Full text of The Merchants' Magazine and Commercial Review : June 1863, Vol. XLVIII, No. VI

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THE

MERCHANTS’ MAGAZINE
AND

COMMERCIAL REVIEW.
J U N E ,

1863.

ENGLAND'S TAX SYSTEM.
T he tax system of England has in the present century undergone great
changes, consequent upon the exigencies o f the nation and the large ex­
perience which her statesmen have been able to bring to the adjustment
o f the revenues. A nation o f small means and o f little comparative m a g­
nitude, in a financial point o f view, has far less opportunity o f working
out the great econom ical problems than one which, like England, is com ­
pact, populous, enormously wealthy, and the foremost manufacturing and
commercial nation o f the world. She has also the .advantage that her
internal and external policy turn almost altogether on financial and com ­
mercial questions. H er colonial policy, her foreign policy, her com m er­
cial system, and her financial plans hinge upon the promotion o f her
material welfare. The extension and growth o f her present business, with
the means o f its future expansion are the elements o f her governmental
policy. H er statesmen o f all parties emulate each other in the pursuit
o f that object, and all parties, whether in or out o f power, shape their
course by such considerations. It is in this sense that the great N a p o ­
l e o n described her as “ a nation o f shop-keepers.”
I f he had called her
government “ the great mercantile firm o f the world,” he would have
been nearer the mark. Her colonial policy embraces forty-five colonies,,
spread over the earth, each o f which she hopes will become, and man­
ages with the sole idea that it may become, the germ o f an empire, useing the English language and English goods long ages to come. Even
the policy o f holding or giving up those colonies depends entirely upon
how it will affect the. future market for goods. I f it is thought that they
will be better customers when independent, she will, as in the case o f the
Canadas a few years since, tell them to g o or stay, as they please. In a
word, everything is made to bend to the one idea o f commercial pros­
perity.
VOL.

x l v i i i .—

NO. V I.




28

434

England's Tax System.

[June,

The few years that have elapsed since the masses were freed from ac­
tual servitude have sufficed to show the landed gentry, the aristocracy,
and the government, that the more the industry and trade of the people
prospers the greater are the revenues from lands, from rents, and from
taxes. The power o f the nation and the wealth and splendor of the no­
bles grow with the successful industry of the people. Freedom, too, was
necessary that this prosperity might he developed, and especially is this
true of the Anglo-Saxon race. The hope of reward stimulates it to ex­
ertion ; while with the Doric races indolence is their only charm in lib­
erty. When, therefore, feudal servitude gradually gave way to free indus­
try in England, and broad tracts of land were rescued from the grasp o f
monasteries, when industry was encouraged and the prosperity of the
people sought, wealth began to flow from the working many up through
land owners into the treasury. The funding system, introduced by W i l ­
l i a m , drew into the service of the state a portion o f the surplus capital of
the country. From that time the national wealth continued to increase,
and with it the amount o f taxes required to liquidate the interest on the
public debt.
The property o f the country was, however, hampered by
reason of the crude ideas entertained by the governing classes on economical
questions. They all recognized the importance of seeking the prosperity
of the people, but it was supposed it might be encouraged by protection,
promoted by prohibition, stimulated by special privileges, and improved
by restriction. H e n r y Y llf. freed one of his slaves— a tailor— for a sum
of money, and encouraged the making o f cloth by preventing wool grow­
ers from selling to any but manufacturers in their neighborhood. Other
sovereigns, especially E l i z a b e t h , farmed out all sorts of privileges for
sums of money. These and multitudes o f enactments lingered, some of
them, down to within thirty years, while the light was slowly but irre­
sistibly making its way into the legislative halls. The frightful expendi­
tures undertaken at the close of the last century to maintain English
ocean supremacy, and which were continued through twenty-four years,
produced the most extensive system of taxation the world ever knew.
The ability to bear that taxation was based entirely upon the fact that
steam, with a multitude of automaton assistants, stepped forward to do
more productive labor than the whole people ofEngland had been before
capable of. The isolated position of England kept her out of the arena
of combat, while her navies commanded the ocean and kept open every
market of the world for the sale of her new machine goods at monopoly
prices. This conferred great ability to pay taxes, which reached the
enormous sum of $350,000,000 per annum upon 11,000,000 persons.
With the peace came a new state o f affairs. The monopoly of ma­
chines and markets was no longer possible, neither was the continuance
of paper practicable. Specie prices, exposed to sharp foreign competitors,
became the lule, causing terrible distress. Vainly did England strive to
maintain her position by stringent laws against the export of machines
or any parts of them, against the export of wool or other raw materials,
and by duties protecting every interest which was supposed to be dying
in consequence of the importation of foreign competing goods. The con­
viction, however, gradually forced itself upon the governing classes that,
for England to keep her markets, she must manufacture and transport at
least as cheap as other people, and that to do so every burden must be
removed from the cost o f goods and from every productive interest. In




1863.]

435

England's T ax System.

1828 the prohibition on the exports of machines, wool, and other articles
were remitted. Navigation laws were modified in 1816, and under Mr.
H u s k i s o n some progress was made in a free trade direction by reciprocal
treaties. The heavy taxes, however, failed to respond to the public wants,
and additional taxes failed to increase the revenue. The nation was like
an overladen ship that would no longer respond to the helm. The short
harvests of 1836-7 produced a crisis. The annual deficits had been large,
and the minister added ten per cent to all duties, resulting only in a larger
deficit than ever. It was then that Sir R o b e r t P e e l inaugurated the
policy which has gone on progressively developing an unequalled degree
of national prosperity. The policy was to remove all those taxes and re­
strictions which interfered with the free and prompt interchange of goods,
since it is easily understood that the more promptly available are the pro­
ducts o f industry the more production is encouraged. The most impor­
tant of these was food.
Provisions were prohibited and corn highly
taxed.
By removing these burdens food would be cheaper and all
wages would he practically higher, since for the same money the laborer
could procure more necessaries. A long list of articles— partly food and
partly materials of manufacture— were subjected to gradual modifications.
The result was, that while the manufacturer paid no more money tor
wages and much less for materials, he could produce a cheaper article for
export, and at the same time the decline in the price of necessaries was
equivalent to a rise in the wages of the workers. In other words, the same
amount of labor enabled the worker to consume a larger amount o f food
and manufactures, and the shipper to compete more successfully with for­
eign rivals in third markets. The radical change produced in the gov­
ernment policy may be illustrated by the fact that in in 1842 Sir R o b e r t
P e e l found 1,052 articles subject to customs duties.
There are now but
48 articles charged with duties, and the bulk o f the revenue is raised
from 15 only. The customs revenue in 1842, from 1,052 articles, was
£23,515,374, and in 1862, £23,484,167, from 48 articles, or as follows:
Articles taxed.

1842...................................
1862..................................

1,052
48

Revenue.

£23,515,374
23,484,167

Value o f exports.

£47,381,023
124,137,812

Nothing can more clearly demonstrate the vast success of the policy
inaugurated by Sir R o b e r t P e e l , and continued by Mr. G l a d s t o n e , than
these few figures.
The following table gives the revenues o f Great Britain after twenty
years of free trade :
REVENUES OF GREAT BRITAIN.

1342.
1,052 articles.

Brandy................................................
R u m ....................................................
W i n e ..................................................
Sugar and m olasses........................ .........
T e a ......................................................
C offee..................................................
T ob a cco..............................................
Currants and raisins...................... .........
G rain...................................................




5,308,374

410,826

1862.
48 articles.

£928,716
1,720,593
1,104,476
6,383,289
5,516,584
439,078
5,596,211
316,204
800,896

436

[June,

England's T ax System.

1842.
1,052 articles.

1862.
48 articles.

P ep p er......................................
T im ber......................................
Bills o f ladin g........................
One thousand other articles,

1,500.310
127,890
3,074,517

103,344
241,303
220,259
112,214

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

£23,515,374

£23,484,167

Spirits............................................................
M alt.................................................... ..
H o p s ................................. ............................
P a p er.............................................................
Licenses, post-horses, e tc ..........................
G am e.............................................................
Carriages......................................................
Bail ways........................................................
Soap, glass, brick erections, etc..............
Other articles..............................................

5,178,173
5,262,302
69,054
583,543
1,236,344
130,724
511,579

9,618,219
5,866,302
324,854
349,269
1,500,613
140,484
215,606
372,178

2,219,586
1,405,782

repealed

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

£16,602,847

£18,301,328

D eeds.............................................................
L egacies.........................................................
Insurance......................................................
Bills and notes.............................................
N ew spapers.................................................
B eceipts.........................................................
Other stamps.................................................

1,665,296
2,132,471
1,248,638
749,310
377,468
174,745

1,336,152
3,573,658
1,870,069
552,216
128,127
423,954
706,508

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

£6,347,928

£8,540,654

1,214,430
215,843.
414,675
464,591
172,190
311,351
1,922,267

1,961,607
201,347
368,825
332,749
196,527
1,432
73,375

£4,715,353

£3,135,862

1,495,540
543,118

10,471,208
3,552,696
417,408
1,747,534

Total . . .

£2,038,658

£16,219,844

Grand total,

£53,697,100

£69,900,857

EXCISE.

112,201

STAMPS.

TAXES.

Lands, houses, etc.......................................
Servants........................................................
H o r se s...........................................................
Carriages.......................................................
D ogs................................................................
Ten per cent.................................................
Other taxes repealed.................................
T o t a l ...................................................
In com es.........................................................
Post-office.....................................................
Crown lands.................................................
Other
“ .................................................




1863.]

43?

England's T ax System,.

In 1842 many articles were made free and many prohibitions removed ;
but in 1845 there were still 813 articles charged with customs duties.
O f these, however, 430 were made free in that year, being such as either
directly or indirectly entered into manufactures. Among the articles was
staves, which were imported largely from the United States, for the use
of fisheries in England and barrels and hogsheads in the British West
Indies. These were required to be o f a certain length in order that they
might not be used for furniture, and at the same time the duties on vari­
ous woods were reduced to cheapen cabinet wares and buildings. Cot­
ton paid 12 per cent duty, and was made free. The auction duties were
removed, because they were a direct hindrance to the transfer of proper­
ty. It was shown that property was first put up at auction and bought
in to avoid the duty, and was then sold privately to the highest bidder.
In one year £45,232,000 worth of property was put up at auction, and
only £3,000,000 sold. The duty on glass was removed, because it was a
most intolerable burden upon the makers; the window duty was removed
because it was tax on the air and light of heaven and destructive of health,
and that on soap was recognized as a tax on cleanliness. The whole skill
and science of the government was directed to the single object of getting
as much revenue as possible, and at the same time interfering in the
smallest degree with production and interchange. The returns of Eng­
lish finances show that this object was attained to a very considerable ex­
tent, since the exports of English products have gone on increasing in a
remarkable degree, while the actual taxes have yielded a much larger
amount than the estimates at that time warranted. The net estimated
loss from the amount of customs taxes removed under Sir R o b e r t P e e l ’ s
bill was £12,646,136, yet the result showed no loss in revenue. The re­
duction of taxes was also accompanied by a great reduction in the ex­
pense of collecting them, and from 1842 to 1862 the whole revenue of
the country increased from £53,697,160 to £89,904,857.
W h ile the removal o f such a cloud o f taxes from the customs was
brought about, the excise and interna! taxes were subjected to a revision
equally extensive, and with the same results. The proof o f that pros­
perity is not alone manifest in the immense increase in the value o f the
annual exports, but in the progress o f the incom e tax, which was imposed
as a compensation for loss which it was supposed the revenue would sus­
tain by the modification o f the customs.

The income tax was imposed early in the century as a war tax, and the
framework of the tax was renewed by Sir R o b e r t P e e l in 1842, in order
to obtain from property the money which he appropriated to the reduc­
tion of duties. The tax was levied on incomes under five schedules, from
each of which Sir R o b e r t P e e l deducted incomes under £150 or $726.
These schedules were as follows :

1814.
A.
B.
C.
D.
E.

Rent o f la n d .................
Occupation o f land . . .
Stocks, public & private
Profits on trades & prof.
Public officers salaries.

Total




£51,194,666
38.396.000
30,000,000
38.310.000
11.744.000
£178,580,000

1842.

Estimated rev.

£54,600,000
£1,600,000
150.000
26,000,000
22.400.000
646.000
42.000
000 1, 220,000
155.000
5,250,000
£150,250,000

£3,771,000

438

[J une,

England's Tax System.

The estimated tax was at the rate o f 7d. in the £ , and the actual yield
was £5,608,548 in 1843, and continued to £5,869,826 in 1853. In that
year the tax was extended to incomes between £100 and £150, at 5d. in
the £ ; and the whole tax was in the same year extended to Ireland. Its
product was £7,133,039 in 1854. The exigencies of the Russian war
then required an increased revenue, which was eifected by doubling the
tax. The progress of the tax was as follows:
TABLE SHOW ING THE AMOUNT OF DUTY CHARGED UNDER THE INCOME TAX
IN EACH YE A R , SINCE

ITS

IMPOSITION

IN

1842,

DISTINGUISHING THE

RATE OF DUTY IN EACH YE A R.

1S43 .......................
1844.................
1845 .......................
1846 .......................
1847 .......................
1848.................
1849.................
1850.................
1851.................
1S52.................
1853.................

Amount o f
duty charged.

7d. in the £

£5,608,548
5,504,157
5,476,497
5,711,224
5,791,067
5,834,795
5,793,543
5,729,577
5,754,447
5,845,719
5,869,826

U

U

si

u

u

u

u

Incomes o f £100
and under £150.

1854 ................
1855 ..................... ............
1856 ...................... . . . . .
1857 ...................... ...........
1858 ......................
1S 59 ...................... ...........
1860 ...................... ...........
1861 ....................... ............
1862 ...................... ...........

Rate o f duty on
incomes above £150.*

10d.
lH d .
1 l|d.

It
a

u
u

5d.
6£d.
10d.
9d.

tt
a
a
u

u

It

u

a

u

a

u
u

u
u

u

u

Incomes o f £150
and upwards.

7d. in the £
2d fct
Is. 4(1. a
a
I s . 4d.
u
7d.
u
5d.
.u
9d.
a
7d.
u
6d.

7,133,039
14,358,090
16,545.508
16,915,332
7,905,525
5,758,905
10,424,887
10,923,816
10,365,000

Is.

£163,249,502
The follow ing table appended to the report o f the Parliamentary Com ­
mittee gives the product o f each penny o f duty under each schedule.
AMOUNT PRODUCED FROM EACH I D . OF DUTY.

1843.. . . .
1844 . . . .
1845 . . . .
. ..
1846
1847 . . . .
1848 . . . .
1849 . . . .
1850 . . . .

Schedule A.

Schedule B. Schedule C. Schedule D. Schedule E.

£357,281
353,122
355,176
. 369,592
372,117
379,041
393,509
389,679

£95,588 £116,140 £240,264 £39,740
93,804 113,671 225,934 46,676
92,562 109,699 225,538 45,661
94,838 106,375 245,346 47,156
92,588 108,086 252,631 48,166
91,954 108,705 250,623 49,195
94,929 109,962 226,372 50,345
93,280 109,428 224,409 48,353

Total.
£849,014
833,207
828,636
863,307
873,588
879,518
875,108
865,149

* From April 5, 1853, incomes between £100 and £150 were made subject to tax ;
from the same date the tax was also extended to Ireland.




1863.]

England's Tax System.
Schedule A.

1 8 5 1 ___
1852 ___
1853 ___
1854 ___
1855 ___
1856 ___
1857 ___
1858 ___
1859 ___
1860 ___

389,398
395,288
397,500
474,653
481,413
485,554
491,458
530,292
532,559
563,371

Schedule B. Schedule C. Schedule D.

91,638
88,692
87,184
122,418
121,452
118,989
118,705
130,344
129,122
129,906

109,932
109,663
107,029
114,238
109,114
107,410
118,103
122,980
122,278
123,755

439
Schedule E.

229,424
238,392
242,852
330,986
332,677
329,277
334,987
353,786
353,984
371,197

47,488
47,411
47,571
59,039
63,709
72,544
75,102
79,714
78,397
78,535

Total.

867,880
879,446
882,136
1,101.334
1,108,365
1,113,774
1,138,355
1,217,140
1,216,340
1,239,764

These tables indicate the power of the tax, and also the progress of
each kind of property in the schedules. Thus, under schedule A the rent
o f land increased £40,000 from 1843 to 1853, or 11 per cent, while the
occupation of land decreased £7,000, or 8 per cent. There was a de
crease also in the revenue from stocks, and profits on trade barely held
their own. Hence the whole increase seems to have been from the rent
of land. In 1854, the incomes between £100 and £150 were added at
the rate of 5d. in the £ , and also those o f Ireland. The result was arise
of 23 per cent in the amount realized. The same rate of tax in 1858
produced £772,000 more revenue. The exigencies of the Russian war
caused nufnerous changes in the rate, but always with success. Still,
however, the rents from land were the most reliable tax, the amount of
which shows that the rents have increased in face of the large imports o f
free food. The reductions in the duty on some articles of this description
have been as follows :

1841.
G rain ........................................
A n im als...................................
P rovisions...............................
Butter................................... ..

Prohibited.
“
“
£1 Is. percw t.

Cheese...................................
C o ffe e ...................................
S u g a r...................................

11s. percwt.
8^d. per Ih.
25s. 2d. per cwt.

I8G2.
Free.
“
“
“

“
3d.
12s. 8d.

In spite of these reductions, and the consequent great increase in the
import of these articles, the rents have, as stated above, also increased.
It will be seen from the following table also, that the stamps and income
tax yield together £19,000,000, or, in round numbers, $95,000,000 levied
upon 30,000,000 of the most wealthv people in the world ; of the stamps,
one-fourth is derived from a legacy duty, on the descent, by death, of all
the property in Great Britain.
The income tax gives, it appears,
$50,000,000 per annum, and is levied at the rate of 4 percenton incomes
from $500 to $750 per annum, and 3 per cent on all over $750 per an­
num. It would seem from the return that the low incomes are one-fourth
o f the large ones, or about one-fifth of the whole tax. The tax levied in
1859 was 2 per cent on all incomes, and the result was £5,758,905, equal
to a gross income of £286,000,000, against £178,680,000 in 1814, show­
ing an increase of £108,000,000 in forty-five years.
Since 1853, the imports, exports, and national revenue have been as
follow s:




440

[Ju

England s T ax System.
Imports.

Exports.

National revenue.

Income tax.

Other sources.

1854. £152,389,053 £97,184,726 £54,774,905 £7,133,039 £47,641,866
1855. 143.542,850 95,688,085 59,496,154 14,358,090 45,138,064
1856. 172,544,154 115,826,948 65,704,491 16,465,508 49,158,984
1857.
187,844,441 122,066.107 72,334,062 16,915,332 55,418,730
164,583,832 116,608,756 67,881,513 7,905,525 59,975,988
1858.
1859.
179,182,355' 130,411,529 05,477,284 5,758,905 59,718,389
1860. 210,530,873 135,891,227 71,089.669 10,424,887 60,664,782
1S6 1. 217,351,881 125,115,133 70,283,674 10,923,816 59,359,858
The income tax has, as we have before stated, been very effective in
raising the revenue at periods of unexpected and unusual demands, like
that of the Russian war or the panic o f 1857; but the large general
prosperity of the country has caused the indirect taxes to rise steadily in
amount, notwithstanding the reductions in rates which they have under­
gone. The ministry o f Sir R o b e r t P e e l insisted strongly upon the great
benefit that was to be realized from the removal o f those inquisitorial
taxes which were imposed upon many branches o f home manufacture, and
which greatly retarded the productive power of the country. The results
have fully justified the views then held, since, by the removal of them, a
degree of prosperity has been reached which enables all taxes to be col­
lected with great facility. The removal of duties on various articles o f
general consumption has not however had the effect in all cases which
was anticipated. Thus, the reduction in the duties on coffee did not have
the effect of largely increasing the imports o f that article, but the con­
sumption of sugar and tea was immensely promoted by the reduction of
the tax upon them. This is because a large and active demand for the
latter exists, while the English public are comparatively indifferent to cof­
fee. That article which the people will have will always bear the greatest
tax. Tobacco pays 75 cents per pound, with an increasing consumption,
while cocoa is scarcely consumed at all at any cost. In Spain and P or­
tugal, on the other hand, the heaviest taxed article is cocoa, and it is the
article of most general consumption.
The want o f cotton as a raw material in England is being seriously felt,
since it is a vehicle through which the sale o f a large amount of English
labor is effected, and without which their labor not only remains unpro­
ductive, but becomes a burden upon the other interests, and at the same
time rapidly deteriorates, since unemployed persons lose their industrial
habits and the State thereby suffers permanently.
W hile the revenue of the United Kingdom has been thus improved by
reason of the general prosperity of the nation, and the care and skill with
which its fiscal resources have been administered, it remains a fact that
during the forty-eight years which have elapsed since the wars which
created the debt were closed, there has been no progress made towards
diminishing the national debt. The efforts of each succeeding ministry
have been directed to the payment of the interest and to meet the annual
cost of government, while unlooke 1-for events, like the China war, the
famine in Ireland, and the emancipation in the West Indies add continually
to the principal of the funded debt, which stood at £784,420,007 in 1861,
or $3,795,000,000. The revenues at presant are in so prosperous a con­
dition that Mr. G l a d s t o n e has proposed further remissions of taxes. The
surplus is estimated at £3,874,000; this he proposes to apply— £191,000
to the remission o f certain charges on bills o f lading; £1,650,000 to a




1863.]

441

England's Tax System.

reduction of tea duty from Is. 5d. per pound to Is. per pound, and
£2,750,000 to a reduction o f income duty, by exempting £60 per annum
from all incomes under £200, and to take 2s. from the £ from the tax,
making it uniform upon all incomes.
The United States are now unhappily compelled by circumstances to
follow the English example of high taxes. The country is no doubt able
to bear the load, but it ought to have the benefit of English experience,
in laying that load upon the people, so that it may be most easily borne.
If England is able to draw her revenue and not impair the productive
powers of the country, the United States Government ought to be guided
by the same principle. It is evident that the same rules will not in all
cases apply here as in England, but the same general principle should be
observed. Thus, we have seen in the above table, that the rent o f land
yields the largest returns in England. In the United States the same state
of things does not exist. The land is largely owned by the occupiers.
The most prolific source of the English income tax would, therefore, here
fail. Exclusive of the income tax, one-third of the whole English revenue
is derived from strong drink, viz.: £19,563,160 out of £.59,429,649, and
one-fourth the remainder is from sugar and tobacco, which are United
States products. In the whole list there are no taxes upon objects of Eng­
lish industry, or the materials o f their production. Yet her tax system
began with taxes upon all those articles, like the United States tax law
now in operation, and which is reported as yielding “ alarmingly below
the estimates.” The stamp taxes will be found to yield better, because
they are so easily collected, and require no vexatious local visitations. A
large portion of the English stamp revenues are from legacies. It will
require sometime to develop those taxes here, but they are the most un­
exceptionable taxes that can be levied. Then, too, there is no reason why
strong drink should not be taxed as high hare as in England. The quan­
tity consumed is as follows :
D om estic................................................ gallons
B eer......................................................................
Im ported.............................................................

90,000,000
100,000,000
4,000,000

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

194,000,000

A tax of 50 cents per gallon would give a sum equal to the amount
derived from the same articles in England. The duty on the imported
liquors is $1 to $2 per gallon, and there is no reason why the whole should
not pay at the same rate. Tobacco ought also to pay its $30,000,000 as
in England, and could be made to do so without detriment to national
interests. In a word, there can be no difficulty in raising money enough
by taxation for the purposes of government, if those taxes are only pro­
perly laid, and the right principles observed in regulating them.




442

The Consideration f o r an Agreement.

COMMERCIAL L A W .

[Ju

No. 3.

TIIE CONSIDERATION FOR AN AGREEMENT.
OP THE NEED <?P A

CONSIDERATION.

I t is an ancient and well-established rule of the common law of Eng­
land and o f this country, that no promise can be enforced at law, unless it
rests upon a consideration. If it do not, it is called a nudum pactum, by
which words are meant a naked bargain, or, as it is sometimes called, in
English words made out o f the Latin, a nude pact; and the promisor, even
if he admits his promise, is under no legal obligation to perform it.
There are two exceptions to this rule. One is when the promise is made
by a sealed instrument, or deed ; (every written instrument which is sealed
is a deed.) Here the law is said to imply a consideration; the meaning o f
which is that it does not require that any consideration should be proved.
The seal itself is said to be a consideration, or to import a consideration.
The second exception relates to negotiable paper; and is an instance in
which the law-merchant has materially qualified the common law. W e
shall speak more fully o f this exception when we treat o f negotiable paper.
The word “ consideration,’’ as it is used in this rule, has a peculiar and
technical meaning. It denotes some substantial cause for the promise.
This cause must be one of two things ; either a benefit to the promisor, or
else an injury or loss to the promisee sustained by him at the instance and
request o f the promisor. Thus, if A promises B to pay him a thousand
dollars in three months, and even promises this in writing, the promise is
worthless in law, if A makes it as a merely voluntary promise, without con­
sideration. But if B, or anybody for him, gives to A to-day a thousand
dollars in goods or money, ami this was the ground and cause o f the pro­
mise, then it is enforceable. A nd if A got nothing for his promise, but B,
at the request of A , gave the same goods or money to C, this would be an
equally good consideration, and the promise would be equally valid in law.
This rule sometimes operates harshly and unjustly, and permits promi­
sors to break their word under circumstances calling strongly for its fulfil­
ment. Courts have been led, peihaps, by this, to moderate the rule,and to
say that the consideration is sufficient if it be a substantial one, although
it be not an adequate one. This is the unquestionable rule now, and it is
sometimes carried very far. In one case an American court refused to in­
quire into the adequacy o f the consideration— or whether it was equal to
the promise made upon it— and said, if there was the smallest spark of
consideration it was enough, if the contract was fairly made with a full un­
derstanding o f all the material facts. Still, there must be some.
W HAT ARE SUFFICIENT CONSIDERATIONS.

