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HUNT’S

MERCHANTS’ MAGAZINE
AND

COMMERCIAL REVIEW.
J U N E ,

1 858.

Art. I.— U S U R Y .
C H A N G E IN R E G A R D T O T IIE B A N K O F F R A N C E — E F F E C T IN E N G L A N D — R A T E O F M O N E Y I N N E W Y O R K —
L A W O F P E N N S Y L V A N I A — R E S T R A IN T S R E M O V E D I N H O L L A N D , S P A I N , A N D P I E D M O N T — F R E N C H L A W
OF

1 8 0 7 — U SU R Y R E P E A L S IN

E N G L A N D — W R IT IN G S U PON

L A U R I E R — S C R I P T U R A L I N J U N C T IO N — D IC T U M O F

THE

SU BJECT OF U SU R Y— W O R K

OF

M.

A R IS T O T L E — L U T n E R U P O N U 8 U R Y — R E F U T E D B Y

C A L V I N — R E M A R K S O F P O T H IE R — C O N S T I T U E N T A 8 S E M B L Y — A R G U M E N T S O F R O M IQ U IE R E — V I E W 8 O F
K A E N IG 8W A R T E R — B IL L B E FO R E TH E N E W

YORK

L E G IS L A T U R E .

T h e Bank of France has recently been released from restraint in rela­
tion to the rate of interest it may charge upon loans. The Bank of
England was some years since allowed to charge the market rate for
money, and in both those cases the best effects have followed. The rate
indeed rose both in Paris and London during the late panic to 10 per
cent, but those who had securities could obtain money at some rate.
When the pressure commenced, all prudent persons immediately began to
curtail their use o f money, and demanded no more than was absolutely
requisite to meet their payments. This could be procured from the banks,
and the demand carried the rate to 10 per cent, when it began to subside,
and money is now offered at 2 per cent. In the cities of the United
States the usury laws were not relaxed. No matter how great the pressure,
the New York banks could not ask more than 7 per cent, when it was
worth 20. As a matter of course this compelled everybody to pay, and
the banks curtailed frightfully when those o f Europe expanded.
In
France there was no panic and no commercial difficulties, except those
which grew out o f the non-payment o f American debts. The banking
agents could not collect the bills o f their French clients from American
importers because money was not to be had. In how far the removal of
the usury laws, in respect to the Bank o f France, was instrumental in
ameliorating the panic, is a question. The fact o f the change has, however,
renewed much discussion upon the subject of usury. The State o f Penn­
sylvania has passed a law dispensing with all penalties for taking more




660

Usury.

than six per cent annual interest beyond simply the excess of interest,
and providing that redress must be sought in the courts within six
months of the date o f the transaction, otherwise to remain undisturbed.
In England, Holland, Spain, and Piedmont, the restraints o f usury have
been removed. In France, the law' o f 1807 is similar to that which pre­
vails in the State o f New York. Here business paper may be sold at the
market rate without taint of usury, but loans or forbearance of money may
not be charged over 7 per cent on pain o f forfeiture o f the debt. In
France, the law mentioned limited what is called a “ civil loan ” to 5 per
cent, and a commercial discount to 6 per cent. That is, a business note
of hand may bear 6 per cent, but a mortgage not more than 5 per cent.
The object there, as here, was to protect farmers from the grasp o f extor­
tioners. It has not, however, made money more plenty, or disposed
capitalists to lend to them at a low price when they can obtain a higher
one from other parties. England was the first to lead off in the matter,
and her example has been successful.
The first step there taken was in 1833, when in the-bank charter three
months’ bills were removed from the operation o f the usury laws. Then
in 1837 follow'ed the extension of the relief to twelve months’ bills. On
that occasion the opinions o f some o f the ablest financiers in both houses
were expressed. Mr. Hume said the usury laws were of advantage only
to the usurer, and the Chancellor o f the Exchequer, Mr. Robinson, Mr.
Grote, and others, reiterated the same opinion. So successful were these
experiments, that in 1840 all loans over £10, not secured on real estate,
were made free; and finally the landed interest, finding the restrictions
did them no good, but operated most injuriously, urged their repeal; and
accordingly in 1854 a final measure was passed, entirely abolishing all
restrictions with reference to loans on any security and at any date. On
the occasion of this debate there was a remarkable unanimity o f opinion
among men of the highest experience both in commerce and law. Lords
Campbell and Brougham, the Lord Chancellor, and the Marquis of Lansdowne, all concurred in condemning restrictions as more injurious to the
borrower than the lender.
In reading the various writings upon the subject, one is struck with
the variety of aspects that the subject presents. It takes a philosophical,
historical, social, economical, and even theological phase. In all ages the
most eminent minds have occupied themselves with it. I f we were to
cite the names only o f the eminent writers who have in all ages occupied
themselves with the question— Money, ought it to bear interest ? if so,
should a legal limit be put to the rate ? it would form a list o f the most
celebrated in the history of human thought. Among philosophers, Aris­
totle, Cicero, Seneca, Plutarch ; among the fathers of the church,
Chrysostom, St. Basil, Jerome, Augustine, Thomas, and Bossuet; among
reformers, Luther and Calvin; among jurisconsults, Pothier, Domat,
Grotius, Dumoulin, and d’Aquesseau ; with, including more modern names
among publicists, Montesquier, Turgot, Bentham, and numerous others.
M. C. Laurier, in his able work upon the “ Freedom of Money,” traces
to its ancient origin the prejudice against interest on money. He dis­
covers it in the extreme inequality o f conditions in the Roman Republic ;
in the misery o f debtors delivered over to the bitter cupidity of the
usurers; in the severity o f legislation which reduced the insolvent to
slavery; finally, in the general contempt in which all commerce was




Usury.

661

then held. In the epochs which followed, and throughout the middle
ages, interest was not distinguished from usury in the eyes o f the theolo­
gians and jurisconsults.
The simple taking of interest was o f itself
condemned, and branded with dishonor. Every lender who received any­
thing above the capital returned was denounced as a usurer, and incurred
uot only the anathemas of the church, but the severities of the law. It
is true, that as forced exceptions became more numerous in the nature
of things, particularly in relation to commercial affairs, the rule finally
gave way before them.
W e may here inquire what was the foundation of that absolute con­
demnation ? It was based at the same time on texts of Scripture and on
the authority of the philosophers. Had Jesus said :— Mutuum date, nihil
indesperante ? and had not the fathers of the church shown in the most
clear and energetic passages o f their writings, that those words were not
a simple precept of charity but a strict and imperative obligation ? Fin­
ally, the prince of philosophers, Aristotle, had he not condemned as
irrational the interest of money, when the author of Politics had declared,
money is, and o f right ought to be, sterile ? In fact, has it ever been
known that money has the faculty of engendering money? W e may
illustrate the thought of Aristotle by asking if there has ever been an ex­
ample where 100 pieces of gold in a bag have ever increased to 101. This
sophism was rejected from age to age, and has been revived by modern
socialists, notwithstanding its refutation by Bentham, in his Defence of
Usury. “ One consideration,” said he, “ which did not present itself
to the mind of the great Aristotle is, that although a darique was as in­
capable of engendering another darique, as it was to produce a sheep, a
man, however, with a borrowed darique, could buy a ram and two sheep,
which, left together, would, in a year, produce two or three lambs. Hence
that man, at the expiration of his term, could sell ram and two sheep to
reimburse the darique, and giving one lamb for interest o f the money,
would be still richer by two lambs than if he had not made the bargain.”
In other words, the money is for the borrower a means o f gain, and the
thing borrowed was not money, really, but the things purchased with the
borrowed money, which was but an agent for the obtaining them ; as it
were, an order upon the possessor to deliver them to the borrower. In
the Merchant of Venice, Shylock invokes to the support of his right to
take interest, the profits that Jacob made on his sheep. His adversary
asks him, ironically, if gold and silver are sheep ? The Jew, not having
read Bentham, could not respond.
It is, however, very curious that much before Bentham, Calvin, the
theologian and reformer, distinguished himself strongly from Luther in
advancing the true arguments in favor of interest. Luther, in fact, irri­
tated at the Romish Church for relaxing its rigor against interest, had
written in a spirit o f reaction in his Propos de table, “ the civil laws them­
selves prohibit usury. To exchange something with some one gaining
by the exchange, is not to do a charitable act— it is to steal.” This argu­
ment would, in its scope, dishonor all species of commerce. “ Every
usurer (lender) is worthy o f the g ib b et; I call those usurers who lend at
5 a 6 per cent.” It was reserved for Calvin, in one of his letters, to make
the best response that could be made to that unmeasured condemnation.
Calvin, indeed, has the merit of being the first to look the argument of
Aristotle on the sterility of money directly in the face. He asks, if a house




662

Usury.

which yields a rent to its owner engenders money more than a bag of
dollars ? If the plowed earth produces money by its own virtue! If the
sea, traversed by merchant ships, has of itself the faculty of enriching the
merchant ? He responds to these questions that himself asks, by what
modern economists would call a theory o f value.
It is the de­
mand in one case, and labor in the other, which puts a price to the articles.
The source of revenue which a house affords is the necessity for the shel­
ter which it gives, and the price paid is in return for the service
rendered. That which renders gold productive is not different from that
which gives value to a cultivated field. It is the industry of man— his
active intelligence. The benefit o f the borrower, and the interest of the
lender, proceeds in a last analysis, not from the gold itself, but from the
productive employ which is made o f it. In truth, for a theologian, this
reasoning was not bad. Political economy has not yet surpassed the rea­
sons which a superior good indicated to the Protestant reformer.
W e may now turn to the subtle reasoning o f Pothier in seeking to
justify rent, while he condemned interest. “ I hire your horse, your ass,
your house, your plow. Ought I to pay you anything for that ? There
is no doubt that I should, because I return the objects more or less
deteriorated and used. It is just, therefore, that you should have a com­
pensation, an indemnity ; very well 1 Now it is I that lend you a sack
of wheat, a barrel of wine, a bag o f money ; and you owe me something
in addition for the use of those articles, as I owe you something for the
use of your house, &c. But here a great distinction arises. The articles
that I lend you are perishable, which disappear in the hands of the bor­
rower. That circumstance makes a broad distinction. You restore other
wheat, other wine, and other money, not the same which I loaned you,
and which are more or less consumed. W ould it be just that you retain
more o f them than you received ? I f you replace the perishable capital
you have borrowed, can I exact more ? Do I not receive from you, not
the thing loaned, that is impossible, but an equivalent; a barrel of wine
of the same quality, a sum o f money of the same value ? The loan of
perishable objects ought, therefore, in the nature of things, to be gratui­
tous. Such was the celebrated doctrine of Pothier. It gives the right to
every lender to respond to each borrower that invokes it— “ what ? this
capital that I give up to you temporarily, is it not my property ? Is not
the loan of it for a time a service which has also its price ? Do I not
deprive myself for a time either of profits or enjoyments that I might
draw from it ? Do I not run the risk o f losing that capital of which I
thus dispossess myself for a time ? Honest disciple of Pothier suffer me
then to retain my property. I promise you that I will make to you
gratuitous loans when you shall have succeeded in demonstrating that
gratuitous loans can be made obligatory in the name o f justice, and be­
come the common and universal ru le; when you shall have established
that your doctrine is compatible with the rights of property, with com­
merce, with credit, with the most essential conditions of a regular society
that wishes to prosper.”
From the time of the Constituent Assembly in France the legitimacy
of interest has been acknowledged ; as how could it be otherwise in
face of economic progress and the increase of transactions? M. Clement
Laurier has well shown, in his chapter on the generation of values, that
the question of interest cannot be separated from all other economical




Usury.

663

facts— such as sale and profit, and from the general principle of liberty o f
commerce. The illogical adversaries o f interest on money, or rather on
capital, in whatever shape it may take, monetary or other, are puzzled to
show a single article which does not involve the economical element of
interest. That element is, in fact, everywhere. It is mingled in the price
of bread, which involves advances to land, to culture, to the miller, and to
the baker, etc. Interest makes part of the value of each pair o f stockings,
o f each bar of iron, and of each machine, of every pound o f cotton or
w o o l; it is in everything which has a price in the market. With its legality,
disappears that of all profits and rents, if not even that of property itself.
This direction leads directly to communism.
But is it not at least just and useful to affix a maximum to the rate of
interest ? This question still remains for discussion. It will nearly ap­
proach solution if we consider the analogy of the gradation it follows
with that which has attended every species of industry and commerce
from absolute prohibition to monoplies, to modified restrictions, and to
freedom. These are the stages through which nearly all industries have
passed. In this manner has proceeded labor, taken as a whole, from a
state of slavery to bondage, and o f incorporation before enjoying free
competition. It may be said that nearly all essays, recently produced in
France, arrive to the same conclusions— in favor of freedom o f interest,
that produced freedom o f industry in 1789. They agree generally in re­
garding the trade of a lender as on the same footing with all other occu­
pations, of which the enfranchisement— although the consecration o f a
right—-would resolve itself, like all other economical liberties, in a public
benefit. M. Laurier draws from the uncertain character of jurisprudence
and numerous violations o f law, excellent reasons against the restrictive
system.
W hy, he demands, fix a maximum upon interest rather than
upon other profits? If it is to protect the borrower, wherefore not inter­
fere between the seller of goods and the buyer ? Is it because the growers
and speculators in grain do not profit enough o f the insufficient supply to
raise the prices ? W hy not subject to a maximum the landlords who
also profit by the state of the market to raise their rents ? The reasoning
o f M. Laurier is close and pointed, well supported by facts, and it is not
his fault if the restriction is maintained in France in face o f its reduction
in England, Holland, Spain, and Piedmont.
M. Romiquiere has published a work entitled, “ Of Loans at Interest, of
Usury, and of the Law o f the 3d September, 1807.” The author dwells
little upon first principles. He does not think it necessary to demonstrate
the legitimacy of paying interest in a country which has created many
hundred millions of debt bearing interest, with thousands of creditors liv­
ing on those interests. W ere there well-founded reasons for the law of
1807 to limit the civil rate to 5 per cent and 6 per cent for commercial
affairs ? Although a declared advocate of the abolition o f that restriction,
M. Romiquiere confers eulogies on the law o f 1807, to which it is difficult
to subscribe; because,to those who pretend that from the year 1804, when
the code Napoleon made interest free, to the year 1807, when a special
law restrained it, the leprosy of usury ravaged the country, we reply that
the restrictive law has never in fact diminished usury but has aggravated
it. The real evil of freedom in money is that it makes apparent the actual
rate of the interest, while, under the restrictive system, it is concealed by a
thousand fraudulent devices. M. Romiquiere shows that the restrictions




664

Usury.

are completely powerless to effect the desired fall in the actual rate o f
money, which can result only from actual savings which shall cause sup­
ply to exceed demand. If the market rate is not bound by restriction,
then the borrowers are in no degree benefited. It is necessary to distrust
that disposition which is sometimes manifest, to think that because legis­
lators have not acted without reason, that therefore they have had reason
to act as they have done. It is equally as dangerous and erroneous to
justify past acts o f legislators, as it is always compliantly to justify them.
Law-makers have varied too much not to have been often deceived. Legisla­
tive ignorance on the true nature of loans and the real service o f money
is too manifest to leave any doubt o f the errors committed. In all coun­
tries where trade in money has been free, or in which the legal limit has
been occasionally raised to give more latitude to its movements, capital
has been cheap. The occasional dearness has been only the effect o f a
passing crisis.
There has been much said of the danger of certain
economical freedoms. In our view none are more entirely inoffensive than
freedom in money— none carries more visibly its own regulation.
The opponents of the law o f 1807 are divided between those who wish
its entire abrogation, and those who desire only to remove the commer­
cial restriction ; of these latter is M. Kaenigswarter, in his recent work,
“ Critical Review of Legislatures and Jurisprudence,” which gives evidence
o f a knowledge as accurate as it is extensive in relation to the legislation
of different countries upon the subject o f interest. M. Kaenigswarter is
strongly opposed to a legal limit of interest, and it is difficult to conceive
better reasons than he offers. But while applauding the reform claimed
by him as a real progress, we would ask why in civil matters the exception
to the rule should be maintained ? In opposition to it M. Romiquiere
has advanced reasons difficult to refute, when he says, that with such a
distinction all loans would become commercial in appearance, because
the borrowers would lend themselves to the necessary evasions, without
which they could not procure the needed money. Could it be supposed
that lenders would part with their money as a loan with prices less than
it would command on commercial paper ? W ould not simple loans be
abandoned as less advantageous ? The circumstances o f a less risk is from
being available in loan transactions. W e have seen, and see daily, capital­
ists who prefer at the same rate to lend to merchants rather than to land­
holders, particularly farm-land owners, and the reason given is that the
merchant, in order to sustain his credit, is forced to observe a punctuality
rarely found elsewhere. That this circumstance gives guaranties which,
with rare exceptions, assure the accomplishment o f engagements con­
tracted. As to other borrowers it is well known how little exact they are
in their payments, and how difficult and expensive it is to compel them to
be. These ideas and these differences are more generally acted on than
may be supposed, and they suffice to drive much capital from civil uses.
I f to these is added the difference in the rate o f interest, it is easy to un­
derstand how much the repugnance to loan will be enhanced to the dis­
advantage of those sought to be protected.
.Under another aspect, in a point of view purely judicial, says M. Ro­
miquiere, the distinction is not acceptable. The law which commands all
ought to be understood by all, and this is more imperiously necessary
where penalties are involved, and where each ought to understand clearly
the rule of his duties. W e should be much deceived if we supposed the




665

The Admeasurement o f Shipping.

distinction between civil loans and commercial loans was easy to detect,
or that the law accurately defines them. I f we consult the most approved
jurisconsults, and search the annals of jurisprudence, we shall find that
few questions have more embarrassed authors or more divided the magis­
trates. Three systems have arisen in France on the range of that distinction ;
one based on the principle that the law of 1807 wished to protect the bor­
rower, calls all loans civil when the borrower is not a trader ; another, on
the contrary, considers only the person of the lender, and decides the
matter as commercial according to his occupation as banker, & c.; the third
considers the nature of the contract the object of the loan and its destina­
tion, independently of the borrower or the lender. These three systems
have each its partisans, and judgments can be cited in favor o f each o f
them. It is amid such confusion that it is attempted to inflict a penalty
for an infraction, the nature of which is not clearly understood. I f it is
desired to sustain those penalties in the face of all reason, it is at least
desirable that the nature o f a commercial loan should be clearly under­
stood and by what means it can be recognized. These considerations, in
relation to the distinction between civil loans and commercial loans, ap­
pear forcible. They ought to be seriously pondered by those persons
called upon to resolve the question. In the commercial world the liberal
solution has gained ground. Is it not the duty o f government to follow
the example of great writers in guiding, enlightening, and rectifying
public opinion ?
In New York the evasions which take place in order to make a simple
loan of all business transactions are well known, and the common sense
o f the community is fast converging upon the necessity of reforming the
law. The bill introduced to the recent session removing the severe pen­
alties imposed for taking a high rate did not pass, but we may hope, under
the influence of the Pennsylvania movement and the agitation in Canada,
that the result will ere long be obtained.

Art. II.— T H E

ADMEASUREMENT

OF

SHIPPING.

N U M B E R II.

The United States Law of Admeasurement originated in the act es­
tablishing the Treasury Department in 1789. It may be said to have
superseded the “ old law ” of England, enacted in 1773, which was doubt­
less the only one observed previously in the American colonies and States
o f the confederation, although established for so brief a period before the
breaking out of the Revolutionary W ar. The effort of Congress to im­
prove the English law was partially successful in the case of single-decked
vessels, as it abolished the provision for assuming the depth o f hold, and
declared that it should be actually measured at a certain place. In the
case of double-decked shipping it would be difficult to point out wherein
the American was superior to the English law ; the rules of the former
furnish a smaller amount of tonnage, and thereby even greater induce­
ment for building by objectionable models. Perhaps it may be esteemed
a fortunate amendment o f the English rule, that the American one for the




666

The Admeasurement o f Shipping.

admeasurement o f single-decked shipping directed the taking of the depth
of hold, for, if this class of vessels had been measured in this country as
they were in England until the “ old rule ” was abolished, we should have
been long without vessels adapted to the extensive coasting trade of the
United States, since the operation o f the law would have effectually dis­
couraged their construction. Let a nautical or commercial man imagine
what restricted business only could be done with coasting vessels having
proportions o f depth and breadth similar to those o f double-decked ships!
It may be admitted, that the warping influences o f our admeasurement
system has wrought less general injury to American shipping, than the
old system of Great Britain did to English shipping while it was in force;
but the difference ought not to be credited to merits, except in the case
o f vessels with one deck, since it can be accounted for on other grounds.
The early commercial policy of our government in favor of levying only
nominal duties on American tonnage, and subsequently abolishing the
same, removed a very strong inducement to building vessels by evasive
proportions, especially for purposes o f domestic trade, chiefly or exclu­
sively. In England, the heavy hand o f the government exacted enormous
dues from tonnage, thus discouraging the least imjirovement in modeling
for a period of sixty-three years. A t the time when the shipping interests
of Great Britain were becoming awakened to the ruinous consequences of
their evasive policy in ship-building, the shipowners o f the United States
were congratulating themselves upon the relief experienced from the abo­
lition of all dues upon tonnage; and in cherishing the motto o f “ Free
Trade and Sailor’s Rights,” so well defended in the late war, it was not
perceived by our merchants that the causes o f England’s inferiority in
shipping might one day be removed, and the advantage then exist against
us, or it cannot be doubted the absurd system of tonnage admeasurement,
of which we now complain, would have then given place to one o f legiti­
mate character. Thirty and forty years ago, public attention was far
easier enlisted for the amelioration o f commercial evils than now.
But it will be seen, the same warping influence that led to the con­
struction of badly-proportioned and ill-formed ships in England, necessarily
extended to that portion o f our own shipping employed between the
two countries. The only portion of our mercantile marine that has
experienced any relatively tolerable degree o f freedom from the bias of
admeasurement laws, foreign or domestic, is that engaged in coasting and
inland commerce. Upon this most useful class of shipping, only the more
indirect, though not unimportant influences, have exerted a governing
pow er; it is consequently in advance of any other class in comparative
perfection, but no longer improving.
The following methods in use for measuring tonnage in the United
States and other countries, will be found correctly described, although
not in the exact phraseology o f the laws. The present English system of
admeasurement was detailed in the former article at page 560 :—
U N IT E D

ST A TE S.

F or vessels o f more decks than one.— Take the length from the fore-part
of the stem to the after-part o f the stern-post, above the upper deck ; the
breadth at the broadest part above the main wales, and account half of
this breadth for the depth— the latter not being taken. From the length
on deck, deduct three-fifths o f the breadth ; multiply the remainder by




The Admeasurement o f Shipping.

667

the breadth, and the product by the half-breadth ; divide the result by 95,
(ninety-five,) and the quotient is deemed the true tonnage in burden.
F or vessels with one deck only.— Take the length and breadth as above,
and the depth from the under side o f the deck plank to the ceiling in the
hold at the main hatch, [it is sometimes taken at the fore batch and mid­
ships,] subtract three-fifths o f the breadth from the length, multiply the
remainder by the breadth, and that product by the depth, and divide the
result by 95 ; the quotient is the tonnage as above.
Carpenters' tonnage is sometimes the criterion of appreciation for the
construction of vessels, but it differs in one locality trom another, and
cannot be defined as a fixed system. The tonnage by this measurement
is generally greater than by the government rule. A t New Orleans, car­
penters’ tonnage is found as follows :—
Take the length from the stem to the after-part o f the stern-post on the
deck. Take the greatest breadth over the main hatch, and the depth
from the ceiling of the hold to the lower surface of the deck at the main
hatch. From the length deduct three-fifths of the breadth, multiply the
remainder by the actual breadth and depth, and divide by 95, for a vessel
of single deck ; but if the vessel have a double deck, half the breadth o f
the beam is considered equivalent to the depth, and is used as a multiplier
accordingly.
A t Philadelphia the rule is the same, except that there is no deduction
made from the length; and ships have been built in New York by this
rule, though here the length is generally taken along the rabbet of the
keel from the aft-side o f post to the middle of the scarf o f stem. On the
Western Lakes there has always been a dispute as to how the measure­
ments should be taken, but generally the length of keel is taken, without
deduction, for the tonnage length. Many ship-builders use the Philadel­
phia or New York rule in estimating the cost o f construction, even in
cases where they do not build by it per ton, but all such empirical modes
are used for want of better.
.

FRAN CE.

The three measures of length, breadth, and depth are multiplied to­
gether, and divided by 94 for the tonnage. The length is taken from the
after-part o f the stem on deck to the stern-post; the extreme breadth is
taken from ceiling to ceiling inside the ship, and the depth from the
ceiling at midships to the under surface of the deck plank, for the admeas­
urement of single-decked vessels. For vessels of two or more decks, the
process is different. A t Bourdeaux the length of the upper deck and that
of the keelson are measured for the length, but at Marseilles, Brest, and
Boulogne, the mean of the length on the two decks from the stem to the
stern-post is taken as the length. The depth of the hold, from the ceiling
to the under surface o f the lower deck, is added to that o f the height be­
tween decks, and considered as the depth. The extreme inside breadth
is taken in the same way as in single-decked vessels. A t Bourdeaux an
allowance is sometimes made for the rake of the vessel. A t Boulogne, in
measuring steamboats, the length o f the coal and engine chambers is de­
ducted from the length of the vessel, and her breadth is taken at the
fore-and-aft extremities of the same, the mean of which is considered as
the breadth. The depth is taken inside the pumps from the lower surface
of the deck between the timbers.




668

The Admeasurement o f Shipping.
S P A IN .

Three breadths are measured at the following places :— 1st, at the
mizen-mast; 2d, a few feet abaft the foremast; 3d, at a point half-way
between the two former. The heights at which the three breadths are
taken at the above places are— 1st, on a level with the deck; 2d, on a
level with the upper surface of the keelson ; 3d, at a level half-way be­
tween the two former positions.
To find the area at each section, the half o f the sum o f the upper and
lower measurements is added to the middle measurement, and this sum is
multiplied by the height o f one above the other. Then half the areas of
the fore and after section is added to that of the middle section, and this
sum is multiplied by the distance which the sections are apart from each
other. The result will express in Burgos cubic feet the internal capacity
of that portion of the ship between the fore and after sections, and it will
still remain to add the spaces between these and the stem and stern-post.
The former may be found very nearly by multiplying the area of the fore­
most section by half its distance from the stem, and the latter in the same
manner, by multiplying the area of the after section by half its distance
from the stern-post. The room occupied by the pumps must next be de­
ducted from the foregoing result.
Having thus found the capacity o f the hold of any vessel, in the above
manner, in Burgos cubic feet, it is to be divided by 4176J F, and the result
will be the amount o f displacement o f such vessels in tons o f Burgos mea­
sure, because each ton is reckoned equal to 41^W feet o f Burgos.
PORTUGAL.

Single-decked Vessels.— The length is measured from the cabin bulk­
heads to the fore-castle bulkheads. The depth is measured from the
upper surface of the keelson to the under surface of the beams. The ex­
treme breadth o f the deck is considered the breadth for tonnage. The
continued product of these three dimensions will give the contents in
cubic feet, which, divided by 57.726, gives the tonnage.
Double-decked Vessels.— In these vessels two distinct operations are
made— one for the hold, the other for the between-decks. For the hold,
the length is measured from the heel of the bowsprit to the stern post.
The breadth is the extreme breadth o f the upper deck, deducting two
feet. The depth is from the upper surface o f the keelson to the under
surface of the beams. For the between-decks, the length is considered as
half of that for the hold, the other half being allowed for cabins, <fce. The
breadth as before; and for the depth, the height from the middle deck
to the under surface of the upper deck beams.
The foregoing is the method adopted at Lisbon ; but at Oporto, the
length of the vessel is taken from the second timber at the bows to the
stern-post; the breadth at the widest part, from the inside o f each bul­
wark on the upper d eck ; and the depth from the upper surface of the
keelson to the lower surface o f the beams of the upper deck at the main
hatchway. I f the keelson be more than ordinarily deep, allowance is made
accordingly ; and where there are two decks, the thickness of the lower
deck is also deducted from the depth. The length is then multiplied by
the breadth, and the product by the depth. This product is then divided
by 96, and the result pronounced the tonnage o f the vessel.




The Admeasurement o f Shipping.

6ti9

NAPLES.

F or vessels with two decks.— The length of the vessel is measured from
bow to stern over all. It is also measured from the after part o f the stem
to the rudder-hatch under the poop. The mean between these two lengths
is multiplied by the extreme breadth of the vessel. The depth is then
taken from the bottom o f the well to the lower surface o f the upper or
poop-deck; and the above product being multiplied by this depth, and
divided by 94, gives the tonnage. For single-decked vessels the tonnage
is found by multiplying the extreme length by the extreme breadth, and
the product by the extreme depth, and divided by 94 as above.
N E T H E R L A N D S.

The length is measured on deck from the stem to the stern-post. For
the breadth, the hold is divided into four portions, and two measurements
taken at each o f the three divisions. ]. Across the keelson, on a level
with its upper surface, from ceiling to ceiling. 2. The greatest breadth
of the hold at each division. The mean of these six measurements is con­
sidered the breadth. The depths are taken at each of the foregoing points
of division from the upper surface o f the keelson to the lower surface of
the upper deck between the beams, and the mean o f these three is as­
sumed for the depth. The length, breadth, and depth are then multiplied
together, and two-thirds of the product is considered as the tonnage. But
an allowance for provisions and water, cabins and ship’s stores, varying
from
to t4JL, is deducted from the depth before it is multiplied by the
length and breadth.
P R U S S IA .

The length is measured from outside o f plank at the stem to the out­
side of plank at the stern-post, on deck. The breadth is taken at the
widest place in the wales, from outside to outside of plank. The depth is
measured from the top o f garboard plank to top o f deck plank in the
main hatch. Then take
o f the length, as found above; set it off from
the forward end o f length, and from the aft end a lso; at these points
measure the greatest breadth at the wales, on outside plank; add these
two breadths together, and divide the result by two ; the quotient must
next be subtracted from the greatest midship breadth, as found above.
For the remaining difference there will be found in the tonnage tables
(constructed for the purpose o f facilitating admeasurement calculations)
under the head of the greatest breadth of the vessel, a certain multiplier.
Multiply the three principal dimensions together, and the product by the
last found multiplier, and divide by 1,000. The quotient is the number
of lasts the vessel is expected to carry.
R U S S IA .

The length of the keel in feet multiplied by the extreme breadth over
the sheathing, and the product multiplied again by half the breadth, and
divided by 94, gives the number o f English tons burden.
NORW AY.

From the inner-part o f the stem the length o f the ship is taken to the
inner-part of the stern-post. Dividing the length into four equal parts,
the breadth is measured at each of those divisions. The depth o f the




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The Admeasurement o f Shipping.

vessel from the under surface of the upper deck to the keelson to he taken
at the above three points of division. Then multiply the length by the
mean of the three breadths, and the product by the mean of the three
depths. The result o f the foregoing is divided by 242}, if there be no
fractional parts of feet; but if there be, the calculation is made in inches,
and the divisor becomes 322,767, the result thus obtained being the
burden of the vessel in wood lasts o f 4,000 Neva pounds each. To re­
duce these into commerce lasts, one of which is equal to 5,200 Neva
pounds, it is multiplied by 10 and divided by 13.
It will be observed that the French, Spanish, Portuguese, and Dutch
obtain internal measurements, while the United States, Naples, and Nor­
way take some dimensions outside and others inside the ship for tonnage.
Russia and Prussia have adopted purely external systems. Spain has the
best system of them all in principal; the capacity o f the hold in cubic
feet, as well as the displacement, is sought to be obtained. The systems
of Russia, France, Naples, and the United States, were, undoubtedly, and
for the most part, borrowed from England, as they bear the imprint of
her “ old ” rule. In the feature o f allowances, the Dutch and Portuguese
are most generous. In four o f the above countries, France, Portugal,
Naples, and the United States, the operations for tonning single and dou­
ble-deck vessels are different, while in the others no distinction appears to
be made. All the rules appear designed for determining the burden, and
have been worked out from a certain set o f vessels of known carrying
capacity; for such vessels they answer tolerably well, perhaps, though
the operation is most absurd and unscientific, but work badly for any
letter type of model. W ere the means o f arriving at ship’s tonnage
purely legitimate and geometrical, they would apply to every description
o f craft with equal propriety, as in England under her present law.
Let us examine the influences of incongruous systems o f admeasure­
ment, and show their practical operation to prejudice the designing of
ships. Our space will forbid enlarging upon this branch o f the subject,
but the veil may be withdrawn sufficiently to disclose some idea of the
extent of the evils which we deprecate without trespassing on the rights
o f publisher or reader ; and if a full-sized impression of the importance of
tonning vessels by correct rule shall be given, let us hope that a sentiment
o f reformation will grow up to some purpose in the mercantile mind.
Our personal experience in ship-building has alone induced us to raise our
voice against the hampering effect o f such arbitrary rules of admeasure­
ment as we have shown to prevail nearly all over the world. Every effort
which we have made to excel in the design of a ship, has contended with
some o f the obstacles o f “ tonnage,” and we think the testimony o f every
naval architect in the United States will be corroborative. The dictum
of these rules are not the less forcible because not expressed, but only un­
derstood ; it would matter very little in what terms a government should
establish the ratio of dimensions for vessels; for, so long as a violation of
the mandate of the law would be attended by disadvantageous conse­
quences, this ratio would be observed ; and if our law favors bad dimensions
and bad forms o f vessels, it equally discountenances improvement, and
the government might just as well destroy the incentive to construct per­
fect shipping in one mode as another.
The construction of merchant shipping always has reference to profit­
able employment; and nations, like individuals, pursue navigation for the




The Admeasurement o f Shipping.

671

increase of wealth it brings, enlarging their maritime enterprises just in
proportion as they are successful. W e may not expect shipowners to
invest capital in commercial enterprises as carriers between the nations o f
the earth unless money can be earned by their shipping; and the marine
of that nation which is best paid must be the most prosperous in the end.
W hat folly it must be, then, to lay obstacles in the way o f suiting vessels
to their business, when the utmost freedom in skill, and the most intelli­
gent exercise of artistic powers, are scarcely sufficient to supply the wants
of commerce in the present times 1
In designing ships the nautical architect finds their legitimate require­
ments sufficiently numerous and conflicting to regulate in due proportion,
without having imposed upon him by Congress stupid maxims of archi­
tecture embraced in the operation o f an admeasurement system, to which
he must primarily conform the proportions and configuration of his ideal.
The first legitimate adaptation o f a vessel, is to her cargoes ; these she
should carry with ease and econom y; the second, is to the navigation ;
to it the draught of water, form, and propelling power must be harmon­
ized ; the third, is to staunchness and endurance. Many considerations
enter into the design beside these, but how to project a ship with reference
to admeasurement should never be studied. Yet this is now a necessity.
It has remained to modern statesmanship to thrust upon marine architec­
ture this vicious adaptation, which has too often usurped the places o f all
others— the qualification to carry cargo in excess o f tonnage.
Now, as tonnage under every rule extant, save England’s o f 1855, pro­
fesses to denote the carrying capabilities of vessels in terms of burden, it
is plain, were those rules proper and rightly applied, there could be no
such thing possible as the absurdity of a ship’s carrying more than her
“ tonnage.” The statement that she will do so, expresses in other words
the fact, that her tonnage has not been fully and correctly measured by
the surveyor, and nothing m ore; yet, unfortunately, such ships are ac­
counted by many to possess superior merits for investment, notwithstand­
ing, to a mechanic’s eye, who views a ship as a huge machine, and her
proportions and parts as elements of consistent machinery, she appears
unwieldy, awkward, and crude in adaptation to the motions for which
ships should be intended. A ship must not only be built to sustain a load,
but to travel with i t ; and it is to the ease with which she carries her
cargo that her character for excellence should be ascribed. In this quality
is involved a judicious blending o f model and construction ; and it may
be affirmed of such vessels, that they are seldom unprofitable ; the chances
are greatly in their favor for long life and usefulness.
But the United States rule for tonnage over-measures as well as undermeasures shipping, thus operating in both directions to apply a false
standard of valuation to every shipowner’s property. To such extent can
this prejudicial test be carried in practice, it is possible for one ship of
1,000 tons “ register” to be able to carry a cargo of 1,500 tons, while
another vessel of the same admeasurement could transport only 500 tons ;
yet both vessels might cost the owner the same amount, if bought by the
ton, and the same charges for dues, taxes, and other expenses, disbursed
per tonnage, would be collectable from each. W hy, vessels might just as
well be legally appreciated by the number o f timbers in them as by a
system o f mensuration incapable o f closer results. To serve the great
purposes of trade, navigation, and ship-building, no system at all would




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The Admeasurement o f Shipping.

be an incomparable improvement upon the present loose one, for if vessels
were not admeasured and registered by government surveyors, the ship­
ping community would fall bak upon common sense, and again rate vessels,
as was done in old times, by the actual cargoes which they carried.
That our objections may be urged with equal propriety against the
present tonnage rules o f all foreign countries, save Great Britain, as well
as those o f our own, cannot lessen their force, or constitute a good apol­
ogy for continuing to build ships under their baneful influence; on the
contrary, the evils growing out of all vicious systems o f admeasurement
are multiplied, extended, and rendered overwhelming, exactly in propor­
tion to the commercial wealth and power by which they are supported
and perpetuated. Let the United States improve the example o f Great
Britain in establishing legitimate rules of tonnage, and doubtless the
shipping of the whole world will soon after be relieved from the pressure
o f all obnoxious systems prevailing. But it may not be thought of vital
importance to use our best efforts to secure fair play to our ship-builders
while so many nations of Europe have no better rules than ourselves.
Cannot American genius struggle more successfully with difficulties than
any of the mechanics and mariners o f Europe ? A full answer may be
given by pointing to the position of England on the vantage ground of
freedom in nautical skill. Within a period o f twenty (20) years that
old “ mistress o f the seas” has twice reformed her objectionable rules for
tonnage, and both times adopted a fostering policy towards the use of
steam vessels, with the avowed object o f regaining her undisputed su­
premacy over the commerce o f the world. The ancient resort to warfare
to cripple a rival, are means no longer suited to her own safety and well­
being. They are therefore rejected as unwise and impracticable; but ju ­
dicious policy, freedom in architecture, energy, capital, and skill, are now
invoked for victory, and it is not to be disguised that she is reclaiming
her lost ground from under our feet. She is distancing all competitors
in ocean steam navigation.
Hitherto we have had foundation for indulging a laudable degree of
pride in the power of navigation inherent in our own country, and many
American achievements have been most gratifying, but the causes of our
successful career on the sea should be well understood, and not forgotten.
The comparative excellence of our shipping, in conjunction with favoring
circumstances, did much to build up our present greatness; but the dis­
parity of shipping qualities is fast disappearing between the fleets of the
old world and the new, and there are no longer any fortuitous circum­
stances to aid our enterprise on the deep. On the contrary, the most
powerful maritime nation o f the world is waging her utmost exertions to
lead us in navigation and supplant us in commerce.
W ith the crushing of Holland, Great Britain subdued the carrying
trade of the world, and ever since has successfully disputed it with every
rival except the United States, and although we have waged a warm com­
petition with that country for a share of the wealth gathered from foreign
commerce for about fifty years, yet have we now only begun to experience
the gigantic efforts which she is putting forth to regain peaceably her
wonted undivided dominion over the commerce o f the globe. The genius
o f her ship-builders is no higher than our own, but then it is untram­
meled by the government— it is free. Few persons except naval architects
may be able to sound the advantages thus insured to our mighty compet­




The Admeasurement o f Shipping.

673

itor, but they are real and fundamental nevertheless, and will in due time
be appreciated— whether early or late remains to be seen.
The rapid growth of American shipping has been unexampled, but
while we owe something to fortune, an inappreciable debt o f gratitude is
due the founders of the Republic for the wise foreign policy o f the gov­
ernment in its earlier history. During the long and bloody wars with
which the nations o f Europe opened the nineteenth century, and England
swept the commerce of other countries from the seas, our neutrality alone
enabled our shipping to share the monopoly o f the carrying trade with
that power, and under even more favorable circumstances than she could
command for herself by the arm o f force; for, whereas her merchant
fleets were obliged for safety to sail in convoys, the shipping o f the Uni­
ted States sailed singly without fear of molestation. These circumstances
tended to encourage improvements in American, while it equally discour­
aged it in British ship-building, forasmuch as the movements of a fleet
under convoy are necessarily regulated by the worst sailer and most unseaworthy vessel; on the contrary, velocity, to a judicious degree, becomes
a prime essential to the single sailing ship, in view o f high freights and a
quick return of profits on the cargo. But there were other reasons still
for the growing superiority of American over English shipping in the
first quarter of the century. The injurious operation o f the tonnage laws
formed a very effectual bar to improvement in British ship-building; for,
under the burdensome duties imposed upon tonnage, British shipowners
found themselves obliged, while reducing the nominal measurement, to
increase the burden o f their shipping, in order to save at least a part of
its earnings from the grasp of the collector— the facility for doing so
having been provided, fortunately, in that absurd law o f admeasurement,
the “ old rule.” Hence, the evasion of measurement, rather than adapt­
ation to service, became the study of English ship builders. Vessels were
narrowed in where measurements were to be taken, and expanded where
they were not to be. They were filled out in the bows and stern, flat­
tened on the floor, and the same carried quite into the ends of the ship.
The law took no account o f shape, but paid its respects to two dimensions
only, and that at certain localities. The length and breadth were cur­
tailed, while, the depth o f the hold having no influence on the tonnage,
the height to which the topsides could be carried became limited only
by the weight of ballast which it would pay to transport continually in
the bottom o f a ship.
In contrast with these obstacles, the American shipowner, at home
ports, paid only nominal duties on tonnage, and although our own law of
admeasurement was no better than the English, still there did not then
exist an equal necessity to evade its application by ruinous models and
dimensions. It was good policy to have ships attain a fair rate o f speed.
At the close of the war in 1815, the United States was found taking
rank with commercial nations, and then in the possession of an immense
fleet of shipping, which could perform its passages in one-third less time
than that of England, while our ship-yards were conducted by the ablest
mechanics in the world. The history and subsequent success of American
navigation has taught British rulers that the carrying trade o f the world
is a prize to be gained only by skill, enterprise, and capital; and that, if
they would maintain England’s former preponderance of power in com
mercial seas by peaceful means, they must adopt a policy for improving
VOL. xxxviii .— no. vi.
43




674

The Admeasurement o f Shipping.

the qualities of British shipping, and, moreover, to do so, ship-building
must be free from tonnage restrictions.
Before proceeding to a brief analysis o f the evils induced by the rules
complained of, let us examine an abstract statement o f the charges in­
curred upon tonnage at various ports in Europe, and at New York, from
which may be inferred, partially, the mischievous importance o f adapting
shipping to advantageous measurement.
For a ship o f 1,000 tons to enter the port o f Amsterdam, remain three
weeks, and put to sea again, the extraordinary sum o f $2,100 will require
to be paid; if the port be Antwerp, the charges will amount to $1,250;
Havre, $1,340; Liverpool, $1,300; London, $1,340; Leghorn, $2,000;
St. Petersburg, $560; and at New York the amount will be about $260
for the same period of time. Under the reciprocity system of the Uni­
ted States with most foreign countries, touching the non-payment o f ton­
nage dues on vessels laden with the products of their respective countries,
and trading between each other’s ports, our shipping is comparatively
free from this particular form o f taxation; but when it sails abroad to
engage in the carrying trade o f foreign nations, there are no longer any
exemptions whatever in its favor. It is found advantageous for this class
of our shipping to carry much, but measure little— the less the better.
In order to appreciate the measure o f influence which rules for tonnage
have exerted upon the proportions and forms o f merchant shipping, it
will be well to refer back to its condition at the time o f their adoption
in England. And first, we will inquire what were the usual proportions
of length, breadth, and depth.
As the Boyal Navy has, from the date o f its establishment, been re­
garded as the model school for naval architecture, we will not incur much
risk of error in taking its proportions to have been the guide o f the
merchant builders, and we shall therefore assume that ships o f the same
tonnage, whether designed for war or commerce, were proportioned about
alike in their dimensions. In 1773, when the “ o ld ” (and first general)
English law was enacted for the admeasurement and registry of vessels,
there were very few employed in commerce having more than two decks.
These will correspond in magnitude to sloops-of war, or 20-gun ships of
about 500 tons, while the three-deckers o f our modem packet lines may
be compared with frigates of forty and fifty guns, on two decks, but
having also a third deck, and of 800 and 1,000 tons burden.
Until 1830, it was customary to establish by law, upon the recommen­
dation of a commission, the ratings in guns, and the general dimensions
and tonnage of the several classes of ships composing the English navy.
Accordingly, we find that, by the establishment of 1145, a 50-gun ship
had dimensions and general proportions as follows:—-Length on the gundeck, 144 feet; breadth, extreme, 41 feet; depth in hold, (to the gundeck only,) 17 feet 8 inches;— a 40-gun ship, length on the gun-deck,
133 feet; breadth, extreme, 371 feet; depth in hold, (as above,) 16 feet;
— and a 20-gun ship, length on the gun-deck, 113 feet; breadth, extreme,
32 feet; depth in hold, 11 feet, (to the berth-deck.) In relation to the
“ depth of hold,” as given in those days, and even at the present time in
many instances, the extreme depth, from the ceiling o f the floor to the
top of upper-deck beams, is not meant, but only the depth from the ceil­
ing to gun-deck, or main-deck; to wit, that beneath the deck which
covers the ship. W e must therefore add the height o f the between-decks




The Admeasurement o f Shipping.

