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THE

MERCHANTS’ MAGAZINE,
E s t a b lis h e d J u ly * 1 8 3 9 ,

BY FREEMAN HUNT, EDITOR AND PROPRIETOR.

VOLUME X X I V .

M A R C H , 1851.

NUMBER III.

C O N T E N T S O F N O . I II . , V O L . X X I V .
ARTICLES.
I . TH E PRESENT AND PR OSPECTIVE V A L U E OF GOLD.

By A . B. J o h n so n , Esq., President o f the Ontario Branch Bank, author o f “ A Treatise on Banking,” & c........................ 275

II. TH E COMMERCE OF FR AN CE IN 1849: A G E N E R A L R E V IE W OF TH E COM­
M ERCE OF FR A N C E W ITH ITS COLON IES, A N D W ITH FO REIGN PO W E R S,
DURING TH E Y E A R 1849................................................................................................................ 284
III. COM M ERCIAL CITIES AN D TO W N S OF TH E UNITED STATES.— No. X X III.—TH E
T R A D E AN D COMMERCE OF ST. LOUIS IN 1850 ............................................................... 298
IV . TH E CU R REN CY OF N E W EN G LAN D , AND TH E SUFFOLK BA N K S Y S T E M : CON­
SID ER ED W ITH REFE RE N C E TO TH E IR EFFECTS UPON TH E PR O SPER ITY
OF M AIN E, A N D TO THE SU PE RIO RITY OF TH E F R E E BA N K SYSTEM OF
N E W YO R K . By Hon. F. O. J. S m it h , o f M aine....................................................................... 316
V.

IN T E R N A L IM PROVEM EN TS IN TH E STATE OF N E W Y O R K : A SKETCH OF THE
RISE, PROGRESS, AN D PRESEN T CONDITION OF IN T E R N A L IM PROVEM ENTS
IN TH E S T A TE OF N E W Y O R K — No. VII.— EN LA RG EM E N T OF TH E ER IE
C A N A L . By H on. A . C. F l a g g , late Controller o f the State o f New Y o r k ...................... 323

V I.

E Q U IT A B L E COMMERCE— COST TH E SCIENTIFIC L IM IT OF PRICE. By S t e p h e n
P e a r l A n d r e w s , Esq., o f N ew Y o r k ............................................................................................. 332

JOURNAL OF ME R CA N T I L E LAW.
Claim o f T w o Railroad Companies to the same Track................................................................................. 340
Fire Insurance— Action for Conspiracy to Defraud an Insurance Com pany.......................................... 342
A ction to Recover back M oney paid for Coffee sold, and alleged to b e o f same quality as a sam­
ple exhibited at time o f S ale....................................................................................................................... 343

COMMERCI AL CHRONI CLE AND R E V I E W :
EMBRACING A FINANCIAL AND COMMERCIAL R E V IE W OF THE UNITED STATES, ETC., ILLUSTRA­
TED W IT H TABLES, ETC., AS FOLLOWS *.

State o f Business—Investment o f Capital in Railroads and Banks— Avenues from the W est to
Tide-W ater—The Money Market— Accum ulation o f G old at the Mint— Exports at the Port o f
New Y ork —Customs’ Duties at Port o f New York in January—For Nine Years—Dividends on
United States Stocks paid in N ew Y ork— Revenue o f Public W orks—The G old and Silver
Question— W eight and Relative Price o f United States and British Coins................................ 345-350
V O L . X X I V .-----N O . I I I .




18

274

CON TEN TS O F N O .

I I I ., V O L . X X IV .
PA.GK.

COMMERCIAL

STATISTICS.
351
352
353
354
355
357
358
360
361
362
363
362

Com m erce and Navigation o f United States in 1849-50..........................................
V alue o f the Domestic Exports o f the United States in 1849-50..........................
V alue o f Domestic Exports o f United States to each Foreign Country..............
Foreign Merchandise re-exported from United States in 1849-50........................
Im ports into United States from each Foreign Country in 1849-50......................
Com m erce o f United States with all countries in 1849-50......................................
Navigation o f U nited States with all countries in 1849-50.....................................
Tonnage o f United States on 30th June, 1850............................................................
Exports o f W halebone from United States to each Country from 1840 to 1850.
Commerce o f San Francisco in 1849-50......................................................................
Imports from Canada into Port o f Buffalo in 1850.....................................................
Sales o f British Produce in Co vent Garden Market...................................................

COMMERCIAL REGULATIONS.
Commerce, Tariff, &c., o f Porto R ic o ..................................................................................
A n act o f South Carolina to provide for the Inspection o f F lou r.............................
A Treasury Circular respecting duties on Patent Leather, Verm ilion, Seeds, &c,
The Austrian T obacco M onopoly in H ungary..................................................................

NAUTICAL INTELLIGENCE.
New Light-house in the G ulf o f Pozznoli.......................................................................................
W recks at K ey W est, Florida, in 1850............................................................................................
The Coast Survey o f the United States..........................................................................................
Im provem ent in the Screw W in ch ..................................................................................................

JOURNAL

OF M I N I N G A ND M A N U F A C T U R E S .

O f the Manufacture o f Hats.................................................................................................................................
Statistics o f the Manufacture o f Salt from the Onondaga Salt Springs in the State o f New Y o r k ..
Bay State Mills— Manufacture o f Shawls............................................................. .........................................
Cotton Factories o f Maryland in 1850 ..............................................................................................................
Manufacturing Industry o f New Y ork City in 1850.......................................................................................
Swedish Cloth o f Swedish W o o l........................................................................................................................
Statistics o f British Factories...............................................................................................................................
Head Rest for Railroad Cars................................................................................................................................

370
372
373
374
375
375
375
376

R AI LROA D, CANAL, AND S T E A M B O A T S T A T I S T I C S .
Statistics o f the Railroads o f N ew Y ork in 1850............................................................................................
Length and Cost o f Railroads in operation in State o f New Y ork 30th September, 1850..................
Rates o f Toll on the State W orks o f Pennsylvania in 1850 ........................................................................
Progress o f Railroads in the State o f G eorgia................................................................................................
Passages o f the Atlantic Steamships from L iverp ool to New Y o r k ........................................................
Steamships built at Port o f New Y o r k .............................................................................................................
Statistics o f Little M iami Railroad, O h io.........................................................................................................

JOURNAL

376
378
380
381
382
382
383

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 .

Free Banks o f the State o f N ew Y o r k ...............................................................................................................
Incorporated Banks o f the State o f New Y o r k ...............................................................................................
Coinage o f G old and Silver in Mints o f M e x ico ..............................................................................................
Exports o f G old from California in 1849-50....................................................................................................
Coinage o f Gold, Silver, and Copper, at the Mint o f United States, Philadelphia, in January, 1851,
and Decem ber, 1850 ...........................................................................................................................................
D ebt and Finances o f Illinois..............................................................................................................................
United States Treasury Deposits to January 27th, 1851...............................................................................
U nited States Treasury Notes outstanding February 1, 1851......................................... . .....................
The Industrial Exhibition— Practical Banking...............................................................................................
Banking in Maine and Indiana...........................................................................................................................
Scarcity o f Silver C oin..........................................................................................................................................

384
385
386
387
388
389
390
391
391
392
292

MERCANTILE MISCELLANIES.
Com m ercial Supremacy— the arrival o f the first Am erican Vessel at London from Canton, & c ___ 393
The Philosophy o f A dvertising.......................................................................................................................... 394
Adulterations o f Coffee and P epper................................................................................................................... 395
Com m erce— Justice—G ood Faith....................................................................................................................... 396
The Catawba W ine o f O h io................................................................................................................................. 396

THE BOOK T R A D E .
Notices o f 28 new Books, o r new Editions.




397-400

/

HUNT’S

MERCHANTS’ MAGAZINE
AN D

COMMERCIAL REVIEW.
M ARCH,

1851.

Art. I.— THE PRESENT AND PROSPECTIVE TALIE OF GOID.
F reeman H unt, Esq., Editor o f the Merchants' Magazine:—
D ear S ir :— The world is too active, and perhaps too wise, to attend much to ab­
stract speculations, which attempt to anticipate experience. I partake of the common
temperament, in this particular; still, out of the few facts that are accessible to me, I
bave elaborated the following thoughts, that X might obtain some opinion of the prob­
able effect of the recent gold discoveries on individuals whose property is principally
gold or its equivalents. I have derived some feeling of selfish security from the con­
clusions to which my argument brought m e ; and should you think the speculation
will produce the same effect on other persons, or promote any other utility, you may
use it in any way you shall think proper.
I am, very respectfully, your ob’dt serv’t,
U t ic a , F e b r u a r y

1,1851.

A. B. JOHNSON.

R ISE

IN

THE P R IC E

OF

SILV ER .

Our laws make 10 dwt. 18 gr. o f standard gold, coined into an eagle,
equivalent to ten silver dollars ; but the dollars will purchase, in New York,
about 3 per cent more gold than is contained in an eagle— the silver being
in demand for exportation. In England the appreciation in the value o f
silver is still more apparent, by reason o f her greater intercourse with the
continental countries, whose currency is wholly silver. A n English sovereign
contains 5 dwt. 3£ gr. o f standard gold, and it has heretofore, in the inter­
course between England and Amsterdam, been deemed an equivalent to 11
florens o f silver, and 93 centimes ; but now a sovereign cannot be exchanged
in Amsterdam for more than 11 florens and 17 centimes. The rate o f exch an ge
between England and Amsterdam is, therefore, in England, below what has
heretofore been deemed par ; and a like fall in London attends the exchange
between England and every continental country which employs silver as its
legal currency. This fall is particularly portentous o f a rise in the price o f sil­
ver, by reason that these countries are commercially in debt to England; and
therefore the rate o f exchange ought to be in favor o f England.




278

The P resent and Prospective Value o f Gold.

In France the effect o f the rise is still more apparent. Hitherto gold has not
sought a recoinage in France— the 8 dwt. 7 gr. which compose a double Napo­
leon being more valuable as bullion by 11 per cent than the 40 silver francs
which the Napoleon represents; but the premium is fallen to about a quar­
ter o f one per cent, while an expectation exists that the 40 francs in silver
will soon command a premium over the Napoleon, and that the silver coins
(o f which nearly the whole currency is composed) can be retained in circu­
lation by only discontinuing gold as a legal tender ; or, at least, by arresting
the further coinage o f gold. Indeed, commissioners are now deliberating at
Paris on this course; hence, Frenchmen, who possess money in England,
and English merchants who are debtors to France, and both Frenchmen and
Englishmen who desire to speculate out o f the apprehended further rise o f
silver, are hurrying gold from England to France, to obtain its conversion
into French gold pieces, before the coinage shall be discontinued, and 8 dwt.
7 gr. o f standard gold, in the form o f a double Napoleon, cease from being
equivalent to 40 silver francs. To repress the flow o f gold, the Bank of
England has advanced the minimum rate o f its discounts to 3 per cent, (it
was previously 2i , ) while the French mint, to resist the influx of gold, refuses
to receive it for coinage after nine o’clock in the morning ; and so great is
the pressure for admission, that a person has no hope o f ingress, unless he
takes his stand at the gates as early as six o’clock.
IS S IL V E R RIS E N

OR

G OLD

FALLEN ?

The foregoing phenomena in the continental exchanges o f England, and
the exportation o f silver from that country and ours, are not conclusive
proofs that silver is more valuable than formerly, for they may be produced
by a fall in the value o f gold ; a supposition believed by many persons, and
countenanced by the great gold discoveries in the territories o f Russia, and
in our California. The question is important to us, by reason that a rise in
the value o f silver will atfect us less disadvantageously than a fall in the
value of gold. But the question is as difficult o f solution as it is important.
The change in the legal tender of Holland, from gold and silver to silver
only, is adduced by some persons as a reason for the rise in silver, by occa­
sioning therefor a temporary demand to supply an increased Dutch coinage ;
while other persons deem the change o f currency an evidence that the saga­
cious Dutchmen are conscious that gold is depreciating, and that they mean
to cut loose therefrom, before other countries shall become aware that gold,
the ship o f nations, is sinking. Indeed, English economists furnish us with
as many, and as cogent proofs, on one side o f the question as the other ;
showing thereby nothing reliable, except that they are groping in the dark
for truth, as much as w e ; though the subject is more discussed in England,
and on the European continent, than it is with us ; produced, probably, by
their superiorty over us in number o f persons who possess leisure for specu­
lative disquisition. Indeed, such a contingency as the present, seems to be
a sort o f God-send to their literati— a sort of intellectual California, to which
they rush with the same ardor as our more material people rush to the
“ diggings.” Leaving, then, in their abler hands the topics on which they
have descanted, and leaving, for the development o f time, facts which time
alone can accurately ascertain, we will glean from the already well-reaped
field o f speculation, a few ears that seem to have escaped the view o f other
laborers.




The P resent and Prospective Value o f G old.
HOW

AH

A P P R E C IA T IO N

O F SILV E R W O U LD

277

A F F E C T US.

Our legal tender being silver or gold, at the option o f the debtor, an ap­
preciation in the value o f silver will be no more injurious to the man who
owns gold, than an appreciation in the value o f leather. To the consumer
o f silver or leather, the rise o f either may be injurious in proportion to his
use thereof, but in no greater degree in one article than in the other. The
owner of United States bonds to the amount o f ten thousand dollars, may
say he can no longer obtain for them ten thousand silver dollars which he
gave for the bonds ; but he can obtain a thousand gold eagles, which are
worth as much as the ten thousand silver dollars were worth when he loaned
them to the United States. His loss is simply a privation o f the gain which
he would have made had he retained the silver ; and it is a loss which may
be predicated equally o f a rise in the price o f leather, that he failed from
purchasing before its appreciation.
A country in which silver is the only legal tender will be differently af­
fected from what we are, by the appreciation o f silver. The debtors who
borrowed before silver appreciated in value, will be injured by being com­
pelled to pay in appreciated silver, without receiving any compensation for
the appreciation. W hat the debtors thus lose the creditors will gain, All
persons will gain whose property consists o f silver ; as, for instance, credit­
ors generally, fixed annuitants, bank-stock holders, the owners o f other stocks
whose basis is money ; (in contradistinction from railroads and kindred stocks,
whose basis is not money ;) while all property, except money, will be neither
benefited nor injured by the change.
A bushel o f wheat, which could be
sold for a dollar while silver was unappreciated, may now sell for as much
less than a dollar as the silver has increased in valu e; hence the change
will neither enrich nor impoverish the seller. These consequences, however,
will not exhibit themselves in practice with the regularity and distinctness o f
the operation in theory, but the practice will approximate towards the theory,
and eventually harmonize with it.
HOW

A

D E P R E C IA T IO N

OF

G OLD

W O U LD

A F F E C T US.

The converse o f all the foregoing would result from a depreciation in the
permanent value o f gold. A ll persons whose property consists o f gold—
namely, all the holders o f government stocks, all creditors o f every other
description, bank-stock owners, insurance company stockholders, recipients
o f fixed rents and annuities, will lose to the extent o f the depreciation of
gold ; which, being a legal tender, they must receive at the mint valuation—
namely, at the rate o f ten dollars for every 10 dwt. 18 gr. o f standard gold.
The effect on all other persons will be neither beneficial nor injurious. Land
will rise in price, and railroad stock, ships, and all other property, except
m on ey ; but the rise will be only equivalent to the depreciation in the
money.
Government might palliate the evil.
That the legal coins o f a country should thus be subject to a fluctuation
o f value, is a great practical evil, from which the world has heretofore been
measurably exempted, by the long-continued sameness o f value that has ac­
companied gold and silver. The man who lends a thousand dollars to-day,
on a ten-year loan, may not know but the depreciation o f gold during the
loan will absorb a share of the income which he is to receive for the m oney;
hence a new element will arise in loans, a price for the use, and a compensa­
tion for the contingent depreciation o f the loaned capital; but for the latter no




278

The P resent and P rospective Value o f Gold.

means o f indemnity exists. Government might measurably shield creditors
from such a danger, by statedly increasing the quantity o f gold which com­
poses an eagle ; so as to compensate in quantity, from time to time, as de­
preciation of value should become certain and permanent; as the British
overnment, some years since, called in the guineas which had lost weight
y abraision. Such a process would prevent the currency from sustaining
any great loss o f value at any one time ; and would also confine the loss to
the holders o f the coin for the time being, without entailing it, and accumu­
lating it, on remote debts. But governments are usually debtors themselves,
and will not be likely to enhance their own burdens. This consideration
will assuredly keep the present standard unchanged in Great Britain, also in
our own country, where the debtor interest is always more sympathized with
than the creditor interest. The same consideration will probably withhold
France from abolishing the regulation by which 8 dwt. 7 gr. o f standard
gold are equivalent to 40 francs o f silver— notwithstanding the change is
under deliberation by a governmental committee. W e know from history
that almost every country has, in its progress, deteriorated its coins, dimin­
ishing their weight or quality, and thereby paying its debts cheaply ; and
no reason exists for supposing that, should nature interpose an equivalent
remedy, it would be rejected now.
During the suspension o f specie payments by the Bank o f England, (from
February 26, 1797, to May 1, 1821, twenty-three years,) all the government
fundholders, and other government creditors, were paid in bank-notes, though
the difference between them and gold increased, in 1814, to 25 per cent in
favor o f gold. The apparent injustice was, however, greater than the r e a l;
by reason that the suspension operated on gold like a monopoly. Gold be­
came a scarce article ; hence persons who needed it for exportation, for man­
ufacture, or for any purposes that bank-notes, the domestic money, would
not subserve, had to purchase gold as merchandise, at the price it had at­
tained by the well-known laws o f scarcity.

f

SIL V E R A N D

GOLD A R E

CON TROLLED

CO N TRO L THE

V A LU E

IN
OP

V A LU E

B Y TH E P R IN C IP L E S W H IC H

O TH ER AR TIC L E S.

Such being the dangers which some persons apprehend in our monetary
system, a brief consideration may not be untimely o f the principles which
regulate the inherent, as well as the temporary value o f gold and silver.
Their inherent value depends on the cost o f their production. I f gold shall
be procurable in California at less cost than heretofore, its inherent value will
be less than heretofore, provided the quantity thus procurable shall be suffi­
cient to supply the accustomed demand therefor. This is an essential con­
dition, because the facility with which gold is procurable in California will
only enrich the procurers, without diminishing the intrinsic value o f gold,
should the amount procurable exist in too small a quantity to over supply
the quantity o f gold which the world is accustomed to use. The principle
has been in operation in Russia, where gold has been for some years procu­
rable at less cost than it had been ; but the quantity thus procured was not
sufficient to create a surplus— hence not sufficient to reduce the value. The
cheapness with which the Russian gold was procured inured only to the
private gain o f the procurers. That gold is obtainable in California with
unusual facility and consequent cheapness, cannot be doubted; (sixty mil­
lions o f dollars worth having been shipped from San Francisco in fifteen and
a half months ;) but whether the quantity shall be sufficient to over supply




The P resent avd P rospective Value o f Gold.

279

the accustomed uses to which gold is applied, remains to be ascertained by
experience. Gold, as heretofore discovered, possesses the aristocratic pecu­
liarities o f gems, rather than the character o f metals : being always found
uncompounded with other minerals; though it is occasionally surrounded
by inferiors. The gold which is found in California possesses the accustomed
virgin purity, and occupies the positions in which gold has generally been
found in all other places ; thus evincing that nature has not, in California,
departed from her accustomed analogies ; may we not, then, fairly presume
that all other incidents attendant heretofore, on gold, will also occur in Cali­
fornia ; that gold exists there only superficially, to any great extent; that
the superficial supply will eventually become exhausted, as it has been in
other localities, and the procurement o f gold revert to its former costliness.*
AS

G OLD BECOMES LESS V A L U A B L E ITS SOURCES

OF

S U P P L Y D IM IN IS H .

Many gold mines exist whose product will barely compensate for the cost
o f working them, while some are abandoned, by reason that the gold they
yield will not pay for the cost of its procurement: should, therefore, the
gold facilities o f California diminish the value o f gold, the diminution will
cause the abandonment o f many mines which are scarcely profitable at the
present value of gold. The discontinued mines will augment in number,
with every advance in the progress o f depreciation that gold shall experience ;
a process which will operate as a sort of counterpoise, or resisting force, in
any depreciation o f gold that may arise from its over production. Another
resisting force exists in the rapid enlargement o f the area o f Commerce, the
increasing population o f many great countries, and the steadily increasing
uses o f gold occasioned by these and kindred causes :— “ The United States,
with their population of 25,000,000, doubling every twenty-five years—
Russia, with its population o f 66 ,000 ,000 , doubling every forty years— and
Great Britain, with its population o f 29,000,000, doubling in about the same
time, and its exports and imports doubling in thirty years.f
EFFECT

OF

Q U A N T IT Y ON PE R M A N E N T V A L U E .

On few subjects is the practical knowledge o f men more correct, and the
speculative knowledge more indefinite, than on the relation which quantity
bears to value. The quantity o f gold which may exist in California will not
inevitably influence its permanent value, though it may affect its price tem­
porally. The quantity o f gold we may assume to be illimitable, but all that
will be procured thereof will be the quantity whose procurement shall remuneiate the procurers. The cost o f procurement must, therefore, consti­
tute the ultimate regulator of the value o f gold. A remarkable connection
exists, however, between the quantity in which we possess any article, and
the cost o f its procurem ent: and hence, probably, has arisen the notion that
value depends on quantity. W e possess every article in a quantity inyerse
the cost o f its procurement
for instance, if you inform a man that iron is

* See, on this topic, the L on d on Quarterly Review o f October, 1850.— “ The general gold restriction
bill o f nature.”
f Blackw ood’ s Magazine, o f Janunry 1,1851.—“ The Currency Extension A ct o f Nature.”
% The m arket price o f any article (its price to-day com pared with its price last year) is indeed
governed by its scarcity or plenty, with reference to the quantity o f it we are accustom ed to possess;
but the intrinsic value o f the article (its permanent relation in price to any other article) is not g ov­
erned by the quantity in w hich mankind possess the two articles, but by the relative cost o f their
production.




280

The Present and Prospective Value o f Gold.

procurable from the earth at a less cost than brass, he may know with cer­
tainty that we possess more iron than brass, though possibly the earth may
contain within its recesses more brass than iron. W e know that men have
always dug brass from the earth, and probably always w ill; therefore the
quantity thereof which we possess to-day is not limited by the quantity in
the earth, except on the principle above asserted, that the quantity which we
procure o f any article is governed by the cost o f its procurement.
M en use most the articles which they procure most easily.
But why do men procure every natural production in a quantity inverse
to the cost o f its procurement ? Because we use every article in a degree
proportioned to the facility o f its procurement. This is an instinct o f our
nature— an organic predisposition, strikingly exemplified in the numerous
uses to which we apply silver, beyond the uses to which we apply gold, and in
the still more numerous uses to which we apply brass than silver, iron than brass,
stone than iron, and water than stone. In every country the articles most easily
procured come to be deemed the necessaries o f life, because we conform in our
habits to the use o f articles in a degree proportioned to the facility o f their pro­
curement. The principle is well exemplified in our plank roads— a use o f
plank which clearly derives its origin from the comparatively small cost with
which plank is procurable, as compared with its cost in England, where no
such use o f plank is adopted. In some parts o f our country wood supplies
the place o f stone and brick in building, and o f coal for fuel. The wicks o f
candles are composed o f wood, and the hinges and latches o f doors : it con­
stitutes in such localities the great necessary o f life.
EFFECT

O F Q U A N TITY

ON T E M P O R A R Y V A LU E .

But though the permanent value o f gold, and every article, is thus gov­
erned not by its quantity in nature, but by the cost o f its procurement, the
temporary value (present price) is continually governed by the proportion
which the quantity we possess o f any article bears to the quantity that we
are accustomed to use. W h en the crop o f coffee happens to be much less
than the accustomed crop, a sufficiency no longer exists to supply the accus­
tomed uses; but, as every man is naturally solicitous to obtain his accustomed
quantity, the demand for coffee will become active, and the holders o f it will
be stimulated to enhance the price. The advance in price will induce most
persons to be unusually frugal in the use o f coffee, and some persons will ab­
stain wholly from its use ; and thus the small crop is eked out.
Now, if we can suppose that the annual production o f coffee shall, from
any reason, continue for a few years to be equally small, the enhanced price
will not continue. Every man will be accustomed to the quantity to which
the scarcity induced him to limit himself, and therefore coffee will no longer
be deemed scarce— the demand will subside, and be only equivalent to the
su pply; and the unusual price will subside with the unusual demand. W h en
the Dutch possessed all the countries which produced nutmegs, they were
accused o f annually destroying a portion o f the crop, to create annually an
artificial scarcity. But the stratagem could realize its object occasionally
o n ly ; men would soon become habituated to the restricted supply, and
would cease from competing for more : the article would then be no longer
scarce, nor command a price dictated by an insufficient supply. This foolish
story has been repeated by the gravest writers, who seem not to have been
aware o f the fallacy on which its alleged practice is founded. Potatoes are
probably experiencing in Ireland a permanent change o f quantity. W hen
the crop first became less than ordinary, the price rose by competition among




The P resent and Prospective Value o f Gold.

281

purchasers, who severally desired their accustomed supply, deeming it essen­
tial, almost, to their existence. The high price thus induced influenced many
persons to substitute Indian meal, and other articles, in place o f patatoes;
and now the people o f Ireland are becoming so accustomed to the diminu­
tion in the potatoe crop, that the quantity produced is no longer enhanced in
price by the principle o f scarcity.
Consequences opposite to the foregoing will accompany any surplus pro­
duction o f gold, or of any other article. W hen more gold shall be produced
than will supply the accustomed uses, the holders o f gold will be more so­
licitous to part from it, than others to purchase ; and the principle o f over
abundance, or plenty, will cause the price to fall in a degree proportioned to
the over abundance.
But as every article is used by man in a degree governed by the cost of
its procurement, the uses to which we apply gold will increase as its costli­
ness shall diminish ; a process which continually tends to mitigate the fall
in value o f any article whose production happens to become augmented.
The abundance o f sheep in some parts o f our country introduced the prac­
tice o f melting them for their tallow ; and a superabundance of hogs caused
the invention o f lard oil. W e use peaches to feed hogs and make brandy,
as the grape is used in other countries to make w ine; but in both cases the
use is dictated by the quantity in which the article is possessed. W e use
iron to make roads, and cotton to make cordage— uses which were not
thought o f when the articles were comparatively difficult o f production, and
consequently small in quantity.
TH E EX TE N T TO W H IC H

D E P R E C IA T IO N

CAN

P E R M A N E N T L Y , A R R IV E .

W e may imagine, however, that the quantity of new gold will increase
as California shall increase annually in population. Should this occur, and
the supply keep continually in advance o f old and new uses, the depreciation
must continue to g o on, till the price o f gold shall eventually become so re­
duced as no longer to pay the cost o f further production. This is the min­
imum price which gold can permanently attain, and at this point further de­
preciation will be arrested by a cessation o f gold increase ; and after various
vibrations, gold will become again measurably fixed in a price graduated by
the cost o f producing it.
TH E P R O G R E S S

OF

ANY

SU PP O S A B L E D E P R E C IA T IO N .

W e find, therefore, that the extent o f permanent depreciation which gold
can suffer, from the discoveries o f California, and other places, will depend
on the cost at which gold can be procured. The progress o f depreciation in
any article, may be likened to the circles produced in a pond by the descent
o f a stone. The descent is immediately followed by a disturbance o f the
water within a definite small circle. The first circle is succeeded by a sec­
ond, which is larger than the first; the second is succeeded by a third,
which is larger than the second; and so progressively, till the disturbing
force becomes exhausted, or so diminished as to produce no longer any sensi­
ble effect. Now, to profit by the metaphor, we must remember that the
pond which California gold disturbs is the civilized world, and, in that par­
ticular, gold differs from articles o f a restricted local use. The disturbing
cause has been in active operation some sixteen months, during which period
some sixty million dollars’ w< rth o f gold has been exported from San Fran­
cisco, and the world is just beginning to debate whether the effect is at all
apparent, beyond the immediate circle o f the gold diggings. The effect




282

The P resen t and Prospective Value o f Gold.

there is apparent in all operations and things in which California labor is an
element— the price o f labor being necessarily graduated by the amount that
it can earn in gold digging, an employment free to all persons. If, then,
we knew precisely the money price o f day labor in and around the diggings,
we might estimate pretty accurately the average quantity o f gold that a man
can reasonably expect to find daily at the placers— the two being naturally
equivalent, or, at least, regulators o f each other. The high prices which
have been given in California for flour, pork, merchandise, &c., imported
thither, depend mainly on a different principle— on the demand beyond the
supply, and the consequent competition of purchasers, stimulated, no doubt,
and assisted by the abundance o f money, or its equivalent gold dust; but
not proceeding from the abundance as a necessary effect. Should any arti­
cles o f merchandise be brought into California in excess o f the accustomed
wants o f the inhabitants, the articles will fall in price to an extent governed
by the excess, notwithstanding the abundance o f gold.
In California, therefore, the quantity o f gold which can be picked up daily,
is, at present, a measure o f the value o f day labor— a condition which seems
to conflict with the theory, that the value o f gold is regulated by the cost of
its producti on. The discrepancy is occasioned by the exportability o f gold,
thereby making its value in California dependent, not on the facility of its
production there, but on its value in places to which it can be exported.
Gold will continue to retain in California its European value, till the quan­
tity received from California shall create in Europe a surplus o f gold beyond
the accustomed uses therefor. Nay, before gold can depreciate in California
or anywhere, an excess o f gold must be experienced in every place that Com­
merce can reach ; gold being the most exportable o f articles, by reason o f its
great value in a small bulk and w eigh t; circumstances which assimilate it
with the electric fluid, and make its transits easy, and relatively costless; and
which have, accordingly, always caused it to be an almost perfect common
measure o f value between the most remote countries. Our State is the re­
cipient o f nearly half the gold that is exported from California, yet gold in
New York retains all its accustomed value; unless, indeed, we assume the
question in controversy, and say that the premium which is paid for silver is
occasioned by a depreciation o f gold. All the gold we receive, we can still
employ in our accustomed remittances to Great Britain, at its accustomed
value here and there, in liquidation o f debts contracted before the influx of
gold. The surplus which may occur anywhere will be first apparent in the
creditor nations o f the earth, o f which England is the greatest, and to which
the exigencies o f Commerce cause it to flow ; still, in England, the deprecia­
tion o f gold is as much a controverted question as it is with us.
G OLD

CO IN S

PO SSESS A

VALU E

D ISTIN C T

FR OM TH E P R IC E

OF B U LL IO N .

But whatever depreciation may occur to gold as bullion, the effect to every
person, arising from the depreciation o f bullion, is different from the depre­
ciation o f gold as coin. The man whose property consists of debts due to
him, o f bank stock, fixed annuities, or money in any other shape, is not com­
pelled to receive bullion at any higher price than its market value. Coined
gold he is bound to receive at its legal tale, but the coin possesses to the re­
ceiver an inherent value, by reason that it can liquidate all existing debts,
national and individual; and which debts were contracted before the depre­
ciation o f gold. Our Wall-street brokers will occasionally purchase, at par,
a stock known to be worthless; but the purchase is made to fulfil a former




The P resent and Prospective Value o f Gold.

283

contract for the delivery o f the stock; hence it is worth par to the purchaser,
if he cannot obtain it for less. Our old Continental paper-money became,
eventually, worth in silver, only 1 per cent o f its nominal value ; yet when
the hills were first emitted, and were a legal tender in discharge o f specie
contracted debts, they retained a value nearly equal to silver, so long as
such a use existed for them. W h en the notes would eventually exchange
for silver at only 1 per cent o f their nominal value, the debts for which they
were then a legal tender, had been contracted on a basis graduated by the
depreciation of the bills. A bank may to-day become worthless; yet if its
notes in circulation exceed not in amount the solvent debts due to the bank,
and which can be paid by the bank-notes, the notes will continue to sell at
nearly, or quite, their nominal value, being as useful as specie to the bank’s
debtors. But habit also attaches some fixedness to the character of money.
W hen the revisors o f our State laws, some twenty-three years ago, changed a
gross hundred weight from 112 pounds avordupois to 100 pounds, and a ton
from 2,240 pounds to 2,000 pounds, they diminished the intrinsic value o f a ton
o f hay nearly one-eighth; but people had been so long accustomed to a
given price for a ton o f hay, that the change in the intrinsic value o f the
ton has ever since inured to the benefit o f the producer. Thus gold coins
might depreciate greatly in intrinsic value, before a man would pass a gold
eagle for less value, in other articles, than he is accustomed to receive for it.
W e know that in 1834 our gold coinage was reduced in value some 6f per
cent, yet the reduction has, ever since, been undiscoverable, except when the
coins are exported, and sold as bullion. The distinction between coin and
bullion is not unseen in France, as we learn from a recent paper of M. Dierichx, the Director of the Paris Mint, and communicated to the French Com ­
mission, which is deliberating on a cessation in France of the coinage of gold.
M. Dierichx speaks o f the existing coinage as possessing a value “ guaranteed
by the stamp o f the State.” Now if we consider the public debt o f Great
Britain four thousand millions o f dollars, besides the public debt o f our own
National and State governments, and the immense indebtedness o f the in­
habitants of both countries, and the debts o f corporations, and all which are
payable during a long futurity, and can be liquidated by gold coins at their
pristine value, we may see that a person whose property consists o f money,
directly or indirectly, need not fear any sudden change in the value o f his
property; and probably no man exists who will be able to feel, at the close
o f life, that the change has impaired his fortune in any sensible degree.
W e have purposelj' confined the above view to our country and Great
Britain, excluding France and all the other nations o f Europe, Asia, and
America, that possess a gold coinage, and whose operations will, by the prin­
ciples above referred to, aid in guaranteeing permanency to the value o f gold.
Such countries may possibly adopt hereafter a coinage wholly o f silver, but
we know England and our country will not, for reasons already explained;
and for the further reason, as relates to our country, that, possessing the
sources o f gold, we can no more expect her to discourage the use of gold,
than we can expect China to discourage the consumption of tea.
C O N C 1U SIO N .

But we may be told that gold coins cannot retain a value much above
gold bullion, by reason that a spurious coinage o f gold cannot be prevented,
should the price o f bullion fall much below the value of coin. The spurious
coins will be made out o f the same standard gold as the genuine, and of




284

The Commerce o f France in 1849 .

equal w eigh t; and be incapable o f detection. The objection is probably
correct, and it will doubtless prevent a cessation o f coinage by any govern­
ment who retains gold as a legal currency. Still we believe that the uses
and principles which we have enumerated, will uphold all the gold that can
be coined; and consequently keep the price of gold bullion from any depre­
ciation, except the most gradual and insensible. Yet, should gold be found
in California, or in the Ural and Atlai Mountains, or anywhere, in quantities
enough to supply the known uses therefor, and be procurable at less cost
than gold has heretofore been procured, its value will be ultimately lowered
in proportion to the diminution in its cost. Many persons believe that a de­
preciation has been long in progress. It may now be somewhat accelerated
in its course; but it will still creep on, like old age, noiselessly and imper­
ceptibly ; and we shall become conscious of the change, if change it shall,
only by comparing together long separated periods.

Art. I I , — C O M M E R C E OF F R A N C E I N 1849 *
A G EN ER AL R E V IE W
A N D W IT H

O P TH E
F O R E IG N

CO M M ERCE

OF

FRANCE

P O W E R S , D U R IN G

W IT H

TH E Y E A R

ITS

CO LO N IES

1849.

The French System o f Valuations.
W e have received, from our attentive correspondent and friend at Paris,
M. D. L. Kodet, o f the Paris Chamber o f Commerce, the annual report o f the
French Department o f Customs, for 1849, a folio o f 500 pages. This official
document, published annually by the French Government, we regularly receive,
and, as our readers are aware, make a point o f translating, for the pages of
the Merchants' Magazine, the summary o f its contents contained in the
Resume Analytique, prefixed to the elaborate and detailed tables o f which
the work is made up. The classification adopted in these tables, and the
technical terms made use of, have been more than once before explained in
our pages. It will, therefore, be necessary only to remark that the distinc­
tion o f General Commerce and Special Commerce refers to the origin, or
destination o f merchandise, exported or imported. G eneral C ommerce in­
cludes, as regards imports, every article brought from abroad, by land or by
water, from a foreign port or from a colony, without reference to its primary
origin, or ultimate destination, whether domestic consumption, warehousing,
reexport or transit.. S pecial C ommerce, as respects imports, is confined to
articles imported and consumed by the importing nation. General Com­
merce, applied to exports, embraces all articles sent abroad, whatever their
origin, French or foreign. Special Commerce, as regards exports, is confined
to articles produced in France, or articles nationalized by paying duties, and
afterwards exported.
Articles are classified according to their nature, or analogy, into the four
general divisions o f animal, vegetable, mineral, and manufactured ; and al­
* Tableau General du Com m erce de la France, avec ses Colonies et les Puissances Etrangeres
pendant l’ annee 1849. Paris. Im prim erie Nationale, O ctobre, 1850.




