a man cunning
to work in gold, and in silver, and in brass, and in iron, and in purple, and.
crimson, and blue, and that can skill to grave with the cunning men that
are with me in Judah and Jerusalem, whom David m y father did provide.
Send me also cedar-trees, fir-trees, and algam-trees out o f Lebanon. * * *
A n d behold, my servants shall be with thy servants, even to prepare me
timber in abundance. * * * And behold, I will give to thy servants, the
hewers that cut timber, 20,000 measures o f beaten wheat, and 20,000 mea­
sures o f barley, and 20,000 bottles o f wine, and 20,000 bottles o f oil.”
Then Hiram the king o f Tyre answered in writing, which he sent to Solo­
mon :— “ Because the Lord hath loved his people, he hath made thee king
over them.” Hiraiy said, moreover, “ Blessed be the Lord God of Israel,
that hath made heaven and earth, who hath given to David the king a wise
son, endued with prudence and understanding, that might build an house for
the Lord, and an house for His kingdom. A nd now I hare sent a cunning
man, endued with understanding, o f Hiram m y father’s, the son o f a woman
o f the daughters o f Dan, and his father was a man o f Tyre, skilful to work
in gold and in silver, in brass, in iron, in stone, and in timber, in purple, in
blue, and in fine linen, and in crimson; also to grave any manner
o f graving, and to find out any device which shall be put to him with
thy cunning men, and with the cunning men o f m y lord David thy father.




On Civilization and the In du strial Pow ers o f N ations.

607

Now, therefore, the wheat, and the barley, the oil, and the wine, which m y
lord hath spoken of, let him send unto his servants; and we will cut wood
out o f Lebanon as much as thou shalt n eed; and we will bring in to thee in
fleets by Joppa; and thou shalt carry it up to Jerusalem.”
Neither ancient nor modern times can furnish a parallel to this account o f
the transactions o f the merchant princes. The truly commercial air with
which Hiram invites Solomon to send the wheat, barley, oil and wine, is a
model o f commercial diplomacy.
The Greeks were never a commercial people, though they had ships and
employed them in the Mediterranean trade.
The rival and successor o f the Phoenecian cities o f Tyre and Sidon was
the Phoenecian colony o f Carthage. Its power was entirely commercial. Its
foundation, its early history, its adventurous voyages, its commercial wealth,
and the means by w'hich it acquired it, its political power, not only in Africa
hut in Europe, important and interesting topics, are omitted. To judge o f
her position and power, and the influence of commerce in the formation o f a
republican State, we have only to remember that she carried on a protracted
and often successful war against the majesty o f the Roman legions, and the
most skilful o f the Roman generals. Carthage was not naturally warlike—
her hopes and her strength were in commerce.
Her wars were defen­
sive, or if offensive, were so for commercial purposes. Rome, on the other
hand, was warlike, yet she drew her resources from the commercial cities o f
the Mediterranean.
Julius Cssar, upon the conquest o f Gaul, Africa, Egypt, and Pontus,
brought into the treasury $60,000,000 o f gold and silver vessels, and 1,822
gold diadems, o f the weight o f 15,023 pounds, besides his personal treasure.
(Anderson.)
It is said that Lullia Paulina, a noble woman o f Rome, wore on her per­
son jewels o f the value o f $1,610,000, the fruit o f the national victories over
commercial people.
Rom e could never have carried on her distant and expensive wars, had
she not seized the fruits o f the entire commerce o f the w orld; and so com­
pletely did her fall obscure that branch o f industry, that the Spanish, Dutch,
and Germans, exchanged their surplus, not for money, but thus, namely :— ■
two hens for a goose, two geese for a hog, three lambs for a sheep, three
calves for a cow. Thus war crushed commerce, and its spirit was unknown
for centuries.
Carthage was founded in the thirteenth century, (1259 b . c .,) and for
eleven hundred years maintained its independence against Rome. Its power
was altogether commercial. In estimating the character o f the Carthagenians, we must remember that whatever is known of them is derived from Ital­
ian accounts, and that some allowance may very properly be made. Con­
nected with the commercial spirit o f Carthage was a genuine love of, and
devotion to, agriculture. Scientific and practical works upon the subject
were written, the country was laid out into lots and farms, and the vicinity
o f the city resembled a garden. The military sway o f Carthage was very
extensive. It embraced the whole o f northern Africa, the Madeira Isles, part
o f the Spanish Peninsula, the Island o f Sardinia, and many minor islands
and provinces. Its trade was even more extensive. Its mariners traversed
the Atlantic Ocean to the Cape o f G ood Hope, if they did not pass that Cape
into the Indian Ocean ; while northwardly they visited France, England, and
the countries of the Baltic. Commerce was the active pursuit and animating




608

Trade : its Origin , Laws, and its Influence.

spirit o f tlie principal cities and states which flourished previous to the down­
fall o f the Roman Em pire; and but few o f them survived that fell. The
Romans despised commerce and commercial people, yet they derived the
means o f prosecuting their conquests from the plunder o f the hoarded wealth
o f commercial cities and countries. The Romans well understood the prin­
ciple, afterwards adopted by Napoleon, o f making war support war. But
with all their experience and learning, they failed to discover the civilizing
and humanizing effects of trade; or, if not from ignorance, from policy, they
refused to he governed by them. Their spirit was martial. To be a Roman
citizen and rule the world was their ambition.
But their long and doubtful contest with Carthage must have taught them
a lesson o f commercial power which they might despise, but could not but
appreciate. The chief reliance o f Carthage in her contest with Rome was
upon her great wealth, and the skill o f her generals. Her own citizens were
rarely found in the ordinary service o f the camp and the field, the troops
being composed principally o f foreign mercenaries. This fact, in connection
with the one mentioned, that Carthaginian history was altogether Roman,
leaves no doubt that republican, commercial Carthage was one o f the most
powerful and justly-renowned states o f antiquity.
In the eleventh, twelfth, and thirteenth centuries, Venice, commercially
speaking, was the imperial city o f the world. She was situated not upon,
but in the Adriatic Sea.
----------“ From out the waves her structures rise,
As from the stroke of the enchanter’s wand.

She floated, rather than rested, upon one hundred and fifty islands, to­
gether only three leagues in circumference, and connected by three hundred
bridges. She was founded in the fifth century, but her political existence
commenced in the year 69V, when her first Doge, or chief magistrate, was
elected. Her islands were mere marshes, and at that period she had not a
spot o f solid earth she coidd call her own.
She was wedded to the Adriatic and its kindred waters, and on them she
relied for prosperity and power. W ith the single exception o f Tyre, there
has never been a more remarkable instance of the influence o f commerce in
the formation o f a great state. In the ninth century Venice had attained
the highest importance among the states o f Europe, and for thirteen cen­
turies, amid all the wars, and changes, and contests, o f that period, her seamoored islands were never pressed by the foot o f a hostile stranger.
----------“ Her daughters had their dowers
From the spoils of nations, and the exhaustless East
Poured in her lap all gems in sparkling showers;
In purple was she robed, and of her feast
Monarchs partook, and deemed their dignity increased.”

In the twelfth century she stood at the head o f maritime nations, and fur­
nished fleets for the crusades. A t the commencement o f the thirteenth cen­
tury she took Constantinople, and her mainland possessions were very ex­
tensive. Her D oge assumed the title o f Duke o f Dalmatia, and Emperor o f
three-eights o f the Roman Empire. In 1325 she formed a commercial treaty
with Edward II., of England, and introduced that nation to the commere
o f the world. She had then three thousand vessels, a number equal to all
the rest o f Christendom. But the art o f printing, the mariner’s compass,
the discovery o f the New W orld, combined with the effeminacy and corrup­
tion which a long course o f prosperity had produced, diminished her in-




On Civilization and the In du strial Pow ers o f N ations.

609

fiuence, and. aided in her decay. In 1797 the French entered Venice, and
her fall was complete. She was no longer an independ.nt state. Still
----------“ A dying glory smiles
O’er the far times when many a subject land
Looked to the winged Lion’s marble piles,
Where Venice sate in state, throned on her hundred isles."

After the battle o f Marengo, Milan and Venice were formed into the CisAlpine Republic, and in 1805 were styled the Kingdom o f Italy. In 1815
Venice became a part of Austria, to which empire she is now attached. V e­
nice still exists, and everything about her bears marks o f the position she
once occupied.
“ States fall— arts fade, but nature doth not decay,
Nor yet forget how Venice once was dear,
The pleasant place of all festivity,
The revel of the earth, the masque of Italy.”

England, ancient as she appears to us, is hardly half the age o f Venice
at the time o f her fall. But in natural advantages, Venice is not to be com­
pared with England. The changes which took place in the trade o f the
world, by the discovery o f America, and by the passage to India by the Cape
o f Good Hope, gave the Atlantic coast a great advantage over the Med­
iterranean shores. England, too, has a more extended territory, a soil capa­
ble o f producing the necessaries, and many o f the luxuries o f life, and her
whole domain is stored with the valuable minerals o f tin, and coal, and iron.
She has great natural powers o f production, exceeding those of any country
so limited in territory, except Ireland. The development o f her agricultural,
mineral, and manufacturing resources has gone forward hand in hand with
the extension o f her commerce. Napoleon, with real Roman spirit, charac­
terized her as a nation o f shop-keepers; and so in truth she is. A nd this
fact is at the same time the source and evidence o f her power. Under her
direction, commerce has entered upon a new theater. The new world and
the mariner’s compass prepared the way for an important era o f commercial
power.
Venice was at the height o f her glory when commerce was the trade car­
ried on between countries new to each other. Her mariners groped their
way from island to island, and from headland to headland. But the six­
teenth century opened a new field. Every island and point o f the mainland
was near to every other part o f the globe, or at least were easily accessible
to it. Under the influence, and in the presence of this knowledge, England
has established her power. The limits o f that power are hardly less than
the limits o f the world itself. Her growth has been at some periods rapid,
and always certain and enduring.
“ Far as the breeze can bear the billow’s foam,
Survey her empire and behold her home.”

In 1790 Great Britain had 15,015 vessels, registering 1,460,000 tons. In
1837, Great Britain had 26,037 vessels, registering 2,791,018 tons. A t the
latter period her commercial marine was ten times that o f Venice at the
meridian o f her existence, and at this moment it is at least twelve times as
great.
There is no nation in which commerce is so truly the animating spirit as
in Great Britain. It is felt everywhere. It not only builds and sails her
vessels, but it increases her manufactures and agriculture, warms and cools
debates in Parliament, decides questions o f war and peace, controls the diVOL. x x ii .— n o. vi.
39




610

Trade : its O rigin , Law s, and its In fluence

plomacy o f England, and modifies that o f the world. Had the taunting re­
mark o f Napoleon concerning England been false, his triumphs would have
been universal and complete. Her commercial experience, wealth and power
alone saved Europe in the bloody and protracted contest with the French
Emperor. N o mere warlike nation, without the support o f commerce, could
have withstood the master attacks o f that chieftain-warrior o f the human
race. The wealth which England had derived from commerce, enabled the
allies to overthrow Napoleon.
There are two, and only two, great commercial nations now in existence—
England and the United States. They rule the world. There are other
great nations, but none which exercise so general an influence. Eussia has
great power, but that power is limited. She is warlike, not commercial.
Wherever she can bring her power to act directly upon any question or peo­
ple, as in the Hungarian controversy, she is almost resistless. But so trifling
is her commerce, that her wealth is drawn off by other people, and it may
well be doubted whether the Ural Mountains are not as beneficial to England
as to Eussia.
W e need not detail the commercial elements either o f British or American
power. In one word we may say that the commercial spirit is opposed to
despotism, and though England is far from being a free country, her govern­
ment is much less despotic than in the times o f Edward II., or Henry VIII.
A n d further, that non-commercial nations have had, and will continue to
have, great difficulty in establishing and maintaining freedom.
But neither the United States nor Great Britain engages in war, unless it
be for some commercial advantage. The nobility and statesmen o f the one
country, and the statesmen and leading men o f the other, are controled in
their views by commercial considerations, if they are not themselves com­
mercial men.
The English rhymster expressed some truth when he
said:—
“ The Duke of Norfolk deals in salt,
The Douglas in red herrings,
And guerdoned swords and titled land
Are powerless to the notes of hand,
Of Rothchilds and the Barings.”

N o pen is sufficiently accurate to detail the influence o f the commercial
spirit in the formation either of Great Britain or the United States. W h o
can tell how much of the success, of either in the mechanic arts, in inventions,
in improvements, or in manufactures, is owing to this spirit ? In this coun­
try it is all-pervading, and all-powerful.
Our first contest with Great Britain had its rise in our growing commer­
cial spirit, and the policy o f the mother country to retain in her own hands
the advantages o f our rising trade. The Eevolution had in view the freedom
and the increase of American commerce. The formation o f the Constitution
and the Union rested, in a great degree, upon the commercial spirit, which
sought, under the shadow o f a national banner, a protection which should
be effectual in every sea. If we had had no love for commerce, the Union
could not have been form ed; and if to-day we were destitute o f the com­
mercial spirit, the Union might cease to exist. It is not just to say that
there is not a deep and sacred love for the Union, independent o f any selfish,
pecuniary considerations. W e are attached to the Union as the work o f our
fathers; as the bond o f brotherhood under which we have prospered and
grown to a great people. W e know no nationality but the United States o f




On Civilizaticn and the Industrial P ow ers o f N ations.

611

A m erica; and though difference o f sentiment may exist, though the voice of
discord may occasionally be heard, the great majority o f the American peo­
ple regard the blessings which flow from the Union as incomparably greater
than any which can come from its dissolution.
But commerce has made dissolution physically impossible. Its province is
that o f peace, o f unity. It is a harmonizer o f national difficulties. Its influ­
ence is more potential than that o f Peace Congresses or W orld’s Conven­
tions. W h a t would be the influence o f either upon the maddened, feverish
systems o f great antagonists? But propose hostilities to the United States
and Great Britain, and the statesmen, the farmers, the merchants, and the
manufacturers, begin to count the cost o f such a contest to the seven million
tons of shipping, and the interests thereupon dependent. Subjects are too
wise to allow even kings to indulge in so expensive an amusement.
Notwithstanding our ancient hostility to Great Britain, such are the com­
mercial relations o f the two countries, that we find it extremely difficult to
allow ourselves the luxury o f being even good haters o f Her Majesty’s sub­
jects and dominions. Can Great Britain make war upon the United States ?
B y no means. Commerce must take to her from our Southern States a
supply o f cotton for her manufactories; and commerce again must distribute
the product of those manufactories over the world. Ten millions o f British
people depend for bread upon the success of the carrying trade from the
plantation to the factory, and from the factory to the consumer. Suspend
this trade for five years, and the British laborers starve— the British treas­
ury is exhausted— the British debt is repudiated— the British government is
overthrown. Can you get better security for the peace of the two countries
than commerce thus furnishes you ? I f commerce, then, be such a bond o f
union between two discordant, belligerent, antagonist, rival nations, what is,
and ever must be, its influence over the different States and different sections
o f this Republic ? A nd what, too, is the force o f that commerce which has
grown up in entire freedom in this nation ? A commerce which is equally
important to every section— a commerce which knows no North, no South,
no East, no W est— but only a great people, one and indivisible. It may be
fortunate, nay, it is fortunate, that in times o f excitement, in moments o f
passion, in seasons o f jealousy and disappointment, when men o f either sec­
tion might forget the more solemn obligations which bind them to the Union,
that the great commercial interest and spirit exist, to counsel with men’s
selfish propensities even, and lead them to pause in a career which can only
result in personal disgrace, in national ruin, and in the fulfillment o f those
bitter and malignant prophecies with which the defenders o f despotism have
through long years beguiled their followers.
The spirit o f commerce is




----------“ That sacred pledge,
Which once partaken blunts the sabre’s edge,
Makes even contending tribes in peace unite,
And hated hosts seem brethren to the sight.”

012

The H istory and P h ilosoph y o f M oney.

Art. I I — M O N E Y :
ITS HISTORY

AND

PHILOSOPHY,

AND

ITS

USE

AND

ABU SE.*

PART I.

OF THE HISTORY AND PHILOSOPHY OF MONEY.

“ M o n e y ,” says Dr. Adam Smith, “ is the great wheel o f circulation and
distribution,— the great instrument o f commerce.” Torrens compares money
to “ a highroad or navigable river, which, by facilitating exchanges and per­
fecting the divisions o f employment, increases to an incalculable extent the
mass o f wealth.” Thomas Carlyle calls money “ the master-organ— the
soul’s seat— the pineal gland o f the body social.” Henry Noel Humphreys
describes money as “ one o f the inventions that has had the greatest effect
upon the destiny of man, influencing the course and form o f his progressive
civilization more, perhaps, than any other.” “ Money,” writes John Stuart
Mill, “ is the medium through which the incomes o f the different members
o f the community are distributed to them, and the measure by which they
estimate their possessions.”
Turning from political economists, from philosophers, and from numisma­
tists, to poets, hear Thomas H ood sing,— Hood, with laughter always on his
lip, and with seriousness ever in his soul,—
“ Gold ! g o ld ! g o ld ! gold !
Bright and yellow, hard and cold,
Molten, graven, hammer’d, and roll’d ;
Heavy to get and light to hold;
Hoarded, barter’d, bought and sold,
Stolen, borrow’d, squander’d, doled:
Spurn’d by the young, but hugg’d by the old
To the very verge of the churchyard-mold;
Price of many a crime untold;
Gold ! g o ld ! gold 1 g o ld !
Good or bad a thousand-fold !
How widely its agencies vary,—
To save— to ruin— to curse— to bless—
As even its minted coins express,—
Now stamp’d with the image of Good Queen Bess,
And now of a Bloody Mary.”

"With similar thoughts, though in a different strain, wrote the devout
Herbert, more than two centuries ago,—
“ Money, thou bane of bliss and source of woe,
Whence comest thou, that thou art so fresh and fine 3
I know thy parentage is base and low :
Man found thee poor and dirty in a mine.
Sure thou didst so little contribute
To this great kingdom, which thou now hast got,
That he was fain, when thou wast destitute,
To dig thee out of thy dark cave and grot.
* W e are indebted to an esteemed correspondent, residing in London, for the following copy o f a
lecture delivered before the Young Men’ s Christian Association, in Exeter Hall, January 22, 1850,
(J o h n M a c g r e o o r , Esq., M. P. for Glasgow, in the Chair,) by the Rev. S a m u e l M a r t i n . It is at
once able and interesting; but its great length compels us to divide it into two parts. The first part,
now published, gives a very comprehensive sketch of the History and Philosophy o f Money; the
second part relates to the “ Use and M u se o f Money,” which we shall endeavor to find room for in
0 ur next number, and which will be read, we have no hesitation in saying, with equal interest.




The H istory and P h ilosoph y o f M oney.

613

Then forcing thee, by fire he made thee bright:
Way, thou hast got the face of man; for we
Have with our stamp and seal transferr’d our right:
Thou art the man, and man but dross to thee.
Man calleth thee his wealth, who made thee rich;
And while he digs out thee, falls in the ditch.”

All the utterances we have quoted are hut the echoes of voices which ad­
dress us through the H oly Scriptures. The Bible saith, “ Money answereth
all things
“ Money is a defense
“ The love o f money is the root o f all
evil.”
According to these representations, money is an instrument o f peculiar
and extended power ; exerting an influence on production, bn exchange, on
the manners and morals o f society, on the outer and inner life o f mankind.
Moreover, in giving money this position, philosophers, poets, political econo­
mists, and inspired men, agree.
But for testimony to the power o f money I need not go to books. Out
o f the mouths o f men proceeds sufficient evidence. I hear politicians call
money “ the sinews o f war
and they mean, too, the sinews for other con­
flicts than the struggles of flesh and blood. A nd to come nearer this audi­
ence— did my ears betray me when I heard a young man translating the
word by which I have designated the topic o f this lecture, and, using the
language common to thousands, say not, “ I am going to hear a lecture on
money ” — but, “ I am going to hear a lecture on t h e m a i n c h a n c e ?”
W e have shown the importance o f our theme by words o f poetry, phil­
osophy, and Scripture ; but if destitute o f such support, we could have sanc­
tioned the selection o f our topic by that free and easy phraseology o f men
which, because it pours out the abundance o f the heart, exhibits the relation
o f the subject o f this lecture to the hopes and fears, to the joys and sorrows,
o f the great mass o f mankind.
Being, then, in contact with this wide subject, m o n e y , what shall we at­
tempt ? W e shall try to utter a few true words on the H i s t o r y and P h i l ­
o s o p h y , on the U s e and A b u s e of Money : we shall do this with the intent
o f arousing to the study of this topic those who have not read and thought
upon it,— o f encouraging in the study those who have entered on the inves­
tigation,— and o f ministering both a stimulus for the use and an antidote for
the abuse of an instrument so manifestly and preeminently potent alike for
good and for evil.
W e begin with the h i s t o r y o f money. A good sketch o f the history o f
metalic money may be gathered from the Bible. Metals, the utility of which
is second only to food, were early discovered and employed. According to
Moses, metals came into use in the seventh generation from Adam. But it
is not until 1700 years have elapsed that we read of metals as a medium
o f exchange. In the Book o f Genesis, Abraham is said to have been rich
in cattle, in “ silver and in gold." W e read the words “ bought with m oney"
as words used in Abraham’s day, and are informed o f the patriarch’s re­
ceiving a present o f “ a thousand pieces o f silver." But following these in­
cidental notices o f metalic money is a record o f an act o f exchange, in which
the precious metals were the medium. W e read, “ A nd Abraham weighed
to Epliron the silver . . . . four hundred shekels o f silver c u r r e n t w i t h t h e
m e r c h a n t .”
This is the earliest record o f exchange. But in the same
book similar transactions are recorded. A lad is sold for twenty pieces of
silver. Money is mentioned as the property o f women ; a field is bought
for one hundred pieces of money ; and corn is sold for money ; and we meet




614

The H istory and P h ilosoph y o f M oney.

■with the phrases, “ bundles o f money,” and “ money in fu ll weight.” According
to the B ook o f Genesis, a metalie money was current in Egypt, in Canaan, and
in intermediate and surrounding countries; it was current at a very early period,
say from 2000 years b . c . ; it was passed by weight, not by ta le; it was in the
form o f spikes, like the ancient Greek obolus ; pieces of particular weight and
quality were current; superabundant produce was turned into this money ;
and it was used in the purchase o f land, corn, slaves— o f all that money
could be supposed in that day to command. I n the other books o f Moses,
money is mentioned as an instrument well known ; and we read o f pecuni­
ary accumulations, loans, and gifts ; o f sales and purchases through money
as the medium ; and of money as bound up in the hand,— money being dis­
tinguished throughout from “ garments ” and from the “ stuff.” Laws con­
cerning u s u r y are also given.
The Book o f Job stands next, chronologically, to the books o f Moses.
Hence we learn that metalic money was known in the land we now call Sy­
ria,— that there were pieces o f current weight, and that money was exchanged
for labor and for produce.
Throughout the writings o f the Old Testament we read of money as gain
and as presents, o f land valued in money, o f money treasured, laid out for
labor and exacted as tribute, o f ransom-money, borrowed money, and o f
money exchanged for produce ; and it is spoken o f as in bags, and as passed
by w eigh t; it is also distinguished from stuff and other property. Usury is
also repeatedly mentioned.
Let it be observed, that in a cycle o f history as wide as that o f fourteen
centuries we have no record of any great change in money. Money is still
metal, gold and silver (chiefly silver ;) it is uncoined, and passed by weight.
A n illustration of this occurs in the history of Jeremiah. Jeremiah says,
“ I bought the field o f Hanameel, and weighed him the money, seventeen
shekels of silver.” This accords precisely with the account o f Abraham’s
Machpelah some fifteen centuries before.
But when we look into the N ew Testament money wears a different as­
pect. There we read of another metal— gold, silver, and brass pr. bronze ;
there we find money not in bundles in the hand or in the sack, but in purses;
there we observe image and superscription on m on ey ; there we see money
in pieces o f known value,— the mite, the farthing, the penny, the pound, the
stater, the talent; there we have the table o f the money-changer; there, in
fact, we find recognized all the circumstances which belong to a c o i n e d me­
talic currency. So that while in the Old Testament we have the same func­
tions given to money that are awarded it in the New, there is this difference,
— in the older book we have an uncoined metalic currency, and in the more
modern book a currency o f coin.
From the Scriptures we learn that a metalic medium of exchange was
common in Egypt, Canaan, and surrounding countries, as early as 2000 n.
c . ; and that in the lifetime o f Christ coined metalic money was current
throughout the Roman Empire,— an empire which at that period embraced
the then known world.
W e turn from the Bible to other writings.
W hat is the profane, the
classical history o f money ? Let us take the oldest classic poet and the most
ancient historian— Homer and Herodotus. Ilom er is generally believed to
have lived at the beginning o f the ninth century before the Christian era.
N ow Homer frequently alludes to transactions o f barter, and he introduces
a measure o f value: but he makes no mention o f metalic money. H e




The H istory and P hilosophy o f M oney.

615

speaks o f wine being purchased by the exchange o f oxen, slaves, and iron ;
and he estimates suits o f armor by oxen— a suit o f golden armor by a hun­
dred oxen, and a panoply of copper armor by nine oxen. Now the fact that
Homer never mentions metalic money is evidence that, in his day, it did not
exist in the lands which his eye and his song commanded. His writings af­
ford ample occasion for the mention o f metalic money, both as a medium
o f exchange and as a measure of value ; and the genius of Homer would
certainly have introduced this invention to his song had it been known to
him. The exchange which Homer records is simple barter without any
common medium. It is said that his step-father was paid in wool for the
lessons he gave the youth o f Smyrna in music and letters.
Come forw ard fo u r hundred years. Herodotus lived in the fifth century
before the Christian era. W riting o f the Lydians, he testifies, “ They are
the first o f all nations we know o f that introduced the art o f c o i n i n g gold
and silver.” This author also attributes the coining o f money in Persia to
Darius Hystaspes, and the first coinage in Egypt to one Aryandes, a gov­
ernor subject to this Darius ; while he refers to coined money among the
Greeks as well known and generally employed.
From the day o f Herodotus, forward, mention is made by classical writers
o f coined money as a common commercial instrument; these testimonies to
the invention o f coining, and to various circumstances connected with coined
metalie money, proving coinage to have been known in the day o f Aristo­
phanes, Aristotle, Thucydides, and others. A nd it should be remarked, that
both Greek and Roman writers speak o f their respective countries as begin­
ning with exchange in kind, then passing to exchange by the rough metalic
medium, thenee to metal bars and rings, and rising from the use of that me­
dium to coinage.
Those sources o f information to which we have access have supplied us
with the following outline o f the history o f money. Take this history, first,
in its connection with different countries. Concerning Ancient Assyria,
Layard writes, “ Although the precious metals were known at a very early
period— even Abram, a dweller in tents, being rich in gold and silver,— no
coins have been discovered amongst the Assyrian ruins, nor is there anything
in the Sculptures to show that the Assyrians were acquainted with money,
as in Egypt. Metals in their rough state, or in bars or rings, may have
been passed by w eight; or if precious, as ring ingots; or as gold dust, in ex­
change for merchandise and in other transactions, but not as stamped coint
or tokens'' Layard adds, “ it is remarkable that no coin has as yet been dis­
covered in Egyptian ruins.” The sculptures o f ancient Egypt exhibit me­
talic money in the shape o f rings; and it is all but certain that, with the
exception of the attempt named by Herodotus, there was no coinage in
Egypt until introduced by the Greek sovereigns. In Asia M inor the Lydi­
ans had gold coinage at the close of the ninth century before Christ. In
Greece P roper there were coins at the close o f the eighth century before
Christ. The laws o f Solon, promulgated about 590 b . c ., refer extensively
to metalic money ; thus proving coined money to have been well known
among the Greeks in the day of Solon. The Romans had a coinage of
their own as early as the fifth century before Christ. Judea had no inde­
pendent coin until the time of Simon Maccabeus, about 144 b . c ., and this
was speedily superseded by Roman coin. Britain had no coined money in
Caesar’s day, for he says, writing o f the Britons, “ they used for money brass
or iron rings, sized at a certain weight.” It is probable, therefore, that coin-




616

The H istory and P hilosophy o f M oney.

age was introduced into Great Britain by the Romans, although gold coins
exist, which are said to be British, o f a very early date. Noel Humphreys
states, “ it appears that the art o f coinage, finding its way northward through
Macedonia and Thrace, must have at a very early period found its way into
Transalpine Gaul, and even Switzerland."
Having carefully weighed the evidence, we incline to the opinion that the
invention o f coined money belongs to the Lydians. The constructive char­
acter o f that people, the position o f their country, the splendid gold mines
to whioh they had access, the golden sands o f their river Pactolus, the testi­
m ony o f gold coin still in existence, the general accuracy o f Herodotus in
matters o f fact, and the support given to his statement by several other
classic authors, all favor this opinion. Then, as the Greeks, and Persians,
and Romans, were contemporary and successive centers o f power and civil­
ization, the art o f coinage was spread by their means, until coined metal be­
came a common medium o f exchange among all civilized nations.
I f you read the history of money by the substances employed as media,
it runs thus,— Produce not metalic, gold, silver, iron, copper, bronze, platina,
leather tokens, and paper. Lydia and Persia begin with gold. Greece
starts with silver,— hence, in the tongue, o f the Greek, silver and money are
synonymes. Rom e had ultimately gold and silver, but started with copper,
— copper and money being synonymes in the Roman tongue.
Reading the history o f money in connection with the fine arts, we have
metal in irregular pieces— pieces in shape as rings, pieces struck on the die,
pieces cast. W e have first but one side ornamented, the other bearing the
rude mark o f the p u n ch ; then both sides are embellished. And we pass
from initial letters to names, from one word to several, from a head to an
entire form, from one form to a group, from rude execution to forms worthy
o f Phidias and o f that land o f genius and beauty whence that immortal
sculptor sprang.
Monetary interests and institutions may be ranged as follows :— Lending
money on interest is named in Exodus as a transaction well known in Moses’
day. The fact that the metal was uncoined would not prevent this transac­
tion. M’Cullugh “ On the Industrial History o f Free Nations,” referring to
Athens, states, “ A great many persons lived on the interest o f money, and
trade was carried on. to a great extent by sums borrow’ed for a certain num­
ber o f months at a stipulated per centage. O f these transactions, and o f the
forms o f security by which they were defined, the legislature took special
and minute cognizance. A considerable portion o f the capital employed in
foreign and domestic trade was thus obtained; and as the easy and enjoying
habits of the better classes, and the custom of distributing property among
the children according to their need or their desert combined to check per­
manent accumulations, money in large masses was comparatively scarce, and
the interest high ; 10 per cent being considered reasonable, and 15 and 20
per cent being often given.”
Concerning mints, Hr. Schmitz (in that rich treasury o f classic lore, “ Dr.
WT. Smith’s Dictionary o f Greek and Roman Antiquities,” ) writes, “ In
Greece every free and independent city had the right to coin its own money.”
“ W e do not hear o f any officers connected with the management or the su­
perintendence o f the Athenian mint. H ow far the right o f coining money
was a privilege of the central government o f Attica is unknown ; but the
extant coins show that at least some denies o f Attica had the right o f coin­
ing, and it is probable that the government of Athens only watched over the




The H istory and P hilosophy o f M oney.

617

weight and purity o f the metal, and that the people in their assembly had
the right of regulating everything concerning the coining o f money.” The
same author states, “ The whole regulation and management o f the Roman
mint and its officers during the time o f the Republic is involved in very great
obscurity.” He adds that, “ probably every Roman citizen had the right to
have his gold and silver coined at the public mint under the superintendence
o f its officers
that “ subject countries and provinces were not deprived o f
the right of coining their money
but that from “ the time o f Augustus
coining silver and gold became the exclusive privilege o f the emperor
that
“ from Gallienus all money was coined by the emperor, and that Roman
quaestors and proconsuls took charge of the mints in the provinces.” Gib­
bon expresses a similar opinion. English minting dates back to the AngloSaxon period, and involves an interesting branch o f her national history.
Banks and bankers are of very ancient date. A t Rome “ there were pri­
vate bankers, who did' all kinds o f broking, commission, and agency business
for their customers.” In the cloisters around the Forum were their shops,
and they attended sales as agents, assayed and proved money, received de­
posits, kept the account-book o f their customers, and in the modern sense o f
the word were bankers. Men o f similar occupation seem to have existed
among the Greeks.
English banks and banking cannot be treated here. The Bank of Eng­
land, the Stock Exchange, and Joint-Stock Banks, are each topics deserving
the discussion o f a separate lecture. To Francis’ admirable volumes on the
Stock Exchange and Bank o f England— to Gilbart’s instructive Treatises on
Banking, and to Hardcastle’s “ Banks and Bankers” — we refer those who
seek information on these institutions.
,
From what has been said it will be observed that the historical origin o f
uncoined metalic money is unknown, and that the progress o f monetary in­
vention was slow, unstamped metal having existed at least a thousand years
before coinage. The earliest coinage on which men have been able to fix
their eye is in the ninth century b . c . From that time metalic money has
spread, until now it is the currency of the world. The races still adhering
to simple barter are very few, and o f course uncivilized. The invention o f
cotton-paper and the art o f printing made the medium of exchange yet more
elastic; and it remains to be seen whether men will substitue the messages
of the electric telegraph for promissory notes and bills o f exchange. The
speed of the transaction would suit them, but the accuracy and safety— ! 1 !
H ow like our own history is all general h istoiy! To ourselves the real
is in the nearest past— this is linked to the poetry o f the remoter past— and
beyond this poetry is oblivion. Our earliest infancy is oblivion, our child­
hood and youth poetry, our manhood is alone reality. And so the events o f
the centuries nearest us are true history, the facts o f centuries beyond are
clothed from fancy’s busy and splendid looms, and the centuries beyond them
are down deep in the darkness o f human ignorance and forgetfulness.
W e advance to the P h i l o s o p h y o f M o n e y .
Are we supposing the improbable, when we imagine that many men are
living on the banks of the river Thames, who daily see it run by them,—
witness its tidal changes— its highest floods and lowest ebbs— see it more or
less troubled and turbid— speak o f its speed and depth and breadth— and
.make it the channel o f their own commercial dealings ; but who have never
asked, W here does it rise ? W h at makes its tidal ? W h at is the length
o f its course ? and whither does it flow7? Moreover, would not some men




618

The H istory and P hilosophy o f M oney.

stand by, while that river drowned their wharfs by its floods, or forsook their
quays in drought, and never inquire into the cause ? W e believe there are
such men. A nd a writer in the ‘‘ British Quarterly Review ” declares his be­
lief that multitudes occupy this very position in relation to the science o f
money. He writes, “ W e think it was Dr. Johnson who, on hearing a con­
certo played, which he was informed was very difficult, replied, ‘ H e wished
with all his heart it had been impossible !’ Probably nineteen men out o f
every twenty, nay, ninety-nine out o f every hundred, when they happen to
hear anything said about the question o f currency, feel a sentiment not very
dissimilar.” The reviewer adds, “ N o man, whatever may be his intellectual
resources in other respects, can really understand the history of his country
for the last century and a half who is unacquainted with this question.”
The discu-sion of this branch o f our subject we know is important, and we
wish to make it both useful and interesting. W e venture the following de­
finition o f m on ey :—
M oney is an instrument o f exchange o f common and known value, serving
the double purpose o f a medium o f exchange, and a standard o f value. On
Plato’s explication o f classification, namely, “ seeing one in many, and many
in one,” this definition will stand. Generically it includes the many materi­
als o f common and recognized value which have discharged the business o f
money, and specifically it excludes the commodities which are mere accidents
o f barter. Let us look into the matter.
Commerce— the exchange o f one commodity for another— is the offspring
o f God. It is not a creation by God, but it is born o f God. Exchange is
as really the offspring o f God as the sons and daughters o f Adam. Only
the first human pair were created— all other human beings are bom of them.
Y et being born o f Adam according to divine arrangement, they are by virtue of
those laws born o f God. Certain circumstances originate commerce— these cir­
cumstances are divinely appointed. Commerce is the inevitable produce of
these conditions, and commerce may on these grounds be said to be o f God.
The circumstances which originate exchange are certain geographical and
physiological laws. Thus, different latitudes arc favorable to different pro­
ductions. In northern latitudes we find iron, fur, and hemp. In southern
latitudes we have cotton, coffee, spices, sugar, and rice. In intermediate lat­
itudes we have wheat, wool, and flax. By indubitable signs one country is
shown to be best fitted for agriculture, and another for manufactures. These
“ aptitudes”— to borrow a term from Dr. W ay land o f America— these apti­
tudes are not only given to separate countries, but to distinct portions o f the
same country. A nd the yielding aptitudes o f the earth are responded to by
the producing aptitudes o f men. One man can do what another man can­
not do. One man likes to do what another dislikes. A nd of a number of
things which any ten men can do, and like to do, each one o f the ten will
excel his fellow in the style o f accomplishing some particular work. Now,
by each man applying himself to that kind o f labor to which he is most
adapted, he produces most and will possess most. But mark another fact.
W hile men have particular qualifications f o r particular employments, and
while countries are adapted to yield particular produce, every man wants
more than he can produce, and desires more than his own country yields.
The shoemaker cannot clothe himself with shoes. The tailor wants a stiffer
covering for his feet than cloth. The builder cannot eat his houses. The
farmer cannot construct a dwelling o f his wheat. The wheat-grower will rel­
ish some coffee, and has a tooth for sugar. The coffee and sugar-planter re-




The H istory and P hilosophy o f M oney.

619

quire wheat. The cotton-grower will be benefitted by contributions from
all.
Now, what do we want in order to secure to men producing one thing,
the advantage o f the productions o f other men ? W h at do we need to give
the blessing o f each land to all lands ? W e need but that simple arrange­
ment— exchange. A nd money— W h a t is money ? M oney is an instru­
ment f o r facilitating exchanges.
Allow me here to remark, that when we observe how God has given to
particular soils and climates distinct increase— when we see that God has
distributed faculties, facilities, and dispositions for labor among the sons o f
men— we are made to long for the day when between fellow-citizens and
between nations there shall be “ freedom o f labor, and freedom o f sale;
competition with all the world, and competition for all the world.” On the
policy o f particular political measures professing to recognize these principles,
there is room for diversity of opinion ; but the principles are immutably es­
tablished by the providence of God.
But to return. The aptitudes o f countries ; the aptitudes o f m e n ; the
wants and the wishes o f mankind, secure division o f labor ; division o f labor
begets exchange ; and exchange has begotten money.
W e must recur to the history o f money to develop monetary science. It
is needful here to remind you, that in the earliest periods o f exchange a
fixed medium was unknown. Then, men bartered their surplus wealth for
whatever other surplus a neighbor might be ready to part with and they
desire to take. Such exchanges were, however, necessarily limited. A d ­
justment,wras difficult and uncertain, and labor, enterprise, and skill were de­
pressed. The next step was to make commodities o f general value the in­
strument o f exchange. And we read in the early history of civilized nations
and in accounts o f uncivilized countries, o f skins, cattle, corn, salt, shells,
fish, and sugar, discharging monetary functions. But the imperfections o f
these media were early developed. A skin could not advantageously be di­
vided when the owner wished an object o f inferior value. Against cattle
lie similar objections.
Corn is divisible, but a valuable quantity is bulky
and heavy. Salt and shells, fish and sugar, are all perishable and weighty ;
and these articles, with those already named, vary in value, according to the
state o f pasture, crops, and fisheries. A s time rolls on, another medium o f
exchange is wanted— is sought and found.
Some have affiliated money to “ necessity
and certainly necessity had
much to do with its birth. But we would rather say, industry has strong
instincts— instincts that are both wise and inventive ; and these instincts o f
industry gave money birth.
That medium of exchange must be best which unites in itself the largest
amount o f the following qualities :— sameness o f value both as to time and
place, divisibility, durability, and facility o f transportation. The metals—
especially gold and silver— possess all these qualities in a great degree. W e
may have them in tons or in grains : wear is slow ; fire will not destroy
them ; when divided, they can be fused again and re-blended ; and, except
where huge values are concerned, they are easily conveyed from place to
place. Because metals possess these qualities, they were early' and (in civil­
ized countries) universally adopted as a medium of exchange.
Throughout a long period, metals were used in exchange, either in a rough
state or as bars and rings. But the passing o f uncoined metal as money in­
volved weighing and assaying. Apart from this mode o f determining both
the quality and the quantity o f the metal, exchange could not be accurately




620

The H istory and P hilosophy o f M oney.

conducted. Y et this weighing and assaying are slow, laborious, and uncer­
tain processes ; and for these evils the instincts o f industry found a remedy.
Collage is that remedy. Coined money is metal so stamped, and shaped,
and sized, as that by its form and inscription you are, according to the ety­
mon o f the word money, advised of its value. Herein is great advantage.
Coined money can be pissed by tale ; weighing and assaying are needless ;
labor and time are saved ; and the strength and hours which the m -re act o f
exchange would engulph can now be employed in wider barter, and conse­
crated to extended production. M oney is an instrument f o r facilitating ex­
changes. “ To the establishment o f the towns, more particularly of the col­
onies, and to the regular intercourse kept up between them, has been attrib­
uted the introduction of coined money among the Greeks.”
The commercial principle on which metalic money is based is that o f quid
pro quo— value f o r value. Metalic money is not an arbitrary sign o f value,
but value. “ Money,” says Stuart Mill, “ is a commodity, and its value is
determined, like that of other commodities, temporarily, by demand and sup­
ply ; permanently, and on the average, by the cost o f production.” Sus­
tained by this authority, we repeat— money is not an arbitrary sign and
measure o f value ; but it is one commonly recognized and equably-sustained
value— the measure, representative, and exchangeable medium of all other
values. Thus I give a penny for a box o f lucifers ; the cost of producing
these two things is equal— the demand for them is equal. I exchange a
shilling for a quire o f paper ; the cost of producing the paper and the shil­
ling, and the demand for the paper and shilling, are both equal. And when
I say a box o f lucifers sells for a penny, and the price o f a quire o f paper is
one shilling, the penny and the shilling are the measure of the value of the
lucifers and paper.
W e limit some of the foregoing remarks to metalic and commodity money.
W e exclude from some o f our observations paper-money.
P aper currency is an instrument valueless in itself, measuring and repre­
senting value. The basis o f paper-money is credit in the issuer’s professions
o f wealth and probity. The issuer o f paper-money promises to pay, and or­
ders paym ent; and the value o f the paper depends on the accredited basis
o f the order at d promise.
The circumstances which led to coinage gave birth to paper-money. It
is for circulation “ a new wheel, which costs less both to erect and maintain
than the old one.” As coinage is superior to unstamped metal, and un­
stamped metal to other commodities, so paper is an improvement on mere
metalic currency. I t saves expense. M ‘Culloch says, “ I f the currency o f
Great Britain amounted to fifty millions o f gold sovereigns, and if the cus­
tomary rate of profit were five per cent, this currency, it is plain, would cost
two millions and a half a-year; for, had these fifty millions not been em­
ployed as a circulating medium, they would have been vested in branches of
industry, in which, besides affording employment to some thousands o f indi­
viduals, they would have yielded 5 per cent, or two and a half millions a
year net profit to their owners. Nor is this the only loss that the keeping up
o f a gold currency would occasion. The capital o f fifty millions would be
liable to perpetual diminution. The wear and tear of coin is by no means
inconsiderable.” Thus paper saves expense. A n d paper currency, in many
instances, facilitates payments. This will be seen in the fact that one thou­
sand sovereigns exceed twenty-one pounds troy. As avoiding risk, delay,
and expense ; and especially as accommodating the supply o f an exchange­




The H istory and P hilosophy o f M oney.

C21

able medium, to temporary and sudden augmentations o f demand— paper
currency well regulated is an advance on a mere metalic currency. It may
be less secure, and more liable to depreciation ; but, by making the circula­
ting medium elastic, and through effects already named, the advantages
greatly exceed the evils. W e suspect that the Carthaginian, in his token of
sealed leather, gave industry a hint o f this improvement; which, when cheap
material for inscription and ready instruments for inscription were invented,
industry was ready to take. .
W e are not prepared to say what amount o f control the government of a
country should put forth on the currency o f a nation ; but we are quite sure
o f this, that as children may be nursed into weakness, and that as go-carts
may be used beyond their season, so governments may legislate in excess
until the people are, like rickety children, or as children several years old,
unable to run alone.
There are a few facts connected with the philosophy o f money that we
can merely mention.
Money is not wealth, but an instrument for circulating and distributing
wealth ; neither is money capital, but a means o f employing capital.
The functions o f money are performed with completeness according to the
the invariableness o f its value and quantity : great and sudden variations in
the currency have an injurious effect on barter.
The value o f money, although individual, is not arbitrary, and is in an in­
verse ratio with goods.
Money finds its way to whatever hand and to whatever land presents the
strongest demand for i t ; and no legislation can arrest its progress.
The rapidity with which money circulates affects industry and wealth as
really as the quantity o f money circulated.
, B y money, cheapness and dearness are fixed.
Credit is not capital, although it performs the function o f money ; but
credit is permission to use the capital o f another.
Money becomes a source o f wealth by its distribution o f wealth.
“ The value o f money, other things being the same, varies inversely as its
quantity every increase o f quantity lowering the value, and every diminu­
tion raising it, in a ratio exactly equivalent.”
Such phenomena attend that instrument, the power o f which is so gene­
rally recognized. But its power is limited. Men may thrive by money as
by one means, but not in it, as though man were a plant and money his
proper soil. Man is an inverted t r e e : the root is upward, the branches
downward, Other trees root in earth and get nourishment from heaven ;
man is to root in heaven, and to draw a partial, a temporary life from the
earth, until a season o f reversion, when not only the root shall be fixed in
Paradise, but the trunk raise its head, the branches spread, the leaves unfold,
the bloom develop itself, the fruit come to perfection, and the whole tree find
soil and climate, light, heat, and dew in the cloudless sapphire o f Paradise—
beneath Eden’s eternal suns.