675

to the depth of hold, in order to arrive at the extreme depth. The above
examples are similar to others of previous date, and would seem to show
that about 57 per cent of the extreme beam was considered a just pro­
portion of depth, measured from the ceiling to the top o f upper-deck
beam, for vessels with three entire decks; while about 52 per cent of the
extreme breadth was judged proper for shipping o f but two decks, and of
a tonnage corresponding to the largest merchantmen then used in navi­
gation. W e also discover from the dimensions of modern English shipsof-war, that but little change has been made in the old ratios of depth to
breadth. The chief difference between the proportions of the naval ships
o f the late and present century consists in an increase of length, to the
extent of about one-third. This class o f shipping has been free from any
bias of admeasurement laws, and therefore subjected to only legitimate
changes, according to the progress of naval science. It will, for this
reason, serve as a standard in comparing the proportions of merchant
ships, as we now find them, with what they would probably have been,
but for the warping power of tonnage rules.
However it may have been with regard to the similarity o f proportions
between the depth and breadth o f war and trading vessels, there is no
doubt about the same ratios obtaining between the dimensions of breadth
and length. About three-and-a-half times the extreme breadth for the
length were commonly approved proportions for all kinds of shipping,
until the builders of the United States constructed a few vessels with
some reference to speed in the beginning of the present century. That
the depth and breadth also agreed, is altogether likely, for the “ o ld ”
rule, after its institution, was used by the navy, which would not have
been done had it not applied equally well to war and merchant vessels.
It will be seen that the English rules were the same for single as for
double decked vessels, both in 1720 and 1773, from which we deduce
the inference that these classes also had substantially the same ratio of
dimensions. Indeed, there are now among the coasting vessels o f Great
Britain crafts that agree in their internal half-breadths with the depth of
hold, and such carry about the amount of tonnage (deadweight) which
they register.
With regard to the reasons for setting aside internal and adopting ex­
ternal measures, when the “ o ld ” law was framed, doubtless the main
objects of the change were greater simplicity and convenience; in fact,
to these its usefulness was wholly sacrificed— the system proving so ut­
terly simjde and brief as to be worthless.
In forming the rule o f 1773,
the same principles were observed that had guided the framers o f that
in 1720, the half-breadth being taken by substitution for the depth in
both cases, while the length of keel was sought for the tonnage length.
By the former rule the half-breadth inside was about equal to the depth o f
h old ; while by the latter the half-breadth outside was as nearly equal to
the depth from the top of beam to the outside of plank at garboard;
and we may conclude that if any vessel fell short or exceeded such pro­
portions, they were regarded as exceptions to the rules o f ship-building,
especially if they differed from the standard o f the navy, and therefore
were to be discouraged rather than favored by the la w ; besides, it will
be noticed by readers o f maritime history that infrequent mention is
made of the depth of vessels. They were often described by the length
and breadth, but the depth seemed of comparatively small account, and




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The Admeasurement o f Shipping.

this may have been the reason that exactness was disregarded by the
framers of the early rules for tonnage. Indeed, we suspect that rules for
the admeasurement of shipping did not originate with governments but
individuals— probably ship-merchants— and that the authorities of vari­
ous countries subsequently adopted the best rules in use by their com­
mercial men, for the purpose of preventing and settling the “ disputes ”
which arose respecting the “ tonnage ” o f vessels, as was done in England
by the enactment o f the old rule.
W e will consider it established that the usual proportions of vessels at
the above period were these, namely, depth to breadth, as one to tw o;
and breadth to length, as one to three-and-a-half.
A main feature of the model was the extent of fore rake, (of stem,)
which amounted to about three-fifths of the beam. To obtain the length
of keel, therefore, this amount was directed to be deducted from the
length plumbed down from the stem head, the keel being, in those days
as now, a standard timber for dimensions. By the rule o f 1720, (applied
only to spirit vessels,) the keel was measured internally, and of course
there was required no deduction for rake ; hence, none was made of it.
A t the stern, we should judge there was little or no rake below water
before the enactment o f measurement laws and customs on tonnage ; but
this novelty was soon generally introduced thereafter, for a subsequent
addition to the “ old ” rule, providing for the admeasurement of vessels
afloat, ordained that the length be taken on the load-line, and that three
inches to the foot of draught, aft, be subtracted from it, for allowance of
rake, to find the true length of keel, while three-fifths o f the breadth was
likewise to be deducted forward.
W e will now inquire what were the ratios o f dimensions for English
merchant shipping in 1836, when the “ o ld ” law was abrogated. From
tables of dimensions, published in England, it appears that several classes
o f vessels, of two and three decks, had the ratio of depth to extreme
breadth as follows:— Sailing vessels of two decks, with poops, from 70
to 81 per cent; of three decks, from 71 to 83 per cent; and steamships
o f three decks, more or less, from 67 to 89 per cent; showing an average
increase of depth, respectively, o f 25, 27, and 30 per cent heyond the
limits contemplated in the law, and in consequence of the rule omitting
to take cognizance of the actual depth of hold. The addition of depth
was fully equal to one-half of that prevailing when the rule was formed.
In comparing this change o f proportions with that undergone by the
shipping of the Royal Navy, we will discover that in this service, during
the lapse of a century, progress has decreased the ratio of depth to main
breadth about two per cent, sailing ships of two decks having now about
50, and those o f three decks about 55, per cent of main breadth for ex­
treme depth of hold. Prominent shipowners and builders in England, at
the present day, agree that about 63 per cent of the main breadth is the
limit for depth in vessels of two decks, and 68 per cent in those o f three
decks. In vessels o f 100 tons, or thereabouts, they consider 45 per cent
of the breadth the lowest ratio admissible. According to these figures,
British shipping has suffered from mal-proportioning to the extent of ten
to twenty per cent only. But when we consider that vessels o f the pro­
portions above approved would require ballasting, except when transport­
ing heavy cargoes, and that their dimensions of depth and breadth would
be repudiated in the navy, it would appear that such opinions are perhaps




The Admeasurement o f Shipping.

6n

merely the outgrowth o f familiarity with shipping of unwieldy depth,
rather than wise deductions from scientific or practical investigations.
W e will next consider the law’s influence in fixing the proportion o f
length to breadth given to English ships while it prevailed. To obtain
the tonnage length, three-fifths of the breadth was to be deducted from
the length taken as prescribed in the rule, and the remainder was to be
the dimension sought. It followed, therefore, that if a vessel were con­
structed of such singularly limited length, as that it would prove only
equal to the three-fifths o f breadth, there would be no remainder on sub­
traction, and consequently no expression of the solidity, or tonnage, could
thence be determined; the breadth could o f course be multiplied by the
half-breadth, but the result would be no more than a transverse area, and,
if divided by 94, the quotient would only express units of superficies. I f
the length should be one foot greater than the three-fifths o f breadth,
(say length 46 feet, breadth 75,) then there would be a measure of length,
viz., one foot, to fulfill the conditions o f solid measurement—-the applica­
tion of the rule would give a result o f 29.8 tons. Now, a vessel o f double
the length should have increased tonnage in proportion, or 59.6 ton s;
but on applying the rule we find it giving twenty-three times more than
this amount! The first result is manifestly an error, and the rule is
grossly absurd.
But we will present its operation in another view. Suppose a vessel o f
30 feet length and 10 feet breadth, (as the depth does not enter into the
calculation, and may be either one foot or a thousand with like influence on
the tonnage, it need not be premised in this case,) the tonnage would be 12$
tons; if we increase the length one-third, (or 3 3 i per cent,) the tonnage
would be enlarged about 41 per cent, or nearly one-half, if we add 66|
per cent of the length to the same, the increase o f tonnage will be about
82 per cen t; if we again add to the length, and double it, a still wider
departure from the truth becomes manifest— adding 100 per cent to the
length increases the tonnage 125 per ce n t! And so we may go on in­
creasing the dimension of length; and, with every addition which we
make, the resulting tonnage will be in excess o f a due proportion by 20
per cent of the amount given by the rule. This 20 per cent may there­
fore be considered as a corresponding tax upon the length of ships as well
as upon tonnage, operating to forbid the construction of vessels o f a
length greater than three times their breadth.
These remarks are equally true of the operation of the United States
rule for tonnage, since it also makes an arbitrary deduction of a propor­
tion o f breadth from the length, v iz .:— three-fifths of the breadth from
the length on deck. It results that the interest of the shipowner, who
buys shipping by the ton, is apparently served best by short ships, but
the shipbuilder’s interest is best consulted by building long ships when
paid by the ton. It also follows that long ships are disproportionately
admeasured as well as shallow ships, and short and deep ships are always
undermeasured. Such are called great carriers ; they are economical in
first cost, and too often stand above par with owners; but they are un­
profitable ships to build, because the builder does not get paid for their
burden or true tonnage; and for the reason that the owner does not pay
for their full tonnage, are they cheap ships for him to buy ?
It will now be seen why owners, in times of commercial depression,
resort to building or purchasing ships that will carry great cargoes in




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The Admeasurement o f Shipping.

proportion to tonnage, and it is proverbially true that good ships are
built in seasons o f prosperity, but bad ones in times of adversity, as a
general rule. It was in consequence of such circumstances that British
shipowners, always taxed to endurable limits, could not afford to improve
the length of their ships conformably to the demands of progress under
the old law ; and hence, while the depth was left free to be enormously
increased, and the body to be filled out to extreme development in every
part except where the breadth was to be measured, the ratio of length to
breadtli experienced no change in an immense horde of English vessels,
until recently, from the the times o f Sir Walter Raleigh, the first author
on the British navy, who laid it down that “ one hundred foot long, and
five-and-thirty foot broad, is a good proportion for a great ship.” En­
lightened opinion of the present day would advocate the building o f ships,
at least one-half to two-thirds longer than this proportion. But if we
would compare the depth given under the working of the rule with the
length we should find that, in proportion to draft of water, English ships
of a late day were actually shorter than those used in the sixteenth and
seventeenth centuries, while the models approximated the forms of the
boxes, bales, and barrels which were carried as cargo.
The life and
property that has been sacrificed, by means of the ill-conditioned structures
thus reared under the auspices o f the “ old” tonnage law of England, would
have founded a flourishing colony for that colonizing country.
But England, having removed the difficulties which beset the enterprise
and skill of her owners and builders, has cast off her old mantle o f error
upon this country. No spurious adaptations are now required o f her
shipping, and if she has not entered upon a new career o f navigation it
will be the fault of her ignorance of the true principles o f marine arch­
itecture. Is there a patriot in the land who would not blush to learn all
the evils o f admeasurement in this country, and know that Great Britain
had stolen a march upon our legislators ? Nay, we are mortified that
our countrymen did not themselves take the lead in tonnage reform many
years ago.
Let us now investigate more particularly the prejudicial working of the
system which we condemn, and show its influence upon ship-building.
Its rules differ from the old British in some respects, while they agree
with the French in others, and, in one particular, can boast originality.
The French, like ourselves, use separate rules for the admeasurement of
double and single decked vessels, but the English used but one rule for
both classes. The French take the measure for length on deck, as we
do, but inside instead of outside, while the English measured the length
of keel and added the fore rake. The French make no allowance for
rake of stem and stern, (except “ sometimes” at Bourdeaux,) while the
English and American rules prescribed three-fifths o f the breadth for de­
duction. The French take measurements inside the ship, but the English
and Americans outside, except that the latter, in admeasuring vessels of
single deck, take the inside (or actual) depth, as the French do for the
same class.
The English took the extreme breadth wherever found, but the United
States rule requires it to be taken at the broadest part above the main
wales, at the locality of upper deck, where it is seldom the greatest, owing
to the tumble-home of the ship’s sid e; the French take the greatest
breadth inside the vessel. In France the depth of hold is properly added




The Admeasurement o f Shipping.

679

to the height between-decks, and the result considered as the tonnage
depth, (for double-decked vessels,) while England and the United States
obtained the tonnage depth from a division of the breadth by two. The
divisor was 94 in both England and France, but it was fixed by the United
States at 95.
Such was the similarity in admeasurement processes in the three great
commercial countries named before England reformed her system; and
it must be said for France that her imperfect method placed the least
constraint upon ship-building; her marine, whether war or mercantile, has
been acknowledged by British writers ever to have been superior to their
own nation’s, both in velocity and sea-qualities, while the United States
owe to circumstances, to which we have alluded and are about to discuss
more fully, the reasons why the shipping of the new world developed a
sea-going supremacy over that of the old, notwithstanding the ill-con­
sidered mode of admeasurement under which its carrying qualities have
been appreciated.
The “ old” law of admeasurement, now obsolete in England, and which
well nigh ruined the commercial prospects of that country during the 63
years of its enforcement, never exerted any influence over the shipping of
the colonies, now constituting the United States, except in an inter­
national way ; it was enacted in 1773, and in the year following the war
of independence broke out. In that struggle our navy was quite incon­
siderable in numbers, but, in point o f sailing, comprised a few excellent
vessels for that day. But it was from the privateer service, perhaps, that
the most impressive lessons on naval architecture were taken by the
maritime community of this country. As early as 1758 there were
fitted out at the port of New York alone, 48 privateers to serve against
the enemy in the “ Old French W ar.” The number o f public and private
armed vessels employed in the defence o f our national independence
amounted to 1,559, manned by 58,549 citizens, and their captures were
numerous. In the second war with Great Britain the hazardous business
of privateering was entered into with spirit and alacrity ; before its close
no less than 517 privateers were authorized by the government, manned
by 25,576 citizens, and bearing against the enemy 2,815 guns. Their
services may be appreciated by the 1,343 captures which they made,
many of which were stoutly armed privateers o f the enemy. Perhaps
about one-third of this class of vessels were constructed for the eminent
service which they rendered, and it is said o f them that, “ not one of our
fast cruisers was taken by the enemy.”
A taste for velocity in sailing was thus early cultivated by the maritime
community, which has since been displayed in every field of commerce
where the canvas of American shipping has been filled away by the
breeze. This national gratification found many occasions for effort, but
none marked by so great disparity as voyages sailed against English
ships in the first quarter o f the present century. Soon after the peace
of 1815 American packet lines were formed to compete with the English
for the carrying trade between the United States and the west coast of
England, which succeeded in securing that important monopoly. It also
became the established policy of the government that the products o f the
United States should be carried abroad in our own ships. To do this it
became necessary to build the best shipping for the purpose, and thus
was the genius of ship building directed into a course of experiments and




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The Admeasurement o f Shipping.

improvements which, in turn, created another national relish in nautical
architecture— this is the love o f improvement. Faster and better vessels
'became the order and means of American superiority at sea until rivals
disappeared ; then a retrogressive spirit predominated, the theater of for­
tune was shifted from the captain’s to the merchants’ office ; the weatherly
ship was docked for the purpose o f extending the height of her topsides
and erecting another deck, with poop and round-houses to match upon it.
Time would become less an object to certain owners than burden, especially
as port charges advanced with the increasing magnitude o f the emporiums
of commerce; and now it is true that at the present day the average
length of voyages between New York and Liverpool is greater than thirty
years ago.
The East India, California, and Australia trade, in recent years, devel­
oped the utmost advancement in ship-building, but the reflux o f its tide,
together with the adverse influence of the tonnage system, has relaxed
those extraordinary efforts which seemed at first to promise so much to­
wards perfecting the art of ship-building. It will be seen, however, from
every effort made to accomplish the production o f superior shipping that
the maxims inculcated by the operations of our tonnage rules have always
to be violated, and hence the chances are against sustaining this enter­
prise. A merchant will not be satisfied with the earnings of his ship unless
they are as great as those of his neighbor’s vessel o f equal tonnage, ac­
cording to the official survey and register. The truth may be that his
neighbor’s ship is several hundred tons larger than his, but this excess of
capacity being ignored through the fault of the admeasurement, the failure
of the small ship to carry as much cargo as the large one is wholly at­
tributed to the model and dimensions instead of the true cause. If in­
vestigation be made to discover the disparity of burden between the two
vessels, it will generally be found that the greatest carrier has the deepest
hold; and while the law, in its unequal application, has measured the
full depth of one vessel, it has failed to measure more than three-fourths
o f the depth of the other. This result is in consequence o f the law as­
suming the depth of double-decked vessels to be invariably equal to the
half-breadth, without regard for the facts in the case. Perhaps it will
likewise be found that the model of the small carrier is rather sharper
than that of its rival; as the tonnage rule makes no provision for varieties
of form in the bodies of ships, here is another source of error. Again,
the style of configuration— the symmetry of outline, given to the small
vessel, may have been regarded as necessary for appearance sake by her
tasteful constructor, and, as a result, her side line is convex instead of
straight, and the tumble-home is little in place of much ; the penalty for
such an exercise o f ideality in architecture is the addition of several feet
to the breadth at the locality for measurement; and, notwithstanding the
difference should be wholly chargeable to the dimension of breadth, yet
the one-half of it is added to the depth, perhaps making it exceed the
actual measure, for, saith the law, “ is not the half-breadth always equal
to the depth ?” And, further, if it has appeared desirable to the builder
or owner to dispense with a cutwater, and finish the bow with a pro­
tuberant stem and knight-heads, the law interferes to check their discre­
tion by measuring the length o f the ship to the forward side o f the stem
on deck ; and if this timber should curve forward to the end o f the bow­
sprit, (“ on deck,” ) we presume the tape-line of the government surveyor
would follow it to its termination !




The Admeasurement o f Shipping.

681

The law assumes the rake of the stem to he proportionate to the breadth
in all vessels, for it requires three-fifths of this dimension to be subtracted
from the length on deck in every case. This assumption is absurd, and
has worked a modification o f the bows o f vessels to such extent that,
whereas it used formerly to be considered that the immersed stem should
conform in outline to the arc of a circle of considerable radius, described
from a point near the water-line, stems now-a-days stand nearly upright,
and being also tolerably straight, the forefoot is angular. There is not so
great rake now given to stems as formerly to stern-posts, which, for the
same reason— the object of shortening the ship on deck— stand quite
square to the keel at the present day. It is also possible that the ship­
builder, as well as the owner, had an interest in making this change; the
rule for carpenter’s tonnage, which vessels are sometimes built by, for so
many dollars per ton. is, in some parts o f the country, cognizant of length
only at the rabbet of the k e e l; of course, the longer a ship will measure
along the keel the more money her construction will amount to, and all
the advantage obtained by the owner in thus extending unduly the bottom
of his ship, under the law of United States measurement, is fully paid for.
Most of the objections which have been previously urged against the
“ old” English rule for tonnage, apply with equal force to the American
law, and therefore we need not repeat them ; but it should be observed
that these objections are similar only in so far as they apply to shipping
of two or more decks; the operation of our rule for the tonnage of single­
decked vessels has had the good effect to continue in existence a very
large and efficient class o f coasting vessels, such as could not have been
built and maintained under the paralyzing influence o f such a law for
tonnage as the “ old” English rule. While, therefore, the greater similarity
between the English and American modes of tonning double-decked
shipping has caused similar abuses in modeling and dimensioning the
larger classes of our vessels, the difference between the rules for obtaining
the measurement of single-decked vessels has enabled the builders o f the
United States to preserve from corruption the maxims of construction for
this most useful craft. Perhaps the most insidious influences of the tonnage
rules are those reacted upon the commercial community from the very
shipping which an evasive policy has deformed and malproportioned.
W e have an instance of this in the opinions held of modeling small
vessels in the United States and England. In 1618, two years before the
Pilgrims embarked on board the Mayflower, a commission was appointed
in England to inquire into the state of the Royal Navy. They made a
voluminous report on the condition of ship-building, and, in noticing the
dimensions of ships which did not average more than 250 tons in the
navy, they affirmed, that according to the “ jndgment of men of tr.e best
skill, both dead and alive, the ships that can sail best and use all advan­
tages the wind and seas doth afford, should have the length treble, to the
breadth, and breadth in like proportion to the depth, but not to draw over
sixteen foot of water.” There were no admeasurement restrictions then
to bias the convictions of nautical men. A t the present day it is held
in England that 30 per cent more depth than this is the better propor­
tion for vessels of small tonnage. The greater breadth given to American
vessels of single-deck is due to the simple cause of difference in the sys­
tems of admeasurement —the English rule assuming the depth to be the
same as the half-breadth, whilst that of our own country, fortunately, re­
quiring the actual depth to be taken in the case of single decked shipping,




682

The Admeasurement o f Shipping.

left the builder free to adopt such proportion as was desirable. W e may
presume that at the establishment of our own law the distinction made
between vessels of one deck and those o f two or more, originated in the
manifest disparity of proportions then existing between domestic and
foreign traders, the latter being subject to admeasurement influences in
Europe, but the former free from them at home. It must have appeared
manifest to our government that the extensive river and coast navigation
o f this country demanded such vessels o f shoal depth as were built there­
for, and, following the precedent o f France, a country similarly circum­
stanced, the resolution was taken to conform the rule for admeasuring
single-decked vessels to the necessities of the case. W hat a pity that
this principle was not fully carried out.
Whilst the operation of this rule has tended to continue in use the
proportions of length, breadth, and depth prevailing in the construction
of single-decked vessels when it was adopted, though not without bias,
the working of its sister formula in influencing the form and dimensions
of double-decked vessels has had the powerful aid o f England’s “ old”
rule to determine the necessity of employing none but double-decked
shipping in foreign trade, particularly with England and Russia, in
which countries it was thought economical to construct the depth largely
in excess of the half-breadth ; for, should it be less than usual in any case,
compared with shipping in the trade, the result was subjection to pay­
ment of disproportionate dues.
This -will appear when we consider that a vessel of, say 30 feet beam
and 10 feet hold, offering for entry at a British port, would be admeasured
for tonnage by the surveyor o f customs. According to the English rule
the half-breadth would be taken as equal to the depth, or, in figures, 15
feet would be taken for 10 feet; thus making the vessel ton one-half too
much, and pay dues one-third in excess. Nor is this all, if another vessel
should arrive from the United States, o f the same length and breadth,
but of 20 feet depth, double that of the first vessel, she would measure for
only 15 feet depth, taking the half-breadth for that dimension as before, and
thus, although carrying double the cargo, (and, therefore, of double the
actual burden or tonnage,) she would pay the same amount only for dues,
whereas, in equity, she should pay double the sum. In the first case the
dues would be one-half too great, and in the second, one-third too little.
But it was not only highly advantageous for our owners to build double­
decked vessels of excessive depth for many foreign trades, it was also
prudent to build no double-decked vessel o f less depth o f hold than the
half-breadth for any trade, for such would be liable to perverted measure­
ment even in the ports o f the United States. For instance, a vessel of
two decks, if of 32 feet breadth, must have not less than 16 feet hold, or
be subjected to the prejudice and loss consequent upon over-measurement,
which is practically regarded as tantamount to incapacity— want of carrying power. Should the owner require the vessel only 14 feet deep, then
the operation o f the law limits the breadth to 28 feet. I f this restriction
of beam too far diminished the capacity demanded, the reader may say,
make up the deficiency in length. True enough, but we have already
shown that the operation of the rule (by reason of deducting three-fifths
of the breadth from the length to find the factor for tonnage) inflicted the
consequences of over-measurement upon any attempt to give a vessel
more than three times the breadth for the length. The result is generally
a compromise. The owner will adopt about twelve feet for depth, and




683

Gold— its Effect.

give the vessel only one entire deck, but build a poop deck from the stern
to midships, or even to the fore hatch, obtaining thus the space for cargo
which would be found in a proportion o f 32 feet beam and 16 feet hold
with two decks. Such a vessel is known to the law as single-decked only ;
and by such construction will carry one-third more than the law supposes,
and on the same draft o f water which would be necessary for a vessel o f
14 feet hold.
Instead of building a single-decked vessel to be over-measured for
tonnage, and thereby to bear a bad name for carrying, those interested
contrive to produce one of advantageous dimensions and model, possess­
ing excellent qualities fo r burden, not inherent in the vessel, but in a false
system of admeasurement. Instead o f being over-measured one-seventh
the new craft will be undermeasured one-fourth, and here is the whole
secret of her wonderful powers o f burden.
In instances where vessels o f two decks have been built, for the pur­
poses of legitimate trade at home or abroad, they have always so far con­
formed to the operation of the law as never to have less than the half­
breadth for the depth; and, with men of good judgment, they have
seldom been constructed in the United States with a much greater than
this proportion, except when there was a tangible gain involved. Yet it
is true that an enormous proportion of shipping engaged in foreign trade
are burthened with excess o f topsides. The prevailing characteristics o f
many ships are depth, shortness, fullness, great draft of water, and the
upper deck littered with poops and houses; these are productive of danger­
ous motions and dull speed at sea, which the greatest skill in stowage of
cargo and navigation o f the ship cannot compensate; head-winds compel
to ruinously long passages, and the circumstances of a lee-sliore in a storm,
hazard the destruction of such machines with the life and property on
board.
W e shall discuss the principles and utility of a complete and legitimate
system o f ship-admeasurement in the next and concluding article.
w. w. B.

Art. III.— G 0 L ]) — I T S E F F E C T .
R U S S IA N G O L D — 8 U P P L I K S F R O M A U S T R A L I A A N D

C A L IF O R N IA — G O L D IN T IIE W O R L D — C H E V A L I E R ^

E S T IM A T E — E F F E C T O F S U P P L Y — C H A N G E O F S T A N D A R D — A N T I C I P A T I O N S N O T R E A L I Z E D — S P E C U L A ­
T I O N S IN G O O D S — W H E A T C R O P S A N D P R I C E S — S I L Y E R T O I N D I A — I M P O R T O F I N D I A P R O D U C E — P R IC E S
O F L E A D I N G A R T IC L E S I N L O N D O N — I M P O R T , E X P O R T , A N D

P R I C E O F S I L V E R — C O IN I N F R A N C E — I M ­

P O R T A N D E X P O R T O F S I L V E R I N F R A N C E — N E T D E C R E A S E — S P E C IE IN B A N K

OF FRANCE— REVO LU ­

T I O N I N E U R O P E — S P E C I E I N B A N K S — E F F E C T OF C O N T IN U E D P R O D U C T IO N OF G O L D .

T en years have now elapsed since gold was discovered in California,
and seven years since similar discoveries were made in Australia. A l­
though Russia, from the time when Peter the Great ordered gold to be dis­
covered in the Oural Mountains, has continued to yield an important
quantity, neither the world’s commerce, nor that o f Russia, seems to have
been much benefited by it. The Russian government seems to think that
if the gold is dug out of the mountain, and buried in the fortress o f St.
Petersburg, some great benefit has been derived from the operation. The
Czar seems to be experimenting on the theory o f Aristotle, the father of




684

Gold— its Effect.

philosophers, in relation to usury. Ilis dictum, echoed by the reformer
Martin Luther, in a later age, and by all advocates of usury laws, was
that no usury or interest should be allowed for the use o f money, for the
reason that money produces nothing o f itself. “ If you bury 100 coins
in a bag,” said the sage, “ they never will become 101, or multiply in any
way.” This truth seems to have been verified in Russia, while other na­
tions have set the coins to work, employing industry, and thus multiply­
ing the general wealth. The production of gold down to the close of
last year has been in the chief countries as fo llo w s —
VALUE OK GOLD EXPORTED FROM AUSTRALIA AND CALIFORNIA IN EACH YE AR FROM
TO

Years.
1848.......................
1849.......................
1850..............
1851.......................
1852.......................
1853.......................
1854.......................
1855.......................
1856.......................
1857.......................

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

1857,

1847

INCLUSIVE.

New South Wales.

£438,777
6,135,728
8,664,529
8,255,550
11,303,980
12,643,024
11,671,101

8,250,000
11,700.000
12,500,000
14,100,000
13,400,000
14,000,000
13,110,000

Total.
£11.700
1,600,000
5,000,000
9,157,413
21,485,903
22,945,700
23,128.759
24,913,230
28.740,480
24,874,299

£59,112,689

£93,672,000

£159,807,384

Victoria.

California.
£11,700
1,600,000
53100,000

The Australian production increases apparently faster than that of Cal­
ifornia, and the total result has been an addition of §800,000,000 to the
gold currency of the world in ten years. In 1850, M. Chevalier, in his
work on Money, estimated the quantity of gold and silver existing in va­
rious forms, in 1848, at £1,727,000,000, "or §8,500,000,000. Of this,
one-third was gold. The annual production of gold from 1800 to 1850
had been £3,258,000 from all sources. It was then stated by M. Chevalier,
and most other writers agreed, that the continued production of gold in
Australia and California, at the rate of £20,000,000 per annum, would
produce an important decline in the value o f that metal, relatively not
only to silver, but to all other commodities; that is to say, all prices
would rise, while all fixed incomes and annuities, payable in gold, would
annually depreciate to the final impoverishment of the annuitants. In
other words, the fixed amount o f gold that they would continue to receive
annually, as rents and dividends, would yearly command less o f the pro­
ducts of industry. This fear fixed the attention o f most governments.
Holland rejected gold as a tender and adhered to silver; the United
States abandoned silver and adhered to gold ; France contemplated the
measure, but abandoned it, adhering to both metals. Ten years have
elapsed, as we have said. The average annual product is §80,000,000 of
gold. If M. Chevalier’s estimate was correct, that there was about
§3,000,000,000 of gold in existence in 1848, and the old sources o f gold
have sustained their supply, they would have given £32,000,000,
§150,000,000, which would have made good the wear and tear, leaving
the Californian and Australian supply, §800,000,000, as an addition to
the existing amount. Hence, the gold in the world has increased 25 per
cent in ten years! Mr. Chevalier remarked, in 1850— “ If we suppose,
as we have reason to believe, that the new produce yielded by the sources
of supply in California and Australia will amount annually to £20,000,000,




Gold— its Effect.

685

a few years will lead to an important alteration in the present exchange­
able value of gold.”
The London Times argued that, although gold
might not vary in relation to silver, there “ would be a slow but certain
reduction in their intrinsic value.” This idea was generally entertained,
and it gave a great impulse to business, since all wished to participate in
the anticipated rise in goods. That impulse to enterprise has continued
through a series of events adverse to the development o f the effect which
was expected from gold. It may serve briefly to allude to these. Simul­
taneously with the gold discoveries came the revolutions in Europe, which
destroyed a large amount o f wealth, and caused a desire to hoard money,
quite sufficient to absorb all the new metals produced. As these political
difficulties were brought to an end in 1851, simultaneously with a decline
in the price of food, consequent upon the good harvests that succeeded
the famine of 1847, money became very cheap. Throughout the year
1852 it was at 2 per cent in the Bank o f England. These circumstances
renewed the speculative disposition. The Australian movement then be­
came developed, by which an immense amount o f goods was exported
from England and the Atlantic United States to the gold countries. The
amount of capital so absorbed was large. In the next year the harvests
were again short, and prices began to rise. A t the same time the Rus­
sian W ar occurred, absorbing a very large capital in men and money.
Following the war, in the United States an immense railroad development
took place, which has absorbed a very large capital. The 1600,000,000
which in that period have been spent upon railroads in the United States
has caused a large demand for goods, materials, and produce, and has
sustained the high prices of other commodities in face of the short supply
of food.
The following table shows the value of grain imported by
France and England in the last few years:—
IMPORTS OF W H EAT.

Years.
1851...
1852...
1858...
1854...
1855...
1856...
1857...

/------------ Into Great Britain.------------ *
Average
Imperial
price to
Value.
quarters. Michaelmas.
6,073,555
39s. 6d. £11,969,964
3,600,521
39 10
7,171,087
45 7
6,097.607
13,897,667
5,586,218
72 1
20,133,660
10,411,762
2,898,876
71 10
4,337,616
73 2
15,868,445
11,425,702
3,475,234
69 1

Value.
£60,000
184,000
4,348,000
6,860,000
4,912,000
12,590,593
6,350,928

—Into France.Quantity,
Price per
quarters.
hectolitre.
........... .. . .
..
..
........
2,617,201
8 If. 94c.
4
1,317,208
27
1,523,629
32 46
3,598,741
9
27
2,116,976
17 38

In the year 1854, France and England together spent $135,000,000
for grain, in consequence o f the loss of crops. The harvests everywhere
were short, while the expenditure for war, for railroads and manufactur­
ing, were everywhere large. These circumstances would naturally cause
very high prices, independently of any effect of gold. The prices, in
their turn, produced another effect, viz., to attract unusual quantities of
raw produce from remote countries to the common financial center of the
world— London, with its vast warehouses— whence they were redistributed
to consuming countries. The produce so attracted must be paid for, and
silver was the medium of payment. Hence, we find that the arrivals o f
the metals in England were quite equal to the annual production, and the
exports were not less in amount. Asia has been the chief source o f de­
mand for silver. W e may, in illustration, take a table of certain imports
into England from Asia, and the prices, in two years:—




686

Gold— its Effect.

,

---------- 1851 . ----------- ,

Quantity;

Silk................................ lbs.
Tea.......... ...........................
Sugar...........................cwt.
India silks................. pieces

,------------ 1857 .------------

Price.

5,020,972
71,466,460
1,565,035
444,723

17s.
..
22
..

Quantity.

Price.

11,342,957
86,200,414
2,310,430
601,461

26s.
38

The effect of this has been the immense export of silver to the East,
reaching 8250,000,000 in the last six years.
The panic o f the last fall has put a violent stop to this movement. The
consumption of goods and produce seems to be reduced to the lowest
minimum, and prices are now lower than six years since. Tooke’s “ His­
tory o f P rices” gives the rates in London for three years, to which we
have added those of this year:—
Coffee................
Sugar................
Rum, Jamaica...
Tobacco............
Butter................
Silk, raw............ ............lb.
Flax...................
Wool...................
Logw ood..........
Seal oil..............
Olive oil.............
Palm oil.-...........
Tallow ..............
Leather.............. ............lb.
Saltpeter.........
Ashes, pearl. . . .
Copper...............
Iron....................
Iron, Swedish.. .
Lead...................
Steel, Swedish..
T in ....................

January,

January,

February,

1851.

1851.

1857.

53 a 58s.
26 a 28
26 a 32d.
4$ a 10
78 a 80s.
9 a 17
38 a 46
£14 a ..
70 a 80s.
£37 a ..
43 a ..
29 a ..
86£ a . .s.
12 a 23d.
27$ a 29$s.
30$ a 31
£84 a ..
5|a 6
U f a ..
17-i a . .
15 a ..
84 a ..

53 a 60s.
21 a 65
42 a 46d.
2$ a 8
104 a ..
12$ a 16$
35 a 52
15$ a 16
110 a ..
43 a ..
63 a ..
43 a . .
60 a ..
15 a 20
27 a 31
29 a ..
126 a ..
9$ a ..
12$ a ..
23$ a ..
17-i a ..
126 a ..

58 a 67
36 a 40
44 a 46
8 a 11
112 a ..
16 a 25
52 a ..
17 a ..
110 a ..
50 a ..
61 a ..
47 a ..
62 a ..
24 a 31
37 a 46
45 a ..
135 a ..
9a..
15a..
23 a ..
20 a ..
143 a ..

February,

1858.
60 a 65
27 a 33
42 a 48
6 a 11
112 a . .
26 a 40
50 a . .
14 a . .
100 a
39 a
49 a . .
39 a . .
54 a . .
23 a 25
30 a 40
35 a 36
117 a . .
7 5 a 7 16
16 a 15
22 a 23
22 a 23
113 a 120

In our own country, the prices of market produce, labor, and materials
requiring labor for their production, all increased from thirty to fifty, and,
in some instances, to one hundred per cent, and are now fallen back to
old rates, notwithstanding the continued supply of gold. There is con­
sequently, up to this time, no change relatively to commodities in the
value of gold. Nor does it appear that there is any change in the rela­
tive value of gold to silver, notwithstanding that Asia has absorbed such
large quantities. Standard silver in London is a commodity, and its price
per ounce varies daily in the market. according to the demand. It is
generally low in the spring, and advances towards the close of the year.
The imports o f it into London, in each year, from America, and the ex­
ports to the East, have been as follows, with the London price per ounce :
Years.

1852
1853
1854
1855
1856
1857
1858,

..................
..................
..................
..................
..................
..................
2 months...




Imports.

Exports.

£4,010,000
3,917,000
4,109,000
3,501,000
4,798,000
..............
1,446,117

£2,494,137
5,695,602
4,583,017
7,934,129
14,108,901
20,145,921
1,721,377

.-------- Price per ounce.--------- ,
March.
July.
Nov.

60$d.
6 lf
61$
60$
60
61f
61$

60$d.
61$
61f
61$
61$
61$

61$d.
61$
61$
60$
62$
61$

687

Gold— its Effect.

Inasmuch as that standard gold is £3 17s. 6d. per ounce, silver at 60d.
is exactly in the ratio o f 1 to 15±, which was that of March, 1856, and
the greatest rise was in November of that year, when it was 62-i-d., or
1 to 14.97. Thus, although the anticipated effect o f the abundance o f
gold was greatly promoted by a special demand for silver, caused by the
large importations of Asiatic produce, no relative change took place in
the metals. It is true that France has supplied the demand. In 1843,
M. Leon Faucher estimated the amount o f metallic money in France as
follow s:—
Gold coin...........................................................................
Silver coin.........................................................................

$70,000,000
600,000,000

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

$670,000,000

•

The annexed is a summary of the imports and exports of silver from
France since 1845:—
Imports,
francs.
106,858,000
138,307,000
233,330,000
291,414,000
147,693,000
178,629,000

Years.
1846.
1847.
1848.
1849.
1860.
1861.
6 years..

1,096,231,000

Exports,
francs.
60,086,000
84,678,000
19,896,000
46,847,000
82,308,000
100,680,000

Imports,
francs.
179,857,000
112,568,000
99,848,000
120,891,000
109,895,000
74,457,605

Exports,
francs.
182,674,000
229,453,000
263,542,000
318,061,000
393,518,000
400,562,135

697,516,605

1,787,700,185

1,793,747,605

2,181,695,135

Years.
1852___
1853___
1854___
1855___
1866___
1857___

393,995,000 6 years..

Total, 12 years.........

This table, of twelve years’ operations of the flow o f silver in France,
gives for the first six years an excess of imports equal to 702,236,000
francs, or $131,600,000 ; and for the last six years, an excess of exports
equal to 1,090,183,530 francs, or $204,400,000; being a net decrease of
silver in France, according to the official statements, o f $70,000,000, or
nearly 12 per cent o f the amount estimated to have been in the country
in 1843. The above figures show how immensely the import of silver
was augmented in the years o f revolution, 1848 and 1849. There was
then no credit, and no sense of safety. No property changed hands ex­
cept for silver, and the silver so procured was hoarded. Property in
Paris at that time had no value, and all French stocks, and the products
of French industry, were to be had very cheap for silver, and silver went
thither, it appears, in extraordinary quantities, reaching $100,000,000 in
two years. The effect o f this was seen in the Bank o f France, which has
contained bullion as follow s:—
SPECIE IN BANK OF FRANCE.

Years.
1846..........
1847..........
1848..........
1849..........
1850..........
1851.......... .

Gold.
£272,000
17,600
180,000
162,000
479,200
8,290,400

Silver.
Years.
£3,771,280 1852......... . .
6,762,400 1853.........
9,944,000 1854.........
17,170,800 1855.........
17,873,600 1856.........
19,458,400 1857.........

Gold.
£2,757,400
4,143,920
7,733,480
3,960,000
2,340,000

Silver.
£17,398,960
8,579,280
7,948,920
4,000,000
4,360,000

The silver, as it flowed into France, was, it appears, hoarded, until con­
fidence gradually returned, when it came out into the circulation, and
found its way to the bank, whence it was again drawn off by war and
famine. The India drain has since caused a great substitution o f gold
for silver. The effect of revolution, war, and short harvests was to di-




688

Gold— its Effect.

niinish the whole mixed mass o f money, gold, silver, and paper, dimin­
ishing the circulating medium fully to the extent to which it was supplied
from the gold countries. The effect o f the India drain has been, not so
much to diminish the whole mass, as to substitute gold and paper for
silver. These causes have all subsided, and the whole mixed mass of
money is in great supply, without the metals having changed their rela­
tive values. It is asserted that the drain of silver from France causes the
greatest inconvenience, notwithstanding that smaller notes and gold have
been substituted. The official figures, as above, would not, however, in­
d ica te that the actual net loss in twelve years would suffice to produce
the inconvenience complained of. The great influx that took place in
the years previous to 1852 did not cause any inconvenient over-supply,
because, doubtless, the metal passed out of general circulation into pri­
vate hoards. It may, therefore, be the case that much remains in those
hiding places; also, that much more went to the seat of war for army
purposes than was accounted for in the official tables. The commercial
drain, acting upon that in active circulation, would be more distinctly
felt. The exports of silver from France in February was $3,200,000
against $9,400,000 same month last year.
Such has been briefly the course of events since the gold discoveries.
The late panic has put a change upon the whole face of affairs. The
harvests are now abundant in all directions; all supplies of food and
metals are g o o d ; consumption has reached its minimum, and production
of goods came nearly to a stand still in face of the fall in prices. If the
expenditures upon railroads are done, the money is not lost; the works
are then ready to fulfill their functions, and with great national wealth
the world’s peace seems to be assured. The gold which commercial ac­
tivity had scattered is now accumulated as follows:—
SPECIE IN BANKS.

1818.

ISM.

November,

March,

1857.

1858.

Rate of interest in London....... 4 a 3 p. ct. 2 per cent. 10 p. cent. 2| p. cent.
Banks of England........Dec. 25 $73,143,717 $111,160,690 $32,108,197 ^93,518,109
France........... Dec. 25 46,588,339 113,044,000 35,399,671 63,315,814
New York . . .Dec. 25
5,850,424
8,702,895
7,843,230 32,961,076
Boston............Oct. ..
2,578.030
2,478,858
8,505,000
Philadelphia. .Jan. 1 4,100,120
6,685,729
5,937,597
Baltimore . . . .Jan. 1
...................................
1,781,911
1,967,564
New Orleans...Dec. 25
7,590,655
6,216,824
3,230,370 10,978,719
Total...............................$141,672,796 $250,256,560

................ $215,214,315

The accumulation of money now in London and Paris is large for the
season, the highest amounts being usually reached in June. It is to be
remembered, however, that the accumulation of money in the United
States is greater than ever before, and the banks o f New York held in
March more money than the Bank of England held in the previous N o­
vember, and the aggregate of all the banks o f the six cities for March
was more than ever before in the same season. In this position we have
now to look forward to several years of good crops and o f abundant na­
tional wealth, with the means o f transportation amply provided, a low
range of prices, small stocks of goods, and individual wants much en­
hanced by six months of economy. The production of gold continues on
as large a scale as ever. If peace should continue ten years more, and
$800,000,000 is again added to the supplies of gold, the real effect of
that increased abundance will manifest itself in a marked manner.




689

Commercial and Industrial Cities o f the United States.

Art. IV.— COMMERCIAL AND INDUSTRIAL CITIES OF THE UNITED STATES.
NU M BER L I T .

BUFFALO,

NEW

8TATEMENT OF THE PROGRESS, POPULATION,

AND

YORK.

INDUSTRY OF BUFFALO FOR

1857,

TO­

GETHER W ITH A BRIEF R E V IE W OF THE MANUFACTURES AND GENERAL BUSINESS OF THE
CITY, ALSO THE COMPARATIVE AMOUNT OF BUSINESS UPON ALL THE GREAT ROUTES TO
THE WEST, AS REVISED AND CORRECTED FOR THE MERCHANTS’ MAGAZINE.

A mong the cities o f the West, Buffalo holds a high rank, and its con­
tinuous increase in population and wealth indicates that if the railroads
have injured the canal receipts, they have only accelerated the prosperity
of Buffalo. In the Merchants' Magazine for March, 1854, was an elaborate
article upon the Trade and Commerce of Buffalo, prepared by John J. Hen­
derson, Esq., Secretary to the Board of Trade. The annexed facts are from
the pen of the same gentleman, and are of a most gratifying nature. The
general correctness o f Mr. Henderson’s facts and statements is a matter
in which the public has learned to place entire confidence.
Buffalo was founded in 1801 by the Holland Land Company, but for
a long period it made but little progress, since in 1814 when burned, it
contained but 200 houses; nor was it until the Erie Canal opened a
navigable passage from the lake to the Hudson River that it exhibited
any uncommon rapidity of growth. Since that period, however, its pros­
perity has been unbounded, and its rise in the scale o f importance as a
commercial city has been such as its original founders could never have
dreamed of.
The following will show the prospective growth of Buffalo, compared
with the past twenty years :—
POPULATION.

m
19,715

1840.

1845.

21,838

34,656

1850.
49,764

1855.
74,214

The present population is estimated at, at least, 100,000 persons, though
some are disposed to put it at even a higher figure.
The following will show the valuation of the real and personal estate
in the several wards of Buffalo during the past five years, or since the
annexation of Black Rock, in 1853
1853
1854
1855
1856
1857

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

Eeal Estate.
$20,063,045
25,949,391
27,323,919
28,128,040
29,357,291

Personal.
12,774,255
4,024,118
5,713,792
7,360,436
8,129,770

Total.
$22,837,300
29,973,509
33,037,711
35,488,746
37,487,081

Taxes.
..
.............
..
$270,822
310,900

It is evident from these figures, which show a steady increase in the
total value of real and personal estate from year to year, and a total in­
crease for the past five years o f $14,649,761, that our city has a substan­
tial growth. It is further apparent that although the money market has
been unusually depressed during the past year, and the transportation
business, from which the commerce o f Buffalo derives its main support,
has been anything but active, the material interests of the city have not
suffered. The laboring population have found abundant and remuneraVOL. x x x v i i i .— no . vi.
44




690

Commercial and Industrial Cities o f the United States :

tive employment, the growth o f the city has met with no serious check,
and business men o f all classes are anticipating a prosperous spring.
The number o f dwellings in the city is 10,613, valued at $21,528,100; of
these 44 are stone, worth $549,200; 2,178 are brick, worth $10,310,000.
The number o f churches is 50, valued at $881,310.
The liabilities of the city o f Buffalo were as follows:—
GENERAL LIABILITIES.

In the last annual report of the Controller it is shown that the bonded
debt of the city on the Slst of December, 1856, was......................
Of this sum there has been paid off during the year 1857.................

$550,750 00
35,650 00

Leaving a balance on the 31st of December, 1857,of.........................
$515,100 00
To which additions have been made by issue of bonds as follows:—
Jan. 2d, 1857—For purchase of burying grounds........
$4,443 75
Feb. 2d, 1857—For building market houses................
62,000 00
Aug. 2d, 1857—Same purpose.....................................
20,000 00
------------ $86,443 75
Increasing the bonded debt to..............................................................
The amount of General Fund Treasury Warrants out­
standing December 31st, 1856, by the same report
w a s ........ ............................. ............... .....................
$67,859 88
Amount of General Fund Treasury Warrants drawn
from said date to December 31st, 1857, was............
491,842 54

$601,543 75

$559,702 42
Amount of warrants paid in 1857.................................
456,390 84
Leaving unpaid December 31st, 1857..................................................

