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

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THE

MERCHANTS’ MAGAZINE,
E s t a b l i s h e d Jul y* 1839*

BY FREEMAN HUNT, EDITOR AND PROPRIETOR.

VOLUME x x n .

MARCH, 1860.

CONTENTS

NUMBER IIL

OF NO. E l, V O L . X X II.

ARTICLES.
A rt.
P
a g i.
I. TH E COMMERCE OF FR AN CE IN 1848.— A G E N E R A L R E V IE W OF TH E COMMERCE
O F FR AN CE W IT H ITS COLONIES A N D FO REIGN PO W E R S DURIN G TH E Y E A R
1848........................................................................................................................................
259
II. INTEREST OF M O N E Y : M O N E Y .

By D a v id F o s d ic k , A . M., o f Massachusetts.............. 272

III. TH E HUDSON R IV E R R A I L R O A D : A SKETCH OF ITS H ISTO RY A N D PROSPEC­
T IV E INFLU EN CE ON TH E R A IL R O A D M OVEM ENT. By J o h n B. J e r v i s , Esq.,
Civil Engineer, o f N ew Y o r k ....................................................................................................................278
I V . C U LTU R E A N D M A N U F A C T U R E OF CO TTON : A second Letter to the Editor, in reply
to the articles o f A . A . Lawrence, Esq., in the Merchants' M agazine for D ecem ber and
January, 1849-50. By Gen. C. T. J a m e s , Civil Engineer, o f Rh ode Island.............................. 290
V . “ BA N K R U P TC Y —B A N K IN G :” a Letter to the Editor in reply to the Com m unication o f
“ F. G. S.,” in form er num bers o f the Merchants' M agazine.......................................................... 311

M E R C A N T I L E L A W CASES.
English Law o f Bills o f Exchange and Prom issory Notes, w ith the latest Decisions thereon..........
F orm and Requisits o f Bills and N o t e s ............................................................................................................
O f Bills o f Exchange and Notes o f Hand w hich are not N egotiable......................................................
Notes o f Hand made Payable to the Drawer’s ow n o rd e r..........................................................................
Bills o f Exchange and Notes o f Hand payable b y Instalments................................................................
Bills o f Exchange and Notes o f Hand containing a Memorandum o f D eposit o f Collateral Security
A ction o f Assumpsit—G oods Sold and D elivered........................................................................................
Consignees not liable for any loss on Consignments o f Cotton b y Debenture, etc................................

314
314
314
314
316
316
316
318

C O M M E R C I A L C H R O N I C L E AND R E V I E W :
EMBRACING A FINANCIAL AND COMMERCIAL REVIEW OF THE UNITED STATES, ETC., ILLUSTRA­
TED WITH TABLES, ETC., AS FOLLOWS
State o f the M oney Market—Banks o f N ew Y ork — Accum ulation o f Deposits—Lines o f Discount
— Banks o f the Union—N ew Bank Law o f Massachusetts—Commissioner’s Report—R ecom ­
mendations—California G old Receipts—Am ount received at the Mint—Mint Law —Branch Mint
in N ew Y ork—Effect o f G old Receipts— State o f affairs in San Francisco— Extension o f ita
Trade— Rise o f Prices on a full Currency— Export o f Produce—Production o f Grain in Europe
—Com parative Cost o f W heat in England and the United States—Consumption in England—
Probable wants o f Britain—Means o f Transportation in the United States— Erie Railroad—
Ability to carry Freight— Canals—Railroads— New Avenues o f Trade— Government Finance—
Customs Revenues, Actual and Estimated—Large Receipts at New Y ork— Probable actual A g ­
gregate— Customs R eceived at N ew Y ork and Philadelphia, for January—Expenses o f Collect-

V O L . X X I I .-----N O . III.




17

258

CONTENTS OF NO. III., VOL. XXII.
PAGE

COMMERCIAL STATISTICS.
Im portations o f Sperm and W hale Oil and W halebone into the United States in 1849 .................... 326
Average Voyages m ade b y W halers, from 1847 to 1849, inclusive, w ith tim e absent, and quantity
o f oil brought h om e ........................................................................................................................................... 327
Quantity o f Mackerel and other Fish, Inspected in Massachusetts in 1849............................................ 328
Statistics o f the Rochester Flour Trade in 1849, as com pared with previous years.............................328
Export o f Cotton from the United States to different ports in 1849.............................. ........................... 329
Export o f W heat and Flour from Milwaukie from 1845 to 1849.............................................................. 329
Inspections o f T obacco in New Y o rk from 1834 to 1849.............. ! ............................................................330
Im ports o f Virginia Tobacco into N ew Y ork in 1849, & c........................................................................... 330
Im ports o f Certain Articles into N ew Y o rk in 1849...................................................................................... 331
Supply, Export, and Stock o f Lum ber at Q uebec for the years 1848-9................................................... 331
Buildings Erected in N ew Y o rk from 1834 to 1849...................................................................................... 332
Arrival and Clearances o f Vessels, Baltimore, 1849...................................................................................... 332
Statistics o f Pennsylvania Coal Trade in 1849, & c........................................................................................ 332
W hisky Trade and Distilleries o f Philadelphia.............................................................. - ............................. 333

COMMERCIAL REGULATIONS.
The Jam aica Tariff o f 1849.................................................................................................................................. 334
N ew D ecree and Tariff o f Hayti, o f January, 1850....................................................................................... 335
O f Collecting the Revenues from Custom s: a Treasury Circular to Collectors, & c ............................ 337
O f W eighing, Measuring, and Guaging M erchandise: a Treasury Circular to Collectors, & c .......... 338
O f the Duty on Pocket Handkerchiefs in the United States....................................................................... 339
O f Duties o f Customs in Canada— Maxims on M oney.................................................................................339

NAUTICAL INTELLIGENCE.
W reckin g at K ey W est, from the Report o f the Agent o f Boston Underwriters.................................. 340
Suwarrow’s Islands, as laid dow n in the Charts— R o ck or Shoal in the China Seas............................ 341
Light-House on Sankaty Head— Scattering R oads—Port L im erick ........................................................ 341
A Coral Shoal in the Straits o f Sundy............................................................................................................... 341

J O U R N A L OF B A N K I N G , C U R R E N C Y , A N D F I N A N C E .
Johnson’ s (A . B.) Treatise on Banking.............................................................................................................
Coinage and Deposits o f U nited States Mint and Branches in 1849........................................................
United States Treasury Notes Outstanding February 1, 1850......................................................................
C ondition o f the Banks o f Baltimore on the 7th o f January, 1850...........................................................
Banks and Banking Capital o f V erm ont..........................................................................................................
Bullion held by the Bank o f England in each year from 1796 to 1849....................................................
Prices o f Stocks in N ew Y ork , at close o f each month o f 1849................................................................
D ebt o f the State o f Louisiana in 1850.............................................................................................................
D ebt and Finances o f the Commonwealth o f Massachusetts in 1849 ......................................................
Finances o f the State o f N ew Jersey in 1849-50 ...........................................................................................
Pu blic Debt o f the United States at the close o f 1849..................................................................................
Finances o f the State o f W isconsin in 1849-50 ...............................................................................................

342
343
343
344
344
345
346
346
347
348
349
349

J O U R N A L OF M I N I N G A N D M A N U F A C T U R E S .
O f Manufactures at the South—Letter to the Editor, b y Solon R o b in son .............................................. 350
Product o f Cliff Mine, belonging to the Pittsburg and Boston Com pany................................................ 351
On the Manufacture and Refining o f Sugar.................................................................................................... 352
Manufacturing Establishments o f V erm ont..................................................................................................... 353
A Sugar Refinery for Cincinnati......................................................................................................................... 354

R A I L R O A D , C A N A L , A ND S T E A M B O A T S T A T I S T I C S .
Com m erce o f the N ew Y o rk Canals in 1849, as com pared with the years 1847 and 1848.................. 355
Operations o f the Havana and U nion Railroad in 1849— Decline in Prices o f Railroad Stocks
357
Business, & c., o f Reading Railroad (Pa.) in 1849—Condition o f the L . I. Railroad January 1,1850 358

MERCANTILE MISCELLANIES.
The Culture o f Tea in South Carolina: a letter to the Editor, from Junius Smith, E s q ....................
Mercantile Library Association o f Cincinnati................................................................................................
A ir for Merchants and Business M en................................................................................................................
The Grocery Trade o f New Y ork, Philadelphia, and Cincinnati, com pared..........................................

359
360
361
362

TH E BOOK T R A D E .
Notices o f 31 new w orks, or new editions.............................................................................................. 363-368




HUNT’S

MERCHANTS’ MAGAZINE
AND

COMMERCIAL REVIEW.
M A R C H , 1 8 5 0.

Art. I.— C O M M E R C E OF F R A N C E I N 1 8 4 8 .
A

G E N E R A L R E V IE W
AND

W IT H

OF

TH E

F O R E IG N

CO M M ERCE
POW ERS,

OF

D U R IN G

FRANCE

W IT H

TH E Y E A R

IT8 CO LO N IE S

1848.*

T he Annual Report o f the French Department o f Customs, for the year
1848, has been sent us, anchwe proceed to lay before our readers the gene­
ral results, as exhibited summarily in the “ Resume Analytique,” prefixed to
the tables. This we have made it a point to do, for a number o f years past,
as this elaborate public document contains at once the fullest, the latest, and
the most reliable information on the subject.
W e think this document the more worth translating entire, because it is
an excellent specimen o f the manner in which public documents o f this kind
are prepared in France ; may we add, with all respect, an excellent example
of the way in which they should be prepared everywhere ? It is not enough
that an immense mass o f statistics be collected in order to give an idea of
the state and progress o f a branch o f trade or industry— they must be ar­
ranged ,analyzed, and the results compressed. The French genius for analy­
sis is at home in such fields.
A nd it is well exhibited in the following
review, in which the classifications and comparisons are minute, thorough,
and luminous; giving, in a few pages, the results o f hundreds, and exhibiting,
at a glance, the commercial movement o f a great nation for a year.
Hitherto we have only referred to some o f the technical terms used in
this rep ort; but a knowledge o f these terms, and the classifications adopted
by the French Department o f Customs is so necessary to the understanding
o f the statistics, and at the same time so interesting to the general reader
who pays any attention to commercial subjects, that we translate them now
at length, as they are given in the P reliminary remarks.
* Administration des Douanes. Tableau General du Commerce de la France, avec
les colonies et les puissances etrang&res, pendant l’annee 1848. P aris: Imprimerie
Rationale. Septembre, 1849, Folio pp. 479.




Commerce o f France in 1848.

2 60

The department deems it necessary, to the understanding o f the commer­
cial tables, to repeat the explanations previously published.
General Commerce. Special Commerce. This distinction applies to im ­
ports as well as exports.
As applied to imports, general commerce embraces whatever comes from
foreign parts, or colonies, by land or sea, without reference to original source
or ulterior destination, whether for consumption oi warehousing, for reexport
or transit. Special commerce is confined to what is imported for consump­
tion at home.
As applied to exports, general commerce includes all goods going abroad,
without reference to origin. Special commerce is confined to national goods,
and such as, becoming naturalized, by paying import duties, are exported.
Classification o f Articles. Articles are classified, in the statistics o f com­
merce, according to their nature or analogy, and the method adopted in the
tariff. They are arranged in twenty-seven chapters, under four general di­
visions.
A nimal. Living animals, produce o f animals, fish, substances used for medicine
and perfumery, materials hard to cut.
V egetable . Farinaceous food, fruits and seeds, colonial provisions, vegetable juices,
medicinal ingredients, common woods, exotic woods, fruits, dye-stuff and tanin.
M ineral. Stones, earths, and mineral combustibles, metals.
M anufactures. Chemicals, prepared dyes, colors, corn, pounds o f various elements,
drinks, glass-ware, thread, woven fabrics, paper and articles o f paper, articles made o f
various matters.

Articles are also classified in the commercial statistics with reference to
their species or their use. Thus imports are divided into 1st. M atters neces­
sary in the industrial arts ; 2d. Articles o f consumption in their natural
state ; 3d. Articles o f consumption manufactured.
Exports are divided
into 1st. N atural produ cts; 2d. Manufactured articles. The division to
which an article belongs is indicated in the tables by a particular mark.
T h u s:—
I mports .
E xports.

Articles used in Industrial arts.*
Articles o f consumption in natural state.j“
“
manufactured, o
Natural products.*
Manufactured articles.f

These classifications are no doubt to a degree arbitrary; but as they have
been used since 1820 any modifications o f them now would render com­
parisons very difficult.
T he country of origin and of destination . The country o f origin
is that from which the article is directly imported into France. Thus, as
respects articles brought by land, it is the adjoining country ; as respects ar­
ticles brought by sea, it is the nation from which the vessel arrives. So as
regards exports, the country o f destination is, on land, the adjoining coun­
try ; and where goods are shipped, the country to which the vessel is bound.
The value o f merchandise is given in two ways in the commercial tables,
either as official values, or actual values. The former indicate the averages
established by ordinance o f 2Vtli March, 182V, after an inquiry instituted in
1826. Designed to establish a standard, a unit, uniform and invariable,
by which the results o f successive periods might be compared, it is plain
that this tariff o f official values, adhered to from the first, without interruption
or modification, must remain permanent. This is not the case with actual




261

Commerce o f F rance in 1848.

values. They are as variable as the market. They are o f course subject to
every fluctuation o f commerce and industry. They are fixed by Chambers
o f Commerce, with the aid o f a commission permanently maintained by the
department o f agriculture and commerce, and their object is to fix the aver­
age value o f every species, every group o f articles, for the year o f the report.
They are formed, as respects both imports and exports, with reference to
special commerce, but apply also to general commerce, with certain obvious
modifications. The only exception is the case o f foreign products the im ­
portation o f which is absolutely prohibited, and which are only entered to
be carried through the country, or reexported, and consequently not interfer­
ing with special commerce, are subjected to a valuation which relates to
general commerce alone.
C o in . The tables give only the amounts o f coin declared at the time o f
import and export as articles o f commerce. They by no means fully exhibit
the movement o f gold and silver, which there are so many facilities and in­
ducements to conceal— not in order to cheat the custom-house, but to ensure
safety. They are therefore not taken into the account in the recapitulation
o f the amount o f the commercial movement. They are placed, for reference,
under a separate head, as imports and exports.
The general commerce o f France with her colonies and foreign nations, in
1848, amounted, excluding imports and exports, to 2,015,000,000 francs.*
This is 599,000,000 fr., or 23 per cent less than the previous y e a r ;
384.000. 000 fr., or 16 per cent less than the average o f the five previous
years.f
According to the rates o f appraisement for 1848, our exchanges only
amount to 1,645,000,000 fr. Comparing this with the result obtained by
applying the rates o f 1846, we have a falling off o f 370,000,000 fr., or 18
per cent.
O f the official amount, 2,015,000,000 fr., 862,000,000 fr. are imports—
1.153.000. 000 fr. exports. The amount o f imports is 481,000,000 fr., or
36 per cent less than in 1847, and 382,000,000 fr,, or 31 per cent under
the average o f five years. The falling off in exports is only to the extent of
118.000.
000 fr., or 9 per cent, compared to 1847, and the very small amount
o f 2,000,000 fr., compared with the average o f five years.
A t actual rates, the value o f imports has fallen to 708,000,000 fr. instead
of 862,000,000 fr.— a difference o f 18 per cent. The value o f exports was
but 936,000,000 fr., to 1,153,000,000 fr. before ; difference, 19 per cent.
These are the results o f general commerce.
* A ccording to the permanent official values, established in 1826. The official value
is the basis o f comparison in this review.
f The following table exhibits, in periods o f five years, and in official values, the
course o f the foreign commerce o f France, during the last fifteen years :—
FIRST PERIOD.

Years.

1834
1835
1836
1837
1838

720
761
906
808
937

715
834
961
758
956

Total 4,132 4,224

THIRD PERIOD.

SECOND PERIOD.

Im p’ ts. E x p ’ ts. Total.
M illions.

1,435
1,695
1,867
1,566
1,893

Years.

Im p’ ts. E x p ’ts.
Millions.

Total.

Years.

Impt’ s. E xp’ ts.
M illions.

Total.

1839
1840
1841
1842
1843

947
1,052
1,121
1,142
1,187

1,003
1,011
1,066
940
992

1,950
2,063
2,187
2,082
2,179

1844
1845
1846
1847
1848

1,193
1,240
1,257
1,343
852

1,147
1,187
1,180
1,271
1,153

2,340
2,427
2,437
2,614
2,015

5,012 10,461 Total 5,895

5,938

11,833

8,356 Total 5,449




262

Commerce o f France in 1848.

In special commerce, tlie sum total o f exchanges is 1,390,000,000 fr., or
26 per cent less than in 1847, and 19 per cent less than the average o f five
years.
A t actual rates, the amount is but 1,164,000,000 fr., or 16 per cent less.
O f this amount o f 1,390,000,000 fr., the imports are 566,000,000 f r . ;
exports, 834,000,000 fr. In 1847, imports were 976,000,000 f r . ; exports,
891,000,000 fr. This is 43 per cent less for imports ; 6 per cent less for
exports. The average o f five years is, for imports, 893,000,000 f r .; and for
exports 814,000,000 fr. on ly; which is a falling off o f 38 per cent for the
former, and 2 per cent for the latter.
The total of special import commerce at actual rates is but 474,000,000
francs ; o f special export commerce but 690,000,000 fr .; variations from offi­
cial rates 15 and 17 per cent respectively.
C ommerce by land and by sea . The proportion of goods conveyed
by land and b y sea is as follows :—
Value.
Official.

B y sea...........................................................
B y land...........................................................

1,441,000,000 fr.
574,000,000 fr.

Actual.

1,176,000,000 fr.
469,000,000 fr.

The proportion is 72 to 28. In 1847 it was 74 to 26. But in that year
the average o f five years was but 72 to 28— a proportion which is again
presented, so that the maritime trade has simply lost the advance o f 2 per
cent made in 1847. This decrease has been chiefly in imports. W h ile in
1847 this trade was 72 per cent o f the whole, in 1848 it is but 67 percent.
O f the export trade, the proportion is 75 per cent by water, to 25 per cent
by land— a variation o f but about 1 per cent.
The average o f five years is, for imports, 77 to 2 9 ; for exports, 73 to 27.
Thus, while the land traffic has gained 4 per cent on the maritime trade in
imports, it has lost 2 per cent in exports.
M aritime T rade . Out o f 1,441,000,000 fr., the value o f the maritime
trade, the amount o f goods carried under the French flag is 712,000,000 fr.,
or 49 per c e n t; under foreign flags, 729,000,000 fr., or 51 per cent. The
proportion was 46 to 54 for the year, and the past five years. The decrease
o f the share o f the French marine is 19 per cent, compared with the last
y e a r ; 11 per cent compared with the past five years. The falling off, as
respects foreign vessels, is but 30 per cent on the first, and 21 per cent on
the second period.
O f 712,000,000 fr., the amount o f goods conveyed in French bottoms,
191,000,000 fr. belong to privileged navigation. In this branch o f trade
the amount o f business is 32 per cent less than in 1847— 28 per cent less
than the average o f five years past. Open trade has been depressed in the
same proportion in the same periods, or 13 and 3 per cent.
O f the colonies, the Antilles, Cayenne, and La Reunion, the share in gene­
ral commerce was 5 per c e n t; o f the other French possessions, including
Algeria, the proportion was 7 per cent, the fisheries 1 per cent, and the colo­
nial trade with foreign countries under the French flag is 36 per cent.
If we regard the international maritime trade alone, the proportion be­
tween the French flag and foreign flags is as follows :—
F rench V essels. 1847, 36 per cent; five years past, 37 per cent ; 1848, 42 per
cent.
F oreign V essels. 1847, 64 p e r c e n t ; five years past, 63 per ce n t; 1848, 58 per
cent.

The French flag has thus gained at the rate o f 6 and 5 per cent.




Commerce o f France in 1848.

263

Privileged trade lias suffered depression— principally trade with La R e­
union, Cayenne, Martinique, and Guadeloupe. The difference for these colo­
nies is 44 per cent, the amount being 70,000,000 fr. against 124,000,000 fr.
in 1847, and 126,000,000 fr. for the last five years, including the present.
I mports and E xports T ogether. O f the general commerce o f France,
the share o f the United States, England, Switzerland, Belgium, Sardinia,
Spain, the German Customs Union, Russia and Turkey, is 71 per cent. That
o f Brazil, the Low Countries, and the Two Sicilies, 6 per cent. O f the
colonies, Algeria alone shares in the movement to the extent of 4 i per cent,
and to her belongs the seventh place in the list. The share o f the other
colonies is but 5 per cent. The trade with both the United States and
Sardinia has fallen off 16 per cent; with Belgium 24 per c e n t; with Spain,
the German Union, Russia and Turkey, 21, 39, 56 and 57 per cent, respec­
tively. England and Switzerland alone present different results ; the increase
for the former being 11,000,000 fr., and 4,000,000 fr. for the latter, or 4 and
2 per cent.
The trade, as was remarked, with La Reunion, Cayanne, Guadeloupe, and
Martinique, lias fallen off 44 per cent, but not with each to the same degree ;
it being, for La Reunion, 32 per cen t; Cayenne, 35 per cent; Martinique,
45 per cent, and Guadeloupe 53 per cent. The decrease o f trade with A l­
geria has been but 16 per cent, owing to its more favorable position. This
depression has affected all the other countries with which France deals. Thus
it has been 41, 45, 47, and 49 per cent for Egypt, the Two Sicilies, Hayti,
Austria.
W ith one State it has reached 90 per cent— Mecklenburg
Schwerin.
In imports o f products for home consumption, and exports o f articles for
home production, England takes the lead o f the United States— in 1848 the
amount o f this trade with the latter being 217,500,000 fr .; with the former,
rather more than 218,000,000 fr. The advance on 1847, for England, has
been 10 p e r ce n t; the falling off for the United States 16 per cent; in
actual value, 12 per cent increase for the form er; 30 per cent decrease for
the latter. In 1847 the amount o f the English trade was 189,000,000 f r .;
o f that of the United States, 223,000,000 fr. In 1848 that o f the English
was 212,000,000 fr .; of the United States, 156,000,000 fr.
O f other countries, the English Indies alone present some improvement in
the special commerce with France. The trade with Belgium has fallen off
23 per cent in official values ; 21 per cent in actual. That with Sardinia
26 and 32 per cen t; with Spain, 20 and 28 per c e n t; with Switzerland, 9
and 13 per c e n t; with Prussia, 53 and 61 per cent; with the German
Union, 45 and 47 per c e n t; with Turkey, 62 and 65 per cent. The com­
parative condition of the special commerce of France with her colonies (im­
ports and exports together) is as follows :—
W ith Algeria, in 1847, the amount was 86,000,000 f r . ; during the last
five years, 77,000,000 fr .; in 1848, 75,000,000 fr. The falling off here is
13 and 3 per cent. In the case o f the other colonies, the falling off is still
greater, and in about equal proportions. In the case o f Guadeloupe, the re­
duction is from 41,000,000 fr. to 18,000,000 fr., or 57 per c e n t; Martinique,
from 37,000,000 fr. to 20,000,000 fr .; La Reunion, from 30,000,000 fr. to
17,000,000 fr.; Cayenne, from 5,000,000 fr. to 3,000,000 f r . ; the rate of
diminution for the last three being 46, 43, and 44 per cent. Comparing with
the average o f the last five years we have nearly the same results.
C ountries I mported F rom, or C ountry of O rigin . The imports into




264

Commerce o f France in 1848.

France from the United States, o f all kinds, are estimated at 127,000,000 fr.,
official value, against 160,000,000 fr., the value o f the imports in 1847.
The diminution is 20 per cent. Switzerland comes next, with 105,000,000 fr.
against 106,000,000 fr. in 1847. Belgium exhibits a faffing off o f 38 per
cent, or 93,000,000 fr. to 150,000,000 fr., and stands third on the list. Sar­
dinia, which fell to 90,000,000 fr. in 1847, in 1848 is reduced to 68,000,000
fr., and England to 56,000,000 fr., against 109,000,000 fr., the amount she
exported in 1847, and which was itself much under the average o f five years,
or 135,000,000 fr. Russia, which exported to France to the amount o f
111.000. 000 fr., in 1847, sent only 41,000,000 fr. worth in 1848, or 63 per
cent less; but o f this diminution, 49,000,000 fr. are for breadstuffs.
The German Union occupies the fifth place, with 40,000,000 fr. to
70.000. 000 fr. in 1847 ; diminution, 42 per cent.
Spain comes next, with 32,000,000 fr., while her general export trade to
France, in 1847, amounted to 50,000,000 fr.
The exports from Turkey, in 1847, were 98,000,000 fr., including 55,000,000
fr. for breadstuffs ; in 1848 they were but 25,000,000 fr.
The English Indies and the Low Countries come last, with 21,000,000 fr.
and 19,000,000 fr. o f imports, to 33,000,000 fr. and 25,000,000 fr. in 1847.
O f the general import trade to the above eleven powers belongs 73 per
cent, and 8 per cent to the following colonies, in the proportion indicated by
the order in which they are named : La Reunion, Guadeloupe, Martinique,
Saint Pierrd, Miquelon, and the W hale Fishery, French Possessions in India,
Senegal, Algeria, and French Guiana. The proportion was the same last
year.
O f the powers to which the rest of this commerce falls, Chili deserves par­
ticular mention, whose exports, constantly increasing since 1844, exceed
6.000.
000 fr. in 1848. China, Cochin China, and Oceanica, whose united
exports nearly equal those o f Chili, and have nearly trebled within five years,
may be also mentioned.
Most foreign nations, especially o f Europe, exhibit a falling off, varying
from 10 to 90 per cent, in comparison with 1847.
E xports for C onsumption in F rance , from the United States, Belgium,
Sardinia, Russia and England, have decreased since 1847, at the rate o f 21,
42, 41, 58 and 60 per cent. The difference, compared with the average of
five years, is 27, 39, 45, 20 and 65 per cent. O f 557,000,000 fr. represent­
ing the special import trade, these powers come in for 286,000,000 fr., or 51
per cent.
The consumption o f products of the English Indies has increased 5 per
cent. That o f products from Turkey, the German Union, Spain and Switz­
erland, on the contrary, has declined 70, 56, 42 and 45 per cent since last
year, and is less than the average of five years past by 48, 56, 36 and 45
per cent.
The consumption o f the products o f French colonies has necessarily been
affected by the decrease o f general commerce. W ith respect to Guadeloupe,
this depression is 55 per c e n t; La Reunion and Martinique, 37 and 39 per
c e n t; Senegal 7, and Cayenne 24 per cent.
O f the powers not named above, the Two Sicilies; Norway, the Low Coun­
tries, the Hanseatic Towns, Sweden and Denmark, have experienced the most
depression o f the export trade with France. Their exports have decreased
62, 52, 42, 79 and 93 per cent.
C ountries E xported to , or C ountry of D estination . The official




265

Commerce o f France in 1848.

value o f exports from France to Great Britain was 232,000,000 fr., o f which
190.000. 000 fr. belong to special trade. The official value o f exports to the
United States was hut 190,000,000 fr. in general trade, and 117,000,000 fr.
in special trade.
Here is an increase for Great Britain o f 38 and 50 per cent, for the two
species o f commerce respectively ; for the United States the diminution is
13 and 12 per cent.
On the average o f five years there is an increase o f exports to England of
57 and 77 per cen t; of exports to the United States o f 23 and 18 per cent.
Switzerland, which stands third on the list, has taken products to the value
o f 98,000,000 fr., o f which a half is from the interior.
France exported to Spain products o f every class to the value o f 83,000,000
fr., and o f this amount 64,000,000 fr. are for French products.
Belgium imported 76,000,000 fr., o f which 66,000,000 fr. are French
goods.
The imports o f the German Union amount to 44,000,000 fr. in general
trade, and 36,000,000 fr. in special trade.
The exports to Turkey amounted to 29,000,000 fr., o f which only 12,000,000
fr. are French goods.
To Brazil the exports were 27,000,000 fr. and
16.000. 000 fr.
Comparing with 1847 we have the following relative results :—
GENERAL COMMERCE.

Increase.

Switzerland........... ....
5 per cent.
Spain......................................
“
Belgium ......................
7
“
German Union...........
.
“
T urkey.....................
4
“
B razil......................................
“

Decrease.

..
13 per cent.
..
“
36
“
..
“
25
“

SPECIAL COMMERCE.

Increase.

Decrease.

14 per cent.
..
“
12
“
“
..
..
«

10 per cent.
..
“
35
“
25
“
23
“

The value o f goods taken by Algeria in 1847 was 97,000,000 f r .; in
1848 it was 83,000,000 fr .; diminution, 15 per cent. O f these 97,000,000
fr. and 83,000,000 fr., 83,000,000 fr. and 73,000,000 fr. are national pro­
ducts. The decrease is 3 per cent less in special than in general trade.
The colonies of Martinique, Gaudeloupe, Beunion, Senegal, Cayenne, took
respectively 10,000,000 fr., 8,000,000 fr., 5,000,000 fr., 7,000,000 fr., and
2,000,000 fr. o f goods : this is 52, 59, 53, and 54 per cent less than in 1847.
Compared with the average o f five years, this relative decrease is a little
greater, except as respects Senegal, which trade has fallen from 54 to 44 per
cent, and as respects Cayenne from 54 to 45 per cent.
French exports to Russia, the Ileanseatie Towns, Tuscany, the Two Sicilies,
and Austria, are less than the average o f the last five years, by 2, 31, 23,
22, and 50 per cent.
W e may remark, in passing, that Mexico— which in the most favorable o f
the last five years took a little less than 14,000,000 fr. o f French products—
occupies in 1848 the eleventh place in general commerce, and the tenth
place in special commerce, with 20,000,000 fr. o f exports to 15,000,000 fr.
the year before.
The special trade o f imports and exports being announced as a basis, the
following is the debit and credit account o f the ten powers with which France
has dealt most extensively :—




266

Commerce o f France in 1848.
Debtor.

1.
2.
3.
4.
5.
6.
7.
8.
9.
10.

United States...................... francs
B elgiu m ...........................................
Sardinia...........................................
Russia........................ ......................
E n g la n d ...........................................
T u r k e y ............................................
German U nion................................
S p ain................................................
Switzerland.....................................
T w o Sicilies...................................

117.000.

000

66, 000,000
47.000.
000
14.000. 000
190.000. 000

12.000.000

36.000.
000
64.000.
000
49.000.
000
7,000,000

Creditor.
101, 000,000

Difference.
16,000,000
2, 000,000

64.000.
000
47.000.
000
45.000.
000 31.000. 000
161,000,000
29.000. 000

22. 000. 000
22, 000,000
21, 000,000
14,000,000
9,000,000

10.000.

000

14.000.
000
43.000.
000
35.000. 000
2,000,000

N ature of I m ports . O f 862,000,000 fr., the amount o f the general
import trade, 482,000,000 fr. consisted o f raw materials, o f which 374,000,000
fr. are articles used in the various branches o f industry. In 1847 the value
o f this class of products rose to 662,000,000 fr. and 548,000,000 fr. The
decrease is, therefore, 180,000,000 fr., or 27 per cent., and 174,000,000 fr.,
or 32 per cent. O f the amounts 180,000,000 fr. and 174,000,000 fr.,
28.000. 000 fr. o f the general trade, and 38,000,000 fr. o f special trade, are
for silk ; 5,000,000 fr. and 6,000,000 fr. for c o a l; 19,000,000 fr. and
20.000. 000 fr. for common w ood; 9,000,000 fr. and 10 ,000,000fr. for raw
hides; 20,000,000 fr. and 16,000,000 fr. for w o o l; 5,000,000 fr. for flax;
7.000.
000 fr. for unwrought iron ; 3,000,000 fr. and 7,000,000 fr. for un­
wrought coptper.
The diminution on articles o f consumption in the natural state is 58 per
cent, in general as well as special trade; on manufactured articles o f every
class, it is only 17 per cent, but it reaches 58 per cent on those imported for
home use.
Colonial sugars share in the falling off in products in the natural state to
the amount o f 21,000,000 fr. and 24,000,000 fr .; cereals to the amount o f
205.000. 000 fr. and 181,000,000 f r . ; oleaginous seeds to 23,000,000 fr. and
5.000.
000 fr.
This difference, as respects manufactured articles, affects principally, in
general trade, woolen fabrics, (13,000,000 fr.,) clock and watch-works,
(3,000,000 fr.,) linen or hempen fabrics, (6,000,000 f r .;) in special trade,
linen and hempen fabrics, (8,000,000 fr.,) watch and clock-works, (4,000,000
Tr.,) silk fabrics, (3,000,000 fr.,) and straw hats, (1,000,000 fr.,) &c.
N A TU R E

O F PR O D U CTS E X PO R T E D .

Products in the natural state, 376,000,000 fr.,
against 360,000,000 fr. in 1847, and 357,000,000 fr., the average o f five
years.
M anufactured A rticles . Seven hundred and seventy-seven million
francs, against 911,000,000 fr. in 1847, and 799,000,000 fr., the average o f
the five years preceding.
S p e c ia l C om m erce .
Products in the natural state, 236,000,000 fr.,
against 192,000,000 fr. and 191,000,000 fr.*
M anufactured A rticles . Five hundred and ninety-seven million francs,
against 699,000,000 fr. and 623,000,000 fr.
The depression is to the same degree in special as in general trade in man­
ufactured articles; while in products in the natural state there is an im­
provement o f 5 per cent in general, and 23 per cent in special commerce.
G e n e r a l C om m erce .

* The tw o figures refer always to the periods adopted for comparison— the prece­
ding year, and the average o f five preceding years.— E d.




Commerce o f France in 1848.

267

The chief variation for the better in the general export trade, was in silks,
(60 and 10 per cent,) the cereals, (10 and 33 per cent,) wine brandies, (20
and 62 per cent,) living animals, (14 and 7 per c e n t;) it amounts in all to
about 30,000,000 fr., in comparison with 1847. The chief articles in which
there has been an opposite tendency are coffee, (32 and 4 per cent,) raw and
clarified sugar, (41 and 12 per cent,) common wood, (34 and 25 per cent,)
among articles in the natural state. O f manufactured articles may be men­
tioned cotton fabrics, hardware, toys, linen and hempen fabrics, paper, and
refined sugar.
O f articles in the natural state, the special export trade which has in­
creased, we notice the cereals, (38,000,000 fr., against only 5,000,000 fr.
in 1847,) wine brandies, (21,000,000 fr. against 17,000,000 fr.,) silks,
(15,000,000 fr. instead o f 6,000,000 f r .;) and o f manufactured articles,
woolen fabrics, (110,000,000 fr. to 101,000,000 fr.,) arms, (7,000,000 fr. in­
stead o f 2,000,000 fr.) O f manufactured articles, there has been a falling
off in silk and floss, the exports of which, in 1848, amounted to only
139.000. 000 fr., while the amount in the tables o f the previous year was
166.000. 000 fr .; in cotton fabrics, the value o f which was but 132,000,000
fr. to 155,000,000 f r .; worked skins (25,000,000 fr. to 28,000,000 fr .;)
finally, linen or hempen fabrics (20,000,000 fr. against 26,000,000 fr.)
The amount o f export bounties or drawbacks, paid out o f the treasury in
1848, in regular bounties, is 15,469,715 fr. In 1847 there was paid, under
the same head, 20,619,869 fr., or 5,150,154 fr. less than in the past year.
But under the act o f 10th June, 1848, all goods entitled to bounties, sugars
excepted, were allowed an increase o f premium o f 50 per c e n t; and more­
over, certain articles, previously excluded from this privilege, were allowed a
bounty o f 41 per cent. Hence an additional outlay of 6,000,000 fr.
The export o f soaps, woolen fabrics, and thread, refined sugar, lead in
plates, o f nitric acid and furniture, encouraged by this exceptional and tem­
porary measure, expanded considerably beyond the results o f 1847. But
this was not the case with cotton thread and fabrics. The difference between
the amount o f regular premium paid in 1848 and 1847 is confined to r e ­
fined sugars. Fifty-seven thousand eight hundred and seven metrical quin­
tals o f this commodity, exported in 1848, were allowed a drawback of
6,468,000 fr., while in 1847 the quantity exported was 128,804 metrical
quintals ; the amount repaid, 12,439,751 fr., or 5,971,751 francs more.
TOTAL GOODS EXPORTED W IT H

BENEFIT OF DRAWBACK.

A t the rate o f 1846.................................................. francs
A t the rate o f 1848...........................................................

320,6*71,428
194,643,496

D ifferen ce................................................................

126,02*7,499

The official value o f similar exports in 1847 was only 252,000,000 fr. In
order to compare the two periods from the above amount o f 32,000,000 fr.,
73.000.
000 fr. must be deducted for fabrics allowed the entire premium o f
41 per cent. W e have the following results :—
EXPORTS.

In 1848....................................................................francs
In 1847............................................................................

248,000,000
252,000,000

E xcess in 1847................................................

4,000,000

C od

and

W




hale

F ishery .

The vessels fitted out for the cod fishery

268

Commerce o f France in 1848.

brought in 412,431 metrical quintals o f fresh and dry cod, oils, and roes ;
which is 29,854 quintals, or 8 per cent more than in 1847. On the other
hand, the exports o f cod, with benefit o f drawback, has revived from the sort
o f langour into which it fell in 1847, as is proved by the increase o f 60 per
cent on the amount o f operations in 1847, which was 50,067 quintals. The
dealings with Martinique, Gaudeloupe, Algeria, Spain, Portugal, Italy and
the Levant, have chiefly contributed to this result.
There has been a falling off o f 70 per cent in the product in oil and whale­
bone o f the common whale and sperm fishery.
W arehousing . In 1848, goods to the amount o f 8,064,974 metrical
quintals, o f various kinds, were warehoused, valued at the rates o f 1826, at
497.000. 000 fr. There were warehoused in 1847, goods to the amount o f
15,743,578 metrical quintals, and o f the value o f 789,000,000 fr. ; or
7,678,604 metrical quintals more in weight, and 292,000,000 fr. more in
value, or 49 and 37 per cent.
O f the great warehouses, the greatest diminution has been in those o f
Marseilles and Paris, (52 per cent,) Lyons, (39 per cent,) Nantes, (32 per
cent.) A t Havre it was but 20, and at Bordeaux but 6 per cent.
This fluctuation is, with respect to quantity, very noticeable. In this point
o f view, the falling off at Paris is 70 per cent instead o f 52 ; at Marseilles,
66 per cent instead o f 52 ; at Havre, 41 per cent instead o f 20. A t Nan­
tes, on the contrary, the falling off o f 32 per cent in value is but 19 per cent
in w eigh t; and at Bordeaux, while the falling off in value is 6 per cent, there
is an increase in weight o f 5 per cent.
The decrease has been principally in the following g o o d s:—
1st. Colonial sugars 677,760 metrical quintals, worth 41,000,000 fr., to
1,172,074 quintals, worth 70,000,000 fr., in 1847 (42 per cent.)
2d. Silks, 7,276 quintals, worth 40,000,000 fr., against 12,785 quintals,
worth 67,000,000 fr. (43 and 40 per cent.)
3d. Indigo, 7,209 quintals, worth 14,000,000 fr., against 16,860 quintals,
worth 34,000,000 fr., (57 per cent.)
4tli. Lastly, and above all, the cereals— 847,523 metrical quintals, worth
22.000.
000 fr., against 7,470,767 quintals, valued at 192,000,000 fr. (39
per cent.)
The comparative importance o f the different warehouses is not sensibly al­
tered. Marseilles alone, while maintaining the first place as respects quantity,
has fallen behind Havre as respects the value o f goods warehoused. These
two places together are o f more importance than all the others united, the
goods warehoused there being 71 per cent in value, and 62 per cent in weight
o f all products warehoused. The warehousing at Bordeaux increased from
5 to 6 per cent in value, and from 3 to 6 per cent in weight.
T ransit T rade . The export o f foreign products passing through French
territory reached, in weight, the amount o f 351,976 metrical quintals. I n l8 4 7
the amount o f this trade, in weight, was 769,471 quintals. The difference
would be 417,495 metrical quintals, or 54 per cent; but in the summary o f
1847, coals, which, according to an exceptional arrangement, passed over
French territory, out o f Belgium into Belgium again, are included in this
statement, while in 1848 they are not included, because not belonging to
what is commonly considered the transit trade.
Foreign goods, passing through France in 1848, are valued at 207,000,000
fr., according to the rate o f 1826. This is within 2,000,000 fr. o f the value
in 1847. Thus the falling off remarked in the quantity does not exist as to
official values.




Commerce o f France in 1848.

269

In actual values, tlie transit trade in 1847 amounted to 176,000.000 fr .;
its value in 1848 is but 161,000,000 fr .; difference as respects 1847, 9 per
c e n t; as to official values in 1848, 22 per cent.
During the latter period, the transit trade in cereals has been almost no­
thing, whilst in 1847 it was considerable— not less than 44 per cent o f the
entire transit trade. On the other hand, this trade has been attended with
more favorable results, as respects, for example, silk, and silk fabrics, in which
the increase in value was 41 and 10 per cent.
In the transit trade, Switzerland has maintained the first place, as respects
the value o f goods exported, and the United States the first as respects the
value o f goods imported ; the former being 42 per cent o f the whole, or 2
per cent more than in 1847 ; the latter is 29 per cent— a diminution o f 4
per cent.
Belgium stands second in the export trade, having sent 13 per cent o f the
total amount.
Next comes the Sardinian States, England, the German
Union, each with 9 or 10 per cent. Only 7 per cent o f transit exports be­
long to the United States.
The share o f Switzerland in the import transit trade is 24 per cent; Eng­
land stands third, with 14 per c e n t; and Brazil comes next, with 4-’- percent.
Swiss exports consisted mainly in cotton and silk fabrics, raw silk, and silk
stuffs, cheese, prepared skins, and metal, tools, and wares. It imported re­
fined sugars, grains, coffee, cotton wool, iron bars, dye-woods, tobacco, lead,
oil, fat, and sulphur.
Cotton and lard are the principal items o f the transit trade coming from
the United States; fabrics o f all kinds, watch-works, haberdashery and cut­
lery, the leading articles sent thither.
The English transit trade consisted in exports o f iron, fabrics o f all kinds,
cotton wool, indigo, and tobacco ; and imports, through France, o f silks and
silk stuff, silk, cotton, and woolen fabrics, prepared •cork, watch-works, &c.,
&c., but principally silk and silk stuffs.
The following, in the order o f importance, are the principal nations which
contribute to the transit trade through France :—
COUNTRIES EXPORTING.

Metrical quintals.

Sw itzerland..............................
B elgium ......................................
United States............................

23,914
23,954
8,265

Metrical quintals.

England............................
German U n io n .........................
United States..................................

18,088
113,349
72,925

COUNTRIES IMPORTING.

Metrical quintals.

United States............................
Sw itzerland..............................
England......................................
B razil..........................................

12,777
276,377
6,786
3,033

Metrical quintals.

S ard in ia...........................................
German Union............................
B e lg iu m ........................................

11,367
6,458
16,546

R e c e ip t s . The duties o f all kinds collected by the Customs Department
amount to 147,705,201 fr., as follows :—
Im port duties............francs
Export
“ .....................
n a v ig a tion " ......................

89,941,439
2,447,504
2,071,646

Incidental.................. francs
Tax on consumption o f salt

2,008,108
51,236,604

Compared with the receipts o f the previous year, this is a falling off of
53,390,272 fr., o f which 5,686,816 fr. are on the tax on salt, and the rest
on the tax on imports, including colonial sugars to the amount o f 19,000,000




270

Commerce o f F rance in 1848.

fr., woolens to the amount o f 4,000,000 fr., castings 3,000,000 fr., coffee
2,000,000 fr., olive oil 2,000,000 fr., linen or hempen fabrics and bar iron,
each 1,000,000 fr., the cereal grains 2,500,000 fr.
The following are the receipts at the principal custom-houses, and the com ­
parative amounts in 1847 and 1848 :—

1848.
Marseilles................francs
H a vre.................................
B ordea u x...........................
Paris....................................
N a n te s...............................
Dunkerque.........................
R o u e n ................................
Other custom-houses.. . .

24,075,000 or 16 per
20,246,000
14
12,044,000
8
10,944,000
7
10,835,000
7
5,277,000
4
3,844,000
3
60,439,000
41

1847.
cent.
“
“
“
“
“
“
“

34,742,000 or
26,002,000
14,957,000
20,905,000
15,918,000
7,247,000
5,933,000
75,792,000

17 percent.
13
7
“
10
8
“
4
“
3
“
38
“

From this comparison, it appears that the falling off at Paris was 50 per
c e n t; that it was more than 30 per cent at Marseilles, and was 32 per cent
at Nantes. Bordeaux and Havre have only fallen off 19 and 22 per cent.
S h ippin g . The import and export trade o f France with its colonies and
foreign powers employed 26,514 vessels, including steamers, which is 22 per
cent less than in 1847. The measurement o f these vessels is 3,146,000 tons
— a diminution o f 1,151,000 tons, or 27 per cent. Comparing with the
average o f five years past, we have more favorable results, the diminution
being only 13 and 14 per cent.
O f these 26,514 vessels, 13,194 bore the French flag. In 1847 the num­
ber o f French vessels employed in this trade was 13,234, or the same number
within 40. So that the reduction is confined to foreign shipping.*
In 1847 the proportion o f French ships was but 39 per c e n t; in 1848 it
is 50 per cent. The proportion o f French ships employed in commerce open
to competition of foreign powers was but 29 per cent; in 1848 it reached
38 per cent.
W ith respect to tonnage, the figures are the same. A decrease o f 33 and
34 per cent is noticed in the number and tonnage o f vessels employed in the
colonial trade. The same number o f voyages, within 6 per cent, has been
made to and from the French Possessions, out o f Europe.
Considering steam navigation b y itself, and counting freighted vessels, we
have 5,548 voyages, and 807,000 tons. Compared with 1847, this, on the
whole, is a decrease'of 9 per cent in the number o f voyages, and 16 per
cent in tonnage. Thirty-four per cent belonged to the French flag— 66 to
foreign flags. In 1847 the proportion was 30 to 70 ; the average o f five
years is 28 to 72.
A s seen above, the French flag is recovering a little from its inferiority to
most o f the powers o f Europe and to the United States, in the open trade
with those powers. In the trade with Great Britain, the share o f the French
flag has risen to 33 per cent, from only 21 per cent in 1847, 20 in 1 8 4 6 ,1 8
and 15 in the three previous years. So in the trade with the Low Coun­
tries, the share o f the French flag, which, in no one o f the five years previ­
ous had exceeded 40 per cent, rose to 43 per cent in 1843. It is 53 per cent
in the Belgium trade ; in 1847 it was 45 per c e n t; in the four years preced­
ing it had not exceeded 36 per cent. The five years’ average here is but 35
per cen t; so that in this point o f view there is an improvement o f 18 per
cent. Similar results are noticed with respect to Sardinia, the Two Sicilies,
and Turkey.
* The coasting trade is the subject o f a separate work.




\

Commerce o f France in 1848.

271

The following tables, taken from the report, exhibit the export and import
trade o f France with the United States, in 1848 :—
FROM THE UNITED STATES INTO FRANCE.
GENERAL COMMERCE.

Quantity.

V alue.

SPECIAL COMMERCE.

Quantity.

Value.

4 3 ,2 4 8 ,9 8 4
5 ,9 3 0 ,1 3 9
1 ,9 6 6 ,2 4 4
5 6 8 ,7 7 3
5 4 ,9 3 6
8 ,2 6 8 ,6 0 3
880
3 ,6 2 8 ,7 9 1
3 8 ,3 8 3
1 5 0 ,2 4 0
1 2 1 ,6 9 8
5 6 6 ,2 4 9
6 0 2 ,2 9 1

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

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

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

519
8 ,3 7 9

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

163

1 ,4 6 7

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

5 4 ,6 4 0
4 8 ,0 1 5
5 7 ,1 5 5
6 4 ,6 7 7

145
1 ,5 5 0
8 1 ,6 3 8
2 6 ,3 5 4

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

1 5 9 ,2 2 9

7 7 ,0 7 4

1 0 0 ,0 2 1

5 2 ,0 5 0

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

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

1 ,5 4 2
2 6 ,6 1 0
6 ,0 1 5

1 2 ,3 3 6
3 ,9 9 1
1 9 8 ,3 3 4

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

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

1 5 ,3 9 4

4 3 ,1 0 3

757
4 ,5 5 2
4 4 7 ,4 2 5
1 0 4 ,8 2 5
7 ,0 5 6

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

F r a n cs .