622

The Trade and Commerce o f the N ew Y ork Canals.

Art. III.— THE TRADE AND COMMERCE OF THE NEW YORK CANALS.
T h e annual reports o f the Canal Commissioners and the Auditor o f the
Canal Department o f the tolls, trade, and tonnage o f the canals o f the State
o f New York for 1849, which were laid before the Legislature in the early
part o f the last session o f that body, embrace a detailed account of the com ­
merce o f the canals for the year, and a summary view for several preceding
years.
Our readers are referred to former numbers o f the Merchants' Magazine*
for full and comprehensive statements o f the condition and progress o f the
commerce and navigation o f all the canals of the State, comprehending a
series o f years, and bringing the statistical information down to 1844.
Availing ourselves o f the official documents before us, we propose to re­
sume the subject, and present a similar statistical view o f this branch o f the
inland trade of the State for the past and previous years in as condensed a
form as the nature of the subject will admit, embracing every detail requisite
for a succinct and clear view o f the whole subject.
The importance o f the canal commerce o f New York will be seen by the
following comparison o f the value o f commerce upon the canals o f that
State with the value of the foreign commerce of the United States in 1847,
1848, and 1849, and also with that o f the American lake commerce for the
year 1847 as follows :—
COMPARISON OF THE VALUE OF COMMERCE UPON THE CANALS OF THIS STATE W IT H THE VALUE
OF THE FOREIGN COMMERCE OF THE UNITED STATES.

Total value of imports, exclusive of specie, into tlie United States, for
the year ending the 30th June, 1848......................................................
Total value of all articles transported on the canals for the year 1847.
Difference in favor of foreign importations.................................
Total value of imports into the United States, exclusive of specie, for
the year ending 30th June, 1849 ..........................................................
Total value of all articles transported on the canals for the year 1848.
Difference in favor of foreign importations........
The total exports, exclusive of specie, for the year
ending 30th June, 1848, were of domestic produc­
tions................................................................................
A dd value of foreign products afterwards exported..

$154,977,876
151,563,428
$3,414,448
$147,857,439
140,086,157
$7,771,282

$132,704,121
21,128,010
$153,832,131

The total exports, exclusive of specie, for the year
ending the 30th June, 1849, were of domestic pro­
ductions..........................................................................
Add value of foreign products afterwards exported..

$132,666,955
13,088,865
$145,755,820

Total exports, the growth, produce, or manufacture of the United States,
for the year ending the 30th June, 1848.............................................
Total value of all articles transported on the canals in 1847 ...............
Difference in favor of canal commerce

$132,704,121
151,563,428
$18,859,307

* See vol. xi., No. 2, for July, 1843, pages 129-143; also vol. xiii,, No. 1, for July,
1845, pages 62-66, for elaborate articles on this subject, giving the statistics for these
and previous years.




The Trade and Commerce o f the N ew Y ork Canals.
Total exports, the growth, produce, or manufacture of the United States,
for the year ending the 30th June, 1849..............................................
Total value of all ai’ticles transported on the canals in 1848...............
Difference in favor of canal commerce.........................................

623

£132,666,955
140,086,157
$7,419,202

From the above statement it appears that the value o f the canal com­
merce o f the State o f New York, in the year 1847, exceeds the total do­
mestic exports from the United States for the year ending the 30 th o f June,
1848, by the sum of $18,859,307; and the canal commerce for the year
1848 was greater than the domestic exports for the year ending the 30th o f
June, 1849, by $7,419,202.
The value o f the American lake commerce for the year 1847 was as fol­
lows :—
Lake Ontario...............................
Lake Erie.....................................
Upper lakes.................................
T o ta l..................................

Imports.

Exports.

Total o f both

$9,688,485
51,450,975
5,087,158

$11,627,770
58,147,058
5,309,105

$21,316,255
109,598,033
10,396,263

$66,226,618

$75,083,933

$141,310,551

The value o f western products received at New Orleans for 1846 and
1847 was $84,912,810.
The tonnage o f the year 1849 exceeds that o f any previous year by
24,922 tons. The value o f all articles transported on the canals in 1849
exceeds that o f 1848 by $4,646,128, and falls short o f that o f 1847 by
$6,831,143. The tolls o f 1849 exceed the amount received in 1848 by
$16,013 84, and are less than the tolls o f 1S47 by $366,716 35.
The fluctuations in the prices of produce and merchandise sufficiently ac­
count for the decreased value o f property transported on the canals in 1849,
as compared with 1847, although there was a considerable increase o f ton­
nage. But the decrease of tolls, as compared with that year while the ton­
nage is increasing, requires more consideration. This is in part accounted
for by the fact that the increased tonnage is principally in articles paying
low rates o f toll, among which lumber and staves, lime, clay, stone, and do­
mestic salt, are most prominent. The toll on passengers and on packet-boats
is rapidly diminishing, under the competition o f the railroads,-which pay no
toll on passengers, and with their more frequent trains, increased speed, and
reduced fare, are drawing this important source o f revenue away from the
canals.
A far more important portion o f the reduction o f tolls from 1847 is found
in the reduced rate o f toll on corn, which made a difference on the quantity
o f that article transported during the last season o f more than $90,000.
Some allowance, doubtless, ought to be made for an increase in the quantity
transported by reason o f the lower rate o f toll, but the quantity even under
the low rate o f the last season did not equal that o f 1847.
B ut much the most important consideration connected with this subject
is the rapid diversion o f trade'from the Erie Canal by way o f Buffalo and
Black Rock to the Oswego and Erie Canals, through Oswego. The tonnage
from other States by way of Buffalo and Black Rock was in 1847, 659,976,
and in 1849, 535,086, showing a falling off o f 124,880 tons, while the in­
crease o f tonnage from other States, at Oswego, from 1847 to 1849, has
been 80,709 tons. The toll on the increase at Oswego for the 155 miles
greater distance on the canals by way o f Buffalo would be about $100,000.
But the business o f the W est outgrows the rapidity of change in the




624

The Trade and Commerce o f the N ew Y ork Canals.

avenues o f trade. Notwithstanding the large increase o f tonnage at Oswe­
go, the unlimited productive capacity o f the W est seems destined to flood
our canals with its abundant commerce, through every channel o f commu­
nication with the lakes. The decrease at Buffalo reached its lowest depres­
sion in 1848, and in 1849 there was a gain over the previous year o f 42,806
tons. A nd at W hitehall the tonnage from other States exhibits an increase
in 1849 over 1847 o f 14,094 tons, and 9,163 tons over 1839, the highest
previous year.
The total tonnage o f all the property on the canals, ascending and de­
scending, its value, and the amount o f tolls collected for the thirteen years
preceding is as follows :—
Years.

Tons.

1836
1837
1838
1839
1840
1841
1842

1,310,807
1,171,296
1,333,011
1,435,713
1,416,046
1,521,661
1,236,931

Value.

Tolls.

Years.

Tons.

$67,634,343 $1,614,342 1843 1,513,439
55,809,288 1,292,623 1844 1,816,586
65,746,559 1,590,911 1845 1,985,011
73,399,764 1,616,382 1846 2,268,662
66,303,892 1,775,747 1847 2,869,810
92,202,929 2,034,882 1848 2,796,230
60,016,608 1,749,196 1849 2,894,732

Value.

Tolls.

76,276,909
90,921,152
100,553,245
115,612,109
151,563,428
140,086,157
144,732,285

2,081,590
2,446,374
2,646,181
2,756,186
3,635,381
3,252,212
3,268,226

The total tons coming to tide-water for each o f the last fifteen years, and
the aggregate value thereof in market, was as follows :—
Years.

Tons.

Years.

Value.

Tons.

Value.

1834
553,596
$13,405,022 1842
666,626
22,751,013
1835
753,191
20,525,446 1843
836,861
28,453,408
1836
26,932,470 1844
696,347
1,019,094
34,183,167
1837
611,781
21,822,354 1845
1,204,943
45,452,321
1838
640,481
23,038,510 1846
1,362,319
51,105,256
1839 ......
602,128
20,163,199 1847
1,744,283
73,092,414
1840
669,012
23,213,573 1848
1,447,905
50,883,907
1841
774,334
27,225,322 1849
1,579,946
52,375,521
The whole quantity o f wheat and flour which came to the Hudson River
from 1834 to 1849, inclusive, with the aggregate market value o f the same,
and the amount o f tolls received on all the wheat and flour transported on
the canals in each year from 1837 to 1849, inclusive, is as follows —
Years.

1834 ..
1835 ..
1836*..
1837 ..
1838 ..
1839 ..
1840 ..
1841 ..

Tons.

Value.

130,452
128,552
124,982
116,491
133,080
124,683
244,862
201,360

$5,719,795
7,395,939
9,796,540
9,640,156
9,883,586
7,217,841
10,362,862
10,165,355

Tolls.

Years.

Tons.

Value.

Tolls.

1842 . 198,231
9,284,778
606,727
1843. . 248,780 10,283,454
731,816
1844. . 277,865 11,211,677
816,711
$301,739 1845 . 320,463 15,962,950
851,633
380,161 1846 . 419,366 18,836,412 1,099,325
404,525 1847 . 551,205 32,890,938 1,460,424
700,071 1848 . 431,641 21,148,421 1,126,133
621,046 1849 . 434,444 19,308,595 1,128,064
The tons o f wheat and flour shipped at Buffalo and Oswego from the
year 1835 to 1849, and at Black Rock from 1839 to 1849, inclusive, and
the total tons o f wheat and flour which arrived at the Hudson River, were
as follow s:—
Years.
1835...................
1836................... ............
1837................... ............
1838.....................
1839..................... ............
1840..................... ...........
1841.....................




Buffalo,
tons.

Black Rock,
tons.
....

24,154
27,206

....
....

60,082
95,573

7,697
12,825
24,843

Oswego,
tons.
14,888
13,591
7,429
10,010
15,108
15,075
16,677

* Tolls for 1834 to 1836 not ascertained.

Total.
30,823
37,745
34,635
67,987
82,887
123,473
147,791

Total tons ar­
rived at
tide-water.
128,552
124,982
116,491
133,080
124,683
244,862
201,360

The Trade and Commerce o f the N ew Y ork Canals.

6 25
Total tons arrived at
tide-water.

Buffalo,
tons.

Black Rock,
tons.

Oswego,
tons.

Total.

1843.............................

146,126

12,882

25,858

184,866

248,180

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

118,614
247,860

17,066
16,564

44,560
63,905

180,240
328,329

320,463
419,366

1845
1846

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

The following is a statement o f all the property which came to the Hud­
son River on the canals in 1 8 4 9 , wTith the quantity and estimated value of
each article in Albany and Troy ;—
Articles.
%

Quantity.

Val. of each art .

THE FOREST.

P ro d u c t o f wood —

Boards and scantling.........................
Shingles..............................................
T im ber................................................
Staves.................................................
W o o d ..................................................
A shes.................................................

297,431,140
51,258
1,497,627
154,159,359
11,977
31,289

4,459,157
153,774
119,597
693,701
56,892
1,016,800

665,547

$7,192,796

Bacon ............................. ..............
Cheese.............................................
Butter.............................................
L a r d ..............................................
W ool ...............................................
H ides ..............................................

73,985
105,492
8,477^754
42,097,818
20,880,409
9,083,062
12,731,302
596,364

758,421
1 344 360
'514,666
2,736,211
2,923,832
635,814
4,072,358
59,637

Product of animals.................

75,699

$12,945,299

3,263,087
2,734,389
322,942
5,121,270
1,400,194
2,407,895
2,022,031
160,234
242,211
780,369

16,315,435
2,993,160
187,545
2,970,482
868,115
868,084
242,755
160,234
117.918
78,007

689,926

$24,801,735

316,094
1,896,056
2,479,098
1,381,684
1,877,805

29,240
237,007
148,746
30,536
262,893

3,975
769,600

$708,422
$38,455,456

2,107,595
5,532,610

526,938
885,080

___ M.

Total o f the forest....................
AGRICULTURE.

P ro d u c t o f anim als —

P o r k ..............................................

.. .bbls.

V egetable f o o d —

Flour...............................................
Wheat............................................
Rye .................................................
C o r n ..............................................
Bariev ............................................
Other grain .....................................
Bran and ship stu ffs.......................
Peas and beans.................................
Potatoes..............................................
Dried fruit..........................................
Vegetable food........................
A l l oth er a gricu ltu ra l p rod u cts —

C o 't « .................................................
Tobacco.............................................
Clover and grass seed.....................
Flax s e e d ..........................................
Hops...................................................
A ll other agricultural products........... .
Total agriculture......................
MANUFACTURES.

Domestic spirits...................................
Leather................................................ .
VOL. X X II.---- NO. VI.




40

The Trade and Commerce o f the New Y ork Canals.

626

Furniture.....................................................................lbs.
Bar and pig lead................................................................
Fig iron..............................................................................
Bloom and bar iron............................................................
Iron ware...........................................................................
Domestic w oolens.............................................................
Domestic cottons................................................................
Salt.....................................................................................

1,116,300
11,167
9,636,166
27,906,016
1,737,690
1,065,513
2,498,425
283,333

111,631
503
96,362
558,120
52,131
895,991
698,816
73,666

Total manufactures........................................ tons
Merchandise................................................................lbs.
O ther a rticles —
Stone, lime, and clay....................................................
G ypsum .........................................................................
Mineral co a l...................................................................
Sundries..........................................................................

44.288
11,743,671

$3,899,238
508,048

51,323,818
2,551,600
25,169,939
110,244,928

74,060
5,742
56,633
2,183,548

Other articles................. ......................... .... .tons
Total........................................................................

94,638
1,579,946

$2,319,983
$52,375,521

The total movement o f each description o f articles on all the canals o f the
State from 1836 to 1849, inclusive, is exhibited:—
Years.

Products o f
the forest. Agriculture. Manufact’s. Merchnd’e. Oth. articles.

1836....................tons
1837..........................
1838..........................
1839..........................
1840*........................
1841..........................
1842..........................
1843..........................
1844..........................
1845..........................
1846..........................
1847..........................
1848..........................
1849..........................

755,252 225,747
618,741 208,043
665,089 255,227
667,581 266,052
587,647 393,780
645,548 391,905
504,597 401,276
687,184 455,797
864,373 509,387
881,774 555,160
916,976 814,258
1,087,714 1,092,946
1,086,880 913,824
1,104,940 1,020,259

88,610
81,736
101,526
111,968
100,367
127,896
98,968
124,277
144,245
160,638
149,006
176,448
202,781
203,990

127,895
94,777
124,290
132,286
112,021
141,054
101,446
119,209
141,930
151,450
169,799
224,890
261,458
255,455

113,103
168,000
186,879
257,826
223,231
215,258
130,644
126,972
156,651
228,543
218,623
287,812
331,287
310,088

Total.

2,310,807
1,171,296
1,333,011
1,435,713
1,417,046
1,521,661
1,236,931
1,513,439
1,816,586
1,977,565
2,268,662
2,869,810
2,796,230
2,894,732

Total, 14 years........ 11,074,296 7,503,661 1,872,655 2,157,960 2,954,917 25,563,489
791,021
154,140 211,066 1,825,964
Yearly average___
535,976 133,761
100.00
43.32
11.56
Per cent of each class
29.35
7.33
8.44
Av.frm 1836 to 1842
580,620 345,701
100,509 111,750 162,347 1,300,927
947,120 765,947 165,912 189,170 237,140 2,305,289
“
1843 to 1849

The following is a table o f the tonnage o f each article transported on all
the canals in each year from 1845 to 1849, inclusive:*—
1845.

1846.

1847.

1848.

1849.

THE FOREST.

ur and peltry . . . .tons

570

653

517

421

745

446,004
13,794
73,893
73,971
253,068
20,474

498,677
14,567
75,699
65,500
248,247
13,633

603,896
16,949
77,056
57,438
304,482
10 821

550,075
25,350
68,737
64,731
367,075
10,491

610,147
18,512
64,043
83,462
316,759
11,272

881,774

916,976

1,087,714

1,086,880

1,104,940

Jroduct o f wood —

Boards and scantling.
Shingles.....................
Timber........................
Staves.........................
W o o d .........................
Ashes..........................
Total.......................

* For a similar table for each year from 1835 to 1843, see M erchants' M agazine,
voL xi., page 137.




A

The Trade and Commerce o f the

N ew

Y ork Canals.

AGRICULTURE.

___

627
. .

.

1845.

1846.

1847.

1848.

1489.

Pork............................
B e e f...........................
Bacon..........................
Cheese.........................
Butter.........................
Lard............................
W o o l...........................
Hides...........................

11,819
11,339

6,072
3,709

15,202
9,002
1,655
18,933
11,178
3,500
5.437
2,589

14,503
11,501
2,098
20,039
11,482
2,288
8,085
4,350

18,768
11,401
4,981
21,863
11,665
5,330
5,653
5,107

18,183
18,464
4,684
20,724
11,053
4,940
8,330
5,476

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

59,081

67,506

74,346

84,758

91,854

Flour...........................
W h e a t.......................
% e .............................
Corn.............................
Barley.........................
Other grain...............
Bran and ship stuffs .
Peas and beans..........
Potatoes......................
Dried fruit.................

271,726
126,926
4,853
5,428
27,251
23,152
16,837
2,223
5,444
1,021

372,455
200,865
10,296
51,405
35,518
35,828
18,105
2,865
7,242
1,143

471,464
255,291
8,489
162,940
38,372
36,073
35,144
3,885
4,354
1,914

393,961
216,882
11,703
93,802
41,211
33,068
21,621
2,824
3,803
1,216

417,349
210,574
12,444
158,802
39,238
41,359
26,8S((3
4,450
6,940
544

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

484,861

735,722

1,007,926

820,091

918,528

P r o d u c t o f a nim als —

13,773
12,369

Vegetable fo o d —

A U other a gricu ltu ra l p rod ucts —

Cotton........................
T obacco...........
Clover and grass seed
Flax seed...................
H ops...........................

2,481
1,799
2,278
4,169
491

3,156
2,704
740
3,416
1,014

3,160
1,954
1,643
2,827
1,090

3,427
1,532
1,139
2,007
860

3,157
2,436
1,811
1,482
991

Total.......................
Total agricultural..

11,218
555,160

11,030
814,258

10,674
1,092,946

8,965
913,824

9,877
1,020,259

8,654
2,885
10,064
1,484
8,214
5,240
652
1,193
122,252

8,712
2,147
10,564
354
11,342
13,244
6,483
678
1,129
94,353

11,209
2,503
8,659
186
19,265
14,955
8,779
825
2,299
107,768

10,077
2,174
8,392
73
23,407
16,148
10,847
553
1,408
129,702

12,399
3,196
7,755
49
19,390
13,777
10,009
631
1,380
135,504

Total.......................
Merchandise...................
O ther articles —
Stone, lime, and clay.
Gypsum......................
Mineral coal...............
Sundries.....................

160,638
151,450

149,606
169,799

176,448
224,890

202,781
261,458

203,990
255,455

77,337
40,080
47,655
63,471

76,883
52,783
33,923
55,034

88,037
41,725
64,378
93,672

128,140
50,632
75,821
76,694

126,954
38,079
70,326
74,729

Total.......................
Grand total............

228,543
1,977,565

218,623
2,268,662

287,812
2,869,810

331,287
2,796,230

310,088
2,894,732

MANUFACTURES.

Domestic spirits.............
Leather .........................
Furniture.......................
Bar and pig lead...........
Pig iro n .........................
Bloom and bar iron .. . .
Ironw are.......................
Domestic woolens.........
Domestic cottons...........
Salt.................................

The following table gives the value o f the total movements o f articles on
all the canals from 1836 to 1 8 4 9, inclusive :—
Years.

1836___
1837___
1838___
1839____

Products of
the forest.

'7,282,438
6,146,716
6,338,063
7,762,553




Agriculture. Manufactures. Merchandise. Other articles.

18,619,834
16,201,331
19,390,714
17,056,911

7,380,576
6,305,485
5,915,856
6,989,576

31,973,864
23,935,990
31,594,692
39,493,764

2,377,631
3,134,766
2,507,234
3,096,960

Total.

67,634,343
55,809,287
65,746,595
73,399,764

628

The Trade and Commerce o f the N ew Y o rk Canals.

Years.
1840.
1841.
1842.
1843.
1844.
1845.
1846.
1847.
1848.
1849.

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

Product of
the forests.
4,609,035
11,841,103
5,957,219
6,653,080
7,422,737
6,472,237
6,422,409
7,546,063
7,219,350
8,671,057

Agriculture. Manufactures, Merchandise. Other articles.
18,644,481 4,719,054 35,636,943 2,794,379
21,901,713 5,422,615 50,134,320 2,903,178
16,987,843 4,435,289 30,042,153 2,594,104
20,588,118 4,925,545 40,651,798 3,458,368
23,379,643 6,151,806 49,224,099 4,742,867
29,479,488 6,994,932 52,542,336 5,140,866
35,820.586 7,015,311 62,004,488 4,349,315
55,757,166 8,072,059 74,753,638 5,434,502
42,850,086 7,433,957 76,945,463 5,637,301
46,408,092 7,183,930 77,094,282 5,374,924

Total.
66,403,892
92,202,929
60,016,608
76,276,909
90,921,152
100,629,859
115,612,109
151,563,428
140,086,157
144,732,285

Total.. . . . 100,344,060 383,086,006 88,030,991 676,027,830 53,546,395 1,301,035,282
Product of
the forest. Agriculture. Manufactures. Merchandise. Oth. articles.

Y early a v e r a g e . .
Per ct. o f each cl’ss
A n .a v ,’36 t o ’4 2 .
“
’43 t o ’4 9 .

Total.
7,167,433 27,363,286 6,287,928 48,287,702 2,824,742 92,931,091
7 .7 1
2 9 .4 4
6 .7 6
5 1 .9 6
4 .1 3
1 0 0.00
7,133,875 18,400,404 5,'750,403 34,687,389 2,772,608 68,744,769
7,200,990 36,326,168 6,825,363 61,888,015 4,876,878 117,117,414

1847.

oo
hi-*.
QO

The value o f each article which came to the Hudson River on the canals
for the last five years is expressed in the following table :—

$873,436 $1,021,385

$690,150

$695,838

$692,864

5,078,564
405.548
169,160
1,239,677
79.986
1,135,288

3,931.277
338,861
212,598
514,109
69,462
1,146,870

4,459,157
153,774
119.598
693,701
56,892
1,016,800

1845.

1846.

1849.

THE FOREST.

Fur and p e ltry .................,.
P ro d u ct —

Boards and scantling......
Shingles....................... .
Tim ber..........................
Staves ...........................
W ood.............................
Ashes............................. . .

4,044,720
234,390
498,531
628,898
86,258
1,393,360

4,422,936
244,378
251,096
1,513,432
69,160
1,076,904

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

7,759,596

8,589,291

8,798,873

6,909,015

7,192,796

800,925
364,800
290,037
2,844,587
3,220,633
498,810
2.571,415
42,613

1,104,673
718,344
416,738
2,860,354
3,408,751
434,780
3,599,963
21,611

967,230
605,700
490,997
3,029,169
3,359,391
761,757
2,304,044
17,494

758,421
1,244,360
514,666
2,736,211
2,923,832
635,814
4,072,358
59,637

AGRICULTURAL.

P rod u ct o f anim als —

Pork.............................
Beef...............................
Bacon........................... .
Cheese...........................
B utter...........................
L a rd..............................
W o o l........................... .
Hides* ......................... .
T o ta l................... . .

9,002,197 10,633,820 12,565,214 11,535,782 12,945,299

Vegetable f o o d —

Blour............................ .. . 14,021,081 15,470,271 27,057,037 17,471,401 16,315,435
Wheat............................, . 1,941,869 3,366,141 5,833,901 3,677,020 2,993,160
R y e ............................. .
259,950
200,310
187,545
171,002
232,304
Corn............................. .
21,479 1,126,854 5,170,970 1,834,388 2,970,482
Barley............................
868,115
671,371
813,933 1,279,337 1,037,293
Other grain..................
868,084
710,474
977,967
748,930
Bran and ship stuffs. .
242,755
160,150
220,181
293,117
172,578
Peas and beans...........
106,088
75,808
160,234
70,145
96,800
Potatoes.......................
117,918
114,686
51,755
53,109
Dried fruits.................
78,007
135,261
320,364
164,533
32,477

All

T o ta l................... . . 17,579,581 22,286,905 41,350,486 25,434,370 24,801,736
other a gricu ltu ra l prod u cts —

C otton.........................
Tobacco........................




34,495
313,092

35,498
150,735

11,356
43,127

29,240
237,007

The Trade and Commerce o f the N ew Y ork Canals.

Clover and grass seed .,
Flax seed.........................
Hops . . ............................

1845.

1846.

$221,284
166,079
157,356

$76,608
131.943
185,955

1847.
$231,518
103,219
188,179

629

1849.

1848.
$116,692
35,268
159,695

$148,746
30,536
262,893

T o ta l.......................
630,404
742,093
709,149
708,422
366,138
Total agricultural.. 27,612,281 33,662,848 54,624,849 37,336,290 38,455,456
MANUFACTURES.

Domestic spirits.................
Leather............._ ................
Furniture.............................
Bar and pig lead.................
Pig iron.................................
Bloom and bar ir o n ...........
Iron ware.............................
Domestic woolens...............
Domestic cottons.................
S a lt ......................................

«

444,809
2,765,607
256,162
8,910
140,546

T o ta l...........................
Merchandise.......................
O th er a rticles —
Stone, lime, and clay.. . .
Gypsum...........................
Mineral c o a l ...................
Sundries...........................

186,615
1,900,029
582,628
147,023

313,840
928,918
223,611
19,582
185,574
265,222
48,830
1,923,390
719,787
180,035

473,651
965,204
197,251
19,288
340,496
660,896
123,808
2,369,187
740,901
133,836

385,471
680,842
153,536
3,875
172,931
744,687
80,993
882,851
622,652
106,522

526,938
885,080
111,631
503
96,362
558,120
52,131
895,991
698,816
73,666

6,432,259
88,496

4,805,799
276,S72

6,024,518
517,594

3,834,360
593,619

3,899,238
508,048

83,016
27,656
119,496
3,329,490

63,170
26,993
47,116
3,633,257

83.129
17,584
81,453
2,944,914

92,379
8,336
108,656
2,001,252

74,060
5,742
56,633
2,183,548

T o ta l............................ 3,559,658 3,770,476 3,127,080 2,210,623 2,319,983
Grand total................... 35,452,301 51,105,256 73,092,414 50,883,907 52,375,521

W e give below, in conclusion, two statements showing the tonnage and
value o f property and merchandise going to, and coming from, other States
in each year, from 1836 to 1819, inclusive, as follow s:—
STATEMENT OF THE TONS AND VALUE OF MERCHANDISE GOING TO OTHER STATES BY W A Y OF
BUFFALO AND OSWEGO IN EACH YEAR, FROM

Years.

<

1836..................... ................
1837......................
1838...................... ................
1839...................... ................
1840......................
1841......................
1842......................
1843..................... ................
1844...................... ................
1845......................
1846...................... ................
1847......................
1848......................
1849......................

Value per
pound.
$0 1210 12$
0 15

0 17*
0 17*
0 17*

1836

Buffalo,
tons.
30,874
22,230
32,087
29,699
18,863
25,551
20.525
32,798
32,767
37,713
44,487
67,290
64,428
68,026

TO

1849,

Oswego,
tons.
8,019
3,061
2,542
4,498
3,192
5,489
3,538
4,537
9,648
11,905
13,843
18,540
20,444
20,287

BOTH INCLUSIVE.

Total
tons.
38,893
25,291
34,629
34,197
22,055
31,040
24,063
37,335
42,415
49,618
58,330
75,830
84,872
88,315

Value.
$9,725,250
6,322,750
8,657,250
10,259,100
7,057,600
11,174,400
7,218,900
13,067,250
14,845,250
17,366,300
20,415,500
27,298,800
30,553,920
31,793,400

STATEMENT OF THE VALUE OF PROPERTY COMING FROM, AND MERCHANDISE GOING TO, OTHER
STATES BY W A Y OF BUFFALO, BLACK ROCK, AND OSWEGO FROM
CLUSIVE.

Years.
1836..........................................
1837.........................................
1 8 3 8 ................................... ..
1839.........................................
1840.........................................
1841........................................
1842........................................
1843........................................




'

Products coming
from.
$5,496,816
4,813,626
6,369,645
7,258,968
7,877,358
11,889,273
9,215,808
11,937,943

1836

TO

Merchandise
going to.
$9,723,250
6,322,750
8,657,250
10,259,100
7,057,600
11,174.400
7,218,900
13,067,250

1849,

BOTH IN -

Total.
$15,217,066
11,136,376
15,026,895
17,518,068
14,934,958
23,063,673
16,534,708
25,005,193

630

Currency — Interest — Production.
Products coming
from.

Years.

1844
1845
1846
1847
1848
1849

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

15,875,558
14,162,239
20,471,939
32.666,324
23,245,353
26,713,796

Merchandise
going to

Total-

14,845,250
17,366,300
20,415,500
27,298,800
30,553,920
31,793,400

27,720,808
31,528,539
40,887,439
59,965,124
53,799,273
58,507,196

Art. IV.— CURRENCY— INTEREST— PRODUCTION.*
no.

in.

F re em an H unt, E sq ., E d ito r o f the M erch a n ts’ M aga zin e, etc.

S ir ;— In my last letter I criticised at some length Mr. Kellogg’s funda­
mental position that money possesses no value, and, I trust, conclusively re­
futed it. W ith this main pillar must o f necessity fall the whole fabric o f
his system. Still, some parts o f it seem to require a more detailed exposure.
“ The power o f money to accumulate value by interest ” is ascribed by
Mr. K ellogg (with his usual felicitous confusion o f cause and effect) to the
laws which make it a “ public tender,” and allow interest to be paid for i t
I f money possess no value, it is certainly not worth paying interest for, and
we must look to extraneous causes to ascertain why interest is paid. So far
Mr. K ellogg is consistent; but unluckily, his conclusions are as utterly at war
with facts as his premises. D o the laws which constitute paper-money a
“ legal tender ” make it worth paying interest for ? H ow was it with conti­
nental money and French assignats ? The law can indeed make worthless
dollars a tender for debts o f dollars ; but can it compel a man to exchange
a barrel o f flour for a hundred, or a house for a hundred thousand o f them 1
Still less, then, can it make men pay interest for that which is intrinsically
and commercially worthless. But the law never attempts it. It compels
no man to pay in any case a higher rate o f interest than he can induce the
lender to accept; but on the contrary it is continually interposing to mode­
rate the high rates which individuals are willing to receive and to pay.
Having thus shortly disposed o f Mr. K ellogg’s theory of interest, let us
inquire into the true theory. It is a very simple affair, when divested o f ir­
relevant matter. If money possesses value, may be exchanged for value,
and so exchanged as to increase value, it is evidently as well worth paying rent
for as a farm, or a house, or a machine, for which it may be exchanged. Mr.
K ellogg asserts that money is unproductive ; and he is joined in this view
by F. G. S., and even by G. B. But this is a very unphilosophical way o f
viewing it. True, money does not grow— neither does a cotton-m ill; nor
does it literally produce or manufacture— neither does a house ; nor does it
provide a shelter for its owner— neither does a steam-engine. Y et all these
things render, in different ways, important services to men, and in return for
those, men are willing to pay rent for them. Are the services o f money
less important ? Is it nothing to serve as a valuable, indestructible, portable,
* Allow me to correct an important misprint in my last letter. About the middle
of page 522 of your May number, occurs this sentence :— “ Simply because he has not
one motive against i t ” &c. It should read— “ not one motive f o r doin g i t ! ’ Three lines
below, the word “ ever ” should read “ over.”




Currency — Interest — Production.

631

divisible medium o f exchange, available at all times and in all places, and
uniting, in short, so many advantages as to be readily received in all parts
o f the world ? But let us take one or two familiar illustrations. A cargo
o f flour is surely unproductive ; yet if a man lend me a cargo o f flour for
six months, and thus enable me to carry it to another market where it is
more wanted, and there sell it at a profit, is it not just that he should re­
ceive some part o f that profit ? A nd is the case altered, if he lend me the
money to buy the flour? Or again : if a man lend me his house to live in,
is it not right that I should pay him a rent for the use o f it ? And is the
obligation diminished because, instead o f a house, he lends me the money
to buy one ? Is it not rather in both cases increased, because I can employ
the money as I please, and perhaps more profitably than in purchasing the
flour and the house ?
True, Mr. K ellogg asserts that the rate o f interest on money determines
the rent o f other property ; but this is merely another instance o f that ju m ­
bling together o f causes and effects so common in his book. The rent of
money, like that o f any other commodity, depends on the elements o f cost,
demand and supply. I f a borrower can gain 10 per cent, he will pay 9, if
forced to do so by the competition o f others. I f a capitalist cannot get 2
per cent for his money, he will accept 1. N o legal enactment could, at the
present moment, compel borrowers in London to pay 3, or lenders in Boston
to accept 6, per cent.
Money, then, is justly entitled to interest for two reasons— first, because
it can at will be exchanged for productive or useful value, for which rent is
willingly paid ; and secondly, because it can at will be exchanged for various
commodities, the exchange o f which is usually attended with profit. But
in the third place, money as capital is indispensable to production, by pay­
ing the wages o f labor, or by furnishing the necessary implements for the
successful employment o f labor. Mr. Kellogg admits this important fact, and
tries to turn it to his own purposes. But if capital be the accumulated pro­
duce o f labor, what more just and self-evident than that the holder of it
should be recompensed for the benefits he confers by the loan o f it, just as
the laborer himself is “ worthy o f his hire ?” I f the capitalist had produced
in person the implements, or furnished the labor required, even Mr. K ellogg
could not doubt his claim ; and because the capital has in his case been con­
verted into money, by lending which he enables another to procure the labor
and implements, is the case changed ?
The abstract question o f interest on money being disposed of, the only
remaining inquiry must be, what are its legitimate rates ? A nd here it will
be easy to show' that usury-laws have by no means improved the condition
o f borrowers or diminished the gains o f lenders. They have undoubtedly
to some extent compelled certain individuals and corporations to lend their
money nominally at 6 per cent, or not at all. The natural operation o f such
a law is two-fold. 1. It tends to prevent that instantaneous rise of interest
which, like the fall of the barometer, is the sure indication o f commercial
danger ; and 2. It tends to exclude capitalists from their proper and legiti­
mate business o f lending on interest, by making high rates unlawful, and
thus depriving borrowers o f the benefit o f the capital o f others at the very
time when it is most needful. W ere it not that the necessities of borrowers,
and the good sense o f the community to a great extent neutralized the ef­
fects o f these foolish laws, their mischief would be immense.
Mr. K ellogg’s position, that no rate o f interest above 1 r4j- per cent per an­




632

Currency — Interest — Production.

num can be permanently sustained, has been already completely overthrown
in m y first letter. I have there shown that the actual average earnings o f
the community are at any rate from 10 to 20 per cent on their capital, out
o f which their debts, including interest, may be paid, and a comfortable sup­
port realized. A small part only o f the capital o f the community, as G. B.
justly urges, is lent on interest; and o f the interest collected but a small
part is, or can be, accumulated and reinvested. The laboring classes, who
receive cash wages, seldom need to pay interest, but, on the contrary, by in­
dustry and economy, often become lenders themselves. To this fact our sa­
vings’ banks, and many other corporate institutions, will bear ample testi­
mony.
It is evident that no definite limit can be assigned to rates o f interest.
Like all other values, the value o f money must be regulated by the laws o f
supply and demand. The sagacious merchant may occasionally hire it at
quadruple the legal rate, and yet employ it more profitably than he could at
another time, though he were to borrow it without interest.
Again— an honest man will procure money at any cost to pay his debts,
just as in the deserts o f Africa he would give a purse o f gold for a draught
o f water. But the crisis over, he will pay no more than he can profitably
afford to do for the use o f money. True, he may be greatly harassed, and
his legitimate profits curtailed, by the competition of needy individuals or
corporations ; but the evil, like all other economic evils, will gradually rem­
edy itself, as our own community, after a crisis o f an unexampled length and
severity, are now living to see.
Rates of interest, then, must be left to regulate themselves. The less they are
interfered with the more sound and healthy will the condition o f the mer­
cantile community be, and the less will be the danger o f sudden revulsions
and commercial panics and crises. The expedient o f paper-money is a mere
temporary palliation o f scarcity ; in fact, it is only a further extension o f
credit, and must ultimately increase the evil it is intended to remedy. I f
money be scarce, it must be economized until more can bo procured; and
what so likely to produce both these results as a high rate o f interest ?
In a new country profits are usually large, and capital scarce. In other
words, the supply of money is limited, and the demand (practically) unlim­
ited. In such circumstances, a high rate o f interest is no proof o f an un­
sound or unhealthy state o f society, but rather the contrary ; just as high
rents and prices o f real estate prove the prosperous condition o f a town.
In one word, rates o f interest depend far more on borrowers than on lend­
ers. It is the interest o f every capitalist to accumulate ; and it depends on
the borrowers whether the accumulation shall be enough, and more than
enough, for their wants. Nay, everv borrower, and every laborer, may be­
come himself a lender, by the simple expedient o f laying by a portion o f his
earnings.
Let us turn now to the receivers o f interest. I have already shown that
a large part o f them at least do not profit so much by their capital as those
who do borrow it o f th em ; for the same borrowers are able to borrow o f
others at double or treble the legal rates, and still to make profit by it.
I have also shown that the accumulation o f capital imagined by Mr. Kel­
log g and F. G. S., is mere fiction; the fact being, that much o f the bank
capital, which is such a bug-bear to these gentlemen, is held by the very la­
boring classes whose condition they so kindly commiserate; men who have
saved by economy what they had earned by hard labor, or perhaps have be­




Currency — Interest — Production.

633

queathed it to their otherwise destitute families. Surely, even Mr. K ellogg
would not curtail these incomes, nor dread the accumulation or “ compound­
ing” o f the interest which hardly suffices to purchase a widow’s daily bread.
But we must now turn to capitalists— that monstrous excrescence o f the
social system, who are the objects o f such abundance of ill-will, and in sketch­
ing whose portraits, real or imaginary, Mr. Kellogg has exhausted the copi­
ous resources o f his fertile imagination. Now we have the unlucky mechan­
ic, condemned to build house after house for his rapacious landlord— “ in
seventy years, one hundred and twenty-seven houses!” Next the poor far­
mer must disburse an equal number o f farms for the use o f but one. Anon
we have “ ten thousand wealthy citizens,” with their families, settled like
Prospero on ^n uncultivated island, (suppose Manhattan,) with their bonds
and mortgages, and by means o f these potent instruments compelling the
wretched Calibans o f the mainland to minister to their every want, and ful­
fil their every caprice.
“ Sic vos non vobis mellificatis apes 1”

Last, but not least, dimly looms the figure of the great New York capital­
ist, with his two millions o f income, appropriating annually the earnings o f
twenty thousand farmers, the wages o f above seven thousand able-bodied
laborers, the equivalent o f two millions o f bushels o f wheat, the produce of
133,333 acres o f land!
“ Can any laboring community be prosperous,”
asks Mr. Kellogg, “ and pay so great an amount o f interest on capital ?”
Truly, I fear not. I cannot, any more than Mr. Kellogg, understand how
such a state o f things can be desirable or beneficial. I agree with him, that
great wealth is too often a great curse ; but I disagree as to the possibility
o f preventing it by any remedy man can apply. Great power is always
dangerous, and in the shape o f money it is not the less so, that it is too often
combined with meanness and selfishness o f soul. Still, it cannot be helped.
In this world, the sagacious, resolute, unscrupulous votary o f any pursuit,
may, and often does, achieve his object, in spite o f all the obstacles his fel­
low men can throw in his way. Witness Coesar and N apoleon; witness the
Rothschilds, Stephen Girard, and John Jacob Astor. Does Mr. K ellogg
suppose that any legal enactment, or any state o f society, short o f absolute
anarchy, could have prevented the success o f the one class, or diminished the
annual profits o f the other ? W here there is a will, there is a way ; and if
interest could be abolished, (which it never can,) the same tax would be paid
under other names, so long as money could be employed with profit.
The object of government is to protect every man in his “ life, liberty, and
pursuit o f h a p p in e s sp re v e n tin g him only from interfering with the same
protection granted to his neighbor. Now this protection was doubtless ex­
tended to all parties in every transaction by which Mr. Astor enriched him­
self. True, some o f them may have been hard bargains— others mistakes,
subsequently regretted— such things happen to all. But will any one pre­
tend that Mr. Astor ever compelled or frightened people into borrowing his
money, or buying his goods, or selling him their own ? I trow not. His
property, then, was acquired by the voluntary concessions o f his fellow men.
I f justly, he had a right to it. If unjustly, there are thousands o f similar
cases occurring every day, which human laws cannot reach, and which Mr.
K ellogg and ourselves must be content to leave to the retribution o f a higher
power.
There is much injustice and misconception in the popular idea o f capital­
ists. N ot that they are usually by any means models for their fellow men.




634

Currency — Interest — Production.

They are men o f like passions with others, but without the healthy discipline
o f poverty and compulsory labor, and exposed to some o f the severest temp­
tations by which human virtue can be tried. Yet, as a class, they are far
from despicable— nay, there have been instances o f exalted virtue among
them. They have the charge of a large portion o f the small surplus o f pro­
duction which it is permitted to man to accumulate: no small risk, and no
light responsibility is theirs. Yet, on the whole, they hold and distribute
this invaluable deposit far better than would be done by the classes who are
accustomed to envy and rail at them. Look at the latter in California. See
their stores of gold dissipated in a week at the gaming-table, or in the grati­
fication of every beastly propensity; while the wealth o f the capitalist is
poured out like water, to accomplish great national or sociaL undertakings,
to encourage the various branches o f domestic industry, or to supply the
wants o f the people with the produce o f foreign lands.
The property o f capitalists has all been acquired by their own labor, or by
that o f others, who have voluntarily transferred it to them. Some was
earned by bodily, some by mental labor— both which were beneficial to
others, or were so esteemed, and recompensed accordingly. If gold, silver,
or paper money had been unknown, these services would have been recom­
pensed bv other commodities, the skilful exchange o f which might have pro­
duced much larger profits than those they actually receive in the shape o f
interest. Suppose Mr. Astor to have possessed a hundred bushels of wheat,
and to have lent them for seed to an unthrifty neighbor, on condition of re­
ceiving half or one-third the produce. This is no imaginary case. I have
known it done, and by a man who thought it sinfui to,take interest on money.
The true way to remedy such usury is, not to prevent the frugal from layingup, but to reform the wasteful, and keep them from borrowing. A ll Mr.
K ellogg’s illustrations proceed on the assumption that one class o f men will
continue to accumulate, the other to spend and borrow, to the utmost o f
their power. I f this be so, we may well despair o f society.
But it is not so. There is a point beyond which accumulation becomes
no longer possible, because it ceases to be profitable to borrow or to lend.
A s accumulation increases, rates o f interest must fall. W hile I am writing,
capital in London is said to be seeking investment at 1 per cent per annum.
This is what Mr. K ellogg wants; but does it realize the effects he predicts
from it ? D o the laboring classes profit by it ? Are the poor more inde­
pendent there than here ? A la s ! we must make the tree good before the
fruit can be good. Until men have learned industry, economy, and selfcontrol, they cannot safely be entrusted with wealth; and by the inevitable
laws o f their nature, wealth will be withheld from them.
But on the moral aspects o f the subject I cannot at present enter. In m y
next letter, I propose to treat o f banks and banking.
J. S. R.




F ree Trade vs. Protective Tariffs.

