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H U N T ’S

MERCHANTS’ MAGAZINE.
E s ta b lis h e d J u l y , 1839? b y F re e m a n H u n t .

V O L U M E X L II.

JU N E,

CONTENTS

OF

1 860.

NO. VI., VO L.

NUM BER V I.

XLII.

ARTICLES.
A

rt.

pack

I.

CHANGE IN TH E FRENCH COMMERCIAL P O L IC Y .................................................. 659

II.

M ICHIGAN: ITS PROGRESS, MINES, AND MANUFACTURES............................... 671

III,

MONEY, THE CREDIT SYSTEM, AND PA Y M E N TS...........f ...................................... 684

IV.

COMMERCIAL AND IN DU STRIAL CITIES OF TH E UNITED STATES. No. xx xv i.
FORT W A Y N E . IN DIA N A . Situation o f Fort Wayne—Early Explorers—Summit
Level—Water Shed—Extent of Navigation—Confluence of Rivers—First Sale—Gov­
ernment Survey—Canals— Traders —Railroads —Population—Valuation—Fur Trade—
Origin and Extent—American Fur C om pany-W heat and Flour— Wheat Shipments—
Mills -Stores—Dry Goods— Hardware— Drugs—Clothing Manufacture—Employment
of Women—Value Made—Barrels— Building Materials— Boots and Shoes—Woolen
Mill—W ool on Shares—Local Goods Used for Clothing—Effect on Eastern Traffic—Fu­
ture of Fort Wayne...................................................................................................................... 697

JOURNAL OF ME R C A NT I L E LAIV.
Libel on a Bill of Lading......................................................................................................................... 703

COMMERCI AL CHRONI CLE AND R E V I E W .
General Abundance o f Capital—N o Speculation—Large Means from the South—Change in
Business with the W est—Manufactures—Local Resources—Effect on Trade—Cotton—E x­
ports—Supply of Bills—Discount Movement in England—Operations o f the Discount Houses
— Deposits and Loans—Panic of 1H57—Rule of the Bank—Government Permit—Dissatisfac­
tion—Withdrawal of Notes—Rise in Interest—Uneasiness—Return o f the Notes—Effect on
Cotton— Distrust of Bills—Shipments of Specie—Return o f Ease—Large Crop—Elements
o f a Large Demand—American Interests -Rates of Money—Sterling Bills—Specie Move­
m ent-Change in California Bills —Pony Express—Assay-Office—Mint—New Discoveries o f
Silver—Effect on the Market—Gold Necessarily Exported— Money o f Itself o f no Value—
Only Wanted for Circulation -Seeks the Richest Country—Returns when Business Revives"
—For Circulation—Imports.......................................................................................................... 705-712
V OL. XLII.---- NO. VI.




42

I
658

CONTENTS O F N O . V I., V O L . X L II.
PAGE

JOURNAL

OF B A N K I N G .

CURRENCY,

AND F I N A N C E .

Coinage o f the different Countries of the W orld in 1849 and 1859.—Massachusetts State Debt... 713
City w eekly Bank Returns— Banks of N ew Y oik, Boston, Philadelphia, New Orleans, Pitts-^
burg. St. Louis, Providence.................................................................................................................. J14
[Debts and Emigration in Canada...........................................................................................................
New York Valuations.— Usury in Louisiana . . . . , .............................................................................. 717
718
N ew York State Tax.................................................
Tiie Banks or Canada.—Massachusetts Bank Security...................................................................... 719
B auksof Pennsylvania.—Philadelphia Bank Dividends.— Wear and Tear o f Coins.................... 720
Property Improved and Unimproved in New York.—Imports and D uties................................... 721
British National W ealth.......................................................................................................................... 722
Taxable Valuation and Tax o f Cincinnati.—Australian Gold Coinage............................................ 723

STATISTICS

OF

TRADE

AND

COMMERCE.

724
725
727
728
728
730

United States Commerce—Debits and Credits........................................................................
Import Trade o f New Y o r k ......................................................................................................
Manilla H e m p ..............................................................................................................................
Exports o f Domestic Cottons from New York to Foreign Ports.........................................
Exports o f Domestic Goods and Manufactures from Great Britain.....................................
Foreign Commerce of American Cities, 1859.—Commerce of New Orleans......................
Grain and Seed Export of Rostock............................................................................................
Manilla Cheroots.—Expert Trude of Odessa lor four years...................................................
The Scoich Pig Iron Trade.—Trade of Milwaukee..................................... .........................
Exports from Manilla to the United States.— Import Trade of Boston...............................
Deal Trade of St. John, N. B.—Tobacco in Virginia.—New York Auction Duties.........

NAUTICAL

731

732
733
734

INTELLIGENCE.

Lights in the Gulf o f Finland.—Fixed Light on Isla Mouro, Coast o f Spain.................................
New Lighthouse on the Lagskar Rocks, G ulf of Bothnia..................................................................
Beacon on llogsty Reef, Bahama Islands.— Montauk Point, Long Island.......................................
Alteration o f Light at Crookhaven, Ire and.—Fixed Light on Grindstone Island, Bay o f Fundy
New Light at Cape of Good Hope.—Rock off St. Thomas Harbor, St. Thomas Island...............
Lights on the South Coast of Australia..................................................................................................

POSTAL

735
736
736
737
737
738

DEPARTMENT,
739

Dead-letter Office................ ...................................................................................

COMMERCIAL

REGULATIONS.
740
741
742

Changes In New York Canals T olls......................................................................
International Signals.............................................................................................. .
The East R iver.........................................................................................................

JOURNAL

OF

INSURANCE.

Increase o f Life Insurance............................................................................. .......................................... 743
Marine Losses for April, I860.—English Life Insurance Companies................................................ 744
Destruction o f Property by Fire............................................................................................................. 745

RAILROAD,

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

STATISTICS.

New York Canals................
Railroads o f Connecticut. - St. Mary's Canal.................................................................................
Spanish R ailw ays................
Operations of the Railways of Massachusetts from 1842 to 1S59 .....................................................
British Railroads.......................................................................................................................................

JOURNAL

OF M I N I N G ,

MANUFACTURES,

AND

ART.

Labor and Wages in New York...............................................................................................................
New Steam-Engine.—The Manufacture o f Nails.—Indiana C o a l....................................................
Protection of Brickwork.—Milk o f Wax.—Coal in C hicago.............................................................
C o lo r s in Fresco.-L im e.—Coal in F ra n ce...........................................................................................
Silver in Norway.— Electro-Magnetism applied to W eaving.............................................................
Zeiodelite.—To Gild on Glass.................................................................................................................

STATISTICS

OF

AGRICULTURE,

745
746
747
748
749
750
751
752
753
755
756

&c .

Tea Plant............................................ ....................................................................................................757
Live Cattle Weighed by Measure.—Acclimatization o f Animals.—Tile Drains............................. 759
Crops of Ireland.—Plant Trees ............................................................................................................. 760
Corn Crop of the West............................................................................................................................. 761

STATISTICS

OF

POPULATION,

&c .

Sardinia as she is ....................
Migration from, and Population of, Ireland..........................................................................................
The Coolie Trade.......................................................................................................................................
The Cartmeu of New Y o r k ....................................................................................................................

MERCANTILE

761
762
763
764

MISCELLANIES.

Mercantile Honor...................................................................................................................................... 765
The Sources of Perfume.—Borrowing. ......................................................................................... 766-767
Long Credits.— Industry and E conom y........................................................................................ 768-769
Real Estate in Richmond —Parisian Omnibus System............................................................... 770-771
Conscientiousness.—Customs of Trade.—Bird Trade of New York — Rise Early.................. 7T2-773
The Chinese as Brandy Drinkers.—African Slave Trade.—Lobster Fishing................................... 774

T IIE

BOOK T R A D E .

Notices of new Books or new Editions............................................................................................ 775-776




/

MERCHANTS’ MAGAZINE
AND

COMMERCIAL REVIEW.
J U N E ,

'

1 860.

Art. I.— CHANGE IN THE FRENCH COMMERCIAL POLICY.

T h e new direction given to affairs in France by the present govern­
ment has opened before that nation a career of material prosperity which,
with its vast natural resources, governed by the genius and energy o f its
people, may enable it to outrival any o f its competitors in the race of
industry. That England has hitherto maintained the foremost rank as
a commercial and manufacturing nation, has been due less to her great
natural advantages, her accumulation of means and the inventive genius
o f her people, than to the fact that her continental rivals have spent their
time and money in war rather than in industry, and to the policy o f the
governments which have sought by protection and monopoly to build up
and sustain class interests around the throne at the expense of the work­
ing masses. The Emperor Napoleon was the first to attack the formida­
ble body o f monopolists who based their usurpation on the prejudices o f
the people against foreign goods, and who drew large profits from con­
sumers by compelling the government to continue the prohibitive sys­
tem. The Emperor broke away from the financiers when he appealed
to the people so successfully for loans, and he has perseveringly carried out
his intentions of freeing the people from the clutches o f the monopolists.
The prohibitive policy required the people to consume little, and that
little t > be o f home production and dearly paid for. The new policy is
to enable them to consume much larger quantities, to enjoy more, and,
as a consequence, that more shall be produced. In short, that labor shall
enjoy more of the fruits of industry, and capital less.
The new policy
has been but shadowed forth in the recent official report o f the French
government.
The budget for 1861 was given by the minister as follows :—

Expenses..............................
Receipts................................




I 860 .'

1861.

1,829,911,778 f.
1,825,854,379

1,844,188,686 f.
1,845,733,670

660

Change in Ihe French Commercial Policy.

Tbe direct taxes and the domains show an increase o f receipts. The
most important changes are made in the duties under the new laws pro­
posed by the government, reducing the duties on certain articles. These
reductions are estimated as follow s:—
W ool and cotton.............
Coffee................................

25,409,000f. ] Sugar................................
6,442,000 |Navigation........................

53,243,000f.
3,500,000
88,594,000 f.

This reduction, it is supposed, will be compensated to the extent of
IT,702,000 f., by increased consumption o f the articles named, by
6,777,000 f. in consequence o f the treaty with England, by 24,000,000 f.
increased tax upon alcohol, making 48,475,000 f., and showing a net loss
of 40,119,000 f. In proposing these reductions of duties to the Legisla­
tive Assembly, an expose des moti/s w'as read, setting forth the reasons
that have guided the government. As this interesting paper contains
much valuable information upon the use o f and tax upon sugar, as well
as the general operation of taxes upon consumption, we lay it before our
readers. A singular state of things presents itself in relation to the ope­
ration of taxes and drawbacks. Thus, it appears that in France refined
sugar only is used, and the various taxes and protections have so loaded
this article with cost as very much to restrain its use, so that 11 lbs. per
head only is used in France, against 30 lbs. per head in the United
States. The production of sugar, colonial and beet root, is 244,000 tons.
All this passes through 40 refineries, and 65,000 tons is re-exported from
France to foreign markets at an expense o f 40,000,000 f., paid as draw­
backs to the refineries by the government.
Thus the sugar is made so
dear that the French cannot use it themselves, but they must pay the
refineries to send it out o f the country. The prohibition o f foreign re­
fined sugar has therefore not increased the home market. The govern­
ment now propose to throw off all restriction and let Frenchmen eat
their own sugar at its proper value. Instead o f paying a drawback to
send 65,000 tons o f sugar out of France, it is hoped so to increase the
home market by low prices that more than all the present production
shall be consumed at home. In this connection, on the occasion of the
lately made commercial treaty between France and England, a very val­
uable parliamentary return was issued, showing the rates of duty charge­
able in 1820 and 1860, respectively, on sugar, tea, coffee, brandy, ruin,
French and other wines, and malt, with the amount of duty paid on each
article; and the average consumption per head o f each, in the years
ending January 5, 1820, and January 1, 1860. It appears from this re­
turn, that the consumption of sugar per head has been doubled by the
reduction of the duty, that of tea rather more than doubled, and that of
coffee more than trebled ; but on the other articles the increase has been
very trifling, and the consumption per head o f some has actually dimin­
ished. The consumption o f brandy increased only to the extent o f 0.002
of a gallon per head, and that o f rum diminished 0.003 o f a gallon per
head. The consumption of French wines has doubled, but is still only
0.02 of a gallon per head; whilst that of Cape wines has increased from
0.025 to 0.027 of a gallon per head; and that of Spanish, Portuguese,
Rhenish, and Italian wines has diminished from 0.19 to 0.18 of a gallon
per head.
The consumption o f malt has increased from 1.25 to 1.44




Change in the French Commercial Policy.

661

bushel per head. Owing to the increase of population since 1820 from
20,398,000 to 29,014,000, at which it is now estimated, the revenue aris­
ing from the duties on the articles enumerated, except spirits and foreign
wines other than French, has increased. The amount of duty paid on
sugar, although the duty has been reduced to about one-third, has in­
creased one-half; that on tea in the same proportion ; that on coffee,
which has been reduced one-fourth, nearly as much ; and that on malt,
reduced from 3s. 7d. to 2s. 8d. per bushel, more than half. The revenue
from French wines, the duty on which has been reduced from 13s. 9 d .to
5s. 9d. per gallon, rose from £150,041 to £189,438; and that from Cape
wines, though the reduction of duty was only 2d. per gallon, from
£77,805 to £112,806. The revenue from foreign wines, other than
French, on which the old duties ranged from 9s. Id. to 1 Is. 3d., has
fallen from £1,776,913 to £1,539,835. The revenue from foreign spirits,
though the duty has been reduced from 22s. 7d. to 15s. per gallon, has
diminished from £1,007,093 to £1,001,148; and that from colonial
spirits, the duty on which was reduced from 13s. l i d . to 8s. 2d. per gal­
lon, the rate to which it is now proposed to reduce the duty on foreign
spirits, from £1,776,913 to £1,539,835.
In relation to the reduction of the French duty on wool, it is interesting
to observe that the system o f drawbacks has hitherto absorbed all the
duties.
From the beginning of the century up to 1823 foreign wool
entered France free of duty, but in the last-named year the price of wool
underwent a heavy decline in all the markets o f Europe. A certain de­
scription of merinos, for example, which were worth 4 f. to 4 f. 5 c. the
kilogramme, fell successively to about 2 f., and has since remained on an
average at 2 f. to 2 f. 50 c. Protection was in fashion in those days, and
an import duty o f 33 per cent ad valorem was imposed on wool. But
this duty, though, so to speak, prohibitive, did not cause a rise in price.
From 1823 to 1834 the average price was 2 f. 20 c. the kilogramme, the
lowest being 1 f. 70 c., and the highest 2 f. 80 c. In 1834 the duty was
reduced to 22 per cent, including what is called the dixiem e; and that
duty was maintained up to 1855, a period of 20 years, during which the
price varied, according to the abundance of the crops and the manufac­
turing and commercial situation, from 1 f. 40 c. (in 1848) to 2 f. 50 c. (in
1855.) In 1856 the duty was reduced to 15 c. the kilogram m e; and
from that year up to 1859 the price o f wool in France was, notwithstand­
ing commercial and financial crises, 2 f. 40 c. to 2 f. 50 c. the kilogramme.
It will be seen that under the most moderate duty, that which now ex­
ists, the price of wool has not fallen ; and the reason is this :— A reduc­
tion of duty has always for effect to maintain prices in foreign markets,
and the wool of France being the best, if not the finest o f all wools,
manufacturers, influenced by the firmness of foreign markets, hasten
to lay in stocks of French wool, which is the quality that suits them
best. During the last ten years the importation o f foreign wool has
been on the increase ; in 1850 and in preceding years it was 20,000,000
kilogra nines, and since 1852 it has been on an average 35,000,000.
How is it that with such an importation the price of wool in France
does not decline ? The answer is— 1. Because the price of wool in France
must be on a level with the price o f wool abroad. 2. Because the con­
sumption of woolen fabrics in France is constantly on the increase. 3.
Because the export o f French woolen fabrics abroad increases considera­




662

Change in the French Commercial Policy.

bly every year. On this subject the customs returns present some curi­
ous results. It is known that the French manufacturers of woolen goods
cannot compete with foreigners, except on the condition that the custom­
house shall restore to them, on the export o f their fabrics, the duties
which were paid on the import of the raw- material. This is what is
called drawback. For so many kilogrammes o f tissues exported, the
custom-house reimburses the duty paid on the import of so many kilo­
grammes of wool. Proportionate rates are established for that purpose
according to the sort o f tissues exported. In 1 856 the Board of Cus­
toms thus reimbursed as drawback 9,379,000 f. to French exporters,
though in that year it only received on the import o f wool 8,571,000 f.
In 1857 the duties levied on the importation o f wool were 7,600,000 f.
and the drawback reimbursed was 6,183,000 f. In 1858 the duties levied
on imports were 7,e00,00 f., and the drawback reimbursed was 5,500,000 f.
It will be seen that in France very little foreign wool remains in the
form o f tissues, since the export takes away almost all that is brought
in, and this explains why, at one period, the exporting manufacturers of
Elbeuf supported a demand for the maintenance of tbe duty o f 33 per
cent on foreign wool. The higher this duty was the greater was the ad­
vantage derived by them from the premiums paid to them on the export
o f woven goods. French agriculture would therefore gain nothing by
the maintenance o f this customs machinery, which is entirely to the ad­
vantage o f exporters. This machinery will be suppressed at the same
time as the duty on wool.
The desire to promote the welfare o f the people by removing restric­
tion manifests itself in other European countries. The removal o f internal
customs in the Zollverein has had too marked a benefit to be disregarded.
France, after the revolution of 1848, made an effort to remove a similar
system, called the octrois (town dues) or taxes on produce coming into cities.
The means o f replacing the municipal revenues so derived caused the
project to fail. Belgium has determined to suppress the evil, however,
and the report upon the subject is o f interest. The population is about
4.500.000, divided into 2,538 communes; o f these 78, with a population
of 1,222,991, levy octrois which amounted in 1858 to 10,876,085 f., and
with expenses and costs of collections 14,000,000. To support this it is
necessary to find the money elsewhere. It was first proposed to adopt
the first system o f a tobacco regie, now free in Belgium. It was estimated
that this would give 7,000,000 f., but the cost of establishing would be
25.000.
000 f. It was then proposed to monopolize the manufacture and
sale of sugar.
For this two plans were proposed : one, to buy the
beets of the farmers and manufacture, refine, and sell the sugar; the
other, to buy the sour sugar and refine and sell it only. This, it was
estimated, would give 12,000,000 f. The expense o f establishing it was
objectionable. It was then determined for the State to relinquish to the
communes the duties on coffee, 2,000,000 f., the postage revenue,
1,500,000 f.— making 3,500,000 f.— to transform the octrois on five articles
into excise taxes— making 4,500,000 f.— and to readjust some indirect
taxes for the amount of 5,900,000 f. The new excise taxes would fall on
wines and brandies. The burden is still, under this regulation, paid by
the consumers, but in a manner that does not restrict intercourse or tax
the necessaries of life. The desire which thus prevails in Belgium and
France to promote the consumption o f necessaries, and consequently to




Change in the French Commercial Policy.

663

stimulate the production of equivalents, is well expressed in the official
reports of the French commission.
In accordance with this policy, the late modifications of the tariff, fol­
lowing the treaty with England, have been made, and the very interest­
ing report on the subject to the Legislative Assembly gives the reasons
for the law. This report proceeds as follow s:—
G entlemen : W e have the honor to present to the corps legislative
a project of law which has for its object to reduce in considerable pro­
portions the duties on sugar, coffee, cocoa, and tea. The reduction of
the sugar duties is, in a financial as well as an economical point o f view,
the most important, and the question which it raises ought to attract the
attention of the legislative corps. The question of the sugar duties, and
the consequences which result from them, have for a long time occupied
the attention not only o f the economists, but o f the public authorities.
In 1850 the administration of indirect duties took the initiative in a
reduction similar to that which is now proposed. A bill was prepared
and presented to the Assembly, after having received the approbation of
the Council of State. The duty of 45 f. was in four years to be reduced
to 25 f. The other duties were to be reduced in the same proportion.
An illustrious philosopher, then Minister o f Agriculture and Commerce,
said in the “ statement of motive —
“ Among the economic problems bequeathed to the present govern­
ment by the old administration o f the country, none is more urgent to
resolve than that which concerns the taxing of sugar.
“ The interest of the consumer exacts the solution ; in effect, sugar can
no longer be considered as an element o f luxury reserved to the rich
classes, as an agreeable seasoning, which might be dispensed with with­
out hardships. A long and universal experience has pronounced in favor
of sugar. It has marked its place among the aliments the best appro­
priated to the wants o f man. W hen its consumption is greatest it con­
tributes in the highest degree to improve the sanitary condition of the
laboring classes, to improve their welfare, and augment the enjoyments
of the family that surrounds the domestic hearth.” He adds: “ the bill
that we have the honor to submit to your discussion has for its object to
give to the consumption o f sugar all the extension which is compatible
with our actual financial condition.”
The commission of the Legislative Assembly adopted the project with
very light modifications. Thus, at an epoch when the financial situation
of the country was profoundly shaken, the Administration, the Govern­
ment, the Council o f State, and a Commission of the Legislative Assembly
were in accord in acknowledging the necessity o f reducing to a consid­
erable extent the duties on sugar.
The Legislative Assembly did not
admit the proposed reduction, being governed by the financial reasons
which grew out o f the difficult position in which France was then placed.
The precedent to which we have alluded affords evidence that the neces­
sity o f reducing the duties on sugar, in the view of extending its consump­
tion among classes where its high price is an obstacle to that extension,
has long since been recognized. It is, however, not the less our duty to
demonstrate that the reform now asked o f the Assembly is possessed o f
considerable economic advantages, and that, in the present situation o f
France, the financial consequences have nothing redoubtable. Before dis­
cussing these points of view, we will indicate the fundamental question
that we have to resolve.




664

Change in the French Commercial Policy.

W e will not enter into the clivers phases o f legislation on sugar, be­
cause that would have neither interest nor utility. That legislation was
entirely a legislation o f circumstances-—sometimes the interests o f the
treasury, sometimes the rivalry of colonial and foreign sugar, sometimes
the inquietude o f the colonies, awakened by the progress o f home-grown
sugar, have provoked the solicitude of legislators. W e should find in the
long recital of old laws no instruction applicable to present circumstances.
For the present discussion it will suffice to indicate the normal duty
which serves to regulate the entire tariff. The home-made sugar of grade
“ above type” has been charged with 45 f., which is raised by the two-tenths
to 54 f., and this duty is also to be paid by the sugar from the French
West Indies, from January 1, 1861. This duty o f 45 f. goes back to
April 28, 1816, and on this figure the duties between home-made and
colonial sugar were equalized in 1847. It is the point o f departure for
the increase and the reductions, and the differential duties upon sugar of
different origin which exist in our tariff.
It is, then, really the normal
duty. The question embraced in the present bill can then be expressed
in very simple terms. Is it useful and possible to lower the actual duty
from 45 f. to 25 f., or, embracing the tenths, from 54 f. to 30 f. ? It has
not been theoretic consideration that has determined the Emperor’s gov­
ernment in the preparation of this bill. However the question will pre­
sent itself, whether the reduction prop'osed is not contrary to the general
principles o f our legislation upon taxes. The fundamental principle of
taxation in France is proportionality. In respect to the contribution
which can be decided on certain determined laws, the principle is applied
directly. It is not the same, however, for the duties on articles of con­
sumption, among which is sugar. Taxes upon consumption generally
fall equitably upon the consumer, because each pays in the proportion in
which he consumes, and on this fact is founded the legitimacy of the sys­
tem. That is true, however, only on the condition that in levying the
taxes account is taken of the nature and destination o f the thing taxed.
Hence, in our financial legislation, as in all legislation governed by a
principle of justice, the objects of luxury only have been stricken with
a duty much higher than that imposed upon articles consumed equally
by rich and poor. In levying the duties another object has been kept in
view.
The articles which respond to fictitious wants, such as tobacco
and sporting powder, have been submitted, without injustice, to a con­
siderable taxation. In what category should sugar be placed, in accord­
ance with these principles? Is it requisite to tax it as an object of lux­
ury, or as satisfying a fictitious want, or as an article of general consump­
tion ? Sugar cannot be completely assimilated to bread or flesh ; but it
has, with modern nations, become so important an article o f food as to
be classed with matters o f first necessity. It has, however, not the less
been treated by the law as an object of luxury. The duty of 45 f., aug­
mented by the two-tenths, is equal to 80 per cent of the average value.
It will be understood that in 1816 sugar had, to a certain extent, been
classed as a luxury.
At that epoch the consumption in France was no
more than 25,000,000 kilogrammes. (55,000,000 lbs.) During the long
wars of the Empire, and under the continental blockade, the prices of
sugar were so high as to limit its consumption to the rich classes only.
On the other hand, in 1816 the financial situation was in all respects
critical, and in view o f imperious necessity, the legislators could take




Change in the French Commercial Policy.

665

only the financial view of the question. To-day, however, sugar can no
longer be held as a luxury, nor is the tax a financial question only.
Duties levied upon luxuries are just, and do not much limit their con­
sumption. For persons who can buy them at all, the high price is an
attraction, because their use, under such circumstances, confers distinc­
tion. It is not the same, however, with articles of general consumption;
too heavy taxes greatly restrain the use of them. Experience has always
shown that when taxes are raised the consumption contracts, and the
increase of revenue never equals the augmentation o f duty. From these
observations it may be concluded that the reduction in the sugar duties
conforms to the general principles which govern indirect taxation, and
that it ought to remove an important obstacle to the more extensive use
of sugar. Some figures will suffice to demonstrate, at least approximately,
what influence the actual duties may have upon the use of sugar. The
annual consumption in France is above 5 kilogramme, (11 lbs.) per head.
In England the consumption is 15 kilogrammes (33 lbs.) per head. In
the Lcited States, 17 kilogrammes (37 lbs) If we compare the duties
paid in the three countries it will be seen that they are in inverse ratio
to the consumption. Thus, in France the tax is 51 f. for 100 kilogrammes,
(4.6 cents per lb .;) in Great Britain, 3 4 f. per 100 kilogrammes, (3 cents
per lb .;) in the United States, 15 f. per 100 kilogrammes, (1 1-4 cents
per lb.) It is necessary to take into view, certainly, the difference in
the habits and customs which distinguish the three countries, and
which influence consumption ; but the disproportion is so great that it
is impossible not to acknowledge that the difference of taxes has a great
influence upon the results. It appears to us, then, that it is permitted to
attribute to our higher duties the fact o f our lesser consumption, and to
find in the figures furnished by England and the United States a means
of estimating the extension which the use o f sugar may one day acquire.
When, ho wever, the tax is excessive it acts not only upon the consump­
tion, but also indirectly upon the industries that supply it. Thus the re­
strictions laid upon the consumption of sugar also limit the production
of it, in France as well as in the colonies. The home-grown sugar for
1859 reached 131,000,000 kilogrammes.
Kilogrammes.

Tons.

Beet root sugar...............................................................
Colonial sugar, less local...............................................

liil.UUO.OUO
113,000,000

131,000
113,000

Total c o n s u m p t i o n . ......................................

244,000,000

244,000

This result is far from giving an exact idea o f the productive power
of our factories. These, as well native as colonial, could produce with
the present organization much greater quantities of sugar, but they are
met by an insufficient consumption. There has been for some years an
excess o f production. It was in 1856, 25,000,000 kilogrammes (25,000
tons;) in 1857, 37,000,000 kilogrammes; in 1858, 67,000,000 kilo­
grammes; in 1859, 61,000,000 kilogrammes.
There results a glut o f the markets and the necessity o f relieving
it by exportation, often on onerous conditions, not only for colonial re­
fined sugars, but for raw beet root sugar. By these means a fall in the
home market— a fall in prices that would have been ruinous for the manfacturer and colonies— was avoided. In effect, when an article is loaded
with a tax approaching 80 per cent o f its value, a sufficient reduction of
the market price to stimulate consumption would leave little to the pro­




666

Change in the French Commercial Policy.

ducer. Such a state o f affairs should awaken the attention of the gov­
ernment to the duty of applying a remedy.
On the other hand, the sufferings of the colonies affect our navigation.
Bestrained in their production, and not profiting by all the riches of their
soil and climate, they are forced to limit the purchases they would other­
wise make at the metropolis, and the commerce o f exchange, of which our
ships, in virtue of our colonial regulations, are the necessary instruments,
has neither the activity nor the importance which it is susceptible. W e
have laid before you the principles, the equitable reasofis, and the eco­
nomic considerations which have determined the government to propose
a reduction in the sugar duties; similar motives have suggested a reduc­
tion of the duties on coffee, cocoa, and sugar.
The consumption of coffee in France is very limited. In 1859 it did
not exceed 841 grammes ('28 ounces) per head, yet this was larger than
in previous years. In the United States the consumption is 3 kilos. 600
grammes, (7 lbs. 13 ozs.;) in Germany it is 1 kilo. 700 grammes, (3 lbs.
9J ozs.;) in Belgium, 4 kilogrammes, (8.8 lb s.;) in Holland, 4 kilos. 125
grammes, (9 lbs.;) in Switzerland, nearly 6 kilogrammes, (131 lbs.) In
England the consumption is not large, for the reason that tea is more
generally used; it has entered so largely into the national habits as to
leave little room for coffee. The great difference which exists between
the quantity of coffee consumed in France and that used in other nations
that we have cited can explain itself not otherwise than by the effect
produced on the price by the high duties levied by us, and by the low
duties or absence of all duties in the other countries. In the United
States and Holland cotfee is free; in Switzerland it is 15 cents per 100
lbs; in Belgium 11 f. per 100 kilogrammes, ($10 per 230 lbs.;) in Ger­
many, 37 f. 50 c. per 100 kilogrammes; and in France, 100 f. per 100
kilogrammes, (9 cents per lb.,) or nearly equal to the value o f the arti­
cle. The duties on cocoa in France are relatively lower than on coffee ;
they correspond nearly to a value o f 30 per cent. On tea the duty is
100 per cent or more, according as the importation is made in a French
or foreign ship. But relatively to cocoa and to tea, as in regard to coffee,
the question should be regarded in the point of view of the sugar con­
sumption. In effect, if the duties on those articles are reduced one-half,
as the bill proposes, there will be a double reduction on those drinks in
which sugar allies itself to coffee, cocoa, and tea. The use of them will
spread so much the more rapidly that there will be a double reduction
iti the cost of the mixtures.
FIN AN C IAL CONSEQUENCES OF THE BILL.

When the important measure, of which we have had the honor to
present to you the motives, is examined exclusively in respect o f the in­
terests that the reduction will favor, we encounter no serious objections.
The amelioration o f the material conditions o f existence among the la­
boring classes, the development o f a great industry, which is the life of
our colonies, and which in developing itself on our soil augments the
national industry, and imparts a new activity to our merchant marine,
whence the navy draws its seamen— these are immense political and eco­
nomical interests which no one can mistake. But these interests, howevet great they may be, cannot be opposed to those of the public treas­
ury, of which the resources may during many years suffer a severe at­
tenuation.




Change in the French Commercial Policy.

667

W e are thus led to ask to what interests it is necessary to give the
preference, and if economical and political considerations, even the high­
est, ought to give way before financial considerations. In order to re­
spond to these questions, it is necessary to measure the grandeur o f the
opposing interests. W e have laid before you the political advantages of
the b ill; it remains to explain the financial consequences. To appreciate
the extent of the loss to the treasury, and to estimate the duration of the
sacrifice that will be imposed upon it, are two points upon which some
explanations are necessary.
The reductions proposed should, in the view of the government, be
made at once, in order that their effects may make themselves immedi­
ately felt. Many inconveniences would in effect attend a system of grad­
ual reduction spread over many years. I f such a course were pursued,
the diminution of the tax during many years would not be sufficiently
marked to act sensibly upon consumption, and the treasury would not at
first obtain compensation for the loss it would experience, and would be
exposed to finding itself at the end o f a period of reduction in a situa­
tion similar to that in which it now is, but aggravated by losses suffered
during preceding years. The reductions o f duties thus graduated also
operate injuriously upon industrial and commercial transactions.
In
effect, under the operation o f continual changes in duties, the fear will
not cease to act, that merchandise made or bought under high taxes may
be sold only at a loss when the price falls through the effect of a dimin­
ished tax. It is thus that the mere announcement o f a reduction in tax,
before it is even voted, produces a certain stagnation in business.
When England, in 1844, reformed the sugar duties, the tax was at
once lowered from 59 f. to 34 f. It is true that there have been succes­
sive reductions below this last figure, but these were in proportions so
small as to have no sudden or material effect upon market prices, or to
impart any uncertainty to operations of business. Thus the reduction
ought to be accomplished at once, as much in the interests of the treas­
ury as in those of industry and commerce.
I f the reduction is important, the loss for the treasury at first would
be more considerable, because it is not to be supposed that the consump­
tion would immediately rise to a compensating point. But under the
pressure o f a large reduction in tax, the price would fall rapidly, and
would thus give a lively impulsion to the development o f consumption
in such a manner that increasing compensation to the treasury might be
relied upon with each successive year.
It is incontestible that the use o f sugar is capable of the most consid­
erable extension. It agrees with all ages, and reduced to a moderate
price it may penetrate all ranks of society. It is employed for a great
number o f purposes. It is eaten alone, and is mixed with food and with
drinks. Its comsumption has thus a vast field in which to extend itself.
W e can at least judge o f the future by the past. From 1816 to 1841,
the consumption rose from- 25 to 100 millions of kilogrammes, and has
reached 200 millions at later dates. There is, therefore, to-day eight
times as much consumed as in 1816. It required, without doubt, forty
years to arrive at such a result. The movement was, however, inter­
rupted by the revolution of February, causing a loss of time. The fact,
however, that from 1851 to 1859, the consumption rose from 115 to 185
millions, shows with what rapidity it increases under favorable circum




668

Change in the French Commercial Policy.

stances. In eight years the consumption rose 70 million kilogrammes,
or 61 per cent. These results were produced under the present duties,
and it may be inferred how great might be the increase under a pros­
perity always increasing, with duties reduced four-ninths. The experience
of the past justifies the belief that the treasury will he reimbursed in
four or five years. If this may not be declared a certainty, still, on the
other hand, it cannot be denounced as an illusion.
There is also no reason to think that sugar will maintain its price
through shortness o f supply checking consumption, since we have shown
that there has been a permanent surplus, and the manufacturers, both
colonial and native, are in a position to meet any demand that can man­
ifest itself. It has been estimated that the treasury will lose 51 millions
by carrying the measure proposed at once into effect, in the budget o f
1861, hut, as we have seen, we can counton compensation resulting from
progressive development of the consumption.
It remains for us to give the Assembly details of the new tariff, and of
other dispositions o f the projected law. Independently o f the reduction
of the taxes, the bill proposes many simplifications of the tariff. W e
have already said that the normal duty' on home made sugars is reduced
from 45 to 25 francs, and with the two-tenths from 54 to 30 francs the
100 kilogrammes. Colonial sugars are to pay the same duty', but, to
avoid the inconvenience o f a sudden change, the equality of home-made
and colonial sugars will not be immediately established.
The law o f the 28th June, 1856, in maintaining in principle the duty
on sugar from the other side o f the Cape of Good Hope at 42 francs,
and at 45 francs for that of the American colonies, established in their
favor a discrimination, temporary and decreasing. This discrimination
was 7 francs from March 27, 1856, to June 3 0 ,1 8 5 8 ; 5 francs from
July, 1858, to June 30, 1859 ; and finally 3 francs from July, 1859, to
June 30, 1861. That discrimination of 3 francs is the only one which
now exists. W e now propose that it shall close entirely June 30, 1861.
Foreign sugars imported by French ships from countries out o f Eu­
rope are to pay' 28 francs, without counting the two-tenths; that is to
say, 3 francs more than French sugars. The projected law abolishes all
discrimination between French and foreign sugar. It substitutes a single
duty for the various rates that are now levied upon the sugars o f China,
Cochin-China, Philippines, Siam, and other countries out of Europe.
Those differential duties established to encourage distant navigation have
not produced the results that were expected from them, and under the
new tariff they would only produce useless complications.
In readjusting the duties on foreign sugar the interests of our flag
have not been neglected. Those duties are fixed at 28 francs when foreign sugars are imported from countries out of Europe in French vessels;
they are placed at 34 francs when imported coastwise. In foreign vessels
from countries out of Europe the duty is 30 francs. Our flag, therefore,
profits by a protection o f 11 francs in one case, and by 5 francs in the
other, without the two-tenths. The government thinks that protection
quite sufficient to insure the trade to French ships over rival vessels.
W e have hitherto spoken only o f raw sugar; we will present a few re­
marks on refined sugars.
The proposed law allows the prohibtion against foreign sugar to re­
main, except where the stipulation of the treaty with England and other trea-




Change in the French Commercial Policy.

669

ties interfere. The law also maintains the supplementary duty on refined
sugars of the home factories. This duty is now 10 per cent above the
duty applicable to sugar, a degree above that o f the first type. The law
transferes the tax into a charge of 5 francs per 100 kilogrammes. This
grows out of another change in the tariff; raw sugars above first type
are subject to an additional tax o f 3 francs, which it is proposed to sup­
press ; hence, it becomes necessary to reach the tax in another manner.
The duties on coffee, cocoa, and tea have also been much simplified,
all differential duties o f origin having disappeared. Coffee, the produce
of French colonies on the west coast of Africa, will bear no higher tax
than that of the other colonies.
The principal object proposed in the bill is to extend the consumption
of sugar by such a reduction of taxes as will insure lower prices to the
consumer. The largest portion o f the sugar now used in France is re­
fined. The government has thought that, as the use o f sugar extends
itself, the custom of using raw sugars, as in England, will become more
general among those who are not rich. There are iu France only 35 a
40 sugar refineries, forming separate establishments.
These furnish al­
most exclusively the refined sugar consumed in France, because foreign
refined sugar is prohibited; the colonies send us none, and the refineries
connected with the home sugar factories refine but about four million
kilogrammes, (4,000 tons.)
There is, then, reason to fear that, when
through reduction o f tax the fall in price makes itself felt, there will not
T>e refined sugar enough to be had to meet the demand. It is not to be
disguised that an industry situated like that o f sugar refining in France
can, to a certain extent, control the market, and counteract the effects o f
diminished duties. It is necessary, then, to foresee and, as much as pos­
sible, guard against such contingencies, in giving to the sugar makers at
home and in the colonies the means of meeting the new demand. For
this purpose the surlaxe on raw sugar above type is suppressed. A short
explanation is necessary to fully understand the importance of this
change. A t present raw sugar bears a duty o f 54 francs, with the tenths;
if they rise above the type they pay 60 francs. The refined sugar of
home factories, and those of the colonies, pay a high duty. This higher
duty is suppressed in such a manner that all raw sugar, whatever its sac­
charine richness, would be subjected to the same duty, but for the grade
under type. Regard has, however, been had to the position o f some of
the colonies where the methods o f manufacture are very imperfect, and
by means of the lower grade those factories that are unfavorably situated
pay only a reduced duty on their inferior article. This presents a slight
obstacle to the plan proposed, but it has been thought better not to dis­
turb it. In suppressing the overtax, it is designed to encourage the pro­
duction of a sugar of a high grade, that may enter at once into consump­
tion without being subjected to any extra tax or refining process. There
results a double loss to the treasury. The sugars below and above type
will pay less than the normal tax. The higher grades will not pay the
extra tax; that reduction will not, however, be very considerable, by rea­
son of the advantages expected from it. The subscription o f the manu­
facture has the same object as the suppression o f the duties on the high
grades. It will be optional, and those who do not subscribe will remain
under the present regulation.
Under the existing law great precautions have been taken to guaranty




670

Change in the French Commercial Policy.

the treasury against fraud; thus, before the juice of the beet-root is
boiled, the government agents test its density, and the manufacturers
must account for 1,400 grammes o f sugar for 100 litres o f density, (3J
lbs. to 22 gallons,) by each degree o f the densimetre. When the sugar
is made a new inspection verifies the quantities. The sugars completed
are placed in warehouse, o f which the agent has the key, and it is de­
livered only with his consent. W ith the manufacturers who come under
the new law, there will remain only the inspection o f the juice, which
will be the basis for the levying of the tax. When the quantities of su­
gar shall have been valued according to the density of the juice, the du­
ties will be fixed. The manufacturer will be relieved from inspection in
the other stages o f manufacture and sale; whether the sugar is more or
less perfect, or more or less in a refined state, will no longer be demanded
of him. If, in order to produce sugar fit at once for use, it will be ne­
cessary to mix beet-root juice with cane sugar, it will rest with the maker.
Thus the object sought, with the concurrence o f the manufacturer, is to
produce a sugar fit at once for consumption, in order to lessen the cost
to the consumer. The tax is diminished 24 francs, and the cost o f re­
fining 10 francs; there should be a diminution o f 40 francs. Such a re­
sult, if realized, and experience already gives assurance of success, will
justify the change. It is no doubt the case that the density of the juice
gives no absolute certainty. The densimetre does not indicate the quan­
tities of crystalized sugar in the juice ; it marks only its density in such
a manner that the quantity of sugar sometimes falls short, and at others
shows an excess. But when that becomes the only basis o f taxation,
they will employ the densimetre with far greater care, and chances of
fraud will be diminished.
The final disposition of the projected law is in relation to the draw­
back on refined sugar. To cause the duty to operate as justly as pos­
sible, it has always been sought to establish a relation as exact as pos­
sible between the quantity of raw sugar imported and that required for
the refiner. Legislation upon this point has been very variable, not only
because of the inherent difficulties o f the appreciation, but because it
was desired also to make the drawback a source o f profit to the marine
and to the colonies more or less considerable.
The law o f July, 1840, gave to the law o f drawback the following
basis:— The legal equivalent for the first category was 70 kilogrammes
of refined for 100 kilogrammes o f raw sugar; and for the second, 73
kilogrammes o f refined for 100 kilogrammes. These are applicable only
to the grade equal and inferior to the first type. It will be understood
that, if this grade had been higher, the advantages to the importer and
refiner would have been greater. This took place when, by the law of
March, 1852, the type admitted for home-made or beet sugar was applied
to colonial and foreign sugar. The necessity o f modifying the basis soon
made itself felt in the interests o f the treasury; the law of June, 1856,
carried the basis from 70 to 75 per cent, and from 73 to 78 per cent, as
it remains to this day. This change produced the highest clamor from
the interested parties, hut neither the imports nor the activity o f the re­
fineries has been diminished. The payments on refined sugar exported,
which had been 26,290,000 francs in 1857, rose to 40,200,000 in 1858,
and were 39,600,000 in 1859. Such results attract the attention of the
government, and after careful examination it has been decided to fix the




Michigan : its Progress, Mines, and Manufactures.

671

equivalent at 80 and 83 per cent. This change will have the effect of
assuring to the treasury a first compensation for the sacrifice it encounters,
without materially affecting the manufacture or the shipping. As to the
French refineries, they have arrived at such a state of perfection as to
enable them to sustain any competition.
The Assembly has now been informed o f the views o f the government,
and it will doubtless agree with it, that the question should be solved in
a political and economical point o f view, rather than as one purely
financial.

Art. II.— MICHIGAN: ITS PROGRESS, MINES, AND MANUFACTURES.
T he State of Michigan has made, like all the Western States, extraor­
dinary progress during the last ten years, but its prosperity and prospects
seem to rest on a firmer basis than those of most of the other States.
The commercial and mining advantages o f the peninsula have assumed
a position, as well in relation to the commerce o f the great lakes as to
the connections with Canada on one hand, and the British northwestern
possessions on the other. The peninsula puts out north between two
great lakes, at a point which commands the route o f connection between
the British Atlantic possessions and those on the Pacific. A network of
railroads spreads northward through a country of the greatest mining
and industrial wealth, to connect what must in the future be the great
rail route to the Pacific. The railroads that have already been built in
Michigan have given a great impetus to the settlement of the State. In
order to estimate the growth of the State, we may go back just ten years
to the Merchants' Magazine o f February, 1850, in which the finances and
resources of Michigan were fully treated. W e there find, page 138, that
the railroads o f the State consisted of the two unfinished roads, the Cen­
tral, 146 miles, and the Southern, 68 miles, making 214 miles, which
had cost -S3,363,880. These roads belonged to the State, and were sold
to private companies, and the roads now compare with their then posi­
tion, as follow s:—
/-------------- Central.--------------- >

1850.
Miles....................................
C o s t..................................
Receipts..............................

146
82,238,289
201,501

1859.
842
$12,874,250
2,056,542

,------------- Southern.--------------,

1850.

1859.

68
$1,125,590
61,501

264
$14,742,753
1,728,902

The aggregate miles of railroad in Michigan is now 1,032, and the
expenditure has been $36,362,812, or about $33,000,000 in the last nine
years. There are 600 miles of road now in progress north and south,
through Lansing to Saginaw and from Kalamazoo to Grand Rapids.
This expenditure has, of course, given a great impulse to industry within
the borders of the State, and if we compare the situation of the public
lands now and at that time, we shall observe the progress o f the absorp­
tion o f the federal lands. The position of the public lands in Michigan,
January, 1849, and January, 1858, was as follow s:—




672

Michigan: its Progress, Mines, and Manufactures.

Area reported................................................. acres
Granted to school............................... 1,113,477
Seat of government...........................
8,200
Salines..................................................
46,080
Individuals..........................................
4,080
500,000
Internal improvements.....................
Military bounties................................
34,617
Indian reservation.............................
109.301
126,711
Private claims....................................
Swamp la n d s ....................................
...........
Railroads..........................................
...........
-------------

18a

1858.

35,995,520

36,128,640

2,937.366

1,113,477
13,200
46,080
4,080
1,250,000
2,100,653
109,301
126,711
7,273,721
3,096,800
-------------

15,163,523

S o ld ..........................................................................

33,068,165
9,071,223

20,965,117
11,248,776

Balance acres..................................................

23,986,932

9,716,341

It appears from these official figures that 12,000,000 acres have been
disposed of in the State during the nine years. Of these, 700,000 acres
have been given by Congress to the State in aid of internal improvements;
2,000,000 to individuals for military services; 7,250,000 swamplands to
the State to be improved, and nearly 3,100,000 for railroads. In addi­
tion to these gifts, 2,200,000 acres have been sold for cash. Of the resi­
due of lands a good deal is of course waste, and the government interest
has become very small. W ith this progress o f the land distribution,
the population, rose from 212,267,- in 1840, to 304,278, in 1845,
400,237, in 1850, as per United States census, and 511,672, in
1854, per State census, and is, at the same ratio of progression, now not
far from 700,000 souls. The taxable property of the State was given in
1848 at 829,908,769, but was last year as follows:—
Acres taxed, 7,917,322, value...................................................................
Personal property......................................................................................

$88,101,204
32,261,670

Total taxable..................................................................................

$120,362,474

This would give nearly $200 per head o f the population against $90
per head in 1845— a very gratifying instance o f progressive wealth. The
natural resources of Michigan are second to those of no State in the
Union. Mines o f copper, iron, c o a l; beds o f stone and gypsum ; im­
mense forests of pine and hard woods, and the fisheries, have long de­
manded an increasing supply of capital for their prosecution. Within
a few months a new element of wealth has been added to the list. In
the above table of land grants will be found a grant of salines to the
State. These were but o f little real value to the State. Last year the
Legislature offered a bounty of 10 cents per bushel for salt produced in
the State. This stimulated efforts, which have been attended with im­
mense success. The East Saginaw Courier of a late date, after remark­
ing upon the operations of the salt company, states that “ the new tubing
was put down in the well between five and six hundred feet, and when
the weak brine was completely exhausted, it was found that the strong
brine rose to within twenty-five feet of the surface. A common liftingpump was then fixed in the tubing, capable o f raising six gallons per
minute. This pump has been running all day to-day, bringing up brine
which stands by the salometer at 90°, and instead of diminishing the




Michigan: its Progress , Mines, and Manufactures.