Cotton w o o l ........... kilog.
L eaf tobacco....................
Hogs’ lard..........................
C o p p e r..............................
Gold d u st..........................
R i c e ...................................
V a n illa ..............................
Oak staves............. pieces
Coffee........................ kilog.
W halebone........................
Salt m eats.........................
Potash................................
R aw t a llo w ......................
Silk fa b r ics ......................
Quercitron.........................
R aw hides........................
Building materials..francs
Gold je w e lr y ... . .hectog.
In d ig o .......................kilog.
Mats and braids o f straw
or bark...........................
V olatile oils and essences
Cabinet w oo d s.................
P epper and pimento.......
Foreign sugar, raw and
refined...........................
Tobacco manufactured <Ss
prepared ......................
D ye woods.........................
C ereals..............................
U nw orked wax, yellow &
b r o w n ............................
W oolen fa b r ics ................
Paper, books, & engrav’gs
Medicinal roots.................
D ry tar and rosin o il___
Cocoa..................................
Common sponges.............
Quinine bark....................
Other articles..................

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

F r a n cs .

2 3 6 ,2 7 0

7 1 .8 8 3 .8 1 3

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

5 6 ,9 8 6 ,1 7 9

rs FROM FRANCE TO THE UNITED STATES.
GENERAL COMMERCE.

Quantity.

V alue.

SPECIAL COMMERCE.

Quantity.

F r a n cs .

Silk fabrics..............kilog.
Cotton fa b r ics..................
W oolen fabrics . . . . . . . .
W ines.........................litres
Gl’ss <fc earth’n ware.kilog.
Prepared skins.................
Haberdashery & buttons.
Silks, raw and d y e d . . . .
C lo ck w o rk s......................
B rand y...................... litres
Paper, books, itc.. ..kilog.




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

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

Value.
F ra n cs.

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

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

272

Commerce o f France in 1848.
IMPORTS FROM THE UNITED STATES INTO FRANCE— CONTINUED.

V

GENERAL COMMERCE.

Quantity.

Value.

SPECIAL COMMERCE.

Quantity.

F ra n cs.

Linen and hemp fabrics..
General utensils................
V olatile oils.......................
Babbits’ h a ir ....................
Ground and other madder
Table fruits........................
Fashions................... francs
Prepared sk in s.. . .kilog.
Olive o il.............................
J ew elry ...... .......... hectog.
Perfumery................ kilog.
Manufactured c o r k .........
Hardware and to y s.........
W oolen s.............................
Metal tools.........................
Cream o f tartar................
Musical instrum’nts.franes
Furniture...........................
Coral..........................kilog.
Fish in salt or o il..............
Ultra-m arine....................
Straw braids......................
Medicines...........................
Ornamental feath ers.. . .
Basket-work......................
Straw hats.........................
C u tlery..............................
C aps....................................
S o a p ...................................
Cut stones..........................
Indigo.................................
Verdigris............................
Various articles o f Paris
make...............................
India rubber goods.........
Curiosities..........................
F elt hats.............................
V egetable filam ents.. . .
Plated w are......................
Sails o f vessels.................
Colors..................................
L iq u o rs..............................
Pure exotic gum s.............
Other articles....................

Total.




4 4 ,9 3 1
9 9 ,0 2 5
1 7 ,5 7 7
3 9 ,9 5 3
1 ,5 9 5 ,9 1 9
1 ,8 2 0 ,6 6 1
1 9 1 , C57
6 1 3 ,9 6 4
1 1 ,2 6 7
1 1 3 ,0 3 1
2 7 7 ,7 0 8
9 3 ,2 5 5
1 4 5 ,3 9 3
1 4 6 ,0 8 3
3 0 3 ,1 9 4

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

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

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

165,478,820

Value.
F ra n cs.

3 6 ,7 5 6
7 4 ,8 5 4
1 7 ,0 7 3
1 0 ,4 9 5
1 ,5 9 5 ,9 1 9
1 ,3 1 5 ,8 5 9
1 7 5 ,5 6 5
5 ,1 8 2
9 ,5 3 0
1 1 2 ,0 9 6
3 0 ,9 1 7
9 1 ,4 9 1
275
1 2 0 ,8 2 4
2 2 6 ,2 5 3

1 ,6 8 0
1 5 4 ,5 6 8
5 ,4 0 2
1 ,8 9 0
4 7 ,8 6 9
2 ,2 7 9
6 3 ,0 8 8
492
4 2 ,8 9 0
3 S 4 ,5 6 8
85
9 3 ,9 2 6
1 5 ,6 9 3
1 4 ,2 7 1

1 3 ,4 5 4
1 2 ,4 4 1
1 4 ,9 0 0
3 8 ,6 8 1
3 0 ,4 0 9
319

1 ,7 1 8 ,9 6 5
1 ,5 1 6 ,3 1 0
3 4 1 ,4 6 0
5 2 ,4 8 0
2 ,0 7 4 ,6 9 4
9 4 5 ,0 8 8
1 ,0 3 4 ,1 9 6
1 ,8 0 1 ,7 9 9
6 ,9 9 6
3 2 5 ,7 8 7
7 8 4 ,6 7 2
7 4 ,2 0 1
6 4 4 ,1 9 6
962
7 7 9 ,3 7 2
3 1 6 ,7 5 4
5 0 1 ,4 2 7
4 0 7 ,1 3 9
4 0 3 ,4 0 0
3 8 6 ,4 2 0
5 4 ,0 2 0
4 2 ,9 1 0
2 2 9 ,1 7 1
4 5 5 ,6 0 0
3 1 9 ,0 4 6
1 3 1 ,0 6 5
4 ,9 2 0
4 2 8 ,9 0 0
2 3 0 ,5 9 0
2 2 4 ,8 9 1
1 ,1 0 5
1 9 5 ,6 7 3
1 9 4 ,5 1 3
2 1 1 ,5 4 5
1 4 0 ,4 5 9
1 6 4 ,8 3 8
1 3 ,4 5 4
1 2 4 ,4 1 0
1 1 9 ,2 0 0
1 1 6 ,0 4 3
6 0 ,8 1 8
447
2 ,6 1 6 ,3 8 3

99, 430,088

273

Interest o f M onexj: M oney.

Art. II.— I N T E R E S T OF M O N E Y : M O N E Y *
I nterest may be properly defined as the price paid fo r the use o f money.
It has been, and still, is, common to speak o f the interest o f money.
By
some writers this expression is represented to be inaccurate.
Am ong these
writers are Adam Smith and J. B. Say. The former rather intimates than
declares its impropriety ;f but it is expressly and repeatedly denounced by
the latter.}; These gentlemen tell us that the proper expression is interest o f
stock or o f capital, because in reality what is lent is the capital that is
bought with the money. This objection to the common phrase, (a phrase
which stands at the head of the present article,) is not merely a useless
nicety or quibble ; it is positively erroneous. For, in the first place, every
one knows that money is sometimes borrowed for other purposes than the pur­
chase o f anything whatsoever; and, secondly, when it is wanted for some
sort o f purchase, it is frequently expended in purchasing the services o f hu­
man beings, or other values, that are not called capital; and, lastly, when
capital is purchased, the interest is not at all affected by the circumstance,
inasmuch, as whatever may have been the fluctuations o f the capital in
point of value, the same sum o f money is always to be returned, together
with the stipulated interest. This interest ought certainly to be considered
the interest o f the money, as much as the price paid for any article is the
price o f that article, and not of something else for which it may happen to
be exchanged. W ere I, for instance, to borrow a horse, and exchange it for
an ox, I could hardly persuade the owner o f the former that it was an ox
which he had lent me.
It is quite common to speak of the price o f money, meaning the interest
paid for it. Strictly considered, this mode o f speaking is incorrect, for in­
terest is not the price of money, but the price o f its use, just as horse-hire is
not the price o f the horse.
I have defined interest as the price paid for the use o f money.
It is
proper, therefore, to present some general account of money, and o f price,
before entering upon a special examination o f the theory o f interest.
M o n e y is sometimes defined as the medium o f exchange.
This definition
does not seem to me to be either correct or precise.
For, first, money is
itself exchanged; it is not a mere medium o f exchange.
It has itself a
value, and is often procured on account o f that value, without any intention
o f further exchange in the way of purchase.
Thus, it is hoarded by the
miser, melted down by the smith, and may be thrown away by the madman.
The proper description o f sale is, the exchange of any article for money.
True, the money is generally exchanged afterwards for something else ; but
the case might be the same in every species of transfer.
Goods may be
bartered for the purpose o f further exchange. A n article that is sold is often
afterwards exchanged, as the money is which is paid for i t : why, then,
* For the first o f a series o f papers on this subject, the reader is referred to the
Merchants' Magazine for A pril, 1849, (vol. xx., page 364.)

That article embraced a

brief account o f opinions and practice concerning interests from the earliest to the pre­
sent time.
f W ealth o f Nations, Book II., c. 4.
| Say's Pol. E con, Book II., c. 8 § 1.
V O L . X X I I.-----N O . I I I.




18

274

Interest o f M on ey: M oney.

should one be considered the medium o f exchange more than the other ?
Further, if the definition were correct, it would be wanting in one essential
point o f a good definition, namely, precision. There are other media o f ex­
change, in the sense intended, besides money. The currency of the United
States, for instance, is immensely greater in amount than its money.
In m y opinion, any material standard o f value adopted by a whole com­
munity is money. It is not a good objection to this definition to say, as
has been said, that money is itself o f different value at different times and
in different places, and therefore cannot be a standard. The imperfection of
a standard is no proof that it has not really been adopted as such.
Be­
sides, it is plainly sufficient to make money very useful as a standard, that
at any one time value may be estimated by it.
It may be a standard of
value at present, without being a standard of value from age to age. So as
to the different value of money in different nations.
It is sufficient to es­
tablish the utility of its adoption that in any one community all values may
he estimated by it.
The variations alledged, arise from the nature o f the
case. Value in trade is not a fixed mathematical relation, like abstract
quantity or number. Nothing material can be found, the value o f which is
perpetually and universally the same. It is o f great consequence, however,
that there should be some standard to which value may be referred. The
best, though imperfect, is therefore adopted by civilized nations.
The articles used as money have been very various. W e find mention of
silver money in Genesis 23 : 16. “ Four hundred shekels of silver, current
money with the merchant.”
It is doubted, and with reason, whether this
was what could be termed coined money.
In ancient times, the metals
were very commonly weighed out in making payment.
This custom is fre­
quently mentioned in the Bible.* Oxen and sheep have served the purpose
o f money. Homer informs us that the armor of Diomede cost nine oxen,
and that o f Glaucus one hundred.f
Some, it should be said, have conject­
ured that Homer speaks here o f a coin which bore the same name as an ox.
However this may be, we know that many savage nations in Africa, at the
present day, use oxen as a standard o f price. There can be but little reason
for doubt that the case was the same among the early Greeks and Romans.
It is known that the first coined money of these nations was stamped with
the image o f cattle. Montesquieu mentions that he had himself seen an
Athenian coin with the figure o f an ox upon it.|
A t first, each piece o f
coin o f this nature may perhaps have stood as the mere representation of
an ox or other animal. In Abyssinia, and some other parts of Africa, salt
is said to be employed as money. Throughout the East Indies, especially
in Bengal and in the African trade, the shells o f cowries (a species of fish
called muscles,) are used instead o f small coins. The Abbe Raymal informs
us that in Mexico, at the time o f its conquest by the Spaniards, grains o f
cacao were used as money.|| This statement is confirmed by Mr. Prescott,
in his recent History of the Conquest o f Mexico, who quotes the following
exclamation o f Peter Martyr, respecting this cacao currency:
“ Blessed
money, (says he,) which exempts its possessor from avarice, since it cannot
* See 2 Sam., 1 8 : 12. Ezra, 8 : 25 ,26.
f Homer’s Iliad, L. VI., c. 236.
I Esprit des Lois, L. X X I I ., c. 2.
| Hist. Phil, et Pol., L. V L




Esther 3 : 9 ,4 ,7 .

Job 28 : 15. Jer. 32 : 9

In terest o f M o n ey : M oney.

275

be long hoarded nor hidden under ground.”
Mr. Prescott adds two other
articles to the Mexican currency at this period, nam ely: hits o f tin, cut in
the form o f the letter T, and transparent quills o f gold, du st*
This latter
sort o f currency, we observe, is now employed in California. The Mexicans
always reckoned their money, not by weight, as they had no knowledge o f
scales, but by measure and number. In the colony o f Virginia, tobacco was
used as money, so that even the females, who, in 1620 and 1621, were in­
troduced into it from England, were paid for at the rate of from one hun­
dred to one hundred and fifty pounds o f tobacco each.
The metals, how­
ever, in the progress o f civilization, came to be generally preferred and em­
ployed for the purposes o f money. Iron was used among the early Greeks,
its scarcity at that time rendering it more suitable than it would be now. It
is often spoken o f as money in Homer. Brass was in use as money among
the early Romans. Herodotus states that the first people who coined gold
and silver were the Lydians.f
The Greeks borrowed the practice from them.
Am ong the Romans the first person who coined money was Servius Tullius.J
It was o f brass. Silver and gold were afterwards introduced. The civilized
nations o f modern times, together with many which cannot be called civil­
ized, make use o f gold and silver as money.
The superiority o f these
metals for the desired service consists principally in their unvarying charac­
ter the world over, their sufficient rarity, their durability, and their manage­
ableness as to division, impression, &c. Copper is still used in many nations
for coins o f small value.
Besides the money coined from metals, which has now come to be de­
nominated, by way o f distinction, hard money or specie, a peculiar kind o f
paper money, called bank notes, has sprung up in several countries, within
the last hundred and fifty years, and has gradually increased its circulation
to a very astonishing extent. The value o f these notes or bills depends
wholly on the fact that they are convertible into specie upon occasion. This
remark is not invalidated by the circumstance that these notes have retained
all, or nearly all, their former value, in some cases when specie could not be
procured for them, as, for example, the notes of the Bank o f England did,
during its suspension o f specie payments from 1797 to 1823 ; since, in this
and other like cases, the refusal to pay specie has invariably been represented
and taken as a temporary measure.
The resumption o f payments, though
always postponed from time to time, during the long period o f twenty-six
years, was always supposed to be*close at hand.
The value o f the bank
notes arose from their presumed future convertibility into specie.
Cases o f
this description do not prove the possibility o f a paper currency not based
upon specie, as is sometimes alledged ; for every one knows that the notes of
a bank which should announce its final cessation o f specie payments would
meet with a very different fate, would at once become utterly worthless.
Bank notes, then, are only representations o f value.
Specie, likewise, is
often spoken o f as merely representative.
This notion is incorrect in the
sense intended. Specie has intrinsic value ; it is no more representative o f
* Conquest o f Mexico, vol. I., p. 145, 146.

In his second volume, p. 140, he makes

a statement which is slightly inconsistent with this.

H e there says that the bits o f tin

were “ stamped, with a character like a T,” instead o f being cut into the'shape o f that letter,
f Hist. L. I., c. 94.
t Pliny, Hist. Nat., L. X V I I I ., c. 3 ; L. X X X I I I ., c. 13.




276

Interest o f M on ey: M oney.

any other article than that article is representative o f it. In a certain sense,
all values may be said to be representative o f each other, and in this sense,
Montesquieu remarks with truth that “ in the same way that money is the
sign o f anything and represents it, everything is a sign and represents
money.” *
It is sometimes questioned whether or not money is merchandise. The
proper definition o f merchandise is, any article possessing intrinsic value,
capable o f being appropriated, and o f a portable nature.
Air possesses
intrinsic value, since, without it, we could not liv e; but it is not capable o f
being appropriated, and therefore it is not merchandise. Land possesses in­
trinsic value, and is capable o f being appropriated; but it is not of a porta­
ble nature, and therefore it is not commonly considered as merchandise.
Gold and silver are, certainly, in all three respects, within the definition.
They are merchandise o f special value, since, in addition to that which they
have o f an intrinsic nature, they derive artificial value, from the circumstance
o f their being selected as money. He who can obtain this merchandise, may
be sure o f obtaining with it directly whatever other articles he may desire ; a
certainty not possessed by the owner of anything else. It is this univer­
sally satisfactory character o f money which makes the chief practical differ­
ence between it and other merchandise, in matters o f business.
The power o f coinage is usually, though not o f necessity, retained by the
government o f a country. The power o f declaring what shall be a legal
tender, or, in other words, what money shall be considered in law as com­
petent for the discharge o f debt, o f course belongs to the government, as the
source o f law. This latter power is totally distinct from the form er; for a
government may coin money which is no legal tender, but passes current
only by the sufferance o f the community, as is the case, for instance, in re­
gard to our copper currency.
Coined money is sometimes spoken o f as the creation o f the government.
It is, however, in reality, no more created by the government than the hops
which are marked by the general inspector, are created by that officer.
Coinage is only the certificate o f a value already existing in the gold and
silver. Whatever the certificate is worth is added to the value o f the ma­
terial, and that is all.
The amount o f money which is most convenient for the use o f any coun­
try at a particular time, depends on a thousand causes, which it is difficult,
if not impossible to ascertain, with anything like precision. The requisite
sum is diminished to an extent not commonly appreciated, by the use o f
substitutes for money— for example, those termed bills o f exchange. Only
general principles can be laid down as to the amount o f money needed in
any community.
W h at is denominated division o f labor, is the ground o f the convenience
o f money. Hence it is that in civilized societies more money is needed than
where things are in a ruder state; for in civilized societies, the division o f
labor is carried to the greatest extent. W here every man produces for him­
self all the articles which he wants, little or no money will be found. On
the other hand, where each man produces but one article, money becomes
very convenient for the purposes of sale and purchase, and the amount o f
value vested in it, or its substitutes, will increase in proportion to the pros­
perity o f the com m unity; unless, as may be the case, some improvement in




* Esprit dea Lois, L. 22, c. 2.

In terest o f M on ey: M oney.

277

the method and means o f doing business makes it possible that a less amount
should come to perform the same service.
Again, whatever promotes or restricts the employment o f the substitutes
for money, such as bills of exchange, &c, o f course promotes or restricts, other
things being equal, the demand for money itself.
So, too, whatever increases or lessens the speed o f communication between
one place and another, may lessen or increase the amount o f money requisite
for the same business. For example, were a merchant in New York to buy
goods in Canton to the amount o f §100,000 per annum, and pay for them
in specie, he would need for this trade, if he could get returns from China
twice in the year, but $50,000 in specie at any one tim e; while, in case ho
has but one return per annum, he must send out the whole sum o f $100,000
at once. Should he borrow the sum o f money requisite in each case, at the
rate o f 6 per cent per annum, and repay the loan at each return from the
sum he has realized during the six or twelve months’ interval, he would pay
yearly $6,000 interest in the latter case, and only $3,000 in the former.
The advantage in the former case is, that the same amount o f business may
be carried on with a less capital; or more business with the same capital.
The principle applies to cases on a smaller scale. “ A nimble sixpence is
better than a slow shilling.” Thus, one o f the important benefits which
railroads and magnetic telegraphs confer on the community is, that they di­
minish the capital requisite for a certain amount o f business.
It has been gravely maintained that the total amount o f money, bills of
exchange, and credit paper o f every description, in any community, must al­
ways be equal to the total value o f its commodities. Such a notion is ri­
diculous. A s well might it be averred that the capacity o f a wheel-barrow
must be equal to the bulk o f all the goods ever conveyed in it. Money, like
the wheel-barrow, is but a medium of conveyance, and the same money may
serve to convey consecutively many values equal to itself. Indeed, the sup­
position respecting the wheel-barrow would be less ridiculous than that to
which I have referred concerning m on ey ; for in the former case, the wheel­
barrow is compared only with the goods actually conveyed in it, while as to
the latter, it must be observed that there is a vast amount of value in a
country, with which money never has anything to do. Whatever may be
the sum total o f money in a country, it forms but a small proportion o f the
national wealth.
Money may be abundant, without any increase o f the national wealth.
There may be more pieces o f the same, or even a less value. Even though
there is really more value in gold and silver in any country, it is not certain
that there must be, therefore, a proportionate increase o f wealth. It is possi­
ble that the gold and silver may have been procured at the expense of other
commodities.
It is certainly true, however, that when, by what may bo
termed the natural course o f things, money increases rapidly in amount in
any country, without depreciating in value, we are justified in drawing favor­
able conclusions respecting that country’s prosperity.
Men sometimes speak o f a scarcity o f money, when there is no real scarcity.
W e are apt to think that scarce which we cannot readily obtain. W hen
credit is impaired from over trading, and men are reluctant to risk their
money at loan, the cry is that money is scarce, when perhaps there may be
as much money in the country as ever. It is at such times that specially
high rates of interest are demanded. A real scarcity o f money is but a slight
evil, compared with this state o f things. The chief effect o f actual scarcity,




278

The H udson R iver R ailroad :

is to augment the value of each particular piece, thus tending to keep the
entire value the same. Increase or diminution o f the mere amount o f money,
in any country, other things remaining the same, is precisely analogous to
the dilation or concentration o f spirits.
Say compares money to the oil distributed among the wheels o f complex
machinery.*
There is considerable justness in the comparison. Hume,
however, had made it before him.f W hen, as is sometimes the case, this
oil is not properly distributed, there is a great deal o f creaking and disorder
in the machinery. Such is its usual operation, however, that probably no
sensible man, now-a-days, would wish, with Pliny the Elder, J to revert to the
rude practice o f barter, instead o f purchase and sale. It is a profound re­
mark o f Montesquieu, respecting the usefulness o f money in national com­
merce, that by its means “ commerce is carried on in proportion to the de­
mands o f the nation which wants most, while in barter it is carried on only,
to the extent o f the demands o f the nation which wants least, as otherwise
the latter could not liquidate the account.” || The same is true, also, o f indi­
vidual trade.

A r t . III.— T H E
A

SKETCH

O F ITS

HUDSON RIVER

H IS T O R Y , A N D
W AY

P R O S P E C T IV E

RAILROAD:
IN F L U E N C E

ON TH E

R A IL ­

M OVEM ENT.

I t has been justly said o f the railway, that it marked “ an epoch in the
affairs o f mankind.” Since the experiment o f the Rocket on the Liverpool and
Manchester Railway, a totally new impulse has been given to improvements
in the means o f intercommunication.
Numerous localities were readily
found, well adapted to this new method, and railroads multiplied rapidly.
They have gradually improved in stability o f structure, ease o f line and
grade, and in the machinery they bear, producing greater speed, safety and
comfort to the traveler. But high as they were held, for routes usually
adopted, the idea that they could successfully compete with the steamers on
the Hudson, was regarded in general as preposterous. In this view, the
history of the Hudson River Railroad affords an interesting instance o f the
working of the public mind, on a project whose origin was marked by almost
universal incredulity. In addition to the formidable competition o f the river
steamers, it had a rugged, difficult, and expensive line to execute; seen daily
by thousands from the splendid steamers ploughing majestically the smooth,
deep waters o f the Hudson, they could only regard the Herculean labor o f
constructing a railroad on its margin, as a wild, visionary, and unpromising
enterprise.
In 1842, citizens of Poughkeepsie, and other towns on the banks of
the Hudson, employed Mr. R. P . Morgan, a civil engineer, to make surveys,
with a view to ascertain the feasibility o f the route along the Hudson River,
for a railroad from New York to Albany. Mr. Morgan started from the

*
■j
X
|

Pol. Econ., Book L, c. 3.
Hume’s Essay, Money.
Pliny, Hist. Nat., L. X X X I I I ., c. 3.
Esprit de3 Lois, L. X X I I ., c. 1.




Its H istory , and Influence on the R ailw ay M ovement.

279

Harlem Railroad, where it crossed the Harlem River, and followed the north
hank o f the river to its junction with the Hudson, thirteen miles north o f
the city of New York, and thence followed the eastern shore of the Hudson
to Fishkill Landing, about forty-seven miles. From this point he diverged
from the river, ascending to the general elevation o f the table land, which
he pursued to Kinderhook, and then descended to the river at Albany. H e
made a map and profile of the line, which he submitted, with a report and
estimate o f the cost o f construction, all presenting a very favorable view of
the project. W ith these, the friends of the measure went forward, to procure
from the Legislature authority to construct the work. But the measure was
regarded as chimerical, and an act of incorporation was refused.
A t this time there was much anxiety for a railroad between New York
and Albany, and many attempts were made to promote such a w ork ; but it
was generally supposed it must be made on an interior line, far removed
from the river, that could support itself without reference to the river com­
petition in the season of navigation; for it was believed by very few that the
railroad could even transport passengers in competition with the steamboats
on the Hudson. It was therefore thought, that to have the benefit o f a rail­
road in the winter season, it must be carried so far back in its main line
from the river, that it could do a summer business. In this view, a charter
had been obtained about 1833, and a company organized to construct the
railroad. This company did very little, and finally their rights were merged
in the Harlem Railroad Company, or forfeited by neglect.
In the session of 1845, several gentlemen o f the city o f New York made"
application to the Legislature for a new charter, with the privilege of taking
an inland or river route, as they might find expedient on full surveys of the
same. They did not succeed in this application.
In the month o f September, 1845, a convention assembled at Pough­
keepsie, to consider the project o f a railroad between New York and Albany
along and near the bank of the Hudson. They appeared to regard Mr.
Morgan’s line as the basis o f their action. Mr. Morgan, in his report, gave
a very favorable account o f his line along the table land, which, leaving the
rugged shore o f the river for more than eighty miles, no doubt had a large
influence with many persons who regarded the river shore as very formidable
for a railroad. Still there was not sufficient confidence in his survey and
estimates to induce the commencement o f any serious efforts towards its con­
struction, without some further surveys, and the convention appointed a
committee to procure a more full survey of the route between New York
and Fishkill Landing.
A short time after the meeting of this convention, James Boorman, Esq.,
called on the writer, John B. Jervis, and requested him to make a survey, as
above, and then to make a reconnoisance o f Morgan’s line from Fishkill
Landing to Albany. Mr. Boorman stated that he was authorized to say
that $1,500 would be raised to defray the expense.* This sum o f $1,500
was small to make a survey, maps, estimates, and report, on such a line,
sixty miles in extent; but, by allowing no compensation to the Principal,
except in the event of a successful organization o f the company, and employ­
ing some portion o f the assistant engineers, who would be willing to engage
* Subsequently the committee, composed o f James Boorman, Saul A lley, and Myndert Van Schaick, Esqrs., had a meeting, (which the writer attended,) and decided to
p roceed w ith the survey.




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The H udson R iver R ailroad :

on the basis o f future employment, if the project should succeed, a party
was organized, and kept in the field near two m onths; and a portion to
make maps and calculations, some six weeks longer. The expense, including
$142 for engraving and printing, was about $1,200 ; the remaining part of
the $1,500 being appropriated to other objects in the prosecution o f the pro­
ject. W ith this slender means, a large amount of information was obtained,
as to the character o f the line, the difficulties, and the cost o f construction.
It did not admit, however, o f a definite formation o f plans, nor the labor of
a thorough sounding of the bottoms o f the numerous bays that were crossed
by the line, and the sinking of trial shafts, to ascertain the character of the
work. These were all necessary to a thorough estimate of the cost o f con­
struction ; but the limited means were only sufficient to obtain approximate
results. The result of this survey, and a reconnoisance o f the line o f Mr.
Morgan, from Fishkill Landing to near Albany, together with remarks on
the importance, the feasibility, and productiveness o f the work when con­
structed, were presented in a report by the writer, and was read to a meet­
ing assembled at the request of the committee in the University of New
York, on the 23d o f January, 1846. The meeting was called to order by
Stephen Allen, Esq., and Mayor Havemyer appointed chairman. James
Boorman, Esq., remarked on the history of the project, and the difficulties
it had to encounter.
After the reading o f the report, resolutions were offered by S. Alley, Esq.,
and Gen. James Tallmadge, strongly approbating the project, which were
unanimously passed.
The meeting was highly respectable in point o f numbers and character.
The project was fairly laid before them, and all seemed anxious that the
work should be done, and appeared to regard it as much wanted to promote
the interests o f the city.
It was evident, however, that it lacked one
element essential to such projects— that is, confidence in its ability to re­
munerate the outlay required. A ll were ready to speak favorably, but very
few ready to take any pecuniary responsibility. In this state o f the project,
application was made to the Legislature for an act o f incorporation, and me­
morials were circulated for signatures. Opposition to the measure soon
manifested itself from various quarters, and little hope could be indulged o f
success without the personal attendance o f some friend at the seat o f gov­
ernment. On the 17th of February, the small number of friends to the pro­
ject, who were disposed to contribute their attention, and give some direction
to its interests, had a meeting for consultation. A t this time they were
composed o f James Boorman, Stephen Allen, Saul Alley, Robert Kelly,
James Hooker, and the writer. The main question discussed was, who
should proceed to Albany to prosecute the application for a charter. N o
one o f the number was disposed to make this sacrifice ; but finally the writer
agreed to undertake the duty, and his associates agreed to pay $275 to­
wards the necessary expenses.
On the 20th, a memorial, reasoning the
case, and urging the action o f the Legislature, was signed by the above, and
by James N. W ells, and P. A . Cowdry.
The opposition to the act of incorporation was mainly concentrated in the
ILarlem Company. They regarded the Hudson River project as adverse to
their interests, and they made all the opposition they could to its success.
Many of the land owners on the banks of the river, were violently hostile to
the projected railway, and united their efforts to defeat it. Various reasons
were u rged; but the one that had the most influence was, that the granting




Its H istory, and Influence on the R ailw ay M ovement.

281

this charter would discourage capitalists from going forward with the Har­
lem Road, and that there was no reasonable probability the friends o f the
Hudson River line could obtain sufficient funds to construct it, even if they
obtained an act o f incorporation, and the granting them authority would
only result in procrastinating the construction o f a railroad on either route.
Other parties were more or less active, as they regarded the project likely to
interfere with their interests. After a struggle o f nearly three months, the
act o f incorporation was passed, whereupon the friends o f the enterprise were
duly organized for the business o f obtaining the necessary funds.
The great question was to obtain a subscription o f 83,000,000 to the capital
stock. To obtain the funds necessary for so great a work, in the face o f strong
opposition from adverse interests ; with the public mind deeply impressed with
the magnitude and difficulty of the undertaking, and, moreover, with the
idea, that in the face o f a competition with the most splendid steamers, on a
navigation unsurpassed for their purpose, its traffic would not afford remu­
neration, was a task that few were willing to encounter. * Competition with
steamboat navigation was the peculiar feature in the traffic of the projected
railroad; and this was an untried peculiarity. In the face o f great dis­
couragements, the Board o f Commissioners had frequent meetings, and de­
voted much time in collecting information. On the 10th o f June they pub­
lished a prospectus, in which they set forth their views, and expressed the
most entire confidence in the importance and productiveness o f the proposed
work. In September following, subscription books were opened; few, how­
ever, were obtained, except those o f the Commissioners themselves. They
continued to exert their efforts in every way that promised success; by the
publication o f short articles in the newspapers, and more systematic essays
in pamphlets, taking subscriptions from individuals as they could be per­
suaded, and enlisting all to assist, that could be induced to aid, by their in­
fluence on others. The considerations o f the importance of the project to
the commercial and social interest o f the city and State, were enforced with
unwearied perseverance, until the population o f the city and the river towns
were aroused to a state o f excitement greatly in contrast with the feeling
that existed in the early history o f their effort. The result was, the com­
pletion o f a subscription o f 83,000,000 to the capital stock of the company
by the 1st o f March, 1847, the day limited by the charter.
On the 4th of March, 1847, the company was organized by the following
gentlemen, under the act o f incorporation, as Directors, nam ely:— Stephen
Allen, James Boorman, Saul Alley, William Chamberlain, Robert Kelly,
Governeur Kemble, James N. W ells, Gardner G. Howland, James Hooker,
Aaron W ard, Fortune C. W hite, Thomas Suffren, and the writer. W illiam
Chamberlain was elected President, and the writer, (John B. Jervis,) Chief
Engineer.
Immediate steps were taken to proceed with surveys, and in two weeks a
party o f engineers and their assistants were in the field, and a few days
later, two other parties were at work. The location of the line involved a
large amount o f labor. On one side lay the water, and on the other the
bold and rugged banks o f the river. The zig-zag line o f the river shore
rendered it necessary to carry the railroad across the bays, and through the
projecting lands, in order to obtain a suitable line for the work. To do this
in such a manner as to secure a good line at the least expense, involved ex­
tensive measurements and computations on very irregular ground, in order
to determine what amount o f cutting on the points would be sufficient to




282

The H udson R iver R ailroad :

fill the bays between them. The difficulty o f this duty was peculiar, from
the uncertainty o f the bottoms that required to be filled. These were
sounded, to ascertain the depth of soft m u d ; but as the mud varied con­
siderably in consistence, the sinking that would take place, under the load
that must be laid upon it, was necessarily more or less a matter of conjec­
ture, and very much embarrassed proceedings, from the uncertainty caused
by this circumstance. The Directors manifested great anxiety to get the
work under contract, which was no doubt highly desirable and important;
but it was no less important to consider that a great and difficult work was
to be done, and the means to accomplish it were comparatively small, re­
quiring the utmost vigilance, in order that so much might be accomplished,
with the means provided, as to inspire a confidence that would be sufficient
to provide such further means as the exigencies o f the project would require.
As soon as maps o f location for the respective divisions could be prepared,
the Directors proceeded to procure the right o f way.
The sums de­
manded for this, were, for the most part, highly exorbitant. The amount
paid may be considered, on the average, to be at least four times the real
value o f the land taken. It is believed very few, if any, o f the owners would
be willing to have the railroad removed, and their land restored to its original
condition. Could more time have been taken, this expense would no doubt
have been much reduced; but the anxiety to proceed with the work
overruled.
The line o f work from 32d Street in New York to Breakneck Hill, a dis­
tance o f 53 miles, divided into 39 sections, was offered for contract on the
20th July, 1847. A few days after, proposals were accepted by the Board
o f Directors for the whole o f the sections, and contracts were executed for
the greatest part in a short time after. Some o f the persons whose pro­
posals had been accepted, delayed to execute their contracts, and others
never appeared. It was, however, mostly got under contract before the 1st
o f September.
The character o f the work did not, in general, permit it to be commenced
as promptly as could be done on inland roads. Embankments were to be
carried across the river bays, and along the margin of the river, where most
o f the filling was required; and it was necessary, in all earth work, to con­
struct a river wall, to protect the earth from being carried away by the surf
from the river. This rendered it necessary to bring the stone for this pur­
pose by boats, requiring an outfit not usually necessary, and the process was
not fiimiliar to many o f the contractors, and hence arose indecision and de­
lay. The greater part o f this protection wall occurs where an artificial foun­
dation is made by filling in a mass o f loose stone, which is brought up to
low water level, and then levelled off and the wall commenced. The wall is
about seven feet thick at the base, and three feet at the top. A s soon as
the foundation was prepared, the work was commenced at low tide, and
prosecuted until the rise o f the tide obstructed further work, and then left
for the next tide. Until the wall was brought to high water level, the
work was very much embarrassed by the interruptions in waiting for the
proper state o f the tides. It might be supposed the river navigation would
afford great facilities for bringing stone to the work, and this was no doubt
useful, when they had to be obtained from a distance o f several miles, or
from the opposite side o f the river; but there was a serious drawback to
this facility, from the position and circumstances under which the vessels had
to discharge. There could be no wharf, and the state of the wind and tide




Its H istory , and Influence on the R ailw ay M ovement.

283

often prevented the vessels from coming to the spot, or laying where they
could unload; a circumstance materially embarrassing to the progress of
the work.
The collection o f materials, the erection o f temporary buildings, and pro­
viding tools and machinery, occupied the attention of contractors so much,
that only a small amount o f work was done during the fall of 1847. The
total amount, up to the 1st o f November, was $36,425, and to the 1st of
December, $77,609.
In June, 1847, two parties were organized under the direction o f John
T. Clark, Locating Engineer, to survey the line from Fishkill Landing to
Albany, a distance o f 83 miles. Two routes were surveyed ; one inland, on
the line run by Mr. Morgan, and the other on the margin of the river. The
survey was made with great care, and the question submitted to the Direc­
tors in a report made by the writer on the 12th o f January, 1848. The re­
port, after fully, and, as is believed, frankly discussing the two routes as to
cost and capacity o f business, recommended the river route as the best cal­
culated to answer the great objects o f the enterprise. Great local excite­
ment was produced, and the report was attacked with much severity by
those who entertained different views as to the policy recommended. After
a delay o f several weeks, for examination, the Board o f Directors adopted
the river route, as recommended by the report. A t a future day it will be
interesting to look over the discussions that arose on this question. To
adopt the river route, was claimed in the style somewhat o f the Spanish
Don, to be a desecration o f the river, marring its beauty, and subverting the
purpose of the Creator.
In December, 1847, the Board o f Directors passed a resolution, requiring
the road to be completed to Fishkill Landing, and put into operation in the
fall o f 1848. A minority o f the Board was opposed to this resolution, on
the ground that it would lead to heavy extra expenses, and, from the phys­
ical difficulties to be overcome, with the contingencies o f such a work, they
regarded it doubtful if it could be accomplished if undertaken. A t this
time, five miles o f the line between Breakneck and Fishkill Landing, em­
bracing much heavy work, was not under contract, and the right o f way
only partially secured. A few weeks after the passage o f this resolution, a
substitute, as a compromise, was adopted, which extended the time to the
spring o f 1849, and the point to be reached Poughkeepsie. It was a month
after this, before the route from Fishkill Landing to Poughkeepsie was set­
tled, and, o f course, the right of way, except some conditional grants, was
wholly unsettled. It was not until the 15th o f March, the line from Break­
neck Hill to Poughkeepsie was ready for proposals, and between this time
and the 1st o f April the contracts were concluded for the most o f it. The
right o f way for the greater part o f this section was not secured, and some
heavy sections were delayed from this cause, so that the work could not be
commenced until July, and a less important section was thrown up on this
account, and had to be re-let. The contract involving the greatest difficulty
o f execution on this portion o f the line, was unfortunately given to incom­
petent men, and it was found necessary to vacate and re-let it. This was
Section 45, embracing a tunnel o f 842 feet in length, and about 50,000
cubic yards o f rock cutting at the entrance to the tunnel. W ork to the
amount of about $6,000 had been done, when it was undertaken by H. D.
W ard & Co., about the 1st of August, 1848. There was then work to the
amount o f about $150,000 to be done. The tunnel and rock cutting, how­




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The H udson R iver R ailroad :

ever, was the part that presented the particular difficulty o f this section.
The open cutting came up to the tunnel at the respective depths o f 50 and
7 0 feet, rendering it necessary to hoist the greater part o f the rock excava­
ted from the tunnel through shafts perforated from the surface. The work
was prosecuted with great energy by Messrs. W ard & Co., and in about
17 months from the time they commenced it, a train o f passenger cars passed
through.
The rock cutting in the Highlands was particularly hard, more so than the
writer has known elsewhere. A large portion o f it was such that the daily
amount o f a man’s labor at drilling would range from one to two feet only.
Much embarrassment resulted to the progress, from the sinking of the
embankments and walls in the river bays. It often happened that after the
wall and embankment had been brought to near the proper level, the whole
would go down, totally destroying the wall, except so far as it aided by its
mass to form a foundation for the future structure. This operated greatly to
discourage the contractors, and defeat the expectations o f the engineer.
The following items will give an idea of the magnitude o f the w ork :—
Length o f line— Mew Y ork to P oughkeepsie.............................
75 miles.
“
exposed to the action o f the river...................
44-| “
“
river w a ll............................................................................
87
“
“
bridgin g..............................................................................
5,682 feet.
“
tunnelling..........................................................................
3,376 “
Excavation o f earth..........................................................................
3,863,480 cubic feet.
rock— open cutting..................................................
1,085,601
“
“
“
tunnel cutting...............................................
45,466
“
Loose stone in foundation o f walls, <fcc........................................
380,785
“
River w alls..........................................................................................
293,096
“
Masonry, m ostly hydraulic, about..................................................
40,000
“
248 culverts, for water courses, mostly o f hydraulic masonry.
15 bridges o f arched masonry, for roads over and under railroad.
25 bridges o f masonry, with wooden superstructure, for roads over and under railroad.

The cuttings o f both earth and rock was transported to form the long
embankments across the bays, which greatly increased the labor o f excava­
tion. The cuttings, or excavatings, were nearly consumed to form the em­
bankments, and very little spoil bank was made.
In general, very little
borrowing o f materials has been made, avoiding the necessity o f mutilating
the country for this purpose, and the expense o f double cutting.
The anxiety for an early completion of the work, that was manifested at
the commencement, was continued unabated during its construction. There
are substantial reasons for this policy, that should have influence so far as
circumstances permit. From the time expenditure commences, the interest
must be a tax, until the work is completed, and its earnings put a stop to
this source o f expenditure ; and the business question that arises, namely, to
gain a certain time in the construction, what amount o f cost, over that re­
quired by the usual course of proceeding, will be compensated by the earn­
ings during that time ? This would be the course a prudent individual
would pursue, and a company, to be successful, must be guided by the same
course. A distant view o f the line could be easily obtained from steamboats
on the river ; but this was too distant to afford any just appreciation o f the
work, which could only be had by those who traversed the line on foot,
aided by a row-boat along shore, to pass those parts inaccessible to the pe­
destrian. The labor of this kind o f inspection, required men who could en­
dure a long walk over a rugged way, a circumstance that precluded much




Its H istory, and Influence on the R ailw ay M ovem ent.

285

personal examination by tbe Board o f Directors, who were therefore unable
to form as full and accurate a judgment o f the exigencies o f the work, as a
more frequent personal inspection wovtld have given. The late President o f
the Board, A . C. Flagg, Esq., made frequent visits on the line o f work, and
thereby made himself familiar with its condition, difficulties, and progress.
The policy o f as rapid a prosecution as warranted by a discreet regard to
expenditure, is fully approved. A nd regarding the physical obstacles this
work had to encounter, the embarrassments in obtaining the right o f way,
the paralyzing effect o f the cholera, (which at times wholly suspended the
work on heavy sections, and for weeks greatly prostrating all energy in its
prosecution,) and the limited experience for this peculiar work, it is fully be­
lieved, the accomplishment has been quite as rapid as was consistent with
the interest of the stockholders.
The engineering duty, as has been observed, was peculiarly large, owing
to the very rugged nature of the river shore, and the difficulty o f running
and maintaining the line in the numerous bays.
Notwithstanding, the cost
o f this item, embracing the location o f line and the superintendence o f the
work to its completion, is only about half what it costs in England to make
what is termed a parliamentary survey, and location o f line, preparatory to
obtaining an act o f incorporation.
The work has had to contend with embarrassments common to great
projects, that are brought forward in advance of the public sentiment. Many
honestly believed the effort would be a failure ; and established interests,
liable to be injuriously affected by its success, were on the alert to keep up
this impression; and, as a consequence, the progress o f the work has been
followed by unremitted predictions, that it could not be accomplished, or, if
accomplished, it could never do a successful business in competition with
steamers on the river.
But its most important and difficult portion has
been completed, and passenger trains of cars ran over *75 miles o f the
road, within two years and ten months o f the time when the subscription
to the capital stock was closed, or an average time of about two years and
two months after the general contracts were made for the respective sections.
It having been shown, by the actual result, that the road could be con­
structed, and that trains o f cars coidd be run over it, it remains to be con­
sidered whether it can command the business it was designed to do.
C A P A C IT Y

O P TH E R A IL R O A D

F O R BU SIN ESS.

As before observed, it was contended the road could never maintain the
competition it must meet from steamboats. On this point, subsequent ex­
perience on the New York and New Haven Railroad has done a good deal
to enlighten the public mind, in relation to railroads competing with steam­
ers on the Sound. In this case, so small a portion of travelers were taken
by the boats, that they were regarded as an unimportant competition. It was
contended, however, that the navigation o f the Sound was inferior to that of
the Hudson River, and therefore this was not considered a sufficient test for
the Hudson River Railroad. The very low rate o f fare the road would be
compelled to adopt, to meet the competition o f the boats, it was contended,
would allow no profit to the railroad ; and if it gained passengers by a high
rate o f speed, the number that could be carried would be too small to afford
any profit to the company. It wys well known that a locomotive could not
carry the same load at a high, that it could at a low speed. The friends of
the road were therefore placed in a dilemma, either horn o f which would be




286

The H udson R iver R ailroad :

disastrous; for if they run slow, so as to carry a large train, the boats would
compel them to carry at so low a rate they could not pay, and if passengers
were secured by a higher rate o f speed, the expenses would be increased,
and the number of passengers be so reduced, as to make it equally unprofit­
able. To carry passengers from New York to Albany in five hours, at a
fare o f one cent per mile, was pronounced by many persons, having experi­
ence in railroad matters, as totally ruinous, and this was regarded the highest
rate o f fare that could be commanded during the season of navigation.
Notwithstanding all this alarming prediction, the writer was well satisfied
the railroad would command a remunerating business.
It was important, under these circumstances, the road should be opened
with engines o f such workmanship and power, that its friends would not be
disappointed at the outset, and the writer bestowed much labor in ascertain­
ing the form of boiler and furnace best adapted to generate steam, the es­
sential of a locomotive.
Some o f the engines have been well built, and
their performance has been highly satisfactory. Trains have been taken o f
nine passenger cars, (containing about 500 passengers,) with the necessary
baggage, at a speed o f 40 miles per hour, or making 40 miles in one hour
and twenty-three minutes, including seven stops to discharge and receive
passengers. Such trains have been frequently carried with one engine, in
time varying from one hour and twenty-three minutes to one hour and thirty
minutes. The time lost in stopping, including loss o f way, rendered it ne­
cessary to maintain a speed o f at least 40 miles per hour, when in full mo­
tion. This has been without any effort, and was the result o f ordinary
business. A t one time, ten cars were taken with near 600 passengers, within
the hour and thirty minutes. It is therefore settled by actual experience
that the company have engines capable o f carrying 500 passengers from the
engine station in New York to Albany in four hours, a distance o f 140
miles. For a new road, where the rail has not had time, by adjustment
and use, to become solid and even, the speed and weight of train carried
over this road is believed to be without a parrallel. It is not supposed this
would be the average number that would be carried in the ordinary opera­
tions of business; nor that it will be the policy o f the company to use so
large engines, (weighing 22 tons,) but it fully establishes the capacity o f an
engine of 18 tons, gross, to carry 400 passengers as its greatest load, or an
average o f 200 passengers per train. A t the estimated rate o f a through
passenger o f $1 50, the receipts for the train would be $300.
But there
can now be no doubt that such a train, running through in 4| hours, would
command $2 fare, or 8400 per train. The running expenses on this road
should not exceed 80 cents per m ile; say $120 for the trip, leaving nett
profit, applicable to interest, $280, or $1 95 per mile run.
The season at which the road was opened, and the imperfect or partial
manner it has been run, (incident to the commencement of such an opera­
tion,) has not fully established, as an experiment, its capacity to maintain a
monopoly o f the passenger traffic; but it has been sufficient to show its
power o f successful competition with steamers on the river.
A t a period
about two months after the road was first opened, an account was kept o f
the number of passengers that left and arrived by steamers at Sing Sing,
D obb’s Ferry, and Yonkers, for six days in succession. It appeared by the
account at lio b b ’s Ferry, that the railroad took 83 per cent o f the whole
number; the railroad fare 30 cents and the steamer 25 cents. A t Sing Sing the
railroad carried 8 5 i per c e n t; railroad fare 45, steamer 25 cents. A t Yonkers,
the railroad carried 85| per cent o f the whole number ; railroad fare 25




Its H istory , and Influence on the R ailw ay M ovement.