635

Art. V.— “ F R E E T R A D E vs. P R O T E C T I V E T A R I F F S . ”
F reem an H unt, E sq ., E d ito r o f the M erch a n ts’ M aga zin e , etc.
D e a r S i r :— I beg leave to offer a review of the article o f your corres­
pondent R. S.— “ Strictures upon the Report of the Secretary of the Treas­
ury ” — in your April number— not for the purpose o f discussing the great
question “ Free Trade vs. Protective Tariffs,” but to show with what egotism
the advocates o f “ free trade ” treat that great economical and financial ques­
tion o f the age which now, and for the last twenty years, has occupied the
attention and employed the pens o f the first minds in Europe and America.
A n entire begging of the question seems the only method they are capable
o f adopting in disposing o f the subject: that, together with a disposition to
disparage the honesty and capacity of the advocates of “ protection,” seems
to be the characteristic of the Manchester school of philosophers, and about all
they are able to accomplish.
The first topic your correspondent takes in hand is the Secretary’s argu­
ment in favor o f the constitutionality o f protection. Mr. Meredith assumes
that the power to regulate commerce and collect taxes are expressly given,
and the only question is whether they ought or ought not to be exercised
for the general good. R. S. says, “ this is precisely the question which no
sane individual would have thought o f asking.” Mr. Meredith is therefore
insane ; yet every one acquainted with the course of the arguments on the
subject knows that the constitutionality of protection has been long and ve­
hemently denied ; that sectional interests cannot legally be subjected to in­
jury, even for the general good ; that a tariff for the interest and protection
o f manufactures is unconstitutional, notwithstanding its assumed general
utility. The Secretary further says— ■“ I find no obligation written in the
Constitution to lay taxes, duties and imposts at the lowest rate of duties
which will yield the largest revenue ” — the favorite theory o f his predeces­
sor. R. S. admits it is not there, and immediately accuses the Secretary of
stiltifying himself— of admitting it is there by implication, because he has
admitted that the legitimate end o f government is the general g o o d ; and
having thus begged the entire question at issue— assumes that the Secretary
is insane and incompetent to construct an argument to sustain his own the­
ory— he runs on ad captandum, giving us the benefit o f liis extensive know­
ledge o f the whole subject, which is really profound.
Next it is asserted that “ the governments o f the day believe the protec­
tive system to be a gross humbug, having tried it from time immemorial,
and are now legislating in the opposite direction.” W h at governments ?
Great Britain alone— all the rest o f Europe, and all America, except, for a
short period, the United States, still adhere to the system o f protection.
Then we have “ the tendency o f the age,” — that is, o f the Manchester phi­
losophers,— rather a minute age. Next the Zollverein is attributed to “ the
smaller States o f Germany,” for the purposes of “free trade," while every
tyro who has learned the alphabet o f the subject knows that it was forced
upon many o f them by Prussia, for the sole purpose o f “ protection.” Then
we are told that “ free trade ” will continue— that our tariff is high enough
— all in the line o f begging the question— and winding up the paragraph
with a lament over the ignorance and incapacity of the Secretary.
His next show o f argument is that derived from experience. The single
fact stated, is, that during the period from 1831 to 1841 our average imports




636

F ree Trade vs. Protective Tariffs.

and exports increased annually fifty millions over those o f the ten preceding
years. Now, if there was any truth in this very general statement, the fact
that during these ten years there occurred an enormous export of American
credit, the terrible revulsion o f 18 3 6 -7 , which overthrew the whole finan­
cial structure o f the nation, demonstrates that nothing is proved in relation
to the beneficial effect o f his theory, but quite the contrary. In his opening
he states, “ that it is one thing to collect a mass o f ascertained facts, and
quite another to draw logical inferences from such facts.” He has beautifully
illustrated his theory ; his facts, whether real or imaginary, are o f small con­
sequence ; so that he is able to draw his inferences, whether logical or other­
wise, is unimportant.
His next proposition is,“ that the greatest amount of wealth”— the ultimate
end o f Manchester philosophy— “ will always be produced by the fullest
development o f territorial and individual facilities ; and this can only be done
by an unrestricted and universal commerce.” This is somewhat muddy, but
it forms an introduction to his favorite syllogism, the repetition o f which
forms the staple o f his argument. “ Anything which retards this develop­
ment must conflict with the general good— consequently duties ought to be
levied at the lowest productive rate." This very logical sequence is about as
clear as the sum in proportion with which a country schoolmaster once puz­
zled his pupils :— If three bushels o f corn cost 12s. 6d., what will half a
load o f turnips cost 2
The splendid assumption which succeeds will surely settle the question.
Our foreign commerce o f $300,000,000, and our 3,000,000 o f tons o f ship­
ping are to be destroyed by protection ; surely we shall not do this! But
suppose it should be demonstrable, as it clearly is, and has been done, that
both commerce and the shipping interest have been most extensive and pros­
perous during the periods of our history when “ protection ” has been most
efficient; why, then, the assumption is ridiculous— that is all.
The Secretary’s theory of manufacturing our own cotton into cloth forms
the subject o f a long paragraph, in which all descriptions o f suppositions are
indulged. The theory o f the Secretary was unhappily illustrated by extreme
cases ; its practicability, however, R. S. admits, though “ at such a sacrifice
as the American people would never submit to.” The argument was simply
that cotton manufacturing being a more profitable business than cottou
growing, our interest would be promoted by dividing our labor and capital
to the two pursuits ; but to R. S. such a procedure would involve all sorts
o f miseries to poor humanity, both in Europe and America.
A n intelligent writer m the Merchants' Magazine, says R. S., has demon­
strated that cotton manufacture is a poor business after a ll; that it pays less
than 5 per cent upon the capital invested, and is often “ a total loss to the
original proprietors.” But another, quite as intelligent, has demonstrated
just the reverse of this— that it is quite profitable, and will be more so
when “ cotton-mills can be set by the side o f the cotton plantation,” or the
Secretary’s idea can be carried into operation : so there are other questions
beside that o f “ free trade vs. protective tariffs ” which are yet undecided.
N ot content with waging war upon the Secretary, R. S. attacks Adam
Smith, the former friend o f the “ free traders,” and flatly denies the truth of
what he terms his old fallacy, that “ the home trade is more profitable than
the foreign.” In the former portion o f his article he is greatly in favor o f
“ the domestic divisions o f labor, which cause so much exchanging o f pro­




Mercantile Law Cases.

637

ducts from hand to hand, from village to village, and from city to city ” —
the home trade. If, now, we have 20,000,000 o f people, and the annual
amount of these transactions o f home trade are thirty dollars to each indi­
vidual, estimated in double quantities, like his estimate o f our foreign com­
merce o f $300,000,000, we shall have a home trade o f $1,200,000,000.
From this a large discount may be made, without reducing it to the amount
o f his foreign commerce o f $300,000,000, to say nothing o f the fact that
both profits are to remain to ourselves.
But his theory o f profits excels ; and here I doubt not is the motive o f
his advocacy o f free trade— his eye sees profits, not production. According
to his theory, me simple act o f transportation affords five profits. H e might
as well have made it seven, by adding to the merchants at each end two in
the middle ; if, now, he should add a second transportation, which sometimes
occurs, he would have had fourteen profits, if the original substance did not fall
short o f these numerous quantities— a question in algebra which R. S. will
no doubt be able to solve. The benefits o f profits seem to be assumed by
R. S., while “ giving implies taxation.” Query— do profits do the same ?
G. B.

MERCANTILE LAW CASES.
ENGLISH LAW OF BILLS OF EXCHANGE AND PROMISSORY NOTES, W ITH THE LATEST
DECISIONS THEREON.

W e continue, in the present number o f our Magazine, the publication o f a se­
ries o f articles from the London Bankers’ Magazine, relating to the English law
o f bills o f exchange and promissory notes.* The English law on this subject,
as we remarked in previous numbers o f our Journal, is very generally adopted in
the United States— at least the decisions under that law are cited or referred to
in all our courts as authority.
ON POINTS RELATING TO THE FORM OF BILLS OF EXCHANGE AND PROMISSORY NOTES.

There are many instruments drawn in such a peculiar form that it is difficult to
decide whether they amount to bills o f exchange or promissory notes, or come un­
der some other designation. An instrument which appears, on common observa­
tion, to be a bill o f exchange, may be treated as such, although words be intro­
duced into it for the purpose o f deception. Allan vs. Mawson, (4 Campbell’s Re­
ports, 115.) Where a note expressed to be “ for £2 0 borrowed and received,
which I promise never to pay,” it was held that the word “ never” might be re­
jected, because a contract ought to be expounded in that sense in which the party
making it apprehended that the other party understood it. The following cases
are offered as examples o f the decisions with regard to the requisites o f bills o f
exchange and promissory notes:—
A letter in this form is a promissory note:— “ Gentlemen, I have received the
* For the first of this series of articles see Merchants’ Magazine for March, 1850,
(vol. xxii., page 314,) relating to the points connected with form and requisites of bills,
notes, and letters of credit, and to the rights and liabilities of different parties to these
instruments. The second article appeared in our number for May, 1850, (vol. xxii.,
page 543,) and relates to joint and several bills of exchange and promissory notes, and
foreign bills and notes as distinguished from inland bills.




638

Mercantile Law Cases.

•

imperfect books which, together with the costs over-paid on the settlement o f
your account, amounts to £ 8 0 7s., which sum [ will pay you within two years
from this date. I am, gentlemen, your obedient servant, T h o m a s W i lli a m s .”
W heatly vs. Williams, (1 Mason and W elsby, 533.)
A promise to pay, or cause to be paid, is a good note. Dixon vs. Nuttall, (6
Carrington and Payne, 320.)
In Jervis vs. Wilkins, (7 Meeson and W elsby, 410,) the follow ing instrument
was held to be a guarantee, and not a note:— “ September 11,1839.— I undertake
to pay to Mr. Robert Jervis the sum o f £ 6 4s. for a suit o f clothes ordered by
Daniel Page.” The court observed that the expression “ ordered ” showed that
the consideration was executory.
“ I, R. J. M., ow e Mrs. E. the sum o f £ 6 , which is to be paid by instalments,
for rent. Signed, R. J. M.” Held not to be a promissory note, as no time was
stipulated for the payment o f the instalments. Moffat vs. Edwards, (1 Carrington
and Marsham, 16.)
The follow ing instrument was held to be a promissory n o te :— “ John Mason,
14th February, 1836, borrowed o f Mary Ann Mason, his sister, the sum o f £ 1 4
in cash, a loan in promise o f payment, o f which I am truly thankful for.” Ellis
vs. Mason, 7 Dowling, 598.)
An action was brought by the payee against the drawer o f a written instrument
in these w o rd s:— “ Seven weeks after date, pay A . B. £
, out o f W . Steward’s
money, as soon as you receive it.” It was objected, that it was payable out o f a
supposed fund at a future time, which was uncertain, and might or might not hap­
pen. The court gave judgment for the defendant, and said :— “ The instrument
or writing which constitutes a good bill o f exchange, according to the law and
custom o f merchants, is not confined to any certain form o f words, yet it must
have some essential qualities, without which it is not a bill o f exchange; it must
carry with it a personal and certain credit given to the drawer, not confined to
credit upon anything or fu n d ; that the payee or indorsee take it upon no particu­
lar event or contingency, except the failure o f the general credit o f the person
drawing or negotiating it.”
There is a document bearing some resemblance to a promissory note, which is
usually given as an acknowledgment, when money is borrowed from one person
by another, and which is called an I. O. U. It requires no stamp unless words
are inserted in it which convert it into a promissory note, or an agreement. It is
evidence o f a debt from the party signing it to the party to whom it is given'
The nature o f an 1. O. U. was discussed in the follow ing recent case.
T he action was brought for work and labor, money lent, and on an account sta­
ted. A t the trial an 1. O. U was put in as evidence o f money lent, and an ac­
count stated. Baron R olfe directed that it was no evidence.
W atson now contended that an I. O. U. was evidence o f money lent, and cited
Douglas vs. Holme, (12 Adol. and Ellis.)
Parke, B.— “ It is no evidence o f money, but it might be for goods sold and de­
livered.”
W atson then contended that it was also evidence o f an account stated, Curtis
vs. Richards, (1 Manning and Grainger, 46.)
Pollock, C. B.— “ The Court is with you on that point; it is evidence o f an ac­
count stated.”
Alderson, B.— The I. O. U. is not evidence o f money le n t; and this ought par­
ticularly to be reported, to correct the error in Adolphus and Ellis, (Douglas vs.
Holme.) Fensemnays vs. Adcock, (Law Times, January 30th, 1849.)

BANKRUPTCY.— FRAUDULENT PREFERENCE TO BANKERS.

W akely and Others, Assignees, vs. Crow, Public Officer. Court o f Exchequer,
(London,) Wednesday, February 27, 1850.— This was an action by the assignees
o f Messrs. Langdale and Son, o f Stockton, bankrupts, against the registered pub­
lic officer o f the Darlington Joint-Stock Banking Company, to recover a sum o f
between £6,000 and £7,000, the value o f property deposited with the banking
com pany on various occasions, shortly before the fiat, the validity o f which trans­




Mercantile Law Cases.

639

actions were now impeached, on the ground that they amounted to a fraudulent
preference within the meaning o f the bankrupt acts.
It appeared that the bankrupts, Messrs. Langdale and Son, carried on a most
extensive business as corn merchants, at Stockton, having branch establishments
at Darlington, Hartlepool, Sunderland, and other places. In the month o f August,
1847, the bankrupts had about 90,000 quarters of wheat on hand, and had in that
and the previous month drawn on the Darlington Bank checks to the amount of
about £30,000. Against these drafts the bankrupts had paid in to their account
with the bank various bills of exchange, which, towards the close o f the month o f
July, were dishonored, and the bank then began to press for security. On the 3d
o f August the younger bankrupt deposited securities with the bank to the amount
o f £3,500, and the bank on that day advanced two sums o f £600 and £947 on
behalf o f the bankrupts. Within the four days following the 3d o f August the bank
obtained bills o f lading for corn, and bills o f exchange from the bankrupts, to the
extent o f £14,122, but those securities ultimately realized only about £6,000;
for although the wheat was sold at current prices, a great number o f the bills o f
exchange were dishonored; and in the event, after the realization o f all their se­
curities, the bankrupts were indebted to the bank in a balance o f about £5,000.
The fiat was issued early in the month o f September, 1847, and the debts found
due under the bankruptcy amounted to the enormous sum of £139,537, whilst
the assests realized by the assignees only enabled them to pay a dividend o f 8d.
in the pound.
The question on which the present action chiefly turned was, whether the man­
agers o f the Darlington Bank, in the month o f August, 1847, were aware o f the
insolvent circumstances o f the bankrupts, and with such knowledge took from
them the securities, the defendant’s right to retain the proceeds o f which was now
disputed.
Mr. Dimsdale, the principal manager o f the bank, was examined and cross ex­
amined at great length, as to the transactions between the banking company and
the bankrupts in the month o f July and August, 1847. His evidence went to
show that at that period commercial confidence was much shaken ; and the bank­
ruptcy o f many great houses connected with the corn trade induced him to urge
the bankrupts for any description o f security, so as to protect the interest o f the
bank; but that, although he had reason to know the bankrupts, like all others at
that time engaged extensively in the corn trade, were exposed to considerable
loss, he had no ground for supposing that a bankruptcy was impending.
Neither o f the parties thought fit to examine the bankrupts, although it was
obvious that their testimony could have thrown some light upon the question un­
der consideration.
After retiring and remaining in deliberation for nearly four hours, the jury re­
turned with a verdict for the plaintiffs for the full amount claimed.
DISHONORED CHECKS---- DISCLOSURE OF A CUSTOMER’ S ACCOUNT.

Tassell vs. Cooper— Same vs. same.— Court o f Common Pleas, Westminster,
February 15th, 1850. (Sittings in Banco, before Justices Maule, Creswell, W il­
liams and Talfourd.)— The plaintiff in these cases is a farmer at Penshurst, and
was the Steward or bailiff o f Lord de Lisle, and the defendant is the public offi­
cer o f the London and County Bank. The first action was in debt for money
lent, and for money had and received to the plaintiff’^ use, to recover a balance of
£128 Is. lOd. standing in the plaintiff’s name in the defendant’s bank. The se­
cond action was in case to recover damages from the bank for having dishonored
two o f the plaintiff’s checks, drawn for the amount o f the plaintiff’s balance in
their hands; and there was also a second count, charging the bank with having
exposed the plaintiff’s account to a third person without his license. The de­
fendant pleaded that the account o f the plaintiff was opened at the bank as an
agent o f Lord de Lisle, without disclosing his principal. The facts in the case
were framed into a special case for the opinion of their Lordships as to the de­
fendant’s liability in both actions. From the special case it appeared that the




Mercantile Law Cases.

640

plaintiff had for some time kept an account at the Tonbridge branch o f the de­
fendant’s bank in his own name, and that after the opening o f this account he be­
came the steward or bailiff of Lord de Lisle, and received in that capacity various
sums belonging to his Lordship, which he paid into his own account at the bank .
Amongst other sums he paid a check for £180 4s. 8d. into his account on
the 19th o f January, 1847, which was duly cashed and placed to his credit. This
check was given by Messrs. Vines and Tomlin in payment for some wheat belonging to Lord de Lisle, and sold by the plaintiff’s direction. Before this pay­
ment was made Lord de Lisle had become dissatisfied with the state o f his ac­
counts with the plaintiff, and had directed the plaintiff, through a Mr. Glendening,
not to receive any further payments on his behalf, or to deal any more with his
property. On the 28th o f January, after this payment had been made, Lord de
Lisle obtained the authority o f the bank in London to examine the plaintiff’s ac­
count with their branch at Tonbridge, there being due to him at that time from
the plaintiff a balance o f £517. On examing the plaintiff’s account, his Lordship
discovered that the sum of £180 4s. 8d. was placed to the plaintiff’s credit at
the bank, as cash received from Messrs. Vines and Tomlin, which was money due
to his Lordship, and that the balance then remaining to the plaintiff’s credit was
£128 Is. lOd. His Lordship then directed the bank to hold that balance, offering
them an indemnity. In February the plaintiff drew checks for the remainder of
his balance at the bank, which were dishonored, the bank telling the plaintiff their
reasons for refusing to pay him, upon which the plaintiff brought the two present
actions.
On behalf of the plaintiff it was contended that the plaintiff’s account with the
bank was between himself and the bank only, and that the bank had no right to
set up ajus terlii; and that having a balance to his credit in their hands, they had
no right to refuse to cash his checks for that balance, and were liable to an action
for such refusal. It was also an implied duty between bankers and their customer
that they would not divulge, without his license, the state o f their customer’s ac­
count to any third person. The right to such privacy was o f great commercial
importance.
On behalf of the defendants it was contended that the check for £180 was the
property o f Lord de Lisle, and that it had been paid into the bank by the plain­
tiff as his agent: that the plaintiff had no right to receive the check, and that the
bank were therefore justified in setting up Lord de Lisle’s claim to it.
The Court, in giving judgment, said the defendants had allowed the plaintiff to
deal with moneys received by him as agent as his own, and had received cash for
the check for £180 for him. It was no answer for the bank to say to an action
for money lent, or for money had and received to the plaintiff’s use, that the
plaintiff had received this money improperly from Lord de Lisle. When the bank
received this money they received it on behalf of the plaintiff, and gave him credit
for it, and became debtors to him for the money. In the first action, therefore,
the verdict must be for the plaintiff for £128 Is. lOd. There must also be a ver­
dict for the plaintiff on the first count in the second action, charging the bank
with improperly dishonoring his checks.
Verdict far the plaintiff in each case accordingly.

OF A DEED BY A PERSON IN EMBARRASSED CIRCUMSTANCES.

In a case recently (1849) determined in the Court o f Appeals o f Maryland, it
has been decided that a deed made by a person In embarrassed circumstances to
trustees for the purpose—
1st. To defray the expenses attending the execution o f the trust:
2d. T o pay the several creditors o f the grant or named in a schedule annexed
to the deed:
3d. T o pay the claims o f such o f the grantor’s creditors as should, on or be­
fore a given day, execute and deliver to the trustees full and absolute releases
and acquittances o f such claims:




Mercantile Law Cases.

641

4th. If any surplus remain after satisfying the aforesaid creditors, to apply the
same to the satisfaction o f the claims o f all other creditors o f said grantor, with­
out any distinction or priority—
Is void, both at common law and as against the statute 13 Elizabeth., ch. 5.
That a deed so void as to a part, is void altogether.

ACTION UPON A BILL OF EXCHANGE ACCEPTED BY DEFENDANT.

In Home Circuit, Lewes, March, 12, 1850. Before Me . J u s t ic e Maule and a
Common Jury. Turner and another vs. Kenworthy.
This was an action upon a bill o f exchange for 86Z. accepted by the defendant.
The defendant, it appeared, was the secretary o f a company which was pro­
jected and eventually completely registered under the title o f the National Disin­
fected and Dry Manure Company; and the plaintiffs, who are cement manufactur­
ers, having supplied a quantity o f goods in their trade to the amount o f the bill
in question, they were anxious for payment to be made, and they applied to the
defendant with that object. He informed them that the company would shortly
bejin funds to meet their liabilities; and it appeared that at the request of the plain­
tiffs he accepted the bill which formed the subject o f the present action, and which
was at four months’ date.
Serjeant Channell said that the defence which had been pleaded to the action,
and which he was now instructed to lay before the jury, was, that the defendant
had not intended to make himself personally responsible, but had merely accepted
the bill on behalf o f the company to which he was secretary, and that the plain­
tiffs, when they obtained the bill, were perfectly well aware o f the fact; but now,
finding they could not obtain the amount o f their debt from the company, or from
some other cause, they sought to fix the defendant with the personal liability,
when, in point o f fact, he had merely acted as the agent o f the company.
Mr. Cuffe was called as a witness for the defendant, and he spoke to some con­
versations that took place between Mr. Montague, one o f the plaintiffs, and the
defendant, upon the subject o f the bill in question, and he stated that it was dis­
tinctly understood that the defendant should not be personally liable, and that he
merely accepted the bill on behalf o f the company.
In answer to questions put by the learned Judge, the witness said that he made
a memorandum o f the conversation that took place, and he had it in his pocket
upon the occasion o f a former trial having reference to this bill, but he did not
show it on that occasion. He also said that he had this memorandum in his pos­
session after the former trial, but it was now lost, and he did not know what had
become of it.
By Serjeant Shee.— Witness was a clerk to the company, and he attested the
signatures o f a number o f the subscribers for shares. In one instance he was
aware that a married woman was inserted as a shareholder by her maiden name,
and he attested her signature as a shareholder, although he was aware o f her be­
ing a married woman. In some other cases his name appeared as attesting the
signatures o f persons whom he had never seen, but who he was told had signed
the company’s deed as shareholders.
Serjeant Channell having intimated that this was the case for the defendant,
and at the same time observing that he would not for a moment attempt to justi­
fy the irregularity that had been admitted by the witness whom he had called.
Serjeant Shee asked his Lordship whether he thought it necessary for him to
reply ?
Mr. Justice Maule said the question was whether the jury could place reliance
upon the statement of the witness who had been called, taking into consideration
the account he had given o f the transaction.
The Jury immediately found a verdict for the plaintiff for the amount o f the
bills and the interest.
41
|VOL. X X I I .-----N O . VI.




642

Commercial Chronicle and Review.

COMMERCIAL CHRONICLE AND REVIEW.
IN C R E A S IN G A B U N D A N C E O F M O N E Y — E X C H A N G E S IN F A V O R OF T H E

C O M M E R C IA L

C E N T E R — S P E C IE IN

T H E N E W Y O R K B A N K S A N D T R E A S U R Y — I M P O R T A N D E X P O R T O F S P E C IE — G O L D F R O M C A L IF O R N IA —
P R I C E S OF A M E R IC A N S T O C K S IN LO N D O N — T R A N S F E R S O F S T O C K A T W A S H IN G T O N ON F O R E IG N A C ­
C O U N T — E X P O R T OF C O T T O N A N D W O O L E N G O O D S F R O M G R E A T B R I T A I N — D E M A N D F O R A M E R IC A N
S T O C K S IN E U R O P E — R E V E N U E A N D E X P E N D IT U R E S O F U N I T E D S T A T E S — P R O G R E S S OF M A N U F A C ­
T U R E S IN T H E S O U T H A N D W E S T — S T A T I S T I C S O F M A N U F A C T U R E S IN L O W E L L — C H A N G E S IN T H E
W O RLD ’ S COM M ERCE.

M o n e y has, during the month, continued to be increasingly abundant. From
all sections the exchanges have remained in favor o f this commercial center, and
the accumulation o f specie has been rapid, as well from foreign countries and the
South, as from California, and the amount in bank has reached a high figure.
Comparatively, the specie held in the city of New York has risen as follows :—
March 26.

May 15.

In banks..................................
In Treasury............................

September 20. January, 1850.

18,022,246
3,600,006

$1,169,016
3,560,000

$6,861,601
4,365,000

$8,828,000
4,711,167

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

$11,622,252

$10,719,016

$11,226,601

$13,539,767

This shows a very material increase o f specie. Considerable amounts o f
silver are coming in from the West and South. The demand for silver for France
is firm, but the supply more than meets it. The foreign import and export of
specie at the port o f New York, for March and April, was as follows:—
March.

April.

Total.

Im p ort....................................................
E x p o rt....................................................

$907,634
172,087

$1,095,478
290,407

$2,003,112
462.494

Excess of import...........................

$735,541

$805,071

$1,540,618

In January and February there was an excess o f $500,000 imports.
The amount o f gold received at the mints from California reaches about
$ 16,000,000 down to the first week in May. The imports o f goods for the month of
April were quite large under “ second orders,” and, together with the remittances of
the Mexican indemnity, served to maintain the foreign exchange at or about par.
These drooped towards the end o f the month, with less prospects o f an export of
specie. The price o f cotton abroad became established, and, with an improved
prospect for breadstuff's, the demand for United States stocks continued at im­
proved rates in London. In order to show the rise, we have brought forward the
prices o f leading stocks in London from our July number:—
QUOTATIONS OF AMERICAN STOCKS IN LONDON---- BARING’S QUOTATIONS.

United States
6’s, 1868.

February, 1848.
April
1 ....
July
1 ....
Decemb’r 1 . . . .
“
14___
Jan. 26, 1849..
February 9 . . . .
March
9 ___
April
5 ....
May
11___
“
18___
June
1 ___
Novem’r 2 3 . . . .
Decem’r 1 4 . . . .
March 25, 1850.
May
4 ____

New York Pennsylvania
5’s, 1860.
5’s.

.. a ..
89 a 91
94 a 96
96 a . .
90 a . .
96 a 974 91 a . .
92 a . .
104 a 105
1054 a 106|- 95 a . .
106 a 106-J- 95 a 96
1 054a 1064 . . a . .
94 a 95
1 064a 107
94 a 95
108 a 109
1 1 0 4 a 111
95 a 96
107 a 108
93 a 95
93 a 95
105 a 106
97 a 98
108 a 109
97 a 98
110 a 111




Ohio
6’s, 1860.

Massachusetts Louisiana
5’s, sterling.
5’s, 1850.

63 a 65
85 a 874 92
634 a 66
85 a 87 96
65 a 66
90 a 91 94
67 a . .
70 a . .
91 a
96
98
7 H a 724 93 a
94 a
101
73 a 95
96 a
76 a 77
103
.. a
78 a . .
102
78 a 79
97 a 99 1014
98 a 99 1014
79 a 80
99 a 100 101
19 a 80
99 a 101 102
80 a 81
82 a 83 102 a 103 103
82 a 93 100 a 101 107
82-| a 834 100 a 101 105

.........
a ..
a 98
a 96
a 97
a 99
a 102
a ...
a ...
a ...
a ...
a 102
a 1024
a 104
a 108
a 106

...........
16 a 80
80 a . .
85 a 86
86 a . .
87 a . .
86 a 87
87 a 88
.. a ..
87 a . .
.. a ..
88 a 90
88 a 89|
. . a ..
.. a ..
.. a ..

643

Commercial Chronicle and Review.

This considerable rise has been accompanied by supplies indicated in the fol­
lowing weekly table o f transfers o f stock at Washington, on foreign account:—
DATE OF ISSUE.

Week ending—
January 11 .............
«
1 8 .............
it
2 5 .............
February 1 .............
it
8 .............
«
1 5 .............
it
2 2 .............
March
1 .............
“
8 .............
U
1 6 .............
it
2 2 .............
it
2 9 ............. ........
April
5 ............. ........
il
1 2 ............. ........
it
1 9 ............. ........
a
2 6 ............. ........
May
2 .............. ........
1 0 ..............

1846.
$2,000
10,000
7,500

1845.

2,000
6,000

3,100
3,500
40,000
17,500
128,500
10,300

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

2,500
600
3,000
3,000
9,300
9,500

1847.
$143,000
172,900
32,150
91,450
47,600
139,650
100,300
102,100
122,800
216,350
27,400
201,150
69,200
128,950
275,400
440,500
148,450
15,350

$49,800 $2,524,700

1848.
$64,000
21,400
4,100
41,500
5,200
7,000
9,400
62,400
39,300
15,850
23,000
40,000
90,000
39,000
58,900
38,300
32,500

Total.
$214,000
205,300
48,750
133.260
50,500
162,462
123,300
127,500
195,200
256,750
43,250
229,750
102,700
259,550
334,900
630,900
206,250
121,360

$491,850 $3,445,562

When we add to this the large amount o f State stocks and corporate securities
which have gone abroad since the 1st o f January, we can see that the feeling on
the other side in reference to American bonds has undergone a decided change.
The English official returns show a very great increase in the exports o f goods
for the first two months o f the present year as compared with the corresponding
period o f the two previous years. The following are the quantities o f cotton and
woolen goods:—
EXPOETS OF COTTON AND WOOLEN GOODS FROM GEEAT BEITAIN, JANUARY 5 1 0 MARCH 5.

Cotton cloth........
Lace, <fec...............
Thread..................
Y a r n ...................
Stockings............
Woolens..............
u

Stockings............
Yarn....................

1848.

1849.

1850.

160,242,279
10,574,279
538,056
11,406,788
27,836
232,399
4,549,292
8,970
8,669

189,195,827
16,096,799
661,911
19,752,212
29,991
282,850
7,062,221
2,401
12,022

201,138,714
17,027,721
711,828
17,007,082
30,057
362,219
1,783,334
9,729
12,046

These very considerably increased quantities exported are alledged to have
arisen from decreased home consumption. I f that were the ease, it would mani­
fest itself in an increased export o f goods in proportion to ra w materials import­
ed, and also in lower prices, since a checking o f the usual home markets, so far as
to send the goods to seek other markets, would have reduced the price. This
does not, however, appear to have been the case; on the other hand, the prices
have advanced as follow s:—
Cotton.
Yards.

Woolen.
Value.

Yards.

Value.

1849 .......................
1850 .......................

189,195,821
201,138,774

£2,629,401
3,066,751

1,062,221
1,783,334

£297,512
374,862

Increase............

11,942,941

£437,344

121,113

£77,350




644

Commercial Chronicle and Review.

The quantity o f cotton goods increased 64 per cent, and the value 17 per cent ;
o f woolen goods the quantity 10 per cent, and the value 25 per cent. These
facts indicate that it was a profitable foreign demand that has induced this large
export o f English goods, and which has advanced the aggregate export value for
the two months to $8,871,401 against $7,456,370 for the same period last year.
These large exports necessarily involved large importations o f produce in return.
More particularly the raw materials, with the exception o f cotton, are in ample
supply. Other raw produce is also pouring upon the markets, and as a necessary
consequence prices are falling. The general result is that the work people o f
England are selling dear and buying cheap,"and all classes, with the exception of
agriculturists, are improving in circumstances. These latter seemed to be im­
pressed with the truth that English soil, prolific though it may be, cannot pay
enormous taxes and princely revenues to owners, and leave any profit to the ten­
ant farmer, who is compelled to sell in competition with the occupant o f western
lands and cheap transportation. A great change is therefore going on in the
British Islands in respect o f the value o f landed property and the profits o f man­
ufacturing labor. While the bursting o f the railway bubbles has depreciated that
description o f property, free trade in corn is producing a similar influence upon
agricultural property; and the returns o f raw produce into the islands in un­
wonted supplies, in exchange for manufactured products, is producing a similar
effect upon those articles; hence there is an apparent general decline in prices
and values. T o this fact, and to the general impression that it exists, may be
fairly ascribed that continual absence o f speculation in the face o f abundant and
ch eap money, which has so long puzzled commercial men. No speculator or
dealer buys or increases his stock while he is convinced that prices have not seen
their lowest points. In respect o f cotton and cotton goods, the dates per Niagara
advise o f a change for the better.
On the other hand, political fears in Europe are sending very considerable
amounts o f capital to London for employ, producing in American stocks that con­
tinued and active demand at improved prices, which we have seen. The amount
o f capital which will be transferred to this country in exchange for their securi­
ties, and in the hands o f immigrants must be very considerable during the pres­
ent year, which may probably elapse before the falling prices for raw produce in
England may create a reaction, and awaken a demand for capital there.
The fears that were entertained early in the session, that a new loan would be
required for the service o f the government, seem to have been entirely removed
by the progress o f the receipts under the existing tariff.
The revenue and expenditures o f the United States for the year ending June
30, 1850, were given in the annual report as follow s:—
Revenues.

Customs, 1st quarter.........
“
2d, 3d, and 4th...
L a n d s..................................
Miscellaneous.....................
Total.....................................
Loans...................... ............

Total.




$11,643,728
19,856,272
1,700,000
1,200,000

Expenditures.

Civil......................................
W ar......................................
Navy..........................................
Interest, & c .........................

34,400,000 Total.....................................
1,238,500 On hand, July.....................
$35,638,500

Total,

13,008,876
18,164,442
8,866,218
3,612,049
43,651,585
2,184,964
41,466,621

Commercial Chronicle and Review.

645

This gave a deficit o f $5,828,121, after absorbing the amount on hand and the
available loans, or of $9,251,585 in the current veins to meet the current reve­
nues. Now the actual returns for the year ending March 31, 1850, show a dis­
crepancy o f $10,250,000 belween this estimate and the facts. The revenue and
expenditure have been as follow s:—
UNITED STATES REVENUE AND EXPENDITURE FOR THE T E A R ENDING MARCH

Revenues.
135,952,456 Civil . . .
1,748,715 W a r....
1,156,382 Navy__

Customs . . . .
Lands..........
Miscellaneous.

Expenses.
$14,374,629
11,973,112
7,775,410
3,770,845

Interest.
Total

81, 1850.

$38,857,568

Total
Excess of ordinary revenue over ordinary expenses ..

$37,893,759
963,809

The amount on hand, and the amounts borrowed, and loans paid were as fol­
lows :—
On hand, March 31, 1849 ..........................................................................
Loans, received....................................................................
$9,699,050
“
paid.........................................................................
6,993,328
Excess of loans__
“
revenue

2,705,722
963,809
--------------

On hand, March 31, 1850 ...........................................................................

$4,714,191

3,669,531
$8,383,722

This excess o f revenue and doubling o f the money in the Treasury has occur­
red in a year which was to have exhibited a deficit o f nearly $6,000,000. Thus
far the prosperity o f the finances, notwithstanding inordinate expenses, is un­
doubted. The revenue and expenditure for the year ending March 31, as com­
pared with the previous year, closing at the same time, is as follow s:—
REVENUE.

1849
1850

Customs.
$28,450,066
35,952,456

...
...

Increase.

Lands.
'$2,135,860
1,748,715

Miscellaneous.
$3,252,074
1,156,382

$7,502,390

Total.
$33,843,681
38,857,568
$5,013,887

EXPENDITURES.

1849
1850

Increase..

Civil.
$11,556,605
....................
14,374,629
....................

$2,822,024

War.
$21,565,571
11,973,112

Navy.
$10,164,648
7,775,410

$9,592,459

$2,379,238

Interest.
$2,861,244
3,770,845

Total.
$45,628,060
37,893,759
$7,734,301

$909,601

The increase in the civil list is partly from the fact that for a portion o f the
year the expenses o f collecting customs has come under that head, and the cus­
toms revenue for a part o f the year embraces the gross revenue. It now appears
that, with an expenditure o f nearly $38,000,000, embracing the $3,500,000 annu­
ally due Mexico, and at a time when outstanding and low-priced land-warrants
have diminished the land revenues, that there is an excess o f nearly $1,000,600
per annum in the receipts o f the Government; and that while it is paying 6 per
cent per annum interest, there is an accumulation on the 1st o f May instant, of
$9,000,000 o f coin in the Treasury. This money ought at once to be appropriated
to the purchase o f stock at the market price. The first loan which falls due is




646

Commercial Chronicle and Review.

the 6th o f July, 1853, amounting to $6,468,231. This stock is worth 3 per cent
premium, and might all be purchased at a rate which would be a saving to the
government. Thus, the interest which the government will be called upon to pay
for three years, up to July, 1853, will amount to $970,233, or 16 per cent; if,
therefore, the government should now give as high as 12 per cent for the stock,
it would not only make a saving o f $100,000, but would release from the Treas­
ury a large accumulation o f specie, and by so doing greatly benefit the interests
o f commerce. This ought at once to be ordered.
The progress o f manufacturing industry at the South and W est has been very
rapid in the past two years, and the operations at Lowell bear a gradually dimin­
ished proportion to the aggregate industry o f the whole United States. Never­
theless, the increase in that locality has been rapid, and the progress o f affairs at
Lowell affords a very good indication o f the general state o f manufacturing busi­
ness in the New England States, and the statistics published o f the operations of
the Lowell mills afford very good data by which to judge o f then progress. These
are as follow s:—
L OW ELL MANUFACTURES.

1840.

1842.

1844.

1846.

1848.

1849.

1850.

Capital................. $10,500,000 $10,700,000 $10,650,000 $10,550,000 $12,110,000 $12,110,000 $13,210,000
32
32
33
47
50
32
48
No. o f mills.........
228,850
310,000
166,044
194,333
185,076
301,297
319,946
“ spindles...
6,304
6,084
8,749
9,359
9,885
5,183
“ lo o m s ----7,644
7,375
6,345
6,905
8,635
8,260
6,430
“
females...
2,690
2,345
2,355
3,995
3,629
3,744
2,077
“
m ales___
1,425,800
1,594,000 1,920,900 1,704,996 2,110,000
1,351,450
1,120,560
Cloth, p. w ’k.yds.
Cotton used per
527,000
637.000
559,000
653,000
401,206
440,000
370,300
w eek ...... .lbs.
34,000
46,000
46,000
69,000
20,183
W ool, d itto ........
Printed, ditto.yds. | 265,000
325,000
380,000
380,000
345,000
373,000
Dyed, ditto.........
$2 00
$2 00
$1 75
$2 00
$2 00
Female w ages...
4 20
4 80
4 80
4 80
4 80
Male wages.........

The number o f spindles in the ten years here indicated has, it appears, rather
more than doubled, and the looms have increased 80 per cent, and the cloth has
increased 1,000,000 yards per week. It will be observed, however, that the wa­
ges paid for labor, clear o f board, are about the same, but that the same number
o f hands turn out a much larger amount o f cloth. Thus, in 1840, the average
product per hand per week was 131 yards; in 1850 175 yards— being an increase
o f 44 yards, or 30 per cent, in the yield o f labor. The labor per 1,000 yards
cost, in 1850, as compared with 1840, calculating 300 working days to the year, as
follow s:—
1840.............................................
1850.............................................

Wages.

Yards.

Wages per 100 yds.

$22,829
34,493

1,120,560
2,110,000

20.30
16.50

This gives a reduction o f very nearly 20 per cent in the cost o f labor on cloth,
although the wages remain nearly at the same rate. The printing o f cloths has
not increased so rapidly as other branches, and appears to have diminished at the
Merrimack Mills 35,000 yards in 1849. The dying operations at the Lowell
Bleachery, on the other hand, have increased prodigously.
The consumption
o f wool, also, which was 1,039,536 lbs. in 1840, has risen to 3,588,000 lbs. This
increase is equal to 2,548,464 lbs., or the product o f 600,000 sheep; or, allow­
ing ten sheep to the acre, o f 60,000 acres o f land. During the past year there




647

Commercial Chronicle and Review.

has been a growing difficulty in procuring hands, and many looms have been
idle from the impossibility of procuring them at such wages as would leave any
profit to the companies. It has doubtless been the case that the high prices of
the raw material have prevented the ability to advance wages, and it is also the
case that the character o f the hands is changing— that is to say, the females now
employed are Irish immigrants to a greater extent than ever before, and these
drive out the American girls, in spite o f the wishes or interests of the factory
agents. Necessity compelled the employment o f some o f these, and when once
taken in, immigrants have at their backs numberless relatives to be sent for, and
these must have places. When business is pressing, each week brings new
hands seeking labor, and the agent finds, with their well-known clanishness, that
the old hands apply for situations for newly arrived friends. If he resists, he is
shortly told that another place is open where all can get work together. To
keep his old hands, therefore, he is compelled to take the new ones, and this
only lays the foundation for more extensive future arrivals. By this process it is
that the population o f Lowell is becoming altogether Irish. This fact would
indicate that the misfortunes o f Ireland are not altogether owing to the charac­
ters o f the people, but to the absence o f capital and o f enterprise among those
who can command it. This course o f affairs, however, makes the numbers of
American employees annually less, hastening the period when Lowell will become
a second Manchester. The spread o f manufactures in other regions o f the United
States is more rapid than in Lowell, if we are guided by the quantity o f cotton
annually for consumption from the ports, as follow s:
Consumed at L ow ell..................
“
elsewhere..............

1840.
47,113
247,888

1850.
78,620
439,380

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

295,000

518,000

Increase p. ct.

67
78

This is exclusive o f the considerable increase which has taken place in western
and south-western factories that obtain their cotton direct from the plantations.
The continued improvements which are being made in machinery, and the use
o f steam power, are constantly making the high water rents o f Lowell more bur­
densome, and the probability is that circumstances o f cheaper power, and easier
and cheaper access both to markets and raw material, will continue to cause the
more rapid extension o f manufactures into new and Southern States. In the
latter, particularly, the mass o f unemployed white labor that can be directed to
to the profitable production o f fabrics, is such as to make a material change in
the prosperity of that region, which has certainly progressed less rapidly in wealth
since the numbers o f unproductive whites have increased to an important figure.
A great and important change in the world’s commerce is now about to be
effected through the affairs o f the East. Any one who contemplates the map o f
the world on Mercator’ s Projection, will be struck with the fact that the narrow
and hitherto impracticable strips o f land that have barred the way to the world’s
commerce, and compelled the ships o f the north to make yearly passages round
the stormy capes o f the great southern promontories, in order to reach the Pacific
and Indian seas. A neck o f 30 miles separates the Atlantic from the Pacific, and
connects North and South America. Asia is connected with Africa by the Isthmus
o f Suez, 70 miles broad. These two strips have been the means o f compelling




648

Commercial Chronicle and Review.

the civilized nations o f the North to hold constant communication with the south­
ern continents as stopping-places for vessels in the Indian trade. The idea
o f the impracticability o f opening o f communications, so as to avoid the neces­
sity o f doubling the southern capes, seems to have fastened itself upon the pub­
lic mind, while far less practicable and more costly works have been completed
with less agitation. This state o f things is now about to cease. The discoveries
in California have removed the only obstacle to a communication accross the
Isthmus, namely: the doubt as to the profit that might be derived from the outlay.
And to American merchants has been reserved the high honor o f solving one of
the greatest commercial problems o f the world’s history. Two companies are
now in operation to create two communications through Central America; the
one by railroad, and the other by ship canal. The former will be speedily com­
pleted, but the latter will probably be the most important.
Many years since the state o f New Granada conferred upon the Panama Com­
pany important privileges for the construction o f a railroad. Nothing, however,
was done under the charter, and these privileges have now been transferred to a
New York Company, under the firm o f Aspinwall, Stephens, and Chauncey.
The company is to construct a railway from Navy Bay, on the Atlantic, 67 miles,
to Panama, on the Pacific. The estimated cost o f the road is $5,000,000. The
first section from Panama, 22 miles to Gorgona, will first be put in operation, and
the transit affected by steamers, which already run 45 miles up Chagres River, to
Gorgona. This section o f 22 miles, for which the full capital has been subscribed
for, has already been contracted for at $4,000,000, by two American gentlemen,
who have been employed for the last five years in constructing a canal, 90 miles
long, connecting two branches o f the Magdalena River, in New Granada. This
work they performed with native labor, which will be equally applicable to the
railroad. The terms o f the charter are an exclusive privilege for 49 years; the
republic o f New Granada having the right to buy for $5,000,000 at the end o f
20 years; $4,000,000 at the end o f 30 years, and $2,000,000 in 40 years, to
date from the completion o f the road, which must be done in eight years, exclu­
sive o f harbor rights at both termini; 300,000 acres o f land, in perpetuity, to
import, free o f duty, iron, cloths, food, &c., for the w ork; and to have three
companies, say 300 sappers, furnished by the government, to be paid by the com­
pany. The only condition is that the trips shall be made in twelve hours. In
laying the route, the whole Isthmus was surveyed, and the only true route select­
ed. It will not exceed 46 miles, a summit o f 300 feet, and no curves less than
1,500 feet radius. In the course o f the surveys, large mahogany groves, and
rich minerals, were discovered, which will be located by the company under its
grant. The Atlantic terminus will be on Mansanilla Island, in one o f the finest
bays in the world. Operations have commenced on the work, and its progress
will be rapid.
On the 25th August last, a contract was made between the State o f Nicaragua
and the Atlantic and Pacific Ship Canal Company o f New York, for the construc­
tion o f a ship canal via Lake Nicaragua. By this contract, which is perfected,
the company agree to pay $10,000 on its ratification, which has been done; to
make a donation o f $200,000 o f stock, and pay $10,000 annually, until the work
is complete; after which the State gets one-fifth o f the net profits for 20 years,
and then one-quarter, the canal to be completed in twelve years. The estimated




Commercial Chronicle and Review.