The law detests litigation; and therefore considers anything a sufficient
consideration which arrests and suspends or terminates litigation. Thus




The Consideration for an Aareement.

443

the compromise, or forbearance, or reference to arbitration, or any similar
settlement, of a suit, or o f a claim, is a good consideration for a promise
founded upon it. And it is no defence to a suit on this promise, to show
that the claim or suit thus disposed o f would probably have been found to
have no foundation or substance. If the claim or suit be a mere pretence,
or oppression, and have no reality whatever, and there is no rational possi­
bility o f enforcing it, then indeed it is nothing, and any settlement o f it is
also nothing, and a promise founded upon such settlement rests upon no
consideration. But if there be any honest claim, which he who advances
it believes to be well grounded, and which within a rational possibility may
be so, this is enough ; the court will not go on and try the validity o f the
claim or o f the suit in order to test the validity of a promise which rests
upon its settlement; for the very purpose for which it favors this settlement
is the avoidance o f all necessity o f investigating the claim by litigation.
But for reasons o f public policy, no promise can be enforced o f which the
consideration was the discontinuance o f criminal proceedings, or o f any in
which the public are interested.
If any work or service is rendered to one, or for one, and he requested
th^ same, it is a good consideration for a promise o f paym ent; and not only
so, but the law will imply the promise, that is, will suppose that he has
made it. and he may be sued upon it in the same way as if he had made
it, and will not be permitted to deny it. The rule is the same as to goods,
or property o f any kind, delivered to any one at his request.
No person can make another his debtor against that other's will, by a
voluntary offer o f work, or service, or money, or goods. But if that other
accept what is thus offered, and retain the benefit of it, the law will, gener­
ally, imply or presume that it was offered at the request o f that other party,
and will also imply his promise to pay for it, and will enforce the promise;
unless it is apparent, or is shown, that it was offered and received as a mere
g iflA promise is a good consideration for a prom ise; and it is one which
frequently occurs in fact. But it is said that the promises must be mutual;
and sometimes questions of this sort have arisen; if A promises to live
with B two years, for the purpose o f learning a certain trade, but B makes
no express promise to teach, and A leaves at the end o f one year, it has
been said that B cannot recover damages, because there was no considera­
tion for A ’s promise, inasmuch as B made no promise. But we should
rather say in such cases, that, if A performed his promise, he might have
an action against B on his constructive or implied promise to tea ch ; and
that this constructive or implied promise to teach was a sufficient considera­
tion for A ’s promise to stay with B.
So, if A says to B, “ If you will deliver goods to C, I will pay for them,”
although there is no obligation upon B to deliver the goods, and therefore
no mutuality in the contract, yet, if he does deliver them, he furnishes a
consideration for the agreement, and may enforce it against A . There is
also an exception to this requirement o f mutuality in the case o f contracts
between infants and persons o f full age. For though the infant may avoid
his contract, the adult is bound, as we said in speaking o f infants.
An agreement by two or more parties to refer disputes or claims between
them to arbitration, is not binding upon any o f the parties unless all have
entered into it.
This principle, that a promise is a good consideration for a promise, has




444

The Consideration f o r an Agreement.

[Jane,

been sometimes applied to subscription papers; all who sign them being
held on the ground that the promise o f each is a good consideration for the
promises o f the rest. But they are not often promises to each other; be­
ing generally the promises o f all the subscribers to some third party, who
makes no promise. The law on the subject o f these subscription papers,
and o f all voluntary promises o f contribution, is as yet somewhat unsettled,
the cases not being reconcilable. The prevailing rule, w:e think, however, is
this : no such promises are binding, unless something is paid for them, or
unless some party for whose benefit they are made— and this party may be
one or more o f the subscribers— at the request, express or implied, o f the
promisors, and on the faith of the subscriptions, incurs actual expense or
loss, or enters into valid contracts with other parties which will occasion ex­
pense or loss. As the objection to these promises is the want o f considera­
tion, it may perhaps be cured by a seal to each name, or by one seal which
all the parties agree to consider the seal o f each.
It is to be regretted that the law does not regard a merely moral con­
sideration as a sufficient legal consideration; but so it is. Thus, it has been
held in this country, that a note given by a father to a party who had given
needful medicines, food, and shelter to his sick son, who was o f full age,
was void in law, because there was no legal consideration. And the same
doctrine was applied where a son made a similar promise for food and sup­
port to his aged father. If, in either case, the promise had been made be­
fore the food or other articles were supplied, or even a request made before
the supply by the party promising afterwards, then the supply o f the food
and support would have been a good consideration. But they had all been
supplied before any request or promise, and nothing was left but the moral
obligation o f a father to compensate one who had supported his son, or o f
a sou to support his father; and this the law does not deem sufficient to
make even an express promise enforceable at law.
OF ILLEGAL CONSIDERATIONS.

I f the whole o f a consideration, or if any part o f the consideration o f an
entire and indivisible promise, be illegal, the promise founded upon it is
void. Thus, where a note was given in part for the compounding o f pen­
alties and suppressing o f criminal prosecutions, it was held to be wholly
void and uncollectable. And where a part of the consideration o f a note
was spirituous liquors, sold by the payee in violation o f the statute, such
note was held to be wholly void. But if the consideration consists o f
separable parts, and the promise consists o f corresponding separable parts,
which can be apportioned and applied, part to part, then each illegality will
affect only the promise resting on i t ; for in fact there are many considera­
tions and many promises.
If the consideration be entire and wholly legal, and the promise consists
o f separable parts, one legal and the other illegal, the promisee can enforce
that part which is legal.
W h en a law provides a penalty for an act, that act is held to be illegal,
although it is not expressly prohibited.
OF IMPOSSIBLE CONSIDERATIONS.

N o contract or promise can be enforced by him who knew that the per­
formance o f it was wholly im possible; and therefore a consideration which




1863.]

The Consideration f o r an Agreement.

4 45

is obviously and certainly impossible is not sufficient in law to sustain a
promise. But if one makes a promise, he cannot always defend himself
when sued for non-performance by showing that performance was impos­
sible ; for it may be his own fault, or his personal misfortune, that he can­
not perform it. H e had no right to make such a promise, and must re­
spond in dam ages; or if he had a right to make it in the expectation o f
performance, and this has become impossible subsequently— as by loss of
property, for example— this is his misfortune, and no answer to a suit on the
promise. There are, however, obviously, promises or contracts, which, from
their very nature, must be construed as if the promisor had said, “ 1 will
do so and so, if I can.” For example, if A promises to work for B one
year, at $20 a month, and at the end o f six months is wholly disabled by
sickness, he is not liable to an action by B for breach o f his contract; and
there is authority and good reason for saying that he can recover his pay
for the time that he has spent in B’s service. A mere want o f money, o ra
pecuniary impossibility, is not regarded by the law as an impossibility.
O r FAILURE

OF CONSIDERATION.

I f a promise be made upon a consideration which is apparently valuable
and sufficient, but which turns out to be nothing; or if the consideration
was originally good, but becomes wholly valueless before part performance
on either side, there is an end o f the contract, as the promise cannot be en­
forced. And if money were paid on such a consideration, it can be re­
covered back. But only the sum paid can be so recovered, without any in­
crease or addition as compensation for the plaintiff’s loss and disappoint­
ment, if there were no fraud or oppression.
If the failure o f consideration be partial only, leaving a substantial, though
far less valuable, consideration behind, this may still be a sufficient founda­
tion for the promise, if that be entire. The promisor may then be sued on
the prom ise; but he will then be entitled, by deduction, set off, or in some
other proper way, to due allowance or indemnity for whatever loss he may
sustain as to the other parts o f the bargain, or as to the whole transaction,
from the partial failure o f the consideration. Thus, if he promised so much
money for work done in such a way, or as the price o f a thing to be made
and sold to him, if no work is done, or the thing is not made or sold, there
is an end o f the promise, because the consideration has failed. But if the
work was done, but not as it should have been, or the idling made and sold,
but not what it should have been, and the promisor accepted the work or
the thing, he may now show that the consideration for his promise has
partially failed, and may have a proportionate reduction in his promise, or
in the amount he must pay. A nd if the promise be itself separable into
parts, and a distinct part or proportion o f the consideration failed, to which
part some distinct part or proportion o f the promise could be applied, that
part cannot be enforced, although the residue o f the promise may be.
If A agrees with B to work tor him one year, or any stated time, for so
much a month, or so much for the whole time, and, after working a part of
the time, leaves B without good cause, the question arises whether A can
recover anything from B for the service he has rendered; and at this time
the question must be considered as somewhat unsettled at law. It is uni­
versally conceded that he cannot on the contract, because that is entire, and
is broken by A , and therefore A has no claim under i'. And it is the an-




446

The Consideration f o r an Agreement.

[June,

eient and still prevailing rule, that A can recover nothing in any form or
way. It has, however, been held in New Hampshire, that A can still re­
cover whatever his services are worth, B having the right to set off or de­
duct the amount of any damage he may have sustained from A ’s breach o f
the contract. W e think this view just and reasonable, although it has not
been supported by adjudication in other States. If A agrees to sell to B
five hundred barrels o f flour at a certain price, and, after delivering onehalf, refuses to deliver any more, B can certainly return that half, and pay
A nothing. But if B chooses to retain that half, or if he has so disposed
o f or lost it that he cannot return it, he must, generally at least, pay what
it is worth, deducting all that he loses by the breach o f the contract. And
this case we think analogous to that o f a broken contract o f service; but
B ’s liability to pay, even in the case supposed as to goods, has been denied
in New York.
A difficulty sometimes arises where A , at the request of B, undertakes to
do something for B, for which he is to be paid a certain price; and in d o ­
ing it he. departs materially from the directions o f B and from his own un­
dertaking. W hat are now the rights of the parties ? This question arises
most frequently in building-contracts, in which there is perhaps usually
some departure from the original undertaking. The general rules are these.
If B assent to the alteration, it is the same thing as if it were a part o f the
original contract. H e may assent expressly, by word or in writing; or
constructively, by seeing the work, and approving it as it goes on, or being
silent; for silence under such circumstances would generally be equivalent
to an approval. But if the change be one which B had a right, either
from the nature o f the change, or the appearance o f it, or A ’s language re­
specting it, to suppose would add nothing to the cost, then no promise to
pay an increased price would be inferred from either an express or tacit ap­
proval. Generally, as we have seen, if A does or makes what B did not
order or request, B can refuse to accept it, and, if he refuses, will not then
be held to pay for it. But if he accepts it, he must pay for it. This con­
sequence results, however, only from a voluntary acceptance. For if A
choose, without any request from B, to add something to B ’s house, or make
some alteration in it, which being done cannot be undone or taken away
without detriment to the house, B may hold it, and yet not be liable to pay
for i t ; and A has no right to take it away, unless he can do so without in­
flicting any injury whatever on B. This rule would apply whether the ad­
dition or alteration were larger or smaller.
It is sometimes provided in building-contracts that B shall pay for no
alteration or addition, unless previously ordered by him in writing. But if
there be such provision, B would be liable for any alteration or addition he
ordered in any way, or voluntarily accepted.
So it is sometimes agreed that any additions or alterations shall be paid
for at the same rate as the work contracted for. But we think that the law
would imply this agreement if the parties did not make it expressly, although
this point is not well settled.
OF TIIE BIGHTS OF ONE W HO IS A STRANGER TO THE CONSIDERATION.

Formerly it was held that no one who was a stranger to the considera­
tion could enforce a promise resting upon it. But this rule has been con­
siderably relaxed, at least in this country. Thus, if A pays to B a con-




1863 .]

The Consideration f o r an Agreem ent.

447

sideration, and B thereupon promises to pay C a sum o f money, it lias been
held that C may sue B upon this promise, whether the promise were made
to A or to C. So where B gave to the lessee o f certain premises a written
promise to take the lease and pay to A, the lessor, the rent, with the taxes,
according to the terms o f the lease ; and B afterwards entered into posses­
sion o f the premises, and occupied them with the knowledge o f A , it was
held that A might recover rent from B on this promise. So if A , B, and
C give a consideration jointly to D, whereupon D makes a promise to A , or
B, or 0 , or any two o f them, an action can be maintained on the promise
by the party to whom it is given.
OF THE CONSIDERATION ARISING FROM DISCHARGING THE DEBT OF ANOTHER.

If A is compelled to do for B that which B should have done, and was
under an obligation to do himself, A can now demand from B full indem­
nity or compensation ; and, to enable him to enforce this claim, the law will
imply or presume a request from B that A should do this thing, and also a
promise from B to A o f repayment or indemnity, which promise rests upon
the sufficient consideration o f A ’s doing, or undertaking to do, that th in g ;
and the law will not permit the party to deny the request or promise which
it thus presumes. This rule applies to all cases in which a surety or guar­
antor pays or does for his principal that which the principal undertook to
do, and the surety undertook that he would do for the principal if the
principal did not do it. The law considers that this request o f the princi­
pal to the surety, and also this promise o f indemnity, belong necessarily to
such a relation.
But the rule is quite otherwise where A without compulsion does for B
what B was under an obligation to do for himself; as if A voluntarily pays
to C a debt due from B to 0 . Here the law will not presume or imply
both the request and the promise. If, therefore, neither be proved, A can­
not enforce repayment from B ; and the reason is that A cannot, as was
before remarked, make himself the creditor o f B without B ’s assent. And
this reason is more than merely technical, for B may have good ground for
preferring to be the debtor o f C, rather than o f A . But if A can prove
either the request or the promise, the law will conclusively presume the
other. Thus, if A can prove that B requested him to pay his debt to C,
the law will presume B’s promise o f repayment; or if A can prove that B
promised to A a repayment, the law will consider this as an acknowledg­
ment and acceptance o f the payment as a service rendered to him, and will
thereupon presume a previous Request to A. And in either case A can re­
cover from B on this promise.




448

The Stock o f Gold in the United States.

[Ju

THE STOCK OF GOLD IN THE UNITED STATES.
W e insert the following remarks from the California Mercantile Gazette
and Price Current, upon the article in the March number o f this maga­

zine, respecting “ the Stock o f Gold in the United States,” being only de­
sirous o f getting “ at the facts o f the case if they are attainable,” and
wishing, if we have, as stated below, “ bu lled” the gold market by the
facts in our former article, to help the Gazette to “ b ea r” it n o w :

In the March number of Hunt’s Merchants Magazine we find the following
statement, which purports to be an approximation of the amount of precious
metals in the United States in the year 1862 :
On hand in 1821........
Import, 1821 to 1849.
Export, 1821 to 1849
Net import.......................................................................
United States mines 1821 to 1849...............................

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

$31,000,000

$252,241,167
180,452,701
$71,788,856
13,811,206
-----------------------------------------85,599,562
$122,599,562
$523,070,040

On hand 1849..................................................................
United States mines 1849 to 1862...............................
Import, 1849 to 1862........................
$135,325,508
Export, 1849 to 1862.........................
536,984,987
402,659,479
-----------------------

120,410,561

On hand 1862...................................................................................

$243,010,123

W e confess to some surprise at finding such a statement as this in the Merchants’
Magazine, whose statistics have hitherto been accepted as authentic and reliable.
The writer, in his attempt to correct the wild and erroneous figures of H a l l e t
& Co., has evidently gone over to the other extreme. We much regret this, as
tending to impair confidence in other statements contained in that valuable pe­
riodical.
Of the first epoch embraced in the foregoing table (1821 to 1849) we shall
say nothing, except that it corresponds substantially with official records for the
year 1848." Of the second epoch (1849 to 1862) we shall endeavor to show that
some of the figures are very wide of the mark. The product of the mines of
the United States during this period is placed, in the above statement, at
$523,070,040. That this is a most palpable error is shown by the fact that the
sum of $528,145,655, was received at the United States Mint and Branches
from California alone, according to the official report of the Director, under date
of June 30th, 1862. Now it is well known that a very large portion of the
California gold exported from the United States never enters the mint nor any
of its branches. Here then, we perceive at once an enormous omission. The
writer in the magazine not only estimates the whole yield of the mines of the
United States at less than the amount actually received at the mint from Cali­
fornia alone, but overlooks entirely the vast sums exported without government
stamp or die. The clearances from this port direct to foreign countries have
been near $60,000,000, of which at least seven-eighths were in grains and the
bullion of private assayers— never inscribed on the mint records at all. The ex­
ports from Eastern cities partake largely of the same character. Gold received
from this coast, a large portion of it goes into banks or private vaults until
wanted for export, and is then sent off in the same shape to foreign countries.
The statement of imports and exports in the magazine agrees substantially




1863.]

The Stock o f Gold in the United Stales.

449

with tables in the finance report for the fiscal year ending Juno 30, 1861, and
does not come down to 1862, though professing to do so. The figures for the
fiscal year ending June 30,1862, are not fully at our disposal; but the following
estimates cannot be far out of the way : Exports, $40,000,000 ; imports,
$12,000,000. This will give the totals from 1849 to 1862, inclusive, in round
numbers: Exports, $578,000,000; imports, $147,300,000. Of these imports a
very large portion was deposited in the mint. Official reports for the years
1861 and 1862 alone, show the deposits of foreign coin and bullion in that insti­
tution to have been over $47,000,000. But without stopping to hunt up the
figures for preceding years, we will suppose that of the $147,300,000 imported,
$100,000,000 was sent away again, and included in the aggregate of specie
clearances. This will leave a balance of treasure exports during the epoch un­
der consideration (1849 to 1862) amounting to $478,000.000—entirely, it may
be supposed, of home production.
Now the question arises, what portion of this amount passed through the mint
or its branches, including, of course, the New York Assay-office, whose opera­
tions are embraced in mint reports. We have conversed with some of our most
intelligent bankers, who have given the subject attention while on visits at the
East, and they assure us that the great bulk goes forward to Europe in the very
shape received, and that an allowance of one-third would probably cover the
entire amount refined or coined by the mint. If this proportion is not correct,
our cotemporary of the magazine, who has access to records beyond our reach,
can, perhaps, give us the true figures, and we will thank him to do so. Our ob­
ject is simply to arrive at the facts. How much of this treasure exported was
in domestic bullion not entered at the mint or assay-office ? This is the ques­
tion, and when answered, the amount, whatever it may bo, added to the receipts
at mint, will give a near approximation to our home production of the precious
metals.
With these data before us wre proceed to construct a statement which will not
be found to differ materially in its results from the one presented in our review
of 20th ultimo, though in different shape, and brought down a year later.
Assuming the amount of coin and bullion on hand, June 30, 1848,
to have been, in round numbers......................................................
Amount deposited in mint and branches from that period to June
30, 1862, from all domestic sources, as per mint report...............
Amount received from domestic sources for export during same
period, and not passed through mint, estimated...........................
Foreign im ports.....................................................................................

$122,600,000'
641,500,000
250,000,000
147,300,000

T o ta l................................................................................................
Exports during the same period.......................................... .............

$1,061,400,000
57 8,000,000

Amount on hand, January 30, 1862....................................................

$483,400,000

Total domestic product of precious metals from June 30, 1848, to June 30,
1862, $791,500,000, or an average of about $57,000,000 per annum.
We cannot, of course, pretend to strict accuracy in these figures, but commend
them to our brother of the magazine, as possibly a few hundred millions uearer
the truth than his own. Erroneous statements emanating from so high a source
are adapted to mislead and tend to elevate the market value of gold above its
proper measure, and to depress in a corresponding degree the value of govern­
ment paper. It is well known that we have no afi'ection for paper money, whether
issued by government or by local banks, and gold is the great product and
interest of the Pacific coast; but we desire nothing but fair play—no bulling or
bearing, of which the article in the magazine savors, and which is surely out of
place in the compilation of statistics for the public guidance. We would be
glad to get at the facts in this case if they are attainable.
VOL. X t V l I I .---- NO. V I.




29

450

The S tock o f Gold in the United States.

[June

It will be seen that, the Gazette supposes our figures are much too lowin two particulars. As, however, the object with all o f us is as stated,
simply to get at the facts, let us look a moment at the Gazette's strictures
and see whether the conclusions we reached should be altered.
1. First, we must ask the Gazette to remember we were not in our article
trying to determine the quantity o f gold that had been produced in the
country ; we endeavored simply to show the amount now in it. W h at
pertinency, then, has that portion o f the above remarks telling us o f the
millions that have been “ exported direct to foreign countries” without
going through the mint ? Suppose we should admit that $250,000,000
had been “ received from domestic sources and exported,” how would that
affect our table, or the conclusions we reached ? If it has been exported
it is clearly not here. May we then ask the Gazette by what course o f
reasoning it reaches the conclusion that the item o f $250,000,000, stated
to be “ received from domestic sources for export from June 30, 1848 to
January 30, 1862, is a part o f the “ amount on h an d” (in the United
States) January 30 1862?
2. The Gazette also questions the correctness o f some of the figures we
give. Thus it says, we profess to “ com e down to 1862,” when we only
com e down to June 30, 1861.
Inasmuch as July 1, 1861, commences
the fiscal year, 1862, we certainly com e as near to 1862 as we could well
get. Again, it says that in giving the products o f the United States at
$523,010,040, we make “ a palpable error, as is shown by the fact that
the sum o f $528,145,665 was received from California alone.” W e will
believe that this remark is only an inadvertence o f the Gazette, and yet
it seems as if it ought to have seen and read the figures we gave, inas­
much as it copied them, and to have understood that they are only brought
down to June 30, 1861, or “ t o ” the year 1862, (Financial Report, page
90,) while those o f the Gazette are “ fo r ” the year ending June 30,1862,
(that is, “ t o ” 1863,) a year later, and erroneous at that by one year’ s
California deposits, amounting to $26,854,667.
Certainly the Gazette
must have read our article very carelessly, if at all, and we are inclined
to think it has seen only certain newspaper extracts from it. A journal
so almost invariably correct could not otherwise have fallen into the errors
we have referred to.
There are no other points in the Gazette's article which it is necessary
to notice, except it may be the question as to how much treasure is ex­
ported in grains or domestic bullion and not entered at the Assay Office.
To that question we would answer, that there is none exported in that
shape. As to our article, we would simply add that the figures we gave
were official returns, making no estimates o f coin known to be carried
away by passengers or brought in by immigrants, or the quantities sent
into Canada.




1863.]

A nnual M eeting o f the Chamber o f Commerce.

451

ANNUAL MEETING OF THE CHAMBER OF COMMERCE OF TnE STATE OF
N EW YORK.
(

o f f i c i a l

r e p o r t

.)

The annual meeting of the Chamber o f Commerce for election o f offi­
cers was held Thursday, May 7, 1863.
Mr. P e l a t i a h P e r i t , President, on taking the chair, addressed the
Chamber as follow s:
G e n t l e m e n : In proceeding to the election of officers, for which we
are convened to day, our first act will be, the choice of a president; and
as I am not a candidate for re-election, when your ballots are cast, I shall
retire from office. This is, therefore, the only opportunity which I shall
have of addressing you from this place, and 1 avail of it to make my
warm acknowledgments for the kind support which you have given
me in the administration of the duties of the office, which has rendered
pleasant and easy what would otherwise have been onerous and difficult;
and I beg leave on this occasion to call your attention to the desirable­
ness not only of sustaining this institution, but maintaining it with vigor
and spirit. It is an organization always ready to act on important ques­
tions affecting the public interest, that from time to time come before it.
It can at all times act with promptitude, and its proceedings have been
always regarded with respect by the general and State governments and
by the public at large. Within a few months we have had an expression
of warm acknowledgment from the executive government o f the United
States, for our proceedings in connection with national affairs.
Within the last few years the attendance of the members constituting
the Chamber has much improved, and they have evinced a more lively
interest in its affairs than in previous years. This I impute partly to th e .
opening of these rooms, the establishment of a library in connection with
the institution, and the appointment o f a stated secretary, who gives his
daily attention to its affairs. But more, perhaps, is to be attributed to
the exciting events continually coming up before us, in consequence o f
the tremendous war under which the country is laboring.
Fears have been expressed by some of our members that we are going
too much into politics; but these, I think, have been groundless appre­
hensions, and you will look in vain for any record on the minutes of our
transactions not fully authorized by the principles of true patriotism. I
trust the Chamber will always feel that it can properly act thus on all the
important subjects of a national character that may come before it. In
the early part of the history o f the Chamber we find that it was their habit
so to act. Our charter dates back to 1768. Prior to the revolutionary
war this Chamber remonstrated against what was considered the unright­
eous taxation imposed upon this country by the British government; and
from that time to this, through successive periods, national matters have
always been taken up, and acted on as coming within our appropriate
province.




452

Annual Meeting o f the Chamber o f Commerce.