$103,311 68

Total amount of liabilities......................................... ...................

$704,855 33

RESOURCES.

Balance of General Fund in Treasury December 31st, 1857..............
Balance of city tax of 1854 in Controller’s office...............................
Balance of city tax of 1855 in Controller’s office.................................
Due from J. M. Bull, on city tax, 1852 ..............................................
7,500 shares of Buffalo and Brantford Railroad stock, estimated at...
Williamsville McAdam Road stock, $1,000, estimated a t ..................
Unsettled claim against Supervisors of Erie County...........................

$1,634 48
10,869 86
17,023 48
4,059 31
37,500 00
500 00
3,613 14
$75,200 27

The census o f 1855 gives the manufactures o f Buffalo as in the follow­
ing table. It is to be borne in mind that the table is very imperfect, and
that during the two years that have since elapsed there has been a great
increase in this department.
MANUFACTURES OF BUFFALO.

No.
Value
Value
Raw mate­
establish-•No.
Real
tools and
rial conmanufacments. persons. estate. machinery.
surned.
tures.
3
159 $62,000 $21,000
Agricultural implements........
$89,675 $271,150
1
55
8,000
5,000
35,000
Ax and edge tools......... ........
8,000

Tool shop...............................
Bell foundry.............................
Bolt manufactory....................
Brass and copper foundries.. .
Composition metal..................
Forges......................................
Furnaces...................................
Gold leaf and foil....................




1
1
1
2
1
2
2
1

6
6
6

....

2,000

2,000

800

4,972

32
4
130
176

7,000

300
1,500
4,000
250
50,000
30,000
1,500

6

....
....

15,000

20,000

8,000
12,000

6,000

12,500

55,000
3,000
150,000
78,000
7,200

68,000
6,000
305,000
180,000

10,000

Buffalo, New York.

Iron railing..........................
Japan tinware................. .
Lack manufactories......... ,
Machine shops..................
Plumbing ........................
Silver-ware........................
Tin and sheet-iron............
Oakum...............................
Rope..................................
Woolen manufactory........
Asheries...........................
Bakeries........................... .
Breweries............................
Candles and soap............ ,
Confectioners.....................
Distilleries....................... .
Drug and Medicine...........
Gas manufactory............... .
Malt manufactories...........
Painting and glazing........ .
Starch................................
Vinegar............................. .
White lead..........................
Lamp and lantern.............
Locomotive manufactory .,
Stove manufactories..........
Steam-engine and boiler.. .,
Sash and blind....................
Stone quarries...................
Car factory..........................
Coach and wagon...............
Bellows manufactory........ .
Band and belting................
Grist mill manufactories....
Box manufactories...............
Cooper shops..................... . . .
Planing m ills..................... . . .
Saw manufactory...............
Saw mills............................
Shingles............................. .
Stave manufactories.........
Turning shops....................
Brick manufactories......... .
Marble................................
Stone cutting......................
Boot manufactories ...........
Harness and trunk.............
Shoe peg.............................
Tanneries...........................
Cabinet manufactories........
House furnishing.................
Piano forte.........................
Picture frame......................
Gun-smiths...................... . .
Type-foundry......................
Pail manufactory................
Regalia.............................. .
Tobacco and cigars...........
Ship-building.....................
Oil manufactories...............
Rolling m ill.......................
Saddlery and coach ware ., . . .




No.
establish- No.
Real
ments. persons. ostate.

2

36 615,000
30
4,000
15
8,800
8
120

7
130
14

1 ,2 0 0
2 0 ,0 0 0
200
2 0 ,0 0 0

300

11
1

9
1
1
2

29
13
54
95
68

24
40
25
60
4
49

35,000
7,500
65,000
3,500
30,000

2

2

200
280

4

169

6

21

54
80
1
8
10
6
8
2

2 0 ,2 0 0

1 ,0 0 0
200

45,000
4,100
80,000
25,500
99,000
50,800
6 ,0 0 0

39,000
26,000

66
12
6
66

1 1 2 ,0 0 0

73
65
285
3

10,250
30,000
3,000

66

2 1 ,0 0 0

24
36
16
152
48
99
92
25

....
3,000
2,600
33,200

1

20

7

243
290

8

8 ,0 0 0

70,000
187,000
29,000

4
85
28
i

1 2 ,0 0 0

6

208
35
10

34
32
18
65
6

2 ,0 0 0
12
100

1

300

2 ,0 0 0

....

2 0 ,0 0 0

....
2,700
16,700
800
43,500
105,900
....
30,000
1 0 ,6 6 6

15,000
....
....
....
.....
••••
....

691
Yalue
Raw mate­
tools and
rial conmachinery. sumed.

Yalue
manufactures.

$65,000
3,000

6 ,0 0 0

620,000
5,000
4,500
1,078
60,000

1,600

1 0 ,0 0 0

15,000
96,000
7,000
6,300
13,630
41,995
130,067
188,206
554,450
74,000
475,000
80.000
107,000

6 1 2 ,0 0 0

1,600
2,500
3,000
1 0 ,0 0 0
200
1 ,0 0 0
6 ,0 0 0

3,900
6,345
43,000
22,300
900
2 2 ,0 0 0

2,500
625,000
45,000
18,000
400
2 ,2 0 0

28,000
3,000
40,000
10,500
45,000
18,100
300
29,000
16,250
700
1 ,0 0 0

58,750
4,467
2,900
8,509
24,823
79,158
95,372
191,065
22,600
350,000
57,900
35,850
53,000
130,000
750
4,250
228,250
11,535
54,600 111,400
74,362
3,400
3,515
93,366
16,967
11,750
1 0 ,0 0 0

2 2 ,0 0 0

37,250
1 0 0 ,0 0 0

6 8 ,0 0 0

150,000
950
10,500
295,000
33,500
90,000
213,000
246,456
14,000
17,260
163,100
57,050
24,000
16,000
1,524,800
90,000
42,197
889,000
7,000
110,474
12,500

90,000 :1,465,060
13,000
47,800
2,380
22,156
62,300
233,000
1 ,0 0 0
5,000
23,400
54,700
7,000
1 2 ,0 0 0
3,000
7,000
24,030
6,900
1 2 ,0 2 0
30,700
2,570
12,800
65,080
10,850
24,800
71,500
200
33,000
54,700
2,410
24,570
19,136
1,090
11,925
16,000
2.800
2,500
533,366
12,750
396,000
237,992
55,553
1 0 ,2 0 0
70,000
41,700
....
264,900
8,900
61,171
4,200
21,800
36,000
5,000
4,000
2 ,0 0 0
3,000
35,000
1 1 ,2 0 0
1 0 ,0 0 0
19,575
39,900
1 0 ,0 0 0
15,000
....
61,700
1,825
27,325
1,500,000
....
.... 2 0 0 ,0 0 0 230,000
....
150,000
280,000
....
. ...

692

Commercial and Industrial Cities o f the United States:

There are a large number of omissions of small establishments doing a
fair business, but we are without their figures. If these could all be ob­
tained they would swell the aggregate considerably. The above table
shows that there were 267 manufacturing establishments in the city in
1856, employing 6,848 persons, having a capital invested in real estate,
tools, and machinery o f $4,000,000, and turning out over $10,000,000
worth of manufactures. These figures, as any one at all familiar with
this branch of trade will readily see, falls far short of the aggregate
amount. The Superintendent of the Census says:— “ Amidst the infinite
diversity of details and unlimited amount of combinations and varieties,
in the absence o f authentic and definite figures, showing the amount and
value of raw materials and products, in the unwillingness frequently ex­
pressed to giving this key to prosperity or losses in business, in the constant
recourse to memory for data which, although offered with honest inten­
tions, may differ widely from the true facts, and in the disposition sometimes
shown, to understate the result o f the manufactures, with the view of
avoiding taxation or rivalry on the one hand, or of creating a fictitious
credit or reputation by exaggerating the extent o f their business on the
other— we find abundant cause to doubt the exactness with which these
returns are made, and to question the soundness of positive deductions
that may be drawn from them.”
The P roudce Trade.— Buffalo has for years enjoyed the reputation of
being the most important produce market west of New York city, and
the daily information concerning the state of her markets is of more
value to the Western merchant than even that of New York. The ter­
ritory looking to Buffalo for its supplies is yearly becoming more ex­
tended, and the demand upon her to meet the wants o f interior towns
and counties, as well as the New England and adjoining States, has in­
creased to such an extent that prices of flour and other articles o f produce
are governed more by the supply and demand than by the fluctuations in
the New York market, though they do, as a matter of course, sympathize
with them.
The history of the produce trade of Buffalo, which is now o f such vast
magnitude, dates back but a very few years, and is, in fact, a history of
the produce trade of the Great West. It was not, until 1839, that any
grain was received at this port for sale. The grain received prior to
that year, came from Ohio, which was then the only exporting West­
ern State, and in small quantities, and was purchased for millers in this
State.
In the fall of 1838, the steamer Great Western brought to this port
from Chicago, thirty-nine bags o f wheat consigned to a miller in Otsego
County. That wheat was the first grain shipped from Lake Michigan
ports, and the only shipment made during that year.
The total receipts of grain and flour reduced to wheat for the past
eight years from all sources, will show the yearly increase more plainly:
I8 6 0 ..
1851..

Bushels.
12,056,199
17,772,919

1852..
1853..

Bushels.
20,280,404 I 1854..
15,997,936 | 1855..

Bushels.
22,286,482 1 1856..
25,022,177 1857..

Bushels.
26,946,560
20,398,454

or a total of 160,761,191 bushels o f grain for a period o f only eight years.
Of this enormous amount, at least half changed hands in the Buffalo
market.
W ith the growth o f this immense grain trade, facilities for handling




693

Buffalo, New York.

the cargoes as they arrived, have kept pace with the wants of the business.
Prior to 1844, all the grain cargoes were handled in buckets, and from
three days to a week were consumed in discharging a single cargo, while
now the largest cargoes are readily discharged by steam in fewer hours
than in days at that time.
From that time on, as the trade increased, new elevators were added,
until now we have in Buffalo Creek twelve, with capacity for storage
and elevating per hour of—
12 elevators......................bushels

Storage capacity.

Elevation per hour.

2,230,000

36,500

The erection of another new elevator was commenced during the past
summer on the corner o f the creek and Hatch’s Slip. This building will
be completed early next season. It is estimated to store 2';0,000 bush­
els, and to elevate about 3,000 bushels per hour. This new elevator will
increase the storage to 2,480,000 bushels, and the capacity to elevate per
hour to about 40,000 bushels, or four average cargoes. The cost of dis­
charging a cargo o f grain is a half-cent per bushel, of which the vessel
pays i, and the grain £-, that is were it is immediately transferred to canalboats. If it goes into store and remains five days it pays an additionalic.
The vessel’s portion is not properly a part of the charges o f elevation
when we are ascertaining what it costs to receive and ship grain. It will
therefore be seen that the elevation from vessels, weighing, storage for
five days, and delivery, into canal-boats or cars, costs but half a cent per
bushel. There is no port in the world where the cost o f handling grain
is anything near as low as in Buffalo.
All of the above elevators possess facilities for loading canal-boats,
either by means of slips underneath them or alongside, by which the
grain is spouted from the bins to the canal-boats, and two of them, the
City and Fish’s, are so connected with the freight depot o f the New York
Central Railroad, that cars are run to them, and are also loaded by spouts.
There is no port on the lakes or elsewhere where equal facilities are
offered for receiving, shipping, or transfering grain from vessels to boats,
not only as regards dispatch but cheapness.
Buffalo also sent large quantities o f wheat and some flour to Canada,
which has in former years been a large exporter to both Buffalo and
Oswego, but this year she had no surplus of the crop of 1856 to spare.
The crops o f 1857, it is generally admitted, were never more plentiful;
the harvests in all sections never yielded more abundantly; and breadstuffs to the value of millions are now locked up in the granaries of the
farmer and warehouses and mills o f the country, waiting to come forward.
A large trade was, therefore, looked for as soon as the new crop should
begin to m ove; but the financial crisis swept over the entire country,
and a complete check was put upon the movement of produce.
Flour.— The receipts of flour during the past year show a decrease as
compared with the year previous.
The receipts of flour by lake and railroad, and that manufactured in
the city during the past five years, compare as follow s:—
Lake.

1853 ...............................
18 54 ..............................
1855 ...............................
1856 ...............................
1857 ...............................




983,837
739,811
937,223
1,143,086
842,509

State Line
Bailroad.

156
10,724
66,683
85,693
62,547

Manufactured,

Total.

235,296
213,208
175,000
169,500
223,518

1,219,289
963,743
1,178,906
1,398,278
1,128,574

694

Commercial and Industrial Cities o f the United States:

Included in the amount received by lake, last year, are some 47,000
barrels from Canada.
This amount has been disposed o f as follows :—
Shipped by canal......... . ...................................................................bbls.
Consigned from Western States to Central Railroad for through ship­
ment......................................................................................................
Shipped from Buffalo to interior and Eastern markets by Central Rail­
road, (estimated).................................................................................
Shipped by Buffalo and New York and Erie Railroad.........................
Home consumption..................................................................................
On hand at close of y e a r ........................................................................
Total.............................................................................................

88,092
349,657
300.000
215,508
100.000

75,317
1,128,574

It will be seen by the above that the railroads have carried away
765,165 barrels, and of the amount in store at the close, 30,000 barrels
were in the depot o f the Buffalo and New York and Erie Bailroad for
shipment. W e have already shown that while the receipts of grain for
the past ten years or more at this port have been increasing rapidly and
steadily from year to year, the receipts of flour show scarcely any im­
provement. The Erie Canal holds its own over all competing routes in
the transportation of grain, while in flour other routes, both north and
south of us, are carrying the great bulk o f this article.
The following will show the quantity of flour manufactured by the
several mills in this city during the past three years:—
1855.
Flour manufactured.................................

175,000

1856.
169,500

1857.
231,518

This shows an increase in the quantity manufactured last year, as com ­
pared with the two previous years.
The following will show the quantity o f flour received at Buffalo, by
lake and railroad, during each month o f the past year :—
Flour received.........................................

Lake.

State Line
Kailroad.

Total.

842,509

62,547

905;056

W heat .— The receipts o f wheat at this port during the past year show
a decrease of only 169,108 bushels as compared with the year previous.
The quantity received by lake during the past four years is as follows :—

1854....................................
1855....................................

3,510,792 I 1856...................................
8,076,821 | 1857...................................

8,543,117
8,374,009

The following will show the receipts of wheat at a few of the principal
receiving points durin g the past four years
Oswego.

1854
1855
1856
1857

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

1854
1855
1856
1857

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

2,492,333
5,365,783
8,382,398
5,360,452
New Orleans.

369,886
62.576
1,739,048
1,551,924

Montreal

490,299
597,834
1,343,820
1,654,260
St. Louis.
2,340,217
8,921,197
3,967,621
3,369,617

Cincinnati.

408,084
437,412
1,069,468
737,723

Tide-water.

3,523,800
6,426,266
11,776,332
5,771,548

Philadelphia.

Baltimore.

731,333
1,046,096
1,051,901
681,469

2,523,559
1,99S,639
4,278,199
3,103,498

The bulk o f the receipts of wheat at this port during the past year, as
will be seen by the table o f sources of imports, was from Chicago, and
nearly the whole o f that was spring wheat.
The next largest quantity




695

Buffalo, New York.

was club, from Milwaukee. These were the two principal kinds of wheat
sold in the market during the season. The receipts up to September 1st
were only 2,024,638 bushels, and from that to the close 6,349,371
bushels.
W hile the receipts at Buffalo, this ye.ar, of wheat, show a falling off of
but 169,108 bushels, as compared with 1856, Oswego’s receipts show a
falling off of 3,021,946 bushels. The steady receipts at this port during
the year, and the almost continued presence of millers on our docks, gave
us an active market; and the sales which we daily reported exceeded
four-and-a-half millions o f bushels for the season. It will be seen by the
shipments by canal, which we gave above, to which add the shipments
by lake, that some 4,550,268 bushels were shipped to the interior and
lake ports for milling, all of which was purchased in this market.
C orn.— The receipts o f corn during the past year show a falling off as
compared with 185o of 4,022,128 bushels. The small quantity of the old
crop left in the country and to come forward last spring, affected the
receipts at all the principal receiving ports as much as it did those at
The following are the receipts by lake for the past four years:—
1854......................................
1855 ......................................

10,109,973 I 1856.....................................
8,722,516 I 1857.....................................

9,846,790
5,824,662

The following will show the receipts o f corn at a few o f the principal
receiving ports during the past four years:—
Oswego.
1854
1855
1856
1857

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

1854
1855
1856
1857

............... ___
...............
...............
...............

New Orleans.
3,480,534

Montreal.
628,419
604,708
437,154
330,084

Cincinnati.
745,455
845,679
978,511
1,673,363

Tide-water.
12,839,572
9,343,785
9,587,714
5,573,914

St Louis.
1,784,189
2,947,285
1,093,864
2,397,224

Philadelphia.
1,182,178
1,433,458
1,801,992
1,116,516

Baltimore.
4,641,100
3,993,178
5,003,492
4,183,854

These tables show a decrease at most o f the principal receiving ports
last year, as compared with the year previous. The bulk o f the receipts
during the past season at this port were from Chicago; and Toledo sent
us the next greatest quantity. The receipts last year to September were
4,470,277 bushels, and from September 1st to December 31st, only
1,354,385. It will be seen by the table o f canal shipments, that of the
total quantity sent from Buffalo 1,246,509 bushels were for the interior.
O ats .— The receipts of oats during the past year exhibit a falling off as
compared with 1856 of 513,528 bushels. The following will show the
receipts of oats by lake during the past four years :—
1854...................................
1855...................................

4,475,618 I 1856..................................
2,683,123 | 1857..................................

1,723,801
1,210,273

The receipts by the State Line Railroad during the year were 43,096
bushels, by canal only 1,400 bushels. The Buffalo and Hew York City
Railroad brought in a small quantity, as did also the Central R o a d ; and
several thousand bushels were received by teams from the country. The
increased demand in Western States for oats for home consumption, and
the fact that it pays the farmer better to grow other descriptions of grain
for market, very many barely raise sufficient for their own use. Hence




696

Commercial and Industrial Cities o f the United States:

there is but a very small quantity left for shipment. On the opening of
navigation there was no amount of oats in store in the elevators. The
quantity shipped by canal during the season was 905,814 bushels, and to
Canada about 150,000. The balance was taken for city consumption.
A t the close of navigation the elevators report some 50,000 bushels in
store.
W h i s k y .— The receipts of whisky during the year by lake show an in­
crease as compared with 1856, while the receipts by railroad show a
slight decrease.
The following will show the receipts by lake and railroad, and that
manufactured in the city during the past five years:—
Lake.

1853
1854
1855
1856
1857

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

Kailroad.

66,706
60,287
36,515
35,937
42,736

M anufactured.

Total.

10,000
15,500
25,000
29,000
30,678

76,877
70,572
45,212
76,105
81,765

171
4,785
8,697
11,168
8,351

The large increase in the demand for whisky during the past few years,
growing out of the failure o f the sugar crop, and the consequent high
price of rum, and the failure o f the grape crop in Europe, leading to a
rapid and large advance in French brandy, stimulated its manufacture in
an unusual degree.
P rovisions.— The following will show the receipts o f pork by lake and
railroad at this port during the past five years :—
Lake.

1853
1854
1855
1856
1857

............................bbls.
...................................
...................................
...................................
...................................

102,508
147,073
106,553
61,053
22,590

Kailroad.

Total.

198
3,081
10,715
9,976
12,933

102,706
150,154
117,268
71,029
35,523

The decrease this year, it will be seen, is 35,506 barrels.
To show that the receipts at other receiving ports have fallen off in as
great, if not greater, ratio we give the follow ing:—
Receipts at Oswego . . . .
“
Montreal . . .
“
New Orleans.
“
St. Louis__
Exports from Cleveland ..
“
Chicago
“
Cincinnati...

1856.

1857.

30,155
29,714
277,841
105,977
46,516
52,104
212,296

5,031
11.708
243,228
90,442
18,014
80,078
197,559

The decrease this year at this port is to be accounted for in the reduced
shipments from the West, more than to a diversion to other routes, though
Philadelphia and Baltimore have both drawn considerable quantities
from Cincinnati, over their respective roads. The increased demand for
both live and dressed hogs in the Eastern markets has also diminished
the quantity of pork sent forward in the barrel.
The following will show the receipts of bacon by the same sources,
during the past five years :—
Lake.

1853
1854
1855
1856
1857

................................lbs.
.....................................
................................
.....................................
.....................................




23,075,645
20,488,400
10,876,530
11,319,967
3,384,970

Kailroad,

77,000
320,120
1,144,120
1,932,600
5,533,900

Total.

23,152,645
20,808,520
12,020,650
13,252,567
4,842,750

69*7

Buffalo, New York.

It will be seen that there is a large decrease in the receipts by lake,
but with a large increase by rail. The bacon received by railroad was
nearly all in boxes.
The following will show the receipts of lard by the same sources, du­
ring the past five years:—
Lake.

1883........................................ lbs.
1854
....................................
1855..............................................
....................................
1856
1857
....................................

R ailroad.

8,185,300
18,575,662
10,567,823
8,213,480
711,350

Total.

99,400
411,200
2,138,300
3,059,900
4,131,400

8,284,700
13,986,862
12,706,123
11,273,380
4,842,750

The receipts of lard also show a large falling off by lake, and an in­
crease by rail, but still the deficiency this year is 6,431,630 pounds.
The receipts of beef from both sources, for the past five years, are as
follows:—
1853
1854
1855
1856
1857

.........................................bbls.
................................................
................................................
................................................
................................................

Lake.

Railroad.

69,776
56.997
98,750
32,184
57,074

89
552
2,593
1,780
3,000

Total.

69,865
57,549
101,343
33,964
60,074

This shows an increase last year as compared with 1856, o f 26,110
barrels.
The following will show the receipts of butter, cheese, tallow, and grease,
by lake and railroad, during the past yea r:—
Butter.

Cheese.

853,600
810,200

134,400
515,000

518,600
1,451,200

1,663,800

649,400

1,969,200

L a k e...............................
Railroad...........................
Total

T allow .

Grease.

45,000
81,900
126,900

O f the receipts of butter by railroad, 630,200 pounds were by the State
Line, and 180,000 pounds were by the Buffalo and New York City Rail­
road, and of the cheese, 185,450 pounds were by the former, and 315,000
pounds by the latter road.
L ive Stock.— The following will show the number o f cattle received
at this port by lake and railroad during the past six years:—
Tears.
1852...
1853...
1854...

Railroad.
4,421
13,482
43,210

Lake.
15,926
20,466
19,047

Total.
20,347
33,948
62,257

Tears.
1855..
1856..
1857..

Railroad.
51,170
90,252
79,704

Lake.
14,112
25,681
29,594

Total.
65,282
115,933
109,298

There is a decrease this year as compared with last of 6,635 head.
The decrease is in the receipts by railroad, for there is an increase by lake.
The following will show the number o f live hogs brought to this city
by the same routes during the past six years:—
Railroad.

1852 ...........
1853 ...........
1854 ...........

13,051
26,640
83,280

L a ke.

Railroad.

Total.

171,223 184,274
114,952 141,952
74,276 157,556

1855 ...........
1856 ...........
1857 ...........

194,240
292,040
276,680

Lake.

Total.

64,168 248,406
72,628 364,668
76,168 852,848

Here it will be seen there is a decrease this year as compared with last
of 11,820 hogs.
The number o f sheep brought to this city during the past six years by
lake and railroad was as follows :—
Railroad.

1852
1853
1854

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

127
4,482
11,600




Lake.

Total.

16,590 16,717
23,223 27,705
19,988 31,588

1855
1856
1857

..
..
..

Railroad.

Lake.

36,670
97,000
100,700

26,763 63,423
42,803 139,803
47,052 147,752

Total.

698

Commercial and Industrial Cities o f the United States :

Or an increase as compared with 1856, of 7,949 head.
From these tables it will be seen that the total number o f live stock
brought to this city during the year reached 609,898 head, a decrease as
compared with 1856, of 10,506 head.
C o a l ,— The following will show the quantity o f coal received at this
point for six years, by lake, canal, and railroad. That by lake was bi­
tuminous, and came from Cleveland and Erie, and that by canal and rail­
road was anthracite
Lake.

Canal. E ailr’d. T otal.'

Lake.

Canal. E ailr’ d.

Total.

1852 .......... 34,665 22,894 ___ 57,559 I 1855 ___ 60,123 43,040 2,500 106,663
1853 .......... 38,188 23,313 ___ 61,501 1856 ___ 53,272 61,832 5,000 109,604
1854 .......... 57,634 35,314 ___ 92,948 ; 1857 ___ 61,648 57,596 16,680 135,924

An increase in favor of 1857, as compared with the year previous, of
26,320 tons. O f the receipts by lake 51,181 tons were from Erie and
10,467 tons from Cleveland. The receipts by railroad were by the Buff­
alo and New York City Road from Corning.
The following are the city banks with their capital Dec. 31, 1857 :—
International......................
|400,000
Manufacturers and Traders’
487,511
Marine...............................
300,000
Buffalo C ity ......................
296,400
New York and Erie..........
300,000
Total....................................................

Attica...............................
Farmers and Mechanics’. . .
White’s...............................
Clinton ...........................

$250,000
150,000
200,000
250,000
$2,633,911

L a k e C o m m e r c e .— The past year has probably been the hardest season
for lake commerce that our navigators have ever experienced. A large
number of both steam and sail vessels have lain idle during the greater
part of the summer, and those that have been in commission have hardly
paid their running expenses, to say nothing of the wear and tear of ves­
sels, and the profits to which labor and capital are entitled. Under
ordinary circumstances, this would be a proof that too much capital had
been invested in this branch of business, and that the increase of shipping
on the lakes had outgrown the development o f the West. But this is
not the case. The circumstances o f the year have been peculiar. A
condition of things has existed, which probably will not be repeated du­
ring the present century. In the early part of the summer, and in fact,
until the new crop began to move, produce o f every description was
selling at the W est at prices nearly as high as they bore in the seaboard
cities. In this state of scarcity, there could be little movement of freight
eastward, for there was but a small surplus to spare. And while the cost
of the necessaries of life was so high, the Western farmers were in no
condition to buy many goods of the merchants, who, in turn, could not
prudently bring large stocks from the Eastern cities. W ith the com­
mencement of the fall business, a revival o f trade was confidently looked
for, from the fact that the crops throughout the entire W est were un­
usually abundant. W ith the certainty almost o f heavy freights to the
East, and the probability of large freights westward, the prospects were
never fairer for an active fall business on the lakes and canal. But before
the crops were ready to move the financial storm, to which we have al­
ready alluded, came on, and the currency and business o f the country
became so sadly deranged, as to bring everything to a pause. Western
shippers were unable to buy produce for the reason that they could not
draw on their Eastern correspondents, as no discounts could be obtained




699

Buffalo, New York.

even on the most undoubted securities to pay with. And had they been
able even to obtain the produce, they did not dare consign to Eastern
houses, as they did not know who was sound and who was not, from the
general want o f confidence which pervaded the entire community. This
state of things put an effectual check on the movement of the crops, and
completely ruined the fall trade. Some three or four weeks previous to
the closing of navigation an arrangement was perfected between the
Western banks and parties in this city and Oswego, by which the banks
were to advance currency for the purchase of grain, taking the bills of
lading in the name of the bank, making the advance and sending the
grain forward, on account o f the home purchaser. This property was
not drawn against and accepted, but when sold, the money was remitted.
Under this arrangement something over two million bushels of wheat
were sent forward. Some few of our commission houses were, however,
as large receivers during the last few weeks o f navigation, but they also
received the property before making advances upon it. It is easy there­
fore to understand why the shipping o f the lakes did not do a remunerative
business during the past season, and why Buffalo, the principal lake port,
has suffered by this depression of the navigation interest.
But as this state o f things is unnatural, and cannot continue, we look
on the opening of navigation for a return to the old currents o f business
with such augmentation as a greatly increased production may be ex­
pected to induce. The abundant harvest which has been gathered, will
bring relief to the Western merchant, fill the granaries and warehouses
of the country to overflowing, reawaken the accustomed healthy activity
of our lake cities, call every vessel that is capable of floating a cargo into
requisition, and restore the current of business to its old channels.
The season of lake navigation for 1857, at this port was opened on
the 13th May.
The following table shows the principal articles landed at this port,
from the opening to the close o f navigation, for four seasons:—
1857.
1856.
1854.
1855.
Flour..............
Pork...............
B e e f..............
Whisky..........
Com meal.. . .
Seed...............
Eggs...............
Fish...............
Oil.................
Ashes.............
Wheat...........
Corn...............
Oats..............
...............
Barley..........
Butter............
Cheese...........
Lard...............
Tallow...........
Bacon.............
\Vool...............
Hemp...........
Flax...............
Broom-corn ..
Buffalo-robes..




739,811
147,073
56,997
50,287
2,540
20,185
8,012
11,752
9,425
7,553
3,510,792
10,100,973
4,475,618
177,159
313,885
3,783,526
1,464,200
13,575,662
576,450
20,488,400
33,671
4,222
635
5,783
65

937,223
106,553
98,760
36,515
892
22,560
5,600
7,241
4,887
4,427
8,076,821
8,722,516
2,683,143
309,189
62,112
1,996,574
756,830
10,567,823
1,862,879
10,876,530
47,864
1,162
1,232
10,116
636

1,143,085
61,053
32,184
35,937
2,156
22,560
5,595
6,250
2,991
3,278
8,543,117
9,846,790
1,723,801
250,306
45,711
1,199,100
59,140
8,213,480
681,500
11,319,967
40,915
282
853
7,744
287

842,509
22,590
57,074
43,736
169
33,544
8,867
6,699
1,925
3,487
8,374,009
5,824,662
1,210,273
53,432
43,497
1,076,450
134,400
711,350
518,000
3,384,970
37,168
523
84
5,722
429

700

Commercial and Industrial Cities o f the United States:
1854.

Feathers
Pelts ........
Furs..........
Leather . . .
Hides . . . . ,
Copper . . .
Iron ..........
Coal..........
Lead........
Tobacco...,
Tobacco . .
Lumber...
Shingles... .............M.
Lath..........
Staves . . . . ............. No.
Horses.. . .
Cattle . . . .
Sheep __
Live hogs

1,209
4,550
1,664
4,226
68,427
1,760
4,304
57,634
44,978
2,849
6,659
67,407,083
1,658,000
191,000
16,437,015
743
19,047
19,988
74,276

1855.
426
4,813
1,160
2,740
92,564
215
4,020
60,123
66,118
596
3,576
73,506,827
1,821,347
896,125
16,915,221
386
14,112
26,753
54,168

1857.

1856.
971
2,404
693
2,151
108,879
610
2,522
53,272
31,108
804
4,013
64,249,699
476,500
1,226,000
19,139,127
371
25,681
42,803
72,628

269
1,560
567
2,178
139,996
1,230
2,049
61,648
17,283
536
1,945
68,558,151
1,768,800
2,026,000
21,370,752
268
29,594
47,052
76,168

The value o f the imports by lake for the past seven years is as follows.
During that period, however, in 1853, the Buffalo and State Line Railroad
was opened, and as it has brought down a large quantity of produce,
chiefly from Ohio, which, without that road, would have come by lake, it
will be proper to add the value o f that commerce to the lake valuation :—
Lake.

Eailroad.

Total.

1850 $22,626,781 ................$22,525,781
1851 31,889,951 .............. 31,889,951
1862 34,943,855 .............. 34,943,855
1853 36,881,23012,234,273 39,115,603

Lake.

1854 $42,030,931
1855 50,346,819
1856 42,684,079
1857 36,913,166

Eailroad.

Total.

$6,397,923 $48,428,854
10,968,384 61,313,203
16,422,505 59,106,584
15,020,580 51,933,746

This table exhibits a steady increase in the value of the imports o f pro­
duce until 1856, when there was a large falling off in the lake value,
whieh was, however, nearly made up by the increase in the value of the
railroad receipts. This decrease is to be accounted for in the depreciation
of almost every description of produce rather than to any material falling
off in the quantities o f different articles received.
Merchandise, manufactures, etc., we omit altogether, as we have been
unable to form anything like a correct estimate o f the quantity o f that
sent West, as no record whatever is kept of it—
The imports by canal were valued at.....................................
And by railroad, (estimated)...................................................

$46,627,526
50,000,000
$96,627,526

And when we add to this the domestic exports from Buffalo, deducting
sufficient from the imports for home consumption, we believe the exports
by lake would exceed one hundred millions o f dollars. This estimate is
considerably less than the value of the lake exports for several years past.
Buffalo possesses such unrivaled facilities for the transportation of
every description o f freight from the seaboard cities to the far West, as
well as from the W est to the East, within her own control, that we are
disposed to notice some o f these advantages. N o matter how large or
how small the quantity of freight required to be transported is, whether
a half chest of tea or one hundred thousand tons of merchandise, a barrel
o f flour or millions o f bushels of grain, Buffalo forwarders can take it in
New York, Boston, or Philadelphia and land it at Chicago or Superior
City, or vice versa, with their own means and vessels. N o port on the




Buffalo, New York.

701

lakes or city competing for the carrying trade o f the W est has the same
amount of capital invested in this branch o f business, or controls more
lake shipping. And here it will be proper to see what our facilities are
as compared with other ports. And first, we have a daily line of steamers
between this port and Detroit o f the following tonnage :—
Plymouth Rock...........................................................................tons
Western W orld ................................................................................
Mississippi.........................................................................................

1,991
2,002
1,829
5,822

These are freight as well as passenger steamers, and were first last spring
to enter our harbor and first to carry west canal goods. They, moreover,
brought down nearly all the live stock from Detroit and a large quantity
of flour and produce, and carried west many thousand tons o f goods.
Between Buffalo and Toledo a daily line of passenger and freight
steamers composed of the—
City of Buffalo........................................................................... tons
Western Metropolis...........................................................................
Southern Michigan............................................................................

2,026
1,860
1,470
5,356

Between Buffalo and Cleveland a daily line of passenger and freight
steamers composed o f the—
Crescent City..............................................................................tons
Queen of the West............................................................................

1,746
1,851
3,597

Between Buffalo and Green Bay a line composed o f the steamers—
Queen City.................................................................................... tons
Louisiana..............................................................................................
Wabash Valley...................................................................................

906
777
593
2,276

Between Buffalo and Fort Erie, connecting with the Buffalo and Lake
Huron Railway, the steamers—
International..............................................................................tons
Troy..................................................................................................

1,122
600
1,722

Between Buffalo and Chippewa and Niagara Falls, connecting with the
Erie and Ontario Railroad and steamers on Lake Ontario to Toronto and
Hamilton, the steamer—
A rrow ........................................................................................... tons

373

The Buffalo and Detroit and Buffalo and Cleveland steamers, with the
propellers running to the same ports, connect regularly with the Lake
Superior line of steamers—
Steamer Illinois........................................................................... tons
“
Michigan...............................................................................
“
North Star...........................................................................
Propeller Mineral Rock.......................................................................
“
City of Superior...................................................................
“
Manhattan............................................................................
“
Iron City...............................................................................




926
642
1,106
555
579
320
606

702

Commercial and Industrial Cities o f the United States:

The steam tonnage running directly to Buffalo consists of—
14 steamers of.................tons
40 upper lake propellers.. . .
26 Lake Erie propellers........

19,146
27,437
14,157

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

60.740

Averaging..................tons each
“
...................................
“
...................................

1,367
686

544

Running to Dunkirk—
8 Propellers o f ............ tons

4,278

Averaging............. .tons each

534

1,872

Averaging................. tons each

374

Running to Oswego—
5 Propellers of.............. tons

Running to Ogdensburg and Cape Vincent—
14 Propellers of.............. tons
Total to Buffalo........
Total to all other ports

4,864
60,740
11,014

Averaging..................tons each

347

49,726

Or nearly 50,000 tons steam freight tonnage in favor o f Buffalo over all
other lake routes.
The following will show the number, rig, tonnage, and value of the
enrolled tonnage belonging to this port on the 31st o f Dec., 1857 :—
No.
9
51
19
r

19
121
5

Big.
Steamers.................................
Propellers.................................
T ugs.........................................
Barks.........................................
Brigs.........................................
Schooners..................................
Scows........................................

Tonnage.

9

91,974,80

231

Valuation.
$452,500
1,506,100
239,200
93,800
165,000
1,174,350
10,000
$3,640,950

In addition to the above there are some 600 canal-boats owned in this
port, which are worth from $500 to $3,000 each.
The following table shows the entrances and clearances at this port of
foreign and American vessels, together with their tonnage and crews, during
the year 1857 :—
Arrived.

American vessels from foreign ports............
Foreign
“
“
“
“ ..........
T otal................................. ...................
American vessels to foreign ports................
Foreign
“
“
“
“ ................
T ota l....................................................
Coasting trade inwards...............................
“
“ outwards.................................
Total.......................................................
Grand Total for 1857 ...................................
“
“
“ 1856 ...................................
“
“
“ 1855 ...................................
“
“
“ 1854 ...................................
“
“
“ 1853 ...................................
«
“
« 1852 ...................................
“
“
“ 1851 ...................................
“
“
“ 1850 ...................................

No.

Tons.

Crew.

480

195,501
81,942

4,115
3,283

586

277,443
199,793
79,875

7,398
4,394
3,199

2,779

279,668
1,341,229
1,323,466

7,593
44,799
44,293

2,664,695
3,221,806
3,048,589
8,360,233
3,995,284
3,252,978
3,092,247
3,087,533
2,743,700

89,092
104,083
111,451
111,515
120,838
128,112
127,491
120,642
125,672

The above table shows a decrease in the number o f arrivals last year
as compared with 1856 of 547, but an increase in tonnage of 173,217




Buffalo, New York.

V03

tons. W e have already remarked that, ow ing to the general depression
throughout the country, many vessels laid idle the greater portion o f
the season. This is the cause o f the decrease in the number o f arrivals,
while the increase in the tonnage is to be accounted for in the increased
tonnage o f new vessels.
T rade with Canada.— W e give below tables showing the foreign
trade o f this port, as can be obtained from the custom-house records, but
these fall so short o f the aggregate amount that they will scarcely give
a correct idea o f the extent or magnitude o f the Canada trade o f this
district. These tables show a decrease in the annual exports and imports
for a series o f years, while it is well known that the trade between Buffalo
and Canada has steadily increased.
It appears from these tables that
there are no exports o f dry goods, groceries, crockery, hardware, etc.,
since 1854, while it is well known that there is a large trade in these
articles between this and Canadian cities. The trade o f Toronto, Ham il­
ton, St. Catherines, and other points along the Great W estern Railway
does not appear in any o f these statements, nor is there any means o f ob­
taining it, for the goods destined for these points are shipped by the
Niagara Falls Railroad and pass out o f the United States at Suspension
Bridge, and therefore appear as the exports from the Niagara district in­
stead o f the Buffalo district. From what information wTe have been
able to obtain we think it would be safe to say that not m ore than half
the aggregate foreign trade o f this port is represented by the lake trade
as shown below.
The follow ing table w ill show the amount o f duties collected at Buffalo
for a series of y ea rs:—
1846...........
$12,389 78 i 1850....... ...
$67,649 95 1[ 1854 ___
1847...........
24,361 78 | 1851. . . . ..
92,357 69 1855 ___
1848...........
24,230 30 1852....... .
69,723 74 1 1856 ___ . .
9,785 09
1849...........
46,939 86 | 18 53 ......
84,943 33 | 1857 ___
The follow ing table will show the value o f the imports from Canada
for the past six y ea rs:—
1852.............
$1 586 649
$240,000 1 1854..........
$1,022,862 1 1856........
1853.............
392,719 | 1855.........
2,13l|205 |1857........
The follow ing table will show the value o f the exports to Canada for
the past six y ea rs:—
1852.............
$797,752 J 1854......... ..
$1,152,205 1 1856........
1853.............
992,406 | 1855.........
1857........
Canal Commerce.— The returns o f the trade o f the Erie Canal, not
only at this point, but also at Oswego and Tide-water, show a considerable
decrease as compared with previous years.
The value o f the exports by canal, as made up at the canal collector’s
office for the past six years, is as follow s:—
1852..........
121,049,998 I 1854 ........
$26,936,706 I 1856 ........
$21,970,119
22,652,408 | 1855 ........
29,258,437 | 1857 ........
16,956,740
1853..........
This table shows a steady increase until 1856, when there was a decrease,
and the falling o ff this year as compared with 1856 is very large. This
decrease is to be accounted for in the depreciation o f every description o f
produce, the interruptions to navigation, and the general depression in
business.
The value o f the imports b y canal for the past six years is as fo llo w s:—
1852..........
$52,075,709 I 1854 ........
$77,035,271 I 1856 ........
$72,089,745
1853..........
64,612,102 | 1855 ........
87,856,037 | 1857 ........
46,627,526




*704

Commercial and Industrial Cities o f the United States.

The decrease during the past year may be attributed to the same causes
as noted above.
Below we give a comparative table showing the quantities o f some o f
the leading articles which have been first cleared from this place during
the past three years:—
1856.
1857.
1855.
Flour........................................
P ork .........................................
Beef..........................................
W heat.....................................
Corn..........................................
Oats...........................................
Barley.......................................
Bye............................................
Tobacco.....................................
Whisky.....................................
H em p.......................................
Butter........................................
Cheese.......................................
Wool..........................................
Boards and Scantling................
Staves.......................................
Sundries.................. ..............

235,578
72,278
34,925
6,456,641
7,713,451
2,287,950
24,390
221,497
1,869,402
759,563
136,455
241,325
601,323
2,766,498
48,989,289
149,212,261
10,953,698

76,476
28,032
4,843
7,497,999
8,237,304
1,381,125
15,051
163,442
886,418
220,036
8,047
165,528
131,408
2,009,497
38,617,501
145,865,f 13
9,108,157

88,092
9,196
5,256
6,673,827
5,001,263
905,814
11,638
6.341
16,563
836,000
49,690
9,874
65,469
1,325,289
43,727,523
18,592,784
12,771,000

The annexed table will show some of the leading articles ascending
the canal, and landed at Buffalo, during the past three years:—
Merchandise...........................
Sugar.....................................
Molasses.................................
Coffee......................................
Nails, spikes, and horse shoes.
Iron and steel.........................
Railroad iron...........................
Crockery and glassware........
Sundries..................................
Flour........................................
W heat...................................
Barley.....................................
Boards and scantling..............
Timber...................................
W o o d .....................................
W ool.......................................
Hides......................................
Hops......................................
Leather...................................
Pig iron...................................
Castings and ironware............
Domestic cottons............. ......
Domestic salt.........................
Foreign sa lt...........................
Mineral coal.............................

1855.

1856.

1857.

169,618,022
49,368,103
16,113,013
13,982,297
6,378,723
27,413,763
50,507,908
9,000,333
22,742,888
36,051
44,282
81,584
8,424,871
297,079
24,660
6,689
724,055
191,877
1,886,336
22,858,980
33,350,562
1,447,669
109,081,642
240,769
86,080,874

138,210,145
37,700,272
12,065,263
10,161,843
5,274,405
20,016,971
72,196,446
8,903,954
10,954,884
11,241
10,769
256,014
3,273,562
99,295
21,545
3,348
450,525
406,809
1,503,257
19,507,443
35,086,743
821,456
60,578,998
334,465
102,763,896

92.894,060
12,768,136
7,701,144
4,900,077
2,856,471
12,617,665
32,187,521
6,606,277
10,471,721
28,621
19,966
37,434
1,853,693
30,920
25,835
1,320
130,500
621,852
714,136
12,417,163
30,902,457
594,868
52,278,989
193,839
115,193,297

W e have furnished these commercial facts, that our readers, who are
probably not aware o f them, may be acquainted with the great changes
already brought about, and may see the evident signs of the still greater
changes which are to follow. The W est is still growing with great and
increasing rapidity, and lines o f railroad, and even canals, which have
been neglected by the public and despised by capitalists, will yet re­
munerate their projectors and builders, and be overtasked with their
business.




705

Commerce and Navigation o f the United States.

Art. V.— COMMERCE AND NAVIGATION OF THE UNITED STATES.
N U M B E R HI.

I n our previous numbers we have given the exports o f the United
States to each foreign country with which we deal; and also the imports,
showing the aggregate operation o f the external commerce. It is the
case that we generally import from certain nations more value tharr we
send directly to them. The balance requires to be paid in cash, and this
is usually done by bills drawn upon those countries which are in debt to
us. The financial operation centers mostly in England, and she is always
our largest debtor. The following table gives the balance due to or from
each country, in its account with the United States for the year 185V :—
DEBTOR NATIONS.

CREDITOR NATIONS.

Brazil............................. .
Chili.............................
China...........................
Central Republic..........
Argentine Republic___
Egypt............................
France...........................
M exico.........................
Prussia...........................
Spain...........................
San Domingo................. .
Tuscany.......................
Turkey.........................
Two Sicilies...................
Venezuela.....................
Hamburg......................
Papal States ................
Ionian Republic............
Greece...........................

$15,915,526
835,254
3,961,802
151,039
1,470,666
77,995
8,774,508
2,370,651
430,480
29,542,977
66,525
1,417,602
126,204
423,033

Austria.............................
Bremen.............................
Belgium...........................
Denmark.........................
Equador.............................
England.............................
Holland...........................
H ayti...............................
Other islands in Pacific...
Portugal..........................
Peru.................................
Russia...............................
Sweden.............................
Sardinia...........................
Sandwich Islands..............
Whale fisheries..............
Uncertain places..............

12,033,316
720,479
584,015
1,465,856
21,373
54,183,326
427,644
245,422
963,080
72,239
1,299,845
299,185
3,210,461
723,465
2,918,181
743,017
637,875
410,082
29,509

11,179

$68,917,830
Balance in favor of the United States..

