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THE
MERCHANTS’ MAGAZINE
AND
COMMERCIAL REVIEW.
J U N E ,
1862.
TOBACCO: HISTORICAL, STATISTICAL, DIPLOMATIC, AND L IT E R A R Y .
N o t w i t h s t a n d i n g , that since the introduction o f tobacco to civiliza
tion, its use has been strenuously opposed by all possible means, govern
mental, legislative, and literary— notwithstanding that counterblast after
counterblast has succeeded that in which James the First vociferated an
anathema against the “ precious stinke,” it has worked its way all over the
world, insinuated itself into the pipes of all peoples, fumigated every
atmosphere, filled the mouths and directed the digestion o f the most di
verse races, and brought a similar solace to the dweller of the torrid and
the frigid zone. It has quietly, and as “ noiseless as smoke,” turned the
tables on all attempts to defame it, until it now has, to a great extent, all
races, creeds, and climates, under tolerable subjection. It is the most
universally acknowledged ruler, or tyrant if you will, that custom has
ever put in power.
Ethnologists may discuss with learned length the question of the unity
of the human race, but there is no question as to its unity on the subject
of tobacco. Asiatic, African, European, American, with all there interest
ing subdivisions, form a unity o f races, if such a phrase may be used, on
the tobacco question. Burly fanatics may demand a millenium at the
hands of Providence, and dreamy philosophers may expect that harmony
which the polemical susceptibilities o f their more energetic allies must
eternally postpone; but in the homage all creeds and persuasions pay to
tobacco, they might behold a symbol o f their much sought for universal
harmony. From the monk to the M orm on; from the “ papist” to the
pagan; from the Episcopalian Bishop to the “ unbelieving Jew
from
“ lawn sleeves to old clo’
from the sinecure to the synagogue ; from Delhi
to Dublin; from Rome to the Plymouth Rock, and from “ frog pond ” to
the Salt Lake, the worshipers and faithful followers o f all religions and
forms of faith are only identical in their faith in tobacco. Smoke is the
atmosphere of the millenium. A clever writer twenty-five years ago,
VOL. x l v i .— n o . v i .
33
514
Tobacco :
[June,
glancing over the tobacco field, truly came to the conclusion, that all the
branches of the human family, however they may differ in color, speech,
manners, and opinions, concur in the love o f tobacco— remarking that it
is the solace of the slave; the pastime of the idler, and the sedative of
the busy bustling trader, who in six days does all that he hath to do, and
on the seventh posteth his books. It tranquilizes the overlabored mind
o f the man of letters; makes the toil-worn laborer forget his aches; is
the sailor’ s delight, the soldier’s joy, and contemplative man’s recreation.
Above all other plants, tobacco best deserves the name of the “ peace
making herb.” In quarrels between friends, the offer o f a pinch of snuff
is generally the first step towards a reconciliation; a sailor’s enmity is
soothed by a couple o f inches of pigtail; the present o f a cigar, or the
loan of a tobacco-box, often prevents the outbreak of angry feelings; the
North American Indian buries his tomahawk when he smokes the pipe
of peace ; and in Europe, the treaty which stills the voice of war, is con
certed by diplomatists amid the friendly interchange o f snuff-boxes.
If judged by the vicissitudes through which it has traveled, it must
indeed be acknowledged a hero among plants; and if human pity, respect,
or love should be given it for “ the dangers it has passed,” the inspiration
o f Desdemonia’s love for Othello, then might its most eloquent oppo
nent be dumb, or yield it no inconsiderable meed of homage. Dr. P a r i s ,
in the Historical Introduction to Pharmacologia,* speaks of it as a re
markable plant, and as having suffered romantic vicissitudes in its fame
and character, notwithstanding its powers o f fascination. It has been
successively opposed and commended by physicians— condemned and
eulogized by priests and kings— and proscribed and protected by govern
ments, but at length it has succeeded in diffusing itself through every
climate, and wining the suffrages of the inhabitants of every country.
The Arab cultivates it in the burning desert— the Laplander and Esqui
maux risk their lives to procure a refreshment so delicious in their wintry
solitudes ; the seaman, grant him but this luxury, and he will endure with
cheerfulness every other privation, and defy the raging of the elements;
and in the higher walks o f civilized society— at the shrine o f fashion, in
the palace, and in the cottage, the fascinating influence of the singular
plant, commands an equal tribute o f devotion and attachment.f The very
Treatises which have been written against the use, or rather, it should be
stated, the abuse of tobacco, is sufficient proof o f the celerity with which
it traveled round the globe.
Tobacco was largely used on this continent long before it was intro
duced to Europeans. O f course it cannot be positively stated how lo»g,
but we have proof that the first discoverers found its indulgence universal.
On his first discoveries, C o l u m b u s noticed that the inhabitants o f Cuba
and Hispaniola carried a torch with them for the purpose o f lighting the
leaves of an herb, which he supposed was ignited by way o f perfume.
The account o f the first voyage of C o l u m b u s , in the Historia del Nuova
Mundo, by M u n o z , gives us more particularly a glimpse at the plant, and
the manner in which it was used. “ N ot less strange appeared to them
the custom of the men. who generally walked abroad, both in the fields
and in roads, with a lighted torch in their hands, and rolls of certain
* American edition.
f Introduction to “ Pharmacologia.’
1862.]
Historical, Statistical, Diplomatic, and Literary.
515
herbs wrapped up in a leaf, or rather of leaves rolled together, which they
called tabacos. These they lighted at one end, and from the other sucked
the smoke. The name of tabaco was afterwards transferred to the herb,
which is indigenous to that hemisphere, and which afterwards became so
well known to all the nations of the old world.”
Mr. A r t h u r H e l p s , * translating and reviewing the documents left by
C o l u m b u s , L a s C a s a s , and others, covering the period under notice, also
chronicles the discovery, and dwells upon it as an era not to be overlooked
in diplomatic history. It is interesting, he says, to observe the way
in which, at this point o f the narrative, a new product is introduced to
the notice o f the old world— a product that was hereafter to become, not
only an unfailing source of pleasure to a large portion o f the male part
of mankind, from the highest to the lowest, but was also to distinguish
itself as one of the commodities for revenue, which are the delight of
statesmen, the great financial resource of modern nations, and which af
ford a means of indirect taxation, that has perhaps nourished many a war
and prevented many a revolution. Two discoverers, whom the admiral
had sent out from the Puerto de Mares, (one of them being a learned
Jew, who could speak Hebrew, Chaldee, and some Arabic, and who would
have been able to discourse, as C o l u m b u s probably thought, with any of
the subjects of the Grand Khan, if he had met them,) found that the men
of the country they came to investigate, indulged in a “ fumigation ” o f
a peculiar kind. The smoke in question was absorbed into the mouth
through a charred stick, and was caused by burning certain herbs wrapped
in a dry leaf, which outer covering was called “ tabaco.” L a s C a s a s ,
who carefully describes the process o f imbibing smoke, mentions that the
Indians, when questioned about it, said that it took away fatigue, and that
he has known Spaniards in the Island o f Hispaniola, who adopted the
same habit, and who, being reproved for it as a vice, replied, that it was
not in their power to leave it off. “ I do not know,” he adds, “ what savor
or profit they found in them,” (tabacos) O v ie d o also gives a particular
account of the manner o f imbibing the smoke, the Caciques and principal
men using a hollow forked stick about a span in length, and the thick
ness o f the little finger. The forked ends were inserted in the nostrils,
and the other “ to the burning leaves o f the herb, which are rolled up in
the manner of pastils.” He tells us that the Indians held the herb in
great esteem, cultivating it in their gardens, and pretending that its use
was not only wholesome but holy. He knew several Christians who
adopted it as an antidote to the pains o f disease, and adds— “ at the pre
sent time,f many of the negroes have acquired the same habit. They
cultivate the herb, for the purpose of smoking, in the grounds o f their
masters; and they say that the use of it, after they have concluded their
labors, takes away the sense of weariness.” H u m b o l d t , o f course basing
his conclusions on these and other documents, asserts that tobacco was
cultivated from time immemorial, by the natives and the Orinoco, and that
it was used all over the continent of South America at the time of the
Spanish conquest. A striking evidence o f the use o f tobacco, long pre
vious to the advent of the European in America, is adduced in the fact,
* The S panish C onquest in A merica , and its relation to the History of Slavery,
and to the Government of Colonies, vol. 1., book ii., chap, i,
f O viedo . Historia General de las Indias. Edit. 1536.
516
Tobacco :
[June,
that in several of the tumuli and ancient mounds which have been dis
covered in Ohio and other States, pipe-heads o f copper and talc have been
found. The copper pipes are not soldered ; the bowl is formed by lapping
one edge over the other. Those o f talc are more finished. One found
six feet below the surface of the earth, on the banks o f the Sandusky
River, exhibits great taste, “ the rim o f the bowl is in high relief, and the
front represents a female face.”
O v i e d o ’ s account refutes the widely received-conjecture, that Europeans
first beheld the use of tobacco in 1518, on the occasion of an interview
between Juan de Grijalva and the Cacique of Tabasco in Yucatan; and
from which occasion and locality, the “ weed ” was supposed to have de
rived its name. The plant itself was known by several names to the
Aborigines o f this continent. In Mexico, it was called piecelt; in Brazil,
petun ; in Hispaniola, cohiba ; and in the other islands, yoli. S a v a r y in
his Dictionnaire TJniversel de Commerce, Geneva, 1723, puts forth an as
sertion and a conjecture, which are, however, both rejected, to wit, that
tobacco was known among the Persians upwards of four hundred years
before the time he wrote, and that they probably obtained it from Egypt.
Other attempts to speculate on the probability o f the use of tobacco in
the old world, anterior to the discovery of the new, do not attract
greater credence. Two evidences of the antiquity o f smoking, in Europe
and Asia, are adduced in the shape, first, o f a pipe head, retaining the
smell of tobacco, said to have been found in the wall of a Grecian build
ing, erected in Constantinople before the time of Mahommed, and second, a
short pipe found between the teeth o f a human skull in 1784, in
Kildare, Ireland. Supposing the discovery of the pipe-head in Con
stantinople, to be well authenticated, a writer in the Quarterly Review,
(No. lxxv.,) suggests that smoking, having at first been prohibited to the
Mahommedans as an innovation, and contrary to the principle o f their
law, the pipe had probably been inserted in the wall by some lover o f
tobacco, in order to furnish an argument for the antiquity o f the custom,
and, therefore, o f its lawfulness. The pipes found, and there were many,
in Ireland, are claimed to have belonged to the Danes or “ the
fairies
but the author of the very clever “ Paper o f Tobacco,” who is
evidently a scholar in pipes, says, alter examining “ the collection of a
gentleman curious in such matters,” that they undoubtedly belonged to
certain heavy-breeched Batavian dragoons, who were quartered, (would
that they had been previously hanged and drawn,) there in the reign of
William of Orange. The same writer quotes an assertion, but with dis
credit, founded on the opinion o f Professor P a l l a s , known for his travels
in the north part o f Asia, that the use o f tobacco was known at an early
period by the Eastern Scythas, or Tartars; and Dr. S a m u e l L. M i t c h e l l ,
whose philosophical learnings are more than once indicated by the pleasant
pen of H a l l e c k — seems to have adopted the same idea. In an essay,
attempting to prove that the Aborigines o f this continent, were of the
same family and lineage with those o f Asia, he adduces in support, that
“ the custom of smoking the pipe, on solemn occasions, to the four cardi
nal points of the compass, to the heavens and to the earth, is reported,
upon credible authority, to distinguish equally the hordes of the Asiatic
Tartars and the bands of the American Sioux.” *
* Archcologia Americana, vol. 1, p. 328.
1862.]
Historical, Statistical, Diplomatic, and Literary.
517
After its arrival in Europe, Tobacco was speedily known by as many
new names as it originally had old ones in America. The first seeds or plants,
were brought to Spain in 1559 or 1560, by F r a n c i s c o H e r n a n d e z dk
T o l e d o , a physician who had been sent to Mexico by P h i l i p II, for the
purpose o f making observations in natural history. In the year following,
J e a n N i c o t , the Ambassador of France at Lisbon, having procured some
plants, sent them to the Grand Prior, of the family o f Lorraine, and also
either sent or carried some to Catherine de Medicis, the Queen Mother.
Hence it was first known in France as Herbe du Grand Prieur. It was
subsequently called Herba Reginoe, Herbe Medicee, and the embassadors
herb, but these soon fell into disuse, the plant only retaining that, which
it to this day retains, the name of the envoy, JYicotiana Tabacum.
G e o r g e B u c h a n a n , the Scotch philosopher and poet, tutor o f J a m e s 1st,
hated Catherine of Medicis, and in one o f his Latin epigrams, alludes to
the herb being called Medicee, advising all who value their health to shun
it, not so much from its being naturally hurtful, but that it needs must
become poisonous if called by so hateful a name. A very fair hit at the
royal poisoner. In Italy it was called Tornabona, that being the name of
an Italian envoy who brought some plants from France. In 1589, the
Cardinal Prosper Santa Croce, returning from his nunciature in Spain
and Portugal, brought home some tobacco plants; and the exploit of
bringing back the “ holy herb,” was considered to shed as much luster on
his family, as that of one o f its ancestors in bringing to Italy a piece of
the holy cross. The tobacco took his name, and the virtues ascribed to
it and the family, were enthusiastically celebrated by some devoted bard
of the latter, in a Latin poem cited by Bayle, and of which the follow
ing translation is given :
“ The herb, which borrows Santa Croce’s name,
Sore eyes relieves, and healeth wounds ; the same
Discusses the king’s evil, and removes
Cancers and boils ; a remedy it proves
F o r burns and scalds, repeals the nauseous itch,
A n d straight recovers from convulsion fits.
I t cleanses, dries, binds up, and maketh warm ;
The headache, toothache, cholic like a charm
I t easeth soon ; an ancient cough relieves,
A n d to the reins, and milt, and stomach gives
Quick riddance from the pains which each endures ;
N e x t the dire wounds o f poisoned arrows cu res;
A ll bruises heals, and when the gums are sore,
I t makes them sound, and healthy as before.
Sleep it procures, our anxious sorrows lays,
A n d with new flesh the naked bone arrays.
N o herb hath greater power to rectify
A ll the disorders in the breast that lie
Or in the lungs.
H erb o f immortal fame !
W h ich hither first by Santa Croce came,
W hen he, (his time o f nunciature expired,)
B ack from the Court o f Portugal retired ;
518
Tobacco:
[June,
Even as his predecessors great and good,
Brought home the cross, whose consecrated wood
All Christendom now with its presence blesses;
And still the illustrious family possesses
The name of Santa Croce, rightly given,
Since they in all respects resemble Heaven,
Procure as much as mortal men can do,
The welfare of our souls, and bodies too."
The date at which tobacco was brought to England is not clearly as
certained. It is stated to have been first actually introduced by Sir J o h n
H a w k i n s in 1565 ; but Sir W a l t e r R a l e i g h and Sir F r a n c i s D r a k e
are also put forth as entitled to that honor, if such it be. It is tolerably
well settled, that the clay pipe, as a means of using it, was not introduced
until 1586, and then by Mr. R a l p h L a n e . He had been appointed
governor of Sir W a l t e r R a l e i g h ’ s colony of Virginia, in 1585, but in
consequence of the non-arrival o f some promised supplies, he was
obliged, with his companions, to return to England in the following
year, in the fleet of Sir F r a n c i s D r a k e , which happened to touch at the
new settlement, and arrived in Portsmouth, England, July 28,1586.
L o b e l , in his History o f Plants, printed at Antwerp in 1576, gives
illustrations o f two species o f tobacco, respectively named, “ HerbaSancta,
sive Tabacum Minus, and Sana Sancta, sive Tabacum Minimum.” In his
Adversaria Nova, printed in the same year, the same author states, that
the plant had been brought to Europe from America not many years
before, and that it grew to the height of three cubits and a half in France,
Belgium, and England. This would lead us to infer, that R a l e i g h had
some of the seed before D r a k e ’ s return, which is supposed by some as
the earliest date of importation. However, if R a l e ig h did not actually
introduce it, he made the use o f it somewhat popular among the court
gallants, by leading the fashion in smoking it. A traveler in England, in
1598, H e n t z n e r , notices the custom o f smoking at the theatre and other
places of amusement.
It soon attracted the eager watchfulness and opposition o f the crowned
heads. A proclamation was issued against it in the reign of E l i z a b e t h .
J a m e s I. wrote his famous “ Counter-Blaste against Tobacco,” and im
posed severe fines and imposts to abolish it, and C h a r l e s I. continued
them. In his “ Counter-Blaste,” J a m e s I. was doubtless considerably in
spired by his opposition to R a l e i g h , whom he rather satirically points
at in his effusion.
“ Now,” said he, “ to the corrupted baseness of the first use o f this to
bacco doth very well agree the foolish and groundless entry thereof into
this kingdom. It is not so long since the first entry of this abuse amongst
us here, as that this present age cannot very well remember both the first
author and the form of its introduction against us. It neither was brought
in by a king, great conqueror, nor learned doctor of physic. W ith the
report of a great discovery for a conquest, some two or three savage men
were brought in with this savage custom; but the pity is the poor, wild,
barbarous men died, but that vile, barbarous custom is yet alive, yea, in
fresh vigor; so as it seems a miracle to me how a custom springing from
so vile a source, and brought in by a father so hated, should be welcomed
1862.]
Historical, Statistical, Diplomatic , and L itera ry.
519
upon so slender a warrant.” That was clearly more at Sir W a l t e r than
the weed. It had not much effect, however, but rather strengthened the
practice among those who had been courtiers to the late queen.
He
makes an appeal to his people not to enervate themselves by its use, and
draws the ludicrous picture o f a man going to battle stopping on the
way to light his pipe. “ It is,” he continues, “ not the greatest sin o f all,
that you, the people of all sorts o f this kingdom, who are created and
ordained of God to bestow both your persons and goods for the mainte
nance both of the honor and safety of your king and commonwealth,
should disable yourselves in both. In your persons having, by this con
tinual vile custom, brought yourselves to this shameful imbecility, that
you are not able to ride or walk the journey of a Jew’s Sabbath, but you
must have a reeky coal brought you from the next house to kindle your
tobacco with ; whereas he cannot be thought able for anything in the
wars that cannot endure oftentimes the want of meat, drink, and sleep,
much more, then, must he endure the want of tobacco. In the times of
the many and glorious battles fought by this nation, there was no word o f
tobacco; but now if it were time o f wars, and that you were to make a
sudden cavalcado upon your enemies, if any of you should seek leisure to
stay behind his fellows for taking tobacco, for my part I should never be
sorry for any evil chance that might befall him.”
He warms with the
subject, and denounces smoking as “ loathsome to the eye, hateful to the
nose, harmeful to the braine, dangerous to the lungs; and in the black,
stinking fume thereof, nearest resembling the horrible Stygian smoake o f
the pit that is bottomless.”
He likewise, in the fervor o f his passion,
proposed as a banquet for the devil, “ a loin of pork, and a poll o f ling
and mustard, with a pipe of tobacco for digestion.” Alluding to its ex
pensiveness, he says, “ now, how you are by this custom disabled in your
goods, let the gentry o f this land beare witness; some of them are be
stowing three, some four hundred pounds a-yeere upon this precious
stinke.” W hat would the irate philosophic monarch say, were he to re
visit the glimpses of the moon and behold the enormous revenues accru
ing from the culture and use o f this “ horrible Stygian smoake,” and the
great pains statesmen and diplomats are at to discountenance him and his
counter-blast, by encouraging a trade which is only second to that of one
other product of this country ?
As the custom reached to other countries strenuous measures were
taken to discountenance and crush out the practice. The penalties were
severe, but inefficient. In Persia, where the Portuguese had introduced
it previous to 1590, S h a h A b b a s the great, forbade the use o f tobacco in
his army under the penalty of having the nose slit and the lips cut off.
The offenders, however, became so numerous he annulled the law and
granted leave to freely cultivate it. In 1630, the Sultan A m u r a t h IV. for
bade the use of tobacco in Turkey. Every offender was conducted in
ridicule through the streets, with a pipe transfixed through his nose and
seated on an ass with his face to the tail. But, as in Persia, the custom
grew stronger than the law. A few years afterwards it was prohibited in
Russia, by the Czar M i c h a e l F e d o r o w it z . Pope U r b a n VIII. excom
municated those who took tobacco in church.
In 1653, all smokers in
the Canton of A p p e n z e l were brought before the council and punished.
In 1635, Louis X III. o f France issued an edict confining the sale of to
bacco to apothecaries, and then only on the permit of a physician. This
520
Tobacco:
[June,
regulation was, however, soon annulled.
Many interesting anecdotes
might be compiled, but as we have traced the history of Tobacco to a
point at which it took a firm foothold in Europe and Asia, and in Africa,
also, for the negroes along the Coast had been supplied by the Portu
guese; and, given some idea o f the powerful antagonism it triumphed
over, we must hurry on to a comprehensive glance, with the aid of statis
tics, at the vast proportions to which the importance o f the plant has ex
tended, and more especially in its present aspect in this country in con
nection with our foreign relations.
As one passes along the street and beholds the staid merchant leisurely
puffing his cigar, his mind turned inward over stocks; or the energetic
clerk, more nervously drawing in and shooting out a stream of smoke;
or the laborer, with his short clay pipe stuck as firmly between his teeth
as the shovel or hod is grasped in his hand; or the sailor, munching his
quid and occasionally ejecting a stream sufficient to get under an incip
ient fire; or the hackman, lounging on the carriage-box, or bent up,
elbows on knees, sitting on the door-step, blowing a careful cloud and
counting his fare; or the gay sprig, fastidiously removing between first
and second fingers a plump cigar of high flavor, to give an extra curl of
enjoyment to his eye while he sends out the thin blue cloud ; or the mixed
masses of smoke expanding outwards between the rows of boot and shoe
soles at hotel windows ; or the cigars stuck at angles of forty-five in
the metallic mouths that post themselves round groggery corners; or, in
a word, as one sees the moving panorama o f tobacco and smoke on
every broad way, narrow way, street, lane, or alley in the metropolis
— as one so sees, for he cannot help it— how seldom does it enter into his
head that he is moving in an element which is the very crutch o f some
governments, and as good as gold to several. Few think, while luxuri
ously enjoying a pipe or a cigar, and watching the eddying circles of
smoke mix with and imperceptibly evanish into the atmosphere, that the
desire for such enjoyment as they are embracing forms one o f the most
important axles, so to speak, around which the spokes of several govern
ments revolve.
Recent events have presented the Tobacco trade in an aspect suffi
cient to awaken a deep interest not only in this country, but in France,
Great Britain, and other leading nations o f Europe. As it has been the
second commodity in importance with the United States, it is not too
much to say that it is o f almost the first with France, if not with Eng
land. In all the governments of Europe, Switzerland and the HanseTowns excepted, tobacco is regarded as an article o f luxury, in addition
to which, it is held in France and England as a convenience for raising
the revenue. In the former it is consequently subjected to the arbitrary
exactions of the Regie, and in the latter to such duties as almost amount
to a prohibition. It is assumed by British statisticians, that the yearly
consumption o f Tobacco in Great Britain and Ireland amounts to 26,000
tons, about one half of which, it is supposed is smuggled, owing to ex
cessive duties (upwards o f 1,000 per cent) levied on the article under the
tariff system of that kingdom. Parliamentary returns show the importa
tion of Tobacco into the United Kingdom during 1850 to have been
15,700 tons o f leaf, and 694 tons manufactured. Out of this 15,700 tons,
or 35,168,000 lbs., imported, England exported to the W est Coast of Af
rica and other places, in small quantities, about 2,602,000 lbs., showing
1862.]
Historical, Statistical, Diplomatic, and Literary.
521
the amount retained for consumption to be 32,566,000 lbs. The follow
ing table exhibits the quantities and value o f raw tobacco exported from
the United States to Great Britain and Ireland from 1830 to 1855, both
years inclusive:
Year.
1830. .hhds.
1831...........
1832...........
1833...........
1834...........
1835...........
1836...........
1837...........
1838...........
1839...........
1840...........
1841...........
1842...........
Quantities.
20,291
26,785
36,393
23,884
30,658
27,583
38,855
21,733
25,732
30,330
27,136
43,131
36,999
Value.
$1,583,971
1,882,336
2,345,450
2,259,197
2,937,020
3,400,639
4,593,442
1,879,868
2,857,203
5,404,967
3,227,880
5,114,836
3,212,207
Year.
1843. .hhds.
1844...........
1845...........
1846...........
1847...........
1848...........
1849...........
1850...........
1851...........
1852...........
1853...........
1854...........
1 8 5 5 *.........
Quantities.
21,050
39,132
26,169
27,943
29,745
23,801
21,857
30,926
23.698
17,696
32,236
17,664
24,203
Value.
$1,262,616
2,900,126
1,985,037
2,423,223
2,583,775
2,260,937
1,771,123
3,025,585
3,458,885
2,512,225
3,438.423
2,146,942
3,507,760
This table shows that the annual supply was never less than 17,664
hhds., and that it has gone as high as 43,131 hbds., exhibiting for twenty
years an annual average of over 28,000 hhds. The revenue accruing to
the British government from Tobacco last year is computed at over five
and-a-half millions pounds sterling.
Tobacco is our second greatest export to France. In that country the
trade is monopolized by the Government Regie, or commission, an associ
ation under the supervision o f the Minister of Finance. In it is vested
the sole right to import foreign and purchase indigenous tobacco. It
controls and authorizes its manufacture, fixes the wholesale price to re
tailers, as well as the price at which the latter shall sell for general con
sumption.
The capital of the Regie, consisting of houses, offices, ma
chinery, and tobacco in store, is estimated at $45,000,000. There is
usually kept on hand a supply of tobacco sufficient to meet the demand
for three years, which enables the Regie to manufacture it more perfectly,
and to provide against accidental failures in the supply. One fact is en
couraging to us as Tobacco producers, and that is that while consumption
is constantly increasing, the culture remains in France at a stand, because
it is also under the supervision of the Regie, which prescribes the method
of cultivation, and confines its produce to certain departments, and even
to certain individuals. Up to 1817, purchases were made upon the offers
of merchants submitted to the Council of Administration through the
Director-General.
Embarrassments growing out of this system, the
present was adopted, which is : Proposals are published by the Regie to
make contracts for the supply of certain qualities and quantities o f speci
fied kinds of Tobacco. Samples o f the kinds and qualities are submitted
to the inspection of those who de#re to contract, and they thereupon
submit their offers to supply at certain prices within a time specified.
The samples submitted are carefully preserved, and when the cargoes
arrive at the various ports samples o f them are forwarded to Paris and
compared with the model samples, upon the result of which depends their
* There were also exported cases and bales, included in the column of value.
V
522
Tobacco:
[June,
acceptance or refusal. It was suggested by the agent o f our government
in 1854, that it requires but little reflection to perceive how this system
curtails our trade in Tobacco. If it were admitted as other products are,
we would export ten times as much as we are in the habit of doing to
France. It has stood, however, for several years, and has become of so
much actual importance to the French government, under whatever
regime, that we cannot expect to see it soon materially changed. As an
illustration of its importance, we may quote from an official despatch to
the State Department at Washington, which states that in 1848, the
year of revolution— when business was either disarranged or paralyzed—
the receipts from the French customs only amounted to 146,000,000
francs, 86,000,000 o f which were derived from Tobacco, nearly all grown
in the United States.
Tobacco is only permitted to be cultivated in six departments as a sta
ple, and then it is under the most rigid surveillance of the Regie. In the
other departments agriculturalists are allowed to grow fo u r plants for
each tenement for medical purposes. There are only ten manufactories;
they are situated at Paris, Havre, Lille, Strasbourg, Morlaix, Tonneins,
Lyons, Marseilles, Toulouse, and Bordeaux. Each has its circle o f depart
ments to supply, and is restricted to transactions therein. The manufac
tured article is deposited in magazines, o f which there are 357. The re
tail dealers, who number about 30,000, are, as we said, under the Regie
inspectors, and are allowed from 10 to 12 per cent commission on their
sales. The jrrofits realized on Regie Tobacco, whether imported or pro
duced, amounts to 447 per cent. The following interesting table, com
municated to our government from French authorities, exhibits the growth
o f the income from Tobacco under the Regie from its commencement in
1811 to 1852, inclusive :
Tears.
1 8 1 1 ...
1 8 1 2 ...
1 8 1 3 ...
1 8 1 4 ...
1 8 1 5 ...
1 8 1 6 ...
1 8 1 7 ...
1 8 (8 ...
1 8 1 9 ...
1 8 2 0 ...
1 8 2 1 ...
1822. ..
1 8 2 3 ...
1 8 2 4 ...
1 8 2 5 ...
Francs.
6,(100,000
26,000.000
29,355,842
32,000,000
32.123,303
33,355,321
39,182,994
41,705,861
41,412,893
42,219,604
42,279,004
41,950,997
41,584,489
43,129,723
44,030,453
Years.
1 8 2 6 ...
1 8 2 7 ...
1 8 2 8 ...
1 8 2 9 ...
1 8 3 0 ...
1 8 3 1 ...
1 8 3 2 ...
1 8 3 3 ...
1 8 3 4 ...
1 8 3 5 ...
1 8 3 6 ...
1 8 3 7 ...
1 8 3 8 ...
1 8 3 9 .. .
1 8 4 0 ...
Years.
Francs.
Francs.
44,993,057 1 8 4 1 ...
71,989,095
73.804,142
45,728,983 1 8 4 2 ...