Commerce o f France in 1849 .

285

so as regards imports into the classes o f materials for manufacture, articles
o f consumption in the natural state, and articles o f consumption manufac­
tured ; and, as regards exports into articles in the natural state, and menufactured articles.*
In the tables, the value o f goods is stated in two ditferent ways— the offi­
cial values, and the actual values are given. The former represent the
average fixed by ordinance o f 27th March, 1827, after an inquiry made in
1826. They are necessarily permanent, being designed as the unit o f com­
parison, uniform and invariable, for goods of every class. The actual values,
on the other hand, vary, o f course, with the market, and with the prosperity
or adversity o f trade and industry. They are established by a permanent
commission o f the Department o f Agriculture and Commerce, aided by the
Chambers o f Commerce, and are designed to fix the average value o f every
kind or class o f merchandise during the year, whose results are given in the
annual report.
The report for 1849 appears less punctually than usual, having been de­
layed by the labors o f this commission to establish values, which were not
completed until the end o f September.
The inquiries o f the commission were extended to a much greater num ber o f articles this year than in preceding years, so that the actual average
value, as now ascertained, embraces every article o f import or export.
The utmost pains also have been taken by the commission to make their
valuation as exact as possible. This commission, o f which the Minister of
Commerce and o f Agriculture is President, is divided into five sections.
The first section, in which are representatives o f the Department o f Cus­
tom as well as o f Commerce, Agriculture, and Manufactures, assists the
Minister in directing, digesting, and arranging the results o f the labors of
the other four sections. These four sections are composed o f persons not
belonging to government, who are selected for their intelligence and practical
experience; and they are subdivided into as many special committees as there
are kinds and classes o f merchandise to be rated. Each committee, in the
first instance, and then each section, fixes the rates, by the aid o f facts or
statistics within the personal knowledge o f each member, or derived from
the documents obtained from the Chamber o f Commerce, committees of
manufacturers, agricultural meetings, juries o f experts, or any other source
equally entitled to confidence. In determining the average rates, regard
was had not only to the various kinds or species o f an article included under
one head or in one group, but also, on the one hand, to the proportion each
kind bore to the aggregate import or export, and, on the other hand, to the
different rates o f valuation, according to the different countries the article
was brought from or sent to.
The documents accompanying the report show that the commission of
1849 have labored most arduously to attain the most accurate averages.
For instance, among imports, all articles o f iron or steel are included in the
tariff, under the general head o f implements (outils.) W e have now the
proportion o f each instrument or tool imported to the total of that class,
and also the proportion o f each country supplying it. In cotton, also, by
dint o f a complete analysis o f the daily reports o f sales at the ports, the
average rate for each kind from each place o f export was first obtained, and
this result, combined with the quality o f each kind sold, gave, as exactly as
* F or a translation, at length, o f these preliminary explanations, see M erchants' M agazine, March,
1850, vol. 22, pages 259—261.




286

The Commerce o f France in 1849 .

possible, the average o f prices obtained. The same course was pursued with
coffees, and the colonial products in general.
The valuation o f exports was made in the same way. Thus, under the
head o f brandy-wine, (eau-de-vie de vin,) or pure alcohol, the report includes
brandies proper, and the spirits generally known in commerce as trois-six,
but, as the alcoholic essence and the value of these articles vary sensibly, it
was necessary, while having regard to the places from which they were o b ­
tained, and to which they were sent, and to the different qualities, or proofs,
to ascertain the proportion o f the trois-six on the one hand, and the brandy
o f each vintage, on the other, to the total o f exports ; and these minute cal­
culations, combined with the average market prices in 1849, afforded a uni­
form rate o f valuation.
Textile fabrics include, under one general head, articles o f very various
qualities and prices: cloths, cassimeres, carpets, merinoes, light or mixed
stuffs. Each species, and each o f the numerous subdivisions o f each species,
enter into the aggregate average price, in the proportion o f the quantity
exported.
Thus, to show the extreme care with which some sections pursued their
investigations, the members o f the section to which was assigned the duty
o f fixing the average value o f muslins, actually analysed the aggregate o f
the various species and quantities o f articles coming under this head o f tex­
tile fabrics into '783 fractions, corresponding with the various kinds, such as
light muslins, organdis, tarlatanes, Scotch lawns, printed, embroidered,
bleached muslins, &c.
These details, although slight, are sufficient to exhibit the difficulties the
commission had to surmount, and also to account for the delay which has
attended their labors in 1850. But these labors will lead to permanent re­
sults : they will materially facilitate the investigations o f 1851.
This subject is o f peculiar interest to American readers at the present
time, because precisely this point o f the mode or system o f valuation seems
to be that upon which the tariff controversy with us now mainly hinges. It
is not merely high duties or low duties which determine the degree o f pro­
tection, but the principle on which these duties are levied, whether by the
value or specifically, and, if by the value, the manner in which the value is
obtained. But whether a specific or ad valorem system is adopted, it is ev­
ident that a careful and exact mode o f valuation is indispensable to a fair
and efficient administration o f it. There is, doubtless, too much carelessness
in the American Custom-House department on this point. It is but the
other day that the Supreme Court o f the United States decided that the
mode o f valuation which has hitherto been pursued was wrong in an essen­
tial particular ; and this decision will, it is said, affect the revenue to the
amount o f more than a million. If an ad valorem system is adopted, the
actual values, as the French report very properly styles them, should be ascertined with the same minuteness o f investigation as it appears from that
report has been bestowed upon them in France.
I f the Specific System is
adopted, it is equally necessary that the official or average values (to borrow
the French term again) should be fairly and correctly fixed.
The General Commerce of France with colonies and foreign powers, in
1849, amounted, including imports and exports, to 2,565,000,000 francs, offi­
cial value.*




* For explanation o f this term, official value, see above.

287

The Commerce o f France in 1849 .

This is 550,000,000 francs, or 27 per cent more than the aggregate total
o f the previous y ea r; 199,000,000 francs, or 8 per cent more than the
average o f the five previous years.
The following table exhibits, in official values and in periods o f five years,
the course o f the foreign Commerce o f France during the last fifteen years ;—
F I R S T P E R IO D .------------------ , ,------------------ S E C O N D P E R IO D .------------------- w ------------------ T H I R D P E R IO D .

Years.

Imp’ ts. E xp’ ts. Total.
Years.
Im p’ts. E xp’ts.
M illion Francs.
Million Francs.
1 8 3 5 ....
761
834
1,052 1,011
1,595 1 8 4 0 ....
1 8 3 6 ....
1,121
906
1,066
961
1,867 1 8 4 1 ....
1 8 3 7 ....
1,142
808
1,566 1 8 4 2 ....
940
758
1 8 3 8 ....
937
956
1,893 1 8 4 3 ....
1,187
992
1 8 3 9 ....
947
1,193 1,147
1,003 1,950 1 8 4 4 ....
Total.

4,359

4,512

8,871

Total.

5,695

5,156

Total.

Years.

2,063 1 8 4 5 ....
2,187 1 8 4 6 ....
2,082 1 8 4 7 ....
2,179 1 8 4 8 ....
2,340 1 8 4 9 ....
10,851

Total.

Im p’ ts. E x p ’ ts.
M illion Francs.
1,240
1,187
1,257
1,180
1,343 1,271
862 1,153
1,142 1,423
5,844

6,214

Total.
2,427
2,437
2,614
2,015
2,565
12,058

According to the valuation o f 1849, the trade o f France amounts to a
total o f 2,291,000,000 francs. Comparing this with the result obtained by ap­
plying the valuation o f 1826, we have a falling off o f 274,000,000 francs, or
11 percent. Comparing, in like manner, with the results o f 1847 and
1848, we have a falling off o f 10 and 18 per cent.
In 1847 the actual valuation o f the principal imports and exports, only,
had been made. In 1848 it was extended to a greater number o f articles,
and in 1849 the valuation was carried still further.
O f the total amount o f 2,565,000,000 francs, 1,142,000,000 francs are im­
ports, 1,423,000,000 francs are exports.
The amount o f imports is
281.000. 000 francs, or 20 per cent less than that o f exports. Comparing
with the imports in 1848, we have an increase of 280,000,000 francs, or 33
per c e n t; but comparing with the average of five years, the falling off is
37.000.
000 francs, or 3 per cent. In exports there has been an increase o f
270.000. 000 francs, or 23 per cent compared with 1848, and o f 235,000,000
francs compared with the average o f five years.
Comparing actual rates with the official rates o f 1826, the total o f im­
ports is reduced to 1,021,000,000 francs, instead o f 1,142,000,000 francs;
and that o f exports is only 1,270,000,000 francs, instead o f 1,423,000,000
francs— a difference o f 11 per cent.
These results apply to General Commerce.
In Special Commerce, the total o f exchanges is 1,812,000,000 francs, or
30 per cent more than in 1848, and 8 per cent more than the average o f
five years.
A t actual rates, compared with official, the amount is but 1,662,000,000
francs, or 8 per cent less.
O f this amount o f 1,812,000,000 francs, the imports are 780,000,000
francs ; exports, 1,032,000,000 francs.
In 1848, imports 556,000,000 francs ; axports, 834,000,000 francs.
This is 40 per cent more in 1849, for imports— 24 per cent more for ex­
ports. The average for five years is, for imports, 835,000,000 francs ; for
exports, 843,000,000 francs. Compared with 1849, this is an increase, on
the one hand, of 22 per cent— a decrease on the other o f 7 per cent.
The total o f special import trade is, at actual rates, only 724,000,000
francs; o f special exports, 938,000,000 francs; which is a variation from
official rates o f 7 and 9 per cent.
COM M ERCE B Y

SE A A N D

LAND.

'

O f the total value o f 2,565,000,000 francs, the proportion o f goods sent
by sea and land is as follow s;—




288

The Commerce o f France in 1849 .
By s e a ............................. francs
By la n d ......................................

Official value.

Actual value.

1,829,000,000
'136.000,000

1,639,000,000
652,000,000

The proportion is 'l l to 29, official rates. Trade by land has, therefore,
gained 1 per cent on the results o f 1848, and the average o f five years.
This increase is in imports, in which the trade by land is 34 per cent against
66 , while in 1848 it was 33 to 67.
In imports the five years’ average is trade by water, 70 per c e n t; by land,
30 per c e n t; in exports, trade by water, 74 per cent; by land, 26 per cent.
M aritime TxtADE. O f 1,829,000,000 francs, the official amount of maritime
trade, the value o f goods carried under the French flag was 941,000,000
francs, or 62 p ercen t; under foreign flags, 888,000,000 francs, or 48 per
cent. In 1848 the share o f the French flag was 711,000,000 francs, and
the five years’ average was 798,000,000 francs. French shipping has thus
gained 32 per cent on 1848, and 18 per cent on the average o f five years.
O f the amount conveyed in French ships, 941,000,000 francs, 230,000,000
francs belong to privileged trade. This is 20 per cent more than in the last
y e a r: 11 per cent less than the average o f five years.
The colonies, Cayenne, the Antilles, and Reunion, have 5 per cent of
General C om m erce; other F’ rench Possessions, out o f Europe, including
Algiers, 7 per cent— the whale fishery 1 per cent. The remainder is foreign
trade.
Having regard to the international maritime trade alone, the relative share
o f the French and foreign flag is as follow s:—
French vessels, 1849............................................
“
1848............................................
“
five years p a s t.........................

44 per cent.
42
37
“

Foreign vessels, 1849..........................................
“
1848..........................................
*■
five years past.........................

56 per cent.
58
63
“

Analysing the aggregate o f imports and exports, we have the following
proportion:—
IMPORTS.

French vessels, 1849..........................................
“
1848............... ...........................
“
five years past...........................

49 per cent.

Foreign vessels, 1849..........................................
“
1848............................................
“
five years past...........................

51 per cent.
50
69

50
41

“

EXPORTS.

French vessels, 1849 ..........................................
“
1848 ...........................................
“ .
five years past...........................

42 per cent.
36
“
34

Foreign vessels, 1849..........................................
“
1848......................................
“
five years past...........................

58 per cent
64
66

Thus the French flag, which, in 1848, had gained 6 per cent on 1847>
and 5 per cent on the five years’ average, has still further, in 1849, gained
2 per cent on 1848, and 7 per cent on the average o f five years.
I mports and E xports T ogether . O f the General Commerce o f France,
the share o f the following countries was from 2 to 16 per cent each :— United
States, England, Belgium, Switzerland, Sardinia, Spain, the German Cus­




289

The Commerce o f France in 1840 .

toms Union, Turkey, Russia, the Low Countries, and B razil; altogether, 74
per cent. That o f the Two Sicilies, Mexico, Tuscany, Spanish American
Possessions, East Indies, Rio de la Plata, Hanseatic Towns, Chili, and Egypt,
is 11 per cent. The share o f French possessions out o f Europe is 9 per
cent, o f which 4 per cent is for Algeria, which gives that territory the eighth
place in the list, instead o f the seventh, as last year. The proportion o f the
other French possessions out o f Europe has remained the same— 5 per cent.
The amount o f Special Commerce has increased as follows :— with the.
United States, 35 per cent, compared with 1848, and 24 per cent compared
with the average of five years ; with England, 19 and 30 per cent; with
Belgium, 35 and 13 per c e n t; with Sardinia, 39 and 5 per cent.
The trade with Spain, amounting to 97,000,000 francs, official value, and
78,000,000 francs, actual value, and giving her the fifth place in Special Com­
merce, has increased 14 per cent on 1848— decreased 5 per cent, compared
with the five years’ average.
The trade with Switzerland has increased .21 and 7 per cen t; that with
the German Union, 26 per cent on 1848 ; but the total remains still 26 per
cent less than the five years’ average.
W ith Russia, trade has fallen oft 16 and 31 per cent, and instead o f the
eighth place, which it occupied last year, that power stands now in the
tenth place, with a trade o f 50,000,000 francs. On the other hand, Turkey
has risen from the tenth to the ninth place, with an increase o f 18,000,000
francs, (52 to 34.) or 52 per cent, in official values.
Instead o f 3,000,000 francs and 7,000,000 francs, the amount o f the
special trade with Rio de la Plata, in 1848, and on an averrge o f five years,
the amount for 1849 is more than 21,000,000 francs, which is an increase
o f 634 per cent.
The trade with the Low Countries was nearly 30,000,000 francs, and has
increased 101 per cent.
The total of' imports from, and exports to, Algeria, considered as special
trade, is estimated at 86,000,000 francs, against 75,000,000 francs in 1848,
and 83,000,000 francs the average. This is an improvement o f 15 and 3
per cent.
The other French colonies and possessions furnish the following compar­
ative results:—
Value in 1849 ........................................................ francs
Value in 1848...................................................................
Value five years past......................................... ............

129.000. 000
85,000,000
137.000. 000

Increase o f 1849 over 1848, 44,000,000 francs. Decrease, compared
with the average o f five years, 8,000,000 francs, or 6 per cent.
IM PO RTS----- CO U NTRY

OF

O R IG IN .

The imports o f the United States into France, o f all kinds, are estimated,
taken together, at 175,000,000 francs, official value. This is an increase o f
48.000. 000 francs, or 37 per cent, compared with 1848, and 24,000,000
francs, or 16 per cent, compared with the average o f five years. Belgium
stands second, with 139,000,000 francs ; Switzerland third, with 123,000,000
francs; England fourth, with 107,000,000 fraucs ; Sardinia fifth, with
100 .000 . 000 francs. These figures show a gain not only on 1848, but on
the average o f five years, o f 50 and 11 per cent for the nation first named,
and 17 and 19 per cent for the second, and 47 and 7 per cent for the third..
VOL. x x iv .— no . h i .
19




»

The Commerce o f France in 1849 .

290

The results of the import trade ■with Great Britain, although they show
an increase of 51,000,000 francs, or 92 per cent over 1848, are still under
the average o f five years.
The imports from Russia show a falling off o f 6 and 45 per cent, and
that power stands eighth instead of sixth, and is falling behind Turkey, as
well as the German Union, the imports from which amount to 55,000,000
francs and 51,000,000 francs, which is an increase o f 123 and 28 per cent
on 1848.
Spain stands ninth, and sent 38,000,000 francs against 32,000,000 francs
in 1 8 4 8 ; and the Low Countries, which come next, 31,000,000 francs
against 19,000,000 francs.
The ten nations just named absorb o f themselves 75 per cent o f the gene­
ral import trade.
The share in this trade o f the island Reunion, Martinique, Guadeloupe,
Saint Pierre, Miquelon, Algeria, Senegal, the French Indian Possessions, and
French Guyana, is but a little over 6 per cent. The proportion in 1848 was
8 per cent, which was also the five years’ average.
A m ong the nations to which fall the remaining 19 per cent o f this trade
we remark the English Indies, the Two Sicilies, Brazil, the Spanish Ameri­
can Possessions, Tuscany, and the Argentine Republic, the exports from
which amount to 113,000,000 francs, or 10 percent.
In the special import trade, the United States, Belgium, and Sardinia oc­
cupy the same relative rank as last year, having advanced 46, 43, and 65
per cent. England, which stood fifth in 1848, stands fourth in 1849, with
an increase o f 107 per cent. Turkey, with 33,000,000 francs, is fifth, and
Russia comes next, the latter having but 32 per c e n t; the former gained 51
per cent. These six powers have supplied the domestic markets to the ex­
tent o f 56 per cent o f the aggregate imports.
The consumption o f the products o f the English Indies has increased 16
per c e n t; that o f the products o f Spain, 32 per c e n t; o f Switzerland, 60 ;
o f the Low Countries, 154 ; o f the Two Sicilies, 68 per c e n t; o f Norway,
and o f Brazil, 79 and 50 per cent.
The following figures show the comparative increase in 1848 and 1849,
in the special import trade with the French Colonies :—
Reunion.........................................................
Gaudeloupe..................................................
Martinique....................................................
Algeria..........................................................
Senegal.........................................................
French Possessions in India......................
G uyana........................................................

38 per cent.
41
“
26
“
223
“
42
“
71
“
15
“

In the imports from Saint Pierre and Miquelon, there is a decrease o f 7
per cent.
W ith the exception o f the United States, the Low Countries, Brazil, and the
English Indies, the special trade o f 1849, compared with the average o f five
years, presents a falling off. The same is the case with the French colonies,
excepting Algeria, Senegal, and the French factories in India, the imports
from which have increased 154, 53, and 52 per cent.
E X P O R T S, O R

COU NTRY

O F D E ST IN A TIO N .

The official value o f exports from France to Great Britain has increased
to 243,000,000 francs, o f which 200,000,000 francs are for special trade.




The Commerce o f France in 1849 .

291

The official value o f exports to the United States was 238,000,000 francs
General, and 141,000,000 francs Special Commerce.
This is a gain for England of 5 and 6 per cent over the results o f 1848 ;
o f 45 and 47 per cent over the average o f five years; for the United States
there is a gain o f 26 per cent, as well in General as Special Commerce— in
other words, the increase has been entirely in French goods exported to the
United States : comparing with the average o f five years, we have an in­
crease o f 33 and 34 per cent.
The official value o f exports to Switzerland was 109,000,000 francs in
Genera] Commerce, 53,000,000 francs Special. This is 10,000,000 francs
and 4,000,000 francs, or 10 and 9 per cent more than in 1848 ; and 6 per cent
in General, and 12 per cent in Special Commerce more than the average of
five years.
Belgium, which stands in the order o f importance fourth in General and
third in Special Commerce, took goods o f all kinds to the value of 99,000,000
francs, against 76,000,000 francs in 1848, and 66,000,000 francs, the average
o f five years. O f these amounts 85,000,000 francs, 86 ,000,000 francs, and
56.000. 000 francs, respectively, are for French goods, which is a difference
in favor o f 1849 of 28 and 52 per cent.
The account with Spain reaches 91,000,000 francs, o f which 69,000,000
francs are for French goods. Exports to that country have gained 9 per
cent general trade, and 8 per cent special trade, on those o f 1848.
Comparing with the average o f five years, we have a falling off o f 2 per
cent in general, and 1 per cent in special trade.
Sardinia imported 79,000,000 francs, o f which 53,000,000 francs were
French products. This is 13 and 14 per cent more than, in 1848, and 2
per cent in general trade less than the average, and 15 per cent in special
trade more than the average o f five years.
The German Customs Union stands eighth in general as well as special
trade, with 53,000,000 francs and 42,000,000 francs, against 44,000,000
francs and 36,000,000 francs in 1848.
France exported to Turkey goods o f the official value of 34,000,000 francs,
o f which 19,000,000 francs are for special trade. This is an increase o f 18
and 56 per c e n t; and the increase over the five years’ average is 36 per cent
in General and Special Commerce.
The exports to Mexico have increased from 20,000,000 francs, the amount
in 1848, to 33,000,000 francs; o f this increase of 13,000,000 francs, or 66
per cent, 5,000,000 francs were for French products. Comparing with the
average o f five years past, we have an increase not less than 173 per cent in
the general, and 108 per cent the special export trade.
The share o f Brazil, which comes next, is 32,000,000 francs general, and
21.000. 000 francs special trade. Difference in favor o f 1849, 16 and 30
per cent.
The account with Russia is 23,000,000 francs, o f which 19,000,000 francs
were taken for the home market. This amount in 1848 was 18,000,000
francs and 14,000,000 francs, and the average o f five years 19,000,000 francs
and 15,000,000 francs.
The official value o f goods taken from the mother country by Algeria, in
1848, was 83,000,000 francs General Commerce, and 73,000,000 francs
Special Commerce. In 1849 these amounts were 8 per cent greater, or
90.000. 000 francs and 79,000,000 francs.
The exports to Martinique, Guadeloupe, Reunion, Senegal, and Cayenne,




The Commerce o f France in 1849 .

292

were 23,000,000,14,000,000,10,000,000 11,000,000, and 3,000,000 francs,
respectively, against 10,000,000, 8,000,000, 5,000,000, 7,000,000, and
2.000. 000 francs, in 1848. O f the 11, 000,000 francs exported to Senegal,
6 .000 . 000 francs alone were French products. The amount o f these in 1848
was but 4,000,000 francs, out o f 7,000,000 francs in all. Comparing with
the average o f five years, we have for Martinique an increase o f 23 per cen t;
for Guadeloupe, Reunion, and Senegal, a falling off o f 21 , 13, and 21 per
cent. Cayenne shows an increase o f 17 per cent.
The eleven powers named above took 73 per cent o f the general exports
o f France, and 71 per cent o f the special. Their share in 1848 was 77 per
cent, and on an average o f five years, 71 per cent o f General Commerce ;
o f Special Commerce, 75 and 67 per cent.
. The share o f Algeria, in General Commerce, was 6 per cent, against 7 per
cent in 1848, and 8 per cent for the average o f five years : in Special Com­
merce, 8 per cent, against 9 and 10.
The total, o f exports to the colonies in America and Reunion, which were
but 3 per cent in 1848, have increased to 4 per cent in 1849.
But this is 1 per cent less than the average o f five years.
CO U NTRIES IM PO RTE D

FR OM ,

AND

E X PO R T E D

TO.

The debit and credit account with the twelve powers with which France
has had the largest dealings, taking Special Commerce as the basis, and in­
cluding imports and exports, is as follows
United States..........
England...................
Belgium ...................
Sardinia..................
Spain........................
Switzerland..............
German Union........
Turkey....................
Russia.....................
Brazil.....................
Two Sicilies............
Low Countries.. . . .

Official Values.
Debit.
Credit.
147,000,000
147,000,000
59,000,000
200,000,000
91,000,000
85,000,000
77,000,000
53,000,000
28,000,000
69,000,000
23,000,000
53,000,000
30,000,000
42,000,000
33,000,000
19.000,000
31,000,000
19,000,000
11,000,000
21,000,000
16,000,000
14.000,000
18,000,000
12,000,000

Actual values.
Debit.
Credit.
106,000,000
149,000,000
209,000,000
60,000,000
78,000,000
103,000,000
69,000,000
46,000,000
24,000,000
55,000,000
22,000,000
46,000,000
32,000,000
38,000,000
31,000,000
19,000 000
23,000,000
19.000,000
10,000,000
18,000,000
18,000,000
13,000,000
17,000,000
9,000,000

Making the same comparison with the powers o f the second rank in the im ­
portance, o f their trade, France imported from the English possessions in Asia,
in Africa, and America, goods o f the value (official) o f 29,000,000 francs, and
o f the actual value o f 20 ,000,000 francs, against 8 ,000,000 and 7,000,000
francs French products exported. On the other hand, the products exported
from the Spanish possessions in Asia and America, to France, are estimated at
11 .000 . 000 to 13,000,000 francs, and the French products received in ex­
change at 12,000,000 francs, at the official rates o f 1826, as well as the
actual rates o f 1849.
N ature of I mports. O f 1,142,000,000 francs, the amount o f the gene­
ral imports, 721,000,000 francs were for raw materials, o f which 596,000,000
francs supplied the domestic industry o f the country. In 1848 these amounts
were only 482,000,000 and 374,090,000 francs. Increase, 239,000,000
francs, or 50 per cent, and 222,000,000 francs, or 59 per cent. To this in­
crease silks contribute 70,000,000 francs in General, and'59,000,000 in Spe­
cial Com m erce; cotton 41,000,000 and 35,000,000 francs; leaf tobacco
12.000. 000 and 13,000,000 francs; raw hides 7,000,000 and 9,000,000




The Commerce o f France in 1849 .

293

francs ; olive oil 10,000,000 and 8,000,000 francs ; coals 4,000,000 francs,
and common woods 11,000,000 francs, in both general and special trade;
wools o f all kinds 35,000,000 and 26,000,000 francs ; flax 11,000,000 and
9.000. 000 francs ; indigo and cochineal together 11,000,000 and 10.000,000
francs; finally copper, lead, iron, zinc, and tin, together, 9,000,000 and
14.000. 000 francs.
There is a falling off o f articles o f consumption in the natural state o f 5
percent, compared with 1848— the amount being only 182,000,000 francs
general, and 151,000,000 francs special trade. In general trade the de­
crease affects the cereals and colonial sugars chiefly: in special trade the
cereals only.
An increase o f 51,000,000 and 9,000,000 francs is remarked in manu­
factured articles. O f the 51,000,000 francs, the share o f silk fabrics is
10.000 . 000 francs ; that o f cotton fabrics, 11,000,000 francs; woolen fabrics,
12 .000 . 000 francs ; woolen and hempen fabrics, 4,000,000 francs, and clock
and watch-work, 3,000,000 francs.* Nearly half the difference in special
Commerce, or 4,000,000 francs, arises from the increase in imports o f linen
and hempen stuffs; 1,000,000 francs is for cloth and watch-works; 1,500,000
francs for silk fabrics.
N ature of E xpo r ts.
The official value of general exports in the nat­
ural state, has risen to 453,000,000 francs, and o f special exports in the nat­
ural state, to 297,000,000 francs. In 1848, these amounts were 376,000,000
and 236,000,000 francs; the five years’ average, 364,000,000 and 203,000,000
francs. O f this increase since 18 18 ,2 0 ,0 0 0 ,0 0 0 francs are for wines and
brandies, as regards general trade ; 17,000,000 francs for cereals ; 9,000,000
francs for skins o f all kinds undressed; 5,000,000 francs for coffee ; seed
fruits, 4,000,000 francs.
The surplus falls to exports in general. In
special trade nearly the same share o f the increase falls to the wines and
brandies as in general trade. The same is the case with the cereals and
seed fruit. O f articles, the special trade in which has slightly increased, are
oleaginous grains and fruits, as well as skins used in the manufacture of
liats, 4,000,000 and 5,000,000 francs.
•Amount o f general trade in manufactured articles was 970,000,000 francs
against 777,000,000 and 823,000,000 francs. Gain on 1848, 193,000,000
francs, and on the five years’ average, 147,000,000 francs. In special Com­
merce the amount was 735,000,000 francs against 597,000,000 and
640.000. 000 francs; gain on 1848, 138,000,000 francs ; on the average o f five
years, 95,000,000 francs. The difference, as regards special Commerce, is
accounted for by the increase in the exports o f silk fabrics, which, compared
with 1848, is 86,000,000 francs. Hardware, toys, mercury, add 11,000,000
francs to this am ount; earthenware, glass, and cristal ware, 7,000,000 francs ;
dressed skins, 6,000,000 francs; paper, pasteboard, <fcc., 5,000,000 francs;
metal ware, 4,000,000 francs; lastly, refined sugar, 4,000,000 francs.
B o u n t ie s .
The amount o f bounties on export or drawbacks paid out of
the treasury in 1849 was 19,343,366 francs. There was paid in 1848 on
the same account the sum o f 15,469,715 francs. Increase 3,873,651 francs,
or 25 per cent. But during more than six months in 1848, by virtue o f a
decree o f 10th June o f that year, all goods entitled to bounty, were allowed
an additional bounty of 50 per cent, and a bounty of 4 f per cent was al­
lowed on articles hitherto not favored. This caused an additional expense
* W here two figures are given, the two-fold com parison with the preceding year, and the average o f
five years, is to he understood in all cases.— E d . M cr. M ag.




294

The Commerce o f France in 1849 .

o f 5,919,739 francs, making the total allowance 21,389,454 francs. In
1849 this decree applied only to articles shipped before January 1, and only
added to this outlay 596,502 francs, making the total o f payments on ac­
count o f bounties, 14,449,886 francs less than those o f last year, or
19,939,568 francs.
O f goods entitled to bounty, the export o f which has increased since 1848,
the most noticeable are foreign sugars refined, (62 per cent,) woolen and
cotton fabrics, (together 19 per cent,) lead in sheets, &c., (57 percent,) skins
tanned, curried, or shammy-dressed, (28 per cent,) furniture (250 per cent.)
Nine out o f sixteen articles also present a gain in the average o f five years.
TOTAL OF GOODS EXPORTED W IT H BENEFIT OF DRAWBACK.

Official value of 1826........................................... francs
Actual value of 4848......................................................

286,255,000
192,068,000

Official value of similar exports in 1848, 320,671,428 francs, including
73.000. 000 francs for thread and fabrics allowed a bounty o f 4 ( per c e n t;
and o f the official value o f 1849, (285,255,000 francs,) 7,243,397 francs
are for the same articles.
Deducting this amount, in each year, we have the following total
amounts :—
,

Exports in 1849 ................................... francs
Exports in 1848 .............................................

278,012,000
247,997,000

Excess in 1849 ........................................

30,015,000

C od and W hale F ishery .

The vessels employed in the cod fishery
brought in 388,374 metrical quintals o f fresh and dry cod, oils and roe,
which is 24,057 quintals, or 6 per cent less than the quantity in 1848—
412,431 quintals. W hile the quantity o f dry cod has fallen in 1849 from
148,000 to 103,000, the quantity o f fresh cod has increased from 237,000
to 263,000 quintals.
Cod exported with benefit o f bounty amounted to 88,251, against 82,964
quintals exported in 1848. This is an increase o f more than 5,000 quin­
tals, or 6 per cent since the previous year, and 13 per cent on the average
o f five years. The increase is principally in the exports to Guadeloupe, R e­
union, Algeria, and Portugal.
The whale fishery has produced (in oil and whalebone) 78 per cent more
than in 1848 : but this is still 32 per cent less than the average of five years.
W arehousing . 8,263,908 metrical quintals o f merchandise, o f the value
o f 641,000,000 francs, (rate o f 1826,) were warehoused in 1849. This is
an increase, since 1848, o f 2 per cent in weight, and 29 per cent in value.
The warehouses at which most business has been done are those o f Mar­
seilles, Havre, Paris, and Lyons. A t those o f Bordeaux and Rouen, 9 and
39 per cent in weight, and 3 and 19 per cent in value, less than in 1848,
were received. The value of silks warehoused was 95,000,000 francs, against
40.000. 000 francs in 1848 : increase 137 per cent.
Value o f olive oil
28.000. 000 francs, against 16,000,000 francs : increase 76 per cent. Value
o f woolens, indigo, and cotton, 15,000,000, 24,000,000, and 143,000,000
francs, respectively, against 9,000,000, 10,000,000, and 109,000,000 francs.
The comparative importance o f the different warehouses has remained
nearly the same as in 1848. Havre and Marseilles have maintained their
position as first in importance— the first with regard to the value, the second
with regard to the weight o f goods warehoused. They received only 68




The Commerce o f France in 1849 .

295

instead o f 71 per cent o f the value o f goods warehoused, but they have
made up in weight, which was 65 against 62 per cent.
The business at Bordeaux fell off 2 per cent in value, but remained within
one-half per cent the same as to weight. The official value o f goods ware­
housed at Lyons has increased 12 per cent, owing to the increased importa­
tion o f silks.
T ransit T rade . Foreign products passing through French territory
amounted, in weight, to 388,594 quintals, against 351,976 quintals in 1848.
This is an increase o f 10 per cent. The value o f the trade at the rates o f
1826 is 254,000,000 francs : in 1848 it was only 207,000,000 francs. The
increase here is therefore 47,000,000 francs, or 22 per cent. Comparing
actual values, 220,000,000 with 161,000,000 francs, we have a gain in 1849
o f 37 per cent.
The transit o f silk has increased from 55,000,000 to 67,000,000 francs ;
that o f cotton from 41,000,000 to 51,000,000 francs ; that o f woolen fab­
rics from Ip,000 ,000 to 25,000,000. Comparing weights, we have an in­
crease o f nearly 25,000 quintals in cast-iron, iron and steel; 2,701 quintals
in cotton fabrics.
Comparing the total weight o f merchandise in the transit trade, we find a
depression o f 25 per cent. But it must not be forgotten that the figures for
1846 and 1847 include an important item, which has been thrown out in
1848 and 1849, which is the local transit o f coals and slates out o f Belgium
into Belgium again, over a narrow strip o f French country.
Reducing the special trade o f the two years designated, the five years’
average is diminished to 476,783 metrical quintals, and the ratio o f dimi­
nution is 18 per cent.
Switzerland stands first among the powers with which the largest transit
export trade has been carried on, the amount being 100,000,000 francs
(official value;) and the United States maintains the same preeminence
among those with which the largest transit import trade has been carried
on. After these, among exporting nations, are Belgium, England, the Ger­
man Union, the Sardinian States, and the United States, with amounts
respectively o f 4 2,000,000, 36,000,000, 18,000,000, 17,000,000, and
11.000. 000 francs.
Switzerland’s exports in the transit trade exceeded the imports 43,000,000
francs (official value;) those o f Belgium 33,000,000 ; o f thfe German Union
11.000. 000 francs; Sardinia 5,000,000 francs; those o f England were both
within 1,000,000 francs o f the same amount.
The following are the results (in actual values) of the transit trade with
the principal powers, exporting and importing, by land and by water, or
overland.
Switzerland.........................francs
Belgium........................................
England........................................
Sardinia........................................
The German Union....................
The United States.....................

Exports.

Imports.

93,000,000
35,000,000
28,000,000
16,000,000
15,000,000
8,000,000

46,000,000
8,000,000
56,000,000
10,000,000
6,000,000
69,000,000

The exports by way o f transit to these countries were as follow s:—
To Switzerland: cottons, coffee, cotton fabrics, silk, woolens, clock and
watch works, etc.
To England: silk and silk fabrics, cotton, woolen and linen fabrics, clock
works, cut coral, gold and silver ware, and jewelry.




296

The Commerce o f France in 1849 .

To Sardinia: woolen, cotton, and silk fabrics, cottons, wool, sugars, arms,
silks, prepared dyes.
To the German U n ion : silk and silk fabrics, worked cork, dyestuffs, drugs,
cotton fabrics, cut coral.
Finally, to the United States: fabrics o f all kinds, clock work, dyed silks,
straw, in mats and braids, sewing needles, etc.
The comparative transit transactions with the same six powers, in weight,
in 1848 and 1849, were as follows:—
COUNTRIES EXPORTING.

Switzerland...................... metrical quintals
Belgium..........................................................
England..........................................................
German U n ion .............................................
Sardinia..........................................................
United States.................................................

1848.

1849.

23,914
23,254
18,088
113,349
8,265
72,925

27,229
17,701
37,409
107,589
7,573
57,714

COUNTRIES IMPORTING.

United States....................metrical quintals
Switzerland....................................................
England....................................................• ..
Sardinia..........................................................
Belgium..........................................................
German Union................................................

1848.

1849.