[Ju

A m ong other motives prompting to the maintenance o f this institution,
maj’ be mentioned its connection with that noble charity, “ The Sailors’
Snug H arbor.” Y ou know the history and character o f that institution,
founded by Captain R i c h a r d R a n d a l l . Four hundred and fifty super­
annuated sailors are there fed and clothed, and in everything affecting
their temporal and spiritual welfare provided for. They are treated with
every care and kindness. The property o f this institution, if an inventory
were made, would amount to $2,000,000. The annual incom e, chiefly
from ground rents in the Fifteenth W a rd o f this city, is about 875,000,
and as sailors do not generally live to an advanced age, the number o f
the superannuated is not so great but that there is reason to hope that for
a long period to com e the institution will be able to receive all who are
worthy applicants. The president o f this Chamber is ex officio member
and one o f the seven trustees, and it has been the habit o f the directors
to make him, also, chairman o f the executive com m ittee, upon which de­
volves a large share o f the duties.
Another motive for keeping up this institution is founded in the fact,
that it is a sort o f continuous or connecting link between the present race
o f merchants and those o f the past, and the races who are to follow. Our
records contain a pretty well connected history o f all the important mer­
cantile changes that have taken place for the last hundred years, found in
the resolutions and memorials which have been adopted in that long inter­
val o f time.
In the course o f more than fifty years o f commercial life in New Y ork,
I have acted with three races or generations o f merchants. First, with
those men who were on the stage at the com mencement o f the present
century, among whom were men who should always be mentioned with
respect, men o f great moral worth, whose influence was very great in
forming the commercial character o f New Y ork. I need hardly mention
the names, they are familiar to you all— A r c h i b a l d G r a c i e , W i l l i a m
Bayard, H
n e ze r

erman

L

Steven s, R

eroy,

obert

B

e n ja m in

L

enox,

J

M

in t u r n ,

ohn

J ohn. J acob

M urray,

M

A

atthew

stor,

C

E be-

larkson,

and I might add many others. Men who in that day held a prominence
which at the present time is not accorded to those o f the same position.
There was some remnant o f aristocracy at that time, which has since be­
com e obliterated. I remember well the profound respect which the ju n ior
merchants o f those days paid to these eminent men, and how scrupulously
they bowed to them, whenever in their offices or on business they ap­
peared before them.
The second race with whom I acted were my own cotemporaries— men
o f intelligence and great moral worth— and they, too, have nearly all dis­
appeared from the stage.
The third race are my juniors, and who are now the active members o f
the mercantile profession in New Y ork, and I owe to them, in a great
measure, the fact that in advanced years I have not yet fully formed all
the habits o f an old man. I have alluded to these names, and to the suc­
cession o f merchants who have appeared on the stage, partly with a view
to present to your minds the high character o f the merchants o f N ew
Y ork, whether we regard their enterprise, intelligence, public spirit, philanthrophy, or the other qualities which adorn the human character. O f
their enterprise you have evidence in the crow ded shipyards and wharves
o f our city, and in the countless sails which whiten every ocean, even




1863.]

A nnual M eeting o f the Chamber o f Commerce.

453

in the midst o f this tremendous war. O f their public spirit you have
evidence in their frequent movements to support the governm ent, and to
promote other important public objects. O f their philanthropy you have
numerous instances at home and abroad, where extreme misery has been
relieved by their liberal contributions, when suffering has arisen from
famine , pestilence, or shipwreck. Y ou will find further evidence o f this in
the numerous colleges and institutions o f learning, and in the churches
erected every where throughout the length and breadth o f the land,
through their liberal gifts. I deem it an honor to belong to such a body
o f men ; and now, gentlemen, in retiring from office, I can only express
m y earnest wishes that this institution may ever prosper, and that indi­
vidually, all o f you may long enjoy the riehest blessings o f Providence.

Mr. P eru then stated that it was in order to ballot for officers for the
ensuing rear.
The Chamber then went into an election for a president.
Mr. A. A. L o w having received the unanimous vote o f the members
present, was declared duly elected.
On, motion a committee o f three was appointed to wait upon the newly
elected president and inform him o f his election, and conduct him to the
chair.
Mr. L o w was then introduced, and the oath o f office was administered
in accordance with the prescribed form by the retiring president After
which Mr. L o w addressed the Chamber as follow s:
G e n t l e m e n o r t h e C h a m b e r : I have just now listened to the parting
words o f the venerable man— if I may be permitted so to speak— who
has for so many years filled the office o f president o f this Cham ber, and
for seven years has been called to that offiee by your unanimous v o ice ;
who now obeys a law stronger than your voice, and seeks retirement,
which advancing years render most necessary. It has been justly obser­
ved while I have stood in this presence, by one o f your oldest members,
that no man has left this chair and sought an honorable retirement, fol­
low ed m ore earnestly by the good wishes and profound respect, and even
the gratitude o f the members o f this Chamber, than P e l a t i a h P e r i t .
In contemplating a successor to the gentleman, I will frankly say,
that till very recently my thoughts have been turned to the late vicepresident, R o y a l P h e l p s , whose resignation, accepted in m y absence from
this Chamber, I have felt was an action to regret; for his interest was
always active; he was alive to the proceedings o f this Cham ber; he had
served our city but recently with great industry and zeal in the State
Legislature, and I felt so earnestly that the honor o f this appointment
would have devolved upon him, that I may be permitted, in passing, to
express my regret that you have been called upon, in obedienee to a law
o f com ity, to bring another to the office.
In assuming the duties o f this office, for the preference, for the choice,
which you have freely, and I hope unanimously made on this occasion,
for this mark o f your confidence permit me to return you my thanks.
T o the oath o f fidelity, wffiich I have just taken, to serve the interests o f
the Chamber o f Commerce according to the limited ability with which
G od has invested in me, I need add no other pledge. For the honor you
have conferred upon me I will strive— if I cannot hope— to return accep­




454

A nnual M eeting o f the Chamber o f Commerce.

[June,

table service. The late president o f the Chamber has indicated in what
ways this Chamber may be useful to the community ; how it can continue
to maintain the important place it has occupied in the affections and in­
terests o f its members. I f you would interpret m y feelings as I enter
upon this charge, I have simply to refer you, as he has already done, to
the long list o f eminent men who in times past have occupied this chair.
Y ou will bear in mind that this Chamber dates back its existence to a
period prior to the revolution ; and, it is a little singular, if you will con ­
sult the annals o f the Chamber, to notice that it found its existence at
that particular period when the people o f this country so unanimously
proclaimed against taxation without representation. It is curious to con ­
sider these incidents in the history o f the Chamber, and think how re­
cently we have resolved, in obedience to the same law o f representa­
tion, to acknowledge upon every document, upon every note, upon
every parchment, the “ tribute to whom tribute is due.” In obedience
to the recognized law of the land we met that obligation, as all others,
with cheerfulness and with promptitude, for we hold that the interests o f
com m erce and the interests o f government are closely identified. W e
uphold the governm ent in order that the institutes o f com m erce may be
sustained. The two live together, and, when the rebels wage war upon
the government and the country, they wage war upon all the^interests o f
com m erce. The spirit o f com m erce dictates, as the voice o f this cham­
ber has heretofore dictated, free trade. Free trade I would say under
certain limitations, for I do not agree with all the advocates o f free trade.
I believe in free trade, however, within the borders o f our com m on coun ­
try— from Maine to G eorgia; from the Atlantic to the P a c ific ; and, when
barriers are erected against that trad e; when guns are mounted upon
the banks o f our rivers; when free course from their sources to their
mouths is. interrupted, the spirit o f commerce dictates that these bar­
riers shall be removed. Com merce and good government alike demand
that the voice o f the rebellion shall be hushed ; for commerce, you must
know and feel, is dependant upon the free exercise o f governmental laws.
Com m erce— the spirit o f com m erce— most naturally acts in an important
juncture like this, and, when the voice o f the people is divided in regard
to exciting issues, it is not strange that the course o f this Chamber should
be watched with interest and with jealousy, to see that it has a single
aim, and that aim is the upholding o f all the great interests o f the coun­
try. It would be impossible to separate the parts which have been taken
by the merchants, the agriculturists, the manufacturers, and the scien­
tific men o f our land in building up this great country ; but, standing
here in the midst of the monuments o f its own creation, it must be ac­
corded to the spirit o f com m erce that it has built up, as it has combined
all these other instrumentalities; that it has built up this great com m er­
cial emporium, at once the heart o f the country and the type o f its fu­
ture destiny. I would ask you to ponder what has been said by the re­
cent incumbent o f this chair, in regard to the method o f sustaining, as it
ought to be sustained, this Chamber, representing the great interests o f
commerce. Something indeed depends upon the presiding officer, but
much, very much, depends upon individual members. I know full well
that the course o f the presiding officer o f this Chamber has been criti­
cised, because, in the appointment o f committees, he has selected, again
and again, the same individuals to consider and report upon questions




1863.]

A nnual M eeting o f the Chamber o f Commerce.

455

which have been under consideration here. W eil, it is natural, it is no
m ore than natural, that the president, who seeks committees to attend to
the affairs o f this Chamber, shall select them from the men who frequent this
Chamber. There is no law but that w hich binds a man to any other duty,
which can bring him here after he has once entered upon membership.
Y ou require your president to take an oath o f fidelity ; no such oath is re­
quired from you, and yet it depends upon you more than upon him— upon
the committees selected to supervise and consider subjects brought before
you— whether this Chamber shall represent, as it ought to represent, the
high character o f this great com m ercial com m u n ity; and while it only
nominally stands here to give organized expression to the thoughts and
feelings and spirit o f this community, it remains an imperfect and un­
faithful organization. It depends upon you, gentlemen, as well as upon
me, what stand this Chamber shall take in the future in regatd to the
grow th o f this city, the high honor o f this city, and the growth and
character o f the whole State; for you will remember that the title o f this
Chamber is “ The Chamber o f Commerce o f the State o f New Y ork."
Therefore it devolves upon you to maintain alike the commercial character
o f the city, the commercial character o f the State, and, as Americans, the
commercial character o f the country.
Hence, when the affairs o f the
city are under consideration, you will have one regard for them ; when
the affairs o f the State are under consideration, you will have one regard
for them ; and when the affairs of the country are under consideration,
your interests, your affections, and your pride will be enlisted for the honor
and welfare o f our country.
N ow , with such a purpose, this Chamber cannot withhold, occasionally,
its expression o f encouragement, its support, recommendations, and sug­
gestions to those who fill offices o f trust and power— who preside over
the destinies o f the state and the destinies o f our country.
The connection between com m erce and law is too intimate to require
mention before you. Com m erce depends upon the enactment o f just
laws— liberal laws— such as will prom ote and not retard its growth ; and
it will fall upon you to advocate at all times the enactment o f such laws
as will tend to extend and enlarge the relations o f com m erce.
How,
then, can this Chamber be indifferent to the maintenance o f the govern­
ment o f our country ? I know that in the South the charge is brought
— and we admit it to be brought as a reproach against the North— that
we are a nation o f traders, and therefore inferior to the men o f the South.
But there is no relation of com m erce, in its higher or its lower manifes­
tations, in which it may not contribute to the welfare and profit o f man :
it may be small, or it may be large, but, every-where, it seeks out the wants
o f a community and it supplies them.
It brings the toiling millions o f
Europe to cultivate our agricultural fields; it brings science and litera­
ture and art and learning from other lands to our own, and it reciprocates
these gifts from abroad. Such is the office o f commerce. There is one
kind o f traffic, however, from which the North has turned with loathing
and disgust, and that is the traffic that is peculiar to the South. I
hold that it is with a very bad grace that the men o f the South turn upon
the men o f the North and claim superiority, while they make that odious
traffic the corner-stone o f their government. For myself, I may be per­
mitted to say that I glory in the grand and boundless developments o f
com m erce and its continually enlarging opportunities; in its High aims




456

A nnual M eeting o f the Chamber o f Commerce.

[June,

and expanding tendencies, as it acts upon men and upon communities.
Y et, while this reproach is attempted to be cast upon us by those o f the
South, the men o f the North will not give back hate for hate; but we
will give them our love, and pray that the time may soon com e when or­
der will be restored, and when this whole people will recognize the laws
and government o f the land, and when, in obedience to the laws o f com ­
merce, we may carry again to the hungry communities o f the South the
bread and the wdieat and those things which we raise, that they may not
want for anything which would be conducive to their comfort or to their
improvement, and that we may take from them those things which are
necessary for us— always giving a quid pro quo.
These are feelings in
which I am sure you agree with me, and I think it not improper to ex­
press them here. I hope and pray that the day will com e when we may
enjoy together all the institutions o f com m erce— when we may give to
them those things which they need, and take from them those things
which we need. But that day, unhappily does not seem to be near. W e
can only pray for its com ing.
A nd now, gentlemen, I thank you that you have listened to me with
such attention in these remarks, which I did not expect to be called upon
to make to-day. I f I could have followed my own inclinations, I would
have absented myself from this room ; but, as the constitution o f this
Chamber required that I should take my oath o f office in the presence o f
the gentlemen who has recently left this chair, and. is called away from
the city and cannot find it convenient to return, I have ventured, without
preparation, to make these few remarks.
For them, as for my future
acts, I claim, with much confidence, your indulgence, because I have
never found it wanting during my connection with this Chamber.
The election was then proceeded with for the remaining officers.

The

follow ing are the results:
Mr. W illiam E. D odge was elected First V ice-P resident; Mr. Jonathan
Sturges was elected Second Vice-President; Mr. Edward C. Bogert was
re-elected Treasurer; Mr. John Austin Stevens, Jr., was re-elected Secre­
tary ; Mr. Robert B. Minturn was re-elected Chairman o f the Arbitration
C om m ittee; Mr. George W . Lane was elected a member o f the A rbitra­
tion Committee for one year, from February 2d, to fill the vacancy caused
by the expiration o f the term o f Mr. Jonathan Sturges.
The follow ing were elected the Executive Committee, o f which the
President, First and Second Vice-Presidents, and Secretary are ex-officio
m em bers: Charles H. Marshall, Chairman, Simeon B. Chittenden, D en­
ning Duer, James Gallatin, Sheppard Gandy, W alter S. Griffith, Nathan­
iel L. M cCready, James D . P. Ogden, Henry A . Smythe, Benjamin R .
W inthrop.
Messrs. Abraham M. Cozzens, Merritt Trimble, and John D. M cKenzie
were elected Trustees o f the Institution for the Savings o f M erchants’
Clerks for the term o f three years.
Messrs. Charles A . Davis, Chairman, W illiam Barton, Henry K . B o ­
gert, Charles H. Marshall, John K . Myers were elected a Com mittee on
Mercantile Library for the term o f one year.




1863.]

A nnual Meeting o f the Chamber o f Commerce.

457

Mr. Charles II. Marshall after a few appropriate remarks presented the
follow ing preamble and resolutions, which were adopted unanimously :

Whereas, This Chamber has learned with sincere regret that its vener­
able president, P e l a t i a h P e r i t , Esq., has declined a re-election to the
position which he has filled during the past ten years, and to which he
has been called at so many successive annual elections by the unanimous
voice o f this body. Therefore, be it—
Resolved, That our thanks are due and are hereby cordially tendered
to Mr. P erit for his unwavering interest in the affairs o f this Chamber,
to whose usefulness and efficiency he has so largely contributed, and es­
pecially for his continuance for so long a time, and at the sacrifice o f so
much personal convenience, in the presidency, aud for the invariable
dignity, courtesy, and impartiality with which he has discharged its
duties.
Resolved, That in thus terminating our official connection with one
whose career as a New Y ork merchant extends through the last half cen­
tury, and is identified with all the vieisitudes o f disaster and success which
have marked that eventful period o f our country’s history, it is a pleas­
ing duty to record our testimony to the integrity, constancy, and fidelity
to duty, public and private, by which that career has been signalized, and
which have been known and read o f all men. In thus commem orating
these high traits o f character, and in com m ending them to the imitation
o f all engaged in the pursuits o f com m erce, we do honor not only to
their possessor, but also to those free institutions under which they were
developed, and in whose preservation, from foreign enemies and from
domestic treason and rebellion, his warmest and most patriotic sympathies
have ever been enlisted.
Resolved, That our best wishes for his health and continued prosperity
will follow our late president into his retirement, accompanied with the
hope that he may be permitted to prosecute to a satisfactory end the task
which he has undertaken, and for which his varied experience and sound
judgm ent so eminently qualify him — of writing the history of the C om ­
merce o f the United States.

Resolved, That a copy o f these resolutions, suitably engrossed, under
the seal o f the Chamber, and duly attested, be transmitted by the Sec­
retary to Mr. P e r i t .
The Chamber then adjourned.




458

France.

[June,

FRANCE.
“ SITUATION E CO N O M ISE ET C0M IERCIA1E DE IA FRANCE.”
T he French Ministry of Commerce has just issued a statistical abstract
for France, with the above title, for the period o f fifteen years from 1847
to 1861, inclusive. Heretofore every ten years a volume has been issued,
entitled ‘‘ Tableau Decennal du Commerce de la France,” etc., the last of
which was for the years from 1847 to 1850 ; so that the additional returns
we now receive are only for the five years from 1857 to 1861, both years
inclusive. In the last “ Tableau Decennal” the effect of the revolution of
1848 upon the trade of the country could be traced, extending through
six years, as will be seen by the following table of importations:
im p o r t s

from

1847 ............................francs
1848 .....................................
1849 .....................................
1850 .....................................
1851 .....................................
1852 .....................................

1847

to

1852.

General commerce.

Special commerce.

1,290,300,000
708,300,000
1,021,300,000
1,119,800,000
1,093,800,000
1,392,000,000

955,900,000
474,300,000
724,100,000
790,700,000
765,100,000
989,400,000

The customs received during the same period were as follows:
cu stom s

1847 ........... francs
1848 .......................
1849 .......................

from

1847

to

1852.

201,100,440 1850
francs
147,707,920 li-51.......................
162,830,280 1852.......................

154,030,209
147,830,616
175,237,146

Since the disturbing effects of the revolution have passed away, the
progress of France has been decided, except during the commercial panic
of 1857, as is abundantly shown on an examination of this ne.v statisti­
cal abstract. W e are indebted to the London Economist for the figures,
and in a great measure for the review we give, not having seen the vol­
ume which is just published.
COMMERCE.

The quinquennial averages of imports and exports from 1847 to 1831
have bean as follows:
— Imports.---------------------,
For home
consumption.

Periods.

Total.

1847--51 .
1852--56.
1857--61.

£41,000,000
78,000,000
103,000,000

£29,000,000
56,000,000
75,000,000

,-------------------- Exports.Total.

French produce.

£49,000,000
84,000,000
112,000,000

£36,000,000
61,000,000
81,000,000

These figures are exclusive o f bullion and specie, which amounted in
. the same periods to :




1863.]

459

France.

Periods.
1847-51 .....................................
1852-56 .....................................
1857-61 .....................................

Average imports.
£10,000,000
19,000,000
27,000,000

Average exports.
£3,500,000
14,000,000
19,000,000

The large increase of trade in the last period was partly owing to the
operation of the commercial treaties with England and Belgium during
1860 and 1861; but, making allowance for the trade under these treaties,
the commerce of France steadily increased under the old regime up to
1860.
The proportion of the imports taken for home consumption did not
vary much within the period, ranging from 70 to 72 per cent of the total
imports. The exports of domestic produce likewise formed about 72 per
cent of the total exports throughout the period.
Imports and Exports.— The following table shows the chief countries
with which France traded in 1847,1859, and 1861. The column for 1859
is introduced to show the extent of trade in the year preceding the con­
clusion of the commercial treaties with England and Belgium. The
amounts are given in millions sterling:
VALUE OF IMPORTS.

Principal countries.
From United Kingdom
Russia........................
Z ollverein ...............
B e lg iu m ..................
Switzerland.............
Spain........................
Italy .........................
Turkey......................
United States.........
French colonies . . .
Total.....................

«------- Total imports.------- ,
1847.
185.9.
1861.
£22!
£16!
4
H
8f
2f
H i
11
8
6
8
4
10|
2
3
8
si
6f
4f
3f
H
15f
5i
8f
si
H
n
94

51

*—Entered for consumption.—»
1847.
1859.
1861.
£2f
£17!
£11
4
2!
6!
2
4!
6f
4!
8-rV
1
2
2!
i!
2!
2f
7
4!
H
4!
2^
H
8
14!
4!
H
H
H

123

38

65!

97!

VALUE OF EXPORTS.

,------Total exports.------ v
1847.
18j9.
1891.
£24
£31
To United Kingdom......... £ 6 !
A
Russia.........................
2i
H
Zollverein.................. . .
2!
7
2!
64
n
10!
ii
Switzerland............... ...
3*
8
Spain..........................
10
3f
I t a l y ............................ . .
11!
A
T u rk e v ...................... .
2!
H
United States............. ■•
7!
4!
iH
French colonies.......... . .
5!
9!
9|
T o t a l.........................

42

122!

106!

------- French produce.------»

1847.

1859.

£4!
3
5
If
2

£23!

£18!

i!

H
6!
6!
Si
Si

Sf
6f

H

H

2
2!
i

4

n-

4!

12!
9!

28f

90!

H

1861.

H
H
3!
8f
77

On examining the figures in this table, it will be seen that a consider-




4G0

France.

[June,

able change has taken place in the relative positions o f several countries
as sources of supply. Thus, in 1847 Belgium stood first on the list, fol­
lowed by Italy and the United States. In 1859 and 1861 the United
Kingdom occupied the first position, and the United States the second,
(except in the case of imports for 1859,) both as regards general imports
and entries for consumption. The United Kingdom also affords to France
the largest market for the disposal o f French produce, taking about onefourth of the total exports, and the United States comes next.
W ith the exception of grain, the importations of which varied with
seasons of good and bad harvests, the value of other articles maintained a
nearly similar proportion during each of the fifteen years. Up to the
year 1860 the imports consisted chiefly o f raw materials and produce,
manufactures o f most kinds being either virtually or entirely prohibited.
The value of raw silk imported in 1859 was £8,500,000; of raw cotton,
£6,000,000; and of raw wool, £5,000,000; these three articles are the
most important in the list of imports.
The line of commercial policy pursued b}7 the French Government best
appears in the tariff changes made in past years. Between 1816 and
1859 the principal reductions of duty were made on colonial produce,
skins, dyestuffs, chemicals, and raw products. The only exceptions, so far
as British produce was concerned, were the reduction of the linen duties
in 1836, which were raised again in 1845, and the reduction of the duties
in 1855 on pig and bar iron, steel, coal, and machinery. The duties on
the last named articles, however, although reduced, were in many cases
prohibitive, and were of no benefit to English producers. It is easy to
perceive that all the changes were made solely in favor o f the French
manufacturer, and were'intended either to give him increased facilities
of production, or to prevent foreign articles from coming into close com­
petition with his own in the French markets, and thus to secure to him
a large margin for profits. The necessity of legislating for the consumer
was not then understood.
As the protective character o f the French tariff before the treaty with
Great Britain was concluded is not generally known, it may be as well to
state that by it the yarns of Manchester and Leeds— the textile fabrics of
Manchester, Glasgow, Leeds, Huddersfield, Bradford, Leicester, and Coven­
try— the stoneware o f Staffordshire, London, and Newcastle— the glass­
ware of Birmingham, Newcastle, and London— the hardware of Birming­
ham and Wolverhampton— the cutlery of Sheffield and many other large
branches of our trade, were entirely excluded from the French markets.
These articles were not only prohibited from England but from all other
countries, and consequently the French manufacturers had the monopoly
of supplying French consumers on their own terms. Happily the bar­
rier of protection has been broken, and the large importations o f cheap
goods shows how glad the French consumer is to be relieved from the
thraldom of the French producers.
The following are the principal articles of French produce exported
from France in 1860 :
Silk manufactures. . . . '£18,000,000 Ready-made linen. . . .
W oolen manufactures.
9,000,000 Tanned leather...........
W i n e ..........................
8,750,000 Leather manufactures.
G ra in ...........................
4,750,000 Smallwares...................




£4.000,000
1.750.000
3.500.000
3.750.000

1S6 3.]

461

France.

The value of silk manufactures forms about one-fifth o f the total ex­
ports of French produce, and the silk industry in France occupies a cor­
responding position in that country to that o f the cotton industry in
England. W oolen manufactures and wine are the next in importance.
The export of grain is very variable. The increase in the value o f wine
exported in the year 1860, as compared with the exports in 1847, was
very large, being eight and three-fourth millions sterling against two
millions.
Customs Duties.— The revenue received from customs duties in 1847,
1859, and 1861, was as follows :
1847 ....................................................
1859
1861 ....................................................

On imports.

On exports.

£5,459,000
7,579,000
5,069,000

£81,000
168,800
64,500

The articles which produced the largest proportion o f duty in 1859
were sugar, coffee, raw cotton, and coal. The falling off in 1861 was
partly due to the depression o f trade during that year.
P ort Trade.— The amount o f trade at each of the principal ports in
1861 was as under :
Per cent.
Per cent.
At Marseilles...............
16
A t Dunkirk . .
4
12
R ou en .........
H avre........................
H
12
N antes......................
Other ports.
34^
11
Paris..........................
Total.
B ordeaux..................
8
100
Transit Trade.— The transit trade
tween 1847 and 1860. In 1861 thei

is a decline caused by the fall­
ing off o f the Swiss goods sent in transit to the United States. The value
o f merchandise exported from France in transit in each o f the three years
w as:

1847 ....................................................................
1860 .............................................................................
1861 ....................................................................

£7,000,000
24,000,000
19,000,000

Temporary Importations.— Besides the general imports, certain articles
are admitted duty free for the purpose of being manufactured and expor­
ted. The value o f these imports in 1861 amounted to 2,000,000 sterling,
and the value of goods manufactured from materials imported tempo­
rarily duty free was £5,500,000.
N AVIGATION .

The following table gives the total mercantile tonnage belonging to
France on the 31st December in each year from 1827 to 1861, which
amounted—
In 1827 to .........tons
1830......................
1840......................
1847......................
1857......................

692,000
689,000
662,000
670,000
' 1,052,000 I

Thus it appears that during the




1858 t o .........tons
1859
...............
1860
..............
1861
...............

1,049,000
1,025,000
996,000
983,000

twenty years the amount of ton-

France.

462

[June,

nage belonging to the country remained stationary; that between 1847
and 1857 it increased by 57 per cent in the ten years, and that since that
date it has gradually declined, on the average by about two per cent per
annum. It is not improbable that the temporary progress made between
1847 and 1857 was in great part owing to the demand for transports dur­
ing the Crimean war.
As far as the shipbuilding interest is concerned, it is evident, then, that
it has not gained any advantage from the French Navigation Laws, and
as regards the employment of French tonnage, it will be seen that the pro­
tection afforded to French shipping has failed to secure to it as large a
share in the carrying trade of the country, as is enjoyed by national ves­
sels in other countries which admit free competition in trade and shipping.
But there is another important point which we must not omit to notice ;
it is seen by reference to the figures above quoted that the present sys­
tem is leading to a decrease in the amount of merchant shipping belong­
ing to France, while, on the other hand, the trade of the country is rapidly
increasing. What, may we ask, will be theresultof this? It must natu­
rally follow, so long at least as the French merchant or manufacturer is
forced by the present differential rates to employ French tonnage, that
freights must rise, and the general trade of the country will suffer for the
benefit of a small class of the population, viz., the shipowners. But this
state of things cannot last, as the French merchants will not consent to
remain restricted to a limited supply of shipping at high rates, when their
foreign competitors enjoy the privilege of employing the shipping of any
nation that will carry their goods at low freights. Let us hope that the
labors of the Commission which sat in Paris last year, for the purpose of
considering the effect of the present navigation laws on French shipping,
may not have been in vain, and we are anxiously awaiting the appearance
of their report.
TONNAGE

BELONGING TO TRANCE,

Sailing and steam vessels.