77,368,735
46,385,633 1 8 4 3 ...
45,632,490 1 8 4 4 ...
79,499,379
82,534,494
46,782,408 1 8 4 5 ...
85,961,080
45,920,930 1 8 4 6 ...
47,751,597 1847. ..
86,391;198
85,271,053
49,230,280 1 8 4 8 ...
50,843,714 1849. . .
85,136,106
88,915,000
51,700,181 1850. . .
92,233,729
55,629,540 1 8 5 1 ...
59,026,912 1852. . .
95,344,082
61,682,425
Total.. 2,328,201,725
66,001,841
70,111,157
The publications of our State Department— 1856— say that from 1827
to 1836, our exports to France amounted, annually, on an average, to
5,727,900 lbs. For many years we have exported from three-fourths to
four-fifths of the Tobacco consumed in France. Our sales to the Regie,
from 1837 to 1853 inclusive, average 18,000,000 lbs. per year; the lowest
amount any year being 9,741,600 lbs., and the highest, 32,305,240 lbs.
The United States Treasury Reports give the quantities o f Tobacco ex
1862.]
523
Historical, Statistical, Diplomatic, and Literary.
ported to France for the fiscal years 1854 and 1855, as 15,162,000 lbs.
and 40,866,000 lbs. respectively. In the latter year there was an addi
tional exportation of 2,905 cases and 879 bales, the great demand being,
it is suggested, for the army in the Crimea.
W hile our trade in cotton has been decreasing at the rate of a million
francs a vear with Belgium, Tobacco has been increasing almost in an
equal ratio. Taking the statistics at hand, those of 1853-54 as a basis,
Belgium imported from the United States in—
1853 ................................. francs
18 5 4 ............................................
Tobacco.
Manufactured Tobacco.
3,782,000
4,117,000
4,132,000
7,438,000
Bremen is perhaps the greatest Tobacco market in Europe. Two-thirds
of her whole trade is with the United States. She takes on an average
36,000,000 lbs. raw tobacco, besides over 8,000,000 lbs. tobacco stems
per annum. In 1855 we exported 38,000,000 lbs. to Bremen. Lubeck
imports about 2,250,000 lbs. o f Tobacco annually, the larger portion of
which is from the United States, and which she receives through Ham
burg or Altona, there being no direct trade with her from this country.
The leading imports o f the Hanse Towns from the United States are cot
ton and tobacco, the annual value o f the latter being about $3,000,000.
For its extent, Switzerland is a remarkably good customer. By a pro
vision of the constitution of 1848, raw materials required for manufac
ture, as well as for the necessaries of life, are admitted at the lowest possible
rate of duty, while the highest import tax they can bear is to be levied
upon articles of luxury. Whatever may be the light in which they view
Tobacco, whether as a necessity or a luxury, it is treated as an article of
trade, and admitted at a rate o f duty (65 cents) per centner (110£ lbs.)
less than Great Britain charges on a single pound.
Hence, while the
importations of England from us averges something over a pound per
head of the population, and that o f France less than half a pound per
head, our dealings with the Swiss Republic is more than three pounds per
annum for every inhabitant. The official returns of the Swiss Custom
house show that they imported from the United States—
Tobacco Leaf......................
Manufactured Cigars.........
1850.
1851.
Centner.
Centner.
Centner.
1852 .
Centner.
1851 .
31,420
2,643
46,240
3,418
49,864
3,712
51,467
4,802
Later returns show an importation of 7,000,000 lbs. from the United
States
These figures show that England, France, the Hanse Towns and Swit
zerland take more than one-half of all the Tobacco imported into Europe
from the United States.
The latest estimate (March, 1862,) o f Tobacco
produced in this country and exported to Europe is as follows :
Kentucky and Western, including Stems,....................lbs.,
Virginia,.....................................................................................
Maryland and Ohio Leaf,.......................................................
Seed leaf grown in the “ free States” of all kinds,.............
90,000,000
40,000,000
50,000,000
20,000,000
Total,..................................................................................
200,000,000
524
Tobacco :
\June,
If anything this is slightly under the average ; but when we take into
consideration what a large proportion o f it is the entire crop raised in the
United States, it looms up into very great importance. The Report of
the Committee o f the New York Tobacco Merchants, (March, 1862,)
shows that our aggregate annual growth o f leaf Tobacco is equal to
about 225,000 hlids., or at an average, 1,300 lbs. per hogshead,
292.000. 000 lbs. Hence, more than two-thirds of the entire crop goes
to Europe, not to mention what we supply to small places all over the
world. About 90,000,000 lbs. are kept for stock and home consumption.
And this brings us to the diplomatic and absorbing point of our brief
review of the Tobacco Question. W e have seen that at the fairest esti
mate we grow less than three hundred millions pounds annually at the
best of times and with every favorable incentive to plant and prepare the
weed. O f this 300,000,000 pounds Europe takes over two-thirds, and
several of the most important governments are largely dependent on it
for revenue and consequent equanimity. Now, the question is— and it is
tantalizing both France and England— Where are they to get supplies
this year; can they get them from A m erica; can we even count on
sufficient for our own demands ? All the reliable information to be de
rived on the subject, answers in the negative.
Have these European
marts no stock on hand? we shall see. The whole stock in Europe on
hand in December, 1861, amounted to probably 82,000,000 lbs., or about
two-fifths of what they rely upon the United States to furnish in the
year.
O f this amount England had two-thirds o f the w h ole; say
50.000. 000 lbs. This seems a good reliance, but it is some millions pounds
below her yearly consumption, that being, as we stated on official British
authority, 26,000 tons. Bremen and Hamburg had jointly in stock at
the same date about 12,000,000 lbs., which is 32,000,000 less than the
annual importation of Bremen alone from the United States. The stock
in France, Dec., 1861, was only 200 hhds.
Europe is behind-hand in the matter of stock, as we are ourselves,
owing to the inferiority both in quantity and quality of our crop for a
couple of years; and the present aspect of the crop would suggest a crisis,
rather than the means to appease, in the Tobacco world.
Our chief reliance has been on Virginia, Kentucky, Tennessee and
Maryland. Out of 199,725,655 lbs. given in the census as the entire
growth of 1850, 161,551,945 lbs. came from Southern States, exclusive
o f Maryland, and from which we cannot expect any material returns this
year. Virginia is the great Tobacco growing State.
Her produce
amounts to 80,000 hhds. annually, more than one-third of the entire
crop. Owing to the rebellion, the neg'ect of the Tobacco fields, and the
scarcity of hands to work, most o f the men being in the army, wTe shall
have but a slim amount from the Tobacco paradise this year.
Nor is the prospect more cheering from the other great sources of the
Tobacco trade. Public opinion has been directed to the subject, and
all the information which reaches us show that the crop will be exceeding
ly short in Virginia, Kentucky, Tennessee, and Missouri. Some hopes of a
Tennessee supply were based upon the opening of the Cumberland, Ten
nessee, and Kentucky rivers. It was supposed that Tobacco was held
back by these rivers being closed up.
But such does not appear to be
the case. A leading daily* writing on the subject, and speaking author
* Hew-Vork Daily Times, April, 23.
1862.]
,
Historical Statistical, Diplomatic, and Literary.
525
itatively, says : “ Up to this not 50 hogsheads have reached this market,
and only about 180 have reached Louisville, the only other point which
they can reach, as they cannot go down the river, and do not go to Bal
timore.”
It is admitted by the Southern press that “ unless the war
shall terminate shortly the men engaged in it can add nothing to the
productive industry of the country the present year.” Both North and
South agriculturists are pressingly urged to the extensive planting of
grain, as the war, while lessening the producing, adds considerably to the
consuming power. In the agricultural speculations touching Tennessee,
there is very little allusion indeed made to Tobacco at all. The state of
affairs in Kentucky, touching this crop, may be gleaned from the Munfordsville correspondent of the Louisville Democrat as follows:
“ Very little preparation has as yet been made by the farmers in this
vicinity toward the coming crop. Many o f those who live along the
road can make no crop on account of their fences having been burned.
Not a single farm in the immediate vicinity of our village can be culti
vated the present year for this reason. The crop will be confined prin
cipally to grains. Very little tobacco will be grown, partly owing to the
continuous wet weather preventing the sowing of seed, and partly in
consequence o f the proposed specific taxation upon that article in Con
gress. If the tax bill should pass as now proposed, levying $3 on 100
pounds of tobacco, it will amount to a virtual prohibition of its culture,
at least in the Green River country; for though we grow some o f the
best brands of tobacco, yet a large proportion o f our crop does not ordi
narily sell for more than $5 per 100 pounds, which would bring the
farmer in debt after the sale o f his crop. It seems to me that it would
be infinitely better for the farmer, and produce more revenue to the Gov
ernment, if a reasonable ad valorem, instead o f this specific tax, should
be levied on this article.”
The general tone o f the Kentucky press is in unison with this. It is
admitted also that in Missouri the crop will be short. Where, then, are
our European customers to be supplied ? It is true, Ohio, Connecticut,
Indiana, Illinois, Pennsylvania, Massachusetts, New Jersey, and New York
grow tobacco, but it is not o f the quality in chief demand in Europe.
The Tobacco grown in these States is known by the name of “ seed leaf,”
and is used in the manufacture o f common cigars. The introduction of
this variety is o f comparatively recent date. The census of 1850 exhib
its the crops of Connecticut as 1,267,624 lbs.; Indiana, 1,044,449;
Pennsylvania, 912,651.
There are now about 45,000 cases o f seed leaf
produced, altogether amounting to about 8,000,000 lbs. Of course the
condition of the crops in the chief Tobacco growing States has given and
will give a great impetus to the planting in Ohio, Southern Illinois and
Indiana ; but we need scarcely add that the most energetic endeavors o f
the farmers cannot make up for the deficiency otherwise produced. The
growth o f this seed leaf in the market may be illustrated by a few facts.
It is but commencing to enter into the calculations of foreign buyers. In
1856, 356 boxes were imported to Bremen ; in 1858 the same city took
3,530 boxes; in 1860, 15,190; and in 1861, 39,400, representing a
value of a million and a half. This Tobacco was almost entirely the pro
duct of Ohio, Connecticut, and Pennsylvania, and the unusually large
demand for it was in consequence of the failure o f the Brazilian crop for
two successive years.
O f course a failure in the supply at any other
526
[June,
Tobacco :
point will create a much greater demand again ; hut the supply cannot
be forthcoming, as it is very doubtful if we will be able to supply the
home necessities, especially in a time of war. W e have seen that the
French demand was trebled during the Crimean war. Our soldiers are
not less addicted to tobacco, nor do they cherish its real or fancied com
forts less than the soldiers of the Emperor.
The threats made by leading Southern organs that the Tobacco on
hand, whatever it may be, will be destroyed on the approach o f the Union
troops but adds to the national and international complications o f the
Tobacco Question. Some quantities are said to have been already given
to the flames; and these statements and intimations in the Southern
press have led to some diplomatic movements which are hinted at in a
portentous manner. The foreign agents in the Tobacco interest, availing
themselves of the re-opening of communication with the Tobacco districts,
reports the prevailing opinion to be that the quantity of Strips will not
much exceed one-fourth of the usual amount. “ In consequence o f the
late successes of the Federal arms, it may be expected that the produc
tion of the West will go to New York, as last season, but a supply from
Virginia cannot be looked for, unless events of importance take place in
that State. The stock of that growth has been much more reduced than
any other, and there is great reason to believe that inconvenience will
soon arise to the trade from the want of it.” This is thoroughly substan
tiated by the figures in the official list of exports from New York during
the first four months o f this year, and in comparison with those o f the
two years previous:
E X P O R T S O F T O B A C C O F R O M N E W Y O R K F O R F O U R M O N TH S O F T H IS T E A R .
1860 .
Crude Packages..................lbs.,
Manufactured.............................
24,227
2,411,433
1861.
29,385
2,200,042
1862.
29,530
231,408
Here is a falling off, indeed, from two and a quarter million pounds to
less than a quarter o f a million.
W hat is the reason? A very good
one ; it is not to be had. This manufactured tobacco embraces plug and
cavendish, usually and chiefly made in Virginia and from Virginia growth.
Since the rebellion commenced not one box o f tobacco has arrived in
New York from that State. It is over a year since any addition has
been made to our stock, while consumption has been going on as usual.
To a thinking mind these facts must be more suggestive than any argu
ment we might address to it, and well may command the attention of
the statesman and diplomat while they will not a little embarrass a few
of them.
W e intended to have given, by way o f dessert, after the more substan
tial food of facts, some literary reminiscences of Tobacco, but our space,
not less than the serious importance o f the considerations involved on
the Tobacco aspect at present, warns us to take a future opportunity.
1862.]
Economical Advantages o f Uniform Postage.
527
ECONOMICAL ADVANTAGES OF UNIFORM POSTAGE.
BY PLINY MILES.
is a universal appreciation o f the fact that a l o w r a t e o f p o s t
was one of the primary causes of the success of R o w l a n d H i l l ’ s im
provements in the English Post Office, in 1840. All who have made these
improvements a study— even to a limited extent— and particularly the
great reformer himself, are just as well aware that the success o f the
scheme was equally due to the principle o f u n i f o r m i t y . Without both
c h e a p n e s s and u n i f o r m i t y , the English postal revolution would have
been a comparative failure. Every person in Great Britain who had any
social or business relations, soon learned that letters could be written to
any place in the United Kingdom for the merely nominal price o f a penny,
and all classes improved the opportunity. The fact that there were ninetytwo million more letters written the year following the reduction than the
year previous, shows how readily and universally the boon was appreci
ated. Thev immediately found that the whole business of sending letters
by post was on the simplest basis; one price and one stamp paid the post
age on all letters alike; the same stamp was used for all circulars, tran
sient newspapers, and other minor articles; there was a place in every
city and town within a quarter of a mile o f every person’s door where
letters could be posted and stamps purchased; all letters were delivered
— to the cottage of the poor, and the mansion of the rich alike— at the
doors of the persons addressed; there were no petty, troublesome, vexa
tious “ extra” charges because the letters were “ forwarded,” “ advertised,”
or “ dead,” or because they were delivered by carrier, or mailed at a par
ticular p lace; no one had any occasion to visit the Post Office, unless he
resided nearer the central postal establishment than any other receptacle
for letters, and all found the rapidity and promptness o f the system equal
to its simplicity and convenience. W e can readily imagine that had
there been two rates of postage— say one of a penny (two cents) for local
letters, and another o f two pence, or a penny and-a-half (the same as our
three cents) for letters going longer distances— how much confusion and
inconvenience it would have occasioned, and how different it would have
been from that grand simplicity o f rating every letter alike, whatever its
destination within the country. W e can partly appreciate the trouble
and inconvenience to the public, but we can form little or no conception
of the additional labor and expense that it would have occasioned in the
Post Office. Where there are different rates the superscription of every
letter must be read to see if the postage is paid correctly, or they must
all be sorted first, and then be “ touched ” by the “ operator with delicate
fingers,” to see that all have the correct stamp. Of course there were a
plenty of legislative quacks, and political pettifoggers to suggest some
“ improvement ” on Mr. H i l l ’ s system, some alteration o f the great sim
ple plan of c h e a p n e s s and u n i f o r m i t y . One man— a Mr. P a u l M e a s o r
— (immortal donkey ! his very name sounds like the braying of an ass)
who boasted o f his Post Office wisdom, and cited as a proof that he had
been postmaster of Exeter for twenty-seven years— (Pve known very reT here
age
528
[June,
Economical Advantages o f Uniform Postage.
speotable Post Office fools manufactured in half the time !)— who pro
posed a sliding scale of sixteen rates of postage, according to the distance
they were sent! ! ! The Parliamentary quack doctors and Post Office
humbugs were unable to administer their nostrums, to poison the off
spring of the great reformer. Mr. R o b e r t W a l l a c e , M. P. for Greenock,
took the measure in charge in the Commons, while the members of both
houses came forward in the most liberal manner and expressed their wil
lingness to give up the privilege o f franking, and all the most enlightened
peers and statesmen of every rank went heartily for the measure in its
entirety. The D u k e o f W e l l in g t o n , with that broad view which he
took of everything, whether in military affairs or political economy, de
clared himself in favor of the measure in a brief and pointed speech.
He said that “ Mr. R o w l a n d H il l ’ s plan was, i f it was adopted exactly
as was proposed, o f all the plans, that which was most likely to be suc
cessful.” His comprehensive mind saw, as events conclusively proved,
that c h e a p n e s s without u n i f o r m i t y would produce endless confusion and
trouble, and entail a vast amount of useless, unnecessary labor, without
any possible compensation.
Mr.— now Sir R o w l a n d H i l l , K. C. B., saw that letters would be sent
through the post in such immense quantities that every plan which could
be adopted must be carried into effect to save labor, and that all useless
operations must be thrown aside. Letters passing through the Post Of
fice must be looked at as. so many peas in a bag, to be dealt with in bulk,
with as little trouble as possible for each individual letter.
There are
now passing annually through the Post Offices of the United Kingdom,
564,000,000 letters, or about 2,000,000 a day. Let there be one useless,
redundant, manual operation to be performed on a letter, and that ope
ration must be multiplied five hundred and sixty-four million times every
year, and somewhere in the Post Offices of the nation this myriad of
useless manipulations must be performed. In point o f economy, in con
venience, in simplicity, in its use and appreciation by the people, in the
increase of correspondence, and in financial results— everything that is
desirable in a Post Office— all comparisons that can be made between the
English Post Office and our own, show as marked a superiority in the
British postal system as political writers find in the superiority of the
free over the slave States, in everything that relates to trade, commerce,
manufactures, inventions, literature, education, internal improvements, or
other affairs that can be estimated in figures or computed by statistics.
Some few of the financial results, and of the commercial and social fruits
produced by the improved postal system o f Great Britain, in contrast
with our own, may be seen in the following—
C O M P A R A T IV E
P O S T A L ST A T IS T IC S .
1. Population..................................................
2. Number of letters written in 1 8 6 0 .. ..
3. Average increase in number of letters,
yearly.....................................................
4. Money sent by mail in post office money
orders, yearly........................................
5. Annual profit to the Post Office on
money orders.........................................
Great Britain.
United States.
28,000,000
564,000,000
32,000,000
184,000,000
23,000,000
•
8, 000,000
$69,292,020
nil.
$145,000
nil.
1862 ]
529
Economical Advantages o f Uniform Postage.
6.
7.
8.
9.
Post Office Revenue in 1840...................
Post Office Revenue in 1860...................
Per cent increase o f revenue in 20 years
Per cent increase o f population in 20
years.......................................................
10. Average number of letters to each per
son, yearly.............................................
11. Average sum paid in postage by each
person, yearly.......................................
12. Percentage of population that cannot
read or write.........................................
Great Britain.
United States.
$7,251,137
$18,636,365
. 157
$4,543,522
$9,218,067
.103
.7
.70
..19
.6
$0.66
$0.29
.30
.3
13. Letters written in Great Britain in 5 years; 1856
to 1860 .....................
2,614,487,000
14. Letters written in the United States in 85 years;
1776 to 1860.................................................................. 2,393,387,000
P O ST
O F F IC E S
OF
LO N D O N
AND
NEW
YORK
15. Population within the Postal District.......
16. “ Mail letters (sent beyond the limits of
city) yearly................................................
17. “ Local ” or drop letters yearly..................
18. Total letters written yearly........................
19. Net profit on local letters, yearly................
20. Money sent by post in Post Office money
orders, y ea rly ...........................................
21. Money received by post in money orders,
yearly.........................................................
22. Average number of letters written daily..
23. Average “ local ” letters written d a ily ....
24. Letters and papers deliv. by carriers, yearly
25. Letters and papers deliv. by carriers, daily
26. Total number o f letter carriers employed
27. Letters, &c., deliv. by each carrier, yearly
28. Letters, &c., deliv. by each carrier, daily..
29. Total number of clerks employed.............
30. Average number of letters to each clerk,
yearly...........................................................
31. Average number of letters to each clerk,
daily.............................................................
32. Average number of letters written by each
person, yearly...................
33. Average “ local” letters written by each
person, yearly............................................
34. Number of letter deliveries daily...............
CO N TRASTED .
London.
New York.
2,500,000
1,000,000
73,953,000
63,221,000
137,174,000
$900,000
15,500,000
1,500,000
17,000,000
nil.
$9,177,420
nil.
$16,214,125
440,000
202,600
143,487,000
460,000
1,400
102,490
341
800
nil.
54,500
4,800
6,090,600
19,500
100
60,900
195
250
171,500
68,000
550
220
55
17
25
12
1£
6
W e see that the British Post Office is greatly in advance o f ours in
every essential particular— in accommodating the people, in encouraging
and multiplying correspondence, in simplifying the duties, in abridging
labor, and in earning a large revenue; but our Post Office far outstrips
V O L . x l v i .— n o . vi.
34
530
Economical Advantages o f Uniform Postage.
\Junei
Sir R o w l a n d H il l ’ s , in antiquated forms, in red tape nonsense, in stupid
routine, in circumlocution, and in every imaginable useless ceremony and
extra duty, without any adequate compensation whatever.
The fol
lowing items will give some idea o f these multiplied ceremonies and
redundant labors:
G. Britain. U. States*
35.
36.
37.
38.
39.
40.
Regular rates of postage on transient printed matter..
9
320
Rates of postage on regular newspapers and periodicals
7
49
Rates o f postage on single letters (under a half ounce)
1
3
Modes of computing the letter rates by weight............
1
3
5
Number of specific “ extra” charges on letters........... none.
Useless operations, like way-billing, counting, &c.,. . . none, a myriad
These parallel facts and figures all tell their own story. To the intelli
gent reader, any recapitulation is useless. The old hum drum style of
meeting these contrasts, that show, in such a striking light the superiority
of the English postal system is, to say, “ 0 ! the two countries are, in all
respects, entirely different.” The statement is simply false. This country
is larger, distances are greater, and the population more scattered, but in
every other particular, the English and American communities, in their
commercial and social relations, and in their intellectual and literary
tastes, are very nearly alike, except that our population, as a whole, is
far better educated and more intelligent. This being the case, makes the
the contrast all the stronger, for instead of a far less amount of postal
correspondence, with equally good postal arrangements, the people o f the
United States should write far more letters. In Great Britain, thirty per
cent of the adult population can neither read nor write, (item No. 12, in
foregoing table,) while only three per cent of ours, are in the same con
dition of ignorance. In twenty years— 1840 to 1860— our population
has increased seventy per cent, (item No. 9,) while the British population
has increased only seven per cent, but the British postal scheme increased
157 per cent in the same time, and ours only 103 per cent, (No. 8.) The
British Post Office has a Money Order System, by which the people of
the three kingdoms, remit yearly over $69,000,000, (items 4 and 5,) with
an average commission of only one per cent, without any possible chance
o f loss or depreciation of currency— all in small sums; not a general
system of banking and exchange— while the Post Office Treasury reaps
a clear profit from the business o f $145,000 a year.
How can we reasonably account for the vast difference in the postal
correspondence of the people o f London and New York, except that the
residents of the British metropolis, have a postal system that supplies
their wants, and gives them every possible facility, while the citizens o f
our great commercial city, have a complicated piece of postal machinery,
that is the subject o f almost universal complaint, and entails on every
individual— both the public and the postal servants— a vast amount of
useless labor ? The people o f London, (see No. 18,) write 137,000,000
letters annually, and o f New York 17,000,000, being an average o f 55
to each individual, o f the gross population in London, and 17 in New
York, (N o. 32.) But the great difference is seen in the “ local ” corres
pondence, or “ drop ” letters. W hile the postage on local letters in Eng
land is one penny— two cents— and with us only one cent, the Londoners
write (No. 17) 63,000,000 letters yearly, or 25 for each person, and the
1862 .]
Economical Advantages o f Uniform Postage.
631
number in New York is only 1,500,000, or one letter and a half to each
person, (No. 33.) There are actually over 200,000 local letters written
every day in London— letters to be delivered within the London postal
district— while in New York, there are less than five thousand, (No. 23.)
This local correspondence alone, produces, in clear profits to the English
postal establishment, (item No. 19,) the sum of $900,000, after paying
all the wages and salaries o f letter carriers, letter receivers, and collectors,
while our complicated establishment, with a one cent rate, gives the most
meagre accommodation to the people, and not one dime of profit to the
Post Office.
I f there be any who attempt to offer satisfactory reasons, for the im
mense difference in postal correspondence in the two communities of
New York and London, except in the superiority of the one postal sys
tem over the other, they may, perhaps, find a difficulty in furnishing any
other hypothesis.
In another contrast I allude to the far larger amount
o f labor performed by the postal servants of the English city. In the
“ circulation department,” without reckoning the Money Order office, the
“ returned letter office,” &c., &c., of the London Post Office, there are
just about 800 clerks, (No. 29,) and in the New York Post Office, about
250. During the year 1860, there passed through the London office,
137,174,000 letters, (No. 18,) and through the New York office, the same
year, 17,000,000 letters. This would be 171,500 letters to each clerk in
the London office, and 68,000 to each clerk in the New York office,
(No. 30,) or 550 per day to each clerk in London, and only 220 to each
clerk per day in New York, (No. 31.) The contrast presented by the
comparative amount of business done by our letter carriers and theirs, is
nearly as striking. Each letter carrier in the London postal district, de
livers an average of 102,490 letters and packages annually, or 341 per
day, while each carrier in New York, delivers 60,900 a year, or 195 a
day, (Nos. 27 and 28.) Certainly, no one will contend, that under
equally favorable circumstances, our postal servants will perform any less
amount of labor, requiring industry, intelligence and mental activity,
than the postal servants of London. A more faithful, active, intelligent,
laborious, and useful company of public servants does not exist, than the
clerks and assistants in the New York Post Office, and the same is un
questionably true of the letter carriers. W hat would be the position of
any new New York Postmaster, who should go into office, and not be able
to command the services of men so fully acquainted with their duties, and
so well known and popular with the public, as Messrs. W m . B. T a y l o r ,
G e o . G. C o f f i n , J o h n H. H a l l e t t , S e y m o u r J. S t r o n g , and others, whose
names do not now occur to me ? But in the dispatch and distribution o f let
ters, they have an amount of useless labor, that our postal laws and regula
tions require, which is absolutely appalling. See items 35 to 40 in the long
catalogue of particulars on a previous page. Make every possible allow
ance for the larger number o f Post Offices here, and a greater concen
tration of duties there, and the unmistakable fact stands out prominently
before us, that with the same amount o f manual labor, they handle,
assort, stamp, dispatch, and distribute, at least twice as many letters un
der the English system and code, as we do in this country, with our
complicated system and laws, made up o f the legislative and official patchwork o f the last ninety years. W e have 320 different regular rates, or
charges, on transient printed matter, besides a great many irregular charges,
532
Economical Advantages o f Uniform Postage.
[,June,
where the postage is levied by the number of pieces contained in a pack
age, while the English system has nine ; we have some fifty rates on
regular newspapers and periodicals, while in England, there are seven ;
with us there is no uniformity o f letter postage, but three different rates
on single domestic letters, (not foreign,) while the British system has one
u n if o r m rate.
W e also have three different modes o f computing the
weight of letters— drop letters, having all the same postage without re
gard to weight, ordinary letters (sent through the mails) are rated by the
ounces, while letters to Great Britain, must be reckoned by the full ounce
after the first ounce. Then there are at least five different circumstances
under which our Post Office makes an “ extra ” charge on letters— because
they are “ dead,” or have been “ forwarded,” or “ advertised,” or delivered
by a carrier, or posted in a little miserable, inconvenient, lamp post box.
W e also have several of these petty, “ extra” charges— mostly of a half
cent, one farthing English— on newspapers, circulars, and pamphlets ; and
the entire aggregate o f these troublesome charges, cannot increase the
postal revenue $40,000 a year.
It is an obvious fact, palpable and clear to the simplest mind, that the
business of conducting postal affairs, of receiving letters, and distributing
them to the persons addressed, is precisely similar in New York and in
London ; in Cincinnati and in Manchester. It is also self-evident, that
with the same postal facilities, the people residing in American cities,
would have occasion, and would send as many local letters as the resi
dents of similar English cities. W e have seen, (see itemsNo. 17 and 18,)
that the people of London, write 63,000,000 “ lo ca l” letters in a year,
and that these, at a uniform postage of two cents each— with the postage
on other local mail matter— gives a clear annual profit o f $900,000.
[The “ number of letters ” mentioned, is letters o f all sizes; the gross
revenue on the entire local mail matter, amounting to more than
$1,600,000.] It is conceded, by our postal authorities, that the one cent
for “ drop ” or “ local ” letters in cities, yields no profit at all, beyond pay
ing the carriers. If we had a two-cent uniform rate, for all letters, no
one could, or would, object to paying that fee on his local correspondence,
particularly, if a portion o f the plan was to have a complete, rapid, punc
tual, and frequent delivery by carriers, without any fee, or “ extra”
charge, beyond the two cents aforesaid.
The following figures give the population of nine of our largest
Northern cities:—
Cities.
New Y o r k ...
Philadelphia.
Brooklyn . . .
Baltimore....
B oston .........
Cincinnati.. .
Population.
Cities.
813,668 St. Louis
565,531 Chicago .
266,664 B uffalo..
212,419
177,481
Total.
161,044
Population.
151,780
109,263
81,131
2,538,981
These cities have a population equal to London— two millions and a
half. I cannot say how long it will take, with a really efficient postal
system, to draw' forth from the residents of these busy commercial and
social centers, a local correspondence equal to that of London; or
63,000,000 letters in a year. With education far more generally diffused
among us, and the active, intellectual, and social habits of our people, it
1862.]