12,777
276.377
6,786
11,367
16,546
6,458

16,611
286,760
8,392
19,103
7,436
9,321

D uties. The total o f duties collected by the Custom’ Department, of
every class, was 162,831,469 francs, as follows :—
Import du ties........................... francs
Export duties......................................
Navigation duties................................
Incidental duties.................................
Tax on consumption of salt................

127,856,282
2,466,776
2,528,625
2,722,685
27,257,101

These receipts, compared with the aggregate o f the preceding year, are
greater by 15,126,268 francs, and this increase is mainly on import duties,
although there is an improvement in every branch o f revenue, excepting the
impost on salt, the revenue for which has fallen from 51,000,000 to
27.000. 000 francs, which is 24,000,000 francs less. The increase in import
duties was nearly 38,000,000 francs, o f which 8,000,000 francs are for
colonial sugars; 7,000,000 francs for foreign sugars; 3,500,000 francs for
coffee; 4,000,000 francs for cotton ; 2,000,000 francs for olive o il:
6. 000 .
000 francs for woolens.
The following are the receipts at the principal custom-houses in 1848 and
1849, in the aggregate :—

1849.
Marseilles............................. francs
H avre.............................................
Paris....................................................
Bordeaux........................................
Nantes.............................................
Dunkerque...,.....................................
Rouen...................................................
Other Custom-Houses...................

31,012,000 or 19 p. c.
29,485,000 18
“
14,745,000 8£ “
14,114,000
8£ “
12,670,000
8
“
5,963.000 4
“
4,125,000 3
“
50,717,000 31
“

1848.
24,075,000 or 16 p. c.
20,246.000
14 “
10,945,000
7 “
12,044,000
8 “
10,835,000
7 “
5,277.000
4 “
3,844,000
3 “
60,439,000
41 “

This table exhibits an increase in the receipts at Havre o f 4 per cent; at
Marseilles o f 3 per cent; at Paris o f nearly 2 per cent. The other principal
custom-houses have remained nearly the same as before in this respect.




297

The Commerce o f France in 1849 .

S hippin g . The import and export trade o f France with its colonies and
foreign powers, employed steam and sail vessels in 29,132 voyages, which is
10 per cent more than in 1848, and 4 per cent less than the average o f five
years. The measurement o f the shipping was 3,317,000 tons, or 5 per cent
more than in 1848, and 9 per cent less than the average o f five years.
O f these 29,132 voyages, 14,364 were under the national flag, while in
1848 the number o f these was only 13,194. This is 1,170 more in 1849,
or 9 per cent. The share o f the foreign flag has increased 11 per cent.
Comparing the details, we notice an increase o f 10 per cent on 1848, and
a falling off from the average o f five years, in the maritime intercourse be­
tween France and her colonies. The number o f voyages o f French ships in
navigation open to competition has increased at the rate o f 11 and 18 per
cent for European powers, and 19 and 25 per cent for countries out of Europe.
This increase, comparing with the average o f five years, is a gain o f the
French over the foreign marine, which has lost in nearly the same propor­
tion. This is shown by the following table :—
1849, French ships....................................................
1849, foreign ships........................................................
Average of five years, French ships....................
Average of five years, foreign ships........................

11,200
14,768
9,452
17,380

43 per cent.
67
“
35
“
65
“

W e have nearly the same results, taking tonnage as the basis o f compar­
ison. O f the aggregate shipping business, the share o f the French flag,
which, as regards privileged navigation, had fallen from 12 to a little less
than 11 per cent, has made this up in t e foreign trade, 50 that, o f the
whole, 38 per cent falls to the French flag. This is 1 per cent more than
in 1848, and more than 7 per cent more than the average of five years.
Steam navigation, taken by itself, includes (counting vessels with cargo
only) 5,536 voyages, and 782,000 tons, against 5,548 voyages, and 807,000
tons in 1848. O f the aggregate, the share o f the French flag is 32 per
cent, that o f the foreign flag 68 per cent. As regards tonnage, the share o f
the national marine is 38 per c e n t; that o f the foreign flag again falls to
62. The corresponding figures for 1848 were 34 against 66 , and 39 to 61.
On an average o f five years, the share o f the national flag was only 29 and
34 per cent.
From the above it appears that, in open navigation, the French flag, which
was gaining in 1848, in its struggle with the foreign flag, made still further
progress in 1849. The principal powers with which there has been an in­
crease o f maritime intercourse are Russia, the German Union, the Hanseatic
Towns, Belgium, the Roman States, and a majority o f the other countries
on the Mediterranean. In the navigation between France and Great Britain,
excluding Malta, the Ionian Islands, and Gibraltar, the share o f the French
flag was 428,000 tons, or 35 per cent. Duirng the five preceding years,
the proportion was but 33, 21, 20, 18 and 15 per cent.
In the maritime intercourse with the United States, the share o f France
was but 1 per cent more than in 1848, or 13 per cent to 12 per cent, or
322,000 tons to 263,000 tons.
The share o f the French flag, in the intercourse with the twelve countries
with which it has been most active during the year 1849, were as follows :—
England............................................................... per cent
United States...................................................................
Turkey...............................................................................




35
13
78

298

Commercial Cities and Towns o f the United States :
Norway........................ ; .................................... percent
Sardinia...................................................................................
Russia (Black Sea, Baltic, White Sea)................................
Spain........................................................................................
Two Sicilies......................................................................
Sw eden.............................................................................
Low Countries.........................................................................

2
59
35
38
44
7
45

These ten countries are placed in the order o f importance with respect to
the aggregate o f the maritime intercourse o f France with foreign powers.

Art. III.— COMMERCIAL CITIES AND TOWNS OF THE UNITED STATES.
NUM BER

X X III.

THE TRA DE AND COMMERCE OF ST. LOUIS IN 1850.
TOBACCO

M A R K E T— H EM P— LEAD— B R EADSTU FFS— O A TS— C ASTO R

BEAN S— F L A X S E E D — B R AN — H AY—

P O T A T O E S — H ID E S — T A L L O W — B A LK R O PE — W H IS K Y — B E E F — P O R K — L A R D — BACO N AN D B U L K M E A T
— B U T T E R — C H E S S E — S A L T — S U G A R — C O F F E E — M O L A S S E S — S H IP P IN G

AND

TO NNAGE

PORT

OF S T .

L O U IS — S T E A M B O A T S , B A R G E S , E T C .— A R R I V A L S OF S T E A M B O A T S A T S T . L O U IS — N A M E A N D T O N N A G E
OF ST E A M B O A T S— LU M B E R

TRAD E— W H EAT AND

FL O U R T R A D E — R E C E IP T

O F P R IN C IP A L A R T I C L E S

O F P R O D U C E A T S T . L O U IS .

I n an article which we prepared and published in the Merchants' M agaazine for August, 1846, (vol. xv., pages 162— 171,) we gave a brief his­
torical sketch o f the early history o f St. Louis, its progress in wealth and
population, as well as all those facts connected with its commercial resources
and advantages, including, o f course, its location, shops, buildings, shipping,
imports, manufactures, &e., that distinguish a great commercial and indus­
trial town. The remark that we then made, in regard to the rapid progress
o f our Western States and cities, has lost none of its force ; and it is as diffi­
cult now, as it was then, to preserve, in the pages o f a monthly journal, the
mere record o f that progress. A year or two in the history o f th e. great
west exhibits a growth almost equal to that o f a century in the cities and
kingdoms o f the Old W orld .*
The M issouri Republican— one o f the most able and influential journals
in St. Louis, the commercial capital o f the State— has been in the habit of
preparing and publishing, for several yearn past, an annual statement o f the
trade and commerce o f St. Louis. In accordance with this custom, we find
in that journal for January 1, 1851, a clear and comprehensive review of the
markets for the year commencing January 1, and ending December 31,
1850. This review, which we have concluded to publish entire, exhibits a
healthfulness in trade that must be truly gratifying to our mercantile friends
in St. Louis. It shows, moreover, an increased business in the principal sta­
ple products o f that region o f our country, and a considerable augmentation
o f prices, which is o f course equally gratifying to the producing and busi­
ness classes. The statistics (we are assured by the editors o f the Republi­
can) are made up from the most reliable information, and in facts and figures
are strictly correct.
* F or statistics o f the trade and com m erce o f St. Louis, in different years, our readers are referred
to the Merchants' M agazine, vol. xv., pages 162— 171; vol. xvii., pages 167— 173; vol. xx., pages
437—439 ; vol. xxii., pages 426—428.




The Trade and Commerce o f S t. L ou is in 1850 .

299

T obacco. This article is classed am ong the most important agricultural pro­
ductions o f our State, and since 1838 has attracted considerable attention for
export. W h ile the receipts o f 1850 fall short 609 hhds., compared with the re­
ceipts o f the previous year, they still slightly exceed the receipts o f 1848. There
are tw o warehouses in this city, at which all tobacco received and intended for sale
in this market are disposed of, and from these w e arc enabled, at the close o f each
season, to give satisfactory statements o f the amount received, sold, & c. These warehouses are now entirely bare o f the article, and o f the old crop there is none to
com e forward. W e can safely state, therefore, that the growth o f 1849 has
been entirely exhausted during the past year— a fact evincing the activity o f the
market. B elow we annex a statement o f the receipts during each month, and
a comparative statement o f the previous y e a r:—
In January.
February.
March__
A p r il__
M ay____
June.. . .

,hhds.

1,651
1,495
903
442
236
10

30 In July.........
7
August. . .
128
September
647
October.. .
November.
1,279
December
2,077

Total................. ............................................................................................
Receipts by w agons...................................................................................

8,905
150

Total receipts in 1850.....................................................................
Receipts of 1849.............................................................................

9,055
9,664

Decrease in 1850.................................................................

609

A s the range o f quality is very great, from com mon lugs to superior manu­
facturing, w e find the range in figures also wide. A s our monthly prices are
predicated on actual sales only, it might seem that at periods not remote from
each other, the higher qualities fluctuate materially in price. T he latter suppo­
sition, however, would be erroneous, as the difference, particularly in the higher
figures, depends almost entirely on the quality o f tobacco sold. Thus, the highest
price given for superior manufacturing was in N ovem ber; yet the same samples
w ould have commanded the same, or nearly the same prices, at any time through­
out the year.
prices in

1849.

January and February no sales.
March................... —
$ i 50 to $7
A p r il................... ___
i 50 to 7
M a y .....................
20 to 8
June......................
50 to 9
2 50 to 9
J u l y ..................... ___
August................ ___
2 50 to 8
September............ ___
1 50 to 7
October................ ___
1 25 to 6
N ovem ber...........
25 to 6
December............ ___
1 25 to 6

prices in

00
50
00
00
50
00
00
50
50
50

1850.

January and February no sales.
$3 00 to $12
March...................
4 45 to
7
A p r il...................
3 00 to 12
M a y .....................
4 15 to 13
J une......................
4 45 to
8
J u ly .....................
5 50 to 10
August..................
September...........
13
9
October................
N ovem ber..........
15
December.............
4 75 to
8

00
75
00
20
45
50
50
35
00
50

H emp. Receipts o f Hemp during the past year, greatly exceed those o f any
year since 1847, when they reached over 72,222 bales— a circumstance, however,
measurably ow ing to the non-reception, during the preceding year, o f the crop
due, the receipts o f 1846 having been less than 34,000 bales. The market
throughout 1849 was marked by more firmness than during the past year, and
the rates were higher, having ranged between $ 120 and $126, varying little from
January to December. A t the close o f 1849, the stock in store was 893 bales.
The stock in store and on sale at the close o f 1850, is about 2,000 bales. The
market during January was inactive at the figures o f the previous year, and de­
clined in February to $ 9 0 a $105 per ton. T he ruling rates for the balance o f
the year were $ 8 0 to $95.




300

Commercial Cities and Towns o f the United S ta tes:
MONTHLY RECEIPTS PER RIVERS.

January..
February.
March. . .
April . . .
May........
June.......

bales

6,736
3,922
8,776
2,085
2,203
316

Total...................................................................................„ ....................
Receipts of 1849.......................................................................................

60,862
46,290

Increase of 1850 over 1849........................................................

14,572

.bales

/

7
508
7,624
13,524
10,772
9,789

July.........
August. ..
September.
October ...
November
i December.

MONTHLY PRICES PER TON,

January.. .......................
February .......................
M arch...
A pril. . . . .......................
M a y ----June........

1850.

$122 to $125 J u ly .................................
90 to 105 August..............................
90 September.......................
85 to
93 October............................
90 Novem ber.......................
89 December............ .........

$80 to $90
80 to 86
75 to 90
85 to 93
88 to 92

B elow we give the imports by the river for the past six years —
1845___ ....................................
1846___
1 8 4 7 ....

30,997

1848................................. ........
1849................................. .........
1850................................. .........

47,270
46,290
60,862

L ead . The production o f this article has been gradually declining since 1845;
receipts, per rivers, since that time, having fallen oft' from 750,877 pigfj, to 573,502
pigs. In the meantime the demand for home consumption has materially in­
creased, and very little has been exported. In consequence o f this decline in
production, prices have gone up, and during the two last years have ranged
much higher than for many years previous. For the greater part o f the past
year, the price o f upper mines lead has been over $4 25, and the market closes
firm at $4 37i to $4 40 per 100 lbs.
MONTHLY RECEIPTS PER RIVERS, UPPER AND LOW ER MINES, INCLUSIVE.

January.......................
February...................... ...........
March .........................
A p r il...........................
M a y ............................. ...........
June.............................. ...........

57,660
38,466
66,263
66,563
64,684
1,079

J u ly ......................
3,542 August.................
September...........
O ctober...............
88,626 Novem ber...........
84,594 December............

Total...........................................................................................................
Received per rivers in 1849...................................................................

573,502
590,293

Falling off of 1850 from 1849.......................................... .......

16,791

ACTUAL PRODUCT OF UPPER MINES FOR THE TWO LAST YEARS.

In 1850..............................................
1849..............................................
Decrease...........................

567,946 pigs, or 37,589,728 pounds.
625,463
“
42,531,634
“
57,967

“

ACTUAL PRODUCT OF LOW ER MINES FOR

Richwood Mines................................
Other mines........................................
T o ta l..........................................




4,941,906

“

1850.

11,872 pigs, or
832,430 pounds.
74,104
“
6,167,570
“
85,976

6,000,000

“

The Trade and Commerce o f S t. L ouis in 1850 .
MONTHLY PRICES DURING

January .............
February ...........
March................ ----April...................
M a y ...................
June....................

4 37-Jto

January ............. ........
February ........... .........
March.................
A p ril..................
M a y ...................
June....................

$3 75 to 83 80
3 80 to 3 85
4 10
3 85
4 00
4 05

4
4
4
4
4

95
00
50
75
60
35

1850.

J u ly .......................
August...................
September.............
October..................
N ovem ber.............
|December...............

MONTHLY PRICES DURING

301

4 10 to

§4 20
4 15
4 15
4 30
4 30
4 40

1849.

J u ly .......................
August. . .................
September..............
October..................
N ovem ber.............
December..............

84 10
4 25
4 25
4 10
3 90 to 3 92
3 921 to 3 95

W heat . Receipts o f this article, during the year just closed, have slightly ex­
ceeded those o f last year, but fall short o f those o f ’46, ’47 and ’48. The last
year has doubtless been a better wheat year than ’49, but, owing to a generally
entertained opinion that the articles must advance, farmers and shippers held
back until threatened by closing navigation. This will account for the heavy
receipts during November, compared with other months o f the year.
MONTHLY RECEIPTS PER RIVERS.

January ..................
February.................
M arch.....................
April........................
May.........................
J une.........................

Sacks.

Bbls.

10,018
14,941
60,659
83,135
60,180
43,971

123
88
1,452
1,036
227
144

Sacks.

July.....................
A u gust...............
Septem ber.........
October................
November...........
December...........

Bbls.

29,144
70,651
118,378
132,177
208,139
45,365

237
284
1,384
2,662
4,605
483

Total . . . .

12,856

Receipts per rivers in 1850......................................... lbs.
“
“
1849................................................
Increase of 1850 over 1849

29,539

MONTHLY PRICES PER BUSHEL DURING

January..
February
M arch.. .
April.......
M a y ----June... . .

ce n ts

1850.

89 to $1 15 J u ly .........
80 to 1 05 August . . .
85 to 1 20 September
95 to 1 25 October.. .
90 to 1 27 November.
77-Jto 1 25 December.

MONTHLY PRICES PER BUSHEL DURING

January .
February
March ..
April.......
M a y. . . .
June . . .

. .cents
...........
...........
...........
...........
...........

80
80
76
75
83
83

to
to
to
to
to
to

85
85
80
78
85
85

1.792,074
1,762,535

cents
........
........
........
........
.........

65
65
60
60
60
79

to
to
to
to
to
to

93
85
78
80
82
86

1849.

|July........................ cents
j August.............................
September.....................
October...........................
INovember.......................
|December............... . . .

85 to $0 97£
85 to 0 87J
85 to 0 90
90 to 0 93
93 to 0 95
98 to 1 15

F lour. Receipts o f flour, per rivers, fall slightly short o f those o f 1849.
For the first six months o f 1850, the market was moderately active at figures
ranging above those-of ’49, but after the appearance o f the new crop o f wheat,
this article declined, and the market has since been unsettled, sales being mainly
for consumption and coast orders. At the close there is a manifest decline from
the figures of the early part o f December, and choice country brands will scarcely
command over $4 25, excepting some favorite brands for family use.




302

Commercial Cities and Towns o f the United States :
MONTHLY RECEIPTS PER RIVERS,

January . . .
February ..
March. . . .
A p r il........
M a y ..........
June..........

. . . .bbls.

4,506
7,984
17,837
32,759
15,900
16,236

1850.

J u ly .............................
August..........................
September................... ........
O ctober.......................
Novem ber................... ........
December.................... ........

Total..........................................................................................................
Received, per rivers, in 1849 .................................................................

37,616
60,948
19,432
292,718
801,933
301,933

Decrease

9,215
RECEIPTS PER WAGONS DURING

1850.

From Center Mills, (new) Illinois, since 30th September..................... bbls.
From Hope Mills, Illinois, since 1st January..................................................
From Planet Mills, Illinois, since 1st January................................................
From Harmony Mills, Illinois, since 1st January............................................
From Harrison’s Mills, Illinois, and other sources............................................

1,833
1,435
1,735
2,405
24,944

Total..................... . ...................................................................................
A dd receipts per rivers.........................................................................

32,352
292,718

Total of all receipts for 1850....................................................

325,070

MONTHLY PRICES DURING

January ...........
February .........
March...............
A pril................
June.................

84
4
5
5
5
6

75
90
37|
00
62!
00

to
to
to
to
to
to

$5
5
5
5
6
6

12!
25
50
37!
00
35

J u l y ...................
August...............
September.........
October..............
November..........
December...........

MONTHLY PRICES DURING

January...........
February........
March................
A p ril................
M a y .................
June.................

84
4
4
3
3
3

20
25
20
70
75
80

to
to
to
to
to
to

|4
4
4
3
3
3

25
50
25
75
80
87!

1850.
|4
3
4
3
3
4

25
75
00
75
80
00

to
to
to
to
to
to

85
4
4
4
4
4

25
00
37!
12!
25
50

10 to
25 to
30 to
50 to
50 to
75 to

84
4
4
4
4
5

25
30
45
60
75
12!

1850.

J u ly ................... .
August.................. .
September........... .
October................
November............
December.............

84
4
4
4
4
4

Corn. While the receipts o f corn for the last year have almost quadrupled
those o f the year preceding, the ruling rates have almost doubled those of that
year. The demand has been active throughout, and the remaining stock on sale
at the close is by no means large.
MONTHLY RECEIPTS P E R RIVER S DURING

.............
.............
.............
.............
.............
June........................... .............

Sacks.
13,885
10,510
29,439
80,364
101,070
70,268

1850.
Sacks.

J u ly .............................
August......................... .
September...................
October........................
Novem ber.....................
December....................

Total..........................................................................................................
Receipts of 1849.....................................................................................
Increase of 1850 over 1849




484,014
142,182
341,832

The Trade and Commerce o f S t. L ou is in 1850 .
DURING 1850.
40
J u ly ........................... .cents.
to40 A ugust....................... ........
to48 Septem ber................. ........
to 45 October....................... ........
to60 November.............................
to62 December.............................
MONTHLY PRII
DURING 1849.
January......................... cents.
30 to 32 J u ly ............................. .cents.
February.................................
30 to 32 A ugust....................... ______
M arch......................................
25 to 27 Septem ber................. ...........
April........................................
23 to 24 October........................ ...........
May..........................................
26 to 28 November................... ...........
June.........................................
36 to 38 December................... ...........

303

MONTHLY PRIC

January....................... cents.
February...........................
M arch...................................
April......................................
M ay........................................
J u n e .....................................

38 to
37
45
44
56
60

58
58
50
52
46
50

to
to
to
to
to
to

86
36
35
36
35
38

64
61
52
55
48
65

to
to
to
to
to
to

38
39
38
39
38
40

O a t s . Receipts o f this article have also nearly tripled those o f 1849, and are
much larger than for any preceding year since the settlement o f the country.
From 8,000 sacks, in 1845, the culture o f oats has so far increased, from year to
year, that we now find the annual receipts at this port footing up nearly 349,000
sacks, or about 872,500 bushels. Notwithstanding the heavy receipts o f this article,
as well as o f corn, the demand for our home use, and for shipment to the South,
has been active, and prices have ruled higher than during last year, when the
crop o f corn was unusually light, and the demand for oats consequently in­
creased.
MONTHLY RECEIPTS DURING

1850.

Sacks.

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

Sacks.

2,692 J u ly ..........................................
4,964 August......................................
35,139 September..........................
O ctober....................................
17,969 Novem ber................................
19,739 i December.................................

6,554
30,688
36,500
70,262
73,438
15,095

Total..........................................................................................................
Received during 1849.................................................... .'......................

348,716
126,835

January .......................
February .....................
March...........................
A p r il...........................
M a y .............................
June..............................

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

Increase of 1850 over 1849.............................
MONTHLY PRICES DURING 1850.
January.....................
to 44 J u ly ............................. cents.
to 45 A u gu st..................................
February.................. .
M arch......................................
44 to 46 Septem ber...........................
46 to 47 October...................................
A pril........................... .............
58 to 60 November.............................
May........................... ..............
J u n e ...........................
to 56 December..............................

221,881
53 to 55
30 to 33
37 to 38
37
to371
40
to411
45 to 50

B arley . During the early part o f the year barley ruled high, and the stock
from last year on sale, which was some 40,000 bushels, was nearly all taken at
95 cents to $1 15 per bushel. The new crop coming in, however, reduced pri­
ces ; and though receipts do not reach those o f last year, the market has since
been moderately active at 60 to 871 cents. The stock on sale at present is
small, and an advance in figures may reasonably be expected.
MONTHLY RECEIPTS PER RIVERS DURING

January........................... sacks.
February ....................................
March.........................................
A p r il..........................................
M a y ............................................
June.............................. ..............

44
188
1,321
1,491
5,187
657

1850.

J u l y .............................
August.........................
September....................
O ctober.......................
Novem ber...................
December....................

.sacks.

176

...........

3,663

T o ta l..................................
Receipts o f 1849...............
Decrease




9,869

I

304

C om m ercia l C ities a n d T o w n s o f the U n ited S t a t e s :
MONTHLY PRICES PER BUSHEL DURING 1 8 5 0 .

Jan u ary . .
F ebru ary .
M a r c h ...........
A p i - i l ..........
M a y .............
J u n e ...........

J u l y ...................................
A u g u s t ...............................
S e p t e m b e r ......................
O c t o b e r ............................
N o v e m b e r .....................
D e c e m b e r ........................

. $ 0 95 t o $ 1 0 0
0 80
.
0 15 to
0 70
.
0 65 to
.
0 60 to
0 85
.
0 6 2 1 to
0 86
0 871
.
0 65 to

MONTHLY PRICES PER BUSHEL DURING 1 8 4 9 .
J an u a ry . . .
F e b r u a r y ..
M arch . . . .
A p i- i l ...........
M a y .............
J u n e ............

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

6 0 t o 62

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

7 0 t o 75

J u l y .................................. . .
A u g u s t ............................. . . .
S e p t e m b e r .....................
O c t o b e r ............................
..
N o v e m b e r .....................
D e c e m b e r ....................... . .

80 50 to $ 0
0 10 to
0
0
1
0 7 3 to
0
0 13 to
0

60
15
75
40
76
76

R ye . There has been little demand for this article, and receipts have been
quite light. Below we give the ruling monthly prices, per bushel, during the
year:—
January .
February
March ..
April
M ay........
June

cents.

55
50
65
10
81}
70

to
to
to
to
to
to

60 j July
55 August . . .
10 September
75 October___
100 November.
75 December.

cents.

70
55
60
50
45
55

to
to
to
to
to
to

f

75
60
65
55
50
60

C astor B eaks. Under light receipts, prices have been highly remunerative.
T he season opened at the high price o f $ 2 20, but in April prices ranged to $ 2 60
a $ 2 65 per bushel. From this the article gradually declined to the close o f
the year, and we now quote at $1 25, and few ax-riving.
January .
February
March. . .
April
May . . . .
June. . . .

$2
2
2
2
2
1

20 to $2 371
26 to 2 50
50 to 2 60
60 to 2 65
55 to 2 60
75 to 1 80

J u ly .........
August... .
September
October.. .
November
December.

$1
1
1
1
1
1

10 to f l 75
60 to 1 70
45 to 1 50
35 to 1 40
25 to 1 30
30 to 1 35

F laxseed . The demand has been active throughout the year, and prices have
been proportionably high. The follow ing have been the monthly rates per
b u sh e l:—
January .
Februai-y
M arch.. .
A p r il__
M a y ----June___

81
1
1
1
1
1

45
40
50
55
50
30

to ?1 50 J u ly ..................... ...........81
to 1 50 August.................. ........... 1
to 1 55 September........... ........... 1
1
to 1 60 October................ ........
to 1 55 Novem ber........... ........... 1
to 1 35 December............ ........... 1

30 to SI 35
25 to 1 30
10 to 1 20
25 to 1 30
45 to 1 50
60 to 1 65

B ran. A fair demand has existed for bran, and sales, excepting in Septem­
ber, October, and November, have been made at 70c to $1 00 per 100 lbs. The
market opened at 85c to $ 1, and continued slightly fluctuating until September,
when the article fell to 45 a 50e., receding, in October, to 40 a 45c., but rallying
in the succeeding month, and commanding 60 a 65c. A t die close, we quote at
75 a 771c.
H a y . G ood timothy has ruled high, during the year, and the low est figure
for baled, excepting in a single montfi, has been 60c. The follow ing are the
monthly prices per 100 lb s :—
January..............................$0
February......................... 0
March................................ 0
A p ril................................. 0
M a y .................................. 1
June.................................. 0




75
70
75
80
10
15

to $0 80 J u ly ............................. $0 80 to $0 85
to 0 75 August.......................... 0 80 to 0 85
to 0 80 September................... 0 60 to 0 621
to 1 10 October......................... 0 55 to 0 60
to 1 15 Novem ber................... 0621 t°
0 65
0 1 0 to 0 7 5
to 0 80 December....................

1

The Trade and Commerce o f St. Louis in 1 8 5 0 .

305

O nions. ‘ The market has fluctuated considerably— prices ranging between
60c. and $1 per bushel. During January and February, the ruling price was 75
to 80c. per bushel. In March it rose to 871c. to $ 1, but gradually declined to
60 a 65c. in October. In November the stock becoming light, prices went up to
70 a 751c., and in December to 75 a 80c. A t the close we quote onions at 80 a
85c., and market nearly bare.
P otatoes. •Receipts o f this article have been large, and prices have fluctuated
between 45c. and $1 05 per bushel. A t the close we quote good at $1 05 per
bushel, and scarce. A good deal o f the crop o f the year just closed was taken
with the rot after being sent to market, and large quantities proved unsaleable.
T he monthly prices per bushel have been as fo llo w s :—
January....................... cents.
February........ ......................
M arch....................................
A pril....................
M a y.......................................
J u n e ......................................

50 to 55
45 to 50
65 to 70
50 to 60
75 to 100
80 to 85

J u ly ........................... cents.
A ugust................................
Septem ber.........................
October................................
November...........................
December............................

80 to 85
75 to 80
45 to 65
50 to 65
621 to JO
85to 105

H ides. Receipts o f dry flint hides have been about one-third larger, during
the last year, than for the year previous, and prices have been pretty steady, with
an active demand. From January until September, they remained firm at 8c.
per pound, then advanced to 81, and in O ctober settled down at 9c., which price
w e quote at the close for dry flint, and 41c. for green. T he follow ing have been
the monthly receipts o f dry flin t:—
2,131
16,680
18,565
13,388
9,776
6,356

January..
February .
March
April . . . .
M a y .........
June..........

J u ly ...........
August___
September.,
October. . . .
November .
December..

2,837
2,107
3,297
5,371
9,754
5,706

Total............................................................................................................
Received during 1849...............................................................................

94,228
68,375

Increase........................................................................................

25,883

F eathers. There has been very little variation in the price o f this article,
and the supply has been about equal to the demand. The range for g ood live
feathers has been 28 to 32c. A t the close we quote at 30 to 32c.
B eeswax . T he market opened at 181 to 19c., but in April advanced to 20 a
21c., at which it remained until July, when the price again fell o ff to 18 a 181c.
— at which we quote the close.
B ale R ope. The business in this article has not been large, compared with
other years— the demand being limited. The price has fluctuated between 51c.
and 61c. per pound.
W h is k y .
This article has fluctuated considerable, and raw has ranged be­
tween 21 and 271c. A t the close, holders are contending for 22c., but few buy­
ers are disposed to go beyond the first figure named.
MONTHLY RECEIPTS.

January ............................. .bbls.
February........................... ........
March.................................
A p r il..................................
M a y ...... ............................. .........
June.....................................

1,093 J u ly .................
1,298 August.............
September.......
O ctober...........
3,414 November . . . .
D ecem ber___

Total.......................
Received during the year 1849........




1,088
892
3,241
2,163
2,617
2,061
25,959
28,471

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

. .bbls.

2,512

20

306

Commercial Cities and Towns o f the United States :
MONTHLY PRICES IN

January..................... cents.
February.............................
M arch.................................
April....................................
M ay......................................
jW ie ....................................

22^ to 23
22£ to 23
23 to 2S£
22 to 23
23 ^ to 24
25 to 27-J

1850.

J u ly ........................... cents.
August................................
Septem ber.........................
October................................
November...........................
December............................'

25 to 26
26 to 26J
25£ to 26
25 to 25£
24 to 24^
21 to 23

MONTHLY PRICES IN 1 8 4 9 .

January..................... cents.
February.............................
M arch.................................
A pril....................................
M ay......................................
J u n e ....................................

18 to 18J
17 to 17£
17-J to 18
16 to 16J
15£ to 16
16J to 16|

J u ly ............................. cents.
A u gust....................
Septem ber...........................
October.................................
November.............................
December..............................

17 to 17£ .
20 to 20£
22 to 22£
26 to 26^
21 to 22
25 to 28

B eef. There has been little demand for pickled b eef in this market for the
last tw o years, receipts generally goin g forward, and quotations being almost
nominal. Receipts for the last year have been very light— a circumstance at­
tributable to the lessened demand, and the high prices allowed for cattle in
southern markets. Up to the present date o f the packing season, very few cat­
tle have been slaughtered at this point, and, so far as we have been able to learn,
the same obtains in regard to points above. Cattle are scarce, and command
rates, for the butchers’ stalls, more remunerative than those offered by the mar­
ket for cured beef.
Receipts during each month have been as fo llo w s :—
Tierces.
January .......................
February .....................
March............................
A p r il...........................
M a y .............................
June..............................

747
96
4

T o ta l.................
Receipts during 1849...........
Decrease

Bbls.
1,802 July.....................
305 August................
1,119 September..........
1,202 October...............
9 November..........
23 Decem ber..........

Tierces.

Bbls.
28
25

2

1,170
585

48
1,038
923

2,602
3,121

6,234
14,837
8,603

P osk. The receipts o f the last year vary but little from those o f 1849, but
our monthly table will show that the bulk o f the sum total was the product o f
1849, very little having been received since the present packing season com ­
menced. The high price o f corn induced growers to send forward that staple,
rather than to apply it to fattening, and hence few hogs have been prepared for
slaughtering. Up to the present date o f the last packing season, the number o f
hogs slaughtered in this city, alone, was nearly 115,000, and at points above,
and throughout the west, the number was also large. So far as w e are informed
with regard to the p-esent season, only 55,000 hogs have been killed in this city,
and a corresponding falling o ff is observed throughout the country. This defi­
ciency must advance the price o f pork, but whether sufficient to remunerate
dealers for the high prices paid for hogs, is doubtful. The hog market opened
timidly at figures approximating to $ 3 , but since the commencement has steadily
advanced, until within a few days, since which it has been less firm, and few
sales are now effected beyond $>4 for hogs weighing 220 lbs., though drovers are
contending for $ 4 15 to $ 4 20.




The Trade and Commerce o f St. Louis in
M O N T H L Y R E C E IP T S O F P O K K D U R IN G

1850.

1850.

Bbls.

Tierces.

3 0 7

Tierces.

18
633

Bbls.
1 ,4 2 9
105
47
1 ,8 4 5
687
1 0 ,8 6 5

T otal
R e c e i p t s o f 1 8 4 9 ..................

1 ,8 7 3
1 ,7 4 5

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

I n c r e a s e i n t ie r c e s .

128

J a n u a r y ____
F e b r u a r y ___ ................
M a r c h ...........
A p r i l ...............
M a y ................
J u n e ...............

126

1 3 ,2 7 4
1 9 ,0 5 5
3 6 ,8 1 6
11,8 31
4 ,3 6 5
1 ,2 4 4

J u l y ........................
A u g u s t ........................
S e p t e m b e r .................
O c t o b e r ........................
N o v e m b e r ....................
D e c e m b e r ...................

. . . .
. . . .

Decrease in barrels...................................................

10,602

The following have been the monthly prices for mess pork, per barrel, during
1850.

Prime and clear mess, laving the usual average differences, below and

above :—
January ........... . . .
February.........
March...............
A pril................
M a y .................
J une ................. . . .

88 374 to
8 37* to
8 374 to
9 25 to
10 50 to

$8
8
8
8
9
11

50
50
371
50
50
00

J u ly ...........
September .
October___
November .
December..

___ $10 00 to $10 50
___
10 50 to 11 00
....

“
u

___

10 25 to

11-00

L aud.

Receipts o f lard, for the last year, have about equaled those o f the
year previous. Prices have not materially varied from those o f the previous
year, and the market has been aetive. Below w e give the monthly receipts and
the monthly prices:—
Tierces.
BbJs.
Kegs.
1,988
January.............................
8.990
2,080
February...........................
4,828
12,730
1,456
March...............................
6,023
24,002
3,136
A pril.................................
1,546
7,910
1,678
M ay...................................
323
2,332
2,324
J u n e .................................
60
1,037
384
24
409
J u ly ..................................
816
106
190
August.............................
230
Septem ber.......................
913
969
88
October.............................
22
133
108
November........................
154
548
December.........................
2,087
2,684
1,601
Total.....................
Receipts of 18-19.

17,925
11,041

Increase ..
Decrease.

6,884
—

MONTHLY PRICES PER HUNDRED POUNDS IN

61,555
64,615

14,549
15,512

3',080

963

1850.

January........................... $4 50 to $5 50 July . .
February ......................... 4 50 to 5 50 August
.. .
March................................ 5 25 to 6 50 September.............
A pril.......................... ...... 4 50 to 5 80 October
...
M a y ................................. 4 75 to 6 00 N ovem ber............. . . .
Ju n e.................................. 6 35 to 6 75 December............... . . .

to $7 00
6 25 to 6 75
to 6 12*
5 624 to 6 25
6 00 to 7 00
G 00 to 7 00

B acon and B ulk M eat . The price o f these articles, during the year, has
been in accordance with the ratio o f the prices o f pork, opening at 3 to 3|c. for
shoulders, 3| to 4 ic. for hams, and 4 to 4-|e. for clear sides, and closing at nearly
the same figures. During the fall season, when the old stock became scarce,
prices ruled at 3| to 4|c. for shoulders, o to 6c. for hams, and
to 54c. for
sides. Receipts for the year o f bacon have been as fo llo w s :—




Commercial Cities and Towns o f the U nited S ta tes:

308

Tierces.
774
1,811
1,074
818
339
269
259

January . . . .
February . . .
March..........
A p r il...........
M a y .............
June..............
J u ly .............
August.........
Septem ber..
October . . . .
November . .
December . .

Casks.
. ..
7,316
5,998
2,423
3,005
1,213

Bbls.
199
1,934

102

Boxes.
...
143
621
437
91
30

Pieces.

Hams

Lbs.
. ..