Of 800 tons and above......................
700-800.........................................
600-700.........................................
500-600.........................................
.400-500.........................................
300-400.........................................
200-300.........................................

100-200......................................
60-100.........................................
3 0 - 60.........................................
30 tons and under......................
Total................................................

DECEMBER ,
Vessels.

1861.
Tons.

31
31
48
118
243
294
654
1,364
1,640
1,551
9,091

36,006
22,835
31,094
64,328
10S,624
103,408
158,288
193,152
125,695
66,008
74,558

15,065

983,996

Small fishing boats employed on the coast are not included in the above
return.
Steam Tonnage.— The number, tonnage, and horse-power of steam ves­
sels belonging to France on the 31st December, 1861, was—
Vessels..........................................................................
327
Tonnage......................................................................
73,267
Horse-power................................................................
35,085




\

1863.]

463

France.

W e must now pass to the statistics o f shipping, which are divided into
— 1, the trade reserved to French vessels; and 2, the trade open to for­
eign vessels.
1. The trades reserved to French vessels are those with the colonies,
(except in some cases to Algeria,) the coasting trade, and the fisheries.
The progress o f French shipping engaged in these trades during the last
fifteen years was—
FRENCH TONNAGE, WITH CARGOES, ENTERED OR CLEARED

FROM

AND

TO

FRENCH COLONIES AND POSSESSIONS.
j

Tons.

428,003 [In 1861

643,000

Tons,

In 1847.........................

From and to the fisheries:
Tons.

W ith cargoes, in 18 4 7 ...

{

Tons.

114,000 |W ith cargoes, in 1861...

129,000

In the coasting trade :
Tons.

W ith cargoes, in 1847.

I

Tons.

2,919,000 |W ith cargoes, in 1861.

3,103,000

Fisheries.— The production of the whale fisheries exhibits a consider­
able decline o f late years; the quantity of oil and whalefins produced in
1847 and 1861 were :
OIL.

1847. .tonneaux metriques*

3,514 11861. . .tonneaux metriques

130

W HALEFINS.

1847......................................

1 1 6 11861......................................

2

The quantity of cod fish exported from the fisheries and from French
ports in 1847 was 16,108 tonneaux metriques, and in 1861, 13,395.
The coast fisheries in France on the 31st December, 1861, numbered
8,041 boats, of 59,541 tons, and 39,898 men.
2. Foreign Trade.— The following table shows the amount of tonnage
of each nation trading with France in the years 1847 and 1861 :
TOTAL TONNAGE ENTERED AND

CLEARED
GOES

Nationality of vessels.
British...............................................
Norwegian........................................
Swedish.............................................
Danish...............................................
R ussian............................................
Prussian............................................
Hanoverian and O ldenbu rg.........
M ecklenburg..................................
Hanseatic..........................................
D utch................................................
B elgian .............................................




AT

FRENCH

PORTS

W ITH

ONLY.

1847.

1861.

989,397
217,833
43,754
16,093
85,768
55.258
14,333
17,648
22,379
46,410
1,867

2,159,399
271,686
42,735
25,536
109,969
95,720
10,882
10,170
17,988
86,679
11,553

* 2,200 pounds avoirdupois.

C AR ­

464

[June,

France.

1847.

1861.

Spanish................................ ' . ..........
P ortu guese.....................................
Italian...............................................
A ustrian ..........................................
G reek ...............................................
Turkish.............................................
Barbarv States.................................
American (U. S .).............................
Brazilian..........................................
Monte V id e a n .................................
Chilian..............................................
V enezuelan.....................................
Mexican.............................................

99,098
4,752
413,82.3
139,773
184,304
30,678
156
317,978
1,152
2,833
1,530
618

224,647
10,882
557,700
172,442
191,396
15,688

Total foreign..........................
French, including the trade with
the colonies and fisheries...........

2,707,457

4,605,127

1,589,351

3,013,684

4,296,808

7,618,811

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

577,807
6,053
675
600
..•
920

Thus we see that the French tonnage engaged in the foreign and c o lo ­
nial trades o f the country only amounted to thirty-seven per cent o f the
w hole in 1847, and to thirty-nine and-a-half per cent in 1861 ; while in
the United K ingdom , where foreign ships are admitted on equal terms
with national vessels, the British tonnage enjoyed in 1861 sixty per cent
o f the carrying trade o f the country.
POPULATION, PRODUCTION, ETC.

Population .— The area o f France in the year 1861 was 209,420 square
miles, and the total population 37,382,000 persons, giving a mean popu­
lation o f 179 persons to the square mile. The figures include the depart­
ments o f Savoy and Nice, and consequently prevent any comparison be­
ing made with previous census returns. The increase in the population
o f France (exclusive o f Savoy and N ice) in the decennial period between
1846 and 1856 was only 2 .2 3 per cent. In England and W ales the in­
crease, according to the last census, was 12 per c e n t; and in Scotland,
6 per c e n t ; and the density o f population was 344 persons to the square
mile in England and W ales, and 98 in Scotland.
Distribution o f the Soil.— Exclusive o f the departments o f Savoy and
Nice, from which no returns have been received, the soil o f France is di­

vided as follow s:
Under cultivation— Grain crops....................................... per cent
Other crops....................................................
Artificial meadows........................................
F a llo w ...........................................................
Natural meadows..........................................
Vinyards.........................................................
Cbesnuts, olives, mulberry, e tc..................
Pasture and wTaste la n d s.. . ...........................................................
Forest, water, roads, houses, and uncultivated............................




2 8 .3 0
5 .0 0
5 .0 0
10.80
9 .5 0
4 .1 0
0.-20
13.50
2 3 .6 0
100.00

1863.]

465

France.

Live Stock.— The total number o f each kind o f live stock in France
(exclusive o f Savoy and N ice) is estimated as fo llo w s:
Horses..................................................................................................
A s s e s ...................................................................................................
Mules...................................................................................................
Horned cattle....................................................................................
Calves..................................................................................................
Sheep and lambs*'...........................................................................
Goats and kids..................................................................................
Swine above one y ea r....................................................................
Sucking pigs and young wild boars...........................................

3,000,000
400,000
330,000
10,094,000
4,104,000
35,000,000
1,400,000
1,400,000
4,000,000

Wheat.—:The production o f wheat during the period from 1847 to
1861 varied from 231 million quarters in 1 853, to 37-f million quarters in
1857. In 1861, the year in which the largest area was under wheat cul­
tivation, the produce was only 2 5 j million quarters. The greatest yield
per acre during the period was in 1857, and the smallest in 1861.
Wine .— The mean annual production of wine in France is 1,089,000,000'
gallons. O f this quantity 67 per cent is consumed in the country, leav­
in g 33 per cent for exportation.
Silk .— The production o f silk has greatly diminished o f late years
the annual average production o f cocoon s from 1S46 to 1852 was
53,000,000 lbs., which had diminished from 1858 to 1861 to 26,500,000
pounds.
Mines.— The production o f coal in 1861 was about 8,000,000 ton s; o f
cast iro.i, 856,000 ton s; o f wrought iron (merchant), 520,000 ton s; o f
rails, 106,000 ton s; o f iron plates, 69,000 ton s; o f iron wire, 24,000
ton s; and o f steel, 20,000 tons. The value o f these was between 18 and
£1 9,000,000. The value o f other metals produced was about £2,500,000.
In the period from 1847 to 1859 the average price o f coal at the place
o f production increased 31 per cent, the average price being, in 1859,
10s. Id. per ton. The price o f cast iron made by charcoal and by coal
diminished by about 20 per cent during the same period. The price o f
w rought iron made with charcoal diminished only 7 per cent, while that
made with coal decreased by about 23 per cent.
France imports annu­
ally from 5 to 6,000,000 tons of coal from Belgium , England, and the
Rhenish Provinces.
Salt.— The production o f salt increased from 572,000 tons in 1847 to
630,000 tons in 1861.
Sugar.— The quantity o f home-made sugar entered for consumption
doubled during the period from 1847 to 1861, being 52,000,000 kilo­
grammes in the former year, and 105,000,000 in the latter.
Tobacco.— The increase in the quantity o f tobacco manufactured by
the government and sold in France in 1860, as compared with 1847,
amounted to 10,000,000 kilogrammes, or 22,000,000 lbs.
Machinery.— Connected with the productive power o f the country, as

* Only between one-fourth and one-fifth of the total number of sheep are of the
ordinary kind, the remainder being Merinos or of mixed breed.
V O L . X L V I I I .-----N O . V I .




30

France.

466

[June,

taking the place o f so many able-bodied workmen, the increase in the
steam motive power employed affords some guide as to the progress o f
the industry o f the country. In the year 1847 the total horse-power of
machinery so employed was only 145,807, but in 1859 it had increased
to 513,092. The increase appears to have been divided generally be­
tween the various trades and manufactures o f the country.
Means o f communication.— The length of river, canal, and railroad com ­
munication in France is stated as under—
R ivers.........................................................................miles
Canals..................................................................................
Roads o f all kinds...........................................................

5,899
2,919
403,650

The tonnage o f steam vessels engaged in the river navigation increased
from 21.137 tons in 1847 to 33,690 tons in 1859, the largest employment
having been 51,094 tons in the year 1857. As might be expected, there
was a decline in the number of passengers, from 2-£ millions to I f million,
consequent upon the increased facilities o f railway accommodation. There
was, on the other hand, a large augmentation in the quantity o f goods
conveyed, viz., from 880,000 tons in 1847 to 2,616,000 tons in 1859.
Railways.— On the 31st Decem ber, 1861, 6,269 miles o f railway were
open in France, against 1,136 miles on the 31st December, 1847. - The
statistics o f the number o f passengers and weight o f goods conveyed
only com e down to the year 1859. The increase in that year over 1847
was 39,500,000 passengers; the total in 1859 being 52 ,500 ,0 00 ; and
the increase in goods traffic 16,250,000 ton s; the total weight conveyed
in 1859, being about 20,000,000 tons.
Post-office.— The number o f letters sent by the post more than doubled
between 1847 and 1861, being 126,000,000 in the former year and
274,000,000 in the latter.
In the same year the number o f printed
papers transmitted by the post were 90,000.000 in 1847 and 189,000,000
in 1861.
The total receipts were £1,920,000 in 1847, and £2,440,000
in 1861.
Electric Telegraphs.— In the year 1851 only 9,014 private messages
were despatched, producing a receipt o f £3,080 ; and in the year 1860 no
less 711,652 messages were sent, and £165,760 received.
O f the total
number in 1860, 562,531 messages were used in France, and 149,121
sent to foreign countries.
Coinage.— The total value o f gold coined in. France in the period from
1847 to 1861 inclusive, was £181,693,000, and o f silver, £30,235,000.
Savings Banks.— The total number o f savings banks in 1847 was 345,
and the number o f accounts open on the 31st D ecem ber, in the same
year, 736,591. In I8 60 the number o f banks increased to 433, and the
accounts open to 1,218,122.




1863.]

467

Commercial Chronicle and Review.

COMMERCIAL CHRONICLE AND REVIEW.
S T A T E O F T R A D E — S P E C U L A T IO N S — ST O C K S O F G O O D S — N U M B E R
GOODS
OF

TU RN ED

IN T O

P A P E R — D E P R E S S IO N

OF

F A R M IN G

O F ST O R E S— D IM IN IS H E D

IN T E R E S T S — R E L A T I V E

DEM AND-

P R IC E S — F A L L

G O O D S — IM P O R T S — D U T IE S — E X P O R T 8 — B A L A N C E — T R A V E L L E R S — I N V E S T M E N T S — S P E C I E

M OVE­

M E N T — C A L I F O R N I A — E X C H A N G E — R A T E S — D IS B U R S E M E N T S — D E B T — C O N V E R 8 I O N S — 1 - Y E A R

C E R T I­

F IC A T E S — P R IC E 8

OF

ST O C K S — U N I T E D S T A T E S D E B T — A N N U A L I N T E R E S T — M A N N E R O F I N C R E A S E

O F D E B T— STO C K S.

T here has been during the past month much depression in general
business, and, to some extent, a panic among holders o f goods, who have
been disappointed in the expected demand for consumption. The rapid
rise in exchange early in the year caused an active demand for all descrip­
tions o f goods. H olders were not disposed to sell, and buyers were very
anxious to get into stock, in view o f the depreciation o f paper. This specu­
lative feeling was anticipating a large demand for consumption at prices
proportionate to the extravagant rise in goods. That demand, however,
did not take place, since the usual effect o f an extravagant rise in prices
manifested itself in an indisposition on the part o f the public to purchase.
The weak holders o f goods not meeting the usual demand, and being
caught in a counter speculation for a rise in government paper, or, as the
speculators expressed it, for a fall in gold, there was great pressure to sell
goods through the auction shops, and that at a decline o f some 25 per
cent. These ruinous fluctuations in business and the value o f goods are
the direct results o f an unstable cu rren cy ; but at every oscillation the
moment o f ultimate discredit is hastened. The real capital o f the coun­
try is being rapidly used up, since the production is small and the old
stocks diminishing through consumption. There were, according to the
returns o f the Mercantile A gen cy, 190,000 stores in operation in the
Northern States in 1861.
O f these, 5,000 failed at an average liability
of $60,000.
The average stocks o f goods held by all the stores may be
estimated at $10,000, which would give a value o f goods equal to
$1,900,000,000, or in round numbers $2,000,000,000, on hand. A very
considerable proportion o f these goods was “ dead stock,” or such as from
lapse o f time, etc., had become difficult o f sale in face o f constant supplies
o f fresh and seasonable goods. The first effect o f the paper inflation was
to make those goods more active and bring them into consumption, instead
o f the high priced new goods. This operation was not duly weighed by
the speculators in goods at first hands, and the diminished demand is very
serious. It is also the case that the shop-keepers, while thus reducing
their old stocks to the smallest practicable limit, buy very sparingly and
only o f such articles as are absolutely necessary to meet current consum p­
tion. The consumers o f goods, in their turn, buy very sparingly and dis­
pense altogether with many articles.
If, now, the stocks o f goods throughout the country are reduced by this
process one half, or $1,000,000,000 or $50 per head o f each person, it
will be observed that the store-keepers have realized that amount o f money
from goods before idle, and that money they will not reinvest in the way
o f their trade at high prices, because o f the frequent violent fluctuations.




468

[June,

Commercial Chronicle and Review.

They seek for their capital some means o f safe and permanent investment.
The money which has been taken for goods is government paper, and the
indisposition to reinvest it in goods makes it apparently very abundant,
and it is attracted only into railroad and other stocks. It is obvious that
this process must have an end, which will give signs o f its approach in a
positive dearth of goods, brought about by non-importation and non­
production. The depreciation of the paper will then g o on in the double
process o f increased supply and dearth o f commodities.
The ability o f the great agricultural classes to consume goods is very
small, since the rise in their produce bears no proportion to the advance
in the supplies they purchase. W e may turn to the Cincinnati market
in illustration.

1861.
Mess pork................................... bbl.
Corn..........................................bush.
W h e a t ...............................................
Coffee, Bio, per lb. 14 cts.
Sugar, N.O. “
7 “
Cottons, per yd. 1 1 “

$16 70
50
105
----------- $18 25

1868.
$13 25
51
120
----------- $14 96

5 0 lb s .— $7 00
A t 33 cts.$16 50
“
3 50
“ 12 “
6 00
70 yds.
7 70
“ 4 0 “
28 00
----------- $18 20
----------- $50 50

Thus in 1861 the farmer, for 1 bbl. pork, 1 bush, corn, and 1 bush, wheat’
could get in Cincinnati 100 lbs. o f sugar and coffee and 70 yards o f shirt­
ing. To obtain the same articles now, he must give 2 bbls. pork, 20 bush,
corn, and 14 bush, wheat, or, in other words, a bbl. o f pork, in 1861, was
worth 240 lbs. o f coffee ; it is now worth 40 lbs. A bbl. o f pork was
then worth, in Cincinnati, 154 yards o f shirting; it is now worth 33
yards. These figures indicate how severely the rise in goods presses upon
the consum ing classes, and therefore how great, must be the reaction upon
the demand in first hands. It is to be borne in mind that this state of
things takes place after a year o f the most extraordinary exports of grain,
when prices ought to have been higher. The quantity has been so great,
however, in consequence o f the closing o f the rivers, as to counteract the
effect o f the currency upon produce. The usual influence o f such a state
o f affairs has been to produce that extraordinary abundance o f money,
which has so long prevailed, at the same time that the import trade b e ­
gins to flag. The amount o f imports for the month has been as follows :
IM PO RTS, P O R T OF N E W T O R K .

Specie.

January...................
February.................
March......................
A pril.......................
Total4 months
“
1 8 6 2 ....

$101,906
213,971
123,616
107,061

.------------Entered for------------,
Free goods. Consumption. Warehouse.

Total.

$2,413,649 $8,741,227 $4,482,794 $15,739,676
783,561 7,372,539
3,657,775 12,037,846
1,328,806 11,461,572
3,454,630 16,370,524
1,328,216 9,493,830
6,456,208 17,385,815

$600,554 $5,854,232 $37,069,168 $15,293,396
341,144 6,758,331 34,716,535 12,690,406

$61,523,261
57,974,120

The quantity o f goods sent into warehouse was large in April. The
value im ported was indeed large under the influence o f the activity of
February ; but that had passed away on the arrival o f the goods, and
they went into warehouse, to some extont, perhaps, for re-shipment. The




1803.]

469

Commercial Chronicle and R eview .

duties for the month were $3,95V,198 on $13,620,463 worth o f goods,
being an average o f about 30 per cent, against $4,140,952 o f duties, or
an average o f 35 per cent, last year. The exports from the port have
been as fo llo w s :
EX PO R T S, POR T OF N E W Y O R K .

,----------Foreign.---------- ,
Free.
Dutiable.

Specie.

January...................
$4,624,574
$73,111
February......................
3,965,664 43,889
March..........................
6,385,442 213,685
A pril............................
1,972,834 74,949
Total 4 months
“ 1 8 6 2 ....

$17,148,514
12,944,001

Domestic.

$668,275
610,009
758,266
876,224

$405,634 $2,411,774
197,497
1,424,845

Total.

$14 829,398 $19,695,351
17,780,586 22,400,148
16,187,689 23,695,082
11,581,933 14,004,940
$59,829,606
56,249,767

$79,795,521
63,685,791

The exports o f the month have suffered some diminution by reason o f ,
the declining prices abroad and the decline in exchange, accompanied bv
a rise in freights. From the sum o f the domestic exports for April must
be deducted one third for depreciation o f currency, and there remains
about $10,000,000, as the cash value realized to meet an im port value o f
$17,000,000, showing an apparent adverse balance o f some $ 5 ,0 0 0 , 0 0 0
after the shipments in coin. This has to some extent been met by the
realization o f exchange held on speculation. There has been also some
diminution o f the amount o f money required to be reinitted abroad for
the use o f Americans there residing, since the high rate which they are
compelled to pay for exchange diminishes their revenues one third and
com pels many to return. There has also been some reinvestments o f
foreign capital here, for the reason that, after getting interest the last year
in paper, they would now lose one third the principal by withdrawing it ;
hence it is re-loaned for a term o f years in the hope o f resumption o f
specie payments, although the interest may during some years be paid in
depreciated paper.
The specie movement during the month has been as follow s:
S P E C IE A N D

P R IC E OF O O LD .

------------- 1 8 6 3 .-----------------

---------- IS 162.----------,
B «e * iY e d .

January

8.
10.
ti
17.
24.
it 81.
February 7.
“
14.
it 21.
it 28.
March
7.
U 14.
a 21.
u 28.
4.
April
“
ii.
tl
18.
“
25.
May
2.
a
9.
u
16'.
Total___

885,928
627,767
854,000
614,146
759,247
741,109
679,074
677,058
490,368
581,293
617,279
635,546
410,804
484,019
604,682

Exported.

442,147
1,035,025
547,703
322,918
310,484
976.235
1,156,154
934,512
610,774
585,236
477,335
540,968
779,564
673,826
1,505,728
693,436
1.151,300
712,275
1,574,166
1,093,031

9,642,315 14,822,793




B e c e iv e d .

1,277,788
678,841
301,860
359,978
285,394
1,243,551
249,514
159,105
250,778
250,728
217,602
256,604
205,057

Dll gold.
Exported. Gold in bank. Prom. <

681,448 35,954,550
726,746 36,770,746
1,380,247 37,581,465
780,816 38,549,794
1,331,027 38,894,840
1,277,000 38,243,839
1,152,846 3S,426,460
520,017 37,981,310
1,377,016 39,512,256
733,643 39,705,089
3,540,550 36,110,085
1,201,907 33,955,122
1,050,156 34,317,691
473,385 34,257,121
607,059 35,406,145
158,437 36,761,696
629,855 37,175,067
294,998 36.846,528
451,827 38,102,633
661,996 88,556,552

6,275,138 17,017,221

34 i
34
40
47
48J
574
534
54
71
524
544
53
41
53
46
52
47
48
584
49

a 34f
a 39
a 49
a 5Of
a 60f
a 57J
a 534
a 64
a 72
a 53
a 544
a 544
a 42
a 54
a 52f
a 534
a 514
a 50f
a 47
a 494

470

[June,

Commercial Chronicle and Review.

The receipts from California continued small, and the exports also de­
clined. The disposition to realise bills caused a decline from the specie
basis o f bills in some cases. The rate in coin had been 110J- premium,
and for paper the price was the premium o f gold added. Some houses
were disposed to sell at less than 11 Of- for coin, for a short time, since the
supply o f bills drawn against gold shipped direct from California was
greater, and those bills could be sold less than if drawn against shipments
o f gold from New Y ork. The shipments o f specie hence, however, con­
tinued to exceed the receipts. The rates o f exchange were as follow s:
K ATES OF EX CH AN G E.

London.

Jan. 3, 146 a 1471
“ 10, 149 a 152
“ 17, 160 a 162
(i
24, 162} a 163
u 31. 171 a 177
Feb. 7, 169 a 173
“ 14, 170 a 171
‘ 21, 171 a 1791
« 28, 185 a 188
Mar • 7, 167 a 169
<(
'4, 168 a 171
“ 21, 1691 a 1711
« 28, 157 a 161
April 4, 168 a 172
“ 11, 158 a 162
ft
18. 165 a 1674
“ 25, 163 a 165
Ma^' 2, 163 a 165
u 168 a 170
16,’ 1621 a 164

Paris.

3.85 a 3 .80
3.721 a 3,.671
3.521 a 3 45
3.50 a 3,.45
3.32 a 3. 15
3.30 a 3. 25
3.32 a 3..27
2.20 a 3 12
3 10 a 3. 00
3.371 a 3 .30
3.35 a 3 30
3.371 a 8..271
3.67 a 3 47
3.40 a 3 .25
3.55 a 3 .45
3.371 a 3 .46
3.471 a O.50
3.471 a 3..42
3.421 a 3 .32
3.50 a 3 .45

Amsterdam.

Frankfort.

Hamburg.

56 a 561
56 a 58
601 a 611
61 a 6 H
651 a 661
65 a 651
65 a 651
67 a 681
671 a 71
61 a 64
64 a 64
631 a 631
61 a 62
621 a 631
61 a 62
621 a 62J
61 a 611
611 a 621
621 a 63
611 a 62

66 a 561
574 a 581
61 a 621
611 a 62
65 a 67
65 a 651
65 a 651
68 a 681
70 a 71
65 a 66
641 a 651
631 a 641
61 a 62
621 a 64
61 a 62
621i a 63
614 a 62
61 j a 621
6211a 631
61| a 621

49J a 494
501 a 611
54 a 551
54 a 54f
57 a 584
57 a 574
56J a 571
59 a 601
61| a 621
55 a 561
554 a 664
56 a 57
53 a 54
551 a 57
534 a 541
541 a 551
63J a 544
581 a 541
551 a 561
5 4 ' a 55

Berlin.

98
99
108
107
114
114
1131
118}
123
111
112
113
107
111
106
108
107
107
110
107

a 981
a 100
a 110
a 1081
a 117
a 116
a 1141
a 11«1
a 124
a 113
a 114
a 114
a 108
a 111
a 108
a 110
a 103
a 108
a 112
a 109

The disbursements o f the Federal Government, added to the general
realisation o f goods, and the indisposition to sell on credit, caused a co n ­
tinued increase in the abundance o f money, and this fact manifested itself
in increased stock speculations. The Treasury Department did not make
any decided movement towards a more regular financial policy, but it
effected the negotiation o f some o f the $500,000,000 o f 5-20 bonds au­
thorized. It will be remembered that the law authorizing these bonds re­
stricted the sale to market value, and allowed o f their conversion at par
for greenbacks. The Secretary in his annual report stated that these p ro­
visions were obstacles to the negotiation, because they allowed no profit
to large jobbers, and asked for their repeal. This request was com plied
with, and the Secretary was allowed to make such private bargains as he
deemed good. Soon after his visit to New Y ork, the conversions were
represented as large, but at what rates he had made private bargains was
not known. Between April 1st and May 28th, $47,000,000 o f 1-year
certificates fell due, and were paid. This large amount o f money found
employment in deposit certificates, and to some extent in conversions,
Many new 1-year certificates were issued, but the interest, as well as that
on the deposits, is no longer paid in gold. The prices o f government
stocks were as follows :




1863]

Commercial Chronicle and Review .