649

cost is $20,000,000. The canal company have not only exclusive right o f con­
struction, but also o f inland steam navigation; also a section o f land six miles
square. The route o f this canal is up the St. Juan River, from Greytown, 104
miles, to Nicaragua Lake. The outlet from the lake is not determined upon.
There are in contemplation, one 15 miles, 487 feet elevation, to San Juan del
Sur; another 16 miles, 270 feet elevation, to Los Salinas, in the state o f Costa
Rica; and the third, from the north end o f the lake, through Tipitipa River, 20
miles to Lake Leon; thence 11 miles, 51 feet elevation, to River Torta, which
runs 18 miles to Realejo. This last will probably be the route, when it is re­
membered that Realejo is 700 miles north o f Panama, and therefore much bet­
ter situated in respect to the Californian and China trade, and that by this route
the shipping o f the world will pass without breaking bulk, the importance o f
the work may be estimated.
Two steamships, the Empire City and the Crescent City, are about to com­
mence running from New York to Greytown. Thence a steamboat and several
barges will ascend the St. John’s and the lake to Nicaragua City. From this
point, the steamers Sarah Sands and New Orleans will run to San Francisco;
and the whole route for trade and freight will be open in September next.
American enterprise and American capital have thus commenced a work which
England’s commerce has in vain longed for centuries. It is worthy o f remark,
that at the moment when American energy had brought the matter into shape,
it came well nigh being defeated, through the dirty intrigues o f the proverbially
unprincipled English cabinet. It is well known that by means o f rum and a red
coat, they made a King Sambo o f a Musketo negro, who held his crown, as well
as his bottle, from the English. Under pretence o f protecting the rights o f this
vagabond, the British minister pretended that at a point 30 miles below Nica­
ragua Lake, the State o f Nicaragua ceased to have jurisdiction, and that from that
point rum Sambo controlled the navigation. It followed from this claim that
the New York company could have no right o f navigation, except from the Brit­
ish government. Her fraud was followed up by the violence o f her agent, and
it would now seem that the price o f her assent is dictation as to the terms on
which English vessels may pass the canal; and this in face o f the fact, that many
years ago, when a ship canal was projected by English capital, it was a part o f
the scheme to charge European vessels 10s., and United States vessels 20s. per
ton.
It is evident that these two routes will produce a great change in the inter­
course with the Pacific; but in how far they will supply the place o f railroad
communication remains to be seen. Steam will, by that route, bring San Fran­
cisco within practicable distance, but less necessary, because an important and
wealthy interest is being built up on the other end of the route. Steam lines
will speedily connect San Francisco with China, via the Sandwich Islands, and
give a new impulse to eastern trade.




650

Journal o f Banking , Currency, and Finance.

JOURNAL OF BANKING, CURRENCY, AND FINANCE.
CONDITION OF THE BANKS OF OHIO, FEBRUARY 1, 1850.

The following statement of the resources and liabilities of aU the banks in Ohio is
compiled from the report made by the Auditor of that State, J o h n W o o d s , Esq., to
whom we are indebted for an official copy :—
STATEMENT OF THE CONDITION OF THE SEVERAL BANKS IN THE STATE OF OHIO, TAKEN FROM
RETURNS MADE TO THE AUDITOR OF STATE, ON THE FIRST MONDAY OF FEBRUARY,

1850.*

RESOURCES.
Independent banks.

Notes and bills
discounted.

Specie.

Bank of Geauga... .
$85,901 64 $24,400 66
Oan’l B'nk o f Cl’vel’d
70,787 09 11,711 61
City B’nk of Clevel’d
154,506 11 27,324 48
City B'nk of Col’mb’s
442,884 31 56,471 18
City B’nk of Cincin’ti
35,476 25
9,002 16
Com. B’k of Cincin’ti
434,560 69 31,526 70
Dayton Bank........... 274,026 83
84,107 27
Frank’n B’k of Zan’lle
223,800 48 35,563 12
Sandusky City Bank
152,209 81 10,903 20
Seneca County Bank
81,088 83 15,864 03
West’m Res’ve Bank
189,796 09 40,923 97
Total.................... 2,H5,038 13
Branches bf State Bank.

Notes and bills
discounted.

347,798 38
Specie

Bonds deposit­
ed with State
Treasurer.

Eastern
deposits.

$13,121
18,268
38,765
46,836
20,821
5,592
4,441
29,238
15,280
22,713
16,109

52
82
24
63
25
80
49
34
01
61
05

$84,500
57,803
95,000
251,203
50,000
54,000
183,192
168,405
53,066
90,000
149,958

Total
resources.

00 $233,341 95
00 170,993 16
00 331,915 25
05 990,622 22
00 183,022 50
00 612,500 32
88 577,482 20
76 503,461 88
00 316,282 96
00 242,081 96
44 422,889 12

231,188 73 1,237,129 18 4,584,593 52
Eastern
deposits.

Safety Fund
at credit of
Board o f Control.

Athens..................... $172,923 61 $37,300 98 $3,139 74 $12,000 00
Akron....................... 211,719 35
61,491 07 33,440 39
20,000 00
Belmont................... 225,607 21
9,598 87
66,276 62
20,000 00
Chillicothe................ 632,165 35 112,456 69 53,597 50
41,250 00
31,250 80
Comm’rcial, Clevel’d 406,591 86 102,564 19 43,554 79
79,465 39 35,799 62
27,500 00
Comm’rcial, Toledo. 276,003 86
81,956 86
3,828 90
D ayton .................... 344,481 46
30,599 00
18,400 00
Delaware County . . 168,656 05
64,730 70 72,060 53
73,469 47 65,126 71
Exchange, Columbus 217,925 23
23,750 00
Farmers’, Ashtabula 198,357 47
20,000 00
59,736 29 32,061 48
Farmers’, Mansfield.. 173,691 05
13,154 00
42,011 37
4,237 56
Farmers’, Ripley.. . . 199,864 89
62,320 20 10,567 84
20,000 00
20,000 00
Farmers’, Salem___ 221,225 06
65,552 69 22,731 83
31,250 00
Franklin, Columbus.. 335,641 31
97,376 38 65,834 21
82,421 30 14,694 87
30,000 00
Franklin, Cincinnati.. 624,630 14
Guernsey, Wash’ton. 153,121 80
44,022 90 30,699 71
16,000 00
Harrison County . . . 239,031 59
61,870 97
5,011 59
20 000 00
Hocking V a lle y .. . . 251,555 67
20,000 00
64,045 53
20,317 60
Jefferson, Steuben v’e 264,742 54
64,981 48 10,977 42
20,000 00
Knox County........... 231,750 95
65,112 22
4,957 67
Licking County........ 163.576 91
16,240 00
57,112 89 12,370 65
8,400 00
Logan, Hocking Co.. 94,610 52
928 57
24,677 92
12,000 00
Lorain, Elyria.......... 119,804 33
43,161 42 23,887 10
20,000 00
Mad River V aU ey.. 270,063 65
60,086 55 11,848 48
20,000 00
Marietta................... 248,363 92
61,213 71
7,654 31
16,000 00
Mechanics’^ Traders’ 315,047 18
51,728 74
4,581 62
23,650 00
Merchants’ Clevel’nd 312,909 02
77,572 82
8,683 43
15,651 00
Miami County, Troy. 165,792 15
50,601 30 17,731 67
4,512 74
20,000 00
Mt. Pleasant.............. 219,579 80
63,702 27
9,234 32
Muskingum, Zanes’le 160,912 72
51,909 42
15,766 00

Total
resources.

$235,082
353,850
262,070
894,620
648,841
497,494
515,009
354,085
418,804
330,657
245,710
330,468
354,306
557,852
857,835
255,452
337,056
349,967
421,736
341,036
275,224
134,464
230,579
415,626
375,967
496,234
469,058
279,122
320,041
280,386

76
23
92
14
10
72
75
18
17
75
56
71
37
66
57
12
94
08
27
65
35
30
68
38
10
88
35
34
74
03

* For a similar statement of the condition of the bank of Ohio, on the first Monday
in November, 1849, see M ercha nts' M a g a zin e for February, 1850, (vol. xxii, page 222.




Journal o f Banking , Currency, and Finance.

Branches of State Bank.

Notes and bills
discounted.

Norwalk................... 266,238 93
Piqua......................... 192,193 23
Portage County.. . . 185,979 22
Portsmouth.............. 309,302 87
Preble County........ 216,990 23
Boss County............. 369,370 66
Summit County. . . . 184,093 89
Toledo County........ 216,085 69
Union, Massillon.. . . 360,547 12
Wayne County......... 125,388 01
X en ia ....................... 311,845 70

Eastern
deposits.

Specie

66,507
53,054
63,546
59,954
77,171
86,391
49,592
33,496
82,318
51,176
83,116

99
78
21
56
29
79
34
35
02
49
59

5,222
14,463
33,489
3,105
12,114
10,839
1,622
29,064
13,646
3,640
8,858

07
95
79
33
64
42
44
76
54
96
96

T otal.................. 10,364,317 10 2,637,156 77 755,822 98

651

Safety Fund
at credit of
Board o f Control.

21,816
16,723
20,450
20,000
20,000
27,500
20,000
24,575
27,500
12,000
27,500

50
20
00
00
00
00
00
00
00
00
00

Total
resources.

379,247
306,609
303,765
408,149
354,219
511,814
315,406
455.285
506,938
207,705
525,988

18
17
77
64
50
21
66
78
89
26
91

861,243 10 16,237,775 77

Old banks.

Bank of Circleville.. $395,206
Clinton B’nk Colum’s 549,541
Lafayette B’nk Cin’til, 172,871
Bank of Massillon.. 369,635
Ohio Life Insurance
& Trust Company.1,309,199

33
58
32
94
49

T otal.....................3,796,454 66
Capital stock

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

17,07546

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

LIABILITIES.
Safety Fund
Circulation.
stock.

$58,915
54,935
92,987
249,801
48,682
48,764
157,075
157,851
52,439
90,013
137,566

00
00
00
00
00
00
00
00
00
00
00

$83,500
31,803
99,775
199,976
50.000
54.000
183,192
168,405
53,066
90.000
149,958

00
00
00
63
00
00
88
76
00
00
44

Athens......................
Akron.......................
Belmont...................
Chillicothe................
Comm’rcial, Olevel’d
Comm’rcial, Toledo.
Dayton.....................
Delaware County . .
Exchange, Columbus
Farmers’, Ashtabula.
Farmers’, Mansfield.
Farmers’, R ip le y .. .
Farmers’, Salem . . .
Franklin, Columbus..
Franklin, Cincinnati..
Guernsey, Wash’ton.
Harrison County.. . .
Hocking V a lle y .. . .
Jefferson, Steubenv’e
Knox County...........




$697,111
1,068,693
1,592 792
595,278

46
93
10
33

1,606,417 97
5,470,263 79

384,516 16 336,022 84
Due to depositors.

$43,929
32,250
75,449
272,576
12,949
336,185
136,975
65,262
105,709
22,365
46,945

32
10
62
18
38
62
08
10
54
86

Total
liabilities.

$233,341
170,993
331,915
990,622
183,022
612,500
577,482
503,461
316.282
242,081
422,889

95
16
25
22
50
32
20
88

96
96
12

698,350 00 1,149,028 00 1,154,677 71 1,150,598 38 4,584,593 52
Safety Fund

Branches of State Bank.

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

CO
lO

Independent banks.
paid in.
Bank of G eauga.. . . $30,000 00
Cau’l B’nk of Cl’vel’d 60,000 00
City B’nk of Clevel’d 50.000 00
City B'nk of Col’rab’s 144,260 00
City B’nk of Cincin’ti 49,800 00
Com. B'k of Cincin’ti 50.000 00
Dayton.....................
91,790 00
Frank’n B’k of Zan’lle 100,000 00
Sandusky City Bank 52,500 00
Seneca County Bank 30.000 00
West’m Res’ve Bank 50.000 00

$81,883 11 $69,302 54
102,70128 160,677 62
102,60967 15,257 42
80,24664 90,785 27

Total
Capital Stock
at credit of Due to depospaid ir1.
Circulation. Board of Control, itors,
liabilities.
69
$335,082
76
$61,520 00 $119,893 00 $1,900 00 $41,936
353,850 23
100,000 00 199,718 00
42,701 02
362,070 92
100,000 00 199,403 00
54,550 49
2,290 00
250,000 00 374,035 00
202,777 01 ’ 894,620 14
648,841 10
175,000 00 298,572 50
129,440 27
497,494 72
150,000 00 262,913 00
3,648 20
60,403 31
515,009 75
188,400 00 210,139 00
93,947 36
1,172 00
354,085 18
93,334 10 183,133 00
56,799 19
418,804 17
125,000 00 218,687 00
42,095 64
330,657 75
100,000 00 195,700 00
27,791 45
697 00
245,710 56
70,691 00 124,300 00
40,239 66
1,154 00
330,468 71
100,000 00 194,332 00
21,853 60
40.528 76
354,306 37
100,000 00 198,994 00
350 00
557,852 66
175,000 00 299,258 00
59,189 09
350,142 46
857,835 57
169,000 00 250,039 00
255,452 12
28,434 17
80,000 00 140,000 00
2,760 00
337,056 94
100,000 00 199,528 00
27,379 88
349,967 08
700 00
26,809 03
100,000 00 200,000 00
421,736 27
3,600 00 108,610 85
100,000 00 190,029 00
31,444 38
341,036 65
100,000 00 199,668 00

652

Journal o f Banking , Currency, and Finance.
Safety Fund

Branches of State Bank.

Capital stock
paid in

Licking County........
81,300
Logan, Hocking Co.. 42,630
Lorain, Elyria..........
65,880
Mad River V a lley.. 100,000
Marietta................... 100,000
Mechanics’^ Traders’ 100,000
Merchants’, Clevel’d. 125,000
Miami County..........
*79,454
Mt. Pleasant............. 100,000
Muskingum, Zanes’le 89,930
Norwalk................... 112,710
Piqua.........................
84,914
Portage County.__ 103,000
Portsmouth .......... 100,000
Preble County......... 100,000
Ross County-........... 150,000
Summit County.. . . 100,000
T o le d o..................... 130,500
U nion, Massillon.. . . 150,000
60,000
Wayne County___
X en ia ....................... 150,000
Total.................... 4 ,563,264

at credit o f Due to deposCirculation. Board of Control.
itors.

00 161,811
00
75,790
00 118,451
00 192,167
00 198,670
00 153,176
00 231,045
95 144,763
00 199,364
00 144,143
00 212,157
50 167,232
00 203,323
00 193,845
00 184,208
00 273,269
00 199,203
00 242,616
00 265,664
00 119,018
00 263,650
55 8,201,901

00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
50

2,940 00
3,400 00
360 00
9,047 00
130
1,500
1,766
2,266
326
700
2,100
800
3,000

67
00
00
50
27
00
00
00
00

2,325 00
6,400 00
1,220 00
56,552 64

Total
liabilities.

3,429 77
275,224 35
134,464 30
10,120 15
35,748 95
230,579 68
105,169 52
415,626 38
50,111 65
375,967 10
158,308 08
496,234 88
469,058 35
83,459 83
40,604 54
276,122 34
11,226 59
320,041 74
37,979 80
280,886 03
38,527 83
379,247 18
42,842 13
306,609 17
330,765 77
17,107 50
89,592 51
408,149 64
58,078 59
354,219 50
511,814 21
65,134 64
315,406 66
9,043 77
77,176 46
455,285 78
64,824 9.9
506,938 89
22,081 60
207,705 26
92,509 90
525,988 91
2,600,150 11 16,237,775 77

Old Banks.

Bank of Circleville.. $200,000
Clinton B’nk, Col’m’s 300,000
Lafayette B’k Cin’ti 700,000
Bank o f Massillon. . 200,000
Ohio Life Insurance
& Trust Company. 611,226
Total.................... 2 ,011,226

00 1325,103 00
00 563,493 00
00 274,987 00
00 306,649 00

$35,036
108,058
340,198
36,592

71
78
61
98

$607,111
1.068,663
1,592,792
595,278

46
93
10
33

576,503 26 1,606,417 97
1,096,390 34 5,470,263 79

00
4,875 00
00 1,475,107 00
TOTAL RESOURCES.

Notes and bills discounted...........................
S p ecie.............................................................
Notes of other banks, <fcc.............................
Due from other banks and bankers.............
Eastern deposits............................................
Checks and other cash items.......................
Bonds deposited with State Treasurer__ _
Safety Fund at credit of Board of Control.
Real estate and personal property.............
Other resources..............................................
Total resources......................................

Independent
banks.
$2,145,038
347,798
240,144
224.303
231,188
5,476
1,237,129

Branches
of State Bank.
$10,364,377
2,637,156
677,433
494,006
755,822
75,231

Old banks.
$3,796,454
384,516
394,580
157,656
336,022
98,975

61,199
92,315

861,243
208,839
163,665

130,040
272,017

$4,584,593

$16,237,775

$5,470,263

$4,563,264
8,201,901

$2,011,226
1,475,107

TOTAL LIABILITIES.

Capital stock paid in.....................................
Circulation......................................................
Safety Fund stock..........................................
Safety Fund at Credit of Board of Control.
Due to banks and bankers...........................
Due to depositors..........................................
Surplus or conting’t fund & undivided profits
Bills payable and time drafts......................
Discounts, interest, etc..................... ............
Dividends unpaid...........................................
Other liabilities..............................................

amounts.




$698,350
1,149,028
1,154,677

56,552
170,366
224,611
512,393
1,150,598
2,600,150
1,096,390
76,951
239,569
280,724
89,347
122,445
53,758
63,451
206,646
12,044
1,275
5,207
24,616
30,546
17,425
4,003
$4,584,693
$16,237,775
$5,470,263
>r the sake of convenience, the cents, or
difference in the adding up, or the total

‘

Journal o f Banking, Currency , and Finance.

653

“ TEN MINUTES ADVICE ABOUT KEEPING A BANKER.” *

The above is the title of a microscopic book written by J am es W im j a m G il b a r t ,
Esq., F. R. S., and General Manager of the London and Westminister Bank, and dis­
tributed gratuitously about London to diffuse a knowledge of the modes of London
banking and o f the benefits derivable therefrom to bank dealers. Mr. Gilbart is well
known to the American public as a literary man, and a highly accomplished and sucessful banker. The Londen and Westminister Bank possesses a capital of about 25
millions of dollars, of which, however, only about five millions of dollars have been
yet paid to the bank. So successfully is the bank conducted that it declared, on the
16th o f January last, out of the current half-yearly earnings, a dividend at the rate of
six per cent the year, after defraying all expenses, paying the onerous income tax to
government, and making ample provision for bad and doubtful debts. Such a dividend
is large when it is considered in connection with the low rate of interest that prevails
in London. The book will be read with advantage, for it communicates incidentally
and inferentially much information in relation to customs, habits and modes of bank­
ing, which differ essentially from ours; but from which banks and bank-dealers may pos­
sibly derive some pecuniary benefit, as well as some new ideas ; while its closiug ad­
vice is adapted to be peculiarly valuable to small trades-people, who often believe that
their pecuniary receipts are too small to be deposited in any bank. With these im­
pressions of the value of the book we subjoin a literal copy thereof:—
1. A Banker is a man who has an open shop, with proper counters, clerks and books
for receiving other people’s money in order to keep it safe, and return it upon
demand.
2. The building or shop in which this business is carried on, is usually called in
London a Banking House, but in Scotland and in the country parts of England, it is
called a Bank. The word bank is also employed to denote the partnership or compa­
ny who carry on the business of banking. Thus we say, the Bank of Scotland, the
London and Westminister Bank, the Bank of Messrs. Coutts & Co.
3. When a company of this kind does not consist of more than six partners, it is
called a private bank; but when the company consists of several hundred partners, it
is called in Scotland a Public Bank, and in England a Joint-Stock Bank.
4. A private bank is usually managed by one or more of the partners, and all the
partners are styled bankers. A public bank is managed by a principal officer, who is
usually styled a manager. In England a bank-manager is not commonly called a
banker; but in Scotland all managers of banks, and managers of branch banks are
called bankers. So mind, when I use the word banker you may apply it to either a
private banker or to a bank manager, whichever you please, as my observations will
be as applicable to one as to the other. A banker is a man who carries on the business
of banking, and whether he carries it on upon his own account, or as the agent of a
public company, it appears to me make no difference as to his claims to be called a
banker.
5. It is the business of all these banks to receive other people’s money, and to re­
turn it upon demand. And when any person puts money into one of these banks he
is said to open an account with the bank; and when he has thus opened an account,
and continues to put in and draw out money, he is said to have a current account, or,
in London phraseology, “ to keep a banker.”
6. In Scotland almost every man has an account of some sort with a bank. The
rich man in trade has an account because of the facility of conducting his operations:
the rich man out of trade has an account because he gets interest upon his lodgments,
and he keeps his money in the bank until he has an opportunity of investing it else­
where at a better rate of interest. The middle class of people have an account be­
cause of the convenience of it, and because they obtain the discount of their bills, and
* This little manual, which was originally published in 1839, under the title of “ Ten
M in u tes A d v ice to the M id d le Glass o f P e o p le about choosing a B a n k er ,” forms Sec­
tion IX. of Mr. Gilbart’s excellent treatise on Practical Banking, which has been reviewed
in a former number of this Magazine.




654

Journal o f Banking , Currency, and Finance .

perhaps loans, on giving two sureties, which are called cash credits. The poorer clas
ses lodge their small savings in the bank, because of the security, and because they
get interest on the sums which are lodged.
7. But in London the practice of keeping an account with a bank is by no means so
common as in Scotland. The London banks are banks only for the rich. The bankers
require that every person opening an account shall always have a sum to his credit;
and if the sum thus kept is not what they deem sufficient, they will close the account.
Hence the middle class of people in London have no banker at all, and the poorer
class lodge their money in the saving-banks, where they get interest, which they would
not get from the London banker. It should also be stated that beside keeping a suffi­
cient balance, a party opening an account with a London banker is expected to give a
certain sum every year to the clerks. This is called Christmas-money, and the object
is merely to enable the banker to pay a less salary to his clerks at the expense of his
customers.
8. But within a few years, public or Joint-Stock Banks have been established in
London. These banks, or at least some of them, will allow you to open an account
without promising to keep a large balance, or even any balance at all, provided you
pay a small sum annually as a commission. This sum is fixed when vou open the ac­
count, and it is about the same that you would be expected to give as Christmasmoney to the clerks of a private bank. Hence people of moderate incomes, and those
who can employ the whole of their capital in their business are now able to keep a
banker. These banks, too, give interest on deposits whether the sums be large or
small, as I shall hereafter explain.
9. The first public or Joint-Stock Bank established in London was the London and
"Westminister Bank. This bank has recently erected a most elegant building in Lothbury, and it has branch establishments at No. 9 Waterloo Place, Pall-mall; No. 213
High Holborn; No. 12 Wellington-street, Borough; No. 87 High-street, Whitechapel;
and No. 152 Oxford-street. The success of this bank has led to the formation of
several others. Tou will observe, that all banks which have branches conduct their
business on the same terms at the branches as they do at the central office.
10. Since, then, the Scotch system of banking is established in London, why should
not the keeping of a banker be as general in London as in Scotland. I have stated
that, under the old system, those chiefly who were denied banking facilities were the
middle class of people. Now, these people may be subdivided into two classes—
those who are engaged in trade and those who are not. I shall address myself, in the
first place, to the former class.
11. Now, I ask you, why don’t you keep a banker ? You say you have been in busi­
ness several years, and have never kept one. Of course, if no banker would take your
account you could not do otherwise ; but now there are bankers willing to take your
account. But you say you can do without a banker— of course you can. The question
is, not whether by possibility you can do without a banker, but whether you cannot do
better with one. But you reply, it would not be worth any banker’s while to take
vour account. That is for his consideration, not for yours. The question for you to
decide is, not whether your keeping a banker would be of use to him, but whether it
would be of use to yourself. I shall point out to you some of the advantages.
12. In the first place by keeping a banker, your money will be lodged in a place of
security. You have now 507. or 1007., or perhaps sometimes 2001. that you keep in
your own house ; you take it up into your bed-room at night, and when you go out on
Sunday you carry it in your pocket. Now you may lose this money out of your
pocket— the till may be robbed by your servants— or your house may be broken open
by thieves— or your premises may take tire and the money may be burnt. But even
should you escape l o s s you cannot escape a n x i e t y . When you have a little more
money than usual, you have fears and apprehensions lest some accident should occur.
Now you will avoid all this trouble by keeping a banker.
13. The banker will not only take care of your money, but also of anything else
you commit to his charge. You can get a small tin box with your name painted on it,
and into this box you can put your will, the lease of your house, policies of insurances,
and any deeds or other documents that require particular care. You can send this
box to your banker, who will take care of it for y o u ; and you can have it back when­
ever you like, and as often as you like. If your premises are insured it is clearly im­
proper to keep the policy on the premises, for if the house be burnt the policy
will be burnt to o ; and where then is your evidence of claim upon the insurance
office f




Journal o f Banking, Currency, and Finance .

655

14. Another advantage is the saving of time. When you receive money you will
send it in a lump to the bank; and when you pay away money you will draw cheques
upon the bank. Now to draw a cheque takes up much less time than counting
out the money that you have to pay, and pehaps sending out for change because you
have not the exact sura. Besides, you sometimes hold bills which, when due, you have
to send for payment; now you can lodge these with your banker, who will present
them for you. And when you accept bills you will make them payable at your
bankers, instead of making them payable at your own house. Now in all these cases
there is a great saving of tim e; and, besides, your bills, from being made payable
at a bank, will be considered more respectable.
15. Another advantage of keeping a banker is, that it will be a check upon your ac­
counts. I need not speak to you, as a trader, of the importance of correct accounts.
Your banker’s book will be an authentic record of your cash transactions. I f
you make a mistake in your trade-books the banker’s book will often lead to a
detection of the error. If you have paid a sum of money, and the party denies having
received it, you can refer to your banker’s account and produce your cheque, which is
as good as a receipt. By means of a banker’s account you could trace your receipts
and payment, even after a number of years had elapsed, and hence disputed accounts
could be readily adjusted, and error arising from forgetfulness or oversight be speedily
rectified.
16. I could mention several other reasons why you should keep a banker. But
what I have said will be enough to induce you to make a trial, and when you have
once opened an account you will find so much convenience from it that you will require
no farther reasons to induce you to continue it. If it should not answer your expecta­
tions you can, whenever you please, close it again.
IV. Now, then, as you have made up your mind to keep a banker, the next thing is
to determine at what bank you will open your account. On this point I must leave
you to make your own choice. All the p u b l ic b a n k s issue prospectuses containing a
list of their directors, the amount of their paid-up capital, the names of the bankers
who superintend their respective establishments, and their rules for transacting busi­
ness. You can get a prospectus from each bank, compare them together, and please
your own fancy. But if you have no other grounds for preference, I advise you to
open your account with the b a n k or b r a n c h b a n k that is n e a r e s t t o t o u r o w n p l a c e
o f b u s in e ss .
You will often have to go or send to the bank, and if it be a great way
off much time will be lost, and you will at times be induced to forego some of the ad­
vantages of keeping a banker rather than send to so great a distance. On this account
let your banker be your neighbor. Recollect, time is money.
18. There is no difficulty in opening an account. You will enter the bank and ask
for the manager. Explain to him what you want to do. He will give you every in­
formation you may require, and you will receive without charge a small account book
called a pass-book, and a book of cheques. I advise you to keep these two books,
when not in use, under your own lock and key.
19. You now require no farther advice from me, as your banker will give you the
most ample information respecting the way of conducting your account. Nevertheless,
I may mention a point or two for your own government;— do not depend entirely upon
your banker’s pass-book, but keep also an account in a book of your own— debit your
banker with all cash you may pay into the bank, and credit him for all the cheques
you may draw at the time you draw them. Send your pass-book frequently to be
made up at the bank, and when it returns always compare it with your account book.
This will correct any mistake in the pass-book. Besides, some of your cheques may
not be presented for payment until several days after they are drawn, and if, in the
mean time, you take the balance of the banker’s pass-book, you will seem to have
more ready cash than you actually possess, and this may lead you into unpleasant
mistakes.
20. When you lodge any money at the bank, always place the total amount of the
cash and your name, at full length, upon the outside of the parcel; or on a slip of pa­
per. The cashier will then see at once if he agrees with your amount. This will
save time and prevent mistakes.
21. Be always open and straightforward with your banker. Do not represent your­
self to be a richer man than you are; do not discount with your banker any bills that
are not likely to be p u n c t u a l l y paid when due; and should any be unpaid and
returned to you, pay them yourself i m m e d ia t e l y . Do not attempt to o v e r d r a w your
account,— that is, do not draw cheques upon your banker for more money than you
have in his hands, without first asking his consent, and if you make him any promises,




656

Journal o f Banking , Currency , and Finance.

\

be sure that they be strictly performed. If you fail once, the banker will hesitate
before he trusts you again.
22. Should you be dissatisfied with anything connected with your account make
your complaint to the banker h im s e l f , and not to the clerks. Let all your communi­
cations be made in p e r s o n , rather than by l e t t e r . But do not stop long at one inter­
view. Make no observations about the weather or the news of the day. Proceed at
once to the business you are come about, and when it is settled retire. Thi.i will save
your banker’s time and give him a favorable impression of your character as a man of
business.
23. I f you are in partnership, besides opening an account with your banker in the
names of the firm, you should open a private account for yourself, that your personal
affairs may be kept separate from those of the partnership. Or if you are in an ex­
tensive way of business, and have a large family, it is advisable that you open a sepa­
rate account with your banker, in the name of your wife, that your trade payments
and your household expenses may not be mixed together in the same account. This
is a good way of ascertaining the exact amount of your family expenditure#
24. If you are appointed executor or assignee to an estate, or become treasurer to a
public institution or charitable society, open a separate account with your banker for
this office, and do not mix other people’s moneys with your own. This will prevent
mistakes and confusion in your accounts. These separate accounts may be kept still
more distinct by being opened with another banker, or at another branch of the same
bank.
25. There are a good many of the middle class of people who are not in trade, and
I must now address them. Perhaps you are a clergyman or a medical man, or you
are in a public office, or are living on your rents $r dividends. A t all events whatever
you may be I conclude you are not living beyond your means. If you are, I have not
a word to say to you about keeping a banker, you will soon most likely be -within the
keeping of a Jailer.
26. Several of the reasons I have given to the trader will also apply to you, but
there is one that applies with much greater force— the tendency to ensure accurate ac­
counts. As you are not a man of business I shall not advise you to keep an account of
your receipts and your expenditure. I know you will do no such thing. Should you
ever Commence to do so you will get tired before the end of the year, and throw the
book aside. Now if you keep a banker he will keep your accounts for you, his pass­
book will show you the state of your accounts. A ll the money you receive you must
send to the bank, and all your payments must be made by cheques upon the bank. If
you want pocket-money draw a cheque for £5 or £10, payable to Cash ; but by no
means disburse any money but through your banker. Your book will be balanced every
half-year. You will then see the total amount of your receipts during the half-year, and
your various payments to the butcher, the baker, the tailor, <fec., <kc. The names to
which the cheques are made payable will show you for what purpose they were given,
and you should write these names in a plain hand, that the clerks may copy them cor­
rectly in the pass-book. Now, if you look through your book once every half-year in
this way, you will probably see occasion to introduce some useful reforms into your
domestic expenditure. But if you are too lazy to do this, hand the book to your wife
and she will do it for you.
2*7. I shall now address another class of people. Perhaps you are a clerk, or a ware­
houseman, or a shopman, or a domestic servant. Well you have no occasion to keep a
banker; that is, you have no occasion to open a current account. But you have got a
little money which you would like to put into a safe place, and upon which you would
like to receive interest. Well, now, listen to me ?
28. If the sum be under £10, or if the sum be above £10, and you are not likely to
want it soon, put it into the savings-bank; you will receive interest for it at the rate of
two-pence farthing a day for every £100, which is after the rate of 3/. 8s. 5±d. a year.
But mind, you can only put money into the savings-bank at certain hours in the week,
when the bank is open, and you cannot put in more than £30 in any one year, nor more
than £150 altogether, and you will receive no interest for the fractional part of a month,
and you cannot draw out any money without giving notice beforehand.
29. If then your money is more than 10/., and you have already lodged 30/. this
year in the savings-bank, or 150/. altogether, or if you will have occasion to draw out
your money without giving notice, then lodge it in one of the public banks. These
banks are open every week-day from nine o’clock in the morning till five in the even­
ing ; they will take lodgments of money to any amount, and interest will be allowed




Journal o f Banking , Currency ,

erne/

Fvhance.

657

from the day it is lodged until the day it is drawn out; and if the sum in under 1,000/.
no notice is required. For all sums lodged on interest the bankers give receipts called
deposit receipts.
30. When you go to the bank to lodge upon interest any sum under 1,000/. you
need not inquire for the manager. Hand your money to any clerk you may see stand­
ing inside the counter, and ask for a deposit receipt. You will be requested (the first
time you go) to write your name and address in a book, which is kept for that purpose,
and then the deposit receipt will be given to you without any delay.
31. Mind, this deposit receipt is not transferable; that is, you cannot lend it or give
it to anybody else. When you want the money you must take it yourself to the bank,
and ask the cashier to pay you the amount. You will then be requested to write your
name on the back of the deposit receipt; the cashier will see that the signature cor­
responds with the signature you wrote in the book when you lodged the money, and
will then pay you the amount, and keep the receipt.
32. Although you cannot lodge upon a deposit receipt a less sum in the first in­
stance than 10/., yet, having lodged that sum, you can make any additions to it you
please. Thus, if you wish to lodge 51. more you can take your 5/. note and your de­
posit receipt for 10/. to the bank, and get a new receipt for 15/. If, after having lodged
10/. you wish to lodge 10/. more, you can get a separate receipt for the second 10/.. or
have a new receipt for 20/., whichever you please; and, observe, whenever any addi­
tion is made to a former receipt the old receipt is cancelled, and the interest due upon
it is either paid to you in money, or added to the amount of the new receipt, as may
be most-agreeable to yourself.
33. The interest allowed you by the bank will be at the rate of 2£ per cent.; that
is to say, after the rate of 2/. 10s. upon every 100/. for a year. You will easily calcu­
late how much interest is due to you upon your deposit receipt, if you will only recol­
lect that 2£ per cent is equal to \d. per month upon every 1/. that you lodge. Thus, if
you deposit 50/. for a month, the interest will be fifty half-pence, or twenty-five pence,
which makes 2s. Id I f it remains forty days, the interest, of course, will be one-third
more.
34. Upon sums above 1,000/. the interest allowed is sometimes more and sometimes
less than 2^- per cent., according to the value of m oney; that is, according to the rate
at which the bankers can employ it again, and a few days’ notice is usually required
before the money is withdrawn; but, upon sums under 1,000/., the rate of interest
never varies, and they are always repayable upon demand.
35. You will be surprised to find how the desire of lodging money in a bank will
grow upon you. When you had the money in your pocket, you were anxious to find
reasons for spending it. When you have placed it in the bank, you will be anxious to
find reasons for not spending it. A ll habits are formed or strengthened by repeated
acts. The more money you lodge in the bank the more you will desire to lodge. You
will go on making additions, until, at last, you will probably have acquired a sum that
shall lay the foundation of .your advance to a higher station in society.
THE BANKER— THE MAN.
H e shou ld he w a ry o f recom m endations .— When solicited by a neighbor or a friend,

few men possess vigor enough, or conscientiousness enough to refuse a recommenda­
tion, or to state therein all they suspect or apprehend. They will studiously endeavor
not to make themselves pecuniarly responsible by any palpable misrepresentation,
hence they will so qualify the recommendation that it will admit of a construction con­
sistent with truth; but the qualification will be so enigmatical or subtle, that the banker
will not interpret it as the recommender will show subsequently it ought to have been
interpreted. Besides, the man who merely recommends a loan, acts under circum­
stances that are much less favorable to caution than the man who is to lend. When
we are required to make a loan, our organization presents the danger with a vividness
that is not excited by the act of recommending. To speculatively believe that we
will suffer the extraction o f a tooth, is a wholly different matter from setting down and
submitting to the operation. Suicide would be far more common than it is, if a man
could feel when the act was to be performed as he feels when he resolves on perform­
ing it. This preservative process of nature no banker should disregard by substituting
any man’s recommendation for the scrutiny of his own judgment; though he may well
give to recommendations all the respect which his knowledge of-dhe recommender may
properly deserve.
V O L . X X I I .-----N O . V I .




42

658

Journal o f Banking , Currency ,

awe?

Finance .

H e should be g overn ed by h is own jud gm ent. — By acting according to the dictates of his
own judgment, a man strengthens his own judgment as he proceeds; while a man
who subordinates his judgment to other men’s is continually debilitating his own
Nothing also is more fallacious than the principle on which we ordinarily defer to the
decision of a multitude of counsellors. If fifty men pull together at a cable, the pull
will combine the strength of one man multiplied by fifty; but if fifty men deliberate
on any subject, the result is not the wisdom of one mau multiplied by fifty, but at
most the wisdom of the wisest man of the assemblage—just as fifty men when they
look at any object can see only what can be seen by the sharpest single vision of the
group— they cannot combine their vision and make thereof a lens as powerful as the
sight of one man multiplied by fifty. A banker may, therefore, well resort to other
men for information, but he may differ from them all and still be right; any way, if he
perform the dictates of his own judgment he performs all that duty requires; if he
act otherwise, he performs less than his duty. Let the counsel of your heart stand,
says the Bible; and by way of encouragement, it adds, that a man can see more of
what concerns himself than seven watchmen on a high tower.
F in a lly . — As virtue’s strongest guarantee is an exemption from all motive to com­
mit evil, a banker must avoid all engagements that may make him needy. If he wants
to be m ore than a banker, he should cease from being a banker. Should he discover
in himself a growing tendency to irritability, which his position is apt to engender, let
him resist it as injurious to his bank and his peace; and should he find himself popu­
lar, let him examine whether it proceeds from the due discharge of his duties. A coun­
try banker was some few years ago dismissed from a bank which he had almost ruined,
and was immediately tendered an honorary public dinner by the citizens of his village,
into whose favor his misdeeds had unwisely ingratiated him. The service of massive
plate that was given to a president of the late United States Bank was in reward of
compliances which soon after involved in disaster every commercial interest of our
country. Could we trace actions to their source, these mistakes of popular gratitude
would never occur. The moroseness that we abhor proceeds often from a sensitiveness
that is annoyed at being unable to oblige; while the amiability that is applauded
proceeds from an imbecility that knows not how to refuse.
A banker should possess a sufficiency of legal knowledge to make him suspect what
may be defects in proffered securities, so as to submit his doubts to authorized coun­
sellors. He must in all things be eminently practicable. Every man can tell an ob­
viously insufficient security, and an obviously abundant security; but neither of these
constitute any large portion of the loans that are offered to a banker. Security prac­
tically sufficient for the occasion is all that a banker can obtain for the greater number
of the loans he must make. If he must err in his judgment of securities, he had better
reject fifty good loans than make one bad debt; but he must endeavor not to err on
the extreme of caution or the extreme of temerity; and his tact in these particulars
will, more than in any other, constitute the criterion of his merit as a banker.— Joh n­
son’s T reatise on B a n k in g .

FINANCES OF CONNECTICUT IN 1850.

Mr. Seymour, the governor of Connecticut, stated in his inaugural address that the
expenses of the State the past year have been §121,720 84, which sum includes the
payment of §3,328 75, interest on the debt to the school-fund. The receipts in the
treasury, exclusive of the balance of last year’s account, §20,241 96, and the sum of
$12,000 borrowed of the school-fund since the last session of the Legislature, amount
to the sum of §111,191 73, showing that the expenses have exceeded the current re­
ceipts in the sum of §10,529 11. The State is now indebted to the school-fund for
loans of money at different times to the amount of $58,212 43. Some suggestions are
made relative to the adoption of a more efficient system of taxation; that of the most
general importance being a proposition to release railroad stock from local taxation,
and in lieu thereof to levy a reasonable direct tax thereon, to be paid into the State Trea­
sury for State purposes. The capital of the school-fund, Sept., 1849, was §2,076,602 75,
namely: loaned to the State, §58,212 43; debts against individuals, in Connecticut
and other States, §1,554,251 46; in bank stock, (4,128 shares in 25 banks,) §329,800 ;
cash in treasury and hands of agents, §18,492 97; amount in cultivated lands and
buildings, §66,723 ; and in wild lands, §49,112 88. The income during the year was
§136,050, and wras divided between 1,653 school districts. The number of children
who participated in its benefits was 90,700, making the dividend for each §1 50. The
number is an increase of 1,789 on the previous year.




✓

Journal o f B anking , Currency, awe? Finance.

659

REAL AND PERSONAL PRO PERTY AND TAXATION OF NEW YORK.

"We published in the M erchants' M a g a zin e for April, 1849, (vol. xx., page 444,) a
statement of the aggregate valuations of real and personal estate in each of the fiftynine counties of the State of New York, the number of acres of land assessed in each
county, the amount of town, county, and State taxe's, and the rate of taxation on each
dollar of corrected aggregate valuation for the year 1848, as given in the annual re­
port of the Controller, made to the Legislature early in January, 1849. The report
for 1849, which was laid before the Legislature, January 3d, 1850, furnishes a similar
table for 1849. The number of acres of land in the State of New York, according to
Burr’s Map, is 28,279,142. From the report for 1848 and 1849 we compile the follow
ing comparative table:—

1848.

•4

Acres of land taxed........................................................
Assessed value o f real estate........................................
“
personal estate...........
.............
Corrected aggregate valuation......................................
Amount of State and county taxes.............................
“
town ta x e s ..................................................
Total taxes of S ta te ......................................................
Bate o f State, county, and town taxes on §1 valua­
tion, in mills and fractions..........................................

1819.

27,906,363
$526,624,853
125,663,318
651,619,575
3,985,738
1,309,720
5,295,458

28,076,294
$536,162,901
129,926,625
665,850,737
4,174,277
1,374,703
5,548,981

8.11

8.3

The taxes, it will be seen from the above table, have increased in 1849, $253,523,
as compared with 1848. The corrected aggregate valuation of real and personal es­
tate in 1849, is $16,469,931 above that of 1848. Washington Hunt, the Controller, in
his report for 1849, says that the actual value of the taxable property of the State is
much larger than the returns of the assessors would indicate— a statement uni­
versally conceded by all who are at all familliar with the subject. He also believes,
“ that the average valuation of real estate does not exceed one-half the actual prices
established by the estimate of the owners and the daily transactions between buyers
and sellers, whilst in many counties the assessments fall far below that proportion.”
This want of a uniform rule or standard of valuation produces much inequality be­
tween the counties, causing some to bear more, others less than their just proportion of
the State tax. But the real estate, notwithstanding this consideration by the assessors,
bears much more than its rightful share of taxation, as compared with the personal
property. The remarks of the Controller on this head are worthy of the attention of
the Legislature. He says:—
The practical difficulty experienced in ascertaining the amount and value of per­
sonal estate liable to assessment is one cause of the custom which so generally pre­
vails— of estimating landed property below its true value. The land is open to view
and examination, its quantities ascertainable with facility and certainty, and by no pos­
sibility can it escape the vigilance of the assessor. The; case is widely different with
the varied pecuniary interests and investments which constitute personal estate. By
many ingenious devices, perhaps by mere silence on the part of the fortunate owner,
a large portion of the wealth of the State eludes the assessor, and escapes its share
of the cost o f sustaining the government, to .which all property owes its protection
The existing laws are defective in omitting fa Clothe the assessors with adequate power
to require full and correct information from the tax-payer of the amount of his per­
sonal estate subject to assessment. Whilst ample and proper provision has been made
in favor of the citizen to enable him to correct errors of overvaluation, no means what­
ever have been supplied to correct underestimates, or to reach personal property in
those numerous cases where the owner may choose to withhold its existence or its
value from the knowledge of the assessors. Any person interested in reducing an as­
sessment, may, at his option, make an affidavit that the value of his taxable property
does not exceed a certain sum; yet the officers entrusted with the difficult duty o f as­
certaining the value of all the property subject to assessment have no authority to re-




i

660

Journal o f Banking, Currency, and Finance.

quire information on oath; and the result is, that they must rely on indefinite rumors
or interested statements, and are frequently obliged to act in ignorance of essential
facts, or abandon the attempt to perform their office. Under such a system it follows
that many of the possessors of ready money, investments in funds and securities, and
productive capital in various forms, contribute little or nothing to the Treasury.