Economical Advantages o f Uniform, Postage.
533
is evident that we ought to have, under a uniform and low rate o f post
age, as large a local correspondence, as any city communities in any
country in the world. A t a compensating rate of postage— two cents a
letter, uniform— there might be from £500,000 to $1,000,000 a year o f
clear profit to the Post Office, on local letters alone, in these cities. Does
this loolc as if the statement were true— the plea usually set up— that our
Post Office “ cannot afford to employ letter carriers ?” W e certainly can
“ afford ” to have letter carriers, and the Post Office would receive large
financial returns from their employment, if the most judicious rate of
postage was decided upon, and all useless, redundant labor thrown aside.
The next question is, what shall that rate be?
Let us consider the comparative condition and returns o f the two
P^st Offices, in England and the United States; look dispassionately at
all the contrasts presented in the rates, regulations, profits, amount o f
correspondence, &c., &c., and then decide whether u n i f o r m p o s t a g e is a
myth, a humbug, or whether it is the true basis o f all convenience,
simplicity, economy, and profit. In our former reductions of postage,
we have thrown away all, or nearly all, o f the advantages of several rates,
as we shall presently see, and yet we have no uniformity, and none o f the
profit, the economy of labor, and the convenience that uniformity brings.
Our ten cent letter postage to California and Oregon, does not bring
$100,000 more than the very same number of letters would at two cents
a letter. The number o f letters to and from the Pacific coast, are esti
mated at 1,000,000 to 1,200,000 a year. Our drop letters, at one cent
each, as we have seen— every city postmaster admits it— brings not one
dime o f profit to the Post Office treasury. Our postal revenue is
$9,000,000 a year; we get, possibly $90,000 a year, or one per cent o f
the gross revenue, on the higher charge for letters to and from the Pacific
coast. W e have all the complication, inconvenience, and extra postal
labor— which always means expense— of the three rates o f postage on
domestic letters; one cent, three cents, and ten cents. If the want of
u n i f o r m i t y of rates in our Post Office, costs, in extra labor, one penny,
it does not cost us a farthing less than $1,000,000 a year. It unques
tionably does cost all of that to keep up this uncalled for, profitless, ex
pensive series o f rates, and irregular charges.
Some there are, who believe that our most remunerative rate— looked
at, solely, from a financial point o f view— for a uniform charge, would
be three cents. That rate, as I believe, can be clearly demonstrated, is
incompatible with u n i f o r m i t y . In other words, it is impracticable, and
cannot be established. If all drop or local letters, in cities and towns,
were charged three cents, the cost would defeat its object. Every one
accustomed to do business in any of our large cities, admits, that with
the long established rate of one cent on local letters, the sudden augmenta
tion o f charge to three cents, would at once drive off and curtail this
already limited correspondence, instead o f increasing it. But make it
two cents— double the present local rate— and at the same time charge
all other letters two cents, and with the reduction on the mail correspon
dence, the convenience o f one sort o f stamps, that would be sold at the
rate of five for a dime, and twenty-five for half a dollar, and give us, at
the same time, a good, efficient letter delivery, with no “ extra " charges
whatever, and we should at once have a vast increase o f correspondence,
local and otherwise. But if we ignore or pass by the fact, that a three
534
Economical Advantages o f Uniform Postage.
[June,
cent rate for drop or local letters, would be unpopular, and too high too
be either productive or convenient, there are commercial circulars, and
transient newspapers, that would never he sent at all at three cents. “ 0 !”
say the advocates o f a three cent uniformity, “ let those be charged one
cent, the same as now.” Then, if we have got to have a one cent stamp
for circulars and transient newspapers— whether we pay that rate, or
three cents for drop letters— we are just where we are now, with two
separate rates— saying nothing o f California letters— and o f course, the
u n i f o r m postage does not exist.
But I have not done. Our people send
annually to Europe over 2,400,000 newspapers, and about every one of
these are charged at two cents postage for each paper. W e have no
single stamp for these, but must put on two of our one-cent stamps.
These are treaty rates, and cannot be altered by any law of Congress.
Then, when we send two circulars, or two newspapers, in one wrapper or
envelope, we must also put on two cents in stamps. So with athree-cent
letter rate, argue it as we will, we must have a one-cent rate, a two-cent
rate, and a three-cent rate. But equalize the highest and the lowest, by
raising the one-cent rate to two, and reducing the three-cent rate to two,
and we have at once, a basis, that is the perfection of a good postal sys
tem, a l o w and u n if o r m rate of postage, that is at once, cheap, convenient,
economical, and popular with the people, and one that will give the
smallest amount of labor and expense, and the largest financial return to
the Post Office. This is a question of details, and let these details be ex
amined, and it will clearly appear, that there is no possible practicable
sum for a u n if o r m rate o f postage, except the one charge o f two cents
for all single letters, and minor articles, and any talk of a three-cent let
ter postage, and a u n if o r m rate in the same scheme, is simply nonsense.
W e have got to drift along as we now do, with three or four rates, or we
have got to decide on the uniform rate o f exactly two cents. The whole
question may be debated a thousand years, and it will settle down into
precisely these very elements and dimensions. If we have a u n if o r m
postage, it must be precisely two cents, no more and no less, and this
rate will bring a far larger revenue, with less than one-half o f the labor,
both outside and inside o f our Post Offices, than we now bestow upon
our mail matter. The new postal bill introduced in Congress, by the
Hon. J o h n H u t c h in s , of Ohio, (House Bill, No. 266, 3lth Congress, 2d
Session,) provides for a two-cent uniform rate and for all o f the advanta
ges of the English postal system, that are practicable in this country.
This bill will unquestionably, if passed into a law, create the greatest
reform ever introduced into our postal establishment.
1862]
535
Cotton Question— Distress in England.
COTTON QUESTION— DISTRESS IN ENGLAND— W H AT SUPPLY W E CAN
ANTICIPATE AND W IIAT PRICES.
U n t il recently, very little has been said or written (during the past
few months) in regard to the suffering, the want of cotton is producing in
Europe ; and yet it has been so steadily increasing, that all feel, unless
relief comes soon, the effect must be very disasterous. It can do no good
to disguise this fact. Take the case of England for instance. Her con
dition is very forcibly described in one of our English exchanges. It
will be remembered that from two-thirds to three-fourths o f England’s
usual consumption, is from America. For nine months or more this supply
has been wholly cut off. In ordinary years, between the 1st of Septem
ber (the commencement of the cotton year) to the present date, about
two millions and a quarter o f bales are shipped from the ports o f the
United States to Great Britain. This year within the same dates we may
say that none has been received. The usual stock of American cotton is
about 600,000 bales. The actual stock is only about 150,000 bales. The
usual price is 7d. per pound. The present price is 13d. The quantity
usually on its way at this time is 300,000 bales. Now there are not
probably 300 bales afloat. To set against this alarming deficiency, Eng
land last year imported about double the usual quantity from India, which
supplied their market with nearly a 1,000,000 o f bales. But to all ap
pearance this was a spasmodic effort, which it is scarcely probable can be
kept up. The stock of Indian cotton in Great Britain is 100,000 bales
larger than last year. But the quantity afloat— the quantity that has to
arrive before the end of June is 100,000 bales less, according to the best
calculations— 190,000 bales against 293,500, in 1861. The inevitable
result is that nearly all mills are on “ short t i m e m a n y are stopped al
together ; and, as a rule, the operatives who are still employed are only
earning about half their usual wages. Every week, too, makes the mat
ter worse. The consumption of cotton continues; the export continues ;
the arrivals come in slowly and inadequately ; stocks are regularly de
creasing; and the amount of earnings on which the working population
of Lancashire and the other cotton districts have to subsist, grows scantier
day by day.
The following table from the Manchester Examiner and Times, shows
the actual reduction o f employment and earnings in the cotton districts
of Lancashire and Cheshire. The total number o f mills is 1,678 ; usually
employing 349,316 operatives, Now, however, the working time of these
operatives is as follows :
Mills.
Operatives.
W orking lull time............. ........................
W orking 5 days a w e e k .. ........................
W orking 4 days a week. . ........................
W orking 3]- days a week. ........................
W orking 3 days a w e e k .. ........................
W orking 24 days a week. ........................
W orking 2 days a w e e k .. ........................
Stopped................................ ........................
497
89
340
103
270
60
41
278
92,355
13,467
70,342
18,853
73,611
13,416
9,411
57,861
Total....................... ........................
1,678
349,316
Working time.
536
Cotton Question— Distress in England —
[June,
Thus it -will be seen, that only 92,355 operatives are in receipt of their
usual earnings, and that 57,861 are earning no wages at all, and that
taking them all together, the average time worked, is only a little over
three, instead of six days each week. From this table, the London Econo
mist estimates that £87,500 has been abstracted from the weekly incomes
of this one class (mill hands alone) in the cotton districts. These figures
are certainly very expressive o f the wide spread impoverishment and suf
fering now existing.
Then again, we do not see that there is any prospect o f early amend
ment or relief, except as it may come from America. Much has been
written the past year about India cotton, and great expectations as to the
future supply from that quarter, have been raised. How, however, it
seems to be admitted, that last year’s increased supply o f Surat cotton
will not be equaled this year— that the larger supply of 1861 arose from
the accumulation of stocks in Bombay and the districts, during previous
years, and especially during 1860, when there was scarcely any demand
for India cotton on account o f the large American crop. These accumu
lations were brought out and added to the new crop under the influence
of the altered prices of 1861. The following figures showing the actual
imports of cotton into Bombay, and the exports the past four years, illus
trates this statement:
Imports.
Stock on hand May 1st, 1858.............bales.
Year ending 30th April, 1859....................
1860
1861
From 1st May to 31st December, 1 8 6 1 .. .
Total
Exports.
461,941
741.000
865.000
690.000
749,861
694,572
1,018,575
2,935,400
2,924,949
India therefore can furnish no actual relief to the manufacturing world
the coming year, and the whole amount o f cotton that the most sanguine
can anticipate from other sources, (except America,) can make no appre
ciable difference. It is from America alone relief can be obtained.
Thus not only to ourselves, but to the whole world, the prospect o f a
speedy close of the present war is very gratifying. Yet we cannot think
that there is to be such an immediate relief, and that we shall soon ex
perience low prices again, as many argue and apparently believe. To be
sure, the government has opened many important Southern ports, and it
is undoubtedly true, that there is but a very limited supply throughout
the South of even the necessaries of life. There must, therefore, be a de
mand for these articles at once, and die South has little to pay with ex
cept cotton. Consequently it is natural to suppose, that the necessaries
o f life will find their way in, and cotton will find its way out. This we
might count upon with certainty, were there no disturbing influences at
work. But it must take some time to disabuse the Southern mind o f
the false ideas their rulers have endeavored the past year to instil, re
specting Northern people and Northern purposes. So long as they believe,
that the object o f the North is to subjugate them, and steal their cotton,
they will keep back the much needed staple. Weeks, therefore, and even
months may pass, before we shall be able to see the full effects of return
1862.]
What Su pply we can Anticipate and what Prices.
53V
ing reason. Great confidence however can be felt, that by fall, we shall
receive all the cotton the South may have to sell.
It has been estimated that the last cotton crop not marketed, at the
commencement of the war, was about 4,700,000 bales— we can safely
call it 4,000,000, bales. Of this amount some has been already taken bv the
Government (in places occupied by the Federal forces) and sent North,
and other small amounts have been burned by the Confederate Govern
ment in South Carolina, Tennessee, New Orleans, etc. Nearly all the
crop, however, still remains unginned on the plantations where it was
grown— the shipping o f it to the usual shipping ports having been pro
hibited.
The Confederate Government, therefore, cannot reach it to
burn, if they would, and the owners o f it will not burn it. The good
people South have the same instincts, affections, and feelings people else
where have, and to argue that they will voluntarily throw away or des
troy the only thing o f value left them in the general wreck, is simply to
assert that they are deficient in sentiments inseparable from humanity.
Then, too, the experience we have had in Tennessee and elsewhere, proves
that the Southern planters have no love for such sports. The Nashville
Union of May 10, states that 3,600 bales of cotton have been shipped
from the plantations in Tennessee since the opening of trade on March
10. This amount, though small, is large enough to prove, (if we needed
proof,) that the cotton on the plantations is not, we repeat, to be burned,
but will come to market as soon as the owners believe (and it will take
time to convince them o f this) that they can safely bring it. The whole
amount, therefore, that has been or will be burnt, together with what
has been sent North, will not amount to 500,000 bales. However, even
calling it 1,000,000, we still have 3,000,000 bales of the old crop left to
be thrown on the market as soon as the state of the country will permit.
Then, again, another crop is growing. Without doubt much less than
usual has been planted ; but still, with the knowledge we now possess,
the crop cannot be estimated below 2,000,000 bales, and it will more
likely reach a higher figure. W e may therefore safely conclude that by
fall there will be 5,000,000 bales of American cotton brought to market.
Yet, with this supply from America, we cannot believe that there will
be a cotton glut, or that prices will be extremely low. Such a conclusion
by no means follows. The supply in this case will not equal the demand.
The cotton famine the past year has greatly reduced the stock o f cotton
goods, so that more than usual is needed to supply the necessary con
sumption. This American stock, therefore, will find an exhausted and
ready market. Some would anticipate a production from the other cot
ton regions (induced by the present high prices,) so excessive as to cause
prices to be lower than they have been for years. The facts will not, we
think, warrant this conclusion. There is no country but India from
which much can be expected. Even if all the other regions should double
their supply, it could not this year affect prices to any considerable ex
tent. As to India, it seems to be universally admitted that she will not,
even with the present extremely high prices, be able to send to market
as much as she sent the last year. With prices somewhat reduced, her
supply will be still less, because the cost of getting the cotton to the sea
coast is too great to warrant its being brought forward except when the
prices are very high. Then, too, Surat cotton can never compete with
or affect to any considerable extent the prices of the American staple,
538
Cotton Question— Distress in England.
[June,
since it is universally recognized as being a very inferior article.* Eng
lishmen have at all times tried, and are now trying, continually to deceive
themselves with the idea that India cotton is to be made better. W e be
lieve it cannot be done to any extent. It has been tried too often and
failed. The following item, cut from the European Times of May 3d, is
a good specimen of what can be found every week in many o f our ex
changes :
F ine S a m p le s of C otton from I n d ia .— The Cotton Supply Association
have received a sample of excellent cotton, grown from New Orleans seed at
Astra, in the Gangam district, Madras. Their brokers report upon it as fol
lows : “ White color, clean, fine staple, and fair length,” valued at 14d. to 14^d.
per pound. The circumstances under which it was raised, as described by the
grower, prove that the American plant is just as hardy and easily cultivated as
the indigenous cottons. The Association have also received from Messrs. Misl e y and H u r s t , their honorary agents at Calcutta, unusually fine samples pro
duced from Egyptian seed on the banks of the Mutlah and at Darjeeling! which
have been valued at 14id. to lad. and 15Jd. per lb. respectively; and a sample
of New Orleans cotton raised at Beerbhoon, valued at 13ld. to 13fd. Were
there any question whether a very superior staple of cotton can be produced in
India, these results obtained in a widely distant part of that country with seed
sent out by the Association would furnish a satisfactory answer.
Such an item may be consoling in these times o f dirth and famine, but
we cannot see its value. No one has ever doubted but that cotton equal
to the Orleans could be grown in India. So can superior oranges and
lemons be grown in the vicinity of New York— under glass. You can
take the Orleans seed from America and plant it in India, tending it care
fully, and it will very likely produce Orleans cotton. But when you have
counted the cost o f the production you will find that fifty cents a pound
would not be a sufficient remuneration. It has been tried many times,
and always with the same result.
Not, however, to pursue this point further, we think it is evident that
we shall have by fall a sufficient supply of cotton to satisfy our necessi
ties, and that the American staple will find no dangerous rival in the
field, so that we may anticipate not only a good supply but good prices.
* See April number of the Merchants’ Magazine for 1862, where we have stated
the reason for this conclusion more at large.
1862.]
Statistics o f Trade and Commerce.
539
STATISTICS OF TRADE AND COMMERCE.
1. F oreig n T r a d e of G r e a t Br it a in .
2. R eceipts a n d E x por ts of P roduce a t the C it y of
N e w Y ork for the Y e a r en d in g A p r il 30, 1862. 3. P ork P a c k in g a t the W est for 1861-2.
4. P ork P a c k in g in C in c in n a t i . 5. G oods I m ported from U n ited States to St . P eters b u r g h in 1860-61. 6. T r a d e of N e w O rlean s for 1861.
FOREIGN TRADE OF GREAT BRITAIN.
The account both o f exports and of imports shows a great diminution
in the last month as to which we have information from the returns just
published. The result of the three months of exports and the two months
o f imports for the year is of the same character, though the figures rela
ting to imports are rather less striking.
1860 ................................
1861 ...................................
1862 ..................................
E x p orts, 3 mos.
Im ports, 2 mo8.
£30,481,'. 57
27,669,249
26,423,763
£1.5,871,469
18,246,537
16,727,420
The principal reduction of exports is in the cotton manufactures, of
which we see the details in the following tables o f quantity and value
respectively.
EXPORTS
OF
Q U A N T IT IE S
OF
V A R IO U S
COTTON
M ANU FACTU RES
FOR
FIR ST
T H R E E M O N TH S.
Cotton yarn,............lbs.,
Cotton piece goods, yds.,
1860.
49,804,158
604,546,656
1861.
37,763,486
602,350,461
1862 .
22,505,748
450,839,353
V A L U E O F E X P O R T S O F CO TTON M A N U F A C T U R E S D U R IN G F IR S T TH RE E MONTHS
OF— -
Cotton yarn..................................
Cot. Manufactures, piece goods,.
Lace and patent net....................
Hosiery— stockings.....................
Do
of other kinds............
Counterpanes and small wares..
Thread...........................................
T otal..........................................
1860 .
£2,425,322
9,001,630
84,221
67,076
40,634
23,288
169,987
1861.
£1,908,302
8,766,684
68,312
64,427
46,138
30,249
157,779
1862 .
£1,388,738
7,121,681
97,991
50,824
45,020
76.149
138,545
11,812,158
11,041,891
8,918,948
This large diminution in a single article of diffused export, and the
necessary diminution of the trade in all articles to America, accounts for
the reduction of the export trade.
The cotton trade is likewise to blame for the diminution in imports.
The computed value o f raw cotton has fallen from £5,337,797 in the first
two months of 1860, and £3,979,789 of 1861, to £1,206,392 in the first
two months of 1862. But these figures do not show the worst. As raw
540
Statistics o f Trade and Commerce.
[June,
cotton has immensely risen in value, the comparison of values is mis
leading. The quantities are the best test, and we have these to the end
of March.
The imports of raw cotton in the single month o f March w ere:
Cwts.
1860
1861
1862
.........................................................................
.........................................................................
.........................................................................
1,780,027
1,603,787
296,522
And the general result o f three months is as follow s:
MO.
M l.
Cwts.
From United States,.............
Brazil,.....................................
Egypt,.....................................
British East Indies,..............
Other countries,....................
3,150,284
33,736
Total...............................
m
Cwts.
Cwts.
215,608
20,660
2,606,496
22,663
56,887
94,333
7,646
5,276
39,469
196,085
260.605
72,703
3,514,109
2,788,025
574,138
After reading the above, no one can doubt why England is suffering in
her manufacturing districts. These figures tell an alarming story.
The exports of cotton, linen and woolen goods to the United States
the three months ending with March, 31st, compared with the same time
last year, are as follow s:
Cotton Manufactures,....................... yds.,
Linen Manufactures,....................................
W oolen Manufactures,..................... pieces,
1861 .
1862 .
55,559,488
10,726,088
43,370
45,802,684
15,760,813
68,469
The increase in woolen manufactures exported to this country is due
to the trade in army goods; while the increase in the export of linen
manufactures is probably owing to the high price of cotton goods.
RECEIPTS, EXPORTS, ETC., OF PRODUCE AT THE CITY OF NEW YORK.
(Reported f o r the N. Y Produce Exchange, and submitted by Jas. Bougliton, Clerk.)
M ONTHLY
R E C E IP T S
Flour.
Bbls.
May, 1861___
J u n e ...............
J u l y . . . .........
August............
September___
October...........
N o vem b er....
December___
January, 1862.
February.........
March..............
A pril...............
335,860
380,243
464,967
387,664
507,060
745,644
765,998
533,968
237,304
245,207
262,806
814,755
FOR
Whisky.
Bbls.
38,706
23,824
23,045
20,028
18,186
29,968
34,783
29,394
20,440
34,878
61,619
52,620
THE
YEAR
E N D IN G
A P R IL
30, 1862.
,— Corn Weal.— ,
Bbls.
Bags.
Wheat.
Bush.
8,665
10,090
9,464
10,790
8,240
6,178
6,854
6^158
8,550
6,529
14,439
12,700
2,284,476
3,604,747
3,143,640
1,668,286
3,497,879
4,549,445
6.254,292
1,490,574
93,462
140,331
169,090
66,893
1,260
1,000
369
2,972
3,873
4,679
3,966
8,807
20,635
31,305
81,780
83,632
Corn.
Bush.
1,488,364
1,979,998
1,622,140
3,126,369
3,569,550
3,406,154
2,676,098
1,121,452
91.553
197,736
237,280
217,434
Oats.
Bush.
321,648
894,861
356,609
362,122
298,407
487,749
544,270
741,320
162,611
139,676
99,633
91,048
Total........... 6,181,476 377,491 105,557 144,218 26,863,015 19,734,127 3,999,939
1862.]
541
Statistics o f Trade and Commerce.
M ONTH LY
May, 18 61____
June....................
J u l y ..................
A u g u st...............
Septem ber........
October..............
November.........
D ecem ber.........
January, 1862..
February...........
M arch................
A p r i l ................
R E C E IP T S F O R
Barley.
Bush.
25,663
4,402
43,416
6 7 ,n o
58.495
230,504
210,667
108,382
365,727
86,126
27,431
19,783
Seed.
Bush.
792
329
186
2,322
12,074
8,963
9,966
15,430
16,269
23.310
12,421
19,316
THE
YEAR
Ashes.
Pkgs.
1,956
1,610
2,397
1,760
1,011
1,211
1,010
924
1,122
1,922
2,178
1,308
E N D IN G
Beef.
Bbls.
1,509
672
698
1,181
1,477
8,337
29,189
37,157
26.911
19,109
22,765
23,238
A P R IL
30, 1862.
Pork, iCut Meats.
Bbls.
Pkgs.
8,535 29,717
6,955
3,642
3,027
2,222
6,412
2,209
10,065
3,296
11,046
5,335
22,752
9,881
12,986 16,901
16,217 32,683
16,841 43,734
15,898 42,928
31,599 49,769
Lard. Oil Cake.
Pkgs.
Sacks.
21,347 7,351
6,920 1,515
6.678 18,919
9,978 29,413
15,026 6,631
17,793 5,000
11,046 2,185
86,754 2,105
67,548
420
560
80,433
741
55,137
47,963
995
T otal............. 1,187,666 121,368 18.309 172,243 160,333 242,317 366,623 74,835
M O N TH LY E X P O R T S OF PR ODU CE FROM TH E
Ap r il
Cotton.
May, 1861........
June ................
July. . ..............
A ugust...............
Septem ber.........
O ctob er..............
N ovem ber.........
Decem ber...........
January, 1862. .
February............
March..................
A p r i l ..................
Total...............
M ONTHLY
Flour.
Y O R K , FOR
TH E
YEAR
E N D IN G
Wheat.
Com.
Beef.
Bush.
P k g s.
799,151 5,186
768,968 7,009
397,276 4,4 36
2,338,429 2,901
1,300,191
1,995
1,334,839 1,863
1,103,219 4,689
1,263,104 9,770
1,113,984 14,474
1,217,939 12,886
1,311,322 6,891
890,530 6,518
P ork .
B b ls .
7,628
11,402
10,858
10,715
9,616
8,630
8 627
17,005
17,720
22,926
15,077
14,153
Lard.
Equal
to Kegs.
115,445
49,916
40,416
47,147
52,256
81,572
76,042
118,566
151,910
218,389
136,474
235,238
47,939 3,290,759 28,528,752 13,838,952 78,568 164,257 1,323,371
OF
PRODUCE
YEAR
Y early average
NEW
30, 1862.
Bbls.
Bush.
Bales.
29,213 200,068 1,729,108
8,793 271,593 3,577,243
2,113 281,779 2,968,999
874 297,243 2,389,645
105 215,675 3,009,953
500 346,864 4,159,650
650 871,076 4,754,043
65 392,215 3,515,464
46 302,143 1,220,690
2,190 295,088
649,939
2,265 177,409
268,107
285,911
1,125 139,606
A V E R A G E P R IC K S
May, 18 61.........
Ju ne....................
Ju ly......................
A ugu st................
Septem ber.........
O ctober...............
Novem ber..........
D e c e m b e r .........
January, 1862. .
F ebruary...........
March..................
A p ril....................
PO RT OF
Cotton.
Mid.
Upland.
Per lb.
18*c.
14
15$
17$
21
21*
24*
33*
34
26*
26*
28$
23
AT
NEYV Y O R K
E N D IN G A P R I L
30, 1862.
Wheat.
' Flour.
Corn.
Milwau- Western
Extra
kee Club. Mixed.
State.
Per bush. Per bush.
Per bbl.
$1 21
68c.
$5 25
1 06
47
4 88
88
46*
4 27*
4 53
99
47*
1 10
51*
5 11*
68*
5 61*
1 23
64*
5 75*
1 26*
65
5 66
1 30
1 32
64*
5 08*
1 34*
64
5 91
69*
5 53*
1 32*
59*
1 26$
5 12
$5 28*
$1 19
PRODUCE EXCH AN G E, FOR TH E
67
Beef.
Pork.
Lard.
Mess.
Per bbl.
$9 60
9 00
8 50
10 00
10 25
9 50
11 00
11 75
11 75
12 25
12 25
12 75
Mess.
Per bbl.
$17 26
15 50
15 20
15 50
14 50
15 00
14 00
12 50
12 00
13 25
13 75
13 00
No. 1.
Per lb.
9*c.
9
8*
8$
8$
8f
9
8$
8*
7$
8
8*
$14 25
8$
$10 75
542
\June,
Statistics o f Trade and Commerce.
PORK TRADE OF THE WEST FOR 1801-2.
In the last number of the Merchants' Magazine we gave a summary
of the New York and Brighton Markets the past season. W e are now
able to publish a report of the entire packing business of the W est for
1861-2.* These figures show a larger amount than was ever cured any
previous season.
Still, the result o f the statistics does not, for several
reasons, indicate the increase o f the Pork Trade in its fullest extent.
About the time arrangements were being made for packing, a general
feeling o f insecurity, consequent upon the existing rebellion, pervaded
the minds of farmers and others throughout the entire valley of the Ohio,
and on the Mississippi this was the case as far up as Iowa, and at St.
Louis, Louisville, and Cincinnati, as well as at all the smaller packing
points on these rivers; and it was not until the season had begun
that any of these places were regarded entirely safe, and the greater
number of them were not considered out of danger until it was nearly
over. For this reason, and for the further one that prices were low, (not
being over $2 to $2 25 per cental net, owing, in a measure, to the great
distance from what was regarded safe packing points,) farmers were in
clined to cure their own pork at home ; so that, as we stated above, the
figures we now give do not indicate the full extent o f the pork packing
business the past season.
Then, too, there has been an unusually large shipment o f live hogs to
our Eastern cities, as was shown by our tables given last month.
The following is the gross amount packed in each State, at the various
packing places:
.........
.........
.........
.........
.........
.........
.........
1860-61.
627,131
382,616
509,750
153,241
186^176
251,896
53,260
1861-62.
787,439
486,243
841,473
196,373
133,637
144,945
100,556
182,000
Total.................. .........
2,164,070
2,872,666
Ohio.............................
Indiana.........................
Illinois.........................
Iowa.............................
Missouri......................
Kentucky....................
W iscon sin ..................
Tennessee....................
Thus, it is seen that the increase in number is 708,596, including Ten
nessee, and without this State, 526,596. This increase is about equal to
about 3 2 f per cent.
W ith reference to the increase in weight, we have not succeeded in
obtaining the average weight of hogs and yield o f lard per hog from all
the packing points, but, still, we have obtained these statistics from a suf
ficient number of places, to give us a correct basis upon which to make
our calculations, which show the following result:
* This report we have prepared from the very full tables given in the Cincinnati
P rice Current, one of our most spirited and valuable exchanges.
1862.]
543
Statistics o f Trade and Commerce.
Average weight per hog.
O hio............... lbs.
Indiana.................
Illinois..................
Kentucky.............
Missouri................
Tennessee...........
I o w a ....................
W iscon sin ...........
Yield of lard per hog.
1860-61.
226
213 f
224£
212
206f
1861-62,
230
221£
236
221
227
1860-61.
34
S0|
30*
1861-62,
34
30f
39£
SOJ
341
233|
229
224
260
30|
31
34
35
m
30
The aggregate weight of an equal number o f hogs packed at all those
places from whence the average weight was furnished this year, compare
with last as follow s:
1861-2......................................................lbs.
1860-1............................................................
415,751,316
397,856,954
Increase this season.............................
17,894,362
This is equal to about 4 i per cent, which, added to the increase in
number, swells the total increase to 37]- per cent, equal to 803,410 hogs.