471

P R IC E 9 UNITED STATES P A P E R .

August

3,..
10...
17,..
«<
24, .
«
31,..
February 7,..
U 14,..
it 2 1 ...
u
28,..
March
7„.
“
14,. .
a 2 1 ,...
<«
28,...
April
4,...
<(
11,...
u
18,,..
u
25,...
May
2 ...
“
9,’...
u
16,...

January

---e v s s i. — ,
7 3-10,
Reg. Coup. 5’s, 1874. 8 years.
9 (4
98
884
1024
9S
90
103
97J
101
91£
884
91!
95
96
90
102
94
86
924
10 14
854
92
93!
102
96
94
874
10 24
964
97!
1034
9 14
10 0 J
1024
97
1054
99£
lo o i
94!
105
1044
1044
98
10 64
96
1084
1044
107
964
104J
105
1064
105
104-4
974
104£
1044
105
974
105
105
96
104
105
105
105
96
106
10 5 4
1064
974
1064
106
107
97
106
108
108
97f
107

1 year certif.
Old.
New.
964
97
95
96
94
94
96
95
98!
984
100
100

100
99
1004

101
102
102
1014
101 f

994
994

994
994

demand
Gold.
notes.
34|a 34£ 29
35
3 7 f a 38
49 a 4 61 43
47 a 484 4 4 f
65 a 6 0 ! 63
574 a 574 55
534 a 634 51
62
534 a 64
71 a 714 71
63
524 a 53
544 a 544 53
544 a 544 . .
41 a 414 . .
53 a 534 . .
46 a 524 . .
53 a 534 . .
1514 a 1514 . .
150 a 150! . .
1524 a 1524 . .
149 a 149!

The public debt at different periods has been as follow s:
U N IT E D

8T A T E S N A T IO N A L D E B T .

J\tny, 1862.
Stocks................................... 5 per cent $30,59.1,002 $30,395,092
90,5110,406
Stocks................................... 6 percent 89,929,856
Stocks, 5-20.................. 6 per cent
2,699,400
Bonds........................7 3-10 per cent 100,000 000 120,523,450
Treasury notes.................... 6 per cent 22,464,762
3,382,162
One-year certificates___6 per cent
47,199,000
Deposits demand___4 a 5 per cent
50,778,567
24,550,320 145,880,000
Paper m oney....................................
.

.

Dec., 1861.

Ju ly , 1862..7m , 1803. May 8, 1863.
§30,595,092 $30,595,092 $30,595,092
90.620,555
87,765,191 87,780,000
13,974,950
25,050,850 81,452,812
122,836,550 139,996,950 139,996,950
2,S30,641
3,267,511
2,700,000
49,381,980 110,32!,24L 150,231,126
57,740,106 80,235,636 100,000,000
149,660,000 244,360,251 399,900,956

T otal........................................... $267,540,035 $491,448,984 $514,211,371 $721,668,727 $992,381,886

The general stock market continued to show the most active excite­
ment up to the second week in May, when the high prices created uneasi­
ness. Brokers required large margins from clients, and many refused to
lend at all on fancy stocks. The market then gradually gave way, while
money became in active demand to carry stocks. The deposits for con ­
version continued, under the interest created by the private takers o f the
stock from the government. The table o f debt shows that since May
last year the debt has increased $501,000,000, o f which $400,000,000
has been paper money and temporary debt. There have been organized a
number o f banks under the new banking law, from the multiplication o f
which a demand for government stocks is hoped for. The limit o f the
law is $300,000,000 in bank notes, and should all o f them be issued, it is
inferred that they will supplant the old bank notes entirely.




472

Savings Banks— Their H istory , etc.

[June,

SAVINGS BANKS— THEIR HISTORY.
UNCLAIMED DEPOSITS AND SURPLUS MONETS.
T h e r e are no State institutions more deserving of encouragement, in our
opinion, than Savings Banks, for the benefits conferred by them are incal­
culable. Not only are they useful to the depositor, as places o f security for
money that might otherwise be lost, stolen, or squandered, but they bring
into active employment these various small sums which would have remain­
ed unproductive in the hands o f private individuals, thus granting facilities
to trade and commerce. Probably the wonderful progress our country has
made the last fifty years is owing as much to the combination or co-opera­
tion o f individual capital, brought about by just such means, as to any other
single cause. W e find much useful and interesting information respecting
Savings Institutions in a report prepared bv W m . D. M u r p h y , Esq., o f New
York, from which we have drawn largely for what follows.
H IS T O R Y

O F S A V IN G S

B A N K S IN

EU R O PE .

The first savings bank is claimed to have been founded at Hamburg, in
Germany, as early as 1778, though it had generally been supposed that the
first institution o f the kind was formed at Berne, in Switzerland, in 1789.
The credit o f introducing them in Great Britain is claimed on behalf o f
several different persons; but tiere doubtless m a y b e earlier unrecorded
instances o f arrangements having been made to receive small savings from
the poor and to return them on demand with interest.
In 1798, a “ Friendly Society for the Benefit of W om en and Children,”
was established at Tottenham High Cross, under the superintendence o f
Mrs. P r is c il l a W a k e f ie l d ; and before 1801 there had been combined with
its main design to other objects, viz., a fund for loans and a bank fo r sav­
ings. In 1804, this bank for savings was more regularly organized, and
trustees were appointed. A prior claim, however, is raised in behalf o f the
Rev. J oseph S m ith , o f W endover, who, in 1799, circulated in his parish
proposals to receive any sums on deposit during the summer, and “ to re­
turn the amount at Christmas, with the addition of one-third to the whole
as a bounty upon the depositors’ economy.”
The society next formed, o f which we have any account, was opened in
1808, at Bath, for receiving deposits from female servants, and was insti­
tuted chiefly through the instrumentality o f ladies. Previous to this, how­
ever, the Provident Institution o f London was established, in 1806.
In 1810, the first savings bank, in Scotland, was formed, by the Rev.
H e n r y D u n c a n , minister o f Ruthwell, Dumfrieshire.
Various interesting
papers were published by him on the subject o f establishing banks for
savings in the different parishes o f the country, and the regular and simple
organization of his “ Parish Bank ” served as a model for other institutions.
He communicated the rules by which it was governed to the Edinburgh
Society for the suppression of Mendicity, and the result was the establish­
ment, in 1814, o f the Edinburgh Savings Bank. Similar institutions were
about the same time commenced at Kelso and Howick, and in November,
1815, the Provident Institution of Southampton was established.




1863.]

Savings Banks— Their H istory , etc.

473

The first publication in England o f the idea o f savings banks is also at­
tributed to the celebrated J e r e m y B e n t h a m , in whose well k n o w n schemes
for the management o f paupers, in 1797, was included a system o f frugal­
ity banks, as he called them. The suggestions, however, o f Mr. Bentham
were ne ver acted upon.
P a t r i c k C o l q u h o u n , who died i n 1820, one o f the police magistrates i n
London, and the author of many tracts for the amelioration o f the condi­
tion o f the poor, and who, during the latter part o f the last and the be­
ginning o f the present century, was actively engaged in many o f the benev­
olent institutions of that metropolis, published in 1806, his “ Treatise on
Indigence,” in which he recommended provident banks upon a national
plan. “ The idea o f such institutions,” he says, in a letter to T h o m a s E d d y ,
o f New York, dated the 20th o f February, 1818, “ originated with m e ;
had my plan been adopted in 1806 I am certain that not less than seven
millions sterling o f the property o f the laboring classes would have now
been yielding interest.”
The first act o f legislation on the subject o f saving banks in Great Brit­
ain was passed in 1817, and up to the time o f the passage o f that act there
had been formed by the voluntary association o f benevolent persons, not
less than seventy banks in England, four in Wales, and four in Irela d
During that year acts were passed by Parliament offering every encourage­
ment to these institutions, and making arrangement to take all moneys de­
posited, and place them in the public funds. Interest was then paid by the
government upon moneys thus invested, at the rate, at first, o f £ 4 per cent,
which was afterwards reduced to £3 os. per cent.
This interest being
greater, however, than that yielded by the securities in which the deposits
were invested, entailed upon the public exchequer a loss of about four and
a-half millions sterling.
The first act affecting Scottish banks was not passed until 1818.
On the 20th o f November, 1858, there were in the United Kingdom 606
savings banks, with 1,261 paid and 621 unpaid officers; 1,398,886 depos­
itors, and £35,757,455 on deposit.
In France, on the 1st o f January, 1859, there were 379 savings banks
in operation ; 30 more had been authorized by the government, but were
not yet opened.
There are savings banks in Brussels, Liege, Tourna, and in several other
towns in Belgium. Switzerland, however, is entitled to,the credit o f having
established the oldest savings bank o f those now existing in Europe, the one
at Turich having been in operation since 1805.
The most considerable
bank in Switzerland is that founded by M. T r o u c h i n .
In Hamburg there is one savings bank, which has six district banks in
the city, and three in the country, placed in convenient localities.
On the 31st of December, 1857, there were 405 savings banks in Prus­
sia; in the same year there were 127 in operation in Holland ; and at the
end o f the year 1858 there were reported to be 130 in Sweden. In Rus­
sia there are but two, one at St. Petersburg and another at Moscow.
The savings banks in Holland, however, are wholly private undertakings,
although they' are considered benevolent institutions, and their directors are
required by an article o f the poor-law to make annual returns o f their ope­
rations. In Austria they are established either by joint-stock companies or
by civic corporations, but are all placed under the supervision o f govern­
ment.




474

Savings Banks— Their H istory , etc.
S A V IN G S

BANKS

IN

TH E U N ITED

[June

STATES.

The first savings banks established in the United States were, as early as
1816, organized in Salem, Boston, Philadelphia, and Baltimore. An un­
successful effort was made the same year to establish one in the city o f New
York. Mr. T hom as E ddy , who had been for many years a correspondent
o f P atrick C olquhoun , from whom he received a letter, dated April 19,
1816, calling his attention to the formation o f a “ Provident Institution or
Savings B ank” in London, was douotless the first to suggest the idea o f
such an institution. A meeting o f citizens o f New York was called through
the public papers, and was held at the City Hall, on the 29th o f November,
1816. Mr. E ddy presided, and after resolving that it was expedient to e s ­
tablish a savings bank for the city o f New York, a constitution was submit­
ted and adopted by the meeting. On the 17th o f the following month,
officers and directors were elected, among whom were D ew itt C lin ton , C a d VVALLADER D. CoLDEN, TlIOMAS E d DY, JOHN PlNTARD, B r OCKIIOLST LlVin g s to n , W il l ia m F e n , W il l ia m B a y a r d , P eter A . J a y , J ohn M u r r a y ,
Jr, and other distinguished citizens. D ew itt C linton was appointed chair­
man o f a committee to draft an address to the public, on the subject o f such
an organization. The address was afterwards adopted and printed for cir­
culation. It was considered necessary to apply to the Legislature for an
act o f incorporation ; but, “ in consequence o f the principles not being dis­
tinctly comprehended and the preponderating objection against the incorpora­
tion o f any more banks, with which, not only this, but almost every other
State in the Union were inundated, whereby serious consequences were ap­
prehended,” the application to the Legislature, in 1817, failed.
The subject o f a savings bank, however, was renewed by.the “ Society
for the prevention o f pauperism in the city o f New York,” which was in­
stituted in 1818.
A committee o f that society made a report, on the 2d
of December of the same year, on the great importance and utility of a
savings bank, illustrated by the successful experience o f similar institutions
in Salem, Boston, Philadelphia, and Baltimore, and on the expediency o f
applying to the Legislature, at the ensuing session, for an act of incorpora­
tion; which application was successfully made, and an act of incorporation
obtained. The act passed on the 26th of March, 1819, and the institution
was entitled the “ Savings Bank in the city o f New York.”
This was the first savings bank established in the State of New Y o rk ; it
commenced business on the 3d of July, 1819, in a room in the basement o f
the New Y ork Institution, on Chambers street, which was destroyed by fire
in 1857, and is now the site o f the new City Hall, in course o f erection.
The trustees subsequently built a substantial banking house on Charabersstreet, nearly' opposite its first location, and afterwards disposed o f that pro­
perty, and erected another banking house on the same street, west o f Churchstreet. The march o f improvement and the convenience o f deposit irs,
however, induced the trustees to also dispose o f that property, and finally
located in their present substantial and beautiful banking house, on Bleeckerstreet, near Broadway.
The history o f this well-managed institution, and o f the many good deeds
o f its distinguished founders, constitutes one o f the brightest pages in the
financial records of the State. The names of C lin to n , G olden , E ddy , M ur ­
r a y , P in t a r d , J a y , and other philanthropists were a sure guarantee o f the
purely benevolent character o f the proposed institution, and o f the public




1863.]

Savings Banks— Their H istory , etc.

475

spirit and singleness o f purpose with which they intended it should be ad­
ministered; an intention which has doubtless, so far, for the last forty-four
years, been happily carried out. It has now become the largest savings
bank in the United States, and occupies a leading position among the most
carefully managed and successful financial institutions in the world. Its
number o f accounts on the ist o f January, 1863, were 50 ,5 7 3 ; and the
amount of its deposits $9,587,112 3 4 ; with its assets, amounting to
$10,259,589 10.
S A V IN G S

BANKS N O W

IN

O P E R A T IO N

IN

TH E STATE.

Such is a brief history of the oldest savings bank in the State. It is not
necessary to speak in detail of those which have since been chartered, and
which have generally been modeled after the above institution. W e give,
however, a list o f the savings banks incorporated by the State and now in
operation, with the dates of their incorporation, and in the order in which
they have been chartered. It is as follow s:
1819. Mch. 26, Bank for Savings in the
city of New York.
1820. Mch. 24, Albany Savings Bank.
1823. April 23, Troy Savings Bank.
1827. April 7, Brooklyn Savings Bank.
1S29. Jan’y 31, Seaman’s Bank for Sav­
ings, New York.
1831 April 16, Po’keepsie Savings Bank.
April 21, Rochester Savings Bank.
1833. April 24, Greenwich Savings Bank,
New York.
1834. April 29, Schenectady Sav’gsBank.
May
1, Bowery Sv'gs Bank, N. Y.
1839. April 26, Savings Bank of Utica.
1846. May 9, Buffalo Savings Bank.
1848. Apiil 11, East River Savings Insti­
tution, New York.
April 12, Institution for the Savings
of Merchants’ Clerks,
and others, New York.
May 12, Dry Dock Savings Insti­
tution, New York.
1849. Mch. 12, Auburn Sv’gs Institution.
Mch. 30, Syracuse Sv’gs Institution.
1850. Mch. 29, Albany City Savings In­
stitution.
April 8, Monroe County Savings
Institution, Rochester.
April 10, South Brooklyn Savings
Institution.
April 10, Manhattan Savings Insti­
tution, New York.
April 10, Emigrant Industrial Sav­
ings institution, N. Y.
1851. April 9, Williamsburgh Savings
Bank, Brooklyn.
April 10, Niagara County Savings
Bank, Lock port.
April 11, Cohoes Savings Bank.
April 12, Ulster County Savings
Bank, Kingston.
June 20, Broadway Savings Insti­
tution, New York.




1851. June 20, Central City Savings In ­
stitution, Utica
June 30, Rome Savings Bank.
July 1, IrvingSavings Institution,
New York.
July 9, Western Savings Bank of
Buffalo.
1852. April 13, Newburgh Savings Bank.
April 16, Mariners’ Savings.Institu­
tion, New York.
April 16, Mechanics’ and Traders’
Savings Bank, N. Y.
1853. June 4, Sixpenny Savings Bank,
New York.
July 18, Brockport Savings Bank.
July 21, Westchester County Sav­
ings Bank, Tarry town.
1854. Mch. 9, Sing Sing Savings Bank.
April 10, Erie County Sav’gsBank
Buffalo.
April 13, Yonkers Savings Bank.
April 17, Bloomingdale, now Third
Avenue, Savings Bank.
April 17, Rose Hill, now New York,
Savings Bank, N. Y.
April 17, Sixpenny Savings Bank
o f Albany.
April 17, Elmira Savings Bank.
1855. April 10, Onondaga County Sav­
ings Bank, Syracuse.
April 12, Commercial Sav’gs Bank
of Troy.
April 12, Mechanics’ and Farmers’
Bank of Albany.
April 12, Union Savings Bank of
Albany.
1856. April 18, Albany Exchange Sav­
ings Bank.
April 18, State Sv’gs Bank of Troy.
1857.
Feb’y 25, Fishkill Sv’gs Institution.
April 15, Manufacturers’
Savings
Bank, Troy.
April 15, Mutual Sv’gs Bank, Troy.

476

Savings Banks— Their H istory , etc.

[June,

1857. April 15, Central Sv’gs, Bank Troy. 1860. Mch. 17, Chenango County Savings
Bank, Norwich.
1858. April 17, Emigrant Savings Bank
Mch. 5, Citizens’ Savings Bank,
of Buffalo.
April 17, Southold Savings Bank.
New York.
April 10, Kings County Savings
1859. Mch. 4, Oswego City Sv’gs Bank.
Bank, Brooklyn.
April 5, Jefferson County Savings
April 10, Boekland County Savings
Bank, Watertown.
Bank, Piermont.
April 9, German Sv’gs Bank, N. Y.
April 11, Atlantic Savings Bank,
April 12, Union Dime Sav’gsBank,
New York.
New York.
April 12, Ehinebeck Sav’gs Bank.
April 12, Dime Savings Bank of
April 12, Sag Harbor Sav’gs Bank.
Brooklyn.
April 14, Franklin Savings Bank,
April 14, Queens Co. Savings Bank.
New York.
Aoril 18, Peekskill Savings Bank.
April 17, East Brookl’n Sv’gs Bank.
1860. Mch. 5, Corning Savings Bank.

It will be seen from the foregoing statements that the number o f savings
institutions chartered by our Legislature, previous to the 1st o f January,
1863, was one hundred and one. O f this number seventy-one were in
operation at that date, o f which latter number, fifty-one had been in opera­
tion five years on the 1st o f July, 1862.
UNCLAIMED MONEYS.

The subject o f unclaimed moneys, supposed to be lying in the several
savings banks in the State, has been, for many years, inside and outside of
the Legislature, a fruitful source o f discussion. The public press has, pe­
riodically, teemed with articles on the subject, and year after year, bills and
propositions have been introduced into the Legislature proposing to transfer
these unclaimed moneys to the custody o f the State, supposing them to
amount to millions. But whatever may be the power o f the Legislature as
to the disposition o f the money itself, the amount is clearly not as large as
it has generally been supposed to be. N o doubt many have confounded
the surplus moneys o f our savings banks with the unclaimed deposits, and
to this fact, probably, may be attributed the extravagant ideas that have been
so prevalent in the public mind upon the subject o f the latter.
As to what should be understood by the expression “ unclaimed moneys,”
there has been considerable uncertainty, but we think it should include all
moneys embraced in accounts upon which there has been no deposit or
draft, or the interest upon which has not been entered upon the pass book,
within a certain specified period. Unless one o f these three transactions
has taken place upon the account within the period specified, the money
may be considered as unclaimed.
The length o f time an account should remain unacted upon, in the man­
ner required, before the money embraced therein should be considered as
unclaimed, is a question upon which legislatures have disagreed. By the
act o f 1835, which was the first legislation on the subject, it was two years;
by that o f 1839 it was three years, and according to the recommendation
o f the special committee o f the Assembly, in 1859, it was twenty years.
The various propositions introduced into the Legislature, from year to year,
to transfer unclaimed moneys to the custody o f the State, specified various
different periods, ranging from two to ten years and upwards. This Com­
mittee reported all moneys unclaimed for five years as the minimum period,
with the amount embraced in the sum reported for that period which had
been unclaimed successively for ten, fifteen, twenty, twenty-five, and thirty
years, and so on as long as the institution may have been in existence. By




1863.]

477

Savings Banks— Their H istory, etc.

this arrangement the precise amount unclaimed for each successive period
o f five years was ascertained, making five years the minimum, and the
length o f time the institution may have been in existence over five years
the maximum period.
BANKS EXAMINED---- UNCLAIMED FOR FIVE YEARS.

The following is an alphabetical list o f the savings banks examined by
the committee, which have been in existence over five years, with the amount
o f moneys in each, unclaimed for five, and under ten years, prior to the 1st
o f July, 1862 :
Albany Savings B ank.................................................................
Albany City Savings Institution ..............................................
Auburn Savings Institution.........................................................
Bank for Savings in the city of New York...............................
Bowery Savings Bank, New Y ork ............................................
Broadway Savings Institution, New Y ork................................
Brooklyn Savings Bank...............................................................
Buffalo Savings Bank .................................................................
Commercial Savings Bank of Troy............................................
Dry Dock Savings Institution, New Y o r k ....................... ..
East River Savings Institution, New Y ork..............................
Emigrant Industrial Savings Institution, New York..............
Erie County Savings Bank, Buffalo..........................................
Greenwich Savings Bank, New Y ork........................................
Institution for the Savings of Merchants’ Clerks and others,
New Y ork..................................................................................
Irving Savings Institution, New Y ork ......................................
Manufacturers’ Savings Bank, T roy..........................................
Mechanics’ and Farmers' Savings Bank, A lb a n y ...................
Mechanics’ and Traders’ Savings Institution, New Y o r k .. . .
Manhattan Savings Institution, New Y ork..................... ..
Mariners’ Savings Institution, New York.................................
Monroe County Savings Institution, Rochester.......................
Newburgh Savings Bank.............................................................
New York Savings Bank, New York.......................................
Onondaga County Savings Bank................................................
Poughkeepsie Savings Bank......................................................
Rochester Savings B ank.............................................................
Savings Bank of Utica.................................................................
Seamen’s Bank for Savings, New Y ork ..................................
Schenectady Savings Bank.........................................................
Sixpenny Savings Bank, New Y ork..........................................
South Brooklyn Savings Institution..........................................
State Savings Bank of Troy........................................................
Syracuse Savings Institution.....................................................
Third Avenue Savings Bank, New Y o rk ..................................
Troy Savings Bank.......................................................................
Ulster County Savings Bank, Kingston.....................................
Western Savings Bank of Buffalo..............................................
Westchester County Savings Bank, Tarrytown.....................
Williamsburgh Savings Bank, Brooklyn....................................
Total, five years...................................................................

$49,904 29
3,244 05
.............
181,791 67
82,911 22
12,651 87
35,952 41
14,534 95
...............
...............
5,939 14
16,094 89
828 18
42,594 54
85,884 24
19,723 14
5,929 72
.............
11,958 72
31,674 91
81 78
2,S28 59
.............
1,557 71
.............
1,088 80
19,840 25
2,065 60
156,671 38
20,440 30
...............
3,230 37
.............
.............
275 22
15,521 64
...............
691 65
...........
3,672 49
$779,542 87

UNCLAIMED FOR TEN YEARS.

The following is an alphabetical list o f the above banks which have been
in existence over ten years, with the several amounts unclaimed in each, for
ten and less than fifteen years, prior to the 1st o f July, 1 8 6 2 :




/

478

[June,

Savings Banks— Their H istory, etc.
Albany Savings Bank........................ ........................................
Albany City Savings Institution..............................................
Auburn Savings Institution.................................................. . . .
Bank for Savings in the city of New Y ork.............................
Bowery Savings Bank, New Y ork ............................................
Broadway Savings Institution, New Y o r k .............................
Brooklyn Savings Bank...............................................................
Buffalo Savings B a n k .........................
Dry Dock Savings Institution, New Y ork................................
East River Savings Institution, New Y ork .............................
Emigrant Industrial Savings Institution, New York..............
Greenwich Savings Bank, New Y o r k ......................................
Institution for the Savings of Merchants’ Clerks and others,
New Y ork .................................................................................
Irving Savings Institution, New Y ork ......................................
Mechanics’ and Traders’ Savings Institution, New Y ork ... . .
Manhattan Savings Institution, New York...............................
Mariners’ Savings Institution, New Y o r k ................................
Monroe, County Savings Institution, Rochester.......................
Newburgh Savings Bank.............................................................
Poughkeepsie Savings Bank......................................................
Rochester Savings Bank..............................................................
Savings Bank of U tica ............................................................
Schenectady Savings Bank.................................................
South Brooklyn Savings Institution..........................................
Syracuse Savings Institution......................................................
Seamen’s Bank for Savings, NewY ork .....................................
Troy Savings Bank.......................................................................
Ulster County Savings Bank, Kingston....................................
Western Savings Bank of B u ffalo............................................
Williamsburgh Savings Bank, Brooklyn...................................
Total, ten years....................................................................

$44,751 25
...............
...............
131,092 69
11,129 02
...............
8,683 36
2,540 64
.............
981 30
...........
5,158 36
5,218 55
363 71
...........
4,127 44
.............
401 39
.........
706 93
8,372 90
632 55
6,972 24
127 67
...........
£5,880 10
963 86
.............
213 52
10 09
$257,363 71

.UNCLAIMED FOR FIFTEEN TEARS.

The following is an alphabetical list o f the above batiks which have been
in existence'over fifteen years, with the several amounts unclaimed in each
for fifteen and less than twenty years, prior to the 1st July, 1862 :
Albany Savings Bank.................................................................
Bank for Savings in the city of New York.............................
Bowery Savings Bank ...............................................................
Brooklyn Savings Bank...............................................................•
Buffalo Savings Bank......, .........................................................
Greenwich Savings B a n k ...........................................................
Poughkeepsie Savings Bank.............................................
Rochester Savings Bank.............................................................
Seamen’s Bank for Savings, New York...................................
Schenectady Savings Bank........................................................
Savings Bank o f Utica................................................................
Troy Savings Bank.......................................................................
Total, fifteen y e a r s .............................................................

$8,999
100,015
2,199
3,68-3
31
1,113
25
1,0.48
8,482
3,253
29
963

66
97
96
36
56
96
53
45
62
43
10
86

$129,847 46

UNCLAIMED FOR TWENTY YEARS.