287

cents, and steamer 121 cents. A t Peekskill, the railroad fare was o'fe cents,
and the boats first charged 3 7 i, and then fell to 25 cents ; but.the boats re­
ceived so small a share, that in a few weeks they drew off, and left the whole
business of this place to the railroad. W ith this experience, there is no
room to doubt, that with a judicious management o f four trains per day
each way, between New York and Peekskill, as special trains for this section
o f the road, there would not be business enough left for the boats to sup­
port them. Some o f these trains should run from New York to Peekskill,
others from New York to Sing Sing, and ultimately the business will re­
quire one to D obb’s Ferry. It is by frequent trains, running at a speed of
30 miles (running time,) per hour, that will control and enlarge this traffic.
To do this with profit to the road, small engines of 12 to 14 net tons should
be employed. They may be run at much less wear and tear o f road and
machinery. This arrangement o f special trains to certain points will relieve
the long trains from the necessity o f stopping, or being overloaded with
short traffic. Trains to Poughkeepsie need not stop (except to a very limit­
ed extent) between New York and Peekskill. This train leaving New York
at 7 A . M., could at easy running put its passengers on a boat at
Poughkeepsie, at 9£, and they would reach Albany by a first class steamer,
about 2 P. M. The steamer may leave Albany at 3 P. M., put her passen­
gers on the cars at Poughkeepsie between 7 and 8, and they would reach
New York between 9 and 10 P. M. A steamer to leave Albany at 5 A .
M., her passengers would reach New York about 12 M. by railroad from
Poughkeepsie. The long trains being relieved by the special trains from
frequent stops, will make their time at less speed, and be more economical
and safe. I f four trains per day, each way, be run to Poughkeepsie, pas­
sengers may be taken at hours very convenient, and this circumstance, with
the speed of the road, will command nearly the whole o f the great local
traffic of this district; and by a judicious arrangement o f steamers to run
from Poughkeepsie to Albany, a larger share o f the business above Pough­
keepsie will be secured to the railroad the next season.
It is very material
to the interests o f this road, that the closest attention should be given to its
arrangements o f running, so that, as far as practicable, its business may be
done at a rate o f 30 miles per hour, as higher speed will increase the ex­
pense.
N o one will doubt the importance of carrying this railroad to Albany as
speedily as is consistent with a due regard to economy, and the just interest
o f the stockholders. It is due to the latter, on whose funds the road has
been so far made, that no measure should be adopted that does not consult
their interests as a primary consideration. It is as much as can in justice
be required o f them, to g o forward, if funds can be had, at a rate not less
favorable than seven per cent interest. If the funds cannot be had on these
terms, to go on immediately, the company should confine themselves at
present with putting the road now open, in the best condition to show its
capacity during the next summer. The second track may be laid to Peeks­
kill for about 8350,000, and this will permit the road to be worked to good
effect, such as will set the question o f its capacity and productiveness at rest,
and enable the company to command, on favorable terms, the funds to com­
plete the line to Albany. In the judgment o f the writer, the funds spent
on a second track to Peekskill, will be o f more vahie to the stockholders
than a like amount on the line above Poughkeepsie. Nevertheless, if funds
can be had on suitable terms, it is best to do both.
The main difficulty of




288

The H udson R iver R ailroad :

the enterprise has been surmounted, and with prudent management, it mav
g o through to Albany without material delay, or the necessity o f impairing
the value o f the original stock.
In regard to rates of fare for passengers, it may be observed, this depends
materially on the number that may be carried per train. The average re­
ceipts for passengers on the seven railroads that enter in Boston, was,"for the
year 1846, $1 37 per mile o f train run, and for the year 1847, $1 34 per
mile o f train run. About 60 per cent of their total receipts were for pas­
sengers. The last year (1847) they paid an average of 8.45 per cent divi­
dends, on roads costing an average o f $52,000 per mile.
The passenger
portion o f receipts is conceded to be most productive o f nett income.
The
receipts on the Hudson River Railroad for passengers, from the opening, 1st
October, 1849, to 19th January, 1850, were $1 64 per mile of train run.
The low fare on this road producing larger receipts than the high fare on
the Boston roads, and this under imperfect arrangements, at an unfavorable
season for traveling. The New Jersey Railroad, from Jersey City to Bruns­
wick, has almost exclusively a passenger traffic, and with rates o f fare aver­
aging little over H cents, summer and winter, pays seven per cent on a cost
o f near $60,000 per mile. The Hudson River Road can command l i cents
per mile in summer, and 2 to 2-i cents in winter, with an unparalleled
amount o f traffic. There will be very little difference in expense of running
an average train o f 100 or 150 passengers on this road, and enough has
been done to show the business and capacity o f the road to be greater than
was originally promised.
TH E

IN F LU E N C E

O F THJS R A IL R O A D .

*

It has settled the great question, that a well built railroad can successfully
compete with steamers on the very superior navigation o f the Hudson River,
in the transportation of passengers ; and consequently they will be required
along all the great channels o f steamboat navigation. W e shall no longer
look to the steamer, as heretofore, as the perfection o f traveling; but shall
cast about to ascertain what facilities are at command to obtain the superior
conveyance. This question will be pressing, in proportion to the magnitude
o f the present and prospective traffic, on all steamboat routes, and we look
to the southern shore o f Lake Erie, as one o f the first cases that must re­
ceive attention.
Something is doing on this route; but it will not suffice
until a first class road is extended from Buffalo to the head o f Lake Erie,
and thence by the best and most direct route to Chicago, St. Louis and Ga­
lena. This will supercede the necessity o f the boisterous and circuitous
steamer navigation o f the Lakes.
The lake shore will doubtless furnish a
grade essentially level, and it is hardly possible to form an estimate of the
magnitude of the traveling that will concentrate on this route, so soon as a
suitable railroad is constructed on it.
As steamboat competition can no
longer be an impediment, it may be expected this most desirable route for a
railroad will soon find the means for its construction, on a scale commensurate
with the demands o f the vast traffic that will flow to it.
The dread o f a
steamboat on the Lakes being removed, the objects o f business, information,
and amusement, will increase the social and commercial intercourse between
the east and the west, beyond calculation.
Galena and St. Louis, on the
Mississippi, will be by this route within 1,150 miles o f New York.
From
some suitable point on the great Lake shore route, one line will extend a
little north of west to Galena, and another south of west to St. Louis. The




289

Its H istory , and Influence on the R ailw ay M ovement.

distance from St. Louis to the city of New York, will be about the same by
railroad, that it is from New Orleans by the Mississippi steamers.
Import­
ant roads are made, and in course of construction, through Ohio, from the
river, reaching the Lake at Sandusky and at Cleveland, which will be great
contributors to the shore road.
W h en the railroad on the shore o f Lake Erie is completed, distances
from Cleveland to Atlantic cities, by railroads made and projected, will be
as follow s:—
To Baltimore..........................................................................................................
Philadelphia, via Pittsburg...............................
N ew York, via N ew Y ork and Erie Railroad ........................................
“
“
Central Railroad on present line................
Boston
“
“
“
“
.................
N ew Y ork
“
“
“
“
when pro­
perly straightened
Boston, via N ew Y ork Central Railroad on present line, when pro­
perly straightened.....................................................................................

600 miles.
BOO “
598
“
640
“
695
“
615

“

670

“

The above distances are not exact, but sufficiently approximate for general
purposes. A d d to the above 500 miles to reach St. Louis, and 540 to reach
Galena on the Mississippi.
The construction o f a great trunk railroad along the southern shore of
Lake Erie, and extending in two main branches to St. Louis and-Galena,
with the numerous lateral roads that will intersect, some o f which may he
regarded as great lines, will produce vast results in diverting the trade that
now seeks the seaboard through the navigation o f the Mississippi. Nor is
such a work to be regarded merely in relation to its commercial interests.
Its influence on the social and political condition o f the extensive and fer­
tile district to be traversed, will be o f incalculable advantage. The success
o f the Hudson River Road will hasten these great results. In view o f the
vast trade that will naturally flow from the extensive and fertile W est to this
city, for its Atlantic market, the importance o f completing, on the most
effective plan, all the great channels for the transit o f persons and property
that are now in operation or in progress through the State, from Lake Erie
to the Hudson, must be obvious to the least reflection. The growth o f the
W est, with commensurate improvements, will advance the interests o f the
city of New York in a proportionate degree, depending on the perfection of
those communications designed to accommodate the vast interests o f trade
and social intercourse that her natural advantages and position invites.
Philadelphia will be less distance from Cleveland than New Y o r k ; but the
latter has in use and in prospect vastly superior water communication, and
will control the great freight traffic from the lakes, and though the railroads
will be longer, they will be greatly superior in line and grades, and pas­
sengers may be carried to New York in less time, and at less expense, than
they can reach Philadelphia. Peculiar adaptation to certain branches o f
trade will doubtless have an influence, and a large intercourse will be held
by all the great Atlantic cities with the Western States ; at the same time,
the peculiar advantages of the routes, and the superior commercial position
o f New York, must secure to her the largest share in the rapidly increasing
traffic of the Western States.
V O L . X X I I .—

no. in.




19

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Culture and M anufacture o f Cotton.

Art. I V. — C U L T U R E A N D M A N U F A C T U R E OF C O T T O N *
T o F reeman H unt, E sq., E ditor o f the M erchants’ M agazine, etc. :—

H aving little time or space to spare for circumlocution, permit me, in contin­
uation o f my rejoinder to Mr. Lawrence, to come directly to the point, in a plain
and straight-forward manner. In his last number he promises, in the outset,
to “ give some more facts,” to confirm the conclusions already reached. If
he had said “ some more fallacious statements, to give color to conclusions
already jumped at,” he would have come much nearer to the statement o f a
fa c t than he has in almost any other statement he has made. Let us pro­
ceed to examine “ some more facts ” of his, and ascertain how far they will
stand the test o f truth.
Mr. Lawrence says that he does not admit steam-mills into the “ first class,”
because “ they have a radical d e f e c t h e n c e , it is presumed, he selected
twenty-six water-mills as the fitting representatives o f that order, because
he supposed them to have no “ radical defect.” One would suppose that a
“ first class cotton-mill ” should contain the best machinery, under the most
perfect arrangement, with the most perfect combinations, and capable o f turn­
ing oft' the greatest amount of product per spindle in a given time, o f the
best quality, and at the lowest cost. That this perfection and capability can
be created within the walls o f one building as well as o f another, wthout
respect to the species o f power to be applied, every man o f common sense
and discernment will at once see and admit. Mr. Lawrence’s “ radical de­
fect,” then, must exist in reference to steam-power, instead o f water-power ;
and if we can show that steam-mills will and do make more goods per spin­
dle than water-mills, in a given time, o f better quality, at less cost, and hence
at a greater profit, we shall show, by the same process, that what he is
pleased to call “ a radical defect,” that excludes them from his list o f “ first
class mills,” is truly an improvement that exalts them above that class. For
the decision o f this question, I rest on facts to be given by and by, and am
ready to abide the result. For his show o f facts, Mr. Lawrence has selected
four steam-mills, which I shall name in the following order:— The Ports­
mouth Mill, Portsmouth, New Hampshire, Globe Mill, James Mill, and Bart­
lett Mills, Newburyport, and Naumkeag Mill, Salem, Massachusetts.
O f the Portsmouth Mill, the gentleman says it “ was erected in 1 8 4 5 -6 ,
after a course of lectures delivered in that town b y General James.” B y
the omission of any explanatory word, and without even a note of punctu­
ation in the sentence, the writer has left it fairly to be inferred, under the
circumstances, that not only the “ lectures” were “ delivered by General
James,” but also that the mill was built by him. The only comment I shall
offer on this statement, is, that I neither built nor planned the Portsmouth
Mill, have had nothing to do with it, and never saw it. The Portsmouth
people were told by me, what were and still are, m y views o f the benefits to
be derived from the operations of cotton-mills in seaport places. Very true,
the business o f the Portsmouth Mill has heretofore proved a failure. The
Naumkeag Mill, built at the same period, has made handsome profits. W h y
has not the Portsmouth Mill? Because, unlike the Naumkeag, it has been
appropriated to a branch of the manufacturing business new in this country,
o f which there was much to learn. The same difficulty occurred with the
first attempt to manufacture mousseline de laines, at Manchester, New Hamp­
* Conlinued from the February number o f this Magazine.




Culture and M anufacture o f Cotton.

291

shire, and the losses were so great, that the capital stock of the company
came down to more than 75 per cent below par. Yet the enterprising pro­
prietors of the Portsmouth Mill, instead o f being chuckled at for their losses,
in the vein of Mr. Lawrence, are worthy o f different treatment. It is grati- •
fying to know that this company has entered into arrangements with J. D unk e l , Esq., the celebrated printer, for printing their lawns, and, under their
present management, are doing a good business.
The business o f the Globe Mill may or may not have proved a failure. If
it has, so has that o f many water-mills, in their infancy, in all respects as
good as Mr. Lawrence’s “ first class mills.” That is no proof o f “ a radical
defect in steam-mills." The failure of that mill to do a profitable business
is owing to no such cause, nor is it in the least attributable to me. True,
the mill was built according to my plans, though not under m y immediate and
sole supervision. I was employed merely as an engineer; and the mill was never
run a single week by me, nor under my direction, nor in accordance with m y
advice. In consequence of the rejection o f m y counsel in the matter, and
the determined opposition to all m y efforts, satisfied that I could exert no
influence for the benefit o f the company, I left it to its fate. The fate which
Mr. Lawrence says overtook it, was predicted by me at the time, in a letter to
the president and directors. That a profit might have been made by them
is, however, certain ; for, before cutting my connection with the mill, I offered
to take it to run on my own account, at a handsome rent, and to give a satis­
factory guaranty for the fulfilment o f the contract on my part. My offer was
rejected, and if the company has lost money by the mill, that is their fault.
The James Mill. This mill, Mr. Lawrence says, is “ sometimes held Up as
a model for all steam-mills.” W e will challenge him to point out its equal
among his “ first class ” water-*1mills.” H e says— “ It was put in operation
in 1843
and partially, it was so ; but was not completed and in full opera­
tion, till the middle o f October, 1845. A n d still, during the whole time,
from its first start in 1843, to the date o f Mr. Lawrence’s article, he admits
small dividends, regularly, amounting, in all, to 28 per cent. One would
think this was pretty well, under the circumstances. But what are the facts
with regard to this mill ? The plan on which it was first projected, included only
from 5,000 to 6,000 spindles ; and estimates were made accordingly. From
time to time, as new subscriptions were tendered, the plan was enlarged, until, in
1845, as above stated, it was completed and put in full operation, with about
17.000 spindles. Notwithstanding the gentleman’s outcry about the excess of
the cost of this mill over the estimates, yet it is well known that its new stock, to
the amount of §50,000, sold at auction in State street, Boston, at a handsome
per centage above par. In the case of this mill, as in that of others, divi­
dends do not tell the story about earnings. Since the mill went into opera­
tion, a new and expensive reservoir has been constructed, and real estate pur­
chased, paid f o r from the earnings ; and, from the same source, an addition
has been made to its cash capital. For the future, it is very probable, Mr.
Lawrence may be satisfied with the amount of profits.
“ To show the uncertainty with which estimates are made,” Mr. Lawrence
goes on to state a variety o f such, made, as he says, respecting the cost
o f the James Mill. Untrue as most, or all o f them are, it is only necessary
here to point out the jesuitical course pursued by him, to reach a false con­
clusion at last, and to leave a false impression on the minds of his readers.
Recollect— the gentleman had already said that the James Mill had 17,000
spindles ; but, in detailing what he calls the estimates, he only comes up to
11.000 which were to cost §189,000, but which were found to have costover




292

Culture and M anufacture o f Cotton.

$250,000. Now, the truth is, the entire mill, with nearly 17,000 spindles, in
complete operation, cost something short o f $245,000 ; or more than $5,000
less than he has put down for 11,000. W h at dependence can be placed on
any statement from such a source ? The dividends amount to 30 per cent,
instead o f 28, as stated by Mr. Lawrence.
In saying that neither the James nor Naumkeag Mills had paid simple in­
terest to its stockholders, Mr. Lawrence, in a note, says the Bartlett Mills,
built before the others named, “ have been more successful,” though they
cost $334,000, instead o f $265,000, which is the first estimate. Have any
o f Mr. Lawrence’s “ first class mills ” been more successful than the Bartlett,
from their commencement ? This question he did not choose to decide, be­
cause, forsooth, “ steam-mills have a radical defect,” which excludes them
from his “ first class.” B y the way— Bartlett Mill No. 1 was erected before
I saw it, and before I had anything to do with it, or with the com pany; and
I was employed merely as an engineer, to fill it noth machinery, and put it in
operation, and, as agent, to run it. Mill No. 2 was planned, constructed,
and started by me, and run under m y directions for a length of time. Lest
the gentleman should go off in a paroxism, in contemplation of the fright­
ful excess of $69,000 in this case over the estimate, as he says, I would con­
sole him with two “ more fa cts ” in connection with it. One is, that a good
deal more was added to the expenditure on the buildings, &c., than had been
contemplated, at the instance o f W illiam Bartlett, Esq., a very large stock­
holder, and who refused to have anything to do with the business unless he
could be gratified in that respect. The other is, that there are 2,000 spin­
dles more in the mills than the original designs and estimates included. Mr.
Lawrence, if he did not know these facts, might have learned them, but he
seems not to have cared much about collecting “ more facts," unless they were
such as would help to “ confirm the conclusions ” which he had “ already
reached."
The Naumkeag Mill is another o f Mr. Lawrence’s subjects o f animadver­
sion, which he says was built at a cost very wide o f its estimate, and which,
though a “ very fine mill,” has not paid the stockholders simple interest (6
per cent) on the investment. Notwithstanding all this assurance, Mr. Law­
rence is altogether wrong in the matter. The same process that will prove
this, will also fully show that the Portsmouth and Globe steam-mills, built
at the same time with the Naumkeag, might have been made profitable es­
tablishments. He says the Naumkeag Mill contains 24,000 spindles. But
he ought to have known that it contains something over 31,000 spindles.
W ere it true, as he says, that the mill cost $680,000, with its appurtenances,
then, with 24,000 spindles, its cost would have been $281 per spindle. But,
containing, as it does, 31,000 spindles and upward, the cost per spindle
would be reduced to a fraction less than $22. This is not a very trifling er­
ror, inasmuch as it would make a difference of more than $60,000 in the
cost o f a steam-mill of 10,000 spindles. But Mr. Lawrence does not seem to
have an eye to scan these small items. The Naumkeag Mill, with its appurten­
ances, did not, however, cost $680,000. I am sorry to be under the neces­
sity o f so frequently contradicting Mr. Lawrence ; but a writer who values
his self-complacency, to say nothing o f his credit, should be somewhat care­
ful how he deals with truth.
On the 19th o f January, 1848, when the mill had been completed and
put into full operation, and the bills, contracts, &c., gathered in, the annual
report was made to the president and directors o f the company, and in which




Culture and M anufacture o f Cotton.

293

were specified tlie various items o f cost, and their amount. The footings of
the amount was $621,199TW ; being about $60,000 less than Mr. Law­
rence’s statement. Again : in the above amount o f $621,199 t't°j- is included
valuable real estate connected with that on which the mill is situated, but
constituting no part of its appurtenances, and in no respect necessary to it.
The president and directors appointed an intelligent committee, who, after
due deliberation, fixed on this redundant property the value of $56,483T3T3T.
This valuation has since been reaffirmed. Deduct this from the full amount
as above, and you leave, as the actual cost o f the Naumkeag Mill, with its
appurtenances, $564,715TVy, instead o f $680,000, as Mr. Lawrence has it,
and making a difference against his fa cts, o f no less than $115,000 ! But
he speaks of the excess of cost, in this case, over the estimates. On this
point, to satisfy the gentleman, if possible, I will here present a brief extract
or two from the above-named report. The report says :—
“ In a work o f such magnitude, and when so much remained to be done, it
will hardly be considered matter of surprise that an exact estimate should
not have been formed, and especially as one is liable to under estimate out­
lays, in his anxiety not to surpass the limits he prescribes to himself.” The
excess o f cost over the estimate was, as stated in the report, “ 12 per cent;”
but this excess included the above amount o f $56,483T3¥3ff, the value of the
property owned by the company, and not an appurtenance to the mill.
Again : the report says— “ since that report (January, 1847) was made, sun­
dry expenses have occurred, not then anticipated, and most o f them heavy.
For instance, the company has caused to be erected a large store-house for
cotton, capable o f containing a full stock for a year. All the tools and fix­
tures o f a machine-shop have been purchased, including a steam-engine. A d ­
ditional reservoirs for water have been formed, and a force-pump, hydrants,
and a large quantity of iron pipes furnished, for the extinguishment o f fires.
A hydraulic press has been constructed, many valuable improvements made
in the machinery, Ac, The cost o f all these has been heavy, and did not
enter into the former estimate, though now included in the present statement
o f the actual cost,” Ac. After this report had been accepted, it was printed
by the direction o f the president, and widely circulated.
This mill is the largest in the world, in which the entire process o f con­
verting cotton into cloth is carried on under one roof. The undertaking
was a gigantic one, and in much of its machinery there was combined, no­
velty in construction, combination and arrangement. Under such circumstan­
ces it will be deemed hardly surprising to any one but Mr. Lawrence that an
exact original estimate should not have been made. H e speaks, however,
o f the original subscriptions having been swallowed up and new ones called
for, Ac., as though the mill and its appurtenances as first contemplated,
were as they now are in reality ; but, with his usual candor, he somehow
forgets to state that a much smaller mill was originally contemplated, and
that increased subscriptions were called for in consequence o f its increased
size. But that others more directly interested in this work than he is, are
much better satisfied ; I give in proof, below, a letter from the President of
the Company, H on. D avid P ingree , o f Salem, Massachusetts. Perhaps
Mr. Lawience may know something about such a gentleman.
S alem , January 17, 1850.
G en. C harles T. J ames .
D ear S ir :— Your esteemed favor o f yesterday is received. And in reply, I

can say that the Naumkeag Mill has come up to all you promised, both as to the




294

Culture and M anufacture o f Cotton.

quantity o f production, and the cheapness o f manufacturing. I have preserved
the statement you gave me as to the cost o f manufacturing; and the cost, for the
last six months, has been less, and the production more, than your estimate. And
the stockholders are satisfied that you gave them as good a mill as can be found
in the United States, if not the best. Anything farther you wish to know as to
the mill, it will give me pleasure to communicate, as I have no wish to detract
from the merits which so deservedly belong to you.
Yours truly,
D A V ID PINGKEE.

On the above letter I have no other comment to make than to say, what Mr.
Lawrence well knows that its writer is one o f the heaviest stockholders in the
“ Naumkeag Steam Cotton Company,” and occupies a place in the first
rank as a gentleman and a man o f business. Mr. Lawrence says, however, that
the Naumkeag Mill has not paid to the stockholders six per cent on their
investments, and that no considerable amount o f their stock can be sold in
market, except at a per centage below par, equal to the amount o f dividends
paid. W h at has that to do with the earnings o f the mill ? O f course the
stock would hardly be expected to be up to par, as long as about one-half
its earnings go to make up its capital; and such is the case. Y et few, in­
deed, o f the stocks o f his twenty-six “ first class mills,” some o f them, as
he says, with $200,000 o f surplus cash capital on hand, and all o f them
with some, will sell even as well as that. According to his story, the stock
o f the Naumkeag Mill cannot be more than twelve per cent below par,
while most o f those o f his first class mills are twelve per cent below, and
even more than th a t; and some o f them twenty, twenty-five, and so on up
to forty per cent.
Y et the Naumkeag Company reserve profits to add
$200,000 to cash capital, while in those first class establishments, all o f
them, he says, there is some surplus cash capital, and in some o f them
$200,000. 'Suppose the Naumkeag Company had $200,000 surplus, how
long would it take to bring the stock up to twelve per cent above par, in­
stead o f its remaining at twelve per cent below, as he says ? But, does the
Naumkeag Mill earn no more than six per cent per annum on the invest­
ments ? Unfortunately again for Mr. Lawrence the truth is antagonist to
his fa cts, as the following official exhibit will fully show :—
“ The net earnings for the year past, after paying upwards o f $28,000 for in­
terest, repairs, and new machinery, have amounted to $82,390— not one dollar
has been charged to “ construction” account for the year’s operations. A divi­
dend o f four per cent has been declared for the past six months, and a surplus
reserved fund is left, amounting to $48,500. The last year’s dividend has been
eight per cent.
The dividends amounted to $56,000 ; which, being added to $48,500, the
amount o f profits reserved, makes up the sum o f $104,500 as the net earn­
ings of the year. Thus Mr. Lawrence will perceive that, instead o f less than
simple interest, six per cent, the Naumkeag Mill, last year, earned but a
fraction less than fifteen per cent over and above all costs and expenses.
Again, this mill was not completed and put in full operation till the 1st o f
January, 1848 ; yet, even in 1847, while it was yet in progress, the portions
o f machinery put in operation from time to time earned enough over cost
and expenses, to pay interest at six per cent on all assessments paid in. In
1848 the earnings o f the mill were equal to those o f 1849 ; and the capital
on which the profits have been made, includes more than $56,000 for pro­
perty already named o f no service whatever to the mill. Thus, instead o f




Culture and M anufacture o f Cotton.

295

less than six per cent on the investments, as Mr. Lawrence says, the Naumkeag Mill has netted, at least, double the average per cent o f the twenty-six
“ first class mills." So much again for the accuracy o f Mr. Lawrence’s
facts ; and yet, in 1847, besides great loss by delays in obtaining machinery,
&c., the company suffered a loss of $10,000 by the decline in the price of
cotton. This statement the gentleman can compare with his own and make
his own comments. H e confines his remarks on steam-mills, to the Ports­
mouth Mill and five others with which I have been in some way connected.
H e shall now be enlightened in relation to a few others.
Between the commencement of the year 1843, and the close o f 1845,
two mills were erected at Gloucester, N. J., under the direction o f some of
the best talent in Massachusetts for the business. These were steam-mills,
and are known by the name of “ Washington M ills,” Nos. 1 & 2.
•These mills were equal to the average o f the twenty-six 11first class mills,”
and to the average o f the mills now running in New England; but their
proprietors became dissatisfied with them, and in 1848 they contracted with
me to overhaul, repair, and re-arrange mill No. 1. The work having been
completed, the mill was again started with the same engine and machinery
it contained before; and the following statements from the books will show
the results. The first statement includes the work o f the mill for six mouths,
ending April 30th, 1847, prior to the changes effected in it, and is as
follow s:—
Cloth manufactured, 186,490 pounds, or 1,006,430 yards.
Cost o f manufacturing, $63,645 32.
Cost per pound, 34 13-100 cents. Cost per yard, 6 32-100 cents.
The goods were shirtings and print cloths, No. 30.
The second statement embraces the work o f the same mill for six months,
ending April 30th, 1849, after the alterations, &c., and is as follows :—
Cloth manufactured, 282,775 pounds, or 1,645,430 yards.
Cost o f manufacturing, $72,240 20.
Cost per pound, 25 54-100 cents, or 4 39-100 per yard.
The goods were shirtings and print cloths, No. 36.
It will be seen that the difference, or saving, per yard, in favor o f the lat­
ter six months over the former, was l T9/ o cent per yard ; making, in the cost
o f manufacturing, the entire quantity o f 1,645,440 yards, the difference of
$31,756T\95 in favor o f the latter six months, or at the rate o f $ 6 3 ,5 1 3 //^ per
annum. From thisam ount,however,istobededucted$10,0 0 0 ,as the difference
in the cost o f cotton manufactured in the mill in 1847 and 1849, leaving the
actual difference in the practical working of the mill, in favor o f the latter
year, $53,513Ts/ o - This difference more than remunerated the proprietors
for the entire outlay for the alterations. The fineness o f the yarn was in­
creased 20 per cent from N o. 30 to N o. 36. One-eighth was added to the
number o f spindles, and the number o f looms was reduced so as to equalize
the machinery. Thus, not only has the cost been reduced in the manufac­
ture o f the goods, but a much more valuable article produced. I have said
this mill was, before the changes effected in it, as good as the average o f Mr.
Lawrence’s “ first class mills.” Their dividends, he says, averaged a fraction
less than 9 per cent last year. The above mill has a capital o f $250,000.
H e may take the above statements respecting it, and make his own calcula­
tions. True, to make the mill what it now is, something more than $40,000
has been expended. But that is not m y fault. A mill as good, in all re­
spects, as that now is, and o f the same capacity, can be built for the sum




296

Culture and M anufacture o f Cotton.

which that cost at first. Since the Washington Company, to which the
above mill belongs, has realized the great advantages resulting from the
change, the president and directors have put their other mill into my hands,
which has now nearly undergone a similar change, and is nearly ready to
start anew. Thus Mr. Lawrence will see that, if he and his friends cannot
be satisfied with any o f m y representations, there are those who are satisfied
with my doings. W e will now take up my statement in the November num­
ber, as to the actual results o f the working o f a cotton-mill o f 10,000 spin­
dles, for a year. I will copy this statement, with a correction o f the error o
$10,000 in the footing:—
Cotton (1,800,000 lbs.) at 7 cents...........................................
Cost o f steam-power................................................................................................
“ cardin g.........................................................................................................
“ spinning.......................................................................................................
“ dressing and starch.....................................................................................
“ weaving, including all expenses..............................................................
“ repairs, wear and tear, machinists, A c ...................................................
“ general expenses, officers’ salaries, transportation, & c......................
“ interest on capital o f $250,000................................................................

$126,000
4,500
13,266
14,734
9,036
26,598
17,002
20,642
15,000

Making a total o f.................................................................................
Against this total, w e have 4,500,000 yards o f cloth, (No. 14 sheetings,) at
7J cents per y ard ..............................................................................................

$247,048

A nd w e find a balance, in favor o f manufacturing, o f................

$79,202

326,250

Mr. Lawrence doubts the occurrence o f such results, and calls for the name
o f the mill. I am quite happy to be able to gratify the gentleman, and will
give him a few “ morefa cts to confirm the conclusions already reached." In
the first place, however, let me premise, it was not stated by me that this
mill was “ in New England,” nor that he knew anything about it. In the
next place, as already stated, the price of the cotton was assumed, not as the
price at that mill, but as a high average country price at the southern mill.
The quantity o f cloth manufactured, and the price per yard it sold at, were
greater than stated by me, and the expense and cost o f manufacturing less,
or at least they have been so since that statement was first made out, as I am
ready to prove beyond doubt. Thus shall m y statement be made good, and
even enlarged.
I f Mr. Lawrence will shut out from his view, for a moment, the vision of
Lowell, Lawrence, &c., and take a peep with me into the city o f Lancaster,
Pennsylvania, he shall there find what he demands. In that city, a company
erected, under my supervision, and in strict accordance with m y plans, in
18 4 4 -5 , a steam cotton-mill, called the “ Conestoga Steam -M ill N o. 1
and so well were the proprietors satisfied with the doings o f this mill, that
they employed me to construct the second, which has recently been put in
operation. I am now engaged on the third, which will be ready to go into
operation in July next. These mills will contain 25,000 spindles, and the
company has a capital stock of $500,000. They are designed for the man­
ufacture o f sheetings N o. 14, fine sheetings and shirtings, drillings, tickings,
cotton flannels, chambrays, &c. These are the first cotton-mills erected in
that vicinity, and nearly all the help has been obtained there, and instructed
in the mills, in the routine of the labors o f operatives. From the first start
o f mill No. 1., the company has regularly made semi-annual dividends o f 5
per cent, or 10 per cent per annum ; and the dividend, for the last six
months, was made on mills No. 1 and No. 2, though the latter had then




Culture and M anufacture o f Cotton.

297

scarcely gone into full operation. It is to the “ Conestoga M ill N o. 1 ” that
I now wish to call attention, that being the mill on the doings o f which,
up to June, 1849, the foregoing statement of quantity, cost, &c., was founded.
Mr. Lawrence now has the “ name ” o f the mill.
First, as to the quantity o f cloth. My statement was 4,500,000 yards
per annum, for 10,000 spindles. The quantity Mr. Lawrence doubts. David
Longnecker, Esq., has, at m y request, kindly furnished me with data from
the books o f the company, respecting quantity, cost, &c., for the six months
ending December 31st, 1849. H e is treasurer of the company, and I hold
myself responsible for the accuracy o f his statements. “ Conestoga Mill No.
1 ” has 6,236 spindles. During the six months above alluded to, it turned
off 1,422,064£- yards, which would make 2,844,1291 yards per annum. A t
that rate, it will be readily seen, 10,000 spindles would turnoff 4,560,690 yards,
or an excess o f 60,690 yards more than stated by me. This will certainly more
than sustain m y statement as to quantity. The quantity of cotton named by me
was 1,800,000 lbs., at the rate (fo r the southern mill) o f 7 cents per pound.
But the cloth would fall short o f that weight, by reason o f waste, about 9
per cent. The cloth, therefore, would weigh but 1,666,666 lbs. This would
bring the cotton up to 1 f 0% cents per pound o f cloth. M y statement would
make all cost and expenses, cotton excepted, 7
cents per pound o f cloth ;
and with the cotton, 14T8/ F cents. I am fully authorized by Mr. Longnecker
to say that the cost o f manufacturing, cotton excepted, has been less than in
m y statement. The cloth is, as stated by me, or implied in m y statement,
yards to the pound o f cotton, including waste. Thus am I fully sus­
tained, and more, with respect to the cost and expenses. A nd now, for the
price o f the cloth in. market. Mr. Lawrence complained that I set the price
as high as 7± cents per yard, because, as he said, the same kind o f goods
were selling, when he wrote, or had been, at only 5TW cents per yard. To
gratify the gentleman, I have, from Mr. Longnecker, the assurance that, for
six months ending December 31, 1849, the Conestoga sheetings had aver­
aged, as the proceeds o f sales, a f r ac t io n o ver e ig h t cents p e r y a r d , and
that, before any advantage could of course be taken o f the recent rise in
market. A t present, all th osf goods are sold at 9J to 10 cents. Thus,
again, am I more than sustained in respect to price and amount o f proceeds.
W ill Mr. Lawrence have the goodness to take the trouble to make out a cal­
culation on the basis o f the above items furnished by Mr. Longnecker, and
satisfy himself, and inform the public, how much per pound the Conestoga
Company can afford to pay for cotton, and how much a southern mill can
make by its manufacture, even were it to cost 8 cents per pound, instead of
7 ? For the truth o f all the above, Mr. Lawrence may, should he think
proper, visit and examine the Conestoga Steam-Mill, and appeal to the treas­
urer o f the company. Farther than this, I pledge myself to exhibit to that
gentleman, if he will accompany me to Lancaster, a mill (Conestoga No. 2)
that will do better, as to product, by f ifteen p e r cent , than what is stated
above o f mill No. 1. Is he satisfied ? But still he may continue to harp on the
present high price o f cotton, and insist that, under present circumstances, no
mill which has its cotton to purchase can make money. Let him take com­
fort. His own prediction is, in one respect, rapidly being accomplished, for
the market value o f goods is fast advancing, and a short period will probably
suffice to bring them up> to fair comparative rates. Such, at least, is the
present prospect. As yet, but little new cotton has been manuf ictured, and
the disposal o f all the goods made from the old stock, must effect a great
change.




298

Culture and M anufacture o f Cotton.
O ffice of the C onestoga S team Mills,
L ancaster, P enn., February 4, 1850.

G en. C. T. James.
D ear S ir :— Yours o f the 26th ult. is received, and, in reply we have to say,
that the statements made by you to the committee o f the stockholders, prior to
the erection o f the mills, have been verified. The product o f the cloth in quan­
tity has exceeded your promises; and the quality, our best expectations.
W e are respectfully, yours, &c.,
C. HAGER, President.
DAVID LONGNECKER,

Agent *

A steam cotton-mill was built by me in 1845, for Messrs. Kennedy, Childs,
& Co., Pitlsburg, Pennsylvania. It contains 5,910 spindles, and the results
o f its operations have been similar to those of the Conestoga Mill No. 1,
already referred to. In a letter from the above-named gentlemen to me,
dated January 2 2d, 1850, they say :— “ Your highest estimate never exceeded
our product. So far as the working o f our mill is concerned, we take pleas­
ure in saying that it comes up fully to our anticipations, and gives entire sat­
isfaction. A nd we are not aware that you have made any statement in ref­
erence thereto, which practical results and experience have not fully sus­
tained.”
Testimonials like the foregoing might be multiplied, but these are deemed
sufficient. Somehow it happens— perhaps Mr. Lawrence’s philosophy is com­
petent to account for it— -my time is too fully occupied to allow me a mo­
ment o f leisure, notwithstanding all his frightful stories about excess o f cost,
over estimates, bad business, small dividends, actual losses, &c. Persons
who negotiate with me for building mills, are always referred by me to those
who have already employed m y services in that line, and, after all due inquiry, they return, and. contract with me, even at higher rates than others
demand. Those who employ me once, fail not to do so again, when similar
services are required. H ow is this ? Perhaps Mr. Lawrence can determine.
It is, or is not, because the steam-mills built by me, notwithstanding the sup­
positions “ radical defect ” o f Mr. Lawrence, are superior to his ufirst class
mills." Let us now proceed to speak of the\uality o f the goods manufac­
tured by the steam-mills constructed by me, in order to learn something o f
the class to which they actually belong. As one proof o f the superiority o f
these goods over others, a fact well known to almost every one, and as well
known to Mr. Lawrence as to any other one, they, as a general thing, com­
mand higher prices in market. It is thus that a discriminating public has,
with common consent, awarded to them a character, o f which Mr. Lawrence
and his compeers cannot deprive them. H e will not deny this fact, or if he
should have the hardihood to do it, I appeal to the markets themselves. Be­
sides this, there are some other facts which go to substantiate my claims to
this character.
A t the exhibition o f the “ C h arita b l e M ec h a n ic A sso ciatio n ,” at Bos­
ton, in September, 1839, the committee made the following report on goods
from the “ Wessacumcon (now Bartlett) Steam-Mills, Newburyport:” —
“ This is an establishment lately erected upon the principle o f the best Man­
chester Mills, the first o f any importance that has been started in the United
States, and must soon lead to correct estimates o f the advantages o f steam over
water power. The goods here exhibited are o f a very superior order, remark­
ably even and closely wove ; and altogether o f a better fabric than has ever been
before produced in this country. They are in all respects equal to any British




Culture and M anufacture o f Cotton.

299

fabric o f the kind that the committee has ever seen.” The award was a S ilver
The Boot Mills, o f Mr. Lawrence’s “ first class,” were competitors,
and their goods were spoken o f as having sufficient proof o f their good qualities,
&c. The award was a D iploma.

M edal .

A t the next exhibition of the above association, in September, 1841,
bleached and brown sheetings were again entered from the Bartlett Mill N o.
2. O f them the committee s a y :—
“ These goods possess great beauty and excellence. The spinning and weav­
ing are very perfect. In firmness and evenness o f fabric, and appearance in all
respects, they surpass any cottons o f American Manufacture that the committee
have ever examined; and they have seldom, if ever, seen them excelled by the
most beautiful specimens of British production.” The award was a G old
M edal .

The next exhibition o f this association took place at Boston, in September,
1844. A t this exhibition, eleven pieces o f cotton goods, some brown and
some bleached, were entered from the Bartlett Mills. The committee pro­
nounced them “ fair specimens o f the goods constantly manufactured by this
company,” and awarded them a S ilver M e d al . Specimens o f brown and
bleached goods were entered from the James Steam-Mill, Newburyport. The
committee say o f th em :—
“ The brown goods were very superior, and the best the committee have ever
examined; smooth, substantial,and well manufactured; made from No 40 yam,
130 picks to the inch. The bleached goods were o f the same fabric, &c. A
better quality o f yarn, either in point o f smoothness or strength, cannot be man­
ufactured. As a whole, the committee do not hesitate to pronounce these to be
the hest goods for fineness o f texture, service, and appearance, manufactured in
this country.” The award was a G old M edal .
The next exhibition of this association, and the last which has taken place,
was in September, 1847. Brown and bleached goods were again entered
from the James Mill. O f them the committee say :—
“ The samples submitted .to our inspection, embrace goods o f different de­
grees o f fineness, and all the useful widths. All are well made ; and some spe­
cimens excell all others in perfection o f manufacture, &c. They award to this
lot of cottons, a superiority to any submitted to their notice; and feel it cause
for gratulation, that, in this department, they are unrivalled.” A gold medal
having been awarded the James Mill, in 1844, the committee now awarded a
D iploma.

. A t the same exhibition were presented goods from the Naumkeag SteamMill, Salem, Massachusetts. O f these the committee say :—
“ These cottons differ from those o f most other manufactories, and combine
more good qualities, for general consumption, than any others. Being made o f
good stock, and superior yarn, and being very weighty, (for the fineness,) they
cannot hut commend themselves to every good house-wdfe, and will speedily ac­
quire the reputation they deserve.” The award was a S ilver M edal .
From the above extracts it will be perceived that some one or more o f the
steam-mills built by me at Salem and Newburyport, and operated under, or
in accordance with m y direction or m y views, have been competitors for pre­
miums at each exhibition o f the Massachusetts Mechanic Charitable Institu­
tion, since 1839, inclusive.
“ I n eve r t instance their goods have been honored with the declaration o f
the committee, that they were superior to all others within their knowledge,




300

Culture and M anufacture o f Cotton.

and with the highest premiums . This should certainly he admitted as pretty
strong and valid proof o f the superiority o f the mills themselves. But this is not
all. The challenge from these steam-mills, to the trial o f the question o f supe­
riority, has not been limited to Boston. It has been carried into the great com­
mercial emporium o f the Union. From 1839 to 1847, inclusive, one or more of
them has been found as competitor with others, each year, at the Fairs o f the
A merican I nstitute .”

And, on every occasion, the goods from some one o f these mills have been
pronounced the best op th eir kind , and borne off the prize. During that
period, there have been awarded to these mills, from the A m erican I nstitute ,
in addition to those awarded at Boston, three G old M edals , three S ilver
M edals , and three D ipl o m a s . The Conestoga Steam-Mill Company, at Lan­
caster, already named, also received a S ilver M edal from the same institute,
in 1848, for the best heavy sheetings, having been awarded a G old M edal
for a similar article, in 1847, by the “ F r a n k l in I nstitute ,” Philadelphia.
The following is from the Franklin Institute :—
“ The heavy brown sheetings from the Conestoga Steam-Mills are, in the
opinion of the committee, the very perfection o f that order o f goods. They pos­
sess the elements o f great durability, with an evenness and beauty o f fabric and
finish altogether unapproached. W e recommend a first premium.” A G old
M edal.
Such is the testimony given by well-informed committees, from year to
year, as to the quality of our steam-mill g o o d s ; and even in the article of
cotton duck, the Rockport Steam-Mill, erected by me, produced an article,
and still produces it, pronounced in the American Institute, in 1848, superior
to all others o f the kind. The award was a S ilver M ed a l . These facts,
added to that before stated, that the steam-mill goods alluded to sell at higher
prices in market than goods from the water-mills, certainly show that they
are superior, in respect to the quality o f their productions.
W ith regard to estimates o f cost for steam-mills, I shall not bandy words
with Mr. Lawrence. There is a shorter and more satisfactory way to come
to the point, without the necessity o f wearying the reader with the dry de­
tails o f items. H e says that a steam-mill with 10,000 spindles, with store­
house and tenements, will cost about §270,000, and require a floating capital
o f $130,000 ; making an aggregate capital o f $400,000. The gentleman is
probably aware that I have built a considerable number o f steam-mills, and
have some five or six others now in hand, in various stages of progression.
H e may probably therefore be willing to accord to me nearly as much know­
ledge, with respect to their cost, as he possesses himself. O f late I have
built, and prefer to build, by contract; furnishing a mill o f a certain capacity,
for so much money, and warranting it to do a certain amount o f work, and
am satisfied with m y compensation.
In making estimates of the cost o f cotton-mills, especially o f steam-mills,
the capital necessary to be employed, the cost o f manufacturing, and the pro­
fits to be realized, it will not answer to draw on the past. More especially
is this remark true in its application to the South, where mills to carry on the
business to any great extent, are yet to come into existence. Mr. Lawrence
gives his testimony to the rapid improvement in machinery, &c., and it may
here be added, with quite as much truth, that improvement in facilities for
the manufacture of the machinery itself, has advanced with equally rapid
strides. W hen, therefore, he sets down the cost of a steam-mill with 10,000
spindles at $270,000, with its storehouse and tenements, if he takes present




Culture and M anufacture o f Cotton.

301

prices for his guide, he is wide o f the truth. But as to tenements— they
constitute, properly speaking, no part of manufacturing capital. Mill-owners
may, if they please, like other persons, erect dwellings to rent. On water­
courses, where there are neither cities, towns, or villages, to furnish them, it
becomes, perhaps, necessary. But, feven in that case, their cost is no portion
o f manufacturing capital. They are rented. The rents are paid from the
earnings o f the operatives, and the cost of cotton, and the cost o f its manu­
facture, is neither enhanced nor diminished by it. It is merely so much cap­
ital, that might otherwise be employed in manufacturing, diverted to another
object. It curtails the means o f the manufacturer to prosecute his business
— granted ; and on that point I have always and strenuously insisted.
One o f the advantages to be gained by the use o f steam-power, as uni­
formly stated by me, is, that with it, cotton-mills may be placed where you
want th em ; if you please, in cities, towns, and villages, where there are al­
ready plenty o f dwellings and boarding-houses for operatives, and where, if
necessary, owners o f real estate are ever ready to increase them. There the
amount they cost will not be diverted from manufacturing purposes. For the
foregoing reasons, the cost o f tenements are never taken into m y estimates.
That I am fully borne out in this view, almost universal usage, in this country
at least, will abundantly show. The Naumkeag Company, at Salem, chose to
have boarding-houses. They erected them. There are six steam-mills at
Newbury port, one at Portsmouth, New Hampshire, three or four at Provi­
dence, three at Newport, two at Bristol, and one at Warren, Bhode Island,
three at Lancaster, Pennsylvania, and so on ; and yet it is believed there are
neither boarding-houses nor tenements for operatives, owned or needed by
either o f the companies to any extent. In estimating the cost and capital
for steam-mills, therefore, I make no account o f them.
That, taking the cost of some o f Mr. Lawrence’s “ first class m ills” as
guides, a steam-mill, with 10,000 spindles, tenements, &c., would cost near
$270,000, is quite likely but steam-mills can be built at much smaller cost
at this time than they could have been a few years’ since, and at a cost much
less than that of water-mills now. Take, for example, the Atlantic Mill, at
Lawrence. I know the cost o f that mill, and will come under bonds, with
satisfactory guaranties, to build a steam-mill o f the same capacity, with the
same number o f spindles, f o r two-thirds o f the money which that mill cost.
The steam-mill shall be furnished with everything comjrlete, put in order for
successful operation, and warranted to turn off, in a given time, more goods,
o f better quality, and at smaller cost, cotton only excepted. On the same
conditions, I will take for a guide, as to size, number o f spindles, and de­
scription o f goods, the Prescott Mill, the last mill erected at Lowell for coarse
goods. These offers are made in good faith, and I pledge my honor to re­
deem the promise, whenever called on to do so. W ith respect to the mill
o f 10,000 spindles, with the capital set down by me at $250,000, and re­
specting which Mr. Lawrence seems so thoroughly skeptical, permit me to
say— I am ready to contract with Mr. Lawrence, or any other person or com-*
pany, to construct such a mill, to furnish it with everything complete, in a
convenient location to prevent extraordinary expenditure, to put it in order
for successful operation, and warrant it to produce the result I have stated, as to
quantity, fineness, quality, and cost o f production, cotton excepted, with the
capital already named. As respects, therefore, any estimates, real or im­
aginary, made by Mr. Lawrence, myself, or any one else, heretofore, their
correctness or incorrectness is a matter o f no moment, as respects the question




302

Culture and M anufacture o f Cotton.

at issue. I hold myself bound to carry out, when called on to do so, the
statement made by me, and confirmed by data from the books o f the Con­
estoga Steam Cotton M ill N o. 1— this statement being, o f course, always
subject to variation, as to profits, with the variations in the relative values of
cloth and cotton.
On looking back to the commencement o f the cotton manufacturing bu­
siness in New England, and tracing its progress up to the present period,
we shall find that our manufacturers have had difficulties to contend with,
which the people o f the South will not have to overcome. The business, at
that period, was in its infancy, even in England. The machinery introduced
here was very imperfect in form, finish, and operation. From that time to
this, there has been kept up a continual race o f improvement, which has ren­
dered the expenditure of vast sums o f money necessary to those who have
kept up with the times ; while those who have refused to do so, have either
broken themselves down by a spurious economy, or, at best, ploded on with
little profit. The southern people will enter the field with all these improve­
ments ready made to their hands ; and, what is also of vast importance to
them, the new and improved machinery can, at this day, be had at smaller
cost than could have been that o f former days, even but a few years since.
Take, also, into account, the advantage o f more than 20 per cent, on an av­
erage, which the manufacturers o f the South will have over those o f the
North, in the cost o f cotton at Lowell, and no good reason can be assigned
why the former should not find the business more profitable than the latter.
The difference in cost of cotton alone will pay more than 6 per cent per an­
num on the capital employed, even if that difference were but one cent per
pound. If the southern people cannot, under such circumstances, manufac­
ture their cotton at a very handsome profit, certainly no other people can live
b y the business. W e will now pay some attention to Mr. Lawrence’s re­
marks on the comparative cost o f steam and water-power.
From the facts already stated, it is very evident that the comparative cost
o f motive-power to drive the machinery o f a cotton-mill is a question o f no
importance in this discussion, as relates to my estimates and statements. My
proposition is, the manufacture o f a certain number o f yards o f cloth, o f a
certain description, in a year, at a certain cost per yard. I have shown, by
incontrovertible data, that the quantity named by me has been exceeded,
and the goods manufactured at a cost per yard even less than I stated. The
cost o f manufacturing embraced the cost o f steam-power. I will now state,
and challenge the trial, that in the whole number o f Mr. Lawrence’s twentysix first class mills, there is not one which can turn off as many yards per
spindle, in a given time, of cloth o f the same description and quality, as the
Conestoga Mill No. 1, nor at a cost as low. They are water-mills ; and I
claim, and I have the right to claim, as will be by me shown, that a portion
o f the saving in cost by the Conestoga Mill is made by the use o f steampower. But we will not rest on this view o f the case, and, to do away with
all cavil on the subject, will go into a comparative estimate o f the cost o f the
two motive-powers, giving facts in evidence.
To make out a case, Mr. Lawrence has obtained of Mr. James B. Francis,
a letter, in which are contained some remarks on the cost o f water and steampower in Scotland. It is somewhat singular that the gentleman should have
to cross the Atlantic to find out the difference between the cost o f water
power at Lowell, and steam-power at Salem, and respecting which he has, it
appears, learned nothing by means o f his Scottish tour. H e makes a com-




Culture and M anufacture o f Cotton.