The yield of lard has been large, unusually so, in many cases, owing
to the fact that at quite a large number of places a great portion of the
sides were rendered into lard. The yield of lard per hog, last season,
was 32 lbs., and this season it was 34 lbs., showing an increase of 2 lbs.
per hog.
Taking the whole number of hogs packed each season, as
given, the total yield of lard would compare as follow s:
1861-2......................................................lbs.
1860-1............................................................
97,649,641
69,310,240
Increase this season.............................
28,339,404
The following are the amounts packed at some of the principal points
in the different States:
IOWA.
B u rlin gton ....
Keokuk...........
Muscatine. . . .
1860-61.
37,500
48,500
21,352
MISSOURI.
St. Louis.........
79,800
OHIO.
C incinnati.. . .
Cleveland . . . .
Toledo.............
433,799
9,926
8,400
TENNESSEE.
Nashville.........
Shelbyville . . .
none.
none.
INDIANA.
1861-62. Indianapolis,
50,600 Madison . . .
40,000 Terre H a u te ..
41,115
38,781
58,410
41,138
42,100
59,000
60,268
ILLINOIS.
1860-61.
231,335
Chicago. . .. . .
20,150
Peoria.........
59,800
474,467 Quincy........
61,972
WISCONSIN.
24,850
51,000
Milwaukee..
84.093
1861-62.
514,118
35,325
53,500
94,761
KENTUCKY.
70.000
35.000 Louisville . . . .
198,751
91,335
5+4
[June,
Statistics o f Trade and Commerce.
PORK PACKING IN CINCINNATI.
The following table shows the number of hogs packed in Cincinnati,
each season, for the last thirty years :
Tears.
Number.
Tears.
1833
...................
1834
...................
...................
1835
1836
...................
1837
...................
...................
1838
1839
...................
...................
1840
1841
...................
1842
...................
...................
1843
1844
...................
1845
...................
...................
1846
1847 ........................
85.000
123,000
162,000
123,000
103,000
182,000
100,000
95,000
160,000
220,000
250,000
240,000
196,000
205,000
250,000
1848
1849
1850
1851
1852
1853
1854
1855
1856
1857
1858
1859
1860
1861
1862
Number.
...................
...................
...................
...................
...................
...................
...................
...................
...................
...................
...................
...................
...................
...................
...................
475,000
410,000
393,000
334,000
352,000
361,000
421,000
355,786
405,396
344,511
346,677
382,826
434,499
433,799
474,46 7
GOODS IMPORTED FROM U. S. TO ST. PETERSBURG!! IN 1860 AND 1861.
From official tables we have made up the following statement, showing
the total imports to St. Peterburgh from the United States, in 1860 and
1861 :
,-------------Cotton.-------------->
18110.
1861.
Where from.
Boston.............................poods
New Y o rk .................................
Charleston.................................
Savannah...................................
Apalachicola .............................
Galveston...................................
M obile........................................
New Orleans.............................
38,669
16,687
59,252
56,327
37,538
10,800
40,242
396,907
69,210
5,876
27,371
45,063
.........
.........
..........
364,613
Total...................................
656,394
512,124
The balance of the imports for the two years have been from the ports
o f New York and Bosion, (except 9,478 poods o f rice from Charleston in
I860,) and are as follows:
im p o r t s
for
1860.
/--------Where from.--------,
Uoston.
New York.
Sarsaparilla....................
Dyewood ......................
Dyewood Extract.........
Oak W o o d ....................
Black Walnut W ood . .
R osew ood......................
1,620
19,026
76
7,940
1,567
514
.........
19,593
9,130
1862.]
545
Statistics o f Trade and Commerce.
/---------W h ere from --------- „
Boston.
N e w Y ork.
Locust Tree Nails............... poods
Figs................................................
‘g®......................................
R i c e ...................................
Enameled Cloth...............
Shot.....................................
Machinery...........................
Rosin.................................... . bbls.
Shoo P egs..........................
Agricultural Implements. .pieces
Canon..................................
W ooden Pails...................
Segars.................................
Sundries............................. . packs
388
390
10
17
75
I
56
840
118,000
60
2,631
81
77
24
2,137
150
35
2
26
IMPORTS FOR 1861,
/------Where from.------«.
Boston.
New York.
Logwood............................ . poods
12,856
12,623
Dye wood Extract.............
347
30,881
Quercitron Bark...............
4,393
Indigo.................................
106
Fiffs.....................................
641
Rice.....................................
1,918
2,823
S u g a r .................................
5,259
Rosin.................................
3,000
Flower of Madder.............
5
Shoe P egs..........................
150
Locust Tree Nails........... . pieces
53,333
Sewing Machines.............
19
17
9
22
Sundries..............................
O f the above goods, those of 1860 were imported in 31 vessels, having
a total tonnage of 19,740, o f which 26 were American— tonnage, 17,034.
In 1861 the total vessels was 23, and total tonnage 15,400, of which 16
were American— tonnage, 10,914.
NEW ORLEANS— EFFECTS OF BLOCKADE.
A copy of the New Orleans Price Current, embracing a summary of
the year’ s business ending March 1,1862, has been sent to the Navy De
partment by one of the officers of the Gulf Squadron. It appears from
this journal that the exports of cotton from New Orleans for the past
year have been eleven thousand bales, against one and-a-half million bales
the previous year.
The exports from all the Southern ports have been only thirteen thou
sand bales, against more than two million the previous year. Exports o f
tobacco from New Orleans, nothing, against seventeen thousand hogsheads
last year.
Imports: Specie, nothing, against $12,000,000 the previous
y ea r; coffee, 300 bags, against 250,000 bags; salt, nothing, against
500,000 sacks.
35
V O L . x l v i .— N O . V I .
546
R ailw ay, Canal, and Telegraph Statistics.
[June,
RAILWAY, CANAL, AND TELEGRAPH STATISTICS.
1. T iib C h e sa p ea k e T e le g r ap h C a b l e . 2. A t la n tic T e l e g r a p h —E xpenses of C o m p a n y .
3. R a il r o a d to L a k e S u pe r io r . 4. E a r n in g s of R a ilr oa ds for F e b r u a r y a n d M a r c h .
5. D e l a w a r e a n d H udson C a n a l C om pany . 6. N ew S t y le of S team C a n a l B oat .
THE CHESAPEAKE TELEGRAPH CABLE LAID.
T h e telegraph cable was successfully laid on the 20th o f May, across
Chesapeake Bay, from Cherrystone to Back River, in Virginia, and the
W ar Department is now in telegraphic communication with Fortress
Monroe and General M c C l e l l a n ’ s headquarters. The cable, twenty-five
miles in length, is heavily armored with sixteen stout iron wires, arranged
longitudinally, like the staves of a barrel, around the insulating coat and
conductor, and protecting them from all strain by any force short of
what would be required to break the covering wires, the aggregate
strength o f which equals that o f a ship’s chain cable. The longitudinal
wires are hooped by a still heavier wire, wound spirally around them,
which binds them together, so that they form a strong but flexible tube
of iron that effectually protects the conductor and the insulating coat.
This is deemed a great improvement over the English system of spiral
wire armor which was used in the Atlantic cables, and tended so strongly
and incorrigibly to twist and kink. At the time of laying the first tem
porary cable, there was no heavy cable in this country, or machinery for
its expeditious manufacture. The experiment was made with such cable
as could be extemporized at the moment, and which was constructed like
the English cable, 370 miles in length, laid in the Black Sea, between
Varna and Balaklava during the Crimean war, and which worked so ad
mirably for several months. The temporary cable worked successfully,
and most opportunely to relieve the public mind on the memorable Sun
day of the battle between the Monitor and Merrimac., but in a few days
was dragged away by anchors, or otherwise broken— an accident not
likely to happen to a cable o f such immense strength as the new one.
The present cable was manufactured in New York, under the orders of
Col. A nson S t a g e r , Military Superintendent of United States Telegraphs,
and was laid in four hours, under the supervision o f Mr. W m. H. H e i s s ,
who also superintended its manufacture. A break of naval construction
was used to govern the paying out of the cable, and worked so admirably
that it is thought it will overcome one of the greatest difficulties experi
enced in laying the Atlantic cable. Col. S t a g e r deserves and will receive
the thanks of the public for the science, ingenuity, ready resource, and
untiring energy displayed by him in the construction and management,
under circumstances o f peculiar difficulty, of the United States Military
Telegraph, a machine whose vastness and the important part which it
plays in the conduct o f the war, few can realize.
1862.]
547
Railw ay, Canal, and Telegraph Statistics.
THE ATLANTIC TELEGRAPH COMPANY.
The following is a statement of the expenditures o f this company from
its organization up to December 31st, 1861 :
Preliminary expenses..............................................
Construction account..............................................
Engineer’s department............................................
Electrical department..............................................
Secretary’s department............................................
Fire insurance, etc., on the cable stores, e t c .. . .
Law and parliamentary expenses..........................
Travelling expenses..................................................
Postage account.......................................................
Audit account...........................................................
Recovering 57 miles o f cable................................
Valentia station........................................................
Newfoundland station.............................................
Preliminary expenses raising preference capital.
Expedition to Newfoundland to attempt to repair
and recover submerged cable........................
Expedition to Valentia to attempt to recover sub
merged cable....................................................
Interest paid on mortgage loan.............................
Projector’s share account........................................
£2,681 14s. 2d.
328,380
7 11
22,888
18 3
16.609
3 8
7,573
2 1
850 12 9
2,675
18 6
3,594
4 6
227
16 2
117
0 0
2,547
16 1
2,007
3 4
4,471
10 7
532
4 2
Total..............................................................
Balance being cash in hand...................................
472,884
855
6 6
12 6
Grand total.......................................................
473,739
19
2,403
150
172
75,000
15 9
0
18
0
0
7
0
0
RAILROAD TO LAKE SUPERIOR.
The Ontonagon papers give us the following statistics o f the region
through which the inhabitants of the Lake Superior copper mining dis
tricts intend to run their proposed railroad :
“ The unexplored wilderness on the south shore of Lake Superior in
1846 now contains a population of 15,000, principally engaged in mining.
In 1845 there were 1,300 pounds of mineral mined, worth that year
$360; in 1861 there were 10,000 tons mined, worth $3,000,000. The
capital invested in mines is not less than $15,000,000; the aggregate
amount of dividends to stockholders declared and paid has been about
$3,300,000. There is but one twenty-second part of the copper region
occupied. The Trap Range is 150 miles long, and the Porcupine Moun
tains 70 miles, yet only ten miles are occupied.
The whole region is
capable of supporting a population o f 300,000.
“ In 1861 the imports o f cattle, sheep, hogs, horses, butter, ground
feed, coarse grains, flour and salted pork and beef, amounted to $2,000,000.
It costs $150 to mine a ton of copper and prepare it for the market; and
as it is worth in the market $440, it will bear railroad transportation.”
548
Railway, Canal, and Telegraph Statistics.
[Ju
EARNINGS OF RAILROADS FOR FEBRUARY AND MARCII,
The following tables, showing the earnings o f a number of our more
important lines of Railroads for February and March of 1861 and 1862,
present a very gratifying contrast. This increase is owing to the uni
versal activity o f our internal commerce :
E A R N IN G S F O R F E B R U A R Y .
Roads.
Michigan Central,...............
Chicago and Rock Island..
Hudson River,....................
Cleveland and Toledo,........
Galena and Chicago,.........
Toledo and W abash,.........
Mil’kee & Prairie du Chien.
Buffalo, N. Y. and E rie ,.. .
St. Louis, Alton & Chicago.
New York and H arlem ,.. .
Milwaukee and La Crosse,.
Chicago and Northwestern,
Northern Central,...............
Philadelphia and Reading,.
New York and Erie,...........
Norwich and W orcester,..
Illinois Central,..................
Chicago, Burl, and Quincy,
f Decrease.
1862.
$159,658
86,699
281,568
90,657
101,593
47,141
62,906
56,085
62,351
96,939
54,785
10,739
135,356
160,538
603,029
18,863
150,808
119,973
59
00
10
00
27
92
67
24
34
38
72
77
89
46
67
88
84
24
$2,299,696 98
Increase 10 per cent.
1861.
$119,763
64,015
205,342
75,751
76,859
46,842
44,626
37,426
75,620
88,201
45,689
11,731
69,265
217,161
391,932
16,524
370,267
115,524
Increase.
97
00
69
00
69
61
96
08
18
46
31
61
24
20
27
48
90
11
2,072,545 76
$39,894
22,684
76,225
14,906
24,733
299
18,279
18,659
13,268
8,737
9,096
f 991
66,091
(56,622
211,097
2,339
f219,459
4,449
62
00
41
00
58
31
71
16
84
92
41
84
65
74
40
40
06
13
227,151 22
E A R N IN G S F O R M A R C H .
Roads.
Chicago, Burl, and Quincy,
Hudson River,.....................
Chicago and Rock Island,..
Galena and Chicago,..........
Michigan Central,...............
Cleveland and T o le d o ,.. . .
Buffalo, N. Y. and Erie,. . .
Illinois Central,...................
Toledo and W abash,.........
Harlem,.................................
Mil’kee & Prairie du Chien,
Cleve.,Colum. & Cincinnati,
Norwich and W orcester,..
Erie,......................................
Reading,...............................
Cleveland and Pittsburg,...
Northern Central,...............
( Decrease.
1862.
$121,272
308,963
71,604
76,137
152,901
99.359
81,144
161,801
56,005
103,020
47,009
112,606
24,250
636.615
191,266
90,300
161,827
39
46
00
59
62
00
97
95
88
32
87
00
24
27
25
00
95
1861.
$158,007
167,559
75,275
101,600
151,670
85,873
49,194
226,966
61,050
88,790
43,636
67,610
21,454
458,560
244,422
83,408
77,796
Increase.
33
96
00
24
54
00
46
76
77
72
62
00
36
08
65
00
44
$2,496,086 76 2,162,876 93
Increase 13£ per cent.
f$36,734
141,403
f 3,671
f25,462
1,231
13,486
31,950
■(■65,164
(•5,044
14.229
3,373
44,996
2,795
178,055
(53,156
6,892
84,031
94
50
00
65
08
00
51
81
89
60
25
00
88
19
40
00
51
333,209 83
1862.]
Railw ay , Canal, and Telegraph Statistics.
549
DELAWARE AND HUDSON CANAL COMPANY.
The business of this company for the year ending March 1, 1862, was
as follows :
Sales of coal to March 1, 1862...................................
Canal and Railroad tolls collected...............................
Profits of barges, etc.......................................................
Coal on hand at Honesdale, Rondout, and New York,
and on line of canal................................................
$2,406,514 37
367,953 56
31,215 45
354,446 00
$3,160,129 38
Coal on hand March 1, 1861.................
Mining coal.................................................
Railroad transportation and repairs...
Canal repairs and superintendence. . . .
Freight of coal on canal........................
Labor and expense at Rondout.............
Rent, salaries, current expenses, etc.,
New York office...............................
Coal yard and harbor expenses, taxes,
interest, etc........................................
Depreciation account...............................
$248,321
681,614
292,265
259,029
544,278
58,461
40
64
14
70
56
22
34,084 99
313,722 56
36,268 54
2,468,045 85
Net profit.....................................................................
$692,083 53
— being a little over 9 per cent on the capital stock of the company.
The canal was opened for navigation on the 23d day o f April, and
closed on the 3d of December. During the season, navigation was in
terrupted by freshets seven days, and by breaks six days. On the 13th
February, 1861, an extraordinary ice flood occurred in the streams adja
cent to the canal, causing— in addition to other slighter injuries— a
breach in the dam of the Smith Hill reservoir, near Honesdale ; the dam
age thus occasioned— about $25,000— has been included in the ordinary
canal expenditures for the year 1861.
The total quantity of coal shipped from Honesdale by the canal was
724,160 15-20 tons; for all of which a ready market has been found, at
full current prices. This fact furnishes a strong and satisfactory indica
tion that the Lackawana coal is still steadily gaining favor with the public,
NEW STYLE OF STEAM CANAL BOATS.
A boat of somewhat novel construction recently made her trial trip
from Rochester, Pa., to Youngstown, Ohio. She is a propeller moved by
two screw paddle-wheels at the stern, o f four feet each, driven by two
ten-horse power engines. The hull is 77 feet in length, the vessel being
estimated at about 55 tons burthen. She is capable o f making ten miles
an hour on slack water, but her ordinary speed is not intended to exceed
three or four miles an hour. She was built by W h ist l e r & C u r r y o f
Rochester, is named the Monitor, and is owned b y Captains G reens and
M arcus.
550
Commercial Regulations.
COMMERCIAL
[ / une,
REGULATIONS.
1. N ote of S e c r et ar y of St a t e a s to O p e n in g of S outhern P orts . 2. P roclam ation o f
P residen t o pe n in g P orts of Be a u f o r t , P o r t R o y a l a n d N e w O rle an s .
3 I nstructions
of the T r easu ry D epa rtm e nt r espectin g C lea ra n ce s to the P orts opened .
4. T rade of
the M ississippi .
5. C ustom - house R egu lation s as to C l ea ra n ce s to S outhern P orts
Op e n e d .
DEPARTMENT OF STATE— OPENING OF THE SOUTHERN PORTS.
T h e following note, addressed b y Mr. S e w a r d , Secretary o f State, to
the Foreign Ministers resident at Washington, discloses the policy o f
government in reference to the opening to trade o f the Southern ports as
last as they are re-taken from the insurgents.
Department o f State, Washington, M ay 3, 1862.
Sir : I have the honor to state, for the information of your Govern
ment, that a Collector has been appointed by the President for New Or
leans, and that the necessary preparations are being made to modify the
blockade so far as to permit limited shipments to be made to and from
that and one or more other ports, which are now closed by blockade, at
times and upon conditions which will be made known by proclamation.
I am, Sir, your obedient servant,
(Signed,)
W m. H. S e w a r d .
A PROCLAMATION.— OPENING CERTAIN SOUTHERN PORTS.
B y the President o f the United States:
Whereas, by my proclamation o f the nineteenth o f April, one thousand
eight hundred and sixty-one, it was declared that the ports o f certain
States, including those o f Beaufort, in the State of North Carolina, Port
Royal, in the State of South Carolina, and New Orleans, in the State o f
Louisiana, were, for reasons therein set forth, intended to be placed under
blockade ; and whereas, the said ports of Beaufort, Port Royal, and New
Orleans have since been blockaded; but as the blockade o f the same
ports may now be safely relaxed with advantage to the interests o f com
merce :
Now, therefore, be it known that I, A b r a h a m L in c o l n , President of
the United States, pursuant to the authority in me vested by the fifth
section of the act of Congress, approved on the 13th of July last, entitled
“ An act further to provide for the collection o f duties on imports, and
for other purposes,” do hereby declare that the blockade of the said
ports of Beaufort, Port Royal, and New Orleans shall so far cease and
determine, from and after the first day of June next, that commercial
intercourse with those ports, except as to persons and things and infor
mation contraband o f war, may, from that time, be carried on, subject to
1862 .]
Commercial Regulations.
551
the laws o f the United States, and to the limitations and in pursuance o f
the regulations which are prescribed by the Secretary of the Treasury in
his order of this date, which is appended to this proclamation.
In witness whereof I have hereunto set my hand and caused the seal
of the United States to be affixed.
Done at the City of Washington, this twelfth day of May, in the
[ l . s .] year of our Lord one thousand eight hundred and sixty-two, and
of the Independence of the United States the eighty-sixth.
(Signed,)
A b e a h a m L in c o l n .
By the President:
W m. H. S e w a r d , Secretary o f State.
CIRCULAR OF THE TREASURY DEPARTMENT.
Treasury Department, May 12, 1862.
Regulations relating to trade with ports opened by proclamation :
First,. To vessels clearing from foreign ports and destined to ports
opened by the proclamation of the President of the United States o f this
date, namely : Beaufort, in North Carolina, Port Royal, in South Caro
lina, and New Orleans, in Louisiana. Licenses will be granted by con
suls of the United States upon satisfactory evidence that the vessels so
licensed will convey no person, property, or information contraband of
war either to or from the said ports : which licenses shall be exhibited
to the collector of the port to which said vessels may be respectively
bound, immediately on arrival, and if required to any officer in charge of
the blockade; and on leaving either of the said ports every vessel will
be required to have a clearance from the collector of the customs accord
ing to law, showing that there has been no violation o f the conditions o f
the license. Any violation of the said conditions will involve the for
feiture and condemnation o f the vessel and cargo, and the exclusion of
all parties concerned from any further privilege o f entering the United
States during the war for any purpose whatever.
Second, To vessels of the United States clearing coastwise for the ports
aforesaid, license can only be obtained from the Treasury Department.
Third, In all other respects the existing blockade remains in full force
and effect as hitherto established and maintained; nor is it relaxed by
the proclamation, except in regard to the ports to which the relaxation
is by that instrument expressly applied.
(Signed,)
S. P. C h a s e ,
Secretary o f the Treasury.
INSTRUCTIONS OF THE TREASURY DEPARTMENT— OPENING OF THE SOUTH
ERN PORTS.
The Secretary of the Treasury has issued full instructions, as follows,
to the various collectors respecting clearances to ports opened by procla
mation of the President. These instructions authorize clearances at any
time before the first of June, but vessels so cleared are not to enter such
ports until on or after that date:
Treasury Department, M ay 16, 1862.
S ir : I transmit herewith for your information a copy o f the procla
552
Commercial Regulations.
[June,
mation of the President, o f the 15th o f May, 1862, opening the ports of
Beaufort, N. C., Port Royal, S. C., and New Orleans, La., with the regu
lations of the Secretary of the Treasury, governing the trade with the said
ports. In view of the said proclamation, and in pursuance o f the regula
tions referred to, you are hereby authorized to grant clearances and
license to vessels to proceed to any of said ports under the following re
strictions :
Before granting any such clearance and license you will require the
master of each vessel to exhibit to you a manifest or descriptive state
ment of his cargo and a list of the passengers and crew, and to verify the
same by his oath or solemn affirmation, and you will fully satisfy your
self that said vessel is intended in good faith for a lawful trade, and will
in no wise, directly or indirectly, violate the provisions of the aforesaid
proclamation and the regulation referred to. You will insert in each
clearance the follow ing: ------- Master of the --------, of -------, having ex
hibited to me a manifest or descriptive statement of his cargo and a list
of the passengers and crew, and having verified the same by his oath or
solemn affirmation, and I having satisfied myself that the said vessel is
intended in good faith for a lawful trade, and only for a lawful trade;
now, therefore, by the authority of the Secretary o f the Treasury and in
pursuance o f a proclamation of the President o f the United States and
the regulations o f the Secretary of the Treasury issued May 12th, 1862,
permission is hereby granted for the said vessel to proceed to the port
o f -------, in the State o f -------, and leave said port for any lawful destina
tion on the conditions hereinafter mentioned, to w it: That the said ves
sel will convey no persons, property, or information contraband of war,
either to or from the said port, and that the clearance or license shall be
exhibited to the Collector of Customs at the said port o f -------, immedi
ately on arrival, and if required, to any officer in charge o f the blockade,
and that the master and all persons concerned in the management and
control of the vessel shall faithfully comply with the revenue laws and
regulations of the United States, and with the conditions of this clear
ance and license. The violations o f any of the conditions of this clear
ance will involve the condemnation and forfeiture o f the vessel and cargo,
and the exclusion o f all parties concerned from any further privileges o f
participating in the trade thus opened by proclamation of the President
o f the United States. The officers of vessels of war and all other persons
will respect this clearance and license and permit the said vessel to pro
ceed on her lawful voyage unmolested while prosecuting the same in
conformity with its conditions. In all clearances given prior to the first
of June, you will insert the further proviso that the vessels so cleared
shall not enter any of the said ports previous to the first of June, on pen
alty of forfeiture of the vessel and cargo.
I am, very respecfully, your obedient servant,
(S ig n ed ,)
S. P . C h a s e ,
Secretary o f the Treasury.
TRADE OF THE MISSISSIPPI.
The Secretary of the Treasury having directed that the restrictions
heretofore placed upon the trade and transportation o f the interior shall
be removed as fast as may be done with safety, notice is hereby given
1862.]
Commercial Regulations.
553
that on and after the 24th inst., the regulations governing the commerce
o f the Upper Mississippi and its tributaries will be so far modified as
that—
First, All merchandise other than munitions of war, may, without per
mits, pass from the loyal States into the city of St. Louis; into all that
part of the State of Missouri lying immediately on the Missouri river, and
all north of that river; and into all the other States of the Northwest,
and also the Territories thereof. And all Custom House supervision over
this trade is abolished, except such as may be deemed necessary to pre
vent supplies of any description being furnished to insurgents.
Second, Merchandise destined for any place in that part of the State
o f Missouri lying south of the Missouri river must still be covered by
custom house permits before it can go forward; but the charge hereto
fore collected for the same is hereby discontinued.
All the duties heretofore devolved upon surveyors and other officers
of the customs, except such as are abolished by these modifications, those
officers are expected still diligently and faithfully to perform, to the end
that this desirable removal of certain restrictions upon trade may not
operate to the prejudice of the Government, or in any manner strengthen
the hands of those who are in rebellion against its authority.
The regulations established for conducting the commerce of the loyal
States with States and places recovered from the insurrectionary forces
by soldiers of the United States engaged in suppressing the rebellion, re
main unchanged.
(Signed,)
W . U. G allagh er,
Special Agent, Treasury Department.
St. Louis, M ay 19, 1862.
CUSTOM HOUSE REGULATIONS, AS TO CLEARANCES TO SOUTHERN
PORTS OPENED,
The following is a copy o f instructions just transmitted to the various
collectors of customs :
Treasury Department, May 23.
In pursuance of the provisions o f the proclamation o f the Presi
dent modifying the blockade of the ports of Beaufort, Port Royal, and
New Orleans, and o f the regulations of the Secretary of the Treasury
relating to trade with those ports, no articles contraband of war will be
permitted to enter at either of said ports, and you will accordingly refuse
clearance to vessels bound for those ports or either of them with any such
articles on board until further instructed. You will regard as contraband
of war the following articles, viz.: Cannon, mortars, fire-arms, pistols,
bombs, grenades, firelocks, flints, matches, powder, saltpetre, balls, bul
lets, pikes, swords, sulphur, helmets or boarding caps, sword belts, saddles
and bridles, (always excepting the quantity of said articles which may
be necessary for the defence of the ship, and of those who compose the
crew,) cartridge bag material, percussion and other caps, clothing adapted
for uniforms, resin, sail cloth of all kinds, hemp and cordage, masts, ship
timber, tar and pitch, ardent spirits, military persons in the service of the
enemy, dispatches of the enemy, and articles o f like character with those
Sir :
554
\June,
Commercial Regulations.
specially enumerated. You will also refuse clearances to all vessels, which,
whatever the ostensible destination, are believed by you on satisfactory
grounds to be intended for ports and places in possession or under control
of the insurgents against the United States, or that there is imminent
danger that the goods, wares, or merchandise of whatever description,
laden on such vessels will fall into the possession or under the control of
such insurgents, and in all cases, where, in your judgment, there is ground
for apprehension that any goods, wares, or merchandise shipped at your
port will be used in any way for the aid o f the insurgents or the insurrec
tion, you will require substantial security to be given that such goods, wares,
or merchandise shall not be transported to any place under insurrectionary
control, and shall not in any way be used to give aid and comfort to such
insurgents. You will be especially careful on applications for clearances
to require bonds, with sufficient sureties, conditioned for fulfilling faith
fully all the conditions imposed by law or departmental regulations from
shippers of the following articles to the ports opened, or to any other
ports from which they may easily, and are probably intended to be re
shipped in aid of the existing rebellion, viz.: Liquors of ail kinds, coals,
iron, lead, copper, tin, brass, telegraph instruments, wire, poisons, cups,
platina, sulphuric acid, zinc, and other telegraphic materials, marine en
gines, screw propellers, paddle wheels, cylinders, cranks, shafts, boilers,
tubes for boilers, fire bars, and every article, or any other component part
of an engine, or boiler, or any article whatever which is, can, or may be
come applicable to the manufacture of marine machinery, or for the
armor of vessels. I am, very respectfully,
S. P. C h a s e , Secretary o f the Treasury.
IRON-CLAD VESSELS FOR THE PACIFIC.
The following correspondence appears in the California papers:
Sacramento, March 25, 1862.
Dear Sir : I am directed by a concurrent resolution of the Legislature,
to transmit you the following:
Resolved, That the Governor be, and he is hereby requested immediately
to telegraph to the Secretary of State of the United States, to ascertain
whether, in the opinion of the Federal Administration, our foreign rela
tions are at present such as to make it necessary or expedient that Cali
fornia should take active measures towards putting the harbor o f San
Francisco in a state o f defense.
L el an d S t a n f o r d .
Washington, April 2, 1862.
The present aspect of our foreign relations is pacific; but the Presi
dent remains of the opinion heretofore so often expressed, that while this
civil war actively continues there may be foreign aggressions.
No important part or portion o f the United States ought to be left ex
posed. One or two iron-clad steamers at San Francisco would assure its
safety at small expense.
W . II. Sew ard.
1862.
Journal o f M ining , Manufactures, and A rt.
655
JOURNAL OF MINING, MANUFACTURES, AND ART.
1. S u g a r M a n u fac tu r e in I I a m bu rg .
poses in
P a r is .
2. T ests of W ir e R ope .
3. I ron for b u il d in g
pu r
4. T he M a n u f a c tu r e of T ea .
SUGAR MANUFACTURE AT HAMBURG.