20,000

1,362
332

8

122
87
564

222

5

267

30
119

7.323
115
35,371
3,140
398
61
...
570
...

Total........
Rec’pts, 1849

7,087
2,195

33,248
21,764

3,019
1,646

1,330
2,263

46,978
...

32,496
...

2,573

Increase . .
Decrease .

4,892

1,384

1,373

46,978

32,496

2,573

193
5
155
214

1,110

970

3

1,668

. ..
11,539
957
...

344
596
85
. *.
...

933

Receipts o f bulk meat have been as fo llo w s :—

February. . .
March...........
A p r il...........

Pounds.
90,753
578,280
570,794
241,920

Total

1,481,747

Tierces.
48,117
130,489
110,249
10,526
301,381

Casks. Boxes'
607
...
175
10 0
365

....

1,046

100

B utter .

There has been a g ood demand for good shipping and table butter
throughout the year, and the first has ranged from 8 to 124c., the latter from 12$
to 17c. T he market closes with 10 to 124c. for shipping, and 16 to 18c. for
Ohio roll.
C heese. T he ruling rates for western reserve have been 64 to 7c., the price
falling sometimes as low as 6c., and again rising to 9c. per lb. English dairy
124 to 13c. per pound.
S alt . T he market has been moderately active for all descriptions. A t the
close, ground alum is not so firm, the price receding, within a few days, to $1 25,
though in the early part o f Decem ber it commanded readily $1 40 to $1 45.
T he ruling rates for this description have been $1 30 to $1 35. Liverpool
blown sells at $1 50 to $1 55. Turks Island rather dull at the close at 85 to
90c. ; Kanawha at 80c.
Receipts o f all descriptions............................
“
“
“
1849...................
Decrease

Sacks.

Bbls.

264,991
289,580

19,408
22,557

14,589

5,149

S ugar .

The prices for this article have ranged higher throughout the greater
part o f the year than during 1849, although the receipts materially exceed those
o f that year.
Hhds.

Receipts of 1850.........................
“
1849........................
Increase.............................
MONTHLY PRICES P E R

January .
February
March___
A p ril. . . .
May........
June........




$4
4
3
3
4
5

100

Bbls.

25,796
23,814

5,034
3,000

1,982

2,034

POUNDS DURING

Boxes.

11,328
3,064
8,264

1850.

00 to $5 00 J u ly .....................
00 to 5 00 August.................
75 to 4 75 September...........
25 to 4 50 October................
624 to 5 50 N ovem ber...........
50 to 6 00 December............

$5 75
6 00
6 25
6 25
5 75
4 75

to $6 25
to 6 50
to 7 00
to 7 00
to 6 25
to 5 75

The Trade and Commerce o f S t. Louis in 1 8 5 0 .

309

C offee. The market has fluctuated very much during the year, prime Rio
having ranged from 8 } to 15fc., the latter figure ruling in February. From this
it gradually receded until May, when it ranged from 8 } to 9c. The market then
improved till October, when it met brisk inquiry at 1 2 } to 1 3 }c .; but again fell
away, and at the close w e quote at 1 0 } to 11c.
Receipts o f 1850 .............................................................sacks
“
1849.............................................................. .

73,673
58,102

Increase............... . ...................................................

14,911

M olasses.

Receipts have not reached those o f last year, and prices have
ruled higher. Receipts o f all descriptions have been 29,518 bbls., against
31,217 bbls. last year. The monthly prices o f plantation have been for the year,
per gallon, as fo llo w s :—
January......................... cents
February............................
M arch....................................
April.......................
M ay........................................
J u n e .....................................

25
25
24
24
28
32

to
to
to
to
to
to

26
26
25
24}
80
83

J u ly ......................... .. . .cents
August....................................
Septem ber.............................
October....................................
November................................
December.................................

31
34
32
32
30
28

to
to
to
to
to
to

34
35
34
33
32
31

S hipping and T onnage. The commercial importance o f a city is readily
made visible by a view o f its shipping trade, and in this respeet St. Louis com­
pares favorably with any city in the West. Below will be found statements
showing the total arrivals each month, tonnage, &e., the arrivals from various
points, and number o f steamers arriving during the past year, showing where
and when built, and the tonnage o f eaeh.
STATEMENT SHOWING THF. MONTHLY ARRIVALS OF STEAMBOATS, (EXCLUSIVE OK BARGES, 4 0 , )
AT THE PORT OF ST, LOUIS, FROM NEW ORLEANS, OHIO RIVER, ILLINOIS RIVER , UPPER MIS­
SISSIPPI, MISSOURI RIVER , ANB OTHER POINTS, DURING THE YEARS 1 8 4 7 - 4 8 - 4 9 - 5 0 .

New Orleans.
Months.

January....................
February....................
March..........................
A pril......................... .
M ay............................
J u n e ...........................
J u ly ............................
A ugust..................... .
Septem ber................
October.......................
November..................
December...................
T o t a l .............

O hio River.

1847. 1848. 1849. 1850. 1847. 1848. 1849. 1850.

23

29
26
53
47
22
30
30
26
48
51
49
35

13
32
38
36
22
19
21
17
31
26
27
31

18
35
45
27
20
24
12
23
15
20
36
28

8
16
28
41
61
37
41
37
30
67
42
22

502

426

313

303

430

15
48
77
67
24
28
22

li
12
38
43
37
44
48
55
42
43
48
8

5
IS
58
65
38
38
13
16
33
40
43
39

12
26
64
61
47
52
32
28
36
40
65
30

429

401

493

U pper Mississippi.

Illinois River.

1847. 1848. 1849. 1S50, 1847. 1848. 1849. 1850.
January.....................
February.................. .
.March....................... .
April...........................
M ay............................
J u n e ...........................
Ju ly.............................
August........................
Septem ber.................
October.......................
November..................
December.................
Total.................




9
8

58
45
57

..

26
23
72
67
82
63
55
71
64
70
63
34

14
19
82
63
42
56
33
62
87
70
93
65

12
55
91
70
69
83
56
75
63
63
98
53

4
8
41
74
128
91
81
51
57
SO
69
33

24
20
48
76
67
75
51
75
66
82
66
47

2
4
79
117
73
77
53
67
77
87
109
61

13
80
60
76
78
49
48
63
59
81
28

690

686

788

717

697

806

635

Commercial Cities and Towns o f the United States:

310

Missouri River.

Cairo.

1847. 1848. 1849. 1850. 1847. 1848. 1849. 1850.

..

January. . . .
February...
March..........
April...........
M a y............
J u n e...........
J u ly --------August........
September..
October___
November..
December...

l
l
19
33
38
39
34
40
39
36
42
5

l
14
32
63
48
45
32
23
31
16
9

T ota l..

314
327
Other points.

3
44
63
50
43
19
28
41
34
21
9

i
7
35
58
57
42
32
45
45
26.
32
10

11
30
3
1
19
8
19
10
18
18
13
16

355

390

146

16
13
29
14
36
16

5
6
13
19
20
13

6
9
10
18
21
17

12
17
27
21
18
22

13
9
12
12
6
8
3
3

7
5
10
9
14,
11
6
8
11
12
14
15

4
1
4

75
122
194
Other points.

1847. 1848. 1849. 1850.

1847. 1S48. 1849.1S50.
January. . . .
February... .
March...........
April..............
M ay..............
J u n e .............

13
9
16
18
7
13
5
16
21
32
16
28

July ...
August.
September.. .
October
N ovem ber...
Decem ber.. .

T ota l..

19
24
28
34
18
12

28
27
64
72
38
43

10
14
19
18
15
24

12
33
33
26
18
12

202

396

217

215

STATEMENT SHOWING THE MONTHLY ARRIVALS OF STEAMBOATS AND BARGES, FLAT AND KEEL
(BOATS, TONNAGE OF STEAMBOATS AND BAKGES, W HARFAGE, AC., FOE THE YEAKS

Arrivals o f steam- Arrivals o f flat
boats and barges, and keel boats.

January..........
............
February........
M arch.............
April...............
M ay..................
June..................
J u ly ..................
A u gu st............
Septem ber___
.................
October.............
November........
December......... .........

1849.
62

312

T ota l....
"Wharfage.

1849.
January..........
February......... .
March............. .
A p ril.............. .

May.............

June................ .
July........... ..... .
August..... . . . .
September___ .
October............
November....... .
December........ .
Total... . . . .




1,180
3,849
4,384
2,924
1,935
2,182
3,052
3,187
2,788

1850

70 $683 80
75 1,825 50
75 4,091 90
65 3,865 75
30 3,566 15
25 4,048 92
50 3,137 10
15 3,518 87
75 3,870 48
50 4,167 15
70 5,718 46
20 2,601 OO
41,095 08
29 ■

1849.

1850.

3
1
13
3

11,954
23,615
75,835
85,123
62,756
58,125
38,358
43,323
60,865
57,120
61,784
55,034

14,129
37,241
81,969
79,505
71,825
72,984
43,196
51,789
54,610
58,268
82,980
34,756

115

633,892

681,252

1850. 1849. 4850.
64
173
400
349
312
334
218
276
259
274
412
168

26
27
8
11
7
12
7
3
46
19

3,239

166

3
9
29
15
16
20
3

..

Harbor Master’s fees.

1849.
$47
106
307,
350
264
231
154
172
240
228
254
215

81
46
98
77
26
56
84
75
48
76
17
68

2,575 62

1850.
$54
146
327
309
285
232
188
211
232
250
343
156

1949-50.

Tonnage o f steamboats
and barges..

70
04
35
26
20
01
22
13
23
03

11

06

2,7.35 43

Paid into the City
Treasury.

1849.
$530
1,226
3,604
4,004
2,946
2,663
1,780
1.986
2,766
2,630
2,922
2,474

54
44
37

23
12
04

66

70
77
74
98
92

29,531 51

1850.
$629
1,679
3,764
3,554
3,280
3,839
2,948
3,307
3,638
3,917
5,375
2,444

10
46
55
49

86,
71

SS
74
25

12

35
94

38,382 44

The Trade and Commerce o f St. Louis in 1 8 5 0 .

311

STATEMENT OF THE TOTAL ARRIVALS OF STEAMBOATS AT THE PORT OF ST. LOUIS DURING THE
YEAR

1850.

SHOWING W H E RE BUIi.T, AND THE TONNAGE OF EACH.

Tons.
Name of boats.
Name o f boats.
Where built.
A rch e r................... Pittsburg___
148 D o v e ...............................
A lt o n ..................... Brownsville... 344 D a n u b e .........................
Alex Scott.............. St. Louis . . . .
710 D e W i t t C lin to n . . .
Autocrat................. St. Louis . . .
847 D i a d e m ........................
Avalanche............. Peoria, Illinois 220 D ie V e r n a n ..............
Alvarado ............... St. Louis . . . .
134 D a n ie l B o o n e ............
Am erica................. Freedom, Pa.. 143 D u t c h e s s . ....................
Anna....................... Elizabethtown 187 D o m a in .........................
134 D e l t a ............................
Amaranth............... St. Louis . . . .
Andrew Jackson . . Cincinnati......
290 E u r e k a ..........................
Alhambra............... Cincinnati......
290 E x c e l s i o r .....................
Anne Linnington... New Albany . 156 E n t e r p r i s e ................
257 E l P a s s o .......................
Amozonia................ Pittsburg. . . .
Anthony Wayne . . W heeling.. . .
164 E . W . S te p h e n s ____
A tla n tic................. Cincinnati......
667 E m p i r e .........................
A s ia ....................... Pittsburg. . . .
199 E m b a s s y .....................
Alleghany M ail. . .
Pittsburg. . . .
77 E x p r e s s .......................
A. W. Vanleer.. . .
Unknown. . . .
161 E u p h r a t e s ..................
Alliquippa.............. Pittsburg. . . .
213 F a l c o n ..........................
Beacon ................... Cincinnati......
126 F in a n c ie r ................
Brooklyn................ Pittsburg___
231
Belvidere................
Unknown. . . .
223 F a i r m o u n t .................
Bride...................... New A lbany. 296 F a s h i o n .......................
Belle Creole............ Cincinnati......
448 F e d e r a l A r c h ............
Buena Vista........... Elizabethtown 266 F l e e t w o o d ..................
Bon A cco rd ........... St. Louis . . . .
147 G o v . B r ig g s ................
Balloon.................... New A lbany. 154 G r a n d T u r k ................
Bay State............... Cincinnati......
210 G l o b e .............................
Relie of the West. Cincinnati......
247 G e n . W a s h in g t o n ..
Ben W est............... Brownsville... 241 G e n . Lane...............
Bunker Hill, No. 3. New Albany . 398 G r iffin Y e a t m a n . .
Bostona.................. Louisville. . . . 468 G e n . G a in e s ................
Columbus................ Jeffersonville.. 542 G la u c u s ........................
Pittsburg. . . .
Columbia...........
203 G e n e v a .........................
Cherokee............... New A lbany. 417 G e n . B e r n ...................
Constitution........... Wheeling. . . .
536 G e n e s e e ........................
Charles Hammond. Cincinnati......
296 G l a d i a t o r ...................
Caleb Cope............ Pittsburg. . . .
80 G l e n c o e ............. . . .
Cumberland, No. 2. Pittsburg.......
141 G. W . K e n d a l l ____
Cora, No. 2 ............ New Albany.. 326 G a y a s o ..........................
C ora ....................... Rock Island.. 158
Citizen................... Brownsville... 171 G e n . W o r t h ................
104 G o s a m e r .......................
Chattanooga........... Pittsburg. . . .
315 H a y d e e .......................
Chief Just. Marshall Pittsburg. . . .
Concordia............... Cincinnati......
477 H ig h la n d M a r y ........
Consignee................ W heeling.. . .
199 H ig h la n d M ’y , N o . 2
230 H a n n i b a l .....................
Courtland................ Louisville. . . .
Clerm ont............... New Albany . 112 H in d o o ..........................
Crescent..................
548 H a m b u r g ...................
Cincinnati......
Clermont, No 2 ..
Cincinnati......
122 H a il C o l u m b i a ____
Cumberland, No. 1. Pittsburg. . . .
119 H u d s o n .........................
Comet..................... Elizabethtown 116 H ir a m P o w e r s ____
Columbian . . . . .
138 H u n g a r ia n ..................
Unknown. . . .
Connecticut............ Shawneetown. 249 H e r a l d ..........................
Caddo ..................... Louisville. . . .
154 H e r m a n n ...................
Dr. Franklin............ Wheeling. . , .
149 H u n t s v i l l e ................
Dr. Franklin, No. 2. Wheeling. . . .
190 I o w a ...............................
Daniel Hillman . . .
Smithland.. . .
145 I s a b e l ...........................
Dubuque................ Elizabethtown ISO I s a a c N e w t o n ...........
D u roc..................... Louisville. . . .
220 I r o q u o i s .....................




Toi)8.
W here built.
238
N ew A lb a n y .
159
B r o w n s v il l e ...
266
P it t s b u r g ..........
276
B r o w n s v il l e ...
446
P a d u c a h ..........
170
C in cin n a ti........
329
C in cin n a ti........
132
U nknow n. . . .
395
U n k n o w n .. . .
E liz a b e t h t o w n
113
172
B r o w n s v il l e ...
200
Z a n e s v ile , O . .
260
H a n n ib a l, M o .
199
U nkn ow n. . . .
447
N e w A lb a n y .
W h e e lin g .. . .
237
193
P itts b u r g . . . .
F reed om , P a ..
137
142
F reed om . . . .
125
P i t t s b u r g ____
P it ts b u r g . . . .
C in cin n a ti........
B r o w n s v il l e ...
B r o w n s v il l e ...
St. L o u is . .
F reed om . . . .
P a d u c a h ..........

J e ffe r s o n v ille .
L o u is v ille . . .
C in cin n a ti........
B r o w n s v il l e ...
P it t s b u r g .........
P it t s b u r g ..........
U nknow n. . . .
P i t t s b u r g _____
P it ts b u r g ..........
N e w A lb a n y .
Wh e e l i n g . . . .
Memphis . . . .
C in cin n a ti........
U nknow n. . . .
L o u is v ille . . . .
L t . L o u is . . . .
W h e e lin g .. . .
E liz a b e t h t o w n
B r o w n s v il l e ...
P it t s b u r g .........
P it t s b u r g .........
G la s g o w , P a ..
C in cin n a ti........
P it ts b u r g . . . .
P itts b u r g . . . .
K a n a w h a R ’er
N e w A lb a n y ..
St. L o u is . . . .
St. L o u is . . . .
P itts b u rg . . . .
N e w A lb a n y ..

102
184
444
196
213
91
689

211
224
241
286
159
154
142
117
176
236
429
280

200
190
346
142
144
159
158
464

200
207
116
95
226
275
163
194
344
454
327
241
485

312

Commercial Cities and Towns o f the United States:

Name of boats.
Ionian......................
Irene........................
Julia........................
John Hancock . . . .
Josiah Lawrence . .
John J. Crittenden.
John Q. Adams . . .
Jewess....................
James Millenger . .
James Hewitt . . . .
J. L. McLean..........
John D a y ...............
Knoxville................
Kanzas....................
Kentucky .............
Kingston.................
Kate Kearney . . . .
Lady Franklin . . . .
Ladie Collins.........
Lam'artine..............
Lake o f the Woods
L o w e ll...................
Lucy Bertram . . . .
Luella..............
Lewis F. Linn . . . .
Lightfoot................
Little D o v e ...........
M elton ...................
Mary Blane...........
Mustang..................
Martha, No. 2 ........
Mountaineer............
Mary Stevens........
Movastar................
Missouri.................
Melodeon...............
Mt. Vernon.............
Magnet...................
Minnesota................
Montgomery...........
Monroe....................
Magyar...................
Monongahela . . . .
Mohawk..................
Newton Wagoner .
Ne Plus Ultra........
Nominee.................
North R iver...........
New W o rld ...........
Natchez..
.“.
New England, No. 2
Nashville...............
Ocean W ave..........
Oswego...................
Oriental.................
O h io .......................
Ohio Mail...............
Oneota.....................
Ohio (stern wheel).
Piasa.......................




Tons.
Where built.
Name of boats.
Where built.
W heeling.. . .
107 Pearl, No. 2 ........... Pittsburg. . . .
Pittsburg. . . .
125 Patrick Henry........ ' Cincinnati.. ..
Elizabeth....... 235 Planter................... New Albany..
Cincinnati. . . . 293 Pride of the West. Cincinnati.. . .
Cincinnati. . . . 593 Prairie Bird............ St. Louis . . . .
Pittsburg----224 Prairie S ta te ......... Peoria . . . . . .
Brownsville... 189 Princeton............... New Albany..
Unknown....... 220 Pearl....................... Elizabethtown
Pittsburg . . . 286 Pontiac, No. 2 . . . .
Cincinnati. . . .
Shippingsport 449 Pike, No. 9 ............. Cincinnati___
Pittsburg.......
271 Pioneer.................... Pittsburg___
B
Pa
Unknown. . . .
38 Paris....................... Pittsburg___
Louisville. .. . 349 Pocahontas.............. Cincinnati. . . .
St. Louis . . . .
276 Pontiac................... Cincinnati. . . .
Louisville. . . . 139 Rowena.................. Elizabethtown
St. Louis . . . .
Pittsburg. . . .
143 Robert Fulton . . . .
St. Louis . . . .
305 Robert Campbell.. Hannibal........
W heeling.. . .
150 Robert Rogers. . . . Brownsville...
Pittsburg. . . .
148 R. H. Lee............... Cincinnati. . . .
Pittsburg. . . .
175 Saladin.................... Louisville. . . .
Naples............
86 St. Louis................. St. Louis . . . .
79
Unknown. . . . 125 St. Ange................. St. Louis . . . .
St. Louis . . . .
268 St. Croix.................. St. Louis . . . .
St. Louis . . . .
146 St. P a u l................. St. Louis . . . .
Pittsburg . . . .
102 Saluda....................
St. Louis . . . .
Cincinnati. . . . 155 Sultana.................... Cincinnati.. . .
St. Louis . . . .
76 Susquehanna ......... Pittsburg. . . .
Pittsburg. . . .
158 Sacremento............ Cincinnati. . . .
St. Louis__ _ 181 Shenandoah ........... Brownsville...
St. Louis . . . .
226 Schuylkill............... Pittsburg. . . .
Shouston, Pa.. 172 South Am erica.. . .
Pittsburg___
Pittsburg. . . .
213 Saranak................. Pittsburg___
Wheeling__ _ 224 Saranak, No. 2 __ _ Pittsburg___
Naples............ 140 Sligo, No. 2 ........... Nashville. . . .
Cincinnati. . . . 886 Silas W rig h t......... Wheeling. . . .
Cincinnati.. . . 245 S. F. Vinton........... Cham. Creek..
Pittsburg. . . .
Wheeling. . . .
178 Santa F e ................
W heeling.. . .
Louisville. . . .
9S Salena....................
Pittsburg___
149 Time and T id e .. . . Louisville.. . .
New Albany.. 447 Tuscumbia.............. New Albany..
New Albany.. 184 Tempest................. St. Louis . . . .
Pittsburg........ 135 Tiger.......................
Wisconsin. . . .
Pittsburg........ 238 Tobacco Plant . . . .
Pittsburg. . . .
Cincinnati. . . . 395 j Telegraph, No. 1 . . Louisville. . . .
Elizabethtown 105 Uncle T o b y ........... Pittsburg. . . .
Cincinnati. . . . 248 Uncle Sam (new) . Louisville. . . .
Pittsburg. . . .
213 Union..................... Pittsburg. . . .
213
Pittsburg. . . .
242 V isitor.........: ____ Brownsville...
Cincinnati. . . . 206 Vermont................. Rock Island . .
Cincinnati.. . . 210 Wisconsin................ Elizabethtown
Pittsburg. . . .
306 Wyoming................ Pittsburg. . . .
Unknown. . . . 497 W a v e ..................... Pittsburg. . . .
St. Louis . . . .
205 West Newton........ Pittsburg. . . .
Brownsville . . 187 Warrior..................
Cincinnati. . . .
Brownsville... 236 W ebster..................
Cincinnati. . . .
Cincinnati.. . . 348 Western World. . . . Pittsburg. . . .
Pittsburg. . . .
118 Yankee.................... Glasgow, Ky .
Unknown. . .
37 Yorktown............... Cincinnati. . . .
Shouston, Pa.. 121 Zachary Taylor.. . . W heeling.. . .
St. Louis . . . .
85

Tons.
64
298

200
232
213
288
252
54
400
239
2(l9
242
242
397
350
230
199
269
179
158
347
938
121
254
159
329
223
924
142
221
179
272
288
199
295
171
199
284
116
57
161
281
210
83
207
313
109
741
240
432
141
139
226
198
89
164
204
324
388
98
299
174

The Trade and Commerce o f St. Louis in 1 8 5 0 .

313

T he L umber T rade . From the report o f the Lumber Master to the City
Register, it appears that the follow ing amount o f lumber, shingles, laths, and
staves, were received at the wharf during the year 1850:—
Months.

Lumber.

...........
...........
Jurfe...................................
J u l y ................................. ...........
...........
...........
November......................... ...........
Decem ber.........................

128,980
354,888
1,138,498
691*209
1,142,090
1*154,100
1*448,100
*586,200
548,900
325,829

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

Shingles.

Staves.

Laths.

1,500
56.S00

100,000
650,000
265,000
1,555*000
*724*000
500,000
432'000
90,000

170,000

4,316,000

283,000

113,000

21,321
120,195
176,971
116,000
132,246
154,000
28,000
807,033

Adding to the above table 6,078,205 feet o f lumber, estimated by the Lumber
Master not measured, and 15,600,000 feet estimated to have been cut by the city
mills during the year 1850, and we have, as the total amount o f lumber received
from all sources during the past year, and manufactured in St. Louis, the quan­
tity o f 29,676,099 feet.
W e annex, to the above statement, a comparative view o f the imports o f lum­
ber, shingles, and laths, by the river, for the past six years, ending December
31st, 1850:—
Lumber,
feet.

Years.
1845......................
1846......................
1847 ......................
1848 ......................
1 8 4 9 ... ...............
1850......................

Shingles,
No.
13,927,500
10,652,000
13,098,800
15,851,500
7,334,500
4,316,000

Laths,
No.
2,328,700
1,807,700
2,817,000
2,598,915
1,290,500
283,000

W heat and F lour. Below we give a tabular statement o f tbe quantity o f wheat
received by river during the year— showing the aggregate, and the number o f
sacks from the Missouri, Mississippi, and Illinois rivers respectively; also, the
quantity o f flour received from all sources. This table is taken from the book
o f the clerk o f the Millers’ Exchange, and may be received as strictly correct:—
Receipts of wheat.
Sacks.

January____
11,184
February...
13,685
62,859
March...........
A p ril............
114,536
M a y ..............
56,882
June...
47,910
J u ly ..............
31.214
A u gu st------78.788
September..
119,961
O ctober____
132,173
FTovember ..
_ 208,139
December . . * 50,015
Total . . . .

927,346




Bbls.

84
705
1,438
772
1,422
82
319
991
1,364
2,622
4,605
728
15,132

Missouri
River.
1,862
1,461
11,871
25,171
10,811
13,254
9,555
14,558
10,948
4,639
3.851
3,247
111,228

Mississippi
River.
2,591
4,723
15,473
48,993
17,820
13,109
7,379
15,860
41,585
40,830
61,750
7,367
277,480

Illinois
River.
6,731
7,501
35,515
40,372
28,251
21,547
14,280
48,370
67,428
! 86,704
142,538
39,401

Receipts of
flour from
all sources.
3,013
7,001
16,585
29,404
14,462
17,423
11,595
27,235
36,976
51,391
60,953
22,193

538,638

298,231

314

Commercial Cities and Towns o f the United States :\

R E C E IP T S A T P O R T O F ST. L O U IS O F P R I N C IP A L A R T IC L E S O F PR O D U C E F O R T H E L A S T T W O T E A R S

1849.
Wheat....................................................... sacks
Flour, per rivers........................................bbls.
Flour, per wagons..........................................
C o m ..........................................................sacks
Oats....................................................
Barley............................................................
Pork............................................................bbls.
Pork........................................................ tierces
S a lt...........................................................sacks
Salt............................................................. bbls.
Hemp.........................................................bales
L e a d ................................
pigs
Tobacco..................................................... hhds.
Beef............................................................ bbls.
B eef.........................................................tierces
Dry Hides........................................................
W hisky...................................................... bbls.
Sugar......................................................... hhds.
Sugar..........................................................bbls.
Sugar....................................................... boxes
Coffee.........................................................sacks
Molasses..................................................... bbls.
Lard..................................................................
L a r d ....................................................... tierces
L ard........................................................... keg3
B a con ..................................................... tierces
B a co n ....................................................... casks
Bacon......................................................... bbls.
Bacon........................................................ boxes
B a con ... ............................................... pieces
Bacon........................................................... lbs.
Bacon..........................................bagged hams
Bulk Pork................................................. casks
Bulk P o rk ............................................... boxes
Bulk P ork............................................... pieces
Bulk P o rk ................................................... lbs.

18£0.

881,428
301,933
............
142,182
126,835 '
44,613
113,909

927,846
298,231
32,852
484,014348,716
34,744
101,562
1,873
261,230
19,158
60,862
573,502
9,055
6,049
2,586
94,228
25,959
25,796
5,034
12,388
73,678
29,518
61,535
17,925
14,549
7,087
23,248
3,019
1,330
46,978
32,496
2,893
1,096
100
301,381
1,481,747

289,580
22,557
45,227
591,851
9,664
14,837
3,121
68.395
28,471
22,814
3,000
3,064
58,702
31,217
64,615
11,041
15,512
2,195
21,764
1,646
2,263
____
....
....
12,889,360

The census for 1850, just completed, shows a rapid increase o f the popu­
lation o f St. Louis. In May, 1821, (see Merchants' Magazine, vol. xvi.,
page 162,) the place contained 651 dwellings. The population, in 1810,
was 1 ,6 0 0 ; in 1 8 2 0 ,4 ,5 9 8 ; in 1830, it had increased to 6 ,6 9 4 ; and in
1840, to 16,496, o f whom 1,531 were slaves. The present population, as
shewn by the census o f 1850, amounts to 77,465, o f which 2,616 are slaves.
It appears, by the returns o f the United States Marshal, that there are 1,308
manufacturers, who have a capital invested amounting to $4,377,711, em­
ploying 7,321 males, and 1,130 females. The annual product o f this
branch o f industry amounted, in 1850, to $15,400,340.
Since preparing the foregoing statements, we have received, through the
courtesy o f C. II. Haven, Esq., o f St. Louis, a statistical table, made up
from the census rolls in the hands o f the United States Marshal, presenting
a view o f the productive industry o f St. Louis, which shows a progress in every
department o f industry, that must be gratifying to the enterprising citizens
o f that city.
A TABLE, SHOWING THE AMOUNT OF CAFITAL INVESTED, NUMBER OF HANDS EMPLOYED, AND THE
ANNUAL PRODUCT OF MANUFACTURING AND OTHER BRANCHES OF INDUSTRY IN ST. LOUIS, 1 8 5 0 .

Name o f Business.

Capital
invested.

104 Carpenters....................................
9 Stone Cutters...............................
7 Shirt Manufacturers.....................

$150,265
28,100
43,000




Hands E m ployed.
Male.
Fem ale.

557
90
..

268
...
268

Annual
product.

$1,171,580
122,700
43,000

The Trade and Commerce o f St. Louis in 1 8 5 0 .
Name of business.
106 Tailors...........................................
14 Hatters.........................................
8 Carriage Makers...........................
9 Iron Foundries*...........................
2 Brass Foundries.............s............
71 Blacksmiths...................................
16 Breweries)*....................................
50 Cabinet Makers.....................* ..
35 Tinners and Coppersmiths..........
1 Type Foundry............................
10 Chandlers and Lard Oil Factories
3 Tent and Awning Manufacturers
7 Rope Makers:): ...........................
50 Bakers§.........................................
110 Boot and Shoemakers..................
5 Gunsmiths'...................................
1 Fire-Safe Manufactory.............
28 Painters and Glaziers.................
7 Bookbinders.................................
3 Plane Makers...............................
3 Trunk Makers...............................
7 Locksmiths...................................
1 Chair Manufactory......................
6 Plumbers............................ ..........
5 Tobacco Manufactories...............
3 Spirit Gas Distilleries..................
2 Drug and Chemical Factories...
1 Hominy Mill..............................
1 Shot Factory..............................
1 Bucket Factory.............................
9 Tanneries.......................................
9 Saw-Mills | ...................................
22 Milk Daries...................................
10 Upholsterers.................................
24 Saddlers . w....................................
6 Turners..........................................
2 Venitian Blind Makers...............
5 Wire W orkers.............................
1 Gold Pen Maker...........................
19 Flour M ills...................................
2 Planing Mills.................................
3 Patent Medicine Manufactories..
53 Coopers..........................................
2 Glass Factories.............................
3 Sugar Refineries............................
2 White Lead, Castor and Linseed
Oil Factories............. .
4 Soda Water Manufactories..........
10 Confectioners.................................
1 Whip Maker...................................
4 Lime Kilns.................................
1 Cork Manufactory.........................
38 Cigar Makers.................................
2 Rectifiers........................................
6 Machinists......................................
3 Starch Factories...........................
44 Brick Y a r d s .................................
6 Sausage Makers...........................
1 Cotton Yarn Factory...................
13 Bricklayers§§...............................

315

Capital
invested.
§'205,500
26,700
56.600
389.000
17,000
72,430
195,550
72,760
129,300
51,800
99,300
1,709
70,230
62,250
73,975
4,800
700
67,130
7,300
5,300
7,700
3,710
1,500
12,500
23,000
20,500
21,000
600
40,000
4,000 •
70,200
115,000
12,830
49,960
33,916
2,330
4,000
16,800
1,000
439,500**
47,000
14,000
32,485
50,000
177,000ft

Annual
Hands employed.
product.
Female.
Male.
§650,550
181
680
85,150
16
72
130,000
138
569,000
54,5
25,000
22
303,130
326
285,925
81
182,800
195
287,328
151
150,000
10
10
498,950
100
126
* 6,300
10
215,000
97.
276,640
122
402,900
22
272
10,360
14
7,000
7
217,000
170
55,300
27
48,000
15
74,500
36
12,638
13
3,500
5
65,000
30
67,000
66
63,000
7
45,000
16
3,600
2
.375,000
25
6,000
10
223,900
78
4
248,000
103
33,640
25
122,800
112
46
260,850
6
178
12,800
8
6,500
5
3
26,000
15
2,000
1
181
..
/ 2,867,750
96,000
35
96,000
8
288,822
248
64,000
70
•1,213,600
211

146,000
16,000
6,700
600
2,330
2,500
20,180
4,000
30,100
25,000
89.000
505
70,000
16,500

160
91
28
7
14
8
92
6
100
17
619ft
6
40
104

80

600,000
60,500
57,500
4,800
21.200
8,700
80,270
28,006
98,000
165,000
301,470
9,600
170,000
04,750

6,00 J t-> m o f ir o n .
f 151,120 bushels o f barley.
X 830 tons o f hem p.
§ 33,673 bbls. flour.
14,200,000 feet o f lumber,
**2,375,000 bushels o f w heat- 569,300 barrels o f flour.
f t 1,035 tons o f sugar.
X X 78,220,000 o f brick.
First W ard only.




316

Currency o f N ew England, and the Suffolk Bank System.

*

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

$4,377,711

Annual
product.
$9,200
11,900
5,000
3,700
16,800
349,650
43,000
73,000
13,500
50,000
75,000
14,500
2,100
2,160
7,500
29,500
30,000
34,000
12,500
32,000
799,522
45,000
146,585
750
82,000
8,000
1,000
2,000
10,000
18,000
7,600
8,500
9,000
15,000
150,000

Hands employed.
Male.
Female.
8
11
4
7
39
111
40
35
10
12
11
20
3
2
3
2
1
48
30
16
7
3
23
15
io
121
1
37
4
1
3
10
8
2
15
17
34
85

Capital
invested.
$3,500
6,150
2,100
420
5,500
49,920
220,000
32,000
9,000
14,000
35,000
2,500
1,900
400
4,000
4,300
3,000
16,500
1,450
1,500
239,800*
20,000-|27,275
150
39,000
5,500
600
300
10,000
8,000
2,000
3,500
8,000
3,500
125,000

Name of business.
2 Organ Builders.............................
6 Cap M akers.................•...............
2 Jewelers.......................................
3 Bandbox M akers.........................
3 Match Factories.........................
49 Butchers.........................................
1 Gas Company...............................
1 Cotton Batting Factory...............
1 Fire & Water Proof Roof ManufL
1 Spice Mill.....................................
1 Lead Pipe & Sheet Lead Factory
2 Brush Makers...............................
2 Mustard Factories.........................
1 Basket Maker...............................
1 Umbrella Maker...........................
'7 Milliners........................................
2 Oil-Cloth Manufactories...............
2 Saw Factories...............................
3 Vinegar Factories.........................
2 Bellows Makers ...........................
8 Pork Houses.................................
1 Woolen Factory............................
32 Wagon Makers.............................
1 Boat (Yawl) Builder...................
2 Distillers ........................................
4 Piano Makers...............................
1 Comb Maker.................................
2 Nailors...........................................
1 Mill Stone Factory.......................
6 Daguerreans..................................
2 Mathematical Instrument Makers
2 Edge Tool Makers.......................
1 Block and Pump M aker.............
2 Saddletree Makers.......................
1 Ship (Steamboat) Yard...............

7,321

1,130

$15,400,340

Art. IV.— CURRENCY OF NEW ENGLAND, AND THE SUFFOLK BANK SYSTEM :
CO N SID E RE D
OF

W IT H

R E F E R E N C E TO T IIK IR E F FE C TS U P O N

M A IN E :

AND

TO

THE

SYSTEM

SU P E R IO R IT Y
OF

NEW

OF TH E

TH E

FREE

P R O S P E R IT Y
BAN K

YORK.

I n every country, under every form of government, the monetary system
that prevails, exerts, next to an over-ruling Providence, the most searching
and potent influence that is felt upon the industry o f the people, advancing
or retarding their prosperity according as that system weighs with, or
against it.
This is so, because every such system makes unto itself a “ higher law”
than is found in either Constitutional or Statute Laws, however vaunted may
be the pride or pretensions o f these, or “ law abiding” may be the disposi­
tions of the people upon whom they operate.
* 107,800 hoss.




f 80,000 pounds o f w ool.

Currency o f N ew England, and the Suffolk Bank System.