303

parison, it is true, and sets down figures, showing the difference between the
cost of water at Greenock, and what lie assumes as the cost of water-power
at L ow ell; but when he comes to speak of steam-power in America, all the
light he deigns to give us on the subject is— “ Taking into the account that
coal in any part o f Massachusetts costs at least three times as much as at
Greenock, it will be readily seen that the cost o f steam-power in Massachusetts
is enormously greater than the rates paid at Lowell.” This is a very sum­
mary and convenient mode by which to dispose o f an argument, to be sure,
but neither a very logical nor convincing one. W h at has Greenock to do
with the business ? And why did not either Mr. Francis or Mr. Lawrence
give us some data on which this conclusion is founded ? W h y, Mr. Lawrence
dannot find a water-mill and a steam-mill situated side by side in this coun­
try, to compare with each other, and so he sends a friend to Scotland, in or-’
der to make a comparison o f the cost of water-power in that country, and
places only a trifling distance apart, some thirty-five hundred miles, only,
and, without a single inquiry about the actual cost o f steam-power here or
there, arrives at once at what he supposes “ readily seen,” that, because
“ coal costs three times as much in Massachusetts as at Greenock,” steampower must be enormously dearer than water-power at L ow ell! As good
old Dominie Sampson would have said, “ P-r-o-di-gi-ous / ” Mr. Francis or
Mr. Lawrence either, might have left home after dinner, made a pleasant
trip to Salem, obtained exact data relative to the cost of steam-power at the
Naumkeag Mill, and returned home to supper. The comparison o f these,
with the true rates of water-power at Lowell, would have been o f some use,
but these would not have squared with Mr. Lawrence’s conclusions. I will
now say m y estimates o f the cost of steam-power have often been pub­
lished. If he doubted its correctness, why did he not seek for the facts, in­
stead of treating it in this loose manner ? He could have had them, on
application to the proper quarter. But now let us turn our attention, once
more, to figures, and, in doing this, Mr. Lawrence shall have the aid o f Mr.
Francis.
The Naumkeag Mill has 31,000 spindles, and all the necessary machinery.
It uses an effective 400 horses-power. For that, and to heat the mill, clothroom, offices, &c., and for all purposes, the consumption of coal averages six
tons per day, or 1,860 tons per annum—
310 days, at $5 per ton.............................................................................................
For first and second engineer, fireman and oil, $5 per d a y ...............................

19,300
1,550

Making the sum o f....................................................................................

$10,850

Per annum ; or $27 1 2 i per annum for each horse-power, heating mill, &c.,
as above.
Mr. Francis’ statement makes the annual cost o f water-power for the Mas­
sachusetts Mills, rated at—
592 horses power.................................................................................................
To heat the four mills, offices, Ac., w ill cost at least...................................
The difference in cost between the foundations for steam-mills, on a good
site, selected for the purpose, and those o f the four mills of the Mas­
sachusetts Company on the bank o f the river, w ould be at least
$40,000, the interest on which would be...................... ..............................
A d d to these the transportation o f 8 tons per day, from Boston to
Lowell, o f cotton, oil, starch, anthracite coal, Ac., at $1 25 per ton____
A nd you have the sum o f .................................................................




$7,741 44
4,000 00

2,400 00
3,100 00
$ 1 7 ,2 4 1 4 4

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Culture and M anufacture o f Cotton.

As the cost o f water-power for the Massachusetts Mills at Lowell, including
its unavoidable contingencies. This $29 12 per horse-power per annum, is
$2 per horse-power more than the cost of steam-power at Salem.
A g a in : though I do not doubt the statement of Mr. Francis relative to
the cost o f water-power for the Massachusetts Mills, I have a question or
two to ask. Is it intended to be understood that the rate he has named is
the Lowell rate for water-power, and the established rate ? W h at the power
may have cost one company at Lowell has nothing to do with the question.
Has not Mr. Francis stated the rate for the Massachusetts Mills at nearly 33-i
per cent less than the established rate at Lowell ? Can water-power now be
purchased there for less than $5 per spindle, all contingencies taken into the
account ? I f any one thinks so, let him try it. I would here remark, no
account has been made, in the above comparative statement, o f the cost o f a
steam-engine. I offset that against the cost o f water-wheels, wheel-pits, &c.,
though the engine would cost much less at first, and be kept in repair at as
little expense.
Mr. Lawrence appears to think it somewhat singular that if steam-power
is as cheap as water-power, people have been so slow to adopt it. H e may
recollect, perhaps, it is only about twenty years since, or a little more, that a
committee o f the New York Legislature, among whom was even the celebra­
ted D e W itt Clinton, thought the man crazy, who proposed to run a loco­
motive eight miles per hour on a railroad track. Very few persons have
troubled themselves to make inquiries, and to press them through to practi­
cal results, relative to the comparative merits of steam and water-power.
Those who have done so, as a general thing, have taken as their guides the
work of steam-engines in operation ten, fifteen, or twenty years ago, when
the duty performed by a given amount o f fuel was not. one-half what it is
now. Besides, thousands of persons have been frightened out of the idea of
steam-power, by the continual outcry o f persons who, like Mr. Lawrence, have
had a special interest in securing the predominance o f water-power. That
time has nearly passed. People are daily becoming convinced, as the rapid
multiplication of steam cotton-mills fully proves ; a*d the time is not far dis­
tant when people will laugh at the absurdity o f any one who shall express a
doubt o f the superiority of steam over water. A t Cannelton, Indianna, in
particular, where operations are already commenced, with the best coal in
the Union, or at least equal to any in America or Europe, at ninety cents per
ton, water-power would not be an object worth naming, even could it be had
gratis. The entire motive-power required to drive the Cannelton Mill, of
10,000 spindles, together with the fuel for heating the mill, &c., will not cost
as much per spindle, as the fuel required for heating the Massachusetts Mills.
Once more with regard to Mr. Francis. Mr. Lawrence speaks o f him as
a gentleman as well acquainted with motive-power and application as any
man in America. I do not dispute his qualifications, but, if his knowledge
is so deep and extensive in this matter, he certainly has not published all he
knows. I have received, per last steamer from England, a diagram o f the
actual duty performed by a steam-engine, and the cost o f fuel for running it
also, and 1 assure him that the cost is less than one-tenth o f the cost he has
put down for water-power. If he has any doubts on the subject, the dia­
gram and evidence, which are in m y possession, are at his service.
Mr. Francis informs Mr. Lawrence that, in 1839, the Massachusetts Com­
pany had 592 horses water-power. Since that time, the company has pur­
chased the Prescott Mill, with its water-power. Y et even now, they run but




Culture and M anufacture o f Cotton.

305

45,720 spindles, and have a steam-engine besides. How, under such circum­
stances, would the cost o f the company’s power, per spindle or yard, com­
pare with that o f steam-power at the Naumkeag Mill ? More especially, how
would it compare, putting the present established rate o f water-power at
Lowell into the account, and which, as stated above, is about 33^ per cent
higher than it cost the Massachusetts Company in 1839 2 But I have still
another view to take o f this subject.
Allow the highest rate o f power used in this country to drive machinery
for coarse work, at its highest speed— that is, 100 horses-power to 5,000
spindles— then the Massachusetts Company, driving 45,720 spindles, inclu­
ding the Prescott Mill, would require 914T4/ T horses-power. I will now
take my data from the table o f Lowell statistics, published in 1848, for that
year. I find there, that those mills consumed the following items o f fuel,
and which shall be set down here at their value in anthracite coal in the
Boston market. They were—
Anthracite coal, 2,700 tons, which, at $5 per ton, is...........................................
100 cords o f wood, at $5...........................................................................................
Charcoal, 2,000 bushels, at 10 cents........................................................................
Freight on 2,700 tons o f anthracite coal, from Boston, a $1 2 5 ......................

$13,500
500
200
3,375

Making, in all, the sum o f .........................................................................

$17,575

Thus we have the amount o f $17,575 as the cost o f fuel for the Massa­
chusetts Mills, beside its water rent. It will be recollected that fuel for all pur­
poses for which the above is used was included in the cost o f steam-power for the
NaumkeagMill. Now, add to this the amount o f water rent, in other words the
cost o f water-power annually, to the Massachusetts Company, $7,441 44, as sta­
ted by Mr. Francis, and you make up the gross sum o f $25,016 44. This state­
ment speaks for itself. So much it cost the Massachusetts Com panyin 1848,
for water-power and fuel. It has already been shown that the cost o f steampower at the Naumkeag Mill is $10,850 per annum, and that cost includes,
beside power, all for which fuel is used in the Massachusetts Mills. H ow ,
then, stands the case 2 If 400 horses steam-power at Salem cost $10,850,
then say, in round numbers, the $25,000 expended at the Massachusetts
Mills would furnish 921 f f a horses steam-power, or 7
more than
sufficient to drive all the machinery in those mills. Y et the present estab­
lished rate of water-power in Lowell would raise the annual cost o f power
required for the above mills to but a fraction short o f $10,000, while the
difference in the sums required in outlays on foundations, &c., would make
a still farther balance, as already seen, o f $2,400. The gentleman having invi­
ted my attention to the mills of the Massachusetts Company, at Lowell, I
have gone into a thorough investigation on that subject. I have shown that,
even at the cost paid by that company for water-power in 1839, the Naum­
keag Mill is run cheaper by steam, including the heating o f the mill, &e.
Taking the established rate o f jlower at Lowell at this time, and that is the
fa ir ground occupied by me all along, every spindle now running in that
city, and all their requisite machinery, can be run by steam generated at a
cost not more than equal to the cost o f the fuel now consumed in the mills,
converting it all into anthracite coal, and reckoning at what it costs per ton,
delivered in the mill-yards in that city, taking for the basis o f a calculation
the cost o f steam-power at the NaumkeagMill, and the quantity o f fuel con­
sumed in the Lowell mills, as per “ S tatistics of L ow ell M an u factu res ,
J a n u a r y , 1850.” Beside this, the Massachusetts Company must pay at least
VOL. XXII.— n o . h i .
20




306

Culture and M anufacture o f Cotton.

$5,600 per annum freight on cotton, oil, and starch, from Boston, not neces­
sary to a steam-mill in a seaport place. Where, then, lies the advantage \
The reader will judge. A nd now suppose you take Cannelton, Indiana, for
the field o f operation, or any other site in the South or South-west, where
fuel can be procured at on e-fifth o f its cost at any place in Massachusetts,
and one-seventh of its cost at Lowell— where cotton will be sent directly to
the mill by the planters’ own teams, or, at most, on a steamboat, at fiifty
cents per ton for freight— without commissions, without insurance, and with­
out other expenses accruing on its way to Lowell— and where, as at the
South and South-west, a ready and extensive market is open, now supplied
by the New England manufacturers at a heavy advance on the cost. Sup­
pose we plant cotton manufactories in such locations, who can help seeing
that they must become far more profitable than at Lowell, and defy all north­
ern competition ?
One word more on steam-power, and I shall have done with that subject.
Many suppose the cost o f motive-power to be a principal item in the manu­
facturing account, whereas, on all the cotton goods manufactured in New
England, the cost o f power, steam or water, does not average more than
three mills per yard. The steam-mill goods, from certain well-known causes,
are o f so much better quality than others, as to texture, smoothness, &c.,
that they command in market prices so much greater than others, that the
difference will considerably more than p a y the entire cost o f steam-power
used in their manufacture. This statement is true. The results in the mar­
kets will fully sustain it— and Mr. Lawrence or any one else is challenged to
disprove the statement. W here, then, the advantage o f water-power ?
Mr. Lawrence says, “ all the country mills in New England, which have
been built fifteen years, have wholly or partially failed,” with exceptions,
“ which are only exceptions to the general truth.” Does he make this state­
ment with reference to the manufacturing business, or to mill-owners ? I f
with respect to the unproductiveness o f the business, when properly man­
aged, the statement is not true. Has he known any failures in the compa­
nies at Lowell, Waltham, Somersworth, Dover, Fall River, or o f individual
manufacturers there, or anywhere else, who have properly managed their bu­
siness, and not, as he says the cotton-planters have, extended then' business
beyond their means ? In this business, as in other branches, there have been
many failures, but they have most frequently originated in speculations, and
in attempts to do a great business with a small capital, by which means per­
sons have found themselves unable to pass, successfully, a crisis created by a
tight money market, even o f a few months. But a “ first ” rate— I will not
say “ class
steam-mill, well managed, will make money, especially at the
South, in almost any times. Still, Mr. Lawrence says, “ manufacturing has
been a source o f great wealth to New England.” Precisely so : and in that
wealth manufacturers have shared largely. The South sees it, and wishes
now to have its share. But Mr. Lawrence? thinks the people there would
hardly be willing to invest their capital at so great a hazard, for the small
profits derived from New England mills. A nd yet he has said before, that
the southern people were satisfied to receive smaller rates o f interest than
the people o f New England! A nd every one knows, who knows anything
about it, that the hazard o f capital invested in the culture o f cotton, is far
greater than that o f investments in its manufacture. Very probably any
“ twenty-six first class ” planters would like a guaranty o f 8T9„ per cent clear
profit on their capital per annum, for eleven years, the amount o f dividends




Culture and M anufacture o f Cotton.

307

for the “ twenty-six first class mills,” to say nothing o f their hundreds of
thousands o f dollars reserved and undivided at the same hazard.
One word in relation to Mr. Lawrence’s scale o f prices and rates o f wages.
H e attempts to make out a very great disproportion between the decline of
prices in cloth and cotton in fifteen years. lie makes the decline -44 cents
per pound greater in the price o f the cloth than in that o f cotton. This he
sets down precisely as if it were so much abstracted from the market value o f
the cloth, while its cost to the manufacturer has remained unchanged. W hat
has become o f the great improvements in machinery he talks about ? Have
they done nothing toward reducing the cost o f manufacturing in fifteen
years \ Does it cost as much to manufacture a pound o f cotton now, as it
did fifteen years ago ? In first rate mills n o : and yet the planter can raise
cotton now no cheaper than he could then. But labor, he says, is higher.
“ W om en’s labor is increased three-fold, and men’s is nearly double.” Does
he believe this statement himself ? Charity says yes ; but she has to stretch
a point or two, to give such a reply. Mr. Lawrence will not say, a female
operative now receives wages that would enable her to pay three times as
much for board as she did in 1833, and then have three times as much left
as she had then. H e will not pretend to say that a man earns enough now
to pay double what he paid then for the maintenance o f his family, and have
double the amount left he had then. N o : even Mr. Lawrence dare not
make such a statement, for he well knows it would not be true, and that
everybody else knows i t ; his appeal to the cost o f ticking, shirtings, and
calicoes to the contrary notwithstanding. The truth is, neither men nor wo­
men, factory operatives, to my knowledge, receive more wages now than they
did in 1835. Ffteen years have not increased their wages, nor materially
reduced the cost o f living. True, they spin and weave more pounds o f cotton
in a day than they did then. But they derive no advantage from it, and
their wages, as a general thing, are not enhanced by it. Neither is Mr.
Lawrence’s statement a fair one in respect to the decline in prices.
To make out a case, if possible, the gentleman has taken the price o f cot­
ton at almost its highest value, for the last eight or nine years, the conse­
quence o f a short crop, and cloth at about its lowest value for the same period,
when an average for cotton, much lower, would have been the fair test, and,
for cloth, higher. A n d even this statement o f his was made in the very face
o f his previous admission that cotton must decline in price during the com­
ing season, or cloth rise, or both. Here is an admission that cotton was re­
markably high when he wrote, and cloth very low— that the disproportion
between them had been created by extraordinary causes, and that the operaration o f the laws o f trade must soon restore the two articles to something
like their proper relative values. His prediction as to the increased market
value o f cloth is fast being fulfilled ; and yet he takes the extraordinary pe­
riod o f a few months past as the basis o f calculation for the average compar­
ative diminution in the prices o f cloth and cotton for fifteen years ! W ere
the transactions o f the commercial world regulated by such an interpretation
o f the laws o f trade, they would present a singular spectacle. Yet, after all,
it is enough to know that, during eleven o f those fifteen years, twenty-six
cotton-mills have divided, on an average for the whole time, among the whole
number, 8 t°j- per cent per annum on enormous capitals, beside building
new mills with reserved profits, and laying by hundreds o f thousands o f dol­
lars for “ surplus cash capital.” H ad Mr. Lawrence an object in making




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Culture and M anufacture o f Cotton.

the comparative statement above alluded to without a reference to the qual­
ifying statement in his first number ? It may be so.
Perhaps Mr. Lawrence wished to persuade the cotton planter to 'promote
the planter's interest, no doubt— not to hazard his capital in the manufactur­
ing business, with its small and diminishing profits, while the profits o f cot­
ton planting were large, and scarcely lessened at all in fifteen years ; or per­
haps, as we subsequently have a few pretty plain hints, to embark his capital
at the North, to aid in the upbuilding o f northern manufacturing cities in
progress or in embryo, or to arrest the fall o f certain mills, by purchasing
their stocks, already 40 per cent below par. Such may have been the case.
Let others judge. It may be otherwise; but his frequent croakings about
the hazards, the disasters, the failures, and, at best, the small profits o f the
manufacturing business, seem mightily like a sort o f squinting toward
the object o f restraining the southern people from entering into com­
petition with those o f the North ; or, that failing, to persuade them
to embark their funds on board the new northern ship L a w r e n c e , or some
other craft belonging in whole or in part to the same firm. Thus, with hon­
eyed words, and abundant fraternal sympathy, he exhorts “ our friends ” at
the South, in effect, either not to enter the manufacturing field at all, or, if
they should, to invest their funds in northern mills. The substance is, they
must pay freight and expenses on their own cotton to Lowell, and on their
cloth back again ; and leave at the North all the wealth created by labor
with the use o f that capital, to build up northern towns and cities, equaling,
once in two years at least, the amount o f capital invested, with the exception
o f 8T\ per cent per annum on its amount, in the way o f dividends ! How
kin d! how considerate !
If Mr. Lawrence could be in the least suspected o f having the smallest and
most remote interest in aiding any o f his “ first class mills,” or building up
the city o f Lawrence, or any other place, or in advancing the prices o f man­
ufacturing stocks in “ first class mills,” suspicions might be entertained that,
in all these kindly admonitions, there was a slight tincture o f selfishness.
Casting this unworthy thought to the winds, we view the kind-hearted gen­
tleman, his heart teeming with tender compassion, warning “ our southern
friends ” not to involve themselves in the disastrous results o f the manufac­
turing business, which has so much “ enriched New England." I would aid
the gentleman’s pious labors, by holding up, as frightful examples, such men
as the L a w ren ces , the A p p l e t o x s , and hundreds o f others, New England
manufacturers. Lest these examples should fail to produce the desired ef­
fect, I would also hold up to view L ow ell , M anchester , P aw tu cket , W al ­
tham , D over , W oonsocket , F al l R iv e r , L a w r e n c e , &c., & c., to which
may be added commercial cities, such as Boston, Providence, and others. W ith
such examples as these before their eyes, one would think “ our southern
friends ” might be forewarned, and forearmed. Let the southern capitalists
beware o f manufacturing, lest they become L a w ren ces and A ppleton s , and
build up L ow ells in their midst. They must send their cotton to the North,
and have it returned in cloth, with all expenses accumulated on it, including
the cost o f manufacturing. They must invest their capital in northern “ first
class mills,” receive an annual dividend on it o f 8 t9j- per cent, and leave
behind more than 7 0 p er cent, each two years, o f the amount o f the capital,
in wealth created by the labor it p ays fo r , to build up the fortunes o f north­
ern men, and to people and enrich N ew England. Let them do all this, and




Culture and M anufacture o f Cotton.

309

they have no reason to fear that the fate o f New England will ever befall
them.
Near the close o f Mr. Lawrence’s review, he appears to have wrought
himself up to some slight degree o f pugnacity. He speaks o f “ Lawrence,
Amoskeag, Saco, and other places o f less note,” and finally concludes that
the water-power o f Massachusetts alone, now unoccupied, is sufficient to
drive all the cotton mills in the United States. W ell— what then ? W h y ,
by holding a rod in terrorum over the heads o f the southern people, by as­
suring them that the mammoth corporations will occupy the water-power,
any how, he tries to frighten those same southern “frien ds” out o f their
wits with the vision o f this mighty competition, and to thus prevent them
from embarking in the manufacturing business. But does Mr. Lawrence
recollect that if Massachusetts and New Hampshire have water, the South
has wood and coal quite as abundant, and at much lower rates ? Does he
recollect, too, that the southern and south-western people have cotton, and
that the saving to them, in the cost o f that article alone, compared with its
cost in New England, will be more than thrice the cost o f steam-power to
them to manufacture it ? O f what use, for instance, would the water-power
he names be to the manufacturers on the banks o f the Ohio ?— say at Cannelton, where, with the best o f coal at n in et y cents p e r ton at the
mills , they can have a motive power better than any water-power, and at
a cost less than that o f heating a water-mill at Lowell, and save, also, at
least $20,000 per annum in the cost o f cotton for 10,000 spindles, com­
pared with its cost at Lowell ? Can Mr. Lawrence tell what competition
Cannelton, or other places with locations equally favorable, have to fear from
New England water-power, or New England corporations? A n d as to the
time for the erection o f cotton-mills— during an experience o f more than
twenty years in the business, I have never witnessed a period more favorable
than the present. W ere it not that m y business is so extended to almost
all parts o f the country, and m y time so completely occupied, I would most
assuredly embrace the present moment to erect a large mill to run on my
own account. The prospect is as bright, too, as at any time in the history
o f our country; and would our New England manufacturers remodel their
mills, and vary their business, instead o f adhering to the practice o f manu­
facturing plain cottons only, they would make much more money. A thou­
sand articles might be made, in which the price o f a pound of cotton would be
magnified by its manufacture to fifty cents, and even to one dollar per pound,
instead o f twenty-five cents, and to great profit. The sooner the South
monopolise the manufacture o f coarse goods, the better will it be for the
manufacturers o f New E ngland; and however much I may be blamed for
spreading the facts I have before the people o f the South, the time will come
when the northern manufacturer will see that, as far as my feeble efforts may
have any effect, as to their interests, that effect will hefavorable.
For years, the northern press has been loud and frequent in recommen­
dations to the South, to enter the field o f enterprise, and manufacture her
own staple; and, by way o f encouragement, the success o f New England
in the same branch o f business, with the enhanced cost o f the raw material,
has been held out as an example. N o fault, to m y knowledge, has ever
been found with that course. During the time, however, the manufacturers
have uttered no note o f encouragement, keeping a continual studied silence,
when their business was prosperous, and only opening their lips to give ut­
terance to doleful complaints, if occasionally a reverse occurred. Though




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Culture and M anufacture o f Cotton.

myself a New England man, I am also an American, and claim brotherhood
with the American people, as a whole. It gives me pleasure to witness the
prosperity o f New England; but, as an American citizen, it gives me equal
pleasure to witness the prosperity of the whole country. Hence, in what­
ever has been written by me on the subject o f manufactures at the South,
m y object has been to promote the interest o f that section o f our common
country, without the most remote wish to injure that o f any other. Busi­
ness has never been sought by me there, nor ever will be. The pamph­
let, o f which the abridgment appeared in “ H unt's Merchants' Magazine f o r
November, 1849,” was written by the especial request o f southern men, and
the abridgment was made also by request. The southern people wished for
information on the subject o f cotton manufactures, in order to know whether
it was, or was not, prudent for them to engage in the business. They ap­
plied to me to impart that information. The call was, after a time, respond­
ed to by me, and, as in duty bound, I gave them facts in an honest and truth­
ful manner— facts that I have fully substantiated— and to establish which,
on the basis o f future operations, also, I hold myself pledged and bound to
do. I have not only the ability, but the means to do it. Fully aware o f
the reluctance o f northern manufacturers to have the details and results o f
their operations exposed, and wishing neither to excite their animosity, to
alarm their cupidity, nor to injure their interests, I carefully abstained from
all interference with their concerns, and merely stated the general results
o f the business in New England, and what could be done, and had been
done, with a steam-mill o f my own construction. A nd what has been the
result ? T have been attacked from all quarters, and in all forms— and why ?
Evidently because my statements were calculated to give encouragement to
manufactures at the South, and to bring them into competition with those
o f the North. W h a t other motives could have animated those who have
assailed me ? I pretended not, though I could have done it, to penetrate
the veil hung over the doings o f northern manufacturers. M y effort was
to show the southern people what they might do— not by reference to the
doings o f a number o f pretended “ first class mills,” but to others o f my
own building. Mr. Lawrence, and others, apparently alarmed at this, and
fearing the result, entered the arena, and, by insinuations, inuendos, and
broad statements, have endeavored to fix the falsehood upon m e ; not be­
cause I had misrepresented northern mills, or their products or profits, but
because, as they would have it to be understood, I had made exaggerated
statements relative to mills erected by me. A n d how have they succeeded ?
There is scarcely a statement made b y them that has not been proved falla­
cious— not a statement o f mine that has not been substantiated. Mr. Law­
rence has driven me, in self-defence, to bring out facts relative to whiph, if
let alone, I should have been silent. If they have a heavy and injurious
bearing on the northern manufacturing interest, those connected with it may
thank their champion. I flatter myself that no one can tell me much that
I do not know about the cotton manufacture in New England, or the cost,
condition, product, and profit and loss o f a great number o f New England
cotton mills, and among them, most o f the twenty-six “ first-class mills.”
Thus far, they have just been touched on by me, and there it is m y wish
to leave th em ; yet much remains behind, that some would rather should
be permitted to rest undisturbed. So shall it rest, unless farther provocation
shall call it out.
W h y all this hue and cry, like the cry o f mad dog, after an humble indi-




B ankruptcy — Banking.

311

vidual like myself? It is envy, jealousy, h ate; because, without the pa­
tronage o f overgrown and aristocratic corporations, I have, after more than
twenty years o f patient and unremitting toil, by means of self-culture alone,
qualified myself, by erecting about one-eighth o f all the cotton-mills in America,
as an engineer and manufacturer, to construct a better mill than the best of
theirs, at less cost, that will manufacture a grearer quantity of better goods,
at less expense. This I proclaim to the world, without the intention o f
boasting, and appeal to m y works as evidence. It is for this crime— because
I can beat Lowell— that attempts are made, and not now for the first time
either, to hunt me dow n ; but the pursuers are mistaken in their game, and
in their powers. They may as well give up the chase— the manufacturing
spirit is fast gaining strength in the Middle and Southern States. Cottonmills are rapidly on the increase. A s their owners begin to handle the
profits, you cannot cheat them out o f the evidence o f their own senses.
Southern competition must come. The South can manufacture coarse goods
cheaper, and at greater profit, than the North. If the northern manufac­
turers are wise, they will, instead o f fretting themselves on this account,
make all necessary improvements in their manufacturing establishments, and
supply the markets with such fabrics as the South will not find it to its in­
terest to supply for many years to come.
I now take leave o f the subject, leaving the public to make up judgment
between Mr. Lawrence and me. I harbor no unkind feelings to him. If
plain language has been used by me, and some degree o f asperity, they
have not been aimed at him personally, but at his works; and it is presumed
he will understand m y allusion, when I say, “ the blows aimed at the helmet
were not intended f o r the head." Mr. Lawrence is a man o f talents, and it
is presumed has written as well as any one else would have done for his
side o f the question. Unfortunately for him, his case is a bad one— even
much worse, as I know, and could readily prove, if occasion should require—
much worse than I have labored to show.
c. t . j .

Art. V.— B A N K R U P T C Y — B A N K I N G .
F iieeman H unt, E sq., E d itor o f the M erchants' M agazine, etc.

D ear S ir :— Having given our views, denying the proposition o f your
correspondent, “ F. (I. S.,” that “ the too high rate o f interest” is the cause
o f the general prevalence o f bankruptcy among the mercantile class o f So­
ciety, we proceed to assign our own reasons for the admitted fact.
These we believe to be :— The too large an appropriation o f industry in
that direction; the unreasonable amount o f credit used in mercantile opera­
tions ; and the excessive use o f credit in the construction of the currency.
Society is governed by precedent and routine. Its opinions and habits
are o f slow growth, and fix themselves so firmly in its mental constitution,
that they are turned aside from their direction or obliterated with difficulty,
and only by the most gradual process.
In the early period o f American society, without any other distinctions
han those o f professional life and wealth, the mercantile became one o f the
aristocratic classes. The great body of the people were engaged in agricul­




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B ankruptcy — Banking.

ture, with only a few local mechanics, the merchants, whether o f the city or
country, occupied the position o f leading men in all that related to the ab­
sorbing interest, the acquisition o f wealth.
For a century previous to the
war o f 1812, this condition o f things pervaded the Northern and Middle
States, the great hives o f our present indigenous population, whose habits o f
thought, to a large extent, govern society in all but the planting States.
The entire freedom to pursue the avocation which is deemed preferable,
has led the enterprising and ambitious to choose that pursuit which to their
established prejudices gave promise o f the most wealth and influence; that
path was sure to be selected in which those had traveled who had reached
the station most desirable. W ithout the judgment or experience to see re­
sults in their entire development, observing only those who occupy the de­
sired position, ignorant o f the great majority who, having entered the path,
have been overthrown and sunk into obscurity, in the struggle to reach the
eminence, the occupation o f trade becomes crowded to excess, while the
more safe and less ambitious pursuits o f agriculture and mechanics are left
to the less ambitious or less talented portions o f the young society.
The
strife o f enterprise on the small arena which mercantile pursuits furnish,
diminishes profits, and only the athletic or the sustained can succeed ; bank­
ruptcy overwhelms the remainder, and the fact is accounted for in a way
natural and obvious to every observer o f society. The habit o f society re­
operates in each successive generation ; as the young advance to manhood,
having imbibed the modes o f thought which pervade the general mind, they
are unable to evade its force; unconscious o f its influence they are drawn
within the circle, and sink in the vortex, to be succeeded by the next who
enter on the stage o f life.
Gradually a change is coming over the public m in d : manufacturers give
a wider scope than formerly to enterprise, and the application o f science to
agriculture may yet render that noble occupation what it ought to be in the
estimation o f society; when the farmer who cultivates his own acres, and
holds his own plough, may be, as he should be, a gentleman, well educated
in all that appertains to his profession, cultivated in his manners, and quali­
fied to embellish and enjoy refined society.
There are now many such
farmers, but that is not the characteristic o f the great majority engaged in
that pursuit; the fault is their ow n ; they ought to control society, since
they constitute so large a majority.
W h ile law, medicine, divinity, mili­
tary and naval war have their institutions o f learning, sustained by pubiic
and private patronage, agriculture, a pursuit equally scientific, embracing
seventy-five per cent o f the people, is left to grope in ignorance, obscurity,
and vulgarity; from it all the young, blest with talent and ambition, escape
if possible, notwithstanding the pressure which accumulating numbers occa­
sions in the more honored pursuits, especially the mercantile.
The next reason we have assigned is equally obvious and competent to
the result under consideration.
Credit, or the use o f the capital o f others, is a characteristic o f mercantile
pursuits.
Commerce, in all its ramifications, from the merchant proper
down to the petty dealer, is a non-productive pursuit; it originates nothing
and is the mere broker o f society.
Originating nothing, its gains must
arise from the share it is able to abstract from the products o f the producing
classes, while passing through its hands from the producer to the consumer.
Competition in this pursuit, therefore, acts in the direction o f diminishing
the amount thus to be abstracted, and as a diminished amount can only




Bankrupt tcy — Banking.

313

meet the wants o f the merchant by his enlarging the general bulk trans­
ferred, it is a natural tendency which increases the amount by every prac­
ticable means. The real wealth of the mercantile class is always overrated;
their number, though too great, is still small, when compared with the
other great departments o f society, yet the amount of capital, in all forms,
which, originated by the agricultural and manufacturing classes, passes
through their hands, is a large share o f the products o f industry, which the
sub-division o f labor in modem society renders a movement essential to its
consumption. So large an amount o f capital it is impossible to move with­
out credit; no individual wealth could be found competent to purchase and
hold it with its own means, while in transitu.
The vast accumulation of
surplus products which move by the aid o f commerce over the civilized
world— through all the channels o f trade in each nation-— through all the
ramifications which extend from the producer to the ultimate consumer,
render credit the life and power o f that department o f society; but like all
other engines o f power, its tendency is to destruction, unless controlled by
strong and wise restraints, and bankruptcy is a natural result either o f too
much stimulus, or o f the occurrence o f any adverse circumstances which dis­
turb the regular flow o f commodities, or the confidence upon which, as its
basis, credit must rest in.
The disparity between the amount o f credit and capital, and by the vari­
ous departments o f society, does not receive the attention it deserves. Am ong
the agricultural class, the use o f credit is limited, and should be restricted to
permanent investment, which will repay interest; the farmer who borrows
the means o f subsistence will starve. W ith the mechanical class it is less
s o ; but here it is trifling, when compared with the mercantile. W e have in
our eye cases which illustrate the difference. A . B. is an enterprising mer­
chant, with a capital o f his own o f $25,000 ; his annual operations extend
to $400,000, and are spread broad-cast over the nation, exposed to the ad­
verse influences o f every section o f the country ; his indebtedness is o f course
constantly many fold the amount of his capital, which is barely sufficient to
meet his current expenses ; he buys and sells on long credits, depending upon
discounts to keep the links o f his operations entire. W hile all is fair weather,
his affairs proceed smoothly— his gains are large, corresponding to his ope­
rations— the occupation o f so large an amount o f capital breeds the idea o f
ownership, and he esteems himself a much richer man than he is. His po­
sition in society, and his expenditure, correspond to his supposed wealth,
while, in reality, his whole capital is little more than a mercantile guarantee
to the obligations his operations involve. A n y sudden revulsion in commer­
cial affairs will, in all probability, plunge him into bankruptcy, from which a
compromise only can relieve him ; and it is creditable to the mercantile class
that generally they appreciate the inevitable law o f their profession, and are
ready and free to compound with their honest associates.
C. D. is a manufacturer : his capital is $30,000, invested in real estate, in
stock in progress o f manufacture, and among his customers. His business
compels him to deal more for cash— his raw material consumes the credit
upon which it is purchased in its preparation for sale, and his disbursements
are extensively for labor, which can give no credit. His operations reach
$75,000 per annum; his liabilities are never more than three-fourths o f his
capital, and his receivables are compact, small in amount, and in good hands.
C. D. is not only the richer, but emphatically the safer, man. H e may suf­
fer losses, but no condition o f things can reduce him to bankruptcy: he is




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M ercantile Law Cases.

prudent, but respectable in his style o f life— but neither his station in society,
nor his note in bank, corresponding to those o f his friend A . B. In bank
his notes will discount, if money is p len ty ; if not, the cashier will make many
inquiries, and the president will conclude that he had better offer them at the
next discount day, while those o f A . B., for thousands to the hundreds o f C.
D., is all A N o .-l, and all offered is taken. True, the deposit account o f 0 .
D. is not large— the weekly demands for labor extract less cash— and banks,
like others, have a right to choose their customers. A ll this is perfectly nat­
ural ; the habits o f society, which place the merchant in the position he en­
joys, govern in bank parlors as well as in those o f gentlem en; we are all
unable to free ourselves from the prejudices o f our age or country; these
prejudices govern the individual and general movements of society, and solve
the problem under consideration.
It will not be “ the payment o f interest ” which will involve A . B . in bank­
ruptcy, should the event occur, but the too free use o f credit; not that credit for
which interest is paid, but that which, having its basis in the capital o f the agri­
cultural and manufacturing classes, passes into the hands o f the merchant, as the
broker o f society, in order to its distribution from the producer to the consumer
who alone pays not only the interest o f the capital required to provide for his
wants, but the profits of the long line o f mercantile changes through which
the commodities must pass, before they reach their destination, and are ab­
sorbed by his necessities.
W e must omit the consideration o f the remaining topic to another day.
Yours truly,
o. b.

MERCANTILE LAW CASES.
THE L A W OF BILLS

OF

EXCHANGE AND PROMISSORY NOTES, W IT H THE LA TE ST
DECISIONS THEREON.

The London Bankers' Magazine, for January, 1850, contains the first o f a se­
ries o f papers on this subject. The editor o f that Magazine proposes to furnish
during the present year, a series o f papers on the law o f bills o f exchange,
promissory notes, letters o f credit, and other similar documents, containing all
those points, which it is material should be known by persons engaged in bank­
ing and commercial pursuits, and including every case o f importance decided in
England during the last few years, so as to exhibit the exact state o f the law at
the present time, clearly before the mercantile reader.
As the English law on this subject is very generally adopted in the United
States, and the decisions under that law daily cited in all our courts, the trans­
fer o f the present paper to our Magazine, will doubtless be acceptable to many
o f its readers. In the article which follows, the points connected with form and
requisites o f bills, notes, and letters o f credit are discussed, and the cases refer­
ring to the rights and liabilities o f the different parties to these instruments are
investigated, as follow s:—
1. F orm and requisites of bills and notes.— The ordinary forms in which
bills o f exchange and promissory notes are drawn are well known; but we think
it better to quote them here, as we shall have occasion to refer to the exact words
o f the forms on several occasions hereafter.




315

M ercantile Law Cases.
The usual form o f an inland bill o f exchange is as follow s:—

£500.
London, 1st January, 1850.
Three months after date pay to my order Five Hundred Pounds, fo r value
received.
John S mith .

To T homas W

ilson,

*

Esq.
L ondon.

The form o f a promissory note i s :—
London, 1st January, 1850.
£500.
Three months after date I promise to pay Mr. John Smith, or order, at the Lon­
don and Westminster Bank, Lothbury, the sum o f Five hundred Pounds, for value
received.
T homas W

ilson.

Any bill or note which departs from the ordinary form in which it ought to
be drawn, should be regarded with a degree o f distrust, in all cases, and should
generally be refused altogether. But there are some bills o f exchange, and
other similar documents, which depart from the common form, and yet cannot be
declined in the ordinary course o f business; and we have endeavored to collect
the leading cases relating to them, which we propose to consider in the follow­
ing order —
1st. Bills of exchauge or notes o f hand which are not negotiable.
2nd. Notes o f hand made payable to the drawer’s own order.
3rd. Bills o f exchange and notes o f hand payable by instalments.
4th. Bills o f exchange and notes o f hand containing a memorandum o f the de­
posit o f collateral security.
5th. Joint and several bills o f exchange and promissory notes.
6th. Foreign bills and notes.
7th. Miscellaneous points as to the form o f bills.
1. O f bills of exchange or notes of hand w hich are not negotiable .— A
bill or note which is not payable to order or bearer is perfectly valid between
the original parties to it, but it cannot be negotiated. In Smith vs. Kendall (6
Term Reports, 123,) it was objected that such a note waB not valid, but the
Court said:— “ If this were res Integra, and there were no decision on the sub­
ject, there would be a great deal o f weight in the defendant’s objection; but it
was decided in a case in Lord Raymond (Burchell us. Slowcock, 2 Lord Ray­
mond, 1545,) on demurrer, that a note made payable to B without adding
to his order, or to bearer, was a legal note within the Act o f Parliament. It
is also said in Marius, that a note may be made payable either to A or bearer, A
or order, or to A only. In addition to these authorities, I have made inquiries
among different merchants respecting the practice in allowing three days’ grace,
the result o f which is, that the Bank o f England and the merchants in London
allow the three days’ grace on notes like the present. The opinion o f mer­
chants, indeed, would not govern this court in a question o f law, but I am glad
to find that the practice o f the commercial world coincides with the decision o f a
court o f law. Therefore I think that it would be dangerous now to shake that
practice, which is warranted by a solemn decision o f this court, by any specula­
tive reasoning upon the subject: and, consequently, this rule must be made ab­
solute to enter a verdict for the plaintiff.”
2. N otes of hand made payable to the d r a w e r ’ s own order .— Notes o f
hand made payable to the drawer’s own order have been the subject o f much
discussion lately. In the Court o f Exchequer, in the case o f Flight vs. Maclean
(16 Law J. Ex. 23,) Baron Alderson said:— The instrument in question is not a
promissory note, within the statute o f Anne, which requires that it shall be made
payable by the party making it to some other person, or order, or unto bearer.”
The Court o f Common Pleas has held, that a note payable to the maker’s own
order is not a promissory note negotiable under 3 and 4 Anne, c. 9, sec. 1 ; but
the maker may, by endorsing it, give the holder a right o f action on it against
him. Brown vs. De Winton (17 Law J., C. P., 281.)




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M ercantile Law Cases.

3.
— B ii.ls of exchange and notes of hand payable by instalments .—
Bills o f Exchange and notes of hand payable by instalments are valid. The pe­
culiarity relating to them is, that an action o f debt cannot be maintained until
the last instalment is du e; but an action o f assumpsit may be maintained on
each default. Siddall vs. Rawcliffe (1 Crompton and Meeson, 487.)
4. B ills of exchange and notes of hand containing a memorandum of the
deposit of collateral security .— Bills o f exchange and notes o f hand con­
taining a memorandum o f the deposit o f deeds as a security, werS discussed in
the following case, and held to be valid.
It was an action on a promissory note by the indorsee against the maker. At
the trial before Lord Abinger, at the last Derby assizes, it appeared that the ac­
tion was brought on an instrument in the following form :— “ On demand, I
promise to pay to Mr. John G. Johnson, or order, the sum o f J6 1 2 0 with lawful
interest for the same, for value received; and I have deposited in his hands titledeeds to lands purchased from the devisees o f William Toplis, as a collateral se­
curity for the same.” The note was endorsed by Johnson to the plaintiff. It
was properly stamped with a promissory note stamp, and had also on it a mort­
gage stamp, which had been affixed on payment o f the penalty. It was objected
by the defendant, that the instrument not being an absolute and unconditional
promise to pay money, was not a promissory note assignable under the statute;
and that it was not properly stamped, because the mortgage stamp was requisite
to make it producible in evidence, and that had been affixed after the instrument
was complete, which, as it was a promissory note, the Commissioners o f Stamps
had no power to authorize. The learned Judge overruled the objection, but re­
served the points; and a verdict was found for the plaintiff
Mr. Whitehurst, counsel for the defendant, moved for a non-suit, or for a new
trial. He referred to the statutes giving power to the Commissioners o f Stamps
to impose stamps on documents 23 Geo. 3, c. 49, s. 14; 31 Geo. 3, c. 25, s. 19;
37 Geo. 3, c. 136, s. 1 ; and 55 Geo. 3, c. 184, s. 8 ; and to the cases o f Green
vs. Davis, 4 Barnwall and Creswell, 235; and Butts vs. Swann, 2 Broderip and
Bingham, 78.
Lord Denman, Chief Justice, said— “ There is no doubt that this is a promis­
sory note, and that it has a right stamp upon it. There is not anything which
qualifies it so as to take away its character as a promissory note. It is a distinct
promise to pay a certain sum on demand.”
Mr. Justice Littledale said— “ I am o f the same opinion. There is a distinct
promise by itself, absolute in the first instance, and being so, it is properly
stamped as such. Then as to the statutes authorizing the Commissioners o f
Stamps, those acts only prevent a note from being stamped after it is made, no
stamp having been put upon it at the time it was made; but they do not pre­
vent the Commissioners from impressing a legal stamp upon an instrument
which has already got a stamp, though a wrong one, upon it. The case o f
Butts vs. Swann is quite different from the present. There it was not found
that the instrument had been stamped. There was no incorporation here o f any
qualification upon the promise, and no difficulty arises upon that point. It is not
necessary to enter upon the consideration o f the question whether it was requi­
site to have a stamp as upon the assignment o f a mortgage.”
Mr. Justice Patterson said— “ This instrument is not the less a promissory
note because there is something else written on the same paper. The cases re­
ferred to are those where the instrument had no stamp at all, here it had one.”
Mr. Justice Coleridge said— “ If it is a good promissory note, that is sufficient
for this action. It is so, although there is at the end, incorporated into it, a
memorandum, which, however, is no qualification o f the promise. That is
merely for further security. You could not say, if a man added to a clear pro­
missory note the words, ‘ I have given you this in payment,’ that that would not
be a promissory note.”
The rule was therefore refused, and the verdict for the plaintiff confirmed.
See Wise vs. Charleton (2 Harrison and Wollaston’s Reports, p. 49.)




M ercantile Law Cases.

317

ACTION OF ASSUMPSIT— GOODS SOLD AND DELIVERED.

In the Supreme Judicial Court o f Massachusetts, (January, 1850,) Lyman
Reed et. al. Moses H. Call.
This was an action of assumpsit. The plaintiffs declared in their writ on the
common counts for goods sold and delivered on account annexed, and also filed
the following specification o f their claim. “ The plaintiffs claim o f the defen­
dant $126, with interest; this sum being the price o f certain flower sold to him,
viz: ten barrels delivered on or about August 10, 1847, and eleven barrels on
or about August 11; this flour had upon the barrels the shipping mark R, and it
was known partly as the “ W ilson,” and partly as the “ Bronson” flour.” The
plaintiffs offered evidence tending to show that early in August, 1847, one o f the
plaintiffs, Mr. Hurd, and the defendant, were together in a store in Utica street,
in Boston, where the plaintiffs kept flour on storage; that they were standing in
front o f a large quantity o f flour piled together; that one o f the plaintiffs, Mr.
Hurd, addressing himself to the storekeeper, said, “ Mr. Call also takes the bal­
ance o f this ‘ Wilson and Bronson flour,’ being the balance o f a lot put into the
store in June, some o f which had been previously sold to the defendant; that
thereupon Mr. Hurd, the defendant, and the storekeeper, counted the flour as
near as they could, and made it about twenty barrels; that Mr. Hurd then told the
storekeeper to separate this flour from the rest; that this was done soon after,
and this flour was rolled out near the back door o f the store, separate from other
flour; that while it was there so separated, one o f the plaintiffs’ clerks came up
and counted the flour, and stated that he would give an order for the flour to the
defendant: that the clerk o f the plaintiff did give to the defendant an order for
twenty barrels o f flour, (Wilson seventeen, 'Bronson three;) that the clerk, when
he counted the flour, found seventeen barrels o f Wilson and three o f Bronson
flour by itself, separated from other flour; that this flour all bore the shipping
mark R upon it, which was a mark designating a whole cargo o f flour, and not
denoting its quality; that August 10th, the storekeeper delivered to the defen­
dant’ s teamster ten barrels o f flour, and the next day eleven barrels, twenty-one
in all, bearing the shipping mark R : that at the time o f the delivery o f the
twenty-one barrels, the defendant did not deliver the order to the storekeeper,
but that several days afterwards, and after having been asked for the order by
the storekeeper several times, he gave him the order as being an order for flour,
which he had received, and that tbe flour delivered on the 10th and 11th o f Au­
gust to the defendant’s teamster was the same flour designated as the “ Wilson
and Bronson” flour, and which had been separated from other flour in the store.
The defendant offered evidence tending to show that he bought o f the plaintiffs
early in January, 1847, a lot o f flour, the same in quantity, and bearing the same
marks as those specified in the order o f August 6, and for this purpose, intro­
duced a bill rendered to him by the plaintiffs, dated July 8, 1847, in which he
was charged with twenty barrels o f flour described in the same manner as in the
order; that the lot o f twenty-one barrels delivered to him on the 10th and 11th
o f August, was parcel o f another lot, for which he had already paid the plaintiffs,
and was not the flour described in the order introduced by the plaintiffs, which
he contended he had never received.
Upon this evidence, the court instructed the jury that the plaintiffs, hi their
specification o f claim, sought to recover o f the defendant the price o f a certain
quantity o f flour, which they had set forth and described by certain particular
marks and designations; that the burden o f proof was on the plaintiffs to satisfy
the jury o f the sale and delivery o f the flour, such as was described and set forth
in their specification; and that if the jury were satisfied, beyond a reasonable
doubt, that the plaintiffs sold twenty-one barrels o f flour to the defendant, ten
barrels o f which were delivered on or about the 10th o f August, and eleven o f
which were delivered on the 11th o f August, the flour having upon the barrels
the shipping mark R, and known partly as the “ Wilson” and partly as the
“ Bronson” flour, their verdict must be for the plaintiffs, otherwise, for the de­
fendant ; that the plaintiffs had the burden o f proof throughout, and must sat­




318

M ercantile Law Cases.

isfy the jury that they sold and delivered the flour described and named in their
specification o f claim, and not other flour, to the defendant; if they were not so
satisfied, or if they had reasonable doubts whether the flour named in the plain­
tiff’s specification, was delivered on or about the 10th or 11th o f August, or if
other and different flour than that named in the specification was then delivered,
their verdict must be for the defendant.
The jury returned a verdict for the plaintiffs. The defendant excepted to the
ruling o f the court.
S h a w , C. J., delivered the opinion o f the court, confirming the rulings and
instructions o f the court below, and ordered judgment to be entered on the ver­
dict for the plaintiffs.
CONSIGNEES.
Consignees are not liable for any loss occurring on a consignment o f cotton b y the detention o f the
vessel at quarantine ground, unless it be shown there is som e establised usage to protect the con­
signee from the risk and expense o f lighterage, o r unless under special instructions from the shipper.
IN THE SUPREME COURT OF LOUISIANA.