UNITED STATES TREASURY NOTES OUTSTANDING MAY 1, 1850.
T r e a s u r y D e p a r t m e n t , R e g i s t e r ’ s O f f ic e ,

Amount outstanding of the several issues prior to 22d July, 1846, as
per records of this office.........................................................................
Amount outstanding of the issue of 22d July, 1846, as per records
of this office.............................................................................................
Amount outstanding of the issue of 28th January, 1847, as per re­
cords of this office................................................................................
T ota l................................................................................................
Deduct cancelled notes in the hands of the accounting officers, of
which $150 is under acts prior to 22d July, 1846 ; $100 under
acts of 22d July, 1846 ; and $6,700 under act of 28th January, 1847

May 1, 1850.

141,489 31
34,100 00
391,150 00
566,689 31
6,950 00
$559,739 31

EARLY HISTORY OF SAVINGS BANKS IN ENGLAND.

Savings banks were, in the origin, says the L e e d s M ercu ry , charitable institutions,
established by benevolent individuals to encourage the poor to save their earnings.
The first was that at Totterham, in Middlesex, established by Mrs. Priscilla Wakefield
and her friends, in 1804; the next was formed at Bath, in 1808 ; and in a few years no
less than seventy savings banks were in operation in England, four in Wales, and four
in Ireland. As the rate of interest allowed was 5 per cent, whilst little more than 3
per cent could be obtained in the funds, subscriptions were needed to make up the dif­
ference. In 1817, Mr. George Rose carried a bill through Parliament to encourage the
establishment of banks for savings, wherein the laboring classes might securely deposit
their small sums of money, and receive compound interest upon them. These institu­
tions were, in the first instance, to be formed by charitable persons, and managed by
trustees, who were debarred from receiving any benefit whatever from the manage­
ment. Any sums not exceeding £100 the first year, and £50 each following year,
were to be taken in deposit; and the whole of the receipts were to be paid into the
Bank of England, and placed to the account of the Commissioners for the National
Debt, who were bound to pay 44 per cent interest. In 1829, it was found that upward
of £11,000,000 of money had been deposited; but the Commissioners of the’ National
Debt had become answerable for more than £13,000,000, owing to the high rate of
interest allowed; and thus the public had sustained a loss of nearly two millions
(£1,895,149) for the benefit o f the depositors. This was thought too great a loss, and
it was believed that the savings banks would not be materially injured if the interest
was reduced to 2\d. per cent per day, or £3 8s. 5\d. per cent per annum. The re­
duction was accordingly made in 1829, and the amount of deposits receivable from any
individual was brought down to £30 a year. This was done without any injurious
effect; and as the rate of interest was still above what was paid in the public funds,
the interest on savings banks deposits was further reduced, by an act passed in 1844,
to 2d. per cent per day, or £3 0s. 10^. per cent per annum. The interest was still fair,
and the savings banks were an immense convenience to the working classes, whose
earnings were received there, and accumulated at compound interest. In November,
1845, the number of individual depositors in savings banks in the United Kingdom
was 1,041,194 ; in addition to which, 11,695 charitable institutions, and 10,041 friendly
societies, put their money into the savings banks, as they are allowed to do by law.
The amount of deposits belonging to individual depositors was then £28,814,455 ; be­
longing to charitable institutions, £630,898 ; belonging to friendly societies, £1,303,515;
total, £30,748,868, all received through the savings banks ; besides £1,913,956 received
by the Commissioners direct from other friendly societies.




%

661

Journal o f Banking, Currency, and Finance.
BANKING CAPITAL OF MASSACHUSETTS.

A t the late session of the Legislature of Massachusetts, nine new banks were char­
tered, three of which are located in Boston, with capitals amounting to $1,400,000, the
other six are small ones, with an aggregate capital of $600,000. This adds two mill­
ions to the banking capital of the State. The annexed statement gives the amount of
the banking capital employed in Massachusetts :—
The bank capital of Massachusetts, paid in, as per last annual report,
was, in October, 1849.................................................................................... $34,630,011
Since when the following additions have been made—
Boston, Suffolk Co. Cochituate bank..............................................................
150,000
“
“
Shoe and Leather Dealers’ ...............................................
2,505
Haverhill, Essex County, Haverhill bank......................................................
300
“
“
Union Bank........................................................................
100,000
Lynn, Essex County, Laighton Bank.............................................. ...............
9,250
Lawrence, Essex County, Bay State Bank.....................................................
58,100
Fitchburg, Worcester County, Rollstone Bank...............................................
100,000
Milford, Worcester County, Milford Bank......................................................
100,000
Greenfield, Franklin County, Franklin County Bank...................................
40,884
Springfield, Hampden County, Western Bank..............................................
43,950
Actual bank capital of Massachusetts, April, 1 8 5 0............................. $35,235,000
To which will be added the following during the year 1850 :—
N E W BANKS CHARTERED, 1850.
Bank of Commerce, Boston......................................................
Bank of North America, Boston.............................................
Haymarket Square Bank, Boston...........................................
RoGkport Bank, Rockport, Essex County..............................
Prescott Bank, Lowell, Middlesex County............................
Abingdon Bank, Abingdon, Plymouth County........... ..........
Tradesmen’s Bank, Chelsea, Suffolk County.........................
Mariners’ Bank, Danvers, Essex County................................
John Hancock Bank, Springfield, Hampden County...........

$150,000
500,000
150,000
100,000
100,000
100,000
100,000
100,000
100,000
----------------

2, 000,000

T o ta l...................................................... .............................................
$37,235,000
This shows an increase in the banking capital of the State, within a period of less
than twelve months, of $2,600,000.
COINS AND MONEYS OF BRAZIL.

Accounts are kept, as in Portugal, in rees, reis or reas : 1,000 reas make 1 milrea ;
100,000 reas, 100 milreas, equal to $104 16£ cents, United States currency.
The gold coins are pieces of 1,000 reis and 4,000 reis, besides the coins of PortugaL
The principal foreign coin is the Spanish dollar, which formerly passed for 800 reis,
but is now valued 960 reis.
In the notation of accounts, the milrees are separated from the rees by a $ similar
to our dollar mark, and the milrees from the million, by a colon, thus: Rs. 4.7001300,
means four thousand seven hundred milrees, three hundred rees.
INTERNAL AND FUNDED BEBT OF BRAZIL ON THE 3 0 t h OF SEPTEMBER, 1 8 4 9 , AND CLAS­
SIFICATION OF PUBLIC CREDITORS.

5 per cents.

Brazilian subjects..............................................
British subjects................................................
Subjects of other foreign nations...............
Public Companies, <fec.......................................
Sinking Fund.....................................................
Redeemed with fund from the Public Office
Total amount insured




624:200
35:200
69:000
377:800
158:400
1:800

$000
$000
$000
$000
$000
$000

6 per cents.

34,767:200
1,506:800
6,870:200
6,234:600
3,658:000
14:000

$000
$000
$000
$000
$000
$000

1,266:400 $000 53,050:800 $000

662

Journal o f B anking , Currency, and Finance.
EXPENDITURES OF THE NEW YORK CITY GOVERNMENT IN 1849,

W e published in the M erchants' M aga zin e for April, 1850, (vol. xxii., page 448,) a
statement of the expenditures of the city government, as exhibited by the Controller s
reports for the years 1846, 1847 and 1848. W e now give, from the same official doc­
ument, a statement of the appropriations and expenditures of New York city for all
purposes, for the year 1849 :—
STATEMENT OF APPROPRIATIONS AND EXPENDITURES OF THE CITY, FOR THE YE AR 1849.
Expenditures.
Appropriations.
Title of accounts.
$406,000 00
$404,663 55
Alms-house....................................................
12,364 00
12,364 00
Aqueduct repairs........................................ .
60,298 88
Board of Health.........................................
60,300 00
8,794 82
Coroner’s fees...............................................
17,000 00
6,695 00
Cleaning corporation docks and slips........
10,000 00
County Contingencies..................................
94,133 99
100,000 00
Contingent expenses of Common Council.
20,000 00
18,567 19
166,500 00
166,500 00
Cleaning streets............ ...........................
101,112 72
Docks and slips............................................
109,000 00
13,992 68
Donations.......... ...........................................
14,100 00
11,276 32
Elections.......................................................
11,650 00
1,882 45
Errors and delinquencies...........................
5,000 00
63,615 61
Fire Department...........................................
73,000 00
108,628 25
Interest on revenue bonds.........................
109,000 00
Intestate estates.........................................
3,000 00
307 94
6,512 01
Lands and places........................................ .
8,000 00'
Lamps and gas............................................
214,500 00
214,500 00
Mayoralty fe e s ................... ........................
125 00
125 00
30,000 00
29,510 20
Officers’ lees................................. .............. .
Police............................................................
505,000 00
504,085 65
Printing and stationery..............................
40,775 42
41,000 00
Repairs and supplies............ ......................
78,680 00
78,680 00
1,850 00
Rents............................................................
2,000 00
Roads and avenues......................................
27,588 00
27,124 71
23,442 09
Real estate......................... .......................
32,000 00
Street expenses................... ........................
85,420 07
89,000 00
Salaries........................................................
240,000 00
236,467 42
Sewers, repairing and cleaning..................
10,091 00
10,091 00
Water p ip e s....................... .........................
108,200 00
108,200 00
Revenue bonds.............................................
3,036,872 00
3,036,892 00
Real estate expenses....................................
11,961 10
12.200 00
Land purchased for assessments............... .
25,000 00
County officers.............................................
62,758 33
63,381 04
Markets..........................................................
2,200 00
2,500 00
Alms-house buildings...................................
58,161 38
55,094 87
Common schools..........................................
376,665 86
375,467 78
4,000 00
1,448 00
Charges on arrears of taxes....................... .
“
assessments............
2,000 00
794 00
Moneys refunded on sales for taxes..........
3,000 00
386 27
50,000 00
“
assessment sales . . .
19,013 01
2,000 00
1,759 09
Fencing vacant l o t s ....................................
30,000 00
8,442 22
Interest on assessments.............................
Liens on lots................................................
50,000 00
16,479 32
200,000 00
97,872 13
Streets opening............................................
500,000 00
334,693 06
Streets p a vin g.............................................
Wells and pumps.........................................
1,675 00
1,646 88
Iron railing, Washington Square...............
20,000 00
19,983 29
Floating debt redemption...................
50,000 00
50,000 00
250,000 00
Interest on city d e b t................................. .
250,000 00
State mill ta x ..............................................
127,100 00
100,000 00
Temporary water loan.................................
399,989 00
399,989 00
Water commissioners...................................
105,377 02
105,377 00
5,000 00
Washington Square iron railing stock ___
5,000 00
230,000 00
230,000 00
Croton Water-Works extension...................
Total amounts...............................




18,106,118 51

$7,628,675 13

Journal o f B anking, Currency, and Finance.

663

RECEIPTS AND EXPENDITURES OF THE UNITED STATES.

The following statement of the receipts and expenditures o f the United States Gov­
ernment, from January 1st, to March 31st, 1850, was officially prepared by the Regis­
ter of the Treasury •
T t e a s t jr y D e p a r t m e n t ,

Register’s Office, May 1, 1850.

RECEIPTS.

From Customs.............................................................................................. $11,500,144 70
“ lands.....................................................................................................
565,447 46
“ loan of 1847, (Treasury notes funded).............................................
1,944,460 00
“ miscellaneous sources...........................
858,393 02
Total....................................................................................................... $14,868,385 18
EXPENDITURES.

Civil, miscellaneous and foreign intercourse.............................................
On account of the army, <fcc........................................................................
“
fortifications....................................................................
“
Indian Department........................................................
“
Pensions.........................................................................
Navy..............................................................................................................
Interest on the public debt, including Treasury notes...........................
Reimbursement of Treasury notes.................
Redemption of Treasury notes purloined, including interest.................

$4,920,046
1,899,819
95,901
153,475
639,210
1,618,095
57,370
1,944,650
52

53
65
90
56
61
98
21
00
34

Total...................................................................................................... $11,328,622 48

THE REVENUE OF GREAT BRITAIN IN 1 8 4 9 -5 0 ,
AN ABSTRACT OF THE NET PRODUCE OF THE REVENUE OF GREAT BRITAIN IN THE TEARS ENDING THE 5TH OF JANUARY, 1 8 4 9

AND 1 8 5 0 , SHOWING THE :INCREASE AND DECREASE

THEREOF.

Years ending January 5.

Customs......................................
Excise.........................................
Stam ps......................................
Taxes..........................................
Property-tax..............................
Posboffice.................................
Crown lands............... ...........
Miscellaneous...........................
Imprest monies, (fee...................
Repayments of administration
Total income..................
Deduct increase...........

1849.

18§0.

£ 1 8 ,9 2 9 ,3 6 0
1 2 ,8 3 2 ,1 4 0
6 ,1 1 0 ,8 4 8
4 ,3 1 4 ,7 0 4
5 ,2 4 7 ,3 6 5
7 7 6 ,0 0 0
8 1 ,0 0 0
1 0 1 ,1 6 6
5 3 9 ,3 0 5
4 8 5 ,3 8 4
4 1 4 ,2 5 1

£ 1 8 ,6 9 5 ,7 9 8
1 2 ,7 5 3 ,8 1 5
6 ,3 6 5 ,4 7 5
4 ,3 0 3 ,8 4 9
5 ,4 0 8 ,1 5 9
6 8 0 ,0 0 0
1 6 0 ,0 0 0
2 4 9 ,2 4 2
5 5 9 ,4 5 7
5 4 9 ,5 9 7

7 4 ,0 7 0
1 3 5 ,3 4 6

£ 4 9 ,9 3 1 ,5 2 3

£ 4 9 ,8 5 1 ,3 9 2

£ 7 8 1 ,9 1 6

Increase.

Decrease.
£ 2 3 3 ,5 6 2
7 8 ,3 2 5

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

1 0 ,8 5 5
...»

....

....
5 3 9 ,3 0 6

Decrease on the y e a r .................

....
£ 8 6 2 ,0 4 7
7 8 1 ,9 1 6
£ 7 8 1 ,9 1 6

ENGLISH JOINT-STOCK COMPANIES.

By the report of the Register, which has just been published, it appears that 165
joint-stock companies were provisionally registered during the year 1849, 31 of which
have been completely registered, and 134 have not obtained complete registration.
The fees received for registration during the same year have amounted to a total of
£2,927, £2,891 6s. being paid at the head office in London, and £31 14s. in Dublin.
The number of companies which have failed to make any return of auditors, or of a
report by an auditor of their accounts, during the year 1849, was 59. No proceedings,
however, had been taken thereon.




664

Commercial Statistics.

COMMERCIAL STATISTICS.
TRADE AND COM3IERCE OF RIO DE JANEIRO.

W e are indebted to L. H. F. q ’ A g u i a r , the Consul-General of Brazil to the United
States, for a copy of the “ R i o M erca n tile J o u r n a l” containing full statistical tables of
the commerce of Rio de Janeiro in 1849, compared with previous years. From this
document we have compiled several interesting tables relating to the imports, exports,
and navigation o f the Rio de Janeiro.
The commerce of Rio de Janeiro was more animated and more satisfactory in
1849 than in previous years, owing to the extraordinary demand for the principal arti­
cles of export, and some improvement upon previously existing commercial regulations
o f the empire, namely:—
F ir st. — Upon the clearance inwards of merchandise subject to a d valorem duty.
Second. — Upon the dealing with merchandise damaged or decayed when imported.
T h i r d — Upon merchandise which may be cleared inwards free of duty.
F ou rth . — Upon tares to be allowed upon merchandise when cleared inwards.
The decree of the 1st of October, 1847, which directed the levying of discriminating
tonnage dues and import duties, was revoked on the 4th of May.
A ll merchandise subject to 8 0 1|00 import duty, the valuations o f which were pro­
vided for in the tariff, is, by decree of the 7th of July, allowed to be cleared inwards,
a d valorem .

Hides were relieved from the p ro v in cia l duty of 15 per cent, and, since the 1st of
September, pay 7 |j00 export duty.
COMPARATIVE IMPORTS INTO RIO DE JANEIRO FROM FOREIGN COUNTRIES, OF PRINCIPAL
ARTICLES, IN 1 8 4 6 , 1 8 4 7 , 1 8 4 8 AND 1 8 4 9 , .AND THE RESPECTIVE QUANTITIES RECEIVED
FROM EACH COUNTRY IN 1 8 4 9 .

A le and porter..........
Brandy and spirits...
Butter.........................
Candles, composition.
“
sperm.........
“
tallow ........
Cheese, Dutch..........
Coals.........................
Codfish.......................
Copper.......................
Cordage, coir..............
“
Manilla.......
“
patent . . .
“
Russian . . .
Deals.........................
Flour.........................
Gin...............................
«
«(
demijohns
U

Hams...........................
Hardware................... . packages
H a ts ...........................
Iron .............................
((
“ hoop....................
«

u

ead.........................




1846.

1847.

1848,

3 0 ,9 6 0
240
2 5 ,5 5 4
6 ,5 2 0
8 ,5 3 8
3 ,5 9 7
3 ,1 3 5
2 0 ,2 7 7
1 9 ,9 2 9
253
3 ,5 0 5
263
229
3 ,2 3 4
1 0 ,8 8 6
2 1 2 ,4 0 7
....
4 ,4 8 3
4 ,9 6 1
1 ,8 7 3
1 9 ,5 9 5
7 ,4 4 0
627
1 ,9 0 9
4 0 ,0 6 5
143
1 ,2 0 6
1 4 ,7 8 0

9 ,0 9 4
184
2 2 ,3 5 0
872
2 ,4 6 0
6 ,7 2 9
3 ,8 3 4
2 4 ,7 0 3
4 1 ,5 5 6
207
724
150
146
2 ,8 9 7
1 2 ,0 4 4
1 8 8 ,2 3 7
....
4 ,8 3 3
3 ,4 5 0
210
2 4 ,8 4 8
1 0 ,5 1 4
973
4 ,6 0 9
3 5 ,8 3 2
321

1 9 ,1 3 8
782
1 9 ,6 0 0
230
1 ,3 0 7
1 ,0 4 9
1 ,7 7 2
3 9 ,2 1 2
2 9 ,4 8 1
350
622
886
524
6 ,6 7 0
2 5 ,4 6 0
2 4 4 ,7 6 0
32
1 0 ,5 1 1
1 2 ,2 4 8
1 ,4 4 7
2 8 ,2 4 0
8 ,9 1 2
593
3 ,1 9 9
4 7 ,1 0 6
180

....
1 ,3 6 5

1849.
1 3 ,7 9 5
768
2 6 ,6 3 3
2 ,3 4 2
3 ,3 0 2
597
4 ,6 4 4
3 7 ,6 0 7
2 9 ,4 1 0
261
1 ,7 3 8
903
232
5 ,5 5 7
2 1 ,4 0 4
1 9 6 ,7 9 5
70
1 8 ,0 4 6
1 9 ,6 7 3
4 ,1 6 0
2 0 ,4 8 4
6 ,9 7 8
689
6 ,0 1 0
5 2 ,2 9 3
253

....
1 5 ,7 0 4

2 4 ,3 9 4

665

Commercial S tatistics.
1846.
Lead sheet......................
Leather, curried............. ..pkgs
“
wrought...........
Linseed O il....................
Manufactures, cotton__ ..pkgs
“
linen.........
“
linen and cotton.
“
silk..........
“
silk and cotton.. .
“
silk and worsted..
“
woolen....
“
woolen & cotton.
Mess beef and pork....... . . bbls
N a ils............................... . .pkgs
Olive oil...........................
Paints and colors........... ••pkgs
Paper...............................
P ep per...........................
Pitch...............................
Raisins.............................
Ravensduck ...................
Rosin............................... ...b b ls
Sailcloth.........................
Salt.................................
Saltpeter..........................
Shot.................................
S oap.................................
Steel..................................
T a r .................................
Tea.................................. ...lb s
Tin plates-........................
Tobacco........................... •-pkgs
Turpentine.....................
“
.....................
Vermicelli........................
Vinegar...........................
W a x ................................
Wheat.............................
White le a d .....................
Window g la ss.................
Wine, Portugal.............
“
Mediterranean, &c
“
Bordeaux.............

1847.

108
869
864
420
30,086
2,182
146
1,311
211
90
3,869
*771
3,900
6,029
905
14,923
9,089
904
246
48,068
4,546
8,890
6,196
693,582
2,940
5,299
11,119
1,322
2,450
230,000
3,881
1,210
128
3,623
11,654
837
472,464
11,600
2,713
2,739
16,643
16,086
2,471

585
1,263
750
353
37,609
1,994
209
1,144
221
100
5,150
580
875
6,163
1,102
7,043
10,531
303
415
18,427
5,459
8,915
5,175
781,464
2,016
4,523
1,726
765
2,135
368,000
6,460
1,090
209
1,690
16,415
1,232
417,293
672
1,289
14,740
17,439
6,144
4,849

1849.

1848.

831
1,378
230
656
28,303
770
150
761
159
61
2,360
371
3,878
8,078
1,3 20
9,619
14,232
3,803
941
13,193
5,842
12,477
4,574
660,815
5,434
5,275
1,444
695
4,278
113,000
5,170
800
260
488
22,484
1,338
499,509
4,784
1,501
5,307
19,244
5,307
3,207

587
1,210
535
458
27,699
1,494
51
844
112
61
3,522
306
1,954
9,257
1,053
9,482
10,584
874
2,306
36,052
3,530
12,692
5,927
1,037,500
3,664
5,535
4,910
2,387
3,103
110,000
3,192
1,167
355
880
13,354
1,530
256,650
3,260
1,312
10,396
21,828
6,554
3,380

STATEMENT OF THE MANUFACTURED COTTONS, LINENS, SILKS

AND WOOLENS IMPORTED INTO RIO DE JANEIRO FROM EACH OF THE PRINCIPAL COUNTRIES, fr o m 1845 to 1849.
COTTONS.

1845.

1846.

1848.

1849.

Great Britain................. pkgs
United States...................
France.............................
Hanse Towns.................
Belgium .........................

20,000
4,731
1,527
402
189

22,986
4,866
1,242
404
308

27,962
5,866
2,117
612
752

1847. '

18,217
6,545
1,758
395
421

19,666
5,765
2,055
414
362

Great Britain................. pkgs
France.............................
JdLanse Towns.................
Sardinia.........................
Belgium .........................
Spain...............................
United States.................

297
582
121
60
31
53
104

424
556

362
608
33
34
33
38
25

224
383
46
35
37
52

194
393
63
32
24

SILKS




78
50
34
26
93

35

24
14

666

Commercial Statistics.
LINENS.

Great Britain......... .........P%5
Portugal.................
France....................
Hanse Towns.........

1,992
97
81
52

Great Britain......... .........p ig s
France....................
JHLanse Towns........
Belgium .................

3,161
488
85
75

1,657
194
69
174

1,663
197
63
59

1,160
166
30
25

569
85
50
43

4,172
743
147
48

2,625
579
120
80

1,594
516
151
59

WOOLENS.

3,175
384
202
65

MOVEMENT OF THE RIO DE JANEIRO FLOUR MARKET, FROM

Months.
January ...................... ...b b ls

Imported.
18,055
13,667
6,485
21,424
11,786
6,865
10,289
7,252
14,828
15,047
46,847
24,351

February...................
M arch .......................
April..........................
M ay...........................
June...........................
J u ly .............................
A u g u st.....................
September..................
October......................
November................. .
December................. .
Total, 1849.........
“
“
“

196,896
244,812
190,875
213,283
187,552

1848.........
1847.........
1 8 4 6 .........
1845 . . . .

Sold.
12,472
13,427
22,799
16,727
24,258
8,977
14,607
13,506
9,514
18,127
35,986
18,816

1845

Richmond.

Baltimore.

Southern.

86,658
78,395
65,843
62,644
90,401

44,172
55,957
70,046
90,414
83,506

36,149
37,989
30,599
42,332
26,932

TO

1849.

35,563
40,448
36,850
48,380
26,339

209,216
210,249
178,895
189,759
185,974

SALES OF FLOUR AT R IO DE JANEIRO, FROM

1845 ................. bbls
1846 .....................
1847 .....................
1848
.....................
1849
.....................

1845

Shipped coast. Re-exp’t’d
2,425
2,719
530
3,214
159
3,095
4,428
4,001
4,142
4,064
3,022
16
554
3,576
1,545
1,640
152
1,620
566
1,740
3,614
2,357
3,180
2,335

TO

19,131
17,402
27,273
36,432
20,620

1849.
European. European.
1st quality. 2d quality.

11,174
12,195
4,185
5,040
6,314

6,821
5,223
1,700
600
2,063

RANGE OF PRICES OF FLOUR AT RIO DE JANEIRO IN 1849.
G a lle g o .....................................
H a x a ll......................................
Baltim ore..................................
Philadelphia.............................
Southern....................................
N ew Orleans............................
E urop ean.................................

First.

Highest.

Lowest.

17$000
16$500
14$000
14$000
15$000
14$000
17$000

18$000
18$000
16$000
15$000
16$500
14$000
18$000

151000
15$000
131000
128250
128000
138500
158500

Last.

161000
16$000
13$000
13$000
138000
14|OOo
151500

COMPARATIVE EXPORT OF PRODUCE FROM RIO DE JANEIRO DURING THE TEARS 1848, 1844,
1845, 1846, 1847, 1848, and 1849.
Vessels.

1843
18 44
1845
18 46
1847
18 48
18 49

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




590
571
584
668
658
716
656

Tons.

171,207
167,018
174,320
199,858
198,308
213,363
212,576

Coffee.
Bags.

1,189,523
1,260,431
1,208,062
1,511,096
1,641,560
1,710,707
1,453,980

Sugar.
Cases.

Hides.

9,433
11,513
14,539
8,115
8,311
5,848
5,979

345,070
369,183
215,689
394,586
268,492
315,848
302,220

Horns.

515,051
541,436
308,608
345,199
447,607
285,527
385,685

667

Commercial Statistics.

1843........
1844........
1845........
1846........
1847........
1848........
1849........

Tanned.
Hf. hides.
22,235
15,506
18,399
17,291
6,162
11,657
11,139

Rice.
Bags.
12,187
14,976
27,274
13,913
20,021
9,808
20,717

Rum.
Pipes.
3,206
3,804
4,725
3,664
3,985
2,984
4,380

Rosewood. Ipecacuanha. Tobacco. Tapioca.
Bbls.
Dozen.
Pounds.
Rolls, &.c.
, ,,,
4,685
1,701
18,161
6,123
938
4,365
21,676
7,454
2,182
17,681
15,003
4,701
1,836
49,788
18,483
1,970
809
23,901
21,707
1,733
1,321
16,308
22,290
9,543
1,905
11,676
26,909

COMPARATIVE DESTINATION OF HIDES EXPORTED IN
OR DECREASE IN

1848 AND 1849,
1849.

SHOWING THE INCREASE

■QUANTITY.

Destination.
Antwerp..........................
Channel.........................
Denmark .....................
France...........................
Hanse Towns................
Holland.........................
Mediterranean.............
Portugal.........................
Russia...........................
Spain.............................
Sweden ...........................
Trieste.............................
United States................
Other ports...................
T otal.. ....................

1848.

1849.

2,110
42,380

1,094
12,574

10,705
2,575

11,818
3,000

1,113
425

61,633
115,261
128
7,586
3,813
8,578
61,079

79,530
23,352
1,932
8,991
17,878
3,213
138,838

17,897

77,729

315,848

302,220

____

COMPARATIVE DESTINATION OF COFFEE EXPORTED IN
CREASE OR DECREASE IN

' 1848.
101,729
26,048
18,546
22,446
190,912
42,629
49,294
475,581
11,082
136,904
52,200

1849. "

139,932
15,951

58,228
26,148
806,907
2,053

48,806
19,782
631,132
2,626

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

1,710,707

1,453,980

87,126
16,186
9,273
8,155
297,493
53,015
53,587
70,916

....

Decrease.
1,016
29,806

91,909
1,804
1,405
14,065
5,365

1848 AND 1849,
1849.

Destination.
Antwerp..........................
Baltic ...........................
Bremen............................
Cape of Good H ope . . .
Channel.........................
Denmark.......................
France............................
Hamburg and A lt a .__
Holland.........................
Mediterranean.............
P ortu gal.......................
Spain.............................
Sweden..........................
Trieste...........................
United States...............
Other ports....................

.. . .

Increase.

13,628

SHOWING THE IN -

Increase.
....

....
106,584
10,386
4,293

Decrease.
14,603
9,862
9,273
14,291
....
....
104,665
11,082

3,028

....
....

26,249

....

573

9,422
6,366
175,775
...

....

256,727

Deficient as was the quantity exported compared with that in 1848, both planters
and dealers have abundant reason to be satisfied with the business of the past year, the
result o f which is mainly attributable to short crops in other producing countries as
well as in this hemisphere, and, in consequence, extensive speculations in the various
consuming countries. By this means have prices been forced up higher than during
many previous years; and from the commencement of the rise, either in Europe or
the United States, have prices ruled here in advance of those of any of the consuming




668

Commercial Statistics.

ports. Hitherto all has been w e ll; the most modern advices prove purchases made
here, up to a given period, as likely to yield profitably, and opinion seems in favor of
a further improvement. But we must not fail to recollect that every advance renders
the market more liable to a reaction, and this must be expected at some price. The
absence of any such reaction, hitherto, is confirmative of opinion being highly favora­
ble, but does not warrant that our prices should continue materially in advance of
those o f foreign markets.
COMPARATIVE EXPORT OF COFFEE FROM RIO DE JANEIRO TO 'rHE VARIOUS PORTS OF THE
UNITED STATES, FROM

1845

1849,

TO

SHOWING THE INCREASE OR DECREASE

in

1849,

UPON THE AVERAGE OF THE FIVE YEARS.

Baltimore.
117,896
148,905
115,398
213,452
178,579
154,846
23,733

1845........... .
1846 .............
1 8 4 7 .............
1 8 4 8 .............
1 8 4 9 .............

Average.......
Increase ___
Decrease__

New Orleans.
167,720
229,501
273,809
269,418
200,477
228,185

1845.............
1 8 4 6 .............
1 8 4 7 .............
1 8 4 8 .............
1 8 4 9 .............

Average.......
Increase. . . .
Decrease . . .

Boston.
46,957
74,155
39,994
44,035
18,201
44,668

Charleston.
2,664
7,916
16,868
24,629
11,737
12,763

26,467
New York..
172,737
213,155
245,685
198,581
175,821
201,196

1,026
Philadelphia.
35,294
47,773
23,404
46,622
44,135
39,446
4,689

27,708
1845

TO

1749,

1845
1846
1847
1848
1849

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

2,3*73
2,550
2,497
2,468
2,407

2,382
2,488
2,475
2,508
2,503

....

2,184
4,320
2,182
1,737
445

.. . .

FOREIGN,

FOREIGN.

Departures.
Vessels.
Tons.

168,872
190,730
180,348
186,105
185,634

6,423
Savannah.

INCLUSIVE.

COASTWISE.

Arrivals.
Vessels.
Tons.

6,423

25,375

COMMERCIAL ARRIVALS AND DEPARTURES OF RIO DE JANEIRO, COASTWISE AND
IN EACH YEAR FROM

Mobile.
8,006
5,858
12,400
5,850

Arrivals.
Vessels.
Tons.

172,136
182,356
180,523
192,366
194,094

878
931
887
1,103
1,198

Departures.
Vessels.
Tons.

304,266
218,819
208,547
258,902
304,720

881
1,034
867
1,054
1,246

274,955
321,722
268,457
325,033
427,870

SHIPPING OF THE NORTHERN STATES OF GERMANY,
M r . F re em an H unt, E d ito r o f the M erch a n ts’ M aga zin e, etc.
D e a r S ir :— The foUowing article, which appeared in the German S ch nellpost, is
perhaps of some value for your esteemed Journal.
Respectfully,
f . r . h.
Cotta’s Q u a rterly R eview contains an article of the shipping of the northern States
o f Germany, from which we extract the foUowing:—
amount of sh ip p in g of

1816.
Prussia...........................
Oldenburg.....................
Mecklenburg.................
Schleswig Holstein.___
Hamburg.......................
Brem en.........................
L u bec.............................
Total..................... .




Vessels.
604
401
85
276
203
146
129
61
1,905

Lasts.*
73,696
24,155
3,614
19,776
18,757
17,606
17,474
5,663
181,738

1846

1810.

Vessels.
896
662
132
300
338
228
225
68

Lasts.
113,048
35,833
8,257
28,268
30,985
30,336
41,251
7,230

2,749

295,258

* A last is four thousand pounds.

Vessels.
896

Lasts.
132,072

...
. •.

...
286
236

41,026
46,425

Commercial Statistics.

669

COMMERCE OF VENEZUELA WITH OTHER NATIONS,

W e are indebted to the Hon. B. S. S h ield s , our late Charge d’Affairs at Caraccas,
Venezuela, for the following statement (carefully compiled from official documents) of
the foreign commerce of Venezuela for the five years ending June 30, 1848 :—
THE COMMERCE OF VENEZUELA WITH OTHER NATIONS DURING THE FIVE
COMMERCIAL YEARS, FROM THE 1ST OF JULY, 1 8 4 3 , TO THE 30TH OF JUNE, 1 8 4 8 .

T A B L E E X H IB IT IN G

Nations.

Austria..............
Belgium.............

Sardinia.............

Hanseatic Cities.

Denmark............

Spain..................

United States...

France ...............

Great Britain . .

Holland..............

Mexico................

New Granada...




Years.

Imports.

v a lu e s

j 1845-46
"j 1846-47
1847-48
" 1846-47
1847-48
f 1843-44
1844-45
4 1845-46
1846-47
1847-48
f 1843-44
1844-45
-j 1845-46
1846—47
1847-48
f 1843-44
1844-45
•j 1845-46
1846-47
1847-48
f 1843-44
1844-45
-j 1845-46
1846-47
1847—48
f 1843-44
1844-45
4 1845-46
1846-47
1847-48
f 1843-44
1844-45
7 1845-46
1846-47
1847-48
f 1843-44
1844-45
-j 1846-46
1846-47
1847-48
f 1843-44
1844—45
1845-46
1846-47
1847-48
f 1844-45
j 1845-46
j 1846-47
[ 1847-48
f 1844-45
j 1845-46
j 1846-47
t 1847-48

. - ------------------------- ^

Exports.
22,000 00
76,593 00
18,302 00
20^607 00

f 1844-45

5,750
5,981
27,703
36,930
19,618
28,715
27,721
680,989
641,027
698,267
517,725
454,716
715,650
873,180
1,043,386
1,066,691
791,210
217,847
233,791
268,003
329,656
190,891
779,090
063,721
1,099.038
807,157
619,157
386,609
346,789
476,146
470,388
296,221
1,273,520
1,529,830
1,458,787
1,661,017
1,226,358
312,112
330,387
357,938
368,576
206,184
9,325
42

00
00
25
38
32
00
06
55
46
93
20
93
87
75
33
25
06
08
97
24
69
67
84
59
35
79
10
62
40
81
92
96
18
25
04
57
10
17
47
76
75
15
50
00

821
75
4,295
450

00
00
00
00

22,347
43,556
26,356
43,505
34,222
877,469
701,684
961,402
787,159
1,020,635
358,561
441,336
675,320
563,548
484,404
1,085,468
1,012,747
1,252,620
1,381,873
1,464,415
1,717,568
1,376,595
1,647,026
1,662,536
1,139,383
434,411
477,494
775,702
656,198
460,799
1,008,023
1,156,751
1,374,454
969,469
686,596
281,320
268,134
311,012
324,538
267,056
147,610
84,553
18,632
8,640
27,474
6,000
460

00
64
82
64
59
73
51
52
34
85
41
34
85
86
24
32
37
99
54
44
27
87
81
13
73
45
29
11
60
74
02
43
09
30
60
71
58
04
15
87
40
73
00
00
72
00
00

Duties on
importations.

1,250
1,526
8,259
12,702
4,547
9,399
8,307
181,287
189,582
224,109
158,865
141,493
216,297
231,396
314,923
321,452
162,354
61,842
80,137
77,712
101,384
39,961
277,129
318,714
323,277
336,472
195,173
107,978
90,959
127,860
144,042
93,658
368,674
438,207
473,979
572,034
379,788
94,728
92.098
100,628
104,038
60,119
727
13

38
36
10
35
58
69
84
53
53
60
85
10
52
84
59
22
32
70
27
92
13
20
86
34
40
57
53
92
69
39
91
50
04
87
65
44
57
02
91
37
04
97
75
20

77 55
77 88
87 18

670

Commercial Statistics.
AGGREGATE FOR FIVE TEARS FROM 3 0 t H OF JUNE, 1 8 4 3 , TO 1ST OF JULY, 1 8 4 8 .

Duties on
importations.

-----------VALUES.--------

Nations.

Austria.............
Belgium...........
Sardinia...........
Hanseatic Cities
Denmark..........
Spain................
United States..
France..............
Great Britain..
Holland............
Mexico..............
Hew Granada.

Imports.
11,731
139,688
2,992,727
4,490,119
1,240,190
4,168,165
1,976,156
7,149,513
1,575,199
9,367
5,191

00
01
07
26
65
67
71
14
30
50
00

Exports.
187.502 00
169,988
4,348,351
2,523,171
6,197,125
7,543,110
2,804,606
5,195,294
1,452,062
259,436
34,384

69
95
70
66
81
19
44
35
13
72

Total.
137,502
1L731
309,676
7,341,079
7,013,290
7,437,316
11,711,276
4,780,762
12,344,807
3,027,261
268,803
39,575

00
00
70
02
96
31
48
90
58
65
63
72

2,776
43,216
895,338
1,246,424
361,037
1,450,767
564,500
2,232.684
451,613
740
242

74
56
61
49
22

70
41
57
31
95
61

The legal value of the United States dollar in Yenezuelian currency is one hun­
dred and thirty-four and three-fourths cents, or one peso and thirty-four and threefourths centavos. The sums in the above tables are expressed in Yenezuelian currency.

IMPORT OF COTTON WOOL INTO GREAT BRITAIN IN 1849.
Liverpool.

1849.
Growth of U. S. f ’m H. Orleans cfc Nat’z
U
Mobile....................................
u
Florida...................................
it
Savannah and Darien.........
(i
Charleston.............................
u
Other ports...........................

565,210
259,937
58,630
171,795
180,316
147,139

Total American............... ____
Brazil and Portugal....................... ____
Mediterranean......................... . . . _____
East Indies.......................................
Demerara, W est Indies, <fcc........... _____

1,383,027
163,768
71,251
7,714

1848.

Total imported into
Great Britain in

1849.

639,3651
214,158
43,414
- 1,477,727
122,053
157,315
121,680 J
1,297,985
100,201
27,810
136,012
6,089

1,477,727
163,768
72,651
182,167
9,114

1848.

1,375,385

1,375,385
100,201
29,010
227,512
7,889

Total packages................ ____ 1,732,727 1,568,097 1,905,427 1,739,997
The imports of cotton wool in packages into London, Bristol and Hull, and Scotland,
in the years 1848-9, were as follows:—
London.
Bristol and Hull.
Scotland.
1849, 51,400 1848, 69,500 | 1849, 30,300 1848, 15,400 | 1849, 91,000 1848, 87,000

The table of import into Great Britain, compared with the preceding year, shows an
increase of 102,400 American; 63,600 Brazil; 43,600 Egyptian; 1,200 West India;
and a decrease of 45,000 East India— making a total increase of 165,500 bags.
GENERAL STATEMENT OF THE IMPORT, EXPORT, AND CONSUMPTION OF GREAT BRITAIN, IN THE
YE AR

1849.

Stock in the ports, 1st January, 1849...........................................................
Stock in dealers and spinners hands—
England.................................................................
93,000
7,000
Scotland........................................................ .......
---------Import in 1849..................................................................................................

100,000
1,905,400

T ota l..................................................................................................

2,504,000

Export to the continent and Ireland—
American 152,300 ; Brazil and West India 16,800; East India 84,600;
Egyptian 500.................................................................................................
Taken for consumption of England and Scotland from the Ports.............

254,200
1,590,400




498,600

671

Commercial Statistics.
Consumed in England, 1,494,100, or 28,694 bags per week.
Consumed in Scotland, 96,300, or 1,852 bags per week.
Remaining on hand in the ports, 1st January, 1850.............
In dealers and spinners hands, England.................................
“
“
Scotland................................

559,400
90,000 )
10,000 j

100,000

2,504,000

Total
PRODUCTION AND CONSUMPTION OF INDIGO.

A correspondent of the New York S h ip p in g a n d C om m ercial L is t furnishes the
following estimate of the production and consumption of indigo in the w orld:—
PRODUCTION.

Java.
Madras.
Total.
Bengal.
Average.
8,000
8,500
63,000 ]i
46,500
1843 ..........
8,500
7,500
40,000
56,000 - 57,800 cases per annum.
1844 ...........
12,500
7,000
54,500 ]
35,000
1845 ...........
9,000
6,000
27,500
43,500 j
1846 ..........
4,000
5,500
30.000
39.500
1847 ...........
j- 41,400 cases annually.
5,500
5,000
32.000
42.500
1848 ...........
5,000
5,000
30,000
40,000 _1
1849 ...........
It will be observed that the production of indigo, during the three years 1843,1844,
and 1845, yielded an average of 57,800 cases per annum, while the following four
years, 1846 to 1849, show an average of only 41,400 cases, or about 16,400 cases per
annum less than during the former period.
CONSUMPTION

That the consumption requires considerably more than the present production af­
fords, may be gleaned from the following data :■—
The deliveries from the London warehouses during the past seven years,
.
from 1843 to 1849, have not varied much, but kept pretty steady all the
time, averaging annually......................................................................... cases
31,500
France imported direct from Calcutta and Madras, for actual consumption
annually, on the average, rather more than..................................................
10,000
Holland distributed the produce of Java, varying from 8,000 to ...................
5,500
North America imports annually, direct from Calcutta....................................
1,000
Persian Gulf and Levant take from the same source......................................
2,000
Showing an annual consumption of indigo of about
Or 10,000 cases more than were produced last year.

50,000

IMPORT OF AMERICAN HOPS INTO ENGLAND.

It appears by the L iv e r p o o l C hronicle that the importations of foreign hops con­
tinue to take place to a considerable extent from the United States of America, and al­
so to a lesser extent from Belgium, the produce of these countries, which is of im­
portance, as evincing the practicability of a continuance in the supply of this noble
article of merchandise throughout the year, the present being the first of such im­
portations from abroad taking place. The American ship Independence, from New
York, recently brought into Liverpool 110 bales, consigned to order; the Nautilus,
from Antwerp, 5 bales; the Soho, from Antwerp, 10 bales; and the Sir Edward
Bankes, from the same place, 15 bales o f the article.
IMPORT OF GUANO INTO ENGLAND,

From an official return which has just been presented to the British House of Com­
mons, it appears that the guano imported into England during the last nine years
was in the following proportions. The quantity in tons imported was, in 1841, 2 881 •
in 1842,20,398; in 1843,80,002; in 1844,104,251; 1845, 283,300; 1846, 89,203;
1847, 82,392; 1848, 71,414; and in 1849, 83,438. Last year the guano imported
from the following countries^was as follows, the sums being given in tons:— From Nor­
way, 25 ; from France, 477 ; Western Coast of Africa, 2,345 ; Cape of Good Hope, 767;
Eastern Coast of Africa, 1 ; Chili, 4,311; Peru and BoHvia, 73,567 ; and Patagonia’,
1,945.




672

N au tical Intelligence.