673

volume of water seems to increase. This settles the ‘ salt question’ be­
yond a contingency, and who is there in all this region with an imagin­
ation sufficiently prolific to portray the mighty results which must flow
from the full development o f the salt operations of Michigan successfully
inaugurated ?”
This salt, it is said, yields in the ratio of one bushel to 29 gallons,
nearly double the strength o f Kanawha and Onondaga water. North of
Saginaw, to the Sault, the land is underlaid with salt. The following
facts are established for East Saginaw and its salt:— “ The strongest and
purest brine in the world.” “ An inexhaustible supply.” “ An inexhaust­
ible supply also of fuel, and timber for barrels, at a merely nominal
price.” “ The best o f facilities for shipment to all sections o f the coun­
try.” “ Worlds o f lumber for all buildings, works, sheds, &c.” “ It is a
further fact that, with the bounty paid by the State, salt can he made
here, sent to Syracuse and sold to the manufacturers there at what it
costs them for the barrels to put it in.”
The East Saginaw Salt Manufacturing Company have contracted for
all the timber and lumber requisite for building an extensive roadway
and wharf, and the necessary buildings for two blocks of kettles, to be
delivered at their works within thirty days.
This opens a new and important industry to the State of Michigan,
added to its other mining resources.
Much has been said in reference to the coal fields o f Michigan, and
within the past two or three years explorations, with a view o f develop­
ing these deposits, have been conducted in different portions o f the State.
There exists no longer any doubt o f the existence o f a valuable field of
coal in central Michigan. There have been openings at different points
in the State; at Jackson and Sandstone, in Jackson County; at Owosso
and Corunna, in Shiawassee County; at Flint, in Genesee County ; and
at Lansing, coal has been found deposited in veins of from twenty inches
to four feet in thickness. Most o f the openings have been upon veins
outcropping at the surface o f the ground, and there has been little diffi­
culty in procuring samples of coal from these veins in many localities in
the State. These deposits of coal found at and near the surface are pro­
ducing coal in limited quantities in different localities, but no works have
been prosecuted with a view to supplying any but a limited local demand.
From the surface evidences o f a coal field on the line of the Detroit and
Milwaukee Road, near Owosso, and from explorations and developments
already made, some specimens of the coal having been produced and
shipped to Detroit, it has been determined to prosecute the work at that
point. In Jackson County, however, the matter o f mining coal has be­
come an enterprise of considerable magnitude, and we are enabled to
give some facts and figures which exhibit in some measure the import­
ance to the State of this new branch of industry.
There are several “ workings” of coal in the vicinity of Jackson, and
several companies have been formed for the purpose o f mining coal.
Considerable coal has been mined and sold from these different workings
and mines. The principal mine, and one which in all its arrangements
and provisions is equal to any mine in the country, is that of the Detroit
and Jackson Coal and Mining Company. The works of this company
are at W oodville station, on the line of the Michigan Central Railroad,
about three-and-a-half miles west of Jackson city. The mine is situated
V O L . x l i i .— n o . vi.
43




674

M ichigan: its Progress, Mines, and Manufactures.

■on the north side of the railroad, and about half a mile from the main
track. The coal company have built a side track from the Central Road
to the mouth of their shaft. The shaft from which the coal is taken is
90 feet deep, and at the bottom passes through a vein of coal about four
feet in thickness. This vein has been opened in different directions for
several hundred feet from the shaft, and with a tram road through the
different entries the coal is reached, and brought from the rooms to the
shaft, and then lifted by steam to the surface. This coal has been trans­
ported to different points in the State, and is rapidly coming into use for
all ordinary purposes, taking the place o f many o f the Ohio coals, and
at a reduced cost. The mine to which reference is made is within four
hours’ ride of Detroit on the Central Road, and a visit of two hours
(which can be accomplished any day, by taking the morning train, and
returning so as to reach Detroit at half-past six in the evening) will repay
any one for the trouble. The station is called Woodville, and is only
tliree-and-a-half miles west of Jackson.
There are indications that Michigan is slowly but surely taking the
rank to which she is entitled in the manufacture as well as production o f
iron. The first shipment of pig-iron of any consequence was made by
the Pioneer Company in the fall o f 1858. Dr. Russell, of Detroit, is
turning out large quantities. His works went into operation about two
years and a half ago, but were burned after running sixty days. They
were immediately rebuilt by the enterprising proprietor. The Lake Su­
perior iron has been proclaimed the best in the world, a proposition that
none can successfully refute, and it is most desirable for gearing, shafting,
cranks, flanges, and car-wheels. A large amount o f capital is invested
in the iron interest in Michigan, as the following figures prove :—
Companies.

Capital.

P io n e e r...........................................$150,000
Jackson............................................ 300,000
Collins...........................................
150,000
Cleveland...................................... 300,000
L. Sup’r & Iron Mount’n R’d Co. 700,000
Northern Michigan Iron C o .. . . 110,000

Companies.

Capital.

Wyandotte Rolling Mills.......... $236,000
Eureka Iron Com pany............. 117,500
Dr. G. B. Russell’s .....................
60,000
Ford & Philbrick’s Steam Forge
25,000
Total....................................2,148,000

Marquette is the only point on Lake Superior where the iron ore de­
posits have been worked. There are deposits of iron in the mountains
back of L’Anse, but this wonderful region leaves nothing more to be de­
sired for the present. At a distance o f eighteen miles from the lake are
to be found iron mountains named the Sharon, Burt, Lake Superior,
Cleveland, Collins, and Barlow, while eight miles further back lie the Ely
and St. Clair mountains. Three o f these mountains are at present worked
— the Sharon, the Cleveland, and the Lake Superior— and contain enough
ore to supply the world for generations to come. The mountains further
back embrace tracts of hundreds o f acres rising to a height of from four
to six hundred feet, which there is every reason to believe, from the ex­
plorations made, are solid iron ore. The extent of the contents of these
mountains is perfectly fabulous; in fact, so enormous as almost to baffle
computation. The ore, too, is remarkably rich, yielding about 70 per
cent o f pure metal. There are now in operation at Marquette three iron
mining companies and two blast furnaces for making charcoal pig-iron—
the Pioneer and Meigs. The Pioneer has two stacks, and a capacity of
twenty tons pig-iron per d a y ; the Meigs one stack, capable of turning
out about eleven tons. The Northern Iron Company is building a large




M ichigan: its Progress, Mines, and Manufactures.

675

bituminous coal furnace at the mouth of the Chocolate River, three miles
south of Marquette, which will be in operation early in the summer.
Each of the mining companies— the Jackson, Cleveland, and Lake Supe­
rior— have docks at the harbor for shipment, extending out into the spa­
cious and beautiful bay which lies in front o f Marquette, to a sufficient
length to enable vessels o f the largest dimensions to lie by their side and
be loaded directly from the cars, which are run over the vessels and
“ dumped ” into shutes, which are made to empty directly into the holds.
The process of loading is therefore very expeditious and easy. The
amount of shipments o f ore for 1859, from Marquette to the ports below,
reaches 75,000 gross tons in round numbers, and the shipments of pigiron 6,000 gross tons more. To this must be added the amount at Mar­
quette when navigation closed, the amount at the mines ready to be
brought down, and the amount used on the spot. This will give a total
product of the iron mines o f Michigan for the past year o f between
ninety and one hundred thousand tons. These mining companies simply
mine and ship the ore and sell it. Their profit ranges between seventyfive cents and one dollar per ton. The quality o f the iron of Lake Su­
perior is conceded by all to be the best in the world, as the analysis of
Prof. Johnston, which we reproduce, shows. The' table shows the rela­
tive strength per square inch in pounds:—
Salisbury, Conn., iron...................
Swedish, (best).............................
English cable.................................
Center County, Pa.........................
Essex County, N. Y ......................

58,009
58,184
59,105
59,400
59,962

Lancaster County, Pa..................
Russia, (best).................................
Common English & American...
Lake Superior...............................

58,661
76,069
30,000
89,582

The manufacture of pig-iron at Marquette will probably be carried on
even more extensively as the attention of capitalists is directed to it.
The following may be considered a fair statement of the cost of produc­
ing one ton of pig-iron at the Pioneer Iron Company’s works:—
iq tons iron ore, at $1 50 per ton.. $2 50")
125 bushels charcoal, at 7 cents . . 8 75 |
Fluxing............................................... 0 50 )-Cost at the works..........................$15 00
L a b o r ................................................ 2 60 | Freight on railroad and dockage.
1 37
Incidental expenses.........................
1 00 J
Cost on board vessel........... 16 37

The quantity of wood required for charcoal for both furnaces is im­
mense. The Pioneer furnace requires 2,500 bushels o f coal in twentyfour hours; and in blast, as they are, day and night for six months, and
at a yield of forty hushels of coal to a cord o f wood, it would require
15,000 cords of wood to keep them going. The company has had 120,000
cords chopped this season. This vast consumption o f wood will soon
cause the country to be completely stripped of its timber. Coal will
then come into use. The business o f manufacturing pig-iron may be ex­
tended indefinitely, as the material is without limit, and the demand thus
far leaving nothing on hand. These facts exhibit the untold wealth of
Michigan in iron alone, and point with certainty to an extent o f business
that will add millions to our invested capital, dot our State with iron
manufactories of all kinds, and furnish regular employment to tens of
thousands of our citizens, while our raw material and our wares shall be
found in all the principal markets o f the world.
The great copper interest of Michigan was first brought into publie
notice by the enormous speculations and the mad fever of 1845. The




676

M ichigan: its Progress, Mines, and Manufactures.

large spur of country which projects far out into the lake, having its
base resting on a line drawn across from L’Anse Bay to Ontonagon, and
the Porcupine Mountains for its spine, became the El Dorado o f all copperdom of that day. In that year the first active operations were com­
menced at the Cliff Mine, just back o f Eagle River Harbor. Three years
later, in 1848, work was undertaken at the Minnesota, some fifteen miles
back from the lake at Ontonagon. The history of the copper mines on
Lake Superior shows that even the best mines disappointed the owners
in the beginning. W e give the facts relative to the three mines at pres­
ent in the Lake Superior region to illustrate this. The Cliff Mine was
discovered in 1845, and worked three years without much sign of suc­
cess; it changed hands at the very moment when the vein was opened,
which proved afterwards to be so exceedingly rich in copper and silver,
producing now, on an average, 1,500 tons of stamp, barrel, and mass
copper per annum. The Minnesota Mine was discovered in 1848, and
for the first three years gave no very encouraging results. The first large
mass of native copper o f about seven tons was found in a pit made by an
ancient race. After that discovery much money was spent before any
further indications of copper were found. This mine yields now about
2,000 tons o f copper per annum, and declared for the year 1858 a net
dividend of $>300,000. The dividends paid since 1852 amount to up­
wards of §1,500,000 on a paid-up capital o f §66,000. The same has
been experienced at the Pewabic Mine. That mine commenced opera­
tions in the year 1855, with an expenditure of §26,357, which produced
§1,080 worth of copper; the second year it expended §40,820, and pro­
duced §31,402 of copper ; in 1857, §54,484 of expenses produced §44,058
worth of copper; in 1858, the amount expended was §109,152, and the
receipts for copper §76,538 ; the total expense amounts to §235,816, and
the total receipts for copper to §153,168, leaving an excess of expense
amounting to §82,648, which is, however, amply covered by the exten­
sive works established above and below ground at the mine. The Pewa­
bic will undoubtedly take its place among the dividend-paying mines of
the present year.
It is scarcely ten years that mining has been properly commenced in
that remote region. A t that time it was difficult, on account of the
rapids of St. Mary’s River, to approach it by water with large craft.
Being more than a thousand miles distant from the center of the Union,
destitute of all the requirements for the development of mines; every
tool, every part of machinery, every mouthful of provisions had to be
hauled over the rapids, boated along the shores for hundreds of miles to
the copper region, and there often carried on the back o f man and beast
to the place where copper was believed to exist. Every stroke o f the
pick cost tenfold more than in populated districts; every disaster delayed
the operations for weeks and months. The opening o f the Sault Canal
has changed all this, and added a wonderful impetus to the business, the
mining interests, and the development of the Lake Superior country.
Nearly one hundred different vessels, steam and sail, have been engaged
the past season in its trade, and the number of these is destined largely
to increase year by year, an indication o f the growth o f business and the
opening up of the country. For the growth in the copper interest we
have only to refer to the shipments from that region year by year. These,
in gross, are as follows :—




Michigan: its Progress, Mines, and Manufactures.

1851
Tons..................

2,635

677

1854.

1855.

1856.

1857.

1858.

1859.

3,500

4,544

5,357

6,094

6,025

6,245

The same facts of development would hold generally true with regard
to the other industrial interests of that vast country.
The copper region is divided into three districts, viz., the Ontonagon,
the most northern, the Keweenaw Point, the most eastern, and the Port­
age Lake, lying mostly below and partially between the range o f the
two. In the first are situated the Minnesota, the Rockland, the National,
and a multitude of other mines o f lesser note, profit, or promise. In
the second are the Cliff, the Copper Falls, and others. In the last are
the Pewabic, Quincy, Isle Royale, Portage, Franklin, and numerous others.
Each district has some peculiarities o f product, the first developing more
masses, while the latter are more prolific in vein-rock, the copper being
scattered throughout the rock. There have been since 1845 no less than
116 copper mining companies organized under the general law of Michi­
gan. The amount o f capital invested and now in use, or which has been
paid out in explorations and improvements and lost, is estimated by good
judges at $6,000,000. The nominal amount o f capital stock invested in
all the companies which have charters would reach an indefinite number
of millions. As an offset to this it may be stated that the Cliff and
Minnesota mines have returned over $2,000,000 in dividends from the
beginning of their operations, and the value of these two mines will more
than cover the whole amount spent in mining, and for all the extrava­
gant undertakings which have been entered upon and abandoned. The
copper is smelted mainly in Detroit, Cleveland, and Boston. There is
one establishment at Pittsburg, which we believe does most of the smelt­
ing for the Cliff Mine; one at Bergen, N. Y., and one at New Haven,
Conn. There are two at Baltimore, but they are engaged on South
American mineral. The Bruce Mines, on the Canada side of Lake Huron,
have recently put smelting works in operation on their location. Prior
to this the mineral was barreled up and shipped to London, being taken
over as ballast in packet ships at low rates. The amount of copper
smelted in Detroit we can only judge by the amount landed, but this will
afford a pretty accurate estimate. The number of tons landed in 1859
was 3,088. The copper yield of Lake Superior will produce between 60
and 70 per cent o f ingot copper, which is remarkably pure. The net
product of the mines for 1859 is worth in the markets o f the world
nearly or quite $2,000,000. This large total shows the capabilities o f
this region, and affords us some basis o f calculation as to the value and
probable extent o f its future developments. Besides the amount already
noticed as landed, there were 1,268 tons brought to Detroit from the
Bruce Mines, and sent on to London. The mineral of this location is of
a different quality from that of Lake Superior, and not near as productive
of pure copper. The price of ingot copper in New York the past sea­
son has ranged from 20i to 231 cents per pound, averaging full 22i cts.
The extent and value of the pine lands o f Michigan was for a long
time a matter of debate. The resurvey o f portions of the government
land, the exploration of the country by parties in search of pine, the de­
velopments made by the exploring and surveying parties along the lines
o f the land grant railroads, and the more recent examinations by the
different commissions for laying out the several State roads under the
acts passed by the last Legislature, have removed every doubt in reference




678

M ichigan: its Progress, Mines, and Manufactures.

to the subject. The universal testimony from all the sources above men­
tioned seem to be that in all the natural elements of wealth the whole of
the northern part of the peninsula abounds. A large proportion o f the
pine lands of the State are in the hands of the canal company and indi­
viduals who are holding them as an investment, and it is no detriment
to this great interest that the whole State has been thus explored and the
choicest of the lands secured. It is a remarkable fact that almost every
stream of water in the State, north o f Grand Eiver, penetrates a district
of pine lands, and the mouths of nearly all these streams are already oc­
cupied with lumbering establishments of greater or less magnitude. These
lumber colonies are the pioneers, and generally attract around them
others who engage in agriculture, and thus almost imperceptibly the
agricultural interests o f the State are spreading and developing in every
direction. The want of suitable means o f access alone prevents the
rapid settlement of large and fertile districts o f the State.
The valley of the Muskegon embraces every variety o f soil and timber,
and is one o f the most attractive portions of the peninsula. The pine
lands upon this river are scattered all along the valley in groups or tracts
containing several thousand acres each, interspersed with hard timber,
and surrounded by fine agricultural lands. The Pere Marquette Eiver
and W hite Eiver, large streams emptying into Lake Michigan, pass through
a region possessing much the same characteristics. This whole region is
underlaid with lime rock, a rich soil, well watered with living springs,
resembling in many features the Grand Eiver Valley. Beds o f gypsuin
have been discovered on the head waters of the Pere Marquette.
The unsettled counties in the northern portion of the State, the north­
ern portion of Montcalm and Gratiot, Isabella, Gladwin, Clare, and a
portion of Midland, are not inferior to any other portion. There is a
magnificent body of pine stretching from the head o f Flat Eiver, in
Montcalm County, to the upper waters of the Tettibewassee, and growing
upon a fine soil, well adapted to agriculture. This embraces a portion of
the Saginaw Valley, and covers the high ground dividing the waters of
lakes Huron and Michigan.
In the lower peninsula there are, in round numbers, about 24,000,000
acres of land. Taking Houghton Lake, near the center of the Sta e, as
a point of view, the general surface may be comprehended as follows:—
The Muskegon Valley7 to the southwest, following the Muskegon Eiver in
its course to Lake Michigan— the western slope of the peninsula directly
west, embracing the pine and agricultural districts along the valleys o f
several large streames emptying into Lake Michigan— the large and beau­
tiful region to the northwest, embracing the valley of the Manistee and
the undulating lands around Grand Traverse Bay— northward, the region
embraces the head waters of the Manistee and Au Sauble, with the large
tracts of excellent pine in that locality, and beyond, the agricultural re­
gion extending to Little Traverse Bay and the Straits o f Mackinaw— to
the northeast, the valley o f the Au Sauble, and the pine region o f Thun­
der Bay— to the east, the pine and hard timber extending to Saginaw
Bay— to the southeast, the Saginaw Valley ; and to the south, the high
lands before described in the central counties. That portion of the State
south of Saginaw and the Grand Eiver Valley is so well known that a
description here would be unnecessary. Thus we have yet undeveloped
over half of the surface of this peninsula, embracing certainly 12,000,000




Michigan: its Progress, Mines, and Manufactures.

679

to 15,000,000 of acres, possessing stores of wealth in the timber upon
its surface, reserving soil for the benefit o f those who, as the means o f
communication are opened, will come in and possess it, and thus intro­
duce industry and prosperity into our waste places.
The most experienced judges concur in fixing the amount o f logs got
out this winter on River St. Clair, at Port Huron, and Saginaw Bay, but
not including the rivers above, at 175,000,000 feet. In the Saginaws, it
is ascertained that about 100,000,000 will be got out. Taking the entire
coast, it is thought the logs this winter would exceed those of last by 15
to 20 per cent. By Custom-house statements o f shipments, added to ac­
tual receipts at one of the receiving points— Chicago— it will be seen
below that for 1859 a little over 269,000,000 feet is the amount of ship­
ments arrived at. These figures, taken in connection with the estimates
of those competent to judge, render it certain that the actual amount
shipped out of the State did not vary materially from 400,000,000 feet.
There being no penalty involved in the failure o f masters o f vessels to
report, there is great carelessness in the matter. The Cleveland, Toledo,
and Sandusky shipments are, at the outside, not more than half reported.
Those reported to Buffalo, Oswego, &o., are a little nearer the truth, but
they fall considerably below the mark. The amount made in 1859 did
not vary materially from that shipped. In the district embracing the
River St. Clair, Port Huron, and the lake shore, 6,000,000 feet more were
wintered over last year than this. On the west coast it was different
generally, so that the variation in the aggregate cannot be much either
way. The capacity of the mills in the pine lumber region is 900,000,000
feet, or possibly a little more.
As regards the amount of shingles made, even dealers are much in the
dark. To add 50 per cent to the Custom-house returns would certainly
be within bounds for the eastern coast. This would give 120,000,000 as
the amount. For the west coast, if we take the amount received at
Chicago, say 165,000,000, with an additional 25 per cent for that re­
ceived at Milwaukee, and then estimate that two-thirds of the whole
amount were from the west coast of Michigan, which is doubtless true,
we have 137,500,000 as the amount shipped by that coast, and 257,500,000
for the whole State.
The improved demand for staves has greatly stimulated the production,
and in localities where the production of pine lumber is decreasing, that
of staves is taking its place. At Saginaw, 2,500,000 were got out last
year, and this year there will be full as much or more. The greatest ac­
tivity prevails, and dressing by machinery has been started. At Lakeport, Burchville, Lexington, Port Sanilac, Forester, Point aux Barque,
and Forestviile, 850,000 were got out last year; from Port Huron and
St. Clair, 750,000 ; the amount turned out in the whole State could not
have been short of 20,000,000.
The lumber on the east coast is worth at the mills 89 per M .; that on
the west coast, 87 ; at the average o f 88, the amount made last year
would be worth $3,200,000; the value o f shingles, at $2 per M., was
$515,000; and the lath, at $1 per M., are worth $133,000. The capital
invested in the State in the business is $8,029,500.
An intelligent gentleman, who recently visited all the establishments
around Saginaw, and procured statistics, reports the amount of lumber
manufactujed as follows:—




680

Michigan : its Progress , Mines, and Manufactures.
Places.

Bay C ity ................
Portsm outh........... ___
Zilw aukee.............
East Saginaw . . . .

Mills.

4
1
8

Feet.
Places.
20,000,000 Saginaw C ity........
5,000,000 Bad R iv e r .............
3,000,000 Rafted lum ber.. . .
2,800,000
19,150,000
Total...............

Mills.
2

Feet.
14,000,000
4,500,000
4,000,000
73,050,000

Valuation, at $8 50 per M., $620,925. The rafted lumber includes
what was cut by the small mills above and floated down, and also that
brought in from the country mills by teams. O f the above lumber,
63,000,000 has been shipped; the rest is now on the docks.
Amount.

Shingles manufactured........................................
Lath.......................................................................
Oak staves manufactured and shipped...........
Add lumber..........................................................

Price.

$2 50
1 00
30 00

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

Value.
$62,500
5,000
60,000
620,925
$748,425

The supply o f pine in some few localities is becoming exhausted, and
some few mills have ceased operating. This is the case at Lexington,
but the machinery and capital have been taken elsewhere. A t the pres­
ent ratio of consumption, the supply of pine must rapidly become dimin­
ished, but profitable employment will then be found in the manufacture
of hemlock and hard wood. Some little has already been done in the
way of turning out hemlock, and the manufacture of hard-wood lumber
is increasing very rapidly. The reported shipments o f the State foot up
as follow s:—
Lumber.

Shingles.

Lath.

Reported at D etroit.............................
Additional at C h icago.........................

141,595,000
127,513,000

82,466,000
24,801,000

19,828,000
.................

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

269,108,000

101,267,000

19,823,000

If accurate returns could be given of the receipts at the ports on Lake
Erie and Lake Ontario, it is altogether probable that nearly or quite the
amount we have estimated would be shown, viz., 400,000,000 feet. As
we have hereinbefore stated, not more than half the shipments to the
Lake Erie ports ever find their way to our Custom-house books.
The fisheries of Michigan are a great resource. It is estimated by men
of intelligence that the value of her yearly catch of fish is greater than
that of all taken in fresh waters in the thirty-two remaining States o f
the Union. This may at first blush seem like a broad assertion, but it is
no doubt strictly within bounds. Most of the fish packed on Lake Huron
and rivers St. Clair and Detroit find their way into the Ohio market; the
trade with that State having rapidly increased. The principal varieties
of fish are—
W h it e F is h .— These are more highly prized than any other kind found
in our waters, being decidedly the most delicious in a fresh state, and
when packed command a higher price than any other by $1 per barrel.
They are found in the straits and all the lakes; they spawn in the fall in
the straits and in shoals and on reefs about the lakes; they are caught in
seines, gill nets, trap nets, and spears— never with hooks. Their ordinary
weight is from three to five pounds, length fifteen inches, though some
have been caught weighing not less than eighteen pounds. They are a
beautiful fish, and when first taken out of the water, and struggle and
flounder iu the sun, they exhibit all the colors o f the rainbow, but they




Michigan: its Progress, Mines, and Manufactures.

6S1

soon expire, and when dead they are of a delicate white color. The
trout, pike, and muscalonge devour them without mercy. Some of these
voracious kinds have been caught with the remains of six white fish in
them. The Detroit River white fish are more juicy and better flavored
than those caught in the upper lakes, probably from the fact that they
feed on more delicate food, but those found in Lake Superior surpass all
others in size. They were once so numerous that eight thousand were
taken at a single haul. At present a haul o f one or two thousand is
thought a very good one. In ail the rivers they are growing scarce, very
gradually but surely ; the ratio o f decrease cannot be arrived at with any
degree of precision. A few years ago they were mostly taken with gill
nets, and when they fell off in one place a corresponding increase would
be found in another. Now they are taken with trap nets along the shore.
The trap nets are a decided advantage over gill nets; they allow the fish
to be kept alive, and they are taken out at leisure; they are therefore of
better quality.
P i c k e r e l .— This variety is also held in high esteem— they are good
either fresh, or salted and dried, and for packing rank next in value to
white, although held nominally at the same price as trout when packed.
They generally run up the rivers and lakes in the spring to spawn, where
they are caught in considerable numbers; average weight, 2 lbs.; large,
20 lbs.; common length, 15 inches.
L a k e of M a c k in a c T r o u t .— This species are as varaeious as p ik e;
they are chiefly caught on Lake Huron with gill nets and hooks. Sag­
inaw Bay appears to be a favorite resort with them. Some winters large
quantities are caught in the bay through the ice, with a decoy fish and
spear. They spawn in the fall, generally in the bays and inlets; average
weight, 5 lbs.; large, 75 lbs.
S is c o w it .— These are mostly found in Lake Superior, and are preferred
by some to any other kind. They are of the trout family, and for fat are
unequaled ; they are mostly taken in gill nets. They spawn in the fall,
and are very superior for packing; they are also of some value for their
o i l ; common weight, 4 lbs.; length, 16 inches.
L a r g e H e r r in g .— These are very good fish, found only in the straits
and large lakes. They spawn in the fall. But few are caught; average
weight, I f lbs.; common length, 10 inches.
In addition to the above the muskelonge— a large and delicious variety
— black and white bass, rock bass, perch, sturgeon, and at least twenty
other kinds, abound in our waters, a minute description o f which we are
compelled to forego.
The number of men employed, and the consequent expense, varies ac­
cording to the method employed. W ith seines, the occupation is very
laborious, and requires a much stronger force than pound nets; one set
o f hands can manage a number of the latter. Some o f the fisheries on
Detroit and St. Clair rivers use seines altogether, to draw which horse
power is brought into requisition in some cases. A double set o f men
are employed, working alternately’ day and night, and the exposure is a
most disagreeable feature o f the business, particularly in bad weather.
The great bulk of the aggregate catch continues to be taken with seines
or gill nets, but pound (or trap) nets are on the increase. They have
been in use below Lake Huron more or less for t'he past four or five years,
but it is only about two years since their introduction in the upper lakes.




682

Michigan: its Progress, Mines, and Manufactures.

W ith these nets 100 barrels of white fish have been taken at a single
haul; of course their general use must produce a material diminution in
the supply. As regards capital invested, there is in particular instances
a wide difference. Geo. Clark, Esq., nine miles below Detroit, has $12,000
invested in his grounds, owing mostly to the cost of removing obstruc­
tions ; but this is an exception. The barrels for packing constitute no
inconsiderable item of this vast and immense trade; their manufacture
is a regular branch in Port Huron, but most o f them are made by the
fishermen when not engaged in their regular vocation— they are made at
all the villages and fishing stations on Lake Huron, pine being generally
easy of access; the barrels are worth 63 cents each; half-barrels, 50
cents. Over two-thirds o f the packages used are halves, but our esti­
mated totals of the catch represent wholes. Formerly the nets used also
to be made almost entirely by the fishermen, who usually procured the
twine from Detroit; latterly, many of them have been brought from
Boston already made. Salt is another large item. For packing and re­
packing, about one-fourth of a barrel is used to each barrel of fish. For
the amount packed, therefore, in the fisheries we have described, about
20,000 barrels are used.
AGGREGATE VALDES.

Proceeds o f Michigan fisheries. $620,000 Aggregate bbls. salted, sa y ... .
Total proceeds............................ 900,000 Cost of packages.......................
Total capital invested............... 252,000 Cost of s a lt ................................
Paid for w a ges............................ 171,000

80,000
$70,000
22,000

White fish are taken both spring and fall, chiefly the latter; spring is
the season for pickerel; trout are taken at all seasons.
The following is a list o f the ports from whence fish were received du­
ring the year, and the amount from each. To the receipts reported at
the Custom-house we have added those by the steamer Columbia, which,
as she does not go beyond the district, is not required to report:—
Saginaw...............
Thunder bay . . . .
Port H u ron .........
Whitefish P o in t..
Ontonagon............
Port A u stin .........
Au Sauble.............
Willow Creek . . .
Total

6,564
3,800
1,343
500
407$
400
1,025
300

Forest B a y .............
H arrisville..............
Bark Shanty...........
Buffalo.....................
Point aux Barque..
Sangeen....................
Collingw ood...........
Chatham...................

316
400
200
200
190
215
150
118

100
Green B ay..........
Lexington..........
172
Bruce Mines . . .
63
Marquette....
66
Chicago . . . . . . . .
141
Port Hope....
50
Other p o rts ........
61
16,771$

The reported shipments from Detroit for 1859 are as follows :—
C levela n d................10,303
Sandusky................ 4,295
T o le d o ................... 3,806
Total

B u ffalo....................
Huron......................
Dunkirk...................

1,751
1,119
842

Ogdene'burg.........
Other ports..........

764
80
22,960

Considerable quantities are loaded for Cleveland at Thunder Bay, and
at other points, which are not entered at our Custom-house. Formerly,
many from Lake Huron and Mackinac, particularly the latter, were taken
to Chicago, but that market now derives its supplies from grounds nearer
home.
The trade o f Lake Superior has received a rapid development in the
last few years. In the spring o f 1845 the fleet on Lake Superior con­
sisted of eleven schooners. In 1845 the propeller Independence, the




M ichigan: its Progress , Mines, and Manufactures.

683

first steamer that ever floated on Lake Superior, was taken across the
portage, and the next year the Julia Palmer followed her, she being the
first side-wheel steamer. In the spring of 1855, the Sault Canal was
completed, since which date the trade with that important region has
rapidly grown into commanding importance. It will be seen by the ta­
ble below that the importations of machinery, provisions, supplies, and
merchandise for the past year amount to $5,298,640, while the exports
of copper, iron, fur, and fish amount to $3,071,069. The following are
the names o f the steam craft now regularly employed in this trade:—
Steamers Illinois, Lady Elgin, and North Star; propellers Marquette,
Mineral Rock, Montgomery, Northern Light, and Iron City. The Detroit
shipping office has published the names o f ninety-six sail vessels that
have been engaged in the iron trade the past year.
Rapid as this trade has increased, it is destined, no doubt, to yet un­
dergo a still greater transformation. The latent resources of the upper
peninsula are of a character and magnitude that defy all estimates of
their future greatness. S. P. Mead, Esq., Superintendent of the Canal,
has furnished a monthly statement o f its commerce for the past year,
the figures o f which for the year foot up as follow s:—
D OW N FREIGHT.

Quantity.

Value.

Copper, tons & lbs. 6,246 lu5 $2,445,290 Hides.............. ...N o .
Iron ore................ 65,768 422
395,209 Pelts & furs........bdls.
Iron bars............... 4,951 954
150,197 Fish........................ bbls.
Iron blooms..........
263 600
13,167
Total value........................................

Quantity.

993
212
3,985*

Value.

3,972
31,800
31,434

$3,071,069

UP FREIGHT.

Quantity. Value.
Quantity. Value.
280f $67,726
Flour............... ...b b ls . 39,25y $248,140 P ow d er..........
7,614
45,683
74
98 C o a l...............
W h e a t...........
13,660
Coarse grain ..
45,898 Nails................
2,712
71,738
7,842 3,922,250
25,153 Merchandise..
Ground feed..
1,006
6,254
B e e f ...............
8,7811 45,326 Lime............... ..bbls.
4,169
4,890
88,020 Lum ber......... ...M .
7,690 115,348
P o rk ...............
742
Bacon..............
262
5,255 Lath......... . .
2,4 73
1,936
4991 19,980 Window glass. .boxes
968
Lard................
8,856
59,244 H a y ................. .tons
313,724
603}
Batter..............
11,150
6,259 Horses & mules . . INo.
90
C heese...........
52,692
78,910
525 Cattle..............
5,250
1,761
Tallow............
5.248
Candles..........
14,022 Sheep.............
92,883
1,032
2,166
2,079
11,747 Hogs...............
361
Soap............... . .pkgs.
Apples............
9,393 B r ic k ............. ...M .
3,764
684} 30,000
24,405
Dried fruit... .
23,737
3,750 Furniture.. . . pieces
4,881
706} 108,975
Sugar..............
448,855
44,885 Machinery. . . .
20,000
1,084
39,960 Engines & boilers. No.
15
C offee.............
532
21,280 Wagons & buggies...
103
10,300
Tea..................
3,716 Liquor & beer . . bbls.
6,537
6,261 125,220
Vegetables . .
2,219
4,438 Malt.................
4,450
222,402
Salt................. . . .bbls.
___ M.
284
1,420
96
24
Tobacco .........
3,456
17,280
Total value...............’ ............... ................................................................ $5,298,640

The aggregate amount of tolls collected in May, July, August, and
September was $10,374 18, a large increase over the corresponding
mouths last year. Including the probable amount for the months not
reported, and we have at the lowest not less probably than $16,000 as
the tolls for 1859. Number o f passengers— May, 2,493; June, 1,764;




684

Money, the Credit System, and Payments.

July, 2,116; August, 2,617; September, 1,538; October, 1,015. The
leading shipments from Detroit to Lake Superior were as follow s:—
11,415
3,400
11,962
8,602
1,752
1,350
Beef . . .quarters
' 97
31
Dressed hogs.. .No.
Butter..
229,400

Flour... .........bbls.
Corn...
Oats . .
Malt . .
Pork . .

Apples . . . .
Cattle <fc horses. No.
Ale, beer, (fee . bbls.
F eed ............
H a y ............
.bbls.
Sheep .........
L im e...........
! Soap............ boxes

2,059
667
3,340
260
421
760
600
2,121
792

Candles........ .boxes
Castings.. . .
Machinery . pieces
Machinery .. . boxes
Brick...........
. .No.
Flat bar rail . .tons
Tram T rail
Gen’l merchandise.

2,872
557
841
90
446
2,400
36
15
2,745

From the sketch here given o f the natural wealth of Michigan, it is
evident that the completion of its means of communication, opening up
access to regions which have hitherto proved so attractive to capital,
must give a new impulse to the employment o f that capital which is so
rapidly accumulating at the East. A large population will inevitably
gather around the head of that magnificent peninsula, commanding not
only these vast resources pointed out, but the point o f communication
between the Atlantic and the Pacific.

Art. III.— MONET, THE CREDIT SYSTEM, AND PAYMENTS *
G old and silver, although the universally preferred material for money
and coinage, are yet so expensive a medium of exchange that all civilized
people, without giving up this preference, have constantly endeavored to
effect their exchanges, as far as practicable, in some more economical way.
In this the success has been so great that now more than three-fourths o f
all the large transactions o f both foreign and domestic trade are effected
without aid or agency o f the precious metals, which are, nevertheless,
by the laws of legal tender and by universal assent, the final resort in
all cases of difference.
But money is not the real object of trade or industry. It is neither
food nor raiment; it is neither house nor lodging. The commodities ex­
changed in commercial life are those which minister to these wants,
and money is only an agent in the exchange o f such commodities, in the
same sense as ships, warehouses, railroads, merchants’ bills o f exchange,
books o f account, and many other things. The main object is the ex­
change o f the commodities o f industry.
I d effecting this the use o f
money, or any other o f the usual agencies, is wholly a question o f expe­
diency, economy, or convenience. Money is not to be regarded as hold­
ing the office o f a necessary medium o f exchange or measure of value,
as being the main representative o f value, or as being the main purchas­
ing power ; it is rather a preferred commodity, which all are willing to
receive for what they sell or deliver. Coinage makes the facility of em­
ploying gold and silver, as a preferred commodity, very complete, as it
furnishes these metals, weighed in convenient denominations, with the cer­
* The object o f this article is to present some of the leading topics and positions o f the follow­
ing w ork: “ The Ways and Means of Payment: A full Analysis o f the Credit System, with its
Various Modes of Adjustment.” By Stephen Colwell. 8vo., pp. 644. Philadelphia: T. B. Lippincott & Co., 1859. 2d edition, 1860.




Money, the Credit System, and Payments.

685 ■

tificate of the mint as to quality and quantity.
But governments have
taken another important step in adding to the usefulness of the precious
metals as money. They have made gold, or silver, or both, at a fixed
price, a legal tender in all payments. By this law every debtor may ac­
quit himself of his debt by payment in one or both of these metals at
the rate named in the law, and every creditor has a right to exact pay­
ment in one of these metals at the rate fixed. The law of legal tender is
one of the most firmly established enactments o f modern times. The
necessity of such a regulation is scarcely ever called in question.
There is one feature o f it, however, which is undoubtedly of questionable
policy in large transactions. That gold or silver should by law be the
proper medium of payment between those who cannot agree upon any
other, is clearly right as well as expedient, but that they should always
be taken at the same rate in large payments, when it is well known they
fluctuate in price, is not merely anomalous— it is fruitful o f injurious
tendencies and actual injustice. If this be a difficulty hard to surmount,
it requires, at least, more careful consideration than it has hitherto re­
ceived.
In the consideration o f money, as a means o f payment, gold and sil­
ver only are treated as money. In popular estimation and language,
other things are so considered and called, but, in strictness, they are
only substitutes for money or devices to dispense with money. The law
which enforces the acceptance o f coins at a specific rate, constituting them
a legal tender at that price, makes them the standard o f payment ; it
does not make them money, for they would pass as such without force
of law. Gold and silver, when employed as money, are used as the small
change of trade, as reserves for banks, and to pay balances of trade, both
foreign and domestic. As thus employed, the extent of their agency is
easily seen and appreciated. The actual utility and efficiency of money
is limited to its actual employment.
A s more than nine-tenths o f all the payments of trade are effected
without the intervention of gold or silver, it becomes proper to ascertain
the way in which this large proportion o f payments is effected. It is
very true that the commercial paper which represents this indebtedness
is made payable in gold or silver, though in practice not so paid. The
effect o f the law of legal tender, winch makes these commercial securi­
ties payable in gold or silver, is merely cautionary, and enables creditors
to demand such payment if not satisfied with that which is offered.
How, then, are the payments chiefly made in the commercial world?
The reply o f this work to this inquiry is, that the large proportion of
nine-tenths of the whole payments of trade is effected by the various de­
vices o f the Credit System. The credit system does not merely imply
that time is given in which to pay debts; it implies that payments
are not only deferred to a future day, but that they are finally effected
without the aid of money, of gold, or silver. The devices by which this
is accomplished are numerous and largely treated in this volume. The
commodities of trade circulate in the regular channels according to the
course of business, proceeding by the usual steps to their final destina­
tion and consumption ; but the payments involved in this mighty mass
of transactions are deferred and reserved for adjustment by a class of
>nen devoted to this business. It is through the agency o f banks, bank­
ers, and dealers in exchange and commercial paper that these payments




686

Honey , the Credit System , and Payments.

are effected. The mode o f proceeding by which this is done is exceed­
ingly complicated and difficult o f analysis, though the principle on which
it rests is simple. Commerce is an exchange o f commodities— the mer­
chant purchases to sell, the manufacturer purchases raw material and
sells his manpfactured goods. This is chiefly done under the credit sys­
tem ; the individuals engaged give their promissory notes, or bills of ex­
change, for what they purchase, and take those of the purchasers for
what they sell. Every such person is debtor for what he purchases and
creditor for the amount he sells. So far as the payments of his business
are concerned, it becomes the chief object o f each one to apply the se­
curities or paper he has taken to pay or discharge that which he has
given. This is mainly effected upon the books of banks and dealers in
commercial paper. These agents, or intermediates in the business of
payment, give credit on their books for commercial securities, deducting
interest until their maturity, the effect of which is to form a fund of
credit upon which the previous holders o f the paper can draw at once in
sums to suit their purposes. The fund thus formed is that which is
chiefly employed in payment of debts. It is known by the name o f de­
posits, and paying Sy checks on these deposits is the chief process o f
adjustment. Debtors are thus enabled to apply the paper they take in
payment of that which they give, and the same individuals being, to a
large extent, both debtors and creditors upon commercial paper thus con­
verted into a paying fund, they pay their debts by a check upon their
credits, which is equivalent to a direct set off. The great and rapid cir­
culation which these deposits attain makes them available for vast amounts
o f payments where mere set off would not be applicable. Being the
chief fund in which debts are paid, and being the cheapest and most con­
venient means of payment, their value is sustained by constant and press­
ing demand for that purpose.
It is obvious that the fund thus employed is adequate to the whole
payment to be effected ; for every debt implies an equal credit, and if
the credits were all discounted they would furnish a sum equal to the
debts, less only the interest.
A s the proceeds o f the discounted paper
circulate freely on the books of the banks, they pay an amount of debts
far exceeding their nominal aggregate.
The creditor is fully satisfied with this payment, for he receives what
is due to him in the same in fund which he pays what he owes. I f not
satisfied with the payment offered, each creditor may exact payment in
gold or silver— an exaction so rarely made as to show that the substitutes
are effective and satisfactory. Commerce is, then, a virtual exchange of
comm odities: men deliver what they sell, that they may be able to pay
for what they purchase, and the payments involved in this commerce, so
far as it is carried on by the credit system, are an exchange of credits
for debts, by which both credits and debts are extinguished. The pro­
cess o f creating and extinguishing debts and credits thus goes on in strict
correspondence with the progress o f industry and trade.
B y the agency of banks in discounting commercial paper, which means
giving a credit on their books for the amount o f the paper, less the in­
terest to maturity, an immense fund is created, susceptible o f the most
rapid circulation which can be given to anything that is called currency.
The great mass o f the commercial payments, perhaps nine-tenths of the
whole, is made in this fund. It is, therefore, the fund which is specially




Money , the Credit System, and Payments.

687

sought for that purpose. There is no other existing currency in which
these payments could be effectually made. It is important to notice that
it is the demand for this fund or currency which determines the rate o f
interest, so far as it fluctuates in the money market.
A facility for this mode of payment exists, heretofore the subject of
too little notice, without which it could not be so effective, and perhaps
could not be employed at all. This is what merchants call Money of
Account, which, owing to mercantile usage and the mental habits of
people acquainted with arithmetic, is always employed in bookkeeping
in naming prices and in stating amounts. By the use of figures,
whether in tables of statistics, or upon the face of commercial paper,
or in any other way, the money o f account is employed so to express
sums of any amount that they are appreciated and understood at a
glance.
Every money of account had its origin in some unit o f value
fixed by law, convention, or usage. The continued use of such a unit,
whether at first a coin, or weight, or any other thing by reference to
which prices are currently expressed, soon fastens upon the minds of those
using it such a distinct impression of the value intended that it can sub­
sequently be used abstractly and without any actual reference to the ma­
terial value at first included in the unit. This abstract use o f the unit of
value is so easy and so consonant to the mental processes o f a people
familiar wTith arithmetic, that an inveterate mental habit supervenes, and
this unit o f value becomes as familiar to the mind as the units of arith­
metic, and quite as susceptible o f addition, multiplication, and division
by whole numbers and fractions. Experience proves that a unit o f value
is as easily borne in the mind as the powers of the numerals themselves,
and close observation evinces that the universal habit is to express values
and sums, or amounts, as we express numbers abstractly. Hence, an ex­
treme facility of expression and comprehension in all commercial and
financial statements. This abstract mode of expression is not readily
perceived where the current coin corresponds in value with the denomina­
tions o f the money account. There are in Europe many moneys of ac­
count to which no coins correspond.
The mark banco of Hamburg, in
which the deposits o f the bank there are kept, has no correspondingcoin. In England, previous to 1816, there was no coin o f the value o f a
pound sterling. There were no coins corresponding to the moneys of
account employed by our American colonies before their independence,
neither did their pounds, shillings, and pence correspond with each other
or with those of the parent country.
For the purpose o f illustration, let us suppose two persons dealing
largely with each other upon mutual credit. The prices o f their respec­
tive commodities, expressed in a moment and understood as quickly, are
debited to the respective purchasers in the seller’s books of account. The
articles thus sold and charged have been, according to their various kinds,
subjected to the measurement of yards, feet, inches, acres, bushels, gal­
lons, or barrels, or to weight by tons, pounds, or ounces, and the price
and sum o f all these ascertained quantities accurately written down
or expressed in the money of account. When these persons balance
their accounts every debt is paid except the balance, which may fall
either way. Neither gold nor silver has lent any aid to these payments.
Neither o f these metals have been weighed, measured, counted, nor de­
livered in payment. The amounts balanced may have been kept in a




688

Money, the Credit System, and Payments.

money of account which never had any corresponding coins, as, for in­
stance, that of the colony of Pennsylvania previous to the adoption of
the dollar unit. All the commodities which in this case changed hands
have had actual measures applied to them ; but the nominal money em­
ployed to express the prices and amount existed only in idea, and was
only employed as a means o f expression and comparison.
The subject o f banking occupies much space in this work ; it is treated
exclusively in the aspect o f the agency of' banks, in effecting payments
by devices and modes of adjustment which do not require the employ­
ment o f the precious metals. The main efficiency o f banks for this pur­
pose consists, as we have before said, in their enabling men to convert
their business or commercial paper into a transferable fund applicable to
the payment of debts; in enabling them to employ their credits— the
debts which others owe to them, in paying the debts which they owe to
others. This is the office or function o f that vast fund which stands on
the books of the banks under the name of deposits.
Credits and
debts are counterparts— that is, there being two parties to each debt and
credit, one is always a debtor and the other always a creditor.
A ll the
credits include all the debts, and all the debts include all the credits. A
fund formed of all the credits will, o f course, pay all the debts; but,
although all the credits may never be discounted so as to become a fund
of deposits, yet much the largest portion pass through the hands of banks,
either public or private, and thus provide the means o f their own payment.
Banks, in giving a credit on their books for promissory notes, do not
thereby convert them into money, but into a fund transferable by written
order of the holder to any amount at his pleasure. The banks take the
promissory notes and furnish, upon that security, an open credit for the
amount, and they surrender each note upon the return of an equal amount
of the credit on their books. Their commission for the accommodation
afforded is the discount. There is nothing hard to understand in the re­
sort to this very efficient and economical mode of paying debts. The
credits opened with their customers by the banks imply that there are
debtors for the whole amount of credits, and to a large extent these debt­
ors are the holders o f the credits. All such are thus prepared to pay
their debts by the surrender or transfer o f their credits. It is thus strictly
a private business operation, which can be done upon the books of indi­
viduals as validly as upon the books of banks.
These bank credits do
not become money, but they become a currency the most efficient ever
yet devised. This currency is very different from that o f bank notes; it
does not require for its successful use any such banking system as that
now existing in the United States, or elsewhere, having the power to
issue bank notes as a currency.
Any man of sufficient credit, enjoying the confidence o f those around
him, could open an account with his neighbors, giving them credits on
his books for their commercial paper, and these customers could draw
upon this fund to pay all their notes held by him, or payable to him. A
banker thus constituted could fulfill every function o f the deposits o f a
bank, so far as they are derived from the discount of commercial secu­
rities.
Unhappily, our present business o f discount and deposit, or commer­
cial adjustment, is complicated with a system of banking in which bank
notes are issued for circulation as a substitute for money. This privilege




Money, the Credit System, and Payments.