The following is an alphabetical list o f those in existence over twenty
years, with the several amounts in each unclaimed for twenty and less than
twenty-five years, prior to 1st July, 1862 :
Albany Savings Bank..................................................................
Bank for Savings in the city of New York ............................
Bowery Savings Bank.................................................................
Brooklyn Savings Bank...............................................................




$3,760
74,306
2,199
144

16
95
96
86

1863.]

Savings Banks— Their H istory , etc.

479

Greenwich Savings Bank, Hew Y ork......................................
Poughkeepsie Savings Bank ....................................................
Rochester Savings Bank.............................................................
Seamen’s Bank for Savings, New York...................................
Schenectady Savings Bank.........................................................
Savings Bank of Utica...............................................................
Troy Savings Bank......................................................................

586 81
None.
503 12
5,220 82
1,293 42
None.
931 94

Total, twenty years.............................................................

§89,227 04

UNCLAIMED FOB TWENTY FIVE YEABS.

The following have been in existence over twenty-five years, with the
several amounts thereto attached, in each, unclaimed for twenty-five years
and less than thirty, prior to the 1st July, 1862 :
Albany Savings Bank.................................................................
Bank for Savings in the city of New York..............................
Bowery Savings Bank, New York............................................
Brooklyn Savings Bank...............................................................
Greenwich Savings Bank, New Y ork.......................................
Poughkeepsie Savings Bank.......................................................
Rochester Savings Bank......................
Seamen’s Bank for Savings, New Y ork ....................................
Schenectady Savings Bank.........................................................
Troy Savings Bank........................................................................

$1,688 75
55,220 19
None.
144 88
229 44
None.
None.
3,557 78
269 93
527 51

Total, twenty-five years.....................................................

$61,633 46

■ UNCLAIMED FO B THIRTY YEABS.

The following have been in existence over thirty years, with the several
amounts thereto attached, in each, unclaimed for thirty years and less than
thirty-five, prior to the 1st July, 1862 :
Albany Savings Bank.................................................................
Bank for Savings in the city o f New Y ork .............................
Brooklyn Savings Bank...............................................................
Poughkeepsie Savings Bank.......................................................
Rochester Savings Banks............................................................
Seamen’s Bank for Savings, New Y ork....................................
Troy Savings Bank.......................................................................
Total, thirty-years...............................................................

-

$1,583 44
28,282 61
96 36
None.
None.
1,839 52
527 51
$32,329 44

UNCLAIMED FOB THIRTY-FIVE YEABS.

The following have been in existence over thirty-five years, with the sev­
eral amounts thereto attached, in each, unclaimed for thirty-five years and
less than forty, prior to the 1st July, 1862 :
Albany Savings Banks.................................................................
Bank for Savings in the city of New Y ork...........................
Troy Savings B a n k .....................................................................

$1,155 14
12,222 32
466 51

Total, thirty-five yea rs.......................................................

$13,843 97

UNCLAIMED FO B FOETY YEARS.

The following have been in existence over forty years, being the two o ld ­
est savings banks in the State, with the amounts thereto attached, in each,
unclaimed for forty years and upwards, prior to the 1st July, 1862 :
Albany Savings Bank.................................................................
Bank for Savings in the city of New Y o r k ............................
Total, forty years




$1,046 39
2,428 69
$3,475 08

480

Savings Banks— Their H istory , etc.

[June,

RECAPITULATION.
No. o f banks,

For five years..........................................................
For ten years ...............................................................
For fifteen y e a r s .........................................................
For twenty years .......................................................
For twenty-five years.................................................
For thirty years............................................................
For thirty-five years.....................................................
For forty years..............................................................

40
80
12
11
10
6
S
2

Amonnt o f unclaimed money.

$779,642 87
257,863 71
129,847 46
89,227 04
61,635 46
82,329 44
13,843 97
3,475 08

Thus it will be seen that the aggregate amount o f the unclaimed deposits
in the savings banks for five years is only $779,542 87, and o f that amount
only $89,227 04 has been unclaimed for a period o f twenty years. A very
large proportion o f the sum reported as unclaimed for five years is, really,
as much claimed as any other deposits in these institutions.
One o f the
chief objects o f a savings bank is to take proper care o f the moneys en­
trusted to its safe keeping, and large amounts are deposited with them in
small sums, simply because the depositors have confidence in them as safe
custodians o f their moneys.
Thus it is with guardians and parents who
make deposits to the credit o f their wards and children for the very pur­
pose o f having their money in a place of safety until the latter shall have
become o f age.
Indeed, ur.less a depositor wishes to make a deposit or
draft, there is no reason why he should visit the bank at all, in order that
he may be safe in his interest as a depositor. There is no inducement what­
ever for an active intercourse with the institution. Interest in all savings
banks in the State is declared semi-annually, and it matters not whether a
depositor presents himself or not, his proportion o f interest is entered regu­
larly to his credit upon the books o f the institution, and at once becomes a
part o f the principal. W hen pass-books are presented after interest has
been declared it is entered regularly upon them, but it is simply a matter
o f convenience to depositors as to when they will present their pass-books
for an entry of interest.
It would be unwise, therefore, to set down any
deposits as unclaimed unless they have remained so at least twenty years;
and as to the right of theLegislature to appropriate to itself even such deposits,
we believe no such right exists. Besides, even if it did, to exercise it would
be the gain to the State o f but a paltry sum, and a great loss to institu­
tions o f savings throughout the State, by unncessarily alarming depositors
and destroying public confidence.
SURPLUS MONEYS.

The surplus moneys o f savings banks are the aggregate amount o f a cer­
tain per centage, reserved from their gross earnings, for the purpose o f pre­
venting or making good to the depositors any los3 resulting from a reduc­
tion in the market price o f the public stock and securities held by them,
below the par value thereof.
The first legislation on this subject in our
State took place in 1831, when the “ Bank for Savings in the city o f New
Y o r k ” was authorized to accumulate a fund o f that kind at the rate of
three per cent on the amount of its deposits.
In 1836, another act was
passed giving the trustees o f that institution the right to increase the rate
o f their accumulating surplus to ten per cent. Prior to 1839 there was no
general legislation on the subject, but toward the close o f the Legislature in




1863.]

481

Savings Banks— Their H istory, etc.

that year, when there had gone into operation some twelve savings institu­
tions in the State, a law was passed giving all savings banks the right to
gradually accumulate such a fund at the rate o f ten per cent on the amount
o f their deposits. Since then this fund has been gradually increasing. On
the 1st o f January, 1858, it had reached the sum o f $2,437,623, and on
the 1st o f January, 1863, making a period o f five years, had increased
$1,408,279, making a surplus at that date o f $3,864,102, which amount
was then held in detail, by the several banks, as follows. W e also give in
the table below the deposits for January 1862 and January 1863, which
show the satisfactory result that these deposits have increased about
$18,00i>,000 in the last year.
.-------- January, 1863.---------- , Jan., 1862.
Amount due Amount due
Surplus.
depositors, depositors.

Albany Savings B a n k ........................................
Atlantic Savings Bank, New Y ork ...................
Auburn Savings Institution.................................
Bank for Savings in the city of New Y o r k .. .
Bowery Savings Bank, New Y ork ...................
Broadway Savings Institution, New Y o r k .. . .
Brooklyn Savings Bank......................................
Buffalo Savings Bank................................... .
Central City Saviugs Institution, Utica............
Citizens’ Savings Bank, New Y ork.......... ..
Corning Savings Bank, Corning.......................
Dime Savings Bank, Brooklyn...........................
Dry Dock Savings Institution, New Y o r k .. . .
East Brooklyn Savings Bank..............................
East River Savings Institution, New Y o r k ...
Elmira Savings Bank, Elmira...........................
Emigrant Industrial Savings Bank, New York
Erie County Savings Bank, Buffalo...................
Fishkill Savings Institute................................. .
Franklin Savings Bank, New Y ork .................
German Savings Bank, New Y ork ...................
Greenwich Savings Bank, New Y ork...............
Hudson City Savings Institution.......................
Institution for the savings of merchants’ clerks
and others, New Y ork ......................................
Irving Savings Institution, New York..............
Jefferson County Savings Bank, W atertown..
Kings County Savings Institution, Brooklyn. .
Manhattan Savings Institution, New Y o r k .. . .
Manufacturers Savings Bank, Troy...................
Mariners’ Savings Institution, New Y ork ........
Mechanics’ and Traders’ Sv’gs Institution, N. Y.
Monroe County Savings Institution, Rochester.
Newburgh Savings Bank, Newburgh................
New York Savings Bank, New Y ork...............
Niagara County Savings Bank, Lockport........
Onondaga County Savings Bank, Syracuse___
Oswego County Savings Bank, Oswego............
Peekskill Savings Bank........................................
Poughkeepsie Savings Bank...............................
Queens County Savings Bank, Flushing...........
Rhinebeck Savings B a n k ....................................
Rochester Savings Bank......................................
Rome Savings Bank, Rome.................................
Sag Harbor Savings Bank...................................
Savings Bank of D tic a ........................................
Schenectady Savings B a n k ................................
V O L . X L V I I I .-----K O . V I.




31

$56,27o
9,121
1,574
672,476
806,377
68,773
58,773
77,933
3,502
4,905
45
15,587
£9,397
203
61,430
480
148,546
23,074
3.698
334
15,058
250,762
2,869
82,987
36,765
875
306
104,239
112
24,121
47,664
85,186
13,717
6,699
279
7,102
798
2,683
41,941
1,828
744
121,406
7,026
1,000
34,515
13,767

64 SI,493,977 $1,199,628
261,036
09
123,216
40
450,247
175,708
76 9,587,112 8,821,750
95 10,242,494 9,173,03300 1,129,977 1,010,729
62 4,111,595 3,518,250
61 1,422,711 1,219,784'
82
25,970
9,518
22
251,229
55,166
51
1,293
436
5
537,154
356,676
M 2,662,983 2,110,890
9S
45,222
14,183
83 1,320,253 1,068,244
34
6,657
4,570
00 2,828,011 2,425,170
00 1,698,988 1,027,891
00
70,724
52,218
00
14,328
6,140
00 1,483,675
889,042
00 3,576,105 3,402,410
00
106,005
89,110
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00

1,886,005
1,244,091
69,584
104,875
3,176,907
122,628
907,681
590,017
1,037,345
339,646
152,48S
3,656
793,165
108,148
61,281
606,389
40,020
16,108
2,569,845
138,510
65,311
714,490
338,002

1,896,247
1,064,209
38,160
55,698
2,676,907
122,869
731,586
45*2,032
628,778
250,604
2,897
438,474
40,932
22,480
446,119
28,587
7,047
2,096,800
69,472
40,504'
565,436315,941

482

Savings Banks— Their H istory , etc.

[Ju

--------January, 1863.-------- , Jan., 1862.
Amount due Amount due
Surplus.
depositors, depositors.

Seamen’s Bank for Savings, N. Y .....................
Sing Sing Savings Bank......................................
Sixpenny Savings Bank of the Empire City,
New York..........................................................
South Brooklyn Savings Institution..................
Southold Savings Bank.......................................
Syracuse Savings Institution...............................
Third Avenue Savings Bank, N. Y ....................
Troy Savings Bank..............................................
Ulster County Savings Institution, Kingston..
Union Dime Savings Institution, N. Y ..............
Westchester County Savings Bank, Tarry town
Western Savings Bank of Buffalo......................
Williamsburgh Savings Bank, Brooklyn..........
Yonkers Savings Bank.........................................
City Savings Institution, Albany.......................
Exchange Savings Bank, Albany.......................
Mechanics’ and Farmers Savings Bank, Albany
Union Savings Bank, Albany......... .................
Emigrant Savings Bank, Buffalo.......................
Cohoes Savings Bank, Cohoes..............................
Chenango County Savings B a n k .......................
Central City Savings Bank, T r o y .....................
Commercial Savings Bank, Troy.........................
Mutual Savings Bank, T r o y ................................
State Savings Bauk, T roy....................................
The deposits o f above banks not reporting this
year, we put down the same in amount as re­
ported last year ..............................................
Brockport Savings Bank......................................
Sixpenny Savings Bank, A lbany.......................
Rockland County Savings B a n k ........................

502,171 00
1,837 00

8,704,277
55,588

8,215,686
42,259

2,186 00
198,235
53,161 00 1,106,188
1,427 00
111,660
10,902 00
765,296
22,749 00
573,'750
7,234 00 1,087,826
11,617 00
230,290
16,253 00
545,541
4,216 00
220,323
1,938 00
252,023
127,543 00 2,546,828
3,64 2 00
103,000
No report. No report.

157,451
920,775
63,484
552,722
363,826
796,268
178,896
320,007
181,780
166,852
1,916,041
78,343
206,676
47,114
542,977
16,065
24,203
66,830
8,435
89,109
170,155
42,572
85,474

................. 1,249,610
Closed up.....................
“
“
...............

................
3,082
13,615
28

Total........................................................... *3,846,102 00 81,642,610 64,083,150

Yet, until a bank shall close up we do not see that the Legislature has
anything to say about the matter, except to regulate the amount the banks
may hold. So long as these saving institutions are in operation, this sur­
plus money remains to make good to depositors any losses consequent upon
a depreciation in the par value o f their investments. This is, o f course, as
it should be. A t the present time, especially, the condition o f our country ■
is such, that the necessity is liable to arise any moment for them to con­
sume their entire surplus, in order to carry themselves safely through the
trying ordeal to which all financial institutions in the country must, sooner
or later, be subjected, in consequence of the unsettled state o f our present
currency. Under no circumstances, however, should this fund be allowed
to accumulate too rapidly, and all banks should be required to regulate
their rate o f interest with a view o f preventing such a result. The amount
o f ten per cent, now allowed by law as a surplus, is large enough, and
anything over that should be divided among the depositors for the year in
which the additional surplus is made. A n y other legislation on the sub­
ject would be, we think, extremely unfortunate. A small amount o f sur­
plus, in a well-regulated savings bank, shows a fair rate o f interest to the
depositors, and discourages unprofitable investments. On the other hand,
a large surplus in the hands o f bad men encourages dangerous investments,
and jeopardizes the interests o f depositors.




Journal o f Banking , Currency, and Finance.

1863.]

483

JOURNAL OF BANKING, CURRENCY, AND FINANCE.

BANK RETURNS THE PAST MONTH.

T he decrease in circulation by the banks throughout the country has
continued through the past month, as will be seen below. The latest re­
turns o f New Y ork country banks are those o f March 28th. H ad we
later returns the same fact would be shown, only more decidedly :
New Y ork city Jan. 3, 1 8 6 3 ..
Boston January 1 2 ,1 8 6 3 ..........
Philadelphia January 5, 1863.
Pennsylvania, except Phil., Feb.
New Y ork State D ec. 27, 1862
Total

89,754,355
8,373,000
4,504,115
23,283,835
29,324,450
$75,239,755

May 23,
May 25,
May 25,
May 25,
Mar. 28,

86,780,678
7,011,700
2,808,109
21,103,300
26,946,004
864,649,491

Thus, since the year came in, there has been a decrease o f circulation
at the points above mentioned o f about 811,000,000. The deposits also
seem to have increased the past four weeks, which was unexpected, in view
o f the large amounts being invested in governm ent securities, while in
New Y ork city the specie has increased over 82,000,000.
Below are our usual tables for N ew Y ork, Boston, and Philadelphia,
brought down to the last week in May.
NEW YORK BANKS, j
N ew Y

ork

B an k s.

(Capital, Jan., 1863, 869,494,577 ; Jan., 1862, $69,493,577.)

Circulation.
Specie.
Loans.
Net Deposits.
Clearings.
3,.. • • • $173,810,009 !$35,954,550 $9,754,355 $159,163,246 1$186,861,762
ft
175,816,010 36,770,746 9,551,563 162,878,249 249,796,489
10.........
«(
176,606,558 37,581,465 9,241,670 164,666,003 314,471,457
17.........
“
179,288,266 88,549,794 9,083,419 168,269,228 298,861,866
24.........
179,892,161 38,243,839 8,780,154 166,342,777 302,362,571
F eb ru ary 7,........
“
14.........
173,103.592 38,426,460 8,756,817 167,720,880 265,139,104
“
178.335,880 37,981,310 8,752,536 170,103,758 291,242,929
21.........
It
179,958,842 89,512,256 8,739,969 173,912,695 340,574,444
28.........
181,098,822 89,705,089 8,693,175 174,689,212 344,484,442
March
7.........
u
177,875,949 36,110,085 8,657,016 172,944,034 307,370,817
14.........
«
173,829,479 33,955,122 8,609,723 167,004,166 277,831,351
21.........
“
172,448,526 84,317,691 8,560,602 163,363,846 281,326,258
28.........
173,038,019 34,257,121 8,348,094 160,216,418 287,347,704
A pril
4.........
170,845,283 35,406,145 8,178,091 159,894,731 264,468,080
11.........
ft
169,132,822 36,761,696 8,039,558 164,122,146 259,417,565
18................
“
171,079,322 37,175,067 7,555,549 167,863,999 258,654,781
25,........
M ay
177,364:956 36,816,528 7,201,169 167,696,916 355,557,732
2..........
t<
180,114,983 88,002,633 7,080,565 168,879,130 367,560,731
9.........
ft
16.........
180,711,072 38,556,642 6,901,700 168,879,180 358,346,664
tf
181,319,851 38,544,865 6,780,678 167,655,668 880,304,748
23.........
Date.

Ja n u a ry




484

Journal o f B an kin g, Currency, and Finance.

[June,

BOSTON BANKS.
B oston B anks.

( Capital, Jan., 1863, $---------------; Jan., 1862, $38,231,100.)
Due

Date.

Ja n . 5 ,..
" 12,..
“ 19,..
“ 2 6 ...
Feb. 2 ,..
“
9 ,..
“ 16,..
“ 2 3 ,..
Mar. 2 ,..
“ 9 ,..
“ 1 6 ,..
“ 30,..
April 6 ,..
“ 13,..
“ 20 ,..
“ 2 7 ,..
May 4 ,..
“ 11,..
“ 18,..
“ 2 5 ,..

Loans.
$77,339,046
7 7,427,000
76.624.700
76.354.000
76,496,800
78.421.000
78.431.000
78.782.600
79,127,500
79.274.700
79,636,134
77.935.000
76.933.600
74,551,013
73,459,160
73.558.000
73,218,155
73,062,789
73,068,598
72.874.000

to banks.
Circulation.
Deposits.
Specie.
$7,672,028 $8,190,496 $33,372,648
7.751.000 8.373.000 33.063.800 17.006.000
7.710.600 8,199,600 33.362.000 16,547,800
7,710,700 8.008.500 33.847.000 16.811.700
7.685.000 8.865.000 34.076.800 16.889.000
7.707.000 8.074.000 35,178,600 16.932.000
7.794.000 8. 001.000 34.903.000 17.070.700
7.624.000 8, 002,000 34.965.500 17.331.000
7.553.000 8,001,980 35.245.500 17.523.500
7.582.000 8.225.000 35.215.000 17.340.400
7,609,238 7,780,062 32,955,149 17,230,300
7.572.600 7,593,800 31.604.500 17.074.400
7.703.800 7.963.500 32.687.000 15.444.000
7,812,895 7,762,915 82,494,822 14.557.000
7,799,315 7,278,506 33,209,742 14.132.000
7.838.800 7.040.000 32.781.500 13.303.000
7,854,731 7,433,496 31,949,762 13.237.700
7,847,849 7,688,238 31,309,985 13.147.000
7,794,046 7,167,327 32,192,770 12.863.500
7.777.000 7,011,700 88,000,000 12.787.000

Due
from banks.

13.520.000
13.727.700
13.958.000
14.490.000
14.183.000
14.095.500
14.583.800
15.004.000
14.446.500
13.434.500
11,601,300
12,280,600
12.947.800
12.653.000
11.966.700
11,622,600
11.800.000
11.732.000
11.748.000

PHILADELPHIA BANKS,
P h il a d e l p h ia B a n k s .

Date.
Jan. 5 , . . .
“
1 2 ,...
“
19,. . .
u 2 6 ,...
Feb 2
“
9 ,...
1 6 ,...
2 3 ,...
Mar. 2
“
9,’ . . .
“ 1 6 ,...
“ 2 3 ,...
“ 3 0 ,...
Apr 6 , . . .
1 3 ,...
cc 2 0 ,...
u 2 7 ,...
May 4 , . . .
1 1 ,...
“ 1 8 ,...
■< 2 5 ,...

(Capital, Jan., 1863, $11,740,080; 1862, $11,970,130.)

Specie. Circulation.
Loans.
$37,679,675 $4,510,750 $4,504,115
37,633,757 4,544,786 4,450,676
37,416,694 4,549,369 4,382,520
37,479,712 4,572,419 4,284,947
37,268,894 4,562,580 4,181,503
37,336,367 4,319,706 4,039,918
37,710,851 4,272,347 3,888,185
37,720,460 4,276,761 3,772,781
37,901,080 4,267,626 3,696,097
38,603,871 4,249,035 3,608,870
39,260,028 4,247,817 3,534,880
39,458,384 4,247,688 3,295,862
38,937,612 4,311,704 3,369,194
37,516,520 4,339,252 3,374,417
36,250,402 4,343,242 3,296,685
36,295,644 4,348.988 3,185,042
36,482,058 4,346,377 3,078,921
36,587,294 4,355,324 2,989,428
36,593,179 4,359 365 2,901,600
36,887,301 4,357,119 2,866,121
37,116,093 4,357,169 2,808,109

D ue

Due

Deposits.
to banks. from banks.
$28,429,189 $6,948,785
28,018,792 6,890,963 1,848,932
27,877,069 7,050,847 2,275,905
28,773,517 6,755,980 2,638,985
29,231,753 6,698,210 2,909,857
28,062,164 6,953,215 2,518,036
28,759,049 7,452,563 2,432,078
29,342,596 7,413,249 2,703,196
30,178,518 7,185,670 2,758,852
30,679,259 7,100,258 2,499,139
30,549,587 7,476,603 1,939,449
30,106,135 7,418,482 1,935,014
29,171,283 6,504,758 2,158,007
29,531,559 6,768,558 2,770,129
30,117,527 5,953,809 3,014,229
31,059,644 5,306,809 3,018,727
31,021,799 5,448,124 2,559,868
30,859,231 5,328,898 2,891,087
30,949,781 4,975,939 2,542,792
31,892,308 4,640,623 2,536,279
32,455,953 4,623,392 2,480,714

PENNSYLVANIA BANKS,

The follow ing statement o f the condition o f the banks o f Pennsylvania
out o f Philadelphia, we have prepared from the official tab'es :




1863.]

485

Journal o f Banking, Currency, and Finance.

Capital.................................
C irc u la tio n ........................
Deposits...............................
Due other banks...............
Due from other b a n k s .. .
Loans and discounts.........
S p e c ie .................................

Not. IS, 1863.

Feb. 18, 1803.

May 18,1863.

114,101,030
22,580.568
11,495,158
572,714
9,465,175
23,646,618
4,025,788

114,138,363
23.283,835
13,377,971
743,147
9,229,718
23,059,062
3,679,039

$14,401,549
21,103,300
16,840,252
1,104,499
8,248,749
25,288,187
4,083,776

BANK

OF

ENGLAND.

On the 22d o f A pril the Bank o f England reduced its rate o f discount
from 4 to 3|- per cent, and on the 29th April again reduced it to 3 per
cent. The Bank o f France has also during the month reduced its hank
rate to 3^- per cent. The follow ing comparative table will be found o f
interest, affording, as it does, a view o f the hank returns, the bank rate
o f discount, and the price o f wheat in London during a period o f three
years, corresponding with the date o f our last returns, May 1 3 :
At corresponding dates with the week ending

JCC1

Circulation, including bank post b ills..,
Public deposits.........................................
Other deposits...........................................
Government securities...........................
Other securities.........................................
Reserve of notes and c o in .....................
Coin and bullion........................................
Bank rate of discount.............................
Average price of wheat...........................

£*20,703.809
6,725.187
11,591,539
10,180,938
19,796,757
6,814,656
12,382,446
6 per cent.
55s. Od.

May 13, 1863.

l-O l.

iccm

186 * .

Ic02.

£21,618,780
6,304,683
14,984,308
10,331,368
18^647,7*29
10,681,892
16,919,147
2^ p. cent.
58s. 8d.

£21,252,916
6,785,187
18,727,556
11,151,395
18,952,725
8,665,531
14,653,141
3 per cent
46s. 2d

Subjoined is our usual table with the returns brought down to May
13 th, 1 8 6 3 :
W E E K L Y STATEMENT.

Date
Dec. 1 7 .. .
«
2 4 .. .
3 1 .. .
Jan. 7 . . .
«<
1 4 .. .
u
2 1 .. .
At
2 8 .. .
Feb. 4. .
ti
1 1 .. .
ti
1 8 .. .
U
2 5 .. .
M ar.
4 .. .
««
1 1 .. .
“
1 7 .. .
(4
2 4 .. .
Apr. 1 . . .
“
8 .. .
1 5 .. .
a
2 2 .. .
u
2 9 .. .
M ay
6. .
U
13. .