170,988,390
68,917,830
$2,070,560

This shows a pretty large account to balance with $2,0V0,000. The
figures embrace, however, the specie movement both ways. England is
the chief customer of our produce, because her capital, geographical
position, and warehouse facilities, make her inevitably the central depot
of the world’s produce. She is, therefore, the banker. The United
States purchased in 185V $360,890,141 worth o f goods from all nations,
and exported $293,000,000 worth of goods in return, and $09,000,000
in gold. O f this, $222,706,352 went to England, leaving a balance due
from her to the United States o f $54,183,326, for which bills were
drawn upon her in favor of all the creditor countries. The chief of
these were Cuba, Brazil, and China— together $87,200,000, and there
was due those countries a balance of $50,000,000 for coffee, tea, and
sugar. These bills were drawn against gold sent to London. The
greatest item was sugar and molasses, which was over $50,000,000—
an excess of $30,000,000 over 1856. But for that untoward loss o f the
sugar crop, impelling such a large foreign demand, $30,000,000 less of
VOL. xxxvm .— no . vi.
45




706

Commerce and Navigation o f the United States.

gold would have been sent to England to meet the bills. France was a
creditor nominally for the quantities of silks sent hither, but which were
sold at a considerable loss, and the invoice prices were never realized to
the owners. The importation o f all goods this year is quite small, as
well by reason of the revulsion as, in the case o f sugar, much better
crops. The general course of trade will present itself in a lessened ex­
port of gold to Great Britain, since in all probability the amount o f
produce sent thither will suffice to cover the bills running on London in
favor of the creditor nations. The amount o f produce purchased by
England for her own use does not vary much in usual years, since she
requires a certain proportion of the cotton and of food.
W hat she
sends in return, by means of credit operations, fluctuate in value, accord­
ing to the buoyancy of the markets and the facilities for credit sales.
These facilities this year are small, and most manufacturing districts of
Europe, as well as Great Britain, lament the loss o f the American mar­
kets.
The chief articles of exports, as will have been seen from the table in
our number for March, are raw products and specie. It is, therefore, of
interest to observe from what States the largest amounts go directly:—
EXPOETS OF EACH STATE AND T E R R IT O R Y FROM J U L Y

1,

1856,

to

Ju n e

-A M E R IC A N P R O D U C E ..

States.

Maine..............
N. Hampshire.
Vermont........
Massachusetts .
Rhode Island..
Connecticut....
New Y ork.. . .
New Jersey...
Pennsylvania..
Delaware........
Maryland........
Dist. of Colutn.
Virginia..........
North Carolina.
South Carolina.
Georgia..........
Florida............
Alabama.........
Louisiana........
Mississippi__ _
Tennessee . . . .
Missouri...........
Ohio................
Kentucky........
Michigan........
Wisconsin . . . .
Illinois.............
Texas..............
California........
Oregon Ter___
Washington T.
Minnesota Ter.
T o t a l ....




In A m erican
vessels.

In foreign
vessels.

$2,210,549

$189,637
1,834

283,009
11,573.933 14,998,126
542,205
1,973
1,086,586
77,423,356 41,773,945
10,613
1,671
5,868,732
1,145,780
117,276
9,074,555
4,330,838
22,735
5,564,067
1,670,263
24,614
389,592
10,588,352
5,539,082
6,116,174
4,741,460
2,806,693
461,859
6,175,481
14,400,506
71,470,119 20,068,252

173,965
81,508
386,108
531,162
989,270
11,084,903
3,907
16,951

760,024
1,405,715
136,936
1,053,934
502,105
1,125,816

Total.

$2,400,186
1,834
283,009
26,672,059
544,178
1,086,586
119,197,301
12,184
7,014,512
117,276
13,405,393
22,735
7,234,330
414,206
16,127,434
10,857,634
3,268,652
20,575,987
91,538,371

F oreign
produce.

$1,316,400
365,461
3,573,953
8,173
8,817
15,605,997
169,920
300,942
15,379
12,969
242
356,491

8,854
51,140

232,815,826 106,169,239

338,985,065

T otal
A m erican
and foreign
produ ce.

$3,716,586
1,834
648,470
30,146,012
552,351
1,095,403
134,803,298
12,184
7,184,432
117,276
13,706,335
22,735
7,249,709
414,206
16,140,403
10,857,634
3,268,552
20,576,229
91.894,862

933,989

933,989
1,487,223
522,044
1,585.096
1,491,376
12,210,719
3,907
25,805
51,140

30, 1857.

15,383
1,502,606
...................................... 522,044
308
1,585,404
...................................... 1,491,375
2,225,182
14,435,901
..............
3,907
..............
25,805
...................................... 51,140
23,975,617

362,960,682

Commerce and Navigation o f the United States.

10l

New York figures the largest for exports, but these figures embrace
nearly $37,000,000 o f specie, and $10,000,000 worth of cotton. New
Orleans stands first as a port of direct export of American produce. The
exports of California to foreign ports are almost all of her own product
o f the precious metals, and the portion which goes through New York
swells the sum o f the exports thence. The exports of Massachusetts also
embrace over $7,000,000 of gold by the steamers. The localities repre­
sent mostly their own products. Attention may also be called in this
place to the large proportion o f goods sent in foreign vessels from Massa­
chusetts, where they exceed the amount sent in American vessels. This
is also the case in Ohio, Michigan, and Illinois. It is to be remarked that
the custom of selling cotton in transitu has tended to swell the direct
exports of that staple from the Southern ports, since it is there shipped
to its destination, and sold in New Y ork by sample, perhaps several times
while on its way.
The business o f the “ Lake States” also swells in
amount under the development o f the Canada trade, as well as through
an incipient trade direct, down the canals and rivers, to Europe.
The imports into the several States are as follow s:—
IMPORTS OF EACH STATE AND T ERRITO RY FROM JULY

States.
Maine.......................
New Hampshire.........
Vermont.....................
Massachusetts............
Rhode Island.............
Connecticut................
New York..................
New Jersey..............
Pennsylvania.............
Delaware....................
Maryland....................
District of Columbia.
Virginia....................
North Carolina...........
South Carolina..........
Georgia......................
Florida.......................
Alabama.....................
Louisiana...................
Mississippi..................
Tennessee..................
Missouri......................
Ohio............................
Kentucky...................
Michigan...................
Wisconsin...................
Illinois........................
Texas..........................
California...................
Oregon Territory........
Washington Territory
Minnesota Territory..
Total..................

1, 1856,

TO JUNE

Io American
vessels.

In foreign
vessels.

$1,882,078
988
2,709,193
35,916,647
460,135
1,064,819
161,791,931

$782,254
16,568

14,255,078
2,895
8,534,843
116,333
1,203,547
206,746
1,720,616
581,985
293,672
617,730
22,207,145

11,348,694
55,357
51,982
74,701,554
3,867
3,600,171
2,046,365
326,607
24,748
299,170
197,924
27,427
91,360
2,684,822

80, 1857.
Total.
$2,664,332
17,556
2,709,193
47,265,341
515,492
1,116,801
236,493,485
8,867
17,855,249
2,895
10,581,208
116,333
1,530,154
231,494
2,019,786
779,909
321,099
709,090
24,891,967

130,473

136,792

267,265

1,018,458
2,320
107,835
124,455
4,159,065
5,020
2,163

100
3,497
218,490
176,319
4,978,349
1,554

1,018,558
5,817
326,325
300,774
9,137,414
5,020
3,717

101,773,971

360,890,141

259,116,170

The tonnage, distinguishing the American from the foreign, cleared
from each State, with the crews, is as follows:—




708

Commerce and Navigation o f the United States.
COMMERCE OF EACH STATE AND TERRITO RY.
------A M E R I C A S

States.

No.

Maine..............
N. Hampshire..
Vermont........
Massachusetts..
Rhode Island .
Connecticut. . .
New Y ork . . . .
New Jersey.. .
Pennsylvania..
Delaware........
Maryland........
Dist. of Colum.
Virginia..........
North Carolina.
South Carolina.
Georgia...........
Florida............
Alabama.........
Louisiana........
Mississippi__ _
Tennessee . . . .
Missouri.-........
Ohio................
Kentucky . . . .
Michigan.........
Wisconsin___
Illinois............
Texas..............
California ____
Oregon Ter. . .
Washington T.
Minnesota Ter.
Total

. . . .

Tons.

721
12
427
1,304
88
110
4,524
8
S53
12
446
4
194
192
262
185
211
186
891

219,540
4,574
21,542
421,111
21,066
25,108
2,188,670
2,307
113,057
3,100
134,034
840
60,224
34,401
105,062
69,372
61,092
111,866
680,051

.. . .
....

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

234

Crews.---------v
Men. Boys. No.
6,642
583
27
113
5
41
1,241
278
55 2,564
15,767
905
19
51
1,457 115
40
5,382
74,837 432
.
.
.
11
69
3,780 . . .
148
...
129
4
4,533 . . .
211
...
32
1
1,909
1
93
1,364
1
18
3,537
2
173
2,036
1
143
1,796
1
40
52
2,871 199
334
15,660 . . .
/--------

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

• . .

30,052

1,762

.

58,691
46,086
57,713
6,519
214,029
420
685

2,921
1,530
2,000
182
7,181
18
32

. ...

388
55
77
15
228
2
6

•

..
..

. . .

—

11,135

■ —,

Y E S S E L S .-

4,581,212 154,305

. . .

.
..
...
. . .
. . .
. . .
. .
•

. . .

-------- F O R E I G N V E S S E L S .— ------------ — l
/------------------ >

Crews.
Tons.
Men.
Boys.
4
3,592
62,579
18
4,509
217
....
878
21,084
7
376,088 17,802
....
386
9,078
...
6,073
265
1,405,211 71,936 1,082
....
1,654
72
2,102
. . . .
38,917
54,252

2,281

22,506
3,636
47,940
72,961
8,982
44,244
148,782

856
149
2,107
2,284
429
1,159
5,479

...

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

......

. . . .

47,735

2,760

. . . .

32,001
2,806
24,277
6,192
48,947

1,660
123
1,011
213
2,072

.. . .

• ...

. . . .

204
11
98
15
141
• . .

. . . .

3

716

. . .

863 10,969

100

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

.. . .
....
335

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

34
—

2,490,170 119,867

. . . .

1

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

....
—

1,212

The figures show that the foreign tonnage cleared from Boston is o f a
smaller class, averaging only 145 tons per vessel, while the American
shipping averages 323 tons.
The foreign embraces the small vessels
which are properly coasting to the Provinces. Thus, o f 318,000 tons
cleared from Boston, 240,000 were to the Provinces.
The same fact
manifests itself in the returns for the Lake States. The chief trade of
California is to the Pacific States of the American Continent.
The tonnage built in the United States during the year 1857 was as
follow s:—
TONNAGE BUILT IN THE UNITED STATES.

States and Territories.

Maine...........................
New Hampshire..........
Vermont......................
Massachusetts...............
Rhode Island........ .......
Connecticut...................
New York.............. ..




— CLASS OF YESSEL8.---------------- , Total
Sloops and
number of
Total
tonnage.
canal
vessels
Brigs. SchVrs. boats. Steam’rs. built.
Tons & 95ths.
26
1
1
240
110,933 20
85
8,718 19
1
9
65 53
1
1
55,411 20
58
4
47
2
2
113
3,583
37
4
11
2
3
2
5,040 42
1
13
1
21
3
39
67,826 11
28
5
76
83
45
237

Ships
and
barks.
127
8

..

..

..

..
..
..

..
..

Commerce and Navigation o f the United States,

T otal
Sloops and
num ber o f
T otal
canal
vessels
tonnage.
Brigs. Sch’n’rs. boats. Steam ’rs. built.
Tons & 95ths.

/-------------------- c l a s s

Ships
and
barks.

States and Territories.

New Jersey..................
Pennsylvania..............
Delaware......................
Maryland......................
District cf Columbia...
Virginia........................
North Carolina.............
South Carolina............
Georgia.......................

700

o f v e s s e l s .--------------------- »

42
26
10
74

1
82
10
2

8
9
31

2

,.
,.

13

89

1

14

ii

io

37

7,441 31

••

1

*7
••

i
••

3
••

11
1

950 01
236 24

261

58

504

358

263

1,434

378,804 70

17

2

1

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

,,

12
19
2

,.

1
Alabama.......................
Mississippi....................
Louisiana......................
Tennessee...................
Kentucky....................
Missouri.........................
Illinois...........................
Wisconsin....................
Ohio..............................
Indiana..........................
Michigan......................
Texas............................
California......................
Oregon...........................

26
168
2
1
23
4
2
4

8,642 56
34,258 52
4,843 24
20,826 83
1,483 02
3,932 21
1,373 74
266 87
197 70
1,333 22
221 44
136 64
920 39
1,427 22
8,462 46
2,400 08
2,805 11
2,403 33
22,665 04

69
278
23
110
23
32
21
6
2
5
3
6
11
4
28
10
10
10
84

2
1
16

4
1
6
6

.,
,,
„#
1
1

,.

14

.#

1

1

1

1

..
,.

5
4
28
10

#.

The totals of each class built in the United States for a series o f years,
was as follows:—
STATEMENT SHOWING THE NUMBER AND

CLASS

OF

VESSELS

THEREOF, IN THE SEVERAL STATES AND TERRITO RIE S

1842

TO

Years.
1843...........
1844...........
1845...........
1846...........
1847 .........
1848...........
1849...........
1850...........
1851...........
1852...........
1853...........
1864...........
1855...........
1856...........
1857...........

1857,

BUILT, AND

OF THE

UNITED

THE

TONNAGE

STATES, FROM

INCLUSIVE.

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

Ships
and
barks.
58
73

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

151
254
198

...........

269

...........

306

■c l a s s

o f v e s s e l s .-------------------------- »

Sloops and
canal
Brigs. Sch’n’rs. boats. Steam'rs.
34
138
173
79
204
379
163
47
322
342
163
87
676
355
225
164
198
168
689
392
547
175
174
701
370
208
148
623
290
159
547
117
826
233
65
622
584
259
79
267
394
95
681
271
661
281
112
886
669
253
126
605
594
221
103
479
68
504
358
263

Total
number of
vessels
built.
482
766
1,038
1,420
1,598
1,851
1,547
1,360
1,367
1,444
1,710
1,774
2,034
1,703
1,434

Total
tonnage.
Tons & 95ths.
63,617 77
103,537 29
146,018 02
188,203 93
243,732 67
318,075 54
266,677 47
272,218 54
298,203 60
351,493 41
425,572 49
535,616 01
583,450 04
469,393 73
378,804 70

The highest amount o f tonnage built in anyone year was in 1855,
under the impulse of the Australian fever, when most ship-building under­
went so great a change. The competition o f that shipping caused low
freight, which, in its turn, induced large imports, tending to revulsion.




710

Journal o f Mercantile Law.

JOURNAL OF MERCANTILE LAW.
C H A R T E R — D A M A G E S — E V ID E N C E — R E L E A S E OF P A R T Y .

United States Circuit Court, in Admiralty, September 23, 1857. Before Judge
Nelson. David Ogden, appellant, vs. Jotham Parsons and others.
N e l s o n , C. J.— By the charter party in this case, the whole of the vessel was
chartered to Ogden, (except the deck room, a crew, &c.,) for a voyage from Liv­
erpool to New York. He was to supply her with a full cargo o f general mer­
chandise, and not exceeding five hundred and thirteen passengers, second cabin
and steerage, and the ship not to take exceeding her registered tonnage of iron.
This was one thousand and twenty tons. The charterer was to pay for the hire
o f the vessel the round sum of £1,500 sterling. A dispute arose between the
captain and the consignee at Liverpool in respect to the stowing o f the good s;
the former refusing to stow the iron in the hold to the extent o f the quantity
mentioned in the charter party; but stowed part o f this freight between decks;
and in consequence thereof was unable to carry the number o f passengers men­
tioned. The vessel was laden with but some 923 tons o f dead freight, and 374
tons admeasurement, together with 363 passengers.
She had, in a previous
voyage from Liverpool to N ew York, carried a larger freight o f the same de­
scription, and her full complement o f passengers. The charter party is carelessly
drawn, and it is perhaps dilhcult to say that it contains a warranty or warrant to
carry the freight and passengers mentioned in it, as was probably intended. But
I am satisfied that both parties contemplated, at the time, that freight and pas­
sengers to the extent and number mentioned were to be carried, if furnished by
the charterer. The measure o f compensation was doubtless regulated very much
thereby. I am, also, satisfied that the vessel had sufficient capacity to have com­
plied in this respect with the terms o f the charter; and that the captain wrong­
fully refused to permit her to be laden. I had doubts on the first hearing,
whether or not the testimony o f J. C. Taylor wras admissible, or the case would
have then been disposed of, according to the view above stated. It is pretty
certain, upon the further testimony on this point, that a release was executed to
him by Ogden, before his testimony was taken.
The vessel should have carried some 150 passengers more than were taken on
board. I think the proof full that they could have been furnished, and that a
considerable number had been engaged, and were obliged to be sent by other
vessels.
The case, upon the view I have taken, should be sent to the clerk to take
proofs as to the damage sustained on account of the non-compliance with the
charter party, and which should be deducted from the freight. But to save ex­
pense, and prevent further delay, I shall make the deduction myself—and shall
accordingly direct that the decree below be modified by deducting therefrom the
sum o f $1,200, and no costs to either party on an appeal.
AC T IO N TO E N F O R C E A B O T T O M R Y B O N D UPO N V E S S E L A N D C A R G O .

United States District Court— before Judge Betts— 1857.
vs. the bark Tuba.

Caesar A. Roberts

The libel in this case was filed to enforce a bottomry bond upon the bark and
her cargo, executed in New Orleans, January 25, 1857, to secure the payment,
five days after the arrival o f the bark in New York, o f the sum o f $7,700, witli
20 per cent interest.
By the Court.— This case comes before the court in a questionable aspect in
many particulars. The large sum secured by the hypothecation; the heavy pre­
mium for so short a time; the ambiguous proof o f the application o f the money ;
the amount reserved out o f it to the master (who was also part owner) for his




Journal o f Mercantile Law.

711

own commissions; the lack of evidence of proper diligence to obtain funds by
other means, and also o f proof that a large portion of the sums covered by the
bond were liens at all upon the vessel, and the want of satisfactory evidence who
had the actual ownership or management of the vessel at the time and through­
out the transaction, afford occasion to doubt whether the court is in possession
of an unreserved and reliable statement of the facts. But as some of the par­
ties, actors in the bottomry loan and subsequent proceedings, appear to have
been directly interested in the vessel as owners, and must be taken to acquiesce
in, if not approve, the proceedings, the court will not dismiss the action. The
libelant will be allowed to take a decree of $4,000, with leave, however, to each
party, if he so elect, to have a reference to a commissioner, the libelant to ascer­
tain whether more than the $4,000, being a lien upon the vessel, was satisfied
by his loan, and the claimants, wnether less than that sum, paid out of the bot­
tomry loan, was a legal lien on the vessel at the time.
M IS R E P R E S E N T A T IO N IN T H E SA L E OF M E R C H A N D IS E .

In the Marine Court, (city o f New York, August, 1857,) before Justice
McCarthy. Leaycraft, and others, vs. Hermann Stutzer, et al.
This was an action to recover damages incurred by reason of misrepresenta­
tion in the sale of one hundred barrels corn meal. For very many years the
kind of meal known as the “ Brandywine ” meal has been the best in the mar­
ket, and has always been preferred by shippers to the West Indies, as it retains
its sweetness much longer than any other brand in hot climates; and for many
years all recognized “ Brandywine” meal has been ground by three millers in
the village of Brandywine. But, in the spring of 1856, some enterprising miller,
who did not live in the village, but about thirty miles up the creek away from it,
and who had never ground either of the known brands of “ Brandywine,” thought
he had what lawyers call a colorable right to use the name and enjoy safely the
benefit of the reputation it had earned for itself. He therefore ground his new
“ Brandywine ” meal, and sent it to the defendants to sell. And the plaintiffs
bought some of it. But they thought they were buying some of the genuine
recognized brands, that were sold as the “ Brandywine;” and, when they discov­
ered that their purchase soured, as the genuine article was never known to sour,
they began to think it spurious, and brought this action to test the question.
Though the defendants showed samples, they still sold their meal as “ Brandy­
wine,” and, as there was nothing in the appearance of the new and experimental
meal to distinguish it from the old, and plaintiffs, though looking at the sample,
still purchased on the faith of its reputation; and, as this new “ Brandywine ”
meal proved to be very poor, while the genuine had never had a word said against
it; and, as the lot in question was the first of the spurious kind to come into
the market; and, therefore, no suspicion had been excited, the judge gave a de­
cision for the plaintiffs, and found for them the amount they claimed for dam­
ages.
COLLISION NEAR THE W ALL-STREET F E R R Y .

United States District Court—before Judge Betts. Decision in Admiralty—
1857. Robert L. Lane, el al., vs. the steamboat Bedford.
This was a libel filed by the owners of the schooner Mary D. Lane to recover
damages occasioned to her by a collision with the steamboat, which occurred
near the Wall-street Ferry, upon which the steamboat was running, on the morn­
ing of December 17, 1853. The schooner had hauled out into the stream the
day before and anchored, as the libelants claimed, below the ferry, and next morn­
ing, during a heavy fog, she was run into by the steamboat coming from the
Brooklyn side. The claimants allege that she was anchored in the track of the
ferryboats.
Held by the Court.—That the position o f the schooner cannot be made the
turning point in the case, because the extreme darkness at the time of the col­




712

Journal o f Mercantile Load.

lision prevented the witnesses from fixing it with any certainty. That the ferry­
boat cannot justify going out into the river under a free head o f steam in such
a darkness that another vessel could not be seen from her deck She had no
right to enter upon a trip in such a helpless state from the condition of the at­
mosphere, more than if she had been unnavigable from the loss o f her helm or
motive power.
The libelant’s vessel had been seen and safely passed repeatedly during the
same night, and only a few minutes previous, although the fog was thick, and as
the impediment and embarrassment of the ferryboat was not cast upon her by
anything unexpectedly cast upon her passage, but was palpably before her when
she started, the Court is bound that she took the risk upon herself o f making
the passage safely in respect to the schooner. Decree for libelants, with a refer­
ence to compute the damages.
L IB E L A N T S A N D

M O R T G A G E E S OF A

V E S S E L — P R IO R IT Y .

United States District Court, Southern District of New York, December,
1857. Before Judge Betts. Justi Pon, and others, vs. the proceeds o f the brig
Arbustci.
The brig Arbustci having been libeled for seamen’s wages, and for a bot­
tomry bond, and having been sold by process o f the Court, and those claims
satisfied, there remained remnants and surplus in the registry of the Court. Two
classes of petitioners contested their priority of right to the fund, the demands of
each exceeding its entire amount. Fairbanks & Co., held a mortgage, executed
in Nova Scotia, to secure a debt incurred there for her outfit and supplies for
the voyage, notice o f which mortgage was entered on her register. The libel­
ants held a bill of lading, executed by the masters during that voyage, for specie
shipped on board and never delivered.
H e ld b y the Court.—That the claim of the libelants was a clear maritime lien
upon the vessel. That the mortgagees have a competent legal authority to liti­
gate their right to the fund representing the vessel, although the Court could
give them no direct remedy against the vessel by way of foreclosure of his
mortgage or otherwise. That the libelants having a lien upon the vessel have a
priority over the mortgagees. That the principle is not changed by the fact
that the foundation of the mortgage was a debt of a maritime character, accruing
for labor and materials furnished by the mortgagees to the vessel. They could
claim no priority over, if, indeed, their position was as advantageous as that of
an unsecured material man, as by their contract they left the vessel in the hands
of the mortgager, and thus liable to subsequent maritime liens resulting from
her employment by him. It is clear that if the vessel had gone into the posses­
sion of the mortgagees under that encumbrance, and had afterward taken on
board the shipment in question, she would have been subject to a lien for its
value, and there is no legal reason shown for securing them a privilege against
this charge, when leaving her in the hands of the mortgager, superior to what
they could claim if placed in the hands of the mortgagees. Decree for libelants.

ISSU ES OF STOCK B Y

C O R P O R A T IO N S IN

M A SSA C H U SE T T S.

The following act of the Legislature of Massachusetts, entitled “ An Act Con­
cerning Issues of Stock by Corporations,” was approved March 27th, 1858 :—
No corporation hereafter created by the authority of this Commonwealth,
having a capital stock divided into shares, shall issue any shares in said capital
stock for a less sum or amount, to be actually paid in, on each share, than the
par value of the shares which shall be first issued; unless the same shall be
authorized by special provision of the act of incorporation, or by act of the
Legislature subsequently obtained.




Commercial Chronicle and Review.

713

COMMERCIAL CHRONICLE AND REVIEW.
F E A T U R E S OP T IIE M O N E Y M A R K E T — D E C L IN E

O P IM P O R T S — C O T T O N S U P P L Y — Q U A N T I T Y C O N S U M E D —

S U P P L Y O F W O O L — F O O D C R O P S — F R E IG H T S — P R I C E O F M O N E Y — B IL L S O P E X C H A N G E — M O V E M E N T OF
S P E C I E — S T A T E O F B A N K S — D E P O S IT S A N D C IR C U L A T IO N — C U 8 T O M 8 R E V E N U E — I N T E R E S T O N D E P O S ­
I T S — L O A N S O N S T O C K — T IM E S A L E S — A C T T O L E G A L I Z E — R E D E M P T IO N O F U N C U R R E N T M O N E Y — M E ­
T R O P O L I T A N B A N K — A S S O R T IN G -H O U S E — B A N K OF M U T U A L R E D E M P T IO N — C L E A R I N G S Y STE M — I N D E ­
P E N D E N T T R E A S U R Y SY STE M — S U P P L Y O F G O L D — E X P O R T S F R O M C A L IF O R N IA F O R Q U A R T E R — S IL V E R
A T S A N F R A N C IS C O — B R A N C H M IN T — D IS C O U N T S A T T H E W E S T .

T here has been, during the month which has elapsed since the date of our
last, a continuance of the leading features which have marked the spring busi­
ness, viz., an increasing abundance of money at falling rates, without any dispo­
sition manifesting itself to embark in enterprises for its employment. On the'
other hand, the importations of goods continue to shrink in amount, as will be
observed by the usual monthly tables appended to this article. The exports
show a less decline, but all values seem to have, if not a downward tendency, at
least as yet no disposition to advance. There are apparently as yet no elements
of an advance in prices, since the supply of most commodities is equal to the
circumscribed demand. There threatened, early in the season, a short supply of
cotton, and the deficit rose to over 5G'0,000 bales as compared with last year.
This deficit has since been recovered, and the crop promises to exceed that of
last year, while the diminution of consumption is considerable—by over 300,000
bales less in the United States since September than for the same time last year.
It follows that the supply of cotton, as proportioned to demand, will exceed that
of last year by much. The high prices of wool for the last four years stimulated
production to some extent at home and abroad, while the reduction in the tariff
has favored the introduction of foreign wools. The silk crop abroad is large,
and the supply of flax is good. A t the same time, the production of all goods
has been small. The indisposition of holders of produce to sell retards the col­
lections of the merchants, and many of those who were tempted to place their
money in lands and railroad bonds, are now fain to tender them in payment of
merchandise, but the supply is too large. The food crops are everywhere abundant, and prices are falling, causing an indisposition to sell. It is to be supposed
that, with good crops at home and abroad, a large crop held by the producers,
up almost to the realization of a new harvest, while the spring crops are very
thriving, there would be little disposition to buy more than is necessary. Money
does not, therefore, seek raw produce. On the other hand, the holding of pro­
duce kills the demand for goods, and ships, canal-boats, and railroads have but
little business, show low rates of fares, and but small revenues. Rents of stores,
as well in the Atlantic cities as in those of the West, decline, and if there is any
positive movement, it is from the cities on to the new lands, by settlers thrown
ou.t of employment in the cities. In the meantime, obligations, both new and
extended, mature, and are met with more or less promptness, an operation which
causes money in the great city reservoirs to swell in volume and fall in value.
“ A t call,” it has been refused by brokers at 4 per cent, and leading merchants
have obtained it for several months in lots of $100,000 at 5 per cent per annum.
The foreign exchanges, which had in February fallen to 6i a 7, inducing orders
to be sent out for return of bill proceeds in gold, have risen since, causing




714

Commercial Chronicle and Review,

those orders to be countermanded in part, and the rates are now 9J a 9},
reaching a point when gold may again be shipped. This increase of remittances
in face of very small imports, may, to some extent, be due to the collection of
debts due abroad that had been extended during the pressure ; in some cases to
the remittance of money for the purchase of cash goods, since the shock given
to credit there, and the ease with which money may be had, would favor such a
movement. It is also the case that money, although very cheap in London, can­
not be employed here to much better advantage, and therefore will not be drawn
but on very full rates of bills. The movement of specie, and the quantity in
New York city, have been as follows, January 1st to May 16th :—
GOLD RECEIVED FROM CALIFORNIA AND EXPORTED FROM NEW Y O RK W EE K LY, W IT H AMOUNT
OF SPECIE IN SUB TREASU RY, AND THE TOTAL IN THE CITY.

r----------1857.---------- \ r— ---------------------1858.'--------------------- - "N
Jan.

2 ___
9 ___
16___
23___
30___
Feb. 6 ___
13___
20___
27___
Mar. 6 ___
13___
20___
27___
Apr. 3 ___
10....
17___
24___
May 1___

Deceived.
$203,700
51,000
1,269,107

Exported.
$223,660
275,808
250,000
781,295

1,460,900
225,955
1,097,186

1,607,440
1,565,779

1,177,812
348,216
279,667
26,708
967,405
422,914
306,351
38,734
742,233
468,963
779,892
106,200
1,711,390
671,569
1,826,629

1,296,108
636,000
1,104,100
1,487,128
375,800
1,222,238
140,075
1,800,000

8___
16___

Deceived.
$250,000

1,929,627

1,348,507
1,640,430
1,279,134
11,000
1,403,949
1,352,912
41,208
1,550,000
1,615,351

Specie in
Total
Exported. sub-treasury, in the city.
#34,000 $3,259,300 $31,821,200
1,298,684 2,972,200 32,149,000
1,045,490 2,934,000 33,145,266
1,244,368 3,073,900 33,903,151
57,075 3,288,500 34,561,500
2,928,271 3,168,7S7 33,821,735
48,850 3,384,800 33,611,075
641,688 3,360,000 34.776,076
128,114 3,420,900 35,079,294
297,898 2,996,700 35,736,431
225,274 2,964,000 35,925,076
116,114 6,853,852 37.681,656
83,120 6.141,594 37,071,066
115,790 5,548,069 37,078,069
256,246 4,875,975 36,912,411
203,163 3,841,677 37,035,026
15,850 3,695,071 37,008,806
136,873 3,145,400 38,209,613
104,650 2,874,100 38,327,246
558,156

Total.. . . 14,198,824 11,412,301 13,695,710 10,733,748

All these features indicate the passage of a storm. Under the head of “ Bank­
ing, Currency, and Finance,” in this number, will be found the weekly returns of
the banks of the leading cities, with most of which the commendable custom
has grown up of making weekly statements. From those tables we condense the
following, showing the aggregate features of the banks of Boston, New York,
Philadelphia, and New Orleans :—
October......................
May 9 ........................

Loans.

Specie.

Circulation.

$184,729,074202,596,625

$18,140,422
62,846,247

$20,320,513
23,593,730

D eposits.

$74,770,257
134,474,061

The accumulation of specie and deposits is very considerable, and it will be
observed that the specie on hand in these four cities exceeds that of the circula­
tion outstanding by more than 200 per cent. In the spring of 1852, after the
panic of the previous year, money had become very abundant, and nearly as
cheap as now. The returns of the New York and New Orleans banks for
March of that year were as follows :—
1852.
New Y o r k ........................
New Orleans....................




Loans.

Specie.

Circulation.

D eposits.

$71,550,554
11,264,340

$9,716,070
6,675,465

$7,401,139
4,903,419

$43,415,125
10,392,535

Commercial Chronicle and Review.

715

The specie in the two cities is now over $30,000,000 more than then, and the
deposits, which are the means of discounting, are nearly $60,000,000 greater.
There is no outward current of specie, and the government expenditures being
greater than the revenues, the treasury has become depleted. This is indicated
in the customs revenues for the three quarters ending with March, as compared
with the same three quarters of the previous year, as follows :—
Ain’t in treasury

September 80.

1856- 7 .........
1857- 8.........

December 31.

March 31.

Total.

March 31.

$20,677,740 $14,243,414 $19,055,382 $54,986,484 $21,981,201
18,573,729
6,237,723
7,119,767 31,931,220
3,181,000

The stagnation of business, which has caused the Federal Treasury to dis­
gorge, has also driven money out of the channels of circulation, where less busi­
ness and low prices require far less money. The specie piles up in bank vaults,
and their circulation does not stay out. The difficulties of the last fall were as­
cribed by some parties to the custom of the banks in allowing interest on de­
posits, by which it was supposed larger amounts were allowed to accumulate
with them than would otherwise be the case, and that speculation was stimulated
by the efforts to employ these deposits. There was, therefore, an effort to do
away with this practice, and many banks have refused to allow interest on de­
posits, although two or three leading institutions continue it. It appears to be
the case, however, that the deposits are quite as large as before, even where no
interest is allowed. Indeed, it is hardly to be supposed that the rate, 4 per cent,
allowed by the banks would, in ordinary times, be an inducement for funds to lie
in their hands. I f the banks continue to receive and employ outside funds, the
effect is precisely the same on the market whether they receive interest or not.
Connected with these operations were the heavy speculations of the stock mar­
ket. When the banks employ their call deposits on sight loans, stock operations
have heretofore been greatly stimulated, since such employment was the most
desirable for the banks. They got an interest, and their money was always
within call. A large part of the difficulties of the last fall were justly ascribed
to the gambling at the stock board for a “ bear account.” These transactions
attracted the attention of the Legislature, and as all time contracts had been
made illegal, and every means resorted to, both in London, Paris, and New York,
to check stock gambling, with seemingly no other effect than to increase it, the
Legislature of New York has tried the other remedy, by making all contracts
legal. For that purpose the following law was passed :—
A N ACT TO L E G A L IZ E T H E S A L E OP STOCKS ON T IM E .

1. N o contract, written or verbal, for the purchase, sale, transfer, or de­
livery of any certificate, or other evidence of debt, due by or from the United
States or any separate State, or any share or interest in the stock of any bank,
or of any company incorporated under any law of the United States or of any
individual State, shall be void or voidable for any want of consideration, or be­
cause of the non-payment of any consideration, or because the vendor, at the
time of making such contract, is not the owner or possessor of the certificate or
certificates, or other evidence of such debt, share, or interest.
S e c . 2. Sections six, seven, and eight of chapter twenty, title nineteen, arti­
cle two, of the Revised Statutes, entitled “ Of brokerage, stock-jobbing, and
pawn-brokers,” are hereby repealed.
S e c . 3. This act shall take effect immediately. April, 1858.
S ec.

Heretofore, the time-operator in stock was not held for his losses, and may




716

Commercial Chronicle and Review.

therefore have been more reckless. He is now legally liable, and may be more
prudent. A s yet, however, the law has produced no effect on business. It has
elevated the Board of Brokers into an association of legal dealers, but it has not
imparted confidence in the value of the long list of securities dealt in, and which,
as far as transportation goes, suffer severely from the depression of business, and
are, therefore, many of them, seeking assistance from an unwilling public.
The panic has produced another change, and that is in relation to the redemp­
tion o f uncurrent money. This was done mostly in New Y ork by the Metro­
politan and American Exchange banks, and in Boston by the Suffolk Bank.
When the pressure commenced last fall, the current set upon the two redeeming
banks in New Y ork in a volume sufficient to absorb all their means. They were
compelled to thin out some of the banks, but as a whole did great service up to
the time of suspension, in the second week of October. A ll the city banks then
agreed to receive country money at par. Inasmuch as that specie was not paid,
this money accumulated to the extent of over $7,000,000, and became an obsta­
cle to resumption. Finally, it was arranged that it should be redeemed gradually
by the country banks, and bear interest until paid. This being arranged, re­
sumption took place, and that country money has since been all redeemed. Mean­
time, the American Exchange Bank refused to continue its redemption agency,
and the Metropolitan continued it alone; until the country banks, dissatisfied,
established in Albany an “ assorting-house,” for the redemption of country money
at i per cent. The effect of this was to cause the issue of the following circular :
Metropolitan B an k , N ew Y ork , H ay 1 ,185a

S i r :— F rom this date the Metropolitan Bank will take from you, if
sent direct, such New Y ork State money as you may receive in the regular course
of your business at £ of 1 per cent, (instead of J, as heretofore.) and allow you
£ on your redemptions at this bank, as before.
New Jersey money, bills at par in Philadelphia, and New England money,
also taken at £.
To other parties the former rate— J per cent— will be charged. The tendency
of this will, of course, be to keep the price of exchange on New Y ork the same
as at present.
W ith respect,
B eap.

G E O R G E I. S E N E Y , Cashier.

In reply to which, the Assorting-house issued the following:—
A lbany , May 3, 1858.

The managers o f the Assorting-house, after consultation with numerous friends
of the enterprise, and in accordance with their own convictions, have decided to
make no change in their terms for receiving and assorting State currency, but to
adhere strictly to the agreement entered into by the Bank Convention on the
18th of February last. They believe that a partial reduction of rates, applied
to banks only, cannot be lasting, and that a general reduction is not desired by
the interior banks, as it will tend to require them to carry the burthen, and pay
the expenses of the exchanges between city and country, through the medium of
their own circulating notes, and also subject them to serious competition with
foreign and unsecured currency. The Assorting-house has the cordial support
and co-operation of nearly one hundred and seventy New York State banks,
which redeem through it daily upon the terms agreed upon with the convention,
and to send their currency to the Assorting-house, direct or through their correspoi ding banks, they will fully accomplish the object for which it was established.
JAS. A. HUSBAND, Superintendent.

The advantages of redeeming uncurrent money with the brokers, rather than




717

Commercial. Chronicle and Review.

with the banks, are that with the former the operation is done at once, while with
the banks credit is got only the next day, with sometimes a return of bills. In
Boston, a Bank of Mutual Redemption has been organized, with a capital of
$500,000, in opposition to the Suffolk system. The “ clearing system ” of banks,
which has been adopted in Boston, New York, and Philadelphia, is being ex­
tended west, and will be resumed in Cincinnati. We have thus sketched some
of the changes which have taken place in the features of the money market, as
the result of the panic acting upon previous convictions. The general result
indicates that specie is, to a considerable extent, supplanting paper in circula­
tion, particularly in those States where the circulation of the bauks is restricted
by being secured. Ohio has gone further, and has passed an independent treas­
ury law, which will be found under another head in this number, the design of
which is to make all the revenues of Ohio ultimately collectable in specie only.
This law will go far to increase the specie currency of that State. As the Ohio
revenues are about $9,000,000, and the bank circulation less than $1,500,000,
the increase of specie required wili not be large. The resumption of specie pay­
ments by the bauks at the South has been progressing. Those of Savannah,
Augusta, and Charleston resumed May 1st, and this movement caused some de­
mand for specie to go south. As the movement extends, it of course makes ap­
parent a difference between specie paying and non-specie paying notes, compelling
the issuers of the latter to provide for them or go to the wall. The supply of specie
in the country is ample, and t h e ' p r o d u e t i o n i n California and Australia not ma­
terially less. The exports of treasure from California for the first quarter of the
present year were as follows :—
EXPORTS OP TREASURE FROM SAN FRANCISCO DURING THE FIRST QUARTER OF

New York......... .
England.............
Panama............
Hong Kong . . . .
Australia...........

January.
$2,892,035 92
914,231 14
42.000 00
177,976 07
636 07

Valparaiso.. . .

February.
$2,835,650 13
616,748 68
21,760 00
50,000 00
423,193 00
800 00
3,000 00
11,500 00

March.
$2,664,347 90
592,506 26
25,000 00
188,710 00

6,000 00
9,000 00

600 00
2,000 00

T ota l............ . $4,026,879 20 $3,964,241 81
Total of first quarter of 1857 . . . .

1858.

Total.
$8,392,033
2,122,486
88,750
60,000
789,879
1,436
3.000
16,500
9.000
600

95
08
00
00
07
07
00
00
00
00
2.000 00

$3,484,564 16 $11,475,685 17
10,261,680 48

Increase in 1858................... .

$1,214,004 69

The imports and exports of silver coin, included in the above, were as follows :
SILV ER COIN AT SAN FRANCISCO.
EXPORTS.

IMPORTS.

From Mazatlan......................
Manzanillo..................
Honolulu......................
Total..................




$207,610 To Hong Kong......................
Australia.........................
555,412
Honolulu.........................
870
Valparaiso......................
Manilla............................
$767,982
Total

$741,392
1,486
600
16,500
11,000
$770,928

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Commercial Chronicle and Review.

The current of silver sets from the Mexican coast to China, leaving a larger
export of gold to the Atlantic States. The operations of the Branch Mint at
San Francisco for the quarter were as follows :—
DEPOSITS AND COINAGE AT THE UNITED STATES BRANCH MINT AT SAN FRANCISCO FOR THE
QUARTER ENDING MARCH

31, 1858.

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

,--------------------------- Coinage.---------------------------- Gold.
Silver. Unparted bars.
Total.

January., oz. 40,001.63 8,415.90
February . . 77,770.73 12,219.80
March......... 120,760.70 3,638.30

$811,800 $50,250 $281,739 41 $1,123,789 41
710,000 ........ 228,522 07
928,522 07
1,880,000 22,000 326,034 17 2,228,034 17

Total___ 238,533.06 24,274.

$3,401,800 $72,250 $816,295 65 $4,280,345 65

DESCRIPTION OF COINAGE.

Pieces.

Pieces.

Value.

Gold, Double-eagles 168,940 $3,378,800 Silver, Half-dollars.
Eagles..........
Quarter-dolls
800
8,000
Half-eagles..
Unpart. bars.
400
2,000
Quart’r- eagl’s
1,200
3,000
Total gold id silver...................

140,000
9,000
488

V alue.

$70,000
2,250
816,295

320,828 $4,280,345

The growing supplies of money are more strictly applied to the discounting of
paper required to get produce forward. The banks of the West confine their
discounts to 30 a 60 day bills, drawn against produce shipped to New York or
New Orleans. It aids not only in the payment of old bills, but in the purchase
of new goods. Unfortunately, however, the tendency of prices is still such as
to offer little inducements for the forwarding of goods.
The foreign imports at the port of New York show a great change from last
year, at the time the goods went into warehouse to await the action of the
new tariff, but the aggregate entered at the port was very large :—
FO R E IG N IMPORTS AT N E W Y O RK IN APRIL.

1855.
Entered for consumption..........
Entered for warehousing..........
Free goods ...............................
Specie and bullion...................

1856.

1857.

$6,343,512 $14,530,636 $11,155,530
3,181,498
8,168,142
1,422.006
1,266,998
965,428
2,250,533
939,218
74,949
95,168

Total entered at the port......... . $9,107,465
1,814,318
"Withdrawn from warehouse...

$20,057,835
1,467,576

1858.
$5,837,546
2,148,241
2,658,381
524,857

$21,218,318 $11,169,025
2,287,315
3,203,539

The entries for warehousing, it will be seen, swelled to a large amount last year,
but this year they have again subsided to an amount smaller than in the same
month for 1856. The withdrawals from warehouse, on the other hand, are
larger, showing the reduction in stocks caused by the small importations. The
total imports at the port since January are $46,600,000 less than last year, and
smaller than 1845 :—
F O R EIG N IMPORTS AT N E W Y O R K FOR FOUR MONTHS, FROM JANUARY 1ST.

1855.

1856.

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

$29,794,726 $55,390,193
8,799,687
8,515,666
5,417,671
7,690,157
315,747
333,124

Total entered at the port....
Withdrawn from warehouse.

$44,307,831
9,153,616




1857.

1858.

$57,314,960 $23,093,345
19,066,239
7,200,542
6.592,569
8,567,911
3,911,278
1,351,691

$71,929,140 $86,885,046
7,712,647 10,101,989

$40,213,489
16,886,251

719

Commercial Chronicle and Review.

"We have also compiled a comparative table showing the total imports for the
ten months of the fiscal year ending April 30th. It will be seen that the aggre­
gate which last year reached the enormous sum of $192,139,786, being §30,297,837
greater than for the corresponding ten months of the preceding year, §61,273,858
greater than for the ten months ending April 30th, 1855, and §32,034,296
greater than for the ten months ending April 30th, 1854, is this year §42,000,000
less than last year—the whole of which decline is in the last four months:—
FOREIGN IM PO RTS AT N E W T O R E FOR TEN MONTHS, ENDING A P R IL 3 0 t H.

1855.
Six months, ending Jan 1.
January...........................
February...........................
March................................
April.................................

1856.

$86,658,097
12,945,827
12,081,482
10,173,057
9,107,465

1857.

1858.

$89,912,809 $105,254,740 $109,688,702
15,578,064
19,006,732
8,105,719
16,036,283
26,524,492
9,209,043
20,256,958
21,135,504
11,729,702
20,057,835
21,218,318
11,169,025

Total for ten months... $130,865,928 $161,841,949 $192,139,786 $149,902,191
The above show the total imports. If we distinguish the dry goods for the
month of April, included in the general total, they will show §1,911,000 less
than for the same period of 1857, and §5,200,000 less than for April, 1856, as
will be seen from the annexed comparative summary :—
IMPORTS OF FOREIGN D R Y GOODS AT N E W YO RK FOR THE MONTH

OF APRIL.

ENTERED FOR CONSDMPTION.

1855.

1856.

1857.

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

$822,291
429,653
1,318,191
378,495
270,345

$2,135,941
1,414,831
2,385,461
899,191
587,599

$1,050,426
1,175,355
1,135,152
424,456
377,234

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

$3,218,975

$7,423,023

$4,162,623 $2,251,023

185S.
$584,218
512,673
722,704
239,784
191,644

W ITH D RAW N FROM WAREHOUSE.

1855.

1856.

1857.

1858.

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

$146,822
228,186
197,958
105,144
75,298

$118,403
123,334
204,063
106,684
36,669

$189,145
113,017
155,778
115,220
38,771

$288,766
296,142
1S8.442
165,205
141,547

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

$753,408
3,218,975

$689,153
7,423,023

$611,961 $1,080,102
4,162,623
1,251,023

Total thrown on the market

$3,927,383

$8,012,176

$4,774,584 $3,331,125

ENTERED FOR WAREHOUSING.