William A. Howland us. George A. Fosdick & Brother. Appeal from the
Fourth District Court o f New Orleans.
The defendants, who are merchants in this city, shipped to the plaintiffs in New
York, in the month o f August, 1847, forty-six bales o f cotton, and directed them
at first to sell it on its arrival. They drew on the plaintiffs at the same time a bill
for $2,072 40, on the shipment
The plaintiffs acknowledged the receipt o f the letter containing the order to
sell at once, before the arrival o f the ship. They accepted the bill, and have since
paid it.
On the 27th o f September the shipment arrived at the quarantine ground,
eight miles below the city o f New York, and was not permitted to enter the port
until the 11th o f October. After her arrival the plaintiffs frequently sent to as­
certain when the cotton would belauded. It was landed on the 16th o f October.
On the same day the plaintiffs had it hauled to their warehouses, and as soon as
practicable placed samples o f it in the hands o f two brokers. It was sold on the
23d o f October at 8 cents per lb., leaving the plaintiffs uncovered to the amount
o f $574 54. They sue for the recovery o f this sum, which the defendants refuse
to pay on the ground that it was the duty o f the plaintiffs to send lighters to the
quarantine as soon as it was ascertained that the vessel would be detained there,
for the purpose o f bringing the cotton to the city o f New York, and in failing so
to do, they violated the defendants’ orders and were guilty of gross neglect, and
by reason o f the delay which occurred, the defendants lost 3f- cents per lb., on the
cotton, and have sustained damages in the sum o f $671, which they claim in re­
convention.
There was judgment for the plaintiffs, and the defendants appealed.
R ost, Justice.— The reasons given by the court below in support o f this judg­
ment are as follow s:—
“ By the bill o f lading the ship undertook to deliver the cotton in the port o f
New York, it was then incumbent on the defendants to have shown some usage
by which the consignees were bound to send to Staten Island, and which protect­
ed the said consignees from the risk and expense o f lighterage, &c., and this has
not been done to my satisfaction. On the contrary, from the occupation and long
experience o f the witnesses, Barstow & Roberts, in the New Orleans trade, I come
to the conclusion that it is not the usuage, nor was it the duty o f the plaintiffs to
send to Staten Island unless under the special instructions o f the defendants.”
In view o f the facts and o f the law we entirely concur. The defence is not
sustained by the evidence which is inconsistent with the defendant’s own letters
and instructions to the plaintiffs. Judgment affirmed, with costs.




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Commercial Chronicle and Review .

COMMERCIAL CHRONICLE AND REVIEW.
STATE OF THE MONEY MARKET— BANKS OF NEW YORK— ACCUMULATION OF DEPOSITS— LINES OF
DISCOUNT— BANKS OF THE UNION— NEW BANK LAW OF MASSACHUSETTS— COMMISSIONER’ S REPORT
— RECOMMENDATIONS— CALIFORNIA GOLD RECEIPTS—AMOUNT RECEIVED AT THE MINT— MINT LAW
— BRANCH MINT IN NEW YORK— EFFECT OF GOLD RECEIPTS— STATE OF AFFAIRS IN SAN FRANCIS­
CO— EXTENSION OF ITS TRADE— RISE OF PRICES ON A FULL CURRENCY— EXPORT OF PRODUCE—
PRODUCTION OF GRAIN IN EUROPE— COMPARATIVE COST OF WHEAT IN ENGLAND AND THE UNITED
STATES— CONSUMPTION IN ENGLAND— PROBABLE WANTS OF BRITAIN— MEANS OF TRANSPORTATION
IN THE UNITED STATES— ERIE RAILROAD— ABILITY TO CARRY FREIGHT— CANALS— RAILROADS—
NEW AVENUES OF TRADE— GOVERNMENT FINANCE— CUSTOMS REVENUES, ACTUAL AND ESTIMATED
— LARGE RECEIPTS AT NEW YORK— PROBABLE ACTUAL AGGREGATE— CUSTOMS RECEIVED AT NEW
YORK AND PHILADELPHIA, FOR JANUARY— EXPENSES OF COLLECTING— ESTIMATES OF SECURITY—
ALLOWANCE BY NEW LAW.

D uring the month the money market has gradually become more easy. The
very considerable importations o f goods which took place in December and Jan­
uary, at prices ranging higher than those o f last year, in connection with the de­
sire to hold produce, cotton, tobacco, coffee, and sugar, more particularly, induced
a demand for money, which raised its rate through January, in the New York and
Philadelphia markets, and made it more stringent in Boston, where the continued
demand, for railroad purposes, has, for a long time, kept the rate o f interest at a
high level. It has been the case that the lines o f discounts on the part o f the
New York chartered banks have reached, in most instances, the legal limits, which
are twice and a half the capital. The leading features o f these institutions, at
the latest returns, were as follow s:—
N E W YO RK CITY BANKS.

1 ,9 1 3 ,0 4 7

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

Balance due
banks.
5 ,2 5 4 ,8 4 4
3 ,0 7 0 ,3 3 6

5 ,5 6 3 ,6 3 9
5 ,7 8 3 ,2 9 8

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

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

7 ,4 2 9 ,3 3 3

2 ,7 6 6 ,2 3 3

Capital.
1 6 ,2 5 1 ,2 0 0
8 ,4 0 6 ,6 9 0

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

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

Circulation.
3 ,6 5 0 ,5 9 2

Total 1849.
Total 1848.

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

5 2 ,3 9 1 ,2 3 4
4 1 ,9 9 3 ,4 5 3

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

D ecrease....
Increase.. . .

1 ,0 0 5 ,2 6 0

1 0 ,3 9 7 ,7 8 1

1 ,2 0 8 ,5 9 9

Chartered. .
F r e e ...........

2 1 9 ,6 5 9

There is here a very considerable increase o f private deposits, and balances
due banks out o f the State, which, together with the increase o f capital, have been
employed in an increase o f 25 per cent in loans, although by the terms o f the
law the chartered capital could be increased, in the aggregate, nearly $5,000,000;
yet most o f the small banks are quite up to the limit. Those o f larger capitals
do not enjoy a proportionate amount o f deposits, to enable them to swell the
loans. The spring business opened quite early, and the payments from the in­
terior were prompt and large, so much so as to enable many dealers to retire
their own paper; and as the season advances, the balances due country banks, as
the result o f sales o f produce, will be discharged by purchases o f goods. The
condition o f the leading banks o f the Union, at late dates, comparing the aggre­
gate with that o f the same institutions last year, is as follows, compiled from
official sources:—




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Commercial Chronicle and Review.
BANKS OF THE SEVERAL STATES AT DATES NEAREST TO JANUARY, 1 8 5 0 .

Capital.

Massachusetts
N. Y ork c ity .
Philadelphia..
Baltimore . . .
N ew Orleans.
State B’k, Ind.
State B’k, Mic.
Ohio banks.. .
Maine banks.
N. Hampshire
V e rm o n t. . . .
C onnecticut..
N ew Jersey..
S. Carolina.. .
B ’k o f Virginia
State B’k, G a.
Planters’ B’nk,
Tennessee..
Union B’nk o f
Tennessee .
Missouri Bank
B’k o f Kent’ky

Loans.

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

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

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

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

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

J u l y . ..

1 ,6 4 7 ,4 0 0

1 ,9 6 1 ,7 4 1

3 6 6 ,3 4 0

1 ,1 9 8 ,2 1 9

3 6 4 ,3 3 8

J u ly ...
Janua’y
Jan.,’50

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

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

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

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

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

Specie.

Circulation.

October $ 3 4 ,6 3 0 ,0 1 1 $ 5 6 ,5 8 0 ,3 0 9 $ 2 ,7 4 9 ,9 1 7 $ 1 5 ,7 0 0 ,9 3 5
6 ,0 1 3 ,3 4 8
Dec., 27 2 5 ,4 3 9 ,9 9 0 5 2 ,8 7 7 ,3 7 1 7 ,0 7 5 ,4 6 8

Jan., 1
Jaa, 1
Dec___
N ov ...

Janua’y
N o v ...
October
D e c .. . .
D e c .. . .
A p r il. .

Jan.,’50
D e c .. . .

Janua’y
October'

The deposites have increased in all these institutions, to a very considerable
extent. In the Northern Atlantic States, the increase has been the most consid­
erable. Massachusetts presents a general increase o f credits, with but a trifling
rise in specie. In May, 1849, a law o f that State appointed bank commissioners
to make a careful examination o f the laws o f that State upon the subject o f
banking, and to report on the currency best adapted to the use o f the people,
and whether any alterations mutually advantageous to banks and people may be
made. The commissioners, Messrs. Lincoln, Cabot and Boutwell, have made their
report, advising some changes, among which the most important is that the banks
should be required to retain a certain amount o f specie, always in proportion to
loans. In relation to the personal liability o f stockholders, created by the act o f
May, 1849, they express no opinion. They, however, propose, with great jus­
tice, that the banks should be required to make monthly returns o f all their af­
fairs, and to make them promptly, so that they will be o f service to the public.
This, after all, is the great means o f safety. The experience and sound views
o f Mr. Boutwell and his associates are well expressed and judicious.
The banks, generally, do not appear, as yet, to feel the influx o f California
gold. The amount received in the last few weeks, has been as follow s:—
Empire City, at New York, $1,331,027; Ohio, at New York, $500,000;
Cherokee, New York, $200,000; Alabama, at New Orleans, $350,000; Falcon,
at New Orleans, $500,000. Total, per manifesto, $2,881,027. The amount
not on manifesto, but in the trunks o f passengers, is estimated at not unde
$1,500,000 additional, making $4,381,027. The exports o f specie from New
York abroad, this year, has been $135,231. and the Government sent, recently,
$100,000, in gold, to Florida, for discounts.
The amount o f California gold which had been received at the Philadelphia




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Commercial Chronicle and Review.
mint, to the m iddle o f January, w as $ 6 ,5 0 0 ,0 0 0 .

T h a t am ount was increased

to $ 8 ,0 0 0 ,0 0 0 b y the m iddle o f F ebruary.
T h e quantities o f C alifornia g o ld that arrive are n o t available as m on ey under
at least som e six ty days, until th ey can b e coin ed at Philadelphia.

T h e law fo r ­

bids a greater am ount than $ 1 ,0 0 0 ,0 0 0 o f public m on ey to rem ain at the m int
and branches at on e tim e, and at the clo se o f January there w as at Philadelphia
$ 8 4 1 ,1 5 0 , and at the branches $ 1 8 8 ,8 5 0 , m aking a little m ore than the m illion.
It w as the case, in 1847, w hen som e $ 2 4 ,0 0 0 ,0 0 0 o f fo reig n coin w as im ported,
that the Secretary o f the T reasury, b y constant transfers o f the m oney received from
duties to Philadelphia fo r coinage, and d isbursing thence the coin ed m oney, kept
the m int regularly and actively in operation.

B u t the E nglish and fore ig n g old

so received varied bu t very little from a uniform fineness, and the duties o f the
assayer w ere com paratively light.

T h e C alifornia g o ld varies v ery m uch, and all

o f it contains a considerable p rop ortion o f silver, to separate w hich is an expen­
sive and tediou s process.

H en ce the fe cility fo r turning the g o ld w hich, d ep os­

ited b y private individuals, into m oney, is slow , and the resu lt uncertain.

It was

n o t until the m iddle o f F ebruary that the m int w as prepared to p ay the certifi­
cates issu ed prior to D ecem b er, 1849.

S o m e six n e w furnaces have b e e n added

to the Philadelphia m int, and deliveries hereafter w ill b e m ore prom pt.

I t has,

h ow ever, b e e n fo u n d advantageous to send the g o ld to L on d on , and sell bills
against it at 9J- a 9|— thus m aking it m ore Dromptly available than to await our
o w n tardy m int operations.

I f a branch m int w ere established in N ew Y o rk , the

m atter w o u ld n o t o n ly b e far m ore p rom p tly effected, b u t the expen se o f trans­
p ortation w o u ld b e saved.

T h e m int certificates w o u ld b e at on ce available as

m oney.
It is the case that the g o ld received into the cou n try from C alifornia i3 b eg in ­
n in g to affect general business to a considerable e x te n t

T h u s last year from

all to w n s and section s o f the U nion , adventurers fo r C alifornia w ere fitted ou t
w ith all the m eans them selves, relatives and n eig h bors co u ld com m and.
this, d e b ts w ere deferred, and purchases o f g o o d s econom ised.

T o do

T h is has n ow

beg an to react, and the rem ittances o f those adventurers are n o w enabling debts
then con tracted to b e paid, and th ose in straightened circum stances to im prove.
T h u s an express h ou se reports that o f

over 500 distinct rem ittances made

th rou gh them , over 200 w ere to fem ale relations o f absent d iggers.

T h u s the

p rod u ct o f California first finds its w a y into the channels o f trade, from the
several h om es o f adventurers, p ro d u cin g the same effect as i f it had b een p r o ­
d u ced in the U nited States.
great reservoirs.

F rom these sou rces it finds its w ay back to the

O f the $ 1 2 ,0 0 0 ,0 0 0 received into the cou n try up to this tim e,

at least $ 6 ,0 0 0 ,0 0 0 has b e e n to different fam ilies scattered in the interior.

And

as b y far the larger p ortion o f this has b e e n p rocu red b y those w h o left h om e,
becau se their services then w ere unproductive, it 'has very nearly the sam e ef­
fe c t as i f th ey had p rod u ced and so ld as m uch farm

produce

extra.

T h is

m oney, co m in g ba ck to the hands o f m erchants in ex ch an ge fo r g o o d s , natur­
ally p rod u ces a gradually increasing abundance.

T h is is daily m ore p ercep ­

tible ; as the season advances, business paper has b e c o m e scarce at 7 per cent
within 90 d a y s ; and the banks take all they can g e t at 6 per cent, “ at ca ll,”
on govern m en t stock s 5, and in som e cases less is obtained.
VOL.

X X I I .-----N O . I I I .




21

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Commercial Chronicle and Review .

It is the case that last year, when the winter set in, there were compara­
tively very few men in the diggings. Where there was then 1,000, there are
now 10,000. These are all crowding down into the cities with the gold they
have. Very many will be disposed to come home, and in so doing will bring
away as many o f the fleet o f vessels as can be victualed for the voyage. Many
others will, with their gains, come by the usual route, and those who remain will
require considerable supplies, to supply which, goods have been very actively go­
ing forward, and for which, gold will return in increased quantities.
T h a t prices o f g o o d s , generally, w ill im prove here, until the increasing abun­
dance o f g o ld passes off, seem s p r o b a b le ; b u t the sam e general influence seem s
at w o rk in E ngland, w here prices are, perhaps, generally m ore bu oyan t than here,
causing a continued dem and fo r U n ited States produce, as w e ll co tto n and to ­
b a cco as farm produce.

T h e past has been a very tryin g year, in relation to the

ability o f the U nited States to su pp ly the large wants o f E nglan d, in c o m ­
petition w ith E urop e.
point.

T h e present w o u ld seem , h ow ever, to b e the turning

I t is alw ays the case that w h en prices o f any com m od ity fro m any cause

are elevated to an unusual point, that the profits so offered to prod ucers tem pts
them to extraordinary efforts to exten d p rod u ction as w ell in m anufactures as in
raw m aterials and farm products, the effect is universal.

T h e high prices o f c o t­

to n at the S outh have already enhanced the price o f hands, in anticipation o f ex­
tended labors next year, and som e other p rod u cts are necessarily abandoned, to
apply all the fo rce to cotton .

T h e effect o f such su ccessfu l efforts is usually

enhanced supply, and, consequently, lo w e r prices.
is invariable.

In agricultural prod u cts this

B earing this in m ind, w e have to reflect that the year 1847 was

on e o f fam ine in E ngland, causing prices o f w heat to rise to 105s.— a thing w hich
has occu rred b u t tw ice b e fo re in the p resent century, b u t that w h ich never o c ­
curred b e fo re w as a sim ilar state o f things in every cou n try o f E u rop e, w ith the
e x cep tion o f southern R ussia.

H ig h as w as w heat in E ngland, it w as exported

to higher m arkets o n the continent fo r sale at 85s.

A ll those coun tries w ere

im porters o f fo o d , and France, B elgium , H ollan d, and E ngland, suspended their
navigation acts to perm it all vessels to brin g fo o d from all places.

T h e capacity

o f the U nited States to deliver w as strangled b y the insufficiency o f the m eans
o f transportation.

F lo u r o n the E rie Canal was $ 1 per bb l., and $ 2 per bbl.

from N 6w Y o rk to L iverp ool.

T h e enorm ou s p rices o f those years stim ulated

p rod u ction all over the w orld , and the abundance w hich has resulted from those
efforts, m ade the year 1849 on e o f extraordinary lo w prices.

T h e average in

F rance fo r fo u r years, ex ceptin g 1847, w a s $ 1 23 per bu shel fo r w h e a t; in N o ­
vem ber, 1849, it w as $ 1 .

A lth o u g h its export to E nglan d w as free, and that

cou n try relieved N orm andy o f considerable quantities, a sim ilar state o f things
existed in B elgium .

T h e result o f these lo w prices has lessen ed consu m ption

o f fo o d in E nglan d altogether unparalleled, reaching, o f foreign grain and flour,
fo r eleven m onths en d in g D ecem b er 5, 1849, 89,610 ,000 bushels, in addition to
a g o o d average harvest o f E ngland.

N otw ithstanding these lo w prices, the U ni­

ted States have b e e n able to supply a p ortion, and w e m ay n o w lo o k fo r a les­
sen ed E urop ean supply, con seq u en t u p o n present lo w prices.
that the con su m p tion is large.
considerable extent.

W e remarked

T h is is corroborated b y the official returns to a

T h u s, at the harvest o f 1849, it w as w e ll ascertained that

the sto ck s o f old w h eat in the hands o f E nglish farm ers w ere nearly exhausted.




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Commercial Chronicle and Review .

T h e wheat harvest o f 1849 has, as a w h o le , b e e n adm itted ab ove an average in
quantity, and in quality also.

T h e official returns o f sales in the London G a ­

zette, at the 250 tow n s w hich g ov ern the averages, sh ow an increase o f 10 per
cen t in the quantity o f British w heat passed into consu m ption , in addition to the
vast quantities o f foreign.

T h e fo llo w in g table sh ow s the quantities o f foreig n

breadstuffs passed into consu m ption fo r the eleven m onths o f 1849, and also o f
British w heat fo r the ten w eek s ending w ith D e c e m b e r :—

1848.

1849.

Increase.

Entered for consumption...................
British wheat sold...............................

5,838,381
1,022,854

11,206,059
1,128,859

5,367,678
106,005

Total quarters........................

6,861,235

12,334,918

5,473,683

T h e se sales o f British w heat are equ al to those o f any form er year fo r the
sam e period.

T h e sales b y the sm all farm ers have been , indeed, pushed from

inability to hold, and this fact, it w o u ld seem , has aided in p rod ucing the very
lo w averages w hich rule fo r the m om en t.

In relation to the com parative p ro­

d u ction o f grain in E nglan d and in the U nited States, w e m ay observe that the
protectionists in E nglan d contend that w h eat cannot b e raised at 5s., say $ 1 25
per bushel.

T h e free traders con ten d that it can b e raised at that price.

An

agricultural authority o f the highest grade states that a g o o d E nglish farm , rent­
in g fo r 20s. per acre, kept clean and w ell cultivated w ill p rod u ce 16 bu shels to
the acre w ith ou t manure.

F o r each bu sh el raised b e y on d the natural yield o f

16 bushels, five lbs. am m onia in the shape o f g uano o r other m anure m ust b e
applied.

T h is co sts 6d. per lb., say 60 cents per bu shel o f w heat.

T o raise

the ordinary average o f 32 bu shels per acre w ill co st a m inim um in g ood years,
£ 6 Is. 6d., say $ 1 per bu sh el threshed o u t o n the spot.

T h e N ew Y o rk S en eca

C ou n ty A gricultural S o cie ty fo r 1848, as contained in the v ery able report o f
E dm u nd Burke, E sq ., C om m issioner o f P atents, state that land in that cou n try
so treated as to yield 20 bu shels per acre w ill c o s t fo r cultivation $ 1 1 25 per
acre, say 56 J cents per bu sh el fo r w h e a t ; that w h eat w ill c o s t n o t over 15
cen ts to lay it d o w n in L iverp ool, w hen at 71 cents it m eets the E nglish w heat
w h ich has c o s t $ 1 1 0 ; con seq u en tly the A m erican g ro w er has a m argin o f 39
cents in the E n g lish sea-ports over the E n g lish grow er, and in usual years a g o o d
on e over any other country.

T h e increased m eans o f transportation w hich have

b ee n bu ilt, and w hich are in p rocess o f erection, greatly enhance the ability o f
the w estern free and fertile lands to com p etition w ith the taxed rail o f E urope.
O f these, the E rie R ailroad is p rob ably the m ost im portant, conn ecting, as it
does, vast tracts o f n e w country.
T h is road w as opened t o P o rt Jervis, 7 8 m iles, from the H u dson R iv er, in
O ctob er, 1 8 4 8 ; to B ingham ton, 200 m iles, D ecem b er, 1 8 4 8 ; t o O w e g o , 22 m iles
further, January, 1 8 4 9 ; 36 m iles further, to E lm ira, in O c to b e r ; and com p leted
to C orning, 18 m iles further, in all 2 7 6 m iles, January 1, 1850, and the branch
to N ew bu ry w as op en ed about the m iddle o f January.

A t O w e g o , the C ayuga

R ailroad, running 29 m iles to Ithica, op en s the w h o le trade o f C ayuga L ake, and
its tributaries, to the road.

A t E lm ira, Seneca L ake is con n ected b y a rail­

road 18 m iles, op en in g a com m un ication w ith B uffalo, via G eneva.

A t C orning

the B lossbu rg R ailroad, 40 m iles, con n ects with the iron and bitum inou s coa l­
fields o f P ennsylvania.




A ll these road con n ection s are ju st com p leted , and the

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Commercial Chronicle and Review .

revenues they afford w ill b e fe lt this year.

T o p erfect them the road has incur­

red liabilities, $ 1 4 ,4 2 8 ,8 9 1 ; bearing $ 7 4 2 ,2 3 3 annual interest, and their receipts
fo r 1849 w ere $ 8 0 9 ,7 7 7 . F o r the present year they w ill n ot b e short o f $ 1,600,000,
bein g already, in January, $1 12 ,0 0 0 .

T o finish the road to Lake E rie the com ­

pany requires $ 2 ,7 5 0 ,0 0 0 , w hich they p rop ose to raise b y issu ing in com e bon ds
fo r $3 ,50 0 ,0 0 0 , bearing 7 per cent interest.

F o r the paym ent o f these all the

incom e o f the road after July, 1851, until they reach $ 1 ,2 0 0 ,0 0 0 per annum
net, is pledged .

T h u s, this great w o r k w ill at last b e com p leted , and it w ill b e­

com e, in all seasons o f the year, the m eans o f transporting light g o o d s w est,
and o f brin gin g d o w n m uch produce, particularly flo u r ; and, seein g the su ccess
o f the W e ste rn R ailroad o f M assachusetts, there can b e no d ou bt o f the c o m ­
p eten cy o f that great w o rk to carry freight cheap.

T h e W e stern R o a d last year

carried 81 ,728 ton s o f freight w est, and brough t d o w n 590,165 bbls. o f flour, or
o n e-h a lf the quantity w hich w as shipped from B uffalo on the Erie Canal in the
sam e year.

T h e charge fo r a barrel o f flour on the W e ste rn R o a d is 33 c e n t s ;

o n the E rie Canal, 331 cents to ll, and 31 cents freight, or 64 cents fo r a distance
d o u b le that o f the W e ste rn R ailroad.
fo r m uch less.

T h e E rie R ailroad can carry the flou r

T h is circum stance w ill alone com p el a reduction o f to lls on the

canals, m ore particularly on g o o d s g o in g west.
In v ie w o f the p ow e rfu l rivalry w hich the canal bu siness m ust encou nter from
that quarter, as from the N orthern R ailroad p laying into B o ston interests, it is o f
the first im portance that great and effective redu ction s o f canal to lls sh ould b e in ­
sisted upon.

T h e urg en cy o f the enlargem ent o f the canal, at a m om en t w hen

at least h a lf its business is to pass on to railroads, is n o t so apparent.

T h e on ly

enlargem ent w hich w o u ld b e o f real ben efit to N e w Y ork , w o u ld b e o f the Cham ­
plain Canal, in con n ection w ith the con stru ction o f a n ew on e b y the Canadians,
from the St. L aw rence R iv e r into the head o f L ake Champlain, to perm it lake
ships to pass into the H u dson , w ith o u t breakin g bu lk.

A large redu ction o f to lls

co u ld b e m ade, w ith ou t dim inishing revenues at all, m ore particularly that the
business o f O sw e g o , with its Canadian neigh bors, has b ecom e s o p rosperou s un­
der present regulations.
O n the assem blin g o f C on g ress, the p u blic w as in som e d egree startled b y the
som ew hat u n expected announcem ent, on the part o f the S ecretary o f the T rea s­
ury, that he sh ould require to b o r r o w , d uring the n ex t eighteen m onths,
$ 1 6 ,0 0 0 ,0 0 0 , to m ake g o o d the deficit in revenue, t o m eet required expenditures.
T h e lapse o f tim e, and the operation o f the present tariff, seem n ot o n ly to have
rem oved all fears u p on this head, bu t to have engendered the op posite apprehen­
sion o f a surplus.

In the m atter o f revenue, the S ecretary seem s b y n o m eans

to have given fu ll credit to the effect o f the present prosperity o f the cou n try , in
sw ellin g the revenues under the present tariff.

H is estim ate o f revenue w as as

fo llo w s, com pared with the actual receipts o f the same p eriod fo r p reviou s years:—
UNITED STATES CUSTOMS REVENUES.

1847-8.
First quarter to September 3 0 ...
Third quarter to June 30.............
Total

1848-9.

1849-50.

811,106,257
20,650,813

18,991,935
19,354,803

$11,643,728
est. 19,856,271

$31,757,070

$28,346,738

$31,600,000

It w ill b e observed that, notw ithstanding the general aspect o f affairs, w hich
w as o f g o o d sales at high prices abroad o f prod uce, as w ell breadstuffs as c o tto n .




325

Commercial Chronicle and Review.

and the fact o f large receipts realized at the m om en t o f his estimates, the S ecre­
tary gave n o credit to the continuance o f a fair trade.

A lth ou g h he had actually

receiv ed $ 1 1 ,6 4 3 ,7 2 8 fo r the S eptem ber quarter, and the p rospect still continued
g o o d , he estim ated the revenue o f the rem aining three quarters at less than fo r
the same p ortion o f 1 8 4 7 -8 ; and w h ile placing his expenditure at a very high
figure, this dim inished estimate o f receipts gave an apparent deficit o f som e
$ 5 ,0 0 0 ,0 0 0 .

T h e progress o f business has b e e n such that even i f the grade o f

expenditure as indicated is kept up, the revenue m ust ex ceed it.

T h u s the actual

receipts o f the six m onths ending with D ecem b er, as com pared w ith the form er
year, are as f o l l o w s :—

1848-9.

1849-50.

S ep tem ber..................
88,991,935
D ecem ber....................
5,181,870
First six months . . . . -------------- $14,173,805
Second six months. . .
14,172,933

$11,643,728
7,208,060
----------------

$18,851,788
12,648,212

T h e first six m onths o f the year sh o w s a larger revenue, b y $ 6 ,4 0 0 ,0 0 0 , than
the same portion o f last— the revenue o f the D ecem b er quarter b ein g larger
than ever before in that quarter.

T h is leaves, to m ake g o o d the Secretary’s esti­

m ate, b u t $ 1 2 ,6 4 2 ,2 1 2 fo r the last h a lf o f the year, against $ 1 4 ,1 7 2 ,9 3 3 in the
sam e period o f last year.

B ut the revenue fo r January, at the ports o f N ew

Y o r k and Philadelphia alone, are as fo llo w s :—

1849.

1850.

N ew Y o r k ....................
Philadelphia..................

$1,911,465
210,041

$3,010,297
503,829

$1,198,832
293,788

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

$2,121,506

$3,514,126

$1,492,620

Increase.

This is an increase for January, at the two ports, o f 70 per cent. An increase
o f 50 per cent, as seems now not unlikely, for the remainder o f the year, would
give, in round numbers, $ 4 0 ,0 0 0 ,0 0 0 from customs, for the fiscal year, making
the whole means $ 4 6 ,0 0 0 ,0 0 0 , against an estimated expenditure o f $ 4 3 ,6 5 1 ,0 0 0 ,
or a surplus o f $ 2 ,5 0 0 ,0 0 0 . These expenses, however, may not be allowed b y
Congress. The first item taken up in Committee o f Ways and Means, was the
law o f March, restricting the expenditure to $ 1 ,5 6 0 ,0 0 0 for collecting revenues,
appears very clearly to include the first six months o f the year; the Secretary,
however, by some means construed it to mean for the second half the year, and
he therefore increased his expenses in the first half. That is to say, for the six
months ending with December, he spent $ 1 ,2 9 1 ,8 9 7 ; and, under his construc­
tion o f the law, he has $ 7 8 0 ,0 0 0 for the second six months. This he thinks not
enough. The Senate agreed to give the same amount as was spent in the war
year 1848, namely : $ 2 ,1 3 2 ,6 3 6 , but deducting from this sum the amount of
$ 1 ,2 9 1 ,8 9 7 , already spent, would leave but $ 8 5 0 ,7 3 9 for the last half, or but
$ 6 0 ,7 3 9 more than the law allows. The House Committee o f Ways and Means
offer to give, for the last half o f the year, one-half o f the whole amount ex­
pended in 1848. The whole stands thus:—
Law o f
March.

Spent.

Senate
bill.

House
bill.

First six months
Second
“

$780,000
780,000

$1,291,897
*1,408,850

$1,291,897
850,789

$1,291,897
1,066,318

$1,291,897
1,325,181

T o t a l ...

$1,560,000

$2,700,747 *

$2,142,636

$2,358,215

$2,617,078




* A sked for b y the Secretary.

N ew law
as passed.

326

Commercial Statistics.

The amount granted by the House bill exceeds the amount spent in 1 8 4 8 , by
Now, notwithstanding that the amount spent, $ 1 , 2 9 1 , 8 9 7 , and the
amount already appointed by the law o f March, namely : $ 7 8 0 , 0 0 0 , make, to­
gether, a sum nearly equal to the amount spent in 1 8 4 8 , the Secretary has
thought himself obliged to suspend a large number o f useful officers, and also
the revenue cutter service.
$ 2 2 5 ,5 7 9 .

COMMERCIAL STATISTICS.
AMERICAN WHALE FISHERY IN 1849.
W e published in the Merchants’ Magazine for February, 1849, (vol. xx., page 182,)
a “ Statistical V iew o f the American W hale Fishery.”

That article embraced a full

account o f the progress o f the enterprise, from 1828 to the close o f 1848.

The W hale­

men's Shipping List, published at N ew Bedford, furnishes us with the data for bring­
ing the statements down to the close o f 1849.

It wiU be seen, from the table below,

that out o f 581 vessels em ployed in the whaling fleet from all the ports o f the United
States, January 1, 1849, 72 have been withdrawn, lost, or condemned, during the
y e a r:—
IMPORTATIONS OF SPERM AND W HALE OIL AND WHALEBONE INTO THE UNITED STATES IN

Ships

Ports.
N ew Bedford..............................
Fair H aven...................................
M attapoisett.................................
W estport........................................
Dartmouth.....................................

and
Barks.
63
13
1
3

Brigs
and
Sch’rs.
i

Pounds
W halebone.
7 9 7 ,3 0 0
1 5 0 ,1 0 0

2
1
1

Barrels
W hale
Oil.
7 2 ,9 6 1
1 8 ,9 9 8
19
100
28

9 4 7 ,9 0 0

District o f N ew Bedford.__ _

80

5

6 0 ,4 5 0

9 2 ,1 0 6

Falm outh.......................................
Edgartow n.....................................
N antucket......................................
Provincetown.................................
B o sto n ............................................
L y n n ..............................................
Som erset........................................
Fall R iver......................................
P ro v id e n ce ....................................
W a r re n ..........................................
N ew port ................................
Stonington.....................................
Mystic.............................................
N ew London.................................
Bridgeport......................................
Sagharbor......................................
Greenport................
Cold S prin g...................................
N ew Suffolk...................................
N ew Y o rk ........... , .......................
Q u in cy ...........................................

1
1
13
2
3
1
1
4
2
6
1
8
5
17
1
16
4
3
1
1

.

2 ,0 6 0
118
1 7 ,8 8 7
2 ,9 2 4
1 ,3 6 0
383
140
856
2 ,3 1 7
2 ,3 8 4
1,0 5 5
1 ,6 2 8
1 ,5 0 9
1 ,9 4 9
354
1 ,7 9 7
587
299
242
195

115
2 ,7 4 2
6 ,4 6 1
277
3 ,4 4 5
1 ,5 8 0

Total, 1849 ...........................

171




1849.

Barrels
Sperm
Oil.
4 6 ,3 3 8
1 0 ,8 0 6
780
2 ,5 1 8
8

.
.
15
1

2 0 2 ,3 0 0

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

2 ,2 8 1 ,1 0 0

1

....

26

1 0 0 ,9 4 4

2 4 8 ,4 9 2

i

1 8 ,8 0 0
6 8 ,2 0 0

8 ,0 4 9
4 ,5 4 2
1 0 ,6 2 6
1 5 ,3 3 4
6 ,7 4 7
3 8 ,0 3 0
2 ,7 0 2
3 7 ,5 7 9
7 ,4 8 7
8 ,6 9 7
314
1 ,6 5 5
4

3

500

32 1

Commercial Statistics.

STATEMENT OF THE PRICES OF SPERM AND W H ALE OIL, AND WHALEBONE, ON THE 1ST AND

1 5 t h of each month of the year 1 8 4 9 .

January .........
February . . . .
M arch .............
A p ril................
M a y .................
J u n e ................
July..................
A u g u s t............
S ep tem ber. . .
October...........
N ovember.......
D ecem ber__ _

1st.
1071
110
108
107
102!
100
104
106
115
115
114
1161

Sperm Oil.

WTialebone.

W hale Oil.

15th.
110
109
106
101
1021
102
105
109
115
115
115
118

1st.
34
38
361
351
341
37
37
39
441
45
45
451

15th.
40
39
36f
34f
341
88
39
42
47
441
441
47

1st.
26
32
31
31
30
271
29
31
35
35
36
36

15th.
30
31
31
31
30
271
30
31!
35
36
36
36

The average for the year, as compared with 1848, was as follows
18 49...
18 48...

Sperm Oil.
1 0 8 9 -1 0c.

1001

W hale Oil.

W halebone.

39 9-10c.
36

31 8-10c.
30 7-8
1847

AVERAGE VOYAGES MADE BY SPERM AND RIG HT W HALERS, FROM

TO

1849,

INCLUSIVE,

W ITH THE AVERAGE TIME ABSENT, AND QUANTITY OF OIL BROUGHT HOME.
ARRIVALS IN 1 8 4 7 .

Average absence.
Average cargo.
Arrivals.
M os. Days.
Sperm.
W hale.
5 2 S p e r m W h a l e r s .....................
1 ,5 0 5
219
45
12
1 ,9 7 8
1 5 0 R ig h t
“
......................
31
7
1 95
......................
1 G r e e n la n d
“
940
7
0
3 4 A t la n t ic S p e r m W h a le r s ..
42
15
9
2284
S e n t h o m e f r o m o u t w a r d b o u n d , w r e c k e d , &c...................

ARRIVALS
41
19
5 2 S p e r m W h a l e r s .....................
1 2 2 R ig h t
“
......................
33
2
1 G r e e n la n d
“
......................
7
19
31 A t l a n t i c S p e r m W h a le r s ..
16
21
S e n t h o m e fr o m o u t w a r d b o u n d , lo s t , <fcc.. .

in

Total.
Sperm.
7 8 ,2 8 7
2 9 ,3 0 9
7 ,7 7 0
5 ,3 8 7

W hale.
1 1 ,4 1 6
2 9 6 ,7 1 1
940
1 ,4 3 7
2 ,6 4 6

1 2 0 ,7 5 3

3 1 3 ,1 5 0

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

9 ,9 8 4
2 6 6 ,8 2 8
727
552
2 ,5 6 5

1 0 7 ,9 7 6

2 8 0 ,6 5 6

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

9 ,0 6 6
2 3 1 ,6 3 1
728
697
6 ,0 9 0

1848.
1 ,2 9 2
222
303

192
2 ,1 8 7
727
18

ARRIVALS IN 1 8 4 9 .
41
21
5 4 S p e r m W h a l e r s ......................
32
9
1 0 2 R ig h t
“
......................
7
14
1 G r e e n la n d
“
......................
6
16
2 8 A t l a n t i c S p e r m W h a le r s ..
S e n t h o m e f r o m o u t w a r d b o u n d , lo s t , <fcc.. .

1 ,2 8 4
209
....
216

168
2 ,2 7 1
728
25

6 ,0 5 2
4 ,0 1 3

100,944

248,202

The following statement shows the quantity o f sperm and whale oil and whalebone
on hand in the United States, ran the first day o f January, for five years past.
January 1 ,1 8 5 0 .........................
“
1849.........................
“
1848........................
“
1847........................
“
1846........................

Sperm , b bls.

W hale, bbls.

3,760
10,147
5,696
14,614
40,701

13,000
20,936
29,126
7,775
5,221

Bone, lbs

440,000
994,600
921,500
112,800
211,000

There has been a diminution in the whaling fleet, during 1849, o f 71 ships and 1
brig, and the addition o f 1 schooner, and the diminution o f 24,626 tons.




328

Commercial Statistics.
MACKEREL AND OTHER FISHERIES OF MASSACHUSETTS.

ANNUAL RETURN OF THE AMOUNT OF MACKEREL, AND OTHER FISH, ESTIMATED IN BARRELS’
INSPECTED IN MASSACHUSETTS IN

1849.

RE-INSPECTED.

Bbls. No. 2.
12,885

Bbls. No. 3.
2,125

Total-

Boston..........................

Bbls. N o. 1.
7,896

Boston..........................
Salem...........................
M arblehead................
B e v e rly ......................
M anchester................
G lou cester.................
R o ck p o rt....................
Newburyport.............
H ingham ....................
C oh a sset....................
Scituate......................
Plymouth....................
Yarmouth...................
W estport....................
E d g a rto w n ................
D en n is........................
Barnstable..................
H arwich......................
Chatham ....................
W ellfleet....................
T ru ro...........................
P rovin cetow n...........
N antucket..................

4,100
33
50
60
27
14,636
1,459
4,148
4,177
3,227
392
76
1,487
24
153
2,629
2,035
5,039
1,627
5,504
3,335
7,680
106

6,327
82
45
97
178
19,822
2,105
5,818
4,681
5,207
577
213
1,821
48
188
4,181
2,066
5,401
1,351
7,726
4,666
9,256
106

9
30
82
11,121
822
6,914
4,566
6,859
442
277
2,524
73
25
4,275
2,111
4,165
869
6,319
3,861
7,010
218

14,441
115
104
187
287
45,579
4,385
16,880
13,424
15,293
1,411
566
5,832
145
366
11,085
6,212
14,605
3,845
18,549
11,862
23,347
430

69,800

94,847

67,709

231,856

22,906

INSPECTED.

T o t a l..................
'

4,014

RECAPITULATION.

M a ck e re l....................
S a lm o n .......................
S h a d ............................
H e rrin g ......................
A le w iv e s....................
Cod...............................
Menhaden....................

474
413
62
76
142

Sword F is h ____
Tongues and Sounds. . . .
Halibut Fins . . . .
872 Salmon Trout . . .
2,189 Blue F ish.............
97
Total barrels
78
1,821

238,495

JOHN P. OBER, Inspector-General o f Fish.
Fish Inspection Office, Boston, January *7, 1850.

ROCHESTER FLOUR TRADE.
The Rochester Democrat furnishes us with the usual annual statement o f the R o­
chester flour trade.

The statistics derived, as w fll be seen, entirely from the canals, do

not fuUy represent the extent o f the trade.

The quantity shipped east by railroad

during the suspension o f the navigation season, as weU as the quantity consumed in a
population o f 30,000, is not included in the account.
The following is the number o f barreh shipped east on the Erie Canal for three
seasons:—
M a y ............
J u n e...........
J u l y ...........
A u g u s t.. . .
Septem ber.

1849.

1848.

80,508
58,081
40,833
56,792
77,186

93,279
67,585
54,958
67,753
92,396




1847.
127,059 O c to b e r... .
74,938 N ovem ber..
78,390 D ecem ber..
61,965
T o t a l ... .
74,473

1849.

1848.

1847.

153,004
124,411
1,042

98,949
108,865
651

111,030
103,713

570,757

590,326

631,574

329

Commercial Statistics.
Quantity shipped, in barrels, for a seriss o f y e a rs:—

1844.

1845.

400,378

1846.

518,318

540,232

1847.

1848.

1849.

631,574

590,326

570,757

It will be seen that, except in the years affected b y the famine in Europe, there has
been a small but gradual increase in the amount sent forward.
The supplies o f wheat for the Rochester Mills are derived from the several sources,
namely, the Erie and Genesee Y alley Canals, the Tonawanda Railroad, Lake Ontario,
and teams from the surrounding country. B elow will be found the quantity o f bush­
els left at Rochester during the navigation season o f 1849, b y the two canals:—
Erie.
Genesee Val’y.
1 5 4 ,2 1 8
4 2 ,5 2 0
1 6 1 ,8 7 3
6 0 ,0 8 3
9 8 ,1 6 2
1 9 ,1 4 7
1 4 7 ,5 7 2
2 5 ,1 7 6
1 4 8 ,9 1 3
3 7 ,1 2 3

M a y ....................
J u n e ...................

Juty ....................
Septem ber........

Erie.
2 0 1 ,8 2 0
1 6 5 ,2 2 1
1 5 ,1 2 5

O ctober..
November
December
T o ta l..

Genesee V al’y.
1 0 7 ,2 8 2
1 1 2 ,6 0 0
2 9 ,6 0 4
4 3 3 ,5 3 2

1 ,0 9 2 ,9 0 4

The foUowing is the quantity left b y both canals, in bushels, for a series o f y ea rs:—

4844.

1845.

1846.

1847.

1848.

1849.

8 8 4 ,1 4 1

1 ,1 6 9 ,2 8 1

1 ,5 0 3 ,5 4 6

1 ,7 7 8 ,1 1 6

1 ,4 4 3 ,1 3 3

1 ,4 2 6 ,4 3 6

Heretofore the quantity received b y railroad has not exceeded 150,000 to 175,000
bushels. The receipts b y lake were small till last year, when there was a considerable
increase, but the precise amount we have not been able to ascertain.
EXPORT OF COTTON FROM THE UNITED STATES IN 1849.
COTTON EXPORTED DURING THE YE AR ENDING JUNE

W hither exported.

R ussia.....................................
Sweden and N orw ay...........
D en m a rk ...............................
Hanse T ow ns.........................
H o lla n d .................................
Belgium..................................
England..................................
Scotland.................................
Ireland....................................
G ibraltar...............................
Canada....................................
British American Colonies..
France on the A tla n tic .. . .
France on the Mediterran’n.
Spain on the Mediterrane’n.
Cuba........................................
Portugal.................................
Ita ly ........................................
Sardinia.................................
Trieste & oth. Austrian ports
M e x ico ....................................
Central Repub. o f America.
China.......................................
Total...................... ..

Sea Island.
6 ,1 4 5

....

....
9 ,1 7 8 ,5 6 3
5 3 5 ,1 1 1

2 ,2 4 9 ,4 4 0

....
....

1 1 ,9 6 9 ,2 5 9

30, 1849.

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

Value.
$ 8 5 2 ,1 9 8
4 8 2 ,4 7 4
302
8 6 2 ,5 3 6
7 6 8 ,7 9 8
1 ,3 4 7 ,6 6 0
4 4 ,7 7 2 ,1 2 4
2 ,4 2 3 ,6 9 0
2 4 9 ,0 8 5
3 4 2 ,9 4 7
5 ,7 1 0
336
9 ,7 4 6 ,6 1 6
4 3 9 ,0 9 7
1 ,5 2 7 ,7 2 0
1 0 3 ,9 1 3
1 7 ,8 8 5
6 2 9 ,8 2 1
3 4 2 ,9 0 5
8 4 4 ,7 9 6
1 5 0 ,9 8 8
4 5 ,0 8 5
4 0 ,2 8 1

1 ,0 1 4 ,6 3 3 ,0 1 0

$ 6 6 ,3 9 6 ,9 6 7

EXPORT OF WHEAT AND FLOUR FROM MILWAUKIE.
The following articles o f export, for the last five years, wiU show how rapidly the
commerce o f Milwaukie is increasing:—

1845.
W heat.........
F lour...........




1846.

1847.

1848.

213,448
15,776

598,011
34,840

602,474
92,732

1849.
1,136,423
136,657

330

Commercial Statistics.
INSPECTION OF TOBACCO IN NEW YORK,

B elow is a correct statement o f the inspections o f leaf tobaeco at this port from
1834, the time o f the establishment o f the inspection warehouse in the city, to the
close o f 1849, inclusive, and the stocks at the warehouse at the beginning o f each
month for ten y e a rs:—
INSPECTIONS.

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

Kentucky. V irg’ ia <$* N. Caro’ a,. Ohio.
3 ,6 5 7
1 ,7 5 4
413
1 1 ,2 7 8
2 ,1 3 0
1,1 3 1
1 0 ,4 9 5
87
2 ,5 0 9
6 ,0 4 7
683
409
7 ,5 9 9
360
71
6 ,6 3 0
972
24
1 0 ,2 6 3
3 ,5 0 2
63
9 ,9 5 5
2 ,0 5 6
87
8 ,2 3 6
1 ,1 2 3
61
1 1 ,7 2 9
254
68
6 ,0 5 2
544
2
48
7 ,3 8 7
180
5 ,7 0 1
1 ,7 8 5
102
90
8 ,2 1 7
3 ,8 9 3
9 ,9 8 3
975
55
1 0 ,7 5 3
2 ,2 5 4
29

•hhds.

y

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

Maryland.
85
190
16
10
121
2

...

36
45
81
4
9
100

STOCKS ON HAND IN EACH MONTH OF EACH YEAR.

1840. 1841.
January .
February
March.. . .
A p ril. . . .
M a y ........
June. . . .
July . . . .
August...
Septem’r .
October..
Novem b’r
Decemb’r

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

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

1842. 1841.
2 ,4 9 7
2 ,4 1 7
2 ,7 2 4
2 ,3 9 6
2 ,1 8 8
1 ,7 8 7
2 ,3 1 4
2 ,9 4 3
3 ,5 4 3
2 ,9 3 4
2 ,8 1 7
2 ,3 4 3

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

1844. 1845.
6 ,2 1 9
6 ,2 3 6
5 ,9 7 0
5 ,8 9 5
5 ,8 0 9
5 ,6 3 1
6 ,2 1 0
5 ,8 1 8
5 ,7 4 6
5 ,3 3 6
4 ,6 2 4
3 ,8 7 5

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

1848. 1849.

1846. 1847.
3 ,3 5 5
3 ,3 2 5
3 ,1 0 9
2 ,8 5 0
2 ,5 3 6
2 ,5 3 6
2 ,4 3 8
2 ,9 0 1
3 ,3 2 6
3 ,9 9 6
3 ,9 7 4
2 ,9 1 4

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

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

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

In January, 1850, the quantity on hand amounted to 6,064 hhds.

IMPORTS OF VIRGINIA TOBACCO INTO NEW YORK.
V irginia T obacco A gency, New Y ork , January 5tA, 1850.
IMPORT OF MANUFACTURED TOBACCO AT THIS PORT, FROM 1ST JANUARY, 1 8 4 9 , TO 3 1 S T DE­
CEMBER, INCLUSIVE, COLLECTED AND ARRANGED SOLELY BY CHARLES M. CONNOLLY.

Im port.

From
From
From
From

Richmond ............................
P etersbu rg ........................
N o r fo lk ................................
other places ........................
T o ta l. . . .

Num ber o f
packages.
6 5 ,8 7 6
4 7 ,6 1 8
545
3 ,5 6 5

Same tim e
last year.
6 2 ,3 7 6
4 6 ,7 9 6
495
3 ,6 6 9

117,694

113,336

Probable stock Same tim e
n ow on hand,
last year.
...........
...........
...........
...........
...........
............
...........
...........

16,000

30,000

RECEIPTS IN FORMER YEARS.

Packages.

1st Jan., to 31st Dec. 1839
«
«
1840
“
1841
«
u
1842
u
«
1843




51,519 From 1st Jan. to 31st Dec.
“
63,805
“
U
84,779
“
(C
62,366
“
ti
61,376
“

Packages.

1844
1845
1846
1847
1848

97,536
105,689
112,118
138,051
113,336

331

Commercial Statistics.
IMPORTS INTO THE PORT OF NEW YORK.