Private
Coin and
Public
Securities.
Bullion.
Deposits.
Circulation. Deposits.
£19,932,860 £8,507,144 £14,033,994 £30,539,363 £15,031,658
20,150,398 8,654,499 14,306,497 31,346.731 14,870,795
20,616,435 8,338,717 15,469,254 32,488.020 14,956,421
20,927,993 8,782,808 14,393,308 32,620,233 14,635,555
21,018,849 4,280,730 16,772,782 31,165,075 14,102,169
20,893,931 4,965,798 14,993,225 30,227,086 13,855,849
20,771,236 5,416,863 14,414,763 30,238,866 13,611,823
20,709,154 6,351,617 13 852,287 29,997,233 13,692,136
20,444.454 6,952,808 13,596,356 30,288,406 14,070,651
19,916,496 7,413.275 13,769,276 29,890,503 14,589,222
19,715,828 7,901,658 13,367,153 29,709.079 14,614,096
20,322,055 8,036,003 13,368,086 30,880,805 14,604,517
19,801,665 8,673,S99 13,282,605 81,096,327 14,328,178
20,012,331 9,343,499 13,003,088 31,482,170 14,547,812
20,136,276 10,364,471 12,742,282 31,896,338 15,025,274
20,965,228 10,107,041 13,172,090 32,775,752 15,141,755
21,279,339 6,714,109 14,829,832 30,946,784 14,963,835
21,S26,S20 5,769,276 15,013,391 29,974,677 15,229,237
21,413,226 6,316,413 14,739,897 30,182,533 15,387,151
21,452,800 7,178,312 13,606,939 29,994,349 15,848,492
21,376,999 7,241,739 13,122,087 29,718,602 15,141,760
21,252,916 6,735,137 13,727,556 30,201,120 14,653,141




Rate o*
Discount.
8 p r . ct.
(t
8
(i
3
it
3
tt
4
4*
4
ft
5
i*
5
i*
5
tt
4
(i
4
U
4
4
4
4
4
4
4
Si

3
3
3

it
tt
A
*
it
it

U
tt
it

a

48G

Journal o f Banking , Currency, and Finance.

[Ju

RETURNS OF THE NEW YORK STATE BANKS.

The following table shows the aggregate resources and liabilities o f the
banks o f the State o f New Y ork for the last two quarters. The returns
for June and September, 1862, will be found in vol. 4/7, page 544 o f the

Merchants' Magazine.
RESOURCES.
March 28, 18G3.

Dec. 27,1862.

Loans and discounts
$183,864,089 $178,922,536
508,521
Overdrafts......................................
$3,261 and
519,430
Due from banks....................................................
27,682,461
26,764,858
Due from directors..................... $6,898,741
Due from brokers........................ 10,231,464
9,603,672
Real estate...................................
11,500 and
9,200,498
37,803,047
Specie.......................................................................
36,802,438
33,103,776
Cash item s.............................................................
50,181,845
Stocks, promissory and United States 7 3-10
notes and indebtedness certificates............
104,704,400 )
118,860,720
Bonds and m ortgages........................................
6,106,461 j
Bills o f solvent banks and U . S. demand notes
25,773,361 )
17,041,535
Bills o f suspended banks..............
$45 and
429 j
1,585,814
Loss and expense accoun t.................................
975,350
T ota l............................................................. $444,894,124 $425,112,082
LIABILITIES.

Capital.................................................................... $108,148,202 $108,668,297
Circulation.............................................................
35,506,606
39,182.819
Profits......................................................................
15,732,206
17,102,000
Due banks.............................................................
52,601,332
57,389,106
D ue individuals and corporations other than
banks and depositors......................................
2,171,144
1,661,401
Due Treasurer o f the State o f New Y o r k . .
5,855,990
7,625,478
Due depositors on dem and...............................
221,544,347
191,537,897
Am ount due not included under either the
above heads......................................................
2,313,789
1,945,084
T ota l.............................................................

$444,894,124 $425,115,082

There were in March three hundred and eight banks in operation, all
o f which reported, except J. N. W e s t f a l l & C o.’s bank, Jordan, which
had not com m enced business on the m orning o f March 28.

FORM FOR THE USE OF PERSONS DESIRING TO ASSOCIATE FOR THE ESTAB­
LISHMENT OF A NATIONAL BANKING ASSOCIATION.

The following form has been prepared at the United States Treasury
Department for the us8 o f those persons w ho propose to associate in the
establishment o f National Banking Banking A ssociation s:
186— .
W e , whose names are specified in article fourth o f this Certificate, have
associated ourselves for the purpose o f transacting the business o f bank­




1883.]

Journal o f Banking , Currency, and Finance.

487

in g under the act entitled “ A n act to provide a National Currency, se­
cured by a pledge o f United States stocks, and to provide for the circula­
tion and redemption thereof,” approved February 25, 1863.
First. The name and title o f this Association shall be t h e ------- (1 ) ------National Banking Association o f -------Second. The said Association shall be located in the ------- o f --------- ,
county o f ------- , and State o f ------- , where its operations o f discount and
deposit are to be carried on.
Third. The capital stock o f said Association shall b e ----------- dollars,
($ -------•), and the same shall be divided in t o --------- shares o f one hundred
dollars each.
Fourth. The name and residence o f each o f the shareholders o f this
Association, with the number o f shares held by each, is as follows :
NAME.

RESIDENCE.

NO. OF SHARES.

Fifth. Said Association shall com m ence on t h e ----------- day o f ------------ ,
186Sixth. This certificate is made in order that we may avail ourselves of
the advantages o f the aforesaid act.
W itness our hands and seals t h i s ------- day o f ------------ , 186— .
State o f --------------- , county o f --------------- , ss. On this t h e ------- day o f
------- , 186— , personally came before m e ------------------------, to me well known,
who severally acknowledge that they executed the within instrument for
the purposes therein mentioned.
W itness m y hand and seal o f office, the day and year aforesaid.
(1.) The blanks will be filled so as to show the numerical order o f the
organization and the locality; for example, “ The first National Banking
Association o f Providence Rhode Island.
RETURNS OF THE CANADA BANKS.

W e give below the A uditor’s statement o f the banks o f Canada for
January and May, 1863 :
January.

May.

$35,266,666
26,455,298

$35,206,666
26,739,878

Notes in circulation........................................
Balance due to other banks..........................
Deposits not bearing interest.......................
Deposits bearing in te r e s t............................

$9,940,423
1,249,308
9,580,143
9,662,483

$9,024,240
1,836,314
10,119,578
9,940,333

Total lia b ilitie s ......................................

$30,382,357

$30,920,465

Coin and bullion..............................................
Landed or other p roperty............................
Governm ent securities...................................
N otes or bills o f other banks.....................
Balances due from other banks..................
N otes and bills discounted...........................
O ther debts not before included.................

$5,615,519
1,974,786
5,027,739
1,132,788
2,143,238
42,458,413
2,629,681

$5,394,927
2,017,810
4,990,334
1,087,414
1,050,523
44,605,111
2,758,772

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

$60,982,218

$61,904,891

Capital authorized..........................................
Capital paid u p ...............................................
LIABILITIES.

ASSETS.




488

Commercial Regulations.

COMMERCIAL

[June,

REGULATIONS.

THE HAMBURG EXHIBITION.
TO TH E F A R M E R S , A G R IC U L T U R IST S, A N D

M A N U F A C T U R E R S O F A G R IC U L T U R A L

IM PLE M EN TS A N D M A C H IN E R Y , A N D OTH ERS IN TE R E ST E D IN TH E G R E A T N A ­
T IO N A L E X H IB IT IO N A T H A M B U R G .
H a v i n g been appointed by the President o f the United States, to repre­
sent the Am erican Union at the International Exhibition at Hamburg1,
which is to be held under the auspices o f the German Agricultural Soci­
ety in July next, I deem it my duty to suggest for your consideration some
o f the principal reasons for which, at this important period o f our history,
we should give substantial evidence o f the sympathy felt by us in this
laudable effort o f our German friends to advance the important interests
o f agricultural industry, which lie at the foundation o f national pros­
perity.
The appropriation in aid o f this effort, which was brought before Con­
gress by the special request o f the President, was only lost by a trifling
majority, occasioned by the press o f other matters at the close o f the
session, and want o f time for due consideration; but I am happy to state
that the prompt liberality which distinguishes the American character,
has supplied the place o f this appropriation.
The State o f New Y ork, in view o f the important interests which she
has in connection with the German States, has appropriated $1,000 to
encourage her citizens in sending contributions to this exhibition. Other
States would doubtless have done the same, had the subject been properly
brought before their legislative assemblies.
W ith this amount, together with the aid o f the very liberal subscrip­
tions made by some o f the prominent citizens o f New Y ork and Phila­
delphia, for the furtherance o f this project, we hope to secure such a co n ­
tribution o f the results o f American industry and ingenuity as will cor­
respond with our national dignity, and fully prove to the people of Cen­
tral Europe that we are still in a condition to render effective aid to any
enterprise having for its object the elevation and happiness o f the human
race.
I do not hesitate to ask in behalf o f our pride o f country, that each o f
the States o f the Union will furnish a representative to this great gath­
ering o f European nationalties, and that liberal samples o f all the agri­
cultural products o f the several States may be collected and prepared for
exhibition, with a view to an extensive exchange o f seeds and plants, which
would doubtless result in material advantage to the agricultural interests
o f our country.
Although the difficulties o f transportation may be an obstacle in the
way o f sending any considerable show o f stock, yet ive shall have from
Verm ont some fine specimens o f Spanish merinos, said to be an im prove­
ment on the original breed. Our country affords some o f the finest work­
ing cattle in the world, and it is to be hoped we shall send a specimen o f




1863.]

Commercial Regulations.

489

these and other kinds o f stock and poultry, as p roof o f what we possess
in this particular.
I would especially urge our inventors and manufacturers o f all kinds
o f agricultural implements and machinery, (for which we stand pre-em i­
nent before the world,) and have already obtained a valuable market in
several o f the countries o f Europe, to exhibit the means employed by us
to fill our vast storehouses with an annual supply o f food, enabling us to
furnish the wants o f millions besides our own people.
I have been made fully aware that the great demand for agricultural
machinery to supply the wants o f manual labor in agricultural pursuits,
renders it inconvenient for our manufacturers to give their attention to
this object, yet patriotism, as well as sound policy for the future, demands
o f you a proper response to this invitation to unite with your contribu­
tions to give a general interest to this exhibition.
But there are other and more weighty considerations than the mere ex­
hibition o f agricultural specimens, or the inventions o f our people in
machinery and implements o f husbandry at this time, when our position
is exciting the attention o f the civilized world.
W e are to be represented by our contributions, as well as by our dele­
gates, as a distinct nationality, surrounded by the people o f Northern and
Central Europe, to many o f whom the knowledge o f our condition is but
conjecture, and it is therefore for our interest that we should give evidence
o f the continuance o f our national life, as well as our public spirit; and
mainly upon this ground, have the very liberal contributions been made
by some o f our patriotic fellow-citizens, and the highest officers o f our
governm ent have been deeply interested in the part we are taking in this
exhibition.
The great German Empire, with which we formed an early treaty o f
friendship and com m erce, and with which we have maintained unbroken
relations o f peace from the days o f W a s h i n g t o n , is known to contem ­
plate our grievous internal troubles with intense solicitude, and the pres­
ence o f American delegates, and Am erican inventions and products, at
this Grand International Exhibition at Hamburg, will not only promote
the material interests o f both countries, but will undoubtedly be hailed
as a proper recognition o f the practical patriotism o f our German adopt­
ed citizens, and a response to the ardent sympathy in our country’s cause,
cherished among their friends in the Fatherland.
But just o?i0 month now remains for us to prepare and send forward
our contributions; the time, however, is ample if immediate action is
taken on the subject. The agricultural societies or the Executive author­
ity o f each o f the States, in which delegates have not been appointed, are
earnestly requested to make selection o f suitable representatives to the
Exhibition.
This is highly important to the interests o f the several
States, in view o f the extensive information to be obtained in all matters
pertaining to agriculture, in the exchange o f seeds and plants, and in the
printed records o f the several State societies, and also in reference to the
encouragement o f German emigration.
Provision for space and accommodation at the exhibition will be made
at once for all American contributions without charge to contributors,
and articles for exhibition will be received until the 11th day of June next,
though shipments, which can be made as early as the 28th o f May, should
be sent at that time.




490

Commercial Regulations.

[June,

The committee at Ham burg have decided to receive articles used for
ordinary domestic purposes, such as churns, washing-machines, pails,
brooms, etc., o f which we anticipate a large variety.
Our carriages and wagons will command special attention, as the A m er­
ican style o f vehicles are held in high estimation.
Samples o f provisions, lard, flour, mazena, etc., will be duly appreciated
by the committee.
An especial interest is felt in Germany in regard to the part we shall
take in this exhibition, and we are assured that the invitation to the dif­
ferent countries in Europe to unite in this project, has met with a warm
response. The English manufacturers o f agricultural implements and
machinery have made arrangements for a large display.
The French
Minister o f the Interior has issued a circular calling upon the citizens o f
the Empire to give it countenance and support.
The Swedish govern­
ment has voted money in its aid. Orders have been received from Rus­
sia for the purchase o f American implements and machinery at the Fair
— and probably every European nation will have its representatives there.
The unfortunate effect, therefore, o f a meagre show on our part may be
easily conceived, and we shall d o ourselves great injustice if we neglect
this favorable opportunity o f giving ample evidence o f the spirit and re­
sources o f the “ Great Republic.”
Messrs. A ustin , B a ld w in & Co., o f the city o f New Y ork, are the duly
authorized agents o f the Ham burg Committee, to whom all consignments
for the exhibition must be made, and who will pay all the expenses o f
transportation from any part o f the United States to the city of H am ­
burg, to the extent o f the funds contributed, which are presumed to be
sufficient for the purpose.
Messrs. J am es R. M c D onald & Co., o f Hamburg, have been appointed
to receive and take special charge o f all articles sent from the United
States to the exhibition, and in absence o f the owner, will see that they
are properly exhibited, and sold if are desired, in which case prompt
remittances will be made through the agency in New Y ork.
The extensive grounds in the vicinity o f Hamburg, covering eighty
acres, have been laid out for the exhibition, plans o f which, together with
any further information, may be had on application to Messrs. A ustin ,
B

a l d w in

& C o.

First class steamers will sail from New Y ork direct for Ham burg on
the 30th o f May, and 13th and 27th o f June.
It is m y purpose to sail
on the first date named. I would recommend that delegates should leave
as early as the 13th o f June, though the following steamer will probably
arrive in time for the opening o f the exhibition, which is on the 14th o f
July. The passage to delegates will be reduced 25 per cent from the
regular rates.
Letters and communications addressed to me should be sent to the care
o f Messrs A ustin , B a l d w in & C o., N o. 72 Broadway.
J oseph A . W
N ew Y

ork,

M a y 14, 1863.




r ig h t ,

U . S . Com m issioner.

1863.]

Commercial Regulations.

491

DECISIONS OF TREASURY DEPARTMENT UNDER THE TARIFF ACT OF JULY

14, 1862.
The following decisions have been made by the Secretary o f the Treas­
ury, o f questions arising upon appeals by importers from the decisions o f
collectors, relating to the proper classification, under the tariff act o f July
14, 1862, o f certain articles o f foreign manufacture and production en­
tered at the ports o f Boston and N ew Y o r k :
DUNNAGE

'

M AT S.

T rea su ry D epa rtm en t, M a rch 31, 1863.

Sir : The appeal of R obert B . Storer from your decision assessing
duty on the charge of dunnage mats contained in invoices o f certain sheet
iron imported by him, has been considered.
The appellant alleges: “ These mats being the ordinary article o f dun­
nage used in vessels from Russia, were bought and used solely for that
purpose— for the protection o f the article which they accompanied, and
therefore properly no more subject to duty than old boards and wood used
to ceil the vessel or to raise the cargo from the vessel’s floor ” and “ That
no more mats were used than were absolutely needed.”
The admission, on the part of the appellant, that the mats in question
were a charge in the invoices, should, o f itself, clearly establish the cor­
rectness o f your decision.
It is, however, the law and the practice that no article o f m erchantable
value shall be landed from the vessel in which they have been imported
without the payment o f or security for the payment o f impost, if ware­
housed, unless they are made free o f duty by the existing tariffs. In the
case cited o f “ Old boards and wood used to ceil the vessel or to raise the
cargo from the vessel’s floor,” duty would be assessed thereon, if o f any
merchantable value, when landed.
Y our decision is hereby affirmed.
I am, very respectfully,

T o J. Z . G oodrich, E sq .,

8 . P . C h a s e , S ecreta ry o f the T rea su ry.
Collector, B oston , M a ss.
WrA S T E

FU R.

T rea su ry D ep a rtm en t, A p r il 24, 1863.

S i r : Messrs. W . A. & A . M. W hite appeal from your decision assess­
ing a duty o f 20 per cent on certain hatters’ furs, imported by them per
ships “ D readnought” and “ B . Adams,” from Liverpool, and claim to en­
ter them at 10 per cent, under section 19 o f the act o f March 2, 1861, as
“ furs not on the skin from undressed skins.”
It is alleged by the appellants, and admitted by the experts o f the cus­
toms, that the article in question “ is cut from same skins, at same time,
and by same process as other fur which is allowed to com e in under the
old duty o f 10 per cent.”
This does not, however, make it a fur, but, on the contrary, clearly es­
tablishes its character as “ w aste," as its production is an unavoidable in­
cident to a process for obtaining the J u r from skins.
In General Regulations, June I, 1856, there is a decision classifying
“ waste silk, waste linen, or the waste or clipping o f any other cloth, with




492

[June;

Commercial Regulations.

waste or shoddy
and this is reaffirmed in General Regulations, February
1, 1857, page 590, with the addition o f “ or hatters’ skins.”
The principle o f these decisions this Department sees no reason to
change.
Under section 19 o f the act o f March 2, 1861, flocks, waste or shoddy,
was subject to a duty o f 10 per c e n t; and under section 6 o f the act o f
July 14, 1862, an additional duty o f 10 per cent is imposed.
The article in question was classified as “ waste fu r” by you, and as
such subjected to a duty, at the rate o f 20 per cent.
Y ou r decision is hereby affirmed.
I am, very respectfully,
G eo . H

T o H iram B arnet,

a r r in g t o n ,

A ctin g S ec. o f the T rea su ry.

Esq., Collector, N e w Y o r k .

CO U N T R IE S B E Y O N D

TH E

CAPE

OP

GOOD

HOPE.

T rea su ry D ep a rtm en t, A p r il 24, 1863.

S ir : The follow ing question has been presented to this D epartm ent:
W h at is the proper interpretation or meaning o f the words, “ goods,
wares, and merchandise o f the grow th or produce o f countries beyond the
Cape o f G ood H o p e when imported from places this side o f the Cape o f
G ood H ope,” as used in section 14 o f tariff act o f July 14, 1862 ?
I am o f the opinion that by “ countries beyond the Cape o f G ood H ope ”
is meant all countries with which we carry on commercial intercourse by
means o f vessels passing by or around the Cape o f G ood Hope, in a westwardly direction when sailing to this country, and which, in the ordinary
course o f navigation, are reached from here and from England by vessels
passing by or around the Cape o f Good H ope eastwardly.
In connection with this subject, I consider it necessary to say that all
goods, wares, and merchandise o f the growth or produce o f countries be­
yond the Cape o f Good H ope, when imported from places this side o f the
Cape o f G ood H ope, are subject to the additional duty o f 10 percent, un­
less their character, quality, and condition be entirely changed by manu­
facture or otherwise. For example, Manilla hemp, if manufactured into
cordage in England, would not on the importation o f said cordage into
this country be subject to the additional duty of 10 per cen t; in such a
case its distinctiveness as hemp would be merged in its new condition.
I am, very respectfully,
G e o . H a r r in g t o n , A ctin g Sec. o f the T rea su ry.

H iram B arney, C ollector, <£c., N . Y .
G IN G E R ROOT, (F R E S H O R G R E E N ).

T rea su ry D epa rtm en t, M a y 6, 1863.

S i r : Messrs. L un , W o & C o. have appealed from your decision assess­
ing duty at the rate of 5 cents per pound on certain “ ginger r o o t ” im ­
ported by them from H on g K on g .
The appellants submit, “ that, in their opinion, the ginger root contem ­
plated in the tariff is the dried ginger root known in the trade and to
druggists; whereas the ginger root which comes from China is fresh— the
ju ice running out if cut— sprouting on the voyage, often one-half o f the
quantity shipped arriving in a rotten state, &c.”




1863.]

493

Commercial Regulaiiont.

Messrs. L un, W o & Co. claim to enter the article in question as an unenumerated vegetable, liable to 10 per cent ad valorem duty.
Section 5 o f the Tariff act o f July 14, 1862, imposes a duty o f 5 cents
per pound on “ ginger r o o t;” and in the absence o f any provision for
“ g reen ” or “ fresh ” ginger root, this rate must prevail.
Y our decision is hereby affirmed.
I am, very respectfully,

G eo.

A ctin g Sec. o f the T rea su ry.

H a r r in g t o n ,

To I ra P . R a n k in , Esq., C ollector, S a n F rancisco.
GOODS

O R D E R E D , E T C ., P R E V IO U S TO
IN G

TH E

ACT

OP

JU L Y

14, 1862,

TAK­

EFFECT,

T rea su ry D ep a rtm en t, A p r i l 22, 1863.
S i r : The appeal o f G e o . R o g g e from your decision assessing duty, in
accordance with the tariff act o f July 14, 1862, on three bales o f woolens
im ported by him per “ A ristides” from Antwerp, is before me.
The appellant sa ys: “ 1st. The goods in question were contracted for'
in Europe, and on shipboard, and bill o f lading signed, previous to any
intention having been made known by Congress to amend or alter the
tariff acts o f March 2, 1861, August 6, 1861, and Decem ber 24, 1861 ;
and such being the case, claim to enter them under the provisions o f the
last-named acts o f 1861.
“ 2d. That the clause in the act taking effect on the 1st o f August,
1862, im posing the new duty ‘ on goods on shipboard,’ is not equitable
or just, as it places the merchant at the mercy o f any sudden changes
made in the tariff', and thereby causes him to sustain heavy pecuniary
losses.”
It will be perceived that the appellant does not allege that the duty
was erroneously or illegally exacted, but simply complains o f the want o f
equity and oppressiveness o f the act o f Congress o f July 14, 1862.
As this Department has no authority to question the policy o f any act
o f Congress, I dismiss the appeal and hereby affirm your decision.
I am, very respectfully,
G e o . H a r r in g t o n , A ctin g S ecreta ry o f the T rea su ry.
H ira m B a r n e y , E sq ., Collector, dec., N . Y .
C O TT O N -----N E W

ORLEANS

AND

SU R A T .

T rea su ry D ep a rtm en t, A p r i l 23, 1863.
S i r : I have considered your report on the appeal o f H

enry

S . S iia w

from your decision assessing duty, at the rate of one-half cent per pound,
on 200 bales o f N ew Orleans cotton, and one-half cent per pound and 10
per cent ad valorem on 195 bales Surat cotton, im ported b y him from
Liverpool.
The appellant alleges that the “ 200 bales are exempt from duty, being
the production o f the United States returned to this country,” and claims
the “ whole as entitled to free entry, it having been ordered sometime be­
fore the passage o f the tariff act o f July 1 4 ,1 8 6 2 , and boughtand shipped
on board the vessels before the 1st o f August, 1862.”
It appears that the appellant has failed to produce the evidence required,
by law to entitle the 200 bales to free entry. The duty o f one-half cent
per pound and 10 per cent ad valorem assessed on the 195 bales Surat




494

Commercial Regulations.

[June,

cotton was strictly in accordance with the tariff act of July 14, 1862, sec­
tion 8 of which imposes the one-half cent per pound, and section 14 au­
thorizes the additional 10 per cent ad valorem “ on all goods, wares, and
merchandise o f the growth or produce o f countries beyond the Cape o f
G ood H ope, when imported from places this side o f the Cape o f Good
H ope.”
The claim that both parcels are entitled to free entry because the order
was given and the cotton on board the vessels before the passage o f the
act o f July 14, 1862, is groundless.
The 21st section o f this act provides that “ all goods on shipboard on
the 1st day o f August, 1862, shall be subject to the duties prescribed by
this act.” There is no exemption o f goods ordered, purchased, or ship­
ped prior to its passage.
Y ou r decision is hereby affirmed.
I am, very respectfully,
G e o . H a r r in g t o n ,

J. Z.

G o o d r ic h ,

A ctin g S ec. o f the T rea su ry.

Esq., C ollector, dec., B oston , M ass.
RAGS.

T rea su ry D ep a rtm en t, A p r i l 25, 1863.

S i r : I have considered the appeals dated February 5 and March 17,
1863, o f W m. B. W ood, from your decisions assessing duty, at the rate
o f 10 per cent ad valorem, under section 14 o f the tariff act o f July 14,
1862, as “ East India Rags,” on certain rags imported by him per “ N ep­
tu n e” and “ Columbia.”
In the appeal o f February 5, the appellant sa ys: “ H ad we entered them
as rags, without any such description as ‘ Calcutta,’ they would have been
passed free, as the balance were.”
In the appeal o f March 17, the appellant says: “ W e have now an in­
voice o f paper stock marked ‘ Surat gunny,’ and the same duty o f 10 per
cent is demanded by the collector o f this p ort;” furthermore, that “ ‘ Cal­
cutta ’ are light thin rags, and so called because they describe such rags
as would be collected from worn-out garments o f hot climates. But
whether the rags were actually collected in the East Indies, or were selec­
ted from among those collected in Europe, we believe it impossible to
decide.”
The experts o f the customs say the rags in question “ appear to us to
be Calcutta or East India produce, and were baled in material and man­
ner similar to goods imported from these places. W e therefore reported
them as ‘ from beyond the Cape,’ under 14th section a c to f July 14, 1862 ;
and this we should have done if the bales had not been stam ped nor in ­
voiced as ‘ Calcutta or Surat.’ ”
The appellant having failed to show that the rags were the produce o f
a country this side o f the Cape o f G ood H ope, and the reasons o f the
experts for classifying them as the produce o f a country beyond the Cape
o f G ood H ope being substantial and according to usage, the terms o f the
law leave no discretion.
Y ou r decision is affirmed.
I am, very respectfully,
H

ir a m

G e o . H a r r i n g t o n . A ctin g Sec. o f the T rea su ry.
B a r n e t , Esq., Collector, d c ., N . Y .




1863 .]

495

Commercial Regulations.
“

half

g o l d ,”

( gold

l e a f .)

T rea su ry D epa rtm en t, A p r i l 2, 1863.