A c o r r e s p o n d e n t o f The Grocer, of London, says that at the end of
the last century there were no less than six hundred sugar refineries at
Hamburg, whose produce supplied the wants, not only of the greater
part of Germany, but was extensively shipped to Sweden and Russia.
This branch of industry not only supported the six hundred families of
the sugar-bakers in ease and luxury, but gave profitable employment to
8,000 workmen, besides giving an indirect stimulus to several other col
lateral trades, such as brewers, coopers, lightermen, &c. In the begin
ning of the present century, when the French armies overran the conti
nent, and the celebrated Milan decrees prohibited the importation of all
colonial produce, the Hamburg sugar refineries were totally suspended,
the workman being discharged, and most o f the refiners ruined. On the
happy termination of the French occupation, in 1813, about one-half of
the refineries were re-opened, though under great difficulties, as there
was a scarcity of hands, most of the journeymen having enlisted in differ
ent armies, and lost all taste for their former occupation, while a good
many had gone to Russia, where they were engaged, at high sdaries, as
master sugar-bakers, and employed in fitting up sugar refineries in that
country. But this was not a ll; for the" Hamburg sugar refiners found
themselves exposed to the dangerous competition of France, England,
Belgium and Holland, which countries granted heavy drawbacks and
premiums on the exportation of refined sugars, to favor their own manu
facturers, and enable them to compete successfully in foreign markets by
selling their refined goods at prices but a trifle higher than the cost of
the raw article. And, lastly, they have now to compete with the Ger
man Commercial Union, (the Zollverein,) which is based upon the prin
ciple of high protective duties, to favor their own manufacturers, and
oblige the inhabitants to pay fifty per cent more for all articles of con
sumption than they would under the blessings of free trade and open
competition with all the world.
Under all these depressing circum
stances, it is really no wonder that the private sugar-bakers at Hamburg
have by degrees given up their business and died off, till their present
number is now reduced to not more than fifty. But, on the other hand,
two large steam refineries have lately been established at Hamburg, on
the joint stock principle, with limited liability to the shareholders, which
are able to do a very flourishing business and give large dividends, while
the shares are in good request, and are easily saleable at a very high pre
mium.
550
Journal o f Mining, Manufactures, and Art.
[June,
IMPORTANT TESTS OF WIRE ROPE,
In Liverpool, on the 16th of April, some tests o f wire rope took place
at the Mersey Chain Testing W orks, the first two experiments for the
purpose of practically ascertaining the relative value of wire and hemp
rope for standing rigging.
The first was a piece of 2-incli galvanized charcoal wire, the Admiralty
test for which is 4 tons 6 cw t.; it broke at 5 tons 15 cwt. This piece of
rope was taken from the topgallant backstays of the ship Bogota, belong
ing to B lythe B rothers , and was supplied to this ship four and a half
years ago. It is still in good condition, there being no signs of rust in
the rope, and it stood upwards o f 30 per cent above the Admiralty test.
The next test was a piece of 1-J- inch galvanized B B. wire rope, which
broke at 2 tons 12 cwt. 2 qrs., the Admiralty test being 2 tons 5 cwt.
This was part of the royal backstay o f the ship Istria, belonging to T.
R o y d e n & S o n , and supplied previous to the last voyage.
The last ex
periment was intended to decide the merits o f formed or laid rope.
The following is the strain borne bv the two pieces of rope tested :—
One piece 3 f inch wire rope, six strands, 17 tons 15 cw t.; one piece 3 f
inch galvanized wire rope, four strand formed rope, London make, made
o f fine wire, 12 tons 5 cwt. The four strand rope stretching very c o n
siderably in testing, as compared with the six strand.
IRON FOR BUILDING IN PARIS,
It appears by the official returns recently published, that there has been
a considerable increase in the quantity o f iron introduced into Paris for
building purposes during the year 1801, as compared with the year 1860.
The wrought iron amounted to 25,086,586 kilogrammes, being an increase
of 6,932,920 kilogrammes over the year 1860. The pig iron amounted
to 15,755,216 kilogrammes, being an increase o f 3,465,487 kilogrammes
over the year i860.
THE MANUFACTURE OF TEA.
Both black and green teas are gathered from the bushes in the same
way, and are made from the same description o f leaves, namely, those
which are young and lately formed.
For Green Tea.— When the leaves are brought in from the plantations
they are spread out thinly on flat bamboo trays, in order to dry off any
superfluous moisture. They remain for a very short time exposed in this
manner, generally from one to two hours ; this, however, depends much
upon the state o f the weather.
In the mean time the roasting pans have been heated with a brisk wood
fire. A portion o f leaves are now thrown into each pan and rapidly
moved about and shaken up with both hands. They are immediately
affected by the heat, begin to make a crackling noise, and become quite
moist and flaccid, while at the same time they give out a considerable
portion o f vapor. They remain in this state for four or five minutes, and
are then drawn quickly out and placed upon the rolling table.
1862.]
Journal o f M ining , Manufactures, and A rt.
557
Having been thrown again into the pan, a slow and steady charcoal
fire is kept up, and the leaves are kept in rapid motion by the hands of
workmen. Sometimes they are thrown upon the rattan table and rolled
a second time. In about an hour or an hour and a half the leaves are well
dried and their color has become fixed, that is, there is no longer any
danger of their becoming black. They are o f a dullish green color, but
become brighter afterwards. (I am not now alluding to teas which are col
ored artificially.)
The most particular part o f the operation has now been finished, and
the tea may be put aside until a larger quantity has been made. The sec
ond part of the process consists in winnowing and passing the tea through
sieves of different sizes, in order to get rid o f the dust and other impuri
ties, and to divide the tea into the different kinds known as twankav,
hyson skin, hyson, young hyson, gunpowder, &c. During this process it
is retired, the coarse kinds once, and the liner sorts three or four times.
By this time the color has come out more fully, and the leaves of the finer
kinds are of a dull biuish green.
It will be observed, then, with reference to green tea— 1st, That the
leaves are roasted almost immediately after they are gathered ; and 2d,
That they are dried off quickly after the rolling process.
F or Black Tea.— When the leaves are brought in from the plantations
they are spread out upon large bamboo mats or trays, and are allowed to
lie in this state for a considerable time. If they are brought in at night
they lie until next morning.
The leaves are next gathered up by the workmen with both hands,
thrown into the air and allowed to separate and fall down again. They
are tossed about in this manner, and slightly beat or patted with the hands,
for a considerable space of time. At length, when they become soft and
flaccid, they are thrown in heaps and allowed to lie in this state for about
an hour, or perhaps a little longer. When examined at the end o f this
time, they appear to have undergone a slight change in color, are soft
and moist, and emit a fragrant smell.
The rolling process now commences. Several men take their stations
at the rolling table and divide the leaves amongst them. Each takes as
many as he can press with his hands, and makes them up in the form of
a ball. This is rolled upon the rattan worked table, and greatly com
pressed, the object being to get rid o f a portion of the sap and moisture,
and at the same time to twist the leaves. These balls of leaves are fre
quently shaken out and passed from hand to hand until they reach the
head workman, who examines them carefully to see if they have taken
the requisite twist. W hen he is satisfied of this, the leaves are removed
from tbe rolling table and shaken out upon flat trays, until the remaining
portions have undergone the same process. In no case are they allowed
to lie long in this state, and sometimes they are taken at once to the roasting-pan.
The next part of the process is exactly the same as in the manipula
tion of green tea. The leaves are thrown into an iron pan, where they
are roasted for about live minutes, and then rolled upon the rattan table.
After being rolled, the leaves are shaken out, thinly, on sieves, and ex
posed to the air out o f doors. A framework for this purpose, made of
bamboo, is generally seen in front of all the cottages amongst the tea
558
Journal o f M ining , Manufactures, and A rt.
\June,
hills. The leaves are allowed to remain in this condition for about three
hours; during this time the workmen are employed in going over the
sieves in rotation, turning the leaves and separating them from each other.
A fine dry day, when the sun is not too bright, seems to be preferred for
this part of the operation.
The leaves, having now lost a large portion o f their moisture, and hav
ing become reduced considerably in size, are removed into the factory.
They are put a second time into the roasting-pan for three or four min
utes, and taken out and rolled as before.
The charcoal fires are now got ready. A tubular basket, narrow at the
middle and wide at both ends, is placed over the fire. A sieve is dropped
into this tube and covered with leaves, which are shaken on it to about
an inch in thickness. After five or six minutes, during which time they
are carefully watched, they are removed from the fire and rolled a third
time. As the balls of leaves come from the hands of the roller, they are
placed in a heap until the whole have been rolled. They are again shaken
on the sieves as before and set over the fire for a little while longer.
Sometimes the last operation, namely, heating and rolling, is repeated a
fourth time; the leaves have now assumed a dark color.
When the whole has been gone over in this manner, it is then placed
thickly in the baskets, which are again set over the charcoal fire. The
workman now makes a hole with his hand through the center of the leaves,
in order to allow vent to any smoke or vapor which may rise from the
charcoal, as well as to let the heat up, and then covers the whole over
with a flat basket; previous to this the heat has been greatly reduced by
the fires being covered up. The tea now remains over the slow charcoal
fire until it is perfectly d r y ; it is, however, carefully watched by the
manufacturer, who every now and then stirs.it up with his hands, so that
the whole may be equally heated. The black color is now fairly brought
out, but afterwards improves in appearance; the after process, such as
sifting, picking, and refining, are carried on at the convenience o f the
workmen.
■•
It is evident, therefore, that the main part o f the preparation o f the
tea is carried on upon the farms where it is grown, and that an increased
quantity could easily be prepared without any increase either of machinery
or bands for the purpose.— The Grocer o f London.
IRISH EMBROIDERED MUSLINS.
From a statement recently published, respecting the condition of the
embroidered muslin trade, which formerly flourished in Ulster, it appears
that in 185-1, 200,000 females were employed at the trade, who received
for their work 85,000,000 a year. The trade fell off till, in 1860, the re
ceipts were reduced to but little over 8150,000. In order to revive the
trade, which has the merit of giving employment to women at their homes,
a memorial was presented to the Queen soliciting her patronage, but the
answer was delayed in consequence of the death of Prince A l bert . Her
Majesty, on receiving the memorial, took such a warm interest in aiding
the trade that prices advanced from 25 to 50 per cent, and it is estimated
that specimens of work sent to the Great Exhibition will stimulate it still
more, and probably restore it to its former prosperity.
1862.]
Journal o f Banking , Currency, and Finance.
559
JOURNAL OF BANKING, CURRENCY, AND FINANCE.
1. C ity W e e k l y B a n k R eturns , N f.w Y ork Cit y Ba nk s , P h il a d e l p h ia B anks , Boston Ba n k s ,
P r o v id en c e Ba n k s . 2. W e e k ly Statem en t Ba n k of E n g l a n d . 8. R esources a n d L i a b i l i
t ies of tiik Ba n k s of the S t a t e of N e w T urk . 4. F in an ces of C onnecticut . 5. F in ances
of I n d ia n a . 6 F in an ce s of Baltim or e . 7. P u blic D e bt of R u ssia , a n d the Budget of 1862.
8.
R e po rt of Ba n k C ommissioners of Connecticut .
CITY
N ew Y
ork
B a n ks .
Date.
4 ,... ..
M
11,...,
U
18..............
it
25, . . .
February 1, ----tc
8 ........ .
«
15........
((
2 2 ........
March
1 , ___ , .
u
8 ........
u
15........
tt
2 2 ........
a
2 9 ,....
April
5 ,...,..
12,.. . , ..
<<
19,___
it
2 6 ,... . .
May
3 ,...
10,...
ti
17........
January
WEEKLY
#
RETURNS.
( Capital, Jan., 1862, $69,493,577 ; Jan., 1861, $69,890,475.)
Weekly
Specie.
Loans.
Circulation. Net Deposits.
Clearings.
$154,415,826 $23,983,878 $8,586,186 $11 1,789,233 $100,642,429
152,088,012 25.373,070 8,121,512 113,889,762 105,634,811
149,081,433 26,120.859 7.369,028 113,327,160 107,732,780
145,767,680 26,698728 6,828,017 110.S74.786 100,001,959
144,675,778 27,479,583 6,404,951
93 791,629
112,067,003
143,803,890 28,196,666 6,077,417 110,637,557 113,216,297
141.994,192 28,114,148 5,762,506 110,430,475 105,102,177
139,960,958 28,875,992 5,489,496 109,079,076 11 1.846,066
137,674,238 29,826,959 5,363,944 107,974,499 109,854.823
133,055,148 30,436.644 5,869,206 103,715,728 113,512,576
130.622,776 30,773,050 5,904,866 100,296,704 1 18,957.978
127,615,306 32,023,390 6,260,309
97,601,279 115,376,381
125,021,630 32,841,802 6,758,313
106,973.432
94,428,071
124,477,484 33,764.382 7,699,641
94,082.625 111,336,384
123,412,491 34,594,668 8,004,843
93,759,063 114,738,013
123,070,263 34,671,528 8,064,663
95,179,340 113,529,377
125,086,825 35,297,944 8,118,571 101,897,435 124,396,733
133.406,418 35,175.828 8,482,782 109,634,535 140,952,471
138,948,211 32,239.868 S,830.321 115,559,206 181,113,537
142,290,782 30,280,697 8,727,328 120,003,929 167,390,055
P h il a d e l p h ia B a n ks .
Date.
Jan. 6 , . . .
“
1 3 ,...
“
20,,..
“
2 7 ,...
Feb. 8 , . . .
“
10, . . .
“
1 7 ,...
“
2 4 ,...
Mar. 3 , . . .
“
10,...
“
17, . .
“
2 4 ,...
“
8 1 ,...
A p ril 7 , . . .
“
1 4 ,...
“
2 1 ...
“
2 8 ,...
May 5 ,__
“
12,...
“
1 9 ,...
BANK
( Capital, Jan ., 1862, $11,970,130,)
Due
Due
Circulation.
Specie.
Deposits.
to banks. from banks.
Loans.
$31,046,537 $5,688,728 $2,145,219 $21,396,014 $3,645,956 $1,796,805
31,145.938 5,692,123 2,162,152 21,324,610 3,992,952 1,702,716
1,675,116
30.601,160 5,733,450 2,120,756 20,698,496 4,120,261
30,385,606 5.821,323 2,121,146 20,058,098 4,209.006 1,858.688
30,385.319 5,884,011 2,144,398 20,068,890 4,572,872 1,707,136
29,974,700 5,923,874 2,191,547 19,032,535 4,890,288 1,587,481
29,388,544 6,849,854 2,191.612 18,692,182 4,661,442 2,052,031
29,280,049 5,867,686 2,230,605 18,777,300 5,205,203 1,935,414
29,393,356 5,881,108 2,343,493 18,541,190 0,218.383 1,828,383
28,083,499 5,869,730 2,575,503 17 375,771 5,131,834 1,733,169
28,723,835 5,897,891 2,632,627 17,253,461 5,342.876 1,649,137
28,350,615 6,915,635 2.707,804 17,066,267 5,210,365 1,774,162
27,831,333 5,884,314 2,904,542 17,024,198 5,100,186 2,134,892
28,037.691 5,886,424 3,378,970 16,636,538 6,607,488 2,231,889
28,076.717 5.912,870 8,496,420 18,112,446 4,868,842 2,634,171
28,246,733 6,046,260 3,525,400 19,011,833 4,548,327 2,604,147
28,793,116 6,052,827 3,613,994 20,223,556 4,470.674 3,128,069
29,524,432 6,049,685 8,759,692 21,316,614 4,531,837 3,823,659
29,966,347 5,728.028 3,867,200 23,002,263 5,118.541 4,981,291
31,121,563 5,529,221 4,045,696 23,385,009 5,697,984 4,804,956
560
Journal o f Banking, Currency, and Finance.
B oston B anks.
Date.
Jan. 6 , . . .
U IS,. ..
It
2 0 ,. ..
ft
2 7 ,...
Feb 3, . .
U 10,...
it
1 7 ,..,
u 2 4 ,...
Mar . 3 , . . .
“ 10,..,
u 1 7 ,...
“ 2 4 ,...
3 1 ,...
Apr . 7 , . . .
1 4 ,...
it
2 1 ,...
u
2 8 ,...
May 5 , . . .
“ 1 2 ,...
“
1 9 ,...
(Capital, Jan., 1862, $88,231,700; Jan., 1861, $38,231,700.)
Circulation.
from banks.
Loans.
Specie.
Deposits.
to banks.
$65,612,997 $8,920,486 $6,461,587 $27,098,839 $9,187,924 $8,701,873
64,704,039 8,580,607 6,612,512 25,642,994 9,634,227 8,805,255
64,409,585 8,585,277 6,549,871 25,441,327 9,547,319 9,018,388
63,025,191 8,562,175 6,284,268 24,030,776 9,593,545 8,727,348
62,628,793 8,529,483 6,260,299 23,500,321 9,727,783 8,766,415
62,340.600 8,514,600 6,616,000 22,784,700 9,892,600 8,965,500
62,687,788 8,410,890 6,469,309 22,034,794 9,653,725 8,315,887
62,053,640 8,341,588 6,580,205 21,516,228 9,625,869 8,644,360
61,678,500 8,364,500 6,318,700 21,208,500 9,681,500 8,982,600
61,834,500 8,409,535 6,693,189 20,740,208 9,906,110 8,450,721
61,747,000 8,471,000 6,364,800 20,554,000 9,790,000 7,981,000
61,655,420 8,441,068 6,219,512 20,326,087 9,715,256 7,669,531
61,360.789 8,441,196 5,908,272 19,976,018 9,434,782 6,978,527
61,208,974 8,674,170 6,557,152 21,014,000 9,245,088 8,133,124
61,058,969 8,688,573 6,170,383 21,009,010 8,949,259 7,173,374
61,019,787 8,679,366 5,924,906 21,570,017 8,529,277 6,94 6,164
60,441,452 8,666,797 6,500,396 22,402,134 8,493,004 7,813,630
69,806,545 8,593,990 5,458,815 23,823,199 8,655.206 9,898,508
59,521,251 8,422,738 5,537,937 24,827,121 9,197,744 11,755,589
60,059,635 8,304,534 5,602,844 25,795,916 9,614,737 13,105,350
P ro vid en ce B an ks .
Date.
Jau. 11, . . .
“ 18, . . .
“ 25, . . .
Feb. 1, . . .
“
8, ...
“ 15, . . .
“ 22, ...
Mar. 1, . . .
“
8, . . .
“ 15, . . .
“ 22, ...
“ 29, . . .
A p r. 5, . . .
“ 12, . . .
“ 1 9 ,...
“ 26, . . .
M ay 3, . . .
“ 10, . . .
(Capital, Jan., 1862, $15,464,600.)
Due
Due
Loans
Specie. Circulation.
from banks.
Deposits.
to banks.
$19,356,800 $408,700 $1,889,600 $3,054,600 $1,099,800 $915,400
898,500
19,238,700 402,900 1,890,300 2,899,200 1,071,500
19,160,600 394,700 1,756,500 2,899,600
959,400 1,057,400
19,160,600 394,700 1,811,100 2,950,600
871,800
925,500
19,087,700 395,900 1,814,300 2,915,200
900,400
934,700
19,109,400 394,800 1,784,000 2,762,200
911,100 1,081,000
18,869,800 396,8U0 1,879,100 2,792,700
893,900 1,180,000
18,920,500 407,500 1,791,200 2,924,400
953,900 1,283,000
18,953,900 405,100 1,973,500 3,030,600 1,131,500 1,698,800
18,998,600 408,500 1,848,100 2,946,800 1,103,200 1,484,300
19,148,400 408.300 1,879,200 3,060,900 1,085,000 1,407,700
19,360,500 411,300 1,857,100 3,078,800 1 ,0 2 1 , 0 0 0
1,165,400
19,641,000 417,500 2 , 1 0 2 ,0 0 0 3,124,000 1,115,500 1,063,200
894,800
19,719,200 416,600 2,036,300 3,017,700 1,081,000
845,400
19,644,500 408,600 1,953,400 3,015,900 1,020,400
19,620,300 413,700 1,877,200 3,123,500
948,400
961,200
19,538,410 417,378 1,979,828 3,134,601
950,430 1,156,072
19,070,200 410,300 1,969,400 3,164,700 1,132,600 1,714,400
BANK
OF
W EEKLY
Date.
Jau. 1 . .
“
8...
“ 1 5 ...
2 2 ...
“ 2 9 ...
Feb. 5 . . .
»( 1 2 . . .
(( 1 9 . . .
ft 2 6 . . .
[June,
ENGLAND.
STATEM ENT.
Public
Private
Coin and
Circulation. Deposits.
Deposits.
Securities.
Bullion,
. £20,818,190 £7,345,833 £16,')36,062 £30,419,730 £16,961,439
. 21,086,675 4,542,974 18,206,488 31,022,505 16,046,017
. 21,460,925 4,583,353 16,480,452 29,509,864 16,291,626
. 21,697,928 5,467,840 15,366,081 29,461,720 16,35,939
. 21,183,376 5,768,063 14,751,486 28,696,456 16,280,369
21,427,554 5,788,441
14,179,917 28,834,352 15,956,903
21,236,312 4,884,989 15,526,334 29,010,241
16,042,949
20,772,726 5,397,144 15,085,843 28,771,812 15,894,405
20,736,715 6,762,849 14,939,742 29,024,962 16,749,065
Rate of
Discount.
8 pr. ct.
24
“
24 “
2-4
“
24
“
24 “
24
“
24
“
24 “
1862.]
Journal o f Banking , Currency , and Finance.
Circulation.
Date.
Mar. 5. . . .
“ 12. . . .
“ 19. . . .
“ 26. . . .
April 2. . . .
“ 9. . . .
“ 16. . . .
“ 23.
“ 30. . . .
21,217,246
20,013,685
20,483,509
20,814,655
21,501,595
21,822,105
22,048,463
21,946,997
561
Public
Deposits.
Private
Deposits.
Securities.
Coin and
Bullion.
6,755,287
7,527,911
8,011,694
8,413.275
8,456,468
5,625,314
5,225,132
5,534,973
6,867,375
13,737,507
13,763,718
13,340,928
13,154,258
18,622,532
16,336,169
15,710,260
15,915,247
14,357,007
29,692,441
29,489,795
28,953,089
29,140,207
80,398,790
29,981,793
29,325,888
29,022,128
29,164,075
15,673,898
16,027,111
16,548,586
16,812,798
16,849,198
16,881,940
16,743,434
17,172,204
17,089,446
Rate of
Discount.
2 p p r.ct
“
2* «•
24 “
24 “
24 “
24 “
24 “
24 “
24
BANKS OF NEW YORK STATE.
The following is a summary showing the aggregate of the resources
and liabilities o f the banks o f the State of New York, as exhibited by
their reports to the superintendent o f the banking department of the State
of New York, of their condition, on the morning o f Saturday the 15th
of March, 1862 :
RESO URCES.
Loans and discounts...............................................................
Overdrafts............................................................. 11,404 and
Due from banks......................................................................
Due from directors...................................... $7,012,606
Due from brokers........................................ 3,455,375
Real estate.....................................................
10,500 and
Specie................................... ,...................................................
Cash items...............................................................................
Stocks and promissory notes................................................
Bonds and mortgages....................................... $82,000 and
Bills of solvent banks...........................................................
Bills of suspended banks......................................... $53 and
Loss and expense account....................................................
Add for cents...........................................................................
$162,017,978
381,606
17,849,320
9,476,483
34,301,092
21,720,544
63,866,702
6,888,941
3,436,080
648
1,008,538
937
$320,948,869
Total
L IA B IL IT IE S .
Capital.....................................................................................
Circulation...............................................................................
P r o fits .....................................................................................
Due banks................................................................................
Due individuals and corporations, other than banks and
depositors.............................................................................
Due treasurer of the State of New Y ork...........................
Due depositors on demand..................................................
Amount due, not included under either o f the above heads.
Add for cents...........................................................................
T o t a l...............................................................................
36
V O l. XLVI.----NO. VI.
$108,665,619
28,330,973
12,112,183
38,181,599
1,757,045
3,697,799
124,988,259
3,214,900
492
$320,948,869
562
,
Journal o f Banking Currency, and Finance.
{June,
FINANCES OF CONNECTICUT.
Governor B u c k in g h a m , o f Connecticut, in bis annual message, thus
exhibits the finances o f that State:
The present indebtedness o f the State is—
For bonds issued.......................................... §2,000,000 00
For three months’ interest..........................
30,000 00
Making a total indebtedness
$2,030,000 00
The expenditures for the present year cannot be accurately given, but
may be estimated as follows :
For the ordinary expenses........................
For interest on bonds...................................
For payment 10,342 volunteers, $30 each.
For payment to 2,932 families o f volun
teers, in the aggregate............................
For ordnance, arms, and accoutrements,
which will be required for the State
Militia, in addition to such as are in the
Arsenal, belonging to the United States.
$226,900 00
120,000 00
310,260 00
301,224 00
175,000 00
1,133,384 00
$3,163,384 00
Charges against general governm ent.. . . $1,104,583 84
Add receipts from the usual sources of
revenue without taxes from towns, esti
134,500 00
mated at.....................................................
Interest on certificate of indebtedness from
36,000 00
the United States.....................................
Cash on hand................................................
298,489 42
Estimated deficiency............................
1,573,573 26
$1,589,810 74
It will probably be necessary to raise the sum mentioned above, which
can be done either by taxation or a loan, or by both. A very small part
of the profits o f our industry will be sufficient to supply the public
treasury with ample means to prosecute the war, and furnish a good
foundation for public credit.
FINANCES OF INDIANA.
The total debt o f this State is $8,711,213 50, as follows:
5 per ce n t............. .........................................
2|
“
.........................................................
6
“
war loan.........................................
Total........................................................
$5,322,500 00
2,054,773 50
1,334,000 00
$8,711,273 50
The State in May, 1861, appropriated in aid o f the federal government
$2,000,000, by an issue of twenty years’ six per cent bonds, interest and
1862.]
,
,
Journal o f Banking Currency and Finance.
563
principal payable in New Y o rk ; coupons due in May and November.
Under the law authorizing this issue, a special tax o f five cents on each
$100 in value o f the taxable property o f the State has been levied, which
is to be collected annually until this issue o f bonds is paid or redeemed.
The amount sold to this date is .........................................
O f which there have been sold and canceled by reim
bursements from the government...................................
Leaving amount yet unsold..................................................
$1,608,500
666,000
$942,500
391,500
$1,334,000
FINANCES OF BALTIMORE,
The report of the Register shows that, on the 31st o f December last,
the indebtedness o f the city o f Baltimore was as follows:
Internal improvements.....................................................
Miscellaneous purposes....................................................
Court House........................................................................
Supply o f w a te r...............................................................
New ja il...............................................................................
Loan to Baltimore and Ohio Railroad Company........
Loan to Pittsburg and Connellsville..............................
Park stock..........................................................................
$4,963,215
400,919
160,754
3,400,000
250,000
5,000,000
1,000,000
553,966
20
66
21
00
00
00
00
25
$15,728,855 32
Bonds guaranteed by the city for N.
W . Va. Railroad Company, due
York and Cumberland Railroad Co.,
Western Maryland Railroad Com
pany, due January 1st, 1 8 9 0 ....
175,000 00
2,175,000 00
Total stock and guaranteed bond debtedness.. . .
$17,903,855 32
Against this the city hold Baltimore and Ohio Railroad stock and
dividends, amounting to $4,550,000; also $1,226,541 46 o f its own
stocks distributed among the various sinking funds, making a total o f
$5,816,541 46, and leaving the net liabilities $12,087,293 76. Theamount
added to the sinking fund last year was $149,992.
AMOUNT OF THE PUBLIC DEBT OF THE EMPIRE OF RUSSIA.
The following is a statement o f the Russian debt in 1858-1859, the
latest known dates. These figures are of especial interest in connection
with the new loan of £15,000,000 just obtained in London by the Rus
sian Government.
564
Journal o f Banking, Currency , and Finance.
[June,
FU N D E D D E B T .
Term inable.
Old Dutch Loan,..................
New Dutch Loan,...............
Internal Debt,......................
1858.
1859.
Silver Roubles.
Silver Roubles.
30.600.000
16.769.000
151,530,113
30,000,000
15,087,000
154,116,786
309,222,582
4,730,000
306,147,068
4,620,000
518,334,007
82,069,551
515,988,012
81,698,102
PERPETU AL.
External and Internal Loan,
Railway Loan in £ Sterling,.
Total,......................................
j S.R.
'••j
£
U N F U N D ED
Treasury Bonds bearing Interest........
Credit Bills in circulation, not bearing
interest................................................
Lombard Bank......................................
Total,......................................
j S.R.
1
£
Deduct Sinking Fund, &e.,
j S.R.
j
£
Total,
DEBT.
90,000,000
93,000,000
735,297,006
320,000,000
644,448,790
320,000,000
1,145,297,006
181,338,693
1,057,448,790
167,429,392
1,663,631,013
146,000,000
1,573,436,802
115,000,000
1,517,631,013
240,291,577
1,458,436,802
230,919,160
The following approximate Budget of the Russian Government was pub
lished this year :
REVENUE.
Poll tax,..................
Land tax,................
State lands,............
Excise on Liquors,.
Customs,..................
Post Office,............
Stamps,...................
EXPENSES.
National debt,
Court,.............
W a r,...............
Marine,...........
Hom e,.............
Treasury,.. . .
Pensions,.. . .
Public works,.
34,500,000 Subventions,..