S I7

This “ higher law” o f the former, ranges and displays its power to the
fullest extent that the latter laws fall short o f answering the necessities and
convenience of human industry and trade in the communities where they
exist.
One manifestation, or phase, o f this “ higher law’” in New England’s mon­
etary system, is found in the price which currency bears in her markets
among dealers, lenders, borrowers, and employers o f it, beyond the price
established and prescribed by statute law, and in despite o f such statute
law.
And here it may be remarked, that where both necessity and conve­
nience concur in pressing upon a people the habitual violation o f a law, and
o f forcing them to have recourse to a “ higher law” of their own, the violated
law becomes a reproach to the government that retains it upon the statute
book ; and its habitual violation demoralizes the commercial pride o f the
citizen, while it silently saps the foundation of his homage to laws less ob­
noxious. Such is the character, and such the influence o f the Usury Laws
o f New England. Their only direct exertion of power is felt in their re­
straint o f trade, not in the promotion or protection o f it.
Another manifestation, or phase o f this “ higher law’,” which character­
izes our New England monetary system is found in the substitute which it
makes to itself, and of itself, for that currency which the Constitutional Law
o f the land proclaims to be exclusively admissible “ in payment o f debts.”
Thus :— By the Constitution o f the United States, A rt. 1, Section 10—
it is provided, that “ no State shall make anything but gold and silver coin
a tender in payment o f debts.”
Y et four-fifths o f all the currency o f New England, and seven-eights of
all in circulation, consists of the paper currency o f banks, authorized by State
Legislation. A nd not only have the State Courts— (See Snow vs. P e rr y ,
9, P ick. R . 542)— but the Supreme Court o f the United States, in the Cap­
itol at W ashington— (See U. S. Bank vs. Bank o f Georgia, 10 Wheat. R .
3 3 3)— has solemnly declared this bank paper to be a good tender at law, in
payment o f debts, as money, unless specially objected to !
This is the language o f the Court in the last named case :—
“ Bank-notes constitute part o f the common currency o f the country, and, ordinarily, pass as money. When they are received as payment, the receipt is
always given for them as money. They are a good tender as money, unless spe­
cially objected t o ; and as Lord Mansfield observed, (in Miller vs. Race. 1 Burr
Rep. 457,) they are not, like bills o f exchange, considered as mere securities or
documents for debts.”
The “ higher law” o f the monetary system having given a creation to
another currency than the Constitutional currency o f the nation, the same
“ higher law” could hardly fail to be equal to the finding of argument to
“ give color to the idea
and it is not within the experience o f the oldest
lawyer in our land, to name the case, where the proclivity o f a Court for J u ­
dicial Legislation to sustain a favorite theory has been seriously puzzled to
find any desired number o f apt precedents to the point, in the decisions o f
Lord Mansfield, or o f some other subservient judge o f a British Court. In
this connection permit the remark, not as a sentiment peculiar to the writer
o f the article, but entertained by thousands, that one of the broadest avenues
to plunder upon the popular rights designed to be secured by the institu­
tion of a Republican Government for the United States, was left open and
unprotected, in the written Constitution o f that Government, by the omis­




318

Currency o f New England, and the Suffolk Bank System.

sion, in tlie framing of it, o f a special provision repudiating, as o f malign in­
fluence, from use and authority as precedents, in all American Courts, all
decisions of English judges upon either the organic law o f government, or of
corporations, or upon the constructive rights, duties and obligations of indi­
viduals in any o f the relations of life.
Taking the law as judicially settled above in respect to the availability
o f a paper currency as a good tender in payment o f debts as money, unless
specially objected to, and we see that it is not the Constitutional Law o f the
United States which the Courts administer, but the “ higher law” imparted
to paper currency by State Legislation that authorizes its omission, and by
the individual will o f the citizen who receives it. W h en the individual says,
the Constitutional Law o f the Federal Government shall be done away with
practically, in respect to currency, and State Legislation furnishes by substi­
tution a currency o f this “ higher law’s” creation, it is seen that betwixt the
two agencies, o f State Legislation and individual assent, the “ higher law”
prevails, and our Courts pronounce it “ good 1”
It requires no very profound knowledge in legislative alchymy to compre­
hend why it is that the “ higher law” o f our monetary system thus success­
fully wins its way to supremacy everywhere, over both Constitutional and
Statute law ; although f o r Courts to sanction it, to the same extent that in­
dividuals find it convenient in practice, and for Courts to give it the force of
a good tender, where not objected to, instead o f only the force o f payment
where accepted, is a very different problem, and more difficult to reconcile.
The former fact is so, because in the use o f paper-money the monetary
system consults for power the necessities o f human industry, enterprise and
trade, as these actually exist, and must continue to exist; while constitu­
tional law in respect to currency, is founded, on the contrary, in only an
ideal condition of things such as never yet has existed, though fancied by
Constitution and statute law makers to be very desirable, v i z —a sufficiency
o f gold and silver coin in daily and constant circulation to conduct all the
exchanges o f commerce, and domestic trade, and industry.
A ll laws are powerless in practice and influence to the extent that they
are framed with reference to a condition of things that has only been fancied
as desirable, but is not consistent with a real condition o f things which has
its foundation deep in the every day necessities o f industry, trade, and social
progress.
The history o f our monetary system furnishes another illustration o f this
truth in the utter feebleness of statute laws enacted a few years since in
Maine, as in some other States, for the suppression o f paper-money o f denom­
inations o f less than five dollars. The “ higher law” o f popular necessity
for these smaller denominations o f paper currency, beyond what the supply
o f metallic currency would answer, rendered nugatory these statute laws.
They excited more contempt, than spirit o f obedience among the people.
Their repeal, like the death o f a hopeless consumptive, was a mere dissolu­
tion of an exhausted form, exciting no remark, because anticipated by every­
body.
But there is yet another phase o f the “ higher law” that characterizes the
monetary system o f New England, and one which has become too firmly
engrafted upon it by acquiescence and practice, as well as has an origin too
deep in the show of utility to be dispensed with while the system itself re­
mains unchanged. It is what most business men will readily comprehend
by the term of “ Suffolk Bank System."
O f all the giant influences that shrewd financiers ever devised, above and




Currency o f N ew England, and the Suffolk Bank System.

319

w ithout late, far the purposes o f absolute control over the industry, trade,
and business o f a large population, extended over a wide territory, so as to
direct much the largest share o f all the advantages and prolits o f that indus­
try, trade, and business to one common center, and reducing the whole to a
perpetual dependence upon that one center, this Suffolk system will stand
out in history foremost and most comely to look upon. It has not only
gathered up and fixed in one spot— the City of Boston— the commercial in­
fluences o f all New England, but has there enthroned the guiding divinity
o f worldly enterprise for all New England— the maximum power o f her
wealth.
It is a false view o f history that ascribes so universally to the railroad
system the magic o f the last twenty years’ o f Boston’s growth in population,
business, and wealth. The cause o f all this is earlier than her railroad sys­
tem— earlier than her system of manufactures. These are but the emana­
tions and agencies o f an earlier and more commanding device. To the un­
ostentatious, and unpretending, yet masterly idea of subjugating the entire
currency of New England to the control of a monied p ow er in the City o f
B oston, making each bank elsewhere throughout these New England States,
mere accountable appendages to this central monied power, is Boston in­
debted for the advantages and impulses that have resulted in her present
greatness and strength in wealth, her influence and enterprise.
Strike from her hand, even now, this magic wand— this diviner’s rod, and
leave New England, as she may be left, with an equally safe, equally large,
and equally active currency, and as permitted and secured with the Suf­
folk system in force, and the monopoly o f trade, and o f profits in manufac­
ture, and the advantages o f fiscal wealth now monopolized by her, will im­
mediately begin to diffuse themselves broadcast over New England, and a
hundred territorial centers o f business will stand up to take the place o f
Boston’s present overshadowing mint.
The axiom is not a difficult one to understand, which says, give a man
control o f your purse and he will control your industry, and will make the
measure o f your profits, and of his own recompense, at pleasure.
Adm it that Boston controls the purse o f New England, and the conclu­
sion would follow voluntarily, that she controls the industry o f New Eng­
land, and regulates the price o f it— sets bounds to its enterprise, and deter­
mines its quota of profits wherever that industry is excited, be it in a neigh­
boring village, or in a distant hamlet among the mountains.
A s a matter o f fact, without attempting to define the process by which
it has been brought about, few will dispute that it is at this moment, as
stated above, respecting Boston and New England.
Boston is the great storehouse of New England’s active wealth— the great
center from which radiates much o f New England’s enterprise— the great
market where New England seeks exchanges for much the largest share o f
her agricultural and manufictunng products, and the great distributing
agent of New England’s traffic in Merchandise. She is the great Ledger o f
New England to which all other cities and towns are mere day-books, or
slates at her door to receive the orders o f customers to Boston.
W h at has made her thus great \ Does she possess any cSmmanding ad­
vantages o f natural position in her relation to the ocean on one side, and to
the inland region on the other ?
The number, as well as great length of her railroads contradicts this pretension.
Her geographical position on the map contradicts it.
Her advantages
then are artificial and artistical.




320

Currency o f N ew England , and the Suffolk B ank System.

Harbors as good as her own— as commodious as her own, are within short
distances on each side o f her. Besides, while other causes remained equal,
other points upon the seaboard flourished equally with her, and when they
drooped in prosperity, Boston drooped likewise.
W ithin the last twenty-five years, however, she has shot ahead o f all her
neighbors, and o f all her rivals in Hew England— Salem, Portsmouth, Port­
land, on the east; Providence, Newport, New Bedford, on the south.
Search into the date of this magical progress, and it will be found to run
only with the race o f the Suftblk System for a Boston supremacy over -the
currency o f New England; and with a victory once established in this race,
all other victories ensued as soon as projected. W h en the banks o f New
England were once bound to an agreement to p a y for the redemption of
their money in Boston, a premium was offered by themselves to have all
their issues drawn into and gathered up at Boston !
The current once set,
if but for a single month, with this artificial force, and under this new stimu­
lant, every day enlarged its volume thither— every day deepened its de­
mand, and every day rendered it more and more difficult to retard its pro­
gress, or resist its sweeping influences. There was no longer circulation left
to the notes o f banks out of Boston, as this “ higher law” permits but one
direction in which they can flow, commencing as soon as issued, and that is,
towards Boston. The carrier pigeon is not by instinct more direct in his
flight uniformly to one and the same goal, than is the currency of New’
England under this new law o f its existence.
W ith every channel o f the monetary system thus graded towards Boston,
a new life could not hut spring up in her trade— a new era in her prosperity
— a new impulse in her enterprise, and a new ambition be inspired to widen
the advantages thus acquired. The process was noiseless upon the yielding
energies o f New England w'hen once commenced, as the depletion o f the
patient that faints beneath the drafts of the lancet. Its avowed motive, too,
was as commendable as patriotism, and a lofty commercial pride combined
for the attainment o f a sound currency, could bespeak. There was a charm
in every feature it presented to the public mind, though its towering de­
mand, as the newspaper columns o f that early day o f its being will indicate,
could not fail to awaken some isolated, but impotent jealousies. One day
gained in the movement was o f itself sufficient to ensure its success. Every
experienced operator knows that advantage in time is quite everything in the
struggles o f finance, and no less so than in war. A comparatively short
time gained upon adversary interests was sufficient to enthrone this new di­
vinity securely in its position. Combination against it was subsequently im­
practicable. Submission was the alternative. Like Aaron’s rod, its strategy
consisted in devouring each antagonist that refused submission. A nd thus
it accomplished for Boston what all other influences— all other combinations
o f trades, and o f interests, could not have done— laid New England help­
lessly dependent f o r a currency at the feet o f the banks o f Boston— they act­
ing with all their energies centered in one bank in their midst. From that
hour until this, Boston has laid all New England under contribution at plea­
sure, through every known channel o f trade, and reaped the lion’s share o f
profits in every enterprise. And so long as this same “ higher law” exists,
such must continueto be the story and its resnlts.
The outlines of this Suffolk System consists in the provisions forced upon
every bank, (or nearly all,) in New England for redeeming their respective
issues o f bills weekly at tire Suffolk Bank in Boston, or at some bank there,




Currency o f N ew England , and the Suffolk B ank System.

321

which is the same in effect, as such other bank is required to redeem its
own and protege’s bills that fall into the coffers o f the Suffolk. A nd to do
this, the Suffolk Bank demands a permanent deposit o f each bank in specie,
to be made with the Suffolk, of $3,000, without interest, and payments
weekly additional in specie funds equal to redeem its bills taken in.
It will be perceived that to make this weekly redemption, each bank is
under the necessity o f pouring in upon the Suffolk every bill it can obtain,
o f every other bank redeeming there ; and thus every bank is made the
quasi runner upon every other bank, notwithstanding the system ostensibly
promises an exemption o f each bank from being run upon, as the condition
o f submission to it. The promise, however, extends in fact only to the for­
bearance o f the Suffolk Bank to run upon the submissive on es; and yet, in
fact, the Suffolk System depends solely upon its success in m aking every
other bank run home w ith all possible despatch every other bank's issues.
So far as exemption from being run upon for redemption o f its bills is

any object with any New England Bank, the Suffolk System secures no ad­
vantage whatever to any bank. For, as above explained, while humble
obeisance to the Suffolk’s demands ensures exemption from the call o f run­
ners from that bank directly , it enlists, by a new necessity, every other ba n k
in N e w E n g la n d belonging to the Suffolk System, to send out its runners
to gather up and hasten to Boston for redemption the bills o f this same
dependent tributary o f the Suffolk. Then instead o f one runner upon its
specie funds, each bank in New England is made to encounter constantly as
many runners as there are banks attached to the Suffolk c a r : and the cream
o f the arrangement is, moreover, in the Suffolk’s bank getting to itself, f r e e
o f interest, a very large specie capital for its own exclusive use, and is freed
at the same time, also, from all expense o f this steady ru n o f all the New
England Banks upon each other. The amount o f this capital thus furnished
the Suffolk, free o f interest, by the banks o f Maine alone, I shall have occa­
sion to advert to in another connection. W h at it amounts to from each o f
the other New England States I have not documents at hand to illustrate,
and it is o f no concern to the interests of Maine, although it ought not to be
without interest to the business-men o f those other States.
The amount o f notes redeemed by the banks o f Maine annually, at the
counter o f the Suffolk Bank, is also an item o f special interest in illustrating
the effects o f this system upon the interests o f Maine, and will properly in­
voke the reader’s special consideration. It will do more— excite his “ special
wonder.” W h at it may be in reference to the banks o f other States, it is
their concern only to know and consider, and will be no part o f m y purpose
to investigate.
The argument may'justly be suggested, and it is the primary one in sup­
port o f the Suffolk System, that without this diffused activity among all the
banks out o f Boston to run into the Suffolk Bank all the bills which each
can weekly gather up from the issues o f the other, the issues o f the banks
would expand to limits and amounts beyond the ability o f these banks to
redeem in specie as might be demanded o f them, and the result would be, a
return to rotten banks and unsound currency, and perpetually occurring
losses to the bill holders.
But this argument, after all, presupposes, that with what experience the
several New England States have had in banking and currency since the in­
stitution o f the Suffolk System, there is still not enough o f wisdom in their
Legislatures, or moral force in their laws, or integrity in the directors o f their
V O L . X X I V .-----N O . I I I .




21

322

Currency o f N ev; England, and the Suffolk Bank System.

banks, to keep tbeir banks within the same limits in respect to issues, and in
the same sound condition, as the wisdom, and moral force, and integrity o f
the Suffolk System— that “ higher law” than statute law, to which our banks
now pay such steady and humble obeisance.
In this sentiment all who have investigated the subject have not full faith.
Even under the present system o f banking upon ostensibly nothing but
specie capital, but in reality upon nothing but individual credits which pre­
vails in New England, the Legislature o f Maine, for example, may as easily
enforce as rigid a system among her banks o f redeeming their bills at home,
and thus circumscribing their issues within perfectly safe limits, as the Suf­
folk Bank can enforce upon these same Maine banks to redeem ou t o f the
State, and in Boston. A nd if need be, for this purpose, there is no more
difficulty, and there would be very large advantage to the State, as we shall
hereafter see, in having a center of all such redemption established w ithin
the limits o f the State, than in having such center established w ithout the
State.
I do not forget, in this connection, the doctrine which has been conceded
in this article, that the “ higher law” in currency becomes thus stronger
than statute law, from the fact that it consults and follows the necessities o f
industry and trade. Nor is the suggestion unthought of, that there is a ne­
cessity for the people o f Maine to have a currency o f their own that will be
at par in Boston, as there is her great center o f trade. On the contrary, let
the reader bear in mind that the position has been already made, and its
truth partially illustrated, at least, that this relation o f Boston to the rest o f
New England, and I now will state it in respect to Maine in particular, as
the necessary center o f trade, is not a natural necessity, but is an artificial
one, and made almost wholly by the Suffolk System, that subdues the whole
currency o f New England, and through it directs the whole industry o f New
England into obedience to a monied power in Boston. Knock away this
artificial necessity, and the down grade o f every interest to Boston begins
immediately to change, and the natural level of interests will begin to be re­
instated.
True it is, the nobly gigantic system o f railroads, and allied system o f
manufactures, which are the offsprings o f the advantages o f the artificial ne­
cessity named, and the maturity these now enjoy have mightily strength­
ened this necessity o f trade in favor o f Boston. But, it has not reversed
what N ature has ordained in respect to position for improvement, o f both
the ocean and inland, in favor o f Maine, whenever she shall rouse up and—
wTake nature’s path, and mad opinions leave.”

W ere Maine furnished with a system o f currency that could, with as little
expense, be at par in the City o f N ew York, as her’s now is in the City o f
Boston, would not every man see she would have a double advantage in
it ?
A nd yet one would no more be artificial, and no less so, than the
other.
It is quite as cheap and safe, or it can very easily be made so ; for the in­
dustry and trade of Maine to connect with and reciprocate the market of
New York, as with that o f Boston. Let our currency be grad ed into New
York, and made as good for banking purposes there, as in Boston, and who
can doubt that New York would rapidly divide with Boston both the domes­
tic trade and Commerce o f Maine ?




Internal Improvements in the State o f New York.

323

And whose is the advantage, and whose the disadvantage, of its not
being so ?
A ll the advantage is obviously on the side o f Boston, and all the disad­
vantage on the side o f Maine. Whatever are the advantages o f establishing
intimate relations o f trade between Maine and one great market, would
certainly be doubled to Maine, if two such markets were secured intead o f
one only.
W ith our currency thus domiciliated, if the expression may be used, in
New York, that in New York would in turn find a free pass at once in
Maine. And thus, all the same incidental advantages o f all the immense
banking capital o f that State would be enjoyed by Maine, which Maine now
enjoys from that o f Massachusetts and the other New England States.
From these advantages Maine is now debarred, and solely from the influ­
ence and “ higher law” o f the Suffolk System, which stamps with depre­
ciation to an extent that utterly excludes from circulation in Maine the notes
o f New York banks, although these are admitted to be, by every banker in
the world, as safely secured currency for the bill holder as any in the
known world.
But this article has already extended to a greater length than the conve­
nience of your pages perm it; and as I have some statistics to present, in
connection with other suggestions bearing on our subject, I will defer what
remains until your next publication.
f.

o.

j

.s.

Art. V.— INTERNAL IMPROVEMENTS IN THE STATE OF NEW YORK.
A SKETCH OF TH E R IS E , P R O G R E SS, A N D PR ESEN T CO N D ITIO N O F IN T E R N A L
IM PRO VE M EN TS IN TH E STATE O F N E W Y O R K .
N U M B E R V II.

ENLARGEMENT OF THE ERIE CANAL.
I n January, 1836, the Canal Board made a report to the Assembly, (Doc.
98,) giving an account o f the preliminary arrangements for enlarging the
Erie Canal, and doubling its locks. In July, 1835, the Board “ resolved
that the canal be enlarged, so as to give six feet depth, and sixty feet width
o f water on the surface; and that the locks be 105 feet long, and 15 feet
wide in the clear.”
Three members of the Board voted for a canal 8 feet deep by 80 feet in
w idth ; one for 7 and 7 0 ; and seven members for 6 feet in depth and 60
in width. A t an adjourned meeting in October, a vote was carried for en­
larging the canal to 7 feet in depth and 70 in w idth ; the following mem­
bers adhering to their original vote for a canal 6 feet in depth, and 60 in
width, v iz :— Lieut. Governor Tracy, Samuel Young, John A . Dix, and A .
0 . F lagg; Gen. Y an Renssellaer adhered to the same opinion, but was ab­
sent when the last vote was taken. It was decided to make the locks 110
feet long, and 18 feet w id e; three feet wider than the old locks.
It was estimated by the State Engineers that the construction o f double
locks, and the enlargement o f the canal to 7 feet in depth and 70 feet in




324

The R ise, Progress, and P resen t Condition o f

width, would cost $12,416,150; and to 6 feet deep, and 60 wide, $10,368,331;
not including the cost of land damages, in either estimate.
This report refers to estimates made by John B. Jervis, and Holmes
Hutchinson, for the purpose o f showing the relative capacity and expense of
transportation on canals o f various dimensions, and with boats o f different
sizes. Mr. Jervis was in favor o f a canal o f the largest size, 8 by 80, whilst
Mr. Hutchinson’s estimate favored a canal 6 by 60, or 6 ’- by 65.
It was assumed in the report o f the Canal Board, that the enlargement
o f the canal, as finally settled, 7 by 70 feet, would lessen the expense o f
transportation, exclusive o f toll, about 50 per cent. The cost o f transporta­
tion, exclusive o f toll, for the last seven years, averages nearly 50 per cent
less than for the preceding seven years. This has been effected by bottom­
ing out the canal, and giving to the transporter four feet of water, as origi­
nally contemplated when the Erie Canal was constructed. Assured o f four
feet o f water, honest measure, those engaged in canal transportation have
constructed a class o f boats which will carry 80 tons, drawing about 3 } feet
o f water, and o f a length and breadth adapted to the old locks o f the Erie
Canal.
A t the legislative session o f 1836, acts were passed authorizing the con­
struction o f the Black River and Genesee Valley canals; for the construction
o f a towing path from Mud Lock, on the Oswego Canal, along the Seneca
River, to Baldwinsville ; to reconstruct the locks on the Cayuga and Seneca
Canal o f the width o f the enlarged Erie locks, and make them o f stone ; and
to replace the wooden locks on the Glenns Falls feeder with stone locks. Laws
were also passed for the relief o f the Chenango Canal contractors, under
which the Canal Board made allowances to the amount o f $254,000.
A t the same session, charters were granted for forty-three railroads, nine
o f which have been constructed, v iz:— Albany and W est Stockbridge, Attica
and Buffalo, Auburn and Rochester, Lake Champlain and Ogdensburgh,
Lewiston, Rutland and Whitehall, Schenectady and Troy, Shaneatelas, and
Syracuse and Utica. A n act was also passed, Chap. 170, to expedite the
construction of the New York and Erie Railroad, authorizing a loan o f the
credit o f the State to said company for three millions o f dollars, on certain
conditions.
Gov. Marcy, in his annual Message o f 1836, said:— “ I have not been
without apprehensions, and I still entertain them, that internal improvements
cannot be long prosecuted on an extensive scale, unless sustained by a wise
system o f finance. N o new work can be executed without using the public
credit, and however high that credit is at this time, it cannot be liberally
used, and long upheld, without some financial arrangement that will inspire
confidence at home and abroad.” “ I have heretofore expressed, and I deem
it appropriate now to repeat, my regret that we have departed from the wise
system in relation to finance under which our first public works were com­
menced, to the evident detriment o f the general cause o f internal improve­
ments. The improvident practice o f borrowing money without providing
available funds for paying the interest, has already been carried to a point
beyond which it cannot be pushed, without producing serious mischief.”
“ Can we, with propriety, ask capitalists to put faith in our contracts, on the
ground that the people, in some future age, will do what we decline to do,
burden their resources to pay the interest, which, in our time, were suffered
to accumulate on the debts we had contracted ?”
In the annual report o f the Controller, it was shown that in all the laws




Internal Improvements in the State o f N ew York.

325

for borrowing money, after the completion o f the Erie and Champlain canals,
the safe financial policy embodied in the act o f 1817, had been disregarded.
And the report said:— “ If money is to be borrowed, to be expended upon
works which promise no return to pay interest or principal on the loan, a
sum sufficient to pay the interest, at least, should be provided by a direct
tax.” And again, “ If new canals are to be commenced, or if stock is to be
issued for any object whatever, on the credit o f the people, the establishment
o f a system o f revenue on a firm basis, should precede any further use of
such credit; and this system ought to be made sufficiently broad to cover
$150,000 annually, to pay interest on the lateral canal debts.”
Notwithstanding these admonitions in the message of the Governor and
the report o f the Controller, the Legislature passed laws for borrowing two
million eight hundred thousand dollars to construct the Black River and
Genesee Valley canals, and the only auxiliary funds provided for the pay­
ment o f interest, was the amount o f premiums which might be obtained on
the stock. This proved to be nothing, and there was some difficulty in ne­
gotiating the loan at par. The Legislature also authorized a loan of three
millions o f dollars to the Erie Railroad, depending on the company to pay
the interest.*
This act required the company to construct 145 miles o f road, before receiv­
ing any portion o f the stock, but this restriction was removed by acts passed
in 1838, and 1840.
James Powers introduced a resolution in the Senate calling on the Finance
Committee to inquire into the expediency o f passing a law “ levying a tax
sufficient to pay the interest on all debts for which no means are provided.”
Mr. Van Sehaick, Chairman o f that Committee, made a very full and able
report on the finances, (Doc. 35,) and recommended a half mill tax for five
years; and also, that whenever the Legislature proposes to construct a new
canal, a section shall be added to the law, for levying a tax equal to the in­
terest on the moneys to be borrowed, and to make up any loss on the work
to be constructed. These salutary recommendations found no favor with the
Legislature o f 1836. In the session o f 1837, fifteen railroads were char­
tered, none o f which, it is believed, have been constructed. N o act was
passed for any new canals.
In 1838, George W , Patterson, late Lieut. Governor, was Chairman of
the Canal Committee o f the Assembly, and made a call on the Canal Com­
missioners for the amount o f means at their disposal applicable to the en­
largement o f the Erie Canal, and inquiring how much work they could im­
mediately put under contract, provided the Legislature should authorize
loans to go on with it. The Commissioners answered, that the work under
contract was limited to the estimated surplus revenues o f the canals; and
they referred to various points on the Erie Canal, where it would be neces­
sary to commence without delay, if it was intended to complete the enlarge­
ment in five years. Mr. Patterson reported a bill to the Assembly, requiring
the Commissioners to put under contract, with as little delay as possible, the
sections referred to in their report, and also such other portions as in the
opinion o f the Canal Board will best secure the completion o f the entire en­
• The Legislature o f 1836 was strongly im pregnated with the “ unregulated spirit o f speculation,’ *
to w hich Governor Marcy alluded in his Message. In that year, the foundation was laid fo r an ex­
penditure o f not less than seven millions o f dollars, on the Black River and Genesee Valley canals;
and, including interest on the stock from 1842, a loss to the treasury o f $6,256,261 55, on the Erie
Railro; d oan. O f the twelve banks chartered at that session, one-half o f them failed, previous to the
close ot 1842, drawing from the safety fund a m illion o f dollars, to cover their defalcations.




32 6

The Rise , Progress, and Present Condition o f

largement within five years, “ and for supplying the funds necessary to com­
plete the work within that time, the faith o f the State is hereby pledged.”
This bill passed the Assembly by a vote o f 91 ayes to 3 nays; and, with
some modifications, passed the Senate by a vote o f 17 to 6 . In about two
years from the passage o f this law, additional canal contracts were made, -to
an amount o f more than ten millions o f dollars.*
The efforts of Mr. Patterson in favor o f completing the enlargement of the
Erie Canal in five years, were ably seconded by the Committee on W ays
and Means, and by the celebrated report o f Samuel B. Ruggles, a member
o f Assembly from the city o f New York, and Chairman o f that committee.
This report reviewed the financial policy o f the State for a series o f years,
commencing with Mr. W right’s report in the Senate in 1827 ; and came to
the conclusion that a tax, and other measures proposed by the financial offi­
cers for preserving the credit of the State, were not required, and that if the
Legislature deemed it expedient to construct canals, and assume railroads
which had been constructed by companies, the State might, without en­
dangering its credit, or exposing its people to taxation, borrow four millions
a year, for ten years, to be applied to these purposes; and an act was passed
appropriating four millions o f dollars for the year 1838.
William II. Seward was chosen Governor in November, 1838, and in his
first annual Message, in January, 1839, after recommending that the patron­
age o f the State should be extended to three great lines of improvement
from the Hudson to Lake Erie, from Albany to Buffalo, and from Lake
Champlain to Lake Ontario and the St. Lawrence, he referred to the report
of the Committee on W ays and Means o f the preceding year, in the fol­
lowing term s:—
“ I respectfully refer you to a report o f a Committee o f the last House of
Assembly, in which this subject is discussed with eminent ability, and which
results in showing that the canals are a property substantially unincumbered ;f
that their productiveness would warrant the State in expending, in internal
improvements, $4,000,000 annually, during a period o f ten years; and that
the revenues o f the canals alone, would reimburse this expenditure previous
to the year 1865. This sum far exceeds any estimate o f the expense re­
quired to complete the entire system, while it is not to be doubted that the
parts yet to be constructed will eventually be productive o f revenue. The
conclusions o f this report, although o f vast interest to the State, and, I trust,
decisive o f its policy, have not been questioned.”
In the annual report o f the Controller, made to the Legislature a few days
after the Message, the policy of adding forty millions of dollars to the State
debt was questioned, and the financial policy recommended from 1827 to
* The Canal Commissioners, in their annual report o f 1839, give the follow ing account o f the
am ount o f w ork w hich they had put under contract, v i z :—
On the Erie Canal Enlargement, page 22................................................ ................................
$10,405,913
On the Black River Canal, page 33..............................................................................................
1,564,834
On the Genesee Valley Canal, page 43 ........................................................................................
4,750,122
Total amount o f contracts...............................................................................................

$16,720,869

A ll but three millions had been contracted for within 15 months preceding January, 1839. G ov­
ernor Seward, in his Message o f 1842, page 17, says:— “ The then Commissioners, under the law o f
1838, entered into contracts, pledging the Treasury to pay sums equal to $12,477,336; all o f which,
except $579,204, was made payable before May, 1842.” Before that time, 6 per cent State stock had
depreciated from 7 per cent above par, in April, 1838, to 22 per cent below par.
+ The Message gave the debt o f the State, over funds on hand, at $6,728,687 25. This did not in­
clude loans to railroads, for the reason, as stated in the Message, that “ the issue o f those stocks is
regarded as a loan o f the credit o f the State upon undoubted security.”




Internal Improvements in the State o f N ew Y ork.

327

the period referred to, was defended, in reference to the remarks made upon
it in the report o f the Committee on W ays and Means, in 1838. The reader
is referred to Assembly Doc. No. 242 o f 1838, for Mr. Ruggle’s report; and
Assembly Doe. No. 4, o f 1839, for that o f Mr. Flagg.
The Assembly o f 1839 passed bills authorizing the issue of State stock
to the amount o f $4,815,000 for canals and railroads. These bills were all
rejected by the Senate, with the exception of one, appropriating $75,000 for
the improvement o f the Oneida River.
The Finance Committee o f the Senate consisted o f Col. Y oung, Gulian
C. Verplanck, and Alonzo C. P a ig e; and each made a separate report on
Finance. These are Documents 96, 101, and 103, o f the Senate of 1839.
Samuel B. Ruggles was appointed a Canal Commissioner at this session,
and discharged the duties o f an acting Commissioner.
In his annual Message in 1840, Governor Seward complained o f errors
in the estimates for the public works, and stated that “ the confidence o f the
people in the policy o f Internal Improvement, has sustained a severe shock,
from the discovery that the State was committed by the Legislature to an
expenditure o f thirty millions o f dollars, for the completion o f three works
alone, upon estimates o f the same works rising only to about fifteen millions.”
“ The discovery o f the errors o f our predecessors, has happened at a time
when confidence is impaired, property depreciated, the sale o f real estate
arrested, and the currency disordered.” “ The policy indicated by public
sentiment, and demanded by the circumstances o f the times and the condi­
tion of the State, is to retrench the expenditures upon our works o f Internal
Improvement, and prosecute the system with consideration and economy.”
“ It is doubted whether the Erie Canal would not have been adequate for all
useful purposes, if the scale o f enlargement had been much less extensive
than that fixed by the Canal Board ; and it is certain that smaller dimen­
sions, or a more tardy enlargement would have been adopted, had the esti­
mates o f the Canal Commissioners presented truly the cost o f the work.”
In the Assembly, Charles A . Mann, the present Senator from Oneida, in­
troduced a resolution calling on the Canal Board for opinions relative to a
change in the size o f the enlargement, the length of time for its completion,
the probable increase o f tolls, and how much the debt could be increased
during the next seven years, without resort to direct taxation, &e., and the
extent to which aid may be given by loans o f State credit to enterprises for
Internal Improvements, without injury to the financial arrangements.
The answer to this resolution was drawn by John C. Spencer. The esti­
mate for tolls in future, was based on the actual rate o f increase from 1826
to 1839, in each period o f ten years, and the same rate o f annual increase,
( 7 i per cent,) to be applied to the seven years referred to in the resolution.
The table thus constructed is remarkably accurate, varying from the actual
results only a few thousand dollars in each year. The report came to the
conclusion that “ the debt o f this State can be increased fifteen millions of
dollars, at an interest o f 6 per cent, during the next seven years, or twentyone millions at 5 per cent, without being obliged to resort to direct taxation,
or to loans to pay interest.” The report also expresses an opinion, that in
addition to three or four millions for the canals, in the ensuing year, another
million might be loaned to railroads. The Canal Board came to the conclu­
sion that no change could at that time be advantageously made, in the size
o f the enlargement, or the character o f the work. See Assembly Doc. No.
306, o f 1840.




328

,

,

The R ise P rogress and P resen t Condition o f

Acts were passed in 1840 for borrowing $2,750,000 for the canals, and
for loaning $998,000 to railroads. N o new canals were authorized, or char­
ters for railroads granted, at this session. The 5th section o f the act for
making loans for the canals, provided that “ no new work shall be put under
contract, during the present year, on the enlargement,” except at Black Rock,
and some work at Rochester. A n act also passed at this session, to pur­
chase the Oneida Lake Canal from the company which constructed it, and to
issue stock to the amount o f fifty thousand dollars therefor. The mainte­
nance o f this canal for nine years, has cost the State $43,513 97— paid for
interest on the debt for its construction, $21,166 09. The amount received
for tolls, in nine years, is $5,162 26 ; the expenses exceed the revenues from
tolls, in nine years, $59,517 8 0 ; besides the original outlay o f $50,000,
which the State must pay hereafter.
The Commissioners o f the Canal Fund, in their annual report in January,
1841, stated that “ from the 10th o f February, 1839, to the 1st o f January,
instant, a period o f less than two years, there has been expended on the
Erie Canal enlargement, and on the Genesee Valley and Black River canals,
more than nine m illions o f dollars ; a sum greater, it is believed, than was
ever expended, during peace, by any governm ent, upon works o f Internal
Improvement.”
The report states that the large contracts made in 1838 and 1839, by
which obligations for the expenditure o f ten millions five hundred thousand
dollars were incurred, left no option but to fulfil these engagements. They
suggest that much o f the work may be postponed, by an arrangement with
contractors. “ If not, then it will become a question for the Legislature to
decide, whether the public interest will not require the direction o f some de­
lay in a portion o f it, in preference to proceeding at a rate which the busi­
ness o f the canal does not require, and which the financial circumstances of
the State may not justify.” And they add, that the loans for the public
works for the present year should not exceed those o f the past. This report
appears to have been written by Mr. Spencer, and is signed by him, Bates
Cooke, W illis Hall, O. L. Holley, and Jacob Haight.
The Canal Commissioners, however, in their annual report, stated that
the amount o f $6,550,000 would be required “ to continue, at the present
rate o f progress, the work now under contract, including such additional
portions as should be put under contract in the year 1841.” This report
appears to have been written by Samuel B. Ruggles, and was signed by
Messrs. Hamilton, Whitney, Dexter, Hudson, and Boughton.
Mr. Verplanck, Chairman o f the Committee on Finance o f the Senate,
brought in a bill for a loan o f $4,000,000, to prosecute the public works.
This bill passed the Senate by a vote o f 16 to 7. The negative votes were
given by John Hunter, Robert Denniston, A . C. Paige, J. B. Scott, S. Ely,
H . W . Strong, and Avery Skinner. Mr. Hunter made a speech against the
bill, in which he told the Senate “ there were only two ways in which credit
could be maintained ; the one is, not to use it too freely; the other is, to
levy a tax whenever you make a loan, to meet the interest which may ac­
crue thereon.” H e also stated that if the Fund Commissioners put into the
market the amount o f the proposed loan between the time of this discussion
in the Senate and midsummer, the 5 per cents would be reduced to 80 cents
for 100 o f stock. This prediction was realized before the close o f April.
In the Assembly, the majority o f the Committee on W ays and Means,
reduced the proposed loan to three millions, and in this shape Mr. Holley
reported it for the concurrence o f the House.