Sir : Messrs. L. B randies & C o. appeal from your decision assessing
duty, at the rate o f one dollar and fifty cents per pack, on fifty-five packs
o f “ half g o ld ” imported by them, alleging that “ fifty packs o f this ‘ half
gold,’ (which is only a technical name for it,) are composed o f a body o f
silver slightly plated or coated on one side with an alloy o f gold, and five
packs are com posed o f silver, and plated with Dutch metal.
“ W e claim, consequently, the article being almost entirely silver leaf,
to pay the duty at the rate o f 75 cents per pack.”
The article called “ half g o ld ” is not specially provided for by name
in any o f the existing tariffs. It is a combination o f gold and silver leaf,
and is used for similar purposes and as a substitute for gold leaf, and
therefore is liable to duty, under the 20th section o f the act o f August
30, 1842, to the same duty as gold leaf, that being the enumerated article
it most nearly resembles in “ material, quality, texture, or the uses to
which it may be applied.”
Y ou r decision is therefore affirmed.
Y erv respectfully,
8. P . Chase, Sec. o f the T reasu ry.
To H iram B arnet , Esq., Collector, N e w Y o r k .
S L IP P E R

PATTERN S.

T rea su ry D ep a rtm en t, A p r i l 11, 1863.

Si r : Certain “ slipper patterns,” im ported by Messrs. S ciiack

&

H otop

were classified by you as manufactures o f worsted and cotton, and duty
assessed at the rate o f 35 per c e n t ; from this classification and assess­
ment the importers appeal, claim ing that 10 per cent ad valorem is the
proper rate o f duty under the clause in section 6 o f the tariff act o f July
1 4 ,1 8 6 2 , com m en cing: “ Lastings, mohair cloth, silk, twist, or other
manufacture o f cloth, woven or made in patterns o f such size, shape, and
form, or cut in such manner as to be fit for shoes, slippers, boots, bootees,
gaiters, and buttons, exclusively,” &c., &c.
A majority o f the experts o f the customs, to whom a sample o f the
goods in question has been submitted, are o f opinion that the article is
o f size and shape, and o f a texture and color precisely adapted for slip­
pers, and can be used for no other purpose advantageously, and should be
admitted at 10 per cent, as claimed by the importers, and in this opinion
I concur.
'
Y ou will govern yourself accordingly.
Respectfully,

S. P. Chase, S ec. o f the T rea su ry.
H iram B arnet, E s q ., C ollector, N e w Y o r k .
,
C O TT O N

SH IR T S.

T rea su ry D epa rtm en t, M a y 4, 1863.

Si r : Messrs. J ordan, Marsh & Co., o f Boston, appeal from your de­
cision assessing duty, at the rate o f 35 per cent, on certain “ cotton shirts,”
im ported by them into Portland per steamer Jura, and claim to enter
them at 30 per cent, alleging that the law expressly provides that shirts
and drawers pay that rate o f duty.




496-

Commercial Regulations.

The act o f March 2, 1861, imposes a duty o f 25 per cent, and section
10 o f the Tariff act o f July 14, 1862, imposes an additional duty o f 5
per cent “ on shirts or drawers wove o r m ade on fr a m e s , composed wholly
o f cotton, etc.”
The act o f March 2, 1861, imposes a duty o f 30 percent, and section 13
o f the Tariff act o f July 14, 1862, imposes an additional duty o f 5 per
cent “ on wearing apparel o f whatever description, o f whatever material
ocmposed, except wool, made up or manufactured wholly or in part by the
tailor, seamstress, or manufacturer.”
The question which presents itself is, to which o f these two classes the
shirts im ported by Messrs. J ordan, M arsh & C o., properly belong.
The shirts are known to the trade as “ patent finish shirts,” and are
composed wholly o f cotton, and are manufactured by the tailor or seam­
stress from cloth in the piece— with the exception o f the sleeves, which
are woven without seams— then shaped to fit the arm holes, and afterwards
attached, by sewing, to the body o f the shirt.
It is quite clear they are not shirts “ wove or made on fr a m e s ,” and, in
iny opinion, were properly classified by you under section 13 o f the Ta­
riff act of July 14, 1862, and subjected to duty at the rate o f 35 per cent
ad valorem.
Y ou r decision is hereby affirmed.
I am, very respectfully,

G eo. H arrington, A ctin g Sec. o f the T rea su ry.
T o J ed. J ewett, Esq., Collector , P o r tla n d , M e.
M O H A IR

C O A T IN G

OR

C L O A K IN G .

T rea su ry D ep a rtm en t , M a y 6, 1863.

S i r : I have had under consideration the appeal of Messrs. W hite,
B rown, D avis & Co. from your decision assessing duty on certain “ m o­
hair and worsted piece goods,” at the rate o f 18 cents per pound and 3(T
per cent ad valorem, under section 13 o f act o f March, 1861 , and section
9 of act o f July 14, 1862, as “ manufactures o f wool o f every description,
made w holly or in part o f w ool, not otherwise provided for.”
The appellants allege that “ these goods are not made wholly or in part
o f wool, but o f worsted or m ohair— worsted or mohair being the com ­
ponent material subject to a duty o f 35 per cent ad valorem.”
Samples o f the goods in question have been submitted to the experts of
the customs, a majority o f w hom are unable to discover the presence o f
w ool, but are o f the opinion that “ wool waste ” may be, to a very limited
extent, a com ponent material. “ W o o l waste,” however, is not recognized
by the tariff act as “ wool.”
In m y opinion, the claim o f the appellants is well established, and
your decision is hereby overruled.
I am, very respectfully,

G eo. H arrington, A ctin g Sec. o f the T rea su ry.
H iram B arney, Esq., C ollector , &c., N . Y .




1863 .]

497

Journal o f Mercantile Law.

JOURNAL OF MERCANTILE LAW.
IMPORTANT TO IMPORTERS— HALF MONTH’S STORAGE,
UNITED STATES CIRCUIT COURT, MAY

21.

R ichard I rwin et al. vs. A ugustus S chell. Before Judge N elson.
This suit involves the question o f the right o f the collector to collect the
half month’ s storage, according to the regulations o f the Treasury, under
the follow ing circum stances:
The plaintiffs in the case o f several shipments o f goods in June and
July, 1857, from Liverpool to this port, caused warehouse entries to be
made at the custom-house, under the act o f Congress o f 28th March, 1854
but before the goods were removed to the warehouse, they changed their
minds and applied to the collector for permits to land the goods for re­
moval to their own stores, or for consumption— whereupon the collectorcharged them half a month’s storage, besides the duties, which storagefor the goods in the five vessels, amounted to the sum o f $98 26, and
which was paid under protest.
It is admitted that no act o f Congress can be found for making this
charge against the merchant under the above state o f facts. The charge
is wholly an arbitrary one, prescribed by the Secretary o f the Treasury,
and a fixed sum m ight as well have been imposed as the half month’s
storage. The imposition is sought to be sustained in the idea that in case
the goods are entered for warehousing, and before they are landed and
removed the merchant applies for a permit to land for consumption, the
vessel, in the meantime, may be regarded as the warehouse, with the per­
mission o f the Treasury. But this is hardly plausible, as it involves the
absurdity o f charging the merchant for the use o f his own vessel.
Besides, the government has no interest in the warehousing business,
as according to the act o f 1854 the goods are stored at the risk and ex­
pense o f the importer.
The truth is, that the charge is made simply for the favor granted to
the merchant in permitting him to land the goods for consumption after
he has entered them for warehousing. After being thus entered, the c o l­
lector m ight doubtless compel him to procure his goods in the usual way,
through the warehouse, which would increase considerably the expense.
H ence, if the merchant changes his mind and applies for a permit to land
for consumption, this charge is imposed. The change, as appears from
the case, adds nothing to the labor or trouble o f the officers o f the cus­
toms, as is, indeed, obvious from the usual course o f the business.
A s I have said already, there is no law for this charge against the mer­
ch a n t; and any other arbitrary sum might as well be imposed. And I
have hesitated whether I ought not to put an end to it. I certainly
should, were it not for considerations which I will now state.
It does not appear in the case whether the charge goes to the govern­
ment, or is a perquisite to the collector. But as it is imposed by a regu­
lation o f the Treasury, it is fair to presume, that it goes to the govern­
ment. This is a suit against the collector, and the question, under the
VOL. X L V III.— NO. V I.




32

498

Journal o f Mercantile Law.

[June

circumstances, arises, whether the payment o f this storage was an invol­
untary payment. I f it was not, then the action will not lie. It is true
the plaintiffs paid under protest. But their own acts led to the charge.
They entered their goods for warehousing and afterwards changed their
minds and asked for permit to land. The collector, under instructions o f
the Treasury, probably, might have refused this and compelled the ware­
housing o f them.
The Secretary o f the Treasury, however, says, if you will pay a half
month’ s storage, I will give you a permit. This is a favor extended for
compensation. I do not agree that public officers can make these bar­
gains, but if the merchant voluntarily accedes to them I am inclined to
think he cannot turn round and sue the collector as for an involuntary
payment. The merchant was not compelled to accede, as he m ight have
procured his goods through the warehouse.
There is no difficulty where the merchant makes up his mind on the
arrival o f the goods what he will do with them— warehouse them, or land
them for consumption. H e is not compelled to enter them for warehous­
ing. The goods may remain on board his ship till entered, and permits
of landing obtained.
Upon the whole, after some difficulty, I have com e to the conclusion,
for the reasons above stated, that the plaintiffs cannot recover.
Judgment for defendant.

PETROLEUM Iff GERMANY.

Large quantities o f petroleum are now constantly forwarded to the in­
terior of Germany by the railroads; but as there is some danger connect­
ed with its conveyance, the Association of North-German Railway Com ­
panies have issued special regulations for the transport o f petroleum,
binding on them all. The principal conditions insisted on are the follow­
in g : The traffic to be exclusively confined to refined petroleum, crude be­
ing totally excluded. The casks to be immediately examined when brought
to the station, and not to be received unless in irreproachably good con­
dition. Refined petroleum not permitted to be loaded, unloaded, or stored
in the goods sheds, but only at place at a safe distance and in the open
air, fixed on at each station by the respective station masters. The petro­
leum not to be conveyed in the covered vans with other goods, but placed
in separate open trucks, simply covered by a tarpaulin. The loading and
unloading to be performed exclusively by daylight, and no sm oking per­
mitted by the men employed, under any circumstances, in the neighbor­
hood o f the casks. N o lamps or lanthorns to be attached to the petro­
leum trucks at night when in motion. On each side o f the truck a red
board to be displayed, on which to be painted in conspicuous letters the
words “ Petroleum, dangerous.”
Petroleum only to be forwarded by
goods trains. The trucks to be placed in the middle o f the train, as at
night lamps are attached to the last carriage so as to be visible from be­
hind. The minimum quantity is fixed at 50 centners. I f less, full freight
for the above quantity to be charged.




1862.]

R ailw ay , Canal, and Telegraph Statistics.

499

RAILWAY, CANAL, AND TELEGRAPH STATISTICS.

PENNSYLVANIA RAILROADS.
F rom the reports o f the several railroad companies for 1862, as com ­

municated to the Auditor General o f the State, and reported to Legisla
ture, we extract the follow ing information :
PENNSYLVANIA RAILROAD.

Capital authorized, $2 0,00 0,00 0; paid in, $13,274,600. Funded deb t,
$9 ,527 ,4 00 ; total funded and floating debt, $9,570,400 at six percen t.
Cost o f road, $21,806,852 7 6 ; length, 365T6/ 5 m iles; double track 318
m iles; two branch roads. Has six engine houses, e tc.; 253 engines;
113 passenger; 44 baggage and express; 3,471 freight, and 400 coal cars.
Has 81 iron, 57 wood, and 17 stone bridges, 102 passenger, and 106
wood and water stations.
D uring the year 1,089,659 passengers were carried, and 1,989,126 tons
freight. Express trains run 27 and mail trains 24 miles per hour.
Expenses: Maintenance o f real estate and road, $768,731 6 8 ; repairs
o f machinery, $1,144,566 8 7 ; operating road, $1,920,046 6 5 ; total,
$3,833,345 20. Receipts, $10,143,738 78.
A ccidents: Six passengers, 22 employes, and 39 others killed— 6 7 ; 11
passengers, 38 employes, and 27 others injured— 76.
PITTSBURG, FORT W AYN E, AND CHICAGO.

C apital authorized, $6 ,500 ,0 00 ; subscribed, $5,351,062 9 0 ; paid in,
$5,351,062 90. F u n d ed deb t, $12,935,173, at ■§ per c e n t; no floatingd eb t.
Cost o f road, $17,448,687 1 6 ; length, 468T3F m iles; double track, 59 t6j6j-.
Has 13 engine houses, and 109 engines. Has 53 passenger, 23 express
and baggage, and 1,174 freight cars. Has 3 iron, 183 wood, and 39 stone
bridges; 73 passenger, and 45 wood and water stations.
D uring the year 626,892 passengers were carried, and 592,770 tons
freight. Express trains run 26, and mail trains 23 miles per hour.
E x p e n s e s : M ain ten an ce o f real estate and w ay, $470,958 6 4 ; repairs
o f m a c h in e ry , $335,872 09 ; o p eratin g road, $999,987 8 3 ; total,
$1,806,818 56. R eceip ts, $3,613,841 36.
A cciden ts: Eight employes and 12 others killed— 2 0 ; 9 employes and
2 others injured— 11.
PITTSBURG AND CONNELLSVILLE.

C ap ital authorized, $5,000,000 ; subscribed, $2,143,000 ; paid in.
$1,763,130 47. F u n d ed d eb t, $1 ,500 ,0 00 ; at 6 per c e n t ; total funded
and floatin g, $1,610,417 19.
Cost o f road, $2,154,348 7 6 ; length 149 m iles; double track, 6j4„
miles. Has 3 engine-houses; 10 locom otives; 9 passenger, 3 express
and baggage. 31 freight, and 19 coal cars. Has 1 iron. 9 wood, and 2




500

Journal o f B anking , Currency , and Finance.

[June

stone bridges; 12 passenger, and 8 wood and water stations. Owns
$190,544 45 o f real estate.
Number o f passengers carried, 143,510, and 85,*764 tons freight. E x­
press trains run 20, and mail trains 16 miles per hour.
Expenses: Maintenance o f real estate and way, $21,073 3 0 ; repairs o f
machinery, $28,732 3 5 ; operating road, $29,733 14, total, $79,538 79.
Receipts, $129,917 84.
A ccidents: Two employes and 1 other killed— 3 ; 7 employes and 1
other injured— 8.

RAILWAYS 0T CONNECTICUT.

T h e annual report o f th e R a ilw a y C om m ission ers o f the S tate o f C o n ­
necticut review s th e railroad h istory o f th e C o m m o n w ea lth for ten years
past. T h e y say that no S tate in N e w E n gla n d has an equal n u m b er o f
m iles o f iron track to its sq u are m iles o f territory, and few S tates h ave
the sam e proportional capital in v ested . D u rin g the tim e m en tion ed n o
g rea t th rou gh lines or in dependent roads have been projected or b uilt.
S o m e one or tw o extensions o f established roads have been added, in order
to form m ore perfect connection s w ith ex istin g routes, and one or tw o
existin g roads have been co m p leted . T h e statistics' o f th e roads are—
T h e chartered capital o f th e several railroads in w h ole or
$22,665,490
in p a r t. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
18,929,879
O f w h ich there has been paid i n . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
27,641,840
T o ta l apparent expense ch a rg ea b le to construction account
T h e total len gth o f road con stru cted under charters g ra n ­
7 8 0 .0 5
ted in w hole or in part b y th e S tate is................ m iles
6 0 0 .0 0
O f w h ich is constructed in this S t a t e . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1 2 5 .0 5
T h e a g g rega te len gth o f d o u b le track i s . . . . . . . . . . . . . . . . . . . . . . . .
9 0 8 .0 0
M a k in g the en tire len gth o f d o u b le track in u s e . . . . . . . . . . . . .
A v e ra g e n u m b er o f m iles to a lo co m o tiv e in this S t a t e ..
H
T h e total expenditu re for w o rk in g the roads has been, e x ­
$2,033,924
clusive o f in terest. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
353,320
F o r fuel, o il, and w a ste . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F o r salaries, w ages, etc,, ch a rgeab le to passenger, freight,
512,277
and m iscellaneous e x p e n s e s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
T h ere has been expended d u rin g the y e a r :—
$460,230
F o r m ain ten an ce o f w a y ,................. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
249,961
F o r m aintenan ce o f m otiv e p o w er and c a r s . . . . . . . . . . . . . . . . . . .
710,191
M a k in g for repairs and renew als a total cost o f .. . . . . . . . . . . . . .
T h e total in c o m e o f th e railroads in this S tate d u rin g the
3,673,291
past y ea r has b e e n . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1,146,561
T h e ir net earnings have b e e n . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
90,832
T h eir reported undivided surplu s i s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2,449,706
P assen ger and oth er trains h a ve run in a ll. . . . . . . . . . . . . m iles
2,968,076
C a rry in g ............... . . . . . . . . . . . . . . . . . . . . . . . . . . . .......... passengers




Mercantile Miscellanies.

1863.]

501

MERCANTILE MISCELLANIES.
THE DEAD OF POMPEII EXHUMED—THE RECENT REMARKABLE DISCOVERIES
IN THE BURIED CITY.

F rom tim e to tim e b rief accounts have been published o f the discovery
o f hum an rem ains, in a state o f g oo d preservation, in a house in P om peii.
Interesting particulars o f the recent researches in the buried city are given
b y a correspondent o f the L ondon A tkenceum , w ho says th at the hum an
bodies were found in an excavation near the house called that o f A b b o n danza. F allin g in a m ass o f pum ice stone, these unfortunate persons had
not becom e attached to the soil, and it was easy to cut aw ay the grou nd be­
neath them ; but above, fire, ashes, and hot water had been rained upon
th em from the fiery m ountain, causing their death, and insuring their pre­
servation for nearly tw o thousand years. O n rem oving the debris, w hich
consisted o f the ro of and ashes which had fallen into the interior o f th e
house, som eth ing like a hum an form was discovered, th ou gh nothing but
fine pow der was visible. I t occurred to Cavalier Florelli that this m ig h t
be a kind o f sarcophagus created b y V esuvius, and that w ithin were the re­
m ains o f one o f the victim s o f that terrible eruption. B u t how to rem ove
or preserve them ? A happy idea struck him . P laster o f P aris was poured
into an aperture, the interior having been discovered to be hollow in conse­
quence o f the destruction o f the flesh, and m ixin g with and uniting with
th e bones, restored to the world a R o m a n lady o f the first century.
Further researches led to the discovery o f a m ale b ody, another w om an,
and that o f a y o u n g g ir l; but that which first aw akened the interest o f the
excavators was the finding o f ninety-one pieces o f silver m on ey , four ear­
rings, a finger-ring, all o f gold , together w ith tw o iron keys and evident re­
m ains o f a linen bag. These interesting relics have been now , successfully
rem oved, and are lyin g in a house n o t far distant. T h e y are to be preserved
in P om peii, and four bronze tables, o f an antique fashion, are preparing for
their reception.
T h e first b od y discovered was that o f a w om an , w ho lay on her right
side, and from the tw isted position o f her body had been m uch convulsed.
H e r left hand and arm were raised and contorted, and the knuckles were
bent in tig h tly ; the right arm was broken, and at each end o f the frag­
m ents the cellular character o f the bones was seen. T h e form o f the head­
dress and the hair were distinctly visible. O n the bone o f the little finger
o f the left hand w ere tw o silver rings, one o f w hich was a guard. T h e san­
dals rem ain, or the soles at least, and iron, or nails are unm istakably to be
seen. T h o u g h the body was m u ch bent, the legs w ere extended as if u n ­
der the influence o f extrem e pain.
In an inner ch am b er was found the figure o f the y o u n g girl ly in g on its
face, resting on its clasped hands and a r m s ; the legs draw n u p , the left ly ­
in g over the righ t— the body th in ly covered over in som e parts by the scoriae
or the plaster, w hilst the skull was visible, h ig h ly polished. O n e hand was
partially closed, as if it had grasped som eth in g, probably her dress, with
which it had covered th e head. T h e finger-bones protruded throu gh th e




502

M ercantile Miscellanies.

[June,

incrusted ashes, and on the surface o f the b od y in various parts «was d is­
tinctly visible the w eb o f the linen w ith w hich it had been covered. T here
w as ly in g b y th e side o f the child a full grow n w om an , the left leg slig h tly
elevated, w hilst the right arm is b ro k en ; but the left, w hich is bent, is p er­
fect, and the hand is closed. T h e little finger has an iron ring ; the left ear,
w hich is upperm ost, is very conspicuous and stands o ff from th e h ead . T h e
folds o f th e drapery, the very w eb rem ain, and a nice observer m ig h t d e­
tect the quality o f th e dress.
T h e b od y o f the m an lay upon its back, w ith the legs stretched out to
their full len gth . T here was an iron rin g on th e little finger o f the left
hand, w hich, together w ith the arm , was supported b y the elbow . T h e folds
o f the dress on the arm and over the whole upper part o f the body were
v isib le ; the sandals were there, and the bones o f one foot protruded through
w hat m ig h t have been a broken sandal. T h e traces o f the hair o f the head
and beard were th ere ; and the breath o f life, adds the writer, had only to
be inspired into this and the other three figures to restore to the world o f
th e nineteenth century the R om an s o f the first century. T h e y m ig h t have
fallen but yesterday, for w ere there not still rem aining their sandals, their
dress, the very tracery o f their hair? T h e y were trying to escape from d e ­
struction, for the bodies w ere found at a short distance one from the other,
as if in the act o f running. W h a t could have induced them to rem ain so
lo n g it is only perm itted to im agin e. T h ey were three w om en w ho, terror
struck, had been unable, perhaps, to act until aided and urged forw ard by
th e m an . I t m a y be that w ith that attachm ent w hich binds us all so
closely tpO^jK'n^tive place and our hearth, they still clung to their hom es
w ith the h o p e 'th a t the storm w ould soon pass a w ay.

PROGRESS OF RAILWAY CONSOLIDATION,

M u ch tfc h a s,b e e n said o f th e absorption o f oth er lines b y the P e n n sy l­
van ia R ailrda8.-Co'm [>any, it seem s to be ou td o n e b y th e recen t co m b in a ­
tion m ad e in O h io , o f w h ich , as y et, very little has thus far been said here,
m o st p ro b ab ly for the sam e reason th a t the g rea t stru gg les at th e W e s t
h ave m ad e less noise in th e w orld than th e battles in V irg in ia — th at is,
distance from the seaboard. O n e o f our exch an ges states briefly the scope
o f this con so lid a tion in th e fo llo w in g term s :
“ T h e co m b in a tio n in clu d es b o th routes le a d in g o u t o f C in cin n ati via
Z en ia and D a y to n , w h ich are practically on e interest, reach in g, via C o ­
lu m b u s, to C levelan d ; th e B ellefon tain e line from In d ianapolis to C rest­
lin e ; th e P ittsb u rg , F o r t W a y n e and C h ica g o R a ilro a d from C rest­
lin e to P itts b u r g ; th e O h io C en tral R a ilro ad from C olu m b u s to B e lla ir e ;
and th e P ittsb u rg , C olu m b u s, and C in cin n ati R a ilro ad from N e w a r k to
S te u b e n v ille ; also, th e L a k e S h o re R o a d from C lev ela n d to E rie C ity .
“ In other words, the combination extends from Cincinnati to Cleveland,
and from this ‘ base line,’ eastward along the lake shore, eastward to the
Ohio river at Steubenville and Bellaire, and westward from Crestline to
Indianapolis, com prising in all about 1,100 miles o f road.

“ T h e basis o f th is stu pen dou s co m p a ct is a perpetual con tract betw een
th e L ittle M ia m i and C olu m b u s and Z en ia R a ilro ad co m p an ies o f th e first
part, and th e C lev ela n d , C o lu m b u s, and C incinnati R ailroad co m p an y o f
th e secon d p art, w h ich con tract is to g o in to effect June 1 , 1863.”







504

Contents o f June N o ., 1863.

J O U R N A L OF B A N K I N G ,

C U R R E N C Y , AND F I N A N C E .

Bank Returns the Past Month.. ...................... ......................................................
New York Banks......................... ............................ .............. •.................................... .
Boston Banks........................................................................... , .......................................
Philadelphia Banka........ .................................................................................................
Pennsylvania Banks.........................................................................................................
Bank o f E n glan d.............................................................................................................
Returns of the New York State Banks................................
Form for the Use of Persons Desiring to Associate for the Establishment of a
National Banking Association...................................................
Canada Bank Returns.. . . . . . . . . . . .............................................................................

COMMERCIAL

483
483
484'
484
484
485
486
486
481

REGULATIONS.

The Hamburg Exhibition................................................................................................. 488
Decisions of Treasury Department under the Tariff A ct of July 14, 1862............ 491
Dunnage Mats................................................................................................................... 491
Waste Fur.......................................................................................................................... 491
Countries Beyond the Cape o f Good Hope.................................................................. 492
Ginger Root, (Fresh or Green)........................................................
492
Goods Ordered, etc., Previous to the A ct o f July 14, 1862, Taking Effect............ 493
Cotton— New Orleans and Surat.................................................................................... 493
R ags.................................................................................................................................... 494
“ Half Gold,” (Gold Leaf) ...........................................
495
Slipper Patterns............................................................................................................... 495
Cotton Shirts.........................................................................................................................495
Mohair Coating or Cloaking...................................................................
496

JOURNAL

OF M E R C A N T I L E

LAW.

Important to Importers— Half Month’s Storage........................................................ 49*
1
Petroleum in Germany .................................................................................................. 498

RAILWAY,

CANAL, AND

TELEGRAPH STATISTICS.

Pennsylvania Railroads.................................................................................................. 499
Railways of Connecticut................................................................................................. 500

MERCANTILE

MISCELLANIES.

The Dead of Pompeii Exhumed—The Recent Remarkable Discoveries in the
Buried City................................................................................................................ 501
Progress of Railway Consolidation............................................................................... 502