689

not only demands the supervision o f legislative authority, but it has
proved one o f the most difficult problems which has in modern times en­
gaged the attention of that authority, to regulate, restrain, and reconcile
the different functions of modern banks. These banks receive on deposit
coin, bank notes, (their own and those of other banks,) checks on their
own and other banks; they receive and give credit in deposit account
for commercial paper having yet several months to run, and for all this
mingled deposit, a very small part o f which, perhaps not one per cent,
is gold or silver, they become responsible to pay coin on demand. This
responsibility is only supposed to be good when compliance is not re­
quired ; but compliance is known to be impossible.
These various functions, if not inconsistent with each other, are not
susceptible of harmonious operation ; whilst no one can dispute that the
issue o f bank notes for circulation should be held under strict public tegulation, and subject to constant restraint, and that the issuing banks
should, under the present system, be bound to redeem their notes on de­
mand with coin, it is questionable how far the credit given by banks on
their books for unmatured paper discounted should, in like manner, be
payable on demand in coin. If men o f business find it to their advan­
tage to adjust and pay their debts in that way, the public has no more
interest in preventing them than it has it prohibiting the use of bills of
exchange and promissory notes. If we suppose a thousand men of busi­
ness to have severally issued their notes in various sums, amounting on
the average to $10,000 each, and payable at two, three, or four months,
these thousand individuals may be supposed, without any great depart­
ure from what is frequently the case, to be among them the holders of
the whole $10,000,000 which they owe. This large sum may be all ma­
turing in the progress o f 120 days. If the whole thousand were met
together it would be impossible to effect the payment of this vast debt,
although the assembly would consist o f all the debtors and all the cred­
itors, and although they would have in their hands the proper evidences
o f all this debt and credit, without some special device for this purpose.
It could be done in the mode pursued in the Fairs at Lyons, as set forth
in the chapter on these Fairs, and it might be done in other m odes; but
in no way could it be done more promptly and safely than by the process
now pursued by our banks. This vast amount, secured by commercial
paper, being discounted by banks, and the proceeds placed to the credit
o f the parties obtaining the discount on the books of the banks, becomes
divisible and transferable to any extent, and fully competent to payment
of all the securities held by the banks, and upon which they granted the
credits. The banks give nothing for these securities but credits upon
their books, and they can afford to give them up upon the surrender of
the credits. The commission charged by the banks for this facility is
merely the interest. Ho coin is required for this operation upon any
consideration, public or private, beyond what the parties to it may for
convenience choose to employ.
The individuals in the case supposed have merely converted the secu­
rities they held upon others into a fund to pay the securities which others
held upon them. The operation resolves itself into bookkeeping; the
parties to it have been charged and credited according to the evidences
of debt and credit; the accounts arising thereon between them have been
accurately stated and adjusted, and the debts have been discharged in the
VOL. x l ii .— n o . vi.
44




690

Money , the Credit System, and Payments.

same medium o f which they were at first constituted. That is, the men
who were creditors upon commercial paper were paid by the proceeds of
commercial paper ; or the men who were creditors upon the boohs o f the
banks were paid with the same sort o f credits, and the credits they were
willing to receive in payment were for the same reason readily received
by others from them in payment.
In principle this process of adjustment by the agency o f bank deposits
is the same as that which occurs between individuals who transact busi­
ness together, and for the respective debts incurred debit each other
in their books of account; when these accounts are compared and bal­
anced, the debts on both sides are paid— debts are set off against
debts and extinguished. By the process of the discount and deposit sys­
tem carried on by our banks, the customers o f the banks apply the debts
which are owing to them to pay what they owe others; the whole pro­
cess is one of exchanging debts for debts, and thus discharging them as
effectually and finally as if paid in gold. This operation being a business
o f a purely private nature, and deserving of all encouragement as being
the most economical method of exchange ever devised, should be re­
garded with the utmost favor both by people and governments. In this
country at least two-thirds in amount o f the current payments are thus
effected.
There is no more necessity of public restraints or supervision in this
business than there is in the transactions out o f which these debts and
credits arise. So long as a man’s own debts are to be regarded as a good
currency to pay him with, and he is willing to receive such payment, the
public can have no interest in the matter but to encourage it as the great­
est possible facility to trade, and one o f the strongest supports o f in­
dustry.
The efficacy o f the circulation o f deposits as a mode of payment is
strongly evinced by the operations of the banks in New York and other
large cities. In New York, for a year past, the deposits have averaged
over eighty millions of dollars, whilst the specie has averaged only twentyfive millions. The activity of these deposits, as a medium of payment,
is shown by the movements o f the Clearing-house. The daily average
clearing has been over twenty millions, whilst the daily balances scarcely
exceeded a million of dollars. The circulation of the deposits shown at
the Clearing-house is only that which is produced by checks paid into
different banks from those on which they are drawn, and the bank notes
drawn upon such checks for the purpose o f payment into other banks.
Besides this circulation as between the banks arising from the payment
of debts in one bank by checks upon or notes of another bank, there is
a large circulation of deposits in each hank confined to its own books
and customers. Whether this circulation is more or less than that ex­
hibited at the Clearing-house, we have no means of knowing. I f only
one-third as much, it would carry the daily payments by circulation of
the deposits to thirty millions in the single city of New York. This vast
amount, however, is far from exhibiting the whole daily movement o f the
deposits in that city ; the diversity of transactions, and the uses made of
deposits and checks, must attain an immense aggregate in modes not
reached by any form o f statistics. The actual movement of specie in
New York seldom reaches two millions per day, leaving out the payments
o f government and the occasional movements for export, so that the pay­




Money , the Credit System , and Payments.

691

ments of New York are mainly, if not nearly altogether, effected by a
movement of the deposits.
The efficacy of this form o f currency in large payments is shown by
the fact that the balances o f the Clearing-house which are discharged in
specie, are paid by a check on a deposit of the precious metals main­
tained by the banks for that purpose. The coin and bullion deposited
for this purpose are so much less convenient and suitable as a medium of
payment, that they too are deposited and transferred by check, employed
in the same manner as the great commercial fund created by the pro­
ceeds o f discounted paper. This transfer o f the ownership of gold or
silver can only be done upon the confidence that the deposit is intact; it
is therefore founded upon confidence among the banks or individuals con­
cerned, and is thus indebted to the principle o f credit for its efficacy.
It was the advantage gained in this way which made the great deposit
Bank of Amsterdam, and others founded on that plan, so efficient. The
debt due by the bank to the depositor became in fact the thing transferred.
And so it proved when the deposits o f the Bank of Amsterdam contin­
ued to be transferred a long time after the precious metals had been ab­
stracted. The actual constitution and mode of operation of these banks
is minutely set forth in the work before us, and their practical uses more
fully shown than in any previous work in the English language. Their
history and practice afford many lessons for the present day on the sub­
ject of money and banking. They were established to avoid the intoler­
able nuisance of a multiform and much deteriorated coinage, and were
unexpectedly found to afford a facility for payments far beyond any pre­
vious experience, even with the best o f coins. It was discovered that a
hundred thousand ducats could be paid over in as little time as one hun­
dred, and without loss o f time in counting, or risk o f counterfeits or ex­
pense of assaying. The great economy and rapidity o f this mode of
payment led the way to many o f our modern financial facilities.
For the purpose o f further explaining the object o f the work before
us, we add the following extracts from the introduction, which indicate
other topics largely treated in it. Speaking o f the large use made of the
Public Fairs, some three or four centuries ago, to facilitate the process of
payments among merchants and others, he says:—
“ The Credit System was, in fact, a growth o f necessity. It was indis­
pensable to the advance o f civilization and industry; it grew with the
progress o f commercial punctuality and integrity; it now flourishes only
in this soil, and cannot be destroyed where it finds this aliment o f its
growth. It sent forth many vigorous shoots, in various countries, long
before it attained its present magnitude and wide extension. The pay­
ments at the fairs so prevalent in Europe during the middle ages, some
of which continue even down to our time, were, to a large extent, made
by setting off debts against debts. Men learned to pay their debts with
their credits; and this mode of payment only disappeared as the pro­
gress of the credit system, and the growth o f cities, absorbed both the
business and the payments of the fairs. These payments at the fairs re­
vealed that the best fund with which to pay debts is debts. Every debt
implying a credit, no one could better employ his credits than in paying
his debts. This required no money, and was, therefore, not only econom­
ical, but free from innumerable risks and troubles inseparably connected
with payments in money.” (p. 6.)




692

Money , the Credit System, and Payments.
THE BANKS OF VENICE AND GENOA.

“ The Banks of Venice and Genoa were both remarkable forerunners
o f the credit system, and beautiful examples o f its economy and power.
The political and commercial importance o f these two great republics
were, in a great measure, owing to their respective banks, the oldest and
most important of which we have any account. The lessons taught by
these institutions have no doubt entered largely into the progress of the
credit system, as now d eveloped; but we strongly insist that the study
o f the system o f these two banks is yet necessary to any thorough com­
prehension of the power of credit, and of what is necessary to an en­
larged and efficient financial system.
“ The capital of the Bank of Venice consisted o f a debt due by the re­
public to its citizens. The government took the money, and gave in its
place an inscription on the books o f the bank for the amount, bearing
interest. The government returned the money immediately into the
channels of circulation among its citizens, whilst the lenders of the money
circulated the debt as a deposit in the bank. A ll the large payments of
this great commercial city were, for many centuries, paid in this fund,
and the gold and silver coins were released for the purposes of the retail
trade, the payment of foreign debts, and the foreign expenditures o f the
-republic. The government o f Venice dealt faithfully with these holders
of stock in the bank, not only paying the interest punctually, but re­
deeming any amount which seemed surperfluous, or beyond the demand
o f the public. This policy not only kept the bank fund at par with specie,
but more than twenty per cent above it. The bank was always open to
further loans to the government, when such investment was in demand.
The capital of the bank fluctuated in amount according to the wants of
the people, and not according to the wants o f the public treasury.
“ The Bank of Venice performed its functions for over five hundred
years, with an uniformity of success, and immunity from censure or com­
plaint, which no other currency has enjoyed for a tithe o f that period.
During that time of vast commerce and immense public expenditure, the
republic had incessant trouble with their own and foreign coinage, and
very many stringent regulations were made and enforced, to cure evils
and prevent abuses; but we have no record of abuses on the part o f the
bank, or of injuries inflicted by it upon the people.
“ Believing that the commercial fairs of Europe, and the Banks of
Venice and Genoa, were capable o f imparting historical lessons not yet
properly appreciated, we have brought them more prominently before the
reader than has been done in any work upon money or currency. W e
have, in later times, achieved a method of clearing debts between banks;
but a lesson may be learned from the payments at the fairs, o f successful
clearing between individuals. There is no reason, in theory or in prac­
tice, why clearing may not, to a considerable extent, be practiced between
individuals mutually indebted.
The history o f these fairs furnishes
abundant exemplification of this most economical and effective of all the
modes o f payment.” (p. 7.)
CLEARING OR P A Y IN G DEBTS BY SET O FF.

“ The practice o f paying or extinguishing debts by the process o f clear­
ing, now becoming so common among the banks, is not new. Three cen­




Money, ihe Credit System, and Payments.

693

turies ago, a very large proportion o f the payments of central Europe
were made in that way. Then it was effected, on a large scale, between
individuals; now it is wholly confined to the banks. Then it was the chief
mode o f accomplishing the vast payments arising from the trade of the
multitudinous fairs o f that period; and it so continued, until other
modes of commerce supplanted that o f the fairs. The clearing at the
fairs was simply a process of setting off debts against debts— the same,
in effect, as balancing book accounts. A said to B, you owe me a thou­
sand florins; pay that amount for me to 0, to whom I am in debt. This
being done, A is acquitted, and thus the process goes on. It is obvious
that the final balances, among hundreds assembled for that purpose, may
be reached by setting off mutual debts, and drawing verbally on each
other at sight, where the process involves more than two persons, and
thus continuing to pay until the result is reached o f those who have
more coming to them than they had to pay, and of those who had more
to pay than they had due to them. The conclusion o f the whole was,
that the balances to pay were the exact amount of those to receive.
“ The mode of payment which had most prominence in large transac­
tions, after clearing began to lose its importance with the decay o f the
fairs, was that o f circulation. This was practiced not only at the great
Banks of Venice and Genoa, but also at the deposit banks which suc­
ceeded them. The same money7 in a bank, or the same credits upon the
books of a bank, was by this method kept circulating or passing from
person to person, accomplishing a continued circle o f payments. Its
effectiveness did not come to an end, for it moved in a circle embracing
nearly the same parties, gradually passing from the men of one genera­
tion to those o f another. This circulation is still in full vigor in the Bank
of Hamburg, and other survivors o f the deposit banks of the seventeenth
century ; but it has no counterpart in our more modern institutions. The
deposits in our banks are the proceeds o f discounted commercial paper.
The credits issued by the banks, of which these deposits are composed,
are absorbed and wholly extinguished whenever they are paid to the
banks. Their place is supplied continually by new discounts and new
credits.
“ This mode of payment by circulation of the same money, or the same
fund, as, for instance, national debt, differs from clearing. In the former,
it passes from hand to hand, performing all the payments its successive
owners can effect with it. If these owners were seated at one table, they
could circulate a sum in coins from hand to hand to the same effect, and
see the money before them at the same time. But if seated at the same
table, they could extinguish a large portion o f their debts by simply ex­
hibiting their claims, and balancing or clearing them, so far as mutual,
and by verbal transfers, as in the fairs, until the final balances were
reached, seldom over five per cent on the amount paid.
“ Clearing is, beyond all question, the simplest, the most economical,
and, when applicable, the most efficient o f all modes of paying debts. It
is precisely analogous to balancing accounts. Parties who are in busi­
ness relations arrange to ascertain daily, or at convenient times, the state
of their mutual claims; and having verified, extinguish them by set off.
The banks of New7 York extinguished among themselves in that way, in
1857, upwards of $7,000,000,000, or upwards of $20,000,000 each day,
upon which the daily balances did not exceed five per cent. This enor­




Money , the Credit System, and Payments.

694

mous sum is cleared in New York alone, without the use of any currency
or medium of payment whatever. It is done by evidences of debt bear­
ing the items o f mutual claim, by a statement of the amounts, and by
the processes o f a balance.” (pp. 14—16.)
INTEREST OF MONEY I DISCOUNT ON COMMERCIAL P A PER .

“ The subject o f interest has engaged our attention upon only two or
three points. Interest is almost exclusively considered in the light of a
charge for the use o f money. No adequate explanation of the term
interest, as now very generally employed, can be given from that point o f
view. Strictly speaking, very little money is lent upon interest; there is
probably, in the United States, ten times as much interest paid as there
is money lent upon interest. W e do not regard the proceeds of discounted
notes, whether they take the shape o f bank notes or bank deposits, as
money. They are merely the credits or securities o f the banksubstituted
for those of individuals. Yet these bank notes, but more especially the
deposits, are really the chief medium o f payment. The fund upon which
interest is chiefly paid, is that which stands in the banks under the name
of deposits. The two great items of interest paid in this country are the
deduction made from notes and bills of exchange sold or discounted, and
loans o f amounts deposited in the banks, the proceeds of discounted paper.
“ Gold and silver are seldom lent upon interest; they are never sought
for as a medium of payment, because a check upon a bank is preferred.
Gold will command no higher rate o f interest than a credit in bank.
When interest has advanced even one or two hundred per cent, there is
no corresponding advance in the precious metals. The current rate o f
interest depends upon the facility o f obtaining the needful supply o f that
fund which is usually employed in paying debts. It is not the plenty or
scarcity of this fund which determines the rate o f interest, so much as
the disposition of the holders. The fluctuations in its amount do not cor­
respond with the fluctuations of interest. It often happens that the de­
posits in the banks are largest when the rate o f interest is highest.
“ There are many speculations about the level of the precious metals,
about money flowing to one country and from another; this flux and re­
flux, when applied to problems of interest, furnish no light. Within the
range o f trade, foreign or domestic, the precious metals receive little im­
pulse in any direction from the rate of interest; nor do they exert upon
it any appreciable influence, except so far as the loss o f specie by the
banks may lead to a contraction of the currency.” (p. 17.)
PRICES ; THE EFFECT OF MONEY UPON PRICES.

“ W e have discussed the topic of prices more elaborately, perhaps, than
was necessary for our purpose, which was chiefly to show that the rela­
tion between the quantity of money, or currency, and prices was not, by
any means, so close as many have supposed. The notion long prevalent,
that prices were exactly adjusted to the quantity o f currency, is shown
to have been long since exploded. Among the innumerable influences
which go to determine the general range and fluctuation o f prices, the
quantity o f money or currency is found to be one o f the least effective.
“ This subject is specially important as bearing upon the results o f
fluctuations in the issues o f banks. Besides the fact, that quantity of
cuirency has less effect upon prices than is generally supposed, it is to be




Money, the Credit System, and Payments.

695

taken into account that, for all the currency issued by the banks, there is
a special and constant demand from the debtors of the banks, which pre­
vents it from having as much influence as it might otherwise have. The
debtors of the banks having in their possession the whole range of com­
modities to which prices apply, are offering them for this currency, to se­
cure it for their constantly recurring payments. Their constantly matur­
ing obligations do not permit them to hold out for extra prices.” (p. 17.)
PUBLIC PAYMENTS---- NATIONAL TREASURIES.

“ That which has so constantly occupied the minds of men of business
cannot be beneath notice of governments, under the same circumstances.
If the annual receipts into the treasury o f France are $300,000,000; if
the annual receipts into that of Great Britain are $260,000,000; and if
in the United States, the treasury annually receives $75,000,000, the mere
method o f receiving and disbursing these vast revenues must become an
important consideration— very important, if we take the conduct of the
most intelligent men of business, for ages past, as a criterion. This im­
portance refers to the people from whom the revenues are collected, as
well as to those to whom they are paid, and to the government itself, in
regard to the facility and economy o f its financial operations.
“ A financial system should be specially adapted to the habits and cus­
toms of the people for whom it is designed. No government can long
depart from the usages o f its people, or disregard their modes of business,
without paying some penalty, soon or late, for the mistake. W e regard
the present mode of administering the treasury of the United States as
involving this error. The habit o f the people to employ paper currency
and credit wherever they are applicable, is almost universal. This use
would be still more general and uniform, but for restrictive laws, which
the abuses of banking have provoked. In the face of this custom of the
country", the public treasury has rejected the use of paper currency alto­
gether, and reserves for itself an exclusive currency of gold and silver.
This policy has had, during nearly its whole existence, the extraordinary
support of the California gold mines, and has not, therefore, developed
fully the harsh and evil tendencies with which it is fraught. The day is
approaching when this system, if continued in its present shape, will
create a financial disturbance great enough to shake the industry o f the
country to its center, and endanger any administration which may attempt
to uphold it.
“ We have compared our exclusive system, as administered under the
act of 1846, with the financial systems of France and Great Britain, and
find nothing in either to justify or encourage us in continuing a scheme
of finance so fraught with peril to the interests of labor and trade. W e
refer to the manner in which that act has been carried out, not to its pro
visions as they stand in the statute book. Our system assumes at once
the attitude of being independent of the people and the commercial in­
stitutions of the country. It has been very aptly called the Independent
Treasury, for it admits no sympathy and no relations with the business
or the interests of the people. In Great Britain, the Exchequer leans
upon the Bank of England, the greatest commercial institution o f the
country; and in this way a sympathy between the movements o f the
Exchequer, or public treasury, is established, which runs through and tem­
pers, if it does not control, its whole operations. Besides this, the Ex­




696

Money, the Credit System, and Payments.

chequer is a constant borrower from the people, to the extent of nearly
the whole annual revenue upon Exchequer bills. It borrows, in anticipa­
tion o f the public revenue, from those who lend voluntarily upon short
loans, and is thus enabled to disburse the revenue previous to its receipt.
This is a great accommodation to a large class of lenders, who are pleased
to have an opportunity of realizing interest upon short loans, and upon
such undoubted security ; this class are thus kept in constant relations
with the government, and are prompt to supply the treasury with any re­
quired assistance in financial emergencies. The creditors of the public
derive even more advantage from this mode of disbursement in anticipa­
tion ; for the Exchequer being always ready to pay, the whole payments
o f the annual expenditure are made not only with more regularity, but
probably weeks, if not months, in advance of what would otherwise be
the time.
“ The present financial system o f France, the result o f a reform which
has been in progress under the auspices of men of great ability and ex­
perience for more than thirty years, is perhaps, in many aspects, the most
perfect of any now extant. It has rescued the finances of France not
only from the greatest confusion and embarrassment, but has placed them
in a more enviable position than those "of any country in Europe. To
the astonishment of the capitalists of Europe, the government of France
was able to borrow, in 1855, for the expenditure of the war in the Crimea,
upwards of $250,000,000, without resorting to the city of Paris, or
capitalists out of France. Not only so, but the sum actually offered in
the departments out o f Paris was $332,000,000. This ofi'er to the govern­
ment was from 360,000 persons in the interior of France, very few of
whom would have been lenders to the public but for the very excellent
financial system which now prevails in that empire.
“ In Great Britain and France, large use is made of treasury notes,
called, in the one, Exchequer bills, and in the other, Bons du Tresor. In
both countries, the ministers of finance are permanently authorized to
issue them upon certain principles, and under specific regulations. In
England, the Exchequer bills are issued and managed with a skill and suc­
cess which nothing o f the kind can surpass. In neither country has there
been an over-issue o f these treasury securities, for more than a generation
past. In Prussia, a treasury currency in denominations as low as five
dollars has been issued, for that length of time, and no abuse has occurred.*
It is very true, that the over-issues of the assignats during the French
Revolution, of the continental paper currency during the American
Revolution, and the later over-issues in Russia and Austria, are well cal­
culated to create distrust in the minds of all whose attention is turned to
the use of a paper currency for public purposes. But as this whole mat­
ter resolves itself into questions of knowledge, official integrity, and finan­
cial skill, it should not be summarily dismissed, unless it is conceded that
these requisites are beyond the reach o f our government. When we re­
member the fact, that a bank can, with its own notes, or credits on its
books, purchase commercial paper to the amount of millions of dollars,
and that it can take its own notes and issues in payment of the comrner* The Prussian government is so careful of the credit and stability of this emission o f currency
from the public treasury, that it redeems promptly every counterfeit brought to the public offices.
By this wise policy, it obtains the earliest information of the existence o f counterfeits, and is thus
able promptly to follow the offender. Of course, this secures the utmost confidence in the cur­
rency.




Commercial and Industrial Cities o f the United Stales.

697

cial paper as it matures, thus providing a special currency for this pur­
pose, and saving the use o f millions o f money— when we know that many
nations could pay the entire national expenditure in treasury notes, and
that they could, of course, afford to take such notes in payment o f all
dues at their public treasuries, we should hesitate to give up the problem
of a government currency as impossible to solve.
“ The truth is, not only can it be solved, but it is of much easier solu­
tion than many others which constantly engage the attention of men in
authority. The order, subordination, and numerous checks which now
characterize our treasury department, are a far greater triumph of finan­
cial skill and good administration than would be the successful employ­
ment of treasury notes as a currency. Of course, such an issue by the
treasury could only be upon a well-devised plan, and well-settled principles,
to be as faithfully observed as are the present processes of the many
functionaries of the Treasury Department.
“ The leading principle of every such emission of paper, as well as that
of the banks, is to issue only so much as will return in the regular course
of the business in which the issue is made. It is not, and should not be,
the issue of so much as will not probably be returned for payment, but
the issue of so much as will inevitably return in payment to the issuer.
Whatever amount the return payments to the issuer will absorb, is a safe
emission; beyond that, all is unsafe. The treasury of the United States
could, in any year, issue one-fourth the amount of the estimated income
in treasury notes; the next year, one-half; the following year, threefourths ; and by the experience gained in three years, the officers entrusted
with this duty could manage such emission without danger of over-issue.
If the public would not readily receive them, they should not be issued
at all; if they should fall below par, immediate measures should be taken,
at any cost, as to recall them in such quai tities as would restore them to
perfect equality with gold.” (p. 22.)

Art. IV.— COMMERCIAL AND INDUSTRIAL CITIES OP THE UNITED STATES.
NUM BER

FORT

L X X V I.

WAYNE,

S I T U A T IO N O F F O R T W A Y N E — E A R L Y E X P L O R E R S

INDIANA.

S U M M IT

LEVEL— W A T E R

S H E D — E X T E N T OF N A V I­

G A T I O N — C O N F L U E N C E O F R I V E R S — F I R S T S A L E — G O V E R NM E N T S U R V E Y — C A N A L S — T R A D E R S — R A I L ­
R O A D S — P O P U L A T IO N — V A L U A T I O N — F U R T R A D E — O R I G IN A N D E X T E N T — A M E R I C A N F U R C O M P A N Y —
W JI E A T

AND

FLO U R — W H E A T

S H IP M E N T S — M I L L S — S T O R E S — D R Y

C L O T H IN G M A N U F A C T U R E — E M P L O Y M E N T

OF W O M E N — V A L U E

R I A L S — B O O T S A N D S H O E S — W O O L E N M IL L — W O O L

GO O D S— H A R D W A R E — D R U G S —

M A D E — B A R R E L S — B U IL D IN G M A T E ­

ON S H A R E S — L O C A L G O O D S U S E D F O R C L O T H IN G

— E F F E C T ON E A S T E R N T R A F F I C — F U T U R E O F F O R T W A Y N E .

F ort W a y n e is one of those geographical points that, while yet buried
in the wilderness, give indication of future importance to the coming
Empire. The early Canadian explorers, leaving Quebec, ascended the
St. Lawrence in their tiny barks, on their way to the Mississippi valley,
crossed Lake Erie, entered the mouth o f the Maumee, and on reaching
the confluence of the St. Mary and St. Joseph, whose united streams
form the Maumee, landed and transported their canoe 32 miles to the




698

Commercial and Industrial Cities o f the United Stales:

Wabash, and then launching it, pursued their way through the Ohio to the
Mississippi.
That narrow strip which divided the rivers that flowed
northeast into the lake from those that, run southwest into the distant
ocean, was the key o f an inland navigation o f more than 3,000 miles,
connecting the Gulf of St. Lawrence with the Gulf o f Mexico. Such a
point was marked out by nature as o f immense importance. The Indians
recognized its value as a commanding point, and its local advantages of
rich soil and abundant timber at the juuction o f the St. Marys and St.
Josephs attractedt he whites, the French early occupying it, and about
the date o f the national independence Fort W ayne was built, continuing
long an important Indian outpost. _ In 1819 it became occupied by
traders, and in 1825 the site of the present city was sold to a Baltimore
gentleman for $2,838. Soon after the improvement system of the State
o f Indiana began, and under the administration of John Q. Adams, a
grant of lands was made, and a survey for a canal was commenced at
Fort Wayne, extending from the mouth o f the Tippecanoe, on the W a­
bash, along the Maumee to Lake Erie.
The State of Indiana surren­
dered the lands in Ohio to the State o f Ohio, on her agreeing to build
that portion o f the canal. In 1831 the division across the summit was
completed, uniting the Lakes with the Ohio. In 1840 the canal was
completed from steam navigation on the Wabash to the east line o f the
State, and in 1843 Ohio had completed the connection to Lake Erie.
From the completion of the canal through Ohio may be dated, says
the Fort Wayne Republican, the beginning o f the prosperity o f Fort
Wayne.
Previously it had no outlet to the Eastern markets, the pro­
ducts o f the surrounding country were valueless except for local consump­
tion.
The Maumee was only navigable for canoes or small row
boats. The goods sold there were either brought up from the Lake on
that class of boats on the Maumee, or by wagon carriage. On the open­
ing of the canal new life was given to trade. Wheat, flour, and other
products could then be shipped to an Eastern market at a rate of trans­
portation which did not consume their whole market value, and goods
could be brought there at corresponding low rates. These advantages
attracted general attention, and from that time to this the country and
town has been increasing in population and wealth, greatly facilitated,
however, by other improvements of a later date. The railroads have had
much to do with quickening and energizing the movements which have
made Fort Wayne what it is.
The Pittsburg, Fort Wayne, and Chicago Railroad had its beginning
in 1848, in the commencement to build the Ohio and Pennsylvania Rail­
road, from Pittsburg west. It was opened to Fort Wayne in November,
1854, on the completion of the Ohio and Indiana Railroad, and finally
opened through to Chicago in November, 1858, on the completion o f the
Fort Wayne and Chicago Railroad. These three original lines are now
consolidated into one road, under the titled first above named. The length
is 465 miles; cost, $14,270,704. Of this, 144 miles is in Indiana.
The Toledo, Wabash, and Western Railroad was organized in 1852,
and the whole road completed, from Toledo to the Illinois State line, du­
ring the succeeding four years. In 1856 its connections were perfected
with St Louis. Its length is 243 miles; cost, $10,542,600. The length
in Indiana is 172 miles. These roads intersect and cross each other at
Fort Wayne, and with the numerous connecting lines furnish the people




Fort Wayne, Indiana.

699

of Fort Wayne the means for travel and transportation to all points of
the East, West, North, and South.
In 1829 the population of Fort Wayne was 400.
The assessed value of property in 1842, in the corporate limits at that
time, was $424,185.
In 1850 the population was 4,282, and the assessed valuation of
property was..........................................................................................
On the 1st day of January, 1859, the assessed value of property
in real estate was.................................................................................
“
“
“
personal property
Total...............................................................................................

$891,912
1,425,360
602,455
$2,027,805

And the estimated population now is 14,000. The city is situated in
a beautiful place, sloping slightly towards the river, which meanders at
its northern edge. Its streets are wide and laid off at right angles. Its
business houses and dwellings are mostly of a very substantial character,
and are built of brick, some o f which are very handsome.
Naturally, the fur trade first engaged the settlers at a post so advanced
in the Indian, country as Fort W ayne.
So early and vigorously was it
prosecuted, that in 1786 the amount o f furs exported from Canada were
valued at about twelve hundred thousand dollars. Detroit, for many
years, was the head trading post for the Northwest, from which point
traders traversed the whole country or so much of it as was accessible
by rivers and creeks. As the banks o f the St. Marys, St. Joseph, and
Maumee Eivers were the head quarters of the Miami Indians, and as the
whole Indian trade of the Ohio valley had to be carried over the summit
by the traders, in passing from the Wabash to the Maumee on their way
to Detroit, it is natural that the locality of Fort Wayne, long before it
received that name, should become an important point in the fur trade.
For many years the American Fur Company had an agent stationed
at this point, who annually collected a large amount of valuable skins.
After the Indian tribes were removed, when the white man took his place,
and the trapper roamed the woods undisturbed, and when, after that, the
settlers began to clear the forest, and stores began to multiply, the fur
trade continued to be of great value in the city. Year after year im­
mense sums of money in return for these goods, were paid over to the
hardy huntsman and the early settler, and for a time it was the principal
trade of the place.
The furs generally found in the neighborhood were muskrat, coon,
mink, house cat, opossum, deer, and fox.
So far back as 1822, the fur trade in Fort Wayne was estimated as
worth about $100,000. In 1830 it had increased to the sum of $250,000,
and from 1840 to 1854 it was estimated that at this point there would
be not less than half a million of dollars distributed yearly throughout
this and adjoining territory. From this date, however, its gradual decline
may be dated.
Fort Wayne has continued to be the head quarters in this business for
a large portion of the Western country. During 1848 we were assured
that one house alone paid out over one hundred thousand dollars, very
little of which was for furs collected in this market.
Of course, as the country becomes settled all kinds of game pass away.
The hunter’s occupation will soon be gone. The fur trade yet, however,




700

Commercial and Industrial Cities o j the United States:

forms an important item in our business, and during the past year about
eighty thousand dollars’ worth of furs have been collected in this locality.
Fort Wayne has heretofore been the largest shipping point on the
Wabash Canal for wheat and flour. In 1858 the shipments of wheat by
canal wTere near 500,000 bushels. During the present year there has
been a great falling off in the shipments of that article. This has been
the result of two causes. First, a deficient harvest in 1858 ; and second,
an almost total failure of the wheat crop in about twenty counties in
Ohio, occasioned by severe frosts about June last. These counties have
obtained a large portion of their supply for the past fall, from along the
Pittsburg, Fort Wayne, and Chicago" Railroad, which supplies would
otherwise have been shipped by the canal. The shipments o f wheat by
canal and railroad, for 1850, have been 160,000 bushels.
There are in Fort Wayne, in active operation, six flour mills—-four run
by water and two by steam power. During the year 1859 these mills
have shipped, chiefly to Eastern markets, 45,000 barrels of flour. In ad­
dition to shipments, they have manufactured for home trade 15,000 bar­
rels. It must be remembered, however, that in a city surrounded by
wheat growers, a large portion o f the business o f the mills consists in
custom work. Some of the mills in the city will manufacture for cus­
tomers, including all kinds of grain, as much as eighty bushels per day.
Hence it will be seen that the quantity shipped is but one part o f their
business.
In all early settlements the first trader, as a matter of necessity, is a
general dealer.
Groceries, dry goods, hardware, and drugs all find a
place on his shelves. As stores multiply, convenience requires a separa­
tion, and in process o f time the above articles, and others, all find their
appropriate places in separate stores. It is but a few years since that all
the stores in Fort Wayne were amongst the former class; but for some
time past they have been in a transition state, and now we have merchants
dealing separately in drugs, hardware, groceries, liquors, and stoves and
tinware. Yet the majority of our grocery houses deal largely in dry
goods, crockery, wooden-ware, and carpets. On this account it is not
possible to present such a complete statement of the year’s transactions
in each staple article as we could desire. Yet, through the kind assist­
ance of our merchants, we are able to present such a statement o f the
totals in dollars and cents as will enable our readers to form a correct
estimate of the business actually transacted in Fort Wayne during the
past year.
There is also another change worthy o f observation. Formerly there
were, within the circle o f country trading with Fort Wayne, a large num­
ber of small dealers just starting business in the many new settlements
then springing up. These men had not sufficent capital to make New
York, or Cincinnati, their market, but purchased small bills o f goods at
Fort Wayne, which, in the aggregate, swelled the business of the city.
The condition o f this class is changed. Those settlements have become
important towns, those new beginners well-established business men, who,
by the means o f railroad communications, are able to buy on terms as
advantageous as our best merchants.
Then, as a community increases, it is impossible to confine the sale o f
groceries to large houses, hence we have a large number o f small houses,
from twenty to forty at least, selling a few thousands’ worth each per
year, many of whom purchase in other markets. This is especially true




Fort Wayne, Indiana.

701

of Fort Wayne, where there is so large an element o f thriving German
population, who have saved sufficient to build and stock their own store,
and some of whom, in time, will become important business houses. As
stated above, we are unable to separate dry goods from groceries, but
the amount of both combined, wholesaled and retailed during the year
1859, as furnished us by our merchants, amounts to the sum of $869,000.
It is but a few years since hardware and stoves became separate
branches of business; before that time these articles were sold by the
grocery and dry goods houses. The neighborhood o f Fort Wayne being
agricultural, a very large amount of iron and steel are used for agricul­
tural implements. There is a limited amount o f jobbing done by one or
two of the houses, but the bulk is retail trade. The amount of sales for
1859, in all trades combined, sums up to $150,000.
The trade in drugs is swelled by the sale of such articles as glass,
paints, and oils. Some of the firms, besides retailing, transact a consid­
erable wholesale business. The wholesale and retail drug business amounts
to the sum o f $112,000.
For a number of years past the manufacture o f clothing has been
steadily on the increase. The present year, however, has been an excep­
tion. Very few of our oldest houses have either sold or manufactured as
many goods during 1859 as formerly.
Probably few trades have been
more influenced by hard times than this. Yet, within the year, or a
little over that period, several new, and some of them extensive, houses
have commenced business. During the past year all parties have been
rather curtailing than extending their business ; stocks of clothing, both
Eastern bought goods and home manufactured, are exceedingly light,
the consequence o f which is, that the present returns are far from being
a fair average; probably it is safe to say that so few goods have not been
either made or sold in any one year during the past five, as during the
present year.
There is a growing disposition amongst merchants to manufacture as
many as possible of their own goods. Some o f our largest houses already
manufacture nearly the whole o f their stock, and several others are con­
templating and preparing for the same thing during the coming spring.
Every such movement increases population, circulates money, and builds
up the city. There is no doubt but clothing can be made cheaper here
than in Eastern cities.
There, living is expensive ; here, it is cheap.
There, female labor is more sought after, as it can be employed in many
branches o f trade. Here, many females are unable to find any kind of
employment, and consequently would be much benefited by such an open­
ing for their labor. There can be little doubt but the sewing machine is
destined to work a revolution in the mode o f manufacturing clothing.
Time was when nearly the whole labor was performed by men. W ith
the aid of a machine, women are now fast taking their places, and we
understand that in most of the large Eastern manufactories but few men
are to be found. There may be certain kinds o f work which women will
be unable to execute, but as a general rule, they will hereafter become
our clothing manufacturers. Many of our merchants have become satis­
fied that, with proper arrangements, they can manufacture at a cheaper
rate and more satisfactorily than they can purchase in the Eastern market.
During the year, as furnished by the various houses, there has been
about $180,000 or $200,000 worth o f clothing sold in the city, a little
more than one-lialf of which has been manufactured there. There arc




702

Commercial and Industrial Cities o f the United States.

about 100 or 120 hands employed in this branch o f business, many o f
•whom, however, are females, and not employed steadily all the year
round.
Barrel making, for flour, pork, and butter, is extensively carried on in
and about the city.
Between forty and fifty thousand flour barrels are
annually manufactured and shipped. These are made principally by hand
in the city and at factories within a circle of a few miles.
Lumbering is a heavy branch o f business in and around Fort Wayne.
From the peculiarities of the trade, however, it is almost impossible to
give the facts relating to it. Within a short distance of the city there
are ten or twelve lumber mills in constant and active operation. Most
of the lumber made by these mills, jn some shape or other, comes to this
city, either for home use or for shipments.
A large quantity is shipped
by railroad. There is manufactured in and around the city between four
and five million feet of lum ber; the qualities are black walnut, maple,
oak, and poplar. Poplar generally takes the place of pine for building
purposes throughout this region of country, on account of its abundance ;
it can be furnished so much cheaper than pine can be brought from
Michigan, that it will always find ready sale about the city; and there is
no doubt but the shipment to the middle portions of the State o f Illinois,
which has already been considerable, will be in future much increased.
The buildings, generally, are constructed of brick, for the manufacture
of which there is every facility in the environs of the city. A good qual­
ity o f clay is found in unlimited quantity, fuel is extremely cheap, so that
a good article of brick can be furnished at a low rate. Brickmaking,
during the season, is extensively carried on, and affords employment for
a large number of hands.
Within a few miles from the city, at Huntington,La Gro, and Wabash,
on the Wabash and Erie Canal, there is a large supply o f common stone,
suitable for foundations and rough stone work.
There is also at the same places a large amount of good limestone, from
which Fort Wayne and the surrounding country is well supplied with
lime. Hence it will be seen that few places are more favorably situated
for obtaining a good supply of building material than this place.
During the year there have been manufactured 15,000 barrels of lime,
and there have been sold 6,000 perches of rough foundation stone.
Probably there are few places where a larger proportion of boots and
shoes are o f domestic manufacture than Fort Wayne. Nearly all kinds
o f leather are manufactured there. Hides and skins can be obtained to
any extent in the market. Tan bark abounds, and leather can be made
as good there as at any other point. The average number of men em­
ployed in boot and shoe making in the city, is about one hundred and
fifty, and the cash value of goods manufactured the present year, accord­
ing to figures obtained from the manufacturers, amount to $140,000.
Eastern made goods, consisting chiefly of ladies’, children, and fine goods,
$75,000.
A large and substantial three-story brick building, with basement, situ­
ated on the north bank o f the canal, is occupied by the Summit City
W oolen Mills. The manufactory was originally built for an oil and card­
ing mill about the year 1844, but shortly after its erection was converted
into a woolen mill, since which time it has been uninterruptedly used for
spinning yarns and manufacturing woolens. It is run by water power,
has two sets of machinery, and, in addition, two heavy mammoth card­




Journal o f Mercantile Law.

703

ing machines, capable o f carding 400 pounds o f wool each per day, which
are used for custom work.
The mill usually employs from twenty to twenty-five hands, some of
whom are females. During the year 1859, about 50,000'pounds of wool
were worked up for various purposes.
The goods manufactured are
cloths, tweeds, casimeres, satinets, jeans, flannels, blankets, coverlets, linseys, and yarns. The raw material, o f course, is collected from the sur­
rounding farmers, and the market for their manufactured goods is right
at home.
The mill takes the place of the household spinning-jenny and the old
fashioned hand-carding machine ; but yet the farmer, his wife, sons, and
daughters have the satisfaction o f wearing their own fleece without the
toil and trial of patience formerly required. Then again, by having their
wool manufactured on shares, a plan adopted by many wool-growers,
they obtain from 7 to 12 cents per pound more than Eastern merchants
would pay in cash. Some of the clothing merchants are making up some
kinds of clothing almost exclusively from cloth manufactured at this mill,
and they speak in the highest terms o f the satisfaction generally expressed
by their customers with such goods.
In addition to the manufactories and industries,here enumerated, there
is a great variety o f the production usual to a growing city, administer­
ing to the increasing wants o f a thriving people. A city so situated, in
the midst o f a most fertile district, with every element of growth at hand,
and with the best means of communication with distant points, cannot
but have a bright future before it. The mode o f progression, in respect
of stores and manufactories, is common in some respects to ail Western
cities, and it is very useful to observe the effects of that progress upon
the business o f the great Eastern cities.

JOURNAL OF MERCANTILE LAW.
LIBEL ON A BILL OF LADING.

In the Supreme Court of the United States. Rufus Allen, et al.f libelants
and appellants, vs. Henry L. Newberry, claimant of the steamboat “ Fashion,” &c„
1. Under the act o f Congress of 2fith February, 1845, prescribing and regulating the jurisdiction o f
the federal courts in admiralty upon the lakes, a libel cannot be sustained on a bill of lading for
the carriage of goods between two ports of the same State, though in a general ship whose
principal voyage is between ports of different States AVayne , G rier, and Catron, J J . d i s s .
2. Whether the federal courts might not have jurisdiction in such a case, however, where it be­
comes necessary to adjust the questions o f general average and contribution, q u e.

The opinion of the court was delivered by—
N e l s o n , J.— This is an appeal in admiralty from a decree of the District
Court for the district of Wisconsin.
The libel states that the goods in question were shipped on board the Fashion
at the port of Two Rivers, in the State of Wisconsin, to be delivered at the port
of Milwaukee, in the same State, and that the master, by reason of negligence
aDd the unskillful navigation of the vessel, and of her unseaworthiness, lost them
in the course of the voyage.
The respondent sets up, in the answer, the seaworthiness of the vessel, and
that the goods were jettisoned in a storm upon the lake.
The evidence taken in the court below was directed principally to these two
grounds of defence ; but in the view the court has taken of the case, it will not
be important to notice it.
The act of Congress of 26th February, 1845, prescribing and regulating the




704

Journal o f Mercantile Law.

jurisdiction of the federal courts in admiralty upon the lakes, and which was held
by this court in the case of the Genesee Chief, 12 How. 443, to be valid and
binding, confines that jurisdiction to “ matters of contract and tort, arising in,
upon, or concerning steamboats and other vessels,” * * * “ employed in business
of commerce and navigation between ports and places in different States and
territories upon the lakes, and navigable waters connecting said lakes, &c.”
This restriction of the jurisdiction to business carried on between ports and
places in different States, was doubtless suggested by the limitation in the con­
stitution, of the power in Congress to regulate commerce. The words are :—
“ Congress shall have power to regulate commerce with foreign nations and among
the several States, and with the Indian tribes.” In the case of Gibbon vs. Ogden,
9 Wh. 194, it was held that this power did not extend to the purely internal
commerce of a State. Chief Justice Marshall, in delivering the opinion of the
court in that case, observed :—“ It is ribt intended to say that these words com­
prehend that commerce which is completely internal, which is carried on between
man and man in a State or between parts of the same State and which does not
extend to or affect other States.” Again, he observes :■—“ The genius and charac­
ter of the whole government seem to be, that its action is to be applied to all
the external concerns of the nation, and to those internal concerns (vhich affect
the States generally, but not to those which are completely within a particular
State when they do not affect other States, and with which it is not necessary to
interfere for the purpose of executing some of the general powers of the govern­
ment. The completely internal commerce of a State, then, he observes, may be
considered as reserved for the State itself.” Ib. 195.
This distinction in the act of 1845 is noticed by the present Chief Justice in
delivering the opinion in the Genesee Chief. He observed:—“ The act of 1814
extends only to such vessels when they are engaged in commerce between the
States and territories. It does not apply to vessels engaged in the domestic com­
merce of a State.”
This restriction of the admiralty jurisdiction was asserted in the case of the
New Jersey Steam Navigation Company vs. the Merchants’ Bank, 6 How. 392,
the first case in which the jurisdiction was upheld by this court upon a contract
of affreightment. It was there remarked, that “ the exclusive jurisdiction of the
court in admiralty cases was conferred on the national government, as closely
connected with the grant of the commercial power. It is a maritime court,
instituted for the purpose of administering the law of the seas. There seems to
be ground, therefore, for restraining its jurisdiction in some measure within the
limit of the grant of the commercial power, which would confine it, in cases of
contract, to those concerning the navigation and trade of the country upon the
high seas, &c., with foreign countries and among the several States. Contracts
growing out of the purely internal commerce of the State, &c., are generally do­
mestic in their origin and operation, ar.d could scarcely have been intended to
be drawn within the cognizance of the federal courts.”
The contract of shipment in this case was for the transportation of the goods
from the port of Two Rivers to the port of Milwaukee, both in the State of
Wisconsin ; and upon the principles above stated, the objection to the jurisdic­
tion of the court below would be quite clear, were it not for the circumstance
that the vessel at the time of this shipment was engaged in a voyage to Chicago,
a port in another State. She was a general ship, with an assorted cargo, engaged
in a general carrying business between ports of different States ; and there is
some ground for saying, upon the words of the act of 1845, that the contract:,
over which the jurisdiction is conferred, are contracts of shipment with a vessc .
engaged in the business of commerce between the ports of different States. B uj.
the court is of opinion that this is not the true construction and import of th
act. On the contrary, that the contracts mentioned relate to the goods carrier,
as well as to the vessel, and that the shipment must be made between ports c.
different States.
This view of the act harmonizes with the limitation of the jurisdiction as ex­
pressed, independently of any act of Congress, in the ease of New Jersey Steam
Navigation Company vs. the Merchants’ Bank, before referred to.




705

Commercial Chronicle and Review.

We confine our opinion upon the question of jurisdiction to the case before
us, namely, to the suit upon the coutract of shipment of goods between ports
and places of the same State.
The court is of opinion that the district court had no jurisdiction over it in
admiralty, and that the jurisdiction belonged to the courts of the State.
It may be, that in respect to a vessel like the present, having cargo on board
to be carried between ports of the same State as well as between ports of different
States, in cases of sale or bottomry of a cargo for relief of the vessel in distress,
of voluntary stranding of the ship, jettison, and the like, where contribution and
general average arise, that the federal courts shall be obliged to deal incidentally
with the subject, the question being influenced by the common peril in which all
parties in interest are concerned, and to which ship, freight, and cargo, as the
case may be, are liable to contribute their share of the loss.
A small part of the goods in question in this case were shipped for the port
of Chicago, but are not of sufficient value to warrant an appeal to this court.
The decree of the court below, dismissing the libel, affirmed.
Disscntienlibus— W ayn e , G kier , C atkon.

COMMERCIAL CHRONICLE AND REVIEW.
G E N E R A L A B U N D A N C E O F C A P IT A L — NO SPEC U L A T I O N — L A R G E

M EANS

F R O M T H E S O U T H — C H A N G E IN

B U S I N E S S W I T H T H E W E S T — M A N U F A C T U R E S — L O C A L R E S O U R C E S — E F F E C T ON T R A D E — C O T T O N — E X ­
PORTS— SU PPLY

OF

H O U SE S— D E P O SIT S

B IL L S — D ISC O U N T
AND

D IS S A T IS F A C T I O N — W I T H D R A W A L
N OTES— EFFECT

ON

M OVEM ENT

LO AN S— P A N IC
OF

OF

1657—

N O T E S— R IS E

C O TT O N — D IS T R U S T

OF

IN

E N G L A N D — O P E R A T IO N S

RULE
IN

OF TH E

OF

THE

D IS C O U N T

BANK— G O VERNM ENT

P E R M IT —

I N T E R E S T — U N E A S IN E S S — R E T U R N

B IL L S — S H IP M E N T S

OF

8 P E C IE — R E T U R N

OF

TH E

OF E A SE —

L A R G E C R O P — E L E M E N T S O F A L A R G E D E M A N D — A M E R IC A N I N T E R E S T S — R A T E S OF M O N E Y — S T E R L IN G
B IL L S — S P E C I E M O V E M E N T — C H A N G E IN C A L IF O R N I A B I L L S — P O N Y E X P R E S S — A S S A Y -O F F I C E — M IN T —
N E W D I S C O V E R IE S O F S I L V E R — E F F E C T ON T H E M A R K E T — G O L D N E C E S S A R IL Y E X P O R T E D — M O N E Y OF
I T S E L F O F N O V A L U E — O N L Y W A N T E D F O R C IR C U L A T IO N — S E E K S T H E R IC H E S T

COUNTRY— RETURNS

W H E N B U S IN E S S R E V I V E S — F O R C IR C U L A T IO N — I M P O R T S .