In ternal Improvem ents in the State o f N ew Y ork.

329

Mr. Hoffman made a minority report, in which he proposed to reduce
the loan for the public works to two millions o f dollars ; to cut off all future
loans o f State credit to corporations; to levy a mill ta x ; to provide a sink­
ing Fund for the payment o f the State d eb t; and to suspend the prosecution
o f contracts, except where the public interest required their completion.
John W . Lawrence signed this report, with Mr. Hoffman. These propo­
sitions were rejected, 64 to 42, and the bill passed for three millions, which
was concurred in by the Senate.
A loan o f $200,000 was also authorized, to rebuild the locks, and other­
wise improve the Chemung Canal.
John A . Collier was appointed Controller by the Legislature of 1841, in
place o f Bates Cooke, who resigned, and was made a Bank Commissioner.
In the Message o f Governor Seward, in 1842, he announced the fact that
the Ithaca and Owego, and the Catskill and Canajoharie Railroads, had
failed, leaving the State to pay the interest and principal on $515,100 o f
State stock ioaned to said companies. The total loss to the State, by the
payment o f principal and interest, in consequence o f the loans o f its credit
to these two roads, is $1,010,827 87.
The Message stated that ten thousand laborers were employed on the pub­
lic works, and the Legislature were urged to complete the enlargement with
all convenient diligence, and to aid the Erie Railroad and other works, to an
aggrgate amount o f seventeen millions; making the total indebtedness
o f the State thirty-six and a half millions of dollars.
In the annual report o f the Canal Commissioners, Mr. Ruggles and his
associates urged the speedy completion o f the enlargement o f the Erie Canal.
W h en the Message o f the Governor came under consideration in the
House, for reference to the several committees, Mr. Hoffman reviewed the
condition o f the public works and the finances, and indicated the policy
which was subsequently embodied in the act introduced by him “ for paying
the debt and preserving the credit o f the State.”
On the 7th o f February, Samuel Y oung was appointed Secretary o f
State, A . C. Flagg, Controller, Thomas Farrington, Treasurer, George P.
Barker, Attorney General, and Nathaniel Jones, Surveyor General. Luther
Bradish being Lieutenant Governor, was President of the Board o f Fund
Commissioners.
Immediate measures were taken to notify the banks which held the fund
set apart for the payment o f the canal debt, that this money would be drawn
upon to pay the interest on the State debt, on the first o f April, and to put
the canals in repair, being the only resource within the reach o f the Com­
missioners o f the Canal Fund. Out o f deposits amounting to fourteen hun­
dred thousand dollars, less than two hundred thousand was paid over, after
notice o f 60 days; barely sufficient to pay the quarterly interest on the canal
debt. Arrangements were then made with the banks which received the
tolls from collectors, to advance sums sufficient to put the canals in repair,
and to reimburse themselves out of the first tolls received. Temporary
loans had been made the preceding year to the amount of $1,613,000, which
were payable in the month o f March, 1842. The interest on these loans
was paid, but the principal was not paid for want o f means. On the 14th
o f March, the Controller was notified that the Erie Railroad Company was
not in a condition to pay the April interest on the three millions loaned to
said company. In this emergency, he sent a circular to the auctioneers in
the city o f New York, requesting them to deposit in the Manhattan Com-




330

The Tise, Progress , and Present Condition o f

panv, to the credit o f the Treasurer, on the 31st o f March, the quarterly
payments, which, by the law, were not payable until the 30th o f April.
This request was promptly complied with, and the means were thus furnished
to pay the interest on the Erie Railroad stock.
On the 15th of February, 1842, the Controller made a special communi­
cation to the Legislature, (Assembly Doc., No. 61,) giving a view of the
financial condition o f the State, and recommending a mill tax, and concur
ring generally in the measures suggested in Mr. Hoffman's report o f the pre­
ceding year.
On the 7th o f March, Mr. Hoffman made a report as Chairman o f the
Committee on W ays and Means, and introduced his celebrated bill, entitled
“ An act to provide for paying the debt and preserving the credit o f the
State.” This bill passed the Assembly by a vote o f 50 to 27, and the Sen­
ate by a vote o f 13 to 11.*
A t the time the Suspension A ct took effect, the unfinished contracts
amounted to about three millions o f dollars; and the amount due to con­
tractors for work done up to that time, and for land damages, was about
three millions more, exclusive o f about half a million o f dollars subsequently
allowed and paid to contractors for breaches o f their contracts by the Sus­
pension Act. The same act which suspended the public works, made pro­
vision for borrowing more than five millions o f dollars, and an annual tax
o f more than half a million, to meet the pecuniary obligations o f the State;
and to this was added loans o f a million and a half more, by acts passed in
1843 and 1844; and a new tax o f one-tenth o f a mill in the latter year, to
pay interest on a loan o f $900,000. This tax produced $175,913 in three
years, and was then discontinued, under a provision o f the act for its assess­
ment, (Chap. 314 o f 1844.) One-lialf o f the mill tax was discontinued in
1845, by the operation o f the 11th section o f Chap. 114 o f the laws of 1842.
A t the extra session o f the Legislature in August, 1842, “ for the purpose
o f dividing the State into Congressional districts,” Governor Seward pre­
sented a Message, in which he recommended that the Legislature rescind
the law directing the discontinuance o f the public works; render aid to the
New York and Erie Railroad; and direct the fiscal officers to apply their
surplus tolls to the prosecution o f the public works.” This recommendation
was not acted upon. A resolution was passed at this session, directing the
Controller to suspend the sale o f the New York and Erie Railroad until
May, 1843.
Mr. Hoffman, and those who cooperated with him in levying a tax, con­
sidered it a matter o f justice to those sections of the State which had not
shared in the expenditures for Internal Improvements, but were heavily
taxed, that they should be secured, by a constitutional guaranty, against
future debts, and consequent taxation. A n attempt was made to effect this
object by an amendment o f the Constitution, introduced by Mr. Loomis, of
Herkimer, in 1841, called “ the People’s Resolution.” This effort was per­
severed in during four or five sessions o f the Legislature, without success;
and, in this state o f things, an act was passed in 1845, to submit to the
votes o f the electors the question o f calling a convention to amend the Con­
stitution, which was decided by the people in the affirmative, by a majority
* Fifty-one members of the Assembly, and 8 members of the Senate, were absent when the vote
was taken. Of those who were absent from the Assembly, 43 were Democrats, and 8 Whigs. The
bill was carried by a party vote in both houses; although Whigs in the city of New York, represent­
ing a taxable capital of fifty millions of dollars, signed a paper urging the passage of the tax bill.




Internal Improvements in the State o f N ew Y ork.

331

o f 179,307. The convention met on the 1st o f June, 1846, and not only
incorporated into the Constitution the principles contained in Mr. Loomis’
resolution, and Mr. Hoffman’s financial act o f 1842, but also a provision to
pay the debt due from the Canal Fund to the General Fund, as recom­
mended by Mr. Flagg in his annual report as Controller, in 1834.
After these provisions were engrafted upon the Constitution, laws were
passed for the resumption and prosecution o f the unfinished public works,
at the legislative session o f 1841. See Acts, Chapters 259 to 263, and 445,
o f that year. The appropriations from the funds provided by the Consti­
tution for finishing the public works, exceed four millions o f dollars, for the
last four years.
It is now about sixteen years since the act passed for the enlargement o f
the Erie Canal; and for about five years o f this time, the work was sus­
pended under the act o f 1842, except where new structures were brought
into use, instead o f repairing old ones, for which they were substituted.
The expenditures on the enlargement, to the close o f 1849, amounted to
$20,516,319 72, o f which the sum o f $4,742,661 06, was paid for interest
on money borrowed. The completion o f the work, it is estimated, will cost
eleven millions o f dollars more.
A large portion o f the locks, aqueducts, and other expensive structures,
are com pleted; but more than two hundred miles o f the section work— that
is, the excavation necessary to widen and deepen the canal between the locks
and aqueducts, remains to be done.
In consequence o f the great crowd o f boats and lake vessels in the harbor
at Buffalo Creek in 1847, a committee o f the citizens o f that city, and the
Common Council, invited the members of the Canal Board to visit the place,
with a view of examining the accommodations for lake vessels and canal
boats, and to recommend to the Legislature such relief as was demanded by
the increase o f trade at that point. The Canal Board complied with this
request, which resulted in recommending the excavation of a basin for lake
vessels, covering an area o f ten acres, about a mile from the lake, and con­
nected with Buffalo Creek at the head o f navigation ; and a ship canal near
the mouth of the creek, covering an area o f eighteen acres, also for the ac­
commodation o f lake vessels. The views o f the Canal Board are given in
Assembly Doc. No. 205, o f 1847. This report was written by A . C. Flagg,
and signed by Thomas Farrington, Nathaniel Jones, S. Clark, H. Halsey,
John T. Hudson, N. S. Benton, and J. Van Buren. The Legislature, at the
fall session o f 1847, appropriated $150,000, (Chap. 445,) to carry the re­
commendations of the Canal Board into effect.




332

Equitable Commerce:

Art. VI,— EQUITABLE COMMERCE.
COST, TH E SC IE N TIFIC

LIM IT O F

P R IC E .

F reeman H unt, E sq., Editor o f the Merchants' Magazine :*
H ear S ir :— As your pages have always been open to investigations, however radi­
cal relating to Commerce, and to the expression of views of various sorts, by your con­
tributors, whether concurred in by yourself or not, I avail myself of your courtesy in
this respect to request you to give place to the accompanying article on “ Equitable
Commerce,” which is, in substance, the introductory portion of a more extended
treatise on the subject which I am preparing to bring before the public.
The demonstration of an exact mathematical guage o f honesty in commercial trans­
actions, if successfully accomplished, cannot fail to be interesting, even in theory, to a
large number of intelligent and conscientious merchants. The mode of putting such a
principle, when demonstrated, m practice, must be left to the genius and determina­
tion of individuals, and to the operation of time, under the guidance o f an enlightened
conception of the object to be atttained.
I regret that my space will not allow me to point out here how the simple labor
note of the farmer, the mechanic, the housewife, the seamstress, the errand boy, and
the laborer in every department, is susceptible of becoming a world-wide circulating
medium, totally abolishing interest or rent on money, and serving better than our ex­
isting monetary system for carrying on even the largest commercial transactions be­
tween nation and nation. The most I can hope to do in a short article like this, is to
infuse the suspicion that the subject has in it more than appears, and the desire to in­
vestigate farther.
Respectfully yours, <fec.
STEPHEN P E A R L A N D RE W S.
EQ U ITABLE CO M M ERCE-----COST, TH E LIM IT

O F P R IC E .

beings are subject to various wants. Some o f these wants have
to be supplied to sustain life at a ll; others to render life comfortable and
happy. If an individual produced, with no aid from others, all the nume­
rous things requisite to supply his wants, the things which he produced—
his products— would belong to himself. H e would have no occasion to ex­
change with others, and they would have no equitable claims upon him for
anything which was his.
*
But such is not the case. W e all want continually for our own support
or comfort those things which are produced by others. Hence we exchange
H um an

* In giving place to the com m unication o f Mr. Andrews, and the remarks are o f general applica­
tion, w e wish to have it distinctly understood that w e do not hold ourself responsible for the peculiar
theories or view s o f any o f our voluntary contributors. A s our ow n time and labors are devoted
mainly to collecting, condensing, digesting, and arranging the constantly accum ulating “ facts and
figures” bearing upon the w ell understood topics o f our Journal, w e find but little leisure, and less
inclination, w ere we com petent to the task, to exam ine and discuss every new theory o f political
econ om y, or new principle o f com m ercial policy. W e, therefore, (as w e have taken occasion to
remark before,) open our pages to the free discussion o f every topic having a legitimate bearing
upon the great com m ercial, industrial, and monetary interests o f the country and the w orld. Our
object in pursuing such a course is to afford m en o f thought a m edium o f com municating their ideas
to the large and increasing portion o f the public w h o take an interest in com m ercial affairs. This
course will continue, in our judgm ent, to m eet w ith the approbation o f every liberal and fair m inded
student o f the M erchants' M agazine.— E d itor .




Cost, the Scientific L im it o f P rice.

333

products. Hence comes trade— buying and selling— Commerce, including
the hiring o f the labor o f others. Trade is, therefore, a necessity o f human
society, and consists o f the exchange o f the labor, or the products o f the
labor o f one person, for the labor, or the products of the labor o f another
person.
It is clear, if this exchange is not equal, if one party gives more o f his own
labor, either in the form of labor or product, than he gets o f the labor o f the
other, either in the form o f labor or product, that he is oppressed, and be­
comes, so far as this inequality goes, the slave or subject o f the other. H e
has, just so far, to expend his labor not for his own benefit, but for the
benefit o f another. To produce good or beneficent results from trade, there­
fore, the exchanges should be equal. Hence the essential element o f bene­
ficial Commerce is equity, or that which is just and equal between man and
man.
The fundamental inquiry, therefore, upon the answer to which, alone, a
science o f Commerce may be erected, is the true measure o f equity, or what
is. the same thing, the measure o f p r ice in the exchange o f labor and com­
modities. This question is one o f imm ense importance, and, strange to say,
it is one which has never received the slightest consideration, which has
never, indeed, been raised either by political economists, legislators, or m o­
ralists. The only question discussed has been, what it is which now regu­
lates price— never what should regulate it. It is admitted, nevertheless, that
the present system of Commerce distributes wealth most unjustly. W h y
then should we not ask the question, what principle or system o f Commerce
would distribute it justly ? W h y not apply our philosophy to discovering
the true system, rather than apply it to the investigation o f the laws accord­
ing to which the false system works out its deleterious results ?
Simple equity is this, that so much o f your labor as I take and apply to
my benefit, so much o f m y labor ought I to give you to be applied to your
benefit; and, consequently, if I take a product of your labor instead o f the
labor itself, and pay you in a product o f my labor, the commodity which I
give you ought to be one in which there is just as much labor as there is
in the product which I receive.
The same idea may be differently presented in this manner. It is equity
that every individual should sustain just as much o f the common burden o f
life as has to be sustained by any body on his account. Such would be the
case if each produced for himself all that he consumed, as in the first case
supposed above ; and the fact that it is found convenient to exchange labor
and the products of labor, ought not to be made the means o f shifting a
larger relative proportion o f the common burden upon some and o f exempt­
ing others.
To a well-regulated mind the preceding propositions present an obvious
and self-evident truth like the proposition that two and two make four, de­
manding no other proof than the statement itself. It is merely, however, a
statement o f the principle o f equity. It leaves the question o f the method
o f making an application o f the principle still open. It does not furnish the
means o f arriving at the measure o f equity. This, then, is the next step in
the investigation.
If I exchange my labor against yours, the first measure that suggests it­
self for the relative amount o f labor performed by each is the length o f time
that each is employed. If all pursuits were equally laborious, or in other
words, if all labor were equally repugnant or toilsome— if it cost equal




»

334

Equitable Commerce :

amounts of liuman suffering or endurance for each hour of time employed
in every different pursuit, then it would be exact equity to exchange one
hour o f labor for one other hour of labor, or a product which has in it one
hour of labor for another product which has in it one hour o f labor the
world over. Such, however, is not the case. Some kinds o f labor are ex­
ceedingly repugnant, while others are less so, and others still more pleasing
and attractive. There are differences o f this sort which are agreed upon by
all the world. For example, sweeping the filth from the streets, or standing
in the cold water and dredging the bottom o f a stream, would be, by gene­
ral consent, regarded as more repugnant, or in the common language on the
subject, harder work than laying out a garden, or measuring goods.
But, besides this general difference in the hardness or repugnance o f work,
there are individual differences in the feeling towards different kinds of labor
which make the repugnance or attraction o f one person for a particular kind
o f labor quite different from that of another. Labor is repugnant or other­
wise, therefore, more or less, according to the individualities o f persons.
I f you inquire among a dozen men what each would prefer to do, you
will find the greatest diversity o f choice, and you will be surprised to find
some choosing such occupations as are the least attractive to you. It is the
same among women as respects the labors which they pursue.
It follows from these facts that equity in the exchange o f labor, or the
product of labor cannot be arrived at by measuring the labor o f different
persons by the hour merely. Equity is the equality o f burdens, according
to the requirements o f each person, or in other words, the assumption of
as much burden by each person as has to be assumed by somebody, on his
account, so that no one shall be living by imposing burdens on others. Time
is one element in the measurement o f the burdens o f labor, but the different
degrees o f repugnance in the different kinds o f labor prevents it from being
the only one. Hence it follows that there must be some means o f measuring
this repugnance itself, in other words, o f determining the relative hardness
o f different kinds o f work before we can arrive at an equitable system o f ex­
changing labor and the products o f labor. If we could measure the general
average o f repugnance, that is, if we could determine how people generally
regard the different kinds o f labor as to their agreeableness or disagreeable­
ness, still those would not ensure equity in the exchange between individ­
uals, on account o f those individualities o f character and taste which have
been adverted to. It is an equality o f burden between the two individuals
who exchange, which must be arrived at, and that must be according to the
estimate which each honestly forms o f the repugnance to him or her o f the
particular labor which he or she performs, and which, or the products o f
which, are to be exchanged.
It is important for other reasons o f practical utility to arrive at a general
or average estimate o f the relative repugnance o f different kinds o f labor, es­
pecially o f the most common kinds ; but, as we have seen, if we had already
arrived at it, it would not be a sufficiently accurate measure o f equity to be
applied between individuals ; while, on the other hand, this average itself
can only be based upon the individual estimated. The average which now
exists in the public mind, by which it is understood that field labor, in cul­
tivating grain, for example, is neither the hardest nor the easiest kind o f
work, and that sewing or knitting is not so repugnant as washing or scrub­
bing, rests upon the general observation o f individual preferences.
It follows, therefore, in order to arrive at a satisfactory measure o f equity,




,

Cost the Scientific L im it o f P rice.

335

and the adoption o f a scientific system o f commerce, 1. That some method
must be devised for comparing the relative repugnance o f different kinds of
labor. 2. That in making the comparison, each individual must make his
own estimate o f the repugnance to him or her of the labor which he or she
performs, and 3. That there should be a sufficient motive in the results or
consequences to ensure an honest exercise o f the judgment, and an honest
expression o f the real feelings o f each, in making the comparison.
1. That some method should be devised for comparing the relative repug­
nance of different kinds o f labor. This is extremely simple. A ll that is ne­
cessary is to agree upon some particular kind o f labor the average repug­
nance o f which is most easily ascertained, or’ the most nearly fixed, and use
it as a standard of comparison, a sort of yard-stick for measuring the relative
repugnance o f other kinds of labor. For example, in the W est it is found
that the most appropriate kind o f labor to be assumed as a standard with
which to compare all other kinds o f labor is corn-raising. It is also found,
upon extensive investigation, that the average product o f that kind o f labor,
in that region, is twenty pounds of corn to the hour. If, then, black-smithing
is reckoned as one-halt’ harder work than corn-raising, it will be rated at
thirty pounds o f corn to the hour. If shoe-making be reckoned as one-quar­
ter less onerous than corn-raising, it will be rated at fifteen pounds o f corn
to the hour. In this manner the idea o f corn-raising is used to measure the
relative repugnance o f all kinds o f labor.
2. That in making the comparison, each individual must make his or her
own estimates o f the repugnance to him or her of the particular labor which
he or she performs. This condition must be secured, both for the reasons
already stated, and because another equally important principle in the true
science of society is the sovereignty o f the individual. The individual must
be kept absolutely above all institutions. H e must be left free even to aban­
don the principles whenever he choses. The only constraint must be in the
attractive nature and results o f true principles.
3. That there should be a sufficient motive in the results or consequences
o f compliance with these principles to ensure an honest exercise of the judg­
ment, and an honest expression of the real feeling o f each in making his es­
timate of the relative repugnance o f his labor. The existence o f such a
motive can only be shown by a view of the general results o f the system
upon the condition o f society, and the interests o f the individual. To estab­
lish this point conclusively requires a more extended treatise.
If an exchange could be always made and completed on the spot, each
party giving and receiving an equivalent, that is, an amount of labor, or a
product o f labor, which had in it an amount o f repugnance or cost, just
equal to that in the labor or product for which it was given or received, the
whole problem of exchanges would be solved. There would in that case bo
no circulating medium, or anything to perform the part which is performed
by money in our existing commerce. But such is not the case. Articles
are not always at hand which have in them the same amount o f c o s t; in­
deed, it is the rare exception that exact equivalents can be made upon the
spot in commodities which are mutually wanted. Besides, it may frequently
happen that I want something from you, either labor, or the products of
labor, when you, at the time, want nothing o f me. In such a case the ex­
change is only partially completed on the spot, the remaining part waiting
to be completed at some future time, by the performance of an equivalent
amount o f labor, or the delivery o f products or commodities having in them
an equivalent amount o f labor.




3S 6

E quitable Commerce :

In such a case as that just stated, it is proper that the party who does not
make his part o f the exchange on the spot should give an evidence o f his
obligation to do so at some future time, whenever called upon, and this is
the origin of what is called the Labor Note. The party who remains
indebted to the other, gives his own note, provided the other consents to r e ­
ceive it, for an equivalent amount o f his own labor, or else o f the standard
commodity— say so many pounds o f corn, specifying in the note the kind o f
labor, and the alternative. A s it may happen that the party receiving the
labor note may not require the labor itself, or thus— it may be inconvenient
for the party promising to perform it when it is wanted, it is provided that
the obligation may be discharged, at the wish o f either, in the standard
commodity instead. On the other hand, although the party receiving the
note may not want the labor himself, yet some person with whom he deals
wants it, and hence he can pass the note to a third party who is willing to
receive it for an equivalent amount o f labor, or products, received from him.
In this manner the labor note begins to circulate from one to another, and
the aggregate o f labor notes in circulation in a neighborhood constitute the
neighborhood circulating medium, dispensing, so far as this equitable Com­
merce extends, with money altogether, or rather introducing a new species
o f paper-money, based upon individual responsibility.
The use o f the labor note is not strictly a principle o f equity, and
partakes more o f the nature o f a contrivance than any other feature o f
the system o f equitable Commerce ; but yet it seems to be a neces­
sary instrument to be employed in the practical working o f the sys­
tem. The theory o f equity is complete without it, but the necessity for its
use arises from the practical fact that exchanges cannot in every case be
completed on the spot. Hence a circulating medium o f some sort is indis­
pensable, and in order that the system may remain throughout an equitable
one, in practice as well as in theory, the circulating medium must be based
on equivalents o f labor or cost between individuals.
The features o f the labor note are peculiar, and the points o f difference
between it and ordinary money are numerous and far m oie important than
at first appears. They are as follow s:—
1. Its cheapness and abundance. A s it costs nothing but the paper upoa
which it is written, printed, or engraved, and the labor o f executing and
signing it, it may be said, for practical purposes, to cost nothing. The great
fault o f our existing currency is its expensiveness and scarcity. It is upon
these properties that the whole system o f interest or rent on money is
founded, a tribute to which the rich as well as the poor have to submit,
whenever they want a portion of the circulating medium to use. To show
that this is a real and frightful evil in gold and silver currency, and conse­
quently in all money o f which gold and silver are the basis, demands a dis­
tinct treatise on money. Under the labor note system, every man who has
in his possession his ability to work, or his character, or in these elements
variously combined, the assurance o f responsibility or the basis o f credit, has
always by him as much money as he needs. H e has only to take his pen
from his pocket and make it at will. There can be no such cases as happen
now, of responsible men worth their tens or hundreds o f thousands o f dol­
lars in property, but absolutely destitute o f money.
2. Being based on individual credit, it makes every man his own banker.
This feature o f the labor note system is substantially contained in the pre­
ceding statement, but the more important consequences o f this fact remain




Cost, the Scientific L im it o f P rice.

337

to be pointed out. Bankers are proverbial for their anxiety to maintain
their credit unimpaired and unsuspected. W ith them distrust is synony­
mous with the ruin o f their business. Under this system every man, as­
suming the character of a banker, becomes equally solicitous about the
maintenance of his credit. Upon the goodness o f his reputation for punc­
tuality o f redemption depends the fact o f his always having change in
his pocket.
Honesty comes than to a good market, and finds at
once a pecuniary reward. I f his credit is suffered to fall into disrepute
among his neighbors, he is left positively without money or the means of
obtaining it, and reduced to the necessity of making all his exchanges on
the spot. He is put pecuniarily into Coventry. Both the superior advan­
tages of possessing credit, and the greater inconvenience o f losing it conspire,
therefore, to instal the reign o f commercial honor, and common honesty in
the most minute and ordinary transactions o f life among the whole people.
This result is already satisfactorily proven in practice at one point where
this system of exchanges has been introduced in the fact that every person
is anxious to obtain the labor notes o f others for use and to abstain, so far
as he can, from issuing his own, as well as in the general solicitude for the
preservation o f credit, and the general promptitude in redeeming the notes
that are issued. Notwithstanding the fact that in so small a circle it is only
a part o f the pecuniary transactions o f the community which can be carried
on upon the cost principle, ordinary money having to be used in all transac­
tions with the world outside, and even within the community, for those
things which were purchased outside and which cost money, still these re­
sults have been strikingly exhibited in practice.
3.
It combines the properties o f a circulating medium, and a means o f
credit. These qualities have been substantially stated above as separate at­
tributes o f the labor note system ; but the advantage o f their combination
in one and the same instrumentality o f Commerce is worthy o f a distinct ob­
servation. A t the end o f the third year from the commencement o f the
settlement above referred to, there were eighteen families having two lots o f
ground each with houses— nine brick and nine wooden ones— and gardens
o f their own, nearly the whole o f which capital was created by them during
that period. The families, without exception, came there quite destitute of
worldly accumulations. Thirty dollars in money was probably the largest
sum possessed by any o f them. Others landed there with five dollars and
ten as the whole o f their fortune. They were nearly all families who had
been exhaused in means as well as broken down and discouraged in spirit
by successive failures o f community, or association attempts at reform. The
success they have thus achieved, in so short a time, has resulited entirely
from their own labor, exchanged so far as requisite and practicable upon the
cost or equitable principle facilitated by the instrumentality o f the labor
note.
A family arriving without means at the location of a village operating on
the equitable principle, if their appearance or known character inspires suffi­
cient confidence in the minds of the previous settlers, can immediately com­
mence operations, not upon charity, but upon their own credit, issuing their
labor notes, men, women, and youths, so far as their several kinds o f labor
are in demand, procuring thereby the labor o f the whole village in all the
various trades necessary to construct them an edifice, and supply them with
the necessaries o f life, so far a3 the size o f the circle renders it possible to
produce them on the spot. Labor, even prospective labor, thus becomes
VOL. x x i v .— n o . i n .




22

338

E quitable Com m erce:

immediate capital. Interest and profits being discarded the amount o f ca­
pital thus existing in labor is greatly augmented. The fact that the labor
o f the women and children is equally remunerated with that of the men,
again adds to the amount o f combined capital in the family. By the ope­
ration o f these several causes, a family, which has been struggling for years,
in the midst o f the competion o f ordinary Commerce and the oppressions of
capital, with no success beyond barely holding on to life, may become in a
short time independent and well provided. Such are the legitimate work­
ings o f the true system o f Commerce, and so far as it has been tested by
practical operations the results have corroborated the theory.
[The settlers at Trialville, however, would not wish anything said upon
this subject to be construed into any pledge on their part to supply any ad­
vantages to individuals coming among them. There is no community or so­
ciety there in the corporate sense o f the term. Every Individual judges
solely for himself upon what terms he will treat with others, how far he will
receive their labor notes, or whether he will receive them at all. Persons
going there must make up their own opinion whether there is a sufficient de­
mand for the kinds o f labor which they can perform, whether their own up­
rightness o f character, and punctuality in the discharge o f obligations are
such as to inspire and maintain confidence, and, indeed, upon every point
relating to the subject. N o guarantees whatever are given, except such as
the individual finds in the principles themselves ; while it is left entirely to
the decision o f the individual himself on every occasion, whether even he
will act on the principles or not. There is no compact or constitution— no
laws, by-laws, rules, or regulations o f any sort. The individual is kept above
all institutions out o f deference to the principle o f individuality, and the so­
vereignty o f the individual which are just as much the fundamental basis of
true society as the cost principle itself. There must, therefore, be no reliance
cn express or implied pledges, nor upon any species o f co-operation which is
contracted for, and binding by agreement. Besides, the extent to which the
advantages of the labor note can be rendered available is limited by the
smallness of the circle, by the prevalence o f pursuits unfavorable to the mu­
tual exchange o f labor or products, and by numerous other considerations
all o f which must be judged of by the individual upon his own responsibility,
and at his own risk.]
"When credit is raised upon the issue o f labor notes it has the advantage
o f being based upon that which the party has it in his power to give. H e
has in his own vaults the means o f redemption. If a laboring man promises
money, his ability to pay the money depends upon the precarious chance of
his finding a demand for his labor. If he gives a labor note, which is re­
deemed in labor, he secures the means o f paying by the act o f entering into
the obligation. Even if the payment is demanded in the : Iternative, and is
discharged in the standard commodity itself, (corn), or what is more likely,
in the labor notes o f the others, still both these are procured by the ex­
change of his own labor, and it would appear, upon a full exposition o f the
system, that under the operation o f these principles labor will always be in
demand, so that no laborer need ever be out o f employment. As a result
o f this fact every man can know positively beforehand, to precisely what ex­
tent he can, with safety, issue his labor-notes, the contingencies o f sickness
and death alone excepted. Hence, dishonesty finds no subterfuges. In the
case o f death the heirs possess the property, if there be property, for which the
notes were given, To refuse to redeem them is a palpable ascertained fraud,




,

Cost the Scientific L im it o f P rice.

339

and the same powerful motives, which have been shown as operating on the
original debtor to ensure honesty and punctuality, operate also upon them.
If they evade the obligation, they are placed in Coventry, and cut off from
all the advantages and privileges which such an association affords. The in­
fluence thus brought to bear upon them is tenfold more potent than laws,
and the sanctions o f laws, in existing society.
In the event of sickness, if
the invalid has accumulated property, it serves to maintain him, and redeem
his outstanding obligations, precisely as now. Such is the main purpose of
accumulation. If a person has no property at the time his labor notes are
given, then his credit is based solely on his future labor, and the liability to
sickness and death enter into the transaction and limit the issue. The risk
is incurred by the party who receives them. As the amount o f these notes
in the hands of any single individual is generally small, the risk is a mere
trifle, and has never been found, practically, to be enough to make it worth
while to take it into account at all. For the contingency o f the loss o f pro­
perty by fire or other accidents, between the time when obligations are in­
curred and their redemption, as well as at all other times, insurance can be
resorted to, as is done in existing society. Thus the labor note, while it is a
circulating medium, is at the same time the instrument o f a system o f credit,
having all the advantages, with none o f the frightful results o f insecurity and
bankruptcy, which grow out of, or accompany the credit system actually pre­
vailing in the commercial world.
4.
The labor note represents an ascertained and definite amount o f labor
or property which ordinary money does not. W e have examples o f this
feature o f currency in the railroad and opera ticket, and other similar repre­
sentations o f a positive thing. A railroad ticket represents a ride o f a definite
length to-day, to-morrow, and next day, but a dollar does not represent any­
thing definite. It will buy one amount o f sugar or flour to-day, another
amount to-morrow, and still a different amount the next day. The impor­
tance o f this feature o f the two different systems is immense. It can,
however, only be exhibited in its consequence by an extended treatise on the
subject. W h at has been shown in this article is a mere glimpse at the sys­
tem o f “ Equitable Commerce.” A thousand objections will occur which it
is impossible to remove in the space o f a Magazine article. It will be per­
ceived by the acute intellect that a principle is here broached which is abso­
lutely revolutionary o f all existing commerce. Perhaps a few minds may
follow it out into its consequences far enough to perceive that it promises
the most magnificent results in the equal distribution o f wealth proportioned
to industry— the abolition o f pauperism— general security o f condition in­
stead o f continual bankruptcy or poverty— universal co-operation, the gene­
ral prevalence o f commercial honor and honesty, and in ten thousand har­
monizing and beneficent effects, morally and religiously. The system, or
science o f equitable Commerce embraces several fundamental principles.
The one which I have endeavored to give some idea o f in these few words
is stated thus— C ost is the S cientific L imit of P rice .




Journal o f M ercantile Law .

340

JOURNAL OF M E R C N T ILE LA W .
CLAIM OF TW O RAILROAD COMPANIES TO THE SAME TRACK.

The decision o f Alleghany County Court, in Maryland, in a recent case o f
the Maryland Mining Company vs. the Mount Savage Iron and Coal Company,
is one of no small importance, in view o f the large number o f roads now in
course of construction in mountainous districts o f the country. It is somewhat
as if the New York and Erie Railroad Company should, by virtue o f its prior
charter, claim a right to condemn such portion o f the Hudson River Railroad
ground, from Piermont to New York, as might not be occupied with rails. “ The
Maryland Mining Company,” and “ the Maryland and New York Iron and Coal
Company,” were, by their respective charters from the Legislature o f Maryland,
the one passed in March, 1836, and the other in March, 1838, authorized to con­
struct railroads, the one from its mines near Frostburg, and the other from its
works at Mount Savage, to the canal basin, at or near the town o f Cumberland,
and, for that purpose, each was vested with power to condemn lands for the use
o f the road, by a jury summoned by the Sheriff. The last-named company
commenced its road in the latter part o f the year 1843 ; and upon the 16th o f
January, 1844, in pursuance o f its charter, condemned a right o f way through
the “ Narrows,” so-called from the fact that it is a narrow pass between two
precipitous mountains, and the only place through which the two roads could be
carried, both companies having been prohibited by their charters from occupying
any canal that might be wanted for the main route o f the Baltimore and Ohio
road, or for the Chesapeake and Ohio Canal. The land thus condemned em­
braced an average width o f ninety feet, and the Maryland Mining Company
made, at the time, no assertion o f a right to a priority o f choice in the location
o f the sites for its road, or any remonstrance whatever against the condemnation
o f the land or the construction o f the road by the Maryland and New York Iron
and Coal Company. But, on the 8th o f October, 1850, the Maryland Mining
Company, held a condemnation on a part o f this same land, condemned as afore­
said, for the purpose o f constructing a railroad parallel to the existing road o f
the Maryland and New York Iron and Coal Company, and so close that the ends
o f the cross ties o f the two roads would have been in contact. Under the
charter, the condemnation, to be available, must be confirmed by the County
Court.
In 1847 the railroad o f the Maryland and New York Iron and Coal Company
was sold to John M. Forbes, o f Boston, and by him conveyed to the Mount
Savage Iron Company, which company now hold it, and filed objections to the
confirmation.
The chief objection was, that the land now sought to be condemned by the
Maryland Mining Company, has been previously condemned by the Maryland
and New York Iron and Coal Company, and that the same land could not be a
second time condemned. That although the charter o f the Maryland Mining
Company was the elder, yet that that company having stood by and not remon­
strated or objected when the original condemnation was made and the road con­
structed, had waived its priority o f choice to a route for the site o f its road
which it could not be allowed to reassume or assert to the detriment o f the
prior location and construction o f the road then existing. The grounds taken
by the Maryland Mining Company to sustain its condemnation were, first, that
the condemnation made upon the 16th o f January, 1844, embracing as it did an
extent of ground averaging ninety feet in width, through the Narrows, took in
more land than was wanted or was necessary to construct the railroad required.
Secondly, that its charter being older than that o f the Maryland and New York
Iron and Coal Company, it had a priority o f choice in the location o f its road,
o f which it cannot be deprived.
In the opinion o f the Court, delivered by Chief Justice Martin, these two
positions were thus disposed o f:—




Journal o f M ercantile Law .