1855.

1856.

1857.

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

$57,863
59,960
103,618
90,505
28,259

$150,253
95,388
322,994
72,960
82,463

$1,106,176
321,358
738,832
477,973
135,193

$122,899
84,826
78,823
55,196
61,918

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

$340,205
3,218,975

$724,059
7,423,023

$2,779,632
4,162,623

$403,612
1,251,023

Total entered at the port.

$3,559,180

$8,147,080




1858.

$6,942,155 $2,654,685

720

Commercial Chronicle and Review

The total from January 1st to the close of April is $15,700,000 smaller than
for the same period of last year, and they are smaller than for either of the last
four years.
IM P O STS OF FOREIGN D R Y GOODS AT T H E PORT OF N E W YO RK , FOR FOUR MONTHS,
FROM

JANUARY 1ST.

ENTERED F O R CONSUMPTION.

1857.

1858.

1855.

1856.

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

13,859,513
3,035,688
5,716,694
1,763,077
1,752,746

$8,389,025
7,168,861
11,919,807
3,525,627
2,928,357

$7,008,227 $3,034,304
2,905,522
8,492,962
4,920,197
10,938,002
1,143,309
2,978,058
1,058,046
3,085,724

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

$16,127,618

$33,931,677

$32,502,973 $13,061,578

W ITH D RAW N FROM WAREHOUSE.

1855.
Manufactures of wool............
Manufactures of cotton..........
Manufactures of silk..............
Manufactures of flax........ ....
Miscellaneous dry goods........

$958,540
1,534,555
1,357,366
665,992
448,739

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

$4,965,192
16,127,618

Total thrown upon market

$21,092,810

1857.

1858.

$831,093
1,653,974
1,056,445
658,267
316,863

$1,753,102
2,535,089
2,077,839
1,185,683
759,820

$3,965,702 $4,516,642
33,931,677 32,502,973

$8,311,533
13,061,578

1856.
$676,785
1,389,511
1,027,203
669,065
203,137

$37,897,379 $37,019,615 $21,373,111

ENTERED F O R WAREHOUSING.

1855.
Manufactures of wool............
Manufactures of cotton..........
Manufactures of silk..............
Manufactures of flax..............
Miscellaneous dry goods.......

$682,347
880,710
1,245,100
568,037
412,083

T otal..............................
Add entered for consumption.

$3,788,277
16,127,618

Total entered at the port

$19,915,895

1856.

1857.

$588,577 $1,946,680
1,333,654
821,023
1,806,460
972,245
370,616
1,005,847
328,802
358,593
$2,981,263
83,931,677

$6,451,234
32,502,973

1858.
$763,655
1,255,507
765,607
434,506
316,963
$3,536,248
13,061,578

$36,912,940 $38,954,207 $16,597,826

The imports now continue very small and there is no disposition at present
to increase them.
The exports from New York to foreign ports for the month of April, inclu­
sive of specie, are $2,286,000 less than for the corresponding total of last year,
but $600,200 more, exclusive of specie, than for the same period of 1856 :—
EXPORTS FROM N E W Y O RK TO FOREIGN PORTS FOR THE MONTH OF A P R IL .

1855.
Domestic produce...................
Foreign merchandise (free)...
Foreign merchandise (dutiable)
Specie and bullion..................
Total exports...................
Total, exclusive of specie.




1857.

1858.

$4,349,944 • $5,229,436
100,092
68,263
262,684
202,027
3,313,447
2,217,035

1856.

$5,162,160
196,642
314,343
8,354,805

$5,513,117
154,416
432,893
646,285

$8,026,167
4,712,720

$9,026,950
5,672,145

$6,746,211
6,099,926

$7,716,761
5,499,726

721

Commercial Chronicle and Review.

The exports for the four months, since January 1st, are less in specie, and
also a little smaller in produce and merchandise than for the same time last
year:—
EXPORTS FROM NEW Y O RK TO FOREIGN PORTS FOR FOUR MONTHS, FROM

1855.

1856.

Domestic produce. $17,808,828
Foreign merchandise (free)...
2,311,621
Foreign merchandise (dutiable)
1,894,814
Specie and bullion.
7,892,250

1857.

JANUARY 1ST.

1858.

$23,940,234 $23,009,685 $17,934,664
353,686
1,006,598
509,993
1,026,490
1,494,709
1,699,445
6,110,608
8,669,442
9,975,010

Total exports.................. $29,407,513 $31,431,017 134,180,434
Total, exclusive of specie. 21,515,263
25,320,409 25,510,992

$30,119,112
20,344,102

The exports of the ten months of the fiscal year are about $13,000,000 less
than last. The specie shows in the aggregate some excess as compared with last
year. The following is a brief comparison of the shipments of produce, to which
we have added at the foot the shipments of specie :—
EXPO RTS, EXCLUSIVE OF SPECIE, FROM N E W Y O R K TO FOREIGN PORTS, FOR TEN MONTHS,
ENDING A P R IL 3 0 T H .

1855.

1856.

1857.

1858.

Six months, ending Jan. 1st..
January.................................
February...............................
March......................................
April.......................................

$29,892,747 $39,915,729 $43,596,501 $34,702,441
5,895,517
5,511,230
4,884,170
4,689,739
4,565.091
5.606,209
5,938,786
4,173,577
6,341,935
8,703,244
9,015,891
5,180,860
4,712,720
5,499,726
5,672,145
6,099,926

Total, ten months...........
Specie....................................

$51,408,010 $65,236,138 $69,107,493 $54,846,543
28,875,789 16,661,553 30,619,848
31,937,122

Total exports, ten months

$80,283,799

$81,897,691 $99,727,341

$86,783,665

The receipts for cash duties of course show a very considerable decline in
the aggregate, owing to the large decrease in import of goods at the port. The
following is a comparative summary;—
CASH DUTIES RECEIVED AT T H E PORT OF N E W YO R K .

1855.
Six months.......
January............
February..........
March..............
A pril................

$18,358,927 32
2.560,038 32
2,665,164 94
2,363,084 95
1,994,710 10

1856.
$20,087,362
3,683,654
3,576,919
4,382,107
3,913,885

1857.

1858.

28 $22,978,124 43 $16,345,563 57
85
4,537,378 43
1,641,47459
14
5,117,249 85
2,063,78486
47
3,752,184 98
2,213,45215
39
3,301,607 05
1,736,51041

Total, 10 mos. $27,941,925 63 $35,644,392 13

$39,686,544 74 $24,000,775 58

The amount of cash duties has declined in New York, it appears, $15,600,000 ;
and if the same proportion is allowed for the remaining weeks of the fiscal year,
the expenditures of the Federal Treasury remaining the same, the deficit, according
to official estimates, will be $ 12 ,65 4 ,763 , to be supplied in treasury notes, of
which, $5,000,000 offered have been taken at 3} a 4 f per cent interest, and the
whole offerings amount to §16,000,000.
V O L . x x x v i i i .— n o .




vi.

46

,

722

Journal o f Banking Currency, and Finance.

JOURNAL OF BANKING, CURRENCY, AND FINANCE.
CAUSES OF THE COMMERCIAL CRISIS.
R E P O R T

OF

THE

B O S T O N

B O A R D

OF

T R A D E .

The financial panic of the fall of 1857 has excited much remark, and caused
much discussion as to its causes, remote and immediate. “Various influential
bodies have approached the subject, with the view to draw from its lessons some
guide to the future, and to avoid, by the application of remedies to acknowledged
evils, the recurrence of events which were so disastrous to property, so injurious
to industry, and so fatal to business; but none have more dispassionately reviewed
the events, or more clearly expressed the results, than have the committee, con­
sisting of Messrs. Edward S. Tobey, Charles 0 . Whitmore, William B. ^Reynolds,
James C. Converse, Samuel T. Dana, William B. Spooner, Henry “V. Ward,
Marshall P. Wilder, Solomon B. Spaulding, Charles Faulkner, William Perkins,
and Albert Fearing, appointed by the Boston Board of Trade at their last annual
meeting, “ to make a deliberate and thorough investigation into the causes of the
recent monetary difficulties and mercantile embarrassments, with a view to the
adoption of such remedies as the nature of the case will allow.”
A special meeting of the Boston Board of Trade was held on the 6th of April
in Mercantile Hall, to hear the report of the committee. The meeting was
called to order by Hon. George B. Upton, and Mr. Edward S. Tobey, Esq.,
Chairman of the Committee, read the report. On motion the report was ac­
cepted. A vote of thanks was presented to the committee for the able manner
in which they discharged their duties, and the meeting then adjourned.
We regret that the length of the report excludes it from our pages in its en­
tire length. The committee, dating the course of events with the passage of the
tariff of 1846, remark that its influence was modified by the Irish famine of
1847, and by the discovery of gold in California. This discovery, together with
that of the gold mines of Australia, made soon after, may be justly regarded as
two of the most extraordinary and remarkable events in modern commercial his­
tory.
These events we place among the first and most influential causes which, by
their excessively stimulating character, have had a tendency to produce the late
commercial embarrassment. We include the production of the gold mines of
Australia, because, from the intimate relations and sympathy between the com­
merce of England and her colonies, and that of the United States, the trade of
Australia is as open to our ships as to theirs. Some of the effects of these dis­
coveries, together with the nearly cotemporaneous discovery of the vast deposits
of guano in the Chincha Islands, made so opportunely to meet the necessities of
agriculture, were immediately shown in a sudden and unparalleled stimulus to
commerce. As if by the power of magic, the styfl! and model of the ships soon after
built was almost entirely changed, the genius of the naval architect was exercised
to its utmost power, and a splendid fleet of clippers, of large class, of symmetrical
proportions, and of hitherto unrivaled speed, were brought into service, con­
tributing largely to the increase of tonnage in the United States, which increase,
from the year 1846 to 1856, amounted to 2,309,567 tons, or nearly 92 per cent.




Journal o f Banking, Currency, and Finance.

723

Another, and by no means unimportant cause, was the recent short crop of
sugar in Louisiana, which led to unusually large importations of that article from
those foreign countries, to which the exports of the United States are of com­
paratively small value. High prices, speculation, and absorption of capital
followed ; creating a balance of trade against this country, so far as it concerns
that branch of business to be paid in specie.
Again, the abuse of the credit system has been one of the most potent causes,
not only of producing the recent sad commercial embarrassments, but of bring­
ing them to a disastrous crisis, and of leading to a general prostration of busi­
ness. Under that abuse, we include first, and as being more influential than is
generally admitted, the absorption of a vast amount of actual' capital in rail­
roads, and the creation of an immense floating debt, sustained in many cases at
high rates of interest, and constituting a heavy item in our foreign debt.
No intelligent and reflecting mind can doubt that the railroads in the United
States have advanced, and will continue to promote, the material interests of the
country in a degree not easily over-estimated. But it must be admitted, that
far too many rival lines have been constructed, and that a great amount of
capital and labor have thus been injudiciously appropriated. The immense for­
eign debt of the United States may, we think, be regarded in some degree as
the abuse of credit. By foreign debt we mean not only balances due from the
merchants of America to those of Europe, but also investments of foreign capi­
tal in American securities. This cannot have existed without more or less un­
favorable influence on our finances.
The cotton and woolen manufacturing corporations of this Commonwealth,
and in some of the adjacent States, established by the enterprise of some of our
most intelligent and worthy fellow-citizens, and which have done so much to
develop the industry and to promote the interests of the whole community, we
think should bear some share of the general charge of the abuse of credit. The
system of conducting their business with entirely inadequate capital, as has
been done in some instances, may have been the result of unforeseen, and, to
some extent, unavoidable circumstances; but we cannot doubt that it has had
an injurious effect on public credit.
The consignment of cotton to New York merchants under advance has created
a large amount of funds from that source in New York for the time being, how­
ever the ultimate balance may have been between the North and South. May
not this fact, added to the effects of the policy of the manufacturers, as before
described, and the known practice of the New York banks in making extensive
demand loans, based on these deposits, in a measure explain the reasons for the
sudden contraction of their loans just preceding the late suspension of specie
payments ? Having continued the reduction of loans after the cessation of spe­
cie shipments to Europe, may it not have been for the purpose of fortifying
themselves against their Southern depositors ? who, when confidence was shaken,
and a panic existed, were as likely to draw specie as were their city depositors.
Another instance of abuse of credit may be seen in the business policy pursued
by many, and perhaps we may be justified in saying by a majority, of those en­
gaged in mercantile pursuits. An inordinate desire either for rapid accumula­
tion of wealth, or for means to sustain extravagant expenditure, or, in some in­
stances, an excessive spirit of enterprise, induced the transaction of business of




724

Journal o f Banking, Currency, and Finance.

too great magnitude, in proportion to the actual capital and available means.
This, with the practice of giving long, indiscriminate, and too-widely-extended
credit, often placed large amounts of property in the hands of inexperienced and
enterprising merchants, who possessed superficial knowledge of business, were
ignorant of sound principles of finance, and were often tempted into speculations,
and into such investments as placed beyond their reach the very resources which
ought to have been paid to their creditors, to sustain their confidence. The
whole community, so far as this system of credits generally prevailed, became
peculiarly exposed and sensitive to the first serious disturbing element in com­
merce, and consequent curtailment of credit and decline in prices of the staple
commodities of the country. This, we think, was clearly illustrated in the late
commercial embarrassments which existed between the Atlantic cities and the
interior of this country.
The last, and by no means least important, topic which we proposed to con­
sider, as one of the abuses of credit, is the banking system. Whatever degree
of influence may be properly attributed to any or all the causes already referred
to, the policy of most of the banks of New England and of New York, and
perhaps of other States, may be justly carged with no inconsiderable share of
the responsibility, not only of aiding to produce the state of affairs which led to
the late crisis, but of hastening the crisis itself, and of aggravating the panic
which accompanied it. On the banks alone is conferred by government the pe
culiar right to make and to circulate a paper currency based on specie, and in­
tended to be always convertible into specie. Banks being the depositories of
much of the moneyed capital of the people, and standing between the money
lender and the money borrower, representing the interests of both, have a pecu­
liar responsibility, and can do much to regulate credit and the currency. Undue
expansions of loans, and consequent over-issues of bank notes, with a small spe­
cie reserve, induce speculation, expansion of individual credit, and unnatural
high price of property, and are as inevitably followed by more or less sudden
contraction, as effects follow their causes in the natural world. We are of opin­
ion that, influenced by the same stimulus which was evinced in nearly all depart­
ments of trade and commerce, the banks generally carried their loans too high,
and consequently created too much expansion of the paper currency.
Another most powerful agent in disturbing the finances, and which, we appre­
hend, had much influence in increasing the late panic in New York, is the system
of demand loans, which has probably been more extensively adopted there than
elsewhere.
In relative remedies, the committee, after discussing the matter with great
acumen, propose the following :—
Loans to be restricted to fifty per cent over and above the amount of capital
stock.
Loans or discounts to be suspended whenever the specie in the bank does not
amount to ten per cent on the capital.
No demand loans to be made.
No interest allowed on deposits of any kind, whether those of banks or of in­
dividuals.
Circulation not to exceed fifty per cent of the capital.
No tax on the capital to be paid to the State, and no obligation to loan to
the State money at less than six per cent.




125

Journal o f Banking, Currency, and Finance,
CITY

WEEKLY

BANK R E T U R N S .

N E W Y O R K W E E K L Y B A N K RETURNS.

Jan.

Loans.

Specie.

Circulation.

A v era ge

Deposits.

A ctu a l

clearings.

deposits.

13,899,078
14,066,412
13,074,762
13,519,330
15,439,083
13,803,583
14,769,565
15,657,056
18,002,665
16,511,506
17,064,588
16,429,056
17,567,160
16,775,237
17,329,431
16,141,451
17,875,203
19,438,661
18,284,868

63,942,284
67,723,909
69,523,836
70,477,751
70,561,405
70,425,909
72,003,657
71,729,805
72,370,781
72,552,926
74,173,917
74,201,709
76,021,989
76,790,863
78,121,025
79,198,893
80,563,303
81,727,146
83,599,295

2 $98,549,983 $28,561,946 $6,490,403 $78,635,225 $13,601,357 $65,033,86?
9

98,792,757
99,473,762
101,172,642
102,180,089
103,602,932
103,783,306
20 103,706,734
27 103,769,127
March 6 105,021,863
13 105,293,631
20 107,440,350
27 109,095,412
April 3 110,588,354
10 110,847,617
17 111,341,489
24 111,003,476
May 1 111 868,456
S 112,741,955
16 114,199,288

29,176,838
30,211,266
30,829,151
31,273,023
30,652,948
30,226,275
31,416,076
31,658,694
32,739,731
32,961,076
31,902,656
30,929,472
31,530,000
32,036,436
33,196,449
34,113,891
35,064,213
35,453,146
34,730,728

16
23
30
Feb. 6
13

6,625,464 79,841,362
6,349,325 81,790,321
6,336,042 82,598,348
6,369,678 83,997,081
6,873,931 86,000,468
6,607,271 84,229,492
6,542,618 86,773,222
6,530,759 87,386,311
6,854,624 90,382,446
6,755,958 90,063,432
6,853,852 91,238,505
6,892,231 90,644,098
7,232,332 93,589,149
7,245,809 93,566,100
7,190,170 96,448,450
7,140,851 95,340,344
7,431,814 98,438,506
7,735,056 101,165,806
7,502,975 101,884,163

Loans.

Specie.

Circulation.

Deposits.

50,377,000
50,726,800
51,221,000
61,740,926
51,772,412
51,854,178
52,011,821
52,137,972
52,069,500
51.970,800
52,251,300
52,068,743
51,999,451
51,632,451
51,918,000
52,042,428
51,752,600
51.388,977
51,499,700
51,679,315

4,789,500
5,028,000
5,449,000
5,661,216
6,073,680
6,402,460
6,872,977
7,079,606
7,257,800
7,316,800
7,497,700
7,559,698
7,235,531
7,905,491
8,259,500
8,505,312
9,007,000
8,851,719
9,243,000
9,351,861

5,1 30,400
5,416,000
5,938,400
5,669,028
6,494,721
5,251,006
6,498,600
6,898,660
5,299,000
5,170,000
5,182,400
5,291,549
5,163,492
5,159,669
5,477,500
5,852,991
6,224,500
6,007,628
5,903,600
6,165,768

16,326,600
17,073,800
17,226,700
17,722,553
18,129,649
18,395,692
18,602,984
18,429,945
18,450,500
18,525.000
19,031,682
18,909,682
19,029,251
18,895,249
20,136,400
20,675,028
20,657,500
20,671,569
21,257,900
21,143,973

To banks. From banks.

Dec. 22___ $50,209,600 $4,579,000 $5,627,000 $15,606,000 $4,054,800 $5,888,000
Jan.

Feb.

2 9 ..,
5 ___
12___
18___
25___

1___
8 ___
15___
22___

Mar.

1___
8 ___
15___
22___
29___

April

o . ...

1 2 ....
19___
26___
May 4 ___
10___

3,998,000
3,911,000
4,368,000
4,754,006
3,531,721
5,111,278
5,317.764
5,668,464
5,339,600
5,778,000
5,764,000
5,837,534

5,688,000
5,732,600
6,969,500
5,891,800
1,949,031
6,725,337
5,756,068
5,523,012
5,377,900
5,625,000
6,137,000
6,011,377

6,576,900

6,386,000

6,110,000
5,884,533
5,925,900
5,949,986

7,259,400
7,363,702
7,444,000
7,562,885

P R O V I D E N C E BANKS.

Sept.
Jan.
Mar.
Apr.

28........
11.........
15........
5 ........
19........

Loans.
$18,480,161
17,701,725
16,925,349
17,037,949
17,169,822

Specie.
$241,906
565,653
520,828
691 861
564,033

Circulation.
$1,959,885
1,552,822
1,310,787
1,409,695
1,483,226

Deposits.
$1,925,122
2,025,956
1,903,082
1,946,998
1,965,316

Due oth. b'ks.
$1,194,967
1,338,435
1,043.930
1,080,817
996,961

PITTSBURG BANKS.

Loans.

April 1 2 . . . . ,
May

19___ ----26___ ___
3... .
10____ ___

6,570,585
5,611,689
5,763,651




Specie.
$1,194,232
1,220,633
1,221,195
1,192,216
1,171,627

Circulation.
$1,287,095
1,291,091
1,319,416
1,360,651
1,365,551

Deposits.
Due banks.
$1,305,294
$70,236
1,345,062
87,713
1,404,750
84,171
1,504,549
40,312
1,585,182
74,491

726

Journal o f Banking, Currency, and Finance.
W E E K L Y A V E R A G E O F T H E PHILADELPLIA BANKS.
D ate.

Jan.
Jan.
Jan.
Feb.
Feb.
Feb.
Feb.
Mar.
Mar.
Mar.
Mar,
Mar.
Apr.
Apr.
Apr.
Apr.
May
May

Loans.

11,’58.
18....
2 5 . .. .
1....
8 ___
15___
22___
1___
9 ___
16....
23___
30....
6....
12....
19....
26....
3....
10....

Specie.

$21,802,314
21,068,652
20,730,958
20,423,704
20,359,226
20,071,474
20,161,260
20,251,066
20,471,161
20,522,936
20,796,957
21,020,198
21,657,152
21,656,028
21,776,667
22,141,800
22,243,824
22,190,934

$3,770,701
4,018,295
4,243,966
4,465,693
4,668,085
4,888,983
4,924,906
4,903,936
5,147,615
5,448,514
6,488,358
5,661,782
5,937,595
6 133,000
6,382,485
6,752,640
7,027,712
7,143,628
NEW

Short loans.

Specie.

Circulation.

D eposits.

D u e hanks.

$1,011,033
1,046,545
1.062.192
1.096.462
1,293,046
1,559,218
1,686,689
1,808,734
1,916,352
2,077,967
2.140.463
2,296,444
2,647,399
2.675.193
2,484,150
2,408,421
2,329,617
2,406,482

$11,465,263
11,512,765
11,547,697
12,195 126
11,904,519
11,889,342
12,014,605
11,830,632
12,253,282
12,691,547
12,413,191
13,201,699
18,422,318
13,784,656
14,682,175
15,068,178
15,689,713
15,260,858

8,056,181
3,178,856
3,071,603
2,804,095
2,610,000
2,754,973

ORL E A N S BANKS.
Circulation.

D eposits.

Exchange.

Oct. 1 7 ... $19,200,583 $3,230,320 $6,196,459 $7,442,142 $2,297,348
Dec. 1 2 ... 18,069,088
8,841,370 4,148,859
9,993,370 2,838,878
10,996,494 3,526,929
11,579,048 3,951,212
11,948,905 4,114,622
11.754.593 4,675,028
12,823,808 6,095,771
12,573,173 5,201,368
12,678,696 5,249,136
14,539,408 5,934,781
14,368,835 6,624,657
14.640,976 7,124,477
14,894,714 7,623,252
15,201,909 7,919,605
15,421,499 8, 220,000
15,765,084 8,776.621
15,792,554 8,880,798
15,453,850 9,147,709
15,658,182 9,321,352
15,640,948 9,035,522
15,589,151 9,221,277
16.681.593 8,754,140

.
17,818,222
.
17,741,355
18,149,456

9,942,880 4,224,042
10,320,714 4,336,624
Jan. 2 ...
10,505,183 4,535,951
'
9 ...
10,626,260 4.778.539
1 6 ... 14,804,320 10,592,617 4,797,746
2 3 ..
.
14,559,131
10,693,330 4,767,816
3 0 ..
.
10,844,216 4,803,071
14,674,217
Feb. 6 ... 14,490,001 11,187,398 5,037,906
1 3 ..
.
14,937,307
11,110,763 5,100,916
20 . . 14,890,351 11,065,597 5,254,181
2 7 ..
.
15,062,058
11,061,832 6,524,209
March 6 ... 15,832,181 10,967,225 6,005,769
1 3 ..
.
10,978,759 6,299,957
15,888,347
20 . .
.
15,937,924
10,897,866 6,654,434
2 7 ..
.
16,157,998
10,947,636 7,068,240
April 3 ... 16,641,554 10,848,605 7,572,094
10. .
.
16,481,249
10,962,570 7,692,634
1 7 ..
.
10,854,012 7.685.539
16,480,547
2 4 ..
.
16,094,721
10,798,455 7,828,399
May 1 ... 15,933,046 10,892,453 7,945,334
1 9 ..
2 6 ..

D istant
balances.

$816,132
1,266,660
1,363.47S
1,590.072
1,349,781
1,552,855
1,459,861
1,379,908
1,256,815
1,283,609
1,274,034
1,327,750
1,378,846
1,347,623
1,172,552
1,271,084
1,664,614
1,410,349
1,381,527
1,473,994
1,263,882

P O R T L A N D BANKS.

October, 1857..
November..........
December...........
January 1858..
February .........
March................
A p r il.................
M ay...................

Capital.

Loans.

$2,001,200

$3,489,424
3,347,160
3,401,908
3,477,992
3,425,770
3,428,330
3,448,463
3,545,350

2,051,200
2.075.000
2.075.000
2,075 000
2.075.000
2.075.000
2.076.000

Circulation.

D eposits.

$1,017,447
814,585
844,782
876,277
803,366
742,773
779,382
823,589

$620,629
500,430
540,488
655,261
597,844
569,273
776,705
723,357

Specie.

$144,089
137,237
158,884
149,845
145,372
145,382
136,145
136,135

ST. LOUIS BANKS.
E xch ange.

April

Circulation.

10.....................................................
$1,255,694
$1,788,970
17 .........................................................
1,161,065 1,793,945
24...........................................................
1,250,295 1,832,915
May
8 .........................................................
1,369,316 1,240,431




Specie.

$1,673,628
1,720,728
1,770,882
1,959,823

'727

Journal o f Banking, Currency, and Finance,
B A N K S OF T H E STATE OF N E W

YORK.

RESOURCES.
June, 1848.

June, 1852.

June, 1S57.

Septem ber 26.

M arch 13.

Discounts......... $13,497,137 $127,245,569 $190,808,832 $170,847,774 $161,857,932
Overdrafts........
21.9,312
274,577
507,137
504,607
433,717
Due by banks...
8,376,897
11,200,861
11,643,830
13,764,025 12,808,512
3,458,943
4,1S3,970
7,423,015
7,374,811
7,681,904
Real estate.......
6,881,663
13,304,356
14,379,434
14,321,599 35,071,075
Specie.............
Cash items.......
5,923,444
12,871,410
23,737,436
14,224,345 16.152,476
Stocks............. 12,007,314
15,509,500
25,747,472
23,503,377 22,894,677
Mortgages........
3,100,051
4,548,490
9,299,794
8,781,463
8,578,308
Banknotes.......
2,705,448
3,246,286
3,094,293
2,433,373
1,705,037
Do. suspended......................................................................
32,192
9,257
Exp’nse account.
553,118
677,084
1,362,623
1,028,179
1,521,533
Add for cents.......................................................................
925
950
Total........ $116,723,357 $193,062,103 $287,994,868 $256,817,670 $268,715,377
LIABILITIES.

Capital............. $43,755,089 $59,705,683 $103,954,777 $107,507,659 $109,587,702
Circulation....... 20,888,077
27,940,947
32,395,892
27,122,904 22,710,158
Profits..............
6,554,846
10,489,087
13,949,030
13,037,429 11,675,106
Due banks___ 14,100,350
25,229,167
27,319,817
19,267,263 28,710,077
Due others.......
702,251
1,454,572
1,010,575
1,137,345
851,075
Due State........
2,305,999
1,592,603
3,254,877
3,445,866
1,951,150
Deposits........... 27,554,820
65,034,604 104,350,426
83,539,894 91,787,728
Other items....
862,416
1,461,788
1,754,886
1,758,791
1,441,865
Add for cents..
.........................................................
519
516
T o ta l___ $116,723,357 $192,908,454 $287,990,280 $256,817,670 $268,715,377
B A N K S OF N E W JERSEY.
LIABILITIES.
January.

Capital stock...............................
Circulation................................. .
Deposits.....................................
Dividends unpaid........................
Due other banks........................ ___
Other debts.................................
Surplus....................................... ___

A pril.

507,077 19
1,276,068 17

$7,273,642 00
4,784,427 00
4,000,400 46
84,561 73
606,651 35
31,259 97
1,206,954 34

RESOURCES.

Bills discounted.........................
Sp ecie........................................
Due from other banks...............
Notes and checks of other banks.___
Real estate............................... .___
Stocks ........................................
Other assets...............................

1,308,851 26
494,197 42
344,045 20

B A N K OF T H E STATE OF INDIANA, M A R C H

$12,980,689
1,140,812
2,829,560
787,051
353,924
744,046
173,140

49
92
26
89
64
52
91

81, 1858.

MEANS.

Notes discounted and bills of exchange . . . . ................
Banking houses and other real estate.............................
Remittances and other item s...........................................
Due from Eastern banks...................................................
Due from Southern and Western banks...........................
Notes of other banks..........................................................
Specie.................................................... ..........................

Total.




$4,306,550 50
150,121 88
92,106 20
444,941 72
373,063 29
205,607 00
1,305,552 15
$6,877,942 77

728

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

Capital stock....................................................................
Surplus fund......................................................................
Profit and loss....................................................................
Individual deposits............................................................
Unpaid dividends and other items.....................................
Due to other banks...........................................................
Circulation..........................................................................
T otal..........................................................................

12,156,852
237,641
109,966
689,828
40,227
150,807
8,493,618

77
57
82
54
56
51
00

16,877,942 77

W H AT TH E UNITED STATES ARE W ORTH.

The national wealth of the United States of America, as an estate, may be
thus stated—
Value of farms and cultivated soil................................................
“ horses, cattle, sheep, <fcc., <fcc....... .....................................
“ agricultural implements..................................................
“ mines...............................................................................
“ dwelling houses................................................................
“ railways and canals........................................................
“ factories, mills, and machine shops................................
“ commercial marine...........................................................
“ agricultural produce, domestic manufactures, and foreign
goods on hand.............. .............................................
. “ gold and silver coin andbullion......................................
“ public lands, ships of war, fortifications, navy yards, pub­
lic buildings, & c., <&c......................................................
Grand total...... ......................................................................

$6,000,000,000
1,600,000,000
500,000,000
4,500,000,000
3,500,000,000
1,000,000,000
300,000,000
2 0 0 ,0 0 0 ,0 0 0
1,000,000,000
500,000,000
4,000,000,000
$ 2 2 ,0 0 0 ,0 0 0 ,0 0 0

The above estimates have been sent us by a valued correspondent, Mr. David
M. Balfour, of Boston, without, however, explanation as to the nature of the
estimates. As thus, the “ gold and silver coin and bullion ” is placed at
$500,000,000, while the highest figures the official returns will give is
$270,000,000, and this amount includes the metals wrought into plate and
jewelry of all descriptions.—En. M. M.

NEW

BANK

LAW.

The following is a copy of the act passed both houses of the Legislature of
New Tork, to restrain banks, banking institutions, and individual bankers from
assuming the title of savings banks, or receiving deposits as such :—

Section 1. It shall not be lawful for any bank, banking association, or in­
dividual banker, authorized to issue circulating notes by the laws of this State, es­
tablished in any city or village where a charted savings bank is located and transact­
ing business, to advertise or put forth a sign as a savings bank, or in any way to so­
licit or receive deposits as a savings bank, and any bank, banking association, or
individual banker which shall offend against these provisions, shall forfeit and
pay for every such offence the sum of one hundred dollars for every day such
oflence shall be continued, to be sued for and recovered in the name of the people
of this State by the District Attorney of the several counties in any court
having cognizance thereof, for the use of the poor chargeable to said country in
which such offence shall be committed.
Sec. 2. This act shall take effect on the first day of May next.




'729

Journal o f Banking, Currency, and Finance.
THE

BANK

OF

FRANCE,

In our number for May will be found reference to the annual report of the
Bank of France for 1857 :—
LIABILITIES.
M ay, 1856.

D ec., 1856.

Capital of bank.francs
91,250,000 91,250,000
“
new................................... 91,260,000
Profits in addition to
ca p ita l......................................
1,435,505
Reserve of bank___ 12,980,750 12,980,750
New reserve..................................
9,125,000
Do. in landed prop..
4,000,000
4,000,000
Notes in circulation.. 534,960,600 514,064,200
Do. of branch banks.
91,814,750 69,046,375
Bank notes to order.
5,276,947 3,650,235
Rec’pts payable sight
4,269,384 3,407,896
Trea. account curr’nt
90,095,251 92,753,313
Sundry accounts “
169,666,891 116,903,416
Do. with branch b’ks.
26,047,397 23,930,380
Dividends payable..
556,653
530,214
Disco’nts <fcsundry int
13,776,319 8,781,636
..............
Commis.on deposits.
45,277
Re-disco’ntlast 6 inos.
1,738,733 1,867,781
Sundries..................
7,833,532
6,949,789

F e b ., 1858.

91,250,000

12,980,750
4,000,000
528,048,800
44,653,050
5,871,408
3,039,342
78,635,287
117,626,948
28,389,515
2,157,895
1,424,466
4,438,846
2,209,982
3,222,270

M arch, 1858.

A pril, 1858.

91,250,000 91,250,000
91,250,000 91,250,000
1,435,505 1,435,505
12,980,750 12,980,750
9,125,000 9,125,000
4,000,000 4,000,000
519,917,000 544,797,800
43,347,600 41,036,300
5,628.654 6,428,949
2,648,186 2,659,731
94,137,131 92,886,752
123,910,877 130,751,182
25,975,152 27,874,606
1,112,301
647,639
996,796 3,058,884
6,119,602
7,656,077
2,209,982 2,209,982
3,471,197 3,137,129

ASSETS.

Cash in hand.......... 117,610,819 86,158,625 83,778,797 123,194,385 138,702,216
Cash in branch b’ke. 168,729,617 112,169,784 199,075,277 214,532,899 224,128,046
Cominer, bills ov’rdue
711,697
3,330,525
3,476,446
2,648,729
524,968
“ bills discounted
but not yet due... 238,818,185 237,070,711 244,372,439 214,427,560 200,915,621
Do. in branch banks. 183,912,127 274,140,615 228,551,219 219,956,080 215,410,807
Advanced on deposit
of bullion..............
1,054,800
1,286,600 2,040,000
1,792,700 1,701,500
Do. by branch banks.
2,786,300 3,604,700 2,138,900
2,062,662 1,758,500
Advanced on French
securities.............. 99,850,536 26,600,436 23,472,300 25,291,400 25,632,200
Do. by branch banks.
8,465,300 10,771,100 7,893,880
8,452,080 9,433,800
Advance on railroad
17,635,500 48,805,555 51,859,800 66,910,850
securities.............. 40,381,400
Do. by branch banks.
14,535,350 7,922,800 13,975,286 15,528,186 17,346,650
Advance on credit
foncier scrip...............................
243,500
338,900
225,600
Do. branch b’ks scrip
..............
100,000
90,600
100,700
Advanced to State, on
agreem’t, J une 30, ’48 60,000,000 55.000.
000
50,000,000 50,000,000 50,000,000
discount, trea. bonds 40,000,000 40.000.
000
Gov’rnm’tst’kres’rv’d. 12,980,750 12,980,750 12,980,750 12,980,750 12,980,750
“ disposable 52,190,792 52,190,045 52,189,482 52,189,482 62,188,103
New shar’s, not settl’d
..............
42,114,573 28,202,669 20,929,421
4,000,000
Hot’ldi furnit’re ofb’k
4,000,000
4,000,000
4,000,000
4,000,000
Landed property of
5,687,209
5,673,222
branch banks........
5,232,804
5,225,668
5,663,617
1,167,918
466,394
802,611
Exp’ns’s of manag’m’t
1,489,795
776,398
3,826,888
4,338,549
5,687,321
Sundries...................
2,423,711
3,327,947
RECAPITULATION.
L IA B IL IT IE S .

May,
Dec.,
Feb.,
March,
April,

1856......... francs
1866.................
1858.................
1858.................
1858.................




ASSETS.

1,055,173,487
950,216,038
1,029,759,068
1,039,516,637
1,073,186,289

May, 1856......... francs
Dec, 1856..................
Feb,
1858..................
March, 1858.......
April, 1858.................

1,055,173,487
950,216,088
1,029,759,068
1,039,516,637
1,073,186,i89

1so

Journal o f Banking, Currency, and Finance.
IMPORTS TO AND EXPORTS OF SPECIE FROM GREAT BRITAIN,

An account of the computed real value of the imports and exports of gold and
silver bullion and specie registered, in the two months ended 28th February,
1858 :—
----- E X P O R T S .-

G old.

Hanse Towns............. £802,912
Holland......................
825
Belgium......................
50,593
France......................... 264,433
Portugal.....................
64,445
Spain..........................
12,769
Gibraltar.....................
24,899
Malta.........................
15,633
Turkey........................
22,458
Egypt.........................
344,916
West coast of Africa..
21,007
Australia...................
948,969
S. America & W. Indies 850,599
Egypt (in transit to India and China).......
Brit. pos. in S. Africa.
Mauritius....................
Danish West Indies..
United States............ 2,362,810
Brazil.........................
Other countries..........
10,662

Silver.

Total.

£802,912
1,254
179,061
894,098
84,432
34,135
48,201
16,109

£429
128,468
629,665
29,987
21,366
23,302
476
2 5 2142,756
100 345 016
3,669
24 676
29 948 998
641,074 1,391,673

62,729 2,425,539
2,067

12,729

*G old.

£7,629
6,828
82,095
832,104
39,281
8,970

Silver.

£51,964
88,975
7,996
30,202

T o t a l. ’

£59,593
95,803
90,091
862,306
39,281
8,970

35,670 1,496,564 1,532,284
58,406
58,406
19,798
7,719
12,079
36,211
85,822
389
6,804
6,804
68,024
68,024
2,422
2,135
'287

Totals................ 5,787,930 1,446,117 7,234,047 1,168.566 1,721.377 2,879.943
INDEPENDENT TR EA SU R Y LAW OF OHIO.

Ohio has been the first to follow the example of the Federal Government in re­
lation to the separation of its offices from the operation of banks. We give the
features of the law somewhat condensed :—■
AN ACT TO ESTABLISH THE INDEPENDENT TREASURY OF THE STATE OF OHIO.

Section 1 constitutes- the State Treasurer’s rooms at Columbus the State
Treasury.
Sec. 2 directs the County Commissioners to provide for the safe keeping of
the public money of their respective counties.
Sec. 3 requires the State and County Treasurers to keep the public money
in the treasury, forbids loaning or depositing in banks, and provides for its pay­
ment to the proper authorities, and for the performance of the duties devolving
upon a State fiscal agent.
Sec. 4 creates a Controller of the Treasury, whose term of office shall be
three years, and whose duty shall be to supervise and enforce the claims of the
State, and to hand them over to the Attorney-General for collection.
Sec. 5. All payments into the State Treasury must be made on the draft of
the Controller drawn in favor of the State Treasurer upon the person making
payment; and no payment shall discharge liability to the State unless made on
the draft of the Controller as above. The Controller is directed to preserve
duplicates of all drafts, and keep record of its number, amount, date, name of the
person on whom drawn, etc., and report weekly to the Auditor of State the
aggregate amount of all such drafts, and designating the exact amount belonging
to each fund. The Auditor shall keep record of such reports and charge the
amount specifically to each account of receipts and disbursements of the State
Treasurer.
Sec. 6 directs that no money shall be drawn or paid from the State Treasury,




Journal o f Banking, Currency, and Finance.

731

or transferred therefrom to any County Treasury or elsewhere, unless by war­
rant of the Auditor, drawn upon the Treasurer, and countersigned by the Con­
troller, unless the same shall have been appointed by law for the purpose for
which it is required to be paid. The Auditor is directed to preserve duplicates,
keep accurate records of all such warrants, and report weekly to the Controller.
Sec. 7 directs quarterly settlements of the State Auditor and Controller with
the Treasurer, for comparing and adjusting their records, and ascertaining the
condition of the State Treasury, and the actual amount of money and all other
property, bonds, securities, claims, etc., in possession of the Treasurer ; the result
of said settlement to be reported to the Governor.
Sec. 8 provides that all payments into the County Treasury, except those
of taxes, paid before the return of the Treasurer’s delinquent list of unpaid taxes,
shall be paid to the County Treasurer, on the draft of the County Auditor in
favor of the Treasurer ; the County Auditor to preserve duplicates and keep
records of each draft, unless in case of a payment or transfer of money from the
State to the County Treasury ; the same shall be made on the warrant of the
Auditor of State, instead of the draft of the County Auditor ; in which case the
State Auditor shall transmit a triplicate copy of such warrant to the County
Auditor, to be by him preserved and recorded.
Sec. 9 directs that all money received into or paid out of the County Treasury,
or transferred to any person for disbursement, must be on the order of the County
Auditor, except in case of transfer from the county to the State Treasury, and
in payment of canal tolls, rents upon school or ministerial lands, the purchase
money of school lands, the surrender of leases or other public dues accruing to
the State, collected by any other receiver or collector than the State and County
Treasurer. It shall be the duty of such collector, officer, or receiver, to take
triplicate receipts for all payments into the State or County Treasuries, specify­
ing the fund to which the money belongs, two of which are to be deposited with
the County or State Auditor, according as the payment is to the County or State
Treasury. The Auditor, after recording such payment, is to transfer one of said
receipts to the Controller at Columbus, who shall, as often as shall be determined
by the Auditor of State, the Controller, and Treasurer, acting conjointly, draw a
draft in favor of the State Treasurer for the aggregate amount received by the
officer. No payment of the public dues is to be discharged until the receipts
are deposited as above.
Sec. 10 provides that all receivers, other than State and County Treasurers,
shall pay into the nearest convenient County Treasury or State Treasury all
moneys by them collected.
Sec. 11 provides for the inspection of the State Treasury by legislative com­
mittees.
Sec. 12 directs the Auditor and commissioners of each county to examine
its treasury once in three months.
Sec. 13 provides that on and after the 4th day of July, 1858, all payments
from the State Treasury, of twenty dollars and under, and after the 4th day of
July, 1859, all payments of fifty dollars and under, and after the 4th day of July,
1860, all payments of one hundred dollars and under, and after the 4th day of
July, 1861, all payments of two hundred dollars and under, and after the 4th
day of July, 1863, all payments of four hundred dollars and under, and after the
4th day of July. 1864, all payments of five hundred dollars and under, and after
the 4th day of July, 1865, all payments whatever shall be made in specie. All
payments made from the State Treasury shall be held to be made by the Treasurer
of State.
Sec. 14. On and after the 4th day of July, 1858, all payments out of every
County Treasury of five dollars and under, and after the 4th day of July, 1859,
all payments of ten dollars and under; after the 4th day of July, 1860, all pay­
ments of twenty dollars and under; after the 4th day of July, 1861, all payments
of thirty dollars and under ; after the 4th day of July, 1862, all payments of
fifty dollars and under; after the 4th day of July, 1863, all payments of one
hundred dollars and under, after the 4th day of July, 1864, all payments of two




732

Journal o f Banking, Currency, and Finance.

hundred dollars and under, and after the 4th day of July, 1865, all payments
whatever, shall be made in specie only.
Sec. 15 provides for the punishment of all persons convicted of embezzlement,
by imprisonment of not less than one, nor more than twenty-one years in the
penitentiary, and by fine equal to double the amount of the property taken. Any
failure to account for or pay over the public money, and the books of the State
Auditor and Controller, and the County Auditor and Commissioners, to be taken
as prima facie evidence of embezzlement.
Sec. 16 punishes the unauthorized payment of the public money by a fine of
not less than twenty, nor more than five hundred dollars.
Sec. 17. This act shall take effect on and after the first day of July, 1858.
N EW BANKING LAW OF IOWA.

The last session of the Iowa State Legislature repassed an act to incoporate
a State bank. This act is important as showing the financial course adopted
by the State, and the provision made to prevent a repetition of the too common
frauds perpetrated under the name of banks. We therefore give a brief summary
of the act showing the prominent features, etc. This act, together with the
“ Free Banking Law” of Iowa, will be submitted to the people, according to the
requirements of the Constitution of the State, on the fourth Monday in June,
1858. There is every probability of the two laws being adopted, as the people
have suffered too much already from the want of sound banks to refuse in this
case their sanction :—
The act provides that as soon as five or more branches are organized, that the
State bank shall be incorporated. That each branch shall elect one director to
the State bank, and that these directors shall have the usual powers of govern­
ment. The parent bank to furnish to the branches circulation according to the
restrictions of the law. The general regulation of the branches, such as pay­
ment of balances between them, regulations as to collections, exchange, appoint­
ment of an agent to visit and examine the financial condition of each branch,
shall reside with the parent bank. The expenses of bank circulation, and of the
parent bank generally, shall be paid pro rata by each branch.
Each director to have two votes, and one additional for every fifty thousand
dollars over one hundred thousand of capital which he represents. The branches
shall not issue circulation, and only use as circulation those notes provided and
countersigned by the parent bank. All defaced notes must be returned to, and
be destroyed by, the parent bank.
Each branch shall deposit with the parent bank, as security for its circulation, 12J
per cent of the value of such circulation, in money, United States or States stocks,
at their current value in the city of New York—no stock, however, being in any
case taken above its par value. These stocks to constitute a safety fund, to be
applied to the redemption of the notes of any insolvent branch.
No branch shall be entitled to circulating notes in a greater proportion to its
existing actual capital than herein specified, namely, upon the first one hundred
thousand dollars or less of capital, not more than double the amount in circula­
tion ; upon the second one hundred thousand, or part thereof, not more than oneand-three-quarters; upon the third one hundred thousand, or part thereof, not
more than one-and-a-half in circulation. Of the notes furnished to any branch
not more than 10 per cent shall be in the denomination of one dollar ; 10 per
cent in two dollars ; 25 per cent in all under five dollars ; or 50 per cent in all
under ten dollars.
In case of the refusal by any branch to pay, when lawfully demanded, its notes
o f circulation in gold or silver coin of the currency of the United States legal
tender, such branch to be deemed insolvent, and a receiver to be appointed and
be wound up by the parent bank.
In case of the refusal of any branch to comply with the requirements of the




Journal o f Banking, Currency, and Finance.