T h e general abundance of capital, relative to demand, continues to manifest
itself in the cheapness of money, and this has lasted through the season of heavy
spring payments for goods. The absence of any enterprise of a nature to ab­
sorb much capital, in the face of a flow of means so extensive as that which
this year takes place from the South, leaves a redundant supply of means for
the ordinary calls of business. The preparation for large Western business does
not appear to have been so extensive as in a few previous years. There has,
therefore, been a diminished demand for capital for that purpose. It has been
the case since the panic of 1857, that the operations of the West have become
more concentrated, thereby laying the foundation for a permanent change in
business to some extent. When the West could no longer buy freely on almost
unlimited credit at the East, other means were resorted to to supply local wants
This led to a more decided development of local manufactories ; many thriving
towns that formerly bought their clothing and other supplies from the East
turned their attention to manufacture. It is found that goods can be produced
cheaper by giving employment to the hands on the spot, and a home market to
materials. The pressing wants of the people in considerable districts have thus
been so far supplied that the hope of an accumulated demand, as a consequence
of a long delay in purchasing, seems not likely to be realized. The result is
diminished intercourse East and West, to be revived, no doubt, when large crops
V OL. LXII.---- NO. VI.




45

706

Commercial Chronicle and Review.

and better prices shall have renewed a speculative action, calling Eastern and
imported goods, through the medium of credit, once more to compete with the
nascent fabrics of the West. These circumstances have, however, not been with­
out their influence upon the demand for capital. The South has sent forward more
than an equivalent in available means for the amount of her purchases. Already
4,250,000 bales of cotton have been delivered, an excess of 400,000 over the
largest entire crop ever before delivered. Of this vast quantity, 3,197,523 bales
have been exported, at a value of over §160,000,000, or §40,000,000 more than
the value exported the same time last year— an amount that far exceeds the ex­
cess of imports over last year. This immense movement of the cotton crop has
afforded an ample supply of bills at the South on the North, and has also met
every demand of the importers for sterling bills. The stock of cotton naturally
accumulated abroad, and a singular movement of the London market, by caus­
ing the rate of interest to rise suddenly to five per cent, inducing momentary
fears that the price of cotton would suffer by that rise, and that, as a consequence,
cotton bills would be less available, involving the necessity of a strong specie
support there. The Bank of England is the only source for the supply of money
in London and for sixty miles around it. It takes gold and gives bank notes,
which are used as circulation by the public. The large discount houses of Lon­
don, of whom O verend , G ukney & Co. are the type, receive deposits from the
public on demand at one rate of interest, and with those deposits discount notes
at a higher rate, at for one to six months. The difference of interest between
what they allow and what they charge is their profits. Their liability is that
they may be called upon for the deposits suddenly, while the money, being loaned
at long dates, is beyond their control. This liability fell upon them in the panic
of 1857, and they demanded that the Bank of England should relieve them of
it, by lending them the money to pay their depositors. The Bank could not do
it unless the government relaxed the law, and allowed it to issue notes not repre­
sented by specie. This was done, but high rates were charged for the money.
Nevertheless, the discount houses having lent the money of their depositors at
one rate, say five, could not think of paying the Bank ten, hence they resolved
that the “ country was ruined,” unless the Bank put down the rate to save them
from loss in their speculation. The Bank then determined, by rule, that they
would thenceforth never lend to the discount houses on any terms. Hence, if
those houses go on to lend other peoples’ money, and take the risk of its being
demanded of them when money becomes dear, they must do so entirely on their
own risk, like all other dealers. This was very unsatisfactory, and the houses
have not ceased to demand a repeal of the rule. The rate of interest in London
continued to be low— 3} per cent down to February, when it was found that
the reserve of notes in the Bank was rapidly falling, without any regard to the
shipment of specie. The rate of money was put up to 4^ and 5 per cent, causing
much uneasiness. So rapid a rise naturally induced people to ask for more money
than they wanted, and there were signs of a stringency which would affect prices,
cotton, particularly, of which the stock is large, and supported only by an abun­
dance of money. Weakness in that article would affect a large amount of bills.
Hence the rate rose here, and specie began to move freely. On comparing the
denomination of notes outstanding it was found that the demand had been for
£1,000, or §5,000, notes, a kind which does not come into general circulation.




Hi

ki - .

■

Commercial Chronicle and Review.

707

Further investigation showed that Messrs. O v e r e n d , G urne y & Co. had drawn
- out £1,500,000, or $7,750,000, of these notes into their own coffers to show their
power. They kept them a week and returned them, having effected nothing but
a loss of some $7,000, since they were paying 4 f per cent for money while that
amount was idle in their coffers. The discovery of the cause of the perturbation
was followed by a decline in the value of money and a resumption of the usual
course of business.
The cotton crop is doubtless very large, but the circumstances of Europe are
such as to warrant a large demand. Food is cheap, capital is abundant, and
labor in good supply, with a pause in the investments of capital in fixed
enterprises. While the policy of the governments of France, Belgium, and
the Zollverein is avowedly to encourage the consumption of goods, as well
imported as domestic, all these are elements of an extended market for cotton,
which must give great support to American interests. The rates of money in
New York have not varied during the month, unless it may be said that a mo­
mentary hesitation about long paper showed itself on the renewal of shipments
of specie. The rates are as follows :—
,_

-On
jvtocks.
Jan. 1st, 1859. 4 a H
Feb, 1st........... 5 a 6
Mar. 1st........... 4 a 5
A p r. 1st..........
4 a 5
May 1st........... 5 a 6
J un. 1st........... 6 a 7
July 1st........... 5 a 6
Aug. 1st........... 6 a 7
Sept, . 1st...........
54r a 6
Oct 1st,.......... H a 7
Nov. 1st............ 5 a 64
Dec. 1St............
5 a 5i
Dec. 17 th.......... 54 a 6
Jan. 1st, I860.. 6 a H
Jan. 15th..........
7 a ' 'i
6 a
Feb. 1st...........
Fet). lo th ......... 5 a 6
Mar. 18t........... 61 a 6
Mar. 15 th......... 5 a H
Apr 1st........... 5 a H
Apr. 15th......... 5 a 51
Mav 1st........... 5 a n
5 a 6
May 15th . . . .

call.-------N ,— — Indorsed.------Other.
GOdays. 4 a (3inos.
4 a5
5 a 6
4 a 5
6 a7
6 a7
6 a 6
ra 6
44: a 54 5 4 a 64
5 a 5-4 6 a 64
6 a 6
6 a 64 64 a 6
6 a7
7 a 8
7 a 8
64■a 7
6 a 7
7 a 74
64 a 7
7 a 8
64 a 74 7 a 8
7 a 8 6 a 7 7 a 74
6 a7
7 a8
64 a 7
6 a7
64: a 74 74 a 8
6 a 7 7 a 84
6 a7
6 a 7
7 a 74 74 a 84
7 a 74 74 a 84
H a 7
9 a 94
7 a 74 64 a 9
9 a
7 a 74 84 a 9
6 a 7
7 a 74 74 a 8
6 a 7
7 a 74 74 a 8
6 a7
5i a 6
74 a 8
6 a hi 64 a 6
6 a 64
6 a 64 54 a 6
6 a 6$
6 a 64 5 a 6
6 a 64
6 a 64 5 a 6
6 a 7

Single
names.
6 a7
7 a 74
6 a7
64 a 7
7 a9
8 a 9
8 a9
8 a9
8 a S4
8 a 9
84 a 94
8 a9
8 a 9
74 a 8
9 a 10
9 a 10
S4 a 94
84 a 94
84 a 94
64 a 74
64 a 74
64 a 74
64 a 74

Other

good.
8
8a 9
7a 8
8a 9
9 a 10
9 a 10
1 0 a 12
1 1 a 13
n a 14
1 0 a 12
1 2 a 15
9 a 10
9 a 10
9 a 10
1 0 a 11
1 1 a 12
1 0 a 12
1 0 a 12
1 0 a 12
9 a 10
9 a 10
9 a 10
9 a 10
7 a

Not well
known.
8 a 10
9 a 10
9 a 10
9 a 10
10 a 1 2
10 a 1 2
12 a 1 5
12 a 15
12 a 16
12 a 18
12 a 18
12 a 18
12 a 13
12 a 18
15 a 20
15 a 20
15 a 18
15 a 18
15 a 18
11 a 13
11 a 13
11 a 12
10 a 12

The value of money was rather less, May 1, than at the same date last year,
when the war news was influencing the market. The rate3 of sterling and convertible bills ruled as f o l l o w s :—
RATES OF BILLS IN N E W YORK.

Jan. 1 . .
15 ..
Feb. 1 . .
15..
Mar. 1 . .
15..
Apr. 1 . .
15 ..
May 1 . .
15..

London.
9 a
8 .| a 9
8j a 9
84 a 9
Sff a 9
8 | a 84
84 a 84
8| a 84
94 a 94
9 f a 94

Paris.
5 .1 8 4 a 5 .1 7 4
5 .2 1 4 a 5 . 1 8 f
5 .1 8 4 a 6.174
5 .1 8 4 a 5 .1 7 4
5.1 74 a 5. 1 5
5. 1 74 a 5 .1 5 4
5 .1 8 4 a 5 164
5 .1 6 4 a 5 .1 7 4
5 .1 3 4 a 5.1 24
5 .1 3 4 a 5 .1 3 4




Amsterdam.
4 1 f a 414
414 a 414
414 a 414
4 1 f a 414
414 a 4 ! |
414 a 4 1 f
414 a 414
4 l | a 414
414 a 414
414»41J

Frankfort.
414 a 414
414 a 414
414 a 41|
414 a 4 1 f
4 1 | a 41J
414 a 41|
414 a 4 1 f
41| a 414
4 l | a 42
414 a 42

Hamburg.
364 a 364
36|- a 364
3 6 f a 36|
364 a 364
364 a 364
364 a 064
3 6 | a 86|
364 a 36J
3 6 | a 364
364 a 37

Berlin.
73 a 734
73J a 734
73 1 a 734
7 3 | a 734
7 S | a 724
73J- a 734
73Jra 734
734 a 7 3 f
734 a 734
7 3 | a 7 :-f

Commercial Chronicle and Review.

708

An advance took place in francs, as well as in sterling, but the rates obtained
for bankers’ signatures did not warrant the large shipments of specie, which were
therefore regarded as precautionary, swelling suddenly to the following figures :
<JOLD REC EIVED FRO M CALIFORNIA AND EXPORTED FROM N E W YO RK W E E K L Y , W IT H THE
AMOUNT OF SPECIE IN SUB-TREASURY, AND THE TOTAL IN THE CITY.

,----------- is <59.----------- ,
Received.

Exported.

............... $1,052,558
Jan. 7.. . . .
81,376,300
218,049
14..
667,398
21.. . . . . . . . . . . . .
1,210,713
467,694
28..
606,969
Feb. 4.. . . . . ........... .. .
1,319,923
361,550
ii..
1,013,780
18..
358,354
26..
1,287,967
...............
1,427,566
Mar. 3.. . . . .
938,130
307,106
10..
870,578
17.. . , , . . .............
208,955
24.. . . . . ...............
1,032,314 1,343,059
81..
576,107
Apr. 7.. . . . . ........... .
1,637,104
14..
1,404,210
1,496,889
21..
1,723,352
1,680,743
28..
May 6..
........... 2,169,197
Total.

-1860.

---------------- s

Specie in
Exported, sub-treasury.

Total
in the city.

r

Received.

...............
1,788,666

$85,080 $7,737,965 $25,600,699
88,482 7,729,646 26,470,612
259,400 8,352,485 27,585,970
81,800 8,957,128 29,020,862
1,760,582
94,569
427,457 9,010,569 28,934,870
1,476,621
92,850 9,676,732 29,464,299
692,997 10,012,572 30,603,762
202,000 8,955,203 29,729,199
1,393,179
667,282 8,734,028 31,820,840
382,503
115,473 8,237,909 30,139,089
1,198,711
152,000
429,260 8,099,409 31,271,247
465,115 8,122,672 31,408,876
895,336
706,006 8,026,492 81,447,251
155,110
310,088 7,562,885 80,162,017
1,146,211
630,010 7,714,000 31.640,982
241,503 7,531,483 30,764,897
1,455,837 1,774,767 7,668,723 30,848,532
2,355,117 7,041,143 30,856,889

10,287,801 16,162,648 11,898,856

9,524,179

Over §4,000,000 went in the fourteen days ending with the 5th May. There
was a good supply of bills at the South on New York. The receipts of specie
were to the 5th May 81,600,000 in excess of last year, and 82,300,000 in excess
of the exports. The usual mode of drawing against specie from California has
heretofore been by the same boat that brought it. The establishment of the
overland express has produced a change, since the seconds of exchange now
arrive about fourteen days ahead of the specie. A remittance of 81,382,753
was thus announced May 5th. The effect of this may be to cause the bills to
be drawn against time, or to change the current of the business. The opera­
tion of the Assay-office at New York has been as follows :—
N E W Y O RK ASSAY-OFFICE.

----------- Foreign.---------------------- » ,----------- United States.------------,
Payments
Gold.
Silver.
Silver.
in
Bullion. Coin.
Bullion.
Gold.
Coin.
Bullion.
Coin.
Bars.
Jan. 14,000 IS,000 11,200 14,000 2,478,000 1,800 20,000 647,000 1,910,000
Coin.

Feb. 5,000
Mar. 8,000
Apr. 8,000

28,000
15,000
32,000

T o t .:55,000

93,000

6,500
23,400
14,500
55,600

24,000
5,500

....

951,000
267,000
183,000

3,700

53,500 3,879,000

6,600

10,000

1,100

7,500
2,500
3,800

932,000
180,000
187,000

90,000
142,500
70,000

35,800 :1,946,000 3,212,500

There has been a marked decline in the operations, effected to some extent by
the new premium rates established in California. Following the same movement,
the coinage at the United States Mint has showed less activity, as follows:__




709

Commercial Chronicle and Review.
UNITED STATES M IN T, PH ILA D E LP H IA .

/------- Deposits.-------- v ,---------------------------- Coinage.----------------------------- »
Gold.

January...........
February........
March...............
April................
Total, 1860.
Total, 1859.

$200,000
1,838,578
144,478
281,891

Silver.

Gold.

$41,000
35,573
82,255
49,764

Silver.

$1,024,563
1,632,160
317,451
252,756

Cents.

Total

$41,000 $24,000 $1,090,568
21,600
24,000
1,677,760
132,989
29,000
479,440
38,481
30,000
321,188

$2,4S4,947 $218,572 $3,126,930 $234,020 $107,000 $3,568,956
359,390 336,940
369,847 419,500 118,000
907,347

With the rising accumulation in the banks and the cheapness of money, the
activity of the Mint was less. The export of specie from the country during
the last five months has been small, as compared with the same period of the pre­
vious year; but gold has become one of the staple money products of the coun­
try, and must necessarily form one of the staple exports ; the more so that the
new discoveries of silver are likely to add to the supplies of circulation. The
production of the metals necessitate their export, since they have no value ex­
cept in parting with them. It is a great but general mistake to suppose that a
country is rich in proportion to the precious metals it preserves. This is taking
effect for cause. An individual who should obstinately hoard gold, desiring that
and nothing else, would soon die, since the gold could minister to no one of his
wants unless he parted with it. Mankind desire as much of the metals as are
convenient for circulation, and they give capital for it. Having enough for that
purpose, no more is required. A nation, like savages, possessed of no capital
despises gold, and cannot understand why it is coveted. The moment that it is
discovered that gold is the key to real capital it is at once eagerly coveted. As
a nation grows in wealth it requires more gold as an exponent of that wealth,
and the metal gravitates towards that country which most abounds in capital.
In periods when natural wealth diminishes, as in seasons of short crops, gold
flows out in search of a supply elsewhere, and it returns as soon as general in­
dustry shall have supplied an abundance of those exchangeable articles that
constitute floating capital. Gold will come back in search of them. That is,
gold will seek the richest country, other things being equal, because the more a
country possesses of general commodities the more money it requires to effeet
the exchanges. AVhen its business is less active, its commodities not exchang­
ing freely, gold will flow from it, because at such times it requires less circula­
tion. This was the case last year, but is not likely to be the case this year,
since reviving business will require more of the metals to transact it.
The imports for the month of April at the port of New York show some re­
action from the free receipts of the previous months of the present year. The
aggregate arrivals have been considerably less than for the corresponding month
last year, and the proportion put upon the market has also declined. The en­
tries for warehouse have been very large, although there has been an abundance
of money. The figures are as follows —
F O R EIG N IM PO RTS AT N E W YO RK IN A P R IL .

18S7.
Entered for consumption............... $11,155,530
Entered for warehousing..............
8,168,142
Free goods.......................................
955,428
Specie and bullion.........................
939,218
Total entered at the port___
Withdrawn from warehouse




1858.

1859.

18C0.

$5,837,546 $15,595,747 $10,407,966
2,148,211
3,754,895
4,127,857
2,658,381
2,802,542
2,386,347
624,857
272,441
49,186

$21,218,3t8 $11,169,025 $22,425,619 $16,971,356
2,287,315
3,203,539
1,543,551
2,069,423

710

Commercial Chronicle and Review.

The reduced import for April causes the aggregate for the four months of the
present year to approximate very closely to that of the same period last yearThere is, however, rather a larger increase of goods in warehouse, nearly twoand-a-half millions having accumulated since January 1, this year. The amount
entered for warehouse has been larger than for any year since 1857 :—
FOREIGN IMPORTS AT N E W Y O RK FOR FOUR MONTHS, FROM JANUARY' 1ST.

1867.

1858.

1859.

1860.

Entered for consumption............... $57,314,960 $23,093,345 $61,697,937 $57,559,878
Entered for warehousing.............. 19,066,239
7.200,542
9,025,517 11,991,133
Free goods........................................
6,592,569
8,567,911 10.301,338 11,560,620
Specie and bullion.........................
3,911,278
1,351,691
517,615
552,506

Total entered at the port .............. $86,865,046
Withdrawn from warehouse.........

$40,213,489 $81,542,407 $81,664,136
10,101,989 16,886,251
7,518,056
9,572,213

The imports for the ten months of the present fiscal year show a large increase
over any previous year in the aggregate :—
FOREIGN IM PORTS AT N E W Y O R K FOR TEN MONTHS ENDING A P R IL 3 0 .

1857.

185S.

Six months .................................... 105,254,740 109,688,702
January............................................. 19,006,732 8,105,719
F ebruary........................................... 25,524,492 9,209,043
March................................................. 21,135,504 11,729,702
April................................................... 21,218,318 11,169,025

1859.

1860.

91,082,433 116,000,642
19,447,962 21,756,273
18,848,37(1 19,356,379
20,820,456 23,580,126
22,426,619 16,971,368

Total for ten months............. 192,139,786 149,902,191 172,624,840 197,664,778

If we compare the dry goods with the general merchandise we shall find that a
larger portion of the decrease is in the dry goods imports, which show a decline
of §3,470,000 for the month.
[IMPORTS OF FOR EIGN D R Y GOOES AT NEW YO RK FOR THE MONTH OF A P R IL .
EN TERED FOR CONSUMPTION.

1857.
Manufactures of wool.....................
Manufactures o f cotton.................
Manufactures o f s ilk .....................
Manufactures of fla x ......................
Miscellaneous dry goods................

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

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

$4,162,623

1858.

1859.

1860.

$584,218 $2,391,302 $1,631,097
612,673
1,668,878
687,423
722,704
2,346,015
1,337,228
230,784
814,808
432,832
191,644
464,360
225,875
$2,251,023

$7,684,363

$4,214,455

W IT H D R A W N FROM WAREHOUSE.

_ 1857.

1858.

1859.

I860.

Manufactures of w o o l...................
Manufactures o f cotton.................
Manufactures o f s ilk .....................
Manufactures of flax.......................
Miscellaneous dry goods.................

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

$288,766
296,142
188,442
165,206
141,647

T o ta l........................................
Add entered for consumption........

$611,961
4,162,628

$1,080,102
2,261,023

$257,179
7,684,363

$580,235
4,214,455

Total thrown upon m arket..

$4,774,584

$3,331,125

$7,941,642

$4,794,690




$130,156
40,881
30,722
41,081
14,339

$223,577
162,159
65,843
67,806
80,850

711

Commercial Chronicle and Review.
ENTERED FOR WAREHOUSING.

1847.

1848.

C5
QO

1860.

Manufactures of w ool................. .
Manufactures of cotton.............. .
Manufactures of silk................... .
Manufactures of flax...................
Miscellaneous dry goods.............

$1,106,176
321,358
738.832
477,973
135,193

$122,899
84,826
78,823
65,196
61,918

$196,379
54,24 9
17,951
62,267
25,459

$207,484
179,526
140,298
77,299
46,681

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

$2,779,532
4,162,623

$403,612
2,251,023

$356,301
7,684,363

$651,288
4,214,455

Total entered at the p o r t..,,

$6,942,155

$2,654,685

$8,040,668

$4,865,743

The warehousing movement for the month has been quite large, as compared
with previous years. The entries have been considerable, and the withdrawals
show a greater increase :—
IMPORTS O F F O R E IG N D R Y GOOFS AT TIIE PORT OF NEW Y O R E , FOR FOUR MONTHS,
from

Jan u ary

1s t .

ENTERED FOR CONSUMPTION.

1857.
Manufacturesof w ool...................
Manufactures o f cotton................
Manufai tures o f silk.....................
Manufactures of flax.....................
Miscellaneous dry goods...............

1858.

1859.

1860.

$7,'4I8,227 $3,031,304 $10,412,013 $10,411,495
8492.942
2,905,522
9,845,310
7.403,582
10,938,002
4,920.197
11,503,581 13,494,206
2 978.058
1,143,309
3.929,080 8,016,549
3,035,724
1,058,046
2,356,285 1,932,007

Total........................................ $32,602,973 $13,061,578-$38,074,878 $36,257,929
W ITH D RAW N FROM WAREHOUSE.

1857.
Manufactures of wool....................
Manufactures of cotton................
Manufactures of s ilk ....................
Manufactures of flax....................
Miscellaneous dry goods...............

$831,093
1,653.974
1,056,445
658.267
316,863

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

$4,516,642
32,502,973

1858.
$1,753,102
2,535,089
2,077,839
1,185,683
759,820
$8,31 1,533
13,061,578

1859.

I860.

$659,583 $1,019,681
9r4,539
1,539,664
379,923
712,875
516,243
418,782
21)4,047
316,462
$2,754,335
38,074,378

$4,006,464
36,257,929

Total thrown on market___ $87,019,615 $21,873,111 $40,828,713 $40,264,393
ENTERED FOR W AREHO USIN G.

1857.

1858.

1859.

1860.

Manufactures o f wool....................
Manufactures o f cotton. , ............
Manufactures of silk....................
Manufactures of flax....................
Miscellaneous dry goods...............

$1,946,680
1,333,654
1,806,460
1,005.847
358,593

$763,655
1,255,507
765,607
434.506
316,963

$557,607
528,749
20a,059
213,381
118.273

$1,084,113
1,084,960
655,497
162,380
290,955

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

$6,451,234
32,502,973

$1,621,069
38,074,378

$3,280,905
36,257,929

$3,536,248
18,061 578

Total entered at the port. . . $38,954,207 $16,597,826 $39,695,447 $39,538,834

The exports of merchandise from the port of New York continue to show a
large excesg over last year, which was larger than for the same period of preced­
ing years. The specie movement has shown a greater decline, giving an aggre­
gate diminution in the actual exports from this port. The specie shipments have
been governed by the large supply of cotton bills :—




712

Commercial Chronicle and Review.
EXPO RTS FROM N E W YO RK TO F O R EIG N PORTS FOR THE MONTH OF A P R IL .

1857.
Domestic produce.......................
Foreign merchandise (free)........
Foreign merchandise (dutiable)...
Specie and bullion......................

1858.

1859.

1860.

$5,162,160
195,642
341,343
3,354,805

$5,518,117
154,416
432,393
646,285

$5,950,921
441,489
382,289
6,259,167

$6,638,682
■ 254,742
482,489
2,995,502

Total exports......................
Total, exclusive of specie...

$9,026,950
5,672,145

$6,746,211 $13,033,866 $10,371,415*
6,077,926
6,774,699
7,375,913

The export of specie has been much less than last year, and in that only is
there any decline manifest.
The exports for the four months since January 1st, show a favorable result,
if we consider that the movement in breadstuffs has been almost nothing.
EXPORTS FROM N E W Y O RK TO FOR EIGN PORTS FOR FOUR MONTHS, FROM JANUARY 1 .

1857.

1858.

1859.

1860.

Domestic produce............................ $23,009,686 $17,934,664 $18,374,535 $24,635,808
Foreign merchandise (free)..........
1,006,598
509,993 / 949,967
1,209,690
Foreign merchandise (dutiable)..
1,494,709
1,699,445
1,175,339
2,358,011
Specie and bullion........................
8,669,442
9,975,010 14,279,959
7,207,786
Total exports................ ........$34,180,434 $30,119,112 $34,780,300 $35,410,735
Total, exclusive o f specie . .
25,610,992 20,344,102 20,500,341 28,202,999

The exports of the ten months of the fiscal year are about $6,000,000 in ex­
cess of last year. The following is a brief comparison of the shipments of pro­
duce, to which we have added, at the foot, the shipments of specie. These were
large in the first months of the fiscal year.
EXPO RTS, EXCLUSIVE OF SPECIE, FRO M N E W Y O RK TO FOREIGN PORTS FOR TEN MONTHS
ENDING W IT H A P R IL .

1857.

1858.

1859.

I860.

Six months................. 1.................. $43,596,501 $34,702,441 $27,994,834 $36,371,058
January............................................
4,884,170
4,689,739
4,114,008
6,022,462
February ........................................
5,938,786
4,173,577
3,735,633
6,675,870
March................................................
9,015,891
5,180,860
5,876,001
8,128,754
A pril.................................................
5,672,145
6,099,926
6,774,699
7,375,913
Total .............................................. $69,107,493 $54,846,543 $48,495,175 $64,574,057
Specie for same tim e ................... 30,619,848 31,937,122 27,921,431 43,725,630
Total exports..................... $99,727,341 $86,783,665 $76,416,606 108,299,687

The receipts for cash duties of course show an increase in the aggregate, keep­
ing pace with the import of goods at the port. The following is a comparative
summary :—
CASH DUTIES RECEIVED AT NEW YO R K .

1858.

1859.

Six months ending January 1.
In January................................
F ebruary..................................
Maich.........................................
A pril..........................................

$16,345,553 57
1,641,474 59
2,063,784 86
2.213,452 15
1,736,510 41

$15,387,618 49
3,478,471 38
3,328,888
3,164,011
3,212,060

$19,322,060 96
3,899,166 17
933,378,043
253,477,545
492,444,267

I860.

Total ten months.............

$24,000,775 58

$28,570,850 54

$32,521,984 11

The amount of cash duties has increased in New York, it appears, $3,950,075
over last year, and nearly $3,500,000 over the same period of 1858.




28
74
96

Journal o f Banking, Currency, and Finance.

713

JOURNAL OF BANKING, CURRENCY, AND FINANCE.
COINAGE OF THE DIFFERENT COUNTRIES OF THE WORLD IN 1849 AND 1859.
PREPARED BY D AVID M. BALFOUR, ESQ., OF MASSACHUSETTS.

1849.
r-----------------Gold.------------------,

France......................
United States............
A ustria......................
Great Britain.............
Mexico........................
Russia........................
British India.............
B ra zil.........................
Holland.......................
Belgium .....................
Peru............................
Colombia....................
Prussia.......................
Other countries........

,----------------Silver.----------------- ,

Total.

Francs 91,397,849 $17,000,000 Francs 80,645,108 $15,000,000 $ 8 2 ,0 0 0 ,0 0 0
Florins
Founds

4,784,627
2,177,955

Roubles 16,844,984
Rupees
7,834,270
Contos
6,400
Francs

4,121,455

Thalers

Grand tota l............

591,272

9,007,761
2,320,544
10,454.184
1,000,000
12,683,738
8.548,700
8,000,000
'
766,590
1,000,000
500,000
431,629
1,000,000

$67,603,140

Florins
rounds

Roubles 8,810.100
Rupees 23,492,800
Contes
800
Florins 11,085,540
Francs
27,010,370
Thalers

Grand tota l............

1,514,000

.

1859.
,----------------- Gold.------------------ ,
F rance....................... Francs 532,258,064 $99,000,000
United States............
52,u00,000
Austria....................... Florins 10,299,622 4,995,816
Great Britain............ Pounds
4,588,833 22,000,000
M exico........................
1,000,000
R ussia........................ Roubles 22,666,667 17,000,000
British India............. Rupees
8,426,906
8,750,000
Brazil.......................... Contos
7,200
9,000,000
Holland......................
Belgium .....................
Peru............................
1,000,000
Colombia...................
500,000
Prussia....................... Thalers
684,930
500,000
Other countries..........
I,0()0,0u0

18,084,922
119,952

2,114,950
8,771,187
575,770
18,000,000
2,807,575
10,451,300
1,000,000
5.876,487
5,025,045
2,000,000
1,500,000
1,105,235
2,000,000

11,122,711
11,091,731
1 ,029,954
19,000,000
15,441,313
14,000,000
9,000,000
5,376,487
5,791,625
3,000,000
2,000,000
1.536,864
8,000,000

$75,727,549 $143,390,695

.

,----------------Silver.-----------------,
Total.
Francs 5,376,344 $1,000,000 $100,0011,000
8,000,000 60,000,000
Florins 57,848,389 28,056,469 83,051,785
Pounds
208,333
1.000,000 28.000,000
19,000.000 20,000,000
Roubles 2,666,666
2,000,000 19,000,000
Rupees 25,280.900 11,250,040 15,000,000
Contos
1,200
1,500,000 10,500.000
Florins 12.195,122 5,914,034
5,914,634
Francs 26,887,091 5,000,000
5,060,000
2,000,000
8,0(10,000
1,500,000
2 , 6 0 0 ,0 0 0
Thalers
2,054,790
1,500,000
2,000,000
2 , 0 0 0 ,0 0 0
8 ,0 0 0 ,0 0 0

$211,745,816

$ 8 9 , 7 2 1 ,1 0 8 $301,466,419

There has been no gold coinage in Holland since 1847 ; nor in Belgium since
1850.
MASSACHUSETTS STATE DEBT.

The amount of the State debt of Massachusetts is as follows :•—
Western Railroad sterling........................................................................
Troy and Greenbush Railroad sterling................................................
Eastern Railroad........................................................................................
Northampton and W orcester.................................................................
School fives................................................................................................
State Prison.................................................................................................
Lunatic Hospital........................................................................................
Almshouse...................................................................................................
State House.................................................................................................
“ Prison.................................................................................................
“
“
six per cent...................................
Northampton Asylum...............................................................................

$3,999,555 56
149,628 00
500,OHO 00
400,000 00
75,000 00
100.000 00
170,000 00
210,000 00
165,000 00
94,000 00
300,000 00
200,000 00

Total.....................................................................................................
Tem porary.........................................................................................

$6,363,183 56
580,244 88

Total State debt.........................................................................
“
“
resources................................................................

$6,943,428 44
$13,520,679 50




714

Journal o f Banking, Currency, and Finance.
CITY

NEW

TORE

Jan. 7
14
21
2S
Feb. 4
11
18
25
Mar. 3
10
17
24
81
Apr. 7
14
21
28
May 5
12

BANK

Specie.

17,863,734
18,740,866
19,233,194
20,063,739
19,924,301
19,787,567
20,591,189
20,773,896
23,086,812
21.861,180
23,171,833
23,286,204
23.420.759
22,599,132
23,626,982
23,233,314
23,279,809
23,815,746
22,780,387

Jan.

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

BANK

b a n k s .—

Loans.
59.807,566
60,068,941
59,917,170
59,491,387
50,705,422
59,993,784
60,1 1.5,836
59,927,917
59,993.784
59,885,196
60,258,208
60,180,209
60,050,953
60,668,559
61,189,629
61,035,9*15
61,259,552

( c a p it a l ,

RETURNS.

1860, $69,383,632; 1859, $68,050,755.)

Circulation.

Loans.

124.597,663
123,582,414
123,845,931
123,088,626
124,091,982
123,836,629
124,206.031
124,398,239
125,012.700
127,301,778
127,562,848
127,613,507
128,388,223
130,606,731
129,919,015
128,448,868
127,085,667
127,479,520
126,184,532
boston

2
16
23
30
Feb. 6
13
20
27
March 5
12
19
26
Apr. 2
9
16
23
30

WEEKLY

R E T U R N S . ---( capital , j a n .,

Deposits.

Specie.
4,674 271
4,478 841
4,182 ,114
4,172 325
4,249 594
4,462 69S
4,577 334
4,714 034
5,034 787
5,328 610
5,446 840
5,627 961
6,045 703
6,320 .55 l
6,289 ,719
6,315,952
6,317 9r9

Circulation.
6,479 ,183
6,770 ,624
6,486 ,139
6,199 485
6,307 922
6,364 320
6,305 537
6,411 ,573
6,396 ,656
6,430 643
6,405 084
6,328 273
6,340 268
7,753 ,491
7,267 .165
7,152 ,766
6,992 ,903

Deposits.
18,449,305
17,753.002
17,378,070
17,483,054
17,900,002
17,271,596
17,597,881
18,020,239
18,645,621
18,893,293
18.660,205
18,742,817
19.262.894
20.469,893
20.291,620
20,266,917
20,195,951

PH ILA D E LP H IA BAN K S.- —( capital, jan.,

Date.
Jan. 2,
9 ..
16. .
•23..
3 0 .. . .
Feb. 6 . . . .
1 3 ..
20. .
2 7 ..
Mar 5 . .
1 2 ..
1 9 .. . .
26.
April 2. . .
9.
16.
23.
80.




Loans.
25,386 387
25,248, 051
25,275, 219
25,445, 737
25,526, 198
25,493,975
975
25.458 354
25,553 918
25,742 447
447
25,832 077
26,043 772
26,405 229
27,214 254
27,444 580
27,545 ,351
27,571 ,002

Average
clearings.

Actual
deposits.

8,539,063
97,498,709 22,664,854 74.808,866
8,090,548
99,247,743 23,363,980 75,883,763
7,880,865
99,64 4,128 22,813,547 76,830,581
7,760,761
98,520,793 21,640,967 76,879,826
8,174,450
99,476,430 21,898,736 77,577,694
8,185,109
98,146,463 21,674,908 76,471,055
8,050,001 100,387,051 22,061,811 78,325,240
7,928,595 100,622,481 22,151,504 78,470,977
8,165,026 103,663,462 22,787,290 80,876,172
8,419,633 104,813,906 23,791,958 81,021,948
8,380,999 108,560,981 25,562,858 82,998,123
8,335,266 107,505,395 25,397,976 82,107,419
8,444,327 106,31 1,654 22,889,523 83,422.031
8,929,228 109,193,464 25,656,629 83,536.835
8,775,297 109,153.863 24,256,270 84,897,593
8,790,459 108,145,233 25,758,735 82,386.4 98
8,749,048 103,206.723 21,391.290 81,815.433
9,391.861 108,505.388 26,646,On3 81,059,325
9,153,811 108,038.848 27,802.174 80,236,674
j a n ., 1859. $35,125,433; 1860, $36,581,700.)

Specie.
4,450.261
4,4c 3,252
4,661,998
4.5 4,579
4,535,321
4,669,929
4,669,929
4,581,356
4,706,108
4,8 6,052
4,816,052
4,8 73,419
4,992,642
5,060,274
5,2 09,576
6,415,711
5,464,280
5,453,470

Due
Due
from banks.
to banks.
7,545,222 6,848,374
7,867,400 6,735.283
7,784,169 6,516.532
7,383.370 6,517,541
7.259,703 6,656,460
7,426,539 6.593,702
7,430 060 6.519,382
7.700,530 7.480.954
7,736,290 7,768,074
7,715,663 7,390,935
8,351,016
8,473,775
9,206,161
9,160,868
9,055,077
9,273,558

7,804,222
8,080.218
9,788,121
8,314,312
8,138,121
7,948,086

I860, $ 1,687,435.)

Circulation.
2,856,6ol
2,675,623
2,672,730
2,644,191
2,601,750
2,656,310
2,656,310
2,663,695
2,653 192
2,697,108
2,697,108
2.783,345
2,784,773
2,858,812
3,528,762
3,252,186
3,154,285
3,037,846

Deposits.
14,9.-2.919
14,161,437
14,934.517
15,064.970
15,401.915
15,409,241
15,409,241
14,864.302
14,590.092
15,192,971
15,192.971
15,205.432
15,693.622
15,553,269
15 528.762
16,012.140
16,613,616
16,529,891

Due banks.
2,619,192
2,596.212
2,563,449
2,601.271
2,619,573
2,574.016
2,574,015
2.782,306
3,115,010
3,133,312
3,133,312
3,209.553
3,198,530
3,652,767
4,085.695
4,164.678
3,985.110
3,902,514

Journal o j Banking , Currency, and Finance.
N E W ORLEANS BAN KS.----(C APITAL, JAN.,

Jan. 7 . .
14 . .
21 . .
28 . .

Feb. 4 . .
11 . .
18 . .
25 . .
Mar. 3 . .

10 . .
17 . .
24 . .
31 . .

Apr. 7 . .
14 . .
21 . .
28 . .

Short loans.
25,022,466
24,928,909
24,699,024
24,916,431
25,145,274
25,197,851
25,005,952
24,397,286
24,946.210
24,088,800
24,054,845
23,832,766
23,674,714
23,107,740
22,422,203
22,380,033
21,487,974

Specie.
12,234.44 8
12,336,735
12*821,411
12,818,159
12,760,642
12,74 1,881
12,894,521
12,945,204
12,952,002
13,039,092
12,729,856
12,610,790
12,437,195
12,868,071
12,290,539
12,100,687
11,910,361

Circulation.
12,038,494
12,417,847
12,809,512
12,882,184
13,215,494
13,343,924
13,458,989
13,600,419
13,860,899
13,726,554
13,797,154
13,835,755
13,975,624
14,100.890
18,688,0s9
12999,204
12,783,749

Loans.
an. 16...........
23...........
80...........
Feb. 6 ...........
13...........
20...........
2 7 ...........
Mar. 5 ...........
12...........
1 9 ..........
26 ...........
Apr. 2 ...........
9 ...........
16...........
23...........
30...........

6,939,052
7,101,459
7,035,624
7,066,774
7,038,891
7,206,737
7,159,568
7,278,279

Specie.
980,530
1,022,273
1,008,037
997,589
951,638
988,306
991,377
1,018,255
999,093
1,004,750
981,560
1,005,415
990,962
1,018,445
1,156,278
1,141,373

186C, $ 18,917,600.)
Deposits.
18.663,804
18,678,233
18,664,355
19,677,121
19,565,305
19,244,847
19,903,519
19,218,590
20,116,272
19,711,423
19,304,618
19,102,068
18 681,020
18,070,209
17,849,018
18,380,033
17,699,538

PITTSBURG BANKS.— (C A PIT A L ,

715

Exchange,
7,323,530
7,410,360
7.423,629
8,144,681
8,003,380
7,349,365
7,886,609
8,083,929
8,027,049
8,582,012
8,498,790
8,342,599
8.149,061
8,560,117
8,179,441
7,649,069
7,686,634

Distant
balances.
1,557 174
1,387,704
1,377,796
1,603,7 63
1,613.036
1,396,150
1,470,787
1,635.526
1,092,475
1,601.149
1,718,310
1,738.246
1,610499
1,942056
l,6i 8.463
1,649 060
1,877,017

$1,160,200.)

Circulation,.
2,ooU,548
2,012,478
1,896,383
1,907,823
1,883,093
1,868,598
1,821,283
1,871,873
1,901,543
1,945,328
1,980,782
2,085,583
2,072,378
2,071 ,S7 8
2,024,138
1,995,053

Deposits.
1,527,548
1,645,103
1 555,686
1,609,692
1,602,311
1,643,703
1,760,957
1,768,879
1,651,216
1,636,887
1,572,130
1,601,167
1,693,280
1.651,362
1,897,498
1,913,537

Due lianfes.
8i 4 562
255,076
2tio,S04
280.426
191.222
175,051
224.434
273.343
197,007
198,566
192,411
191,101
171,100
187,255
240 143
176,671

ST. LOUIS BANKS.

Jan.

7
14
21
28
Feb.
4.
11 ,
18,
26.
March 8
10.

17.
24.
81.
April 7,
14.
21 .
28.
May
6.




Exchange.
4,378.543
4,467,513
4,352,699
4,290,563
4,149,236
4,048,593
3,906,896
3.951,433
3,891,263
3,998,827
3,963,924
3,880,915
3,790,291
8,862,4 54
8,868,345
8,852,614
3,694,877
3,609,648

Circulation.
538,555
520,305
502,175
495,380
457,095
424,605
391,605
899,085
395,905
377,935
377,855
356,245
340,095
344,630
825,950
314.360
806,750
301,800

Specie.
662,755
642,497
580,754
563,385
590,502
625,043
639,450
680,877
689,301
651.302
641,252
664,179
685,984
657.321
676.858
601,014
678,234
746,176

716

Journal o f Banking , Currency, and Finance.
PROVIDENCE BANKS.— (C A P IT A !,

Jan. 2 . . .
Feb. 6 . .

Mar. 3 ..

.......

A p r. 1 . .
May 7 . . . . . .

$14,903,000.)

Loans.

Specie.

Circulation.

Deposits.

Due banks.

19,144,334
19,144.846
19,009,255
18,686,210
18,893,658

315,917
326,297
342,965
343,992
448,413

2,011,336
1,958,540
1,917,593
1,952,022
2,045,590

2,635,486
2,566,168
2,598,169
2,640,170
2,773,248

938,608
921,779
970.971
1,040,260
1,356,071

DEBTS A1VD EMIGRATION IN CANADA,

The St. Catherine's Post, in the following remarks, embraces some facts which
are new, and may serve as useful hints on this side of the line :—
The evils that result from the present condition of a large number of munici­
palities in Canada, which have become deeply involved for railways, are not
only very serious, but they are every day increasing and extending their bane­
ful influence. The general depression and non employment of labor spreads
with deepening gloom. The taxation is high, and threatens to rise still higher.
Confidence, and the spirit of enterprising industry, are giving place to distrust
and apprehension. They feel that their burdens are too heavy to bear, and they
see the blighting effects of their condition. Population and capital are desert­
ing them, and unless relief is afforded from the Legislature— the only quarter
from which it can be afforded— their condition must grow worse.
Such is really the condition of some of our municipal cities and towns, and
unless relief be afforded, the same must be the condition of many more. A con­
tinuance of this state of things must of necessity have its effect on the revenue
and material advancement of the country. Of what use is it to send agents to
Europe to induce immigration to come to Canada under such circumstances ?
Strangers come to our country and find the best and most favored parts of the
Province pining and sinking under the load of municipal liabilities, and the
other parts of the country if less burdened, it is because they have avoided sup­
plying themselves with ordinary means of communication. Our agencies will
only aid our United States neighbors at our cost. Emigration to Canada
has been growing less, year by year, and 1859 figures small enough, and unless
something is done to revive confidence, create new energy, and employ labor, the
few that come to Canada will leave it, as many of our inhabitants are now doing.
The present condition of this matter is all wrong. Even the reduction of rate
which took place last year, falls unequally and without any regard to any equi­
table rule. Our municipality is debtor for fifty thousand pounds, and its amend­
able yearly value is sixty thousand pounds, and at one shilling in the pound it
has to pay three thousand pounds. Another, whose assessed value is only fifteen
thousand pounds, has double the amount— one hundred thousand pounds— and
only has to pay for it seven hundred' and fifty pounds— that is, for a given
amount the first is obliged to pay four times as much as the other. It might
seem that the last, having got off so easy on this score, would experience no in­
convenience, and have no cause to ask for relief, but that is not the fact. The
immense debt held over the place is ruinous, and literally starves and frightens
business and capital out of the place. From whatever point the subject is
viewed, it grows worse and worse the more it is examined, and shows the more
strongly the necessity for relief.




Journal o f Banking, Currency, and Finance.

717

NEW YORK VALUATIONS.

The relative progress of New York city to the rest of the State, in respect
of real and personal estate valuations, has been as follows :—■
ASSESSED VALUE OF REA L AND PERSO NAL ESTATE IN THE STATE AND CITY OF N EW Y O E E ,

1844-1859.
Years.
1844 ................................ ................
1845 ................................ ................
1849 ................................ ................
1850 ............................... ................
1 8 5 1 ............................... ................
1852 ............................... ................
1853 ............................... ................
1854 ................................ ................
1855 ............................... ................
1856 ............................... ................
1857 ............................... ..................
1858 ............................... ..................
1859 ................................

Totals.................

New York
county.
$236,727,143
239,995,217
254,192,527
286,061,816
286,061,816
351,768,396
413.631,432
462,237,550
487,060,838
511,740,491
520,545,282
531,222,642

Other
counties.
$363,164,780
360,650,578
411,658,210
441,432,767
791,769,814
816,566,841
853,034,758
901,917,075
915,738,466
918,594,205
912,764,431
873,685,037
864,282,095

Total.
$599,891,923
605,646,095
665,850,737
727,494,583
1,077,831,630
1,168,335,237
1,266,666,190
1,364,154,625
1,402,849,304
1,430,334,696
1,433,309,713
1,404,907,679
1,416,290,837

$9,430,309,057

$14,563,563,249

It is remarkable that during the years which followed the high prices of food,
resulting from the great famines of 1845-6-7, the interior counties increased
more rapidly than the city. In 1844 the city valuation was nearly 40 per cent
of the whole from that time up to 1854, which was of the highest price of food,
the country valuation rose to $901,000,000, and the city to $462,000,000, be­
ing only 30 per cent of the whole. In the five years of cheap food and greater
speculation that have since elapsed the city value has increased §90,000,000,
and the country valuation has declined $37,000,000, leaving the city valuation
again 40 per cent of the whole, or the same proportion as in 1844. The afflu­
ence of the agricultural sections during the years of dear food was, for the same
reason, accompanied by a depression in the city values. This tendency seems
to have culminated without restoring those prices which should make the coun­
try prosperous. This is but for a moment, probably, since the abundance of
capital and cheapness of food and material cannot but gi ve a new impetus to
manufacturing productions.
USURY IN LOUISIANA.

Louisiana has gone one step further, and adopted a new law in reference to
the rate of interest. The Legislature of Louisiana, at its recent session, has
abolished the old law regarding usurious rates of interest, as will be seen by the
following a c t:—
AN ACT RELATIVE TO THE RATE OF INTEREST.

1. Be it enacted by the Senate and House of Representatives » f the
State of Louisiana, in general assembly convened, that the owner of any prom­
issory note, bond, or written obligation for the payment of money, to order or
bearer, or transferable by assignment, shall have the right to collect the whole
amount of such promissory notes, bonds, or w'ritten obligations, notwithstanding
such promissory notes, bonds, or written obligations may include a greater rate
of interest or discount than eight per cent per annum. Provided, such obliga­
tions shall not bear more than eight per cent interest per annum after their ma
turities until paid.
S e c t io n




718

Journal o f Banking, Currency, and Finance.
NEW YORK STATE TAX,

The tax levied in the State of New York was commenced in 1842, and the
progress o f taxation has been as seen in the follow ing table, taken from the A lbany A r g v s —
Year.

Governor.

1842.........
1843.........
1844.........
1845.........
1846 .........
1847.........
1848.........
1849.........
1850.........
1851.........
1852.........
1853.........
1854.........
1855.........
1856.........
1857.........
1858.........
1859.........