The following table shows the quantity o f the undermentioned articles imported into
the port o f Mew Y ork from January 1 to December 81,1849, foreign and coastwise:—
Foreign.

Articles.

Coastw.

Brandy.. .half pipes
“
qr cks. & bbls.
C oal. . . .
C ochineal.. .ceroons
C ocoa__
Coffee...
C otton. .
D u c k ... .
«

14,167
23,419
62,113
858
12,277
338,774
2,928
389

Eartlienw’re.cts & c's.
F i g s ------ drums, <fcc.
G i n .........
H em p...
“
.H id e s....
U
........... Mo.
Iron, bar

28,357
56,081
3,668
38,419
1,361
126
1,016,346
’ 47^279
61,307

“
“

Pigsheet, hoop, <fcc.
bundles
Indigo. . .
M

375,083
1,069
1,847
167,750
51,422
3,761
1,505
585

L e a d . . . . ......... pigs
M olasses.

u

(i

........ bbls.

Olive o il.

Articles.

344 Olive oil.bxs. & bskts.
470 P epper.. .
P im en to.
53 R a g s ___
1,778 Raisins..
“
.,
62,301
«
406,103
185 Rice..........
10,919
’ 34 S a l t .........
26,913 Saltpeter
48 S u g a rs.. .
«
23,398
«
. . . . bbls.
5
ft
731
if
215,742
U444 Tin, banca, &c. . slabs
3,648
“ plates
T obacco... . . . .hhds.
“
bls.&seroons
10,305
549 W ines, butts <fe pipes
“
hhds. <fchf. pps.
173
M
275,439
«
. . . .bbls.
15,164
U
2,831
57,546 W o o l .. . .
290

Foreign.

Coastw.

50,142
12,769
14,506
26,246
13,758
252,309
300

647
6,203
4,916
1,603
266
7,226
3,264
44,873
176
6,588
5,968
56,515
182
15,037
2,675
21,280
1,588

2,112
2,035^614
9,527
71,902
1,222
6,068
60,882
72,658
52,165
202,833
5
17,469
1,140
12,925
34,490
8,404
30,790
8,698

13,154
836
22
485
1,159
163
434
10,353

LUMBER TRADE OF QUEBEC.
W e give below a tabular statement o f the supply and exports o f lumber at Quebec
in the year 1849, compared with 1848.

The “ su pp ly” is derived from the supervisor’s

returns, and the “ export ” from the customs returns, both for the year ending Decem ­
ber 1st, 1849:—
COMPARATIVE STATEMENT OF THE SUPPLY, EXPORT, AND STOCK OF LUMBER (A T QUEBEC) FOR
THE YEARS

Supply.

1818.
Timber—
O a k .. . .feet
E lm .............
A s h ..............
Birch...........
T am arac....
W hite p in e.
R ed p in e . . .
Staves—
Standard .M.
W .O .P u n c’n
R. O.Punch’n
Barrel..........
Deals—
Pine, stand.p
“ spruce.
Lathwood—
Cords............

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

1848

AND

1849.

Export.

1819.
8 6 4 ,4 8 7
9 7 5 ,3 6 9
5 8 ,3 5 7
1 9 3 ,1 7 6
1 8 3 ,4 1 7
1 1 ,9 1 5 ,4 3 0
3 ,7 9 7 ,5 8 4

1818.
8 7 9 ,0 4 0
1 ,1 7 1 ,7 6 0
5 9 ,6 8 0
9 2 ,3 6 0
1 2 4 ,4 0 0
1 0 ,7 0 9 ,5 8 0
4 ,3 6 5 ,4 4 0

1819.

Total.

Stocks.

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

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

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

991
114

638

514

1 ,1 6 3

1 ,3 2 4

1 ,3 2 4

2 ,7 7 2

1 ,7 2 1

2 ,4 9 5

55

48

159

114

1 ,1 3 3
667
205
231

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

1 ,1 1 6 ,6 8 1
4 0 1 ,1 0 4

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

2 ,2 8 2 ,3 9 0
6 1 8 ,8 8 1

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

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

1 ,9 6 6

3 ,1 6 0

3 ,8 4 9

3 ,4 3 1

810

1 ,6 5 6




250

332

Commercial Statistics.

W h i t e P i n e .— The supply was 11,915,430 feet, being an increase, as compared with
1848, o f 4,783,303 feet; the export exceeds that o f the previous year by 912,240 feet;
the stock is 6,554,296 feet against 8,974,674 feet, being a decrease o f 2,420,358 feet;
but still, taking a series o f years, a full average.
R ed P ine.— The supply was ,797,584 feet, against 4,223,952 feet in 1848 ; export,
4,070,600 feet against 4,365,440 in 1848; the present stock is 4,592,346 feet, being a
decrease, as compared with last year, o f 299,478 feet. Prices ranged from 5d. a 9d.
in the raft, and shipping parcels o f 40 feet average fetched, throughout the season, 7-Jd.
a 8J-d. per foot.
O a k .— The supply was 270,692 feet less than last year, being 864,487 feet against
1,135,159 in 1848; the export was 1,128,320 feet against 879,040 in 1848, showing an
increase o f 249,280 fe e t; the stock is 1,197,958 feet, against 1,800,301 in 1848, which,
though a decrease o f 602,943 feet compared with 1848, is a full average, and with a
very trifling supply, w ill probably suffice for the export o f the ensuing season.
E l m .— The supply this year falls short o f that o f last year 89,381 feet, whilst the
export exceeds it b y 241,840 feet, reducing the stock to 1,010,615 feet, being a bare
average one.
S taves .— The supply o f standard having, as will be observed on reference to the
tables, gradually fallen off for the past four years, whilst the export o f 1849 exceeds
that o f 1848 by 161,000, the stoek is reduced to 250,000, a lower point than for many
years previous.

BUILDINGS ERECTED IN THE CITY OF NEW YORK.
W e give below a tabular statement o f the number o f buildings erected in the city
o f N ew Y ork in each year from 1834 to 1849, inclusive;—
Years.

1 8 3 4 ..
1 8 3 5 ..
1 8 3 6 ..
1 8 3 7 ..

No.

Years.

877
1,259
1,826
840

1 8 3 8 ..
1 8 3 9 ..
1 8 4 0 ..

No.

781
674
850

Years.

N o.

Years.

1 8 4 1 ..
1 8 4 2 ..
1 8 4 3 ..

971
712
1,273

1 8 4 4 ..
1 8 4 5 ..
1 8 4 6 ..

No.

1,210
1,980
1,910

Years.

No.

1 8 4 7 ..
1 8 4 8 ..
1 8 4 9 ..

1,824
1,191
1,495

This shows a grand total o f 19,872 tenements erected within the last 15 years; but
a perfect record w e presume w ould show near 25,000. Besides this, N ew Y ork has
built h a lf o f Brooklyn, a good portion o f Jersey City, the most o f N ew Brighton and
Tompkinzville, the whole o f Williamsburg, Green Point, Hoboken, Astoria, Morrisania,
N ew Village, etc.

ARRIVAL AND CLEARANCES OF VESSELS, BALTIMORE, 1849.
The foreign and coastwise arrivals at the port o f Baltimore, during the year 1849,
were as fo llo w s:—
ARRIVALS.

Ja n u a ry. . .
February.. .
M arch.........
A p r i l..........
M a y ...........
J u n e ...........
J u l y ............
A u g u s t.. . .
Septem ber.
October . . .
N ovem ber..
December .
Total...

Ships.
7
7
7
6
9
5
9
12
7
11
2
4
88

Foreign.
Barks.
Brigs.
6
13
5
16
5
31
5
24
12
35'
9
6
9
21
3
29
4
19
5
15
10
24
3
9
73

245

Schooners.
8
7
11
15
12
9
14
13
6
7
4
7

Ships.
i
2

113

45

6
4
3
7
6
0
3
5
4
4

Coastwise.
Barks.
Brigs.
10
25
12
12
8
16
20
11
8
24
14
19
12
24
6
21
12
17
11
27
10
16
18
13
136

230

Sch’rs.
64
59
86
135
97
83
99
87
110
114
136
110
1 ,1 8 0

The whole number o f arrivals during the year were 2,110, o f which 519 were from
foreign and 1,591 from coastwise ports.

O f this number 1,944 w ere American vessels,

and 166 under the flags o f sixteen different nations, as follows :—




333

Commercial Statistics.

British, 115 ; Bremen, 2 1 ; Russian, 1 0 ; Danish, 5 ; French, 3 ; Sweedish, 2 ; Prus­
sian, 1 ; Sardinian, 1 ; Hanoverian, 1 ; Eucuadorian, 1 ; Hamburg, 1 ; Yenezuelean, 1 ;
Spanish, 1 ; Dutch, 1 ; Genoese, 1 ; Norwegian, 1.
The clearances at the Baltimore Custom-House, for foreign ports, during the year
1849, were as follow s:—
Ships.
10
2
9
12
11
8
11
9
9
10
7
9

January........................
February......................
M a rch ...........................
A p ril.............................
M a y ..............................
June...............................
J u ly ..............................
A u g u s t.........................
S ep tem ber..................
October........................
N ovem b er...................
D ecem ber....................
T o ta l....................

Brigs.
28
15
31
22
24
21
20
24
18
20
22
16

Barks.
8
9
10
5
9
16
8
8
5
5
9
5

107

261

97

Schooners.
18
10
14
11
16
9
9
12
11
15
12
10
147

Total.
64
36
64
50
60
54
48
53
43
50
50
40
612

The whole number o f clearances for foreign ports were 612 ; o f this number 104
were British, 22 Bremen, 10 Russian, 6 Danish, 3 French, 2 Sweedish, 1 Sardinian, 1
Norwegian, 1 Dutch, 1 Hanoverian, 1 Hamburg, 1 Prussian, 1 Genoese, 2 Eucuadorian,
and 1 Spanish.

PENNSYLVANIA COAL TRADE IN 1849.
In an article on the “ Coal Trade o f the United States,” published in the September
number o f the Merchantz Magazine, (vol. xxi., pages 256 to 279,) we gave a tabular
statement o f the quantity o f coal sent to market annually, from the commencement o f
the business in 1820 to 1848, inclusive.

W e now subjoin a table o f the quantity sent

to market for the year 1849, and also o f the grand total from each mine from the com ­
mencement o f the business, a period o f twenty-nine y e a rs:—
QUANTITY OF EACH KIND IN 1 8 4 9 , AND TOTAL FOB TWENTY-NINE YEARS.

lo 4 J .

com m enced.

L ehigh......................
8 0 0 ,9 8 7
6 ,3 0 6 ,3 1 4
S chuylkill................ 1 ,5 9 9 ,5 1 3 1 3 ,4 5 8 ,6 6 3
Lackawanna.............
4 5 4 ,2 4 0
3 ,8 4 6 ,8 1 2
Pine Grove...............
7 8 ,2 9 9
4 6 2 ,9 2 4
2 5 ,0 0 0
6 1 ,9 0 5
Lyken’s V a lle y ____

Shamokin
W yom ing
Total

1819.

From
com ’c e ’nt.

19,658
258,080

144,514
1,371,645

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

It w ill be seen, b y reference to the table in the September number o f this Magazine,
referred to above, that the Lehigh was first sent to market in 18 20; the Schuylkill in
1825; the Lackawanna in 1828; Pine Grove in 1835; Lyken’s V alley in 1836 ; Sham­
okin in 1838, and W yom ing in 1842.

THE WHISKY TRADE OF PHILADELPHIA.
But few persons have a correct view o f the amount o f whisky annually consumed
in the city o f Philadelphia in the manufacture o f domestic liquors, alcohol, burning
fluid, <Sse., Ac. There are four distilleries in the immediate vicinity o f that city, which
consume about 300,000 bushels o f corn and rye yearly, and produce 1,050,000 gaUons
o f whisky, valued at £275,000. These works are all driven by steam, and consume
3,000 tons o f coal annually. They em ploy from seventy to eighty workmen, and the
amount o f capital invested cannot be less than half a million o f dollars. Besides this
amount there was received last year by the Columbia Railroad 562,825 gallons, and b y
the Delaware Canal 1,432,815 gallons, which added to the amount manufactured by
the city distilleries makes 3,045,640 gaHons, equal to about 101,521 barrels. T o this
we must add a considerable amount received annually by the Schuylkill and Tidewater
Canal, and N ew Y o r k ; which would sweU the total amount to 125 a 130,000 barrels.




334

Com mercial R egulations.

COMMERCIAL REGULATIONS.
THE NEW JAMAICA TARIFF.
W e published in the January number o f the Merchants’ Magazine a brief abstract
o f the changes made in the Jamaica tariff by the House o f Assem bly, which had been
concurred in by the council, and Bigned b y the Governor. De Cordova’s Mercantile In ­
telligencer, published at Kingston, the seat o f government, furnishes us with a more
full and complete tariff o f the province, which w e here subjoin:—
THE N E W TARIFF PASSED THE HOUSE OF ASSEMBLY AND THE COUNCIL AND ASSENTED
BY
ED TO
TO BY
THE GOVERNOR, ON SATURDAY, THE 20 th OCTOBER, 1849.
ff.
d.
A le, beer, cider, porter, or perry............. . ............................................... per ton
87
0
A s s e s ............................................................................................................ per head
5
0
B eef and pork, salted or cured, and all cured m eat____per bbl. o f 200 lbs.
20
0
Bread or biscuit............................................................................................per cwt.
6
0
B ricks................................................................................................................per M.
4
0
B u tte r ............................................................................................................per cwt.
9
0
Candles, w a x .............................................................................. per box o f 56 lbs.
8
0
“
composition................. ................................................................................
5
0
“
spermaceti............................................................................................... ....
8
0
2
“
tallow ...........................................................................................................
0
10
Cattle, neat............................................................................................
.per head
0
Cheese............................................................................................................ per cwt.
10
0
Coffee, British............................................................. ...............................................
20
0
Cocoanut o i l ......................................................................................... 5 per cent ad valorem.
D rugs..................................................................................................... 5 per cent ad valorem.
Fish, dried or salted....................................................................................per cwt.
2
0
“ mackerel, pickled ............................................................................... per bbl.
4
0
“ alewives and herrings, pickled ............................................ .......................
2
0
“ pickled, not otherwise described..................................................................
4
0
“ salmon, w et or sa lte d ......................................................................................
10
0
“
“
smoked................................................................................... per cwt.
10
0
“ herrings, smoked..................................................................................per box
0
6
“ smoked, not otherwise described.....................................................per cwt.
4
0
Flour, w h e a t ................................................................................................. per bbl.
6
0
2
“
r y e . . . . .................................................................. .........................................
0
Grain............................................................................................................per bush.
0
3
Ginger...............................................................................................
80s. per cent ad valorem.
Hams, bacon, dried beef,tongues, and sausages.....................................per cwt.
10
0
. per head
head
Horses, mares, and geldings........... —.....................................................per
20
0
I n d ig o .............................................................................................................. per lb.
0
3
L a rd ................................................................................................................ per cwt.
5
0
M eal or other flour, not wheat...................................................................per bbl.
1
0
.per cwt.
M olasses.........................................................................................................per
3
0
perhead
head
Mules............................................................................................................per
10
0
Oil, blubber, fins, and skins, the produce o f fish and creatures living in the
s e a ..............................................................................................
100s. per cent ad valorem.
Peas, beans, calavances, barley, oats, or Indian corn........................ per bush.
0
3
Preserved meats, soups, vegetables, fish, and aU other provisions in tin
s, or other packages................................................................ 6 per cent ad valorem.
R ic e .................................................................................................................per cwt.
3
0
Rice, undressed............................................................................................................
1
0
Salt................................................................................................................................
0
1
Sheep and g o a t s .........................................................................................per head
2
0
S oap .............................................................................................. per box o f 56 lbs.
2
0
Spirits, brandy..............................................................................................per galL
8
0
6
0
Rum, (except produce o f this island,) gin and w hisky.......................................
A ll other spirits and c o rd ia ls ...................................................................................
12
0




335

Commercial Regulations.

Sugar, unrefined, the produce o f British p ossessions.........................per cwt.
10s. 0
“
refined..................................................................................................per lb.
0
2
S w in e ............................................................................................................ per head
2
0
T e a ...................................................................................................................... per lb.
1
0
Tobacco, manufactured, say cigars, 50 per cent ad valorem, and........................
06
“
unmanufactured, 15 per cent ad valorem, and.........................................
03
Cavendish and other manufactured tobacco, 32 per cent ad valorem, a n d ..
0
3
Wheat and rye............................................................................................ per bush.
0
6
Wines, in bulk or bottled, per tun, £10, and 15 per cent.
W o o d .. . ..per M. feet pitch pine, by superficialmeasure, o f one inch thick
12
0
“ .......................................... per M. feet white pine or other lumber, ditto.
8
0
“
shingles,cypress,longer than twelve inches................................... per M.
6
0
“ Boston chips, and all shinglesnot otherwise enumerated or described.
3
0
“ w oodhoops..............................................................................................................
10
“ staves, heading, red or white oak, or ash........................................................
10
Jewelry, perfumery, carriages not used for agricultural purposes, clocks and watches,
and furniture, for every £100 value, £10, subject to 10 per cent drawback on ex­
portation.
A ll goods, wares, and merchandise, plantation supplies, clothing, and effects o f every
description, not previously enumerated, 4 per cent ad valorem, and 4 per cent draw­
back on exportation.
E xcept the following, which shall not be liable to any duty under this a c t :— Coals,
coke, coin, bullion, books and printed papers, diamonds, fresh fruits and vegetables,
hay, straw, oil cakes, whole or in powder, malt dust, rock salt, mulberry and other
plants, cotton wool, ice, fresh fish, turtle, poultry, fresh meats, leeches, gums, bees­
wax, rosins, tortoise-shell, guano and other manures, singing birds, dogs, specimens
o f natural history, army and navy clothing, slates, regimental and naval necessaries,
raw hides, hemp, flax, and tow, sarsaparilla, and dyewoods.
TAX ON SHIPPING, PAYABLE AT ENTRY OF EVERY SHIP OR VESSEL.

5 Victoria, cap. 15— Island Secretary’s fee
1 Victoria, cap. 9— Customs tonnage act...,
Annual law— Gunpowder tonnage act.........
“
Forts and fortification act . . .
3 Victoria, cap. 66— Light-house.................
46 George III., cap. 28— Hospital t a x .. . . .

per ton

.per quarter.

On coasters................... ..........................................................

15s.
2
0
0
0
0
0
1

0
6
8
4
8
4
1
4

12
9
6

0
0
0

4 Victoria, cap. 32— Health officer’s fees :—
Ship or bark...........................................................................
Brig or brigantine.................................................................
Schooner or sloop..................................................................
60 George III., cap. 15— Kingston Harbor dues:—
Ship or b a rk ....................................................... .................
Brig or brigantine................................. ..............................
Schooner or sloop ................................................................
Droghers or coasting v e s s e ls ...................... per quarter

£1 12 1 Vessels trading with14>in the Tropics, one0 16 )
half.

0

8

NEW DECREE AND TARIFF OF HAYTI.
THE N EW DECREE AND TARIFF OF THE HAYTIEN GOVERNMENT OF JAN.

10, 1850.

Faustin L, b y the grace o f God, and the constitutional law o f the State, Emperor of
Hayti, to all present and to come, salutes—
W ith the advice o f our council o f ministers, we have ordered, and do order as follow s:
Art. 1. Is and remains suspended, the execution o f the law on the monopoly.
Art. 2. The merchants have the liberty o f buying coffee, at such prices, and in such
quantities as they m ay ju d ge proper.
Art. 3. Out o f the quantities o f coffee purchased b y the consignee merchants, there
shall be taken for the account o f the government one-fifth o f the same. This fifth shall
be settled for at the market price, b y the government, who shall not, however, p ay more




336

Commercial Regulations.

than fifty dollars per hundred pounds. The market price shall be fixed by the com­
mission o f control, spoken o f hereafter.
Art. 4. Foreign merchandise shall not be sold, either wholesale or retail, above the
prices fixed by the tariff annexed to our present decree.
Art. 5. Shall only have the right o f purchasing coffee, for exportation, those merchants
who shall make importations o f merchandise by suitably assorted cargoes, to be sold on
the market. The importation o f specie shall give no right to the purchase o f coffee.
A rt. 6. The refusal to sell, or the suspension o f sales, or the act o f selling above the
fixed prices shall forfeit the right to purchase coffee, as w ell as the right o f patent.
Art. 7. Every week, a committee o f control, named b y the government, shall verify
in their warehouses the guarantees o f coffee purchased during the week by the merchants,
and shall take away the one-fifth part coming to the State. This one-fifth, paid at the
market prices, as ordered b y the'article 3d, shall be received in compensation o f custom­
house duties, chargeable on all coffee exported. A duty o f one dollar per hundred
pounds shall be paid to and collected by the commission o f control on all coffee shipped.
Art. 8. The coffee belonging to the government shall be deposited in the warehouses
destined for the purpose, under the supervision o f the committee o f control.
Art. 9. Coffee, before being transported to the custom-house, shall be weighed b y the
committee o f control, in order to take from it the one-fifth part, and compare the weight
o f the balance with its re-weight at the time o f shipment.
Art. 10. N o quautity o f coffee shall be permitted to he weighed and shipped from
the custom-house, without being accompanied by the certificate o f its having been
weighed by the committee o f control, which certificate shall be returned by the cus­
tom-house to the committee o f control, with a note o f the re-weight attached to it.
A ll surplus found on re-weighing at the custom-house, shall be seized for the benefit o f
the State.
Art. 11. The present ordinance shall be printed and published, and our ministers are
charged, each in that which concerns him, with its execution.
Given at our Palace at Port au Prince, the 10th day o f January, 1850, and 47th o f
Independence, and 1st o f our reign.
F a u s t in , by the Emperor.

L. D u f r e s n e , M inister o f Justice.
S a l o m o n , J r ., M inister o f Finance , <$*c.
TARIFF ANNEXED TO ORDINANCE OF 1 0 T H JANUARY, 1 8 5 0 .

W holesale.

Grey colette, o f good quality..............................................per ell
“
o f inferior quality............................ ,x.. . ..............
“
bleached, o f good quality........................................
Checks, 24 inches w i d e ....................................................................
“
28
“
....................................................................
*

35

“

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

Prints, fine quality, narrow..................................... ........................
“
“
w id e ............................. ....................................
Bleached Madapolam cotton, 29 inches........................................

«

«

<<

24 <(

Blue Tm. Komal handkerchief.......................................per dozen
India handkerchiefs, per piece o f eight........................per piece
Madras
“
“
“
........................................
Imitation India Madras handkerchiefs, fine qu ality. per dozen
“
“
“
ordinary qu ality.........
Fine white cotton stockings, for ladies..........................................
Common white cotton stockings, for la d ie s.................................
“
duty cotton socks. . . t ..........................................
Colette o f B rabant.................................................................per ell
Ordinary cotton drills or d en im s...................................................
Fine
“
“
...................................................
Cotton sewing th re a d ............................................................ per lb.
Fine bleached cotton.............................................................. per ell
Common bleached cotton..................................................................
Black b om b a zin e...............................................................................
Fine linens, according to quality....................................................
Manchettes, horn handles.............................................. per dozen




$1
0
1
0
1
1
1
2
0
0
7
40
52
22
14
31
20
8
1
1
1
4
2
1
2
from 2
to 6
26

Retail.

$1 121
00
80
0 87-1
20
1 25
90
1 00
00
1 12
25
1 37
25
1 37
00
2 25
90
1 00
68
0 75
00
7 64
00
42 00
00
54 00
00
24 00
00
18 00
36 00
00
00
24 00
00
12 00
25
1 371
30
1 371
2
75
00
50
4 75
00
2 25
25
1 50
75
2 87
00 from 2 25
to 6 25
00
80 00
00

337

Commercial R egulations.
Wholesale.

Manchettes wooden handles............................................................
Hoes, o f three or four inches . . . . , ..............................................
Bound head e y e s .................... : ........................................................
German
“
...............................................................................
W hite linen pantillas, common qu ality............................per ell
“
“
fine quality................................................
W hite cotton pantillas, common quality.......................................
G rey
“
“
“
......................................
Imitation Morocco skins..................................................per dozen
Men’s silk or beaver hats, fine quality..........................................
“
“
common quality...................................
Slate for roofing.................................................................... per M.
Fine cloth................................................................................per ell
Ordinary c lo t h ...................................................................................
Common cloth.....................................................................................
First quality soap, in boxes o f 18 and 20 lbs., 20 bars.per box
Third
“
“
“
“
.............
Codfish.............................................................................per 100 lbs.
Clear pork..............................................................................per bbL
Mess pork............................................................................................
Prime pork...........................................................................................
Herring or alewives...........................................................................
Mackerel..............................................................................................
Mess b e e f.............................................................................................
Butter...................................................................................... per lb.
W hite pine scantling.................................................... per M. feet
Pitch
“
..........................................................................
W hite pine boards..............................................................................
Pitch
“
.............................................................................
Carolina cypress shingles.................................................... per M.
Tallow c a n d le s......................................................................per lb.
W rought iron nails.............................................................................
Cut
“
.............................................................................
Olive oil, in baskets o f twelve bottles...................... per basket
“
flasks................................................................. per dozen
Flour, w h e a t ........................................................................ per bbL
L a r d ......................................................................................... per lb.

22
36
62
76
1
1
1
0
48
188
110
58
30
18
8
12
10
31
140
125
91
33
36
105
1
124
127
122
132
28
0
0
0
22
9
58
0

Retail.

00
24
00
39
72
00
00
72
33
1
90
2
00
1
90
1
00
54
00
192
00
132
00
00
34
00
22
00
12
00
12
00
10
OOpbbl. 33
00
144
00
130
00
100
00
35
00
38
00
108
25
1
00
132
00
135
00
130
00
140
00
30
93
1
60
0
48
0
00
27
00 p bot. 1
64
00
75
1

00
00
00
00
50
00
12
00
00
00
00
00
00
00
50
50
00
00
00
00
00
00
00
371
00
00
00
00
00
00
75
62
00
00
00
00

A nd all other articles not tariffed shall be sold at prices in proportion to those o f the
present tariff.

OF COLLECTING THE REVENUES FROM CUSTOMS.
CIRCULAR TO COLLECTORS AND OTHER OFFICERS OF THE CUSTOMS.

T reasury D epartment, February 15th, 1850.
The causes stated in the circular instructions o f the 31st December, 1849, Ho. 28,
which compelled the Department to prescribe the regulations therein contained, on the
subject o f the expenses o f collecting the revenue from customs, having, to a certain ex­
tent, been removed b y the recent action o f Congress, it becomes expedient, at this time,
to direct the suspension o f the portions o f said instructions and regulations hereinafter
indicated, to w it :—
F irst. The first item o f said instructions, directing the discharge o f the crews o f the
revenue cutters, and the laying up o f the vessels. These vessels are to be continued
in active service as heretofore, and are to be placed in preparation therefor as soon as
practicable.
Second. The fourth item o f the instructions, respecting the expenses attending the
appraisement o f merchandise, w ill be suspended.
Third. The fifth item, on the subject o f withholding a portion o f the compensations
o f officers o f the customs, <tc., is likewise suspended.
The instructions and regulations in operation prior to the issuing o f the circular in­
structions hereby modified are in force and are to be complied with, as w ell as circular
No. 30, issued on the 2d February, 1850.
W . M. M EREDITH, Secretary o f the T reasury.
V O L . X X I I .-----N O . III.




22

33S

Commercial Regulations.
OP WEIGHING, MEASURING, AND GAUGING MERCHANDISE,
CIRCULAR INSTRUCTIONS TO COLLECTORS AND OTHER OFFICERS OF THE CUSTOMS.
T t e a s u r y D e p a r t m e n t , February 2d, 1850.

In answer to inquiries, and finding that a difference o f construction o f the circular of
31st December, 1849, prevails at different ports, so far as relates to weighing, meas­
uring, and gauging, reference is made to the instructions o f the Department contained in
the circular dated the 25th November, 1846, which, for convenient reference, is sub­
joined.
Extract fr o m the circular dated November 25th, 1846, giving instructions under Tariff
act o f 3()th July, 1846.
“ The fourth section o f the act provides that the expenses o f weighing, gauging, or measuring shall
be paid b y the owner, agent, or consignee o f the goods, under certain specified circumstances. W hen­
ever, therefore, the invoice shall not contain any weight, quantity, or measure, as the case may be,
and, likewise, when those quantities may be stated in the invoice, but not so stated in g o o d faith, but
on being properly tested, are found to fall short o f the true amount to an unreasonable extent, after
m aking due allowances for any difference betw een the m ode o f determining quantities under our
laws by weight, gauge, or measure, and that o f the country or place from w hence the merchandise
may be im p orted; and where good reason should exist for the belief that the quantity was incorrectly
given in the invoice by design, and with intention to evade payment o f the proper amount o f duty,
then in all such cases the expense o f the services referred to must be defrayed b y the owner, agent,
or consignee.
“ If any quantity, weight, o r measure be stated in the invoice o r entry, it nevertheless becom es ne­
cessary, as required by the instructions o f the Department, under the W arehouse act, issued on the
14th o f August last, to weigh, gauge, or measure the article, to ascertain whether the quantity be cor­
rectly given in the invoice or entry. I f the quantity thus ascertained is found to exceed that given in
the invoice or entry, the aggregate cost or value must be made to correspond with such increase o f the
quantity, and the duties estimated and assessed accordingly. But in no case are the duties to be
levied on an amount less than the invoice value.
“ W here the weight, gauge, or measure shall have been duly ascertained on any goods deposited in
warehouse, and such goods be withdrawn, either for consum ption or transportation, to another port
o f entry, in less quantities than the entire importation, the expense o f weighing, gauging, or measur­
ing any such portions or quantities must be paid by the owner, importer, or agent, wherever it b e ­
com es necessary to perform either o f those acts, in order to ascertain the dutiable value o f any such
goods withdrawn from warehouse as aforesaid.
“ W hen articles o f the description beforementioned are transported in pursuance o f law, to be re­
warehoused at another port o f entry, they need not be again weighed, gauged, or measured on going
into warehouse at the transportation port, as the quantities specified in the certificate required by law
to accom pany the same may be deem ed the true quantities, unless special and sufficient reasons should
exist to render, in the judgm ent o f the collector, another ascertainment necessary.”

The Department being advised that these instructions have not been generally ob­
served, and that in some o f the cases named the expenses have not been defrayed by
the owner, agent, or consignee as required, but have been paid by the United States,
deems it proper to repeat them for the guidance o f the officers o f the customs, and the
information o f merchants.
The circular o f the 31st December, 1849, directs that, whenever it m ay become ne­
cessary for the appraisers to have any merchandise weighed, gauged, or measured,
with a view o f verifying invoices on appraisement, the expense incurred therefor must
be borne b y the owner, agent, or consignee.
This applies to those cases in which the packages designated on the invoice to be
opened and examined, are found not to correspond with the invoice, whereby it be­
comes necessary that all the goods contained in the same entry shall be inspected as
is provided by the 4th section o f the act o f M ay 28, 1830.
The circular o f the 31st December, 1849, further directs that in cases, also, where
it m ay become necessary to weigh, measure, or gauge, in order to ascertain deficiency
or damage during the voyage o f importation, on the application o f the importer, such
expense must be defrayed by the owner, agent, or consignee.
Whenever it becomes necessary under existing laws or regulations to weigh, gauge,
or measure any article o f merchandise, in order to ascertain the dutiable value, in the
cases o f unclaimed goods, and when no invoice has been received, the expenses connected
with the same wiH be duly noted and coUected with the duties.
In all cases, therefore, in which the invoice or entry o f merchandise now weighed,
or measured, or gauged, shall contain the weight or quantity o f each box, cask, sack,
or other package, so that the invoice can be verified as contemplated by the 21st sec­
tion o f the act o f 30th, August, 1842, the course therein directed w ill be pursued, and
no expenses for weighing, measuring, or gauging wiH necessarily be incurred, and no
charge therefor can be sanctioned.
In all cases in which the invoice or entry o f merchandise now weighed, measured,
or guaged, shall not contain the weight or quantity o f each box, cask, sack, or other




Commercial Regulations.

339

package, so that the invoice can be verified in the manner contemplated by the 21st
section o f the act o f 30th August, 1842; but in order to verify the invoice o f the same
it becomes necessary to weigh, measure, or gauge each box, cask, sack, or other pack­
age, the same shall be weighed, measured, or gauged at the expense o f the owner,
agent, or consignee as prescribed by the 4th section o f the Tariff act o f July 30,1846.
In all cases in which merchandise is imported in iuf£,.and the invoice or entry shall
contain the quantity or weight, it must be weighed or measured to test the sam e; and
if the quantity or weight shall be found not to exceed that given in the invoice or en­
try, the expenses o f weighing or measuring w ill not be charged to the im porter; but
if it shall be found to exceed that given in the invoice or entry, then in all such cases
the expense o f the services referred to must be defrayed by the owner, agent, or con­
signee in pursuance o f the circular instructions o f November 25th, 1846.
Iron, copper, and lead, and like articles in pigs, bars, <fcc., are to be classed with and
made subject to the regulations herein prescribed in regard to articles imported in bulk.
W . M. M ERED ITH , Secretary o f the Treasury.

OF THE DUTY ON POCKET HANDKERCHIEFS,
CIRCULAR TO COLLECTORS AND OTHER OFFICERS OF THE CUSTOMS.
T r e a s u r y D e p a r t m e n t , January 28IA, 1850.

A question as to the proper classification, under the existing laws o f pocket hand­
kerchiefs, hemmed or otherwise prepared for use, having been recently submitted to
this Department, it has been decided, after due examination, that, in. view o f the evi­
dent intention o f the law, handkerchiefs o f all kinds are to be considered as compre­
hended in the classification made in schedule 0. o f the tairffact o f 30th July, 1846, as
articles worn by men, women, or children, and are consequently liable to the duty o f
thirty per cent ad valorem.
Y ou wiU be governed in the practice o f your office accordingly, in reference to future
importations o f the articles in question, any regulation or practice heretofore existing,
in conflict with these views, being necessarily superseded.
W . M. M EREDITH, Secretary o f the Treasury.

OF DUTEIS ON CUSTOMS IN CANADA,
l. G. O. C u s t o m s D e p a r t m e n t , T o r o n t o , January, 1850.

The provisions o f the act o f the Province o f Canada, 12 Victoria, Chapter 1, “ A n
act to amend the law relative to duties on customs" requiring the invoices o f goods im­
ported into the said province, the owners o f which goods reside out o f the province, to
be attested “ at any place out o f the dominions o f Her Majesty, before the British Con­
sul at such place, or i f there should be no such Consul, then before some one o f the
principal merchants o f such place not interested in the goods in question,” and which
were suspended for three months after the passing o f the law, now applying to goods
from the United States.
j . w . DUNSCOMB.

MAXIMS ON MONEY.
The art o f living easily as to money, says Taylor in his Notes from Life, is to pitch
your scale o f living one degree below your means. Comfort and enjoyment are more
dependant upon easiness in the detail o f expenditure than upon one degree’s difference
in the scale. Guard against false associations o f pleasure with expenditure— the notion
that because pleasure can be purchased with money, therefore, money cannot be spent
without enjoyment. W hat a thing costs a man, is no true measure o f what it is worth
to h im ; and y et how often is his appreciation governed b y no other standard, as if there
were a pleasure in expenditure p er se. Let yourself feel a want before you provide
against it. Y o u are more assured that it is a real w a n t; and it is worth while to feel
it a little, in order to feel the relief from it. W hen you are undecided as to v^iich o f
tw o courses you w ould like the best, choose the cheapest. This rule will not only save
money, but save also a good deal o f trifling indecision. Too much leisure leads to ex­
pense ; because when a man is in want o f objects, it occurs to him, that they are to bf
had for money, and he invents expenditure in order to pass the time.




340

N autical Intelligence.

NAUTICAL INTELLIGENCE.
WRECKING AT KEY WEST.
W e have been favored with the following extracts from the annual report o f the
agent o f the Boston Underwriters at K ey W est:—
K ey W est , January 7.

The past year in this latitude has been favorable for shipping, there having been but
few severe storms, and no hurricanes. Notwithstanding this fact, 46 vessels have been
ashore on the reef, or compelled to put into this port. The value o f vessels and car­
goes wrecked and in distress is near $1,306,000; the amount o f salvage is $127,870;
total salvage and expenses on the 46 vessels, $219,160.
W ith but one or two exceptions, the wrecking business for the past year has been
conducted with good faith, and it affords m e great pleasure to inform you that arrange­
ments have been made and entered into by the merchants, the past month, to remove
one o f the most prolific sources o f demoralization connected with it.
The following statistics give the particulars in regard to the amount o f wrecks at
this place for the five years ending January 1, 1850:—Years.
1 8 4 5 ..
1 8 4 6 ..
1 8 4 7 ..
1 8 4 8 ..
1 8 4 9 ..

Vessels.

Value.

Salvage.

29
26
37
41
46

$725,000
737,000
1,624,000
1,282,000
1,305,000

$92,691
69,600
109,000
125,800
127,870

Total expenses.
$169,064
105,790
213,500
200,060
219,160

The last three years show a gradual annual increase, but it is not probably greater
than the proportional increase o f commerce during the same time.
The number o f vessels engaged in the wrecking business does not vary much from
m y last report, namely, 47 vessels, with crews o f 350 men. Various causes are in
operation which must lead to the diminution o f the wrecking business. W hen the
coast survey and the thorough lighting o f Florida R eef (both o f which are progressing)
shall be completed, the two prominent causes o f wrecks w ill be removed.
The Tortugas Light has been much improved, but it still needs alterations, which
ought to be prom ptly made. W hen the light on Garden K ey bears N. E. by E. to E.,
a large part o f the power o f the light is lost by an iron door, and the want o f more
lamps and reflectors. Several ship-masters who have struck on this reef when this
light bore E . N. E., judged the light to be ten miles distant. The three ship-lights on
this coast are faithfully kept, but the pow er o f their lights is by no means what it
ought to be.
The light-ship stationed near Sand K ey is old, and the light miserable. Several
vessels, and much valuable cargo have been lost, b y the neglect o f government to build
a light-house on Sand Key, to replace the one destroyed by the hurricane o f 1846.
The lights at Cape Florida and K ey W est are both very good.
The materials are on the spot, and the operatives are at work, erecting the iron-pile
light-house on Carysfort Reef. It is placed on the extreme outer edge o f the reef,
within one-quarter o f a mile o f the G ulf Stream, and is to be fitted with a powerful
light, 127 feet high, which can he seen 25 miles from the mast head o f a ship.
I deem it m y duty to call your attention to a common neglect o f ship-masters to
provide themselves with proper charts o f this coast. The Messrs. Blunts have pub­
lished a good one on a large scale. I seldom find on board vessels wrecked on this
coast suitable boats to take out anchors in case o f accidents.
K e y W est is naturally a position o f no inconsiderable importance. It is a strong
and valuable position for a naval station— strong, becanse the government is now erect­
ing an extensive fort, in ten feet water, which will entirely command the harbor— and
valuable, as it is the only port from Pensacola to Hampton Roads where a sliip of-war
drawing 22 feet o f water could make a harbor, and be protected in time o f war. It
is not only a safe and commodious harbor, but it has also several channels b y which it
m ay be entered.
The Hon. Judge Marvin, through whose court the vast amount o f property alluded
to above annually passes, has presided at the bench here for some years, giving gene-




341

N autical Intelligence.

ral satisfaction to all parties interested. It is understood that a mevement will be
made at the present session o f Congress to increase his salary, which is but $2,000— a
sum certainly inadequate to this great responsibility, and insufficient to enable him to
live in a manner which the station demands.
JO HN C. H O Y T .
SUWARROW’S ISLANDS, AS LAID DOWN IN THE CHARTS,
Sag Harbor, L , I . F eb ru a ry 2.

Captain Brown, o f the Ontario, furnishes the following for publication:— On m y w ay
home, in lat 13° 10' 8", Ion. 163° W., I saw what appeared at first to be a small
sand island, with perhaps a dozen cocoa-nut trees on i t ; but on approaching the island,
I found it extended some distance to the east, and could see some five or six other
clusters o f trees, probably some eight or ten miles further east, which appeared like
separate islands, but were probably connected b y low sandy beeches, making it dan­
gerous on approaching them in the night or thick weather.
I passed the west end o f the island within one m ile ; it being near night, with rainy
weather, I could not determine how far the land extended to the eastward, but I think
not over 12 miles. There is no land marked in this place on any chart, or mentioned
in any book in m y possession. I suppose these islands to be Suwarrow’s Islands, which
are laid down in the charts one degree farther west. A n error that probably led to
the loss o f the bark Gem, north o f this port, December, 1849.
The west point o f this island is in lat. 13° 10' S., Ion. 162° 55' W., given by two
chronometers corrected at Oahu, S. I., and found to be correct at Cape Horn.
ROCK OR SHOAL IN THE CHINA SEAS.
W e have received, says the S tr a M Times, o f October 23d, the foHowing extract
from the journal o f Mr. Hogg, o f the Kurramany, a Bombay ship, o f 1,200 tons :—
“ October 7th, 1849.— A t 10h. 30m. A . M., ship running with all studding sails out,
wind XI. by E., steering S. to pass to the W estward o f Pulo Sapatu, saw a rock or
shoal ahead, distant half a mile from the ship, put the helm aport, and passed a quar­
ter o f a mile to the W estward o f i t W ent aloft to examine, as accurately as I could,
the extent o f the shoal, which did not exceed one quarter o f a mile. There was no
sea on to break over it at the time, but b y the color and motion o f the water, there
could not have been more than one, or one and a half, fathoms over it (then half ebb.)
W hen Pulo Sapatu bore S. by E. 1 E., Pulo Cecin de Myr X . by W . 1 W., and the
Great Catwick S. S. W., the shoal bore E. b y X., three quarters o f a mile distant, giv­
ing it in lat. 10° 17' X., Ion. 108° 57' 3 0 " E. Having no account o f such a shoal in
any o f the books or charts in m y possession, (including the publication o f 1848,) I am
led to suppose that it has escaped the vigilance o f all who have passed and repassed
this w ay before; if so, I shall claim the prerogative o f naming it Bun Yooson’s Shoal,
in honor o f the owner o f the ship Kurramany.”
LIGHT-HOUSE ON SANKATY HEAD.
The Nantucket Inquirer states that the new light-house at Sankaty Head was
lighted for the first time, evening o f 1st February. The “ flashes o f light” are very
brilliant, and it is thought can be seen at the distance o f 25 miles.
SCATTERY ROADS— PORT OF LIMERICK.
The Commissioners o f Her Majesty’s Customs have appointed Scattery Roads on
the east side o f Scattery Island, to be the proper station within the port o f Limerick
for all vessels coming up or departing out o f said port to bring to for the boarding or
landing o f officers o f the customs in lieu o f Tarbert. The master o f any vessel fail­
ing to com ply will render himself liable to a penalty o f £100.
A CORAL SHOAL IN THE STRAITS OF SUNDY.
This shoal is situated X. 6 3 f° W . from the Button, X . 37£° E. from the south point
o f Shwart the W ay, and X . 52 ° E. from the north point o f the same island. From
this shoal the most southerly point o f Sulphis Island was just on with the most northerly point o f Pulo Bessey. The depth o f water on the shool is 2J fathoms. Distance
to the Button, 1A miles.




342

Journal o f Banking , Currency , awe? F inance .

JOURNAL OF BANKING, CURRENCY, AND FINANCE.
JOHNSON’S TREATISE ON BANKING.
W e received sometime since a copy o f “ A Treatise on Banking,” in which “ the du­
ties o f a banker, and his personal requisites therefor,” are discussed with ability and
clearness.

The writer o f this treatise is A . B. J ohnson, Esq., President o f the Bank

o f Utica, N ew York.

Mr. Johnson has em ployed the last twenty years o f his life in

the business o f banking, a circumstance w ell calculated to impart a thorough practical
knowledge o f the business in all its details.

In a letter addressed to the Hon. C harles

S tebbins, late Bank Commissioner o f the State o f N ew York, Mr. Johnson states that
the incessant responsibilities and urgent cares o f banking are “ little suited to the anx­
iousness o f his disposition,” and that he has long borne himself onward with a deter­
mination, indefinite as to the period o f its execution, to transfer his position (as Presi­
dent o f the Utica Bank) to “ some person better organized” for its duties.

W ith this

design, he commenced, as we are informed, a summary “ treatise on banking,” thus
yielding to his eventual successor the aid o f his valuable experience.
The London Bankers' Magazine for January, 1850, contains an article on the “ Duties
and Responsibilities o f a Banker,” and “ American Banking,” made up, almost en­
tirely o f extracts from Mr. Johnson’s treatise.

The extracts in the English magazine,

referred to above, are introduced with the following rem arks:—
The literature o f American banking is but little known in this country. The pam­
phlet o f Mr. Gullaten,* published above twenty years ago, is the only work that has
attrated much notice. Nor need our American brethren complain o f this; for until
about the same period English banking had no literature o f her own. Since that time,
however, many excellent works on banking, and a still greater number o f articles on
banking in magazines and other periodical publications, have appeared in America.
W e have before us one o f no common merit. It is entitled “ A Treatise on Banking—
the Duties o f a Banker, and his Personal Requisites therefor.” B y A . B. Johnson,
President o f the Ontario Branch Bank, at Utica, in the State o f N ew York.
This work is divided into three parts:— “ The Bank ”— “ The Banker ”— “ The Man.”
The first part— “ The Bank ”— contains a clear exposition o f some important princi­
ples o f banking and currency, and a comparison between the safety fund system and
the free bank system established in N ew York.
The second part— “ The Banker ”— is o f a highly practical character; and it shows
that however widely the banks o f England and o f America m ay differ in their princi­
ples, the fields o f their operations, their constitution, and their privileges, yet the prac­
tical operations, the qualifications o f their bankers, the dangers to which they are ex­
posed, and the means necessary to success, are much the same in both countries.
The reviewer, after quoting from Mr. Johnson’s treatise passages “ on the securities
taken by bankers for advances,” “ acceptances in advance o f consignments,” “ kiting,”
“ jenforcement o f payments,” “ speculations,” etc., etc., proceeds to remark as follow s:—
“ Our readers w ill doubtless observe that many o f the lessons inculcated in the above
quotations are similar to those that have often appeared in our pages, either in original
contributions or in extracts from works that we have reviewed. This coincidence in
the views o f English and American bankers is a confirmation o f their soundness. W e
like the sentiment— ‘ W hile a banker adheres with regularity to known forms o f busi­
ness and settled principles, Providence is guarantee for his success.’ W e believe that
in almost every case the failure o f a bank has arisen from a disregard o f sound princi­
ples. Whether or not a bank follows, in its practical administration, the lessons o f ex­
perience, is o f much more importance to success than whether it consists o f six or
* The writer in the Bankers' Magazine alludes to A lbert Gallatin.— E d.




343

Journal o f B anking, Currency , and Finance.

seven hundred partners. The management o f a bank is o f more importance than its
constitution. To use the language o f the E eport o f the Lords’ Committee on Com­
mercial Distress, “ the best banking system m ay be defeated b y imperfect manage­
ment ; and, on the other hand, the evils o f an imperfect banking system may be greatly
mitigated, if not overcome, b y prudence, caution, and resolution.”
Closing with a few suggestions from Mr. Johnson’s comprehensive treatise, personal
to the man who is to perform the duties o f a banker, the reviewer apologizes for the
length o f his quotations “ b y alluding to the importance, and to the circumstance that
the work is not published in England.”

The treatise o f Mr. Johnson is concise, and

w ould not occupy more than thirty pages o f the Merchants' Magazine.

It has been

published in the newspapers o f the day, and in Homan’s Bankers' M agazine; but not,
that w e are aware, in the book or pamphlet form.

W e shall endeavor to find room in

our journal for such occasional extracts, as appear to us to em body the most valuable
and practical suggestions for the benefit o f our banking and financial readers.

W ithout

endorsing all the opinions o f Mr. Johnson, w e are unwilling to close this reference to
the treatise before us, without expressing the hope that one who has written a little on
an important topic so well, w ill find time to produce a more elaborate and complete
work, a task which he is in every respect well-fitted to undertake and accomplish, in
a manner that w ill redound to his own credit, and to the great benefit o f the com m er­
cial world.
COINAGE AM) DEPOSITS OF UNITED STATES MINT IN 1849.
From the annual report o f the Director o f the Mint, laid before Congress, w e learn
that the deposits o f gold and silver at the Mint and its branches during the year 1849,
were as follow s:—
Charlotte.

Pahlonega.

New Orleans.

Philadelphia.

$390,132

$252,974

$2,446,774

$11,518,983

Total.

$14,609,463

The coinage o f gold, silver, and copper was—
Charlotte.

Dahlonega.

N ew Orleans.

Philadelphia.

Total.

$361,299 00

$244,130 50

$1,646,000 00

$8,913,266 32

$11,164,695 82

The amount o f deposits at the Mint and its branches o f gold for coinage from mines
in the United States in 1849 was—
Virginia.