NAUTICAL INTELLIGENCE.
GREAT CIRCLE SAILING.
Captain Godfrey’s unprecedented short passage to Australia in the emigrant ship
“ Constance,” seems by the English papers to have produced a great sensation among
navigators. The following details of Captain Godfrey’s voyage to Australia will not,
we presume, be uninteresting to the nautical readers of the M ercha nts' M a g a z in e :—
About twelve months since Captain Godfrey underwent a voluntary examination at
the port of Plymouth, and obtained a first-class certificate. During his examination
he became first acquainted with great circle sailing and its modifications, and the con­
sequent value to navigators of the Admiralty “ Tables to Facilitate the Practice of
Great Circle Sailing,” especially to those engaged in voyages such as he was about to
undertake. He immediately resolved to make what the author of the tables has termed
the composite track, which is thus described in the work alluded t o :— “ To follow the
great circle track rigidly would sometimes lead through latitudes so high as to be im­
practicable ; this generally happens, too, when the greatest amount of distance would
be saved; but though in such cases it would be unwise to attempt the great circle,yet
there is a very simple application of these tables, which will give the shortest possible
route consistent with a restricted maximum latitude.”
The mariner is then directed to choose his maximum latitude, and Captain Godfrey
chose the parallel of 55°. This voyage disappointed the expectations of Captain God­
frey ; although far shorter than the average time, it was not the shortest voyage ever
made. He discovered that in latitude 55° the winds were very light and unsteady;
he was, therefore, obliged to return to the parallel of 50°. Although, however, he
failed in the object he had in view, he acquired experience which to himself and the
commercial world is of the highest importance. He has ascertained that the com­
posite track on the parallel 50° is the shortest practical route to Australia; for, al-«
though the route of the parallel 55° maximum latitude is 160 miles shorter in distance,
the advantage of wind gives the unquestionable preference to that of 50°. The next
voyage he brought this knowledge into practical operation, and has astonished the men
of mercantile pursuits by making the shortest voyage ever known.
The composite route to Australia does not differ from other voyages until the mar­
iner has reached about the latitude 24° S. Having cleared the trade winds, he then
shapes his route on the arc of the great circle, varying his course by compass according
as the latitude of the ship varies, as shown below ; or he sails as near to these courses
as the direction o f the winds will permit. The courses are as follows:—
Latitude. Course.

Latitude.

25°
80°
84°
37°

39°
41°
43°
44°

00'
00'
00'
00'

S.
S.
S.
S.

E.
E. i E.
E. i E.
E. £ E.

Course.

30'
S. E.
30' E. S. E.
00' E. S. E.
30' E. S. E.

by E.
£ S.
i S.
i S.

Latitude.

46°
47°
48°
48°

00'
00'
00'
30'

Course.

E. S.
E. S.
E. S.
E. S.

E.
E. £ E.
E. 4 E.
E. £ E.

Latitude. Course.

49°
49°
49°
49°

00'
30'
45'
57'

E.
E.
E.
E.

by S.
£ S.
£ S
i S-

This part of the voyage is about 3,480 miles, and brings the ship G8° of longitude
nearer her destination. She then runs due east on the parallel 50°, about 72° 40' of
longitude, being about 4,360 miles, and then leaves that parallel by the route of a
great circle for her destination. The last named part of the voyage is 1,865 miles, and
about 43° longitude, making altogether, from the commencement of the composite
track, 8,145 m iles; whereas the same voyage by the Cape, and thence to Adelaide,
by Mercator’s sailing, is 9,080, making a saving of 935 miles, besides an equal saving
of time, from the uniform favorable winds that blow in these latitudes.
WRECK OFF THE HUMBER.
A green buoy, marked with the word “ Wreck,” has been placed about fifteen fath­
oms E. N. E. of a vessel sunk at the entrance to the Humber, in the fairway of ves­
sels sailing to and from the southward. The buoy lies in three fathoms at low water
spring tides, with the following compass bearings, v iz:—
Saltfleet Mill.................................S. W. £ W. I Spurn Lighthouse...........N. by W. 4 W •
Spurn Floating Light..................... N. by E. | Donna Nook Beacon, N.’ W. by W. £ W-




N a u tical Intelligence .

673

IMPROVEMENTS USEFUL TO NAVIGATORS.
James Murdoch has secured a patent in England for improvements in converting
sea-water into fresh, and for ventilating ships and other vessels. This patent is also
applicable to the evaporation of liquids, and to the concentration and crystallization of
syrups and saline solutions:—
These “ improvements” consist in the adaptation to the top of an ordinary ship’s
boiler, which is filled with salt water and employed to heat the contents of sauce-pans,
&c., of a pipe, which descends into the hold, and opens into a vessel contained in an
outer casing filled with cold water. This vessel is fitted witli a number of vertical
tubes in communication with the descending pipe, and all provided inside with a num­
ber of horizontal discs of wire gauze. It terminates at bottom in a zig-zag pipe, which
passes through the side of the cold water cistern, and opens at top underneath an ex­
hausting fan. The upper part of the boiler is furnished with a perforated tube which
admits atmospheric air. When the fan is set in motion, the air and steam generated
in the boiler are drawn together down the vertical pipe, through the tubes and the
wire gauz discs placed therein. The steam is condensed in its passage, and rendered
pleasant to the taste by mingling intimately with the atmospheric air, which is ex­
hausted by the fan and thereby discharged.
The ship may be ventilated through the agency of this fan by connecting a per­
forated pipe, placed underneath the middle deck, to its discharge. This pipe may also
be connected to a second perforated lower pipe, placed on the lower deck, and con­
nected to a vertical pipe which communicates with the atmosphere.
An apparatus similar to the one first described, with the exception of the condenser,
the use of which is dispensed with, may be applied to the concentration and crystalli­
zation of syrups and saline solutions. The form of the boiler being, of course, modified
so as to assume the appearance of the ordinary fan; and in some cases, the bottom is
made corrugated, to form continuous zig-zag channels, through which the steam circu­
lates, for the purpose of increasing the heating surface.
Claims— 1. The employment of a current of air, produced by an exhausting fan, for
accelerating the evaporation of salt water.
2. The application of a current of air, produced by an exhausting fan, to the distilla­
tion of alcoholic or spirituous liquids.
3. The mode of ventilating ships, in combination with the apparatus for converting
salt water into fresh.
4. The employment of apparatus for the concentration and crystallization of syrups
and saline solutions, having continuous zig-zag channels for the circulation of steam
therein, closed or not, and combined or not, with the exhausting fan.
ROYAL SOVEREIGN SHOAL OFF BEACHY HEAD.
A nun buoy, of large size, painted black, surmounted by a staff and ball, and marked
“ Rl. Sovn.,” has been placed in six fathoms at low water spring tides, one half cable’s
length to the southward of a Ten Feet Patch, on the above-named shoal, with the fol­
lowing mar ks and compass bearings, viz :—
The Second Martello Tower to the eastward of Eastbourne, on with the west side of
Willingdon Chalk P it..................................................................................... N. W. by N.
The White Mill north of Bexhill, just open westward o f the Third Martello Tower west
o f Bexhill Cliff................................................................................................... N. E. by N.
Fairlight Mill, just open to the southward of Hastings Castle Cliff___ N. E. by E. E.
Beachy Head.............................................................................................N. W. by W. £ W.
NAVIGATION OF WILMINGTON IN 1S49.
The C hronicle , published at Wilmington, (North Carolina,) publishes a statement of
vessels arriving at that port during the year 1849, from which it appeals that the num­
ber of foreign arrivals was 78; total coastwise, 701; making a total of foreign and
coastwise o f 779. Of this number thirty-eight were foreign vessels, namely, British,
2 barks, 17 brigs, and 8 schooners; French, 1 ship; Spanish, 1 steamship; Russian, 1
galliot; Danish, 1 schooner; Bremen, 1 galliot, 2 brigs, and 1 schooner; Mecklenburg,
1 schooner; Oldenburg, 1 galliot, and 1 brig. It appears, from the same authority,
that the arrivals in 1846 were 699; in 1847, 710; and in 1848, 764; showing a grad­
ual increase of the foreign and coastwise commerce of that port.
VOL. X X II.-----NO. VI.




43

674

Commercial Regulations.
SCROBY SAND, YARMOUTH.

The Scroby Sand having grown up between the North Scroby and Middle Scroby
buoys, the said North Scroby Buoy has been moved about three cables’ lengths west
of its previous position, and now lies in four fathoms at low water spring tides, with
the followiug marks and compass bearings, viz
St. Peter’s Church Tower, just touching the south angle of the Roman Catholic
Chapel........................................................................................................................... S. W
Winterton Light-house, midway between Burnley Hall and Winterton Church N. W. by N
Cockle Light Vessel.....................................................................................................N. f E
Middle Scroby Buoy....................................................................................... S. by W. f W
Cockle Spit Buoy...................................................................................................... N. by W
S. W. Cockle Spit Buoy................................................................................... N. W. by N
Outer Barber Buoy...................................................................................................... W. £ S

COMMERCIAL REGULATIONS.
COMMERCIAL CUSTOMS OF ST, LOUIS.

The better to define a few points of gen eral interest, and to serve as custom, where
no agreement is made to the contrary, the Merchants’ Exchange of St. Louis have
unanimously resolved:—
1. That it shall be incumbent upon steam and other boats to “ deposit” their freight
in “ suitable weather,” as they are required to do by an act of the State of Missouri,
entitled “ An Act Respecting Steamboats.”
I f our packets and other boats will discharge their cargoes in the rain, or when the
clouds strongly threaten an early shower, and the produce or merchandise shall be dam­
aged by such exposure before it can be removed from the levee or secured against loss
the "boat so offending shall be held by consignees for all the damages that shall accrue
on the produce so exposed.
2. That the words “ deposit any freight in proper manner, and in good condition on
the wharf,” to be found also in “ An Act Respecting Steamboats,” cannot be construed
reasonably to mean anything else than that such articles are liable to be damaged—
such as grain of all kinds, flour, tobacco, hemp, <ic., shall be dunnaged in such a man­
ner as to protect them from running water, should it rain before it is taken from the
levee.
When the freight is thus deposited, it then becomes the duty of the boat to give the
consignees verbal or written notice that their freight is ready for delivery.
After which it shall be the duty of the consignees to go and receive their consign­
ments, if they be placed upon the levee in such a manner that the property can be
recognized, and number of packages counted; if so, it shall, on counting and finding it
correct, be considered a delivery. If it be not so placed, then the parties are to abide
the weigher’s certificate, or the count as it is removed from the levee. It is understood,
however, that nothing in this resolution shall be considered so as to release the boat
from any damages she may be justly liable for, although there may have been an im­
plied delivery of the whole.
3. That when consignees have good reason to believe that a lot or lots of their freight
are out, according to law, as explained in the first and second resolutions, that it shall
be their duty, if it be necessary, to cover it with tarpaulins to protect it from the wea­
ther. But that such or any other care given to produce or merchandise, where it can­
not be counted or regularly delivered, shall not prejudice the consignee’s claim against
the boat for any packages that may be short, or any damages that may afterwards be
found justly chargeable to the boat.
4. It shall be the duty of consignees to remove from boats each lot of produce or
merchandise, as designated in bills of lading, as it is completed; if put out and notice
given according to law.
5. If a sale of produce or merchandise be made, such as pork, beef, flour, <fcc., that it
shall be the duty of the seller to count it to the buyer or his agent, which count shall
be considered as a delivery, unless delivered according to the following resolution:—
6. If the seller give the purchaser an order to the boat for an article sold, it shall be
the duty of the buyer, within an hour after purchase, to present the order to the cap­




fJommerciat Regulations,

€75

tain or other officer for acceptance, or assent to its correctness. I f the officer of the
boat accepts or assents to the order, as being right, then the purchaser looks to the
boat for the produce or merchandise, as specified in the order. Should the officer of
the boat not accept, or asseut to the correctness of the order, information shall be given
to the seller immediately.
7. When the sale of any particular kind o f produce or merchandise is made, that has
to be weighed, the seller shall inform the purchaser whether or not it be weighed and
ready for delivery. If it be thus ready, the purchaser, or his agent, shall accompany
the seller to count the same for a delivery, unless the buyer will consent to be g o v ­
ern ed by the weigher’s certificate.
I f the produce or merchandise be not weighed and ready for delivery, the seller shall
proceed, as soon as a weigher can be had, if the weather be suitable, to weigh the
same, first giving notice to the purchaser; and the produce or merchandise weighed
shall be considered delivered as it i s weighed , and at the risk of the purchaser, unless
he shall prefer to receive it in a comolete lo t; in which case, the articles sold shall be
considered delivered so soon as the last package or article is weighed; provided the
weigher completes the lot an hour before sunset, and puts it in a suitable condition for
protection against the weather.
8. It is recommended to all, that a spirit of forbearance and concession be cultivated,
in view of the narrowness and difficulties of our levee; and that all who have anything
to do with the produce or merchandise, either as boatman, consignee, or purchaser, be
requested, as far as they can, to protect said articles from damage or loss, for the gen­
eral good of all interested.
TAX ON BANKS AND BANKING COMPANIES IN OHIO,

The following is a correct copy of an act passed at the last session of the General
Assembly of the State of Ohio in regard to taxing banks and banking corporations in
that State:—
A N A C T T O P R O V I D E F O R T A X I N G B A N K S A N D B A N K IN G C O M P A N IE S .

1. B e it enacted by the G en era l A ssem b ly o f the S tate o f O hio , That the
cashier or president of every banking institution in this State whose charter does,
not prescribe any particular mode o f taxation for the same, and every banking institu­
tion hereafter established in this State shall annually, within ten days after the fifteenth
day of November, make out, under oath, and transmit by mail, or otherwise, to the
Auditor of State a statement showing the amount of capital stock actually paid in
and existing undiminished by losses, and the amount of surplus or contingent fund,
the amount of money paid for real estate belonging to said bank, and upon which it
pays taxes in any other manner than that which is hereinafter provided.
S e c . 2. The Auditor of State shall annually, as soon as he receives such statement,
ascertain the total per centum o f taxation assessed for all purposes on money at inter­
est at the place where such bank is located, and shall immediately thereafter assess
upon the capital stock and contingent fund a per centum of tax equal to tliat so as­
certained.
S ec . 3. That so soon as the amount of such tax is ascertained the said Auditor shall
inform such bank thereof, and said bank shall pay the same to the Treasurer of State,
upon the order of the Auditor, and shall have a lien upon the stock of each of its
stockholders for the reimbursement of his or her share of the tax so paid.
S ec . 4. That if any existing bank, the charter of which does prescribe any particu­
lar mode of taxation for the same, shall by a vote of the stockholders, owning a ma­
jority of its stock, consent to the provisions of this act, and file the evidence of such
consent with the Auditor of State, such bank shall thereafter, for the purpose of tax­
ation, be subject to the provisions of this act, and shall be exempt from the payment
o f any other tax imposed by its charter.
S e c . 5. If any cashier or president of a bank, liable to be taxed under the provis­
ions of this act, shall neglect or refuse to furnish the statement required by the first
section of this act to the Auditor of State, such president or cashier so neglecting and
refusing shall forfeit to the State a sum equal to 3 per cent upon the capital stock of
such bank, to be recovered by an action of debt in any proper court: Provided, how­
ever, that putting into the post-office a letter containing such statement, addressed to
the Auditor of State at Columbus, shall be deemed a compliance with the provisions
of said section.
S ec .




876

R ailroad, Canal, and Steam boat Statistics.

S ec . 6 . That if any branch o f the State Bank of Ohio shall suffer its specie or sight
funds in the eastern cities, as provided in the forty-fourth section of the act to which
this is an amendment, to fall below 30 per cent of the amount of its circulation, and
remain so for thirty days, it shall be the doty o f the Board of Control to require said
branch to return a proportional amount of its circulation* which circulation whi n so
returned shall be burned; and thereupon the Board o f Control shall declare a propor­
tional amount of the stock of said branch extinguished.
S ec . 7. That any branch of the State Bank of Ohio, when a majority of its share­
holders shall so determine, may, with the consent o f the Board of Control, return her
circulation in any amount not to exceed 40 per cent, and the Board of Control shall,
upon the receipt o f said circulation, burn the same, and thereupon declare a propor­
tional amount of the stock of said branch extinguished, but in no case shall said branch
be permitted to reduce the amount of her safety fund.
S e c . 8 - A l l la w s a n d p a r t s o f la w s in c o n s is te n t w it h t h e p r o v is io n s o f th is a c t a r e
h e r e b y r e p e a le d .

RAILROAD, CANAL, AND STEAMBOAT STATISTICS.
COMPLETE STATISTICAL VIEW OF THE MASSACHUSETTS RAILROADS IN 1849,
C O M P IL E D E X P R E S S L Y F O R T H E

M E R C H A N T S’ M A G A Z IN E

FROM

THE

ANNUAL

R E P O R T TO TH E

L E G IS L A T U R E .

I d t h e f o ll o w i n g t a b le r u in terest ” a n d “ am ount p a i d oth er com panies f o r tolls ” a r e
n o t c o n s id e r e d a s r u n n in g e x p e n s e s , a n d i n a ll c a s e s a r e d e d u c t e d f r o m th e g r o s s e x ­
p e n s e s , a n d a l s o f r o m t h e g r o s s r e c e ip t s .

N am e o f rone?.
•Worcester......................
W e s te rn ........................
Providence & W orc’ er
W orcester & Nashua.a
N orw ich & W orcester.
Connecticut R iv er----Pittsfield & N. Adams.
W est Stockbrklge.c. . .
P r o v id e n c e .......... ..
T a u n ton ........................
New B e d fo r d ..............
Stoughton Branch.*/..
N orfolk County .e ........
L ow ell............................
N ashua..........................
L a w re n ce .....................
Boston & M a in e ........
Fitchburg ....................
Verm ont & M ass.^ . . .
Harvard Branch.A----L ex ’g’ n fc W .C .m b’e i
Peterboro’ & Shirley .j.
Essex..............................
Old C o lo n y ..................
Fall River................
Cape Cod Branch . . . .
Dorchester & Milton./.
Grand J u n ction ..........

Length
I/gfch L ’gth o f
of
o f d o u b le
/------------------------ r e c e i p t s .
main bran- track &.
Mails and
road. ches. sidings. Cost.
Passengers. Freight, olh. sources., Total.
56
$4,908,332
45
24
$330,606
$41,417
$703,361
$331,338
9,926,952
155
62
561,575
36,842
1,343,81 1
745,394
5,112
206,012
43
12
1,939.666
111,797
89,103
45
4
70,007
34,154
3,965
108,126
1,361,527
104,399
59
2
2,095 509
114,145
17.654
236,198
7
2
1,776,679
306,262
5,992
192,073
50
79,819
446,544
15,712
31,358
19
15,467
179
1
600.000
42,000
21
l'80O
3
41,516
225,649
354,332
41
i2
3,370,270
119,442
9,250
23
306,390
55,401
11
32,783
2,767
1
1
19,851
20
498,477
53,650
2,034
87,269
1
31,576
1
93,433
2,534
4
1,891
150
4,575
950,605
6,010
26
13,848
19,858
i
1,945,647
179,790
26
2
38
230,175
6,523
416,488
15
17
641,083
67,097
79,737
156,359
9,705
12
321.998
31,252
8,806
40,533
1
475
1
262,556
13
74
44
3,930,057
332,214
168,974
9
522,335
21,M7
204,668
17,831
51
15
63
3,445 792
251,860
474,359
69
3,160,301
8
5
60.261
78,328
2,498
141,086
3,097
1
7
241,036
12
223,538
29
ii
404,072
70,402
55
3,612.348
43,455
517,926
20
484,948
8,528
1
19,937
1
28,465
167,9®
50,062
37
8
16
2,292,400
252,790
34,765
1,146.004
102,639
42
5
65,543
5,861
174,043
35,439
28
2
616,760
14,973
i
879
51,282
373,616
11
128,011
3
655,134
6

____

......

......

___

.....

......

(rt)Opened throughout, D ecem ber 18th, 1848. ( b> Let to Houaatonie Railroad Company, (c ) Let to
Berkshire Railroad Company and Hudson and Berkshire Railroad Company, (d) Let to Boston and
Providence Railroad Company, (e) Opened throughout, April 23d, 1849. ( / ) Let to Nashua and
L ow ell Railroad Company. ( g ) Opened throughout, February 20th, 1849. ( h) Let to Fitchburg Rail­
road Company, (i) 1 et to Fitchburg Railroad Company, ( j ) Let to Fitchburgh Railroad C om pany.
(A) L et to Old Colony Raikoad Com pany. (/) Let to Old Colony Railroad Com pany.




7

mm

COMPLETE STATISTICAL VIEW OF THE M L fiO A D S OF MASSACHUSETTS IJf 1849— CONTINUES.

\ V e ste rn ....... i . . . i
.
Providence atid W orcester...
Worcester and Nashua.. *. 4
Norwich and Worcester . . . .
Connecticut River.................
Pittsfield and North Adams.
Berksliire . . . . ...................
Providence..............................
Taunton . . . i . . . . . . . i . . . . .
New Bedford........ ..................
Stoughton Branch
Norfolk County
Lowel l . . . . . . . . . . . . . . . . . i .
Nashua....................................
Lawrence... . . . . ...............* 4
Boston and Maine . . . . . . . . .
Fitchburg...............................
Vermont and Massachusetts.
Pastern................. ..................
Essex................ ..................
Old Colony..............................
Fall River........................... ....
Cape Cod Branch.. . . . . . . . .




Weight of
freight trains, Total nuttlbef
not including of tons carried
one mile,
freight
not including
Carried one
mile.
passengers.
42,861,082
18,567,173
48,250,000
93,817,146
4)637,775
9,097,108
1,699,192
4,462,704
16,908,361
8,934,600
6,243,109
2,309,837
1,825,830
840,000
611,289
328,650
7,600,000
19,692,542
2,093,440
903,465
2,937,324
982,900
518,616
6,836.374
1,008,500
244,140
iiU iii
8,501,351
10,726,485
1,753,290
3,042,360
97,341
3,047,794
4,330,720
226,000

1,077,267
19,307,157
4,615,666
688,012
24,050,784
22,786,317
6,023,230
16,890,609
913,473
15,435,193
10,028,621
1,112,606

Railroad, Canal, and Steamboat Statistics.

ftante of railroad.

Total
receipts
per mile
turn
$1 63
1 84
1 60
i 04
1 09
1 14
1 25
...»
1 46
1 95
2 17
0 45
0 01
1 08
2 49
1 01
...»
1 36
1 36
0 82
1 86
0 61
1 07
1 20
0 96

Weight of
passenger trains,
Total
Number of Number of
ilot including
Net
Number of
Number of
expenses income passengers passengers tons of mer^ tons of metpassengers
per mile per mile Carried in carried one chandise Carried chandise carried Carried onC
Tun;
rum
the Carsi
milei
in the cars*
one mile.
mile.
$0 88
$0 66 959,557
9,461,055
14,832,854
17,144,367
248,768
0 81
1 03 435,805
21,006,521
25,317,140
19,750,000
273,608
0 68
0 88 306,739
4,377,465
1,586,143
2,873,190
61,887
0 81
0 23 145,405
2,136,916
2,379,810
726,598
28.979
0 56 171,998
0 53
4,194,576
63,372
2,629,362
6,444,400
0 58 325,521
0 56
8,661,612
1,606,558
2,326,714
125,116
0 78
0 47
34,011
479,609
258,830
727,000
16,185
... 4
1 34
184,044
51,555
880,208
98,698
6,673
0 67
0 78 573.360
8,352,123
90,642
2,092,642
10,000,000
824,212
1 13
0 82 100,827
36,548
365,768
1,068,091
1 06
1 11
97,742
206,584
1,610,897
15,404
i ,747,840
0 03
0 42
122,115
17,532
44,361
9,015
0 27
0 34
85,002
667,000
282,416
276,238
7,450
1 05
0 63 693,828
10,504,650
7,168,638
5,302,245
278,3l3
1 58
3,363,299
2,556,486
0 91 258,866
181,623
1,051,680
0 38
1,710,891
118,382
825,520
0 63 131,607
9,104
. . »l
65,934
724,924
•• i l l l
0 67
16,958,996
12,001,610
0 68 1.205,007
102,485
3,647,817
0 68
0 68 875,410
13.023,053
6,674,325
287,032
6,385,507
0 46
0 36 146,306
1,475,678
1,794,262
2,638,087
81,266
0 66
1 20 1,049,114
14,145,169
1,723,049
11,625,200
70,348
0 29
815,549
108,012
708,120
0 32
97,919
10,746
0 75
0 32 773,124
8,796,044
1,387,399
11,000,000
83,541
1,613,566
4,084,335
0 77
0 43 252,767
4,810,489
62,554
0 69
1,071,736
215,699
671,907
0 37
66,825
21,247

6^8

COMPLETE STATISTICAL VIEW OF THE RAILROADS OF MASSACHUSETTS Iff 1849— CONTINUED,
Name o f raiiroad.
R oad bed.




$ 7 2 ,2 9 8
1 0 5 ,5 5 3
1 5 ,3 0 8
1 0 ,4 8 8
1 6 ,4 4 7
2 0 ,0 2 7
598

$ 2 4 6 ,3 7 0
3 5 4 ,4 6 9
5 8 ,3 8 4
5 9 ,8 8 4
7 7 ,4 4 5
5 9 ,8 4 3
7 ,8 9 6

4 1 ,8 7 6
6 ,1 8 2
6 ,8 5 1

2 2 ,2 0 2
8 ,0 5 6
7 ,6 0 8

9 9 ,6 0 4
1 7 ,7 4 4
2 8 ,4 6 1

386
6 2 ,4 4 6
2 8 ,6 6 9
4 ,1 4 5

7 ,7 2 4
1 3 7 ,4 7 0
4 9 ,4 5 4
5 ,1 6 5

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

4 4 ,1 0 1
3 5 ,3 7 3
5 ,7 7 5
2 5 ,1 1 1

1 7 3 ,2 3 4
5 8 ,8 2 3
1 1 7 ,4 7 7

2 5 ,0 9 4
1 5 ,7 7 3
7 ,3 1 8

3 9 ,6 8 5
2 4 ,5 4 6
4 ,8 3 *

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

T

Total,
$ 4 0 5 ,5 5 1
5 8 8 ,3 2 3
8 9 ,9 9 0
8 4 ,0 0 7
1 1 4 ,8 6 8
9 5 ,0 9 1
1 1 ,8 3 4

Net incom e
per cenj;
on cost.

45
1 6 3 ,6 8 2
3 1 ,9 8 2
4 2 ,4 2 0
221
8 ,1 1 0
2 6 0 ,9 0 3
9 9 ,4 5 6
1 5 ,1 6 9

$ 2 9 7 ,8 1 0
7 5 5 ,4 8 8
1 1 6 ,0 2 2
2 4 ,1 1 9
1 2 1 ,3 3 0
9 6 ,9 8 2
1 9 ,5 2 4
4 2 ,0 0 0
1 ,7 5 5
1 9 0 ,6 5 0
2 3 ,4 1 9
4 4 ,8 4 0
4 ,3 5 4
1 1 ,7 4 8
1 5 5 ,5 8 5
5 7 ,0 8 3
2 5 ,8 6 4

$6
7
5
1
5
5
4
1
4
5
7
9
4
1
8
8
7

07
61
46
77
79
46
37
00
23
66
62
00
66
24
00
90
88

1 1 0 ,4 5 9
7 0 ,5 5 6

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

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

6
6
1
9
3
3
5

71
90
95
22
12
34
51

1 8 ,9 9 4

8 1 ,1 4 8

§ 0 ,1 3 0

1 5 8 ,7 5 8

8 ?7

Passenger
trains.

- NUMBER OF MILES RUN.-rFreight
Other
trains.
trains.

Total.

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

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

4 5 ,4 4 5
3 4 ,6 7 2
4 ,6 6 1
1 ,0 5 9
4 7 ,6 1 0
1 1 ,3 9 4
119
600

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

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

6 0 ,0 8 0
6 ,9 0 8
1 2 ,5 4 4
5 ,0 0 8
9 ,8 8 0
7 1 ,4 2 8
2 9 ,0 7 0
6 ,8 3 8
3 ,3 3 2
7R 646
1 0 2 ,1 5 7
5 0 ,0 9 4
3 3 ,8 0 4
4 ,2 9 1
3 4 ,5 2 5
5 2 ,8 8 4
J 7 .4 0 3

3 ,1 0 0
352
460
136
. . . , .
1 6 ,5 8 0
5 ,5 5 0
520
264
4 2 ,7 4 9
1 8 ,7 4 2
2 5 ,8 3 2
1 2 ,2 6 4
6 ,8 0 0
2 5 ,8 3 4
890

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

1 ,3 6 0

63,(569

,

C ap e C o d B ran ch

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

Net
incom e.

Railroad Canal and Steamboat Statistics’.,

" W o r c e s t e r ........................................
"W es tern ....................................... ....
P r o v id e n c e a n d W o r c e s t e r . , ,
W o r c e s t e r a n d N a s h u a .............
N o r w i c h a n d W o r c e s t e r ..........
C o n n e c t ic u t R i v e r ........................
P it t s fie ld a n d N o r t h A d a m s .
B e r k s h i r e ................................... ......
W e s t S t o e k b r id g e ............... .. ....
P r o v i d e n c e ......................................
T a u n t o n ............................ r f . , , .
N e w B e d f o r d .................................
S t o u g h t o n B r a n c h .................. , ,
N o r f o l k C o u n t y .............., . . , ,
L o w e l l ........... .................................. t
N a s h u a ............................ T____ r . r
L a w r e n c e .............r .................. t T r
S t o n e y B r o o k ................................
B o s t o n a n d M a in e .
F i t c h b u r g .....................
V erm on t a n d M a ssa ch u setts,
E a s t e r n ................ .. ........................
E s s e x ................................................
O ld C o l o n y ......................................
F a l l R i v e r ........................................

------------- e x p :ENSES,--------------M otive
pow er.
Miscellaneous.

R ailroad, Canal, and Steamboat Statistics.

679

DELAWARE AMD RARITAN CANAL AND CAAIDEN AND AMBOY RAILROAD AND
TRANSPORTATION COMPANIES.

We have received a report' of commissioners appointed by the Legislature of NewJersey, to investigate charges made against the Directors of the Delaware and Raritan
Canal and Camden and Amboy Railroad and Transportation Companies. The report
was made to the Legislature February 8th, 1850. Messrs. Anson Robertson, James
S. Hulme, and Alexander Worts, were appointed commissioners in February, 1849, in
consequence of the recommendation of the governor of the State, and the petitions
which were addressed to the Legislature. The substance of the charges was that the
railroad and canal companies had been guilty of certain fraudulent practices, whereby
the State had been defrauded of large sums of money, payable under the charter of
said companies.
The commissioners appear to have made a most complete and thorough examination
o f the entire business, from its commencement in 1833 to the close of 1849. They ex­
onerate the companies entirely from all intentional fraud or dishonesty, although they
find about 810,000 due to the State as duties upon passengers who had not been re­
turned as dutiable. In other respects, they commend highly the general man ner in
which the business has been transacted. The report is quite voluminous, covering more
than one hundred pages octavo, and furnishing a vast amount of statistical and other
information touching the history and condition of the corporation, and the works under
its management. W e shall endeavor in a future number of our Magazine to present
the more interesting “ facts and figures” with which it abounds, and such as possess genral and permanent interest.
WHAT RAILWAYS SHOULD BE COMMERCIALLY.

W e find in a late number of the E d in bu rgh R eview , an interesting article upon the
subject of railways. The article in the Review has also been published in the pamph­
let form, with a preface explanatory of its object. It shows what railways should be
m ech a n ica lly , com m ercially, and m ora lly, in order to fulfill their mission. W e have
space only for that portion of the article which is designed to answer the inquiry— Wha't
should Railways be Commercially ? W e beg leave, however, to remark in this place,
that we consider the m echa nica l and m ora l aspect of the question of equal, if not of
greater importance. In fact, the three points cannot well be dispensed with, in esti­
mating either their utility or their success:—
1. The more frequent the trains the better the public will be served.
2. Light engines and trains—i. e., small engines and large carriages, can be worked
more economically than larger engines and long trains.
3. The same principle applies to light goods, namely:— frequent despatches and fast
traveling, precisely as the town carriers now work their traffic.
4. A kind of man-handling of goods’ wagons is wasteful. Long and large wagons
should be drawn by engine power into stations under sheds, with alternate lines of
rails and ordinary highways, and discharged by cranes like canal boats. Short wag­
ons, man-handled, are very expensive railway stock.
5. Short lines in the environs of towns should be worked by small five minutes’
trains, like omnibuses. Passengers do not object to wait for the next train when the
trains are in quick succession.
6. That highways may, in many cases, be advantageously laid down with rails for
horse transit on the same guage, to communicate with branches or main lines of railway.
7 . That landowners may, with great advantage, construct cheap lines through their
own estates, on which to place their farms.
8. That in many cases it would be for their advantage to g iv e the land needful to
construct lines of railway.
9. That when the traffic of both goods and passengers is. desired in maximum, the
true mode is to make two lines for passengers and fast traffic, and a third line for




R ailroad , Canal, and Steam boat S tatistics.

680

goods and slow traffic, and to provide also a parallel line o f highway close to it. The
North Woolwich Branch o f the Eastern Counties Line is a sample of this. Being
obliged by act of Parliament to make a parallel highway, the directors are precluded
from charging too high prices, and streets of houses are gradually accumulating.
A t no great distance of time this line will be a railway through a town on the same
level. Future towns will be thus constructed.
For the accommodation of the wealthier classes, willing to pay for speed and ac­
commodation, it would be desirable to institute subscription tra in s of great lightness
and speed, carrying say seventy to one hundred first-class passengers, with light lug­
gage, and accommodation for a few servants.
A train o f this kind, consisting of an engine and tender, break van, with accommo­
dation for fourteen servants and luggage, and a light first-class for sixty-four passengers,
would cost, as it appears by a document put into our hands, £2,200. It would travel
at fifty miles per hour without stopping, and do one hundred miles per day. The total
expense for 600 miles per week throughout the year would be less than £1,000, in­
cluding interest at 5 per cent, coke, oil, grease, charges, repairs, and depreciation. This
is about thirty shillings per train. Take, for example, the Brighton line. There are
many gentlemen who would travel backwards and forwards every day, if they could
do it in two hours, and employ the traveling time in reading or writing. Seventy-eight
pounds per annum would be just two shillings and sixpence each journey. Now sup­
posing each seat numbered,-and an ivory ticket, tra n sfera ble, issued, to the taker o f
the seat, it is probable that' in some cases-three persons would club to take a ticket
amongst them for two days per week each. The profit to the company by such an
arrangement would be enormous.
Total revenue first year, say..................
£5,000
Total outlay for first year in capital and expenses...........................................
3,200
Profit.................................
Revenue second year............................................................................................
Expenses.................................................................................................................

£1,800
5,000
1,000

Profit............................................................................................................
£4,000
This principle is used in what are called excursion trains, making the transaction a
certainty to the company; and there is no doubt that it might be carried on extensively.
A company of gentlemen might surely take their railway carriage on job, as an indi­
vidual does his private carriage, or as a house is let by the year.
A train of this kind might be run from London to Liverpool, and vice versa, in five
hours, starting at 1 A. M., and arriving at noon; starting again at 6 P. M., and arriving
at 11, would leave six hours interval in London or Liverpool ibr business. This, with
a carriage fitted for reading and writing, and with not more than five stoppages to
water and coke, and without loss o f time in ticket collection, would surely be a great
advantage to the higher order of the mercantile community.
Supposing the rent of a seat to be £250 per annum for two persons joint­
£16,000
ly, the annual revenue from 64 would b e...................................................
First cost of two trains, say...........................................................
£5,000
First year’s expenses, say..............................................................
4,000
---------9,000
Profit..............................................................................................................

£1,000

Revenue second year...........................................................................................
E x p e n s e s ...........................................................................................................

16,000
4,000

Profit..........................................................................................................
£12,000
Maintenance of way with such light weights would be practically nil.
Large roomy seats with folding reading desks are contemplated in this arrangement.
Eight separate bodies to the carriage.
The remaining problem is— are there sixty-four first class merchants in London and
Liverpool who would set their hands and seals to such an agreement between them­
selves and the company? Or, if not, how otherwise, and what annual sum would
they give ? Fast traveling can be had at a moderate price, if the customers can be
made permanent.




R ailroad, Canal, and Steam boat S tatistics .

681

EX PEN SES OF GERMAN RAILWAYS.

A late number of the A m e r ic a n R a ilro a d J ou rn a l contains an interesting letter from
a correspondent residing at Berlin, from which we learn that the German roads have
been built at a much lower cost than other European roads, being well nigh down to
the average of railroads in the United States, as will be seen by the subjoined table,
showing the cost of some of the lines. The chief saving is in the price of labor, which
averages little, if any, more than 15 cents per day. The workmen upon railways
sometimes make 20 cents the day by taking jobs. The timber for cross sleepers and
the land damages costs less in Germany than in France and England. Upon the whole,
the American sees many more opportunities for suggesting improvements in Germany
than for learning them, and he cannot fail to be impressed, even in passing over the
best lines, that the Germans are eight or ten years behind the times in the construction
and management of railroads.
•
Budweis, Linz, Germunden..................... .
Berlin, Stettin.............................................
Berlin, Anhalt.............................................
Breslau, Fribourg, Sweidtnitz................. . : ...........
Bonn, Cologne.............................................
Rhenan........................................................
Leipzig, Dresden......................................................
Madebourg, L eip zig..................................
Madebourg, Halbsrstadt........................... .
Manheim, Basle...........................................
Munich, Augsburg.......................................
Nuremburg, Furth.......................................
Hanover, Brunswick.................................... ...............
Altona, K ie l.................................................
Hamberg, Bergedorf................................... .............

No. of
miles.

41
VI

88
10

Expenses.
Total.
Per mile.
81,207,873
89,900
2,407,039
29,000
3,185,319
33,886
1,329,058
32,430
617,659
34,314
6,393,715
136,036
4,310,919
60,717
3,423,555
46,264
1,073.951
29,832
7,198,200
51,415
1,674,065
44,054
85,366
23,072
978.390
25,747
1,434,222
21,730
641,861
64,186

The whole extent of roads in operation in Germany and dependencies at the com­
mencement of this year was 1,140 German, or 5,253 American miles. With few excep­
tions they have but one track, are laid upon traverse sleepers of oak or pine, have a rath­
er light T rail, and are of the narrow guage. There are usually three classes of cars—
the first and second are similar to those upon all European roads, having three or four
compartments in each carriage, between which there is no communication, and in which
are two benches running across the carriage, affording seats for eight persons. The
seats of the first class are cushioned, and the backs well stuffed. The greatest incon­
venience is, that as the two rows of seats face each other, one-half the passengers must
ride backward. There are no means of warming the cars save that in those of the
first class, boxes of hot sand are provided for one’s feet. The second class of cars are
more comfortable upon the German roads than upon those of any other European
country, and the consequence is that nearly all the passengers there take that class.
The rates of fare for the second class carriages there corresponds nearly with the rates
upon our roads. Those of the first class are of course a little higher, while those of
the third are much lower. The difference between the rates for the first and second
class there is much less than upon the French and English roads, and there is less dif­
ference between the style and comfort of the first and second classes of carriages—
those of the second class being nearly equal to those of the first class.

IMPROVED METHOD OF NAVIGATING STEAM VESSELS.

The Editors o f the E d in b u rg h E v en in g C our ant, who have had an opportunity of
examining the new application of steam-power to navigation, for which the ingenious
inventors, Messrs. Ruthven, of Edinburgh, (Scotland,) have secured patents both in
England and the United States, thus describe its application, <fec.:—
The disadvantages of the paddle-wheels in steam vessels are too well known to
require enumeration. The attention of the Messrs. Ruthven, of Edinburgh, whose




682

R ailroad, Canal, and Steamboat Statistics.

names rank high as engineers, has. it seems, for a long period been directed to this
subject. The result has been the discovery or application of a new method of pro­
pelling or navigating steam vessels. The arrangement consists in the forcible expul­
sion of water from a nozle or bent pipe, at each side of the vessel, which is effected
by the power of the steam engine. The form and properties of a sailing vessel are
preserved— there being no projections on the hull in the form of paddle-boxes or
otherwise. Under the engine, which is placed in a horizontal position, is a round iron
case, in which there is a wheel, having a shaft through what is termed a stuffing-box,
on the upper or outer side. The piston of the steam-engine is attached to the shaft
cranks, and the steam power is applied wholly to revolving the wheel in the iron case,
which being made something like a fan-wheel, carries the water with it in its revolu­
tions. The water, in obedience to the laws of centrifugal motion, presses towards the
outer rim o f the case with a force proportionate to the speed, and escapes by an
aperture and pipe at each side, whence it is discharged by the nozle, or bent pipe,
into the sea. The water is supplied to the iron case by a large flat pipe, which has a
free communication with the sea by means of apertures in the bottom of the vessel.
The nozle is above the water line, and can be turned by the seamen on deck with the
greatest facility, so as to discharge the water either towards the bow or stern. Dis­
charging the water astern makes the vessel go a head; when discharged towards the
bow, the vessel goes astern; and when discharged downwards, the vessel remains
stationary. These operations are effected without the engine being altered or stopped
— a material improvement on the paddle-wheel; and as the elevation of one nozle
is rapidly altered independently of the other, ample facilities are given for turning
the vessel. The absence of obstruction on the hull enables the vessel to use sails with
as much effect as a common sailing vessel; while the steam-power may be perfectly
combined with the action of the sails— an advantage denied to a steam vessel, except
to a limited extent. It is difficult to convey an adequate idea of the improvements
without an inspection of the mechanism— an inspection, however, for which Messrs.
Ruthven are anxious to afford every facility, having constructed a model of a vessel,
twelve feet in length, for the illustration of the improved method of propulsion.
NEW YORK OCEAN oTEAM MARINE.

The following names and figures, which we find in the J o u rn a l o f Com m erce , will
enable the public to form some idea of the number of ocean steamships now building
at the port of New York and its suburbs, or in process of completion, together with
their cost and tonnage. It will be found tolerably accurate :—
Names and agents or owners.

Pacific, E. K. Collins.................................
Arctic,
“
..................................
Baltic,
“
..................................
Franklin, Fox and Livingston...................
Havre,
“
...................
Florida, Samuel M itchell.........................
Louisiana,
“
.........................
San Francisco, J. Howard it Son.............
(Not named) Morgan & H arris...............
“
“
...............
Columbia, Howland & Aspinwall............
(Not named) Spofford & Tileston...........
“
C. Vanderbilt.....................
New York, William H. Brow n...............
(Not named)
“
...............
“
Norwich & "Worcester R. R.
“
Davis & Brooks...................

Tons.

Cost.

3,500
3,500
3,500
2,500
2,500
1,200
1,200
2,000
1,200
1,200
800
1,200
1,400
700
700
1,200
1,400

$650,000
650,000
650,000
850,000
450,000
200,000
200,000
300,000
150,000
150,000
120,000
200,000
175,000
100,000
100,000
150,000
225,000

Destination.

Liverpool.
“
«
Havre.
«<
Savannah.
u
Pacific.
Gulph trade.
«<
Oregon.
Charleston.
Pacific.
Sacramento River.
«
L. Island Sound.
Pacific.

Number of steamships, 17 ; aggregate tonnage, 29,450 tons ; cost, $4,820,000
Eleven of the above vessels are on the stocks. The remaining six have been launched,
with the exception of the Pacific, and are at the different engine works, taking in their
machinery. The whole number will be finished and dispatched to their destination in
the course of the present year.
The keel of the last-mentioned vessel was laid by Messrs. Westervelt & Mackay on
the 18th o f May, 1850. The “ San Francisco,” alluded to above, was commenced a




Railroad, Canal, and Steamboat Statistics.

683

short time since, by Messrs. Perrine, Patterson A Stack, for T. G. Larkin, Priest, Ac.,
representatives of the California Mail Steamship Company, of whose line she will be
the pioneer. It is intended she shall be one of the best built and strongest fastened
vessels constructed at this port. Her extreme length will be 243 feet, and she will
register about 2,000 tons. She will be furnished with double engines, having eighty
inch cylinders and eight feet stroke. She is expected to be ready for sea in January,
1851. Other vessels for this line will probably be contracted for soon.
At Morgan’s Foundry are building the engines for seven steamships and several for
river boats, Ac., including one for a small steamer to ply on one of the lakes in the in­
terior of New York, in connection with the Erie Railroad. About 600 men are em­
ployed. The inability of our engine builders to execute the large amount of work re­
quired of them, is all that prevents the formation of new contracts for additional
steamers.
TH E AMERICAN RAILWAY GUIDE,

W e have noticed in this department, in former numbers of the M erch a n t s’ M aga zin e,
the “ P a th fin d er R a ilw a y G uide f o r the N ew E n g la n d States,” a neat and complete
manual of all the railroads in New England, in terms of high but deserved commenda­
tion. W e have now before us the second number (for May, 1850) of the “ A m e r ic a n
R a ilw a y G u id e ” on a similar plan, embracing, however, as its title indicates, a wider
scope. It is, in short, to the States of the Union, what the Pathfinder Guide is to the
New England States— a pocket companion for travelers, containing correct tables for
the time of starting from all stations, distances, fares, etc., on all the railway lines in
the United States, illustrated with a complete railway map. It also includes the
principal steam boat and stage lines running in connection with the railroads. The plan
o f the work although based on Herepath’s (English) Railway Guide, will be regarded
by all who are acquainted with that publication, as an improvement on it in many impor­
tant particulars, which our time and space will not permit us to notice at this time. It
would be difficult to devise or execute a more convenient or perfect work of its class,
and we are therefore gratified to learn that the success of the first and second numbers
have been fully equal to the anticipations of C urran D insmore the enterprising pro­
jector and proprietor.
FRENCH STEAM NAVIGATION.