Seward
Bouck
(t
Wright
ft
Young
((
Fish
«(
Hunt
ft
Seymour
«f
Clark
“
King
ft
Morgan

Rate on
$1 of value,
mills.

one mill
“
1 and M O
six-tenths
it
half
tf
If
“
“
quarter
one
three-quarter
1 and £
one
2 and J
1 and f
ft

For
support of
governmHnt.

For
canals.

$586,549
280,563
565,034
291,085
395,966
292,829
314,276
324,352
352,522
663.812
284,565
690,972
991,049
1,431,717
1,080,000
1,858,208
1,817,500
1,575,000

Total.

$280,563
56.303
58,217
61,193

t

•

657,145
320,000
350,000
1,363,567
685,COO
875,000

The progress o f the canal debt has been as follows —
Year.

Politics.

1825.........
Dem.
1826.........
1827.........
tf
1828.........
tf
1829.........
ft
1830.........
1831.........
<«
1982..^
f.
1833.........
It
1834.........
ft
1835.........
«
1836.........
“
1837.........
1838.........
Whigs
“
1839.........
ft
1840.........
“
1841.........
Dem.
1842.........
1843.........
“
1844.........
l<
1845.........
(•
1846.........
ft
1847.........
1848.........
Whigs
1 8 4 9,-----tf
1850.........
ft
1861.........
1852
..................
Dem.
1853
..................
1854.........
Rep.
it
1855.........
ft
1856.
ft
1857.........
Dem.
1858.........




Canal.

Borrowed.

Paid.

C. & S. canal built

$377,000

$270,000
94,615

210 000

20,000

87,000
15(M’00
240,263

821,142
30,977
9,663

95.737
950,000

1,478,376
588,037
706,943
651,249
971,644
351,023
67,300
137,726
83,770
143.600
184,768
333,418
1.268,884
2,961,780
284,490
519,919
358,304
482,786
573,609
340,265

Oswego built

Chemung built
Crooked Lake bl’ t
Chenango built
New Impulse
Broke down

650,000
810,920
8,493,061
1,445,000
3,478.553
2,213,497
3,411,618
1,002,700
655,000
245.000
800,000

N. con. sink’s f ‘d
489,819
150,000
195.385
Stopped payment 1,000,000
700,000
Amend. Con.

2,250,000
8,750.000
6,750,000
Stopped payment 2,750,000
2,200,000

479,025
2,249,911
4,489,266
102,285
2,929,767

$586,649
561,126
621.538
349,302
367,159
29 2,829
314,276
821,352
352,522
563,812
284,565
1,248,118
991,049
1,751,717
1,4 30.000
3,221,775
2,502.500
2,450,000
Canal debt
30th Sept.
each year.
$7,737,770
7,844.770

7.750.155
7.940.155
7,706.013
7,825,035
8.055.645
8.055.645
6,673,000
7,034,999
6,328,056
6,326,806
6,166,082
9,308.120
10,785.820
14,126,647
16,306,374
19,574,392
20,392,324
20,713,905
19,690 020
17,028,240
16,743,749
16,713.649
16,505,345
16,215,144
16,641.534
17.091.269
17.091.269
18,772.244
20,281,333
22.542,066
25,189,781
24,460,614

719

Journal o j Banking , Currency, and Finance.

The addition to the above table of the $2,500,000 loan of 1859, to pay the
floating debt, swells the canal debt above $26,000,000.
THE BANKS OF CANADA.

We give below a table of the Canada banks on the 29th February, and sim­
ilar results for the month of February, 1859.
The Gore Bank is not included, as under its charter the management are not
required to make monthly returns to the government.
Names of banks and head office.

Quebec Bank, Quebec.........................
City Bank o f Montreal, Montreal.. .
Bank of Montreal,
“
...
Commercial Bank, Kingston..............
Bank o f Upper Canada, T oron to...
Bauque du Peuple. Quebec...............
Molsons Bank, Montreal.....................
Bank of British N. A., London, Eng.
Niagara District Bank, Niagara........
Bank of Toronto, Toronto..................
Eastern Township Bank, Brantford..
Ontario Bank, Toronto.......................
International Bank, Toronto..............

m

-Loans.--------------\ /-----------Deposits.-

I 860 .

$2,000,794 $2,163,163
1,985,686 1,942,122
10,037,478 9,479,367
6,113,606 6,870,148
7,466,911 8,967,165
1,721,425 1,862,119
1,441,963 1,827,838
5,633,544
485,376
428,145
995,817 1,181,416
171,325
620,559 1,005,787
84,080

1839.
$404,980
686,148
2,904,631
1,348,879
3,345,589
533,151
1,005,408
55,368
221,114
73,295
9,368

IStfl.
$483,498
642,852
3,088,543
1,7 95,592
3,660,357
559,779
638,060
1,624,595
74,632
360,849
15,025
133,882

Total............................................... $32,896,492 41,589,369 10,166,666 13,077,663
,— Notes in circulation.— ,

Names of banks and bead office.
Quebec Bank, Quebec.........................
City Bank of Montreal, Montreal.. .
Bank of Montreal,
“
...
Commercial Bank, Kingston..............
Bank of Upper Canada, Toronto . .
Banq ae du Peuple, Quebec...............
Molsons Bank, Montreal.....................
Bank of British N. A , London, E n g.
Niagara District Bank, Niagara........
Ba .k o f Toronto, Toronto..................
Eastern Township Bank, Brantford..
Ontario Bank, T o r o n to .....................
International Bank, Toronto..............
Total............................................

I8ti0.
$663,017
415,829
2,493,004
1,556,413
2,306,912
279,033
450,849
1,043,159
170,957
169,033
441,539
646,498
146,132
289,564
476,874
36,156

18 j9.
$598,350
509,974
2,635,361
1,526,918
2,368,728
323,516
S99.098

$9,300,161

10,547,073

,-----Coin

and bullion.----- ,

1599.
$193,310
205,824
715,715
480,465
686,596
113,472
88,985

. .. . •
22,349
82,068
32,067
17,050

2,637,901

18b0.
$177,946
183,017
832,398
467,692
518,733
96,610
103,726
500,791
26,193
180,235
31,103
108,839
3,227,281

MASSACHUSETTS BANK SECURITY,

The following law has been passed in Massachusetts :—
AN ACT CONCERNING THE DELIVERY OF CIRCULATING NOTES BY THE AUDITOR TO
BANKS ORGANIZED UNDER GENERAL LAWS.
S e c t io n 1. Be it enacted by the Senate and House of Representatives, in
general court assembled, and by the authority of the same, as follows:—Any
public stock issued by the United States, either of the New England States, or any
city, town, or county of this State, producing five per cent a year, may be trans­
ferred to the auditor for the purposes specified in the one hundred and seventeenth
section of the fifty-seventh chapter of the General Statutes, passed the twentyeighth of December, in the year eighteen hundred and fifty-nine, at a rate not
above its par value nor above its current market value, with the same effect as
a stock of this State producing six per cent a year, may be so transferred.
S ec. 2. This act shall take effect from its passage.
Approved April 3,1860.




720

Journal o f Banking, Currency, and Finance.
%
BANKS OF PENNSYLVANIA.

The annual returns of all the banks of Pennsylvania, according to the official
returns, were as follows Tear.
1847
1848
1849
1850
1851
1852
1855
1856
1859

Capital.
Loans.
Specie.
Circulation.
Deposits.
. . $21,586,900 $22,152,000 $7,362,000 $13,737,000 $15,009,000
. ..
21,462,000 28,001,000 6,801,000
9,992,000 12,845,000
. ..
18,478,000 32,949,000 6,260,000 11,385,000 15,412,000
. ..
18,675,000 36,408,000 7,212,000 11.988,000 17,719,000
. ..
18,895,000 36,706,000 6,685,000 11,933,000 15,871,000
. ..
19,213,000 42,855,000 7,840,000 14,624,000 22,048,000
. ..
22,026,000 47,511,000 6,738,000 16,878,000 24,321,000
. ..
23,599,000 50,171,000 5,967,000 17,362,000 26,405,000
25,565,000 49,598,000 8,378,000 13,182,000 25,166,000
. ..

Bank checks
Balances.
$7,054,000
6,320,000
5,984,000
7,182,000
6,244,000
8,569,000
10,108,000
10.846,000
7,950,000

The leading items, divided between the banks of Philadelphia and those out­
side of its limits, were as follow :—
Capital stock ........................................
Loans.......................................................
Specie ......................................................
Deposits .................................................
Circulation............................................

Phila. banks.

Other banks.

811,971,000
24,918,000
5,201,000
16,798,000
8,449,000

812,591,000
24,680,000
3,176,000
8,367,000
9,683,000

Total.

$25,565,000
49,598,000
8,378,000
25,166,000
13,132,000

P H IL A D E L P H IA BANK D IV ID E N D S.

All the Philadelphia banks, with the exception of the Bank of North America,
declared their semi-annual dividends on the 1st of May. Annexed is a list of the
banks, with the amount of their capital, and the rate of dividend :—
Banks.
Philadelphia.................................................
Farmers and Mechanics’ ..........................
Commercial.................................................
Mechanics’ ....................................................
Northern Liberties.....................................
Southwark...................................................
Kensington................................................. ...........
Penn Township..........................................
Western....................................................... ...........
Manufacturers and Mechanics’ ................. ...........
Commerce....................................................
G irard...........................................................
Tradesmen’s............................. ................... ...........
Consolidation..............................................
C it y .............................................................
Commonwealth.......................................... ...........
Corn Exchange........................................... .
Union.......................................................................

Capital.

250,000
418,000
670.150
150,000
238,340
167,340

/-------Dividend.-------,
Per cent. Amount.
5
$90,000
4
80,000
29,349
3J
5
40,000
5
25,000
10
25,000
5
12,500
4
14,000
5
20,980
4
22,806
6
12,500
3
37,500
4
6,000
3
8,026
3
13,015
3
7,150
3
4,648
3
5,020

Total, May, 1860 .....................................
Total, May, 1859 ............................

$10,692,185

$453,444
462,313

Increase in 1860............................. ...........

$232,795

Dec. $8,876

WEAR AND TEAR OF COINS.

The Gazette of St. Petersburg gives a curious account of an experiment re­
cently made at the mint of that city, for the purpose of ascertaining the compar­
ative loss by ordinary wear of gold and silver coins. It appears, contrary to
the generally received opinion, that gold wears away faster than silver. The




721

Journal o f Banking, Currency, and Finance.

means employed were as follows :— Twenty pounds of gold half-imperials, and
as much of silver copecs, coins of about the same size were put into two new
barrels, mounted like churns, which were kept turning four hours continuously.
It was then found on weighing the coins that the gold coins had lost 64 grammes,
while the silver coins had only lost 34 grammes ; but as the number of gold
pieces was 29 per cent less than those of silver, the proportion is greater to that
amount in favor of the latter. It must, however, be mentioned that the silver
contained more alloy than the gold, the standard of the former being 868-1,OOOtbs
of pure metal, and that of the latter 9L7-I,000ths. The result of the experi­
ment is, that the pecuniary loss on the value of gold coins is about thirty times
more than on silver.
PROPERTY IMPROVED AND UNIMPROVED IN NEW YORK,

Notwithstanding the immense size this city has reached, it has not as yet covered
half its boundary; 64,725 lots have been built upon or otherwise improved,
while there yet remains 86,761 vacant or unimproved lots. Probably fifty years
will hardly pass before the latter will be improved ; and if Brooklyn and its
suburbs are in the meantime consolidated with this city, New York will become
a metropolis scarcely less than LondoD. The following shows the number of improved and unimproved or vacant lots i each ward :—
W ards.
i ..............
2..............
3..............
4..............
5 .............
6 .............
7 .............
8 ...........
9 .............
10.............
11.............
12.............

Improved.
1,232
1,358
2.532
3.650
2,534
2,062

Unim-

proved. Total.
24
2,057
1,215
i
5
1,237
1,398
40
1,947
12
1,272
11
2,952
420
2,736
31
4,065
4o5
1,669
22
656
3.190
54,239
66,301

Wards.
13 ...............
1 4 ...............
16...............
16 ...............
17...............
18 - ............. . .
19...............
2 0 ...............
21 ...............
22 ...............

Unim-

Improved. proved.
1.5u8
131
6
2,617
89
1,045
229
4,155
2,491
12,977
4.275
1,721
1,647
10,689

Total . . .

86,761

Total.
1,639
1.637
2.706
4,754
3,788
6.646
15 045
5,996
5,088
14.258
141,486

IMPORTS AND DUTIES.

The New York Courier contains the following official figures showing the
operation in some points of the present and preceding tariffs:—
The value of our importations, and the amount of duties collected upon them
during four years past, have been as follows :—
1856........
1857........

Value.

Duty.

$257,084,236
294,160,835

$65,341,510
75,445,426

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

Yalue.

Duty.

$202,293,875
259,047,014

$38,671,242
48,869,879

In 1856-57 the tariff of 1846 was in operation, and in 1858-59 that of 1857.
Under the latter the rates on many articles were reduced, and the free list was
also increased. The following table shows the value of imported dutiable goods,
of such as were free under the tariff of 1846, and of such as were made free by
the tariff of 1857, in each of the four years named :—

1856.

1857.

Dutiable..................
$257,684,236 $294,160,835
Free, 1846...............
56,905,706
66,729,806
Free, 1857..........................................................................
Total...................

$314,639,942

V OL. XLII.-----NO. VI.




$360,860,141
46

1858.

1859.

$202,293,875
64,756.975
15,562,300

$259,047,014
63,502,865
16,218,251

$282,613,150

$338,76S,130

722

Journal o f B anking , Currency, and Finance.

Of the articles added to the free list by the act of 1857, there was imported
in 1856 the value of $11,697,523, paying a duty of $1,433,393, and in 1857,
$13,757,398, paying duties to the amount of $1,843,076.
The chief articles of increase under free trade, are raw silk and coarse wool.
Of these we imported as follows
Coarse wool.

1856.
1857.
1858.
1859.

$1,665,064
2,125,744
3,843,320
4,363,121

Raw 6ilk.

}

30 p. C.

$991,234
j-15 p. c.
953,734
1,300,065
1,330,890

The wool which is admitted free is that which does not exceed in value twenty
cents per pound.
BRITISH NATIONAL WEALTH.

The aggregate of the national capital of Great Britain, says the Bankers’ Cir­
cular, or, in other words, the value of the material wealth of the country, should
be clearly understood by financiers, as it has an immediate connection with the
amount of revenue to be derived from the income and property taxes. Two
versions of the national wealth have been offered to the public within the last
fourteen months—one by Mr. E dw ard C apps , the author of the “ Prize Essay ”
on the national debt, and the other in the last number of the Edinburgh Review,
No. 225, pp. 236 to 272. The statistics, in the Edinburgh Review, are supposed
to have been compiled by a high financial authority, who, from having held the
office of Chancellor of the Exchequer, may be supposed to possess every Parlia­
mentary document which can throw light on the subject.
A ccord in g to Mr. Capps the follow ing are stated to be the results o f his re­

searches :—
Years.

Population.

1700...............................................
1800....................................................
1812....................................................
1857
..........................................

8,000,000
16,000,000
18,000,000
30,000,000

National debt

Total wealth in
real & personal
property.

£15,000,000
450,000,000
670,000,000
800,000,000

£615,000,000
2,250,000,000
2,736,640,000
6,000,000,000

The figures, in the Edinburgh Review, are somewhat different, namely:—
Years.

1803...................................
1814 ........................ . . .
1845........................................
1858
..............................

Real property.

£1,063,000,000
1,650,000,000
2,300,000,000
3,200,000,000

Personal property.

Total.

£800,000,u0u
1,200,000,000
2,200,000,000
2,775,000,000

£1,863,000,000
2,860,000,000
4,500,000,000
5,975,000,000

On a subject of such vital interest, it is much to be regretted that neither Mr.
C apps nor the Edinburgh Revieicer considered it necessary to give the authorities

or data on which these calculations are founded. The figures bear no resem­
blance in either case to the capital represented by the amounts assessed under the
income tax, as shown by Lord M onteagle ' s return, (No. 47, session 1859,) and
it would be desirable that some official document should be prepared, wherein the
capital of the country and also the annual income were placed before the House
of Commons in a form which would appear to be entitled to credit. Many per­
sons are inclined to doubt the accuracy of these statements, and there is reason
to believe that sufficient attention has not been devoted to the best means of ob­
taining an authentic and impartial record of the sources of the national wealth.
W e incline to the opinion that both the above estimates are understated, and that
to a very considerable extent.




Journal o f Banking , Currency, and Finance.

723

TAXABLE VALUATION AND TAX OF CINCINNATI.

The table below exhibits the real property, rate of taxation, and amount of
taxes levied in Cincinnati for the past thirty years. The table was prepared by
Mr. L ee, of the County Auditor’s office, with great care, for the forthcoming re­
port of the City Auditor:—
Years.
1 8 3 0 .......................
1 8 3 1 .......................
18.32.......................
1833 ....................... .............
1834 ....................................
1835 ....................................
1836 ...................................
1837 ........................ - .........
1838 .....................
1839 .......................
1840 .....................
1 8 4 1 ......................
1842 .....................
1843 .....................
1844 ..................... .............
1845 ..................... .............
1846 ..................... .............
1847 ..................... .............
1848 ..................... .............
1849 ..................... .............
1850 ..................... .............
1 8 5 1 ..................... .............
1852 ..................... .............
1853 ..................... .............
1854 .....................
1855 ..................... .............
1856 ..................... _______
1857 ..................... .............
1858 ..................... .............
1859 ..................... .............

Real estate.

3,912,075
8,972,000
4,814,030
4,881,8S0
4,813,840

5,885,650
6,157,890
6,317,740
27,902,220
28,820,410
82,622,500
34,194,430
34,678,450
35,697,540
36,520,040
60,335,932
60,701,267
61,340,971
62,681,602
63,764,316

Personal.
$1,048,529
1,363,057
1,620,924
1,391,731
1,355,990
1,394,542
1,661,024
1,555,060
1,574,516
1,628,324
1,440,108
1,249,501
1,147,434
1,018,240
1,059,632
2,015,830
3,390,330
9,159,960
9,409,836
8,731,174
8,668,298
11,430,364
16,764,570
30,321,148
28,914,269
24,994,948
20,795,203
25,104,120
26,051,151
29,292,788

Rate.
$1 20
1 20
1 35
1 35
1 45
1 90
1 85
1 85
2 10
2 55
2 45
2 50
3 00
3 20
3 20
3 00
2 95
0 95
1 00
1 33
1 70
1 60
1 65
1 85
1 68
1 48
1 35
1 50
1 66
1 64

Taxes.
$51,436
57,917
72,667
74,307
79,131
107,445
126,458
117,824
141,231
167,334
151,201
167,857
209.651
215,101
222,249
245,211
286,388
362,748
394,363
566,109
728,666
690,132
910,308
1,236,561
1,458,082
1,262,897
1,116,927
1,296,676
1,472,963
1,584,110

AUSTRALIAN GOLD COINAGE.

A very important series of dispatches have just been presented to Parliament,
in reference to the above subject. Sir VV. D enison , the Governor-General, urges
upon the home government the propriety of recognizing as legal tender all coins,
the produce of the colonial branch of the royal mint. In this he is supported
by the local legislature. The treasury reply, that my lords are not prepared to
recommend to Parliament any legislation on the subject. The points urged by
•the Governor-General are of considerable importance. A mint is in operation
at Sydney, issuing coinage passing current within the colony. For all external
purposes, bullion, or English sovereigns, have to be used. To obtain English
sovereigns, freight and insurance, to and from England, of the gold produced, are
considered as charges in excess, and the continuance of which may be terminated.
It is clearly a simple remedy to recognize the Sydney mint, to place it under the
same regulations, subject to the same investigation into the character of the coin
issued from it, and thus secure to its coinage the same trust and value as is
placed in that issued from the Tower Hill. “ My lords ” consider a question of
imperial interest is involved, and hesitate as to their course. In this matter
colonial and imperial interests are as one, and there can be no reason for delaying
the adoption of the very reasonable requests of the local legislature.




72A

Statistics o f Trade and Commerce.

STATISTICS OF TRADE AND COMMERCE.
UNITED STATES COMMERCE—DEBITS AND CREDITS.
TRADE

or

T H E U N IT E D 8 T A T E 8 W I T H F O R E I G N C O U N T R IE S .

The following tables show, first, the exports to and imports from countries
■which take larger sums than we receive from them ; secondly, the countries from
which we import more largely than we exported to, in the last fiscal year, end­
ing 30th June, 1859 :—
F IS C A L

Debtor countries.
Russia.....................................
Sweden, Norway and Colonies
Denmark and Colonies.............
Great Britain.............................
British Colonies.........................
France and Colonies................
P ortu gal................. . .................
Austria and Possessions.........
B rem en ......................................
Other German Ports.................
Belgium......................................
Sardinia......................................
Papal States..............................
Ports in Africa..........................
Bolivia........................................
Peru.............................................
Ecuador......................................
Sandwich Islands.....................
Other Islands in the Pacific...
Tbtal...................................
Creditor countries.
Holland and Colouies...............
Spain and Colonies.................
Turkey and Possessions...........
Hamburg....................................
Tuscany.......................................
Two Sicilies................................
Greece..........................................
Hayti...........................................
San Domingo..............................
Mexico........................................
Central R ep u b lic.....................
New Granada...........................
"Venezuela...................................
Brazil..........................................
Uruguay.....................................
Buenos A yres............................
Chili............................................
Japan..........................................
China............................................
Other ports in Asia...................
"Whale Fisheries.......................
Uncertain places.......................
Total.....................................
Totals, 1858-59......................




TEAR

1858-1859.
Exports.

Imports.

$5,714,555
1,448,905
1,051,877
174,945,853
40,733,908
45,107,074
868,549
2.837.992
12,637,948
35,742
4,195,773
2.994.993
222,298
1,678,350
6,355
955,164
35,210
1,138,983
46,525

$877,835
558.075
297,718
125,754,421
32,239,466
41,447,004
242,841
571,178
9,694,377

$246,354,854

$217,584,830

Exports.

$5,693,022
22,917,402
661,722
3,600,268
24b,390
575,771
15,415
2,484,764
19,788
2,992,546
172,262
1,562,964
1,720,499
6,256,976
630,356
1,438,235
1,967,324
7,127,199
148 705
$101,434,608
$356,789,462

3,467.222
299,475
5,390
1,548,710
323,894
486,191
31,033

Imports.

$6,863,''18
44,505,409
775,091
8,071.964
1,294,350
2.180,639
67,290
2,666,246
193,390
5,389,974
689,911
2,848,141
4,231,031
22,439,842
774,543
4,070,033
2,646,800
295
10.791,381
154,121
350,654
68,786
$121,183,300
$338,768,130

725

Statistics o f Trade and Commerce.

From Spain and Brazil we import, together, $38,000,000 more than they take
from us. Large portions of the exports included under the heads of Great
Britain and France, are, in fact, intended for other countries, especially in the
article of cotton. Our exports to the debtor countries give us a balance of
$29,000,000, and with the creditor countries there is a balance of nearly
$11,000,000 in our favor, making an aggregate apparent balance of $18,000,000
in favor of this country. This, of course, includes the specie sent forward.
That balance may have been spent by travelers and used in interest payments.
IMPORT TRADE OF NEW YORK.
F O R E I G N I M P O R T S (O T H E R T H A N D R Y G O O D S A N D S P E C IE ) A T T H E P O R T O F N E W Y O R K F O R
TH E VEAR

1859.

(The quantity is given in packages, when not otherwise stated.)

Alabaster ornaments
Bags...........................
Baskets.....................
Boxes.........................
Books .......................
Bricks........................
Bristles.....................
Building stones........
Burr stones...
Buttons.....................

Quantity.
348
....
1,702
5,595
...
1,035
...
1,782

C halk........................
2,316
Cheese......................
2,543
Chinaware................
12,247
Cigars........................
Clay...........................
1,1*66
Clocks........................
351
Coal................... tons 127,717
Cocoa................ bags
6.713
Coffee. . bags & mats 671,002
....
Corks.......................
C otton.....................
1,457
Drugs, unspecified..
....
1,820
Alkali....................
150
Alum....................
626
....
Aluminous cake..
Ammonia............
1,460
Annate.................
Argols...................
283
Arrowroot............
716
A rs e n ic...............
....
Barites..................
2,957
Barilla.................
Bi-carb. soda........ 110,898
Bleaching powder 17,379
8,432
Borax........
....
Brim stone........... 47,536
1,851
Cantiiarides.........
Carmine................
9
1,449
Castor O il.........
C h ick ory............. 13,096
Cochineal..............
1,526
Cubebs .................
Cudbear.................
831
C u tch ...................
5,004




Value.
$5,215
17,127
95,202
20,415
27,554
777,470
8.782
248.234
30,929
39,010
464,450

Cream Tartar. . . .
Essential O ils .. . .
Flor Sulphur........
Gum Arabic.........
Gum Copaiva . . .
Gum C o p a l.........
Gum Crude..........
Glue............ ..
Insect powder__
Iodine potash.. . .

Hy. o f potash.......
9,197
J a la p ...................
101,796
Lac dye................
609,730
Licorice paste... .
2,320,408
46,709
Licorice root........
Madder.................
44,207
Madder, ext..........
663,613
Magnesia.............
131,823
Nitrate o f soda ..
8,689,520
Opium...................
157,920
50,101
Paris white...........
Peruvian bark... .
419,752
192,223
Quinine.................
4,201
861
Reg antimony. . .
20,420
21,475
Rhubarb...............
75,689
Safflow er.............
3,209
Safflower, ext___
Sal soda................
34,581
Saltpeter.............
7,520
10,104
Sarsaparilla.........
14,185
Shellac.................
6,919
Soda ash...............
467,299
Sugar of le a d .. . .
271,571
Sumac..................
112,149
Tonqua beans... .
135,019
Vanilla beans___
31,804
613
Whiting................
1,865
Yellow och re.. . .
26,059 Dyewoods—
111,343
Brazil w ood.........
Camwood.............
232,528
980
Fustic...................
L og w ood .............
47,457
Sapan w ood.........
25,445

Quantity.
1,782
1,403
....
20,267
7,873
328
458
17,509
144
8
525
492
....
247
21.277
10,733
6,308
....
1,325
....
894
888
12,865
534
20
704
1,599
....
....
31,592
....
2,249
804
38,558
1,198
38,183
213
59
932
5,150
3,389
....

....

4,519
23,706

—

Value.
42*,929
127,0X7
11,919
117.935
197,075
19,716
5.665
207,617
14,91 L
868
48,405
8,602
61,975
4 978
11,009
512.547
50,370
1,007,502
20,812
28,090
25 978
302,805
4,250
337,548
34,643
4,212
108,185
52.494
51,896
2,382
3,040
273,654
72,600
64,696
23,364
908,890
58,479
124,761
21,138
13.423
54,224
8,573
13,774
253,728
2,313
38,718
135,968
16,400

726

Statistics o f Trade and Commerce.

Quantity.
Value.
40,918
1,855,861
1,611
18,758
2,414,266
13,430
747
542,995
....
60,120
4,500
1,443
42,301
3,895
....
170
6,878
....
37
12,484
73,041
....
419,403
....
41,477
....
68,303
....
310,390
554,070
N u ts.....................
....
283,381
Oranges.................
....
54,834
Pineapples............
....
Preserved ginger.
12,670
Plums.....................
163,007
126,186
Prunes...................
979,809
Kaisins...................
Sauces preserv’s
261,231
....
32,329
Furniture...................
740
2,378,174
Furs...........................
5,289
34,657
Gas Fixtures...........
1,410
687,736
Glass.......................... 235,189
213,833
“ plate................
6,078
592,111
6,250
116,135
G rain ........................
22,258
Grindstones.............
....
141,591
28,487
302,445
18,561
3,822
G unpow der.............
1,083
Gutta percha...........
442
375,585
Hair...........................
3,109
220,205
Hair cloth...............
454
1,480
Hatters’ goods..........
5
1,031,115
Hemp........................
79,249
159,917
H oney.......................
8,209
3,124
Horns.........................
2,784
H ops..........................
707,517
India rubber............. 10,995
690,823
Indigo.......................
5,021
Instruments—
2,604
63
Chem ical.............
12,979
Mathematical.......
60
395,267
Musical.................
2,232
2,453
Nautical................
9
132,876
Optical...................
327
13,700
48
Surgical.................
195
80,872
I v o r y ........................
Jewelry.....................
1,142
1,506,257
Leather, unspecified
5
1,063
129,603
Patent....................
236
Boots and shoes..
4 3,797
212
Dressed hides . . .
9,403
748,477
Undressed hides...
8,914,682
13,051
Leeches....................
379
Liquors—
A le......................... 22,908
217,240

Earthenware............
Em ery.......................
Fancy goods............
Felting.......................
F is h ..........................
Fire-crackers............
Firearm s.................
Flax...........................
Flour, sago...............
Free-stone...............
Fruit, unspecified...
Bananas................
Citron...................
Currants...............
Dried fruit...........
Figs........................




Quantity.
Brandy................... 68,8(56
Beer.......................
1,630
Champagne.......... 170,832
Cordials................
2,418
Gin......................... 14,633
Porter...................
7,574
3,670
W h is k y ...............
2,827
Wines................ .... 212,667
Metal Goods.............
3,821
Brass goods..........
473
Bronzes.................
11
Chains & anchors.
6,806
Copper..................
Cutlery.................
4,029
Guns, etc..............
1,953
9,964
Iron, hoops . . tons
4,543
Iron, pig............... 43,856
Iron, rails.. . . bars 314,180
Iron, sheet.. .tons
9,144
Iron, tu bes.. . .
16,873
Iron, oth er.. . tons 72,8S6
Lead, pigs............ 269,326
Lead ore...............
Nails.....................
3,497
Needles.................
635
Nickel...................
272
Old metal.............
Plated w are.........
294
Platina...................
52
Percussion caps...
535
Saddlery.,.............
619
Silver ore.............
349
Silver ware..........
85
S p e lt...........lbs. 7,515,414
Steel..................... 132,149
Tin pla te... boxes 560,193
Tin slabs..............
W ire.....................
12,200
Zinc.......................
Machinery...............
375
Marble and m anfs..
Matches.....................
890
Miscellaneous...........
Molasses...................
84,236
Oils, unspecified....
4,643
Anise....................
71
Cod.......................
3,200
Coal.......................
264
Linseed ...............
6,210
O liv e ...................
72,157
P a lm ...................
3,462
69
W h a le.................
Oil paintings............
560
Palm leaf.................
Paper hangings........
3,136
Perfumery................
3,091
Plaster.......................
Pipes........................
....
Pitch.........................
....
Potatoes.....................
—
Provisions................

Value.
2,688,1 89
14,516
1,097,460
15,272
646,888
66,151
199,44 8
189,064
1,757,021
677,137
88,217
2,211
323,490
968,496
1,810,593
360,760
1,288.089
229,040
607,180
1,64 2,015
509,688
80,578
3,122,572
1,551,996
3,815
66,599
231,606
101,664
154,800
101,136
78,883
123,326
133,807
3,7 32
28,636
357.867
1,798,932
3,999,687
900,218
374,117
391,655
32,571
175,800
10,481
346,092
1,902,994
198,159
9,166
105,998
6,583
408,873
218.925
183,859
7,175
240,212
14,761
144,714
267,745
40,393
194,796
1,412
180,348
70,462

727

S ta tis tic s o f T r a d e a n d C o m m e r c e .

Quantity.

19
84,885

Value.
1,057,502
218,808
42,165
35,881
321,051
12,238
323,299
554,S86
822
359,454

Sugar.hhds.bbls.tcs. 265,801

242,298
15,483
27,971
26,371
11,647
62,856
226,225
281,161
93,165
49,519
296,010
139,382
360,281
84,168
14,288,051

Bags....................
Ratan..................
R i c e ...................
Rope...................
Salt.....................
Sago.....................
Seeds .................
Linseed...........
Rape seed... .
S o a p ................... . . .
Spices—
Cassia..............
Cinnamon........
Cloves.............
Ginger ...........
Mace................
Mustard.........
N u tm eg.........
P ep p er...........
Pim ento.........
S p on ge...............
Stationery.........
Engravings.. .
Paper.. .........

Quantity.
Sugar..boxes<fcbags 345,5Uy
Tapioca.....................
2,135
T e a ............................ 875,579
58,342
Tobacco....................
Tomatoes...................
8,012
T o y s .........................
Trees and plan ts.. .
Twine........................
2,849
350
Vegetable wax........
Vulture feathers___
. . . .
1,888
W atches...................
Wax...........................
Woods, unspecified.
. . . .
Cedar....................
Cork......................
Ebony...................
....
Lignum vitte........
Lim a.....................
Mahogany.............
....
Rose.......................
. . . .
Willow..................
....
W ool.........................
44,547
Waste...................
18,156
Corrections...............
—
Grand total.. . .

Value.
4,412,478
15,662
7,540,351
1,250,889
11
416.691
25,527
23,746
16,498
25,071
2,697,037
6,599
58,147
46,432
22,526
7,793
7,087
35,705
252,596
163,384
42,299
2,543,519
507.153
1,932,171

$129,196,471

MANILLA HEMP,

Exports of hemp from Manilla to the United States, Europe, and Great
Britain, and total to all countries :—
1850
1851
1852
1853
1854
1855
1856
1857
1858
1859

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

United
States.

Continent of
Europe.

Great
Britain.

Aggregate
of these.

Total to all
countries.

102,194
143,133
220,514
204,584
228,017
214,580
312,386
243,110
288,953
284,667

3,735
7,202
3,991
3,844
1,864
3,094
2,192
2,487
6,650
4,644

17,481
23,603
23,752
13,090
92,739
20,669
37,207
95,983
105,633
130,672

123,410
173,948
248,357
221,618
322,620
238,343
351,785
341,580
401,236
419,973

124,829
174,572
249,265
222,689
322,652
238,985
355,293
347,574
412,504
426,177

2,842,770

2,874,540

2,242,128

Ten years.

P R IC E S

OF

HEM P

560,829

39,708
AT M A N IL L A ,

-----------Prices o f Hemp.
Highest.

1850.................
1851................. ___
1852.................
1853................. ___
1854.................
1855 .................____
1856.................____
1857................. ____
1858................. ___
1859................. ........




7 50
8 12
8 37
8
8
8
6
5

00
25
50
75
25
AVERAGE

$1150

Lowest.

$5
6
6
7
7
6
7
6
4
4

62
12
50
00
00
50
00
00
75
50

FROM

$4 50

AND

RATES

Average.

$6 25
6 62
7 12
7 55
8 42
7 25
7 50
7 75
5 37
5 00

OF

F R E IG H T .

/—Freights to United States.--,
Highest. Lowest.
Average.

$15
10
12
10
20
17*
14
13
11
7

1850 T O 1859.
$6 88
$20

$10
6
8
10
14
12
8
5
5
3

$12 50
7 00
10 00
10 00
17 60
15 25
10 80
8 65
S 00
5 00

$3

$10 37

728

Statistics o f Trade and Commerce.

EXPORTS OF DOMESTIC COTTONS FROM NEW YORK TO FOREIGN PORTS.
Where to.
Mexico................................ .
Dutch West Indies..........
Swedish West Indies.. . .
Danish West Indies.........
British West Indies.........
Spanish West Indies........
St. Domingo.......................
British North Am erica...
New Granada...................
Brazil..................................
Venezuela...........................
Argentine Republic...........
Central America...............
West coast o f South America........
Honduras.............................
Africa..................................
Australia.............................
East Indies and China___
A ll others...........................
Total.............................
Total from Boston.........

18m .

1856.

1857.

1858.

1859.

2,972
337
6
284
499
1,143
411
16
131
2,764
1,094
498
495
1,162
401
1,324
1,908
11,929
251

4,897
151
10
427

2.084
681

2,475
531

151
228
25
949
3,756
335
590
190
158
160
1,874
2,060
17,674
267

564
207
223
691
42
560
2,751
268
90
161
3,710
190
1,414
418
12,676
203

2,446
317
4
691
219
358
262
14
627
4,466
623
328
200
4,195
486
1,200
109
43,419
180

696
•227
366
977
18
967
3,637
919
903
55
6,606
259
323
135
58,662
1,793

27,685
34,093

34.782
87,880

26,653
26,900

59,994
29,875

74,549
31,661

880

. .. .

The exports of domestics have been larger (or the last year than ever before
in the history of the trade, and the great increase, like that shown in the year
1858, has been in the shipments to China and other Bast Indian ports.
EXPORTS OF DOMESTIC GOODS AND MANUFACTURES FROM GREAT BRITAIN.

The London Times of February 28th, prefaces a table showing the growth of
British manufactures, with the following remarks :—
A return has been issued by the Board of Trade of the declared value of
British and Irish produce and manufactures exported from the United Kingdom
during the past year. Its chief leature is again the extraordinary growth of our
Eastern trade. In 18,57 the value of our exports to Austialia was exactly equal
to those to India, namely, £11,600,000. In the subsequent two years the Indian
total has increased 75 per cent, while our commrce with Australia, although
better in 1859 than 1858, shows a decline.
Within the same period, also, our dealings with China have doubled. Con­
trasted with the figures of 1858 the trade with our own possessions during the
past year, which still constitutes more than 35 per cent of the entire export
operations of the United Kingdom, presents an increase in all instances save
those of the West Indies, Singapore, the Channel Islands, Mauritius, the Ionian
Islauds, and British Honduras. The shipments to the United States, which
experienced a serious check after the panic of 1857, have recovered to a point
beyond their former scale, and are now more than 17 per cent of our total ex­
ports, foreign and colonial, and 27 per cent of our foreign exports alone. Ger­
many, although her trade with us has declined for the past three years, takes
about half as much as the United States, and then follow South America and
Holland. France again presents a falling off sufficient to indicate a most un­
healthy state of the commercial relations of the two countries. In 1857 Turkey
stood before Russia ; but last year their positions were transposed. Spain, Por­
tugal, Naples, and the Papal States all figure on the unfavorable side. Sardinia,
however, shows a good increase. Sweden'and Norway have also carried on a
large trade, while that with Belgium has been unsatisfactory. Finally, it is to
be remarked that our trade with European States is every year becoming of a
more secondary character as compared with that which we have established
among our colonial and American progeny. It is to those quarters that the




Statistics o f Trade and Commerce.

729

magnificent augmentation exhibited in the present total over 1858, and which
render it of unprecedented amount, is entirely due. The general increase is
£13,831.671, while to the colonies and the United States it was £14,022,424.
The balance of our business carried on with all other parts of the world resulted,
therefore, in a falling off.

1858.

1859.

1858.

British possessions:—
Russia : —
India..................... 16.782,386 19,832,699 N orthern ports. . .
2,724.609
Australia.............. 10,463,032 11,225,616 Southern ports.. .
367,890
Brit N. America.. 3,159,845 3,615,087 Territory in N. E.
Hong Kong.. . . . .
Asia...................
1,145,669 1,931,595
Cape of G. Hope.. 1,602,612 1,762,168 Settlements on N.
British \V. Indies.. 1,792,323 1.606,700
coast of America
1 4 20 3*>4
Gibraltar...............
714/267
852,728
3,092.499
Ceylon...................
641,131
667,680 Turkey................... 4,255,612
Malta.....................
624.107 Foreign W. Indies,
433,066
Channel Islands..
508,264
612,953
Hayti, A c ......... 2,587,063
Mauritius.............
567,204 China (exclusive of
60:1,103
British Guiana... .
555.346
459,743
Hong K ong). . .
1,730.778
W. Coast of Africa
263,725
279.058 Egypt....................
1,985,829
Ionian Islands . . .
337,905
251,032 S pain & Canary Is. 2,179,126
N a ta l.. . . . . . . . . . . . . .
100.785
174,936
1 815 257
British Honduras.
136,717
115.644 Sardinia.........; .
1.174,580
H eligoland...........
282
60,238 Portugal & Azores 1,548.207
St. Helena.............
43,890 Two Sicilies.......... l,569,lH6
34.957
A den.....................
36,899
42,705
832 045
Falkland Islands..
33
11,183 Tuscany.................
933,931
Ascension.............
9,637 Austria................... 1,298,199
6,917
Koona Mooria Is.
....
977 Denmark, (including Iceland).. . .
595,309
691.405
40,222,457 46,125.046 West c. of Africa.
United States
Philippine Islands
541,475
Atlantic ports . . . 13,994,815 22,174,245 Syria......................
760,497
California..............
496,633
437,038 VIex iCO...................
411.831
Sweden.................
428,114
295,238
14,491,448 22,611,283 Norway.................
Germany:—
Greece...................
249,462
Hanse Towns........ 9.031,877 9,180,104 Papal States.........
409,643
Prussia.................
1.956.199 1,492,541 Central America...
393,179
Hanover,.................
1,640.189
987,049 African ports in
Mecklenburg.........
59.331
the Red S e a .. .
64,370
4,525
Oldenburg.............
61,584
67,233
53,098 South Sea Islands.
Wallachia <fc Molda via.................
175,986
12,749,180 11,777,162
South America:Morocco.................
84,076
Brazil....................
14,725
3 984.817 3,686.353 Cape Yerd Islands
Chili .....................
1,117 580 1 474 563
21 033
Buenos A yres. . . . 1,008.819
8,998
958,177 E’ersia.....................
Peru ...................
1.163,155
4,520
857,"08 Tunis.....................
New Granada.__
505.749
1,927
729.468 E. coast of Africa..
Paraguay.............
52-2.670
692 688
Venezuela.............
316 738
317.706 Camboja, Cochin,
....
Ecuador.................
26 963
China, & Tonquin
22,251
—
Ladrone Islands..
468
8,646.491 8.738 214 Greenland & Davis’
....
Holland.................
5,473,312 5 379 794
Straits................
France................... 4,863,131 4,744,108 French possessions
831
in India.............

1858.
Total exports.........




* £200,000 for telegraph wires.

1859.
3,493,016
646,183
13,762
602
4,053.453
8,752,458
2,556,971
2,526,036
2.195,882
2081,627
1 474 873
1,406,884
1,398,020
1,161,788
1,073,088
801,779
789,886
724,002
710,239
684,788
677,387
697,951
546,632
497,644
262,309
259,987
226,662
*204,924
114,949
111,026
96,390
22,204
22,159
18,915
5,597
4,391
2,892
505
372
45
..
1859.

730

Statistics o f Trade and Commerce.
FOREIGN COMMERCE OF AMERICAN CITIES, 1859.
New York.

Boston.
3,073
734,167
2,919
642,023
41,174,670
14,196,130
455,622
21,751
254,174,100
Baltimore.
626
189,992
602
172,446
9,713,921
9,074,511
195,832
5,842
150,000,000

Foreign entries......................... .
Tons shipping entered..............
Foreign clearances....................
Tons shipping cleared...............
Foreign imports........................
Domestic exports.......................
Tonnage owned......................... ,.
Tons shipping built...................
Valuation....................................
Foreign entries...........................
Tons shipping entered..............
Foreign clearances....................
Tons shipping cleared............ .
Foreign imports........................
Domestic exports.......................
Tonnage owned ..................... .
Tons shipping built................
Valuation.....................................

3,902
1,890,144
3,086
1,476,279
21S,231,393
97461,576
1,444,360
15,145
551,923,122
New Orleans.
1,038
659,083
1,168
808,248
18,339,516
100,890,689
215,417
795
104,856,912

Philadelphia.
553
189,421
435
125,657
14,517,542
5,218.514
220,889
7,887
225,000,000
San Francisco.
863
221,439
515
354,406
11,155,767
12,40.3,782
78,847
2,055

COMMERCE OF NEW ORLEANS.
IM P O R T S

OF M E R C H A N D IS E

IN T O

T H E C U S T O M -H O U S E , O N W H I C H
TH E

S lS T

DECEMBER,

THE

PORT

D U T IE S

AND

W ERE

D IS T R IC T
P A ID

FOR

OF
TH E

NEW

O R LE A N S, THROUGH

CALENDAR

YEAR

E N D IN G

1859.

Months.

Dutiable.

January, 1859.............................
February.....................................
March..........................................
A p ril...........................................
May...............................................
J u n e ............................................
J u l y ............................................
August.........................................
Septem ber..................................
October.........................................
November....................................
December....................................

Free.

Specie.

$1,131,280
858,492
888,428
888,363
604,896
904,707
595,491
771,750
1,494,057
1,090,894
1,025,935
1,018,794

$983,154
789,372
537,380
846,617
374,231
479,811
116,499
77,042
613,795
104,772
638,748
846,486

$246,921
175,2.39
201,975
39,814
46,777
34,178
733,201
118,214
26,438
127,903
192,373
241,857

$11,273,087

$6,358,904

$2,184,890

1856.

1857.

1858.

1859.

Merchandise paying duties..
Merchandise free.....................
Bullion and specie.................

$12,440,695
5,817,586
1,614,095

$14,587,457
5,756,346
5,038,903

$9,746,240
5,781,246
1,763,965

$11,273,087
6,358.904
2,184,890

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

$19,872,376

$25,382,706 $17,291,451

$19,816,881

There was a greater amount o f specie imported in 1857 than in any year recorded, as well as a greater amount o f merchandise.

The free list shows a

larger excess for 1859 than for any previous year. The last month (January,
I860.) shows a large increase of importations, greater than any previous Janu­
ary on record.
GRAIN AND SEED EXPORT OF ROSTOCK.

1 8 5 9 ...
1 8 5 8 ...
1 8 5 7 ...
1 8 5 6 ...
1 8 5 5 ...

.— Wheat.— «
Last. Scheffel.
8,378 82*
6,555
4f
8,721 28|
4,179 87
8,734 48*




,-----Rye.
,— Oats.,----, *— Peas.— * /— Rape.—v
Total.-----,
Last. Scheffel. Last. Sch'l.
Last. Sch’ l. Last. Sch'l. Last. Scheffel.
430 43
9,688 86*
319 77
40 92
138 5o
2 88
187 43*
2 24
7,708 41
788
*
1,767 18* 1,038 80*
82 68
133 84 11,840 26*
o
5,160 11*
386
606 35
64
5*
248
1,812 34*
's *
10,976
2*
172 38
...

731

Statistics o f Trade and Commerce.
MANILLA CHEROOTS.

Cheroots (cigars) are manufactured in two forms—that of the Havana, the
smaller end being twisted to a point— or cut at both ends, the usual Manilla form.
They are of sundry qualities, as follows:—Largest size, 125 to a box—1st
Regalias, 1st Caballeros, and Londres ; second size, 250 to a box— 2d Regalias
and 1st Cortados, 2d-Caballeros, 1st Havanas, (ordinary size, and such as are
more commonly used, jSTos. 2 and 3 being those in most demand ;) 500 to a box
— Nos. 2, 3, 4, and 5 Havanas, 2 and 3 Cortados. Besides these, enormous
quantities of paper cigars ( Cigarillos) are consumed by the natives. They are
sold in packets of twenty-five, at 5 cuartes; thirty, at 5J- cuartes; thirty-six, at
5 5-7 cuartes. The estanco prices for these cigars are, per box
Cigars. Dollars.

Cigars. Dollars,

Imperiales, box containing.
Regalias and Caballeros....
1 Havanas, 1 Cortados. . . .
2
“
2
“
....

125
125
250
500

3.750
3.125
3.509
4.000

8 Havanas, 3 Cortados.. . .
4
“
........................
5
“
........................
Londres......................... . . .