North Carolina.

Georgia.

California.

$129,382

$102,688

$10,525

$5,481,439

New M exico. Other sources.

$32,889

$10,169

Total.

$5,767,092

Another statement adds more than half a million dollars to the produce o f our own
mines, by giving the amount o f California gold deposited at the Mint and the branches
as fo llo w :—
Philadelphia.

N ew Orleans.

Total.

$5,481,439

$666,080

$6,147,519

UNITED STATES TREASURY NOTES OUTSTANDING, FEBRUARY 1, 1850.
T reasury D epartment, R egister ’ s Office, February 1, 1850.

Amount outstanding o f the several issues prior to 22d July, 1846, as
per records o f this office.............................................................................
Am ount outstanding o f the issue o f 22d July, 1846, as per records
o f this office..................................................................................................
Amount outstanding o f the issue o f 28th January, 1847, as per re­
cords o f this o ffic e .....................................................................................

$142,589 31
52,800 00
2,171,950 00

T o t a l ....................................................................................................
Deduct cancelled notes in the hands o f the accounting officers, of
which $150 is under acts prior to 22d July, 1846, and $8,700 un­
der act o f 28th January, 1847.................................................................

$2,367,339 31

Balance................... ......................................................... ...................

$2,358,489 31




8,850 00

344

Journal o f Banking , Currency, and Finance.
CONDITION OF THE BANKS OF BALTIMORE IN 1850.

CONDENSED VIEW OF THE BANKS OF THE CITY OF BALTIMOKE ON THE SEVENTH OF JAN.,

1850-

Capital.

Investments.

Discounts.

Merchants’..................................................
Baltimore...................................................
Union..........................................................
Farmers and Planters’............................
Mechanics’..................................................
Commercial and Farmers’ ....................
Farmers and Merchants’ .........................
Chesapeake................................................
Marine........................................................
W estern......................................................
Franklin......................................................

$1,500,000
1,200,000
916,350
600,625
591,276
512,560
393,560
341,293
310,000
308,280
301,850

$203,752 31
22,126 00
19,258 00
................
6,141 99
52,591 67
132,896 00
154,465 49
71,090 25
4,200 00
30,337 50

$2,110,598 18
1,736,208 79
1,277,474 87
1,162,062 67
1,182,726 87
949,294 79
446,686 96
583,497 30
461,516 60
664,543 25
350,502 89

T o ta l.................................................
Total, January 1, 1849..........................
“
“
1848...........................
“
“
1847...........................
“
“
1846...........................

$6,975,814
6,974,646
6,971,852
6,969,239
6,971,681

$698,669 21
607,227 94
521,116 00
647,200 00
856,697 00

Merchants’.................................................
Baltimore..................................................
Union..........................................................
Farmers and Planters’ ...........................
Mechanics’..................................................
Commercial and Farmers’ .....................
Farmers and Merchants’ .........................
Chesapeake...............................................
M arin e.......................................................
Western.....................................................
Franklin.....................................................

$347,553 14
326,779 00
161,520 14
190,968 51
192,234 46
224,287 85
70,917 71
80,610 88
98,348 88
387,328 28
33,189 64

Specie.

T otal................................................
Total, January 1, 1849..........................
“
“
1848...........................
“
“
1847..........................
“
“
1846...........................

$2,113,758
1,781,911
1,834,167
1,814,308
1,861,500

$10,924,113
9,797,417
10,699,963
10,082,235
10,143,299

Circulation.

$171,320
230,631
160,711
337,653
265,706
196,130
110,143
114,940
112,170
290,025
84,159

49 $2,073,588
11
1,852,168
00
2,104,712
00
1,986,248
00
2,159,140

00
00
00
00
00
38
38
00
00
00
00

07
21
00
00
00

Deposits.

$355,362 13
549,215 10
310,170 17
315,184 15
545,766 67
409,911 24
128,743 18
330,904 00
229,495 47
863,501 06
110,568 68

76 $3,648,817 32
00 2,827,896 81
00 3,123,859 00
00 3,261,999 00
00 3,113,750 00

RANKS AND BANKING CAPITAL OF VERMONT.
Name.

Location.

Capital.

Ascutney B a n k ............................
Battenkdl Bank.............................
Bank o f Bellows Falls.................
Bank o f Black R iv e r ..................
Bank o f P oultney........................
Brattleborough, Bank o f.............
Burlington, Bank of.....................
Caledonia, Bank o f ......................
Commercial Bank........................
Farmers’ Bank..............................
Farmers’ and Mechanics’ Bank..
Middlebury, Bank of...................
Montpelier, Bank o f . ..................
Newbury, Bank o f........................
Orange County B ank..................
Orleans, Bank o f..........................
Rutland, Bank o f ........................
St. Albans, Bank of......................
Stark Bank....................................
Vergennes, Bank of.....................
W oodstock Bank...........................

W indsor...........
Manchester.. . .
Rockingham.. . .
P roctorsville...
Poultney...........
Brattleborough.
B urlington. . . .
Danville............
Burlington........
O r w e lL .............
B urlingtoa. . . .
M iddlebu ry.. . .
M on tp elier.. . .
W ells River . . .
Chelsea..............
Irasbu rg...........
Rutland.............
St. Albans........
Bennington. . . .
V ergen nes. . . .
W oodstock. . . .

$50,000
50,000
100,000
50,000
50,000
100,000
150,000
75,000
150,000
100,000
150,000
75,000
100,000
75,000
50,000
30,000
100,000
50,000
50,000
100,000
60,000




Shares.

Par val.

$1,000

$50 00

2,000
2,000
2,000
2,000
3,000
3,000
3,000
3,33343,000
2,500
2,000
2,000
1,000
1,200
2,000
2,000

50
25
25
50
50
25
50
30
50
30
50
37
50
25
50
25

2,000
2,000

50 00
30 00

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

345

Journal o f B anking, Currency, and Finance.
BULLION IN THE BANK OF ENGLAND.

The London Bankers’ M agazine* furnishes the following table, compiled from the
official returns o f the bank, as quoted in various Parliam entary returns, McCullough’s
D ictionary o f Commerce, and the London Gazette. I t w ill be seen b y this table, that
the amount o f bullion now in the Bank o f England, (Decem ber 22, 1849,) is larger
than at any previous period since the bank was established.

A n intelligent gentleman

connected with the Bank o f England, in a private letter to the editor o f the Merchants'
Magazine, says:— “ W e look here with great interest to the California gold. The effect
it m ay have on the bank charter and the Bank o f England must be very serious, and
m ay probably demand legislative interference.

W e seem here, to me, to be in the

transition state— that state which has usually, in England, preceded periods o f mone­
tary excitement.

Money, plentiful— discounts, low— gold, abundant.

*

form future public speculation may assume is most difficult to guess.”

*

*

W hat

The table, it

w ill also be seen, gives two quotations for the year 1797, when the bank suspended
specie payments, showing the highest amounts in February and August of that year
respectively:—
TABLE OF THE HIGHEST AMOUNT OF BULLION HELD BY THE BANK OF ENGLAND AT THE UNDER­
MENTIONED DATES FROM

1796

TO

1849,

AND OF THE TOTAL AMOUNT OF GOVERNMENT AND

OTHER SECURITIES AT THE DATES SPECIFIED.

Bullion.

Date.

1796, August 31
1797, Feb’ry 28
1797, August 31
1798, August 31
1799, Feb’ry 28
1800, Feb’ry 28
1801, Feb’ry 21
1802, Feb'ry 28
1803, Feb’ry 28
1804, August 31
1805, August 31
1806, August 31
1807, August 31
1808, Feb’ry 29
1809, Feb’r y 28
1810, Feb’ry 28
1811, Feb’ry 28
1812, August 31
1813, Feb’ry 27
1814, Feb’ry 28
1815, August 31
1816, August 31
1817, August 30
1818, Feb’ry 28
1819, Feb’ry 27
1820, August 31
1821, Feb’ry 28
1822, Feb’ry 28

Securities.

Date.

£2,122,950 £17,025,470 1823, August 30
1,086,170 16,837,650 1824, Feb’ry 28
4.089.620 18,261.170 1825, Feb’ry 28
6,546,100 17,349,640 1826, August 31
7,563,900 17,039,030 1827, August 31
6,144,250 21,424,050 1828, August 30
4,640,120 26,424,730 1829, Feb’ry 28
4,152,950 21,950,820 1830, August 30
3,776,750 23,914,900 1831, Feb’ry 28
5,879,190 25,826,680 1832, August 28
7.624.500 27,772,850 1833, August 27
6,215,020 29,473,100 1834, Feb’ry 25
6,484,350 29.936.950 1835, F eb’ry 24
7,855,470 27.384.080 1836, Feb’ry 23
4,488,700 29,118,200 1837, August 29
3,501,410 33,378,580 1838, Feb’ry 27
3,350,940 37,122,350 1839, Feb’ry 26
3,099,270 38.176.120 1840, Feb’ry 25
2.884.500 37.930.950 1841, August 31
2,204,430 41,989,910 1842, August 27
3,409,040 44,854,180 1843, D ec’ber 30
7,562,780 37,279,540 1844, A p ril 20
21
11,668,260 32,605,630 1845, June
10,055,460 30,905,330 1846, August 29
2
4.184.620 31,455,000 1847, Jan’ry
8,211,080 23.846.120 1848, March 25
11,869,900 20,796,270 1849, D ec’ber 22
11,057,150 15.973.080

Bullion.

12,658,240
13,810,060
8,779,100
6,754,230
10,463,770
10,498,880
6,835,020
11,150,480
8,217,050
7.514.000
10.871.000
9.225.000
6.289.000
7.787.000
6.548.000
10.471.000
6.773.000
4.311.000
4.822.000
9.729.000
12.855.000
16.015.000
16,639,315
16,366,068
14,951,572
15,316,794
17,080,642

Securities.

17,462,370
18.872.000
24,951,330
25,083,630
23,199,320
23,905,530
25,384,750
24,565,690
25,208,980
23.420.000
23.245.000
25.212.000
24.895.000
27.368.000
25.357.000
21.958.000
21.741.000
21.611.000
22,602,000
22.159.000
21.067.000
22.150.000
24,816,318
24,804,192
27,345,182
23,992,703
25,211,445

* This Magazine, commenced in April, 1844, is published monthly in London at Is.
6d. sterling, equal to 37 cents, federal money, per number, where it is regarded as an
authority in banking and monetary affairs. It is quoted monthly b y the leading Eng­
lish newspapers, including the London Times. Its circulation, limited chiefly to bank­
ers, does not exceed 1,250 copies. It is about half the size o f the Merchants' M aga­
zine. It numbers on its list o f contributors several eminent practical bankers. James
W illiam Gilbart, Esq., General Manager o f the London and Westminster Bank, and
the author o f a number o f valuable works on banking, etc., occasionally contributes to
its pages.




346

Journal o f Banking, Currency, and Finance.
PRICES OF STOCKS IN NEW YORK IN 1849,

The following table shows the prices at which the stocks, in which the principal
business is transacted in the N ew York market, were sold at or about the close o f each
month in 1849 :—
Treasury n otes................
United States 6’ s, 1867..
“
“ 1868..
“
5’ s, 1853..
Ohio 6’s, 1860..................
“ 7’ s ............................
Pennsylvania 5 ' s ..............
Kentucky 6’ s ..................
Indiana State 5’s ............
Erie Railroad 7’ s ..........
Reading b o n d s ..............
Manhattan Bank............
Mechanics’ Bank............
Bank o f Com m erce___
Bank o f A m erica..........
Bank o f State o f N. Y ork
Phcenix B a n k ................
Farmers’ B a n k ..............
Canton Company............
Morris Canai Com pany.
Utica and Schenectady
Railroad........................
Auburn and Rochester
Railroad........................
L on g Island R a ilroad...
Harlem Railroad............
Erie Railroad.................
N orw ich and W orcester
Railroad........................
Reading Railroad..........
M ohawk R a ilr o a d ........
N ew Y ork and New Haven R a ilroa d ..............
Hudson River Railroad.
N ew Jersey R a ilroa d ...

Jan. Feb. Mar.
108* 110} 107}
108
111} 108
109* 112* 109
99*
99*
98
103
103* 103}
102* 102* 103
79*
80*
78*
101} 101* 100*
63
64
63
96*
96*
95*
46*
51
53*
*98
94*
95*
106* f l l O
108
98
97*
97
97
96*
94*
90
86
86
86
85
84
34
37
34}
38}
42*
37}
»}
8}

April. May. June.
no*
H u
117
112} 114* 117
112* 115* 116}
99} 101
101*
106* 107
109*
101
102* 103*
83
89*
85}
103* 105
108*
64*
66*
69
100
99
101*
52*
54}
65
96* 102* 104*
105
108
109*
98* 102* 103*
98
100* 100
90
90
95
84
89
*91
36*
34}
39*
39
36}
38}
8}
8}
4

119*

July.
115*
115*
116*
101*
109*
104
87}
105
69*
102*
62
105
110
101*
100*
95
91
39*
39*
8}

Aug. Sept.
113} 109*
113* i n }
114
in }
*101
108* 106
104*
*104
86}
87}
104* 102
69*
67*
103* 102*
56*
59*
103* *102
113*
112
100* 101}
100*
100
*95* *95
90*
90
38*
36*
38*
38*
8
8}

Oct. N ov. Dec.
I ll* i l l * I l l
114
111
114
114
114} 111*
102
100*
102
107
107* 104
+103
102* 102*
90
88*
89*
103* 105
105*
69*
70
70}
103* 100
100}
58
57
58*
104
105* 105*
*114
113* *114
105
105*
102
105
105* 102
06}
06} *97
101* 103*
97
35*
36*
35}
39
40*
38}
9
0}
8*
*123

122

120*

120*

85
23}
58*
61}

85
22
56
62

86*
22*
54}
61}

*81
20*
53}
60*

84*

56*
61}

82
23*
57}
57}

53}
60}

4%

83}
17}
53
60*

80*
17}
51*
61}

80
16}
52}
61}

80*
17
52*
59

34
24
78

39
31
85

33
32*
80

37
31}
82

37}
30*
83

36
35}
*85

f3 1 f
36*
86*

35}
34
82*

38*
32}
85}

36*
33}
87}

36*
32
90

36*
32}
91

84}
60
105*

87}
62
105*

87}
64
108*

90*
90
90*
60
70
65
110* f !1 5 *105

92
66*
106

94*
69*
107

97*
67
108}

98
67
108*

118

96}
93*
57*
65
106* *104

118

124* *119

122

122

110*

89*
26*
51}
62

84

f Asked

* Offered.

DEBT OF THE STATE OF LOUISIANA.
From the message o f the Governor o f Louisiana to the Legislature o f that State
which commenced its session on the third Monday in January, 1850, w e derive the
following particulars o f the financial affairs o f Louisiana:—
In obedience to a resolution o f the Legislature o f the 16th o f January, 1844, I am
enabled to report that in N ovember last, twelve hundred bonds, representing six hun­
dred thousand dollars o f the issue o f the State to the Bank o f Louisiana, were destroyed
in due from o f law. On the 1st o f January, 1845, the liability o f the State for the
property banks was fourteen million three hundred and twenty-one thousand five hun­
dred and ninety-six dollars. Since then this liability has been reduced, as follows :—
Union Bank......................................................................................
Citizens’ B ank.................................................................................
Consolidated A ssociation ..............................................................

$293,000
852,096
598,600

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

$1,744,596

The State bonds in favor o f the Second Municipality o f N ew Orleans, have been
reduced $100,320, and the debt proper o f the State has been reduced $65,000, b y the
payment o f the d ebt due the Consolidated Bank ; thus showing a reduction o f the
liability o f the State, in the last five years, o f nearly four millions o f dollars.
The State is indebted to the Charity Hospital in the sum o f $125,000, on which it
pays an annual interest o f 6 per cent, for the purchase o f the State House Square in
N ew Orleans.
I continue to urge a sale o f that portion o f the square which has not already been
disposed of, in order that the bonds o f the State m ay be taken up, and the payment
o f interest thereon avoided.”




Journal o f Banking, Currency , and Finance.

347

DEBT AND FINANCES OF MASSACHUSETTS.
The message o f George NT. Briggs, the Governor o f Massachusetts, furnishes the
following summary statement o f the debt, finances, and resources o f that State for the
year 1849.

The receipts and expenditures for the last year (1849) were as follow s:—

The receipts amounted to........................................... ..................................
The expenditures t o .......................................................................................

$340,658 85
601,604 23

Excess o f expenditures over receipts............................................

$60,945 88

The above amount o f receipts includes cash on hand, January 1,1849
Railroad stock sold..........................................................................................
State Keform School scrip sold....................................................................

11,354 64
13,400 00
25,000 00

This sum............................................................................................................
deducted from the whole receipts, $540,658 35, leaves $490,903 71
as the ordinary receipts for the year.
The amount o f expenditures includes the sum paid the State Beform
School under the act o f 1849 ..................................................................
Bailroad loans..................................................................................................
Temporary loans o f 1847 repaid..................................................................
1848...............................................................................
Balance paid for weights and measures.....................................................

$49,754 64

This sum ...........................................................................................................
deducted from the whole expenditure, $601,604 23, leaves, as the
ordinary expenditure o f the year, $513,209 23.

$25,000
9,000
15,000
10,000
29,395

00
00
00
00
00

$88,395 00

The receipts for the year 1849 are less than the estimates o f the Treasurer made
early in the y e a r :—
From the auction tax, a b o u t ................................. .......................................
A nd from alien passengers.............................................................................

$11,000 00
27,000 00

Making...................................................................................................

$38,000 00

The property o f the Commonwealth consists of—
W estern Bailroad stock................................................................................
“
“
sinking fund...........................................................
Commonwealth’s part o f W estern Bailroad loan sinking fund.............
Notes for lands in Maine...............................................................................
Cash on h a n d ...................................................................................................
Total......................................................................................................

$1,000,000
593,000
123,500
1,758
4,000

00
00
00
00
00

$1,722,258 00

The debt o f the Commonwealth—
W estern Bailroad scrip due in 1857, is......................................................
State Beform School scrip.............................................................................
Temporary loans..............................................................................................

995,000 00
25,000 00
65,000 00

M aking..................................................................................................

$1,085,000 00

H er lands in Maine are estimated a t ...-. ...................................................
H er claims upon the General G overnm ent..............................................

1,500,000 00
181,000 00

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

$1,681,000 00

The Massachusetts School fund amounts to ..............................................
The School fund for Indians............................................. ............................
Charles River and Warren Bridge fu nd....................................................

903,000 00
2,500 00
21,481 18

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

$926,981 18

The Commonwealth has heretofore pledged her faith for the payment o f the debts
o f certain railroad corporations. These corporations prom ptly pay the interest which
accrues on their debts, and the State is am ply secured by mortgages against future
contingencies.




348

Journal o f Banking, Currency, and Finance.
THE FINANCES OF NEW JERSEY,

It appears b y the message o f the Governor o f H ew Jersey, m ade to the Legislature
at the commencement o f the last session, January 8, 1850, that the finances o f that
State are in a healthy condition, that the revenues have been nearly equal to the wants,
notwithstanding the liberal appropriations made b y the Legislature for the public
grounds and buildings, and other purposes; and that according to the estimates for the
current years, there w ill be at its close an excess o f funds, after paying all the ordi­
nary expenses o f the government, and the present deficit, without the necessity o f re­
sorting to a direct ta x :—
The balance in the Treasury on the 1st January, 1849, w a s ..................

$10,823 13

There has been received during the year ending December 31, 1849, from ordinary
sources, nam ely:—
Transit duties............................................................................
Dividends on stock..........................
Pedlar’s licenses......................................................................
Tax on capital stock................................................................

$66,298
24,000
479
6,500

55}
00
00
00
$97,277 5 5 }

From extraordinary sources, na m ely:—
Interest a ccou n t..............................................
Surplus earnings o f State prison..................
Sale o f arms at the arsenal...........................
Special loan.......................................................
Forfeited recognizances..................................

1,458 98
4,750 00
61 98
22,000 00
142 50
--------------

Making the total funds o f the y e a r..................................................

28,413 2 6 }
$136,513 95

DISBURSEMENTS.

There has been disbursed during the same time for ordinary expenses.

$75,295 21

For other expenses, nam ely:—
$306 50
31,000 00
4,584 59
1,300 00
7,000 00
4,652 50
700 00
966 75
445 00
300 00
61,257
Total expenditure.................................................................................
Balance in the Treasury........... .......................................................... ..

CO
l rfw

T o Commissioners for building the Lunatic A sylum ...........
T o managers o f Lunatic Asylum , appropriation o f the last
cession o f the Legislature......................................................
State prison, for repairs, and on account o f new heating
apparatus..................................................................................
Commissioners to investigate charges against Camden and
A m boy and Delaware and Raritan Railroad Companies.
Paid on special loan....................................................................
For real estate and improvements...........................................
Swords for N ew Jersey officers................................................
Revolutionary correspondence...................................................
Commissioners to view lands under water at Jersey C ity.
A . Yattemare, agent for international exchanges.................

$126,552 75
9,961 20

Estimated condition o f the Treasury on 1st January, 1850:—
Cash on deposit in sundry banks....................................................................
Bonds and m ortgages............................................ .........................................
Joint companies’ bonds, and interest thereon..............................................
Transit duties due, (supposed)........................................................................
Dividends on stock, (su p posed ).................. ....................................................

9,961
5,387
17,510
15,381
18,000

20
35
00
17
00

T ax on capital stock, n am ely:—
N ew Jersey Railroad and Transportation Company and Paterson Rail­
road ..................................................................................................................




6,500 00

Journal o f Banking , Currency, and Finance.

349

Amount available.

$72,749 90

From which deduct :—
Amount due school fund........................................................... $25,595 82
Interest thereon to 1st January, 1850.....................................
7,567 80
Special loan prior to 1847......................................................... 37,000 00
Balance o f loan o f 1849............................................................
15,000 00
85,163 62
Leaving a deficit o f ...............................................................................
The ordinary annual receipts may be fairly estimated at.. $95,000 00
The ordinary expenses at........................................................... 75,000 00

$12,413 72

Leaving at the end o f the year to meet the present deficit
and contingencies.....................................................................
20,000 00
The amount o f the school fund is...................................................................
B y deducting the amount o f it on the 1st o f January, 1849...................

390,580 67
380,448 33

W e have its increase during the year over all disbursements...........

$10,142 34

PUBLIC DEBT OF THE UNITED STATES IN 1849.
The following summary statement o f the public debt o f the United States at the
close o f the year 1849, is derived from the last annual report o f the Secretary o f the
Treasury:—
The public debt now amounts to the sum o f $64,704,693 71, which w ill be redeem­
able as follow s:—
$142,735 10
Part o f the old funded and unfunded debt on presentation..............
Debts o f the District cities assumed by Congress, $60,000 payable
annually...................................................................................
960,000
00
Five per cent stock, per act o f August, 1846, redeemable 9th A u ­
gust, 1851................................................................................
303,573
92
Five per cent loan o f 3d March, 1843,redeemable 1st July, 1 8 5 3 ..
6,468,231 36
Six per cent loan o f 22d July, 1846, redeemable 12th November,
1 8 5 6 .........................................................................................
4,999,149
45
Six per cent loan o f 15th A pril, 1842, redeemable 31st December,
1 8 6 2 ..........
8,198,686 03
Six per cent loan o f 28th January, 1847, redeemable 1st January,
1868 ............................................................................................................
27,618,350 55
Six per cent loan o f 28th January, 1847, redeemable 1st January,
18 68.........................................................................................
149,828
00
Six per cent loan o f 31st March, 1848,redeemable 1st July, 1868..
15,740,000 00
Treasury notes issued prior to 1846, payable on presentation; if
converted into stock, under the act o f January, 1847, w ill be re­
deemable 1st July, 1868......................................................
144,139
31
T o ta l..................................................................................................

$64,704,693 71

FINANCES OF THE STATE OF WISCONSIN,
W e derive the foUowing statement o f the financial condition o f Wisconsin from the
last annual message o f the Governor o f that State to the Legislature, which com ­
menced its session on the first Monday in January, 1840:—
The following is a synopsis o f the State Treasurer’s report:—
Receipts into the Treasury, 18 49.....................................................................
Disbursements up to 1st January, 1850................................................. . . .

$52,856 39
53,845 96

Balance o f general fund on hand............................................................
Amount o f sales o f school lands in the city o f R acine...............................
Amount secured by bond and mortgage..............................
$64,962 86
Cash received and loaned on bond and m ortgage..............
8,400 09
Cash paid Racine Company for dividing and appraisal..
951 74

$10 43
74,474 42




74,314 61

350

Journal o f M ining and M anufactures.

Balance o f school fund on hand 1st January, 1850.......................................
R eceived one year’s interest on $8,400 at 7 per c e n t .................................

$160 11
588 00

This is the first fruit o f the school fund, and is subject to distribution to the several
counties for the payment o f teachers.
W hole amount o f appropriations made since the commencement of
State Government............... ................................................................. _.........
W hole amount o f payments up to 1st January, 1850.................... .............
Leaving outstanding and unpaid appropriations.................................

$94,687 23
66,312 37
$28,374 86

Balance o f general fund on hand, January 1, 1850, ten dollars and fifty cents.

JOURNAL OF MINING AND MANUFACTURES.
OF MANUFACTURES AT THE SOUTH,
T o F reeman H unt, E sq., E ditor o f the Merchants’ Magazine, etc.
D ear S ir :— I have just read the articles o f Mr. Gregg, in your December and Jan­
uary numbers, in which he very truly says that “ the remuneration which capital re­
ceives, when invested in manufacturing, is not a criterion from which to ju dge o f the
profits derived b y the country at large.”
H e then notices the fact, that N ew England has grown rich, not m erely the stock­
holders, but the whole people, in consequence o f her spirit and power o f machinery.
But great as the results have been to N ew England, they are not to be compared with
those now being produced at the South.
The lower class o f N ew England population are possessed o f energy, inventive
genius, and go-ahead industry, with intellects brightened b y a plain education; while
the same class here are as inert as indolence and poverty and total want o f education
for ages can make a p e o p le ; and the change wrought upon such a population, by
transposing them from their miserable log-cabins in the pine woods, and equally mis­
erable food and raiment, to the state o f civilization that they meet with in such a beautiful
manufacturing village as Graniteville, must be seen to be appreciated. It is no wonder
that Mr. Gregg estimates the benefits to the body politic so highly. The whole tract
around Graniteville, three years ago, was a wild barren waste, and the greater portion
o f the operatives almost as wild as the aborigines— living a sort o f vegetable life, o f
little profit to themselves or others. Presto— change. The magic wand o f the man­
ufacturer waved over the rocky bed o f the stream that for ages had spent its idle force
adown that valley, and up arose the granite palace o f the spindle and loom, and al­
most a hundred neat and comfortable dwellings now sheltering almost a thousand souls,
nine-tenths o f whom had never before been sheltered b y a domicil worthy the name of
a comfortable house. And, certes, never before had they the opportunity o f offering
up thanks to God every Sabbath day in such a church as either o f those now pointing
their spires from GraniteviUe to realms on high.
But that is not alL Here the children must attend school, and i f any one is disposed
to make a brute o f himself over the whisky cup, he must go to some other place, for
neither in store or tavern in that village has that curse o f the earth ever entered, or
can ever enter until owners change.
The reason w hy the goods, from this establishment, have entered so successfuUy into
competition with those o f the northern miUs, can be easily understocdjby those who
have traveled much in the cotton-growing region, as I have done. The handling o f
cotton is one continued scene o f waste from the time the first boUs open until the bales
reach the N ew England cotton miH, and there the picture is reversed, for every item,
even the dirt that accumulated upon the bales, serves to manure the soil. In the field
the cotton is often unpicked until mid-winter, and much o f it blown out, and other
parts stained and injured. A t the gin-house the waste is stiH going on, and most com­
monly is put up in bagging that is more like a net then like cloth ; and, after being
tumbled about in the mud and exposed to the rain, is perhaps hauled a hundred miles
through m uddy roads, and then tumbled out upon the ground to rest awhile before it
makes a steamboat passage, still exposed to rain and dirt and smoke, and then put on




351

Journal o f M ining and M anufactures.

shore, as I have often seen at N ew Orleans, in m ud and water six inches deep, to stand,
perhaps, a week. B y this time the sacking is half torn off; but, notwithstanding that,
when the sampler comes round, i f there is a whole spot left, he will cut a most un­
merciful gash into it and extract a few pounds from each bale, although there m ay be
a hundred alike. A nd w hy ? The samples are his perquisites, and, therefore, the
largest possible quantity that can be gouged out without having it called stealing, is
most to his profit. The practice is a shameful one, and not only a direct tax upon the
planters for the amount taken, but it leaves the balance o f the bale open to injury.
A t all the cotton yards, and depots, and wharves, the bags are tumbled about in the
dirt, and the ground is white with cotton trampled under foot and wasted. But waste
and injury does not cease h ere; for I have seen it tumbled about in the same w ay in
the streets o f N ew York.
Y ou will now see the advantage o f the cotton manufacturers who are located where
the staple grows. A t Augusta, Georgia, the cotton can be taken into the mill right
from the planters boat that brought it down the Savannah River, and through the canal
o f nine miles that brings the power to drive the spindles.
A ll the cotton that I saw at Graniteville and Yancluse, another m ill upon the same
stream, was in good sound sacks, and free from dirt and stain, and, of course, will make
better cloth and less waste.
Nearly all the South Carolina cotton is put up in good bags, and if it was only de­
cently handled and not thieveishly sampled, it would reach the manufacturer in better
condition than the New Orleans cotton o f the same quality.
The manufacture o f cotton is extending all over the Southern States, and if there
were a few more such men as "William Gregg to build up in wilderness places a few
more such villages as Graniteville, it would prove a great blessing to the lower classes
o f people, for it would elevate their character to a position o f far greater usefulness
than they w ill ever attain by any other pursuit.
The following is the cost o f manufacturing cotton, per pound, at Graniteville for the
week ending July 5 :—
Picking, one mill and eight-hundredths; carding, eight mills and fifty-eight-hun­
dredths ; spinning, spooling, and warping, one cent and eight-hundredths o f a m ill;
weaving, one cent, eight mills, and seventy-four-hundredths; dressing, three mills and
sixty-five-hundredhts; baleing, eighty-five-hundredths o f a m ill; sundries, five mills
and sixty-three-hundredths; total cost o f labor, four cents, eight mills, and sixty-onehundredths. The week ending December 8, shows a cost o f four cents, eight mills,
and eighty-one-hundredths.
These two weeks are about the highest that I noticed among many, and will show
you that the company are not losing money, at least, and I fear that is more than some
o f those at the North can say during the present high price o f the raw material.
I am, most respectfully, (fee.,
SOLON ROBINSON.
C harleston , (S. C.,) February 15, 1850.
PRODUCT OF THE CLIFF MINES.
B y the annual report o f the Pittsburg and Boston Mining Company, it appears that
the amount o f mineral raised from the mine during the year ending December 1,1849,
was *7,228,698 lbs.

O f this, 1,644,198 lbs. was o f sufficient richness to ship in the con­

dition in which it came from the mine.
similar to the other class o f oar.

The residue produced 418,504 lbs. o f quality

The copper in this condition is shipped to Pittsburg,

and there smelted and refined in the furnace o f the company.

The whole smelting of

the year has produced not less than 660 tons o f refined copper. The estimate value
o f the operations for 1849 is $204,576 58, after defraying the expenses o f smelting
and refining.

The expenses o f the company for 1849 were $106,968 77.

The avail­

able surplus, estimating the copper and ore on hand, and omitting from the account
any o f the real estate or improvements o f the company, or the supplies on hand at
the mine, is $126,575 75.

The directors believe that in this state o f things they shall

be justified in paying two semi-annual dividends the present year o f $7 each.

One

dividend is now payable at the office o f J. W. Clark k Co., the other will be paid in
July.

Deducting the amount o f these dividends, the available surplus on hand is




352

Journal o f M ining and M anufactures.

$42,2'?5 75. The total amount o f the liabilities o f the company is $59,024 15— of
assets, bills, and accounts receivable, $96,579, to say nothing o f the copper, copper ore,
and silver on hand at the mines and in various cities, amounting to $89,010, and o f
supplies and munitions for mining, valued at $21,780. The following table gives the
product o f the Cliff Mine in each month o f the year ending December 1, 1849 :—

December, 1848
January 1849
«
February
«
March
«
A p ril
<«
May
«
June
July
August
September
«
October
November
T o t a l.

Bbl. ore,
50 per cent.
50,007
40,756
20,685
22,864
21,298
90,129
88,562
57,932
55,082
50,303
41,371
27,325
566,314

Masses,
70 per cent.
55,354
73,159
79,405
48,669
43,692
99,600
92,874
93,385
236,237
88,401
103,081
64,027
1,07,7884

Total
pounds.
7 6 ,8 6 1
628,415
629,590
655,033
453,490
614,229
506,936
550,317
795,319
534,704
624,452
559,352

Stamp,
5 per cent.
571,500
514,500
529,500
583.500
-338,500
224,500
325,500
899,000
504,000
396,000
480,000
468,000
5,584,500

7,228,698

Last year the Boston and Pittsburg Company paid a dividend o f $10 per share; in
1850, as w ill be seen above, it will pay $14. Indeed, were the product o f it3 mine
convertible into cash at short notice, it could pay $20 per share, and yet have a suffi­
cient surplus for operations.

O f the prospects o f the company the Directors say :—

“ The lode continues to maintain the same favorable vertical position noticed in our
last report; and its mineral bearing character remains unchanged. Of its permancy
and future productiveness, after the developments already made, no well-grounded ap­
prehension can be entertained.
A s is the case with all mines, however, a variety o f favorable circumstances con­
curring, w ill doubtless render some years more productive than others, but that a welldefined vein, like that o f the Cliff, traversing the most favorable geological formation
o f which the history o f mining furnishes any example, should, for many years to
come, be exhausted o f its mineral treasures, is not to be esteemed as among the events
at all likely to occur.
01V THE MANUFACTURE AND REFINING OF SUGAR.
The following statement touching the combined use o f basic acetate o f lead and sul­
phurous acid in the colonial manufacture and the refining o f sugar, made before the
British Association at its last annual meeting, will not, we presume, be uninteresting
to the readers o f the Merchants’ M agazine in the sugar region o f the United S tates:—
According to Dr. Scoffern, the quantity o f pure, white, crystallisable sugar existing
in the juice o f the sugar-cane is from 17 to 23 per cent, and the juice contained in the
cane amounts to about 90 per cent, o f which, on the average, only 60 per cent, is ex­
tracted ; o f this only one-third part o f its sugar is obtained, and that in a dark and im­
pure condition.
The process at present followed in the production o f sugar, involves the use o f lime,
which, although beneficial in separating certain impurities and decomposing others,
does so only at the expense o f two-thirds o f the sugar.
Some curious plans have been tried for avoiding the use o f lim e ; hydrated alumina
has been used, with very little success. A s a purifying agent, the basic acetate o f lead
is known to be most p ow erfu l; but from the want o f a sufficient means o f separating
any excess o f that agent, it cannot be generally employed. Dr. S. effects this separation
b y means o f sulphurous acid forced into the solution o f sugar. The process, acording
to Dr. Scoffern, has been in use for more than tw elve months at a large refinery; a
sample o f the sugar prepared by this process was exhibited to the Section.
The following is a summary o f the advantages presented b y this p rocess:—
In the case o f cane juice, and other natural juices, containing sugar, it enables the




Journal o f M ining and Manufactures.

353

whole o f the sugar to he extracted instead o f one-third, as b y the present p rocess; the
sugar may he obtained perfectly white, i f required, without the employment o f animal
charcoal. Owing to the complete separation o f impurities, no scum rises on the juice
when b o ile d ; consequently the labor o f skimming is saved. The process o f curing is
effected in less than one-third o f the time at present required, and the sugar, being al­
ways pure and dry, does not lose in weight during the voyage. It enables the manu­
facturer to work up staples o f such impurity as could not be used in the old process,
and these staples yield a produce equal in quality to the best refined sugars heretofore
produced, in greater quantity and in less time. The operation o f scum-pressing, and
the employment o f blood and lime, are avoided. The cost is less than by the ordinary
process.
Dr. Miller observed that it had been objected that in this process the sulphurous acid
absorbed oxygen, and, passing into the state o f sulphuric acid, injured the grain o f the
sugar. Dr. Playfair said that it had been stated that sulphurous acid gave a taste to
the sugar. Dr. Scoffern said that his specimens proved that these objections did not
hold good. A member having inquired if voltaic electricity had been found successful
in removing the salts o f lead from the sugar, Professor Faraday expressed his opinion
that it was not practicable. Professor De Y r y thought the molasses w ould contain
acetate o f lead, which would render it unfit for the use to which it is put in Holland.

THE MANUFACTURES OF VERMONT.
W e published, in the February number o f the Merchants’ Magazine, a tabular state­
ment o f the cotton, woolen, and other manufactures o f Massachusetts, compiled chiefly
from P ratt's Business Directory.

W e now subjoin a similar statement o f manufactur­

ing establishments in Vermont
Name and location.
Birge &, Dickinson, Brattleborough..
Boyington <V Co., H inesburg.............
Burlington Mill Co., Colchester.........
Burnham, James E., S. Craftsbury..
Cambridge, P. C., Thetford................
Carten, John, W est Barnet................
Collamer, George W ., B arre.. . . . . .
Cook & Dow, M orristown.................
Crane, Porter, W o lc o tt......................
Cree, J. T., Rockingham.....................
Davenport & Hash, M iddlebury____
Deane, Peter W . & Co., G rafton.. . .
Densmore, Sutton................................
D ew ey & Spaulding, H artford........
Dow, A . & S., Johnson........................
East Bethel Factory, East B eth el.. .
Eastwood <Ss Sons, W est H aven____
Flanders, A ndrew P., Bradford........
Gay & Cox, Stockbridge...................
Granite Manuf. Co., Rockingham . . .
Greenbank & Martin, Monkton.........
Greenbush, George, Barnet...............
Griffin, George, B arnet......................
Halls, Benjamin, T unbridge.............
Harris & Bolton, South D an ville. . .
Harvey, Caleb, D an ville...................
Herren, John, WaterviHe...................
HiH, Sumner D., R ead in g .................
Hobart, A . & A., N orthfield.............
Howard, E. B., Salisbury...................
Kendall, S. & Sons, Enosburg F a lls.
Keyes, James & Co., Putney.............
Kilbourn, A . <fc Son., C astleton........
Kingsley, C., Jr., Brandon...................
V O L . X X I I .— N O . III.




K in d o f goods.

Cassimeres..............................
Satinets...................................
Cassm’s, Broadcl’s Doesk’s
Cassm’s, Flan'ls, it Pl’n Cloth
Cassimeres..............................
F lannels.................................
F lannels.................................
Cassim’s, Flannels Sat’n’ts
Cassimeres and F lannels. . .
Satinets...................................
Cassimeres..............................
Cassimeres..............................
Satinets, Cassim’s <fc Flan’els
Satinets...................................
Cassim’s, Sat’n’ts, & Pl’n Cl’h
F lann els.................................
Plain W oolen C loth.............
Cassimeres..............................
Cassimeres..............................
Cassimeres..............................
Cassimeres and F lannels. . .
F lann els.................................
Cassimeres and Flannels. . .
Cassimeres..............................
Cassim’s, Tweeds <fc Flannels
Cassim’s, Tweeds it Flannels
Flannels and Plain C loth .. .
Satinets...................................
F lannels.................................
Cassim’s Flan’els & P l’n Cl’h
Sat’s Cassim’s T w ’ds it Fl’n’s
Cassimeres..............................
Cassim’s Flannels it Tweeds
Cassimeres.............................

23

Yearly amount
in yards. Spindles.
2 5 ,0 0 0
3 6 0 ,0 0 0
7 ,0 0 0
2 0 ,0 0 0
7 5 ,0 0 0

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

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

5 ,0 0 4
160
160
140
600
130
120
1 ,1 6 0
256
132
576
180
1 ,0 2 0
180
120
288
570
516
200
144
200
360
2 ,0 0 0
288
1 ,0 0 0
144
120
216
180

■354

Journal o f M ining and Manufactuers.

Name and location.
Labarree, W . II. & R., H artland.. . .
Lanvlile Factory, South Hardw ick..
Ludlow W ooled Mill, Ludlow..........
Lyman, Theodore D., N. Ferrysburg
Merrill, Prosper, Springfield.............
Otauquecliee Co., Bridgewater..........
Parker <fc Gould, Northfield..............
Pennfield, S., Pittsford........................
Perkins, M. B. <V J, S., W in d so r.. . .
Perkins, Nathan, Morristown.............
Perry, George & Co., R ockingham . .
Pettes, Levi, Colchester.....................
Samson & Smith, Enosburg.............
Sawyer, Bowman & Co., C hester. . .
Smith & W illard, Cavendish.............
Streeter, P’rk’r, Snyder & Co. Ludl’w
Sturtevant, C. F. & T. F., H artland.
Sturtevant, F. & C o, Hartford..........
Tarble, F , S h e ld o n ............................
Treadway, J. W., H ubbardton........
W alker, H. W , Salisbury.................
W ebster, Alden, C abot......................
W eeks, A , Shelburne........................
W ilder, A . & S on, M ontpelier........
W oodward, S , W oodstock................
W oolley, Day
C o , G rafton...........
Fullerton & Martin, S prin gfield.. . .
Lathrop & Penfield, Pittsford..........
Pawlet Manufacturing C o, P aw let..
Robinson, P. L , N. Bennington........
U pper Falls Mf. C o, W eathersfield.
Weathersfield Cot. Mill, W eath’sfld
W inooski M ill C o , C olchester..........
W ood, N , M iddlebury........................
V erm ont Copperas C o, Strafford.. .
Forest Dale Iron W orks, B rand on..

Kind o f goods.

Satinets and Cassimeres . . .
Cassim’s Tweeds ifc Flannels
Cassim’s & Fancy Doeskins.
Cassim’s, Satinets & Flan’els
Cassimeres..............................
Cassimeres..............................
Flannels..................................
Cassimeres and F lannels. . .
Flannels..................................
Cassimeres and Satinets . . .
Casm’s D ’skins Tw’ds <fcSat’s
Cassim’s Satinets & Flannels
Flan’s, Cassim’s & Pl’n Cloth
Cassim eres............................
Cassimeres and Doeskins. . .
C assim eres............................
Cassim eres............................
Cassim eres............................
Sat’s, Cassim’s <k P in Cloth.
W oolen G o o d s ................. -..
Plain Cloth and Cassimeres.
Cassim eres............................
Cassim’s, Sat’s and Flannels
D ’skins, Sat’s <fc Kerseymer’s
Doeskins <fe Fancy Cassim’s.
Cassim eres............................
Sheetings & Satinet Warps..
Thread, Knit’g Y ’m & Twine
H eavy Sheetings...................
Printing Cloth........................
Irish Sheeting’s .....................
Printing C loth s.....................
Sheetings and Y a m .............
Sheetings................... ............
C opperas........................ tons
Pig Ir o n ..........................tons

Yearly amount
in’yards. Spindles.

23,000
15,000
90,000
8,000
25,000
40,000
128,000
12,000
20,000

3,000

288
160
864
120
420
420
130
180
280
120
540
154
120
288
1,120
264
150
500
144
140
180
160

16,000
65,000
20,000
400,000
tons
3£
1,500,000

200
780
240
1,150
556
1,300

400,000
650,000

15,000
3,000

60,000
20,000
25,000
100,000
240,000
13,000
48,000
12,000

........

300,000
1,600
1,500

....
....
—

A SUGAR REFINERY FOR CINCINNATI.
W e cop y the foRowing suggestion in regard to the estab’ishment o f a sugar refinery
in Cincinnati, from the “ P rice Current,” published in that city, for the benefit o f some
o f our competent refiners in the East w ho may be desirous o f engaging in an enter­
prise that could scarcely fail o f proving successful
“ There is not, probably, west o f the Alleghany Mountains, a more desirable location
for a sugar refinery, on an extensive scale, than in Cincinnati; and it has long been a
matter o f surprise that sueh an establishment has not been erected at this point. A ll
the refined sugar consumed and sold here is brought from the South and W e s t ; and o f
course the trade has not the same advantages that w ould be enjoyed had w e an estab­
lishment o f our own. W e have shown, in previous articles, the magnitude o f the grocery
trade o f this city, and it must continue to increase rapidly with the tide o f immigration
and the natural increase o f population* This subject has, for some time past, attracted
considerable attention ; and the establishment o f a refinery such as is desired is a matter
o f serious conversation. The talk, too, is in the right quarter; and we understand that
tw o gentlemen heve expressed their willingness to subscribe each §30,000, as soon as
a competent person, or persons, shall be found to carry on the business. W e trust that
the ball, which seems now, for the first time, to have been set effectually in motion, will
be kept moving until w e shall have a refinery that will do credit to the city, as w ell as a
great service to the trade.”
* For the article referred to, see an article in the present number o f the M erchants'
Magazine, headed “ Grocery Trade.”




,

355

Railroad Canal, and Steamboat Statistics.

RAILROAD, CANAL, AND STEAMROAT STATISTICS.
COMMERCE OF THE NEW YORK CANALS IN 1849:
AS COMPARED W IT H THE TEARS

1847

AND

1848.

STATEMENT SHOWING THE TOTAL QUANTITY OF EACH ARTICLE WHICH CAME TO THE HUDSON
R IV E R ON ALL THE CANALS DURING THE TEARS

THE FOREST.
F u r a n d p e l t r y ........................ ............. lb s .
Product o f wood—
B o a r d s a n d s c a n t lin g . .
S h i n g l e s ................................ ................M .
T i m b e r ................................... .c u b ic fe e t
S t a v e s ....................................
W o o d .......................................
A s h e s ....................................... ...........b b ls .
AGRICULTURE.
Product o f animals—
P o r k ........................................
B e e f ........................................
B a c o n ..................................... . . . . . . .lb s .
C h e e s e ....................................
B u t t e r ....................................
L a r d .........................................
W o o l .......................................
H id e s .......................................
Vegetable fo o d —
F l o u r ....................................... ...........b b ls .
W h e a t ...................................
B y e . .........................................
C o m .........................................
B a r le y .....................................
O t h e r g r a in .........................
S h ip s t u f f s ...........................
P e a s a n d b e a n s ................
P o t a t o e s ................................
D r ie d f r u it ............................................. lb s
A ll other agricultural products —
C o t t o n ..................................... ............. lb s .
T o b a c c o ................................
G r a s s s e e d ............................
F l a x s e e d ..............................
H o p s .......................................
MANUFACTURES.
D o m e s t ic s p i r it s ....................
L e a t h e r ........................................ ..............lb s .
F u r n itu r e ....................................
B a r a n d p i g l e a d ....................
B lo o m a n d b a r ir o n ..............
P i g i r o n .....................................
I r o n w a r e ...................................
D o m e s t ic w o o l e n s ................
“
c o t t o n s ...................
S a l t ..............................................
Other articles—
S to n e , lim e , <fcc...................
G y p s u m ................................
M in e r a l c o a l .........................

Sundries........................




1 84 7 .

1847, 1848, AND 1849.

5 5 6 ,0 0 0

1848.
5 5 6 ,8 1 6

1849.
5 5 4 ,5 3 1

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

356

Railroad, Canal, and Steamboat Statistics.

STATEMENT SHOWING THE AGGREGATE, IN TONS, UNDER THE DIVISIONS SPECIFIED IN THE
ABOVE TABLE.

The forest................................................
A g ricu ltu re............................................
Manufactures..........................................
Merchandise...........................................
Other articles..........................................

666,113
897.717
51,532
4,831
124,090

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

1,744,283

603,272
685,896
44,867
6,343
107,527

664,117
769,602
44,286
5,872
96,195

1,447,905

1,580,072

STATEMENT SHOWING THE ESTIMATED VALUE OF EACH ARTICLE W H ICH CAME TO THE HUDSON
R IV E R ON ALL THE CANALS DURING THE TEARS
THE FOREST.

Fur and p eltry............................. . .lbs.
Product o f wood—
Boards and scantling.............
Shingles.................................... ...M .
Tim ber............................... cubic feet
S ta v e s.......................................
W o o d ........................................ .cords
Ashes......................................... .bbls.

1847, 1848,

AND

1849.

1847.
690,150

1848.
695,838

1849.
692,864

5,078,564
405,548
169,160
1,239,677
79,986
1,135,288

3,931,277
338,861
212,598
514,109
69,462
1,146,870

4,459,158
153,774
119,608
693,702
56,892
479,675

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

967,230
505,700
490,997
3,029,169
3,359,391
761,757
2,304,044
17,494

758,421
1,244,360
514,665
2,736,212
2,923,831
635,814
4,072,358
59,636

17,471,401
3,677,020
200,310
1,834,388
1,037,293
747,930
172,578 .
75,808
53,109
164,532

16,315,435
2,993,161
187,545
2,971),482
868,115
868,083
242,755
160,234
117,919
78,007

AGRICULTURE.