34 1

The charter o f the Maryland and New York Iron and Coal Company, like all
other charters o f the kind in the State o f Maryland, provides that when a con­
demnation is regularly made by a jury, the same shall be confirmed at the next
County Court, unless cause to the contrary is shown. The original condemna­
tion o f the 16th o f January, 1844, was returned to the Court at its April term,
1844, for confirmation, and no objection having been filed, it was duly confirmed
by the Court. By this act o f confirmation, the condemnation became judgment
o f the Court. Until that confirmation took place objections could have been
filed by any one interested, but after confirmation, the question o f title was settled
forever. It then became a judgment o f this Court, which it would not have
the power even if it had the disposition, now to revoke or set aside. The matter
has passed into judgment. The objection, therefore, that too much land was
embraced in the original condemnation now comes too late. The remaining
point to be considered then is, whether the fact that the Maryland and New York
Iron and Coal Company was made, and the road constructed, under that condem­
nation, without any remonstrance or objection on the part o f the Maryland Mi­
ning Company, and with a knowledge on its part that such condemnation had
taken place, and that the road was being constructed thereunder, and after hav­
ing itself used the road for several years, and paid tolls for the same, is sufficient
to perclude the company from now asserting its right o f prior choice of route in
conflict with the location made by the Maryland and New York Iron and Coal
Company.
There can be no doubt that such acquiescence, on the part o f the Maryland Mi­
ning Company, precludes it from asserting the right claimed. It would be in­
equitable to permit that company after thus acquiescing in the construction o f
the road, and after standing by and seeing another company expend vast sums
o f money, in grading the bed o f the road, and laying down the track, now to
set up any priority o f choice in the location o f a road, which it might have had
under its charter. It may be said to bear an analogy to a common case put in
the books— that if A stands by and sees B building a house, upon A ’s land,
under the supposition that it belongs to him, and fails to give B notice o f his
claim or right to the land upon which the building is being erected, he is, there­
fore stopped from asserting his title to the same.
But, fortunately, the Court is not, in a question o f so much interest, without
authority to sustain the principle announced. The Court o f Appeals o f our
own State, in the celebrated case of the Chesapeake and Ohio Canal Company
vs. the Baltimore and Ohio Railroad Company, have, in the very able opinion of
the late Chief Justice o f this Court, most clearly and distintcly announced the
legal principle now decided by the Court. On page 151 o f the opinion, in 4
Gill & Johnson, the Court o f Appeals says— “ And if after being formed it (the
Chesapeake and Ohio Canal Company) had lain by and suffered the railroad to
be made without interposing any claim to the route on which the road was con­
structed, such acquiescence would have amounted to a waiver o f its rights,
which it would not afterwards be permitted to resume to the destruction o f the
road.”
The counsel for the Maryland Mining Company, have, in argument, contened
that notwithstanding the prior condemnation o f the land by the Maryland and
New York Iron and Coal Company, yet that the same land is subject to be con­
demned a second time, and is not exempt from the present condemnation, be­
cause o f the prior condemnation. T o sustain this principle the case o f the Bellona Company has been read from 3 Bland’s Reports. In that case the Bellona
Company was authorized by its charter to purchase and hold land for the purpose o f
making erections and improvements for the manufacture o f gun powder. The
Baltimore and Susquehanna Railroad Company condemned a route for their
railroad through its lands, which were held by purchase. The Bellona Company
contended that as it was authorised by its charter to purchase and hold lands, to
take any part o f them, by condemnation, for the use o f a railroad, would be in
violation o f its chartered rights. The case cited decided that the lands o f the
company, though held under its charter, were still liable, like the lands o f a pri.




342

Journal o f M ercantile Law.

vate citizen, to the exercise o f the right o f eminent domain by condemnation.
But that case is widely different from the one now under consideration. In
the case of the Bellona Company, the land sought to be condemned was held, by
purchase, in the usual way. There had been no previous exercise o f the right o f
eminent domain as there had been in the present case. The sovereign power o f
eminent domain has been previously exercised over the very land upon which the
Maryland Mining Company seeks again to exercise it. This cannot be done. The
power once used has been exhausted upon the subject.
The theory upon which private property can be condemned at all, is that it is
for the public use. The right o f eminent domain can only be exercised for the
public use.
This power, however, the State may exercise herself, or she may delegate it to
corporations, or to individuals, who can then exercise it as the agents o f the
State. When the State delegates this power to a corporation, and it is exercised
by the corporation, the property upon which it is exercised is then dedicated, in
the eye o f the law, to the public use.
There is another view o f the question. The State in granting to a corpora­
tion the power to exercise the right of eminent domain by condemnation, for the
purpose o f constructing a railroad, enters into a contract with that corporation,
the effect o f which is, that the State, in consideration that the corporation will
expend its money in the construction o f a certain railroad, and which the State
considers would be a public benefit, grants to that corporation the power to ex­
ercise the right o f eminent domain by condemnation, and to receive tolls, &c.,
for the road. This contract between the State and the corporation, the State it­
self cannot touch or violate. The contract is protected by that clause o f the
Constitution o f the United States prohibiting the State from passing laws vio­
lating the obligations o f a contract.
FIRE INSURANCE— ACTION

FOR CONSPIRACY TO DEFRAUD AN INSURANCE COMPANY.

In Court o f Common Pleas, ("Salem, Mass.,) before Judge Wellen. Anna Fos­
ter vs. Bowditch Mutual Fire Insurance Company:—
This was an action on a policy o f insurance o f a stock o f millinery and fancy
goods, kept by plaintiff, in her store at Lewiston Falls, Maine, on which $900
were insured. By the terms o f the policy, two-thirds only o f the loss was pay­
able, and the by-laws required a statement o f loss to be made under oath, and in
case o f any fraud, or fraudulent statement o f loss, or false swearing, the policy
was to be forfeited. The defense set up by the company, was misrepresentation
in the application for insurance, change o f risk, fraud in removing the stock, and
a fraudulent over-statement o f claims for loss, and false swearing.
The policy was made in May, 1848, and the building and contents were burned
on the night o f the 3d o f August, 1849, the plaintiff then having been absent in
Boston a fortnight, and the store closed. The plaintiff’s evidence went to prove
that on the 7th of July, 1849, the stock in the store was attached for a debt o f
$105, and a schedule taken by the sheriff o f the goods; that a mortgage was
made on the same day of the goods attached, to Messrs. S. C. and M. G. Palmer,
o f Foxborough, Massachusetts, one o f the firm being present, and receipting to
the sheriff for the goods. The sheriff’s value o f the goods attached was put at
$739, and the value o f the same goods, in the mortgage to Palmer, at $623.
The statement o f claim made by plaintiff, contained some goods not in the sheriff’s
schedule, or the mortgage, and valued the goods at $1,150, at retail prices.
The plaintiff also gave evidence o f an examination o f the stock on the 14th o f
July, with a view to a purchase, and it was then estimated at $1,200.
The defendants assumed that there was a conspiracy to defraud the insurance
company, to which the plaintiff, one Davis, her brother-in-law, and others, were
parties— that it began with the mortgage on the 7th o f July; that the goods were
secretly sent off in boxes, barrels, and band-boxes; that there was little or no stock
in the store, when the plaintiff left, on the 21st o f July; that the store was pur­
posely set on fire, and when burnt there was not twenty dollars worth o f prop­
erty there.




Journal o f M ercantile Law .

343

The defendants’ proofs rested principally on the testimony o f five females from
Lewiston, who were examined on the stand, and each of whom stated that their
expenses, and a dollar a day, were paid them by the agent o f the company for
coming to Boston; and that, in addition, the agent had promised to satisfy them
for their trouble, or pay them as much as they could make at home. They testi­
fied to being in the shop at or about the time Miss Foster left, and that the stock
had diminished, or nearly disappeared; and that some o f them had looked in the
window, after the store was closed, and could see few or no goods; that they
called for bonnets, laces, ribbons, and other goods, and Miss Foster said she had
none. One witness testified that a large quantity o f bonnets and ribbons were
taken away at the time o f the mortgage; and another, that she was the first per­
son that reached the store at the fire, and looked into the shop through a broken
pane o f glass, and could see only one bonnet on the counter, and a piece o f alapaca and mouslin de laine on the shelf. It was also proved that boxes were
sent off at different times by the express to the railroad.
The plaintiff met this array o f testimony by showing that the rooms over the
shop were occupied as a dwelling by plaintiff’s brother-in-law, a provision dealer,
who collected poultry and produce, and sent it to Boston by express, and the
packages, boxes, &c., sent off, were shown not to have contained any other arti­
cles. Two witnesses who were present at the mortgage, testified that no bon­
nets or ribbons were removed at the time o f the mortgage, and others who were
in the store on the day Miss Foster left, testified that there was no material
change in the stock, except that it had been put away in the drawers, or packed,
to protect it during the plaintiff’s absence; and that curtains were drawn before
the shelves, so that the goods behind them could not be seen. It also appeared
that the particular pieces o f goods which one of the defendants’ witnesses, a Mrs.
Littlefield, testified were all she saw on the shelves when the store was on fire,
viz:— the alapaca and mouslin de laine, were not in the list o f goods, and had not
been in the shop at all. The evidence was very voluminous on both sides, and
the trial occupied a week.
The court ruled that notwithstanding the law against extra judicial oaths, the
plaintiff was bound to make oath to her statement o f loss, as a condition prece­
dent to her right to recover; and if there was an overstatement o f goods which
the plaintiff knew were not in the store, or which she had no reason to believe
were lost; or if she had sworn falsely, she could not recover even for an actual
loss o f a less amount; but had forfeited the policy. That the amount of indem­
nity was two-thirds o f the loss, not at the retail prices, but at the wholesale value
at Lewiston. That it was incumbent on the plaintiff to prove the loss, and the
actual value, and the burden o f proof was on the defendants to show any fraud
or removal o f the goods, or any false statement or false swearing in the claim.
It was also proved that the plaintiff had sent her statement to the defendants,
without retaining a copy, and that after notice, they had declined to furnish a
copy, or to produce it, until the trial; and the plaintiff contended, and the court
held, that after such notice, the defendants could take no exception to the form of
the statement, and were confined to the charge of fraud and overstatement set up
in their specification o f defense.
The jury returned a verdict for the plaintiff, and assessed the damages at $621 60.
ACTION TO RECOVER BACK MONET PAID FOR COFFEE

SOLD, AND ALLEGED TO BE

OF SAME Q U ALITY AS A SAMPLE EXHIBITED A T TIME OF SALE.

In the Court o f Common Pleas. (Boston, Mass.,) January 7, 1851.
Jackson vs. Joseph G. Perley:—

Wm. M.

This was an action o f assumpsit to recover back money— $81 83, paid by the
plaintiff to the defendant, upon the 15th day o f February last, for five barrels, or
835 pounds o f burnt and ground coffee. The writ contained the common counts,
under which a specification o f claim was filed, alleging that on the 15th o f February, the defendant, by his agent, one Berry, sold to the plaintiff five barrels of
burnt and ground coffee, alleged to be o f the same quality as a sample then pro­




344

Journal o f M ercantile Law.

duced; that the plaintiff paid $81 83 for the coffee at the time of sale; that it
was soon discovered that the coffee delivered to plaintiff was unlike the sample,
and worthless, and that, therefore, the plaintiff gave notice to the defendant to re­
fund the money and take back his coffee. There was also a special count in the
writ upon the warranty.
The case was tried at the October term, and resulted in a verdict o f $83 50
for the plaintiff; but afterwards a new trial was granted.
It appeared in evidence, that on the 15th o f February, the defendant, accom­
panied by Berry, went to the plaintiff’s store, and Berry, in the presence and
hearing o f the defendant, said:— This is the gentleman that has the coffee to sell,
if the plaintiff would like to buy. Berry negotiated the sale, always consulting
with defendant, and assisted by defendant, took a sample from one o f the barrels,
and showed it to the plaintiff. When a price per pound was agreed upon, and
the amount calculated, Berry said:— “ There will be a charge for the barrels, I
suppose.” Plaintiff then said, “ 1 will not have them.” The defendant, however,
said plaintiff would want something to have the coffee in, and allowed Berry to
charge nothing for them. Berry rendered a bill, which he then wrote, the defen­
dant being with him. The plaintiff’s clerk said that it was then after bank hours,
and as he had deposited the money, he would not make payment in cash. Berry
said he would rather have cash, but defendant said, “ I would as lief have a check;
I know where I can cash it.” It turned out, on the plaintiff’s opening the barrels
to sell the coffee, that a few inches in depth o f coffee, like the sample, was found
at the ends of the barrels, and all the rest was filled up with coffee which had been
damaged by salt water, and was nauseous and utterly worthless. It also appeared
in evidence that the defendant afterwards admitted to a third party, “ that every
spoonful of the coffee” was his, and that he had paid Berry for selling it.
The defense was, that the defendant did not own the coffee, but that it belonged
to Berry. There was no dispute fls to the quality o f the sample, or the coffee.
It was also objected, that the bill put in by plaintiff as the original bill, was not
the original. This bill was in the form:—
Wm. M. Jackson,
T o Joseph G. Perley,
Dr.
835 pounds burnt and ground coffee, a 10c........................................... $83 50
2 per cent off for cash..................................................
1 67
Joseph G. Perley,
v
$81 83
By N. Berry, Jr.
The defendant contended the original bill specified that the coffee was adulter­
ated. The clerk of the plaintiff could not swear that the bill presented was
the original bill, but he knew o f no other, but swore that that bill, or one just
like it, was the original. Another witness, also employed in plaintiff’s store, tes­
tified that he filed the bills away, within two days after the sale, and that he had
never seen any other. The defendant attempted to show that the plaintiff, in his
evidence at the Municipal Court, where the defendant was tried on an indictment
found oir this same transaction, stated that the bill offered was not the original
bill; but it appeared that the plaintiff said he could not swear that it was. The
defendant also attempted to prove that the plaintiff’s witnesses had testified differ­
ently at the former trial on the criminal prosecution.
The court ruled that the plaintiff could not recover under the common counts,
inasmuch as the plaintiff’s rescinding o f the contract had not been accepted by
the defendant; but if the jury were satisfied that the coffee was sold by sample,
and proved to be unlike the sample, then there was a breach o f warranty, and the
plaintiff was entitled to recover, under the special count, the difference between
what the coffee was worth, as it proved to be, and what it would have been worth
in the market had it been all like the sample.
The jury returned a verdict for the plaintiff for the sum of $105 46.




Commercial Chronicle and Review.

345

COMMERCIAL CHRONICLE AND R E V IE W .

8 T A T E OF B U S IN E S S — I N V E S T M E N T S OF C A P IT A L IN R A IL R O A D S A N D B A N E S — A V E N U E S F R O M T H E W E S T
T O T I D E - W A T E R — T H E M O N E Y M A R K E T — A C C U M U L A T IO N OF G O L D A T

TH E

M IN T — E X P O R T S A T

THE

P O R T OF N E W Y O R K — C U S T O M S ’ D U T IE S A T T H E P O R T OF N E W Y O R K IN J A N U A R Y — F O R N INE Y E A R S —
D IV ID E N D S ON U N IT E D S T A T E S S T O C K P A ID

IN N E W

Y O R K — R E V E N U E O F P U B L IC W O R K S — T H E G O L D

A N D S I L V E R Q U E S T IO N — W E I G H T A N D R E L A T I V E F IN E N E S S OF U N I T E D S T A T E S A N D B R I T I S H C O IN S .

T h e general state o f business throughout the Union is very satisfactory. The
production o f wealth is very considerable, and the application o f means to its
interchange very great. The construction o f railroads is pushed to a great ex­
tent. In New York $60,769,797 has been so applied, and the roads are all
profitable. Very many o f the western cities have adopted the plan o f loaning
credit, and it will prove injurious to their interests. The amount o f capital
going into railroads, all over the country, is immense, and also into hanks. In
New York the multiplication o f these latter is very rapid, and will not fall short
o f an increase o f $10,000,000, for the present year. In New England the in­
crease is also very great. "This state o f affairs tends to promote an extension o f
credits in making sales, and to revive those long credits which led to the disasters
o f former years, and which caused a suspension o f all the hanks, in the words
o f Mr. Biddle, “ until next crop,” as if those who had, by getting goods on cred­
it, consumed a crop in advance, would go a year without consuming at all, until
they had paid up. It is, however, the case that the resources o f the country are
vastly greater now than at the date o f the former years o f speculation. Up to
1835 there may he said to have been hut one route to connect the country west
o f the Alleghanies with the Atlantic, and that was the Erie Canal. There are
now five in operation, and still another in course o f construction. The follow­
ing are these lines, with their cost and revenue:—
A V E N U E S F R O M T H E W E S T TO T ID E W A T E R .

Miles.

Erie Canal...............
Pennsylvania Canal..
Erie Railroad...........
N. Y. Northern Line
Baltimore and Ohio.
Total— five routes

364
395
450
327
179
1,715

Cost.

*7,143,789
12,381,824
20,323,581
14,669,152
7,227,400
$61,745,746

Revenue— 1850.

*2,926,817
1,550,555
1,063,950
2,896,042
1,387,000
$9,724,364

Expenses.

*420,000
996,502
513,412
1,005,948
800,000
$3,735,952

Surplus.

$2,506,817
553,963
545,538
1,890,094
587,000
$6,083,412

The revenue o f the Erie Canal, in 1835, the year the Pennsylvania Canals
were opened, was $1,392,130, and that represented all the tolls collected on
western trade. This last year that trade has paid, on the five lines, a sum
greater by $8,410,000, or nearly seven times greater, and if we remember that
the tolls are now very much less than then, we can safely estimate that the trade
west o f the Alleghanies, with the Atlantic slope, was ten times greater in 1850
than in 1835. W e are also to hear in mind that a considerable quantity o f goods
now passes down the lake to Ogdenshurg, over Lake Champlain to New York,
and over the railroad to Boston, constituting a new route; and also that the
Pennsylvania Railroad, already 174 miles, is about to open still another route to




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Commercial Chronicle and Review.

the West. In this glance at means o f communication, the merchant at once sees
the broad foundation, on which a large business now rests, as compared with
fifteen years since. If we continue the view into the vast works o f Ohio,
Michigan, Indiana, and Illinois, we shall find, that by means o f public works,
what may be called the “ working surface” o f those fertile States has been in­
creased to a still greater extent, and if our external Commerce this year has been
large, it has not kept pace with the vast development o f our internal intercourse.
The money market during the month has been exceedingly well supplied with
funds, and although at times attempts were made, mostly by the banks, to advance
the rates, they failed, through the promptness with which the loans were re­
placed from private sources. In almost every case where outstanding loans
were notified o f higher rates, they were paid up with money procured at a less
figure. This has been the case, although at New York nearly $3,250,000 were
absorbed in the month o f January into the Government Treasury for duties, and
gold accumulated to the extent o f $10,000,000 at the Mint, through the inade­
quacy o f (hat establishment to perform its duties. It is not alone the abundance
o f mere money (specie and bank-notes) which causes capital to be apparently
so cheap, but it is the ample supply o f natural wealth, which comes down in pay­
ment o f goods consumed, continually canceling obligations, and throwing money
back into the reservoirs whence it issued. It is also the case that a large amount
o f capital has o f late reached this country from Europe in exchange for evidences
o f debt, public and corporate, while in the last ten years, there has been no increase
o f government obligation.
The emigration o f capital, to some extent, assumes the 4hape o f imported goods,
and the exports are equal to the actual payments. The movement o f produce
sent from the port o f New York, not only increases the supply o f sterling here,
but it also swells the amount o f bills running on New York, and a new element
is now entering into the internal exchanges. This is the progress o f manufac­
turing at the South and West. For every bale o f cotton manufactured in those
regions at least $100 less is to be paid the North for cotton goods, and as the
quantity o f produce which comes forward to New York increases, the greater the
probability o f periodical cash drafts from that region. The exports from the port
o f New York for the month o f January in several years have been as follow s:—
E XPO R TS AT TH E P O R T OF N E W Y O R K .

Specie.

1844 .....................
1845 .......................
1846 .......................
1847 .......................
1848 ........................
1849 .....................
1850 .....................
1851 .....................

$79,478
630,495
21,762
73,728
1,183,517
122,582
90,361
1,266,281

Foreign goods.
Free.
Dutiable.

$58,714
48,748
36,857
26,273
4,496
29,955
74,710
51,584

$69,310
164,420
124,575
49,073
222,684
122,635
382,141
422,395

D omestic.

$1,520,817
1,254,787
1,939.412
3,043,552
2,456,625
2,109,095
2,715,320
3,152,744

Total.

$1,728,321
2,817,812
2,122,606
3,182,686
3,867,317
2,384,267
3,262,832
4,893,004

The value o f domestic produce exported in the month o f January from the
port o f New York is larger than ever before, exceeding that for the famine year,
1847, by $152,744. The most gratifying feature o f the return is in the steady
increase o f the business in foreign goods. Our warehousing system is causing
us to recover that carrying trade which the port enjoyed under the bonded
system o f former years. T o make a depot for foreign merchandise free o f gov­




Commercial Chronicle and Review .

347

ernment charges, is to facilitate the export o f domestic goods, because an as­
sorted cargo is thus made up on terms as favorable as can be done in England.
The amount of duties paid into the New York custom-house for the month o f
January has been, as compared with the same month o f previous years, as follow s:
CUSTOMS D U TIES A T T H E P O E T O F N E W Y O R K F O R T H E M O N TH O F JA N U A R Y .

1843
1844
1845

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

$548,046
1,855,577
1,575,251

1846
1847
1848

......... $1,471,884
....... 1,434,836
....... 2,537,317

1849
1850
1851

....
$1,911,465
....... 3,010,297
....... 3,519,053

The amount received this year has been more than double the average o f any
year prior to the operation o f the present tariff, and requires a very large cash
capital on the part o f importers. The payments o f dividends on United States
stock at the Assistant Treasurer’s office have been as follow s:—
D IV ID E N D S ON U N ITE D S T A T E S STOCK P A ID IN N E W Y O R K .

July, 1849 ..........................................................
January, 1850 ....................................................
July, 1850 ...........................................................
January, 1851 ....................................................

On stock.

On coupons.

Total.

$788,967
844,101
966,979
1,016,912

$172,855
169,230
168,505
149,275

$961,822
1,013,331
1,135,484
1,166,487

In these figures we have the progressive accumulation o f the Government
debt at this point, where interest is paid as well on the stock held abroad as on
those owned in or about New York. The state o f the exchanges now indicate
that, notwithstanding the enhanced business, both o f exports and imports, as in­
dicated in the figures, that no disturbance has taken place in the financial world
other than that occasioned by the displacement o f silver by gold. Tho aggre­
gate consumption o f all the products o f industry has much increased, and the
interchange o f these enhanced quantities constitute the improved trade which is
so apparent upon all the avenues o f intercourse. The following is a table o f
tolls on the main lines for several years:—
R E V E N U E S O F P U B L IC W O R K S .

1846.

1847.

1848.

1849.

1850.

New York Canals................. $2,756,103 $3,635,381 $3,252,212 $3,266,266 $3,226,903
Pennsylvania W orks........... 1,196,977 1,295,494 1,587,995 1,633,277 1,713,848
Ohio Canals.........................
612,302
805,019
785,882
713,173
728,085
Illinois Canals............. ................................................
87,890
118,849
136,331
Indiana Canals..............................................................
103,104
134,659
157,173
Total, Canals................... $4,565,382 $5,735,894 $5,822,083 $5,866,224 $6,018,340
New York Railroads_$2,815,078
$3,166,340 $3,724,470 $4,289,205
South Carolina........
589,081
718,110
800,073
892,403
Little Miami Railroad . . .
116,052
221,139
280,085
321,303
Michigan Central....
277,478
347,555
373,931
600,986
Georgia Central........
400,935
383,863
582,014
626,813
Macon and W estern..........
128,430
147,768
161,569
198,517
Philadelphia & Baltimore.
568,555
643,065
638,102
627,904
Reading.................... 1,900,115
2,002,945 1,692,555 1,933,590
Baltimor and Ohio..............
797,064
1,101,936 1,213,664 1,241,705

$5,780,404
912,729
405,607
860,559
753.383
207,040
687,700
2,360,786
1,343,805

Total, Railroads.............$7,592,788 $8,732,825 $9,466,463 $8,732,426 $11,312,015

These works indicate an improvement o f 50 per cent in the aggregate internal
transportation, supposing the toll had remained the same. Inasmuch, however,
as these have undergone large reductions, the aggregate increase o f actual trans­
portation must be much larger than 50 per cent. It is also the case that the in­




348

Commercial Chronicle and Review.

crease o f local manufactures has diminished the transportation o f produce in the
raw state.
The accumulation o f gold in the country, together with the prospect o f an
immense increase in the supplyfor the ensuing year, not only o f gold, but silver,
will so aifect the exchange that we have thought proper to enter here into some
examination o f the subjet. It is not generally known that discoveries o f silver
have been made in California, to an extent which leaves no doubt but that the
relative values o f the two metals will be maintained, although the supply o f both,
in relation to other property, will be greatly increased, and both beeome staple
exports from this country.
Most countries, it is known, use the precious metals as currency, but the
United States alone makes both metals, and the coins o f all nations, a legal ten­
der. In Europe almost all the nations have silver alone as a legal currency.
England, on the other hand, has gold alone, with silver to the amount o f 40s.
only. The United States make both metals. Now it is obvious, that to
ascertain what a par o f exchange is, it is requisite to know what the standard
coin o f one country is worth in another, at the time. But the value o f both
metals is always changing in relation to each other. When the mines o f Ameri­
ca were discovered gold was worth 1 to 10 o f silver; that is, one ounce o f gold
was worth ten o f silver. The new supplies o f the latter metal diminished its
relative value, until at the close o f the last century, one ounce o f gold was worth
fifteen o f silver. Now, in coining, all countries vary the legal relative value of
silver. In the United States it was 15 to 1 ; in England, 144 to 1 ; in Hamburg,
15 to 1 ; in Paris, 154 to 1 ; in Madrid, 16 to 1. Now it will be observed that
the state o f the markets for exchange affects the value o f the metals, relatively:
a demand for gold will raise its relalive value, and for silver, decrease it. During
a part o f the eighteenth century, Spanish pillar dollars circulated in these, then
colonies, and in London they were worth 4s. 6d., each; that is to say $4 44 4
was £ l sterling. Since that time silver has fallen in value, until it came to be
worth 4s. lOd. per ounce, 4s. 2d. each, making the sovereign $4 874; but this
changing value was not expressed in dollars and cents per £ , but in per cen t:
and this erroneous expression has perpetuated the error.
Since the commencement o f the present century, both the standards o f Eng­
land and the United States have undergone achange. In 1816 a complete new
coinage took place in England, by which the value o f coin was advanced 64 per
cent. That is to say, before that time one lb., Troy, o f standard gold, 22 caratsi
was coined into 444 guineas; after that, into 46 29.40 sovereigns. From a
Troy pound o f silver 62 shillings had been coined, afterwards 66 shillings. This
latter was higher than the market price o f silver, and was designed to keep those
coins in the country. O f course this change affected their relative value to United
States coins, and the gold par between the countries has changed three times.
Thus, under the law o f 1790, the eagle o f $10 contained 247.5 grains, pure
gold, 270 grains, standard; and the English guinea o f that time, 118.65 grains,
pure gold, or 128 grains, standard, and was worth, as compared to the eagle,
$4 76. In 1792 a law o f Congress ordered the Custom-House to value the
English coins at 100 cents for every 27 grains, actual weight; which was valu­
ing the guinea at $4 74. When the English coinage was changed, in 1816, the
sovereign contained 113.11 grains, and the eagle remaining the same. The par




Commercial Chronicle and Review .

349

was $4 56 for g o ld ; consequently very little gold came here, and nearly all the
coinage was o f silver. It also happened that the relative value o f gold to silver
from 15 to 1, had declined to 16 to 1, which aided the change in the British
coins in sending the gold from this country— a change became necessary— and in
1834 the Gold Bill did for our currency what had been done for that o f England, by
act o f Parliament, in 1816; that is to say, the pure gold in the eagle was reduced
from 247.5 grains, to 232 grains, at which rate the par o f gold between the
United States and England was raised to 84 87 5. The changes are seen in
the following table:—
U N IT E D

S TATES A N D

B R IT IS H

C O IN S .

Eagle.

Years.

W eight.

1792..............................
1816..............................
1834..............................
1837..............................

270_
270_
258_
258_

Pure gold.

247.5
247.5
232.0
232.2

*

S o v e r e ig n .

W eight.

1 2 8 .. . .
123____
123____
123____

Pure gold . Relat. price.

118.65
113.11
113.11
113.11

84 76
4 56
4 87
4 86

In the United States, the silver remaining the same, the taking o f 15 grains
o f gold out o f the $10 gold piece, raised the relative value o f silver to 16 to 1,
and this seems to have been about the true average hitherto. Now it will be ob­
served that London is the great market for silver, whence Europe supplies itself.
It is there not money, but merchandise. When there is a demand for it on the
continent, it rises in price, and, o f course, like any other merchandise, it is sent
to the place where it sells best. As an instance, in 1829, dollars sold in London
4s. 9d. per o z .; 81,000 weigh 866 oz. At the same time dollars were at par in
New York. The French Revolution o f 1830 caused a demand for the continent,
and dollars rose in London to 4s. 1Hd. per oz., and to 2 J- per cent premium in
New York; just as cotton, or any other article, rises here when there is a de­
mand here. Now suppose a merchant owes in London £ 1,000, and the currency
here being dollars, he is to remit them in payment. Dollars are not money in
London, and he looks at the best quotations and finds new dollars sell 4s. lOd.
per ounce. As $1,000 weigh 866 oz., they are there worth 4s. 2d., or 50d. each;
consequently to pay £1,000, requires $4,800, and to send them according to the
proforma o f an actual shipment o f United States money made for the last month, will
cost $200 more, say $5,000. Instead o f doing this, he buys a bill o f exchange,
for which the account will run thus:—
*'
A. to B.
Dr
For bill due on London £1,000................................................................
Advance 9 per cent..................................................................................

$4,444 44

399 99
$4,844 33

12 11

Brokerage £ per cent.....................................................................
'•

$4,856 44

Now this bill, at 9 per cent premium, has cost him $143 56 less than the ex­
pense o f sending dollars, or less than par, notwithstanding the absurd manner o f
making out the bill. Again, if say a stock bond for $1,000 is sold in London
at 2 per cent, what is called par, $4 44 per £ , the payment is £225, for which
$1,078 may be bought in the market, which is $4 84 per £ . If the 225 sove­
reigns are brought home, they are worth about the same here. The movement
o f the metals never takes place either way, however, until the variation o f the ex­
change will cover the cost. Thus sovereigns cannot be sent from London to




Commercial Chronicle and Review .

350

the United States when exchange is over 5 f per cent premium, and cannot go
back when it is less than 10f, being a range o f nearly 5 per cent; and American
gold cannot go under 1If. It has been supposed that from the increased supply
o f gold, instead o f silver continuing to fall, it would rise in value, and perhaps
get back to the old par o f $4 44. Many o f the countries o f Europe, as Holland,
for instance, are abandoning gold as a standard, in this view. This idea, how­
ever, is premature, and France has determined to adhere to both standards. The
following proforma shows the actual cost o f exported United States g old:—
A M E R IC A N

GOLD F R O M

NEW

Y O R K TO L O N D O N .

10,000 eagles cost.................................................................................
Insurance $101,000 at f per cent.....................................
Policy, kegs, packing, and charges.....................................

$ 100,000

$505
5 50
510 50

$100,510 50
Cost in New York......................................................................
Proceeds 2 kegs containing 10,000 eagles melted into SObars weighing
447 lb. 7 oz. 16 dwt. 3 grains, reported wore I f grains, equal to 439
lbs. 4 oz., 12 dwt. 3 grains standard, or 6,272 oz. 12 dwt. 3 grains at
£77 9s.................................................................................................£20,497 5 Id.
Allowed by melters for adherence to crucibles.....................................
218 3
£20,500 3 4
Charges at Liverpool freight §.
Carriage landing.......................
London insurance, 3s. per £100.
Postage and car hire................
Cartage to and from melters...
Melting.....................................
Assaying...................................

£78

2 6

1 10 0

30 15 0
8 0

1 0 0
11 4 0
7 10 6
-----------

130 10 0

Add interest on bills, say 50 days, at 3 per cent.................................

£20,369 13 4
84 17 6

Less commission on bills f per cent on £20,352 15s. 7d.......................

£20,454 10 10
101 15 3

Cash in London...........................................................................

£20,352 15 7

Which amount drawn at 60 days sight to produce $100,510 50, equals an ex­
change o f 11 If. The same operation on Mexican dollars to Paris or London,
results in a rate o f 9.46 on the latter, and 5.2 I f on the former place.
The repeal o f the English Nrvigation Laws, the act for which came into op­
eration at the beginning o f 1850, has not produced the ruinous effect upon our
shipping interests which was predicted by its opponents. The foreign vessels
entering the ports o f the United Kingdom during the ten months ending Novem­
ber 5th, 1850, have been 11,059, measuring 1,749,031 tons; while the British
shipping entering in the same period have been 15,570, measuring 3,365,033
tons. The foreign vessels clearing in the same period outwards were 9,952, of
1,661,242 tons, and the British ships, 15,503, o f 3,439,713 tons.




Commercial Statistics.

351

COMM ERCIAL STATISTICS.
COMMERCE AND NAVIGATION OF TH E UNITED ST A T E S IN 1 8 4 9 -5 0 .

We have received, through the courtesy of the Hon. Messrs. D ickinson and S ewakd ,
United States Senators, of New York, early copies of the official “ Report o f the Secre­
tary o f the Treasury, transmitting a Report o f the Register o f the Treasury, o f the
Commerce and Navigation o f the United States fo r the year ending the SOth o f June
1850.” Last year, the same document for the year ending June 30th, 1849, was only
received in time to lay its important figures before our readers in the number for
July, 1850, twelve months after the close of the commercial or fiscal year. It will,
perhaps, be recollected by our readers that we have, for several past years, called the
attention of Congress to the subject, and urged the importance of having the Report
printed, and laid before both Houses at the commencement of each session. Last year
we incidentally met with a member of the United States Senate, and directed his
attention to the subject. That gentleman admitted the propriety and importance of
our suggestion, and, in September, 1850, introduced a bill “ to provide for the printing
of the Annual Report upon Commerce and Navigation,” which passed both branches
of the National Legislature, and was approved by the President, September 16th, 1850
This act, which is appended to the Report before us, (for year ending 30th of June,
1850,) provides:—
S ec. 1. “ That it shall be the duty of the Secretary of the Treasury to cause the Annual
Report upon Commerce and Navigation to be completed at as early a day before the
first Monday in January in each year as is practicable.
“ S ec. 2. And be it further enacted, That when completed, or in the course of its
progress towards completion, if that will give despatch to the business, the work of
printing, under the superintendence of said Secretary, shall be commenced, and the
whole shall be printed and ready for delivery on or before the first day of January
next ensuing the close of the fiscal year to which the report relates.
“ S ec. 8. And be it further enacted, That until Congress shall otherwise direct, the
Secretary of the Treasury shall cause to be printed, in the same manner as other
printing of the Department, twenty thousand copies of said Report, which shall be
distributed as follows:— First, the usual number for the use of the members of the two
Houses and their officers; second, five hundred copies for the use of the Treasury
Department; and thirdly, as nearly as may be, five thousand copies to the Senate,
and thirteen thousand copies to the House, to be distributed by the members of each
House.
“ S ec. 4. A nd be it further enacted, That the Report aforesaid, except such as are to
be bound with other public documents, shall be substantially bound:— Provided, That
the expense thereof shall not exceed twelve and a half cents for each copy.”

Although the act provides that the Report “ shall be printed and ready for delivery
on or before the first of January,” <fec., no copies made their appearance in either House
of Congress until near the middle of January. There is no necessity for the delay of
the intervening month between the time when Congress meets, on the first Monday in
December, and the first Monday in January, the period specified in the act for the
publication of the Report. The Report is a simple record of the imports, exports, and
tonnage of each State, compiled at the Register’s Office in Washington, from returns
received from the custom-houses in the several collection districts of the United States
It is not, therefore, desirable to have it left open until Congress meets before it is
printed, as no alteration or amendment can be made in the statements by any action of
that body. Congress should, therefore, have directed by this act the report to be com
pleted, printed, and ready for delivery on the first Monday in December, instead o f the




'

Commercial Statistics.

352

first Monday in January. Tire •wheels of legislation, however, move slow, and we
should be thankful that so much has been accomplished in a right direction, and thatt
instead of waiting a year for this important document, we have the promise of getting
it some six months earlier.
These reports are susceptible of being rendered more useful in other respects to the
merchant, statesman, and political economist. "We do not mean by this remark, to say
that the present Report is not, in every respect, equal to any that have preceded it,
for it is merely a copy of a plan adopted in the Report of 1821, the first of the kind,
which has been continued annually from that time to the present, with little or no
variation, either in the arrangement of the materials, or by the introduction of new
matter, calculated to illustrate more clearly the rapidly increasing commerce of the
Union. The admirable reports of the British Board of Trade, and Customs’ Depart­
ment of the French Government, particularly the latter, are models which, if not copied
entire, are, nevertheless, replete with suggestions worthy of being adopted by our own
Government.
V A L U E OF TH E DOM ESTIC EXPO RTS OF TH E UNITED STATES.
SUMMARY STATEMENT OE THE VALUE OF THE EXPORTS

OF THE GROWTH, PRODUCE, AND

MANUFACTURE OF THE UNITED STATES, DURING! THE YEAR COMMENCING! ON THE 1ST DAY
OF JULY, 1 8 4 9 , AND ENDING ON THE 30T H
PRODUCTS OF THE SEA.