600
500
500
125

8.500
3.000
2 500
1.875

Upon these minimum prices biddings take place at the monthly public auc­
tions. So large is the demand that it is difficult to obtain any but fresh cigars,
which require to be kept for two or three years to ripen. The collection of
tobacco and the manufacture of cigars are under the charge of an administra­
tion whose headquarters are in Manilla. The warehouses are of immense extent,
and 20,000 persons probably find occupation in the preparation of this article of
luxury, to say nothing of those employed in its production.
The money value of the tobacco grown in the Philippines is estimated at from
§4,000,000 to §5,000,000, say £1,000,000 sterling. Of this nearly one-half is
consumed in the islands, one-quarter is exported in the form of cheroots, (which
is the Oriental word for cigars,) and the remainder sent to Spain in leaves and
cigars, being estimated as an annual average contribution exceeding §800,000.
The sale of tobacco is a strict government monopoly, but the impossibility of
keeping up any efficient machinery for the protection of that monopoly is obvious
even to the least observant. The cultivator, who is bound to deliver up all his
produce to the government, first takes care of himself and his neighbors, and
secures the best of his growth for his own benefit. Out of the capital of Manilla
scarcely anything is smoked but the cigarro ilegitimo; and in the capital you
frequently get a hint that “ the weed ” is not from the estanco real. From func­
tionaries able to obtain the best which the government brings to market, a pre­
sent is often volunteered, which shows that they avail themselves of something
better than that best.
EXPORT TRADE OF ODESSA FOR FOUR YEARS,
No. of
vessels.
1856..........
1857...........
1858...........
1859...........
Oats.
Tschetw.
1856...........
1857...........
1858.......... ....................
1859.......... ....................

745,704
612,581

Wheat.
Tschetw.
689,528
906,315
909,808
1,413,535
Linseed.
Tschetw.
146,621
110,690
131,077
233,356

Eye.
Tschetw.
1,727
31,066
168,085
389,472
Wool.
Pud.
120,035
189,362
213,719
173,076

Indian corn.
Oats.
Tschetw.
Tschetw.
139,382
277,286
389,224
632,252
649,992
384,022
403,255
429,848
Tallow.
Value.
Pud. Silver roubles.
207,802
17,799,983
27,629,876
245,354
30,492,121
284,715
222,628
31,512,772

The silver rouble is 75 cts., the pood is 35 lbs., and tschetw is 6 bush,
quently the export of wheat in 1859 was equal to 8,481,210 bushels.




732

Statistics o f Trade and Commerce.
THE SCOTCH PIG IRON TRADE.

In the London Times of January 6th, a table of returns for the production
and trade in Scotch pig iron is given, from which we take the following items,
giving first the comparison for the last ten years :—
Furnaces
in blast.

Year.
1849..................................
1850..................................
1851..................................
1852....................................
1853....................................
1854....................................
1855...................................
1856....................................
1857...................................
1858...................................
1859....................................

Tons
made.
660,000
595,000
760,000
775,000
710,000
770,000
825,000
832,000
91 e,ooo
945,000
950,000

Shipments
and consumption.
578,000
535,000
680,000
675,000
950,000
860,000
847,000
84 2,000
843,000
810,000
915,000

Stock.
210,000
270,000
850,000
460,000
210,000
120,000
98,000
88,000
160,000
295,000
330,000

There are, in all, 174 furnaces, 125 in blast, 49 out of blast. It is stated that
the year 1859 has been more satisfactory than any other recently, the demand
for consumption and shipment exceeding any year except 1853. The malleable
iron works of the Clyde have continued in remarkable activity, it is said, and
contracts to the extent of £1,000,000, or $5,000,000. having been made during
the year for iron shipbuilding on that celebrated little river, the Clyde. Up to
1825 the annual production of Scotch iron did not exceed 30,000 tons, and for
fifteen or twenty years afterwards the Clyde had no better channel than the
Schuylkill has now. Finally they dug an adequate depth there, and have for
years supplied the world with iron ships.
Our total imports of pig iron for 1858-59, the fiscal year, were 72,567 tons,
against 41,985 in 1857-58, and 51,794 tons in 1856-57. We offer an improv­
ing market, it appears, for the enterprising Scottish manufacturers, and retro­
grade in 1859 from the independence we were developing in 1856.
TRADE OF MILWAUKEE,

The Milwaukee Sentinel., of a late date, has a very full and interesting exhibit
of the commerce of that thriving city for 1859. With reference to the grain
trade, it says :—
Although the receipts of wheat for 1859 exceed those of the previous year by
nearly eight hundred thousand bushels (794,780,) the total receipts of grain—
adding flour reduced to bushels—exhibit an increase of only 520.501 bushels
over the year 1858. This light increase in the aggregate receipts of grain is
attributable to the great drouth of last summer, which partially destroyed the
hay crop, thus necessitating the consumption of large quantities of oats by the
producers, which would otherwise have been marketed.
The subjoined table shows the total receipts of flour and grain for the year,
and the sources of supply :—
Railroads.

M ilwaukee & C hicago..........

Flour.
75,562
99,178
25,170
17,608
6,634

Received by steam...........

223.332
20 000

4,978,109 836,676 155,588 123,628 27,168
553,654 .............................................................

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

243,382

5,450,957 336,676 155,588 123,628

Milwaukee & Mississippi. . .
Milwaukee & Minnesota... .
Milwaukee & W atertown..
Milwaukee
H oricon .........




Wheat
Oats.
2,217,790 99,131
1,357,773 123,808
720,447 37,362
528,972 50,741
153,137 25,034

Corn.
94,768
24,809
1,288
11,627
23,096

Barley.
36,567
41,466
20,957
12,044
12,594

Rye.
19,874
5,201
21
507
1,565

27,168

783

Statistics o f Trade and Commen-ce.
C O M P A R A T IV E

R E C E IP T S

OF

G R A IN

FOR

TW O

Flour reduced to bushels...............................................
W h e a t..................................................................bushels
Oats.....................................................................................

YEARS.

1858.

1859.

1,039,645
4,676,177
762,744

1,116,660
5,450,957
836,676

The following is a statement of the pork trade :—
The pork packing of 1859-60 presents a highly satisfactory showing, so far
as the statistics of the trade are concerned, the number of hogs cut between
November 1st and January 15th, by our city packers, exceeding the total pack­
ing of 1858-59 by 15,000, and being much larger than any previous season. The
following statement is made up from the books of our packers and other reliable
sources:—
HOG8

Total
packing.

CUT F R O M

NOVEM BER

City
consumption.

TO

15.

JA N U A R Y

Shipped
Eastward.

Total
receipts.

3 ,0 0 0

907

53,907

8,000

4 7 , UU0

1

In hands
of dealers

The manufacture of lager beer is thus compared:—
The following statement exhibits the amount of lager beer manufactured here
during the past two years :—
1858................................ barrels

49,800 | 1859................................ barrels

87,200

Decrease 12.600 barrels. To thisshould beadded some 5,000 barrels of ale
manufactured at the Spring and Lukebreweries.
During the first halt of the
year beer sold at $7 per barrel. During the past six months prices have ranged
from $5 to $6 per barrel.
The facilities for storing and handling grain at Milwaukee is as follows:—
Capacity for storing grain............. .......................bushels
Capacity for shipping in one day......................................
Capacity for rolling freight...................................... barrels

1,695,000
831,000
101,000

EXPORTS FROM MANILLA TO THE UNITED STATES.
T O A T L A N T IC

1858.
Sugar.................
16,030
H em p...............
288,951
2,390
Coffee...............
I n d ig o .............
503
Hide cuttings.. . piculs
2,929
Grass cloth.......
57,224

109,526
284,655
2,256
2,374
3,597
27,471
TO

1858.
45,038
10,140
236

S u g a r...............
Herno...............
C offee...............

PORTS.

1859.
Sapan wood . . . .piculs
Cigars.............
Moth. o’-pearl shell.pic.
Buffalo hides .
R atan s...........

1858.

1859.

10,594
4,613

15,141
10,182
120
2,026

999
120

....

C A L IF O R N IA .

1859.

1858.
....

44,155 Grass cloth. . .
4,880 Cigars............
313

1859.
300
5,759

3,416

The above exports for 1859, include the cargo of the Juan Fernandez, for
Boston, which was lost on the passage, 7,213 piculssugar, 11,244 piculs hemp, &c.
IMPORT TRADE OF BOSTON.
IM P O R T S

OF

F O R E IG N

G O O D S IN T O

TH E

D IS T R IC T

O F BOSTON A N D

CH ARLESTOW N

D U R IN G

TE N Y E A R S .

Free.

Paying duty.

Total.

Free.

Paying duty.

1850 $1,910,822 $27,998,554 $29,909,376 1855 $4,378,006 $8 i ,611,007
1851 2,797,489 29,053,069 31,850,558 1856 4,883,099 38,131,801
1852 3,147,145 30,839,999 33,987,144 1857 11,881,357 36,626,567
1853 2,573,211 40,744,158 43,317,369 1858 9,675,587 23,065,129
1854 3,185,085 43,295,359 46,480,444 1859 11,932,068 82,021,957




Total,

$41,981,013
43,014,900
48,5"7,924
32,740,716
43,954,025

734

Statistics o f Trade and Commerce.
DEAL TRADE OF ST, JOHN, N. B,
NUMBER OF AMERICAN VESSELS ENGAGED.

Messrs. J. H . C h e n e y & Co. have compiled an annual statement of American
vessels cleared at St. John, N. B., for Europe, in 1859, giving the names of the
vessels, their tonnage, ports of destination, and number of standards composing
each cargo. The following is a recapitulation :—
Eighty-one vessels, measuring 84,049 tons, approximate v a lu e .........
Carrying 83,015 standard dea ls................................................................
Earning freights amounting to....................................................................

§4,202,900
673,383
523,580

Approximate value of vessels, cargo, and freights................................
C O M P A R A T I V E S T A T E M E N T S IN C E 1854.

$5,399,863

Years.

Approximate
value.

Standard
deals.

45,299
$2,264,950
'64,292 3,214,600
78,644
3,932,200
85,898
4,294,900
59,651
3,877,315

19,117
25,606
31,834
32,633
21,915

Vessels. Tonnage.

1858 .....................
1857,.......................
1866........................
1855........................
1854........................

53
76
91
90
66

Value
deals.

Freights
earned.

$321,165
430,680
611,212
665,700
580,748

$330,952
426,584
718,915
549,970
540,058

TOBACCO IN VIRGINIA,

The inspections of tobacco in Virginia for the years ending, respectively, on
the 1st October, in—
1 8 5 8 ... . . .hogsheads
1859 . . .

Richmond.
44,616
41,797

Peters"burg.
15,154
16,079

Lynchburg.
8,788
7,621

Farmville.
2,412
1,193

Clarksville.
1,750
2,263

Total.
72,720
68,953

The loose tobacco brought to the inspection warehouses, and that which is
manufactured by country factories, is variously estimated at from 16,000 to
20,000 hogsheads. Tobacco in Virginia, 1859 :—
Inspected in Richmond as above................................................
Received tobacco inspected in other inspection towns...........

41,797
5,647

Total receipts in Richmond............................................

47,444

•Besides the receipts in hogsheads, there were received at the warehouses in
Bichmond in 1859, 4,418,664 pounds loose tobacco.
„

NEW YORK AUCTION DUTIES.

As a subject of interest to a large class of our readers, says the Courier and
Enquirer, we give, in full, the following statement showing the amount of duties
received on the sale of foreign goods, by public auction, in the city of New
York, during each year since the passage of the act entitled “ An act to regu­
late sales by public auction,” passed April 15, 1817 ; also, the total amount of
such duties collected in said city during said period :—
1817.
1818.
1819.
1820.
1821.
1822.
1823.
1824.
1825.
1826.
1827.

Year.
Duties
. $122,031 76 1828.
1829.
29
. 176,267
. 141,953 76 1830.
. 154,576 85 1831.
. 151,783 39 1832.
. 179.641 69 1833.
. 207,469 09 1834.
. 231,836 86 1835.
. 285,854 68 1836.
. 233,401 75 1837.
. 296,862 57 1888.

Duties
$255,591
241,436
217,111
177,397
249,349
210,723
203,366
195,629
*47,867
171,566
113,681

84
18
57
10
40
66
53
80
69
90
88

Year.
1839.
1840.
1841.
1842.
1843.
1844.
1845.
1S46.
1S47.
1848.
1849.

Duties
$180,321 48
131,697 11
208,530 08
160,227 62
128,898 42
189,799 49
140,958 90
111,449 78
70,345 74
103,653 29
91,456 71

T o t a l....




Year.
1 8 5 0 ..
1 8 5 1 ..
1 8 5 2 ..
1853.
1854.
1 8 5 5 ..
1 8 6 6 ..
1 8 5 7 ..
1 8 5 8 ..
1 8 5 9 ..

Duties
$85,566 13
101,769 92
108,620 96
93,274 53
108,291 34
144,680 30
120,970 04
132,105 63
100,354 69
119,750 00
6,848,024 45

* Restored to the General Fund, July 18th, 1836.

N autical Intelligence.

785

NAUTICAL INTELLIGENCE.
LIGHTS UV THE GULF OF FINLAND,
ALTERATION OF LIGHTS IN THE KALBADEN-GRUND AND REVEL-STEIN LIGHT-VESSELS.

The Imperial Ministry of Marine of Russia has given notice, that during the
navigation of the Gulf of Finland, in the year I860, the following alterations
will be made in the lighting the Kalbaden-grund and Revel-stein light-vessels,
the former lying 14 miles to the southwest of Glosholm, on the north shore of
the gulf, and the latter off Revel, on the south shore. The light-vessel which
will be placed off the south side of the Kalbaden-grund, instead of the red light,
will exhibit a fixed white light on her mainmast and a ball at the masthead.
The light-vessel which will be placed off the north side of the Revel-stein, in­
stead of three lights will exhibit only two fixed white lights, one on her fore and
the other on her mizzen-mast; and a ball at the fore and mizzen mast-heads.
L e b i a d n i k o v a S h o a l , lying 7£ miles to the westward of the north point of
Hogland, and hitherto distinguished by a flag— will for the future be marked by
a beacon having six streaks, three colored white and three red, and with a double
broom at the side, in order to distinguish it from the Hogland Shoal, which lies
N. N. W . f W. 2 miles from the north point of Hogland, and is marked by a
flag. The bank of 5 fathoms discovered in 1859, lying 9 miles to the eastward
of Ekholm, aDd l i miles N. 42 W. (true) from the white flag on the north part
of the Kalk-grund, will in future be marked by a black instead of a white buoy.
N amsi B an k . For the convenience of vessels navigating the eastern part of
the entrance to Narva Bay, between the New Ground and the Namsi Bank, the
5 feet water on the Namsi Bank will in future be marked by a black buoy.
HARBOR LIGHTS AT REVEL.

In reference to Notice to Mariners, No. 42, dated 15th October, 1859, infor­
mation has been received at the Admiraly that the lights are exhibited from the
wall at the entrance of the new military port of Revel, and not from four lightvessels as previously reported. By command of their lordships,
JOHN W ASH IN GTON , Hydrographer.
L ondon,

February, 1S60.

___________ *

FIXED LIGHT ON ISLA MOURO, COAST OF SPAIN,

The Minister of Marine at Madrid has given notice, that on and after the loth day of February, 1860, a light would be exhibited from the light-tower recently
erected on Mouro Islet, at the entrance of the port of Santander, on the southern
shore of the Bay of Biscay, north coast of Spain. The light is a fixed white
light, illuminating an arc of 270° of the horizon, or from S. by W . to W . by
N . ; through the remainder of the circle a faint light will be seen when beyond
the distance of 4J cables’ lengths from the lighthouse. The light is elevated 141
feet above the level of high water, and should be seen in clear weather from a
distance of 12 miles. The illuminating apparatus is catoptric, or by reflectors
of the fifth order. The light-tower is slightly conical, 56 feet high from base to
upper balcony, and stands 14 yards from the north shore of the islet. It rises
from the center of the light-keeper’s dwelling, which is circular, and both are
built of white stone ; the windows and top of lantern are painted green, and up­
per balcony, red. The dwelling will be hid by the rocks off the islet when
approaching it from the northeast. The position of the light-tower is given as
latitude 43° 28' 37" N., longitude 3° 45' 43" west of Greenwich. A rock called
the Oorbera, and a bank of 3 feet water, lie respectively S. E. by E. £ E. 112
fathoms, and W. by S. 140 fathoms, from the lighthouse. The bearings are
magnetic. Variation 211° west in 1860. By command of their lordships,
JOHN W ASHIN GTON , Hydrographer.
L ondon,

February 16, 1860.




736

N autical Intelligence.
SEW LIGHTHOUSE ON THE LAGSKAR ROCKS, GULF OF BOTHNIA,

The Imperial Ministry of Marine of Russia has given notice, that (instead of
the old lighthouse of wood) a new lighthouse has been erected on the north­
western of a cluster of low rocks, named the Lagskar, lying in the southwestern
part of the entrance of the Gulf of Bothnia, and that the light would be ex­
hibited from it on and after the 30th day of September, 1859. The light is a
fixed white light, and it illumines an arc of the horizon from N. 401° E., round
northerly to S. 324° E. It is elevated 101 feet above the mean level of the sea,
and should be visible in clear weather from a distance of 14 miles. The illumi­
nating apparatus is catoptric, or by metallic reflectors. The lighthouse is 89 feet
high. The lower part, 18 feet, is built of granite, and the upper part, 53 feet,
of brick, which is surmounted by a lantern, 18 feet high, painted yellow. It
stands in latitude 59° 50' 50" N., longitude 19° 55' 50" east of Greenwich, and
from it the south point of Aland Island bears N. E. by N., 104 miles, and Soderarm lighthouse W. f S. 164 miles.
WELLINGHAMN AND KUGGHOLM ROCKS.

Also, that two rocky ledges, named Wellinghamn and Kuggholm. have lately
been discovered in the southeastern part of the entrance of the Gulf of Bothnia.
The former, with only 8 feet of water on it, lies in latitu e 60° 6' N., longitude
21° 8' east of Greenwich, and bears from 8. W. to 8. 4 W., distant one mile,
from the Wellinghamn Islet; its southern point is marked by a pole with a red
flag on it. The Kuggholm, with 9 feet over it, lies W. by S. 4 S. one mile from
Bjornholm, in latitude 60° 12' N., longitude 21° 35' east of Greenwich. Its
northwestern point is marked by a pole.
BEACON ON HIIDENNIEMI POINT.

Also, that the beacon on Hiidenniemi Point, the northwest extreme of Carlon
Island, in the northeast part of the Gulf of Bothnia, and which is the leading
beacon for Port Uleaborg, has been rebuilt of wood, and painted red. The bea­
con is sexangular and has a pointed roof, which is surmounted by an iron weather
pendant. It is 94 feet above the mean level of the sea, and is visible in clear
weather from a distance of about 10 miles. The bearings are magnetic. Varia11° west in 1859. By command of their lordships,
JOHN W ASH IN GTON , Hydrographer.
L ondon,

November 24, 1859.

BEACON ON H0GSTY REEF, BAHAMA ISLANDS.

Information has be* n received at the Admiralty, that the stone beacon, (62 feet
high,) which was erected on the Northwest Cay of the Hogsty Reef towards
the end of the year 1858, has been leveled to about six feet of the ground by the
hurricane which passed over it in October, 1859. Orders has been given for the
immediate rebuilding of the beacon. The Northwest Cay is in latitude 21° 42'
N., longitude 73° 51' west of Greenwich, and bears N. by W . 4 W., distant 41
miles from the west extreme of Great Inagua Island, and S. E. 4 E. 37 miles from
the west end of Castle Island. 'The bearings are magnetic. Variation 34° east
in 1859. By command of their lordships,
L ondon,

November 26,1859.

JOHN W ASH IN GTON , Hydrograplier.
__________________________

M0NTAUK POINT, LONG ISLAND,

Notice is hereby given that the present light at Montauk Point, on Long
Island. N. Y ., will be extinguished on the 10th of July Dext, for the purpose of
repairing this tower. A temporary light, consisting of three 21-inch reflectors,
will be exhibited from and after that date until the repairs and alterations have
been completed. The temporary light will be shown from a height of 110 feet
above the sea level, and should be seen at a distance of sixteen nautical miles.
It will be of the natural color, and the time of revolution will be two minutes,
the same as the present light. By order of the Lighthouse Board,
W M . F. SMITH, Secretary.
"W a s h i n g t o n ,

April 13, 1860.




Nautical Intelligence.

737

ALTERATION OF LIGHT AT CROOKHAVEN, IRELAND,

The Port of Dublin'Corporation has given notice, that on and after the 1st
day of February, 1860, the following alteration will be made in the light at
present exhibited from the lighthouse situated on the north side of the entrance
to Crookhaven, on the southwest coast of Ireland The light, which is a fixed
light, will continue to show white towards Long Island Bay, and towards the
inner portion of Crookhaven, but it well be colored red in the direction of the
Alderman Rocks and Streek Head, or when bearing from a vessel between N.
W . i W . and N. by E. Vessels, therefore, about to enter Crookhaven should,
in order to clear these rocks in passing them, keep to the northward of the
northern limit of the red light. The light is elevated 82 feet above the level of
high water ; the white portion of it should be visible in clear weather from a
distance of 13 miles, and the red about 10 miles. The light-tower is circular,
45 feet high, and colored white. It stands iD latitude 51° 28' 35" N., longitude
9° 42' 39" west of Greenwich. A beacon will be erected on the outer eastern
point of the Alderman Rocks, of which due notice will be given. The bearings
are magnetic. Variation 26£° west in 1859. By command of their lordships,
JOHN WASHINGTON, HydrograpKer.
L ondon,

December

13, 1859.

FIXED LIGHT ON GRINDSTONE ISLAND, BAY OF FUNDY.

Information has been received at the Admiralty, that the light is exhibited
from the light-tower recently erected on the western point of Grindstone Island,
on the New Brunswick shore, at the head of the Bay of Fundy. The light is a
fixed white light, placed at an elevation of 60 feet above high water, and visible
in clear weather from a distance of 12 miles. The rise of tide at springs is
about 48 feet. The light-tower is octagonal, and painted white. It stands in
latitude 45° 43' 13" N., longitude 64° 37' 25" west of Greenwich, and from it
Cape Enrage lighthouse bears S. W . by VV. i W. 10 miles The keeper’s dwell­
ing is about 50 feet to the eastward of the light-tower, and is also painted white.
The above position is according to Captain S hoktland, R. N., but the longitude
differs about 10 miles from the position of Grindstone Island on the Admiralty
charts. (The bearings are magnetic. Variation 191° west in 1859.) By com­
mand of their lordships,
L ondon,

December

JOHN W ASHINGTON, Hydrographer.
16, 1859.

NEW LIGHT AT CAPE OF GOOD HOPE.

Official information has been received at this office that an iron lighthouse
tower has been erected on the Cape of Good Hope, a light from which will be
exhibited on the 1st of May, 1860. The tower is 30 feet above the ground, and
is painted white, the light is 816 feet above the sea, and is visible in all direc­
tions from N. 34° W., round by the west, south, east, north to N. 7° west, save
and except on a sector included between N. 54° W. and N. 61° W., where it is
obscured by the intervention of a high peak 880 feet above the sea, and 1,800
yards from the light-tower. The light is on the catoptric principle, and of the
first class; it is white, revolving, and shows its most brilliant beam once in a
minute for the space of twelve seconds of time, and it is visible in clear weather,
from a deck 16 feet high, at the distance of 36 miles, (nautical.) Latitude of
the light, 34° 21' 12" south. Longitude of the light, 18° 29' 30" east. (Bear­
ings true.) By order of the Lighthouse Board,
W a s h in g t o n ,

April 20,1860.

E. SEMME3, Secretary.

ROCK OFF ST. THOMAS HARBOR, ST. THOMAS ISLAND.

Information has been received at the Admiralty, from Her Majesty’s Consul
at St. Thomas Island, that a small detached coral rock has recently been dis­
covered lying to the southward of the Triangles Rocks, off the eastern point b f
entrance to St. Thomas Harbor, Virgin Islands. The rock, which is only 100
VOL. XXII.— no . vi.
47




738

Nautical Intelligence.

feet in diameter, has 17 feet least water on it, and 7 fathoms close to. It lies 165
fathoms to the southward of the southwest rock of the Triangles group, with the
two western rocks of that group in line bearing north Judge B e r g ’ s house,
(the only flat-roof building above the town of Charlotte Amalia, on the second
hill from the west,) kept well open to the westward of Mohlenfels Point, or Contant Mill in line with Cowell Point, will lead to the westward of this danger ;
but a vessel of large draught on nearing the port from the eastward, should keep
East Gregerie Channel well open until the west point of Water Battery is in
one with the east end of the northern church, bearing N. by W . J W ., which
is the fairway leading mark into the harbor. The bearings are magnetic. Varia­
tion 1° 30' east in 1860. By command of their lordships,
L ondon,

March

JO,

JOHN W ASHINGTON, Hydrographer.
1 8 6 0 . __________________________

LIGHTS ON THE SOUTH COAST OF AUSTRALIA.

With reference to Notice to Mariners, No. 47, dated 20th October, 1859, the
Department of Trade and Customs at Melbourne, Victoria, has given the follow­
ing additional information relative to the lights exhibited on and after the 1st
day of September, 1859, in Warrnambool Harbor and Port Albert, on the south
coast of Australia :—
FIXED LIGHT IN WARRNAMBOOL HARBOR.

The light is a fixed white light, elevated 78 feet above the mean level of the
sea, and in clear weather is visible seaward from all points of the compass from
a distance of 13 miles. The illuminating apparatus is dioptric, or by lenses of
the fourth order. The lighthouse stands on Middle Island, and its approximate
position is latitude 38° 26' S., longitude 142° 32' east of Greenwich. Prom the
lighthouse the southeast extremity of the reef bears S. E. by E. £ E., distant
half a mile ; and the southern extreme of Hopkins Reef E. 1 S., 2 miles.
C a u t io n .— No stranger should attempt to enter Warrnambool Harbor at night,
nor should the light on Middle Island be approached within one mile. Vessels
bound to the harbor from the westward should not bring the light to bear to the
southward of E. f S .; nor to the westward of N. W . by W. \ W. if bound from
the eastward.
FIXED AND FLASHING LIGHT IN PORT ALBERT.

The light is a fixed red light, varied by a bright flash every three minutes, and
is visible seaward from a vessel when bearing between W . by S and N. E. The
light is elevated 40 feet above the mean level of the sea, and should be seen in
clear weather from a distance of 9 miles. At the distance of 6 miles and up­
wards, it will appear as a steady light for a space of one minute and forty sec­
onds, be suddenly eclipsed thirty-four seconds, then exhibit a bright flash for
twelve seconds, and be again eclipsed for thirty-four seconds, when the steady light
will reappear. When within about 3 miles of the light, the eclipses will be
scarcely observable, a continued fixed light being at that distance visible between
the intervals of the bright flashes. The illuminating apparatus is dioptric, or
by lenses of the fourth order. The lighthouse, built of wood, and colored red,
stands on the eastern end of La Trobe Island, in the northern part of Corner
Inlet, and its approximate position is latitude 38° 46' S., longitude 146° 31'east
of Greenwich.* From the lighthouse the outer red buoy, old channel, bears S.
E. by E. J E., distant 34 miles; Cliffy Island 8. S. E. 4 E., 13 miles ; North
Seal Island S. by E. 4 E., 9 miles ; Rabbit Isiand S. by W . J W., 11 miles ;
and Point Townsend S. W., 34 miies. The bearings are- magnetic. Variation
in Lady Bay. 6 4 ° E .; and in Port Albert, 94° E., in 1859. By command of
their lordships,
JOHN W ASHINGTON, Hydrographer.
L ondon,

November 14,1859.

* This would place the lighthouse on tho southwest part of La Trobe Island; in a former notice
from Melbourne, dated 2eth May, 1859, the longitude was given as 14U deg. 38 min. E.




Postal Department.

739

POSTAL DEPARTMENT.
DEAD-LETTER OFFICE.

The report of the Postmaster-General contains some interesting information
upon the causes of the miscarriage of letters:—
The following resolution was adopted by the United States Senate, March 9,
1859 :—
Resolved, That the Postmaster General is hereby requested to state, as near as
possible, in the next annual report of the service of the Post-office Department,
the number of letters consigned to the Dead-letter Office during the fiscal year,
and what further legislation is necessary to diminish the number of such letters,
or to provide for their return to the writers thereof.
Accordingly, I have to report that the whole number of dead-letters during the
fiscal year is estimated at 2,500,000, including about 500,000 “ drop letters ” and
50.000 “ held for postage.” Deducting these two classes, the number of letters
actually conveyed in the mails and failing to reach the persons addressed may be
estimated at less than 2,000,000 a year.
More than fifty per cent of the entire accumulation of dead letters occurs at
about forty out of the 28,539 post-offices, including, of course, the large cities
and towns.
Particular efforts have been made to ascertain the true reasons why letters,
especially those with valuable enclosures, failed to reach their destination, and it
is satisfactorily established, in the large majority of cases, that the fault is with
the writers themselves, either in misdirecting or illegibly directing their com­
munications. The migratory habits of the people must also be considered among
the prominent causes of the accumulation of dead-letters, more particularly in
the western or newer portions of the country.
By way of illustration, it is stated, as the result of inquiries which have been
made to a limited extent, that more than sixty (60) per cent of letters contain­
ing money recently restored to the owners, failed to reach their destination en­
tirely from being either misdirected, held for postage, or addressed to transient
persons.
And in reference to dead-letters with valuable enclosures other than money, the
results have been found still more glaring —over eighty (80) per cent having been
either misdirected, held for postage, or addressed to transient persons. These
are the proportions of cases explained. Further investigations on this point are
in progress, the result of which will hereafter be fully shown.
The attempt has also been made to sound public sentiment on the subject of
restoring to the writers dead-letters which do not contain enclosures of value, and
from information thus far received it wTould seem that, in about one-third of the
cases the writers are willing to pay for recovering their letters. At the same
time the fact is shown that, of this class of letters, forty (40) per cent miscarry
through fault of the writers.
The whole number of dead-letters, containing money, registered and sent out
during the year ending June 30, 1859, was 9,726, of which 8,574 were delivered,
leaving 1,152 unclaimed. The whole amount of money received was $45,718 14 ;
amount restored to owners, $41,143 74.
The number of letters registered and sent out, containing valuable enclosures
other than money, such as bills of exchange, drafts, bonds, treasury warrants,
&e., was 8,647; of which 7,738 have been restored to the owners, leaving un­
claimed 909.
The amount of the enclosures was $2,502,298 11; the amount of the enclo­
sures in sterling was £6,983 15s. 5d.; the amount of the enclosures in francs
was 104,421.
The number of dead-letters returned (unopened) to foreign countries during




740

Commercial Regulations.

•the last fiscal year was 133,981, divided as follows, viz.:—England, 60,310;
Prance, 15,757 ; Prussia, 18,409 ; Bremen, 6,919 ; Hamburg, 1,401; Canada,
.27,537 ; New Brunswick, 1,780 ; Nova Scotia, 1,868.
This course of business in the Dead-letter Office seems to have remained with­
out material, if auy, change since the organization of the Department in 1836,
being limited to the examination of letters only so far as necessary in order to
restore to the owners those containing money or other valuable enclosures ; and
from the amount of labor and the small number of clerks, it has been impossible
to make needed improvements. Indeed, it has been found, of late years, that
even the ordinary duties could not be duly performed ; and it is, therefore, now
a matter of urgent importance to provide the means of improving this interest­
ing branch of the public service.

COMMERCIAL REGULATIONS.
CHANGES IN NEW YORK CANALS TOLLS,

W e have compared the rates of tolls on the canals, as recently established and
.published by the Canal Board, with the rates for last year, and find the follow­
ing changes. The figures expressing the tolls are mills and tenths of a mill:—

Barley......................... ......................................................................
Bars of iron, going from tide-water...............................................
Beans .................................................................................................
Bolts, stave, if carried in boats.......................................................
Bones, for manure.............................................................................
Brick..................................................................................................
Butter................... .............................................................................
Butts, stave, if carried in b o a ts ....................................................
Castings, all iron castings, except machines, and parts thereof.
Cement, hydraulic...........................................................................
Cheese.................................................................................................
Coal, mineral....................................................................................
Coal, bituminous, from Lake Erie to tide-water........................
Coffee, going from tide-water.........................................................
Crockery, going from tide-water...................................................
Enameled ware, flint, going from tide-water.............................
Flint, enameled ware, going from tide-water..............................
Glassware, going from tide-water..................................................
Heading, cut or undressed, transported in boats.......................
Heading, dressed or partly dressed..............................................
Horse shoes going from tide-water..............................................
Hydraulic cement.............................................................................
Iron in sheets, bars, or bundles, going towards tide-water........
Iron ore........................... . ................................... ..........................
Iron, boiler, going from tide-water................................................
Iron, bridge and railing, going from tide-water...........................
Iron safes............................................................................................
L a r d ..................................................................................................
Lard o il.............................................................................................
Leather, going from tide-water....................................................
Lim e...................................................................................................
H em lock........................................................ ...................................
Merchandise not enumerated, going from tide-water.................
Molasses going from tide-water.....................................................
Nails, going from tide-water..........................................................




I860.

1859.

m.

fr.

m. fr.

3
2
3
1
L

0'
0
0
5
0
0
0
5
0
0
0
0
5
0
0
0
0
0
5
5
0
0
0
0
0
0
0
5
5
0
5
6
0
0
0

2

1

2
1

3
2
2
1

0
2
2
2
2
2
1
1

2
2
2
1

2
2
2
1
1

2
1

1
2
2
2

1

2
1
0
0
1
1

2
1
1

0
0
1
1
1
1
1
1
1
1
1
1

0
1
1

4
1
1
1
1

0
1
1
1

0
0
0
0
5
5
0
0
-0
0
0
5
0
0
0
0
0
0
0
8
0
0
0
5
0
0
0
0
0
0
0
6
0
0
0

741

Commercial Regulations.

O a ts .................................................................................................*
Peas....................................................................................................
Pork, salted.......................................................................................
Potatoes............................................................................................
Railroad chairs.................................................................................
Railroad iron.....................................................................................
R ye.....................................................................................................
Sand....................................................................................................
Sawdust.................................................................................. . . .
Soda ash............................................................................................
Spikes, going from tide-water......................................................
Staves, cut or undressed, and staves bolts and butts, transpor­
ted in boats...................................................................................
Steel, going from tide-water...........................................................
Stone for the manufacture of lim e................................................
Stoves................................................................................................
Sugar, going from tide-water.........................................................
T a llo w ..............................................................................................
Tar, going from tide-water.............................................................
Timber, square and round...............................................................
Turpentine, going towards tide-water..........................................
Varnish..............................................................................................
Ware, flint, enameled, going from tide-water..............................
Water lime........................................................................................

1860.

1859.

m. fr.
2 5
3 0
2
0
2 0
2 0
2
0
2
5
5 0
1 0
1 0
2 0

m. fr.
2 0
2 0
1 5
1 0
1 5
1 5
2 0
1 0
0 6
2 0
1 0

1
2
1
3
2
1
2
6
1
2
2
1

5
0
0
0
0
5
0
0
0
0
0
5

1 0
1 0
© 5
2 0
1 0
1 0
1 0
4 0
2 0
4 0
1 0
1 0

HVTERJiATIOJIAL SIGNALS.

The Committee on Commerce of the House of Representatives have instructed
the Hon. Mr. E l i o t , of Massachusetts, to report a “ bill to provide for the general
introduction of an international code of marine signals for the use of all nations.”
The following letter on the subject, addressed to the Hon. Mr. E l i o t , will doubt­
less prove interesting to our readers :—
O b s e r v a t o r y , "W a s h i n g t o n ,

H e a r S i r :—Your communication, requesting my views
R o g e r s ’ s Marine Signals,* and the expediency of legislation

March

1 5 ,1 8 6 0 .

as to the value of
with regard to them,

has been received.
In reply, I beg leave to state—
That the code to which they relate has been passed upon by some of the most
distinguished officers of the British navy ; that they have given it their hearty
approval, and that, upon their recommendation, it has been adopted, by authority
of the Board of Trade, on board of all British ships. This has stamped their
sterling value upon them.
The importance of some code of signals is, and ever has been, acknowledged
by all who use the sea, and it will be readily understood that the value of any
code is, like that of a language, enhanced precisely in proportion to the number
who use it. Two-thirds of ail the shipping in the world sail under the American
or English flag, and the benefits of this code have already been extended by the
Board of Trade to no less that 40,000 British ships.f So that each American
ship that adopts it now is thereby possessed of the ability to tell her distress, and
make known her wants to any one of this immense fleet, in whatever part of the
world she may fall in with one—herself adding to the number, and giving
additional value to the code. If these signals be adopted by the American marine
also, there is no doubt all nations will adopt them, and thus introduce a universal
language for the sea, in which persons speaking unknown tongues may, in spite
* The neir Commercial Code of Signals, for the use of all nations—Rogers’ s American edition and
flags.
t By appropriating to each vessel a special signal for identification at sea.




742

, Commercial Regulations.

of wind and waves, make known each to the rest, from the deck of his own ves­
sel, ail his wants and wishes as clearly as though he were side by side speaking
the same language. Indeed, if we may imagine two travelers, one with the
power to converse in their own language with all whom he may chance to meet,
the other without the ability either to make himself understood or to understand
others, the difference in the situation of the two would, in kind, if not in degree,
be precisely similar to that of the two ships in distress at sea, one with the power,
the other without the power, of using this or some other general code.
The circumstances of the loss of the steamship Central America, when H e r n d o n
perished so nobly, are doubtless fresh in the memory of the Committee. Besides
the every-day importance of this code to tie business of commerce, its very
great advantages to ships in distress were strikingly exemplified on that occa­
sion.
You recollect that six hours before the ship went down, the brig “ Marine ”
hove in sight to windward. Seeing the steamer’s signal of distress— the flag
union down—and which at present is the only universal signal known at sea—
she ran down to see what was the matter. This, Captain B u r t did not discover
until he passed under the steamer’s stern. Then, by the time he could round to
and stop, his brig had drifted far to leeward, so far that the boats of the steamer
could return for passengers only once from the brig. Now. if this code could
have been on board those two vessels, H e r n d o n could have flung out his signal
as the brig drew near, “ I am in a sinking condition.” The “ Marine ” could
then have rounded to the windward, and doubtless would, by so doing, have
saved the lives of all the passengers and crew, if not the mails and treasure also.
Seeing that this code will be shorn of its great current value to a vessel whose
name and number are not contained in it, recognizing also the demands of
humanity, which require at the hands of legislators all encouragement that they
may lawfully and wisely give for the safety of life at sea, I think some legisla­
tion, looking to the establishment of this code in our commercial marine, not
only expedient, but highly important. The establishment of a new code ol sig­
nals, and bringing them into vogue at sea, is as much beyond the compass of
private enterprise as is the establishment throughout Christendom of a uniform
system of weights and measures. Respectfully, &c.,
M. F. MAURY.

To Hon. T h o m a s D. E l i o t , of Committee on Commerce, House of Representatives,
Washington.
THE EAST RIVER,

The following is a copy of an act to amend an act entitled “ an act concern­
ing the pilots of the channel of the East River, commonly called Hell Gate,”
passed April 15th, 1847. Passed March 12th, 1860 :—
S e c t io n 1. Section nine of the act entitled “ An act concerning the pilots of
the channel of the East River, commonly called Hell Gate,” passed April
fifteenth, eighteen hundred and forty-seven, shall be and the same is hereby amended
so as to read as follows:—
S e c . 9. If any person other than a Hell Gate pilot shall pilot or tow for any
other person, any vessel of any description, on board such vessel for that purpose,
except barges, vessels of less than ninety-five tons burthen, and canal boats,
actually used in navigating the canals, or shall offer to pilot or tow any such ves­
sel in the channel of the East River, commonly called Hell Gate, without the aid
of a branch pilot on board, he shall forfeit and pay the sum of thirty dollars for
every such offence, to be sued for and recovered by the board of port wardens of
the port of New York, for the benefit of the Hell Gate pilots, and shall also be
deemed guilty of a misdemeanor, and on conviction thereof, shall be punished for
such offence ; but nothing in this act shall be construed to prevent one of the
crew of the vessel from piloting said vessel through the aforesaid channel, nor
impair or affect the seventh section of the act hereby amended.
S e c . 2. This act shall take effect immediately.




748

Journal o f Insurance.

JOURNAL OF INSURANCE.
INCREASE OF LIFE INSURANCE.

The following table, giving the “ whole life policies of sixteen life insurance
companies doing business in Massachusetts, outstanding November 1, 1859, ar­
ranged according to the year in which they were issued, each year ending Nov
1, 1859,” is from the Fifth Annual Massachusetts Report. We give the aggreg a te, or all com pan ies com bined :—

Year.
1827............................
1830............................
1834............................
1 8 3 5 ............................
18 36............................
1838............................
18 39............................
1840............................
1842......................... ,
1843.............................
1844.............................
1845............................
1846.............................
1847.............................
1848.............................
1849.............................
1850.............................
1851.............................
1852.............................
1853.............................
1854.............................
18 55.............................
1856.............................
1857 ...........................
1858.............................
1859.............................
Totals..................

No. of
policies.

Amount
insured.
$5,000 00
2,000 00
5,000 00
5,000 00
3,500 00
4,500 00
6,000 00
2,000 00
1,500 00
495,713 59
794,816 89
2,033,640 20
3,553,049 91
4,368,975 91
4,868,122 44
7,205,744 11
7,423,934 76
6,562,321 97
4,975,933 35
5,922,064 74
7,653,927 06
7,822,039 33
9,915,652 19
11,595,703 00
15,394.604 63
23,262,853 00

Net value.
$3,483 64
971 93
2,417 05
1,572 35
1,474 98
1,456 66
2,843 47
979 16
553 92
163,060 37
235,431 72
550,651 43
807,418 52
937,657 26
979,486 85
1,260.137 95
1,199,054 65
950,931 38
540.913 20
674.785 67
719,844 57
619,666 55
632,374 13
536,728 69
480,950 89
418,604 57

$123,913,596 10

$11,853,461 56

Ratio of
value to
amount.
69.67
4 8 .6 0
4 8 .3 4
3 1 .4 4
4 2 .1 4
32 .37
4 7 .3 9
48 96
3 6 .9 3
3 2 .8 9
2 9 .6 2
2 7 .0 8
23 .67
2 1 .4 7
2 0 .1 2
17 .49
16 .19
14 .40
1 2 .8 5
1 1 .4 0
9 .4 8
7 .9 2
6 .3 8

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

This combination seems to show the general progress of the business, and
that its income does not depend materially upon the increase of the number of
companies, for it seems to have fallen off considerably, just as the number of
companies had remarkably increased, and to have begun to increase again, some
time after new companies had ceased to be added. The commissioners think
the increase of companies rather the effect than the cause of an increase of life
assurance. In regard to the formation of more life companies, the commissioners
suggest that, “ as the larger companies appear to invest as profitably as the
smaller ones, and have generally a smaller ratio of expenses to receipts, it fol­
lows that there will be little need of any new companies, till the existing small
ones have all become larger, and perhaps not even then.”




744

Journal o f Insurance.
MARINE LOSSES FOR APRIL, 1860.
Vessel and freight.

Cargoes.

Total.

$110,000
3'19,000
161,000
57,500
75,600

$242,000
720,000
376,600
66,400
75,700

$352,000
1,099,000
537,600
123,900
151,300

$783,100

$1,480,700

$2,263,800

$749,950
1,114,000
1,894,500
1,480,700

$1,973,850
2,409,000
3,431,950
2,263,800

Steamers.......................................................
Ships..............................................................
Barks...............................................................
Brigs...............................................................
Schooners.......................................................
Total....................................................
R E C A P IT U L A T IO N

January, 1860...............................................
February.......................................................
March.............................................................
■April.............................................................

OF

LOSSES.

$1,223,900
1,295,000
1,537,450
783,100

ENGLISH LIFE INSURANCE COMPANIES.

"We make, says the Wall Street Underwriter, the annexed interesting extracts
from a letter of Mr. W m . C arpenter, of London, entitled “ The Perils of
Policy Holders and the Liabilities of Life Offices,” and which that gentleman
has addressed to the Chancellor of the Exchequer. Mr. Carpenter ’s figures
as given below are very valuable, more especially as he has adopted a mode of
analysis for English offices which is the same in principle as that which we ap­
ply to the annual accounts of our life companies here :—
C O M P A R A T IV E

Names of office.

Eagle...............................
Scot. Widows’ F u n d ....
University........................
Standard.........................
N ational.........................
National Provident . . . .
Metropolitan..................
Legal and General........
Liverpool and London..
Minerva...........................
International....................
Victoria............................
Star...................................
S overeign .......................
Consolidated....................
Gresham............................
Kent Mutual...................
New Equitable...............
British Industry.............
European..........................

V IE W

Date o f es­
tablishment.

1807
1815
1825
1825
1830
1835
1835
1836
1836
1836
1837
1838
1843
1845
1846
1848
1850
1851
1853
1854

OF P R IN C IP A L

Sums
Assured.

£9,396,333*
14,069,666*
1,529,3961
6,878,753
1,178,0031
6,708,066*
3,125,017 -f3,686,633*
4,247,0331
1,771,899
2,184,303f
1,553,619 f
2,032,441*
827,342
420,174f
3,793,533*
773,166*
1,051,100*
722.166
3,620,000*

O F F IC E S .

Bealized
assets.

£1,853,744
3,341,010
806,183
1,684,000
374,551
1,755,685
848,457
1,033,616
816,503
320,085 |
192,397
305,737
286,497
94,916
59,007
184,610
44,223
25,438
14,2491"
220,780

Percentage
of assets to Premium
income
liabilities.

194
47}
62|26}
31}
26
27
28
17i
18
84
19}
12}
11}
14
4}
5}
2}
2
6}

£281,890
422,090
45,036
276,000§
46,415
201,242
67,646
110,599
121,411
77,247§
69,528
61,000§
68,002
22,880
12,075
113,806
23,315
31,533
21,665
105,600

* These offices do not give the amount o f the sums assured. I have got it b y assuming the ave­
rage of the premiums to be at 3 per cent.
t These are the sums given by the offices.
X I have included in the sum assured, £200,000 for fire risks, which is a low estimate. I have
deducted from the assets £188,422, for paid-up capital share, and £188,422 for annuities payable by
the ofiice, valuing them at ten years’ purchase, £151,110: together, £839,582.
This is the gross income. I could not obtain tho premium income alone.
The realized assets are stated to be £362,045, but this includes proprietors’ fund, £41,960.
T The capital has all disappeared.




Railroad, Canal, and Steamboat Statistics,

745

DESTRUCTION OF PROPERTY BY FIRE,

We have referred to the great aggregate loss of property by fire that has
taken place in the country this spring. The Chicago Journal has collected from
its exchanges the following list of fires that have occurred in the month of
March, in the Western States alone, taking only those where the losses amount
to over $10,000 •—
March.
1 .. Winchester, Ohio...........
3 . . Hannibal, Mo.................
10. .East Saginaw, M ich .. . .
10. .Naples, 111.......................
1 1 .. Alton, 111.........................
13. .Mobile, Ala..................
1 5 . . Niles, Mich.....................
16. .Havana, III..................
1 6 ..Alton, 111.........................
16. .St. Paul, Minn................
16. .Rockford, 111 .................
18. .Sparta, W is.....................
21. .Milwaukee, W is.............
Total....................................

March.
2 1 .. Yellow Springs, Ohio.
2 2 . . Pekin, 111..................
22. .Clarksville, M o.......... .
23. .Owensboro’, Ky.........
2 4 .. Carlinville, 111.............
24. .Fort Wayne, In d .. . .
25. .Fort Snelling, Minn..
2 6 .. Mt. Clemins, Mich... .
28. .Nashville, Tenn..........
28. .Jackson port, A r k . . . .
2 8 .. Independence, Mo.. . .
40.000 31. .Kenosha, W is .............

Amount.

Amount.

$12,000
10,000
35,000
10,000
10,000
275,000
20,000
100,000
30,000
100,000
20,000

50,000
125,000
20,000
50,000
10,000
25,000
150,000
150,000
40,000

12.000

.

$1,346,000

RAILROAD, CANAL, AND STEAAIBOAT STATISTICS.
NEW YORK CANALS,

The following table shows the gross tolls, expenses, and net proceeds of the
New York State Canals, since 1836 :—

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

Expense of collec­
tion, superintend­
Gross tolls in ence, and ordina­ Net proceeds
each fis. year.
ry repairs.
eacn year.
$1,598,455
$467,599
$1,130,856
1,325,609
608,993
716,616
1,655,275
622,027
843,247
1,655,788
504,757
1,151,026
1,606,827
505,020
1,031,806
1,989,666
1,475,169
514,517
1,797,163
642,584
1,154,879
1,953,329
531,145
1,422,683
2,388,457
636,857
1,751,599
2,375,533
738,106
1,637,427
2,798,849
639,353
2,159,496
3,463,710
643,768
2,819,944
855,850
3,156,968
2,801,117
8,378,920
685,803
2,693,116
3,393,081
835.965
2,557,115
3,703,999
907,730
2,796,269
2,125,811
1,049,045
3,174,357
3,162,190
2,063,713
1,098,476
2,982,114
1,237,806
1,744,248
989,792
2,672,906
1,643,114
2,721,740
786,633
1,935,107
2,529,866
970,453
1,561,350
1,078,878
2,072,204
993,325

Total

$39,709,048

Year.