733

parent bank in regard to providing additional specie, reducing liabilities, or in
any way refusing to do what the parent bank may think necessary for its own
safety or of the other branches, it shall, with the consent of the court, wind up
its affairs.
No branch shall be organized or be permitted to carry on business under this
act unless with a capital exceeding $50,000, and limited to $300,000, and having
five stockholders. Also, that at least 50 per cent of the capital be paid, and in
bona fide possession of the branch in gold and silver.
Each branch shall always receive at par, in payment of its debts, the notes of
any and all of the other branches. Each branch shall at all times have on hand
gold and silver coin to at least twenty-five per cent of the amount of its out­
standing circulation, and in case of its specie falling below that proportion, it
shall, while in deficit, cease to discount or in any way increase its liabilities.
Each branch shall keep on hand, over and above the amount required for its cir­
culation. at least twenty-five per cent of its current deposits : and shall be pro­
hibited from paying interest on current deposits.
The number of branches is limited to thirty.
The objectionable features of this act are in not providing sufficient security
for circulation, and in not taking at their current value stocks above par; thereby
putting a premium on the use of depreciated State stocks. A company of per­
sons raising one hundred thousand dollars can, by the provisions of this act, get,
on the deposit of twenty-five thousand dollars, returned to them in circulation
two hundred thousand dollars ; and by the same operation in proportion up to
three hundred thousand dollars, and then could in this way abscond with six
hundred and twenty-five thousand dollars, leaving in security only sixty-five
thousand six hundred dollars as security to the holders of circulation. In the
end, however, the people must depend in a measure upon the integrity of the
directors of the banks, for it has been found that with the restrictions applicable
in New York State, that banking is unprofitable in the West, and hence they
have but the choice to do without banking facilities or run some risk.
BANK

NOTE

REDEMPTION

OF

NEW

YORK,

AN ASSORTING-HOUSE FOR STATE CURRENCY.

The banks represented in convention on the 18th February, have completed
an arrangement for the establishment of an assorting-house for State currency
in connection with the Merchants’ Bank and Bank of the Interior of this city, and
under their joint management. The assorting-house commenced operations on
the 5th of April, and receives notes of banks of this State, redeemable at onequarter of one per cent, at the legal rate of discount, and pay in Albany, Troy, or
New York, on the morning after receipt. New England bank notes received at
one-eighth of one per cent discount, and the notes of banks of Pennsylvania, New
Jersey, &c., at New York rates. The country banks redeem their notes with
the assorting-house through their respective agencies, at a discount of fifteen
cents per hunderd dollars, or three-fifths of the legal discount, giving ten cents
per hundred dollars, or two-fifths of the legal discount, to the assorting-house.
This mode of redemption receives the co-operation of the banks in Albany,
and it is believed that it will be generally adopted. The system now in op­
eration is not considered to be in harmony with the interests of country banks,
and they have loDg been desirous of freeing themselves from its control. The
contraction of business, and the curtailment of bank note circulation throughout
the country, afford favorable conditions for the new arrangements, which will




734

Journal o f Banking, Currency, and Finance.

commence with the beginning of a new era of sound and healthy enterprise, and
will doubtless commend itself to the confidence and support of the banking in­
terests of the State. The affect of this has been a circular from the Metropolitan
Bank of New York, reducing to one-eighth the rates of redemption.
CLEARING-HOUSE AT BOSTON.
The annual meeting of the Boston Bank Clearing-house was held on Monday,
April 1$ ; Franklin Haven, Esq., President of the Merchants’ Bank, was re­
elected as presiding officer by a unanimous vote, notwithstanding his express
wish to be excused from further service, and he finally consented to retain the
position for another year. William Thomas, President of the Webster Bank,
was unanimously rechosen clerk of the association, and the following named
gentlemen were chosen a Managing Committee for the current year :—Andrew
T. Hall, of the Tremont Bank ; Thomas Lamb, of the New England Bank ;
A . D. Hodges, of the Washington Bank ; Benj. E. Bates, of the Bank of Com­
merce ; J. Amory Davis, of the Suffolk Bank. From the annual report of the
committee we make the following extract:—
“ Your committee feel assured, that under no other form or association among
the banks, could such a spirit of harmony and concert of action have been in­
spired and kept in being, as that which grew out and resulted from our present
clearing-house system, and under which we feel confident much evil has been
averted that otherwise must have been felt in our business circles. The plan
adopted by this association for the daily settlement of balances, resulted most
satisfactorily to the banks, and in every way met our expectations, affording, as
it did, at once great relief to our institutions, and occasioning no loss to any—
the interest being daily settled at the clearing-house on the payment of balances.
It also enabled the banks to extend a degree of aid and accommodation to their
customers, which they could not otherwise have done, the effect of which at once
began to act favorably upon the public generally. The exchanges for the past
year amount to twelve hundred and eighty-nine millions four hundred and ninetytwo thousand and seven hundred dollars. Balances received and paid during the
same time amount to one hundred and seventeen millions six hundred and fiftysix thousand and nine hundred dollars. The whole amount of certificates issued
by the Merchants’ Bank to April 1st, 1858, was nine millions seventy-seven
thousand and five hundred dollars. The amount canceled to the same date was
five millions six hundred and fifty-two thousand and five hundred dollars. The
amount in circulation among the associated banks to the same date, was three
millions four hundred and twenty-five thousand dollars.”
DIRECTORS OF THE BANK OF ENGLAND.
On the 7th April the following gentlemen were elected directors of the Bank
of England for the year ensuing. Mr. Sheffield Neave was re-elected Governor,
and Bouamy Debree, Deputy-governor
Directors.—Thomas Baring, M. P., Thomas Matthias Weguelin, M. P., Geo.
Lyall, M. P., Thomson Hankey, M. P., John Gellibrand Hubbard, C. Frederick
Huth,* Alfred Latham, Thomas Charles Smith, E. H. Palmer,* George Warde
Norman, James Morris, Alexander Matheson, Thomas Masterman, James Malcomson,'?' John Benjamin Heath, John Oliver Hanson, J. A . Guthrie,* G. J.
Goschen,* Henry Wollaston Blake, Henry Hulse Berens* Travers Buxton, A r­
thur Edward Campbell,* William Cotton* J. Pattison Currie.*
Those gentlemen marked (*) take the place of the following, who retire from
the Board of 1857-8 :— Edward Henry Chapman, Robert Wegram Crawford,
Benjamin Buck Greene, Charles P. Grenfell, Henry .Hucks Gibbs, Kirkman D.
Hodgson, Henry L. Holland, Thomas Newman Hunt.




I
Statistics o f Trade and Commerce.

735

STATISTICS OF TRADE AND COMMERCE.
COMMERCE OF CUBA AND PORTO RICO W ITH UNITED STATES.

With each succeeding year these two great islands awaken quite a share of
the public interest. W e have therefore thrown together some facts in relation to
them:—
Cuba lies between 19° 43' and 20° 12' north latitude and from 74° to 84°
west of Greenwich. It is about 770 miles long and from 25 to 90 miles wide.
It comprises an area of 31.468 square miles. It is distant from Florida 150
miles, from Hayti 50, from Jamaica 70 miles. The statements of its*population
are very conflicting. An account gave 1,008,000 for the year 1853 : but the
returns received as authentic at the State Department give 1,247,230 for 1850, of
which 605,560 were white persons, 205,570 free blacks, and 436,100 slaves. Of
the white population 520,000 are represented to be Creoles, or natives of European
descent. The exportable products are sugar, coffee, and tobacco. The cultiva­
tion of cotton, cocoa, and indigo was formerly a large interest, but has much
decreased of late years.
Porto Rieo is about 100 miles long and 39 wide. Its area is computed to be
3,750 square miles. The population is about 500,000. In 1493 its population
was estimated at 800,000. The Indians were not hardy enough for slave labor
and were exterminated by it. Next after Mauritius, Porto Rico is, perhaps,
the most fertile spot on the globe. It produced for export in 1853, 110,605,859
pounds of sugar ; valued at $3,318,175 ; 11,580,604 pounds of coffee, valued at
$694,836 ; 46,000 hogsheads of molasses ; 280,000 pounds cotton, 3,703,000
pounds tobacco.
The commerce between the United States and the islands of Cuba and Porto
Rico is as follows :—
STATEMENT S H O W I N G T H E C O M M E R C E B E T W E E N T H E UNITED STATES A N D CUBA A N D PO R T O
RICO F O R T H E Y E A R S 1856 A N D 1857.
i---------CUBA.--------

,

-PORTO RICO.

1856.
1857.
1856.
1857.
Exports of domestic produce from
the United States.................... $7,199,035 $9,379,582 $1,099,599 $1,783,229
610,228 5,543,861
43,126
152,045
Exports of foreign merchandise. . .
Total exports........................
Imports to the United States___

$7,809,255 $14,923,443 $1,142,724 $1,935,274
24,435,693 45,243,101
3,870,963
5,784,609

Balance of trade against U. S . . . . $16,626,438 $30,219,658 $2,728,139 $3,813,320
Total export to Cuba and Porto Rico...........................
Total imports from Cuba and Porto Rico.....................

8,951,979 16,706,663
28,804,656 50,991,701

The imports from the Spanish West Indies consist in great part of sugars and
molasses. In 1857 the imports of these articles were 89 per cent of the whole
from Cuba, and 98 per cent from Porto Rico. We export to them lard, rice,
flour, pork, potatoes, lumber, staves, fish, and miscellaneous produce. Spain at­
tempts to retain a monopoly of commerce by heavy differential duties in favor of
her own products and vessels. The duty upon flour from Spain is §2 50 per
barrel, on the same from the United States and in American vessels 310 81. The
duty on American lard is 4J cents per pound ; on olive oil from Spain 2 4-5 cents
per pound. The imports of flour from Spain was in 1854 of the value of 32,677,791;
from the United States, 329,830. There is reason to suppose that a large por­
tion of this flour imported from Spain was of American growth, because in 1857,
while the exports of the article from the United States to Cuba was of the value
of only 3324,000, the amount exported during the same year from the United
States to Spain was 32,330,000. The estimated average consumption of flour,




736

Statistics o f Trade and Commerce.

if admitted at reasonable duties, is 850,000, which in that case would be supplied
exclusively from the United States, thus making for this country an export trade
in one article $1,250,000 a year. Another article which is virtually excluded as
an import from the United States, is jerked and dried meats. The imports of
this article into Cuba in 1853, was 26,000,000 pounds, valued at $1,369,000, of
which no more than $1,058 in value was received from the United States.
Were the differential duties removed, it may be assumed that a trade in the
dried and smoked meats of the United States would spring up worth $1,500,000
per annum. The differential duties upon tonnage are also heavily in favor of
Spanish vessels, being $1 50 per ton on foreign and 62i cents on Spanish vessels.
In 1854 the import trade of Cuba was $31,394,578, the value of exports was
$32,683,731, and this was near the average of the ten preceding years. The
amount of duties collected on this commerce was $7,796,652 on the imports, and
$l,947,043»on the exports. Total, $9,743,696. The commerce of Porto Rico
for 1853, and the five preceding years, was, in round numbers, $5,000,000 out­
ward and inward. The duties are of a corresponding amount. The enormous
increase of the commerce of these islands during the three years following these
dates may be estimated from the returns above given for 1856 and 1857, in the
last of which years the imports from Cuba and Porto Rico into the United
States alone largely exceeded the whole amount of their exports in any preceding
year.
The following list of the principal imports and exports for 1854 will give a
general view of the foreign commerce of Cuba :—
Sugar...................... boxes
Coffee......................... lbs.
Beeswax......................
Wood...........................
Honey.........................
Molasses....................bhds
Copper o r e ................ qtls
Leaf tobacco................ lbs
Cigars............................ M

Exports.
1,685,000
12.787,300
1,787,300
$547,000
104,302
261,818
549,553
9,809,150
251,313

Imports.
26,756,000
15,532,500
281,397
7,237
$2,215,029
2,736,874
1,197,643
1,578,945
2,402,807

Rice......................
Codfish.................
Spanish flour.......
American flour.. .
Liquids................
Lard and butter..
Ironware.............
Wood.....................

With the exception of two houses in which Americans are partners, there is
not an American firm in Havana.
The tariff upon sugar, molasses, tobacco, and the other products which form
the mass of imports from Cuba, is 24 per cent ad valorem. The revenue derived
from the commerce with Cuba and Porto Rico was, therefore, last year upwards
of $12,000,000.
TRADE AMD COMMERCE OF CANADA.

The following is a statement of the value of the principal articles of Canadian
produce and manufacture, exported during the years 1855, 1856, and 1857 :—
1855.

1856.

1857.

Produce of the mine.....................................
“
“
fisheries...............................
“
“
forest...................................
Animals and their products.......................
Agricultural products..................................
Manufactures...............................................
Other articles................................................

£31,458
114,980
1,986,980
398,796
3,257,599
119,019
17,140

£41,411
114,086
2,504,970
641,014
3,743,068
93,407
10,799

£71,617
136,028
2,932,596
626,809
2,220,796
99,705
30,280

Total value of exports.........................
Value of ships built at Quebec....................
Estimated amount of exports, short returned
at inland ports..........................................

5,925,975
304,886

7,148,759
303,269

6,016,743
845,861

816,253

659,725

389,051

Grand total of exports......................

7,047,115

8,011,754

6,751,656




Statistics o f Trade and Commerce.

737

COMPARATIVE PRICES IJV S E W YORK MARKET ON THE FIR ST OF MAY,

Breadstuff?—
1847.
1848.
Wheat flour. State.........bbl. $7 68
$6 25
Rye flour, fine....................
5 06
3 62
Corn meal, Jersey..............
4 62
2 37
Wheat, Genesse........bush.
176
1 37
Rye.....................................
93
73
Oats, State........................
51
43
Corn, yellow.......................
95
52
Candles— Mold..................lb.
Ilf
12
Sperm................................
31
31
Goal, anthracite................. ton
550 5 76
Coffee—Brazil.................lb .
74
74
Java...................................
9J
94
11 gCotton, middling upland.......
54
Fish—Dry cod................... qtl.
387 3 68
Mackerel, No. 1, Mass..keg
10 75
8 81
Fruit—M. R. raisins......... box
1 92
1 41
...
Dried apples.................... lb.
...
Hay. ............................. cwt.
66
55
H ops....................................lb.
9
5f
Indigo, Manilla ....................
75
55
Iron—Scotch p i g ............. ton
3500 28 75
Common English bar........
71 75
60 00
Lath...................................M.
250 1 34
Leather, hemlock sole..........lb.
15
134
Lime, common Rockland.bbl.
85
78
Liquors—Cognac brandy.gall.
2 60
2 30
Domestic whisky...............
29
25
Molasses—New Orleans . . . .
35
26
Muscovado........................
28
24
Cardenas............................
194
19
Naval stores—Spt. turp. .bbl.
43
35
Rosin, common...................
65
70
81
Oils— Whale, crude.......... gall.
34
49
Whale, manufactured.......
474
Sperm, crude....................
1 00
1 02
Sperm, manufactured . . . .
1 07
1 11
Linseed.............................
72
57
10 18
Provisions—Pork, mess. .bbl.
14 93
Pork, prime.......................
13 46
8 31
8 25
Beef, mess, country..........
12 00
5 25
Beef, prime........................
8 87
Pickled hams..................lb.
9
54
3f
Pickled shoulders...............
6f
Lard...................................
10
64
254
Butter, State......................
25
8
Cheese................................
74
3 25
R ice ......................... 100 lbs.
4 50
1 41
Salt, Liverpool fine......... sack
125
6f
Seeds—Clover................... lb.
6f
22 50
Timothy.........................trc. 19 00
Soap—New York............... lb.
44
54
Castile................................
124
Hf
Spices—Pepper.....................
7
64
1 26
Nutmegs.............................
1 274
4
Sugars—New Orleans..........
74
Cuba.................................
6§
*4
Refined white....................
104
84
8f
Tallow.................... ............
8f
49
Teas—Young Hyson.............
50
26
Souchong...........................
31
V OL.

x x x v i i i .—




NO. V I.

47

1849.

1850.

$4 81
2 81
2 75
1 25
57
36
59
114
34
5 50
64
84
6f
2 62
9 87
1 47

$5 25
2 87
2 81
1 33
59
41
61

. •.
47

8

72
26 75
65 00
1 03
15
90
2 25
224

234
234
194
34
95
36
49
1 04

1851.
$4
3
3
1

31
50
12
14
73
45
64

12

12

42
5 60
8f

43
5 00
94
124

11
12

11

2 81
11 62

2 75
10 25

2 76

2 12

10

4
60
25
75

65
17
70
20 50
43 00
1 25
16
70
2 10

24
26
23
184
32
1 08
43
56
1 16

1851
$4 18
3 31
3 25
1 11

77
39
64
13
40
5 50
9f
114
84
4 18
11 00

1 65
64
75
29
70

21 00

20 00

36 50
1 65
15
80
2 95
23
31
25

35 00
2 25
15
87

20

2 00
204

29
24
19
49
1 25
75
90
1 25
1 31
63
18 75
16 75

37
1 25
43
52
1 29
1
20
1
27
1 12
74
58
78
10 06
15 00
10 25
13 00
8 25
8 50
12 12
9 75
10 00
9 25
8 25
6 00
5 50
6 00
9
54
94
64
4
8
64
34
64
10
6f
94
17
18
16
22
7f
7
84
64
3 12
3 50
8 62
2 87
1 25
1 40
1 15
1 37
6
9
64
64
18 00
16 00
16 00
19 50
5
5
54
44
10
94
94
94
8
84
6f
94
97
1 05
97
87
5
44
4f
4f
44
54
44
H
84
84
84
14
8
7
14
84
43
47
53
55
33
24
26
18

.38

Statistics o f Trade and Commerce.
1847.

Oolong......................
Tobacco—Kentucky.. .
Manufactured..........
'Whalebone, polar........
"Wine—Port..................
Madeira....................
Wool—Common.......... ...lb .
Three-quarter blood.
Merino......................
Pulled, No, 1............

5
13*
30*
1 52
55
26
30
33
27

Breadstuff’s—
Wheat flour, State...,. .bbl.
Rye flour, fine..........
Corn-meal, Jersey...
Wheat, Genesee........ bush.
R y e ...........................
Oats, State................
Corn, yellow...............
Candles—Mold.............. ..lb.
Sperm.........................
Coal, anthracite............
Coffee—Brazil............... ..lb.
Java...........................
Cotton, middling upland
Fish—Dry cod...............
Mackerel, No. 1, Mass..keg
Fruit—M. R. raisins.. . .
Dried apples.............. ..lb.
H ay...............................
H op s............................. ..lb.
Indigo, Manilla... . . . . . .
Iron—Scotch pig.......... .
Common English bar..
Lath............................... ..M.
Leather, hemlock sole... ..lb.
Lime, common Rockland .bbl.
Liquors— Cognac brandy.gall.
Domestic whisky . . . .
Molasses—New Orleans
Muscovado..................
Cardenas....................
Naval stores—Spt. turp. .bbl.
Rosin, common...........
Oils—Whale, crude....... gall.
Whale, manufactured.
Sperm, crude..............
Sperm, manufactured.
Linseed......................
Provisions—Pork, mess.,•bbl.
Pork, prime.................
Beef, mess, country . . ,
Beef, prime.................
Pickled hams.................lb.
Pickled shoulders____
Lard............................
Butter, State...............
Cheese..........................
Rice...........................100 lbs.
Salt, Liverpool fine....... isack
Seeds—Clover................ .lb.
Timothy...................... .trc.
Soap—New York............ .lb.

m
$4 62
3 81
3 00
1 28
90
46
67
12
32
5 00
9*
11*
10*
3 25
12 50
2 77
44
1 00
20
80
35 00
66 00
1 75
17
95
2 75
23
28
25
22
65
1 40
52
68
1 28
1 35
61
15 75
13 37
10 00
5 75
94
64
9f
20
94
4 37
1 57
10*
15 00
6




1848.

"k
13*
264
1 48
53
28
32
36
25

1854.

1849.

1850.

1851.

6
13*
29
1 75
57
'30
33
36
27

36
7
18
32*
1 15
1 75
32
36
40
81

33
9
27
31
1 12
1 70
40
43
47
37

...

1855.

$7
4
3
2
1

62*
75
76
31
12
56
85
16
30
6 00

$9 814
6 75
5 25
2 80
1 60
81
1 13
14*
29
6 00
10*
10i
14
Hi
9*
n
3 62*
3 87*
16 50
20 00
2 80
2 42
6
6*
75
1 12*
SO
19
80
85
40 00
27 50
76 00
56 00
2 25
2 00
22
22
1 15
1 00
3 75
4 70
26*
37
24
28
26
26
20
23
61
44
1 70
l 70
66
57
67
75
1 53
1 79
2 05
1 60
92
84*
14 50
17 37*
13 25
14 37*
11 00
11 00
8 50
7 25
9f
8i
6
74
10

104

25
10
4 00
1 70

26
11
6 00
1 45
104
28 00
6

84

20 00
7

1856.
|5
3
3
1

50
25
12*
80
78
40
62
14
40
5 50
114
14*
10}
4 00
20 75
3 25
9
80
9
75
32 00
62 00
1 37*
26
1 10
5 00
28*
47
36
30
40
1 67*
75
86
1 80
2 05
75
19 00
15 50
8 50
8 00
94
7*
10
20
10
4 25
1 78
12
24 60
6

1857.
$6
3
3
1

00
50
25
85
90
58
80
14
42
5 25
11
154
144
3 75
21 00
4 75
10*
75
10
75
36 00
60 00
1 37*
29
90
5 50
29
75
62
54
48
1 90
73
83
1 45
1 55
80
23 00
18 90
13 50
11 25
11
9
144
27
13
5 00
1 45
11
24 50
6

1852.
30
7
19
51
1 00
1 62
26
31
36
27

1858.
$4
3
3
1

25
40
50
35
66
46
73
10*
39
4 25
11
18
12}
3 37*
13 75
2 50
6
45
8
76
25 50
47 00
1 18}
25
70
4 25
21
35
so
24
49*
1 62*
66
68
1 22
1 35
68
18 75
15 35
11 50
8 50
10
74
11*
25
8*
4 25
1 37*
7*
18 26
5

739

Castile.......................
Spices—Pepper..........
Nutmegs...................
Sugars—New Orleans..
C uba.......................
Refined white...........
Tallow..........................
Teas—Young Hyson...
Souchong..................
Oolong......................
Tobacco—Kentucky . ..
Manufactured...........
Whalebone, polar........
Wine— Port..................
Madeira.....................
W ool—Comraon.......... . . .lb.
Three-quarter blood.
Merino.......................
Pulled, No. 1............

1851.

1854.

101
li
97
5
41
8#
9#
50
17
29
7
20
31
1 25
1 75
42
47
52
41

iH
li
1 17
4}
41
8f
121
60
30
40
81
20
361
2 25
2 50
38
45
50
S5

OO
en

Statistics o f Trade and Commerce.
1856.

1857.

1858.

101
10*
1 00
5}
51
8f
Hf
43
30
40
10
24
44
2 75
2 75
30
37
45
24

10}
10}
92}
'll
7
101
10}
35
30
40
12}
28
62
2 50
2 50
32
45
48
34

ill
12}
85
12}
10}
14
HI
45
40
60
16
32
90
2 75
3 00
39
50}
56
37

12}
9}
67}
6}
5}
9}
10}
35
30
37
12
24

1 00
2 50
3 50
25
34
37
22

BRITISH EXPORTS TO AUSTRALIA.

The next market in importance and interest at this moment to the British
manufacturer, is that of the Australian colonies. To these colonies the increase
of exports during the last three years has been extremely striking. In 1855, the
amount was £6,278,966; in 1856 it rose to £9,912,575; and in 1857 to
£11,626,146 ; the increase, therefore, in two years has been £5,347,180. But
these figures will be of more practical utility when we analyze the proportions
which belong to each of this group of colonies—a process which leads to the fol­
lowing results:—
E X P O R T S TO T H E AUSTRALIAN COLONIES.

Western Australia.
South Australia...
New South Wales
Victoria...............
Tasmania.............
New Zealand.......

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

Total.

1855.

1856.

£73,241
621,788
1,928,785
2,789,776
616,957
248,469

£60,242
809,237
2,584,879
6,495,764
624,819
337,634

£66,733
912,794
3,140,149
6,630,064
509,251
367,155

6,278,966

9,912,575

11,626,148

1857.

THE RECIPROCITY TREATY.

It will be seen from the subjoined official statement of figures how vastly bene­
ficial the adoption of this measure has been to the interests of the British North
American Colonies. It is evident that the trade between the United States and
the colonies has nearly reached an equal amount on either side, without calling
for a large difference to be made good with ready money. The following are the
exports and imports from and into the colonies during the past six years :—

.




Im ports.

$6,110,299 1855
7,650,781 1856
8,927,560 1857

E xports.

.

$10,509,016
13,140,642
25,566,860

.

.

.

.

E xports.

1852
1853
1854

$27,806,020
29,029,349
24,262,482

Im ports.

$15,136,734
21,310,421
22,124,296

740

Statistics of Trade and Commerce.
COMMERCE

OF C H I L I .

The following are returns from official sources showing the commerce of the
Republic of Chili:—
T a b l e A . — Showing the value of all merchandise imported into the ports of
the Republic of Chili, and the duties paid thereon, from the 1st of January, 1855,
to the 1st of July, 1857 :—
T ea r.

Value.

D uties paid.

1855— From January 1st to December Slat......
1856— From January 1st to December 31st......
1867—From January 1st to June 30th..................

$18,433,287
19,804,041
9,204,559

$3,720,155
4,069,842
1,590,560

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

$47,441,887

$9,380,557

B.— Showing the value of all goods imported into the ports of the Re­
public of Chili, from the following countries, from the 1st day of January, 1855,
to the 1st of July, 1857 :—
T able

Y ea r.

U nited States.

1856..................
1856..................
1st sem. of 1857
Total.........

$2,005,232
2,439,153
848,554
$5,382,939

G erm any &
Belgium .

Spain.

$2,870,366
4,265,253
1,771,919

$2,469,650
2,709,590
1,222,547

$396,613
303,813
213,817

$8,907,538

$6,401,787

$914,243

England.

France.

$6,569,920
6,898,838
2,903,510
$16,362,268

C.—Showing the value of all merchandise entered into the ports of
the Republic of Chili, in transitu, from the 1st of January, 1855, to the 1st of
July, 1857 :—
T able

T ea r.

Value.

1855 ............................................................... „ ......... ..
1856 ..................................................................................
1st semestre of 1857............................................................

$27,014,883
30,306,684
19,727,077
$77,048,644

Total

T a b l e D.— Showing the value of all merchandise exported from the ports of
Chili from the 1st of January, 1855, to the 1st of July, 1857 :—
V alue.

Tear.

$19,180,589
18,159,522
8,966,906

1855 .....................
1856 ....................
1st semestre of 1857

$46,307,017

Total

E.— Showing the value of all merchandise exported from the ports of
Chili to the following countries from January 1st, 1855, to July 1st, 1857 :—
T able

U nited States.

England.

Prance.

G erm any &
Belgium .

Spain.

1865 ...................
1866 ...................
1st semestre of 1857

$1,649,644
3,090,892
995,647

$9,287,417
8,308,139
5,177,063

$1,141,774
1,409,152
606,666

$804,899
518,518
148,668

.
$42,405
21,963

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

$5,736,183

$22,672,619

T ea r.

$3,157,592 $1,472,085

$64,368

F.— Showing the value of the entire foreign trade transacted in the
ports of Chili from January 1st, 1855, to July 1st, 1857 :—
T able

Exports.

Transitu.

Total.

1865...........................
1856.............................
1st semestre of 1857 . .

$18,433,287
19,804,041
9,204,659

Im ports.

$19,180,689
18,169 522
8,966,906

$27,014,883
30,306,684
19,727,977

$64,618,759
68,270,247
37,898,642

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

$47,441,887

$46,307,017

$77,048,644

$170,787,548




Statistics o f Trade and Commerce.

741

T a b l e G.— Specified list of the value of all merchandise imported from the
United States into the ports of Chili from January 1st to July 1st, 1857 :—

Articles.
Plows.....................................
Rice .....................................
Refined sugar.......................
Wooden pails.......................
Varnish.................................
Asphaltum...........................
Force pumps.........................
Tar.........................................
Iron safes...............................
Spices (ground)....................
Pork and beef (salt) ............
Coal.......................................
Carriages...............................
Ale.........................................
Cigars...................................
Iron nails..............................
Sheet copper........................
Glassware.............................
Denims, 105,109 yards.........
Bleached drills, 44,840 yards.
D rugs...................................
Brooms................................
H em p .................................
Flannel, 177,250 yards..........
Slow matches for miners.. . .
Flour......................................
Mechanics’ tools....................
Scales and weights..............
Empty sacks.........................
Tallow. ...............................
Virginia tobacco..................
Manufactured tobacco..........
Cane-bottom chairs..............

Yalue.
$241,500
65^42
21,676
2^817
1,980
4,955
6,818
717
1,405
1,337
26,847
1,600
6,248
1,139
6,844
16,197
5,400
1,004
8,402
4,393
3,313
886
600
17,725
2,790
19,051
18,104

2,020
10,830
13,180
10,611
1,561
20,280

Articles.
Brown shirting, 1,105,276 yds.
Soap.....................................
Bleach’d muslins, 483,113 yds.
Cot’ade for pants, 334,637 yds.
Bedticks, 473,953 yards........
Gingham...............................
Lumber per load, 131,002 feet
Lumber, rough, 3,273,456 feet
L a rd .....................................
Machines...............................
Agricultural implements. . . .
Cutlery..................................
Furniture.............................
Candlewick...........................
Shovels..................................
Goldbeaters’ gold, 634 ounces
Silk pocket-handkerchiefs....
Wrapping paper..................
Millstones.............................
Striped drills ......................
Paints...................................
Gunpowder...........................
Wheels for coaches..............
Rosin........................... . . . .
Tacks.....................................
Composition candles............
Tallow candles....................
India-rubber ware................
Whale-oil............................
Sundries in small quantities.

Yalue.
$5,769
61,515
3,161
18,791
26,174
27,997
42,688
1,377
6,550
112,810
1,535
13,665
6,796
2,618
4,506
5,603
5,520
9,906
1,860
1,101
2,255
5,872
2,975
2,610
4,622
3,040
3,800
4,817
1,603
3,574
1,147
2,917
8,952

T a b l e H.— Specified list of all merchandise exported from Chili to ports of
the United States from the 1st of January to the 1st of July, 1857 :—

Articles.
Copper in bars....................
Copper, one melting.............
Plata pina...........................
W ool....................................
Dried beans ........................
Salt hides...............................
Goat and sheep-skins............

Yalue.

$589,681
160,123
25,358
69,400
18,050
46,824
771
5,015

Articles.
R a gs ...................................
Logwood for California.........
Walnuts..............................
Coal....................................
Dried and green fruits.........
Clover-seed .........................

Yalue.
$3,270
6,770
5,280
12,804
51,200
1,100

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

$995,647

WISCONSIN LUMBER AND FISII TRADE FOR 1857,

In the early part of the session, in the Senate, a committee of three was ap­
pointed, consisting of Senators Kingston, Mears, and Cook, to collect and report
statistics on the lumbering and fishiDg interests of the State for the year 1857.
Through the politeness of Senator Kingston, chairman of the committee, we
have been favored with the following synopsis of his report, which is just com­
pleted. The amount of lumber manufactured in the several districts of the State,
and value thereof in market, is as follows :—




Statistics o f Trade and Commerce.

742

D istrict.

A m ount

Sheboygan County...................................................feet
Manitowoc County.......................
Green Bay and tributaries..............................................
Fox and Wolf Rivers and tributaries.............................
Rock River and tributaries.............................................
Wisconsin River and tributaries.....................................
Black River and Lacross................................................
Chippewa, incomplete....................................................
St Croix,
“
.......................................................
Total amount of lath...............................................
Total amount of shingles.............. ........................

15,000,000
31,400,000
183,000,000
108,000,000
18,000,000
149,000,000
6,200,000
40,000,000
6,000,000
110,000,000
..................

Value.

8175.000
314.000
2.160.000
1,080,000
259.000
2,435,500
124.000
640,900
90,000
330.000
387,600

The amount of square timber, log3, and other products of the Pinery, uot in­
cluded in the above, is $1,081,700.
The amount of fish shown by returns before the committee, and value thereof
in market, is as follows :—
D istrict.

Twin Rivers............................................................ bbls.
Sheboygan.......................................................................
Green B a y ......................................................................
Horicon Lake..................................................................

A m oun t.

Value.

3.000
6.000
14,000
500

$24,000
60,000
84,000
4,000

These figures show well for the young State of Wisconsin, and from present
indications will be increased the coming year.
COMMERCE OF RUSSIA,

The Journal of St. Petersburg contains an official account of the external
commerce of Russia in 1856, from which the following facts are compiled :—The
external commerce of Russia in 1856 exhibits a considerable increase over that
of 1853, the year which preceded the Crimean war, both with respect to the ex­
portations of indigenous productions, as well as the importations of foreign
merchandise. The following is the value given in silver roubles, worth about 75
cents each :—
exports

in

1856.

Silver roubles.

From the empire by the frontiers of Europe.
By the frontiers of Asia. .............................
From the empire into Finland......................
“
“
from Poland......................
Total value in 1856
Total value in 1853
Increase in 1856...
in

885,272
4,825,296

160,249,872
147,662,815

5,792,342
£917,120

81,774

1856.

Into the empire by the frontiers of Europe............
By the frontiers of Asia............................................
From Finland............................................................
Into the kingdom of Poland.....................................
Total value in 1856..............................................
Total value in 1853...............................................




136,492,398
10,593,882
2,884,096
10,279,496

12,587,057
im p o r t s

Increase in 1856

G old and
silver.
S. roubles.

90,171,961
17,002,189
564,828
14,823,464

15,158,210
110,075

122,562,442
102,386,768

16,219,029
£2,568,013

20,175,674

950,744

743

Commercial Regulations.
BRITISH WHALE FISHERY,

A quarter of a century ago the vessels and tonnage engaged in the Northern
fisheries were nearly double what they are at the present time. We append, for
comparison, a list of the outfit of vessels from the different ports, which serves to
mark the changes:—
1830.
1857.
Vessels.
13

Peterhead..
Fraserburgh.
Aberdeen.. .
D undee.. . .
Kirkcaldy .
Bo’ness........
H u ll............
Whitby........
Newcastle..
Berwick. . . .
London........
Montrose. . .
Burntisland.
Leith...........
Greenock__

Tons.
3,720

4
3
1
5

Tons.
8,397
1,245
1,482
1,394
1,058
357
1,719

54

15,652

Vessels.
so

5
10
9
5

3,035
3,033
1,597

33
2
3
1
2
4
1
7
1

11,009

91

29,460

6

686

1,103
310
642
1,302
280
2,426
l\ 6

The ports of London, Liverpool, Newcastle, Whitby, Leith, Montrose, and
other places, have quite given up the trade. Even Hull, which a few years ago
went spiritedly into the fishery, has dropped off gradually from fourteen vessels
to five. Aberdeen has, however, been progressing, from two ships fitted out in
1852, to six in the present year. Peterhead now takes the lead of all the British
ports in the outfit for the whale fishery, having sent out last year thirty vessels,
registering 8,397 tons, while the number this year is twenty-eight, involving a
capital of £250,000, employing 1,500 men. The neighboring town of Fraserburg sends four ships, measuring 1,394 tons. The other ports which equip ships
for the Northern fishery are Dundee, four vessels ; Kirkcaldy, three; and Bo’ness,
one ; total, fifty-four vessels, measuring 15.652 tons.

COMMERCIAL REGULATIONS.
THE NEW GRAIN LAW.

We have received a pamphlet containing the act passed at the late session of
the Maryland Legislature, entitled “ An act to provide for the inspection, meas­
uring, and weighing of grain in the city of Baltimore.” We were not aware
that any law of this description had ever been asked for by either the farmer, or
the buyers and sellers of grain at this market, and were therefore not a little
surprised to learn that such a law had been passed. What good was intended
to be derived from it we do not know. It is true, the number of State officials
would be very largely increased under its provisions, and the trade would be
trammeled to the tune of some eleven thousand dollars a year, whilst nobody
would be benefited except the “ faithful ” of the present party in power. We
regard all artificial restraints upon trade—all taxes save those which afford pos­
itive and increased facilities to its development—as unnecessary, unjust, and
odious ; and hence it was gratifying to us to find one very important section of
this act in proper keeping with the spirit and sentiment of the times.




744

Commercial Regulations.

The law empowers the Governor to appoint an Inspector-general and four
assistants, (with aggregate salaries of $10,500,) “ whose duty it shall be to in­
spect (to take samples) all grain carried to the city of Baltimore for sale,”
except “ what may be carried in cars or wagons,” whenever application shall be
made for the purpose, “ and to weigh all wheat so inspected,” and to determine
all controversies arising between buyer and seller that may be submitted to the
Inspector-general for his decision.
It establishes the charge for this service, of one cent per bushel upon wheat,
and half a cent per bushel upon all other grain so inspected, in addition to the
present charge of one-fourth a cent for measurement. The surplus, if auy, over
the salaries of the inspectors, to be paid into the treasury of the State, for the
building hereafter of grain warehouses for the benefit of the grain trade of
Maryland. It also imposes a fine of twenty-five dollars upon any one, other
than those appointed under the law, who may inspect, measure, or weigh any
grain arriving in this city for sale.
The law is to take effect on and after the 1st of May. Section 19th,
however, abrogates all other sections, by leaving it entirely optional with the
farmer or his agent to avail of its requirements. This section reads as follows:—
S e c . 19. And be it enacted. That nothing in this act shall be so construed as
to take away from any owner or owners of any grain, by written order to his
agent or consignee, desiring him to sell without inspection, and deliver the same
without complying with the provisions of this act.

T A R I F F OF 1 8 5 7 .
DECISIONS OF THE SECRETARY OF THE TREASURY.

The Secretary of the Treasury has, on appeal, affirmed the decision of the
Collector at New Tork, in assessing a duty of 15 per cent on “ roofing felt.”
The importers claimed that the article was entitled to free entry, as “ sheathing
felt.”
The Secretary has also, on appeal, affirmed the decision of the Collector at
Philadelphia, in assessing a duty of 15 per cent on “ sulphate of ammonia.”
The importers claimed entry of the article in question at the rate of 8 per cent,
as “ crude ammonia.”
The decision of the Collector at San PraDcisco has, on appeal, been over­
ruled, in assessing a duty of 19 per cent on “ cocoa matting.” The importation
is entitled to entry at 15 per cent, as an unenumerated article.
The decision of the Collector at Baltimore has, on appeal, been confirmed, in
charging a duty of 24 per cent on “ guitar strings ” composed of metal and
silk. The importers claimed entry at a duty of 15 per cent, the rate assessed
on strings for musical instruments composed of whip-gut or cat-gut.
The decision of the Collector at San Francisco has, on appeal, been con­
firmed, in assessing a duty of 15 per cent on “ pulu ” an article prepared from
the fibers of a plant found on the Hawaiian Islands, and used for beds, mat­
tresses, and cushions. The importer claimed that the article was entitled to free
entry, alleging that it applied to the same uses as “ cotton.”
The Secretary has decided that a duty of 15 per cent should be assessed on
importation, principally from Bussia, known as rags or “ white rope,” a man­
ufacture of hemp reduced to pulp, and intended for the manufacture of paper.
The claim of the importer to enter the article as exempt from duty, under the
classification of “ rags of whatever material composed, except wool,” or as “ old
junk,” is clearly inadmissible, as the original material, whatever it may have
been, has been subjected to a process of manufacture which has changed its
character.




Nautical Intelligence.

745

NAUTICAL INTELLIGENCE.
LIGHTHOUSES REBUILT AT PEiYSACOLA, FLORIDA, AIVD SAND ISLAiVD, ALABAMA.
PENSACOLA LIGHTHOUSE.

The new lighthouse now in course of construction at the entrance of Pensacola
Harbor, Florida, will be lighted for the first time at sunset on Monday, the 1st
day of November next, and will be kept burning during every night thereafter.
The new tower is 160 feet high, built of brick. The color is the natural color of
the brick, and the tower is surmounted by a lantern painted red. The illu­
minating apparatus is a revolving Fresnel catadioptric lens of the first order,
showing a bright flash of the natural color every minute. The focal plane is 210
feet above the surface of the water, and the light should be visible in ordinary
weather a distance of 21 nautical miles. The new tower is situated about onethird of a mile west of the old lighthouse. The old light on the low tower will
be discontinued from the date of the illumination of the new tower, and will be
taken down and removed as soon thereafter as possible. The approximate posi­
tion of the new tower, as given by the best authorities, is— latitude, 30° 19' 00"
N., longitude 87° 17' 24" west of Greenwich.
SAND ISLAND LIGHTHOUSE.

On the same night the new first order lighthouse now in course of construction
on Sand Island, west side of the entrance of Mobile Bay, near the site of the
present light on that island, will be lighted for the first time, and will be kept
burning during every night thereafter. The new tower is 150 feet high, built of
brick, surmounted by a granite cornice, brick parapet wall, and brass lantern
nupainted. The color is the natural color of the brick. The illuminating ap­
paratus is a Fresnel catadioptric lens of the first order, showing a fixed light of
the natural color. The focal plane is 152 feet above the level of the sea, and
the light should be seen in ordinary weather a distance of 19 nautical miles.
The approximate position, as given by the Coast Survey, is—latitude, 30° 11'
18" N., longitude, 88° 01' 58" west of Greenwich. The fixed light on the old
tower will be discontinued when the new one is illuminated, and the tower will
be taken down as soon thereafter as possible. The beacon range lights on Sand
Island will be placed in their proper positions for preserving the ranges.
CHANGE OF LIGHT AT MOBILE POINT, ALABAMA, FKOM A REVOLVING TO A FIXED
HARBOR LIGHT.

On the same night the revolving light now at Mobile Point, the east point of
the entrance to Mobile Bay, will be altered to a fixed harbor light of the natural
color. The illuminating apparatus is a Fresnel catadioptric lens of the fourth order.
The position of this light, as given by the Coast Survey, is—latitude, 30° 13'
46" N., longitude, 88° 00' 28" west of Greenwich. By order of the Lighthouse
Board,
G E O R G E II. D E B B Y , L. II. Engineer, E igh th D istrict.
M

o b il e ,

A

labam a,

A p ril 30, 1858.

LIGHTHOUSES ON THE SEABOARD OP VICTORIA, AUSTRALIA.

From the Melbourne journals of January, 1858, we learn that five additional
lighthouses are to be erected on the seaboard of "Victoria. The estimates in
the Legislature for 1858 include the sum of £2,000 set down for the erection of
one lighthouse at Belfast; £3,000 for one at Port Albert; £4,000 for two at
Warrnambool, and £4,000 for an iron lighthouse at Main Spit, in lieu of a
lightship.




V4C

Nautical Intelliffence.
LIGHT-VESSEL AT EIVTRA1VCE OF RIVER SURINAM,
WEST INDIES, COAST OP GUIANA.

Official information lias been received at this office that the colonial govern­
ment of Dutch Guiana has given notice that a light vessel has been moored in 3
fathoms, clay, at the entrance of the River Surinam, with the easternmost ex­
treme of land bearing E. £ S. and the beacon at Bram Point S. S. E. £ E. The
light is a fixed light, exhibited at an elevation of 30 English feet above the water,
and visible in clear weather at a distance of 7 miles. The light-vessel carries a
red ball at her mast head by day, and has the word Surinam painted on her
sides. Approaching from the eastward in 4 fathoms along the coast, the light
may be seen; but in coming from the northward soundings of 4 fathoms may be
obtained for some time before sighting it in dark weather.
B uoys . The channel into the River Surinam is also marked by the following
buoys, colored black, which must be left on the port hand by vessels entering :—The outer buoy lies in 12 feet at low water, hard ground, with the light-vessel
bearing N. by E. ; the eastern extreme of land east, and Bram Point beacon
S. E. £ S. No. 2 buoy, the largest in size, is moored in 14 feet, with the lightvessel north ; outer buoy N. £ V . ; eastern extreme of land E. £ X. ; and the
beacon at Bram Point S. E. £ E. No. 3 buoy lies in 16 feet, mud, with the
light-vessel bearing N. £ W . No. 2 buoy N. N. W., and Bram Point beacon
S. E. by E. £ E. The bearings are magnetic. Variation 1° 45' east in 1858.
By order of the Lighthouse Board,
T H O R N T O N A . J E N K IN S , Secretary.
W

a s h in g t o n ,

D . C., A p ril 14,1858.

FIXED LIGHTS IN KRONSTAT ROADS—BALTIC, GULF OF FINLAND.

Official information has been received at this office that the Russian Govern­
ment has given notice, that lights are exhibited from two wooden lighthouses
erected on Nicholas Battery, Kronslott or Castle, on the south side of the road­
stead of Kronstat. The upper or easternmost light is a fixed white light,
illuminating an arc of 10° from W . N. W . £ N. to XV. N. W . £ W ., and visible in
clear weather to a distance of about nine miles. It is also visible to the east­
ward from N. by E. to S. by XV. The lower light is fixed red, and may be seen
westward in clear weather from a distance of about eight miles. The limits of
its angle of illumination are not strongly defined, and the light can be seen when
on the shoals in the roads. Vessels navigating the western roadstead of Kron­
stat at night may proceed with safety by keeping these lights in line W. N. W.,
which leads through mid-channel, or by keeping the white upper light in sight.
In order to maintain a clear channel, no vessel will be allowed to anchor on the
bearing of these two lights in line. All bearings are magnetic. Varation, 5°
west in 1857. By order of the Lighthouse Board,
T H O R N T O N A . J E N K IN S , Secretary.
"W a s h in g t o n , M arch 3, 1858.