Product o f animals—
Pork........................................... .bbls.
B e e f ..........................................
B a c o n .......................................
C heese......................................
Butter........................................
Lard...........................................
W o o l.........................................
Hides.........................................
Vegetable fo o d —
F lou r......................................... .bbls.
W h e a t...................................... .bush.
R y e............................................
C o r n ..........................................
B arley.......................................
Other grain.............................. . .lbs.
Bran and shipstuffs................
Peas and beans......................
Potatoes...................................
Dried fruit...............................
A l l other agricultural productsC otton........................................ ..lb s .
Tobacco.....................................
Clover and grass seed ...........
Flax seed.................................
H o p s .........................................

27,057,037
5,833,901
259,950
5,170,970
1,279,337
977,967
293,117
106,088
51,755
320,364
35,498
150,735
231,518
103,219
188,179

11,356
43,127
116,692
35,268
159,695

29,239
237,007
148,746
30,536
262,893

473,651
963,204
197,254
19,288
660,896
340,496
123,808
2,369,187
740,901
133,836

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

526,938
885,080
111,630
500
558,120
96,362
52,131
895,991
698,816
73,666

63,129
17,584
81,453
2,944,914

92,379
8,336
108,659
2,001,252

74,061
5,742
56,633
2,241,639

MANUFACTURES.

Domestic sp irits........................ ..galls.
L eath er.........................................
Furniture................................... ..
Bar and pig le a d ........................
Bloom and bar iro n ...................
Pig i r o n ........................................
Iron w a r e .....................................
Domestic w oolens......................
“
cottons.........................
Salt.................................................. .bush.
Other articles—
Stone, lime, and c la y .............
Gypsum....................................
Mineral coal.............................
Sundries.....................................




,

,

357

Railroad Canal and Steamboat Statistics.

STATEMENT SHOWING THE AGGREGATE VALUE OF THE PEOPEETT W H ICH CAME TO THE HUDSON
RIVER ON ALL THE CANALS DURING THE YEARS
IONS AS SPECIFIED IN THE ABOVE TABLE.

1847, 1848,

AND

1849,

UNDER THE DIVIS-

The forest...............................................
A g ricu ltu re............................................
Manufactures..........................................
M erchandise...........................................
Other articles..........................................

1847.
8,798,373
54,624,849
6,024,518
517,594
3,127,080

1848.
6,909,015
37,338,299
3,834,360
593,610
2,210,623

1849.
8,044,646
38,053,206
3,899,237
508,048
2,280,473

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

73,092,414

50,883,907

51,745,219

HAVANA AND UNION RAILROAD,
M a t a n z a s , January

15IA, 1850.

F r e e m a n H u n t , E sq ., E ditor o f the M erchants Magazine, etc.

D ear S ir :— Annexed you w ill find a statement o f the operations o f the Havana
and Union Railroad, for the year 1849, submitted for insertion in the pages o f your
excellent Journal.
'
Yours truly,
D A V ID M. B A LF O U R .
OPERATIONS

OF

THE HAVANA AND UNION RAILRO AD , FOR THE YE AR ENDING SEPTEMBER

3 0 th , 1849.

Cost o f r o a d ...........................................................................................................

$3,500,000

Length o f main road...................................................................... miles
88
Branch to Batabano..................................................................................
11
Branch to Guanajay..................................................................................
15
Total length...................
—
Receipts from passengers..............................................................
$251,000
Receipts from freight......................................................................
306,927
Total receipts......................................................................
.............
Humber o f miles run b y engine..........................................................................
passengers transported....................................................................
boxes sugar
“
....................................................................
hhds.
“
“
....................................................................
pipes aguadiente “
....................................................................
hogsheads, tierces, and barrels honey transported......................
bales tobacco transported................................................................
cartloads o f corn “
................................................................
“
metheglin.......................................................................
“
bananas..........................................................................
“
charcoal.........................................................................
h o g s .....................................................................................................

114

$557,927
184,312
161,886’
75,886
1,807
3,009
4,981
56,985

2,110
2,428
1,457
1,192
4,739

DECLINE IN PRICES OF RAILROAD STOCKS.
The Boston Traveler shows that a reference to a record o f sales o f railroad shares,
for a period o f about tw o years, gives the following result:—
Prices within Feb. 4,
tw o years. 1850.

Prices within Feb. 4,
tw o years. 1850.

Connecticut R iv e r .. . .........
Old Colony................. .........
Cheshire.....................
N orth ern....................
P assum sic..................
Verm ont and Massachusetts
Verm ont Central . . .

101
95

74

9 0 a91
65
61
65
68
27
45

Rutland..........................
E astern..........................
Boston and M aine.........
Boston and W orcester..
Ogdensburg....................
Norfolk County.............

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

106
116
117
48
100

95
102
91
23
28

Here is an extraordinary fall in value o f this species o f p rop erty ; but there is a large
class o f railways— Stonington, Reading, Long Island, Norwich and Worcester, W or­
cester, Lexington, &c., die.— costing some tens o f millions o f dollars, which, from prices
quoted, and those m erely nominal, seem to be o f little or no value— not enough, nor onefourth enough, to p ay the interest on sums advanced for their creation.




358

Railroad, Canal, and Steamboat Statistics.
THE READING RAILROAD, PENNSYLVANIA,

The annual report o f the Reading Railroad has been published, and presents the fol­
lowing result o f the business o f the last fiscal year, closing November 30th, 1849. The
receipts o f the year w e r e :—
Travel, 95,577 passengers, equal to 49,097 through passengers...........
Freight, 51,204 tons merchandise................................................................
“
1,097,761 19-20 tons coal..............................................................
United States M ail.........................................................................................
Miscellaneous receipts....................................................................................
Hauling cars and valley passenger train to June 30 ............................

8155,903
106,846
1,648,900
9,400
5,901
7,434

18
86
46
00
47
61

Total re ce ip ts......................................................................................
Total ex pen ses......................................................... ......................................

81,833,590 59
942,640 83

N et earnings........................................................................................
Interest paid during the y e a r......................................................................

$984,049 76
647,815 45

Total.................................................................................. ...................
Dividends on preferred s t o c k ......................................................................

$336,239 31
168,625 00

N et surplus..........................................................................................

$172,011 31

"Which has been disposed o f as foU ows:—
Int’st on floating debt to June 30, carried to deferM stock divid’d fund
Amount, 1836, 1860 bonds brought in .......................................................
Amount, 1849, 1870 bonds, to be brought in ............................................
Carried to common stock dividend-fund, to be divided hereafter in cash
To pay State tax for 1849.............................................................................

$88,404
25,000
75,000
26,669
7,537

15
00
00
03
53

TotaL.....................................................................................................
$172,711 31
The net profits o f the last five months o f the fiscal year, during which time
589,315 14-20 tons o f coal were transported, were $605,972 38, while for the seven
preceding months, with a coal tonnage o f 503,447 5-25 tons, the net earnings w ere but
$378,077 30.

LONG ISLAND RAILROAD.
The directors o f the Long Island Railroad Company report the actual condition o f
the company, January 1, 1850, as follow s:—
Controller o f State o f N ew York, loan............................................................
Bonds o f the company, outstanding..............................................................
Accounts payable “ recognized balances ” .....................................................

$100,000 00
347,563 96
35,426 05

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

$482,990 01

LESS.

Accounts receivable..................................................................
Bills receivable..........................................................................
Sinking Fund, State L oan .......................................................
Horses, wagons, and harness...................................................
Cross ties on h a n d ...............................
Fuel on hand..............................................................................
Cash..............................................................................................

$7,275 15
1,000 00
8,000 00
958 00
3,000 00
6,497 88
5,727 49
------------

$32,458 52

Indebtedness January 1, 1850............................................................

$450,531 49

T o provide for this indebtedness, and for further outlay in the running gear o f the
road, which wiH becom e necessary from its increasing business, the company propose
an issue o f $500,000 in bonds bearing interest at 6 per cent per annum, interest paya­
ble semi-annually, secured b y a mortgage on the road, Shepherd Knapp, Esq., being
the trustee, the larger proportion g f which new bonds— namely, $347,863 96— w ill be
absorbed in the exchange for that amount o f bonds now outstanding.




Mercantile Miscellanies.

359

MERCANTILE MISCELLANIES.
THE CULTIVATION OF TEA IN SOUTH CAROLINA.
Considerable interest having been manifested on the subject o f introducing the cul­
tivation o f the tea plant into the United States, and repeated applications made to us
for information touching the success o f the amateur attempts that have already been
made in the Southern States to produce that delightful beverage, w e addressed a let­
ter to our esteemed friend and correspondent, J unius S mith, Esq., requesting him to
furnish us with such information as his brief experience and the circumstances connected
w ith his efforts in that direction would permit.

The following letter, although not

furnishing as ample details on the subject as w e desired, will, without doubt, interest
many o f our readers.

W e have little or no doubt as to the eventual success o f the

enterprise, in certain regions o f a territory like that o f the United States, varied by
every variety o f soil and climate.

This opinion is based not only upon Mr. Smith’s e x ­

perience, but the opinion o f intelligent Americans who have resided in China for many
years, and who are practically acquainted with the tea-trade, if not with its culture.

To F reeman H unt, E sq, E d ito r

Golden G rove Tea- P lantation, )
G reenville , S. 0 ., February 5th, 1850. (
o f the M erch a n ts' M aga zin e , etc.

D ear Sir :— Y our favor o f 25th ultimo I have received. In compliance with your
request, I send you a few lines on the subject o f tea cultivation, to which I have now
for three years devoted m y time and attention. W e have had here what you in Hew
Y ork call an open winter. I have not seen a flake o f snow this winter, and yet we
have had sharp frosts and stern, wintry nights. The thermometer, at 7 o’clock yester­
day morning, stood at 20° : this morning, at the same hour, at 18°. The tea-plant has
the test o f a decided winter, and holds up its head like a veteran soldier. I do not
perceive that it has sustained the slightest injury ; on the contrary, fresh leaves have
put out and grown during the winter, in a moderate degree. A s aU the branches,
twigs, and leaves are the growth o f the last season, and therefore delicate and tender,
I deemed it prudent to afford them shelter during the frosty nights, especially as most
o f the plants are now in fruit. The foliage, you are aware, is an evergreen leaf. It
looks fresh and healthful This shelter, which I constructed myself, and, for aught I
know to the contrary, is original, is cheap, easily made, and most efficient, and I think
ought to be in the hands o f every florist and horticulturist in this fitful and delicious
climate.
I t is in the form o f a tripod, in a conical shape. Three sticks, the size o f a man’s
finger, spread at the base, form the feet—‘-brought together at the apex, form a cone.
A hoop, inside the cone, about the center between the base and the apex, forms the
frame. This is thatched with broom-sedge, a coarse grass common in this part o f the
country, and o f little or no value, instead o f straw. A cord is stitched through the
broom-sedge, or straw, round the hoop, which keeps it in its place, and another string
is tied round the sedge at the top, where it is cut off. The three legs are sharpened at
the bottom, and project three or four inches below the thatch, which gives the shelter
stability, and sufficient hold upon the ground to protect it from the violence o f the
winds. It stands like a gentleman’s hat upon his head, and is put over and taken off
the plant with the same facility. I do not suppose the tea-plant wiH require any shel­
ter after the first or second year o f its growth.
In consequence o f the frequent application for tea-plants and tea-nuts, and the diffi­
culty in obtaining and getting them home in sound condition, in anything like sufficient
quantity for m y own use, I have determined, nevertheless, to yield to the demand, and
to accommodate the public so far as I can, with both plants and nuts, this spring. I
do not contemplate manufacturing any tea until next year, because the increase o f the
tea-nuts is an object o f far greater consequence to the country than the immediate in­
dulgence in a choice cup o f tea from the produce o f our own cultivation.
I should be very glad to receive your Magazine regularly, as I know it will always
afford me, in this secluded corner, both instruction and amusement.
Yours truly,




JUNIUS SMITH.

360

Mercantile Miscellanies.
MERCANTILE LIBRARY ASSOCIATION OF CINCINNATI,

W e have received a copy o f the fifteenth annual report o f the Board o f Directors o f
the Y oung Men’s Mercantile Libpary Association o f Cincinnati, a w ell considered bu­
siness document, presenting a clear and succinct statement o f the condition and pro­
gress o f the institution during the past year.

The whole number o f members at the

commencement o f the year, was 1,517, added during the year b y election, 181 active,
96 honorary, and one life.

The discontinuances have been by resignation, death, and

removal from the city, 172— leaving the present number o f regular members 1,623.
The whole number o f volumes on the catalogue at the date o f the last annual re­
port, 8,195.

There have been added during the year, by purchase, 1,431; by dona­

tion, 12 0; by binding o f magazines and periodicals, 5 8 ; total additions, 1,009.

A g­

gregate cost o f same, including binding, but exclusive o f subscriptions to magazine*
and periodicals, 11,888 08.
In referring to the valuable donations made to the library during the year, the fol­
lowing allusion is made to Dr. Spooner’s splendid w o r k :—
“ Special thanks are also due, and have been officially tendered, to D. O. Macomber,
Esq., for his munificent donation of a copy o f the American edition o f Boydell’s cele­
brated engraved illustrations o f Shakspeare, from the original plates, as restored by
Dr. Spooner and associates, o f N ew York. The work, when completed, will comprise
one hundred illustrations; thirty o f which have been already issued. To our collection
o f works o f art, this generous gift forms an addition o f great and permanent value,
and must secure to the donor the grateful recollections o f every member of the A s ­
sociation.”
The Reading Room appears from the report to be, as it should, a leading feature o f
attraction, and has received throughout the year its proportionate share o f attention
from the Board.

Nearly every important point in the United States and British

America is already represented by daily, semi-weekly, or w eekly issues.

The foreign

list, too, is quite extensive, and embraces a number o f files both in the French and
German languages.

N o discontinuances have been ordered b y the Directors, and the

domestic list remains nearly the same as at the date o f the last report.
From the report o f the Treasurer, embracing full details o f receipts and expendi­
tures, it appears that the receipts during the year amounted to $5,428 27 ; and the
expenditures during the same time to $5,360 81, leaving a balance in the Treasury o f
$57 76.
The death o f the Rev. James H. Perkins, a warm-hearted and valued friend o f the
Association, is referred to in terms o f befitting eulogy. W e give the closing para­
graphs o f the report o f the retiring Board o f Directors, who seem to have discharged
the duties o f their office with great fidelity.
“ Our Association has already attained a position o f commanding eminence among
kindred institutions o f our State and nation; and it now remains for us, the young
men o f Cincinnati, to say whether her past successes shall suffice to fill the measure
o f our ambition, or whether she shall be urged onward to higher and bolder achieve­
ments— whether as merchants, we will contribute a portion o f our time and m oney to
the up building and support o f a noble public institution, that shall be a lasting monu­
ment to our intelligence, liberality, and taste, or whether we w ill m eekly consent to
wear the stigma applied to our profession by a British statesman, that our “ ledgers
are our Bibles, and our gold is our God.
To elevate the standard o f mercantile intelligence, and as an important auxiliary in
the great work o f intellectual self-culture, this Association was designed b y its found­
ers. This, let it be remembered, is its true, its exalted mission. For the credit o f our
profession, then, and the honor o f our city, let us cherish and uphold it.
“ From the wearisome toils o f an exacting vocation— from the feverish excitement
o f commercial strife, we m ay turn to this treasure-house o f knowledge as to a w ell­




Mercantile Miscellanies.

361

spring o f pleasure. Here, too, we may acquire those substantial and enduring riches,
the ‘ merchandise w hereof is better than the merchandise o f silver, and the gain thereof
than fine gold.’ ”
The following gentlemen compose the Board elected for the year 1850:—
Joseph C. Butler, P resident; James Lupton, V ice President; R obert L. Fabian,
Corresponding S ecretary; George S. Dodd, Treasurer ; W illiam H. Davis, Henry R.
Smith, W illiam J. Whiteman, D. M. Corwine, C. R. Fosdick, Directors.

AIR FOR MERCHANTS AND BUSINESS MEN.
The object o f this paper will be rather to enliven consideration on the subject o f air
— to snuff the candle, as it were— than to adduce a novel and extensive elucidation.
T o throw out a few hints upon the subject w ill b e the ultimatum o f our present
purpose.
It is thought that ventilation should, if possible, invariably exist in ships and other
vessels to a sufficient degree to preserve, in a salutary state, the articles with which
they are burdened. The scalding and vapid influences o f condensed and impregnated
atmospheres have their influences upon numerous productions o f the different climes.
The qualities o f some becom e changed— others loose their aroma, and others are in­
duced to early decay, or are actually destroyed, before the vessels arrive at then des­
tined ports. Some o f these evils cannot, doubtlessly, b e fully rem edied; others as
doubtlessly can be, with proper exertion and precaution. Here, then, is a field for the
exercise o f human intelligence and persevering invention, to obviate, in some degree,
the evils resulting from artificial atmospheres in our vessels.
Store-houses, on docks and in cities, where articles o f importation or exportation are
temporarily deposited— cellars and “ lofts ” wherein articles await local sales— deserve
also attention. The impure and poisonous airs which many articles engender should
have vent, and that which is wholesome b e extensively admitted, in most instances.
The articles, too, which are inflammable only from the gases they emit, should meet
attention as a preventive o f devastating explosions. Ignition from spontaneous com­
bustion may also be prevented. Proper distinctions between articles requiring change
o f air, and those not actually requiring it, should be observed. Here, too, is a field
within the province o f the storeman or warehouseman, in attention to the subject o f air.
A n extensive scientific view, indeed, o f the various serial and atmospherical influen­
ces and phenomena peculiar to different climes, seasons, and circumstances, may be ad­
vantageously directed to preserve, in the best manner, articles o f merchandise, as w ell
as for the purpose o f general edification. W here commercial trade prevails extensively,
air, with its precise effects and tendencies, in its different degrees and localities, de­
serves a primary attention. Many commodities, as has already been hinted, require
th is; and the more important considerations due to health also require it.
The general medical agencies, with respect to health, o f various temperatures and
changes o f temperature— o f moist and o f dry airs— deserve attention. The effects
which these agencies produce in other climes, and in our own, on those w ho secure
their influences in the bath— the effects which these agencies produce upon the physical
frame and system generally, and the evils directly ensuing an improper or inefficient
application o f them, likewise merit attention.
The m ore general advantages o f air, however, m ay be gained in the place o f busi­
ness, and at the home o f the merchant. The counting-room, store, or other businessplace, should be, for instance, as eligibly situated as practicable, to receive advantages o f
free air. Its construction m ay frequently be such as to attain this object in a great
degree, where the unfavorableness o f locality w ould seem to b e a barrier against it.
Free ventilation, in all seasons, is important. The influence o f hot stoves, in confined
rooms, is enervating and relaxing. The contaminated, unwholesome air, which many
citizens breathe in their places o f business, is often inadequate, in vital principle, to
decarbonize the blood, or excite salutarily the nervous system. In some situations,
plans might be adopted to cast off exhausted air b y exciting an artificial circulation.
The situation o f a residence deserves especial attention. Much o f the time o f the
merchant must be spent where the air is not in its purest or freest state. Hence it is
more than ordinarily important that in recreating hours, and in hours o f repose, atten­
tion should be given to this subject. The dryest situation in the city is preferable to
others— a situation whence water flows, and where the atmosphere is the nearest ex­




362

Mercantile Miscellanies.

em pt from surrounding contaminations. The vicinage o f grave-yards, marshy grounds,
and stagnant waters, ought to be avoided. T oo many trees with dense foliage around
a dwelling obstruct the free currents o f air, and cause moist and unhealthy exhalations.
Doctor Armstrong throws out the following idea on the subject o f the site for a rural
residence. H e says :—
-----------“ I praise the man w ho builds
High on the breezy ridge whose lofty sides
The ethereal deep, with endless billows, chafes;
His purer mansion nor contagious years
Shall reach, nor deadly putrid airs annoy.”
Mountain air is subtle, pure, and superlatively salutary. W e here respire with
freedom, becom e more active, our minds acquire serenity, and a uniformity o f health
prevails.
Different climates, all know, have their influences: the cold air o f the North, and
the warm o f the South, exert their peculiar effects. Rev. James Hamilton remarks,
while speaking o f Palestine, that “ In those regions where the air is sluggish, life is
dull, and men do their work in silence ; but in healthful climes, muscular energy is
redundant, and the animal spirits overflow, and the prodigal excess o f life and power
escapes in joyous shouts and nimble movements— in leaping and dancing— in m elody
and song.”
The influences o f air, it is believed, are too often neglected. In its effects, ah- is con­
stantly active— either o f good or evil, health or disease, the salutary or the corrupt.
Like water and light, it has no odor, no color, no taste. W e m ay cause it, in a meas­
ure, to subserve our comfort and interest; and much m ay be done to lead its evil influ­
ences away, as Franklin led the lightning.
A. H. R.

THE GROCERY TRADE :
A COMPARISON OF THE GROCERY TRADE OF N EW YORK, PHILADELPHIA, AND CINCINNATI.
[FROM THE CINCINNATI PRICE CURRENT.]

The official reports o f the imports at the sea board ports, afford an opportunity o f
comparing the trade o f each p la c e ; and such comparisons give a'better idea o f the busi*
ness o f the several cities than any other information that can be obtained. Many p er­
sons, abroad, are erroneously impressed with the idea that the pork trade o f Cincinnati
swallows up every other branch o f our commerce. W hile the pork trade is a leading
and very important branch o f our business, there are others that rank with i t ; and al­
though the several departments o f trade are blended together, yet the grocery and dry
goods trade give a better idea, probably, o f the extent o f our intercouse with the interior
o f the surrounding States than even the pork business. A t some other time, we m ay
devote a separate article to each o f the leading branches o f the trade o f Cincinnati; but
our object, at present, is, as indicated by the heading, to show the comparative extent
o f the grocery trade o f Mew York, Philadelphia, and Cincinnati. The imports o f the
tw o former cities are, for the year ending the first o f January last, and the latter for the
commercial year, ending September 1, 1849. For convenience, w e have reduced the
article o f sugar to pounds, and molasses to barrels. The total receipts were as follows :
N ew Y ork.

S u g a r ............... lbs.
Molasses . . . .bbls.
C offee............. bags.

137,515,680
273,093
402,078

Philadelphia.

50,173,400
100,319
99,062

Cincinnati.

25,374,975
52,591
74,961

The above figures show, that our imports o f sugar and molasses are about as 50 per
cent to the imports at Philadelphia, and o f coffee 75 per cent. To the amount imported
at N ew York, Cincinnati is equal to 20 per cent o f sugar and molasses, and about 19
per cent o f coffee. The trade o f Cincinnati is nearly as large, in proportion to the p o p ­
ulation, as that o f N ew York, and greatly larger than that o f Philadelphia. It must
also be remembered, that a considerable quantity o f the coffee sold in this market is
imported at N ew Y o r k ; and also, that much o f the sugar and molasses entered there
does not, properly, belong to the trade o f that port.
These facts indicate, more clearly than any others, the rapid increase in the population
o f the section o f the country with which Cincinnati is connected; and also o f the general
prosperity that has attended the labors o f the commercial, agricultural, and manufacturing
c l asses.




The B ook Tade.

363

THE BOOK TRADE.
1.

— Consumption— Its P revention and Cure by the W ater Treatment.
12mo pp. 286. N ew Y o r k : Fowlers & W ells.

B y J oel S hew

The publishers o f this excellent volume have made a valuable addition to then- al­
ready extensive list o f works suited to spread a knowledge o f practical physiology
among the masses o f the people. N o one can call in question the importance o f com ­
prehending the “ beautiful and mysterious house o f life.” which has been given as a
precious tabernacle to the soul on its pilgrimage to a higher sphere. The information
necessary for this purpose has too often been locked up in elaborate treatises, bristling
with repulsive technicalities, and equally unintelligible and unattractive to common rea­
ders. The present work, like those which have been issued before b y the same publishing
house, in different departments o f physiology and hygeine, has the merit o f great clear­
ness, brevity, point, and adaptation to every class o f readers. It m ay be read or con­
sulted with great advantage, and b y those w ho are not fully prepared to admit the
claims o f the W ater Cure, as set forth b y its most zealous disciples. It is written on
the principle that prevention is better than cure, especially in case o f that fearful
disease which baffles the skill and science o f the most experienced physicians, and
annually consigns so many o f the most gifted, and the most lovely, o f our fellowbeings to a premature grave. The instructions given b y Dr. Shew in regard to the
existing causes o f consumption, the means b y which it m ay be avoided, and the regi­
men suitable to be followed after the detection o f its symptoms, are o f remarkable
value, commending themselves, b y their practical wisdom, to every intelligent and
unprejudiced mind. H e has conferred an essential benefit on the community, b y pre­
senting these results o f his observation and study in such a popular fo rm ; and w e do
not cherish a doubt, that their general circulation and adoption w ould exert the most
friendly influence on the public health. Many valuable lives w ould be prolonged, b y
the knowledge o f these simple principles o f hygiene, which otherwise would be cut
off b y the relentless destroyer before obtaining the noon o f their existence.
2.

-— R eports o f Cases in Law and E qu ity in the Supreme Court o f the State o f New
York. B y Oliver L. Barbour, Oouncellor at Law. Y ol. III. A lb a n y : Gould,
Bank & Gould. N ew Y o r k : Banks, G ould & Co.
This is the third volum e o f Mr. Barbour’s series o f the decisions o f the Supreme
Court, as organized under the new Constitution. The previous volumes have been al­
ready noticed in our pages. Decisions at both general and special terms are g iv e n ;
that is to say, not only on questions involving points o f general law, but also on ques­
tions o f practice, and the rales o f procedure. The importance o f these decisions to
the lawyer is obvious, when w e consider the radical changes recently effected by the
Legislature o f the State. In its range o f selection, the volume takes in, w e believe,
nearly all the judicial districts o f the State. It is the practice, w e believe, o f the
Justices o f the Supreme Comb to select certain o f their decisions for publication, and
such only as are deemed o f general interest and o f value as precedents. Hence, this
series o f Barbour’s reports has an authority and value beyond that o f any mere collec­
tion o f cases thrown together without selection, and without care.
3.

— P hysical Geography. B y Mart S omerville, author o f the “ Connection o f the
Physical Sciences,” “ Mechanism o f the Flowers,” <fcc. Second American, from the
new and revised London edition W ith additions, and a Glossary prepared for this
edition. 12mo pp. 840. Philadelphia: L ea & Blanchard.

The great merit o f this work secured for it in England, in a short time after the pub­
lication o f the first edition, a popularity as wide as it was deserved. The great phys­
ical features o f the earth are here exhibited in a clear and comprehensive form, and
although designed m erely as a book for schools and academies, it w ill be read with
interest by all who desire to keep pace with the unfolding volume o f nature, as ex­
hibited in the physical developments o f the globe w e inhabit. The present, the sec­
ond American, from the last London edition, embraces not only all the additions and
improvements made b y the author, but the introduction o f a glossary, and other im­
portant additions b y the Am erican editor. W e regard it as a m odel o f its kind, and
should be glad to hear that it had found a place in the book-case o f every family li­
brary in the United States.




364

The Booh Tade.

4 . — Representative M e n : Seven Lectures.

By R . W . E m erson.

B oston : Phillips,

Sampson & Co.
Those who are at all familiar with the author’s cast o f mind, w ill readily compre­
hend the brief title affixed to these lectures. The men represent certain ideas, or prin­
ciples. In the first lecture, introductory to the six following, the author lets us into his
views o f the “ Uses o f Great i l e a ” “ P la to ” represents the philosopher; Sweden­
borg the M ystic ; Montaigne the S k ep tic; Shakspeare the P o e t ; Napoleon the Man o f
the W orld ; Goethe the Writer. These truly philosophical delineations o f representa­
tive men w e ll up from the author's own soul, and in some degree form a part o f his inner
life. The life o f the men, who stand as the representatives o f Ideas, seem to have
passed into the “ inner parts ” o f the man, Emerson, and,come out on the canvas, trans­
parent to the view o f the world. It was undoubtedly a great privilege to hear these
lectures d elivered; but one needs not only to hear, but read them, thoughtfully, fully
to comprehend their whole import or meaning. The transcendentalism o f Emerson, as
it is termed, will be found to embrace, in its scope, a great many common-sense notions;
and all who read their own natures, w ill find, in these fountains of thought, living w a­
ters, o f which a man m ay drink and thirst, but not without benefit, the more.
5 — The L iving A uthors o f A m erica— F irst Series. B y T homas P o w e l l , author o f the
“ Living Authors o f England,” 12mo pp. 355. N ew Y o rk : Stringer & Townsend.

O f Mr. Pow ell, the author o f this work, an English emigrant to this country, w e
know nothing personally, except that he has been attacked most unsparingly b y Dick­
ens, through the medium o f our worthy friend Clark, o f the Knickerbocker. But that
has little to do with the present readable, if not, in a literary point of view, unexcep­
tionable work. It embraces criticisms o f some dozen or more o f our living American
authors, including Cooper, Emerson, W illis, Longfellow, Bryant, Dana, Halleck, <4c.
Interspersed with the criticisms and anecdotes, not always relevent to the subject, co­
pious extracts are given, in illustration o f the supposed defects or beauties o f the
several writers under review. The writer aims, w e should say, to be just, but does n ot
at all times comprehend the genius o f his su b ject; and although his pow er o f anal­
ysis is not remarkably brilliant, he frequently succeeds in his delineation o f the m ore
prominent traits o f intellectu al character. His estimate o f Mr. W illis seems to have
been made up rather from the vague charges made b y persons w ho have not the
power, taste, or capacity to appreciate his genius, than from a philosophical analysis
o f his uniquely m oulded and artist-like mind. The work, as w e have intimated, is
quite readable, and, on the whole, displays a good share o f critical acumen.
6.— The Other S id e; or, N otes f o r the H istory o f the W ar between M exico and the
United States. W ritten in M exico. Translated from the Spanish, and edited, with
notes, by A lbert C. R amsey, Colonel o f the Eleventh Regiment o f United States
Infantry during the war with Mexico. 12mo., pp. 458. N ew Y o rk : John W iley.
This w ork appears to be the joint production o f fourteen Mexicans, w ho m et at
Queretaro, and there formed the plan o f writing an account o f the war, and the mis­
fortunes o f their country. Most o f the writers were either engaged in, or eye-witnesses
to, the battles. “ It was agreed,” say the Mexican editors, “ and always observed, to
intrust to one certain person the chapter which w e pointed out.” A ll, however, assisted
in collecting the official papers, and the still larger quantity o f particular facts. Every
part o f the work was discussed in general, and every paragraph criticised b y the as­
sociation. The writers, or editors, are evidently men o f ability, and evince as much
candor and fairness in their account o f the events o f the war as could reasonably be
expected. It will, w e think, be read by every American who has any desire to form
an impartial judgm ent on the subject. The statements are not, in our view, as partial
h r one-sided as many o f the accounts b y our own countrymen.
1.— The Young Lady’s Friend. B y Mrs. John F arrak, author o f “ The Life o f L a­
fayette,” “ The Life o f Howard,” “ The Youth’s Letter Writer,” “ The Children’s
Robinson Crusoe,” &c., dec. 12mo., pp. 386. N ew Y ork : Samuel S. & W illiam
W ood.
This is a new edition o f a work published some twelve years ago. It was stereo­
typed, and so many editions o f it have been published, that the old plates have been
worn out. The demand continuing, the publishers decided to make a new set. This
gave Mrs. Farrar, the author, an opportunity o f reconsidering her instructions, which
she has done, by inserting among them the result o f added years o f experience and
observation. The work furnishes hints and suggestions, applicable to the condition o f
young women under all the ordinary circumstances o f life.




The Book Tade.
8.

— Z ittell’s Lining A ge.

B oston : E. Littell.

365

N ew Y o r k : Dewitt & Davenport.

Mr. Littell, the editor and proprietor o f this work, m ay he regarded as the pioneer
in re-producing in these United States the choicest literature o f England. H e started
nearly, if not quite a quarter o f a century ago, the first journal o f foreign literature ;
and if his taste, zeal, and industry had been properly appreciated, he would, (if it were
possible for one o f bis tireless energy and activity,) have retired, ere this, on a w ell
and honestly earned fortune. A cotemporary, C. Edwards Lester, Esq., the editor o f
the “ Gallery o f Illustrious Americans,” in his “ F ly -L e a f o f A r t and C r i t i c i s m pays
a high but w ell merited tribute to Mr. Littell and his “ Living A ge,” which w e take
great pleasure in transferring to the pages o f the M erchants Magazine, with our un­
hesitating assent to the justness o f our cotemporary’s criticism :—
“ L i t t e l l ’ s L iv in g A g e .—This best o f all the Eclectics, has nearly reached its three hundredth
num ber, and from w eek to w eek its appearance is look ed for with interest by m ore readers o f taste
and intellectual culture than any other hebdom idal in the country. Mr. Littell was the founder o f
this school o f publications. His Museum o f Foreign Literature was for twenty years the ch ief m edi­
um through w hich the periodical literature o f Europe was diffused through Am erica. The Living
A g e has existed about six years, and during that period it has gained a wider circulation, and b ecom e
a far m ore valuable work. It exceeds all similar publications, in being a weekly, in the living and
electric spirit o f its articles, in their immense volum e and variety, and in the punctuality o f its ap­
pearance. If an extraordinary article com es out in Blackw ood, or any o f the great reviews, his readers
are sure to be am ong the first to get it. Any num ber o f the L iving Age is reliable reading to slip into
the pocket for a leisure evening, a steamboat, or a railway car, and if there has been a change in it, it
has steadily been growing better from the beginning. The twenty-two bound volum es o f this w ork
contain m ore L i t e r a t u r e than has ever been crow ded into the same space, and as a reference b o o k ,
or one for fam ily reading, m ake up a richer, racier, and a m ore varied library than can b e had for the
same expense in any form .”

9.

— T he Philosophy o f Special Providences: a Vision. B y A ndrew J ackson D avis,
author o f “ Nature’s Divine Revelations.”
Published b y request. Boston: Bela
Marsh.

The pages o f this pamphlet “ contain tw o visions, and an argument.” Mr. Davis says
in the preface to the w o r k :— “ The first vision placed me in that moral and intellectual
position which professed believers in supernatural miracles and special providences
generally o ccu p y ; that is, it made me see with the eyes and through the opinions o f
those who base their faith and hope upon superficial perception and human testimony.
The second vision enabled m e to examine the seeming miracles and special providences,
which are recorded in the Bible and elsewhere, through the pure medium o f Nature
and Reason. But the argument is addressed to the understanding.” H e considers an
honest, unprejudiced, impartial state o f mind as absolutely indispensable to a proper
perception and comprehension o f Divine Truth, and in that mental condition, ana in no
other, he would have us commence and pursue the present inquiry touching special
providences.
— T he Illum inated A bbotsford E dition o f the Waverley Novels. Embellished with
Tinted Engravings. B y H. W . H ewet. N ew Y ork : H e wet, Tillotson & Co.

10.

"We noticed in terms o f high commendation the publication o f the initial volume
(embracing “ Ivanhoe ” ) o f this new edition o f the “ W averley N ov els” in a former
number o f the Merchants' Magazine. The second volume, “ The Bride o f Lammermoor,” is now before us, and it fully comes up to the standard o f promise which the
first volume led us to expect. The illustrations are perfect f a c simile copies o f the
original edition, and the whole work, so far as relates to its mechanical and artistical
form, affords a fine specimen o f “ book-making.” To all who would possess a complete
and beautiful library edition o f Scott’s novels, we would cordially recommend the
present as the most perfect and desirable y et (or likely to be) produced.
— The Christian Y e a r ; Thoughts in Verse f o r Sundays and the H oly P a y s through­
out the Year. B y the Rev. J ohn K eble, Professor o f Poetry in the University o f
Oxford. N e w Y ork : Stanford & Swords.

11.

This is a neat and convenient pocket edition o f a work w ell known to the members
o f the Episcopal Church in England and the United States. It contains devotional
poetry, adapted to the numerous festivals o f that church. The poetry is superior to
the psalms and hymns o f the Puritans. The present edition contains an introduction
from the pen o f the Right Rev. George W . Doane, Bishop o f N ew Jersey.
12.

— ShaJcspeare's Dram atic Works.

N o. 9.

B oston : Phillips, Sampson

Co.

The present number o f this unrivalled edition embraces the play o f “ Love’s Labor
Lost,” with a beautiful engraving o f the “ Queen o f France.”




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The Book Tade.

13. — Elements o f N atural Philosophy.
Brothers.

B y A lonzo Gray.

N ew Y o rk : Harper &

E very day brings with it some advance in the science treated o f in this able volume,
demanding corresponding changes in the text-books for elementary instruction. This
work, b y a well-known popular writer on scientific subjects, has the merit o f being on
a level with the present advanced stage o f knowledge, in addition to its clear, consec­
utive arrangements, its happy illustrations, and the adaptation o f its style to the com ­
prehension o f the juvenile student. N or is it less fitted to interest and instruct the
pupil o f a larger growth. The general reader w ill here find a lucid explanation o f
many topics which are closely connected with the affairs o f practical life, and which
daily occur in common conversation. A s a specimen o f these, w e m ay refer to Mr.
Gray’s descriptions o f the Steam-engine, the Magnetic Telegraph, the process o f Pho­
tography, and the curious and beautiful laws o f Sound. They cannot be read without
the utmost satisfaction, em bodying as they do the results o f extensive and profound
research, in remarkably clear and forcible language.
14. — The H istory o f W illiam the Conqueror.
N ew Y o r k : Harper & Brothers.

B y J acob A bbott.

W ith Engravings.

Another o f this excellent series o f biographies, forming the leading outlines o f the
history o f such personages as Hannibal, Alexander, Cfesar, Cleopatra, Darius, Alfred,
Queen Elizabeth, and Mary Queen o f Scots, <fcc. These histories are adapted to the
wants o f the young student, who desires to inform himself, in brief, what it was in the
characters or doings o f prominent personages, which has given them so widely-extended
a fame. The history o f W illiam the Conqueror is written in the same bold and free
manner, and in the same plain and simple language which characterized the preceding
volumes o f the series.
15. — The Battle Summer. Being Transcripts fr o m P ersonal Observations in P aris,
D u ring the Year 1848. B y Ik Marvell, author o f “ Fresh Gleanings.”
12mo., p p.
289. N ew Y o r k : Baker k Scribner.
The author o f this work, although it is anonymous, is a native o f Connecticut, and
has already acquired a high reputation b y a former volume, entitled “ Fresh Gleanings.”
Endowed with marked genius, which is adorned with the accomplishments o f classical
learning, he possesses acute powers o f observation, and a vivid perception o f the beau­
tiful. The present work bears upon every page the illumination o f genius, and con­
tains graphic sketches o f individuals and events which passed before his view, while
residing in Paris, during the period o f the last French revolution. W e perceive, b y a
notice o f the publishers, that the present is to be followed by another volume, which
w ill form its sequ el It is gentlemen o f this stamp, with minds embellished with the
graces o f scholarship and original power, who m ay devote themselves, exclusively, with
great benefit, to some department o f the multiform labors connected with literature.
B y such enterprise they w ould confer great advantages upon the public, and deserved
credit upon themselves. W e shall gladly w elcom e another w ork from the same
source.
16. — A n n a ls o f the Queens o f S p a in ; fro'm, the P erio d o f the Conquest by the Goths
down to the R eign o f H er Present M ajesty, Isabel I I , with the Remarkable Events
that occurred during their Reigns, and Anecdotes o f their Courts. B y A nita G eokge.
12mo., pp. 423. N ew Y o rk : Baker & Scribner.
The present work, though complete in itself, is, w e presume, to be followed b y other
volumes relating to the history o f the queens o f Spain, from the fifteenth century down
to the present. I t embraces four epochs, namely, that o f the Gothic queens, from
415 to 1 1 4 ; the queens o f Oviedo and Leon, from 718 to 1030; the queens o f Arragon, from 1034 to 1468; and the queens o f Castile, from 1034 to 1476. The names
o f nearly one hundred queens are embraced in that period and their biographies, and
the most important events connected with them, are given.
17. — D a rk Scenes in History. B y G. P. B. J ames. 12mo., pp. 419. N ew Y o rk :
Harper k Brothers.
A work o f thrilling interest. It consists o f a series o f high-wrought tales, from the
most exciting epochs o f history, and w ill present a delightful treat to the admirers o f
that prolific writer. It is published in a neat library style.
18. — Hands, not Hearts. A Novel. B y J anet W . W ilkinson.
& Brothers’ Library o f Select Novels. No. 136.




N ew Y o rk : Harper

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The Book Trade.
19.

— The Government and the Currency. N ew Edition, with Illustrations. B y H enry
12mo., pp. 190. N ew Y ork : Charles B. Norton.

Middleton.

The present treatise was originally published in tw o parts. The first part, in the
pamphlet form, was favorably received b y the public, and highly commended in the
North A m erican Review. The second part was originally contributed, b y the author,
to the pages o f the Merchants’ Magazine, where it attracted the attention o f a respect­
able and intelligent portion o f our readers. The whole, with the author’s alterations
and corrections, is now presented in a more permanent and desirable form, with the ad­
dition o f an appendix, in which the author discusses, with singular force and clearness,
the “ Doctrine o f the Protective Policy.” The work is written in a remarkably clear
and schollarly style, and will, in our view, be regarded as a valuable contribution to the
science o f currency and banking.
20. — The W orks o f J. Fennimore Cooper.
N ew Y o rk : George P. Putnam.

The R ed Rover, Complete in One Volume.

W e congratulate the admirers o f Cooper on the prospect o f possessing an edition o f
his tales o f the Sea, as worthy o f the improved state o f the typographic art in this
country, as they are o f the genius o f one o f America’s best and most successful au­
thors. A nd we think that the demand for this portion o f Mr. Cooper’s writings w ill
be so large as to induce the enterprising publisher to produce, in the same beautiful
style, his complete works. The present tale has been revised, corrected, and illustra­
ted with a new introduction, notes, &c., by the author.
31.— The Miscellaneous Works o f Oliver Goldsmith. Including a V ariety o f Pieces
now first collected. B y J ames P riok. In four volumes. V ol. II. 12mo., pp. 558.
N ew Y o r k : George P. Putnam.
W e noticed the publication o f the first volume o f this new and beautiful edition o f
Goldsmith’s miscellanies in a previous number o f this Magazine. The present volume,
the secdnd, contains the “ Letters from a Citizen o f the W orld to his friends in the
East,” one hundred and twenty-three in num ber; and “ a familiar introduction to the
Study o f Natural History.” The “ Chinese Letters ” were commenced in the “ Public
Ledger ” newspaper, in January, 1760, and collected under their present title, in two
volumes, 12mo., in May, 1762.
22. — New York B y Gas-Light: W ith Here and There a Streak o f Sunshine.
Y o r k : Dewitt & Davenport.

N ew

Mr. Foster has distinguished him self b y his “ city items,” and “ N ew Y ork in Slices.”
H is design in the amusing, i f not instructive, w ork before us, is “ to penetrate beneath
the thick veil o f night, and lay bare the fearful mysteries o f darkness in the metropo­
lis,” exhibiting “ the festivities o f prostitution, the orgies o f pauperism, the haunts o f
thefts and murder, the scenes o f drunkenness and beastly debauch, and all the sad re­
alities that go to make up the lower stratum— the underground story— -of life in N ew
York.” His illustrations are drawn from life, as he has met with it in his perigrination s; and w e presume his descriptions are graphic. The influence o f such works on
the morals o f their readers w ill doubtless be considered b y some as questionable.
23. — The Seaside and the Fireside. B y H enry W adsworth L ongfellow. Boston :
Ticknor, R eed & Fields.
This new collection o f the more recent productions o f the author, is appropriately
divided into tw o parts, as indicated b y the title. The poems b y the “ Sea-Side,” seven
in number, are among the best efforts o f the poet. “ The Building o f the Ship,” the
first and longest in the collection, is in the author’s happiest vein, and the “ Light­
house,” one o f the most graceful and graphic pieces o f this most artistic p o e t In a word,
every poem in the volume, though o f varied merit, bears the impress o f Longfellow,
which is only saying what his numerous and increasing circle o f admirers w ill under­
stand and appreciate more fully than any misplaced, lengthened criticism w e are capa­
ble o f giving in our “ book trade ” notices.
24. — Frank F a rleig h : or, Scenes fr o m the L ife o f a P rivate P u p il.
N ew Y o r k : George Virtue.

London and

The interest o f this story, although it has reached its twelfth part, continues undi­
minished. It has scenes as interesting as any to be found in the works o f “ Boz.”
Each part is illustrated with tw o o f Cruikshank’s capital pencil sketches.
25. — The Peer's Daughter.
B y L ady L ytton B dlwer, author o f “ Cheveley,” &c.
N ew Y o r k : Stringer & Townsend’s Library o f Choice Novels.




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The B ook Trade.

26. — P h i lo : an Evangeliad. B y the author o f “ M argaret: a Tale o f the R eal and
the Ideal.” 12mo., pp. 244. Boston: Phillips, Sampson & Oo.
W e have read enough o f this work to create a relish for more. It is evidently the
production o f a religious, philosophical mind, w ell read in the mysteries o f life, and in
the deeper mysteries o f the human heart, in its inmost workings, and in its external
developments. It abounds in passages o f great power and beauty; and breathes,
throughout, a genial and hopeful spirit. It will, perhaps, be considered b y some as
transcendental in its philosophy. But it is the transcendentalism that transcends the
inanities and sophisms o f antiquated error, while it shakes off the dust and cobwebs
from Truth, as reverend as Time, and as unbeginning and unending as Eternity. Its
teachings w ill be acceptible to a large and increasing class o f unbiased minds, who
seek for nude truth embellished with the graces o f a spiritual, progressive Christianity.
27. — Poems. B y J ames R ussell L owell. In two volumes. ISmo., pp. 251 & 254.
ton : Ticknor, Reed, <fc Field.

B os­

A volume o f Mr. Low ell’s poems was published in 1843, followed b y a second series
in 1841. The present edition, in two volumes, embrace most o f the poems included
in the former collections, with the addition o f several new poems not before published
in a collected form. On the publication o f the former volumes, we expressed a high
opinion o f the genius o f this poet. W e have no disposition, or no good reason for re­
tracting one iota from the views formerly expressed. W e regard Mr. Low ell as a true
poet, inspired, (not to speak irreverently,) if our readers please, with the spirit o f P ro­
gress, Liberty, and Humanity— as a poet o f the Present and Future, rather than o f
the Past.
28. — Essays Upon A uthors and Books.
N ew Y o rk : Stanford & Swords.

B y W . A lfred J ones.

12mo., pp. 235.

The present collection, the second that Mr. Jones has published, consists o f selections
from his contributions made from time to time to our periodical literature. Written
for Journals and reviews o f a varied character, the several papers exhibit considerable
diversity o f style. In making this selection, Mr. Jones informs us that in some in­
stances the essay matter o f a gossiping retrospective review has been retained, and
the illustrative literary portraits excluded; and again, in other cases, literary portraits
have been extracted, without any reference to the text in which they occur. Mr.
Jones’ style is m oddled after the old English prose writers, and his views, clearly and
classically expressed, w ill not be likely to frighten the more orthodox admirers o f the
past, The volume furnishes a fine illustration o f the benefits o f classical education
and culture, and w ill be appreciated by a large class o f readers.
29. — Webster’s Quarto D iction ary W e cheerfully give place to the following extract
from the Annual Report o f the Hon. Christopher Morgan, Secretary o f State, and
Superintendent o f Public Schools for the State, presented to the N ew Y ork Legislatue,
January, 1850:—
“ In connectiou with the subject o f district libraries, the Superintendent deem s it his duty partic­
ularly to direct the attention o f the trustees and inhabitants o f the several school districts to a w ork
o f undoubted utility, and pre-eminently o f a national character, w hich should find a place in every
library, namely : W ebster’ Unabridged Quarto Dictionary, published b y Messrs. G. &. C. Merriam, o f
Springfield, Massachusetts. A s a standard o f orthography and orthoepy, its claims to general adop­
tion have been recognized by the most eminent scholars and statesmen o f our land ; and as a purely
Am erican w ork, prepared at great expense, and emanating from a source entitled to the highest credit
and respect, it com m ends itself strongly to the adoption o f our sceool districts generally.”

30.— Shakspeare’s Dram atic Works.

B oston : Phillips, Sampson <fc Co.

The sixth and seventh parts o f this splendid edition o f the great dramatist, embraces
the play o f “ Much A d o A bout Nothing,” illustrated with a portrait o f “ Beatrice,”
and a memoir o f Shakspeare, with a portrait. Both o f these illustrations are in the
highest style o f the art, and equal to anything that has adorned the London A rt Jour­
nal. The present numbers complete the first volume o f this edition, including six plays,
and the life o f Shakspeare.
31.

— P elh a m ; or, Adventures o f a Gentleman.
M. P. Boston : Phillips, Sampson <fc Co.

By E dward L ytton B ulwer, Esq.,

This is a new and cheap edition o f one o f Bulwers celebrated novels. It was orig­
inally published in 1828, and is one o f the earliest productions o f the author.