1 8 8 6 ...
1 8 3 7 ..
1 8 3 8 ..
1 8 3 9 ..
1 8 4 0 ..
1541..
1 8 4 2 ..
1 8 4 3 ..
1 8 4 4 ..
1 8 4 5 ..
1 8 4 6 ..
1 8 4 7 ..
1 8 4 8 ..
1 8 4 9 ..
1 8 5 0 ..
1 8 5 1 ..
1 8 5 2 ..
1 8 5 3 ..
1 8 5 4 ..
1 8 5 5 ..
1 8 5 6 ..
1 8 5 7 ..
1 8 5 8 ..




746

Railroad, Canal, and Steaniboat Statistics.

Deduct estimated cost of Canals, viz. :—
$26,000,000
6 , 000,000
3.000.
000
2 .000 .000
2,744,304
650.000
350.000
----------------- 39,744,304

Drie Canal enlargement......................................
Genesee Valley Canal.........................................
Black River Canal................................................
Oswego enlargement............................................
Debt in 1836.........................................................
Caynga and Genesee enlargement....................
Locks, Champlain Canal................. .................

$35,256

Deficiency

RAILROADS OF CONNECTICUT,

Governor B u c k in g h a m , in his message to the new Legislature of Connecticut,
says :—The whole length of railroads built within the State of Connecticut is
602 miles, constructed at a cost of §29,861,532 04, of which §18,727,717 31
has been paid in. The gross income has been §3,527,903 79, which is an in­
crease of §409,921 64. The net income has been §1,221,797 51, or four per
cent on the cost, showing an increase of §175,392 59.
The governor further says :— The commissioners report the roads as having
been conducted with increased economy, with convenience to the public, and
without the loss of the life of a single passenger. These facts, taken in connec­
tion with the attention which has been given to the roads, the renewal of rails
and the repairs and reconstruction of bridges, show a gradual improvement in
the roads and their management. Many who engaged in the building of these
railroads sustained great personal losses, yet the roads are of almost incalcula­
ble benefit and importance to the public, and could not now be dispensed with.
They have been constructed with private capital, aided by grants from the State,
of the franchises embraced in their several charters. The stockholders naturally
desire a remuneration for their investment, while the State aims to promote the
convenience and increase the business of the people. These objects are highly
proper, are consistent with the interests of all parties, and may be, in a great
measure, secured by harmonious action.
ST. MARY’ S CANAL.
STATEM ENT OF

R E C E IP T S

FROM

THE

O P E N IN G

closing,

Month.

1855.

A p r il.........
May............
J une...........
July............
August.......
September..
October___
November..

$390 84
830 24
990 72
756 88
885 26
520 72

Total..

$4,874 66

OF

TH E

C A N A L , JU N E

18TH, 1855,

TO

THE

1858.

1859.

o a nov. 30th, 1859.

1856.
$742
1,341
1,548
1,548
1,134
790
471

30
96
26
28
80
18
96

$7,575 78

1S57.
86
84
40
02
79
70
50

$476 78
1,438 08
2,088 56
2,182 44
1,731 34
1,442 34
1,412 34
405 76

$9,406 74

$10,848 80

$500
1,605
2,325
1,822
1,576
1,146
429

$2,393
8,294
3,'446
3,091
2,425
1,244
1,045

86
04
28
98
42
80
46

$16,941 84

Aggregate tonnage for the year 185.1. 352,642.
The Superintendent’s report states that, in order to fully comprehend the iim




747

Railroad , Canal, and Steamboat Statistics.

portance of the St. Mary’s Falls Ship Canal, in connection with the commerce
of the lakes, we must anticipate the time when railroad communication will
be opened from the head of Lake Superior with Minnesota and the fertile regions
beyond, whose imports and exports will necessarily pass through this canal, and
thus augment its business to an almost indefinite extent, even beyond the antic­
ipations of those whose estimates are now considered extravagant and chimerical.
The average number of vessels per day for the months of July and August
last was seven, and the aggregate tonnage for the season 352,642. He considers
it perfectly safe, in view of the flattering prospe.cts of next year’s business, that
the number will be doubled. A t this rate, it will be but a short time before a
demand will exist for all the accommodations which the most perfect system of
operating the canal can furnish.
SPANISH RAILWAYS,

Some weeks ago the opening for public traffic of the Seville and Jerez Rail­
way was announced to take place shortly ; but though numerous trains have
transported war appliances, wounded soldiers, and railway materials, the day
was not fixed for the opening when our correspondent wrote. This is owing to
the very bad state of the weather for the last two months. Throughout Anda­
lusia circulation has been so impeded that the principal towns are completely
cut off from all communication with each other, and the Seville and Cordova
line resembles an island surrounded by a sea of mud.
Most active steps are being taken for the speedy construction of a line from
the sea coast to Tetuan, in Morocco, lately taken by the Spanish troops. Don
Mariano Elola, government officer of the province of Seville, has already arrived
at the camp in the Tetuan valley, in charge of railway materials, etc. The line
is to be nine kilometres in length.
A t the close of the year 1859 the following was the state of railways in
Spain, with their annual receipts :—
Kilometres,
in length.

Madrid to Alicante..........................................
Madrid to Saragossa......................................
Cordova and Seville......................................
Valencia and Almansa...................................
Alar and Santander.......................................
Barcelona to Saragossa..................................
Barcelona to Martorell..................................
Barcelona to Arens........................................
Barcelona to Granollers................................
Jerez to Trocaders.........................................
Langres and Gijon..........................................
Tarragon...........................................................
Totals....................................................

482
57
131
138
91
87
27
86
29J
27^
39
14
1,109

Receipts, 1859.
Reals velion,
44,228,893
2,126,720
4,259,146
6,430,425
8,540,372
2,905,680
2,083,765
4,185,787
2,742,050
3,717,408
761,198

81,981,444

The Langres and Gijon line, in 1858, received 1,832.071 reals velion, (£1
equals 96 reals velion.)
Five locomotives, of the most improved workmanship and solidity, have ar­
rived at Santander, from Havre, on board the French vessel Salamandre, for the
Northern Spanish Railway.
On the the 2d February the first gas lighting was inaugurated in the flourish­




748

Railroad , Canal, and Steamboat Statistics.

ing city of Jerez. Much praise is given to the Spanish Compania de Credito
for this enterprising work.
The works of the fourth, fifth, and sixth sections of the Alcazar de San Juan
and Ciudad-Real position of the Madrid and Saragossa Railway have been ad­
vertised for contract, tenders being received up to the 15th February. The total
estimate for the three sections is 5,850,000 reals vellon, or about £58,500.
In 1860, according to the laws of the different concessions, the following rail­
ways are to be opened for public service :— Granollers to Santa Coloma; Valladolid to Burgos ; Duenas to Alar ; Arenys de Mar to Santa Coloma ; Avila
to Valladolid ; and Burgos to Vittoria. In 1861 are to be completed the sec­
tions, Madrid to Saragossa ; Saragossa to Barcelona ; Madrid to A vila ; and
Montblanch to Reus. In 1863 are to be finished the Tudela and Bilboa ; Sara­
gossa and Alsassia; and Vittoria to Irun, at the French frontier.
OPERATIONS OF THE RAILWAYS OF MASSACHUSETTS FROM 1842 TO 1859.
No. of
No. of
railr'ds in miles in
Year. op’rat’n. operat’n.
Cost.
1842.. . 10
431 $19,241,858
1843.. . 12
461
19,974,593
1844.. . 12
461
20,369,055
1845.. . 12
463
21,572,820
1846,. . 16
622
27,034,927
1847.. . 18
715
32,796,393
1848.. . 21
41,392,632
787
1849.. . 27
945
45,125,768
1850.. . 32
1,092
59,959,452
1851.. . S6
1,142
52,595,888
1852.. . 36
1,150
53,076,013
1853.. . 38
1,164
54,914,506
1854....
37
1,194
57,095,498
1855..,. 37
1,281
60,339,391
1856.. . 42
1,325
62,261,670
1857.,,. 43
1,351
62,794,422
1,380
1858..,. 41
62,178,535
1859..,. 41
1,380
61,611,721

From
passengers.
$1,216,866
1,236,231
1,498,026
1,612,625
2,018,163
2,509,784
2,849,722
3,033,701
3,404,948
3,525,188
3,641,790
4,171,964
4,495,836
4,600,877
4,804,288
4,424.347
3,944,S03
3,870,982

--------------- Receipts.----------From
From
Total.
freight.
mails, etc.
$669,682
$84,239 $1,971,787
2,218.234
783,416
81,137
2,559,969
963,863
80.344
2,895,219
1,163,010
100,323
3,642,171
1,467,969
119,217
4,964,532
2,205,810
196,721
5,405,845
2,335,407
220,725
5,741.799
2,411,807
252,991
6,419.533
2,608,766
296,537
6,599,576
2,650,465
280,248
2,819,409
273,801
6,885,517
7,977,527
3,380,369
317,627
8,696,251
3,725,186
346,441
9,077,529
8,904,075
451,504
9,749,918
4,372,913
452,757
9,094,008
3,833,807
478,529
8,596,703
3,794,295
502,979
9,771,378
4,613,831
372,872

EXPEN SES.

Year.
1842.
1843.
1844.
1845.
1846.
1847.
1848.
1849.
1850.
1861.
1852.
1853.
1854.
1855.
1856.
1857.
1858.
1859




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

Of
road bed.

Of
machinery.

Miscellaneous.

652,666
750,701
912,586
1,233,076
1,367,102
1,513,313
1,391,543
1,246,202
1,499,350

666,819
219,290
246,878
331,562
438,088
498,556
6S0.919
485,762
691,360
594,144
725,301
1,008,041
886,056
938,793
829,086
437,345
939,531

151,964
670,836
786,873
1,059,604
1,434,790
1,754,419
1,679,613
1,995,619
2,083,411
2,288,296
2,674,558
3,151,117
3,395,647
3,277,487
3,040,319
3,821,925
8,079,609

Total.
$959,400
1,001,313
1,109,580
1,281,032
1,696,576
2,372,432
2,741,604
2,890,818
3,112,795
3,338,905
3,763,410
4,324,013
5,451,047
5,660,600
5,755,144
5,301,198
4,813,944
5,813,944

Railroad, Canal, and Steamboat Statistics.
Net incoine ,-------------- ------Number of1miles run.—
By other
per cent By passsenBy freight
trains.
on cost. ger trains.
trains.
5 .2 6
90,056
824,062
420,583
92,252
6 .5 9
480,444
886,183
7 .1 2
549,065
66,940
1,459,389
939,598
94,630
1,614,188
7 .4 8
1,010,510
610,698
145,708
7 .2 0
1,435,737
746,547
2,592,079
7 .9 5
1,181,432
206,673
1,789,038
651
1,220,319
261,772
2,112,496
6 .3 2
1,243,739
232,122
2,330,891
8,306,788
1,327,046
281,168
6 .4 9
2.607.611
1,424,209
3,259,671
6 .2 0
2,760,888
203,067
1,589,590
6 .0 5
2,997,022
199,171
3,212,107
1,792.544
241,338
6 64
3,186,957
1.962,108
5 .6 8
2,314,459
254,447
2,041,834
228,181
5 .6 8
3,115,401
2,086,348
6 .4 2
251,289
3,994.774
2,966,711
3,792,819
6 .1 0
3,063,599
1,925,993
208,085
6 08
202,876
3,782,759
3,098,510
2,128,017
4,210,104
2,462,258
6 .8 0
3,293,140
182,877
Net
income.

Tear.
1 8 4 2 ____
1843____
1844____
1845____
1846____
1 8 4 7 ____
1843____
1849 . . .
1850____
1851____
18 52____
18 53____
1 8 5 4 ....
1855____
1 8 5 6 ____
18 57____
1 8 5 8 ...
1859____

Year.
18 42... . .
1 8 4 3 ...
1844..
1845 _
1 8 4 6 ....
1847.. . .
1 8 4 8 ....
1 8 4 9 ....
1 8 5 0 ....
1851.. . .
1 8 5 2 ....
1 8 5 3 ....
1854___
1 8 5 5 ....
1 8 5 6 ....
1 8 5 7 ....
1 8 5 8 ....
1859___

Total Total
receipts expen's
per
per
mile
mile
run.
run.
$1 48 $0 72
1 47 0 70
1 65 0 72
1 63 0 75
0 73
0 75
0 70
0 76
0 74
0 76
0 77
0 82
0 98
1 05
1 08
1 10
0 88
1 64 0 93

Net
income
per
mile
run.

Passengers
carried
in the cars.

0 77
0 93
0 88
0 83
0 81
0 74
0 75
0 78
0 74
0 67
0 70
0 59
0 64
0 75
0 82
0 69
0 71

4,752,818
5,341,341
6,728.127
8,335,854
8,751,372
9,510,858
9,810,056
11,479,232
12,392,703
11,339,850
11,528,417
11,250,189
8,443,789
11,974,393

7-1')
Total.
1,334,701
1,458,879
1,555,603
1,715,838
2,339,484
3,177,143
3,598,089
3,806,752
4,215,825
4,398,370
4,785,783
5,230,840
5,531,064
5,385,416
5,304,348
5,197,957
5,454,641
5,919,761

Number of
passengers
carried
one mile.

Tons
carried in
the cars.

Number of
tons of
merchandise
hauled
one mile.

82,024,265
99,870,187
118,005,742
136,090,369
147,605,638
152,916,183
161,694,655
185,865,727
194,158.802
185,160,127
191,756,170
185,733,612
168,637,421
184,468,837

1,140,265
1,661,218
1,894,182
2,025,727
2,188,838
2,260,346
2,563,387
3,041,781
3,757,631
3,062,251
3,247,210
3,231,674
3,174,909
3,616,733

89,295,049
66,893,793
64.577,165
66,734,812
72,111,962
70,205,310
77,638,247
95,985,832
104,583,043
103,676,163
109,183,605
97,821,259
107,303,461
112,621,312

BRITISH RAILROADS,
The following is a summary of the annual aggregate resources of the railroads
of the United Kingdom, since 1842, with the number of miles in use at the end
of each year :—
Miles open.

Year.

1842...........
1843...........
1844...........
1845...........
1846...........
1847

___
___
___
___
___

1 84 8

1849.......... ___
1850........... ___




1,630
1,736
1,950
2,243
2,840
3,710
4,626
5,950
6,733

Eeceipts.

Year.

£4,470,700 1851...........
5,022,650 1852...........
5,814,980 1853...........
6,909,270 1854...........
7,945,870 1855...........
9,277,671
20,455,100 1857...........
11’683,800 1858...........
13,142,235 1859...........

Miles open.

Eeceipts.
14,087,310
15,543,610
17,920,580
20,000,520
21,123,300
22,995,500
24,162,460
23,763^764
25,476,100

750

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

JOURNAL OF MINING, MANUFACTURES, AND ART.
LABOR AND WAGES IN NEW YORK.
The N ew Y o rk T rib u n e has an article upon this subject, from which we take
the following recapitulation o f the average earnings o f trades and professions
during the whole year. In many cases workmen lose three and four months in
the whole year, while in the wintry weather, when they are employed, their re­
ceipts are reduced by reason o f short hours :—

Bakers....................
Barbers............................................................................................
Bookbinders......................................................................... . . . .
Boot and slice makers.............................
Boot and shoe makers by the piece............................................
Breweis and distillers, seven days per week............................
Bricklayers and masons................................................................
Cabinetmakers..................................................................
C oopers..........................................................................................
Carpenters, (house).......................................................................
Carmen...........................................................................................
Cigar makers..................................................................................
Drug clerk s...................................................................................
Dry goods clerks (retail)...............................................................
Domestic servants..........................................................................
Engineers........................................................................................
Fancy goods clerks (retail)..........................................................
Folding girls (books)....................................................................
Grocers’ clerks (retail) including b o a r d ....................................
Gunsmiths.......................................................................................
Hatters............................................................................................
Hooped skirt makers.....................................................................
Iron-moulders..................................................................................
Machinists......................................................................................
Millwrights...................................................
Painters............................................................................................
Piano forte makers.........................................................................
Porters in stores.............................................................................
Pressmen (morning papers)................................. „ ......................
Printers (daily papers).................................................................
Printers (b o o k )..............................................................................
Printers (jo b ).................................................................................
Pressmen (hand and machine).....................................................
Police captains..............................................................................
Police sergeants....................
Police patrollmen......................................................................
Rope spinners.................................................................................
Railroad conductors (city) seven dav9 per w eek.....................
Railroad drivers (city) seven days per w eek...........................
Stage drivers.................................................................................
Shirt seweis....... .........................................................................
Stone cutters..................................................................................
Teachers (in private schools).......................
Waiters, (saloon) including board..................
Waitresses, (saloon) including board..........................................
Watchmakers...................




Average
wages
per week.
$6 00
8 00
9 00
5 00
7 50
6 00
10 00
7 00
7 50
7 00
7 00
7 50
9 00
10 50
6 00
11 00
10 00
4 50
9 00
9 00
10 00
5 50
10 00
11 00
11 00
7 00
7 00
7 00
12 00
16 00
10 00
11 00
11 00
23 00
17 46
lo 38£
6 00
10 50
8 75
7 58
3 00
7 60
18 00
6 00
4 00
11 00

No of
hours
per day.
17
11
10
15
15
12
10
10
10
10
10
10
13
14
10
14
10
17
10
10
9
10
10
10
10
10
10
8
10
10
10
10
at call.
11
11
10
12
12
18
20
10
8
10
10
10

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

751

NEW STEAM-ENGINE.
A Parisian inventor has recently patented an improved steam-engine, actuated
by regenerated steam, which consists in generating steam at about three atmos­
pheres’ pressure in a boiler surrounding the fire-box, and conveying the said steam
a issuing from the boiler into a superheating receiver placed within the fire-box
The steam superheated being thus brought almost instantaneously to a very high
pressure, rushes from the receiver into the steam-chest of a horizontal cylinder,
where it is distributed in the usual way by a slide valve; as it escapes therefrom
it is conveyed by a suitable pipe to a second cylinder, where it expands and
works in the same way, thence the steam is conveyed back to the boiler, which
it enters freely after raising a valve, because its pressure is still higher than that
of the steam contained within the boiler. The steam cylinders are in a horizontal
position ; their rods being in a straight line are keyed in a guide working in
suitable guides. The slide has the shape of a frame standing upright, and a
special brace in which a cranked pin, or cranked-shaft journal, revolves, sliding
up and down in the above mentioned slide, so that the main shaft is caused di­
rectly to revolve by the two sliding motions without the help of a connecting
rod.
THE MANUFACTURE OF NAILS,
About seventy years ago, some men in Massachusetts, then unknown and in
obscurity, began to make nails by cutting slices out of old hoops, and griping
these pieces by a common vice, headed them with several strokes of the hammer.
By progressive improvments, slitting mills were built, and the shears and head­
ing tools were perfected ; but still, much labor and expense were requisite in
making nails. The first machine ever made for cutting nails, it is said, was in­
vented by a shopmate of E l i W h i t n e y , called B e n j a m i n C o c h r a n e . This
inventor died at Batavia, New York, in 1846, in a ripe old age. His machine
cut out the nails without a head. Previous to the date of his invention, (1790,)
nails had been punched out of plates by hand in Connecticut; these also had no
head. In 1810, the ingenious J a c o b P e r k i n s and J o n a t h a n E l l i s , of Massa­
chusetts, erected the first machinery for cutting and heading nails at one opera­
tion. In 1792, cut nails were first made in England by machinery, two rollers
with dies being employed for the purpose. One-half the impress was made in
each roller when they came in contact, the blanks were fed in at the top, and the
finished nails dropped out below as the steam rollers revolved.
INDIANA COAL.
A t Cannelton, Indiana, there is a tunnel cut 1,600 feet long from the mines,
and a double railroad laid in it down to the river. The vein of coal worked is
4J feet thick ; 110 miners are employed, and 8,000 bushels of coal are raised per
day. The railroad is on an incline from the mines to the river, and is operated
entirely by gravitation. The loaded cars, going down on one track, carry up the
empty cars by an endless rope on the second track. The coals drop through the
bottom of the cars into boats below in the river ; no expense is therefore incurred
either for haulage or loading the boats. The price of coal is about seven cents
per bushel. It is used on Ohio and Mississippi steamboats.




752

Journal o f M ining , M anufactures, and A rt.
PROTECTION OF BRICKWORK,

The penetration of moisture through the surface of brickwork may be obviated
by the following simple remedy :—Three-quarters of a pound of mottled soap
are to be dissolved in one gallon of boiling water, and the hot solution spread
steadily with a flat brush over the outer surface of the brickwork, taking car#
that it does not lather ; this is to be allowed to dry for twenty-four hours, when
a solution formed of a quarter of a pound of alum, dissolved in two gallons of
water, is to be applied in a similar manner over the coating of soap. The opera­
tion should be performed in dry, settled weather. The soap and alum mutually
decompose each other, and form an insoluble varnish which the rain is unable
to penetrate, and this cause of dampness is thus said to be effectually removed.
Another method was some time since described (as, by the way, the previous one
was) at the Royal Institute of Architects. It consists of sulphurizing oil as a
varnish or paint, and is said to improve the color of brick and stone, as well as
preserve them. It is prepared by subjecting eight parts of linseed oil and one
part of sulphur to a temperature of 278 degrees in an iron vessel. It is said to
keep out both air and moisture, and prevent depo-.its, and soot, and dirt, when
applied with a brush to the surface of a building of brick or stone, or even of
woodwork.
MILK OF WAX.

Wax is readily converted into a soluble soap, which has the appearance of
milk, by heating it in a solution of pearl ash. When one part of pearl ash in
ten of water is heated to boiling, and two parts of yellow wax are introduced, a
disengagement and efiervesence of carbonic acid takes place, and when the whole
is boiled with the same quantity of water as at first, a uniform milk will be the
result. This liquid, when evaporated, gives a coating of wax insoluble in cold
water, while the potash is dissolved. We have here an excellent medium for the
polishing of wood, and for the penetration with wax of numerous porous sub­
stances, such as ornaments and statues of plaster of Paris, which may obtain by
it a weatherproof coating. The same liquid mixed with a similar solution of
rosin, prepared in the same manner and proportions, furnishes an excellent wax
paper, especially for packing purposes. But as the rosin milk, even after drying,
is still completely soluble in water, the paper must be finally treated with a bath
of alum water, (4 of alum to 100 of water,) which renders the wax and rosin
insoluble. The alum may be replaced by either Epsom salts or green or blue
vitriol.
COAL IN CHICAGO,

The large bituminous coal-fields of the West are being rapidly developed.
Last year 131,204 tons were received in Chicago, and the best qualities o f
Pennsylvania and Ohio bituminous ranged in price, in that city, only from $3 50
to $4 per ton. The Illinois coal sold for $2 25 and $2 75 per ton. The lower
veins of this field are much superior in quality to those of the upper series of
veins. In a few years hence, therefore, the people of the West will be getting
much better coal than they do at present.




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

753

COLORS IN FRESCO.

In fresco work, only those colors can be used which light will not act upon, or
lime deteriorate. The fresco painter is therefore limited to a few pigments, which
are principally natural colors or earths, and consequently sober in hue. The blue
is the only brilliant color in fresco ; but the old artists rarely employed either the
•cobalt, or the still more beautiful ultramarine used in modern frescoes— probably
on account, partly, of the expensiveness of these colors. Their blues, therefore,
being generally imperfectly prepared mineral compositions, have commonly faded,
there being only now and then an exception to this fact. The blacks and grays,
which are nearly all derived from animal and vegetable substances, have also
proved very fugitive. Lime is mixed with the colors; but lime itself is also used
alone as a pigment for the lights, the presence of sand with the lime rendering
the plaster ground a delicate half-tint. The German fresco painters consider it
indispensable that the lime should be slaked and kept buried underground several
years before it is used, either as a pigment or for coating the walls. Others, how­
ever, do not insist upon the necessity of keeping the lime for a very long period,
and there is no apparent scientific reason for doing so. From the power of
absorption, little force of shadow is obtainable in fresco compared to the depth
and transparency of oil painting; but this deficiency is more than compensated,
for internal decoration, by the far greater luminousness of color in fresco, and
its breadth of bright pearly effect. The colors assume, as it were, crystaline
brilliancy, yet with none of the glare of oil painting. The power of fresco lies
in light—-the power of oil in depth and tone.
LI ME.

There are few minerals more widely distributed throughout nature than lime.
It is in almost every portion of the earth's crust, from the primitive granite to
the surface soil of the present time ; in the waters of the sea ; in the ashes of the
plant; in the shell of the mollusc, and in the bones of the vertebrate; in the
sparkling waters of the rippling brook ; in the polished marble of the sculptor
in the gorgeous palace of the king; in the red brick buildiDg of the manu­
facturer, there lime is It is used in the operations of the builder, the manu­
facturer, the chemist, and in almost every department of life; our walls and ceil­
ings are plastered with lime ; the stones are cemented together with lime; the
glass of our windows is fixed in the sashes with lime ; lime is used in the purifica­
tion of coal gas, and in dyeing ; our clothes are bleached with chlorine, held in
store by lime; leather cannot be made without the use of lime ; in the extrac­
tion of many of the organic acids, as the citric, tartaric, and malic, lime is in­
dispensable ; in agriculture, too, lime is indispensable in many of its forms as a
manure; and in the reclamation of certain kinds of waste lands, lime is used as
a valuable agent for correcting certain positively bad properties of the soil.
COAL IN FRANCE.

France possesses large coal resources that await only development. She pos­
sesses in the department of the Gard, which borders the Mediterranean, and in
the department of the Herault, which also touches the shore of that sea, im­
portant coal deposits. Alai3, Besseges, Portes, and Senechas, in the Gard ;
Graissessac, in the Herault—all these coal fields are now connected by railway
with the arsenal of Toulon. The mines of Rive-de-Gier (Loire) might also
supply coal to Toulon, although at a somewhat higher price. Each of these
coal fields is well known, apd considerably worked, although they might be
V O L . x l i i . — s o . vi.
48




754

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

worked on a still larger scale ; and any of them could now, with a little care,
yield a coal little inferior to the best English. The coal of Rive-de-Gier equals
the latter in quality.
The French arsenals on the coast of the ocean—namely, Cherbourg, Brest,
I’Orient, and Rochefort—are far from being destitute of the means of supplying
■themselves with coal. The mines of the department of the North, and those
which have recently been opened in the Pas de Calais, mines which extend from
•d’Auzin to Bethune, can easily forward their coals, which are of good quality,
to Cherbourg and Brest by sea. It is no great distance from d’Auzin to Dun­
kirk, and Bethune is still nearer to Boulogne.* This coal might be sent also
by land on the lines of railway which are actually finished as far as Cherbourg,
and the distance to which is about to be shortened by Rouen. The works on
the Brest Railway are proceeding actively to a termination.
To supply Rochefort and l’Orient, France possesses the coal fields of Commentry, in the department of l’AUier, which has a water communication with
l’Orient and Brest by the Canal du Berri, the Loire, and the canals of Brittany.
A parallel communication by railway will shortly be completed. The commu­
nication between Commeutry and Rochefort is still more easy, the latter being
united by a branch line to the railway of the Yalley of the Loire, which com­
municates with Commentry.
The Commentry coal is of very good quality, and the deposit is abundant.
The two basins of Creuzot and of Blanzy would, if necessary, supplement the
supply of Commentry. They are both in the department of the Soane and
Loire, and contain rich, accessible deposits, especially that of Blanzy.
The coal deposits of the department of l’Aveyron will shortly be placed in
communication with Rochefort by a line of rails, independent of the water con­
veyance from Bordeaux.
Thus the arsenal of Rochefort in particular could be abundantly supplied
with coal, and .this arsenal appears destined to have great importance, because
it is more sheltered than the others from those attacks which the new system of
maritime artillery will introduce.
The coal basin of Brassac, (Puy de Dome,) and even that of St. Etienne,
(Loire,) although more distant than the aboved named, can communicate by
railway with Rochefort, and also with l’Orient. These two coal fields offer con­
siderable resources.
There are also a number of small deposits, whence the imperial marine could
derive supplies, and which are nearer to the coast than those indicated. There
is one in La Tendee, and another near d’Auzin, on the borders of the Loire.
There is also that of d’Aliun, (Creuse.f)
As to the price at which these mines could furnish coal to the different ar­
senals, it would exceed 10s. a ton that at which English coal could be supplied.
The government is at the present moment negotiating generally with the railway
companies to get their assent to a moderate transport charge on coal. It is
likely that, for the public generally, the scale will be three centimes a ton per
kilometre distance, equivalent to Jd. per ton each mile English ; for the arsenals
it will probably be still less, for in France the government is in the habit of ex* Bethune is only fifteen English miles from Boulogne.
t This is an interesting coal field, although small. It is nearer to Eochefort than is Commentry.




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

755

pressly reserving a tariff in its own favor. In a distance of 400 miles, which is
much greater than will actually be necessary, let us nevertheless assume that the
State will pay the same tariff as the public ; this would come to two hundred
pence, or 16s. 8d.
The production and consumption of coal in France has been at two periods
as follows :—

1858.

1847.
Production.......................
Imported from Belgium.
“
England.
“
Prussia..
“
Other . .
“
Marine .

........ tons 5,153,200
1,634,900
504.400
254.400
1,500
77,500
------------- 2,472,500

T. tal tons

7,340,000
3,089,400
1,146,800
1,02” ,800
3,000
165,000
-------------

7,625,700

5,432,400
12,772,400

This statement includes the use of coke, and gives the result of increasing
consumption under the old law.
SILVER IN NORWAY.

The following table shows the produce and expenses at the “ King’s Alines,”
iu the royal Norwegian government’s silver works, at Ivongsberg, from January
1,1834, to December 31, 1858, as given in the annexed extracts of the official
returns :—
Tears.

Produce
Expenses by
of silver the mines anc
sold. stamping work

1 8 3 4 ...
1835. . .
1 8 3 6 ...
1 8 3 7 ...
1 8 3 8 ...
1 8 3 9 ...
1 8 4 0 ...
1 8 4 1 ...
1 8 4 2 ...
1 8 4 3 ...
1 8 4 4 ...
1 8 4 5 ...
1 8 4 6 ...
1 8 4 7 ...

£88,962
69,279
54,223
53,459
59,692
69,580
65,911
64,637
30,710
42,481
40,494
37,731
88,273
53,181

£9,V 00
9,600
10,356
12,807
13,871
12,644
12,716
13,274
12,561
11,499
11,878
11,443
10,913
10,683

Net
profit.

Years.

Produce Expenses by
of silver ;he mines and
sold, stamping work.

1 8 4 8 ...
1 8 4 9 ...
1 8 5 0 ...
1 8 5 1 ...
1 8 5 2 ...
1 8 5 3 ...
1 8 5 4 ...
1 8 5 5 ...
1 8 5 6 ...
1 8 5 7 ...
1858 . .

£77,535
61,118
48,756
39,133
41,832
37,310
52,962
64,960
73.120
61,422
61,008

Net
profit.

£79,262
69,679
43,867
40,652
45,821
56,936
53,195
51,363
18,149
30,982
28,616
26,288
27,360
42,498

—
Total . . £1,377.760 £272,770 £1,104,999
Average
55,110
10,910
44,200

Average produce in twenty-five years....
Average expenses in twenty-five y e a rs .. .
Average net profit in twenty-five years . .

£55,110
10,910
44,200

£11,289
11,056
11,329
11,259
11,656
11,911
12,772
6,390
6,811
7,148
7,204

£66,246
40,062
37,427
27,874
30,176
25,399
40,190
58,570
66,309
54,274
53,804

ELECTRO-SIAGNETISAI APPLIED TO WEAVING.

The extraordinary improvement introduced into weaving by Al. B o n e l l i ,
director of the electric telegraphs of Sardinia, by the application of electro­
magnetism, has been known to the public. The following more, minute descrip­
tion of his system may prove acceptable to our readers :—
By peculiar mechanical arrangements a certain number of threads of the warp
are raised, and all the others depressed, and another cast of the shuttle leaves its
weft between them. The pattern depends entirely upon the order in which the
respective threads of the warp are raised and depressed. The peculiarity of the
J a c q u a r d loom consists in the use of perforated pieces of cardboard, through




756

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

the holes in which some of the wires or small rods, one of which is attached to
each thread in the warp, are allowed to slip, and thus raise these threads, while
the others are opposed to solid portions of the card. In the new invention the
design traced in black varnish on the tinfoil paper is placed in the band, as an
endless band over a roller. A row of thin brass plates, terminating in points,
touch with these points the patterns in a horizontal line right across it. These
touching plates correspond in number with the threads of the warp ; the pole of
a magnetic battery is in contact with the tinfoil of the pattern. The electric
current passes through the tinfoil, and enters every brass plate in contact with
it which stands on the bare surface of the tin. The black varnish of the pat­
tern is a nonconductor, and prevents the electricity from passing into any ot the
brass plates touching the varnished portion of the tinfoil. The electric current
passing through any one of those brass plates is made to magnetize a little iron
rod. The magnetized rod attracts another rod, and, by the aid of mechanism,
the corresponding thread of the warp is elevated.
ZEIODELITE,

Such is the name which has been given to a new composition which has re­
cently been patended by Mr. J o s e p h S im o n , of Paris, and intended as a sub­
stitute for lead. He mixes with about 19 pounds of sulphur 42 pounds of broken
jars or glass finely pulverized ; he exposes the mixture to a gentle heat, which
melts the sulphur, and then stirs the mass until it becomes thoroughly homogeneous,
when he runs it into suitable molds, and allows it to cool. This preparation is
proof against acids in general, whatever their degree of concentration; con­
sequently, as it can never communicate any impurity to or be destroyed by them,
it will last an indefinite time. It melts at about 120° Centigrade, and may be
re-employed whenever found desirable to change the form of the apparatus, with­
out loss of any of its properties, by melting at a gentle heat, and operating as
with asphalt; at 110° Centigrade, it becomes as hard as stone, which permits
it to preserve its solidity in boiling water. In constructing the chambers used
in sulphuric acid manufactories, slabs of lead are used of about one-eighth inch
in thickness, whereas, when made of zeiodelite, they should be one-half inch thick,
and will be lighter than leaden ones. If slabs of zeiodelite, of equal weight to
the leaden ones at one-eighth inch be desired, they would be about one inch in
thickness, and still cost but one-titth the price of lqad. To unite these slabs no
solder is required ; a portion of the molten zeiodelite being run in between the
slabs placed one inch apart, when the heat being 200° Centigrade, the edges of
the slabs will be melted, and a uniform surface will be obtained, the entire vessel
forming but one piece.
TO GILD 01V GLASS.

To make a small sign, take a piece of glass the required size, and clean it with
alcohol or soap. Next, with a sharp penknife cut the back from a book of gold
foil, and then, having licked with the tongue the plate of glass, (as saliva is the
best sticking substance,) or if the glass is very large, use a weak solution of gum
arabic, or the white of an egg in half a pint of water; now taking the leaves of
the book off in order, lay them on the glass, or spread the leaves out and lay the
glass on them, and it will take up the whole foil. When dry, which is known by
the brilliant appearance of the foil through the glass, take a soft piece of canton
flannel, and rub off all the loose pieces of foil; then with a rule draw two lines
from end to end, the same distance apart, according to the height of the letters
wanted, and remove all the superfluous foil. Then place your cardboard letters
on backward, and with a pointed stick mark all around the letter, and remove
the waste foil. When the letters are all left in gold, paint the glass and the sign
is finished.




Statistics o f Agriculture, etc.

757

STATISTICS OF AGRICULTURE, &c.
TEA PLANT.

Twenty-six thousand tea plants, either imported or raised from imported seed,
have been distributed during the past spring by the Patent-office, and the ex­
periment of acclimatizing this valuable production will doubtless be fairly and
fully tried. The honor o f first introducing the tea plant into this country be­
longs, as the readers of this magazine well know, to the late J unius S mith,
LL. D., who fully believed that it would become one of the staple products of
the Southern States. He published a work on the cultivation of the tea plant,
in 1848, which embodies much valuable information on the culture cf the plant
in China, and gives a history of the successful attempts made to introduce it
into Java and Brazil. The results of these experiments, as narrated by Dr.
S mith, clearly proved the practicability of growing the tea plant in various and
wide separated positions of the globe. He established an experimental planta­
tion himself, near Greenville, South Carolina, which he considered similar, as to
soil and temperature, to the tea-growing districts of China.
Dr. S mith’ s tea plantation was injured by mischievous lads prior to his death,
and the plants that remained were afterwards dispersed as objects of curiosity
rather than for culture. Some of them, preserved by Mr. T homas M. Cox,
Esq., of Greenville, have thriven so well that he is supplied with tea for home
use, and is now experimenting with the Patent-office plants. Dr. J. P. B ar ­
rett, of the same region, is also able to treat his friends with a cup of tea of his
own growing.
In 1852, Mr. F rancis B onynoe, then recently from the East Indies, came to
this country with the avowed purpose of introducing the tea, coffee, and indigo
plants. He published a small work, entitled “ The Future Wealth of America,”
in which he fully explained his opinions, and expressed a hope that they might
be produced at from two to five cents a pound, free from the noxious adultera­
tions of that imported.
The successful introduction of the tea plant into the British East India prov­
inces, by R obert F ortune, Esq., having attracted attention in this country, the
Commissioner of Patents engaged him to visit China, and procure plants and
seed for the United States. Mr. F ortune left London on the 4th of March,
1858, and it was his desire, expressed in a letter to the Commissioner, to ship his
purchases by six or seven different vessels, and return by the overland route, to
reach America as early as possible, in order to receive the plants on their arri­
val. If, (he went on to say,) on the contrary, I accompany the last shipment,
via the Cape, the first would necessarily be home several weeks before I could
be upon the spot to examine it and do what is needed. My object in offering
this suggestion is to secure, if possible, the success of my mission, and I have
no doubt you will agree with me in the propriety of such a course of procedure.
Mr. F ortune made his purchases and shipments, but on arriving at London
on his way here, he received information that his further services were not de­
sired. It is to be hoped that this dismissal really arose from a desire on the part
of the government to economize, and not from the jealous fears of any subordi-




758

Statistics o j Agriculture, etc.

official Mr. Foktukewouldreceive
fulintroductionof
D a te

th a t

th e h o n o r s a tte n d a n t

on success­
th e

th e tea p la n t.

The Patent-office Beport of 1859 admits that the arrangements for receiving
and for propagating the plants were not by any means perfect. The report says :
“ In August, 1858, intelligence of the transmission of a quantity of tea seeds’
from China, created aD immediate necessity for their provision. A plot of five
acres was accordingly chosen, in a central position, in the city of Washington,
and prepared in the manner described in the report of the Commissioner of
Patents on agriculture for that year. A system of underground tile-drainage,
upon a plan now common in the United States and in Europe, was applied to
this ground, and with excellent results for a time ; but, unfortunately, there was
want of adaptation in the manner of laying the tiles upon the yielding, marshy
base, and the continuity has consequently been interrupted by occasional de­
pressions. When this shall have been remedied, as it doubtless may be without
serious detriment to the field or its products, the experiment may be regarded as
complete and satisfactory.
“ The plan pursued in constructing and warming the green-houses upon this
ground, though successful in its present application, is not commended for all
purposes. Decomposing vegetable matter, covered with a portion of nitroge­
nous materials, might be adapted to general use, were the process of decomposi­
tion susceptible of being controlled at w ill; but so variable is its progress, and
so dependent upon external influences, in a ratio inverse to the requirements
within, that the vicissitudes of temperature proceeding from it are such as none
but hardy plants can endure. The volatile emanations are likewise in excess in
this process, insomuch that even those plants which become accustomed to and
prove capable of sustaining- an atmosphere so highly stimulating may suffer when
suddenly withdrawn from its influence and exposed to open air.
“ This partial exclusion of the light and the warmth of the sun, practiced in
connection with this plan, also proves detrimental to these plants, while the alti­
tude of the roof, eleven feet at the apex, is to them a constant and certain cause
of slender and feeble growth.
“ Happily, these disadvantages are remediable at small cost of money and labor,
by the provision of apparatus for artificial heating, the elevation of the beds, the
adoption of means of ventilation, and the extension of the glass roofing over the
whole of each structure.”
The tea plants ( Thea Viridis) have been propagated from seeds, from layers,
and from cuttings, with marked success, and this spring large distributions have
been made. About 18,000'have been sent into the different Congressional dis­
tricts south of the northern line of North Carolina and Tennessee, that portion
of our country being the most favorable to the cultivation of the plant. The
consignment of a sufficient number of plants to occupy a few square rods of
ground has been made to some intelligent and responsible person, selected with
the assistance of the representative of the district. As it is supposed that the
plant cannot be cultivated in the open air north of the northern boundaries of
Tennessee and North Carolina, but must be protected in heated conservatories
and green-houses during the winter, about 8,000 plants will be distributed among
from fiity to a hundred persons in the States, respectively, north of the abovenamed line, for the gratification of the taste and the curiosity of the public.
The names and address of these persons, also, have been obtained through the
aid of their representatives in Congress.
A large number of cuttings, taken from the plants, are now thriving finely,
and the gardener in charge at the propagating establishment is of opinion that
he will be able to furnish at least 10,000 plants a year for distribution. Let the
tea plant have a fair trial.




Statistics o f Agriculture, etc.

759

LIVE CATTLE WEIGHED BY MEASURE,

The only instrument necessary is a measure with feet and inch marks upon it.
The girth is the circumference of the animal just behind the shoulder blades.
The length is the distance from the shoulder blades. The superficial feet are
obtained by multiplying the girth and length. The following table contains
the rule to ascertain the weight of the animal:—
If less than one foot in girth, multiply superficial feet by eight.
If less than three and more than one, multiply superficial feet by eleven.
I f less than five and more than three, multiply superficial feet by sixteen.
I f less than seven and more than five, multiply superficial feet by twenty three.
I f less than nine and more than seven, multiply superficial feet by thirty three.
I f less than eleven and more than nine, multiply superficial feet by forty-two.
Example: Suppose the girth of a bullock to be six feet three inches ; length
five feet six inches ; the superficial area will then be thirty-four, and in accord­
ance with preceding table, the weight will be seven hundred and eighty-two
pounds.
Example : Suppose a pig to measure in girth two feet, and length one foot
and nine inches. There would then be three-and-a-half feet, which, multiplied
by eleven, gives thirty-eight-and-a-half pounds as the weight of the animal when
dressed. In this way, the weight ol the four quarters can be substantially
ascertained during life.
ACCLIMATIZATION OF ANIMALS.

The peculiarly utilitarian impulse given to natural science in France, aided in
no small degree by the report on certain questions relative to the naturalization
of useful animals, by M. I s i d o r e G e o f f r e v S t . H i l a i r e , published at the re­
quest of the Minister of Agriculture, gave birth to the Imperial Zoological So­
ciety d’Acclimation, which has been so universally received and supported
that its muster roll is now perfectly cosmopolite, and includes already fourteen
sovereigns, with working members in every country in Europe, and many beyond
its limits. A section of the Bois de Boulogne, comprehending near forty acres
of salubrious soil, has oeen appropriated by the city of Paris for a vivarium
and garden, and we may presume that all the appliances which experience and
ingenuity can bring to bear upon the undertaking will be made available for its
completion.
TILE DRAINS.

H. S. Olcott, Esq., in his Tale Agricultural Lectures, remarks upon drains :
P a r k e s , the great English drainer, states, after experiments, that only 1-500
of the water gets through the pores of the tile ; the balance is admitted through
the joints. English farmers make their ditches a foot wide at top, four inches
at the bottom, aDd with an appropriate tool, scoop out a little rough trough in
which to lay their pipes. The clay is then packed upon them without further
trouble or anxiety as to the result. Drains well laid last more than fifty years.
A half century is the time counted upon by all the land drainage companies, at
the end of which the whole amount of their loan to the farmer is to be paid in.
Water enters tile drains at bottom, not at top ; for the same reason that if you
pour water into a cask of sand, with holes made in the sides at several heights,
the lowest hole will discharge first, and the top one last. The capacity of pipe-




760

/Statistics o f Agriculture, etc.

tile is in proportion to the squares of their diameter. Thus, if an inch tile will
carry two inches of water, a two inch will carry four inches, a three-inch nine,
and so on. Inch tiles, therefore, although perhaps large enough to hold all the
water that we would discharge from our fields, are practically not large enough,
for they become filled at say half way down the slope, and of course all
the ground they pass through after that might as well have no tile beneath it.
A two-inch bore is the smallest Judge F rench would recommend for general
use, and, although previously a friend to smaller sizes, I feel convinced of the
justice of his arguments, and shall hereafter recommend and use accordingly.
Laterals should be jointed into the mains pointing down stream, and enter the
mains near the top. By this plan a good fall and unimpeded discharge are in­
sured. In respect to the minimum of fall consistent with good function of tiledrains, the lecturer stated that one-inch fall in each rod of length was ample ;
three inches to the 100 feet was a fair proportion, but then the tiles should be
longer ; and so on to the end of the calculation.
CROPS OF IRELAND,

The Registrar-General o f Ireland, Mr. D onnelly, very recently issued his
annual tables for 1859. We here desire to draw attention to the estimated ave­
rage produce of crops for the year 1859.
It is shown, by evidence collected all over Ireland by the excellent machinery
of the Registrar’s Office, that there was a great diminution in the yield of crops
in 1859, compared with the previous year, the cereals produce less by 1,183,519
quarters. Potatoes show a decrease of 562,702 tons, or about sufficient to sup­
ply every family in Ireland, averaging five persons to a family, with a stone of
potatoes each day for nearly two months and a half; turnips show a reduction
of 902,717 tons, mangold-wurtzel of 96,477 tons, cabbage of 51.487 tons, and
hay of 379,227 tons. The only crop which shows an increase is the important
one of flax, which yielded 3,994 tons above the produce in 1858, but this was
owing to 44,636 acres more having been sown in 1859. It appears from other
returns furnished that the rates of produce per acre in 1859 were lower than the
average of ten years— 1850 to 1859—for every crop with the exception of
wheat, a cereal crop which is chiefly exported. The diminution of laborers in
the agricultural parts of Ireland may account, in some degree, for the above
lamentable state of things— for on,e of the finest and most fertile countries in
the world perpetually becoming deteriorated and depopulated. This is a fact,
supplied by the British government, and not to be denied or challenged.
PLANT TREES.

W alter S cott, in his “ Heart of Midlothian,” puts in the mouth of the

dying Laird of Dumbiedikes the following advice, which is worthy of more
general adoption, and needs no “ improvement ” from the pen of the present
writer in order to give it force :—“ Jock, when ye hae naething else to do, ye
may be aye sticking in a tree; it will be growing, Jock, when ye’re sleeping.
My father na sae forty years sin ; but I ne’er fand time to mind him.” Scott,
in a note, says these words were actually delivered by a Highland laird, while
on his death-bed, to his son.




761

Statistics o f Population, etc.
CORN CROP OF THE WEST,

The corn crop of 1859 (says a Chicago paper,) was good all over the West,
with the exception of some portions of Northern Illinois, Wisconsin and North­
ern Iowa, where much injury was sustained by the frosts. In Central and South­
ern Illinois it is known to have been large—perhaps larger than ever before in
the history of the State. Under ordinary circumstances, therefore, prices would
have been low ; but, as the crop of 1858 was a partial failure, and the country
almost entirely bare of corn before the new crop was ready for market, it altered
somewhat the aspect of affairs in this particular. The following table shows the
receipts of corn at Chicago from the 1st of January to the 1st of April, for
seven years:—
1860......................... bushels
1869......................................
1868......................................
1857......................................