FIXED LIGHT ON CAPE SANTA POLA—MEDITERRANEAN, COAST OF SPAIN,

Official information has been received at this office that the Minister of Ma­
rine at Madrid has given notice that on and after the 23d of January, 1858, a
light would be exhibited from the Tower of Talayola, on Cape Santa Pola, in
the province of Alicante. The light is a fixed white light, placed at an eleva­
tion of 505 English feet above the sea, and should be visible in clear weather at
a distance of upwards of five miles from S. S. XV. £ VV. round easterly to N. E.
£ N. The illuminating apparatus is catadioptric of the sixth order. The tower
is square, 30 feet in height, and painted with a dirty-white color. It stands at
about 395 yards from the sea, with the lighthouse on Plana or Tabarca- Isle
bearing S. S. E. £ E., and Cape Huertas Lighthouse N. E. £ E., in lat. 38° 12'
30" N., long. 0° 30' 8" west of Greenwhich. In proceeding to the roadstead of Lugar Nuevo, or Santa Pola, and passing inside Plana Isle, the directions relative




747

Journal o f Insurance.

to the Tower of Talayola given in Tofino’s Spanish Pilot must be attended to,
and it must be borne in mind that this light is placed at 24 feet above the upper
part of the window mentioned in that work. All bearings magnetic. Variation 18° 40' west in 1857. By order of the Lighthouse Board,
T H O R N T O N A . J E N K IN S , Secretary.
W

a s h in g t o n ,

M arch 3,1858.

JOURNAL OF INSURANCE.
INCREASED RATES OF INSURANCE.

In a series of letters on currency and commerce, addressed by Mr. Henry
C. Carey, of Philadelphia, to President Buchanan, may be found some valuable
suggestions as to the causes and the cure of the recent commercial distress.
These letters having been republished in pamphlet form by Messrs. J. B. Lippencott & Co., of Philadelphia, are now fully before the reading community, and
will, therefore, be closely examined by the financial leaders of the day. In the
present pamphlet (page 97) Mr. Carey alludes to the increased hazards of insurance,
and to the diminished security in our commercial marine. He makes the follow­
ing statement as to the increased rates of insurance now as compared with
1646-7, viz.:—
KATES OF INSURANCE U P O N A M E R I C A N SHIPS.
F r o m A tlantic ports.

To
To
To
To

Cuba..................................................................per cent
Liverpool........................................................................
India and China..............................................................
and from Liverpool, annual rates on hulls....................

1846.

1898.

1J
1J
If
5

II a 2
a2
21
8

"We think Mr. Carey has somewhat overstated the rates of the present year, if
compared with the same classes of risks as those of 1846. But be this as it may,
the subject is one deserving of security, and our underwriters, having a due
knowledge of the increased hazards, will apply their remedy in the shape of in­
creased premiums, while our shipowners should scrutinize the grounds of such
marked differences. One of the leading members of the Geographical and Statis­
tical Society of New York has had this subject some months under investigation,
and we presume the result of his inquiries will soon be made known. According
to some of our Wall-street underwriters the actual increase in similar classes of
cargo risks at this time, compared with 1846-7, is from 20 to 33 per cent. Cotton
is taken now at f to Liverpool, against 1 a II ten years ago ; but other bulky
articles are charged I I a 2 per cent, while hull risks have increased to 8 or 10
per cent. If we look into the causes of these changes, in view of more extended
science and general information, it will appear that the insurance offices consider
the hazards of loss by collision as fully double what they were in 1846-7. There
are many cases of collision known and recorded, and there, no doubt, have
been many that never will be known. In cases of collision it frequently happens
that one vessel survives the accident, (?) while in others both are carried down,
and none left to tell the story.
2. A second and a very prolific source of loss is the increased burthen of our
ships compared with 1846-7, unaccompanied by commensurate strength. Our
ships of 1,800 and 2,000 tons of the present day are not relatively as strong as
the large ships of 1840-48, measuring 800 and 1,200 tons. Hence the lament­
able and extensive losses by cargoes of grain shipped in bulk, and by railroad
iron shipped from ports where nothing else formed a part of the cargo.
3. Our ships are not as well manned as in 1846-8. Our ordinary seamen at
this day are neither so experienced nor so reliable. Many are shipped as seamen
who are nothing but landsmen, and incapable of duty. They are frequently
shipped in a state of intoxication and unfit for service.




748

Journal o f Insurance.

4.
There is not due caution observed by ships in approaching the coast. The lead
is not used as freely as a due regard for the safety of vessel and cargo should insure.
Another cause, but temporary only, is that property in ships has of late be­
come less profitable, and the insurance value often exceeds the market value.
Under such circumstances it is not surprising that vessels are occasionally lost
because a profit could be made on the policy. These are all points that eminently
claim the consideration of our Chamber of Commerce, so that the true remedy
may be applied at as early a day as practicable. Our underwriters, merchants,
shippers, ship captains, and owners, have a community of interest in this subject.
INCOME INSURANCE COMPANY,

The State of New York has incorporated a company whose principal business
will be to insure large classes of persons who are dependent on what are called
“ fixed income ” for a maintenance. A report to the Legislature sets forth its ad­
vantages in many specified cases, as follows:—
There are numerous instances in which the entire property of families de­
prived of their head, of the aged, or infirm or absent, is in real estate, and those
persons depend solely on the receipt of rent for the necessaries, comforts, and
conveniences of life. If in lieu of the uncertainty, and not frequently the
deduction and loss which tardy-paying tenants and negligent or unfaithful agents
occasions, owners of real estate can be made like holders of public securities,
to realize with punctuality the full amount of their income, it is difficult to es­
timate the advantages and blessings that will be thus secured to them.
This subject is more comprehensive than may at first strike the mind. It
applies to ground rents and leaseholds in all its varieties of warehouse, dwelling,
work-shop, and store. It is not only the landlord, but the tenant, also, who will
be benefited. The stranger who proposes to establish himself in the city of
New York, or persons in the humbler walks of life, find it difficult, however
honest they may be, to obtain suitable dwellings, from the apprehension that the
rent will not be punctually met; or if, owing to misfortune, it is not paid at
maturity, the harsh measure of the dispossessing warrant is almost certain to
overtake them. This company can interpose its protection by insurance and
payment, and thus foster and encourage the deserving, and prevent a most har­
assing process of law.
The company also proposes to insure the interest on bonds secured by mort­
gage ; this will prove a great advantage to the numerous classes of our citizens
who resort to this mode of investment, in the capacity of lender and borrower,
and the committee believe will prevent a large amount of litigation. The bor­
rower will be benefited in a two-fold degree. It will enable him to obtain loans,
where now, although the property is abundant in value for the loan proposed,
his personal security being doubted, his application is rejected. It will also
prevent the very frequent resort to foreclosure for the non-payment of interest
within the time prescribed, to prevent the principal from becoming due, according
to the conditions of the bond. The business community of England has for a
long time adopted this method of interposing the protection of an organized
capital betweeu themselves and uncertainty and loss. “ The Rent Guaranty
Society,” in London, was incorporated under 7th and 8th Victoria, with a captial of a half a million of dollars, and is doing a useful and prosperous business
in all the various concerns of real estate, to which reference has been made in
this report, and the company has become identified with the solid, sound, and val­
uable business institutions of the country.
The gold product of Australia is reported to be steadily diminishing. With
all the improvements in apparatus, with a large increase in population, and with
new fields opening about every week, it is found that the gross product has fallen
off. The escort returns for the year 1856 amounted to 2,594,503 oz., while those
for 1857 are 2,478,816 oz. The shipments for the year exhibit a similar decline.
For 1857 they amount, as given by the customs entries, to 2,159,869 oz., or 114
tons 14 cwt. 8 lbs. against 3,007,381 oz., in 1856, or 125 tons 5 cwt. 6 lbs. 6 oz.




Journal o f Insurance.

749

PENNSYLVANIA INSURANCE COMPANIES.

The following is a statement showing the amount of money paid into the State
Treasury for the year 1857, by Fire, Inland, Marine, Trust, Life, Live Stock, and
Health Insurance Companies, incorporated by the State of Pennsylvania; the
amount of capital authorized ; the amount paid in ; the name of the company,
—transmitted by the Auditor-General in reply to a resolution of the House of
Representatives, of February 18th, 1857
Total
am ount
A m ou n t paid in 5
paid 1857.
years.

Name of Company.
$4,068 95
Pittsburg Trust Company.............................
Delaware Mutual Safety Insurance Co. . . .
$770 13 2,871 31
American Fire Insurance Company............ 1,110 00 5,443 33
Fire Insurance Co. of the County of Phila.. .
407 50 1,455 50
Insurance Company of Pennsylvania, Phila.
235 00 5,320 00
Insurance Company of North America....... 2,000 00 8,750 00
Reliance Mutual Insurance Company..........
533 75 2,269 01
Girard Life Insurance, Annuity, & Trust Co. 1,275 00 6,000 60
Phoenix Mutual Insurance Company...........
550 31 1,957 40
Globe Life Insurance, Annuity, & Trust Co.
729 38
05
American Mutual Insurance Company........
106 25
531 25
Penn Mutual Life Insurance Company........
1,595 13
Franklin Fire Insurance Company.............. 4,400 00 15,200 00
American Life and Health Insurance C o . ..
224 00
92 00
Philadelphia Fire and Life Insurance C o . ..
175 86
National Safety Insurance and Trust Co . ..
750 00 2,850 00
6,691 76
Union Mutual Insurance Company..............
Equitable Life Insurance Company............
615 92
United States Life Insurance and Trust Co.
529 00 2,029 00
The Keystone Mutual Life Insurance C o . ..
Citizen’s Insurance Company......................
1,257 62
372 01
Columbia Insurance Company.....................
48 31
Western Insurance Company.......................
1,575 00 5,625 00
Associated Firemen’s Insurance Company..
789 07
Pittsburg Life Insurance Company..............
400 50
American Life Insurance Company............
1,100 00
Pennsylvania Fire Insurance Company....... 2,000 00 9,000 00
Pennsysvania Company for Insurance on
Lives and granting Annuities...............
8,600 00
. . .
. .
110 16
Mercantile Mutual Insurance Company.. . .
Commercial Mutual Insurance Company...
40 58
Philadelphia Insurance Company................
252 00
Commonwealth Insurance Company............
415 87
Pennsylvania Insurance Company...............
288 7S
366 73
Spring Garden Insurance Company............
120 00
480 50
Western Insurance Company.......................
112 35
307 35
Atlantic Mutual Insurance Company..........
45 00
Central Insurance Company.........................
516 41
350 09
Commonwealth Insurance Company..........
500 02
575 00
Inland Insurance and Deposit Company....
260 00
456 47
Jefferson Fire Insurance Company..............
257 41
363 18
Merchants’ ^ Mechanics’ Insurance Company,
(now Importers’ and Traders’.).................
35 35
60 35
Anthracite Insurance Company....................
48 96
48 96
Eureka Insurance Company......................... 1,128 75 1,128 75
Fame Mutual Insurance Company..............
75 00
75 00
Fire Insurance Co. of the State of Penn......
1,200 00 1,200 00
Pittsburg Life, Fire, dc Marine Insurance Co.
84 56
84 56
Monongahela Insurance Company................
Farmers’ <fc Mechanics’ Insurance Company.
Exchange Mutual Insurance Company........




A m ount
capital
A m oun t
stock
capital
authorized. paid in.

$200,000 $200,000
100,000
30,820
277,500
200,000 100,000
200,000
500,000 500,000
300,000
120,000
100,000

300,000
53,000

400,000
500,000
100,000
250,000
100,000
250,000
250,000
200,000
300,000

400,000
5,000
15,680
50,000
68,646

.

. . .

90,000

300,000

15,000

200,000

200,000

500,000

80,000

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

. . . . . .

500,000
300,000
200,000
100,000
500,000
200,000
110,000
125,000
100,000

100,000
13,896
120,000
37,450
25,731
44,0^0
10,000
52,000
85,805

200,000
100,000
175,000
100,000
200,000
300,000
175,000
300,000
100,000

18,959
10,000
103,000
60,000
14,950
35,000
202,300

750

Postal Department.

The following list of Insurance Companies located in Philadelphia, was handed
to us by a gentleman connected with that business, which have never reported to
this office, as contemplated by the 71st section of the act of May 7th, 1855 :—
Capital
paid in.

Capital
paid in.

Hope Insurance Company........
Manufacturers’ Insurance Co . .
Lombard Insurance Company..
Consolidation Insurance C o . . . .
County Fire Insurance Co. . . .
Contin’ntal Fire Marine Ins. Co.
G. Western “
“
“
Howard
“
“
“

$500,000
500,000
500,000
300,000
100,000
1,000,000
500,000
500,000

Quak’r City Fire & Marin’ Ins. Co. $20u,u()0
Kensington “
“
“
300,000
Neptune
“
“
“
100,000
Odd Fellows’ Fire Insurance Co................
Corn Ex. Fire & Marine Ins. Co. 200,000
Indep’nd’nt Mutual
“
“
300,000
Mutual Fire & Live St’k Ins. Co. 300,000
Fire Association Fire Ins. Co....................

POSTAL DEPART3IENT.
BRITISH POST-OFFICE.

The Fourth Annual Report of the Postmaster-General of Great Britain is
just issued, and it is a document of more than ordinary interest. In its facts and
statistical tables we see the marvelous progress that has been made in the dis­
tribution of letters and the increase of revenue, since the commencement of Mr.
Rowland Hill’s penny postage, in January, 1810. The report informs us that
there are in the United Kingdom 11,101 post-offices, an increase during the year
(1857) of 235. Of these, 810 are head post-offices, and 10,291 are sub-post offices.
During the year free deliveries were established at 1,041 places were none existed
before, and the year previous (1856) at 1,038 new places. The facilities for free
letter delivery were also greatly increased at 281 different places in 1856, and
297 places in 1857. Since the improvement of the letter delivery system, com­
menced in 1851, there has been a free delivery of 300,000 letters a week—about
sixteen millions in a year— that could formerly only be obtained by application
at the Post-office. During two or three years there have been 60 receiving
houses, and 66 letter pillars set up in London, giving the Londoners, for the de­
livery and distribution of their mail and local correspondence, 560 receiving
houses, where letters can be posted— six distinct offices, 66 letter pillars— cast
iron columns in the street, that are opened by a letter collector every hour—and
2,232 letter carriers. The effects of these improvements are visible in the vast
increase of correspondence. The following table shows the letters mailed in
London, and in the kingdom, during the last ten years:—
\
Year.
1848..................
1849...................
1860.............................
1851................. .
1852................. ...........
1853................. ............
1854.............................
1855...................
1856.............................
1857................. ............




London
local
letters.
38,888,000
40,403,000
42,816,000
46,192,000
47,895,000
52,134,000

London.
mail
letters.
45,991,000
45,846,000
44,856,000
47,810,000
51,171,000
54,402,000
57,186,000
59,647,000
64,961,000
66,233,000

Total
London
letters.
79,664,000
79,806,000
83,744,000
88,405,000
91,574,000
97,218,000
103,378,000
105,492,000
112,856,000
118,367,000

Letters
in the
kingdom.
328.830.000
337.399.000
347,069,000
360,647,000
879,501,000
410,817,000
443,649,000
456,216,000
478,394,000
504,421,000

Postal Department.

751

The “ local” circulation in London consists of the letters mailed in London
for delivery within the London postal district, and the mail letters are those
written in London to go through the mails out of town. In the local circula­
tion there was an increase of over four millions of letters within the year ; or
over 8 per cent, while the mail letters increased but 1,200,000 or less than 2 per
cent. Since the letter delivery system was greatly increased, and fairly in opera­
tion, there has been an increase of some 25,000,000 letters annually. The gross
revenue, the expenses, and the net revenue or clear profits, with the amount of
money remitted in the kingdom annually, in money orders, show the practical
working of the English postal system.
Year.
1840......................................
1845......................................
1850......................................
1855
............................
1856
............................
1857
............................

Gross
revenue.
$1,251,137
9,943,830
11,871,085
14,449,900
15,110,915
15,856,150

Expenses.
$4,293,385
5,627,970
7,303,925
8,256,820
8,301,145
8,604,075

Net
revenue.
$2,957,752
4,315,860
4,667,110
6,193,080
6,809,770
7,252,075

Amount
of money
orders.
$4,804,878
32,066,805
42,472,493'
55,046,395
59,027,810
60,901,365

In looking over this report of the most noted postal establishment of the
civilized world, one fact stands prominent, and that is the vast amount of local
correspondence in all densely populated localities. A dozen towns and cities in
Great Britain furnish one-half of the correspondence and revenue. The business
at the following places are an exemplification :—
Cities.
London ............................
Liverpool.........................
Manchester.....................
G lasgow .........................
Dublin..............................
Edinburgh.......................
Birmingham...................
Bristol...............................
Total.........................

Postal
receipts.
1831).
501,895

194,245

Postal
receipts.
1837.
$4,169,780
524,325
448,825
344,435
301,955
295,885
210,535
156,320

Money orders issued.
1857.
$8,422,620
1,822,360
1,892,530
824,600
1,374,525
663,175
913,720
623,830

Money orders paid.
1857.
$15,082,735
1,835,340
1,902,750
1,000,120
1,089,230
1,051,645
1,528,305
1,020,110

$6,446,040

$16,014,240

$24,510,230

The above places contribute four-tenths of the postal revenue of Great Britain.
The business transacted in money orders seems enormous; in the kingdom, over
sixty million dollars in a year, and in London alone the orders paid in a year
amount to fifteen millions, and the orders issued, to over eight millions.
The newspapers sent by post last year numbered 71,000,000. the same as the
year previous. Of these 51,000,000 bore the impressed stamp, (printed red on
the sheet,) and the rest were paid in postage stamps. Last year the book packets
numbered 6,000,000; in 1856 there were only 3,000,000, and in 1855 less than
a million and a quarter. The book packets average 5£ ounces in weight, and
bear an average postage of 4 i cents. The immense increase of books and
pamphlets in the mail was in consequence of some reduction, and a great sim­
plification, of the rates of postage. Each package of printed matter that does
not weigh over four ounces is charged a penny, the same as a letter ; over four
and less than eight ounces, two pence, (4 cents,) and beyond that, two pence for
each half pound or fraction of a half pound. Reckoned by weight, letters pay
just eight times as much postage as printed matter.




752

P ostal Department..

The railway service is not entirely satisfactory to the postal authorities, and a
new bill was introduced in Parliament by the Postmaster-General, the Duke of
Argyle ; the draft of which is given in the report, but it was withdrawn on ac­
count of opposition. Railway service costs on the average 181 cents a mile, and
the noble duke remarks that it is about double the sum paid for railway postal
service in America. But the British postmaster must remember that they have
three or four times as many letters as we have, while our railroads exceed theirs
in extent in just about the same ratio. Many railways have obliged the postoffice and the public by agreeing to an arrangement for a “ parcel post service,”
by means of which a bag or bags can be sent by any or every train at parcel
rates.
An item of the postal service of Russia is given, showing that in 1855 only
16,400,000 letters were posted in Russia, while “ almost exactly the same number
was posted in the single city of Manchester and its suburbs,” in the same time.
The report speaks of the “ petty frauds” practiced by persons in the kingdom
and the colonies, in using newspapers in lieu of letters— writing on them—this
being attributed to the “ great disparity in the rates of postage” on printed
and written matter, between the mother country and the colonies. A certain
remedy for this evil would be to lower the rates of postage over sea, from six
pence (12 cents) to two pence sterling.
Traveling post-offices on railways, clerks, or post-office agents on some of their
ocean steamers, and other facilities for a late mailing and early delivery of letters,
are explained, and their results made known. While noting the fact of new
postal conventions and treaties with Belgium, France, and the “ interesting State”
of Liberia, the Postmaster-General regrets that no progress has been made to­
wards good postal arrangements with Portugal, Spain, or the United States of
America. One gross half (about 7i million letters) of all the correspondence be­
tween Great Britain and the entire commercial world is with France and the
United States. And notwithstanding “ the great intercourse, both commercial
and social,” between the two nations, “ the present high rate of postage, and the
want of a comprehensive and liberal arrangement for the transmission of books
and other printed matter, are highly objectionable.”
One curious fact the report mentions— “ A British post-office has been opened
at Constantinople. Rowland Hill has established a postal link between Sestos
and Abydos.” Future Leanders will no more swim the Hellespont, and discon­
solate Heros will sigh for the arrival of the penny-postman.

BEAD LETTERS.

In the examination of the dead letters at the General Post-office for the last
quarter of the year, there were found 2,472, which contained money amounting
to §13,457. The three previous quarters gave 2,352 letters, enclosing §13,361;
2,245 covering §12,655; and 2,202 letters §11,812. Thus in one year 9,271
letters were discovered, covering $51,285; nine-tenths of which have been,
through the prompt and judicious action of the finance bureau, restored to their
original owners.




Railroad, Canal, and Steamboat Statistics.

753

RAILROAD, CANAL, AND STEAMBOAT STATISTICS.
THE PHILADELPHIA AND LAKE ERIE RAILROAD.

This is to be the title of the road heretofore known as the Sunbury and Brie,
the completion of which has been secured by the passage of the law for the sale
of the remaining State canals. This road will have the advantage of being the
shortest that can be constructed from Lake Erie to the Atlantic. The length
from Sunbury, on the Susquehanna, to Erie is 268 miles ; of which 40 miles,
extending to Williamsport, are in successful operation, and paying ten per cent
on its cost, and by the expenditure of about $750,000, the road can be finished
and put in operation about 68 miles further, extending to Sinnemahoning, thus
completing 108 miles of the eastern division. On the western division, 64
miles, reaching from Erie to Warren, can be completed for about $1,000,000,
leaving 96 miles of the entire work still to be constructed. By the sale of the
canals to responsible parties, the company will be enabled to construct this por­
tion of 96 miles, or at least will be able to make such progress in it, that the
matter of completion will be rendered a foregone conclusion.
The advantage to this city and Erie by the completion of the road, as well
as to the intermediate region, can scarcely be estimated, while the whole Com­
monwealth will be benefited by getting rid of the expense of the canals, and,
at the same time, receiving a fair remuneration for their present value, besides
tens of thousands of dollars from taxation on the increased value of the land,
for at least twenty miles, on either side of the road. The Canal Board will go
out of existence, while the canals will pass into hands more capable of man­
aging them economically, so as to yield a good interest on the money invested,
and at the same time increase the facilities for transportation.
The passage of the bill authorizing the sale of the State canals, other than
the main line, has given the utmost satisfaction among all classes of the com­
munity.
RAI LROADS IN OHIO.

The Cincinnati Railroad Record gives a list of thirty-two railroad companies
in that State, whose lines in operation, including branches, amount to 2,773
miles. In response to the inquiries of the Record for information in regard to
the capital, debt, and cost of each of the lines, there were returns from nine out
of the thirty-two companies as follows :—
Cincinnati, Hamilton, and Dayton.........
Cleveland, Columbus, and Cincinnati...
Eaton and Hamilton.............................
Little Miami............................................
Pittsburg, Fort Wayne, and Chicago...
Sandusky, Dayton, and Cincinnati.........
Springfield, Mount Vernon, tk Pittsburg.
Steubenville and Indiana........................
Toledo, Wabash, and Western...............

V O L . X X X V I I I . ----NO. V I .




Capital.
$2,155,800
4,746,220
469,760
3,000,000
6,230,359
2,697,090
3,000,000
1,905,528
2,900,100

Debt.
$1,427,000
90,000
960,818
1,226,000
9,322,876
2,742,000

Total cost.
$2,624,442 86
4.746,220 00
1,430,580 00
3,925,157 30

3,422,273
7,550,000

5,327,800 82
10,700,000 00

$27,104,857
48

$26,740,966

$33,338,360 42

4,594,15G 44

754

Railroad, Canal, and Steamboat Statistics.

Probably the whole cost of railroads in Ohio will not fall short of $100,000,000,
only one-third of which is responded to in a call for information so easily fur­
nished as the cost of a railroad. I f anything could demonstrate the necessity
of a thorough investigation into, and publicity of, the condition of our rail­
roads, it is such facts as these. Here is a property of some $67,000,000, in­
volving every year in its operations an outlay of probably ten times as much
money as the whole expenses of the State government, and yet the public are
left to guess at all the important facts.
RAILROAD RECEIPTS FOR MARCH,

For the last four years almost every month’s returns has shown an excess of
receipts over that of the same month in the preceding season , until the present
spring, when a marked decline is manifest in almost all sections, as indicated in
the following table. Railroad earnings for March
Harlem................................................
Norwich and Worcester.....................
Pennsylvania......................................
B rie....................................................
Great Western...................................
Sandusky and Mansfield....................
Pittsburg, Fort Wayne, and Chicago. .
Terre Haute, Alton, and St. Louis......
North Missouri....................................
Pock Island..........................................
Michigan Southern...............................
Michigan Central.................................
Illinois Central................................... .
Galena and Chicago.............................
Baltimore and Ohio.............................
Toledo and Wabash.............................
Northern Pennsylvania.......................
Cleveland and Toledo..........................
Covington and Lexington....................

1857.

1858.

888,559
25,583
590,875
482,893
38,889

193,147
19,440
504,894
467,539
38,564
13,634
149,319
71,975
12,234
82,830
168,681
165,936
153,326
100,203
441,649
59,124
25,882
89,720
30,715

165,491
71,505
3,568
140,649
212,542
506,509
174,355
128,653
548,262
17,039
127,649
29,640

Increase. Decrease.
$4,538
....
$6,143
85,981
15,314
325
....
16,172
....
467
8,666
....
57,819
63,961
40,573
20,929
28,460
106,613
....
8,858
69,789
....
1,070
....

OPENING OF NAVIGATION-DETROIT AND SAUT ST, MARIE,
S A U T 8T . M A R I E .

D E T R O IT .

1844, March.......................................
1845, January....................................
1S46, March.......................................
1847,
“ .......................................
1848,
“ .......................................
1849,
“ ......................................
I860,
“ .......................................
1851,
“ .......................................
1852*
“ .......................................
1853,
“ .......................................
1854, “ .......................................
1855, A p ril.......................................
1856,
“
.....................................
1857, March.......................................
1858,
“ .......................................

1 April..........
4 April..........
14 April..........
30

...

23

22
21
26
19
22

...

26

14

...

9
3
2

7

15
24 M ay..........
17

28

7
3

21
2 M ay..........

1

...

6

The exact day of the opening of Saut Canal in 1855,1856, and 1857, may
vary a day or two from the above.
The grand mean temperature for the month of February, for ten years, was
18° 13" at Saut St. Marie, from observations kept at Fort Brady.




Railroad, Canal, and Steamboat Statistics.

155

The Ontonagon Advocate of April 1st, which we received last week, says
It
has been generally taken as a rule by our old residents that within a few days of
a fortnight after the ice leaves the Ontonagon River, we will be favored with a
boat from the lower country. We annex the following dates at which the ice
has left the Ontonagon River for the past six years:—
1853
1854
1855

.................................. April14 1856
....................................
“ 17 1857
....................................
“ 18 1858

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

April 17
May
4
March 29

By the above it will be seen that we are more than a month in advance of last
season, and may with good reason look for a steamer by the middle of April.
OPENING OF THE NEW YORK CANALS.
The Canal Commissioners on Wednesday morning adopted the following reso­
lution :—
Resolved, That the canals of this State be, and the same are hereby declared,
open for navigation on and after Wednesday the 28th day of April, 1858, except
the Champlain Canal, which shall be opened on the 20th day of April, 1858.
The dates of the opening for the last ten years were as follows :—
6 1862........................................... April20
“ 15
5 1851.............................................
1
X 1850.............................................
“ 22
“
1 1849......................................... May 1
“
1
April 20 1848.........................................

May
“

1857
1856
1865
1854
1863

it

Notwithstanding that the tolls have been reduced fifty per cent, the receipts
for the first seven days of navigation were §28,000 against §4,446 first seven
days last year.
STEAM ON CHESAPEAKE AND OHIO CANAL.
A writer in the National Intelligencer remarks that he has for some time past
heard a great deal about a steam propeller, which was said to be accomplishing
wonders on the Chesapeake and Ohio Canal. As he happened to be in Georgetown
when this boat last arrived from Cumberland, and was struck by its appearance,
he obtained some particulars respecting its advantages and success, which are
subjoined. It bears the name of its inventor, a worthy townsman, Capt. J. L.
Cathcart. It has already made in regular trips upon the canal no less than
1,740 miles, and passed the narrow locks thereon 730 times without once strik­
ing, besides paddling up and down the Potomac River a distance of nearly 500
miles. On questioning Capt. Cathcart in regard to the advantages which he
claims for his pet vessel, he replied as follows :— Will cause an improvement in
morals, as it employs no mules for the men to curse; the saving in tow-lines
furnishes head-light and oil for engine; shoeing mules and repairs of harness
will cover breakages and repairs of engine; fuel costs one dollar per day run­
ning time, or one-third of mule feed; no expense for fuel when canal breaks or
boat in port; time gained over mule travel at least one-fourth ; no towing upon
arrival at tide; no mule travel to damage tow-path ; every advantage in slackwater and ponds by cutting across; same number of hands as mule-boat, and
no greater expense; no fever and ague whilst running ; room for machinery
less than that for mules ; difference of weight three tons ; engine will outlast three




Railroad, Canal, anrf Steamboat Statistics.

156

sets of mules, and will load and unload its own cargo, pumps out the bilgewater, and consequently causes less manual labor; does not damage the banks
by washing, but on the contrary removes all bars on the canal; and expense of
wintering engine twelce-and-a-half cents for tallow. Capt. Cathcart is also pre­
pared to demonstrate that he can bring coal from Cumberland at a cost of 45
cents per ton less than any boat drawn by mules. If all these claims can be
substantiated, and we have no doubt they can, it would really seem as if a rev­
olution in canal navigation was about to take place.
ILLINOIS RAILROAD SYSTEM .

In a late lengthy review of the traffic of Illinois railroads for 1857, published
in the Chicago Press, that journal states that there are now 2,775 miles of rail­
road completed and in operation in that State. In 1855, Illinois had only 95
miles of railroad completed. Such a result in so short a period is a just cause
of honest pride to every citizen of that State.
The number of trains arriving and departing daily at Chicago is set down at
one hundred and twenty; and the earnings of the railways centering in that
city, for the year 1857, are presented in the following table :—

,

----------------------------------------E A R N I N G S ------

F r o m passengers.

Freight.

Chicago and Mississippi .,
Racine and Mississippi............................................................
Chicago, St. Paul, & Fond du Lac $239,398 10 $178,452 66
Chicago and Milwaukie.........................................................
Galena and Chicago Union........
726,909 58 1,321,737 67
Fox River Yalley.....................
8,465 29
14,465 87
Mineral Point...........................
28,720 07
22,676 07
Dubuque and Pa.......................
1,552 21
11,630 39
Chicago, Iowa, and Nebraska...
592,565 81 1,280,522 77
Chicago, Burlington, & Quincy.
30,613 45
17,836 38
Beloit and Missouri...................
146,422 12 173,011 04
742,949 84 882,384 16
147,911 35 148,244 30
Chicago, Alton, and St. Louis... 442,434 18 623,806 43
1,064,978 46 1,037,987 55
991,175 14 653,916 61
1,316,478 21 833,053 80
1,447,526 78 1,180,819 25
New Albany and Salem.

Mails, etc.

$11,544 54
69,258 72
650
273
448
16,497
687
18,890
65,967

35
89
05
92
75
73
57

32,068
190,998
53,787
31,592
78,125

86
56
48
96
33

Total.

$522,731 92
271,608 44
429,305 39
441,408 94
117,904 97
80,000 00
23,681 52
61,660 05
19,830 65
1,889,586 49
49,044 58
337,323 89
1,681,101 57
296,155 74
998,309 47
2,293,964 57
1,652,727 95
2.186,124 97
2,656,471 36
631,868 00

18,590,520 26

T o ta l

RAILROADS IN GREAT BRITAIN.

The London correspondent of the National Intelligencer gives the following
interesting statement in regard to the growth of the railroad system of Great
Britain :—
Another striking feature of this country is the railway system, and we ven­
ture to quote a few figures from recent Parliamentary documents, to show the
vast extent of the field over which it extends. About thirty-eight years ago
George Stephenson drove the first engine over the first English railway opened
as a public highway; the number of passengers now conveyed by railway in
Great Britain and Ireland is about 134,000,000 per annum. The rate of in­
crease in the passenger traffic is almost marvelous. In 1851 the number of




Railroad, Canal, and Steamboat Statistics.

757

passengers was eighty-one millions; in 1852, it was eighty-nine millions ; in
i 853, one hundred and two millions ; in 1854, one hundred and fourteen mil­
lions ; in 1856, one hundred and twenty-nine millions; and last year, as above
stated, one hundred and thirty-four millions. To conduct this enormous traffic
over 9,000 miles of railway, and through 3,121 stations, the different companies
employ 109,660 persons in various capacities. The personal accidents arising
out of this aggregate of locomotion and service in 1857 were in number 974;
236 persons having been killed and 738 injured on railways in Great Britain
and Ireland in that year. Of these casualties comparatively few were sustained
by passengers. Bor every passenger that was killed, 2,791,686 escaped fa­
talities ; and for each one who was injured, 20,743 completed their journeys in
safety. Of the servants 75 were killed and 34 injured owing to their own mis­
conduct or want of caution, and only 18 were killed and 39 injured from causes
over which they had no control. Of the accidents which arose to persons who
were neither passengers nor servants, 54 lost their lives and 14 were injured
while trespassing, and six committed suicide; 25 were killed and 5 injured at
level crossings, and 10 lost their lives while attending to their business on or
near railroads. When we consider the vast amount of mechanical power in
play amid this traffic, and the complexity of its human machinery, we may
justly regard the measure of safety attained as a triumph of skill and man­
agement, of which the age may be justly proud.
DELAWARE AND HUDSON CANAL,

The managers of the Delaware and Hudson Canal Company have issued their
report for the year ending March 1. The quantity of coal mined and brought to
market was 480,678 tons. The net profits for the year amounted to $685,386 96,
or a little over 9 per cent on the capital stock. The canal was opened on the
13th of May, and closed on the 7th of December. The amount received for tolls
from all sources was $434,507 97. It states that the anthracite coal trade of
the United States has grown from 365 tons in 1820 to 6,751,542 tons in 1856 :—
STATEMENT OF THE BUSINESS OF THE DELAWARE AND HUDSON CANAL COMPANY FOR T H E
TEAR ENDING MARCH 1, 1858.

To coal on hand, March 1, 1857.........................................................
To mining coal.....................................................................................
To railroad transportation and repairs..............................................
To canal repairs and superintendence................................................
To freight of coal to Rondout............................................................
To labor and expense at Rondout......................................................
To rent, salaries, current expenses, etc., New York office.................
To coal-yard and harbor expenses, taxes,interest, etc.......................
Depreciation account, suspended debts, etc........................................
Balance...............................................................................................
Total............................................................... .............................
By sales of coal to March 1, 1858......................................................
By canal and railroad tolls collected..................................................
By profits of barges, etc......................................................................
By coal on hand at Honesdale, Weymart, Rondout, and New York.
Total.............................................................................................
Balance.................................................................................. ..
CONNECTICUT

1741,292 50
311,127 95
266,770 98
256,855 IS
448,365 53
68,295 84
31,290 45
214,230 12
32,000 00
685,386 96
13,055,615
$2,009,601
435,193
20,112
690,703

47
28
44
25
50

$3,055,615 47
$685,886 96

RAILROADS.

The Govnernor states, in his message, that there are now in operation within
the limits of Connecticut five hundred and eighty-nine miles of railroad, which
pass through more than one-half of the towns in the State. The cost of these




758

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

roads and their equipments is $26,423,694 19. The facilities which they fur­
nish for the rapid conveyance of passengers and property have done much to
promote the comfort and prosperity of our citizens. They have been con­
structed under legislative authority, by men of enlarged views, many of whom
were stimulated by the noble desire of increasing the business, and developing
the resources of wealth within our borders. In relation to this interest he re­
marks :—
To do justice between these corporations and the public, I regard it as es­
sential :—First, that the party who operate a railroad shall be responsible for
any loss or personal injury which may arise from the neglect of such party, or
the carelessness of employees. Second, that creditors be so far protected that
when a corporation defaults its interest or its principal, it may be prevented
from operating its road so as to decrease the value of its property to the injury
of its mortgagees. Third, that mortgagees have full authority to foreclose,
and with such foreclosure that all the corporate powers of the company be
vested in the party foreclosing.
CURIOUS FACTS I1V REGARD TO RAILROADS.

The Virginia and Tennessee Railroad is 204 miles in length, and it cost about
$7,000.000. In 1850 tl^ taxable value of the land in the counties through
which it passes, as taken from the census, was $28,942,647, and in 1856 the
State assessment makes it $53,917,229 ! or an increase in six years of $25,365,558.
This sudden increase is alone the result of an internal improvement which has
cost only $7,000,000.

JOURNAL OF MINING, MANUFACTURES, AND ART.
COTTON MANUFACTURES IN GERMANY, ETC.
EXTRACT TAKEN FROM THE BREMEN HANHEESBLATT OF THE COTTON MILLS NOW
RUNNING IN THE ZOLLVEREIN.

It is very remarkable, considering the great importance of the cotton trade
in the commercial as well as the domestic economy of the country, and its ex­
traordinary increase, that until lately there was a want of statistical information
in the “ Zollvereiu ” with regard to the existing management of the mills, as well
as of the number of spindles employed.
The reason for this may be found in the fact, that the collecting of statistical
information was reserved to private persons, except in Prussia and Saxony,
where the government undertook to gather statistics, not only of their own
countries, but of others comprising the “ Zollverein ”
In undertaking, therefore, to form an estimate of the number of spindles now
actually employed within the limits of the “ Zollverein,” and the probable in­
crease thereof in the course of a year, we must be indulged on the score of ex­
actitude ; for some of the information on which we rely is purely of a private
nature, and some of it is made by approximating statements where the es­
tablishments have not thought proper to be exact. Besides, it must be re­
membered that the official statistics of Prussia and Saxony are not of late dates,
and to these dates the new establishments must be added. Again, it is to be
remembered, that in calculating the consumption of cotton but two products
are named, North American and East India; in the latter are included the
different kinds from other countries used in the mills. This will suffice to show
the essential part, and to prove the high rank this industrial pursuit has already




Journal o f Mining, Manufactures, and A rt.

759

attained in the “ Tariff-Union,” or “ Zollverein,” and how bright a future awaits .
the importers of cotton in the Northern German seaports.
In order to show the enormous extent of this branch of business industry into
the “ Zollverein” or “ Tariff-Union,” we here append its operations in simple
districts, and commence with the—•
KINGDOM OF BAVARIA.

This country ten years ago counted scarcely 50,000 spindles, but at the pres­
ent moment has 16 mills, working 316,700 spindles, and consuming yearly 29,800
bales North American and 5,800 bales East India. There are now being built
two more mills, to work 80,000 spindles, which will be in running order in the
course of a year, and will consume about 7,500 bales North American and
1.000 bales East India; besides this there will be an increase of six more mills,
running 152,000 spindles ; so that in the course of the next year there will be in
running order 18 mills, with 548,700 spindles, consuming 50,050 bales North
American and 10,200 bales East India. There are also some mills that produce
only half wool and use cotton as a mixture.
The largest mill is situated in Augsburg, and has in working order 88,000 spin­
dles. The smallest is in Kempter, and works 1,200 spindles.
THE KINGDOM OF SAXONY

Possesses, as the mother of the German cotton mills, the largest number, viz.—
133 mills, working 554,646 spindles, with a yearly consumption of 34,200 bales
North American, and 34,000 of other kinds. A large mill has just been built,
which will run 50,000 spindles and consume about 3,500 bales North American
and 2,000 bales of other kinds. The total number of mills now in working order
is 134, running 604,646 spindles, and consuming yearly 36,700 bales North
American, and 36,000 bales of other kinds.
The largest mill has 50,000 spindles in working order, and the smallest 120
spindles.
PRUSSIA.

According to the last official report received from the kingdom of Prussia
there were 20 mills, with 289,000 spindles, with a yearly consumption of 22,500
bales North American and 9,000 bales East India. There are now building six
mills which will work 135.000 spindles, and consume yearly 10,500 bales North
American and 4,000 bales East India. Making a total of 26 mills, with 424,000
spindles, and a yearly consumption of 33,000 bales North American and 13,000
bales East India.
THE GRAND DUCHY OF BADEN

Has 10 mills, running 185,600 spindles, and consuming yearly 18,600 bales
North American and 6,200 bales East India. There will be one mill built this
year to run 25,000 spindles, and to consume 1,500 bales North American. The
total number of mills now in running order is 11, working 210,600 spindles, and
consuming yearly 20,100 bales North American and 6,200 bales East India.
The owners of these mills are living in Switzerland.
THE KINGDOM OF WURTEMBERG

Possesses 12 mills, working 119,000 spindles, and consuming yearly 11,950 bales
North American and 3,700 bales East India. Three of these are being enlarged
to the extent of 15,000 spindles, and will then consume about 1,650 bales North
American more. The total number of mills in running order is 12, working
134.000 spindles, and consuming yearly 13,600 bales North American and 3,700
bales East India.
THE KINGDOM OF HANOVER

Possesses only one mill, running 48,800 spindles, and consuming yearly 3,000
bales North American and 3,000 bales East India. There is being rebuilt on
an enlarged scale one which will work, when ready, 7,000 spindles, consuming
1.000 bales East India.




760

Journal o f Mining, Manufactures, and A rt.
THE GRAND DUCHY OF OLDENBERG

Possesses 4 mills, working 20,400 spindles and consuming 1,200 bales North
American and 3,200 bales East India. A new mill is building, which, when in
operation, will work 20,000 spindles, and consume 1,000 bales North American
and 1,000 bales East India; so there will be next spring five mills in working
order, running about 40,400 spindles, and consuming yearly 2,200 bales North
American and 4,200 bales East India.
There are at the present moment in operation—Mills.

Spindles.

N . A m erican
cotton.

E. India
cotton.

Bavaria.........................................
Saxony..........................................
Prussia..........................................
Baden..........................................
Wurtemburg.................................
Hanover......................................
Oldenberg.....................................

16
133
20
10
12
1
4

316,700
554,646
289,000
185,600
119,000
48,800
20,000

29,800
34,200
22,500
18,600
11,950
3,000
1,200

5,800
34,000
9,000
6,200
3,700
3,000
3,200

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

196

1,534,146

121,250

64,900

o

20,050
3,500
10,500
1,500
1,650

4,400
2,000
4,000

1
1

232,000
50,000
135,000
25,000
15,000
7,000
20,400

1,000

1,000
1,000

12

484,000

88,200

12,400

The following are being enlarged—
Bavaria.........................................
Saxony..........................................
Prussia..........................................
Baden..........................................
Wurtemburg.................................
Hanover......................................
Oldenberg.....................................
Total.................................

i
6
1

.

....
....

So that in the course of the next year there will be in running order :—
Bavaria............................................
Saxony.............................................
Prussia.............................................
BadeD.............................................
Wurtemberg....................................
Hanover.........................................
Oldenberg....... ( ...............................
Total...................................

18
184
26
11
12
2
5
208

548,700
604,646
424,000
210,600
134,000
55,800
40,400
2,018,146

50,050
36,700
33,000
20,100
13,600
3,000
2,200

10,200
86,000
1.3,000
6,200
3,700
4,000
4,200

158,650

77,300

Prom a book written by Mr. E. Engel on the subject of the Mills in the
Kingdom of Saxony, we take some remarks that will be of particular interest in
this place
“ The number of spindles in the “ Tariff-Union,” or “ Zollverein,” is
estimated at about 1,200,000, consuming 160,000 bales cotton.” In the mean­
time we see by our calculation up to 1858 the mills enlarged in two years to
1,534,000 spindles, consuming 186,000 bales of cotton. In the course of next
year there will be 208 mills, working 2,018,146 spindles, and consuming 235,950
bales of cotton.
It may be here observed that one man has generally under his charge 50 spin­
dles ; therefore, 40,362 men will be employed in the various mills in “ Zollverein,”
or “ Tariff-Union.”
“ In Switzerland there are about 1,250,000 spindles, and in France about
3,250,000. The number in England is stated to be about 21,000,000.”
“ We find according to the last official statement (in the year 1851) received
from the Imperial State of Austria, 208 mills, working 1,482,138 spindles, and
consuming yearly 130,000 bales of cotton.”
“ It has been impossible for us to give later figures, but we think we are
not wrong in saying that the above enlargement may be considered at 15 per
cent.”
“ With the above figures are included—




761

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

Spindles.

Cotton
consum ed.

Tyrol.....................................................
Bohemia...............................................

20
79

195,000
460,000

17,000
35,000

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

99

655,000

52,000

We quote these especially because they are accustomed to get the largest part
of their raw material through the Northern German ports, and send a great part
of their produce into the “ Zollverein.” And if the latter is less the case with
the Austrian mills below and above the river Ems, still they have found out
that iu the Northern German ports they have the quickest and cheapest trans­
portation.
Nevertheless, the increase of cotton mills and the continual importation of
English spun goods, which in the “ Zollverein ” amounts annually to 556,000
quintals, representing at least 175,000 tales of cotton, show us that this branch
of industry is capable of a farther increase.
It is likewise a natural consequence that the extension of this branch of busi­
ness will cause a larger importation of cotton, and will enlarge the markets of
the Northern German ports.
But the considerable fitting out of our merchantmen and the low tariffs on
the railroads have also shown us the flow of the cotton trade from the North­
ern German seaports into Switzerland and Austria to be such as to make it
necessary to have an intermediate road to induce France, Belgium, and Holland
to become German customers.
In this relation if we debit such as is imported from foreign ports into the
“ Zollverein” for our own account, and that which is over and above what has
been sent out be credited, it is certain that it must become advisable for Ham­
burg and Bremen to import cotton enough direct for the consumption of the
“ Zollverein,” to wit, 236,000 bales.
The direct importations in the past year were—
N . A m erican .

Hamburg......bales
Bremen................

25,699
86,079

E . Indian.

15,582
26,605

S. A m erican.

1,033
533

W . Indian.

6,373
395

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

Total.

48,587
113,612
162,199

Still 90,000 bales too little.
THE COTTON MANUFACTURES OF FRANCE.