£4,200,000
3.750.000
1.800.000
18,000,000
4.800.000
1.050.000
900,000
£ 8,000,000
750,000
16,500,000
3.000.
000
1.000 . 000
4.050.000
1.950.000
1.350.000
1.250.000
37,850,000
REPORT OF BANK COMMISSIONERS OF CONNECTICUT.
From the report o f the Connecticut Bank Commissioners to the Legisture o f that State, we extract the following:
Seventy-five Banks, whose combined capital amounts to $21,790,937,
are now transacting business in this State. The whole amount of bank
capital in the State at the time o f our last report, was $21,838,029;
1862.]
Journal o f Banking, Currency, and Finance.
565
actual decrease the past year, $47,092; total capital, April 1st, 1862,
$21,790,937. The banks of this State are, with a few exceptions, in a
healthy, safe, and, for the times, highly prosperous condition. The law
requiring the several banks to loan to parties in this State an amount
equal to their capital stock, before it shall become lawful for them to loan
to parties out of this State, has not been fulfilled by very mauy o f the
banks on account of circumstances beyond their control. A far less
amount o f local or domestic business paper has been offered to lenders,
and thus the banks have been deprived of their usual supply from that
source. A favorite mode of loaning their unemployed capital, and one
which, for a variety of reasons, we cannot seriously object to, particularly
at the present time, is the practice of buying first class business paper
made and maturing in the city o f New York. No paper in the possession
of the banks is so uniformly and promptly met at its maturity. Another
mode common to our banks, but not approved by the Commissioners, is
to loan for accommodation or circulation at the West. W e are sorry to
say that quite a number o f the banks are not disposed to heed the expe
rience of the past.
By a statute law of the State, no bank is allowed to charge for ex
change an amount exceeding the standard rates o f charge in the cities of
New York and Boston. It becomes the duty of the Commissioners to
report that few banks in the State have complied with this law fo r some
time past. The evasion o f it has become so common, that to find an in
stitution conformable to law in this respect, in all cases, is an exception
to the general rule. Stockholders are clamorous for, and the officers of
the bank are equally ambitious to declare large dividends, and as a con
venient means of this end, resort is had to a high rate o f exchange on
the city of New Y o rk ; in some cases the charge being £ per cent on 30,
^ per cent on 60, and f per cent on 90 day paper, and as the oppor
tunity may offer, still higher rates of exchange. This custom amounts
to nothing less than the taking a rate of interest higher than that by law
allowed, and thus at once is the fruitful source of demoralization to the
officers of the banks, of discontent and wrong to the borrower. The
borrower has thus, if he continues to the end of a year, paid not less
than 9 per cent for the use of his money. It has been said that “ the
greater the supply, the less the exchangeable value.” As applied here, it
is far from the truth, for while the banks have held during the past year
uncommon large balances in their favor in New York, these high rates
of exchange have been uniformly maintained. The evident intent of the
law applicable to this subject, was to confine the banks to six per cent
interest, and the cost of the redemption of their bills; thus construed and
observed, the law would deprive them of a very considerable source of
profit. The trouble hinges upon the words “ standard rates of charge.”
W e recommend the amendment o f this law so as to give the banks a
satisfactory rate of exchange, and one which the buyer can afford to
pay.
566
Journal o f Insurance.
JOURNAL
OF
[June,
INSURANCE.
1. F ir e a n d M a r in e I nsu ran ce C o m pa n ie s of M assachusetts . 2. T a x in g L ife I n su ran ce
C o m pa n ie s . 3. E x t r a H azard ou s I n surance E isks . 4. P rogress of L if e I nsurance C om
p a n ie s .
FIRE AND MARINE INSURANCE COMPANIES— MASSACHUSETTS.
the Insurance Commissioners’ Report o f Massachusetts we learn
that the Fire and Marine risks o f the home companies outstanding on the
1st of November, 1861, and the losses paid during the year ending at
that date, compared with the previous year, were as follows :
F rom
R IS K
M arine Eisks.
AND
LOSSES.
1S60.
$52,154,961 50
1861.
$39,265,893 00
62,195,601 50
54,758,808 50
114,350,563 00
94,024,701 50
In 30 Stock Companies,............
In 5 Mutual Fire and M arine,..
In 61 Mutual Fire Companies,.
146.710,128 70
10.932,414 00
221,982,165 12
126,101,635 37
11,327,310 00
218,558,361 00
Total Fire,...........................
Total Risks, Fire and M arine,..
379,624,707 82
493,975,270 82
355,987,306 37
450,012,007 87
In 19 Stock Companies,...........
In 13 Mutual Marine and Mutual Fire and Marine,........
1,834,893 06
1,500,605 80
1,879,200 25
1,950,914 43
Total Marine Loss,............
3,714,093 31
3,451,520 23
In 18 Stock Companies.............
In 13 Mutual Marine and Mutual Fire and Marine,........
Total Marine,......................
F ire Eisks.
M arine Losses.
F ire Losses.
In 27 Stock Companies,............
In 3 Mutual Fire and Marine,...
In 56 Mutual Fire,.....................
927,831 96
9,433 75
456,676 05
963,266 02
27,528 10
349,265 85
Total Fire Loss,..................
Total Loss, Fire and Marine,...
1,493,941 76
5,208,035 07
1,340,059 97
4,791,580 20
It would he interesting to infer the average cost to policy-holders and
profit to the companies o f each branch o f insurance, but the returns lack
the completeness and distinctness necessary to give a proper basis o f
facts. In the marine business we have no means o f knowing the whole
or the average amount of risk borne or business done during the year,
and in a year of disturbance like the past, the amount of risk outstanding
1862.]
567
Journal o f Insurance.
at the close is hardly an indication of it. As to average profits, a ques
tion which really pertains only to stock companies, nothing can be de
termined, because the companies are chiefly mixed, insuring both fire
and marine risks, while the expenses of each are not distinguished. In
regard to the average cost to the policy-holder of the dollar of indemnity
for loss by fire, it is possible more nearly to approach it, in regard to the
two classes of Stock and Mutual Fire companies.
In the Stock com
panies the cash received for fire risks during the year, and in the Mutual
Fire companies the cash received less the cash dividend returned during
the year, represents very nearly the whole premium for the risks borne
during the year on which the losses paid have occurred. From this we
can easily infer how much the policy-holder has on the average had to
pay in each year, in each class of companies, for every dollar of indemnity
he has received.
Cost o f each dollar
o f indem nity.
Prem ium .
Loss.
$1,345,045 00
538,780 00
$927,332 00
456,676 00
$144 97
117 98
1,883,825 00 1,384,508 00
136 06
1,283,320 00
454,446 00
963,266 00
349,265 00
133 22
130 11
1.737,772 00
1,312,531 00
132 40
In 1S60.
Stock Companies,...............
Mutual Fire Companies,.. .
Total,............................
In 1861.
Stock Companies,...............
Mutual Fire Companies,.. .
Total,
The whole number of home companies reported in this year compared
with last is as follows :
Stock Companies,..................................................................
Mutual Marine and Fire and Marine Companies,...........
Mutual Fire Companies,.......................................................
Total,
I860 .
1861-
35
14
65
34
13
61
114
108
TAXING LIFE INSURANCE COMPANIES.
The following, submitted by Mr. S h e p p a r d H o m a n s , at the late Life
Insurance Convention held in New York, is clear, forcible, and to the
point:
The accumulated fund o f a life company may be divided into two parts,
nam ely:
1. That portion which, together with the premiums to be received on
policies, is absolutely necessary to provide for the claims by death, some
of which will not mature for fifty or sixty years hence. This portion is
called the Reserve.
2. The difference between the accumulated fund or realized assets and
the Reserve, wdiich constitues the Surplus.
In the same manner the income of a life company may be divided into
two parts, namely :
1. The premiums, which consist, 1st, o f the net rate or cost price o f the
insurance: 2d, the loading or margin added to the net premium, in order
\
568
Journal o f Insurance.
[June,
to provide for expenses which are certain, and for adverse contingencies,
which are by no means impossible.
2. The interest received tiom investments.
Now it is very evident that if the Reserve, the annual premiums or the
interest (at least that portion which is assumed as being necessary when
naming the rates of premium, generally 4 per cent in the United States)
b e t a x e d a t a l l , the ability of the company to meet its engagements to
the widow and orphan will be to that extent i m p a i r e d . It follows that
the only portions of the funds o f a life company? which can with any
safety be taxed at all are the clear surplus ascertained by a rigid mathe
matical investigation, and the income from interest over and above the
rate assumed when naming the premiums.
The premiums on existing
policies, resulting from nice calculations involving the probable duration
of human life and the interest of money, are fixed and unchangeable, and
the contingency o f being taxed at all was not considered by the Company
when these rates were determined : hence any tax on these premiums
would impair existing contracts. Moreover, the annual premiums are
already taxed as part of the income of the individual.
Compound interest has been well called the food upon which Life In
surance exists. A deprivation of this food is of but little consequence at
present compared with the effect produced at the end of a number of
years, or when the contracts on policies are expected to mature. This
will be more clearly seen by an example.
Amount of an annual tax of three dollars on the hundred at the end o f
30 years.
A t 6 per cen t___
A t 7 per cent___
$237 15
282 38
40 years.
$464 29
598 90
50 years.
$871 00
1,219 59
60 years.
$1,599 38
2,440 56
The effect of an annual tax in diminishing the amounts to be received
by the widow and orphan, may be estimated from the foregoing brief ex
ample.
Taxing the funds o f a life company to any extent is tantamount to lay
ing a tax on good intentions and forethought. At the same time, as has
been well remarked by the President and others, our Life Insurance Com
panies are willing to bear their full and just share, with individuals and
other institutions, o f the burdens occasioned by the present war ; but we
should see to it, as officers o f these Companies, that through no fault o f
ourselves shall the security, stability, and permanence of these institutions
be impaired.
EXTRA
HAZARDOUS INSURANCE RISKS.
Several years since there was a great run on clipper ships, and each
successive one built was intended to surpass the other. The pride of all
owners was to have their clipper ships the largest and fastest, without
regard to safety. By and by came disasters, damaged cargo, total wrecks,
etc., till the insurance offices shunned them, rated them A2, and then the
property decreased to less than fifty per cent of cost.
There is another folly to which insurance offices are beginning to turn
their attention, and that is the five or six story granite warehouses, which
are as insecure against accidents by fire as the clipper ships were against
heavy gales at sea with large cargoes on board.
Within a short time there have occurred two fires in this city in which
the insecurity o f these stores has been made manifest, and in both o f
1862.]
Journal o f Insurance.
569
which cases the firemen were obliged to let the buildings burn without
attempt to save them, because the engineers forbade them to go near
them or enter any portion. Not even our steam engines are available
so long as the hoseman has to keep at such a safe distance.
As a matter of safety to human life, the city authorities should take
this matter up ; as a matter of dollars and cents it belongs to the in
surance offices to avoid insuring such structures.— Boston Commercial
Bulletin.
PROGRESS OF LIFE INSURANCE COMPANIES.
The W all Street Underwriter has just issued an elaborate tabular
“ synopsis o f the returns of life insurance companies doing business in the
State of New York in 1861.” This synopsis gives a very clear view of
the immense progress made bv life insurance here within the last twenty
years. It is compiled from the annual returns filed in the Insurance De
partment at Albany, and embraces the accounts of nineteen companies—
eleven belonging to New York city, two to Connecticut, two to Massachu
setts, one each to New Jersey and Vermont, and two English companies.
Excepting the New York Life and Trust, chartered in 1830, and which
appears to do but very little life business, the oldest American company
in the list is the Mutual Life of New York, organized in 1842, just twenty
years ago, and which now shows an accumulated fund of over 18,000,000.
The general results for all our city companies may be summed up thus:
Assets o f eleven New York companies.....................
Premium receipts in 1861...........................................
Total income in 1861...................................................
Total expenditure for death claims, surrenders, divi
dends, and expenses..................................................
Number of new' policies issued in 1861...................
Amount insured thereon..............................................
Aggregate number o f policies in force.....................
Total amount insured...................................................
$15,546,431 92
2,591,342 33
3,275,299 10
1,919,632 13
6,528
17,802,144 00
25,572
86,174,661 00
The remarkable feature o f the exhibit is the large number of policies
which have been either surrendered or lapsed in 1861, amounting to no
less than 4,759, and representing over seventeen millions o f insurance.
This is one of the bitter fruits of the rebellion. Nearly all the policies
held in the South have fallen through, and o f course the depression of
business in the North has compelled many men here to give up their
policies. Taking the “ present value” o f all policies and obligations and
by a standard recognised among actuaries, the aggregate liabilities of our
eleven N ew 'York offices are set down at $9,467,843 5 0 ; which, being
deducted from the gross assets, shows a surplus of over six million dollars ;
but the policies of three of the younger companies have not been valued.
Allowing a liberal margin, however, for that item, the condition of our
local companies appears to be highly satisfactory.
Taking in all the other State companies, the assets are
Income......................................................
6,235,236
Expenditure.............................................
3,628,707
Total new business of 1861, 10,456 policies, insuring
Aggregate number of policies in force.
54,185
164,368,646
Aggregate amount insured thereon....
$27,136,241 10
49
88
28,606,144 00
00
00
570
Statistics o f Agriculture.
STATISTICS OF
3.
[June,
AGRICULTURE.
A g r ic u l tu r a l Statistics of M a in e . 2. T he C eylon C offee C rop . 3. C u l t iv a t io n o r
C otton in V e n e zu e l a . 4. C otton G r o w in g in A l g e r ia . 5. W ool G r o w in g .
AGRICULTURAL STATISTICS OF MAINE.
H
on .
J ohn A . P o o r has furnished a comparative statement showing
the Agricultural Products of Maine in the years 1850 and 1860, as re
turned to the Census bureau by the IT. S. Marshal, and compiled by Mr.
P. from the abstracts o f Agriculture prepared by Mr. K en n e d y , the Su
perintendent o f the Census:
Square miles of Territory,....................
Population,...............................................
Increase in 10 years................................
Population per square m ile,..................
Ratio o f increase per square mile,........
Ratio of increase in 10 years,...............
Number o f acres in State,......................
Number of acres in farm,........................
Number of acres cultivated,..................
Value of farms,.........................................
Value o f farming implements and macliinery,............................................
Horses and mules,...................................
Cattle,.......................................................
Sheep,.......................................................
Swine,.......................................................
Value of stock,.........................................
Value of animals slaughtered,.............
Tons of hay raised,.................................
Bushels of wheat raised,
........................
“ rye-.........................................
“ corn,......................................
oats,.......................................
“ buckwheat,...........................
“ barley,....................................
“ peas, beans,..........................
“ potatoes,................................
Pounds of w ool,......................................
“
hops,.....................................
“
clover seed,. . . . , ................
“
other grass seed,................
“
beeswax, honey,..................
“
maple sugar,.......................
1850.
31,776
583,190
1,836
I860.
628,276
45,086
1,928
142
773
20,330,242
4,555,393
2,039,596
854,861,748
5,700,675
2,677,136
$78,688,525
$2,284,537
41,776
343,339
451.577
54,578
$9,703,726
$1,646,773
755,889
296,259
102,916
1,750,055
2,181,037
104.120
151,831
205,541
3,436,040
1,364,034
40,120
97
3,214
189,618
47,740
$3,298,327
60,741
376,933
452,458
54,578
$15,437,380
$2,780,179
975,686
233,877
123,877
1,546,071
2,988.939
339,510
801,109
247,918
6,274,617
1,495,063
102,987
48,851
6,307
323,454
306,742
1862 .]
Satistics o f Agriculture.
Pounds of butter,...................................
“
cheese,..................................
“
flaxseed,...............................
“
flax,.......................................
Produce market gardens,......................
“
home manufactures,...............
“
orchards....................................
State valuation for taxations,...............
United States valuation under census,.
1850.
9,243,811
213,964
580
17,081
$122,387
513,399
342,865
$100,037,969
$132,777,571
571
I860.
11,087,784
1,799,862
489
20,997
$194,006
490,787
501,767
$164,714,268
$190,211,600
THE CEYLON COFFEE CROP.
Shortly after the departure of the last mail for Europe, a very abundant
blossom made its appearance throughout the coffee districts of the Kandian country ; this was succeeded by calm weather, so that there was
nothing to interfere with the setting of the fruit, and since that time gen
tle showers have fallen, which will have the effect of filling-out the young
coffee, and mature a further supply of wood for another blossom, which
is expected about three weeks hence. The planters appear to be unani
mously of opinion that the present blossom is as fine as any they have
had for many years, and that, with ordinarily favorable weather, we may
hope to ship during the season 1862-3 a larger crop than has ever before
left Ceylon.— Ceylon Times.
CULTIVATION OF COTTON IN VENEZUELA.
An English company, with a capital of £2,000,000, has been organized
for the purpose of growing cotton in Venezuela, and the Venezuela gov
ernment, by a recent decree, declared free from importation duties all
implements and machinery used for cultivating cotton, and preparing it
for market.
There is, perhaps, no country on the continent of America, not excep
ting the most favored o f the Southern States, where cotton can be pro
duced with less labor, larger yield per acre, and of better quality, than
Venezuela. The Provinces of Caracas, Aragua, Guarico, Carabobo, and
Yaracuy possess a very great advantage over the more easterly districts,
as the crops are not endangered by the nortes, or periodical rains, that
fall and wash cotton from the bolls after they have opened at the time of
gathering, as frequently occurs in other districts. In the above-named
provinces the ground does not even require to be plowed to afford a
larger return than is common in our Southern States, and thus the cost
of producing is considerably less. Hundreds of square miles of the most
fertile cotton lands are lying waste and useless that could be immediately
converted into cotton fields, and a very few months would suffice to pro
duce and to have ready' for shipment many thousand bales o f cotton, in
addition to the number annually shipped from La Guayra, Puerto Cabello, and other ports.
572
Statistics o f Agriculture.
[June,
COTTON GROWING IN ALGERIA,
The Courrier S'Alger gives some interesting details relative to the
company founded by some English manufacturers, with a capital of
£1,000,000 sterling, for the cultivation of long staple silkv cotton, on
70,000 acres of the plain of Habra, of which the French Government
has given them a grant, comprising 30,000 acres of the marshes o f the
Macta, which they are to drain. The negotiations for this grant o f ter
ritory were concluded between the directors of the company, the Duke
o f Malakoff, Governor-General o f Algeria, the Director-General o f the
Civil Service, and the Minister of W ar, who happened to be in Paris at
the same time. But even after the arrangements were agreed on, and the
capital lodged, the directors of the company reserved for themselves the
right to examine the ground previous to being bound by any engagement.
The result lias been perfectly satisfactory, and the previous arrangements
have been ratified, so that the works are to be shortly commenced. The
directors of the English company have undertaken to expend forthwith
£160,000 in draining the marsh, constructing dams on two points o f the
river above the plain of Habra, and in cutting two canals to irrigate that
plain. It is anticipated, however, that the proposed improvements may
cost £280,000. The company have asked permission to construct a har
bor where the marsh o f the Macta joins the sea, and where they intend
to embark their produce. This point is called the Port aux Poules, and
the directors further propose to make the canal which is to communicate
with the sea sufficiently wide and deep to permit large boats to advance
a long distance into the interior. The communication between the vari
ous points o f the company’s vast extent o f territory is not to be carried
on by means o f common roads, but by railways according to the Ameri
can system. These railways can be laid down at a moderate expense, in
consequence of the ground being perfectly level. They will, moreover,
effect a great saving o f time and labor.
Instead of the common plow,
which could not turn up more than one acre a day, the company are
going to employ ten steam plows, which will turn up twenty acres of
land in the same time. It is expected that the establishment o f the new
company will confer an immense advantage on the colonists already set
tled n ar the plain o f the Habra. The directors propose to supply their
neighbors with water to irrigate their lands at the trifling sum of £1 the
hectare, and to advance them money at 5 per cent, to cultivate their
land, on the sole condition that they shall grow cotton according to the
method suggested by the company, and shall sell their cotton to the com
pany at the current price.
The directors further propose to supply the
colonists with improved machinery, by which they may add forty per
cent to their produce.
The Journal d'Havre says that during the last week M. i>e R a v in e l ,
deputy for the Vosges, and M. P a u y e r Q u e r t ie r , mayor and deputy for
the city of Rouen, had a long interview with Marshal R a n d o n , Minister o f
War, on the subject of cultivating cotton in Algeria. The Marshal as
sured the deputies that the Government would give all the assistance in
its power to any attempt to carry such a project into execution. He
recommended the deputies to send competent persons to Algeria to
choose land best calculated to produce cotton of good quality.
The Constitutionnel states that, independent of the English colonists
1862.]
Statistics o f Agriculture.
673
who are about to cultivate cotton in Algeria, M. d e B ray , a Protestant
clergyman, has selected eighty-five families from the agricultural popu
lation of the Hautes-Alpes and in Piedmont to establish them on a tract
o f land in Algeria o f which he has obtained a grant. This land is situa
ted near Aumale, at a locality called des Trembles, and embraces 2,500
acres. Some of the colonists have already arrived, and express them
selves delighted vyth the fertility o f the soil, and well satisfied to live in
a country which promises them so many comforts. Other letters state
that the last winter has been more favorable for colonists than the one
preceding, and that field operations have not been interrupted by the
weather. The Constitutionnel vouches for the truth of this statement.
It adds that the colony o f Algeria progresses and will continue to pro
gress. Previous colonists have suffered much, a fact which cannot be
denied. In new colonies the weak succumb under their sufferings; the
strong become hardened and survive. Algeria has passed through the
first period; it is now entering on the second. With some additional
efforts the hopes of the colonists will be realized. The natives are begin
ning to copy the European mode of cultivation, and capital is flowing
into the country.
WOOL GROWING.
The Secretary of the Vermont State Agricultural Society, D an iel
N e e d h a m , in his annual report, has the following remarks upon the im
portant subject of wool-growing :
“ The price of wool for the next few years, reasoning from analogy,
must be high. The cotton crop will not be planted extensively at the
South, as it has been in years past; and if the blockade is not raised by
the first day of April, in many States it will not be planted at all.
Should the rebellion not be suppressed within another year, as very likely
it may not be, very little of the cotton crop of 1861 will find its way to
market for the next eighteen months; and when we consider that the
people must be clothed ; that the use of woolen fabrics during the pre
sent high price of cotton goods is much more econom ical; that the mil
lion o f men in the field wear and destroy, in weight, a third more o f
clothing than in the peaceful avocations of life; that at the South all the
carpets have been cut up into blankets, and that very little o f the worn
out stock will be supplied until peace is restored— from the fact that the
South has not even the raw material to replenish with— the whole seced
ing States not producing as much wool as the State of Ohio alone; it
can be seen, that not only during the war, but at its close, when the mil
lion of men in the army return to their former employments, discard
their military clothing, and dress as they were wont, in broadcloth and
doeskins, the price o f wool must continue above the average price for the
last five years. In time of war, the quality of wool is a matter o f no
small importance. Vermont has limited herself to the production of the
finest wools. But the wool most in demand now, and bringing the high
est prices, is a coarser grade. The query may well be made, whether it
will not be equally profitable for us to turn our attention to the produc
tion of a somewhat coarser staple, and at the same time furnish richer
and higher priced mutton for the market.”
574
Statistics o f Population.
[June,
STATISTICS OF POPULATION.
1. M ovement of C olored P o p u l at io n of the U n ited 8 tates .
2. P opu lation
of
F ranoe
COMPARED W IT H OTHER E U R O PE A N COUN TRIES.
MOVEMENT OF THE COLORED POPULATION OF THE UNITED STATES.
T he following statistics possess peculiar interest in connection with the
idea advanced by some, that the North will be overrun by a colored
population:
C ensus o f
F r e e c o lo r e d ,
D e c e n n ia l p e r
ct. In c . a b o u t
1790............................................................
1800...........................................................
1810............................................................
1820...........................................................
1830...........................................................
1840...........................................................
1850...........................................................
59,466
108,395
186,446
238,156
319,599
386,303
434,495
1790............................................................
1860...........................................................
1810............................................................
1820............................................................
1830...........................................................
1840...........................................................
1850...........................................................
697,897
893,041
1,191,364
1,538,125
2,009,043
2,487,455
3,204,313
30
34
30
30
24
29
27,109
47,154
78,181
102,893
137,529
170,728
196,262
75
66
32
34
24
15
82
71
28
35
21
13
S la v e s .
NORTH—
FREE
COLORED.
1790............................................................
1800............................................................
1810............................................................
1820............................................................
1830............................................................
1840............................................................
1850............................................................
SOUTH—
FREE
COLORED.
D e c e n n ia l in c . p e r
cen t a b ou t
1790............................................................
1800............................................................
1810...........................................................
1820...........................................................
1830...........................................................
1840...........................................................
1850...........................................................
NORTH—
90
77
25
35'
18
10
W H IT E S .
1790......................................................................
1850......................................................................
32,357
61,241
108,265
135,263
182,070
215,675
238,233
1,900,976
13,257,795
1862 .]
575
Statistics o f Population.
Increase o f whites in the Northern States for the sixty years nearly 700
per cent, or average decennial increase over 100 per cent.
S O U T H ------ W H I T E S .
1790........................................................................
185 0 ........................................................................
1,271,488
6,295,273
Increase in the Southern States for the sixty years over 500 per cent,
or average decennial increase about 85 per cent.
The proportion of free colored in the Northern States was about 1£
per cent in 1790, and in 1850 the same to the whole population. The
population of free colored in the Southern States was about 2|- per cent
in 1790, and 3£ per cent in 1850 to the whole population. By counting
the slaves with free colored, in 1790, in the Northern States, (and the
slaves in those States were all in a condition o f partial freedom,) the pro
portion to the whole population was about 4 per cent, so that the colored
population is gradually disappearing in the Northern States, while, not
withstanding slavery, the free colored are increasing their percentage of
the whole population o f the Southern States. Take all o f the New Eng
land States and the State of New York together, and from 1840 to 1850
the aggregate of the free colored population was reduced 571 during the
ten years; conclusively showing that, where the colored man was in the
enjoyment of freedom, without interruption, he was gradually disap
pearing as a people. The negro is really incapable of sustaining himself
effectively in the struggle of races in the more northerly o f the States,
because, wherever he is obliged to protect himself against inclement sea
sons, he gives way to the Caucasian, and gravitates to the warm latitudes
as naturally as water seeks its level. Thus, the folly of the contraband
agitators, when they urge that free-negro labor will drive out white labor,
is as apparent as words and figures can make any proposition. What has
the white race to fear in a contest with the negro race ? Absolutely noth
ing at all while the negro is in a condition of freedom, as we have shown.
POPULATION OF FRANCE COMPARED WITH OTHER EUROPEAN COUNTRIES.
It was, at the last census, 1861, 37,382,215 persons, being an increase
by excess of births in five years of only 673,802, the rest of the increase
being caused by the annexation of Savoy and Nice, 669,059. This small
increase by births is, however, great compared with the former census five
years before, which was only a quarter of a million. The country is now
more prosperous than it was from 1851 to 1856.
Yet in a great many
country departments there has been a decrease, for the people migrate
from the country into the towns. The increase of population in France
is less than in most others o f the great nations o f Europe.
In Russia the population has doubled itself in fifty years. In the same
time
In
In
In
In
England the increase has been...............
Prussia, from 1816 to 1858....................
Austria, from 1818 to 1857....................
France, from 1826 to 1 8 6 1 ....................
119 per cent.
72
“
27
“
12
“
576
Statistics o f Population.
[June,
From 1855 to 1859 the births have been to every 1,000 of the popula
tion in—
France.......................................................................
E n glan d ..................................................................
Austria.......... ...........................................................
Prussia................................................... .................
Russia......................................................................
27.5
34
36
38
40
Thus the births in France are fewer than in any other of the compared
countries, and one-third less than in Russia. The marriage rate, notwith
standing, is about the same, but the fecundity of marriage is in—
France......................
G'-eat Britain.........
Austria and Russia..
Prussia.....................
100 children to 285 marriages.
it
U
100
237
u
a
223
100
u
u
100
210
Thus in Prussia one child is born in every family about every two years
and five weeks, while in France one comes about every two years and
forty-two weeks. The death-rate is thus compared; there die yearly in
every thousand persons in—
Great Britain
France...........
Prussia.........
Austria . . . .
Russia...........
22
28
29
32
33
France and Great Britain thus show a great advantage over other
countries, being indeed more “ healthy, wealthy, and w i s e s o that the
increase of population in France is attributable quite as much to the longer
lives as to the excess of births. There are more people existing in France
at any compared time, because each person lives longer than formerly,
and longer than in any other country now.
So low is the excess of births
that it is eight times more in Great Britain, six times more in Prussia,
five times more in Russia, three times more in Austria than it is in France.
The French statist (M. B lo ck ) considers all this less due to physical
than moral causes; the conscription, the late age at which Frenchmen
generally marry, and the limit which they put to the number of children
they desire to have, are causes which have much influence in retarding
the population of France. (From the Statistical Journal, vol. xxv., page
74.) The people o f France are very industrious, very thrifty, and as their
trade and commerce increase they must become— each individual o f them
— better off, richer, and enjoy year by year more o f the good things o f
this life. Surely, with the securities of good government, with increas
ing knowledge, the population almost stationary, and the greater wealth,
misery must in the end be beaten off.
1862.]
Commercial Chronicle and Review.
577
COMMERCIAL CHRONICLE AND REVIEW.