1,916,706 1856.........................bushels
427.7.89 1855......................................
1 37,1 16 1864......................................
351,549

468,940
410,185
413,065

STATISTICS OF POPULATION, &c.
SARDINIA AS SHE IS,

The population of the kingdom of Sardinia has been changed considerably by
the war. In order that an accurate notion may be formed of the gains that
Sardinia has acquired by her recent military and diplomatic struggles, we have
prepared a table showing her population previous to and immediately subsequent
to the Italian campaign, with the additions made to it by the recent vote. We
also give the vote itself, as evidence of the unprecedented unanimity of feeling
which has animated the Italians on the annexation question:—
S A R D IN IA

BEFORE

THE

WAR.

Population.......................................................................................................
S A R D IN IA

AFTER

THE

Sardinia proper..............................................................................................
Lombardy.......................................................................................................
Total

5,167.542
2 866,396
8,033,938

S A R D IN IA

Sardinia Proper.................
Lombardy............................
Tuscany................................
Modena................................
Parm a..................................
Bologna................................
Ferrara.................................

5,167,542

W AR.

AS

SHE

IS .

5,167,54 2 F o r li....................................
2,866,396
1,806,940
T o ta l........................
604,612 Deduct Savoy and Nice . .
4 90,835
375,631
Total........................
214,524
A N N E X A T IO N

218,433
11,783,813
847,738
10,936,075

VOTE.

No. o f
inhabitants,

Yotes
expressed.

Tuscany.........................................................................................
Amelian provinces, (Parma, Modena, and the Legation)___

1,806,940
1,942,935

386,445
426,006

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

3,749,875

812,451

We take the statistics of population from the Almanach de Gotha, which is
more reliable in such matters than the gazetteers or than newspaper authorities.
These show that twenty-two per cent of the population have pronounced in favor




762

Statistics o j Population, etc.

of annexation, being, with the exception of about 15,000, the whole of the per­
sons entitled to exercise a vote. This is a remarkable result in a country so long
depressed by despotic restraints, and where some of the old influences might still
be expected to remain in force.
MIGRATION FROM, AND POPULATION OF, IRELAND.

From the Registrar-General’s report we quote the following interesting details,
which show that the exodus of the Irish peasantry continues undiminished :—•
The emigration from Irish ports during the past year exceeded that of the
previous one by 16,506 persons, 68.093 having left the country in 1858, and
84,599 in 1859 ; of this latter amount 46.431 were males, and 38,168 females.
These include 2,679 males and 1,321 females, or 4,000 persons, who did not be­
long to Ireland, leaving the remaining 80,590 to represent the Irish during 1859.
Owing to the continued want of a general measure for the registration of births
and deaths in this country, it was necessary in the computation to use the aver­
ages of these events in England and AVales, as given in the reports of' the Re­
gistrar-General. The births are therefore assumed to have been one to 31, and
the deaths are one to 45 of the population in each year.
It is greatly to be regretted that there are not more satisfactory data upon
which to base important and interesting calculation ; and it is earnestly to be
desired that this session of Parliament may not pass over without supplying so
great a want in the social legislation of this part of the United Kingdom,
which presents the strange anomaly of being the only civilized country in the
world in which the births, deaths, and marriages of the inhabitants are not sys­
tematically recorded. According to the computation there would appear to
have been in Ireland, on the 1st January of the present year, 5,988,820 persons,
being 563,565 less than at the time of the census of 1851. This estimate, how­
ever, should only be considered an approximation, as the immigrants who have
settled permanently in this country since 1851 are not taken into account, and
the number of births and deaths during the period has been obtained by using
the English averages.
The emigration continues to be chiefly composed of persons between the ages
of five and fifty five years; thus, in Leinster, 93.5 ; in Munster, 92.3 ; in Ulster,
91.4; and in Connaught, 95.3, in every one hundred persons who emigrated,
were between these ages. The proportion who left the entire country at these
ages was 92.2 per cent, while those aged from fifteen to forty-five included 80.9
for every one hundred emigrants. Of the entire number of emigrants, the larg­
est proportion was from the county and city of Cork, which contributed more
than 12 per cent of the total emigration. The other counties and cities in
Munster also gave a large proportion, owing to which it would appear that this
province lost a greater number of its inhabitants by emigration since 1851 than
either Leinster, Ulster, or Connaught.
A country which is thus deserted by its laboring classes cannot be considered
prosperous. Let us just examine the main fact in the above extract.
The population of Ireland appears to have been rapidly declining during the
last fifteen years—that is, since the depopulating famine of 1846-7. We shall
here show the population of Ireland at various periods during the last forty
years:—
P O P U L A T IO N

1821....................................
1881....................................
1841....................................

6,801,827
7,767,401
8,185,124

OK

IR E L A N D .

1851............
1856....................................
1859....................................

6,515,794
6,000,000
5,988,820

Thus, in the ten years between 1821 and 1831, the Irish population had an
increase of nearly a million. Between 1831 and 1841, the increase was less than
half a million, but, in the latter year, Ireland had over 8,000,000 inhabitants.
Between 1841 and 1851, the Irish population fell off a million and a half. In
the five years between 1851 and 1856, this reduction was increased by over




763

Statistics o f Population, etc.

500,000 inhabitants, and, in the year 1859, the total population of Ireland is
nearly 1,000,000 less than it wa* declared to have been, nearly forty years be­
fore, by the census of 1821, and more than 2,000,000 less than it had been in
1841. This is certainly going from bad to worse at a very rapid rate.
Emigration and starvation have united thus to depress and depopulate Ire­
land. We can show from Parliamentary returns, up to 1857, inclusive, and by
the above quoted report of the Begistrar-General of Ireland, what has been the
emigration during the last thirteen years. Here are the figures :—
In the five years from the end of 1846 to the end of 1851, the emigration
from Ireland amounted to 1,422,000 persons. In the eight succeeding years,
that is, to the close of 1859, the account runs thus :—
Years.
1852 ........................................
1853 ........................................
1854
..............................
1855 ........................................

Emigrants. Years.
868,966 1856 ........................................
329,937 1857 ........................................
323,429 1858 .......................................
176,807 1359 ........................................

Emigrants.
176,554
212,875
68,093
84 599

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

1,741,260

For previous five years......................................................................

1,422,000

Total emigration in thirteen years.....................................

8,163,260

Bear in mind, too, that emigrants are, for the most part, in the prime of life ;
four-fifths of them are under thirty ; and see how the vital force of Ireland has
been drawn away.
Nor must we here omit to mention the evils inflicted by the famine and sick­
ness of 1846-7. It is calculated that the total deaths in Ireland from 1846,
when the famine began, to the end of 1850, when its effects may be said to have
ended, so far as mortality is concerned, were 985,000, from which, deducting
390.000 as the probable average mortality of the period, there will remain
595,000, which may fairly be attributed to the famine, or to the disease it en­
gendered.
In Ireland, where the emigrants are numerically greater than the assumed ex­
cess of births over deaths, it is probable that the census of 1861 will show the
population to be as low as 5,000,000, which will be nearly 2,000,000 less than
in 1821, and 3,000,000 less than in 1841. But, had the famine and emigration
no't operated, the Irish population, which was 8,000,000 in 1841, ought to ex­
ceed 10,000,000 in 1861.
THE COOLIE TRADE.

Over fifty thousand coolies had been shipped for Cnba alone in the past eight
years from China. According to correct sources the following is a list of the
vessels which brought Asiatic colonists to the island of Cuba, from the first im­
portation in 1847 to the 16th of September, 1859, showing the points from whence
they were taken, the length of each passage made, number shipped, and the
mortality up to the moment of landing. The following is a summary:—
A V E R A G E OF V E SSE LS AND

Years.
1847 .....................................
1853......................................
1854 .....................................
1855......................................
1858...................................... ................
1857......................................
1858.....................................
1859......................................

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




E M IG R A N T S .

No. o f
vessels. Tonnage.
2
879
8,349
2,375
6,544
15
10,5 67
18,310
32,800
10,283
90,216

-------- Cliinese.--------.
Shipped.
Landed.
612
671
5,150
4,307
1,711
1,750
3,130
2,985
4.968
6,152
10,116
8,547
13,385
16,413
6,799
6,027
50,123

42,501

Died.
41
843
39
145
1,184
1,509
3,029
772
7,622

764

Statistics o f Population , etc.

The above footing, representing the total number shipped, does not include a
cargo of 757 landed in Cuba lately, so that the total should be increased to 50,880 :
and 220 more should be added to the mortality. The total number of deaths,
therefore, during the period named, was 7,842. This does not show the full ex­
tent of this deplorable trade. Thousands have been lost between China and
foreign ports, whose departure was not recorded.
In the year 1856, the percentage of loss, according to the above table, was
19.24 per cent, (nearly one in five ;) in 1857,15.50 per cent; in 1858, 18.45 per
cent; in 1859,11.35 per cent.
This list does not embrace the terrible disaster to the ship Flora Temple, last
summer.
The United States consuls in and near China, are fully aware of the extent,
cruelty, injustice, and criminal character of the coolie trade. In a recent official
communication from our Consul at Amoy, to the Department of State, he says :—
Acting under the instructions of His Excellency Mr. R e e d , the United States
Envoy Extraordinary and Minister Plenipotentiary, 1 have concerted with the
local authorities in adopting measures to end, if possible, the so-called “ coolie
trade,” especially as regards American vessels, but generally so.
Since I brought the subject definitely before them by personal interview and
correspondence, the local authorities have been acting with an apparent hearty
determination. One coolie depot on the mainland, some miles from Amoy, has
been broken up, the victims of deception liberated, and a seizure made of one or
more coolie collectors. But the most decisive and telling transaction took place
on the 6th instant, when a lorcha, used as a coolie depot, (report says, employed
by a coolie dealing firm here, P. D. S y m o & Co.,) and anchored off from Amoy,
near the mainland, and out of harbor, was seized, with about one hundred victims
on board, and brought to Amoy. Eight of the coolie collectors were also taken.
I hear that the coolies have been set at liberty, the vessel confiscated, and, in
accordance with Chinese law, four of the collectors have been found guilty of
death. These acts of the local authorities are incident upon proclamation issued
by His Excellency the Prefect of Amoy, and myself, in concerted action.
THE CARTIIEN OF 1VEW YORK.

The following interesting table shows the gradual increase in the number of
licenses granted at the mayor’s office for public carts and dirt carts during the
last twenty years :—
1840
.....................................................
1841
.....................................................
1812 .............................................................
1843
.....................................................
1844
.....................................................
1845
.....................................................
1846
................. ...................................
1847
.........................
1848
.....................................................
1849
.....................................................
1850
.....................................................
1851
.....................................................
1852
.....................................................
1853
.....................................................
1854
......................
1855
.....................................................
1856
.....................................................
1857
.....................................................
1858
.....................................................
1859 .............................................................




Public carts.

Dirt carts.

Total.

2,623
2,610
2,665
2,713
2,727
2,818
2.824
3,013
3,055
3,066
3,572
3,871
4,033
4,359
5,258
5,419
5,463
5,509
5,603
5,836

Notfouud:
books
burned.
do.
do.
do.
do.
400
505
632
1,017
1,056
1.119
1,107
797
585
800
682
648
1,160

....
____
....
....
____
....
____
3,413
3,560
3,598
4,582
4,927
5,152
5,466
6,055
6,004
6,278
6,191
6,251
7,026

Mercantile Miscellanies.

765

MERCANTILE MISCELLANIES.
MERCANTILE HONOR,

A Boston merchant, in a communication to the Daily Advertiser of that city,
makes some interesting remarks upon the progress of mercantile honor. He
says:—
After all that is said, it can probably be shown that we really have a high
standard amoDg us, and that all must conform to it who mean to enjoy favor and
respect. While some persons, few in number if counted, are found to have been
criminal though previously supposed to be upright, the great multitude are daily
performing their toilsome duties, through all the vicissitudes of life, without re­
proach and without cause for it, so far as the truth can be gathered from their
habitual conduct, and from its results. While a dozen cases of fraud may be
detected among those who had before stood respectably, the history of all our
transactions from week to week for a year would show that thousands, probably
millions, of engagements are faithfully met, a large portion of them resting merely
on verbal agreements which could not be enforced by law if the contracting par­
ties were inclined to avoid honest performance, the word of a man once given
being in most cases sufficiently binding, as is proved by habitual reliance upon it.
We hear it asserted that people are suffered to walk about among us, who, if
they had their deserts, would be in prison. As to any persons who have been
convicted of crime, it is unnecessary to say that they are regarded as convicts.
It is urged that we have had instances even of forgery here never yet punished.
True, where are the forgers ? Absconded and dead ; or living in obscurity if
the evidence be clear. Any man among us who has had crime imputed to him
and failed to clear himself of the charge, has found his influence essentially de­
stroyed. Whatever his qualifications for office may be, however desirable it might
be to secure his services for a public station, he has little chance of obtaining
any place by election unless after a long course of altered conduct. And so
through all grades of misdemeanor or unfairness, even in exciting reasonable ex­
pectations and disappointing them, just in proportion to the deviation from strict
right, there is a blot or a shade resting on the character, which is indicated by
“ winks and finger ends, ’ and by blushes that rise on the cheeks of relatives and
children at occasional allusions, whe,re the evidence justifies the imputation.
There is no power to exclude even those who rest under serious charges from the
streets or public places, but their altered manner in seeking recognition, and the
way in which they are met, gives ample proof of melancholy change in public
esteem.
It is often remarked that we must bo growing worse because there are more
cases now than formerly of criminal misconduct. Alarms of fire are more fre­
quent in a great city than a small one, because there are more buildings, but
without increase of danger to any one of the houses. Several hundred millions
of dollars have been invested in railroads within twenty-five.years past, of which
we have our full share, thus making it necessary to seek for an unprecedented
number of persons suited to fill places of trust, and men have been called to fill
them suddenly without previous training, and without the provision of any pro­
per system of checks and safeguards to keep the new officeholders in a steady
course. The misconduct and crimes that have ensued in such cases are not
altogether peculiar to America. But while the number of such cases is thus in­
creased with the general growth of affairs, the difference in degree between those
of the present day and the past, is not so remarkable. Those of us who have
retentive memories can match any of them with astounding incidents long gone
by and generally forgotten.
A few years ago, a man who was long distinguished among us for intelligence,
for energy, and for conduct scrupulously upright under severe trials, and who

s



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Mercantile Miscellanies.

has now gone to his grave, leaving behind him lasting proofs of public spirit
and skill in business, took part in some discussions on the relative character of
the community in our day as compared with former times. The present state of
things was distasteful to him. In his opinion, we suffered greatly by comparison,
in most matters, with the old school. A t length the subject of integrity and
fair dealing among men of business was introduced. “ As to commercial integrity,”
he said, “ 1 will freely admit at once that there is improvement. Things were
done formerly which would not be tolerated now an important admission this,
from one whose prepossessions were so strong and so unfavorable to our age in
most respects.
The Advertiser's correspondent made this remark in conversation with an old
Boston merchant, then living in London, appropns of the latter’s reminiscences
of Boston. The reply was substantially “ that his own observation tended to
confirm it. He added, that for more than forty years he had been in a position
to observe how our business is conducted in connection with the extensive credits
given from Europe, and that it was surprising, in a review of the past, to find
how uniformly there had been good faith in these transactions. He stated that
in the multitude of instances, through so many years, in which he had authorized
such credits as a banker, he remembered only three where there had been fraud.”
The question whether we are always sufficiently prompt in prosecuting accused
persons, or in deciding to refuse them any further notice as friends or acquaintance,
might require some reference to individual cases in which the facts would not be
readily agreed on.
To speak as if we might as well give up all self-respect at once, denouncing
those who are accused with little discrimination or discernment, .seems to be
thought necessary “ in order to deter the young from error.” It should be re­
membered, on the other hand, that great mischief may be done to the young by
familiarizing them with the thought that we have no standard of right by which
their delinquencies, if they err, are to be strictly judged. That the difference
between fraud and honesty, or even between insincerity and fair dealing, is readily
appreciated among us, and in the main, justly requited at the bar of public
opinion.
THE SOURCES OF PERFUME.

Fair readers may be interested to learn, where, for the most part, the flowers grow,
the sweet perfume of which is found -in those pretty flacons on their dressingtables. The chief places of their growth are the south of France and Piedmont,
namely, Montpellier, Grasse, Nimes, Cannes, and Nice ; the two last, especially,
are the paradise of violets, and furnish a yearly produce of about 13,000 lbs. of
violet blossoms. Nice produces a harvest -of 100,000 lbs. of orange blossoms,
and Cannes as much again, and of a finer odor; 500 lbs. of orange blossoms yield
about 2 lbs. of pure Neroly oil. A t Cannes the acacia thrives particularly well,
and produces yearly about 9,000 lbs. of acacia blossoms. One great perfumery
distillery at Cannes uses yearly about 140,000 lbs. of orange blossoms, 20,000
lbs. of acacia blossoms, (acacia furnesiana,) 140,000 lbs. of rose leaves, 32,000
lbs. of jessamine blossoms, 20,000 lbs. of violets, and 8,000 lbs. of tuberoses,
together with a great many other sweet herbs. The extraction of the ethereal
oils, the small quantities of which are mixed in the flowers with such large
quantities of other vegetable juices that it requires about 600 lbs. of rose leaves
to win one ounce of otto of roses, demands a very careful treatment. The French,
favored by their climate, are the most active, although not always the most care­
ful, preparers of perfume; half the world is furnished by this branch of their
industry.




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767

BORROWING.

The Boston Transcript has the following amusing remarks upon the degree of
communism which prevails in respect of some very useful descriptions of pro­
perty :—
When a man borrows money of another, or from a corporation, he is required
to give a written acknowledgment of his indebtedness, and a promise to pay at
a definite time, or on demand. But in the case of ordinary borrowing, it is the
integrity, the honor of the borrower, which gives confidence to the lender, that
his property, or an equivalent, will be duly returned.
Perhaps one of the most memorable instances of the latter description wsts
that of the woodman, recorded in the Old Testament, who, in felling a tree near
the banks of the J ordon, lost an axe head in the river. His lamentation at the
loss was explained, when he cried out to the Prophet E l i s h a , who was near by,
“ Alas, Master! for it was borrowed.” The Prophet, touched by this beautiful
instance of scrupulousness, was pleased to cause the axe head to swim, that it
might be returned to the owner.
There is in society a sorry lack of moral sensitiveness in respect to the rights
of others, about little as about great things. Take, for instance, the great in­
difference concerning borrowed books. I f I lend to a neighbor a valuable book,
I feel that I have rendered him a good service, which should secure to me in due
time the repossession of my rightful property. A man whose soul has been re­
freshed at the fountain of pure literature is increasingly delighted, whenever be
is permitted to be instrumental in causing a thirst in other minds for the same
boon. But no one ever becomes reconciled to the loss of a book, to which he
has been in the habit of paying court for many years.
It is no uncommon thing for a book to be kept, until the length of possession
reconciles the borrower to the belief that the property is his own. The lender
is perplexed. He knows that he has incurred a loss. He kept no record of the
loan ; and he dare not question any one about it, as that might cause an unfortu­
nate implication. Still, it is an abominable neglect which subjects the lender to
so much inconvenience. In the course of. his reading he may be prompted to
consult one of the members of the M il t o n or the S h a k s p e a r e family, and finds
to his cost that they have gone visiting. Is not this misappropriation of others’
property something more than an infirmity ?
A friend of mine, with whom I was conversing, related his experience con­
cerning book borrowing, as follows:—“ I shall never forget what I thought and
how I felt when, one day, I stood in front of an elegant library. Running mine
eye over the titles, I stumbled, as I thought, upon an old acquaintance; and to
make sure of the fact, I took the book from the shelf, and ascertained by my own
autograph upon the fly leaf that the volume was mine. So many years had
elapsed since the loan, that it reminded me of the legal quibble, ‘ Possession is
more than nine points of the law,’ and I hesitated what was best to be done. I
longed to renew iny acquaintance with a favorite author, and so concluded to ask
the loan of the book. I actually borrowed my own book ! I forgot to return it.
It was never asked for ; and so the matter dropped.”
When you borrow a book, no matter its value, whether much or little; or how
printed, whether on vellum, hot press, or foolscap ; or how bound, whether in
calf or sheep ; make it a “ golden rule ” with you, never to retain it after its pe­
rusal. If you are not perfectly sure of having sufficient time for such a study,
independent of your usual avocations, then omit the borrowing, until time aiid
circumstances warrant it.
Can any one explain why borrowed umbrellas are so thoughtlessly appropriated
to one’s use, and carried about in open day, until they are fairly worn out ? Once,
I recollect, when the same question was put to a very strict moralist, his reply
was—that the almost universal custom of keeping borrowed books and umbrellas
have rendered the misappropriation excusable. Notwithstanding this current
veniality, one sturdy old moralist insisted upon it that keeping anything borrowed
was an equivalent to stealing ; and therefore to guard his property, and other




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M ercantile Miscellanies.

men’s consciences, he had painted all over his umbrella, “ Stolen from J a m e s
A u c m u t y .”
He was never asked the loan of it.
There is an improvement, an application, as the old sermonizers used to call
it, appropriate to this discourse. “ Gentle reader, look into thy library, examine
its treasures, richer than gold, it may be ; and see if you have not a volume, per­
haps more than one, which you have had the use of for an unreasonable time;
and which is none of thine. Look, also, in thine entry, and ascertain if some
neighbor or friend’s umbrella, lent to you in your extreme need, and when you
were threatened with a shower bath, is not remaining there for your future use,
and not for his. If you shall ascertain such to be the case ; if your book shelf
and entry shall discover to you your delinquency, then return what is tby neighbor’s,
and with thy own hand too, under the pressure of thy self rebuking spirit; and
resolve to sin no more.”
LONG CREDITS.

The evils of long credits, more particularly when granted by those who have
no capital of their own, are very generally bewailed, and the Louisville Price
Current thus complains of the course of affairs there:—
Long credit has always been one of the chief characteristics of the Louisville
trade. No stringency of the money market prevents the sale of good Southern
bills; when the immense capital of the banks is exhausted, private citizens in­
vest in these “ pets of brokers.” The sale of a good six or nine months’ bill on
the South, with the tacit assurance of a renewal, if the convenience of the maker
requires it, has come to be one of the regular features of the city’s trade—color­
ing every transaction, and influencing, to a material extent, current prices. To
so great an extent is this true, that it has nearly passed into a proverb, that
people who have cash go to Cincinnati and St, Louis, while the needy and
careless come here; the small advance in price which they pay being, in fact,the
fee to the hidden usurer.
Our dealers are too rich. We have too much capital. We are too indepen­
dent. Some of the characteristics of the miser seem to govern our merchants,
who, while they will move heaven and earth to save a loss, will make no venture
to make a profit. There is hardly a wholesale grocer in the city who is not able,
on his own credit and capital, to hold over for at least two years. Forced sales,
in order to meet liabilities, are of rare occurrence; because parties who, by any
possibility, could come to such a crisis, are unable to obtain accommodation.
The rich dealer will have his price. Cash is no object. A good bill with interest
and exchange added suits him better. In commercial circles here, he is not the
best merchant whose warehouse is crowded with customers, and who shares his
profits by giving employment to drays and steamboats, and who every day is ac­
tive and ready to meet the market, let prices current be what they may. He is
the best merchant who is stiffest in the back ; who will never cut under ; who
will let the natural trade of the city go elsewhere rather than sell at rates which
the exigencies of legitimate business make compulsory in other places ; who will
have his profit or keep his goods.
The result of such a system is most certainly ruin to the general prosperity of
the community, and a blight on the growth of the city. Persons who wish to
buy for cash, coming once and failing to find a demand for their ware, (silver
and gold, and bank notes,) except from hackmen, and hotels, and sharpers, do
not return ; and that most useful business man whom his trade drives, and who
depends entirely on his sales to meet his expenses, is crushed out. He can't exist
without the cash customer, whom we are so effectually driving away.
We have but few retired merchants, though many who are abundantly rich to
justify them in giving up active life, are every day busy in the counting-houses
of the city, oftener, however, in counting accumulations of interest and rates of
exchange, than attending to the legitimate details of business. These men should
withdraw. • They complain of the worthlessness of sons and nephews, when it
is notorious that their own manner of doing business places an effectual barrier




M ercantile Miscellanies.

769

against the efforts of young tnen, unless supplied with a credit and capital which
the fogies would never think of furnishing.
Short credit is the rule of other cities, and popular opinion makes the rule
imperative on banks, buyers, and sellers. Why should not the same rule work
here ?
W e are the wealthiest commercial community in the W est; but for all practical
purposes which tend to the growth of the city and the advancement of the
general prosperity of the people, we are the poorest. We have no money to
spare to aid the industrious mechanic or manufacturer in the exigencies of his
business. During the summer time, when great manufacturing enterprises are
discussed, and when it is the time for building them, we have no money. We
have time bills which in the fall will come back to us with usury; but our money
is scattered over the country, enabling the planter to improve his plantation, or
play the gentlemen at the springs ; building shops in southern towns; doing its
generous and noble work everywhere but at home.
INDUSTRY AND ECONOMY,

The record of the wealthy citizens of the United States, says the Baltimore
Prices Current—those who have become “ solid men,” of influences and means
—reveals the significant fact that, in the large majority of instances, they are
self-made. The life and story of Franklin are re-enacted a thousand times.
Born to no proud patrimonies, their earlier years were thickly strewn with those
difficulties, single-handed struggles, temptations, and discouragements which but
strengthen and elevate the moral and intellectual character. The w’orld affords
no nobler heroes than its eminent self-made men. Who, in the memorable “ Conti­
nental Congress,” stood forth more prominently or defiantly as the foes of tyran­
ny and the trumpet-tongued champions of freedom ?— and every American Con­
gress, since the days of those venerated fathers, has counted, among its ablest
and best members, not a few who were the architects and builders of their own
fame and fortune. But the self-made, men who toil in the counting-room, who
send forth our ships and steam engines, and lay out our cities and build them,
and those before the march of whose untiring energy the dark forests flee away
and give place to broad acres of fruit and golden grain—but especially the mer­
chant, who more than all the rest, perhaps, contributes to the spread of civiliza­
tion in the once unknown quarters of the globe—it is of these we would now
speak.
There is to be seen, at the Merchants’ Exchange Reading Rooms, an unique
but very suggestive memoir of the shipping merchants of Baltimore who lived,
and planned, and flourished, and failed some eighty years ago. A neat and accu­
rate miniature copy of their private signals accompanies this little history ; but
their colors, alas! have some time since been struck, and their gallant barks
have doubtless long ago been turned adrift to the winds and waves of time and
fortune, and have “ gone down” with their'owners. From this record, it appears
that out of some forty houses in existence in the year 1780, only three or four
escaped the fate which seems to be so closely linked to the mercantile profession.
The lesson taught is one well worthy our serious attention. What, then, must
be the peculiar dangers which merchants encounter? First, the credit system
appears to us fraught with peculiar hazard, especially of late years, liable as it
is to great abuses. Second, the habit of lending and indorsing. Third, what
is doubtless the most dangerous of all, the constant and multiform temptations
V O L . X L I I .----- N O . V I .




40

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M ercantile Miscellanies.

presented to men of ambitious and sanguine temperaments, as nearly all business
men are, to enter into (either “ outside ” or “ inside ”) speculations. They become
wearied with the slow and sure system. “ Industry and economy,” they say,
“ are excellent precepts so far as they go, but the times in which we live especially demand occasional bold and daring ventures—the spirit of enterprise and pro­
gress—the brilliant displays of mercantile talent, by which fortunes are often
made in a single day—point to the necessity ol wide ranges of calculation and
consequent risk.” The laws of trading require adventure, we admit, and in some
departments much more risk than in others, as commensurate with promised re­
turns ; but it is easy to see the point where true enterprise ceases and specula­
tion begins. Let us confine ourselves strictly within the compass of our spe­
cialize, be that whatever branch of the mercantile profession it may. Thousands
of merchants fail who need never to have failed had they adhered to this rule.
They should have preferred, to ensure ultimate success, the gradual but unceas­
ing accumulations which attend a life of undeviating application and justness—
industry and economy—for—
“ A penny saved is two-pence clear,”
and has lifted many a note which would else have gone to protest. By the rule
we have named, the majority of our richest and most respectable men have
“ paid their way ” from comparative indigence to positions of commanding in­
fluence and usefulness. Through many years of quiet, patient, and unobtrusive
toil and application—but never without the unfailing modicum of sweet con­
tent which steady industry and wise economy are sure to bring— did they pur­
sue the—
Noiseless tenor of their way ”—
whilst amid the wild excitements of the stock exchange, gold fevers, tulip and
silk-worm manias, South Sea and Mississippi schemes, and other grand will-o’the-wisp devices, thousands were swept away to bankruptcy, dependence, the
alms-house, or the insane asylum. How often do men become infatuated by
such empty but alluring projects, ever disguised though they be in new dazzling
finery? Wise is he, then, whose patience is equal to his ambition—whose indus­
try cannot be diverted by the most extraordinary schemes for fortune-making,
and whose simplicity of life, pervaded as it must be by a consciousness of tem­
poral and eternal accountability, is never put to the blush by the vain parade of
ostentation, than which, he is well convinced, nothing is more shallow, pitiful, or
transitory.
___________________
REAL ESTATE IN RICHMOND,

The Richmond Whig remarks that the amount of real estate, within the
corporate limits of Richmond, sold at auction, during the past three years have
been $213,400 for 1857 ; $419,357 for 1858 ; $518,327 for 1859. These figures
represent but a small proportion of the value of real estate which changes
owners, in this city, as many of the important sales are made privately, and of
these we keep no record, nor of sales of suburban property. But our table serves
to prove what was before obvious, that the demand for city property is steadily
increasing, and that the value of the same is enhancing. The market for the
past two months has been rather dull.




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771

PARISIAN OMNIBUS SYSTEM.

The omnibus system of Paris, says a correspondent of the New Tork E x ­
press, is one of the very best of those improvements which add to the comforts
and even the luxuries of our immense population, the majority being composed,
as is always the case in large cities, of business people, who require to be fre­
quently transported from point to point, and could not possibly afford the outlay
of a carriage. The omnibuses of Paris are, at present, about four hundred and
thirty in number, and are owned by a single company, governed as minutely as
a joint stock bank or any important association. The whole is under the super­
vision of the Prefect of the Seine, or Governor of the Department of France,
in which Paris is situated, and the Prefect of Police. The routes traveled over
by these vehicles intersect every part of the city and the suburbs.
The omnibuses are so painted as to be easily distinguishable from each other
by day, and at night any one accustomed to employing them can recognize the
line he desires by the large colored lights, carried both in front and behind.
Upon both sides of each is also painted the names of the two points from which
it alternately starts, together with the principal localities passed on the route.
Each omnibus contains, in the interior, fourteen seats, and no more. The vehi­
cle is both longer and wider than the ordinary two horse American omnibus.
Of the interior seats there are seven on each side, four of which are divided from
each other by bars or arms, the three places nearest the door not being separated.
On the roof there are ten more places, at half price. Neither women, children,
nor infirm persons are permitted to ride on the top. Every omnibus has a dri­
ver, who occupies himself exclusively with his horses ; and a conductor, whose
business it is to receive the fares. The conductor wears a neat uniform, suited
to his calling, and most of the men employed in this capacity have served the
army, and are hardened to the fatigue they are obliged to undergo.
As each passenger enters, the conductor moves a spring, which rings a bell
and at the same time registers the new arrival. The price per seat in the inte­
rior is six sous. The passenger is entitled, in addition, to a ticket from the con­
ductor which will enable him to pursue his route by another line without extra
charge. By this ingenious and excellent plan, termed the “ correspondence,”
you may ride from any given point of Paris to any other within the city walls
for six sous. Numerous omnibus offices are established at intervals throughout
the city. These serve several useful purposes. In the first place, they are points
at which people may wait for the passing stage. Every one takes his turn.
Upon entering, you name the desired line, whereupon the clerk in charge gives
you a printed number. Sometimes a large crowd assembles at these bureaus, par­
ticularly should the weather be stormy. Under such circumstances, the neces­
sity of a fixed system of order and precedent is evident. When the omnibus
arrives, should there be any seats vacant, number one is first called, then number
two, and so on. This plan is perfectly fair to all alike, and prevents quarreling.
When the omnibus is once full, it is full, and stops no more until somebody
descends. A signboard indicates that the seats are all occupied. There is no
squeezing in of “ just one more;” no sitting double ; no opportunity for a gal­
lant gentleman to “ allow the lady to sit on his knee,” or timid fellows to give
up their places altogether and bundle out into the rain, to oblige the driver and




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M ercantile Miscellanies.

an unprotected female with a large basket of soiled linen and a dripping cotton
umbrella.
The French are marvellously polite, certainly ; but when they have paid for a
thing, they manifest a strong determination to enjoy it, and are remarkably pig­
headed on the subject of doing themselves a bodily injury, or wetting their feet
to accommodate strange women, who seldom think it worth while to say “ thank
you,” and look upon the sacrifice as entirely a matter of course.
COJfSCIEIiTIOUSIVESS.

The following is a beautiful illustration of conscientiousness, full developed,
and of the old adage, “ that honesty is the best policy ” :—How simple and
beautifully has A bd-el-K adir of Ghilon, impressed us with the love of truth in
a story of his childhood. After stating the vision which made him entreat of
his mother to go to Bagdad, and devote himself to God, he thus proceeds: —
I informed her of what I had seen, and she wept, then taking out eighty di­
nars, she told me I had a brother, half of that was all my inheritance; she made
me swear, when she gave it to me, never to tell a lie, and afterward bade me fare­
well, exclaiming— “ Go, my son, I consign thee to God ; we shall not meet until
the Day of Judgment.”
I went on well till I came near Hamandnai, when our Kafillak was plundered
by sixty horsemen. One fellow asked me what I had got? “ Forty dinars,”
said I, “ are sewed under my garments.” The fellow laughed, thinking, no doubt,
I was joking with him. “ What have you got ? said another; I gave him the
same answer. AVhen they were dividing the spoil, I was called to an eminence
where the chief stood.
“ What property have you got, my little fellow ?” said he.
“ I have told two of your people already,” I replied; “ I have forty dinars
sewed in my garments.”
He ordered them to be ripped open, and found my money.
“ And how came you,” said he, in surprise, “ to declare so openly, what had
been so carefully concealed ?”
“ Because,” I replied, “ I will not be false to my mother, to whom I have
promised I never will tell a lie !”
“ Child,” said the robber, “ hast thou such a sense of duty to thy mother at
thy years, and am I insensible at my age, of the duty I owe to my God ? Give
me thy hand, innocent boy,” he continued, “ that I may swear repentance upon
it.” He did so. His followers were all alike struck with the scene.
“ You have been our leader in guilt,” said they to their chief; “ be the same
in the path of virtue.” And they instantly, at his order, made restitution of
their spoil, and vowed repentance on his hand.
CUSTOMS OF TRADE,

Our cotemporary, the Baltimore Prices Current, remarks:—
There is nowhere to be met, in the whole range of mercantile experience, a
single imperative necessity, in order to command success, for the slightest de­
parture from the strictest integrity, honor, or conscience. And the moment a
man begins to act out the idea that duplicity and artifice—even in their mildest
forms—can more readily and surely lead to gains, then and there he falls into an
error, which, uncorrected, will immeasurably defer his golden hopes and baffle his




M ercantile Miscellanies.

773

shrewdest calculations. Show us the mass of most respected, intelligent, and
successful merchants, and we will point you those who have held this as a funda­
mental principle, first and last. Sad is it, then, to see, in this panting age of
greed and gain, so many “ customs of trade,” altogether unworthy the lofty
character of some who assent to their observance. Truth is, they “ have not
thought of it.” They have done well themselves—the infant years of their busi­
ness lives have been unsullied by any act to which the veriest moralist could ob­
ject—and as “ the house ” became known and respected, the new generation suc­
ceeded as active partners, and with these were introduced, alas! the train of
modern “ customs ” which were unthought of in the simplicity of former times.
But what was pure and honorable then is none the less so now.
Much as it is against our general inclination to refer to such “ unpalatable ”
things, may we be permitted here to declare, that the morals, as well as the interests,
of commerce, are most sadly depressed by an especial “ custom ” which, nowa­
days, drags or drives many very promising men into a series of habits as dis­
reputable as they are injurious to health, business, and character? Let us lay
down our proposition. There is a system which has of late years become, what
Dr. A d a m S m it h would call, one of the “ artificial necessities of trade ”— that
of sending young clerks and partners out through the country, to “ drum up cus­
tom.” To this, of course, there can be no demur ; indeed we would be glad to
know that Baltimore had cultivated ” this system as thoroughly as her rivals.
That they may become well initiated in the mysteries of Frogtown, however, these
young men must be “ shown around,” and as “ good fellows ” always ought to be,
they are “ put through ” both by daylight and darkness. So, as a matter of
course, when S m it h and J o n e s come East, in the spring and fall, to buy their
goods, the junior partners, the drummer, and the book-keeper, all feel the necessity
of entertaining their friends in “ right royal style ”—firstly, because the repre­
sentatives of the firm was so capitally well treated in Frogtown ; secondly, it
being given out that S m it h and J o n e s must not, by any possibility, fall into the
hands of the young men of the rival concern of B l o w h a r d , S w e a r e r & Co.
during their (S. and J .’s) stay in the city. All this, of course, is graduated ac­
cording to the size and standing of the country customer. But we will not ask
the reader to follow these gentlemen from their hotels to the various establish­
ments patronized by the young men of the city firm ; for, to speak plainly, the
recital would exhibit a degree of licentiousness by far too disgusting for ears
polite. This, then, in brief, is “ the custom ” —a custom, we believe, more ex­
tensively practiced by the younger and winked at by the older members and clerks
of many of the most respectable commercial houses in the Atlantic cities than is
at first conceivable. To these we appeal for reform. When the unsophisticated
youth enters upon the mercantile profession, let him become versed in all the rules
and mysteries of honorable success; let his feet be placed in the sure path to
integrity, eminence, and wealth.
BIRD TRADE OF MEW YORK.

There are twenty thousand song birds of different kinds sold yearly in the city
of New York. Most of these are canaries. The bird merchants go to Europe
about the first of August, and buy their stock of canaries, linnets, finches, black­
birds, and thrushes, of the Germans, who raise them for sale. They come back
in September and October. The pure golden-yellow canary takes the highest
price, and they are sometimes sold as high as twenty-five and fifty dollars a pair.
How many homes are made happier by their cheerful notes !
RISE EARLY.
In a recent conversation with one of our most distinguished citizens, he re _
marked that he Dever knew a successful man in business who was not an early
riser. This hint should not be lost on the new beginner.




774

Mercantile Miscellanies.
THE CHINESE AS BRANDY DRINKERS.

.

The San Francisco Times, remarking upon the Chinese population of that
State, says that they consume great quantities of cheap American brandy. Until
recently, we were not aware of the fact, supposing that they, as a class, were re­
markably abstemious in the use of liquors, but a reliable wholesale dealers says
that they buy largely, and drink it among themselves. A t all events, Chinamen
are seldom if ever seen in a state of intoxication. Their method of buying has
been to go round to every place where “ Mexican ” brandy is for sale, and who­
ever offers to sell the cheapest gets their custom. This, of course, induces many
persons to compete for the trade, to be able to offer the fluid at a low rate enough
to suit their ideas of economy, some of the dealers add a large quantity of water>
thus reducing what was before nothing but alcohol and pure spirit to an even
weaker consistency. But gradually J o h n began to smell the rat in this operation,
and latterly the Chinese, when they go to buy brandy, proceed in couples, bear­
ing a saucer and a box of matches. Into the first is poured a quantity of
“ Mexican ” brandy, and while one holds this, the other applie s a lighted match,
and if it produces no blue bame, he pronounces the liquor “ no good ” and refuses
to purchase except at a reduced rate. This testing proof of 1 iquor by fire is a
novel idea, and might be imitated with advantage by other dealers in the articleAFRICAN SLAVE TRADE,

A letter published in a London paper says that at Lagos, the greatest slave
market in Africa, the supply of slaves is obtained by the king from the Jaboo
country, where ail prisoners of war are considered as slaves. The price paid by
him is a roll of tobacco for two, the cost of the tobacco being from twenty-five
to thirty dollars. The dealer pays the king about sixty dollars for each slave—
a young and well grown man bringing seventy five dollars, while an inferior “ piece
of goods ” brings from thirty to forty dollars. The writer states that in 1853 the
cost of importation to Havana, was computed at about seventy-five dollars each,
and that they brought in that city about one thousand dollars each, while in
Brazil they would bring only five hundred dollars. He furnishes a tabular state­
ment, showing that eight hundred slaves in Havana realized above eight hundred
thousand dollars— the expenses being computed at sixty-three thousand and
seventy-five dollars, and the clear profit at seven hundred and thirty-six thousand
nine hundred and twenty-five dollars.
LOBSTER FISHING.

The season for taking these Crustacea (says the New Bedford Mercury) has
just begun, and will continue till July. In the cold weather they strike off into
deep water, where it is probably warmer than near the shore. As the warm
weather approaches they leave their deep-sea retreats, and coming near the land,
immense quantities are caught in traps made for the purpose, with a self-acting
door, which opens as they pass through and immediately closes, leaving the lob­
sters in “ durance vile.” Lobsters are caught on the coast of North America,
from the St. Lawrence River to the Gulf of Mexico. They have been known to
live without any sustenance, after being caught, for six months. It is estimated
that not less than 1,200,000 lobsters are carried into Boston during each season.
They are sent from that place, boiled, to every part of the State.




775

The Book Trade.

THE BOOK TRADE.
1.—A Voyage down the, Amoor; with a Land Journey through Siberia, and In­
cidental Notices
Manchooria, Kamschatka, and Japan. By
ekry
M c D o n o u g h C o l l i n s , U. S. Commercial Agent at the Amoor. River. 12mo.,
pp. 390. New York : D. Appleton &

of

P

Co.

This neat volume constitutes the report of Mr. Perry McDonough Collins,
the United States Commercial Agent for the Amoor River, relative to his jour­
ney across the Russian Empire from St. Petersburg to the Pacific, and his ex­
plorations of the River Amoor from its source to its mouth. Prior to the set­
tlement of California, we were accustomed to look upon the great regions of
Siberia, Manchooria, and Mongolia, as too remote and valueless to be ever made
worthy of investigation as points for commercial development. But now that
our ports on the Pacific are within thirty days’ sail of the ports of Asia, and
since it is well known that the Russians are determined to settle and open to
trade the immense region drained by the Amoor, the subject has engaged the
serious attention of statesmen of Russia and America, and far-seeing men pre­
dict that the development of this great commerce must produce a sort of revo­
lution in the commercial world, as did the discovery of the passage to India by
the way of the Cape of Good Hope. Of. the trade likely to grow up from the
opening of the region drained by the Amoor, it is estimated that there are four
millions of inhabitants in Siberia, including the' natives of the country, without
including the provinces of Amoor, Mongolia, or Manchooria. Assuming that
the population would consume of foreign merchandise an average value of five
dollars’ worth each, which we believe is about one-third the amount consumed
in the United States, it would give twenty millions per annum. Aside from the
commercial importance of this hitherto unexplored region, there is much that is
novel and curious pervading the book, in the author’s sketches of traveling
and life in Russian Tartary which will well repay perusal.
2. — Critical and Miscellaneous Essays; collected and republished by T homas
Carlyle.

In four vols.

12mo., pp. 490, 490, 480, 524.

Boston : Brown

& Taggard.
In these four superb volumes, just issued by Messrs. Brown & Taggard, of
Boston, which have been revised by the author and printed on the finest tinted
paper, rendering them equal to any specimen of book-making yet produced in
this country, we have a collection of essays, both biographical and critical, run­
ning a long' time back, of such personages as Goethe, Shiller, Voltaire, Richter,
Mirabeau, Werner, Sir Walter Scott, Johnson, Madame de Stael, and others,
beside critical conclusions on German literature, the character of German playrights, the Nibelungen Lied, including many other fragments of literature con­
sidered jewels in their time, and including as well that conglomeration or chaos
of romance and lies—“ The Diamond Necklace.” These volumes comprise ma­
terial that cannot fail to attract the attention of all real lovers of literature, re­
flecting, as they do, the better minds of so many countries, viewed by the pro­
found! critical, and erudite pen of Carlyle, than whom, when dealing with mat­
ters of this sort, there is no superior. We regard it as a new and happy feature
of literature, that we have come to see such volumes as these, combining so
many of its excellencies, and we heartily wish the enterprise of Messrs. Brown
& Taggard the success it deserves.
3. — The Semi-Detached House.

B y L ady T h e r e s a L

e w is .

12mo., pp. 311.

Boston : Tieknor & Fields.
Appears to be a story o f English life, exceedingly well written, and far above
the average o f the novelettes which have become so popular of late.




776

The Booh Trade.

4. — Milch Cows and Dairy Farming; comprising the Breeds, Breeding, and
Management of Dairy and other Stock ; the Selection of Milch Cows, with
a full Explanation of Guenon’s Method ; the Culture of Forage Plants, and
the Production of Milk, Butter, and Cheese, embodying the most recent Im­
provements, and adapted to Farming in the United States and British Prov­
inces. By C h a r l e s L. F l i n t , Secretary of the Massachusetts State Board
of Agriculture. Illustrated. 8vo., pp. 426. Boston: Crosby, Nichols,
& Co.
This-work is designed to embody the most recent and practical information
on the subject of dairy farming. With this view the author treats elaborately
of the several breeds of stock, the diseases to which they are subject, the estab­
lished principles of breeding, the feeding and management of milch cows, the
raising of calves, and the culture of grasses and plants to be used as fodder, to
which is added a lengthy chapter on the Dutch dairy management, translated
from the German, as also a full and complete explanation of Guenon’s method
of judging and selecting milch cows— a method always regarded as theoretical,
but now generally admitted to be very useful in practice. The author’s posi­
tion, as the secretary of one of the best State boards of agriculture in the
country, as well as his long experience in the management of a cheese and but­
ter dairy, eminently qualify him for a work of this kind, and his treatise will be
found full of accurate details, alike comprehensible to the farmer as the scien-cj
title student. As a standard American dairy book, it cannot but rank hj$iJ •
and as such we take pleasure in commending it.
//CF
5. —Mademoiselle. M ori; a Tale of Modern Home.
Ticknor & Fields.

12mo., pp. 526.

BcSsfop :
; :

Italy, more than ever, continues the dream-land of fiction writers.
only yesterday we were treated with that singularly eloquent and fanciful(jUt- 6
tion—“ The Marble Faun,” by Hawthorne. Now we have in dramatis perWflJa}—
Mademoiselle Mori. This Irene Mori, the author tells us, is an ideal, who araSL.
before the mind of the writer among the same fair scenes as Hawthorne’s Hilda
of the Dove Cote. Although, like the Marble Faun, a purely speculative ro­
mance, it has more to do with the pictures of every day life in the Eternal City,
and a portrayal of the thoughts and feelings that stirred the modern Romans
during the revolution of ’48 ; and although in all seriousness, were we called
upon to give our opinion, we should say it can have little effect on the dead
past, or the future fortunes of the Roman people, yet it is not without its merits,
as some of its incidents, such as the murder of two supposed spies by the popu­
lace, the attendance of the Roman ladies upon scenes of blood, the existence of
the child regiment, called la Speranza, the flight and pursuit of the traitor, and
his rescue by the priest, we conceive to be true and lifelike sketches of the way
in which private lives are affected by convulsions of the body politic.
6. — El Fureidis; an Oriental Romance. By the author of the “ Lamplighter”
and “ Mabel Vaughan.” 12mo., pp. 379. Boston : Ticknor & Fields.
Lovers of fiction, whose cravings for improbabilities were at home in the
richness of invention and vigorous delineations displayed in the “ Lamplighter”
and “ Mabel Yaughan,” have spread before them a feast in this new tale by the
same graphic hand. This new region of romance appears to be well chosen, for
no other land seems so well to harmonize with the sweet and flowing fancies of
the authoress as this same region of the rising sun. In richness of invention,
power of characterization, and freshness of incident, it appears to compare well
with those earlier productions which w’on for the authoress so much eclal, and
placed her at once in a prominent position as an American novelist.
7. — History of the Cemetery of Mount Auburn.

of the Corporation.




12mo., pp. 263.

By J acob B igelow, President
Boston:- James Munroe & Co.