The French official documents lately published give the following details of the
steam navigation on the seas and rivers of France, from which we learn that 291
steam vessels, not including war steamers, measuring together 40,410 tons, and repre­
senting a total of 19,771 horse-power, are employed in the different services of mari­
time and internal navigation. These vessels have carried during the last year 3,152,323
passengers, and 807,131 tons of merchandise. The port most frequented by steam­
boats, and where the most considerable service is carried on, is Marseilles, which has
49 vessels, having a line of navigation with all the ports of the Mediterranean. Next
to Marseilles comes Havre, having 19 steamers running to St. Petersburg, Hamburg,
Rotterdam, and other ports. The progressive movement is as follows:— In 1833 there.
were 75 steam vessels; in 1840, 211 ; 1844, 238; and at the present time, 291. In
1833 the number o f passengers was 1,038,916 ; in 1840,2,547,116 ; nowit is 3,152,323.
The tonnage of merchandise in 1833 was 88,140; in 1844, 485,539 ; and in 1850,
807,131. In addition to these 291 steam vessels there are 30 stationed at different
points employed as steam-tugs for other purposes.

LOANS TO RAILWAY COMPANIES IN IRELAND,

A return is just printed of all the moneys lent to railway companies in Ireland by
the Exchequer Bill Loan Commissioners, and the amounts repaid. It appears that
from 1832 to 1842, the amount advanced to Irish railways was £157,200, and that the
interest on such advance has been duly paid. Of the principal, £99,595 had been re­
paid, and the remainder is in regular course of payment. From 1842 to 1849 there
lias been advanced to Irish railways £834,000, chiefly within the last three years.
There is no instance in which any arrears of interest are due. Of the principal, £51,17 9,
being the whole amount which has fallen due.




684

Journal o f M ining and M anufactures.

JOURNAL OF MINING AND MANUFACTURES.
MANUFACTURING ESTABLISHMENTS OF NEW YORK.

The following statement of the various manufacturing establishments in the State
o f New York, including cotton, woolen, and miscellaneous, is compiled from the “ N ew
Y o r k M erca n tile U nion B u sin ess D ir e c to r y " for 1850:—
C O T T O N M A N U F A C T U R IN G

Name and location.
Harmony Manufacturing Co., Cohoes. .
Odden Mills, Cohoes.............................
Nishet R. <fc Co., Auburn.......................
Carpenter, J.. Valatie...........................
Hanna & Carpenter, Valatie................
Kinderh’k Steam Cot. Mills, Kinderh’k.
Starr Cotton Mill, Valatie.....................
Stuyvesant Cotton Mill, Stuyvesant...
Wild, J., Stockport.................................
Wild, N., V a la tie..................................
Bloom vale Cotton Mill, Washington
H ollow ................................................
Burnsville Mill. Fishkill Landing........
Clinton Mill Manufacturing Company,
Wappingers Falls...............................
Franklin Manuf. Co., Wappingers Falls.
Hartsville Cotton Mill, Washington...
Manchester Co., Poughkeepsie.............
Metteawan Manuf. Co., Metteawan...
Pleasant Valley Cotton Factory, Pleas­
ant Valley...........................................
Rochdale Cot. Manuf. Co., Poughkeepsie
Rocky Glen Co., Glenham.....................
Wiccapee Co., Fishkill Landing...........
Buffalo Steam Cotton Mills, Buffalo ..
Astoragaw Mill, Little Falls . . . . . . .
New Hope Manuf. Co., Van Hornsville
Anderson & Knox, Watertown............
Ontario Cotton Mills, Brownville........
"Watertown Cotton Co., Watertown . . .
Chamberlain & Hamblin, Pratts Hollow
Pierce, Cobb & Co., Eaton....................
Genesee Cotton Mills, Rochester..........
Jones’ Mill, Rochester...........................
America Mills, Paris..............................
Clark’s Mill, Kirkland...........................
Clinton Cotton Mill, Clinton.................
Eagle Mills, New Hartford...................
Franklin Manufacturing Co., Sauquoit.
Manchester Manuf. Co., Manchester...
New Hartford Cotton Mills, N. Hartford
New York Mill, Whitestown...............
Oneida Manuf. Society, Whitestown..
Utica Cotton Mill, New Hartford........
Utica Steam Cotton Mill, Utica..........




E S T A B L IS H M E N T S I N N E W Y O R K .

Kind of goods.
Print goods................yds.
Sheetings and shirtings..
Heavy sheetings............
Print goods.......................
Satinet warp & wicking.
Print goods.......................
Print goods.......................
Print goods.......................
Print goods.......................
Print goods.......................

Yearly amount
in yards, & c. Spindl’ s.
1 ,8 7 2 ,0 0 0
8 ,0 0 0
8 ,6 0 0 ,0 0 0
1 1 ,8 0 0
6 2 4 ,0 0 0
2 ,7 0 0

7 0 0 ,0 0 0

2 ,2 0 0
3 ,2 0 0

2,016,000

12,000

Cotton y a rn ............. tons
Cotton yarn............... ;

75

1,700

62i

2,500

Print g o o d s ............. yds.
Print goods......................
Satinet warp...................
Print goods.......................
Cotton goods...................

2,700,000
3,500,000
1,200,000

10,000
10,000
2,000
2,200

Print goods.......................
500,000
3,000
Print goods......................
540,000
1,690
Print goods....................... 1,500,000
7,000
4-4 brown sheetings. . . .
675.000 j
l 2,816
Cloths...............................
800.000 i
Heavy sheetings & batt’g tons
52
3,000
Print g o o d s .............yds.
600,000
3,264
Sheetings & 7-8 goods. . .
430,000
2,556
Cotton yard & wicking..
10,000 :1
Batting.............................
50,000
Warp & tw in e...............
30,000 1
Coarse sheetings..............
800,000
3,000
Cotton goods...................
400,000
1,500
Cotton goods...................
Heavy sheetings.............
550,000
2,000
Heavy sheetings.............
600,000
4,000
Heavy sheetings............. 1,300,000
8,000
Sheetings.........................
370,000
2,000
Sheetings.........................
Sheetings <fc satinet warp.
425,000
2,600
Sheetings......................... 1,150,000
____
Sheetings & shirtings. . .
850,000
Heavy brown sheetings.
900,000
3,300
Coarse sheetings.............
950,000
4,200
Sheetings & shirtings. . .
200,000 17,000
Sheetings......................... 1,100,000
4,700
Sheetings......................... 1,200,000 j
j- 7,000
Cotton warp....................
100,000 J
Cotton goods................... 3,000,000 15,000

i

Journal o f M ining and M anufactures.
Name and location.

Kind o f goods.

685
Yearly amount
in yards, & c. Spindles.
3 0 0 ,0 0 0 f
....
1 ,0 0 0 ,0 0 0 J

Sheetings.........................
Westmoreland Mill, Westmoreland.. . j
Wadding..........................
Ames Barret, Carriageville..................
Moudena Mill, New Windsor............... Cotton yarn.....................
Newburgh Steam Mill, Newburgh.. . . Print goods.......................
Townsend’s Mill, Cornwall...................
Oswego Cotton Mill, Oswego...............
Butternuts Wool. <fcCot. Fac., Butternts 4 - 4 sheetings...................
Hargrave Company, Butternuts.......... Print goods......................
Baxter, William, Mount Ida................. Cotton yarns...........tons
Lawton <fc Greene, Mount I d a ............. Batting <fc Wadding..__
Marshall, Benjamin, Mount Ida............ Sheetings & ging’ms. yds.
Marshall, B., Mount Ida......................... Cotton g’ds <fctweed w’ps.
Robinson & Wood, Mount Ida............. Cotton warps...................
Van Riper, J. & A., Spring V a lley... . Sheetings........................
Cook, F. H., Ballston.............................. Print goods......................
Cook, J. M., Ballston.............................
Print goods.......................
Cook, S. H, Ballston............................... Print goods.......................
Saratoga Cotton Mill, Victory............. Print goods......................
Victory Mill, Victory............................. 4 -4 cotton goods..............
Schenectady Manuf. Co., Schenectady. Brown sheetings.............
Waterloo Cotton Co., Waterloo............ 4 - 4 sheetings...................
Mowry <fc Co., Union Village............... Sheetings.........................
Kirby ville Cotton Factory, New Castle Cotton goods...................

75
3 ,2 8 3 ,0 0 0

6 0 0 ,0 0 0
5 0 0 ,0 0 0
16
65
5 0 0 ,0 0 0
1 1 2 ,0 0 0
2 0 0 ,0 0 0
8 0 0 ,0 0 0
4 8 0 .0 0 0
3 7 0 ,0 0 0
8 2 0 ,0 0 0
2 ,0 0 0 ,0 0 0
4 0 0 ,0 0 0
2 0 0 ,0 0 0
2 4 3 ,2 0 0

2 ,8 0 0
3 ,0 0 0
1 1 ,7 8 4
3 ,2 0 0
3 ,6 0 0

216
5 ,0 0 0
528
100
3 ,3 4 0
1 ,6 5 0
1 ,4 0 0
3 ,2 0 0
1 ,6 0 0
1 ,6 0 0
2 ,0 0 0
1 ,8 4 8

....

E X T A B L IS H M E N T S O F N E W Y O R K .

Tivoli Woolen Mill, Albany.................
Watervliet Woolen Mills, Watervliet.
Hills & Morse, Angelica...........
Morse, A., Angelica...................
Auburn Woolen Co., Auburn..
Barber, Dennis & Co., Auburn.
Couch <fc Stone, Westfield..
Steam Woolen Factory, Jamestown..
Hartwell & Winslow, Plattsburg. . . .
Delaware Woolen Factory, De l h i . . . .
Glenham Company, Glenham.............
Lagrange Woolen Manuf., Lagrange..
^Pine Grove Woolen Manuf., P. Valley.
Prattsville Manuf. Co., Prattsville.. . .
Saxony Woolen Co., Little Falls.........
W ool Growers’ Mf. Co., Little F alls...
Black River Woolen Co., Watertown..
Jefferson Woolen Co., Brownville........
Milliard <fc Sawyer, Watertown...........
Beach, H. H., E aton.............................
Bridge, William <fc J. L., Clockville.. .
Brooks, Collin, Cazenovia.....................
Cedar Grove Mills, Cazenovia............ .
Chamberlain, O. & Co., Eaton..............
Eaton, Nathan, Hamilton.....................
Morse & Brown, Eaton.......................
Shepard, N., Morrisville.......................
Smith, A. V., Leeville..........................
Stewart, R. & D. A Co., Chittenango..
Ten Eyck & Curtis, Cazenovia.......... .
Tillinghast, Clark, Morrisville...............




Satinets and tweeds____
Broad cloths, tweeds, sat­
inets and shawles.. . .
Cassimeres, Flannels and
satinets.......................
Woolen goods.................
Broad cloths...................
Carpets.............................
Cassimeres, tweeds, grays
and flannels.................
Plain and fancy cassim’rs,
tweeds, grays, & flan’ls.
Cassimeres, flannels, sat­
inets, and tweeds........
Br’d cloths, cass., & flan’ls.
Woolen goods.................
Broad cloths....................
Broad cloths...................
Cassimeres and tweeds .
Broad cloths....................
Broad cloths....................
Broad cloths & cassimer’s.
Broad cloths.................. ..
Satinets............................
Sheeps gray....................
Woolen goods.................
Woolen goods.................
Cassimeres and tweeds .
Sheeps g r a y ...................
Sheeps g r a y .................
Woolen goods.................
Sheeps g r a y ...................
Gray aud brown cloths .
Broad cloths & cassimer’s.
Cassimeres.....................
Grays and brown cloths.

2 0 0 ,0 0 0

1 ,5 4 8
2 ,2 0 0

5 5 ,0 0 0
5 1 ,5 0 0
1 8 0 ,0 0 0
1 8 0 ,0 0 0
3 0 ,0 0 0

240

7 5 ,0 0 0

680

1 0 0 ,0 0 0
3 0 ,0 0 0
1 2 1 ,0 0 0

510
600

40,000
90,000
60,000
1 4 0 ,0 0 0
7 0 ,0 0 0
1 0 0 ,0 0 0

60,000
25.000
105.000
50.000
150.000
300.000

720
1 ,2 0 0
2 ,0 0 0
1 ,2 0 0

....

Journal o f M ining and M anufactures.

686

Name and location.

Turner, R. A S. C., Stockbridge...........
Williams, John, Cazenovia....................
Williams, Ledyard & Stebbins, Cazen’a.
Allen, Oliver, Mumford.........................
Coe, E. B., Rochester.............................
Dundas, Charles W. & Co., Rochester.
Greene, Wm. K. Co., Amsterdam ..
Sandford, John cfe Son, Amsterdam.. .
Van Deuzen & Sons, Buel....................
Clayville Mill, Clayville.......................
Empire Mills, Clayville.........................
Utica Globe Mills, Utica.......................
Utica Steam Woolen Co., U tic a .........
Washington Mills, Washington Mills..
Washing’n St’in Mills, Washing’n Mills.
Whitestown Manuf. Co., W alesville...
New Hampton Mills, New Hampton .
Stearns & West, Pulaski.....................
Guest, Jacob H., Ogdensburg...............
Haskell, Henry 1., Ogdensburg...........
Schenectady Steam Mills, Schenectady.
Seneca Woolen Mills, Seneca F alls.. .
Waterloo Woolen Mf. Co., W aterloo..
Jones, J. N. & W. R. & Co., Cold Spring
Harbor.. . . . ........................................
Day, E. D. & Co., Warsaw....................

Kind o f goods.

Yearly amount
in yards, & c. Spindles.

Woolen goods..................
Satinets............................
Satinets............................
Broad cloths, cassimeres
tweeds, flannels......
Cassimers and tweedes .
Broad Cloths & medium
goods............................
Ingrain carpeting............
Carpet y’rn, worst’d w’rp,
3 ply ingrain and cheniel carpets and rugs.
Narrow cloth, satinets, <fc
Cotton warp broad cloths.
Broad cloths....................
Broad cloths....................
Broad cloths....................
Cotton warp broad cloths.
Cotton warp broad cloths.
Twilled & plain flannels.
Broad cloths.....................
Satinets............................
Cassimeres & satinets. . .
Cassimeres, sats., & flan’ls.
Cassimeres, sats., <fcflan’ls.’
Carpetings.......................
Black cassimeres...........
Broad cloths & cassimer’s.
Broad cloths...................
Cassimeres & plain cloths.

M IS C E L L A N E O U S M A N U F A C T U R IN G E S T A B L IS H M E N T S I N N E W

Name and location.

Albany Glass Works, Albany...............
Duchess Company, Wappingers Falls..
Poughkeepsie Iron Co., Poughkeepsie..
Au Sable Iron Co., Au Sable F orks...
Utica Screw Company, Utica...............
Oswego Starch, Oswego.........................
Oregon Iron Works, Putnam Valley . .
Albany Iron Works, Troy......................
Troy Iron and Nail Factory, T r o y ___
Mohawk M’rble cfc Cem’t Co., Schenec’y.
Norris Locomotive Works, Schenectady.
Ellenville Glass Co., Wawarsing...........
Lawrence Cement Mf. Co., Rosendale .
Newark Rosendale Co., Whiteport.. . .
New York and Saugerties White Lead
Company, Saugerties.........................
Saugerties Paper Mills, Saugerties. . . .
Ulster Iron Works, Saugerties..............

...........................
36,000
100,000
18,000
'75,000

180
516

'75,000
36,000

560
«...

$133,000

1,000

256
115,000
1,200
135,000
2,160
145,000
2,400
145,000
2,400
135,000
1,600
'70,000
900
120,000
580
19,250 )
....
19,815 f
22,000
248
28,000
210
45,000
560
83,800
400
125,000
1,600
31,000
25,000

274

....

YORK.

K ind o f goods.

Glass hollow ware.
Calico printing.
Pig iron and all kinds of castings.
Bar and plate iron.
Screws.
Starch.
Iron wire.
Railroad, ship, boat spikes, cut nails, spring
steel & carriage springs, car axles, boilers, <fec.
Rolled and slit iron, horse shoes, spikes, and
railroad fastenings.
Hydraulic cement and plaster.
Locomotive engines.
Black glass.
Hydraulic cement.
Hydraulic cement.
White lead.
Printing paper.

COTTON SPINNING IN VARIOUS PARTS OF THE WORLD,

The reports of the Statistical Bureau of Prussia, as we learn from a continental jour­
nal, show that at the end of the year 1840, there were in operation in Prussia 152 cot­
ton spinning machines, with 170,433 spindles. The number of persons employed was
altogether 5,883, of which 1,605 were children under fourteen, and 788 adults above
fourteen. The provinces of East and West Prussia, and Posen, possess no cotton spin­




Journal o f M ining and M anufactures.

687

ning factories; in Pomerania, Bradenburg, and the province of Saxony, the number is
trifling, being altogether but seven factories, with 5,890 spindles. This branch of in­
dustry is concentrated, therefore, in Silesia, Westphalia, and the Rhine province. In
Silesia, there are in three of its larger factories 30,892 spindles in operation, which em­
ploy 1,441 work people. Silesia has also eight smaller factories, in which 4,632 spin­
dles, and 308 hands are employed. In Westphalia there are two large factories, with
6,162 spindles, and 208 hands, (at Eilde and Rouendel, in the circle Hagen.) The re­
maining ninety-one factories are all very small, and employ altogether only 43,320
spindles, and 440 hands. The forty-one factories in the Rhine province employ 109,547
spindles, and 2,163 hands.
The total number of spindles in operation in the Zollverein is, according to Yon
Dictrici, 815,000; o f which Saxony owns 541,868, and Prussia, 170,433, making a total
o f 712,301 for these two States alone.
The article concludes by exhibiting a general view of the number of spindles at
work in various parts of the world :—
Great Britain...............
France............................
United States*.............

Spindles.
17,500,000
4,300,000
2,500,000
815 000
700,000

Belgium............................
Spain.................................
Italy..................................

Spindles.
420,000
300,000
300,000
28,985 000

Switzerland..................

ZINC MINES OF NEW JE R SE Y .

The E v en in g P o s t says, on competent authority, that the zinc mines which have re­
cently been discovere'd in Sussex county, New Jersey, are among the most valuable in
the world. A new company, called the New Jersey Exploring and Mining Company,
has recently got to working one at Stirling Hill, on the westerly side of the Walkill,
some four miles from Sparta, which promises a most abundant yield. A long account
of the geological formation of this region, appears in the N ew a rk D a ily A d vertiser,
which we condense for the benefit of such of our readers, as may be interested in
these scientific, yet practical matters.
A narrow belt of white chrystalline limestone is found commencing near the New
Y ork state line, which extends southerly along the valley of the Walkill about 25
miles, and terminates near Waterloo, in the southerly part of Sussex county. It is
bounded on each side by a blue lime stone formation,which appears to have been originally
one, as the blending is so gradual that the line of union is designated with difficulty.
The white limestone is supposed to owe its color and chrystalline structure to igneous
agency, and is the matrix of many valuable minerals, as well as the repository of all
the red zinc ores and veins of Franklinite that have ever been discovered.
The red zinc vein has been described by mineralogists as presenting the appearance
of a reddish mass, with imbedded grains and imperfect chrystals of Franklinite disse­
minated through it. The Franklinite vein has been supposed to contain but 17 per
cent of oxide of zinc— the amount its chrystals were found to contain when chemically
combined. Recent examination has shown about 20 per cent, of the entire mass to
contain 20 per cent, of free oxide of zinc mechanically combined.
The outcropping of the veins on Stirling Hill are on its easterly face, about 40 rods
west of the Walkill, and about 100 feet above the level of its bed. No regular
mining operations have ever been attempted there until within the last two months.
A small gallery was cut through the limestone to the vein about fifty feet below its
outcrop, a few years since, under the direction of a scientific engineer from the ‘ School
of Mines,” sent out by a French company to examine this mine. Fras’ Alger, Esq.,
caused the rubbish to be removed, exposing the outcrop for about 600 fefet, and made
several small openings at different points, but very little ore has ever been removed
except for purposes of experiment, and to obtain cabinet specimens.
The New Jersey Exploring and Mining Company commenced mining operations on
this hill at the southerly point uncovered by Mr. Alger, by stripping the limestone
from the face of the vein to a level about fifty feet below the gallery before mentioned.
The limestone and rubbish thus removed, has served the purpose of forming a plat­




* Cotton spinning was first commenced in 1824.

688

Journal o f M ining and M anufactures .

form for breaking and piling on, and also a serviceable material for making a road.
The vein is now exposed at a much lower point than we have hitherto been able to
examine it. This demonstrates two important facts in an economical view— first, that
the vein increases rather than diminishes in thickness as it descends; secondly, that it
assumes a more vertical position, and furnishes indications that in descending there
will be found more perfect separation of the zinc from the Franklinite. Nearly 800
tons have been mined and broken this spring, and are ready for transportation. With
the force now working, from one to three hundred tons can be mined every week
through the season. Foliated, or Lamellar zinc ore, which has hitherto been consi­
dered a rare production, and highly prized for cabinet collections, is becoming more
abundant at the depth now worked, and a mass weighing over 1,200 pounds, seventenths of which is foliated, will be on its way to Newark next week.
IRON MANUFACTURE IN PITTSBURG.

The Pittsburg Board of Trade, in a circular recently issued by it, states that in
that city and its immediate vicinity, there are now thirteen rolling mills, beside five
others within the compass of fifty miles; the actual product of which is, say 70,000
tons pig metal; yielding, say, with the labor employed, about $5,000 per annum.
There are also sixty foundries and engine shops, consuming some 20,000 tons more
pig metal, and yielding, with the labor employed, about $2,000,000. With a great
many glass, there are also six large cotton factories, together with other manufacturing
establishments in this city, producing articles of not less than $5,000,000 more; which,
with say $5,000,000 annually paid for labor in the establishments, will make $10,000,000.
The number of blast furnaces in Clarion, Venango, Mercer, Butler, and other counties
in northern and western Pennsylvania, is now one hundred and fifty, sending to this
market near about one hundred thousand tons of metal, and valued between two and
three millions of dollars.
There is now annually exported from the counties of Westmoreland, Fayette and
Washington, on the Monongahela Improvement, about 6,000,000 bushels of coal, pro­
ducing in all about $400,000. There is also about 12,000,000 bushels annually con­
sumed in our manufacturing establishments in this city and vicinity, valued at about
half a million of dollars, and all dependent upon the Pittsburg banks for their ac­
commodations. To sum up the whole, the increase of business in all the various
branches within the past ten years, has been not less than 300 per cent, and depends
upon a banking capital of less than three millions of dollars, when, in 1838, the bank­
ing capital and circulation was near eight millions, and not then considered as sufficient
for the actual business of the place.
AVERAGE PRICE OF BAR IRON IN ENGLAND.

The subjoined statistics of the prices o f bar iron are extracted from a paper on the
iron trade, by Mr. John Barclay, which appeared in the London Mining Journal:—
£.

,

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

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

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

1826........................................
Rails........................................
Sheets.....................................
Angle iron.............................
Hoops......................................
Be9tiron.................................




s.
6

d.

1827
................................
................................
18
4 1828
4 1829
13
................................
2
6 1830
................................
12
6 1831
................................
8 1832
................................
1
0 1833
5
................................
4 1834
13
................................
4 1835
18
................................
3 1836
1
................................
0
0 1837
................................
2 1838
19
................................
2 1839
14
...............
9 15 10
5s. to 7s. 6. extra to prices of bars.
40s.
30s.
«
tt
40s.
25s. to 30 3. per ton extra.
12
13
13
12
10
12
12
10
: 8
8
8
8
12

8

£ . s. d.
9
7
6
6
5
5
6
6
6
10
9
9
9

7 6
18 4
16 8
3 9
13 9
13 4
12 11
18 9
10 0
12 6
1 3
4 7
15 0

J quwi&I c f M ining and M anufactures.

689

GOLD AJVD GOLD MINING,

Si t Roderick Murchison, the celebrated mineralogist, recently delivered at the Roy&l Institution of Great Britain a most interesting lecture on “ The distribution of Gold
Ore in the Crust and upon the surface of the Globe.”
Ho stated it to be an axiom that gold ore never occurs in any great quantity except
tinder certain conditions or “ constants,” which may be thus briefly explained to be
where the ancient stratified rocks which constitute the backbones of continents or great
islands, have been penetrated and altered and crystallized by the intrusion of igneous
or eruptive matter. The golden vein stones which rise up from beneath have been
carefully examined to a very considerable distance below the surface, and it has been
ascertained that they invariably deteriorate in value—i. e., in the per centage of pure
gold on the weight of the ore, the deeper the search is made. All the rich portions
are found near the surface; hence the powerful rubbing or attrition which that surface
has undergone in ancient times, has, by grinding down the tops of mountains, carried
away by far the greatest quantity of valuable ore, and distributed it in heaps of gravel
and sand, in plateaux or in valleys.
The learned lecturer inferred that gold was of a very recent date, as respects geolo­
gical history, though of great antiquity as respects the human race. Indeed, the ac­
cumulations on the flanks of the Ural Mountains clearly proved that iron and copper
were formed before gold. These Ural Mountains and Siberia furnish more than half
o f all the gold produced throughout the world. From the Ural Mountains and the
twenty-five districts of Siberia, in the region around the flourishing city of Krasnojarsk,
o f which one is 200 miles in length and 100 in breadth, where the metal is invariably
found in the broken materials and debris above mentioned, nearly the value of
£3,800,000 in gold is annually derived. Precisely similar, geologically, are the chief
backbones of the American continent, which also afford at intervals clustered collec­
tions o f gold ore. As a proof that gold in a mine diminishes as the solid rock is per­
forated downwards, the authority of Colonel Colquhoun, R. A., long resident in Mexico,
was cited to show that in Gundalupe y Calno, vein stones opened out by British en­
terprise, though at first productive, gradually declined in value, and became poor as
the ore was sought for deeper, and finally became purely argentiferous. The same
was shown by Mr. Warrington Smyth to be the case in the gold mines o f Hungary.
A brief historical sketch of the subject was given, in which it was stated that Job
was a true and good geologist, when he said There is a vein for the silver,” and “ the
-earth hath dust of gold.” “ If, however,” said Sir Roderick, in conclusion, “ we allow our­
selves to speculate on the moral effects of tills golden shower, we must, I apprehend,
admit with the ancient historian (but no geologist) Diodorus Siculus, that gold is ob­
tained with toil, is retained with difficulty, creates everywhere anxiety, and in its use
produces both pleasure and pain.”
OF T IIE MANUFACTURE AND REFINING OF SUGAR,

Rees, Reece, and Ashl-ey Paston Price, o f London, (England,) have taken out a pat­
ent for im provem ents in the manufacture and refining of sugar and saccharine matters.
The patentees claim:—
1. The use of hyposulphite of lime, the hyposulphite of magnesium, tire hyposul­
phite of barium, the hyposulphite of strontium, either singly or in conjunction with the
solutions of acid sulphate of alumina, acid acetate of alumina, or acetic acid, as defeca­
tors of sugar and saccharine matters.
2. The use of hyposulphite of alumina as a defecator of sugar and saccharine solu­
tions.
3. The use of the hvdrosulphuret of the sulphide of magnesium, the bisulphuret of
magnesium, or the sulphurets of magnesium; the hydrosulphuret of the sulphide of
calcium, or the sulphurets of calcium; the hydrosulphuret of the sulphide of barium,
the bisulphuret of barium, or the sulphurets of barium; the hydrosulphuret of the sul­
phide of strontium, the bisulphuret of strontium, or the sulphurets of strontium, as precipitants o f lead or of any of the salts thereof, which may be found in solutions of sugar
or saccliarme matters.
4. Subjecting saccharine solutions, for the purpose of removing any sulphuretted
hydrogen which may exist in a free state, or result from the decomposition of the sul­
phurets employed to the combined action of heat, from steam or otherwise, and a vac­
uum, or boiling in vacuo.
-5. The use o f sulphurous acid, or the hyposulphite of alumina, or the hyposulphites
VOL.

X X I I .— N O . V I .




44

690

Journal o f M ining and M anufactures.

which, when treated with an acid, or otherwise, produce or liberate sulphurous acid as
a primary or secondary decomposition to remove any excess o f sulphuretted hydrogen.
6. The use of saccharate of lime, saccbarate of baryta, or saccharate of strontia, to
neutralize any acid which may be found in solutions of sugar or saccharine matters re­
sulting from the employment of the acid sulphate of alumina or the acetate of alumina.
7. The use of saccharate of lime, of byryta, or of strontia, as the source of carbonate
o f lime, carbonate of baryta, or of carbonate of strontia, which are produced by passing
carbonic acid gas into solutions of these saccharites, and also the application o f any of
these carbonates in the refining of sugar or saccharine matters.
8. The use of saccharate of lime, of baryta, of strontia, or o f magnesia, as a source o f
hydrated saccharate of calcium, of baryta, of strontia, or of magnesia, which are pro­
duced by passing hydrogen gas into solutions of these saccbarates until none of the
same is absorbed, to neutralize any acid or decompose any salt which may exist in so­
lutions of sugar or saccharine matters resulting from the employment of lead.
9. The use o f bicarbonate of alumina, or bicarbonate of magnesia, as a defecator
of sugar or saccharine matters.
10. The use of the soluble sulphites as defecators of sugar and saccharine matters.
11. The use of the soluble sulphites in the treatment of canes, or beet-root, for the
purpose of extracting saccharine matters therefrom.
12. The use of the soluble hyposulphites in the treatment o f cartes or beet-root for
the purpose of extracting saccharine matters therefrom.
IMPROVEMENT IN THE MANUFACTURE OF W HITE LEAP.

J. E. D. Rogers has recently, (August 1, 1849,) taken out a patent in England for an
improved method o f manufacturing white lead.. The London M ech an ics' M a g a zin e
thus describes the process:—
The patentee proposes to manufacture carbonate o f lead, commonly called white
lead, by suspending pieces of sheet or cast lead, bent in the form of two sides of a tri­
angle, upon frames erected in a room or chamber, which is capable of being darkened
and rendered air tight, or nearly so, when required. Underneath the frames are troughs,
some of which are filled with a fluid capable of passing into the state o f vinous fermen­
tation spontaneously, or of doing so on the addition of yeast, and thereby evolving car­
bonic acid gas. The other troughs contain sour beer, vinegar, or other similar fluids,
into which steam pipes from a boiler are caused to open, so as to produce acetic acid,
or pyroligneous acid and aqueous vapors. The m odus operandi is as follow s^ T h e
pieces of lead are suspended in the frames as close together as possible without actual
contact and the chambers made air tight, or nearly so, and maintained at a tempera­
ture of from 70° to 80° F. As soon as the carbonic acid gas is evolved, the chamber
is darkened, and steam admitted about three times in every twenty-four hours, to pro­
duce acetic or pyroligneous acid and aqueous vapors. The chamber is provided with
a man-hole, to allow of the troughs being replenished when the fluid contents have
been exhausted, which will occur at the expiration of forty-eight hours. This opera­
tion for converting metallic lead into carbonate of lead generally takes twelve days.
Claims— 1. The use of a chamber, or room, in the manufacture of white lead, which
is capable of being made air tight, or nearly so, when required, and into which the
supply of carbonic gas, and acetic acid, or pyroligneous acid and aqueous vapors, may
be controled or regulated.
2. The introduction of steam into the converted chamber, either alone or combined
as described.
HYDRAULIC PRESSU R E IN COAL MINES.

It is stated that a powerful hydraulic engine is used at the Minton Colliery for the
purpose of drawing the trains of wagons under ground, without the aid of steam-engine,
or of horses. The engine consists of two small cylinders and pistons, each being 3 in­
ches in diameter, with a 12 inch stroke; the water which supplies the power is that
pumped from the shaft, collected in a reservoir 606 feet above the level of the water
engine, and, o f course, applying an enormous force on the pistons; the pipes conveying
the water down the shaft are 4-J inches in diameter; the distance from the shaft from
whence the trains are at present propelled is 880 yards, with gradients from 1 in 30
to 1 in 18; the number o f tubs in each train is at present 20 or 21; the time of trav-




Journal o f M ining and M anufactures.

691

«ling the distance is 4£ to 6 minutes, or 6 miles per hour; the quantity of water press­
ing on the pistons is 1,500 gallons, and the average speed is 100 strokes per minute,
although 130 have been obtained without any jarring motion ; the power of the engine
is about 30 horses, and the reservoir and column of water collects as much as will draw
20 trains per day; but although it is contemplated to increase that number to 50, that
extra number will only involve the pumping of an extra 30 gallons per minute through
the 24 hours.
THE ECONOMY OF IRON SHIPS.

In the building of a first class oak ship of 500 tons, about 700 tons of timber in the
rough are required. That timber occupies 12 acres of land, on an average, 75 years,
and is worth more than £1,200 as it stands growing, before any labor of an artisan has
been bestowed upon it ; and the hull, when finished for launching, will be worth £6,000,
the value o f the raw material being one-fifth, or £1,200, and of labor and profit fourfifths, or £4,800. The value of the raw material for an iron ship of the same size
would be about £50, being the royalty paid to the owner of the soil to work the iron
ore, limestone, and coal. The labor and profit would be nearly £6,000, say £5,950 ;
and we shall then have an iron ship costing £6,000, of which the raw material cost
less than a half per cent. We have, then, a vessel of 500 tons costing £6,000, whether
o f wood or iron ; but the oak vessel would not last on an average more than 15 years,
and would require to be repaired in that time probably five times, at an expense of
say £300 each time, or at a total of £1,500. This may be regarded as a very moder­
ate computation, but it would increase the cost of the oak ship to £7,500, which, if
sold for old timber at the end, would fetch £250, leaving £7,250 to be divided over 15
years, and we shall have £473 as the annual cost of the oak ship of 500 tons, exclu­
sive of interest on capital. Compare this with the iron vessel of the same size, costing
£6,000, which on the average may be fairly estimated to last 20 years, and may re­
quire in that time to be repaired ten times, at an expense of £100 each time, making
the first cost and repairs, £7,000. The value of the old iron ship at the end of 20
years may be estimated at £600, giving us £6,400 to be divided by 20 years, and we
shall have £320 as the annual cost of an iron vessel of 500 tons, exclusive of interest
on capital. Therefore, we see that the cost to this country of using oak vessels may be
expressed by the figure 473, and the cost of using iron vessels by the figure 320. But
an iron vessel of 500 tons register would carry 100 tons more than the oak vessel with
the same displacement. Nor is this all. The speed of the iron vessel would be much
greater, and it will run six miles while the oak goes five and a half, or doing as much
in 11 months as the oak does in 12, or earning £12 while the oak vessel earns £11.
Again, in the time occupied in repairs, the iron shin would not be detained two weeks
in the year on an average; whereas, one month must be allowed for the aggregate re­
pairs of an oak ship, or 15 months out of the whole time, the money value of which
is about £600, while the loss of time by the iron vessel would be only 40 weeks, or 10
months, the loss of time being equal to £226. What are the objects most desired by
the merchant in the choice of a ship. These— 1. Strength, combined with lightness.
2. Great capacity for stowage. 3. Safety. 4. Speed. 5 Durability. 6. Economy
in repairs. 7. Cost. 8. Draught of water. And iron vessels possess advantages.under
all those heads in so eminent a degree as to render them far superior to wooden ves­
sels. If leaks occur they are commonly very easily discovered and stopped, so that
there is no bilge water— a consideration of importance in carrying corn and other food.
THE MANUFACTURE OF BOOTS AND SHOES IN NEW YORK.

A report has appeared, signed by J. R. Pitkin, David Stevens, and John H. Cornell,
Commissioners of the American Union Boot, Shoe, and Leather Manufacturing Com­
pany, signed on the 11th February last. It proposes that the company be organized
with a capital of §200,000, in shares of §25 each; that steps be taken to raise a con­
tingent fund of from ten to twenty thousand dollars, for the expenses of organization
and the purchase of machinery, stock, <fcc., to start two or three establishments under
the direction of the commissioners.
The report states that boots and shoes are annually manufactured in Massachusetts
to the amount of §18,000,000. The demand for these articles, says the report, exceeds
the supply. Frauds are committed in substituting wood or shingles for leather, in the
construction of cheap shoes for the New York market, and in some parts of the shoe,
untanned leather is often used. The quarters of kip brogans, as they are called, are
sometimes lined with common straw oaper, concealed beneath white sheep-skin morocco.




692

M ercantile M iscellanies.
PROGRESS OF MANUFACTURES IN SPAIN,

It is a, singular circumstance that the consumption of linen in Spain still continues t o
be much greater than in England, France, and Belgium put together, and that, not­
withstanding the consumption is so great, there were, until lately, only two manufac­
tories in Spain, where a coarse kind of linen cloth was made. An enterprising lady,
Madame Laurens by name, a native of Spain, but educated in a manufacturing town
in France, determined on attempting to improve the manufacture of linen, and accord­
ingly established some time ago a linen factory at Aviles, a small seaport town on the
northern coast. There, notwithstanding the very discouraging difficulties she encoun­
tered, she succeeded; and at the exhibition of national industry held last summer at
Madrid, presented several specimens of linen of Spanish manufacture, for which the
first prizes were awarded to her. The Spanish government, desirous of encouraging
her in her efforts, have given to herself and heirs in perpetuity, a building, (formerly a
monastery,) with the adjacent grounds, close to Avile, with permission to convert it
into a linen factory. Madame Laurens immediately afterwards visited the manufac­
turing districts in Belgium and England, for the purpose o f inspecting and importing
into Spain all the improvements recently made in the linen manufacture; and it is very
much to the credit of the British manufacturers, that in every instance they afforded
her, without demur, all the information she desired to obtain.

MERCANTILE MISCELLANIES.
INSURANCE: IT S IMPORTANCE.

“ What is worth doing at all is worth doing well,” is a proverb that never lacks ap­
plicability ; and hence we take it upon ourselves to repeat our cautions to the unin­
sured. As we pass along the street we see new signs up, intimating that “ insurance ”
is made within, and we infer thence that competition reduces cost. The cost of insur­
ing property against fire in our commercial cities is, however, so trifling, that we are
bound to believe that the same feeling of security which reduces the premium in the
offices prevents the uninsured from applying. Some, we suppose, are prevented by
mere habits of procrastination. “ It will do next week ”— “ there is no hurry ”— “ some
time, when I am going by the office, I will stop.” And then, as the house has not
burned down, there springs up a feeling of security ; and, after little time, there is a
calculation made of how much has been saved by not insuring. The last ia very well,
provided there is full ability to sustain any loss that may accrue. But if people would
consider the comfort of insurance— nay, if they would recollect that a policy of insu­
rance is a species of endorsement, a guarantee for caution, and for payment, they would
not fail to hold a policy.
This habit of insuring should extend to everything usually covered by policies, of
which the loss would injure the owner, or bring distress upon the confiding, or the de­
pendents. If the store is insured, let, also, its contents be insured. If the dwelling ia
safe, make the furniture safe. The cost is too small to enter into any one’s calculations.
But we would go still further in our admonitions—and we claim a right to speak in
these matters. Hundreds of young men in our cities receive pecuniary assistance
from friends, not on account of certain ability to make prompt payments, but from a
high confidence in their character, and their cautious business habits. Now, however
valuable may be these qualities to debtor and creditor generally, there is one creditor
who cares nothing for a man’s engagement, his promises to pay, and his integrity of
purpose. He is down upon him sometimes without a moment's notice, and he gives no
chance to prefer a friend, or to prepare affairs for general benefit. We allude to
death, who, in spite of the high character of the medical faculty in soliciting and pro­
curing time, will sometimes take a “ snap judgment,” and shut up his “ debtor,” for, un­
fortunately, judgment is always confessed in his bond.
Now, against this accident there is still insurance, which, though like other insuran­
ces, it will not prevent the calamity, will break its force to the sufferer and the con­
cerned. “ Life insurance should be resorted to by every man who cannot afford to die.”
Business men and heads of families will understand that phrase, though it may be new
to them. “ Sir,” said a warm-hearted friend to one whose business had suffered acci­
dental injury, “ I have not time to hear your explanation. I have confidence in your




Mecantile M iscellanies.

693

integrity. What you need I will supply, only do not die .” For all such purposes, it
may be said of a plain republican, as is said of the sovereign of England, “ he never
dies.” The premium of insurance was half per cent upon the favor, and the good was
accomplished.
But let every man pause and think, what of all earthly considerations, next to honor,
is most worthy his thought. Is it not a comfortable support, when he shall cease to
labor or to plan for them, a consciousness of ease to them who have, by the rights of
nature and affection, looked to him for support ? A man may not be able to lay up
five thousand or ten thousand dollars, for the support of wife, or dependant daughter,
sister, or mother, (let the males take care of themselves,) but he can, with little diffi­
culty, make and sustain an insurance upon his life, that will serve the same good pur­
pose when he is gone; and the last sickness may be mitigated by the consciousness
that one’s own death is not to be a signal of want, poverty, and distress to those most
beloved. Man is not Janus-faced, and when death calls he should have as few cares as
possible. He should not be compelled to look backward upon the world, when his
pathway is forward through the grave.
MERCANTILE HONESTY.

A stranger to mercantile operations, as carried on in our large commercial cities
would infer from the following lecture, which the D r y Goods R ep o rter reads to its im­
mediate “ parish,” that deception, or lying, was the besetting sin of the dry goods trade.
The readers o f the M erch a n t s’ M aga zin e are, of course, “ all honorable men,” conscious
o f their own integrity, and will not, therefore, consider our cotemporaries’ statements
at all applicable in their case. Still it may be well to re-read the lecture, for the grat­
ification of those who feel thankful that they are “ not as other men.” Men never
take offense at the preacher’s generalizing; it is the “ thou art the man” of the proph­
et Nathan, that convicts or arouses the indignation of the sinner. But for the homily.
Lying or misrepresentation is of course involved in almost every instance of gross
fraud; but the petty deceits which are daily practised in the world are among the most
disgusting things in it, and the spirit which prompts them is found to mar the charac­
ter of many whose standing in the eyes of the world is otherwise very fair. In treat­
ing of this subject, we have no doubt we shall tread on the corns of some who are
ten der on this point, but we have no fear of their crying out: the very men who allow
this vice in themselves to an extent which would be alarming to them, could they
fully realize their true character, would be crushed before they would acknowledge it
to the world.
The manufacturer wTill over estimate the cost of his goods, that his agent may get a
good price for them. The commission merchant will misrepresent his stock, or profess
to have made a cash advance, which compels him to force the goods off “ ruinously
low,” when he is all the while chuckling over the sale. He will go out with a sample
card of the last case to close an invoice, when he has a “ few more of the same sort
left.” He will assert positively that he has just sold to A. B. and C. large bills of the
same kind of goods at much higher prices than he is now asking (all which is im a gi­
n a r y or grossly exaggerated ,) or that the house addressed (upon which assertion he as­
sumes a very deferential air) is the only house to whom he would offer the article in
question at so low a rate. The importer will look you full in the face, and assure you
that his goods cost him m ore than he is asking you, when for m ore you should in truth
read le s s ; or if he have hold of a very g reen ’u n , will pass off stale goods which have
kept shop most pertinaciously for years, as new styles just brought out.
The jobber will go from house to house, when he is purchasing, cheapening goods,
telling A. that B. is underselling him, inflicting the same tale on B„ with a positive as­
surance that A. has offered him the same goods at less price than B. is now asking;
and threatening C. and D. altern ately to cease buying from them, unless each will do
as well by him as he boasts he can obtain of the other. Sometimes if he has bought
a case or bale of goods a little too high, or when he has them at home, his clerks (all
o f whom are called to give an opinion upon it) think he lias paid too much, he will
send back the bill asking a deduction, sa yin y that he has seen the goods elsewhere at
less price, when the truth is he has n ot seen them in any other store, and does not
know where else to look for them.
The retailer goes about to buy in the same way, repeating many imaginary offers of




694

M ercantile M iscellanies.

goods which have been made to him at extraordinary low prices, and which it is a
wonder he did not buy, so much does the price seem under the market. And yet when
he comes to sell out these very goods, how oblivious he is of the exceeding liberal
terms upon which he could have purchased them J How valuable they have become i
How choice the colors and styles which he so much condemned when buying! How
cheap do the goods look to him now, that he pronounced so very dear when he pur­
chased them! What romances will he tell about the cost, the colors, or the quality,
when displaying them to a customer!
“ Is that the lowest you can take for these lawns, Mr. Scissors ?”
“ Yes,Miss, the very best, and a bargain they are; I bought them at auction, where
they were closed out at a great sacrifice, and I offer them to you p re c is ely at c o s t ”
“ But I saw the same goods over at Shears & Co.’s at 5 cents a yard less.”
“ Not the same goods at all, ma’am— their’s are steam colors— quite an imitation
article, and not near as wide as these.”
The lady being timid about colors, is at last persuaded to pay the price, and the
shopkeeper pockets his 15 per cent profit with as much complacence as if he had only
drawn out his purse to give a dollar in charity.
W e shall not go on to give the characteristic misrepresentations o f private customers,
or persons who go about merely to shop, as we are writing principally for merchants.
Let none of our readers think that what we object to is the am ount o f p ro fit made by
this false dealing: in most instances the prices obtained may be none too high. But
we object in toto to the manner in which the thing is done. W e do not believe that
this system of deceit, practised in the various ways we have described, and in a thou­
sand others to which we cannot now allude, is at all necessary to a lucrative business,
and its influence upon general character is very bad.
We write very plainly, because we believe that there is no controverting the state­
ment, that a large number of persons engaged in trade do daily make statements in refer­
ence to business transactions as m atters o f fa c t, which they and those immediately about
them know to be m atters o f fiction . It is no excuse to say that this is the case in all trades
and professions— that everybody practises story telling to serve their own interests.
The question is not whether this deceit is worse for a merchant than for any other
man, but is it wrong or right as a matter of principle ? No one, we think, will argue
this with us, for all mankind in th eir creed acknowledge truth as one of the cardinal
virtues Still many practise its opposite who we are sure would not do it could they
once fully see its evil tendency. Even as a matter of policy it will not serve long un­
less managed with a skill and memory beyond the power of most persons to command.
It is not necessary to the character of an expert salesman. The true requisites for
this are a thorough knowledge of human nature, perfect command of the business in
hand, courteous manners, and a ready tact in adapting one’s self to the different hu­
mors o f the various classes of buyers. He who attempts to supply the place of these
with that species of trickery or cunning which depends upon the forgery of a wellturned tale, will in the end be detected and despised. And those truly respectable
merchants, who, by misrepresentations, however slight, seem to give countenance to
such a course, are doing themselves and the community a great wrong.
This system of deceit has also a very injurious effect upon young persons just
entering upon a mercantile education. E x a m p le is often more potent than p recep tt
and many a dishonest clerk has taken his first lesson in deceit from his employer.
The old adage that “ familiarity breeds contempt” is of questionable truth in any appli­
cation— and certainly false in this, that an intimacy with vice lessens our horror of it,
and increases our liability to contract it. Is it reasonable to expect a boy to be al­
ways true to us, if we daily put lies in his mouth to deceive others? What force
would harangues upon the duty of morality have upon a young man whose daily tu ­
ition in business led him in an opposite direction ?
“ Edward,” says Mr. Bargain, “ take this bill down to E. F. & Co.’s, and see if they
won’t allow you half a yard on each piece of these satinets. You can tell them, if
they ask you, that you measured a piece or two, and they fell that much short.”
The boy comes back in a short time with the deduction made. “ They questioned
me pretty close,” says he, “ but I stuck them out o f it.” Here Iris sense of the
morality of the transaction is all swallowed up in his anxiety to please his employer
and succeed in his mission ; but he has taken his first lesson in deceit, and if he prove
an apt scholar, who is most to blame ?
We beg our mercantile friends to think of these suggestions, and see if any part
of them will apply to themselves. W e are none of us quite perfect, and the best have
till room to mend.