Next to Great Britain, France is our best customer for cotton, and in the fac­
tories of that country the staple is woven into a much greater variety of textiles
than in England. Her mills send forth every description of goods, from the
coai'se calicoes of Bouen to the gossamer lulles of St. Quentin, and the tarlatans
of Tarrare. The recent report of Mr. John Claiborne has been condensed, so
far as France is concerned, by the New York Journal of Commerce, and many
curious and interesting statistics are quoted. It appears that there are three
cotton-working districts in France, the principal of which is Normandy, where
the annual production of yarns is about 44,000,000 pounds, equal in value to
$13,020,000, or 37£ cents per pound. The spinneries employ 29,995 workmen.
The wages paid average 3 francs per day for men, 2 for women, and from 20
centimes to 1 franc for boys and girls. The annual cost of spinning averages
$6 51 per spindle. In the year 1811 the price of raw cotton at Mulhouse was
$1 33 per pound; in 1856 it had fallen to 12 cents per pound. In 1811 the
average price of yarns at the same place was $2 33 per pound ; in 1856 it was
only 23 cents. The number of weaving mills in the district is placed at 136,
employing 37,897 hands. The production of cloths has increased from 140,833,333




762

Journal o f Mining, Manufactures, and A rt.

to 270,833,333 yards, and during the decade has almost doubled its annual
value, being about §18,600,000. There are also 25 cotton printing mills, em­
ploying 10,400 hands, and printing 51,900,000 yards, valued at about §9,579,000.
The total capital invested in the business in Normandy is §17,442,886— and
the consumption was 140,000 bales. The other districts consume less material,
but produce finer fabrics. In all France, the cotton spinning business stood as
follows, in 1857 :—
Number of mills....................................................................................
Communes in which they are found.....................................................
Amount of raw material consumed................................................lbs.
Value of the same................................................................................
Quantity of cotton spun, (waste not included,).............................lbs.
Total value of yarn spun......................................................................

566
275
138,226,000
$17,519,756
127,600,000
$27,379,200

Number of hands employed, 63,064, of whom 22,807 are men, at 37 cents;
23,501 women, at 19 cents, and 16,726 children, at 10 cents per day.
Raw material...................................................................... per centum
Salaries, general expenses, ifcc...............................................................

65
35

The cotton tissues employ 2,040 establishments; use raw material and yarn
valued at §38,395,372, and the products are estimated at §61,111,167.
The cotton imported last year into France from United States was 159,125,083
pounds, and from other countries 21,500,448 pounds. In 1856, the returns were
from the United States 175,613,672 pounds; from other countries 12,238,096
pounds.
The great increase in a single year of the latter import, was from the East In­
dies. The cotton manufactures of France are represented as being in a very
prosperous condition.
The general commerce of France with the United States is very large, second
only to that of England. In 1856, France took from us merchandise to the
amount of §50,945,400, of which she consumed to the amount of §41,440,800.
During the same period we imported from her merchandise of the “ real ” value
of §95,508,000, of which §60,189,600, were for articles of French growth or
fabrication. Among them were silk tissues and other stuffs to the value of
§24,844,200 ; tissues, embroideries, and ribbons of wool to the value of §5,811,756 ;
tissues, embroderies, and ribbons of cotton to the value of §874,200; wines to
the value of §6,106,000 ; brandies and spirits to the value of §2,269,200 ; pot­
tery, glass, and crystal ware to the value of §1,029,324; dressed skins to the
value of §12,213,400, &c.
MACARONI

MAKING.

The following interesting account of the manufacture of macaroni, an article
of which the use is being extended in this country, is from Dickens’ Household,
Words:—
The grain used for making macaroni is of the very hardest quality, is grown
principally in Puglia, and is known as Saragala. It is washed in the moun­
tain stream which flows down from behind the city, and wo to the wearied
traveler who is awakened at the dawn of day by the numerous grain washers.
The operation is cleverly and rapidly done, and amusing enough it is to watch
it. When ground— which it is by the action of water mills—the flour is sifted
into five different qualities. The first is called farina, which, being sifted, is di­
vided into fiore and brenna. The fiore is used for making the ordinary mac­
aroni, while the brenna is used as food for horses and pigs. The fiore is itself




Journal o f Mining, Manufactures, and A rt.

'163

again sifted until a yet finer quality, called azemmatura, is formed. This is used
to make a superior kind of macaroni. A last sifting produces semolina, the
finest kind which can ne formed.
The flour is well mixed in a largo tub, in the proportion of twenty-four caraffa
of water (a caraffa being about a pint and a half,) to a hundred and fifty Nea­
politan pounds of flour. The quantity thus used, goes by the name of a pasta,
and is put on a large kneading board. A t the farther end of the board a long
lever moves horizontally by a swivel; and, on the other extremity of it, sit three
or four half-naked girdled men, who, for three-quarters of an hour, move back­
ward and forward on a kind of horizontal see-saw, describing diminutive arcs of
circles. In this way the lever is brought to bear upon the dough, kneading and
cutting it till it is ready for pressing. The men remind one of figures in Egyp­
tian drawings; stiff and unnatural. ’Tis hard work, however, and there is always
a relief party to take the place of the exhausted men. The last operation is
most important, as it gives its character and form to the macaroni.
There are various kinds of macaroni, or pasta, rejoicing in different names, as
vermicelli, stellata, starred, acine, dippe, ricei, fuitant, flowing rocks; semaza
di meloni, melon seed ; occhi di pernici, partridge eye; capelletti, little hats ;
stivalletiou, small boots ; puuti del ago, needle points. The first is that long
sort which we English use as a dolce or au gratin. All the others are used to
thicken soup, like barley. First, let me speak of the vermicelli. When knead­
ed, the dough is put into a large copper cylindrical vessel, hollow above and be­
low ; but at the lower extremity is fixed a moveable plate, perforated with holes.
When held up to the light, it looks like the section of a honey-comb, being
circular. On the top of the cylinder is a block corresponding to its size, and
the whole is then exposed to the action of a press. Screw goes the press, and
far below, from out of the holes of the cylinder, a series of white worms pro­
trude their heads. Screw, screw again, and out they come, longer and longer ;
until having arrived at the legitimate length, they are cut off; and so the op­
eration of screwing and cutting is continued until the whole quantity of dough
is exhausted. The vermicelli is then hung upon poles for drying, which requires
usually about eight days under favorable circumstances, a north wind being
always preferred, as a sirocco wind is preferred for the kneading. With regard
to the smaller kinds of paste, they are made by a mixture of machinery and
hand work. Thus the cylinder being placed horizontally, a man with a razor
stands by the side, and as the dough protrudes through the holes, he cuts it off
immediately into small bits—-a simple and primitive method enough. _The
smallest kinds of all are made, however, by hand, and principally at Minori and
Majuri, two small villages which we passed en route for Amalfi. In fact, the
whole coast lives by making and eating macaroni; and one probable reason of
this is, that lying, as the whole of this district does, under lofty mountains
which are intersected by deep ravines down which pour mighty torrents, there
is an unlimited supply of water-power. I was informed that in Amalfi alone,
about eighty thousand tomoli of flour are consumed annually for all purposes ; a
very small proportion for bread, for your macaroni-eater is not a great breadeater. Altogether, there are about twenty fabriche of macaroni in the city, each
fabrica employing in the single manufacture of the article about 15 hands. Then
a much larger number of persons are occupied in the washing, and preparation,
and carriage of grain ; for everything is done by hand, and great numbers pre­
pare macaroni on a small scale, without dignifying their more limited enter­
prises with the title of fabrics. Gambardella is evidently the great man of the
place, for he imports his own grain ; has four brigantini, of two hundred and'
fifty tons each, which bring up grain from Manfredonia and Sicily ; and, what
Gambardella does not consume, he sells amongst his neighbors.
CLEANSING PRINTED COTTON FABRICS— CALICOES.

A patent has been secured by James Goodwin and Andrew Boyd, of Milton,
Scotland, for a singular mode of cleansing printed goods from dirt and extraneous
colored matters that may have been diffused over their surfaces during the pro­




764

Statistics o f Agriculture, etc.

cess of printing. The invention consists in taking the cinders of mineral coal
or coke, but the former are preferred, and sifting them to separate the ashes and
dirt. The sifted cinders are then placed in a suitable copper vessel or boiler,
with boiling water, and the printed calicoes after being first washed in cold water
to remove all the dirt possible, are introduced into this boiler and boiled for an
hour, when they are taken out, washed in cold water, dried, and are then fit for
calendering. This process of cleansing newly-printed calicoes in printworks is
stated to be an improvement which deepens the colors of the dyed parts of the
goods, clears the light or white parts, and is a superior and cheap substitute for
soap and other chemicals now employed for the same purpose. It has generally
been supposed that the ashes, and especially the cinders of mineral coals, have
no detergent qualities, but this novel application of them goes to establish a
contrary opinion.

STATISTICS OF AGRICULTURE, &c.
COTTON PRODUCTION IN THE SOUTH,

Gen. Morse, of Louisiana, on the growth of cotton, has the following remarks,
after sudcintly tracing the progress of the cotton trade for the last twenty years,
showing that it reached its point of extreme depression in 1845, since which
time it has been steadily improving :—It now not only stands at remunerating
rates, but a fear is widely felt that the demand is so encroaching upon the supply
that disastrous effects must ultimately ensue. The unusual interest now mani­
fested in England to obtain cotton from other sources, is stated to be due almost
entirely to this apprehension. To elucidate the real prospects of the cotton
trade is the object of Gen. Morse’s article.
He compiles from the census of 1850 the following tabular statement respect­
ing slavery in the nine States devoted to cotton growing
P e r cent o f
slave increase,
1830 to 1840.

States.

Alabama...............................
Arkansas.................................
Florida....................................
Georgia.................................
Louisiana...............................
Mississippi.............................
South Carolina.......................
Tennessee...............................
Texas, estimated....................
Average.........................

.?

P e r cent o f
slave increase,
1840 to 1830.

35.22
13H.26
52.85
35.85
45.32
58.74
17.71
30.80
50.00
51.41

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

N um ber o f
slaves, 1850.

342,844
47,100
39,310
381,682
244,809
809,878
384,984
239,459
58,227
2,048,293

Of these 2,048,293 slaves he finds, by two different methods of estimate, that
812,769 only were employed in the cotton crop of 1850. They produced that
year 2,488,987 bales of cotton, being an average of 3.06 bales to the hand. If,
now, the percentage of 1840-50 goes on uniform until 1860, there will be in
that year 1,311,403 field hands, producing 4,912,893 bales of cotton. But can
the percentage of slave increase be kept up ? The natural increase of births
over deaths for that period will fall short of the estimated number by 146,722




%

Statistics o f Agriculture, etc.

765

field hands, who must be obtained from other States, at a cost of $146,000,000.
But these other slave States have been so drained that, together with the in­
creased importance of rice, tobacco, Indian corn, and wheat culture, slave labor
is found to be about as profitable as it is in the cotton-planting States. But,
even should the estimated 4,912,893 bales be produced in 1860, it is thought
that it will not meet the legitimate demand. This is seen in the fact that the
consumption of raw cotton, at least since 1850, has been at the rate of 6.2 per
cent per annum, while the rate of supply has been estimated at 5.141 per cent
per annum. An inadequacy of supply to demand, therefore, seems inevitable,
unless the number of hands for producing is greatly increased, the difficulties of
which increase appear to have no remedy at present. The question then arises
in how far the high prices of cotton, resulting from such state of affairs, might
not tempt white labor to overcome the difficulty.
W H EAT PRICES FOR THE LAST FOUR YEARS.

A correspondent writes as follows :— “ As the wheat trade has undergone con­
siderable fluctuations during the last four years, it is interesting to note the
monthly changes in the official average of prices. The following table exhibits
these variations at a glance :—
1854.
Month.

d.
i

S.

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

80
80 10
78 9
77 2
78 10
78 8
0

63
56

7
7

11
10
1

Average...............

7

13:55.

1856.

S.

d.

S.

d.

72
70
67

5
4

6
6

68

5

73 a
76 i i
76 5
76 3
75 9
77 0
80 10
80 1

76
72
68
68
68
69
76
72
67
65
64
60

8

69

74

8

1857.

1858.

S.

d.

S.

7

48
44
45
44

3

58
56
55
53
56
60
63
59
57
65
51
48

3

56

4

11
8

0
6
1

10
10
5
1

0
6
8
7
1
5
7
1
6
3
7

d.
5
6
5
1

## "

PRODUCTION OF TOBACCO IN THE WORLD.

The Bichmond South gives the production of tobacco in the world as fol­
lows :—
RECAPITULATION.

Asia................. .pounds
Europe.........................
America.......................
Total....................

399,900,000
281.844.500
248.280.500

Africa................pounds
Australia.......................

24,300,000
714,000
955,039,000

M A D E I R A

W I N E .

A Funchal correspondent says that it is not an open question whether any
more Madeira wine will ever be produced. None has been made since 1851,
and there are now only some 7,000 or 8,000 pipes upon the entire island. All
recent attempts to manufacture this wine have utterly failed, and pumpkin vines
now adorn the old grape arbors once covered with abundant clusters of rich
grapes.




Statistics o f Agriculture, etc.

766

AGRICULTURAL

LABORERS,

oo
—
A

The Illinois State Register contains the following remarks in relation to the
wages of labor in agricultural districts, in connection with the prices of grain
in that section :—The farmers demand a reduction in the wages of their help for the current
year, corresponding with the reduction which has obtained in the price of grain,
potatoes, and farm products generally. They say they cannot afford to put into
the ground seed for large crops this year, as produce is so low and labor so high.
This fact goes to prove that a great wrong exists somewhere. Thousands of
laborers are now idle. They cannot get old prices, and must take, and will be
compelled to take, as much less for their labor this year as the prices of produce
are less. A barrel of flour or pork or beef ought to get as many days’ labor as
it did last year, and unless this is done our farmers are not to blame, but our
laborers are. A combination among laborers to keep prices up may help a few,
but will greatly injure the mass.
In order to show the cost of living this season, as compared with last spring,
we subjoin a table showing the price of several leading articles of food in this
city, on the 15th of each month for more than a year past. Our quotation rep­
resent the price of the best grade of the articles quoted:—
January . . .
February....
March.........
April..........
May............
June............
July...........
August.___
September .
October. . . .
November..
December..

Flour.
$6 00 a 6 50
6 00 a 6 50
6 00 a 6 50
6 50 a 7 50
7 50 a 8 50
8 60 a 9 00
8 00 a 8 50
8 00 a 8 25
7 00 a 7 50
6 50 a 7 00
5 00 a 5 50
5 00 a 5 50

Wheat.
$0 90 a X 00
0 80 a 1 00
1 00 a . ..
1 00 a 1 15
1 00 a 1 30
1 40 a 1 50
1 20 a 1 30
1 10 a 1 20
70 a 1 00
80 a 90
65 a *75
65 a 75

Corn.
25 a 30
25 a 30
30 a 35
30 a 35
40 a 45
40 a 50
40 a 50
40 a 45
40 a 45
40 a 45
20 a 25
20 a 25

Oats.
35 a ..
35 a . .
30 a ..
40 a ..
55 a ..
50 a ..
45 a . .
20 a 25
20 a 25
25 a 30
20 a 22
20 a 22

20 a
20 a
20 a
20 a

25 a
25 a
20 a
20 a

Potatoes.
$1 50 a . . •
1 50 a . . .
1 50 a . . .
1 00 a 1 to
1 50 a 1 75
1 50 a 1 60
1 50 a 1 60
73 a 80
50 a 60
35 a 40
35 a 50
35 a 50

1858.
January... .
February. . .
March........
April..........

5 00 a 6 50
4 50 a 5 00
4 50 a 5 00
4 00 a 4 50

50 a
50 a
50 a
50 a

60
60
60
60

25
..
..
..

..
..
..
..

SO a
30 a
25 a
25 a

40
40
30
••

It will be seen by the above, that one year ago flour was worth from $3 to

$3 50 more per barrel than at the present time ; wheat sold for about double
what it now brings; corn and oats sold for more than double their present value,
and potatoes for six times the amount now demanded. This is certainly a very
great difference in favor of the consumer, and is a fortunate circumstance for the
thousands who are out of employ and unable to obtain work. A Chicago paper
says the highest price paid in that city is seventy-five cents per day. In cities,
men lose rainy days. In the country, rainy days are counted. A t seventy-five
cents per day, men board themselves. In the country, farmers board their own
men. If seventy-five cents is to be the ruling price in cities where men board
themselves aud lose rainy days, the farmers can easily count what should be
wages for the couutry. Farmers know what they can afford to board hands for,
and what will be the average number of days when a man cannot work out of
doors. City laborers say they lose from two to four days in a month. They
call it very good luck to lose no more than two, and very bad to lose more than
four. Twenty-six working days, at seventy-five cents, would come to $19 50.
Take out board, allow for rainy days, and a farmer can form his own estimate
what he ought to pay per month for the eight months he generally hires la­
borers.
W e hope our farmers will give employment to all laborers who are willing to
work for reasonable wages, and that abundant crops may be the result of their
joint labors.




767

Statistics o f Population, etc.

STATISTICS OF POPULATION, &c.
IMMIGRATION INTO THE UNITED STATES,

The annual report of passengers arriving in the United States from foreign
countries during the year which ended the 31st of December, 1857, has been
laid before Congress. These returns, made in compliance with the act of Con­
gress of March 3, 1855, contain statements of the number, sex, age, and occupa­
tion of passengers arriving in the United States by sea from foreign countries,
with the country in which they were born, the country in which they mean to
reside, and the number that died on the voyage, compiled from returns made to
the State Department by collectors of the customs. The following table shows
the number of passengers arrived in the United States during the last fifteen
years :—
Year.

Males.

Feinales.

1844................................
1845................................
1846................................
1847.................................
1848................................
1849................................
1850................................
1850................................
1851................................
1852................................
1853.................................
1854................................
1855................................
1856................................
1857................................

35,867
49,311
66,778
99,325
92,883
119,915
113,392
27,107
163,745
160,174
164,178
175,587
90,283
89,188
109,020

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

1,556,753

Sex not
stated.

1,406
897
990
472
512
1,038
181
66
1,438
72
12

7,084

Total.

84,764
119 896
158,649
239,482
229,483
299,683
315,334
65,570
408,828
397,343
400,9S2
460,474
230,476
224,496
271,558
3,907,018

Of these passengers who arrived in the United States in 1857, it is stated
243,562 declared their intention to reside here. Nearly one-third of the foreign
immigrants were natives of Germany.
This large number seems to have been impelled by the famine of 1847, the
revolution of 1848, and the gold impulse of 1850. These persons, besides what
value may be attached to their industrial services, have brought into the country
nearly §400,000,000 in money, which have been a fruitful source of activity in
the markets and of railroads. It is doubtful whether without this powerful aid
so many railroads could have been built in the short period which has elapsed
since the discovery of California gold—a large proportion since the events of
1848. The state of affairs in Ireland has greatly improved. The potato has
ceased to be much depended upon, Indian corn has been substituted, and wheat
is now sent in smaller quantities to England, being consumed at home. The
generally improved condition of the people has tended even in some degree to
reverse the current. From Germany, on the other hand, the numbers have in­
creased. The revolution, which stirred up the minds of men, was followed by
political reaction and very dear food, caused by deficient crops. We may com­
pare the arrivals of aliens for the year 1847 with those of 1854, the year of
largest arrivals, and the two last, as follows




768

Statistics o1 Population, etc.
1 8 47 .

1854.

1856.

1857.

From Great Britain............
“ Germany.....................
“ France.......................
“ All other-...................

148,565
68,390
7,743
11,816

155,928
223,862
13,317
76,367

86,847
71,028
7,246
35,322

111,886
91,781
2,397
47,633

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

226,514

469,474

200,436

271,306

The large number that arrived in 1854 was, no doubt, enhanced by the attrac­
tions of California. About 14,487 arrived directly in that State. Great
numbers arrived on the Atlantic States bound thither. That movement has now
measurably subsided, but a large movement continues through the Eastern States
on to the lands of the West. The present year is a most favorable one for such
as wish to settle, since, if the actual prices of produce are low, and therefore not
tempting to sellers, that circumstances the new comers, who are not only buyers
of land but buyers of food. In the last few years, the crowds who came from
foreign countries were joined on their way West by numbers of citizens of the
Eastern States going West to settle, and all these bid for lands in competition
with speculators, and for food in competition with each other, to a degree which
made a lucrative “ home market ” for the produce of old settlers.
The following table shows the numbers arrived in each collection district
during the last year :—
Places.
Portland and Falmouth, Maine...............................
Passamaquoddy, Maine.........................................
Portsmouth, New Hampshire.................................
Boston and Charlestown, Massachusetts................
Edgertown, Massachusetts.....................................
Fall River, Massachusetts......................................
New Bedford, Massachusetts.................................
Bristol and Warren, Rhode Island.........................
Newport, Rhode Island.. .......................................
Providence, Rhode Island......................................
Oswego, New Y ork...............................................
New York city, New York....................................
Philadelphia, Pennsylvania....................................
Baltimore, Maryland...............................................
Norfolk and Portsmouth,Virginia.........................
Charleston, South Carolina...................................
Key West, Florida.................................................
Mobile, Alabama.....................................................
New Orleans, Louisiana.........................................
Galveston, Texas.....................................................
San Francisco, California........................................

1857.
Males.
1,643
329
1
10,011
16
8
140
10
5
98
601
121,262
2,907
4,830
144
742
238
272
12,912
313
6,056

T ota l...............................................................
Died on the voyage to Boston & Charlestown, Mass.
New York city, New York....................................
Philadelphia, Pennsylvania....................................
Baltimore, Maryland...............................................
Norfolk and Portsmouth, Virginia.........................

162,538
14
198
7
9
1

109,020
8
175
7
5
•*

271,558
22
373
14
14
1

Arrivals in the United States..............................
Died on the voyage...............................................

229
162,538
229

195
109,020
195

424
271,558
424

Total number embarking at foreign ports for
the United States during the year 1857..

162,767

109,215

271,982

ARRIVAL OF PASSENGERS IN




Females.
719
206
1
7,433
4
13
57
..
5
79
231
83,525
2,753
4,249
79
245
65
92
8,387
278
599

Total.

2,362
535
2
17,444
20
21
197
10
10
177
832
204,787
5,660
9,079
223
987
303
364
21,299
591
6,655

769

Mercantile Miscellanies.
POPULATION OF CHINA.

In regard to the population of China there is much difference of opinion.
The last census, given in 1812, is supposed to be the most reliable, and it gave
362,467,183 souls. The best authorities consider it as the most accurate. Now
if we take the previous censuses we have results as follows :—
POPULATION OF CHINA.

Years.
1711...................................
1753...................................
1792...................................
1812...................................
1856...................................

28,605,716
103,050,060
307,467,200
362,467,189
481,700,000

42

Increase.
74,222,602
204,417,140
54,126,679
119,240,000

Per annum,
1,764,824
5,510,401
2,706,333
2,710,000

Per
cent.
2*

64
1
44
f
There is an evident discrepancy in the census of 1812, but otherwise the in39
30

crease seems to be regular. The rule of increase iu all countries decreases in
proportion to the numbers, and we here estimate the increase since 1812 at
three-fourths of one per cent, which would give a present population of 481,700,000
souls.

MERCANTILE MISCELLANIES.
MERCANTILE LIBRARY OF BROOKLYN.

There is a peculiar fitness in the establishment of a Mercantile Library in
Brooklyn, since that large and beautiful city, numbering nearly 250,000 souls, is
composed mostly of persons whose occupation is drawn from the commerce of
New York. That city is not the scene of much commerce. It is the residence,
in some degree secluded from those gayeties and amusements which are charac­
teristic of a thriving city, frequented by strangers for profit and pleasure. The
idea of forming a library for the improvement of the young, and the amusement
and instruction of the old, was a good one, and when announced by Lewis
Roberts, Esq., it was heartily responded to by the community. In four months
it has gathered twelve hundred members and eight thousand volumes, and on the
6th of May it was formally opened at the Athenaium. The president, Mr.
Roberts, made a statement of the affairs of the society, and was followed by sev­
eral popular speakers. The library, like the Astor of New York, is to be open
to the use of ladies. Subscriptions were then received, and $2,500 collected,
and numbers of books. It was also announced that several gentlemen were
ready to subscribe $1,000 each for a library building. Certainly this is an im­
portant object. A large collection of valuable books involves the necessity of
a fire-proof building, and there is but little doubt the library so commenced in
Brooklyn will be one of the most valuable and useful in the Union.
MERCHANTS' NOTES AS CURRENCY.

According to the Louisville Commercial Review, the peculiarities of carrying
on business in the United States and England are illustrated by the difference
in passing good mercantile notes. In England, a note of hand when given for
any business purpose, is not taken to some neighboring banker, to be discounted
VOL. x x x v ii i .— n o . vi.
49




770

Mercantile Miscellanies.

or sold, but is treated with all that deference we give to other kinds of notes
signed by certain officials known as president and cashier of a bank, for the
simple reason that, if made by an honest, responsible man, it is worth just as
much. The holder can, any day, in the neighborhood where its character may
be known, without any previous negotiation, buy anything he pleases, and pay
for it with this paper by simply indorsing it—because the second holder knows
he in turn can do the same ; and so it goes, getting farther and farther from
home, until having passed through the hands of more than twenty different per­
sons, and being literally covered with indorsements, it is finally lodged in the
bank for collection. Such a note of £1,000 is frequently made to pay the in­
debtedness of twenty different men, not one of whom needs to know whether the
bank is calling in or letting out its best money, or to care whether his banker is
easy or “ tight” in his financial condition. We certainly make too great and
often absurd distinction between the notes of an incorporated bank and those of
a known, sound, and solvent man. If the latter be not, as the former, payable
on demand, they are just as good for what they represent, namely, their face, less
the interest for the time they have to run.

ECONOMY .

Economy is not parsimony, reader. Webster says it is not. It is “ frugality
in the necessary expenditure of money ”— a looking after the little items, the
pence, the farthings. It is management, thoughtfulness, providence against waste
of any kind, or dissipation. It says save a penny when you can do so as easy as to
spend it. It has no relation to meanness whatever. It is the foundation of for­
tune. It supports all stable and enduring systems, whether financial or political.
No one need refuse to practice it with the false idea it is vulgar, for such an idea
is false. But there are too few who seem to know it. You ought to post that
word over your door-plate, teach it to your children at the fireside, practice it
everywhere. God has given us nothing to waste. Everything is created with and
for a purpose. All the operations of nature teach economy. Everything is used for
a good purpose. Remember it—you are a steward. But you are not to save
for simply selfish purposes. Who are the happiest? Those who have the few­
est wants and supply them by their own industry. Economy makes good house­
wives, and produces good husbandry. You never saw a good and successful
farmer, who was not a good economist. Again we say, economy is not parsimony
—is not of the same kindred. Parsimony is first cousin to covetousness, if not of
nearer relation. Economy fellowships liberality, and is a co-worker with charity.
Do you not think more of her than you did ? Economy is not narrow-minded,
but liberal in the broadest sense. It does not forbid enterprise ; it stimulates
i t ; it does not discourage the use of money, but it does discourage its waste.
A good economist must be a good disciplinarian ; he cannot be otherwise.
He must be practical too, else he will be discouraged in all his efforts at re­
trenchment. Economy does not withhold one good or one penny, and sacrifice a
greater good or two pence. It is not so blind as that. Parsimony is narrow­
minded. To use a vulgar term, “ it cannot see an inch before its nose.” Econo­
my’s vision is telescopic, and its policy prophetic.
Now, reader, you know this is all truth. You need not murmur if you are




Mercantile Miscellanies.

771

forced to economize. It is better to do it without being forced. Prosperity is
very apt to lead us to forget there is a limit to the blessings our money can pur­
chase— to forget that the day of adversity is set over against the day of prosperity.
But when adversity comes, comes with it a reaction. We are forced to ths
other extreme. We have to deny ourselves in proportion as we have indulged in
extravagant, pleasures. The scale that was down goes up, and the reverse
one comes down. Unless we are wise we murmur and sorrow in proportion as
we have rejoiced. But is it any credit that we economize, then ? No sir; we
ought to practice self-denial daily. Habit will soon make it a pleasure as well
as profit— a profit always and every way.
SPANISH COIN— L E T T E R FROM THE SECRETARY OF THE TR EA SU R Y .

S. W. C hub buck , of Utica, has received the following letter from the Sec­
retary of the Treasury. It is the latest authentic information concerning the
Spanish coin difficulty :—
T r e a s u r y D e p a r t m e n t , March 31st, 1S58.
S ir :— Your letter of the 29th inst., asking the worth of Spanish quarters

per oz. Troy, is received. I am not able to state the market price of such bul­
lion at the present time. Authority was formerly given to the mints at Phil­
adelphia and New Orleans to purchase silver of that standard at 122J'cents per
ounce, but our stock of silver coin and bullion becoming too large for convenience,
this authority was revoked nearly a year since, and, purchases of silver bullion
are not now made at the mints at any price. The act of July 21, 1857, au­
thorizes the receipt of Spanish-Mexiean quarters at the Treasury and its offices
and the Post-offices at twenty cents each, and for the space of two years authorizes
them to be deposited in the mint at Philadelphia, and payment of their nominal
value at 25 cents each in new cents. These are the only modes in which Span­
ish quarters are received and paid for on public account at the present time.
Gold bullion may be deposited at the mint and its branches, and assayed and
coined on account of depositors. But this is not the case with silver bullion.
No silver is authorized to be coined by law, except on public account.
Very j^spectfully, your obedient servant,
HOWELL COBB, Secretary of the Treasury.
AUSTRALIAN MONSTER NUGGET,

The San Francisco Bulletin has published a letter dated Melbourne, (Ausralia,) Dec. 24th, 1857, from J ambs F. T hornton, (formerly of Oamptonville,
Yuba County, California,) to that journal, in which we notice the following
statement, which is descriptive of a larger nugget than has ever before been
“ reported” in either Australia or California. Probably, most persons would
prefer to see it) before firmly believing all the particulars :—
Most of us Americans have been to see the “monster nugget.” It is the most
beautiful specimen imaginable. It was found about three months ago at Kingower, 130 miles from Melbourne, by four old California miners, named Robert
and James Ambrose, and Samuel and Charles Napier. It is two feet four inches
in length by ten inches in width at its widest point, and eight inches thick at
the ends. Its weight is 146 lbs.; or 1,743 oz. 13 dwts.; and its value is about
$34,860, American currency. The nugget was found in sand, thirteen feet
below the surface. It is perfectly free from extraneous matter. The lucky
owners are two pair of brothers—one pair being English, and the other Boston
boys. They have been four years in the diggings, and had most a pile before
striking the last prize. They have the nugget on exhibition here, and intend
to exhibit it in London, and in the “ States.”




112

Mercantile Miscellanies.
THE COST .OF LIVING 1ST LONDON AND NEW YORK.

The following comparative cost of living in London and New Tork, the two
great commercial emporiums of the commercial world, may interest some of our
readers :—
To encourage matrimony in England, some families are publishing statements
of their domestic expenses, in order to prove that people can live “ comfortably”
on small incomes. One who is “ by birth and education a gentleman,” with an income of £300 a year, states his expenditure for housekeeping in 1857, at £136 6s.;
equal to about $654. Of this, there was paid for rent and taxes, $137 50 ; rail­
way ticket, $38 50 ; butcher, $107 50 ; baker, $38 50 ; fuel, $43 ; wages of two
servants, $59 ; light, $30 ; wine and beer, $37 50, etc. A frugal family of four
persons, living in New York, and having an income of $1,500, expended in
1857 as follows :—Kent, $550; butcher and fishmonger, $144 32 ; flour and
bread, $66 05 ; fuel, $192; light, $34 25; servants, $96 ; total, $1,082 62. To
this add $205 29 for the grocer— none of which was for wine or beer— and $42
for pew-rent; from which it would appear that plain living is more expensive
in New York than in London.
BRITISH SHIPS IN THE FOURTEENTH CENTURY.

Boberts, in his recently published “ Social History of the Southern Counties of
England in past Centuries," says :—
Bristol was a very great emporium, that furnishes no just comparison with
the majority of our seaports. William of Worcester tells us of the ships there
in his time, about A . D. 1480. William Cannynge, who founded the church of
St. Mary Bedcliffe, where his tomb appears, had ten ships built at his expense,
which measured 2,930 tons. One is said to have been of 900 tons, others of 400
and 500 each. These were marvels, but not, most probably, of English build.
The large ships in use are supposed to have been purchased of the Venetians,
Hanseatics, and the Genoese. When John Taverner, of Hull, built a ship as
large as a carrack, in the year 1449, no such vessel had been constructed before
in Englaud. Henry Y . had built some dromons, or large ships-of-war, at South­
ampton, as is said, such as the world had never seen before. * * * The value
of shipping per ton about this date was £1 10s. or^£2.
0 C C U P A T I 0 N.

The mind, says an eminent philosopher, requires some object on which its
powers must be exercised, and without which it preys upon itself and becomes
miserable. And yet on every hand, in cities and in rural districts, we constantly
meet persons who are accustomed to lives of activity longing for ease and re­
tirement. Those who accomplish this purpose, soon find themselves miserable.
The pleasure of relaxation is known to those only who have regular and in­
teresting occupation. Continued relaxation soon becomes a weariness; and, on
this ground, we may safely assert that the greatest degree of real enjoyment be­
longs not to the luxurious man of wealth, nor to the listless votary of fashion,
nor to the broken-spirited dependent on charity; but to the producing classes
of society, who, along with the comforts of life, have constant and important
occupation.
W IN E

IN

A L G I E R S .

A statistical return of the results of the last vintage in the department of
Algiers shows that the amount of wine produced was 7,517 hectolitres, and
the amount of grapes consumed in their natural state 216,730 kilogrammes.




The Book Trade.

773

THE BOOK TRADE.
1. —New American Cyclopedia: a Popular Dictionary of General Knowledge.
Edited by G eorge R ip l e y and C h a r le s A. D a n a . Volume II. 'Royal Svo.,
pp. 776. New York : D. Appleton & Co.
The names of the editors of this great work were a guaranty that it would
possess the highest excellence, and the sale of the first volume, notwithstanding
the universal depression, is a most gratifying evidence that the popular mind has
appreciated the value of the publication. The second volume has now been pro­
duced promptly according to the original programme, and the remaining thirteen
volumes will come out at intervals of 2 a 3 months. The reputation of the two
editors led the public to expect much, but, as it is not always the case with high
expectations, they have more than met. The extent, variety, and precision of
the information furnished, embracing almost the whole range of human knowledge,
bringing invention, discovery, and decisions down to the latest date, is surprising.
The article upon Austria, in the present number, is of the highest interest,
giving a minute account of its resources, finances, and history down to the stirring
events which closed with the financial revulsion of December, 1857. The volume
is rich in biography under the names of Symonds, of Harvard University, Julius
Bing, Harold Hiude, and others. The interest of this second volume is in no
degree second to that of the first. The contributors form a galaxy of distinquished names, and we have no doubt that this American work will exercise a
wide influence. The third volume will be published in June, and it will be
borne in mind that it is published exclusively by subscription.
2.

— History of the United Slates from the discovery of the American Continent.
By G eorge B an croft . Volume V II. 8vo., pp. 435. Boston : Little,
Brown & Oo.

The period of the American Revolution, of which a portion is here treated,
divides itself into two epochs—the first extending to the Declaration of Inde­
pendence, the second to the acknowledgment of that independence by Great
Britain. This, though nominally volume seven of the series, is intended as volume
one of the American Revolution, with title-page and binding to correspond, to
accommodate such as do not want the preceding volumes of the work. The
author has been eminently successful in his design of providing a work in which
the leading principles and leading facts of our history are so plainly set forth.
Entertaining, as we do, the highest respect for the character, scholarly learning,
and ability of the author, George Bancroft, we readily commend it as a concise,
impartial, and admirably arranged history, covering a series of most eventful
years, and of such extent that compreheneive conceptions of the whole can be
easily arrived at.
3. — Old

Hepsey. An Anti-Slavery Romance. By 0 . W . D enison .
trated with ten Original Designs by the Author. 12mo., pp. 4C0.
York : A. B. Burdick.

Illus­
New

The success which attended the publication of Uncle Tom’s Cabin, by Mrs.
Stowe, has given rise to a profusion of anti-slavery literature, of which this is
the last issue. As a literary composition, Mrs. Denison evinces much talent in
her delineatory caricatures, as well as in the dramatic character of her plot, and
though in her efforts at description she has probably outdid even herself, the
book has many points which go to stamp Mrs. Denison as a gifted authoress,
and a violent opponent of the institution of slavery. There is a vigor about her
style, and an exciting interest in the story, which charms one in spite of them­
selves, and when once commenced, few can throw it aside until they have reached
its close.




774

The Book Trade.

4. — The Life of Thomas Jefferson. By H enry S. R andall, LL. D.
8vo., pp. 645, 694. New York : Derby & Jackson.

3 vols.,

_ Two of these superb volumes are now before us; and taking in, as is the de­
sign of the work, the whole career, both public and private, of this illustrious
man, they cannot but be appreciated in bringing to light many new things re­
specting Thomas Jefferson, of which the public were before ignorant. All—
even the most minute every-day occurrences—are here narrated in Mr. Randall’s
own vigorous style, which in most cases will be found to lend zest even to trifles.
Mr. Randall seems well qualified for his task—his composition is good, his indus­
try and research unflagging, and however much we may deprecate his partiality
and party feeling in alluding to some of the compeers of Mr. Jefferson, we must
still accede that he is found equal to the task of so much research in making
himself thoroughly acquainted with his subject. It is this partisan feeling, this
obstinate adherence to one side of the question, whether it be national or one of
mere party feeling, which will not lay the plain facts of both sides of the ques­
tion candidly before the reader, that kills either the historian or biographer, and
tends so much to make us look on the whole thing with distrust as to its reliabil­
ity. And yet the author has every semblance of fairness in the outset, as evinced
in the preface of*the first volume, but which at times he seems to have lost sight
of in the warm advocacy of his cause. Hear what he says on this very topic:
“ A fair, straightforward blow against an adversary is legitimate, and becomes
sometimes an unfortunate necessity, to convey the genuine lessons and vindicate
the truth of history. But he who strikes should manfully stand up like Friar
Tuck, and abide the counter buffet, whether the hand that deals it be gauntleted
or not.” The volumes in question show good taste in their getting up, being
printed on clear, white paper, bold-faced type, with broad margins, and do much
credit to the enterprising publishers, Messrs. Derby & Jackson.
5. -—Reports of Explorations and Surveys to ascertain the most Practical and
Economical Route for a Railroad from the Mississippi River to the Pacific
Ocean. Report of Lieutenant H enry A bbott, United States Topographical
Engineers. 4to. Washington: A . 0 . P. Nicholson, printer.
This, the sixth volume of the gigantic work being got out under the direction
of the Secretary of War, comprises the explorations of a railroad route from the
Sacramento Valley to the Columbia River, made by Lieutenant R. S. William­
son in 1854-55, likewise a geological, botanical, and zoological report upon the
regions explored. It is well supplied with maps, charts, and profiles, exhibiting
the most important portions of the route traveled over by the surveying parties,
as well as the most favorable railroad lines found in the vicinity of the trails ; and
is so concisely divided, that those who wish to obtain merely a general idea of
the country examined, the character of the Indian tribes, its capacities for pro­
duction, &c., &c., may dispense with reading the mass of detail we so often find
ourselves subjected to in like reports.
6. -—Every-Day Book of History and Chronology; embracing the Anniversaries
of remarkable persons and events in every period of the World, from tkeCreaton to the present time. By J o e l M u n s e l l . 8 vo., pp. 537. New Y ork:
D. Appleton & Co.
“ What hath this day done ? What hath it deserved ?”
The object of this work, as will be seen, is to bring together the striking events
of each day of the year, in all ages, as far as their dates can be ascertained, and
to arrange them chronologically, which are in accordance, it is believed, with the
best authorities. It has been said that geography and chronology are the eyes
of history. In aiding to promote one of these sciences, the reader will not fail to
discover how varied and great is the amount of facts brought together, rendering
the work of exceeding usefulness to persons of every calling, and most especially
to authors and statisticians. The work is supplied with a copious and well-di­
gested index, by which any date and fact can be readily arrived at.




The Book

Trade.

115

1.—Livingstone’s Travels and Researches in South Africa, including a Sketch
of sixteen years’ Residence in Africa, and a Journey from the Cape of Good
Hope to Loanda, on the West Coast, thence across the Continent, and down
the River Zambesi to the Indian Ocean. From the Personal Narrative of
D avid L ivingstone, LL. D., D. C. L. 8vo., pp. 446. Philadelphia: J. W .
Bradley.
This is another travel-book from the personal narrative of that indefatigable
voyageur, Dr. Livingstone, who may with much propriety be placed in the same
category with Bayard Taylor. He is the most remarkable of all the travelers
who have visited Africa, and his book will be found entertaining to a degree,
not only as a plain tale of manners and customs as he found them in the land of
the Caffre, but as containing a vast amount of information on the geology, me­
teorology, zoology, and history of the countries which he visited, as well as an
interesting recital of many hair-breadth escapes and adventures. On the whole,
it will be found a very readable book, neither dry nor barren, though destitute
of ideals—a plain, instructive statement of unvarnished fact.
8. —A Treatise on Bills of Exchange and Promissory Notes. By I saac E d­
wards, Counselor-at-Law. New Y ork: Banks, Gould & Co.
We believe this is the first American law book on bills and notes, ever given
to the American lawyers. All of our standard works upon this subject have
heretofore been English works with American notes. To use the language of
the author, “ estimating the importance of the subject with reference to the
amount of property afloat in the shape of bills and notes, there never has been
a time when it called for greater accuracy and discrimination, or invited the at­
tention of merchants anil professional men with motives of equal urgency.”
This demand it is the intention of this volume to meet fully. The work appears
copious, methodical, and well provided with notes and references, and is, in all
particulars, so far as we are capable of judging, the thing desired. It contains
a well-digested index and table of cases, and a supplement of the commercial
code of France. To the practicing lawyer it will be found indispensable, while
to the intelligent merchant and man of business, it will prove of great value as
a book of authority and convenient reference.
9. — The History of Ireland, from the earliest Kings down to it last Chief, with
an Analytical and Chronological Table annexed. By T homas M oore, Esq.
2 vols., 8vo., pp. 712, 671. New Y ork : Edward Dunigan & Brother.
We welcome with hearty satisfaction volumes like these. The sacrificial fires
in the ancient palace of Tara are here rekindled. Ancient Iernis could have
found no better historian than the dignified and scholastic Thomas Moore, whose
capacious mind seems to have taken in every branch of his subject. The ancient
rituals and traditions of the Irish, which furnish by far the most interesting part
of the early history of that country, are here presented in a comprehensive view,
with names and dates subjoined, which leave no doubt in the mind of the intel­
ligent reader, if any ever existed, of the comprehensive and grasping mind of
the author. Moore was a true Irishman, and his attachment to the country of
his birth is here plainly manifest. The work is printed in clear type, on a fine
texture, with broad margins, and does much credit to the publishers, Messrs.
Dunigan & Brother.
10-— The Quaker Soldier; or, the British in Philadelphia. An Historical
Novel. Philadelphia : T. B. Peterson.
This, though a work borrowed from fancy, nevertheless contains many histor­
ical facts, and the actors in the drama, though used in novel connections, many
of them acted each their part in the “ rebellion against the British crown,” as it
was then called. Where historical facts are recorded, they will be found unusu­
ally accurate. For instance, the author’s description of the Battle of German­
town will be found not only accurate, but the most full and lucid of any yet
written, being founded on public histories, and corrected by information from
many persons who were present. Altogether it i3 a very readable book, and
merits a good circulation.




776

The Book Trade.

11. — The Belle of Washington.
P. L asselle. 12mo., pp. 315.

A True Story of the Affections.
Philadelphia: T. B. Peterson.

By Mrs. N.

This book, unlike most works of fiction, is not a mere recital of gossip and
adventure, but has in view the great objects of life for which we were created.
There is a high-toned moral and spirit of true benevolence breathed forth in its
pages, which is truly refreshing in this dusty atmosphere of life. The scenes
portrayed are not fancy sketches, but pictures of “ light and shadow ” drawn
from real life, the truthfulness of which one can readily recognize; and in por­
traying which the authoress has endeavored to impress upon the mind the dan­
ger of giving the heart up to a love of pleasure and outward display ; “ and,”
to use the language of the fair authoress, “ if the perusal of this book shall lead
any to a true appreciation of, and the practice of early piety, it will have accom­
plished the object for which it was written.” It is but seldom we see a book of
this class so exalted in its moral, and so interesting as a whole, and it will be
found well worth a perusal.
/ 7
12. — The Merchants' and Bankers’ Register for 1858.
York : J. Smith Homans.

8vo., pp. 187./ l^ewt
15:

This very convenient and desirable book contains a list of banks, alplaiietically arranged, of every State and city of the Union ; a list of private jbankers
in three hundred and fifty cities and towns in the United States and (lanada,
and a list of banks and private bankers in London; also an alphabeticalxist'of , '
cashiers of banks in the United States ; together with the usury laws o r th i'A '
differeut States, with the damage allowed in each State on bills of exchange re­
turned under protest, the law of sight bills, &c., &c., and much other valuable
matter which no merchant, banker, cashier, or bank clerk should be without.
There is also contained in the work an elaborate prize essay on banking, by
Granville Sharpe, of Norwich, England, suggestive of many improvements in
practical banking. Taken as a whole, the work will be found well arranged, and
of much practical utility.
13. — Impressions o f the West and South during a Six Weeks' Holiday.
pp. 83. Toronto : A . H. Armour.

8vo.,

We believe these letters first appeared in a Toronto newspaper, and received
so much attention that the author has seen fit to preserve them in a book form,
as showing the commercial connection between the Western States and Canada.
They are but impressions de voyage of events and influences as experienced by
the writer in his gyrations. “ They are, therefore, put forth with diffidence,”
says the writer, but can claim to have been written with sincerity.
14. — Cornell’s First Steps in Geography. By S. S. C ornell. New York :
D. Appleton & Co.
This little work has been prepared expressly for the use of primary schools,
and will be found exceedingly simple and easy to be committed to memory ; a
capital thing to teach the young ideas how to shoot.
51.— Mable Vaughan. By the author of “ The Lamplighter.”
Boston : J. P. Jewett & Co.

12mo., pp. 508.

W e have scarcely sketched the volume before us, but should judge it to be one
of those liveiy stories made up of knick-knacks and gossip which have become so
popular of late. Read Mable Yaughan, and see if we are not right in our con­
jectures.