D e p r e c ia t io n — E r r o n e o u s
E n g l a n d — D im in u t io n
States
N ew
t h e
Y ork
only
I m p r e s s io n s — P a p e r
of
P aper
C u s t o m e r —P a y
D e p o s it s — L a r g e
in
t h e
R e v o l u t io n — I s s u e s
D em and
P a p e r — In ve sted
Paym en ts—
C o in — Il l in o is T a x e s in C o in — F u n d in g
o f
of
C urrency— No
U.
L oan
S.
in
G oods
for
— S m a l l N o t e s — S p e c ie M o v e m e n t — I n c r e a s in g
N otes— L arge
Exports
E x p o r t s — C u s t o m s — R e v e n u e — T a x e s — A b o r t io n
e r t y
— A ssessm ent of St a t e s— Stam ps.
Fran ce— In
of
in
St o c k s— In t e r e st
in
S u pply of M on ey— R ates
C o in — S p e c u l a t io n in G o l d
— E x c h a n g e R a t e s - P r o d u c e E x p o r t s — F a l l in P r i c e s — B u s i n e s s o f N e w
an d
of
C r o p s — U n it e d
S t o c k s — A s s is t a n t T r e a s u r y —
D e p o s it s — R is e
and
or
Y o r k — Im p o r t s
B il l s — E x c h a n g e s — L an d e d
P pop-
T h ere has been during the month considerable change in the flow of
currency, and some progress in the depreciation of paper, which, at the
date of our last, bad not manifested itself to any extent. The fact that
paper had been made a legal tender, and the suspension of the banks re
cognized without bringing with it an immediate rise in gold and prices,
was regarded in many quarters as an evidence that the laws of finance
and currency, as has had been understood in the last fifty years, were un
sound, and that paper promises were after all as good for money as any
thing else. W e, at that time, pointed out wherein this view was not
tenable, and that the inevitable effects o f paper money would make them
selves felt. Even in the war of the Revolution, after large sums had been
issued, the depreciation was not very great for the first two years. In the
French war the assignats maintained their value pretty well for two years
under enormous issues. In this last year the U. S. issues have been really
very small, for the reason that the paper o f banks was largely withdrawn,
and most of the gold in circulation had passed into private hands. Had there
been much general business done under these circumstances there would
have been an intolerable stringency for money. As it was, there was
little business to demand the use of money. The stocks of goods, pro
duce, merchandise, ships on hand, were, to a great extent, dead stock.
There was no demand for money to invest in them, because the usual
markets for sale were cut off. Cotton, tobacco, and rice usually demand
$400,000,000 of money to move them. This year not a dollar was re
quired. In ordinary years $500,000,000 is invested in raw materials,
goods, etc., to work up or sell to consumers.
This year very little was
required. The only customer was the government. It took arms, mer
chandise, munitions, ships, etc., for its own use, but did not pay for a long
time. The owners made good sales, but did not get their money until
this spring to any extent, when the legal tender notes were ready
they got their pay. They did not, as in ordinary times, reinvest in simi
lar goods to carry on business, but the money was idle. As a conse
quence it sought investments, and the government stocks rose rapidly.
The operation is seen in the following table, which shows the receipts and
payments at the New York Assistant Treasury, the deposits in the banks,
and the prices of stocks and g o ld :
VOL.
x l v i .— n o .
v i.
37
578
Commercial Chronicle and Review.
Customs.
April 5 ,..
<« 12...
« 19,..
« 2 6 ,..
May 3 ,..
« 10,..
“ 17...
«( 24,..
Receipts.
Payments.
[June,
•— Premium.— ,
Bank deposits. U.S. 6’s. Gold.
$986,639 11 $11,160,072 81 $9,742,133 09 $94,082,625 921 1 a 1J
1 028,825 22
5,131,600 17 4,643,831 28 93,759,063 93i I f a 21
885,056 79 13,709,162 76 12,531,675 65 95,179,340 94-| 2 a l l
1,042,418 41 29,574,128 69 24,723,223 29 101,897,435 96
lla lf
840,773 19 25,902,297 01 22,747,941 89 109,634,535 99
2f a 3 f
1,153,609 00 20,187,688 51 17,187,321 91 115,559,246 1021 3 f a 31
1,048,372 9:;
6,514,965 72 9,835,736 59 120,003,929 105
3 a 3f
8,334,556 83 10,445,000 67 122,602,864 1031 31 a 41
1,055,399 49
The demand notes of the government being ready for issue in April,
the payments at the treasury became large, and as the amount increased,
the deposits at the banks flowed over and found their way back to the
government vaults in exchange for five per cent certificates o f deposit, pay
able at ten days’ notice.
The amount o f these was limited by law to
$50,000,000. As the sum o f the deposits approached that limit, the gov
ernment gave notice that it would take no more at a higher rate than
four per cent from the public, but that the banks might have five per cent.
The limit was soon filled; but a portion of the deposits had, in the early
days of the movement, been made in the old or August notes receivable
for customs, the government gave notice that these would be paid off, and
the new notes were substituted for them, thus keeping the legal limit full.
The department then, by virtue of a loan authorizing temporary loans,
again took deposits at 4 per cent. These deposits sustained the pay
ments o f the government and returned again to the banks, and then
sought the general market under the necessity o f investment. The gov
ernment stocks rose 12^ per cent from April 5 to May 17. The prices
of the several descriptions are as follow s:
P R IC E S
U N IT E D
STA TE S
,---- 6’s, 1861.-----Reg.
Coup.
February 6.................
((
19, ..............
1, ..........................
March
it
13 ,................
it
19.................
it
26,................
1, ..........................
A p ril
it
5 ,..................
((
7 ,................
it
10, ................
ft
30,................
M ay
10, ..................
U
17...................
90
93
94
941
93
931
931
971
1031
90
921
93
94
94f
93
921
931
931
981
103
105
PAPER.
5’s, 1874.
78i
79
851
86
88
871
87
86
87
87
89J
94
96
7 3-10,
3 years.
99
991
100
100
100
99f
99f
100
100
1021
104
105
6 p. c. certif.
1 year. Gold.
, ,
. .
. .
21
. ,
97
96J
96|
97
961
991
99f
1001
„
.
11
1J
21
2
If
11
21
2f
3
The theory is that the interest on all these stocks is to be paid in spe
cie. In pursuance of this object the department, when the 7 3-10’s
3-year bonds were at 3-J premium, nearly the same as gold, exchanged
with the banks about $6,000,000 dollar for dollar. This supplied the gov
ernment with the amount required to meet the June and July interest on
the public debt. Most o f the States also pay their interest in coin, and
much of it is due abroad and will be shipped. In Illinois the State Treas
urer decided that, under the State constitution, he could take nothing but
gold and silver in payment for taxes. This is in direct contravention o f
the legal tender notes, which makes them receivable for all debts public
and private. A made case was carried before the Supreme Court o f Illi
nois, which sustained the Treasurer in the decision, hence Illinois taxes
1862 .]
579
Commercial Chronicle and Review.
are to be paid in specie. The amount o f notes authorized for the Treas
ury to issue is nearly expended, and the chances are that a fresh amount
may be authorized.
The department has given notice to fund the out
standing demand notes in a six per cent five-years’ stock. Only about
$250,000 have been so funded. The customs continue to absorb over
$1,000,000 per week of the old or August notes, which are not reissuable,
but which command a premium o f five-eighths per cent, because of their
faculty of being used for customs instead of gold. Where the duties
were paid in these notes in a round sura, and there was a balance to be
refunded on settlement of the duties, the department paid back new notes.
This was protested against, and the Secretary ordered the repayments to
be made in the same kind of money as the payments.
The rates of money have declined in the market as the abundance of
it has increased.
/--------- On call.--------- %
Stocks.
Other.
October 1, . . . .
Feb.
1........
5 ,....
April
2 6 ,.:..
2, . . .
May
it
10..............
**
17..............
6
6
5
5
5
4
4
a7
a7
a 6
a 6
a .
a5
a5
6
7
7
7
7
7
7
a7
a .
a .
a .
a .
a .
a .
*------- E ndorsed.--------*
60 days.
4 a 6 mos.
6i
H
6
6
6
5
5
a 7
a7
a 7
a 7
a 7
a6
a 6
8
6
8
8
8
7
7
a
a
a
a
a
a
a
12
7
9
9
9
8
8
N o t w ell
know n.
Other good.
12
8
7
7
7
7
a 15
a 12
a ..
a ..
a .•
a ..
a ..
24 a 36
, ,
a ..
. .
a ..
. .
a ..
. .
a ..
. .
a ..
a ..
These rates are at least but nominal. Money has been loaned on the
best securities at 3 per cent, and good paper is so scarce that many of
the banks have passed discount days without the offering of a dollar, so
great is the stagnation of business. The government paper is mostly
issued in large notes. There are none less than $5, and very few less
than $10 and $20. For the purposes of general business, smaller notes
are required to take the place of the small gold coins, and the Western
notes that have been withdrawn. It has therefore been the case that the
banks have been very actively paying notes of small denomination in the
last four weeks. The operations in gold during the year have been as follows:
SPECIE AND PRICE OF GOLD.
Received.
Jan. 4..
. . . . . . . .
“
11.... $1,445,385
“ 18.. . 1,446,219
“ 25.. . 1,246,029
Feb. 1.. . 1,514,154
“
9.. . 1,052,313
“
15.. . 1,056,426
“
2 2 ..
March 1 .
“
8 ...
“ 15...
“
855,755
815,624
2 2 ..
“ 29..
April 6. .
“ 12.. .
“
19..
“
26..
May 2..
“
9.. .
“
17..
699,597
996,445
1,110,231
844,577
868,600
755,102
T o ta l.. 14,700,357
E xported.
R eceived.
$885,923
$22,855
289,669
115,698
117,101
187,253
176,161
123,316
91,161
6,088
628,708
823,906
328,127
1,000
800
27,695
2,898,597
627,767
854,000
614,146
759,247
741,109
679,075
677,058
490,368
581,292
617,279
635,546
410,804
484,019
604,682
Exported.
G old in bank.
$442,147 $23,983,878
1,035,025 25,373,070
547,703 26,120,859
322,918 26,698,728
310,484 27,479,533
976,235 28,196,666
1,156,154 28,114,148
734,512 28,875,992
510,774 29,826,959
585,236 30,436,644
477,335 30,773,050
540,968 32,023,390
779,564 32,841,862
673,826 33,764,382
1,505,728 84,594,668
693,432 34,671,528
1,151,300 35,297,944
712,275 35,175,828
1,574,166 32,239,868
1,093,031 30,280,697
9,668,315 16,340,558
P rico o f gold.
2 a 4 preno.
(i
4 a 5
4 a 4f
2
a 8f
3J
3f
4
3
2
If
2
If
If
If
If
a
a
a
a
a
a
a
a
a
a
a
2
a If
34
3f
4f
3f
2}
2|
14
If
14
1
2f
If a If
2 fa 3 |
3 f a Sf
3 a 3f
“
U
»<
(t
M
“
“
M
«
ti
u
«
it
«
“
“
(«
580
[June,
Commercial Chronicle and Review.
W ith'the flow of paper money, and the decline in the export value o f
produce, there has been a growing positive demand for coin.
This now
is double the California supplies. There has been much speculation in
coin. Many have bought it to hold to assist the depreciation, and others
have speculated in it for the fall. By selling the coin “ short ” the seller
gets the interest, and this, where the fluctuation is not large, is an item.
On the other hand, it could be “ carried” at 3 per cent interest by hy
pothecation. The export demand, the government demand, and the
State demand are in some quarters regarded as likely to absorb all the
accessible amount, the more so that the California supjdies diminish.
The rates o f exchange are as follow s:
KATES
London.
Dec. 1,
“ 15,
Jan. 1,
15,
Feb. 1,
“ 16,
Mar 1,
“ 15,
“ 22,
“ 29,
Apr. 5,
“ 12,
«
19,
u 26,
May 2,
<« 10,
17,
U 24,
109 a
1101 a
1101 a
1131 a
113 a
115 a
112 a
1121 a
111 a
111 a
1111 a
lllf a
1111 a
1111 a
1121 a
113 a
113 a
1141 a
1091
110|
113
114
1131
1151
113
1121
1121
112
1121
1121
1121
1121
1131
114
114
115
OF EXCH AN GE.
Paris.
5.25
5.15
5.121
5.05
5.10
4 971
5.05
5.071
5.081
5.10
5.071
5.10
5.10
5.021
4 971
4.914
4.961
4.921
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
Amsterdam. Frankfort.
5.15
5.10
5.05
4.90
4.95
4.90
5.00
5 .03f
5.001
5.05
5.021
5.031
5.031
5.071
5.021
5.021
5.00
5.00
40#
411
42
421
421
42f
421
421
42
42
421
42
41f
421
421
421
421
42J
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
401 41
411 411
421 421
431 431
431 431
431 4 3 f
421
43
421
43
421 421
421 421
421 421
421 421
421 421
421 421
421 42|
43
421
43
421
43
43
a 411
a 42
a 43
a 431
a 431
a 44
a 43
a 431
a 42f
a 421
a 421
a 421
a 421
a 421
a 47f
a 431
a 431
a 431
Hamburg.
-351 a
361 a
371 a
371 a
37 a
37f a
37 a
361 a
36f a
361 a
361 a
36f a
36f a
361 a
37 a
371 a
371 a
371 a
Berlin.
36
37
38
381
381
381
371
371
371
371
371
371
371
371
371
371
38
38
731 a
74 a
741 a
751 a
751 a
761 a
751 a
74f a
74 a
74 a
741 a
741 a
74 a
741 a
741 a
75 a
75 a
■751 a
The chief support o f the shipping trade has been breadstuffs.
have declined in quantities and values as follow s:
EXPORTS
FROM
NEW
/---------- Flour.
Prices.
Bbls.
D ecem ber.............
January..................
February.................
March.......................
April.......................
May to 20th.........
391,731
301,946
253,894
219,605
139,600
195,156
15
5
5
5
5
4
80
65
40
15
05
20
74
741
75
761
76
77
76f
75
741
741
75
741
741
741
741
751
75f
751
These
YORK.
Wheat
Bush.
Corn.
Bush.
3,315,359
1,220,860
615,908
301,238
285,911
52,494
1,263,204
1,114,184
1,088,297
1,445,988
890,530
550,737
This decline in quantities and values has much influence upon the ex
port value. The freights have, however, greatly advanced. The success
of the Union arms, particularly at New Orleans, induced the hope that the
Southern ports would be opened, as indeed they were to some extent by
the proclamation of the President, and that, as a consequence, there would
be shipments of cotton that would pay high freights, the more so that the
quantity o f tonnage has been much reduced by the government demand.
The business o f the port for the four months has been as follows :
1862.]
581
Commercial Chronicle and Review.
IMPORTS, PORT OF NEW YO RK .
Specie.
January...................
February..................
March.......................
April.........................
Total, 4 months..
“ 1861............
$163,658
62,007
89,327
26,152
,---------- Entered for----------,
Free goods. Consumption. Warehouse.
$2,552,050
3,381,473
3,476,004
2,232,315
$6,663,396
7,058,174
10,312,689
7,141,197
Total.
$3,141,725 $12,620,829
3,370,486
13.872,140
4,841,846
18,719,866
3,853,218
13,252,882
$341,144 $11,614,842 $31,275,456 $15,207,275 $58,465,717
17,036,703 12,263,830 27,276,106 19,584,223 76,259,662
The amount o f goods imported this year has been rather larger than
last year, but nevertheless small when we consider that the last was a
year of small purchases. The exports from the port have been as follows :
EXPORTS, PORT
Specie.
January...................
February.................
M a rch .....................
April.........................
Total, 4 months..
“ 1861...........
$2,658 374
3,776,919
■ 2,471,233
4,037,675
OF
NEW
YORK.
.-------—Foreign.--------- ,
Free.
Dutiable.
$27,193
49,066
65,388
56,350
$149,493
20S,757
458,917
607,678
Domestic.
Total.
$12,053,477
10,078,101
8,985,176
8,002,094
$14,948,487
14,112,843
11,980,714
12,703,797
$12,944,101 $197,997 $1,424,845 $39,118,848
2,876,296 856,733 1,966,714 40,351,300
$53,685,791
46,051,043
It results from the figures that there has been an excess of $18,000,000
in the value of goods imported this year over the export, and o f this ex
cess $13,000,000 has been paid in specie. The course o f the foreign
markets is such that the exports are maintained only by the low rates at
which the produce is sold, and this is to some extent counteracted by the
high rates of transportation. The price o f corn in New York has been
46 cents, and the freight to Liverpool 21 cents. These prices at the sea
board leave little to the producer at the West, and therefore the margin
for a return of trade to that section is not great.
On the other hand,
the cheapness of food in the cities favors a larger consumption o f goods
in those localities. The description o f goods imported seems to be of
those general descriptions adapted to city consumption. The customs
revenue of the government have continued to increase in proportion to
the imports. They have been comparatively as follows:
R E C E IP T S
FOR
CUSTOM S A T TH E
I
Six mos.,..........
January,............
February,..........
March,...............
April,.................
Tot’l for 10 mos.,
860 .
$19,322,060
3,899.166
3,378,043
3,477,545
2,444,267
PO R T
OF
NEW
YORK.
21
33
83
25
99
$11,129,646
3,351,657
3,565,063
4,626,862
4,149,952
18 61 .
96
17
28
74
96
32,521,084 11
$17,637,802
2,059,202
2,528,736
2,489,926
1,643,261
1862 .
26,358,929 61
35
22
83
86
36
26,823,182 62
The duties collected for the first four months of the present year were
equal to $48,000,000 per annum, and the receipts in May to the 26th
were $3,659,101. At this rate the revenues o f the government will
reach some $60,000,000 per annum, and the average rate is about 33 per
cent of the duties on imports since January 1st. Last year, in the same
time, the average rate was 16 per cent. This rate o f revenue will absorb
582
Commercial Chronicle and Review.
[June,
in about fifteen months the amount o f paper outstanding, and which on
its face is receivable for customs; up to this period, therefore, the gov
ernment is without means, and up to this time there has been no tax
bill passed by Congress, with the exception of the $20,000,000 tax which
for the year was settled mostly by deducting the amounts each State had
advanced for the fitting out of troops. The bills that are before Con
gress are of such a character that the uninitiated reader would at once
suppose that they were never intended to raise money. They might be
denominated as contrivances to create offices and bamboozle creditors.
They make an immense show without intending to be unpalatable to any
tax paying constituents. The war has now been carried on fourteen
months. For the first four months the government had no money to
spend, but States, cities, banks, and individuals advanced more than
$100,000,000 to set afoot the troops that were wanted to protect the cap
ital. Congress then assembled and ratified what had already been done,
and authorized large loans and more troops, as both these powers had
already been exercised without their assistance, their assent was not
immediately important, except as a cheap show o f patriotism. Their
constituents were not taxed for the money, but many had the spend
ing of it.
The only possible way in which that body of men could
be of the least service to the country, or o f use to the Constitution
and Union, was to organize the vast wealth which the whole people, with
wonderful unanimity, were almost forcing upon the government to use
for its own preservation. The whole people were earnest in rallying
round the flag and supporting the executive.
The only possible utility
in this Congress at all was to devise the plan by which those vast re
sources would be drawn legally, equitably, and freely from a willing peo
ple into a needy Treasury.
This one important duty was totally and
entirely neglected.
The credit o f the government depended on the
formation of an interest fund based upon adequate taxation. There
were not, however, in that Congress the men who could meet the re
sponsibility. But one consideration seemed to actuate each, that was
that he would not risk his personal position by taxing his constituents.
Accordingly no tax bill was passed beyond some additions to the tariff,
which were supposed to favor the manufacturing interests o f certain par
ties. The expenditures of the government were announced at $1,000,000
per day. "When Congress adjourned Mr. C h a s e said that they went to
$1,250,000 per day. Congress again met, and has now been in session
six months, and still the important duty o f taxation lingers. The sham
tax passed at the August session has been ignored, and the debates are
prolonged over bills that may possibly follow its fate. The expenditure,
for war purposes, in the first year, were as follow s:
Advanced by the people,......................................................
Borrowed on loan, stock and bonds,..................................
“
Demand notes,...............................................
“
1 year Certificates,.........................................
“
5 per cent Deposits,.......................................
Floating D ebt,........................................................................
$100,000,000
250,000,000
150,000,000
100,000,000
50,000,000
200,000,000
Total federal indebtedness........................................
$850,000,000
This was nearly $2,200,000 per day, without
one dollar o f tax
1862.]
Commercial Chronicle and Review.
583
levied. The appropriations now made for the year 1862, are: army,
$521,180,446 55; navy, $42,343,117 0 2 ; Indians, $1,818,834 08, to
gether, $565,342,393 6 1 ; and 50,000 men have been added to the army.
The present debt of the government, notwithstanding the denials that
have been made in Congress by those who will not vote taxes, is very
nearly $1,000,000,000, bearing a specie interest of $60,000,000, to be
added to the coming year’ s expenses, and in which year the one-year
certificates and other short loans are to be met. The expenses of the
government will, with the usual deficiency bills, not be under $800,000,000
for the coming year, and at this moment not a dollar of revenue exists.
The customs will yield nothing until the paper in which they are pay
able is absorbed, and the lands have been given away by the Homestead
Bill. W ith this prospect there is still no tax plan'devised. The bill
which passed the House imposing a countless number of taxes has one
prominent feature. It is the appointment of 20,000 office-holders, with
assistants, one in each congressional district. It is no doubt the case
that the councils of the committees are darkened by the crowds of per
sons who have some other motive than furnishing revenue to the gov
ernment for advocating certain taxes and opposing others, and that these
persons, from political motives, are allowed far too much influence upon the
decisions. This bill is for the safety of the government and the conservation
of individual rights. Its burden should fall upon the property that exists,
and not upon the future labor of the thousands of men who are spilling
their blood. All indirect taxes will fall upon that class of men and not
upon the property-holders. The man of millions uses no more tobacco,
coffee, or whiskey, than the wounded soldier who has survived the heat
of battle, on his half pay, and he would pay no more under such a tax.
Doubtless they are willing to pay in proportion to their property, and it
is the duty of Congress to reach that property by an adequate assessment,
which could be collected by each State without additional expense when
collecting local taxes. The amount of property in the country is esti
mated at $16,000,000,000; one per cent on that will give $160,000,000
per annum; the customs will give $50,000,000 in time o f peace. There
remains to be raised $100,000,000 in order to realize a round sum of
$300,000,000, which is the minimum. This sum can be raised exactly as
the post office revenue is now raised, viz.: by creating graduated stamps,
to be sold by postmasters or other existing federal officers in all localities,
and one of which should be necessary to the validity of every legal or busi
ness paper passed. There is no reason why any bank note, or check, or
receipt for any payment, as well as notes of hand, bonds, mortgages and
paper should not have the required stamp proportioned to the amount.
The amount of transaction in a year is immense. Thus the exchanges
o f the Bank clearing houses of New York is $8,000,000,000, and in
three cities, Boston, New York, and Philadelphia, $10,000,000,000 per
annum by official returns. Those exchanges are mostly brokers’ and other
checks and drafts given out in the course of business. One per cent on this
sum alone would give $100,000,000, and fall exactly on that class of per
sons best able to bear it. The notes discounted in banks in a year is
$3,600,000,000, and this should give $36,0 )0,000. This paper for the
most part represents the sale of goods, and the tax on the notes reaches
the transaction in the most ready way.
The outstanding deposits in
the batiks are $260,000,000, and it is probable that the transactions of
5 84
Commercial Chronicle and Review.
\June,
this nature are not less,than 826,000,000,000 in a year, and there can
be no object that can be more justly taxed, and would yield at \ per cent
$60,000,000. A ll receipts, for money passed, hotel bills, travelers’ bills,
etc., should all bear the tax which would thus fall exactly in proportion to
means or prosperity upon all. These measures o f taxation would require
Congress one hour to perfect, and in sixty days revenue would be realized.
It required Congress but a few hours to vote 500,000 men and to borrow
$250,000,000. It requires still less time to assess the States $160,000,000,
and order it returned by each governor at a fixed time, and also to gradu
ate the stamps and make all paper and contracts not sealed with them
void, and all receipts unstamped invalid. Congress has talked nearly a year
about their own individual plans and schemes, let them now give an hour
to the exigences of the government and nation. When these taxes are
levied, and in course o f collection, they may be changed from time to
time as exigences require.
These amounts may be summed up as follows:
Foreign exchange.............................................................
Domestic exchange.........................................................
Clearing-house exchanges...............................................
Bank discounts.................................................................
Deposit transactions........................................................
Notes not discounted, hotel bills, rents, sales at auc
tion, etc....................................................................
$400,000,000
600,000,000
10,000,000,000
3,600,000,000
26,000,000,000
10,000,000,000
Total......................................................................
$50,000,000,000
A tax o f 1 per cent on all these transactions would give $500,000,000,
or more than is immediately required. There is no doubt, however, but
that the Englsh policy in the old war was best, viz.: to raise nearly all
the expenses of the year within the year. If the war is estimated to cost
$500,000,000 per annum, tax for the whole o f it, and borrow only the
contingency. If such a policy is not adopted, a tax of one-fifth of 1 per
cent on the above articles would give $100,000,000
The revenue will
then be—
T axon land......................................................................
Stamps on transactions..................................................
Customs duties................................................................
$160,000,000
100,000,000
50,000.000
T o t a l....................................................................
$310,000,000
This amount will, for the present, pay ordinary expenses o f the gov
ernment, interest on debt, and allow for a sinking fund ; but it will not
long suffice for that purpose.
1862.]
Mercantile Miscellanies.
MERCANTILE
I.
Corresponden ce
Money
V.
A
fle s
an d
V III.
of
Sale
MISCELLANIES.
G i f t o f Mr . P e a b o d y
to
th e
L ondon P oor.
II. M a k i n g
I I I . D e c a y o f I r e l a n d . IV . N a r r o w E s c a p e f r o m B a n k r u p t c y .
V I. B o t a n i c a l G a r d e n o f M a u r i t i u s . V II. A m e r i c a n A r m y R i
r e s p e c t in g
K e e p in g
P lague
.
585
it
A nts.
of
.
C o in s in
N ew
Y ork.
MUNIFICENCE OF AN AMERICAN BANKER IN ENGLAND.
T h e following correspondence needs no explanation.
Our readers will
find a biography, together with an engraving of Mr. P e a b o d y , in the
Merchants' Magazine, vol. 36, pages 401 and 428. This last great act
o f his, is only what might be expected from one known to be actuated
during his whole life by the noblest generosity and purest principle:
London, March 12, 1862.
Gentlemen: In reference to the intention which it is the object of this
letter to communicate, I am desirous to explain that from a comparative
early period of my commercial life I had resolved in my own mind that,
should my labors be blessed with success, I would devote a portion of the
property thus acquired, to promote the intellectual, moral, and physical
welfare and comfort o f my fellowmen, wherever, from circumstances or
location, their claims upon me would be the strongest.
A kind Providence has continued me in prosperity, and consequently,
in furtherance of my resolution, I, in the year 1852, founded an institute
and library, for the benefit of the people of the place of my birth, in the
town of Danvers, in the State of Massachusetts, the result o f which has
proved in every respect most beneficial to the locality and gratifying to
myself.
After an absence o f 20 years I visited my native land in 185V, and
founded, in the city of Baltimore, in the State o f Maryland, (where more
than 20 years of my business life had been passed,) an institute upon a
much more extended scale, devoted to science and the arts, with a free
library, coinciding with the character of the institution. The corner
stone was laid in 1858, and the building is now completed, but its dedica
tion has been postponed in consequence of the unhappy sectional differ
ences at present prevailing in the United States.
It is now 25 years since I commenced my residence and business in
London as a stranger; but I did not long feel myself a stranger, or in a
strange land, for in all my commercial and social intercourse with my
British friends during that long period, I have constantly received courtesy,
kindness, and confidence. Under a sense of gratitude for these blessings
of a kind Providence, encouraged by early associations, and stimulated
by my views as well o f duty as of inclination to follow the path which I
had heretofore marked out for my guidance, I have been prompted for
several years past repeatedly to state to some of my confidential friends
my intention at no distant period, if my life was spared, to make a dona
tion for the benefit of the poor o f London. Among those friends are
586
Mercantile Miscellanies,
[June,
three of the number to whom I have now the honor to address this let
ter. To my particular friend, C. M. L am pson , Esq., I first mentioned the
subject five years ago. My next conversations in relation to it were held
about three'years since with my esteemed friend Sir J am es E m erson
T e n n en t , and with my partner, J. S. M o r g a n , Esq., I also availed myself
of opportunities to consult the Right Rev. Bishop M ’I l v a in , of Ohio, and
with all these gentlemen I have since freely conversed upon the subject
in a way to confirm that original intention.
My object being to ameliorate the condition o f the poor and needy o f
this great metropolis, and to promote their comfort and happiness, I take
pleasure in apprising you that I have determined to transfer to you the
sum o f £150,000, which now stands available for this purpose on the books
o f Messrs. G e o r g e P e a b o d v & Co., as you will see by the accompanying
correspondence.
In committing to you in full confidence in your judgment the adminis
tration of this fund, I cannot but feel grateful to you for the onerous
duties you have so cheerfully undertaken to perform, and I sincerely hope
and trust that the benevolent feelings that have prompted a devotion of
so much of your valuable time, will be appreciated not only by the present
but future generations o f the people of London.
I have few instructions to give or conditions to impose, but there are
some fundamental principles for which it is my solemn injunction that
those intrusted with its application shall never, under any circumstances,
depart.