M ercantile M iscellanies.

695

ENERGETIC DEVOTION TO BUSINESS.

It does occasionally happen that men have greatness thrust upon them. It is not
impossible that the man who lies down at night poor, unknown and without influence,
may awake in the morning and find himself rich, distinguished, and wielding unlookedfor power.
But these are the rare exceptions to the ordinary course of affairs. The law of hu­
man progress and advancement, both in individual and general examples, is that if we
will not labor neither shall we prosper. Furthermore, we must labor wisely, and adapt
our means to our ends, or we shall hope in vain for success. These are indispensable
conditions— and so well understood is the connection, that the man who disregards it
is simply a fool, and everybody acquainted with his course knows it.
One of the grand elements of success and advancement is the concentration of our
powers upon some given purpose or end, and resolving that “ sink or swim, live or die,
survive or perish,” we will attain that end. The discouragements and obstacles in the
way of almost every important pursuit are so numerous and powerful, that nothing
less than invincible energy and resolution will certainly carry us through and crown us
conquerors. It is so in the pursuits of learning, of political ambition, and not less so
in mercantile enterprise. In eaeh and all of them we find thousands striving for the
prize, and aiming to pass us in the contest, and we can hope to triumph only by supe­
rior force and energy.
There are few men so hopelessly and disadvantageously situated that they cannot
rise and succeed in any right and reasonable undertaking. But he must be a man con­
scious of his strength and fixedness of purpose who can say, I can and will succeed,
and will build for myself, in spite of all hindrances, a name and a fortune. To such a
man, the obstacles over which his energy triumphs only give a zest to his labors; they
whet and exhilarate his spirits, and increase his enjoyment.
We remember to have seen, somewhere, an account o f a young man who, having
fallen heir to a large estate, engaged in a career of profligacy and wasteful expenditures,
until he found himself utterly impoverished and destitute, east off by his former asso­
ciates, and having no resource to which to look for relief. His misery was so great
that he resolved upon self destruction, and wandering forth to find some suitable place
for the execution of his desperate purpose, found himself on an eminence which over­
looked the estates that lately belonged to him. He sat down and thought of his folly
— a long time he mused in silence. When he arose a new purpose had taken posses­
sion of his soul. He said to himself, “ those estates shall again be mine,” and at once
he set about carrying out the plan he had cogitated in silence.
As he passed along, he saw some coal lying before a door, and he asked to be em­
ployed to carry it into the house. His wish was granted, and after finishing his task
he was master of a shilling. He soon earned another by a similar process, and when
hungry he satisfied his cravings in the most frugal manner. Month after month, year
after year, he pursued his plan, and in process of time achieved his end. The estates
once forfeited by his prodigality were regained by decision, energy, concentration of
purpose upon a single end.
Now we say here is a practicable example for any young man who wishes to rise in
any department of human effort Most young men would have an advantage over the
one in our example, in not having the effects of previous profligacy to contend against
They may start fresh and strong in the race, and with similar fixedness of purpose—
keeping always in view the end, and losing no means of success, however trivial or
humbling, they will at length reach the goal of their hopes. A t first they may seem
to advance slowly— but even then they will be forming the most valuable habits, and
acquiring the most valuable experience.
The late Stephen Girard, of Philadelphia, laid the foundation of his mercantile
character and immense wealth by just such a process. A t first, with a capital of
a few shillings only, he purchased a small assortment of articles most likely to
command a ready sale along the shores of the Delaware, and embarking in his libtie boat set forth to earn the beginning of fame and fortune by trading with fam­
ilies on the margin of the river. We saw that remarkable man after his head was
white with the frosts of nearly four-score winters, and could not help noticing even
then the minute attention which he gave to the most trivial thing that could affect
his fortune. “ Take that lot of fowls away, the roosters are too many— they would
keep the hens poor,” said the old merchant to a farmer who had brought them
for one of Girard’s ships—“ take them away— I will not buy them.” The habit of
minute consideration in regard to every matter affecting his interests never forsook




693

M ercantile M iscellanies.

him. People used to laugh at him for feeding the pigs ori his farm from marble
troughs, but even in that he was governed by notions of economy in the long run.
In short, his whole mind was devoted to his profession of merchant and banker.
He rose through every grade of difficulty to the highest point of prosperity, by
simply using the common sense nature had given him, and devoting all his ener­
gies to the business he had chosen. He did not wait for wealth to seek him—he
did not ask propitious circumstances to waft him to its possession. He went forth
to seek it, with Ids own wide-awake energies, and his toil and perseverance were
rewarded.
The same thing any young man can do. The only caution necessary is that he
beware, lest while seeking success in business, with all this energy and concentration
of his powers, he fall into the snare of covetousness.
EFFECTS OF THE REPEAL OF THE ENGLISH NAVIGATION LAWS,

W e published under this head in the M erchants' M a g a zin e for May, 1850, (vol. xxil,
page 586,) a paragraph from an English paper containing some facts which illustrate
the operation o f the repeal of the navigation laws. The L iv erp o o l C hronicle of April
20th furnishes another kem bearing upon the same subject, as follows:—
W e understand that information has been received that the advantage of the admis­
sion of British vessels into the indirect trade with the United States, consequent upon
the repeal of the British Navigation Laws, is beginning to be felt in the orange trade
from the Azores. The cargoes in this trade oeing of a perishable nature, the exporter
prefers British to Portuguese vessels, for the purpose o f carrying them to the foreign
market, as being both better found and more fearlessly sailed, and therefore better
calculated to deliver them in good order, and several British ships have been employed
since the beginning o f the present year in the trade between these islands and the
United States. Portuguese vessels could at all times be chartered at a lower freight,
but they have only been employed in such voyages as were closed to British vessels.
There is every reason to believe that for the future this trade will give regular em­
ployment t o a certain number of British vessels of between 50 and 60 tons burden.
THE SNOW TRADE OF SICILY,

The principal export from Cantania is snow, in which a very lucrative trade is car­
ried on with Malta, and some parts of the south o f Italy. It is collected during the
winter in pits and hollows on the mountain, and covered with the scoriae and ashes, to*
prevent its thawing. It is brought down on mules to the coast at night, in panniers
covered with leaves. The revenue derived from this source is immense, and renders
the Prince of Paterno one of the richest men in Sicily. Snow is the universal luxury,
from the highest to the lowest ranks. It is sold at about the rate o f twopence a r o
tolo, or thirty ounces ; and the poorest cobbler would sooner deprive himself of his
dinner than o f his glass of “ acq,ua gelata.” It is also extensively used in the hospitals;
and a scarcity of it would be considered as great a misfortune as a famine, or any
other national visitation, and would more infallibly occasion popular tumults. To
guard against any such accidents, the government at Naples have made the providing
it a monopoly, the contractor being required to give security to the amount of 60,000
ducats, which sum is forfeited if it can be proved that for one hour the supply was not
equal to the demand.
AN IRON-BUILT WAREHOUSE FOR CALIFORNIA.

Messrs. McKean, Perkes & Co. recently exhibited at their works at Birkenhead,
England, a new iron warehouse, built by them for Messrs. Harnden & Co., of LiveipooJ
and New York. The building, it appears, has been constructed at the works of the
builders in Cathcart street, Birkenhead, and is intended for Messrs. Harden <fc Co., who
will use it as a store in California. The house is one hundred feet long, forty feet wide
and of proportionate hight. It consists of two stories only, but is capable o f exten­
sion, should the necessities of that colony require it. Strength and neatness, rather
than elegance, have been consulted; and the house is certainly a creditable specimen
of the work of its builders. It has an arched roof, and is surrounded by a verandah,
nine feet high, painted green. Corrugated iron has been used to attain lightness, and
the edifice can be taken down in a few days, packed in boxes, and erected in Califor­
nia without the necessity of sending out more than a plan of the structure.




The Boole Trade .

697

THE BOOK TRADE.
1. — A V in d ication o f the P ro fes s io n o f Lawyers,. By Hon B. F. P orter. Athens,
Georgia.
2. — T h e Value o f Ourselves and the T im es in which we L ive. The substance o f an
E x tem p o ra r y A d d ress , sp ok en before the C iceron ia n and P h i D e lta S ocieties o f M er ­
cer U niversity , G eorgia , on Com m encem ent D a y , J u ly 25, 1849. By Hon. B. F.
P orter , pp. 23. Penfield, Gorgia.
Judge Porter has, in these publications, given forcible and timely utterance to sev­
eral great truths; timely, we say, for with regard to the topic of the publication whose
title is first given above, there is a deal of misconception in the public mind, made up,
in part, of exaggeration, and in part of falsehood, of which it is high time it should be
disabused; and, as to the commencement address, although much has been said about
the egotism of our age and our country, yet we are not sure that there is not far more
danger from the opposite tendency, and that the egotism which consists in careful self­
inspection and a just reliance upon one’s own powers, as well as a just sense of one’s
own responsibilities, is the only true basis of national, as well as individual, greatness.
Those who are disposed to undervalue themselves, and the times in which they live,
will find a manly rebuke and excellent admonition in Judge Porter’s eloquent address.
The orator has given to his thoughts a fresh and somewhat novel interest by drawing
his illustrations almost exclusively from the facts of natural science. Judge Porter’s
vindication of the law is of the most conclusive kind, consisting, as it does, of brief
biographical sketches, with appropriate comments, of the lives o f the great lawyers of
England, who, in successive ages, have been at once the lights of jurisprudence and
the life of liberty. A profession which has afforded such numerous examples of a
purity and disinterestedness too high to be bribed by the richest and most dazzling
rewards o f wealth and station, has a right to exemption from such wholesale imputa­
tions of venalty as are heaped upon it. The charge that lawyers advocate both sides
indifferently, that they defend the guilty as well as the innocent, proceeds from the
vulgar (we mean common) mistake of confounding f a c t and p r o o f and of supposing
that truth is to be found out by some sort of inspiration or instinct, and not by ad­
herence to those rules of evidence and forms of procedure which are best calculated
to bring out fact and shut out falsehood. But we refer the prejudiced reader, if the
M ercha nts' M aga zin e counts any such, to Juge Porter’s learned review. His lucubra­
tions, principally upon subjects connected with commercial law, have frequently given
interest and value to our pages. Mr. Porter has been several years past engaged in
the practice of law in Tuscaloosa, Alabama, but has recently removed to his native
city, Charleston, South Carolina, where he has opened an office as an Attorney and
Counsellor at Law and Solicitor in Chancery. His extensive acquaintance with the
population of Alabama, Mississippi, Louisiana, and Georgia, and with the local laws
of those States, will enable him not only to impart important information to merchants,
but to take claims on persons in those States, and collect the same through responsible
agents, for whose fidelity his character for intelligence and integrity is a sufficient
guarantee.
3. — S ta tistics o f the S tate o f G eorgia , in clud ing a n A cco u n t o f its N a tu ra l, C ivil ,
and E clesia stica l H isto r y , together w ith a P a r tic u la r D escrip tio n o f each C ounty ,
N o tices o f the M a n n ers and Customs o f its A b o r ig in a l T ribes , and a C orrect M a p
o f the State. By G eorge W hite . 8 vo., pp. 624. W. Thorne Williams.
This volume contains a full and minute account of Georgia— one of the most prom­
inent of the Southern States of the great American Confederacy; or, as an esteemed
correspondent, a citizen of that State, has not inaptly styled it— “ the Massachusetts
o f the South.” The author has exercised great diligence in collecting information re­
garding the several counties of the State of Georgia, both historical and topographical,
and has compiled it upon a judicious plan. Presenting, as it does, a general view of its
territory and a statement of the prominent facts relating to its various parts, it will be
found valuable and interesting not only to its citizens, but also to individuals abroad,
who cannot fail to regard it with interest as one of the principal cotton producing sec­
tions of the country. Georgia is destined to become as prominent for its manufac­
turing industry, as it is now for its agricultural and commercial resources. As we
shall have occasion to refer to the contents of this work in future numbers of our Jour­
nal, we dismiss the subject for the present.




698

The B ook Trade.

Vols. I to V III. New York: Fowlers &, Wells.
The popular success of this series of volumes is a luminous proof of the interest
and value of the current water-cure literature. Medical books, though often eagerly
sought for by hypochondriacs and other nervous invalids, are not always either very
readable or very instructive. They usually abound in technical terms of the most re­
pulsive character, employing the language of the schools rather than the language of
the people, and in many cases only mystifying the reader by vague generalities. They
are not uilfrequently, also, offensive on account of their dogmatic, controversal, yea,
billigerent spirit, defending a favorable theory with a violence in proportion to its un­
certainty. We have been very favorably impressed with a delightful contrast to these
tendencies in the most celebrated work by the masters of the water-cure. They ex­
hibit a limpid and transparent purity of style, which takes its qualities from their fa­
vorite element. Having no special abstract theories to sustain, they deal in plain
every-day facts and incidents that come home to the “ business and bosoms ” of the
people. Hence, they seldom fail to be read with interest, even by those who enjoy
that palmy state of health which makes them unconscious of stomachs or lungs. The
“ Water-Cure Journal,” as it is one of the oldest, is also one of the most valuable pro­
ductions of the hydropathic school in this country. It is an admirable specimen of the
kind o f medical literature to which we have just alluded, and, indeed, has exerted no
small influence in its formation. No family, whether troubled with “ symptoms ” or
not, should be without it. There is no better manual either for the preservation of
health or for the cure of disease. W e rejoice to learn that in the hands of its liberal
and energetic publishers, Messrs. Fowlers & Wells— a house to which the American
public is so largely indebted for many of the most truly instructive and popular pro­
ductions of the day— it is gaining an extensive circulation, and following in the wake
of their common-sense physiological publications, which are scattered so profusely
among the “ bone and muscles ” of our land from Maine to Minnesota.
4. — T h e W a ter-C u re Journal.

5. — B oydelF s S ha kspea re G a llery. New York: S. Spooner, M. D.
This work has reached its twentieth number, embracing forty masterly illustrations
o f scenes and characters in Shakspeare. The number before us contains two very
striking illustrations. One of them is by Fuseli, representing the Ghost in Hamlet,
the plate of which has been beautifully restored, and even improved. The figure of
the Royal Dane is made less heavy and more specter-like than in the original engrav­
ing ; the glimpses of the moon seem to interpenetrate it. The other engraving is from
West’s fine picture of Laertes and Ophelia in presence of the king, and although ad­
mitted to be a very masterly work, has been criticized as defective in cliiaro-scuro, or
the effect of light and shades, owing, doubtless, to the engravers having exactly fol­
lowed the original painting. In restoring this plate, however, the engraver, under the
direction of Dr. Spooner, has obviated this objection by deepening the lines in the
king and queen, and in other parts of the plate, and by lightening the draperies of
Ophelia and Laerties. These deviations from the original will, in our opinion, be re­
garded as improvements, at least they have not been made without mature delibera­
tion and consultation, for which Dr. Spooner has given sufficient authority in the de­
scriptive text. Dr. Spooner has devoted to the restoration of this magnificent “ art
work ” enthusiasm and capital enough to secure success; and, although he may not
immediately receive immediate remuneration, he is quite sure in the end to be re­
warded for his generous investment of time and money.
6. — D a ily B ib le Illu stra tion s ; being O rig in a l R ea d in gs f o r a Y ea r o n Subjects f r o m
S a cred H is to r y , B iog ra p h y , G eog ra p h y , A n tiq u ities, a n d T heology. E sp e c ia lly de­
signed f o r the F a m ily Circle. By J ohn K itto, D. D., F. S. A., editor of the “ Pic­
torial Bible,” “ Cyclopaedia of Biblical Literature,” etc. Antedeluvians and Patri­
archs. 12mo., pp. 407. New Y ork: Robert Carter & Brother.
The “ orthodox ” portion of the Christian world are largely indebted to the Brothers
Carter not only for the production of original American contributions to theology, but
for the reproduction in this country of choice selections from the religious literature
of Europe. The present work belongs to the latter class. The contents of the vol­
ume are indicated by its title as quoted above. Its object is to furnish certain classes
of readers with a daily portion of knowledge, a daily reading in a particular line of
subjects, or a daily theme for reflection. To accomplish this the author has taken the
sacred history in regular course, and has followed the alternation of subjects which that
course presents. The work contains much that will interest the general reader, irre­
spective of his religious sympathies and opinions.




The B ook Trade.

699

7. — Illu stra ted A tla s and M odern H isto ry o f the W o r ld : G eogra p hica l , P o litic a l ,
Com m ercial a nd S tatistical. Edited by R. M ontgomery M artin, Esq., author of
the “ History of the British Colonies,” &c. London and New Y ork : John and
Frederick Tallis.
We referred to this new work in a former number of the M erchants' M a g a zin e,
speaking of the ten numbers at that time published in terms of high commendation.
Numbers ten to seventeen, inclusive, serve to convince us that, we did not overestimate
the great merits of the enterprise. The eight numbers, now before us, contain sixteen
maps, with appropriate letter-press illustrations, relating to the topography, popula­
tion, production, commerce, revenue, history, <fcc., of the countries or parts of the
world embraced in each map. The following is a list of the maps in the last eight
numbers published; namely, Ireland, Egypt and Arabia Petrm, Switzerland, Greece,
England and Wales, Holland, Europe, United States, Mediterranean Sea, Syria, Asia,
Persia, Russia in Asia, Africa, and Arabia. The maps, the finest specimens of en­
graving on steel that we have ever seen, are from government and other authentic
sources, and include all the new boundaries, discoveries, and lines of railways, of which
accounts have been received in London to the time of going to press. Each map is
beautifully illustrated with fine engravings of cities, or some subject characteristic of
the country or part of the world laid down on the map. They are evidently the work
of some of the best artists in England. The parts, including two maps with letterpress matter relating to the different countries, <fcc., exhibit in a condensed but com­
prehensive form all the more important facts connected with their geography, history,
and whatever else that is calculated to illustrate the subject, and sold at the low price
of twenty five cents each.
8.— T h e B r itis h C olon ies; their H isto r y , E x ten t , Condition , a n d R eso u rces. By R.
M ontgomery M artin , Esq., late Treasurer to the Queen at Hong Kong, and member
of Her Majesty’s Legislative Council in China. New York: J. <fc F. Tallis.
It is justly remarked by the author of this work that the British Colonial Empire is
without a parallel in history, containing as it does an area of two million square miles,
and including in its possessions rich islands, fertile plains, strong fortresses, and secure
havens, in each quarter of the globe. A full and complete account of all these important
features must be regarded as a valuable contribution to the commercial and industrial
literature of the world. The work, six parts of which are now before us, is, to use a
common expression of the trade, “ got up” in beautiful style, in regard to form, illus­
tration, and typography. The work will, when completed, comprise a history of all
the British Colonies, describing their extent, condition, and resources, illustrated with
maps of each possession, and portraits of the most celebrated promoters and defenders
of England’s Colonial Empire. The author has had access to the best authenticated
statements relating to the geography, geology, climate, animal and vegetable king­
doms, character, customs, and social state, <fec., <fcc., of the colonies, and on all these
matters the information appears to be recent, full, and official.
9. — N ew Hom oeopathic P h a rm a co p ia and P o sa lo g y ; or, the M ode o f P r e p a r in g H o ­
m oeopathic M ed icin es and the A d m in istr a tio n o f D oses. By C harles J. H empel , M.
D. 12mo., pp. 340. New York: William Radde.
This work is chiefly compiled from the German works of Buchner and Gruner, and
the French work of Yaht, with original contributions by Dr. Hempel. It contains all
the new remedies, and also everything interesting and useful in the various pharmacopias now used by homceopathic physicians. The work is arranged upon the scien­
tific plan o f Buchner, with some slight modifications. This plan divides medicinal
substances into three classes—the animal, vegetable, and mineral. In all cases where
the methods of the leading physicians differ all of them are explained, and it is left
to the judgment of the physician to select his preparations.
10. — T h e A r t Jou rnal. London and New York: George Virtue.
The leading illustrations for the April number of this magnificent work consists of
two pictures engraved on steel and copied from paintings in the Vernon Gallery, en­
titled “ Youth and Pleasure,” and “ Cottage Children.” The picture of the former was
painted by W. Etty, R. A., and engraved by C. W. Sharpe, and that of the latter by
T. Gainsborough, and engraved by G. B. Shaw. There is also a steel engraving of the
“ Nelson Column,” besides engraved illustrations of “ passages from the poets,” in the
best style of the art. The contributions to the literary department of the work are
in keeping with its artistic merits. Among these we notice some valuable thoughts
and suggestions on the proposed industrial exposition of 1851.




700

The B ook Trade.

11. — T u rkish E ven in g E nterta in m ents. T h e W on ders o f R em arka ble Incidents , and
the R a rities o f A necd otes. By A hmed I bn H emdem K etkhoda, called “ Sohailee
Translated from the Turkish by John P. Brown, Dragoman of the United States Le­
gation at Constantinople. New York: George P. Putnam.
Mr. Brown, the translator of this work, has. resided for several years in Constantino­
ple, as Dragoman of the United States Legation at the Ottoman Porte, and may be
known to the readers of the M erchants' M aga zin e by several contributions to its
pages. This work of Sohailee was published in Constantinople in 1840, and Mr. Brown,
at an early period o f his residence there, formed the design of translating it, in which
he was encouraged by the approbation of the celebrated orientalist, Baron Von Hum­
mer, who regarded the work as “ by far the most interesting book that had been pub­
lished at Constantinople for a long time.” The stories and anecdotes, derived from a
great variety of oriental sources, are all designed to illustrate some useful and interest­
ing topic. For instance, a series of anecdotes are given as illustrative of intelligence
and piety; another, generosity and benevolence; another, of promise and performance,
<fec., &c. There are, also, chapters on the Wonders of Creation, on Civility and Gentle­
ness, on Elevated Qualities in Man, on Perfidy, on Enchantment and Sorcery, on Ex­
traordinary Occurrences and Miracles, <fcc. It furnishes the general reader with an
agreeable representation of oriental sentiments, morals, and manners.
12. — H istorica l View o f the L a n g u a ges and L itera tu re o f the S la vic N a ti o n s ; with
a S ketch o f th eir P o p u la r P o etr y .
By D alvi. With a Preface. By E dward
R obinson, D. D. 12mo., pp. 404. New York: George P. Putnam.
The Teutonic and Slavonic are regarded as the two races from which have descended
nearly all those nations that comprise the active portion of mankind at the present
day. From the Teutonic came the inhabitants of Western Europe— from the Slavonic,
the inhabitants of Eastern Europe. The present work introduces us to a vast field
occupied by the literature of these eastern nations. It comprises the Russian language
and literature, the Ulyrico Servian, the Bohemian, the Polish, and that of various other
nations. It embraces, likewise, a sketch of the popular poetry of those nations. The
author was for many years a resident of Russia, and, we shbuld judge from the ap­
pearance of the work, better acquainted with its subject than, perhaps, any other per­
son in this country. The number of Slavic authors referred to in the work exceeds
eight hundred. No public library in the United States contains the materials for such
a book. It will, doubtless, prove quite a distinction to this country, that it has among
its citizens any individual who could produce a work such as the scholars of Western
Europe have not yet undertaken.
13. — H istorica l Studies. By G eorge W ashington G reene, Late United States Consul
at Rome. 12mo., pp. 465. New York: George P. Putnam.
This volume consists of a series of papers contributed from time to time to the pages
of the N o rth A m e r ic a n R eview , with the exception of the last paper on “ Contributions
to the Pope,” which is now first published. The manner and spirit in which the topics
are discussed, all more or less connected with political and literary history, will readily
be inferred by those who are familiar with the somewhat conservative character of the
journal for which they were prepared. We subjoin the title of each article as we find
it in the table of contents:— Petrarch, Macheavelli, Reformation in Italy, Italian Liter­
ature in the First Half of the Nineteenth Century, Mawzoni, the Hopes of Italy, His­
torical Romance of Italy. Libraries, Verrazzano, Charles Edward, Supplement to the
Hope of Italy, and Contributions to the Pope. We scarcely need add, in conclusion,
that every article is written in a scholarly style, and exhibits the author in the light of
a pains-taking laborious student of literature, as connected -with historical men and
events.
14. — T h e M assachusetts Q u arterly R eview . No. X., March, 1850. Boston: Coolidge
& Wiley.
This work is published on the first of December, March, June, and September. “ It
is,” we quote from its comprehensive prospectus, “ devoted to the interests of no party,
or class, but its conductors endeavor to present a fair field for the notice and discussion
of matters pertaining to Philosophy, Literature, Politics, Religion and Humanity.”
T heodore P arker , who stands at the head of free thinkers, and free speakers, on all
subjects, is assisted in its management by several other gentlemen of kindred ability,
spirit and character. Without assenting to all the views promulgated in the pages of
this review, we are free to say, that we regard it as the most able and independent
work of its class published in this country.




The B ook Trade.

701

15. — M em oirs o f the C ourt o f M a r ie A n toin ette , Queen o f F ra nce. By M adame
C ampan, first lady of the bedchamber to the queen. From the third London edi­
tion; with a biographical introduction from the “ service women of the French Rev­
olution.” By M. D e L amartine, member of the Executive Government of France.
2 vols., 12mo., pp. 330 and 229. Philadelphia: A. Hart, late Carey & Hart.
Marie Antoinette, the subject of this memoir, is described by Lamartine as the “ first
of the characters of the heroic women of the French Revolution,” and as entitled to
that pre-eminence “ whether in reference to the elevation of her rank, the great influ­
ence she had on the revolution, or the immensity of her misfortunes.” “ The daughter
of kings, the wife and mother of kings, the cynosure of all eyes in the most elegant
aud polished capital of the world— profuse amid profusion, the envied and admired of
all beholders, her station, personal charms, and all the accessories which power, a throne,
and youth can bring to happiness— she saw that power annihilated, her throne over­
turned, her husband murdered, her friends and adherents massacred and exiled, her
son handed over to a profligate and debased ruffian, her sister and daughter in prison,
herself in danger and in rags, deprived of the common necessaries, and debarred of
all the sympathies that make life dear even in the hovel, the scoff of the indigent and
outcast wretches, whose existence is a disgrace to civilization.” Such are some of
the circumstances that form the material for one of the most remarkable specimens of
life-history that has ever been written. The author’s position as first lady 'of the bed­
chamber to the queen, afforded her some opportunities of gathering as well as group­
ing the most minute incidents in a life as eventful as it was sorrowful.
16. — W om a n in A m e r ic a , her W o r k and her R eward. By M aria J. M cIntosh. 12mo.,
pp. 150. New York: D. Appleton & Co.
The author of this work is well known to the public for many excellent fictitious
narratives. In this volume fiction is laid aside, and she proceeds to address her sex in
this country with all the earnestness and sincerity of a mind deeply impressed with
the truth of her subject. It is asserted that social life in America possesses no originalty, no distinctive character of its own. Everything is, in a great degree, an imi­
tation of foreign customs and habits, a copy of peculiarities that have sprung out of
the old and false political and social systems of Europe. It is a woman’s work and
woman’s destiny in America to mold our social life into a form which shall make it the
fit handmaid of our political life in its grand simplicity and lofty aims. Such is the
leading idea of this book, and in its development the writer has brought to her task
all those glowing and noble sentiments, those pure and delicate feelings, and those
graces of style, which invest her works with such an attractive charm.
17. — M orton M o n ta g u ; or, a Y ou n g C h r is tia n s Choice. 12mo.,pp. 255. New*York:
D. Appleton & Co.
The Moravian sect of Christians have become eminently distinguished for their early
sufferings and sacrifices in behalf of their faith. In this volume more information is
comprised respecting this order than can be found elsewhere wi hin the same compass.
Their faith, their spirit of love, purity, and meekness, are vividly portrayed in the selfsacrificing life of Morton Montagu, which is a narrative founded on facts in the life of
a deceased Moravian missionary clergyman.
18. — T h e F arm er's G uide to S cientific and P ra c tic a l A g r ic u ltu r e ; D eta ilin g the L a ­
bors o f the F a rm er in a ll th eir V a riety , and adapting them to the S easons o f the
Y ea r as th ey S uccessively Occur. By H enry S tephens, F. R. S. E., author of the
“ Book of the Farm,” etc. Assisted by J ohn P. N orton, A . M., Professor of Scientific
Agriculture in Yale College, New Haven. 8vo., part I., pp. 64. New York: Leon­
ard, Scott, & Co.
This work will combine two large royal octavo volumes, including over 1,400 pages,
with 18 or 20 steel engravings, and more than 600 engravings on wood, in the
highest style of the art, illustrating almost every implement of husbandry now in use
by the best farmers; the best methods of ploughing, planting, haying, harvesting, <fcc.,
<fcc.; the various domestic animals in their highest perfection. In short, the p ic to r ia l
feature of the book is unique, and will render it of incalculable value to the student of
agriculture.
19. — Constance L in d s a y : or, the P ro g ress o f E r ro r . By C. G. H., author of “ The
Curate of Linwood,” “ Margaret Waldegrave ; or, the Power of Truth,” “ Amy Har­
rington; or, a Sister’s Love.” New York: Harper & Brothers’ Library of Select
Novels. No. 134.




702

The -Book Trade.

20.— H isto ry o f E n g la n d f r o m the In va sion o f J u liu s Ccesar to the A b d ica tio n o f
Jam es I I . By D avid H ume. 6 vols., 12mo., pp. 470. New York: Harper &
Brothers.
This edition of Hume’s history is contained in six volumes, which are a very conve­
nient size for use; the type is clear, large, legible, and the paper good. The whole is
bound is cloth, and offered to the public at the extremely low price of forty cents a
volume, or two dollars and forty cents for the work. If we consider the high charac­
ter of this history, the long period during which it has been a standard work in the
English language, and the fullness and richness of its contents, we doubt if a cheaper
book has ever been issued from the press in this country. It embraces, also, the ap­
pendix, the notes, and the authorities cited in former editions, and contains the author’s
last corrections and improvements, with a short account of his life, written by himself.
21. — R e p o rt o f the Com m issioner o f P a ten ts, f o r the Y ear 1849. P a r t I. A r t s a nd
M an ufa ctures. With an introduction bv H orace G reeley . 8 vo., pp. 102. New
York : J. S. Redfield.
This is the first part of the new Commissioner’s (Mr. Ewbank’s) report. It embraces
the Commissioner’s views on the origin and progress of invention; the motors, chief
levers of civilization ; proposed applications of the Patent Fund, <fcc., <fcc. It partakes
more of the character of a treatise on the subject than the very able report of the
Hon. Edmund Burke, the late Co missioner of Patents. It is well written, and will
not detract from the reputation of Mr. Ewbank as a man well read in the science of
mechanics. It will, moreover, doubtless obtain a wide circulation in the present form,
aside from that derived from its character as a public document. The reports of former
commissioners are perhaps more interesting to the agricultural class ; this will probably
be more so to mechBftics and manufacturers.
22. — T h e A m e r ic a n B ir d F a n cier ; considered with R eferen ce to the B reed in g , R e a r ­
in g , F eed in g , M anagem ent , a n d P ecu lia rities o f Cage a nd H ou se B ird s ; w ith R e ­
m a rk s on th eir D iseases a nd R e m ed ie s; drawn fr o m A u th en tic S ources and P e r ­
son a l Observation. By D. J. B rown , author of the “ Sylva Americana,” the “ Amer­

ican Poultry Yard,” etc. 12mo., pp. 107. New York: C. M. Saxton.
The contents and object of this volume are clearly and comprehensively stated in
the title as quoted above. Mr. Brown, the author, is a devoted student of nature, and
has already gained an enviable reputation by several valuable contributions to the
study of natural history in many of its most useful and interesting departments. The
present work is all that is indicated in its title, and must be regarded as an indispensible i^xde m ecum by every one who takes any interest in the rearing and management
of the feathered creation. It is illustrated with a number of appropriate and beauti­
ful impressions from wood engravings.
23. — M a n u a l o f the C orpora tion o f the C ity o f N ew Y o rk f o r the y ea r 1850. By D.
T. V alentine. 18mo., pp. 582. New Y ork : M’Shedon & Baker.
The present volume of this annual is prepared with the same care and fidelity that
have characterized the work since it has been under the editorship of Mr. Valentine,
the able and efficient clerk of the Common Council. It contains a vast amount of in­
formation touching the governmental affairs of the city of New York, embracing a
complete list of its officers from the earliest to the present time, its population, finances,
<fcc. It contains, moreover, a great variety of matter bearing upon the early history
o f the city, and is illustrated with a number of well-executed engravings and maps.
It is as indispensible to every private citizen as it is to every person connected with
the management of city affairs.
24. — A S ystem atic R ep o rt o f 392 Cases Treated H y d ro p a th ica lly a t B ra ttleb oro in
1848 ; w ith the P la n o f the W a lk s in the V icin ity. A l s o Causes a n d H y d rop a th ic
T reatm en t o f the Cholera. By Drs. It. W esselhoeft and W illiam G rau. New
York: William Radde.
A pamphlet of nearly one hundred royal octavo pages, in which are given an intel­
ligent statement of the results of the hydropathic treatment of 392 cases, as varied
as are the ills to which flesh and blood have been heir for the last six thousand or more
years. We have experienced in our own person and practice some of the. benefits of
water, and can, therefore, conscientiously commend a work like the present, replete
with evidences of the beneficent results of the system, to all who “ need a physician,”
and to all who would avoid the body and mind-destroying effects of drugging.




The B ook Trade.

703

25. — T h e L eg a l and Com m ercial Com m on P la c e B o o k ; con ta in in g the D ecisio n s o f
the S uprem e C ourt o f the U nited States, a n d o f the R esp ective S ta te Courts, on
B ills o f E xcha nge, Checks a n d P ro m is s o ry N o t e s : defining the R eq u isites and
P ro p erties, and Investiga ting th eir R ela tio n to, and E ffects upon, P a rties. By W il ­
liam L inn, Counsellor at Law.
8vo., pp , 294. Ithica, New York: Andrus, Gauntlett <fc Co.
This work seems to us to be well adapted to the objects contemplated in its com­
pilation. The author has collected and arranged, in a form the most convenient for
reference, the various decisions of the respective courts of our Union, as they regard
bills o f exchange, checks, and promissory notes. Notes payable in specific articles,
though not strictly or technically promissory notes, are also briefly considered. The
work is strongly recommended by the Hon. Charles Humphrey, late clerk of the Su­
preme Court of the State of New York, who jirofesses to have examined it with care.
It embraces, he says, all the legal principles applicable to the questions which ordina­
rily arise in relation to the making and transferring of such instruments. The statu­
tory provisions and judicial constructions and decisions are brought down to the present
time, and the references may be relied on. It will, in our judgment, prove almost
equally acceptable to the mercantile and the legal profession.

26. — T h e H isto ry o f the D eclin e a nd F a ll o f the R om a n E m p ire.
12mo., pp. 643. Boston: Phillips, Sampson & Co.

By E dwaed G ibbon.

This is a new edition of the great work of Gibbon, accompanied with notes by H. H.
Milman. It is published in a handsome, but cheap form, so as to place the work within
the reach of every one. The present is the third volume of the six which will com­
prise the work. It commences with the war between the Goths and Romans in A. D.
365, and brings the history down to the reign of Clovis over the Franks, and the estab­
lishment of the Saxon Heptarchy in England in A. D. 500.
27. — T h e O rig in o f the M a teria l U niverse : W ith a D escrip tio n o f the M a n n er o f the
F orm a tion o f the E a rth , and E vents C onnected Therew ith, f r o m its E x isten ce in a
F lu i d State to the T im e o f the M osa ica l N a rra tive. 12mo., pp. 83. Boston: Phil­

lips, Sampson, <k Co.
W e should be glad, could we do it in less space than the author, to give an outline
of this new theory of the universe; but the eighty-three pages, printed on a large,
bold type, and paper as white as snow, can easily be read at one sitting.
28. — T h e G a llery o f Illu striou s A m erica n s. New York: Published from Brady's
Gallery.
The fourth number of this great national work is devoted to a portrait and sketch
of the life and character of the late Silas Wright. The portrait, drawn and engraved
by D. Avignon, is in the same finished and masterly style of the portraits embraced
in former numbers of this work. The biographical notice, from the pen of C. Edwards
Lester, Esq., is a model of artistic elegance of diction. It is one of the most laconic
and comprehensive portratures of character we have ever read.

29. — A

By A. B arrington, and edited by C harles
12mo., pp. 407. New York: Mark H. Newman & Co.
Under the head of Physical Geography this work discusses several of the most in­
teresting and important subjects which relate to the works of nature. Still it is de­
signed to serve rather as an introduction to these subjects, which are Hydrology, Geog­
nosy, Geology, Meteoralogy, Botany, Zoology, and Anthropology, in order to its use as
a text-book in the schools and colleges of the country. In this respect it has no supe
rior; for it is full of information respecting physical nature, which the student can find
nowhere else within the same compass, and which is gathered from the most recent
and reliable sources.
Treatise on P h y s ic a l G eography.

. Burdktt.

30. — K in g R ene’s D a u g h ter ; a D a n ish L y r ic a l D ram a . By H enrik H ertz. Trans­
lated by T heodore M artin. 12mo., pp. 75. Boston: Wm. Crosby & H. P. Nichols.
The translation of this drama was made for Miss Helen Faucit, and on the point of
being produced by her in Dublin last season, when circumstances occasioned its tem­
porary postponement. It was, however, produced at the Strand Theater with her
permission. It is a beautiful poem, and “ owes its effect solely to the symplicity of its
structure, the ideal beauty of its central character, and the atmosphere of poetry and
old romance by which it is pervaded.”




704

The B ook Trade.
%

By Rev. S amuel G otsart, now
Bishop of Jerusalem.’ Preceded by an Introduction, Geographical and Historical,
on Abyssinia. Translated from the French by Rev. S erexo D. C lark . Accom­
panied with a.Biographical Sketch of Bishop Gobart. By R obert B aird , D. I).
12mo., pp. 480. New York: M. W. Dodd.
Aside from the interest which will be felt in this work by a large portion of the re­
ligious world, it will be acceptable to all who desire to become better acquainted wi li­
the customs, manners, and habits of a people' comparatively little known in the ne
world, or even beyond the pale of their own territory.
31.

— Jou rnal o f T h ree Y ears' R esiden ce in Abyssinia.

if,

32. — T h e P h ilo s o p h y o f U n b elief in M o ra ls a n d R elig io n , as D escrib a ble in the F a ith
a n d C h a ra cter o f M en . By the Rev, H erman H ooker , M. A. 12mo., pp. 286.
New Y o rk : Robert Carter and Brother.
The title of this work will doubtless attract the attention of intellectual searchers
after truth The time is fast passing away when men were required to adopt a faith
that would not bear the test of philosophical investigation. The learned author of
the present work points out what he conceives to be the philosophical causes of unbe­
lief in morals and religion. He attempts, also, to show that numbers may justly her—
denominated infidels who do not so consider themselves, and are not generally s o / m n - '
sidered by others. He also adverts to the confirmation which this view receivesyTroff\the Scriptures, and from the adaptation o f the precepts of Christianity to the /nor.-i.J,
nature and morals of man, <fcc. The work is written in a clear and forcible style,.a - I
will be read witli interest by educated and thinking men, and not, perhaps, wfihc
benefit.
fi»33.

— T h e L i f e o f J en n y L in d , the Swedish N ig h tin g a le ; her Genius, S tru gg les, ip,
T rium phs. By C. G. R osenberg. New Y ork : Stringer <fe Townsend.

34. — ‘The L i f e o f J en n y L in d . By G. G. F oster. New York ; Dewitt <fc Davi
We cannot vouch for the authenticity of these works. They undoubtedly conta
many facts and anecdotes connected with the brilliant career of the accomplishe
“ nightingale,” and will doubtless be sought after and read with avidity by all who a1
ticipate the pleasure of listening to the voice that has charmed all Europe.
35. — The P o e tic a l W o r k s o f L o r d B y ro n .
W ith N o tes by L o r d Jeffrey, Thomi
M oore, and others. London and New Y ork: George Virtue.
This beautiful serial edition of Lord Byron has reached its 18th number. That an
the preceding part before us is illustrated with four steel engravings, drawn from til
letter-press pictures of the great poet.
36. — S yllabu s o f a Com plete Course o f L ectu res on C h e m is tr y ; in clu d in g its A p p l i
ca tion to the A r t s , A g ricu ltu re, a n d M in in g . By P rofessor E. S ally . 8 vo., p p .
189. Philadelphia r Henry C. Baird.
This is a handsome reprint of an English work, and must prove very useful to both
the teacher and the pupil. ’ It gives, under appropriate headings, a classified view of
the whole science of chemistry, and is well adapted to fill a vacant space whicii has
heretofore existed in the text-books on this subject.
87.— Shakspeare's D ra m a tic W ork s. Boston : Phillips, Sampson <fc Co.
Part eleven of this new and beautiful edition of the dramatic works of the great
poet includes the play of “ As You Like It,” which is illustrated with a portrait of
“ Rosalind.” The engravings, which accompany each number, and each play, it is
scarcely necessary for us to repeat, are in the highest style of the art.
38. — T h e G ospel its m m A d voca te. By G eorge G riffin , LL. D. 12mo., pp. 325.
New Y ork : D. Appleton & Co.
This work is from the pen of one of the most eminent members of the New York
Bar. While it does not enter within the field more peculiarly appropriate to the
Theologian, it yet presents many strong and clear arguments in favor of the authen­
ticity of Christianity, which are drawn from the nature of the system itself. It is writ­
ten "in a plain and popular style, and contains many noble thoughts and eloquent
passages.
39. — The H isto ry o f P en d e n n is ; h is F ortu n es a n d M isfortu n es, his F rien d s a n d his
G rabish E nem y. By W illiam M akepeace T hackeray. With illustrations on wood
by the author. 2 vols., 8vo., pp. 392. ’
New York: Harper & Brothers.