First and foremost among them, is the limitation o f its uses absolutely
and exclusively to such purposes as may be calculated directly to amelior
ate the condition and augment the comforts o f the poor who, either by
birth or established residence, form a recognized portion of the popula
tion of London.
Secondly, it is my intention that now and for all time, there shall be a
rigid exclusion from the management of this fund o f any influences calcu
lated to impart to it a character either sectarian as regards religion, or
exclusive in relation to local or party politics.
Thirdly, in conformity with the foregoing conditions, it is my wish and
intention that the sole qualifications for a participation in the benefits o f
this fund, shall be an ascertained and continued condition of life such as
brings the individual within the description (in the ordinary sense o f the
word) of the poor of London, combined with moral character and good
conduct as a member of society. It must therefore be held to be a viola
tion of mv intentions if any duly qualified and deserving claimant were
to be excluded either on the grounds of religious belief or of political bias.
Without, in the remotest degree, desiring to limit your discretion in
the selection of the most suitable means of giving effect to these objects,
I may be permitted to throw out for your consideration, among the other
projects which will necessarily occupy your attention, whether it may not
Be found conducive to the conditions specified above for their ultimate
realization, and least likely to present difficulties on the grounds I have
pointed out for avoidance, to apply the fund, or a portion of it, in the
construction of such improved dwellings for the poor as may combine in
the utmost possible degree the essentials of healthfulness, comfort, social
enjoyment, and economy.
Preparatory to due provision being made for the formal declaration o f
1862.]
Mercantile Miscellanies.
58 1
the trust, and for its future management and appropriation, the sum of
£150,000 will be at once transferred into jo u r names and placed at your
disposal, for which purpose I reserve to myself full power and authority ;
but, as a portion of the money may probably not be required for some
time to come to meet the legitimate purposes contemplated, I would sug
gest, that as early as possible after the organization of the trust, £100,000
should be invested for the time being, in your names, in consols or East
India stock, thus adding to the capital by means of the accruing interest;
and the stock so purchased can be gradually sold out as the money is
wanted for the object designated. Meantime, pending the preparation of
a formal trust deed, you shall be under no responsibility whatever in re
spect o f the fund, or its investment or disposition.
With these preliminary stipulations, I commit the fund to your manage
ment, and to that of such other persons as by a majority o f your voices
you may elect, giving you the power either to add to your number, (which
I think should not at any time exceed nine,) or to supply casual vacanies
occurring in your body. It is my further desire, that the United States
Minister in London for the time being, should always, in virtue of the
office, be a member o f the trust, unless in the event of his signifying his
inability to act in discharge of the duties.
I have the honor to be, gentlemen, yours very faithfully,
G eorge P eabody.
To his Excellency C h arles F r a n c is A d am s , U. S. Minister in London.
Right Hon. Lord S t a n l e y , M. P.
Sir J am es E m erson T e n n en t , K.C.S., L.L.C., & c., London.
C. M. L a m p s o n , Esq., London.
J. S. M o r g a n , Esq., London.
London, March 15, 1862.
S ir : W e have to acknowledge the receipt o f your letter of the 12th
instant, apprising us o f your munificent appropriation o f the sum of
£150,000 towards ameliorating the condition of the poor of London, and
intimating your wish that we should act in the capacity o f trustees for
the application of this fund.
Whether we consider the purity o f the motive, the magnitude o f the
gift, or the discrimination displayed in selecting the purposes to which it
is to be applied, we cannot but feel that it is for the nation to appreciate,
rather than for a few individuals to express their gratitude for an act of
beneficence which has few (if any) parallels in modern times.
For ourselves, we are deeply conscious o f the honor implied by the
confidence you have reposed in us as the administrators and guardians o f
your bounty, and it only remains for us to assure you of the satisfaction
with which we shall accept this trust, and the zeal with which we shall
address ourselves to the discharge o f its duties, so soon as its precise na
ture is sufficiently defined, and the arrangements for its administration
satisfactorily organized. Ever faithfully yours,
C h a r l e s F r a n c is A d a m s .
Stan ley.
J. E m erson T e n n e n t .
C. M. L a m p s o n .
J. S. M o r g a n .
To G e o rg e P e a b o d y , Esq., London.
588
Mercantile Miscellanies.
[June,
MAKING MONEY AND KEEPING IT.
W hat a painful contrast the life of the late Mr. D uncan D unbar o f
London, presents, when compared with the sympathizing generosity of
Mr. P eabody here noticed. The munificent appropriation made to the
London poor, can be imitated o f course but by few, yet there are none
who do not frequently have the opportunity and ability to relieve suffer
ing. Still we would not approve of all that the world calls liberality.
W e can, for instance, see no merit in the donations o f a man who cannot
promptly pay his debts. This being charitable with, and obtaining a
reputation for generosity on other peoples’ money, is a kind of liberality
of which there is too much in the world already. But true generosity is
ennobling, and always must inspire admiration, while on the other hand,
a man of wealth who steels his soul against the wants o f suffering humanity,
must be despised while living, and dishonored when dead. The following
notice, taken from a London journal, shows that such is the world’s esti
mate of man who makes money simply to keep i t :
“ The shipping and mercantile interests were deeply shocked to learn
of the sudden decease of Mr. D un can D u n b a r , the well-known shipowner
and merchant. His death took place this morning just before leaving
home for business, at the moment when his servant was helping him on
with his coat. Mr. D u n ba r was the owner of fifty-two vessels, chiefly of
a large size, and his property o f every description is roughly calculated
at upwards of £2,000,000 sterling. (He started in life without means,
being the son of a poor wood-chopper.) He was a merchant as well as
a ship-owner, a speculator on the stock exchange as well as in foreign and
colonial produce; a director in several public joint-stock companies; a
man firm and severe, just and honorable, paying to the utmost farthing
and exacting the same. With all his wealth he is not known to have
contributed to charitable objects. Where money was to be made he was
foremost, but while he made much he lost much. In one article o f rice
alone he, some few years ago, lost £100,000, and the market for that pro
duce has never been the same as it used to be since he went into it. He
was induced to embark in the speculation in expectation o f the Crimean
war lasting for years. Under this impression he purchased no less than
twenty fine large teak built ships at Rangoon, and chartered the whole on
his own account, with the rice referred to. Before their arrival the war
was over; rice, which previously was selling at very high prices, at once
fell in value, and continued to do so, the stock on hand was greatly in
excess of the demand, it became unsaleable, and the loss was extensive.
Mr. D u n ba r ’ s investments in various joint-stock companies were so large
that the prospect of his shares being thrown upon the market, has to-day
depressed several, particularly the marine insurance companies. W ith
abundant means and influence at command for doing good, he leaves be
hind him no lasting or grateful memorial of his name, occupation, or
character. Making money and keepingit was his occupation. He heaped
up riches which he neither enjoyed himself, nor allowed to others, and
knows not who shall scatter them. In a few words, he was a man of great
wealth but no heart, and his epitaph might be written,‘ He was born;
he lived ; he died ; he was buried.’ ”
This large fortune will fall into the hands of a few nieces, and London
1862.]
Mercantile Miscellanies.
589
will be all the richer for the mean man’s death. Only a few days before
his death he is reported to have said to a lady who called to enlist his
sympathies in a benevolent cause, that “ it was against his principles ever
to give anything in charity.” When called upon to give an account of
his stewardship, what a pitiful balance-sheet will he be compelled to pre
sent. Countless blessings on the one side, on the other the sordid mind
that grasped them and restrained them from fulfilling the purpose for
which they were sent.
DECAY
OF I R E L A N D .
In addition to the decrease o f population in Ireland, shown by the table
given in the last number of the M e r c h a n t s ’ M a g a z i n e , the decaying
industry o f that country is only too plainly illustrated in certain other
statistics which have Just been published. In 1861 there was a decrease
on green crops of 36,974 acres; a decrease in cereal crops of 15,701 acres ;
a decrease in meadow and clover of 47,969 acres. There has been an in
crease in flax of 19,271 acres, leaving the total decrease in the extent of
land under crops 81,373 acres. In the year 1861, as compared with 1860,
there has been a decrease in the number of horses o f 5,993, in cattle of
138,316, in pigs of 173,096. Sheep have increased by 1,893, but, esti
mating the entire loss on live stock at a very moderate valuation, the sum
is set down in the government tables as £1,161,315.
NARROW ESCAPE FROM BANKRUPTCY.
The Home Journal says: “ About ten years ago, a merchant o f this
city had in his employment a young man who robbed him of several
thousand dollars. It being impossible to recover the money, he was al
lowed to go unpunished upon his promise to return the amount stolen if
ever he were able to do so. He was not heard o f until the other day,
when a stranger entered the counting house o f his former employer.
4You do not remember me,’ he said. 4No,’ was the reply. “Did you not
have once in your service a young man by the name of Thomas V 4Yes.’
‘ What became of him ?’ 4He left me about ten years ago, and I have
never heard from him since.’ 4W hy did he leave you?’ ‘ No matter.
It is a long time ago.’ 4W as he an honest youth?’ 41 think he was
naturally, but he got into bad company, who misled him.’ 4Had you con
fidence in him?’ ‘ The most implicit; and I cannot, somehow, help hav
ing confidence in him still, and believe he will one day return and pay
the money he owes me.’ 4 Here it is, principal and interest, every cent
of it in current money, and I have come to pay it, and implore your for
giveness for an early crime.’ 4W ho are you ?’ said the merchant.
4Thomas,’ he replied, 4 who robbed you so many years ago, and who has
been fortunate enough in his traffic abroad, to honestly obtain the means
o f returning to you the sum he had fraudulently abstracted from you.’
This fact derives additional interest from the circumstance that, had it
not been for the receipt of this money, the merchant, who was on the eve
of bankruptcy, must have failed in the course o f a few weeks.”
590
Mercantile Miscellanies.
[June,
A PLAGUE OF ANTS.
The people of the island of St. Helena are in great trouble. About
fourteen years ago a ship, from Fernando Po, bringing a cargo of lumber,
brought also a lot of white ants, which have multiplied and spread to such
an extent that the whole town is being gradually destroyed by their
ravages. They invest a house, and in an incredibly short space of time,
the frames, posts, in short all the woodwork o f the house, is reduced to
a mere shell. The ants are indefatigable workers; night and day a low
monotonous clicking sound can be constantly heard, testifying to their
sleepless industry. They do not attack the outside of a timber, nor do
they ever expose themselves to daylight for a moment. Between one of
their haunts and another, should the route cross an open space, they build
a perfectly-arched covering, and under it constantly pass and repass.
They eat out the inside of a timber, and perhaps the first intimation that
one obtains of any defect in an apparently sound beam is its crushing and
coming down. Among other buildings that have suffered is that of our
Consul, Mr. C a r o l l . Nearly one-half of the building has been destroyed.
Not only wood, but books, paper, clothes, leather, in short anything softer
than iron, furnishes the ants with food.
The people are becoming very much alarmed, and the town has offered
a reward of $5,000 to any one who can find an exterminator. W ood has
been smeared with various substances, but it made no difference, it is the
inside not the out they are after. The black ant seems to do more toward
suppressing them than anything else, as the latter eats the white ants, but
unfortunately the white outnumber the black on the island, thousands to
one. Teak and yellow pine are the only woods that resist them at a ll;
the former is too hard, and the latter is too sticky for them. Their im
plement is auger-shaped, and the resin chokes it up.
The people have begun to use iron houses. An iron church, done up
in boxes, lately arrived there from England.
BOTANICAL GARDEN OF
MAURITIUS.
A correspondent o f the Boston Traveller thus describes the Botanical
Garden of Mauritius:
A t length we found the Botanical Garden— a grand forest rather than
a garden, and in territory a good sized farm, instead o f a small plot of
ground merely sufficient for a few vegetables and flowers; for the B o
tanical Garden of Mauritius covers not less than fo r ty acrqs. I entered
the gateway ; I walked the magnificent avenues ; and, stretching my eye
along as far as it could reach, stood silent, amazed, and wondering, in the
unknown, unimagined, and undescribed wilderness of vegetable and floral
glory before me. To study it, to comprehend it, to describe it, was alto
gether out of the question ; and I could only wander here and there as
fancy and accident directed, and gaze, and admire, and enjoy, and when
weary, sit down upon some grassy mound, or by the side o f the bank of
a little lake, or under the shadow of some magnificent palm. W ide
gravelled roads run from one end to the other, crossed by others at right
angles, while walks are opened here and there bordered with flowers and
overshadowed by trees— while bizarre pathways steal around the lakes
1862.]
Mercantile Miscellanies.
591
and into the wilderness o f trees and shrubbery, which it was almost per
ilous to follow.
Small artificial lakes are constructed with admirable
taste by letting on the water o f a brook which runs through the grounds,
and tiny islands again are constructed in the lakes, trees shooting up from
bank and centre, and giving all the appearance o f nature. The principal
roads, or walks rather, for carriages and horses are not permitted to enter,
are lined by tall and graceful palms, planted at regular distances, which,
as seen from end to end, resemble the rows of pillars in an ancient church,
or an old heathen temple. Nothing could be grander, while there was
added all the freshness of life and the truth of nature. In some o f the
walks, whose width was most ample, the luxuriant branches, spreading
out forty or fifty feet high from the naked trunks, reached across the
way, and intertwining twigs and foliage made a vast and beautiful arch,
which no art can equal. The sun could not penetrate it, the heat in
vain sought to pour itself upon the earth; it was midnight beneath at
noon, and cool and moist within the burning tropics. Such flowers, so
large and so fragrant, and o f such tints and colors! I plucljed some, and
carefully preserved them, and yet they have faded and all their glory is
gone.
Such shrubbery, all covered and bending with flowers! Then
“ the traveller’s tree” was pointed out, of which I had never read, or else
had forgotten, which a kind and wise Providence had provided for this
burning climate, and which with a small gash gushes out with delicious
water.
And there is the dragon tree, which sends out blood by a light
incision in the bark, and you feel guilty as though you had killed a hu
man being.
I cannot describe what I saw in this surpassing garden. I wandered
and gazed, I walked and I sat; I mused and was stupefied in turn ; I was
a dumb worshipper, and yet never lifted up my heart in truer devotion
than under the arches of this grand temple, and amidst the living though
silent fellow-worshippers which crowded it. At length, wearied but not
satisfied, we turned our reluctant feet homeward, the gates of the garden
turning upon us, with something of the same feeling with which Adam
and Eve quit Paradise.
AMERICAN ARM Y RIFLES.
The rifle-muskets in our regular army have their grooves with a twist
of one turn in six feet, and decreasing in depth from breech to muzzle.
This makes the cartridge a little stiff to leave the muzzle, but its shooting
is more accurate on this account. The ball has three grooves around the
cylindrical part and no wedge or capsule is used inside. The weight of
the ball is 730 grains; the charge of powder is 70 grains. The barrel
of the rifle-musket is 40 inches long, and entire, with bayonet, 73.85
inches. The army rifle (not the rifled musket) is 33 inches lo n g ; with
bayonet the weapon is 71.8 inches long. The total weight o f the riflemusket is 9.90 pounds; that of the rifle with bayonet, 12.98 pounds.
The United States’ rifles are fired without patches. The rifles and riflemuskets of our army compare favorably with those of the Europeans.
They are like those of England ; the latter were adopted from American
models.
592
Mercantile Miscellanies.
COINS
AND
[June,
MEDALS.
The amount realized from the sale which was made b y B a n g s , M e r & Co., New York, of coins and medals, the last week o f May, was
$2,200. In speaking of this sale, the Journal o f Commerce says: Among
the colonial and early national pieces sold, the prominent specimen was
the Washington half dollar of 1*792, which brought ninety dollars ! This
extravagant price for a coin of which more specimens are known than o f
some other Washington coins, was due to a furor which has for a long
time raged among collectors for the possession of specimens to be used
as ,l crown pieces ” in fancy or show collections.
The next important piece sold was the Lord Baltimore shilling, which
brought $32 50. It was in splendid condition, and the price was not
esteemed too high by collectors. This was one of a series of coins pro
posed by Lord B altim o re in 1661, and which obtained some circulation
in Maryland. There were three silver coins, a shilling, sixpence, and
groat. There was also a copper halfpenny struck, of which but one speci
men is extant, and which was sold in England a few years ago, at auction,
for $362.
A Baltimore threepence, known as the Standish Barry threepence, very
rare, and the history quite undecided, brought $22. The Annapolis coins,
a set of three, offered for sale as a full set for the first time in America,
although frequently sold separately, brought $40, for the lot, A very
high price, not likely to be repeated. The shilling is very frequently sold,
the other pieces, sixpence and threepence, being more rare. The coins
were issued by one C h a l m e k s , as a private coinage, at Annapolis, in 1738.
Persons who are not collectors do not understand the rules which con
trol the prices of mint specimens. W e may remark, as explanatory of
the list of prices we give below, that proof coins are struck from the first
or master die, engraved by the hands of the engraver. Other dies are
made by impressions in steel from this die, and o f course are not fully
equal to it. In some years the mint has made a master die, but never
issued coins, the only specimens being the proofs from the master die.
This is the case with the dollars of 1851, 1852, and some others of the
specimens named below. P roof specimens are highly prized by collectors
for their beauty, and being rare, bring high prices. W e note the rates
at which some of these were sold and also some uncirculated specimens :
w in
1851,
1852,
1854,
1854,
1857,
1858,
1858,
1888,
1797,
1796,
1811,
1820,
1821,
1822,
1824,
1797,
1798,
Dollar, proof, $27.
Dollar, proof, $27.
Dollar, proof, $8 75.
Dollar, very fine, not proof, $5 87.
Dollar, proof, $8 50.
Dollar, proof, $9 25.
Set of proof silver coins, $13.
Dollar, proof, $27 50.
Half Dollar, not proof, $14 12.
Quarter Dollar, not proof, $4.
Quarter Dollar, uncirculated, $3 87.
Quarter Dollar, uncirculated, $6.
Quarter Dollar, uncirculated, $3 50.
Quarter Dollar, very fine, $5 12.
Quarter Dollar, very fine, $5 12.
Dime, with 16 stars, $5 62.
Dime, very fine, $13 50.
1800, Dime, fine, $8 87.
1804, Dime, fine, $9.
1809, Dime, very fine, $8 12.
1825, Dime, proof, $8.
1794, Half Dime, uncirculated, $6 50.
1796, Half Dime, fine, $4 75.
1801, Half Dime, $4.
1803, Half Dime, $4 75.
1805, Half Dime, $6 75.
1793, Liberty Cap Cent, very fine, $16 50.
1793, Link Cent, very fine, $16 50.
1893, Cent-', other specimens, $7 ; $3 50.
1794, Cent, uncirculated, $6.
1795, Cent, uncirculated, thick die, $5 25 ;
same year, thin die, $8.
1796, Fillet Head Cent, uncirculated, $7 50.
1797, Cent, uncirculated, $5 75.
1862.]
593
The Book Trade.
THE
BOOK
TRADE.
1. The Pearl o f Orr's Island, a Story o f the Coast o f Maine. By M rs . H a r r ie t
B ee c h e r S to w e , author of “ TJncle Tom’s Cabin,” “ The Minister’s Wooing,” etc.
2. Agnes o f Sorrento. By the same.
by S heldon A Co., New York.
Boston: T icknor A F ields .
1862.
For sale
These beautiful twin-volumes, uniform in binding and execution, are issued simulta
neously by the publishers. Of their contents it is hardly necessary to speak. To
eulogize Mrs. S t o w e , is like trying to throw a lustre on the violet, or add another hue
unto the rainbow. Her fascinations as an authoress are felt in thousands of homes
throughout our entire country, and it is enough for her many readers to know that
her books are ready for perusal. Some among them will prefer one, and some the
other, according to their own personal culture and inclinations, and it is difficult to tell
which of them will eventually win the palm of superiority. The first is a lovely story
o f simple people of our own time, and our own land; the second is a gallery of
glowing pictures o f Italian life and scenery, three hundred years ago. If one is a
Pearl, perfect in its simplicity and purity, the other is an Opal, full of orange and
purple tints that flash and change in varied and endless beauty.
Beauties, Selected from the Writings o f Thomas de Quincey, author of “ Confessions
of an English Opium Eater,” etc. Boston: T ic k n o r A F ie l d s . 1802. For sale by
D. A ppleton A Co,. New York, 443 and 44S Broadway.
D e Q u i n c e y , charming as an essayist and critic, and deeply interesting as a man,
from the strange influences which overshadowed his life, has written more than twenty
volumes. The most popular of them, his “ Confessions of an English Opium Eater,”
is probably familiar to our readers.
From this uncommon book in a great measure,
and from the other volumes in part, these selections are chosen with great judgment
and discrimination. A ll the facts relating to his early life are placed together first;
then follow his “ Dreams,” “ Narratives,” “ Essays,” “ Critiques,” and “ Detached
Gems.”
D e Q uin cey is better in everything, than in his narratives ; there he fails; one
could hardly believe that the same pen wrote them, which upon other topics could
charm mankind by its eloquent enthusiasm, or stir their hearts by the subtlest pathos.
There seems to be something in the composition of a good essayist which spoils him
for story-telling. Lamb never wrote so miserably as in his deplorable tale of “ Rosa
mund Gray,” which would be utterly stupid, if it were not so rasping. Essayists
know that their digressions are far more agreeable than their narratives, so they shut
them out rigorously, for fear o f an eclipse. The result is, a bald statement of facts
in the style o f the Bankrupt Gazette, too gloomy to be amusing, too stiff to be power
ful, and too cold to be pathetic. I f D e Q uin cey had held to his mission and not
wasted his strength in narrative, we might have had another leaf of “ Joan o f Arc,”
or of the wonderful “ Confessions,” one more glimpse into dreamland, or another
breath of the “ Suspiria.”
VOL. XLVI.— NO. VI.
38
594
The Book Trade.
\June, 1892 .
Union Speeches delivered in England during the present American War. By G eo rg e
F r a n c is T r a in , of Boston, United States, author o f “ Young America Abroad,”
“ Young Ataerica in Wall Street,” “ Young America on Slavery,” etc., etc. F r e d
e r ic k A. B r a d y , 24 Ann street, New York.
Mr. T r a in has roused the Lion and the Unicorn to the last extent of wrath; they
lash their tails at him, and would crunch him, if it were not for scruples on the score
o f neutrality. He has been resolute to be heard as well as seen, and to say what he
liked, when and where he wanted to.
He made speeches on street railways, till
they would listen no longer; then he harangued them on the Union and the war •
wheij they wearied of his “ Spread-Eagleism,” he went back to tramways; opposi
tion has no effect upon him'; law suits cannot subdue him ; for if there is on earth a
living embodiment of the try-try-agaiu sentiment, this is the man. He will never
give up, that is evident, and if the Londoners do not want a Train at full speed run
ning loose in the metropolis, they must even give him a tramway. As for his patri
otism— when he begins with My country ! ’tis of thee ! opponents are warned to sub
side. The whole English nation cannot stop him ; they might better try to blow
back the whirlwind with a fan ; to cork up a Geyser, or put a stopple on Yesuvius.
These things might be managed, but this double-X Yankee proof spirit, never. John
EbfiMs. l2m o. 192 pages. 75 cents. By W il l ia m E. W orthen . New Y ork:
D. A ppleto N & Co., 443 and 446 Broadway. London, 16 Little Britain.
The value of Mechdfiijeal Science is so universally admitted, that we gladly welcome
any publication promising to make one familiar with its elementary principles. With
the idea of accomplishing this the author o f this little work appears to have confined
himself throughout to matters of general practical utility— avoiding mere theory—
and to have given us, therefore, just such a book as is needed for common schools
and academies throughout our land. He has treated chiefly of the simple mechanical
powers, the most important machines in which they are combined, the composition
and resolution of forces, the centre of gravity, motive powers, water-wheels, the steam
engine, gearing and shafting, the various kinds of pumps, and friction, with its effects
on machinery. These are subjects which every man is glad to be familiar with.
Van Anden’s Patent Portable Copying Press. H an nah & Co., sole Proprietors, No.
29 Cliff street, New York. Two sizes, 81 and 81 25.
W e have received one of V an A nden ’ s Presses, and can testify that it does its
work well It is of a convenient size and form, and must, we think, become popular.
Messrs. H annah & Co. tell us that they will mail a Press to any address, (postage
paid,) on receipt of the price.
DOCUMENTS
RECEIVED .
Speech o f Eon. A . T. Galt, Minister of Finance of Canada, on introducing Budget of
1862, together with Statistical and Financial Statements o f great value.
A Series o f Letters relating to the Industrial Interests o f California, by an old resi
dent.
From J. W. O sborne , Oak Knoll, Napa, California.
much that is extremely interesting and valuable.
These letters contain
THE
MERCHANTS’ MAGAZINE
AND
COMMERCIAL
RE V I E AV.
E s t a b lis h e d J u ly * 1839*
E D IT E D
W I L L I A M
VOLUME X L VI.
B?
B.
D ANA.
NUMBER VI.
J U N E , 1 8 6 2.
C ONTE NTS
OF
No.
VI.,
VOL.
NLVI.
A rt.
pag e
.
I. TOBACCO: HISTORICAL, STATISTICAL, DIPLOMATIC, AND LITE
R A R Y .................................................................................................................... 513
II. ECONOMICAL A D V A N T A G E S OF UNIFORM POSTAGE. B y P l in y
M i l e s ....................................................................................................................... 527
III.
COTTON QUESTION— DISTRESS IN ENGLAND— W H A T SU P PLY
W E CAN ANTICIPATE AND W H A T PRIC ES.................................... 535
STATISTICS
OF T R A D E
AND
COMMERCE.
1. Foreign Trade o f Great Britain. 2. Receipts and Exports o f Produce at the
City of New York for the Year ending April 30, 1862. 3. Trade o f New
Orleans for 1861. 4. Pork Packing at the West for 1861-2. 5. Goods Im
ported from United States to St. Petersburgh in 1860-61................................ 589
RAILWAY,
CANAL,
AND
TELEGRAPH
STATISTICS.
1, The Chesapeake Telegraph Cable. 2. Atlantic Telegraph— Expenses of Com
pany. S. Railroad to Lake Superior. 4. Earnings of Railroads for Febru
ary and March. 5. Delaware and Hudson Canal Company. 6. New Style
o f Steam Canal Boats................................................................................................ 546
Contents o f June N o ., 1862.
596
C 0 M l E R C T A L R E>V U L A T I 0 N S .
1. Note of Secretary o f State as :to Opening pf Southern Ports. 2. Proclamation
of President opening.PoftS o f’Beaufort, Port Royal, and New Qrleaus. 3. In
structions o f the Treasury' Department respecting Clearances to the Ports
opened. 4. Tradeiof’ the Mississippi. 5. Custom-house Regulations as to
Clearances' to Southern Ports opened.. . . . . ' ...................................................... 550
. •. t
: JOURNAL
•
>-
OF MI NI NG,
MANUFACTURES,
AND A R T .
1. Sugar Manufacture'in flathburg. 2. Tests of Wire Rope. 3. Iron for. build■ ing purposes in Paris. 4. The Manufacture of Teat 5. Irish Embroidered
Muslins........................
555
J O U R N A L OF B A N K I N G ,
CURRENCY,
AND F I N A N C E .
1. City Weekly Bank Returns, New York City Banks, Philadelphia Banks, Bos
ton Banks, Providence Banks. 2. Weekly Statement Bank of England.
3. Resources and Liabilities of the Banks of the State of New York. 4. Fi
nances of Connecticut. 5. Finances o f Indiana. 6. Finances of Baltimore.
7. Public Debt o f Russia, and the Budget of 1862. 8. Report of Bank Com
missioners of Connecticut...............................
559
JOURNAL
OF I N S U R A N C E .
1, Fire and Marine Insurance Companies of. Massachusetts. 2. Taxing Life In
surance Companies. 3. Extra Hazardous Insurance Risks. 4. Progress of
Life Insurance Companies....................................................................................... 566
STATISTICS
OF
AGRICULTURE.
1. Agricultural Statistics of Maine. 2. The Ceylon Coffee Crop. 3. Cultivation
of Cotton in Venezuela. 4. Cotton Growing in Algeria. 5. W ool Growing. 570
STATISTICS
OF P O P U L A T I O N .
I. Movement of the Colored Population of the United States. 2. Population of
France compared with other European Countries.............................................. 574
COMMERCIAL
CHRONICLE
AND R E V I E W .
Depreciation— Erroneous Impressions—Paper of the Revolution— Issues of France
— In England— Diminution of Paper Currency— No Demand for Goods or
Crops— United States the only Customer— Pay in Paper— Invested in
Stocks—Assistant Treasury—New York Deposits—Large Payments—U. S.
Deposits— Rise in Stocks— Interest in Coin— Illinois Taxes in Coin—Fund
ing Loan and Notes— Large Supply of Money— Rates of—Small Notes—
Specie Movement— Increasing Exports of Coin— Speculation in Gold— E x
change Rates— Produce Exports— Fall in Prices—Business of New York—
Imports and Exports— Customs— Revenue— Taxes— Abortion Bills— E x
changes— Landed Property— Assessment of States— Stamps.......................... 577
M ERCAN TILE
MISCELLANIES.
1 . Correspondence respecting Gift o f Mr. Peabody to the London Poor. 2. Mak
ing Money and Keeping it. 3. Decay of Ireland. 4. Narrow Escape from
Bankruptcy. 5. A Plague of Ants. 6. Botanical Garden of Mauritius.
7. American Arm y Rifles. 8. Coins and Medals.............................................. 686
THE
BOOK
TRADE.
Notices of New Publications in the United States............................................. 693
@FedFRASER