Fisheries—
Spermaceti o i l .............
Whale and other fish oil
W halebone...................
Spermaceti candles. . . .
Dried or smoked fish. .
Pickled fish...................

$788,'794
672,640
646,483
260,107
365,349
91,445
$2,824,818

PRODUCTS OF THE FOREST.

Wood--Staves, shingles, boards,
hewn timber.............
Other lum ber...............
Masts and spars...........
Oak bark and other dye
Manufactures of wood.
Haval stores, tar, pitch,
rosin, and turpentine
Ashes, pot and pearl. .
Ginseng.............................
Skins and fu r s .................

JU N E ,

1850.

Yegetable food—
Wheat...........................
Flour..............................
Indian corn...................
Indian m e a l.................
Rye m e a l.....................
Rye, oats, and other
small grain and pulse
Biscuit or ship bread . .
Potatoes.......................
A pples...........................
Rice................................

$643,745
7,098,570
3,892,193
760,611
216,076
121,191
334,123
99,333
24,974
2,631,557

$15,822,373
Cotton................................
71,984,616
Tobacco.............................
9,951,023
H em p ...............................
5,633
A ll other agricultural products—
Flaxseed.......................
4,040
H ops.................
...
142,692
Brown sugar.................
23,037
1,142,713
572,870
$169,769
122,916
MANUFACTURES.
852,466
W a x ..................................
118,055
$7,442,503 Refined sugar...................
285,056
Chocolate.........................
2,260
PRODUCTS OF AGRICULTURE.
Spirits from gra in ...........
48,314
Spirits from molasses . . .
268,290
O f animals—
Beef, tallow, hides, and
Molasses...........................
14,137
1,605,608 Vinegar.............................
horned cattle.............
11,182
1,215,463 Beer, ale, porter, and cider
52,251
Butter and cheese . . . .
Pork, (pickled) bacon,
Linseed oil and spirits of
7,550,287
turpentine.....................
lard, five hogs...........
229,741
139,494 Household furniture.........
Horses and mules.........
278,025
15,753 Coaches &other carriages.
Sheep ...........................
95,722
22,778 H ats...................................
68,671
W o o l.............................
Saddlery............................
20,893
$10,549,383 Soap and tallow candles .
664,963




$2,437,079
107,827
52,109
205,771
1,948,752

Commercial Statistics.
Snuff and tobacco............
Leather, boots, and shoes
Cables and cordage........
Gunpowder......................
Salt.................................
Lead..........................
Iron—pig, bar, and nails .
Castings................
All manufactures of
Copper and brass, and cop­
per manufactures........
Medical drugs..................

648,832
193,598
51,357
190,352
75,103
12,797
154,210
79,318
1,677,792
105,060
334,789
15,680,768

Cotton piece goods—
Printed and colored. . .
Uncolored....................
Thread and y a m ........
All manufactures o f .. .

606,631
3,774,407
17,405
335,981
$4,734,424

Flax and hemp—
Cloth and thread . . . . .
Bags and all manufac­
tures o f ....................
Wearing apparel............
Earthen aud stone ware .
Combs and buttons . . . . .
Brushes of all kinds........
Billiard tables and appara­
tus ...............................
VALUE

OF

THE

353

Umbrellas and parasols..
Morocco and other leather
not sold by the pound.
Fire-engines & apparatus.
Printing-presses and type
Musical instruments........
Books and maps..............
Paper and stationery.. . .
Paints and varnish..........
Manufactures of glass . . .
Manufactures of tin . . . .
Manufactures of pewter
and lead......................
Manufactures of marble
and stone......................
Manufactures of gold and
silver, and gold leaf__
Gold and silver coin.......
Artificial flowers and jew­
elry .............................
Trunks.............................
Brick and lime................

3,395
9,800
3,140
29,242
21,634
119,475
99,696
67,597
136,682
13,590
22,682
84,510
4,583
2,046,679
45,283
10,370
16,348

1,183
10,593 Coal.................................
207,632 Ice...................................
15,644 Articles not enumerated—
Manufactured..............
23,987
Other articles..............
2,827
2,295

Grand total..............

$13,374,059
167,090
107,018
3,869,071
679,556
$136,946,912

D O M E S TIC E X P O R T S O F T H E U N IT E D STA TE S TO E A C H F O R E IG N C O U N T R Y , A N D

T O D O M IN IO N S O F E A C H F O R E IG N P O W E R , D IS T IN G U IS H IN G T H E AM O U N T S H IP P E D I N A M E R I ­
C A N A N D F O R E IG N V E S S E L S , F O R Y E A R E N D IN G JU N E

In American
vessels.

W hither exported.

Russia........................................
Prussia......................................
Sweden and Norway..............
Swedish West Indies.............
Denm ark.................................
Danish West Indies................
Hanse Towns...........................
H olland....................................
Dutch East Indies...................
Dutch West Indies.................
Dutch G uiana.........................
Belgium....................................
England....................................
Scotland...................................
Ireland.....................................
Gibraltar.................................

93,463
16,070
820,913
719,519
1,164,686
344,211
1,925,989
386,680

30, 1850.

In foreign
vessels.

T o each
country.

$433,311
70,645
541,823
4,713
149,804
46,227
3,601,261
1,023,415
8,178
20,124

$666,435
70,645
668,580
98,176
165,874
867,140 •
4,320,780
2,188,101 j
180,533
364,335 97,014
2,168,357
64,686,9591
3,021,740
1,025,031
186,307
75,329
502,613
143,219 171,984
502,776
3,612,802
4,641,451
3,116,840 J

242,368
26,211,424
1,589,594
638,351
18,531

75,329
British East In dies.................
Cape of Good H o p e ...............
Honduras............. .................
British Guiana.........................
British West Indies.................
Canada.......................................
British American Colonies . . .
vol.

x x iv .—

no.




n i,

255
96,245
1,001,362
1,696,843
2,730,048
23

T o the d o ­
m inions o f
each power.

$666,435
70,645
766,756
1,033,014
4,320,780
2,829,983
2,168,357

81,687,051

Commercial Statistics.

354
TOTAL V A LU E

O F D O M E S T IC E X P O R T S

Whither exported,
France oil the Atlantic...............
France on the Mediterranean.. .
French West In lies....................
Miquelon and French fisheries..
Bourbon........................................
Spain on the Atlantic.................
Spain on the Mediterranean.. . .
Teneriffe and other Canaries . . .
Manilla and Philippine Islands .
Cuba...............................................
Other Spanish West Indies . . . .
Portugal........................................
M adeira........................................
Fayal and other A zores.............
Cape de Verd Islands................
Italy generally.............................
S ic ily ............................................
Sardinia........................................
Tuscany....................... : ..............
Trieste and other Austrian ports
H ay ti............................................
M exico..........................................
Central Republic of Am erica.. .
New Grenada.............................
V enezuela....................................
Brazil............................................
Cisplatine Republic.....................
Argentine Republic.....................
C h ili..............................................
P e ru ..............................................
Equador........................................
West Indies generally...............
South America generally...........
Asia generally..............................
Africa gen erally.........................
South Seas and Pacific Ocean . .

OF T H E U N IT E D

In American
vessels.
15,769,622
771,374
211,007
1,563
43,405
353,727
131,645
11,634
16,817
4,441,290
747,755
112,970
117,746
11,318
38,186
1,074,804
25,047
403
41,477
695,071
204,397
1,108,613
1,423,512
65,544
887,996
596,639
2,634,790
39,746
474,307
1,272.210
147,540
24,414
1,485,961
63.993
22,256
315,463
654,976
169,025

In foreign
vessels.
1,165,169
244,112
58,370
950
12,575
251,932
3,124,717
8,890
88,966
68,307
60,008
19.128
3,103
8,857
492,362
25,530
170,361
4,187
484,822
102,394
75,279
1,681
82,623
81,823
88,977
20,278
244,024
24,923
111,399
3,941
..
75,956

S TATES --- CONTI

To dominions
To each
country.
ofeachpow’r.
16,934,791 I
1,015,486 |
269,377 1
- 18,278,151
2,517
43,405
12.575
605,659
3,256,362
20,524
- 9,245,680
16,817 |
4,530,256
816,062
172,978'
136,874
371,316
14,421 ‘
47,043
1,567,166
1,567,166
50,577
50,577
170,764
170,764
45,664
45,664
1,179,893
1,179,893
204,397
204,397
1.211,007
1,211,007
1,498,791
1,498,791
57,225
57,225
970,619
970,619
678,462
678,462
2,72^,767
2.723,767
60,024
60,024
718,331
718,331
1,297,133
1,297,133
258,939
258,939
24,414
24,414
1,485,961
1,485,961
67,934
67,934
22,256
22.256
315,463
315,463
730,932
730,932
169.025
169,025

Total......................................§89,616,742 §47,330,170 $136,946,912 $136,946,912
FOREIGN M ER CH AN D ISE E X P O R T E D FROM UNITED STATES.
V A L U E O F F O R E IG N M E R C H A N D IS E E X P O R T E D F R O M

T H E U N IT E D

STA TE S

TO

E A C H F O R E IG N

C O U N T R Y , D U R IN G T H E Y E A R E N D IN G JU N E 3 0 T H , 1 8 5 0 .

Whither exported.
Russia...............................
Sweden and N orw a y... .
Swedbh West Indies . . .
D enm ark.........................
Danish ’.Vest Indies........
Hanse Towns...................
Holland.............................
Dutch East Indies...........
Dutch West Indies.........
Belgium...........................
England........................... .




Free of Paying duties
ad valorem.
duty.
$16,981 $181,525
27,991
2,758
48,852
465
701
9,627
11,079
33,180
81,638
531,975
353,767
61,149
355,415
219,400
43,552
42,724
13,959
5,825
209,084
166,319
2,394,940 1,815,331

Total.
$198,506
27,921
51,610
1,166
20,706
114,818
885,742
416,564
262,952
56,683
5 425
375,403
4,210,271

In American.
vessels.
$152,739
835
16.103
110.849
204,287
157,786
262,952
55,883
5,425
288,023
2,618,571

In foreign
vessels.
$45,767
27,991
51^610
331
4.603
3,969
681,455
258,778
800
87,380
1,6 91,70

Commercial Statistics.

355

VALUE OF FOREIGN MERCHANDISE EXPORTED FROM THE UNITED STATES---- CONTINUED.

Whither exported.
Scotland..............................
Ireland...............................
Gibraltar......................... ..
M alta.................................
British East Indies...........
British West Indies..........
British Honduras...............
British Guiana...................
Canada...............................
British American Colonies
France on the Atlantic.. .
France on the M’dite’ranean

Free of
duty.
$42,085
19,475
35^000
100,376
2,241
20,000
606,508
34^666
1,365,986
43,418

French West Indies..........

5,194

Spain on the Atlantic.. . .
Spain on the Mediterranean
Teneriffe and oth’r Canaries
Man ilia and Philippine Isles
Cuba....................................
Other Spanish West Indies
Portugal..............................
Madeira . . . .....................
Fayal and other Azores . .
Cape de Verd Islands___
Italy.....................................
S ic ily .................................
Sardinia.............................
Tuscany.............................
Trieste, die...........................
Turkey, Levant, die...........
H a y ti..................................
M exico...............................
Central Republic, S. A .. . .
New Grenada....................
Venezuela.........................
Brazil.................................
Cisplatine Republic...........
Argentine Republic...........

27,613
85,792
5,065
1,450
181,799
66,164

184,250
6,291
41,600
20,938
149,832
35,013
17,195
5,921
142
73,569
317,739
323,422
697
261,150

Chili....................................
P eru ....................................
China.................................
South America generally.
Asia generally...................
Africa generally...............
South Seas and Pacific___

13,902
769
31,080
46,400
5,200
1,997
2,975

Payi.ig duties
ad vilorem.
$183,679
42,693
18,397
19,576
12R846
78,268
14,310
2,663
682,862
466,708
358,929
114,737
2,200
13,097
1,382
945
11,063
278,242
27,427
5,236
6,527
2,152
2,167
55,654
6,733
44,536
2,530
162,279
18,331
121,986
608,115
12,825
212,031
22,269
149,925
821
85,161
10,511
111, t586
16,020
88,176
4,042
8.121
26,337
17,862

Total.
$183,679
42,693
60,482
39,051
156,846
178,644
16,551
22,663
1,289,370
501,374
1,724,915
158,155
2,200
18’291
1,382
28^558
96,855
5,065
1,450
460,041
93.591
5,236
6,527
2,152
2,167
239,904
13,024
86,136
23,468
312,111
53.344
139,181
514,036
12,967
285,600
340,008
478,347
1,518
346,311
10,511
125^588
16,789
119,256
60,442
13,821
28,334
20,837

In American In foreign
vessels.
vessels.
$71,496 $112,183
1,728
40,965
211
60,271
39,051
143^846
13,000
31,237
147,407
16,551
22,568
95
588,434
700,936
24’501
476,873
284,942
1,439,973
130,755
27,400
2,200
10,502
7,789
1,382
945
27^613
85,792
11,063
4,954
111
1,450
453,446
6,595
2,928
90,663
4,757
479
570
5,957
2,152
2,167
214,521
25,383
4,408
8,616
18,790
67,346
23,358
110
104,776
207,335
53,344
131,181
8,000
491,728
22,308'
.............
v
12,967
245,068
40,532
332,195
7,813
462,086
11,261
1,223
295
299,962
46,349
10,511
112d32
13,456
7,970
8,819
119,256
•• ..*
50,442
13,321
28,013
321
20,837

Total........................... $7,575,447 $7,376,361 $14,951,808 $9,998,299 $4,953,509
Entitled to drawback___
Not entitled to drawback.
From warehouse...............

7,575,447

1,079,118
8,611,399
6,261,291

1,079,118
1,035,952
6,261,291

5S8.270
6,278,720
3,131,309

490,848
2,332,679
2,129,982

IMPORTS INTO TH E UNITED STATE S FROM FO REIGN COUNTRIES.
S T A T E M E N T O F M E R C H A N D IS E IM P O R T E D IN T O T H E U N ITE D STA TE S F R O M F O R E IG N
D U R IN G T H E Y E A R E N D IN G JU N E

Whence imported.
Russia..............................
Prussia...........................




Free of
duty.
$57,018
520

Paying
duties.
$1,454,554
26,949

C O U N TR IE S

30TH, 1850.

Total.
$1,511,572
27,469

In American
vessels.
$1,367,475
18,838

In foreign
vessels.
$144,097
8,631

Commercial Statistics.

356

STATEMENT OF GOODS, W AKES, AND MERCHANDISE IMPORTED INTO UNITED STATES— CONTINUED.

Whence exported.
Sweden and Norway.. .
Swedish West Indies . .
Danish West Indies.. . .
Hanse Towns.................
Holland...........................
Dutch East Indies.........
Dutch West Indies . . . .
Dutch Guiana................
Belgium .........................
England.........................
Scotland.........................
Ireland...........................
Gibraltar.........................
Malta...............................
British East Indies . . . .
Gape of Good H ope___
British Honduras...........
British Guiana...............
British West Indies___
British American col’nies
Other British Colonies. .
Canada...........................
France on the Atlantic .
France on Mediterranean
French Guiana...............
French West Indies.. . .
Spain on the Atlantic . .
Spain on Mediterranean.
Teneriffe, other Canaries
Manilla, Philippine Isles
Cuba................................
Other Spanish W. Indies
Portugal..........................
M adeira.........................
Fayal and other Azores.
Ita ly ................................
Sicily...............................
Sardinia..........................
Trieste, &c.......................
Turkey............................
Hayti...............................
Mexico.............................
Central Republic, S. A ..
New Grenada................
Venezuela.......................
B razil.............................
Argentine Republic.. . .
P eru ................................
Equador.........................
South America generally
China...............................
Asia generally...............
Africa generally.............
Atlantic Ocean, die........
West Indies generally..
Sandwich Islands..........

Paying
Free of
duty.
duties.
$163 $1,031,954
1,693
500
207,856
59,603
527
31,661
8,756,213
156,240
1,530,727
202,779
241,625
44,737
485,409
3,935
67,108
10,212
2,394,742
1,886,307 70,232,664
2,602
2,744,068
2,544
291,239
44,269
11,354
80,738
2,784,278
100
72,106
47,403
131,287
2,403
12,188
455,434
671,534
151,145
1,207,847
497
636,454
3,649,016
140,114 25,695,056
1,699,321
3,534
12,551
15,681
60,003
10,005
1,000
379,181
407,620
1,294,594
85,223
26,784
1,310,082
719,730
9,572,668
1,796,229
271,637
339,763
114,729
150
16,178
25,483
2,079,994
799,442
23,187
46
159
2,600
465,001
15
801,008
1,155,028
389,743
1,600,882
534,484
74,109
187,^50
449,833
142,159
1,342,917
577,330
7,436,386
1,888,043
16,529
2,637,348
278,505
1,518,372
9,098
161,655
4,618
83,400
3,259
4,586,489
2,006,973
25,442
377,157
81,480
443,242
26
9,417
55,883
8,591

In American In foreign
vessels.
Total.
vessels.
$1,032,117
$241,269 $790,848
499
1,691
2,193
41,482
267,459
225,977
527
527
8,787,874
5,350,408 3,437,466
513,539
1,686,967
1,173,428
444,404
444,404
23,016
530,146
507,130
71,043
71,043
212,492
2,192,462
2,404,954
72,118,971 54,018,296 18,100,675
1,430,044 1,316,626
2,746,670
193,507
100,276
293,783
23,300
20,969
44,269
4,364
11,354
6,990
2,865,016
2,865,016
72,206
72,206
178,690
178,690
954
14,591
13,637
488,416
638,552
1,126,968
1,358,992
221,575 1,137,417
497
497
2,027,569 2,257,901
4,285,470
25,835,170 23,856,143 1,979,027
837,260
1,702,855
865,595
12,551
12,551
32,849
75,684
42,835
10,005
10,005
175,996
380,181
204,185
817,156
885,058
1,702,214
31,845
53,378
85,223
19,394
1,317,472
1,336,866
295,608
10,292,398
9,996,790
114,149
2,067,866
1,953,717
250,868
88,895
339,763
1,456
114,729
113,273
9,337
6,991
16,328
772,525
1,332,552
2,105,077
302,686
822,629
519,943
205
205
125,065
467,601
342,536
80,490
801,023
720,533
156,168
1,388,603
1,544,771
778,253
1,357,113
2,135,366
6,917
254,542
261,459
43,787
548,255
591,992
279,214
1,641,033
1,920,247
9,324,429
8,248,143 1,076,286
1,440,131 1,213,746
2,653,877
1,796,877
1,796,877
295
170,458
170,753
3,218
4,618
1,400
81,418
5,241
86,659
274,942
6,318,520
6,593,462
402,599
402,599
15,403
524,922
509,319
26
26
9,417
9,417
64,474
64,474

Total....................... 22,710,382 155,427,936 178,138,318 139,657,043 38,481,275




Commercial Statistics.

857

COMMERCE OF TH E UNITED ST A TE S W ITH A L L COUNTRIES.
S T A T ST IC A L

V IE W

OF

E X P O R T S TO , A N D
JU N E

THE

COM M ERCE

IM P O R T S

OF

FROM , E ACH

THE

U N IT E D ST A T E S, E X H IB IT IN G T H E V A L U E O F

F O R E IG N

C O U N T R Y , D U R IN G

THE YE A R

E N D IN G

30 th, 1850.

Countries.
Russia.......................................
Prussia.....................................
Sweden and Norway..............
Swedish West Indies...............
Denmark.................................
Danish West Indies.................
' Hanse Towns...........................
Hanover....................................
Holland...................................
Dutch East Indies....................
Dutch West Indies..................
Dutch Guiana.........................
Belgium...................................
England......................... . .......
Scotland....................................
Ireland.....................................
Gibraltar.................................
Malta.......................................
British East Indies...................
Cape of Good Hope.................
Mauritius.................................
Honduras.......... ......................
British Guiana.........................
British West Indies..................
Canada.....................................
Newfoundland.........................
Faulkland Islands....................
British American Colonies . . . .
Other British possessions........
Prance on the Atlantic............
Prance on the Mediterranean..
French West Indies................
Miquelon aud French fisheries.
French Guiana.........................
Bourbon...................................
French possessions in Africa . .
Spain on the Atlantic..............
Spain on the Mediterranean.. .
Teneriffe and other Canaries ..
Manilla and Philippine Islands.
Cuba..........................................
Other Spanish West Indies__
Portugal....................................
Madeira...................................
Fayal and other Azores..........
Cape de Yerds.........................
Italy.........................................
S icily.......................................
Sardinia...................................
Tuscany...................................
Ionian Islands.........................
Trieste and other Austrian ports
Turkey.....................................
H ayti.......................................
Mexico.....................................
Central America......................




Domestic
produce.
$666,435
70,645
668,580
98,176
165,874
867,140
4,320,780
..........
2,188,101
180,533
364,335
97,014
2,168,357
64,686,959
3,021,740
1,025,031
186,307
75,329
502,613
143,219
......
171,984
502,776
8,612,802
4,641,451
..........
..........
3,116,840
..........
16,934,791
1,015,486
269,377
2,517
43,405
12,575
..........
605,659
3,256,362
20,524
16,817
4,530.256
816,062
172,978
136,874
14,421
47,043
1,567,166
50,577
170,764
45,664
..........
1,179,893
204,397
1,211,007
1,498,791
57,225

Value of exports.
Foreign
produce.
Total.
$198,506
$864,941
27,991
98,636
51,619
720,190
1,166
99,342
186,580
20,706
114,818
981,958
885,742
5,206,522

Value of
imports.
$1,511,572
27,469
1,032,117
2,193
527
267,459
8,787,874

416,564
262,952
56,683
6,425
375,403
4,210,271
183,679
42,693
60,482
39,051
156,846

2,604,665
443,485
421,018
102,439
2,543,760
68,897,230
3,205,419
1,067,724
246,789
114,380
659,459
143,219

1,686,967
444,404
530,146
71,043
2,404,954
72,118,971
2,746,670
293,783
44,269
11,354
2,865,016
72,206

16,551
22,663
178,644
1,289,370

188,535
525,439
3,791,446
5,930,821

178,690
14,591
1,126,968
4,285,470

501,374

3,618,214

1,724,915
158,155
18,291
1,382
2,200

18,659,706
1,173,641
287,668
2,517
44,787
14,775

1,358,992
497
25,835,170
1,702,855
75,680

28,558
96,855
5,065
1,450
460,041
93,591
5,236
6,527
2,152
2,167
239,904
13,024
86,136
23,468

634,217
3,353,217
25,589
18,267
4,990,297
909,653
178,214
143,401
16,573
49,210
1,807,070
63,601
256.900
69,132

380,181
1,702,214
85,223
1,336,866
10,292,398
2,067,866
339,763
114,729
16,328

312,111
53,344
139,181
514,036
12,967

1,492,004
257,741
1,350,188
2,012,827
70,192

467,601
801,023
1,544,771
2,135,366
261,459

12,551
10,005

2,105,077
822,629
205

Commercial Statistics.

358

STATISTICAL V IE W OF THE COMMERCE OF THE UNITED STATES— CONTINUED.

Countries.
New Grenada.......................
V enezuela..............................
B olivia...................................
B razil.....................................
Argentine Republic...............
Cisplatine Republic...............
C hili.......................................
P eru .......................................
C h ina.....................................
Liberia...................................
West Indies generally.........
South A m erica.....................
Europe generally..................
Asia generally.......................
Africa generally...................
South Sea Islands.................
Equador..................................
Pacific Ocean..........................
Atlantic Ocean......................

Domestic
produce.
$970,619
678,462

Value of exports.
Foreign
produce.
Total.
$285,600
$1,256,219
340,008
1,018,470

718,331
60,024

Value of
imports.
$591,992
1,920,247

473,347
346,311
1,518
125,588
16,789
119,256

3,197,114
1,064,642
61,542
1,422,721
275,728
1,605,217

1,796,877
170,753
6,593,462

50,442

67,934
72,698

9,417
86,659

13,321
28,334
20,837
10,511

328,784
759,266
189,862
34,925

402,599
524,722

67,934

24,414

9,324,429
2,563,877

4,618
26
64,474

North west coast.......................

...........

...........

...........

...........

Total................................. $136,946,912 $14,951,808 $151,898,720 $178,138,318
N A V IG A T IO N OF TH E UNITED STATE S W ITH A L L COUNTRIES.
S T A T IS T IC A L V I E W O F T H E TO N N A G E O F A M E R IC A N A N D F O R E IG N V E S S E L S CO M IN G F R O M , A N D
D E P A R T IN G T O , E A C H F O R E IG N C O U N T R Y , D U R IN G T H E Y E A R E N D IN G JU N E 3 0 T H , 1 8 5 0 .
A M E R IC A N

Russia ...................................... ............
Prussia....................................... ............
Sweden and Norway................ ............
Swedish West Indies................. ............
Denmark.................................................
Danish W est Indies.................... ...........
Hanse Towns...............................
H anover.......................................
Holland ......................................
Dutch East Indies .....................
Dutch West Indies ................... ..........
Dutch Guiana............................. ..........
B elgium ....................................
England ....................................
Scotland .................................... ..........
Irelan d ...................................... ..........
Gibraltar....................................
Malta ......................................... ..........
British East In d ies ................... ..........
Cape of Good H o p e.................... ..........
Mauritius.......................................
Honduras..................................... ..........
British Guiana............................. ..........
British West Indies....................
Canada ...................................... ..........

Newfoundland........................... ..........




TONNa G E .

F O R E IG N

TO N N AGE.

Entered.

Cleared.

Entered.

Cleared.

12,877
240
3,391
449
396
12,940

5,048

2,121

649
2,454
502
19,375
21,156

23,554
45
592
956
65,664
3,978
11,967

3,990
1,887
9,822
382
3,232
2,690
68,016

22,964
3,892
18,906

10,022
168
23,537
773
4,386
2,738
889,755
122

14,968
4,070
9,283
4,932
21,428
440,582
15,759
10,014
7,650
2,665
29,389
1,912
841
4,225
11,642
93,883
919,615
4,137

3,248
123
5,756
421,530
55,026
77,507
290
236

615
904
49,230
447,372
1,695

200
22,753
3,320
161
364
4,068
269,078
17,276
22,972
806
456
2,138
1,932
2,537
39,071
456,52 7
12,42 0

Com mercial Statistics.

359

STATISTICAL V IE W OF THE TONNAGE OF AMERICAN AND FOREIGN VESSELS— CONTINUED.
A M E R IC A N T O N N A G E .

Countries.

Faulkland Islands...............................
British American Colonies.................
Other British possessions...................
France on the Atlantic.......................
France on the Mediterranean.............
French West Indies.............................
Miquelon and French fisheries..........
French Guiana.....................................
Bourbon ...............................................
French possessions in A fr ic a .............
Spain on the Atlantic.........................
Spain on the Mediterranean...............
Teneriffe and other Canaries.............
Manilla and Philippine Islands...........
C uba...................................................
Other Spanish West In d ies...............
Portugal.............................................
Madeira................................
Fayal and other A zores.....................
Cape de Verds.....................................
I t a ly ......................................................
Sicily.............................................
Sardinia.......................................
Tuscany.......................................
Ionian Islands.......................................
Trieste and other Austrian ports . . . .
Tu rkey.......................................
H a y ti...................................
Mexico........................................
Central A m erica.................................
New Grenada.......................................
Venezuela.............................................
B olivia .................................
Brazil....................................................
Argentine Republic.............................
Cisplatine Republic.............................
C h ili................................................
P e r u .............................................
China.............................................
L ib eria .........................................
West Indies generally.........................
South America generally ....., ............
Europe generally..................................
Asia generally.....................................
Africa generally...................................
South Sea Islands...............................
Equador................................................
Pacific Ocean.......................................
Atlantic Ocean.....................................
Indian O cean.....................................
Sandwich Islands.................................
Australia....................
Patagonia............................
Uncertain places.................................
Northwest coast...................................
T otal.................................




Entered.

55,465
1,223
106,307
8,560
2,859
618
359
12,827
2,173
10,259
41,768
1,050

4,398

13,930

Cleared.

2,157
75,293
917
114.589
14,158
11,227
905
1,334

F O R E IG N T O N N A G E .

Entered.

17,434
333,426
32,637
10,215
4,627
98
266

Cleared.

8,793
521,112
428
17,616
8,676
211
1,008
98
762
180
10,583
34,297
1,376
2,592
29,703
3,108
7,531
1,379
161
611

....
13,706
9,867
647
3,165
254,018
30,744
2,976
4,132
908
1,886

4,779
22,894
1,215
1,176
33,030
3,074
6,018
336
1,717

3,326
7,791
2,537

9,511
7,399
7,871

1,633
6,300
960

5,968
2,689
29,981
24,518
2,290
121,753
8,509
887
58,113
16,107
867
41,279
10,332
17,830
1,039
3,843
1,365

2,205
429
6,289
86,039
653
5,295
2,708
1,280
9,363
13,081
1,185
18,369
1,808
7,445

6,889
8,127
30,104
1,722
6,237
2,697
370
3,569
9,260
1,167
25,383
7,340
3,106

2,586

349
549

384
1,891
828

631
1,477
1,185

6,213
8,492
2,642
299
24,430
1,159
6,780
31,623

4,195

88

458

866
11,970

1,330
2,632,788

1,775,623

1,728,214

Commercial S tatistics.

360

TONNAGE OF TH E UNITED ST A T E S ON TH E 30TH OF JU N E , I8 6 0 .
R E G IS T E R E D TO N N A G E .

.tons.

1,585,111 22

1,155,196 42
43,027 86
-------------

1,797,824 33

85,646 30
58,111 94
...............
8,160 34
-------------

151,918 63

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

3,535,454 23

Registered vessels employed in foreign trade
E N R O L L E D A N D L IC E N S E D

TO N N A G E .

Enrolled vessels emplyed in the coasting trade...............
Licensed vessels employed in coasting trade under 20 tons
F IS H IN G V E S S E L S .

Enrolled vessels employed in cod fishery.........................
Enrolled vessels employed in mackerel fishery...............
Enrolled vessels employed in -whale fishery.....................
Licensed vessels under 20 tons employed in cod fishery.

Registered tonnage employed in -whale fishery..............
Registered tonnage employed other than in whale fishery

146,016 71
1,439,694 46
1,585,711 22

D E S C R IP T IO N

OF TONNAGE.

Aggregate amount o f tonnage of the United States on 30th June, 1850
Whereof—
Permanent registered tonnage........................................
Temporary registered tonnage........................................

1,262,574 74
323,135 43

Total registered tonnage................................................................
Permanent enrolled, and licensed tonnage.......................
Temporary enroHed, and licensed tonnage. .................

3,535,454 23

1,585,711 22

1,879,514 00
20,040 71

Total enroHed and licensed......................... ................................
Licensed tonnage, under 20 tons, employed in coasting trade
Licensed tonnage, under 20 tons, employed in cod fishery .

1,899,554 11

42,027 86
8,160 34

Total licensed tonnage under twenty tons.................................

50,188 25

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

3,535,454 23

Of the enrolled and licensed tonnage there were employed in the—
Coasting trade.............................................................................................
Cod fishery...................................................................................................
Mackerel fishery.........................................................................................

1,755,796 42
85,646 30
58,111 94
1,899,554 71

Of the registered tonnage, amounting, as stated above, to 1,585,111 22
tons, there were employed in steam navigation....................................
Of the enrolled and licensed tonnage amounting, as stated above, to
1,899,554 71 tons, there were employed in steam navigation.............

481,004 65

Total tonnage in steam navigation..............................................

525,946 90

44,942 25

* * * Several tables compiled from the Report of the Register of the Treasury on
Commerce and Navigation are omitted in the preceding collection, in order to find
room in the present number for other matters of equal importance. Notwithstanding
the enlargement of our Magazine some sixteen pages a month, with the commence­
ment of the new year and the twenty-fourth volume, we find it difficult to crowd into
it all the “ figures and facts” that deserve a permanent record, for the purpose of
present and future reference. W e shall, however, continue our extracts from the Regis­
ter’s Report in the April number of the Merchants’ Magazine.




Commercial Statistics.

36 1

EX PO R T S OF WHALEBONE FROM TH E UNITED STA T E S.

The following table shows the exports of Whalebone in each year, from the 30th of
September, 1839, to the 31st of December, 1850. From 1840 to 1842, inclusive, the
years in this table close on the 30th of September. The commercial, or fiscal year
was changed in 1843, consequently the exports under that year include only nine
months. From 1843 the years end on the 30th of June.

1840.
England............ lbs.
Holland.............
Hanse Towns..
Belgium............
France...............
Other ports. . . .

1841.

1841

1841*

1844.

1845.

14,722
308,615
43,552
551,391

187,185
36,931
340,878
23,588
296,383
13,808

96,711
167,947
486,865
42,858
390,432
24,794

335,043
79,361
692,397
62,424
975,945
38,849

918,280

39,329
19,405
605,918

936,763

635,465
10,575

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

1,892,259

1,271,363

898,773

1,149,607

2,084,019

Total value.. . . .

$310,379

$259,148 $225,382 $257,481

$463,096

$762,462

1850-f

1846.

1847.

1848.

1849.

1850.

England.. . .lbs.
Holland.............
Hanse Towns. .
Belgium............
France...............
Other ports___

203,318
69,608
644,248
139,054
607,693
33,971

371,155
48,056
689,677
154,842
761,285
6,122

181,245
4,708
389,237
17,109
434,086
27,994

451,466
11,103
175,250
75,205
453,601
41,625

556,968
35,596
657,630
143,428
574,873
12,736

323,639
2,300
365,000
90,951
536,104
22,690

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

1,697,892

2,031,127

1,054,379

1,998,250

1,981,231

1,340,684

Total value..

$583,870

$671,601

$314,107

$337,714

$646,483

The total exports of Whalebone, in pounds, from 30th of September, 1839, to 31st
of December, 1850, to each country, has been as follows:—
England.

H olland.

Hanse Tow ns.

Belgium .

France.

Other ports.

2,746,087

519,871

6,202,478

807,388

7,087,917

236,170

Showing a total o f 17,599,902 pounds, in eleven years and three months.
FOREIGN COMMERCE OF PORTLAND.
A C O M P A R A T IV E ST A T E M E N T O F A M E R IC A N A N D F O R E IG N A R R I V A L S A N D C L E A R A N C E S O F V E S ­
S E L S A T P O R T L A N D , M A IN E , IN

1849

AND

1850— Y E A R S

E N D IN G D E C E M B E R 31ST.

N o.

Tons.

American vessels entered, 1850 .....................................................
Foreign vessels entered, 1850 .......................................... ...........

131
264

28,701 68
31,315 53

Total for the year ending December 31...........................
American vessels entered, 1849......................................................
Foreign vessels entered, 1849.........................................................

395
112
323

60,017 26
25,141 38
33,772 48

Total for the year ending December 31...........................
435
58,913 86
It will be seen by the above, that there has been an increase in the amount of tonnage
over 1849.
The number of foreign clearances at Portland for the year ending December
527
31, 1849, w a s ........................................................................................................
For the year ending December 81, 1850...............................................................
479
Decrease in 1850 ..........................................................................................
48
This decrease consists almost entirely of small vessels running between Portland
and the British Provinces.




Nine months.

t Six months.

362

Commercial Statistics.
COMMERCE OF SAN FRANCISCO.

Amount of gold dust and coin exported under the Collectorship of Mr.
Harrison, from September 1, 1849, to November 11 , 1849 ...............
Amount exported under Colonel Collier, from November 12, 1849, to
December 18, 1850.....................................................................................

$2,094,120
28,966,035

Total of dust and coin cleared at Custom-house...........................

$31,060,155

TONN AGE A B R IV E D .

Am erican.

Foreign.

Total.

2 4 ,2 5 2

5 1 ,2 9 7

7 5 ,5 4 9

4 5 ,8 6 8

7 4 ,5 6 1

5 1 ,3 4 9

8 1 ,3 7 8

From November 1 2 , 1 8 4 9 , to March 3 1 , 1 8 5 0 _____
From April 1, to June 3 0 , 1 8 5 0 ............................................
From July 1, to September 3 0 , 1 8 5 0 ..............................

3 0 ,0 2 9

A R R I V A L S A N D C L E A R A N C E S F R O M D E C E M B E R 1ST TO 1 3T H .

Am erican
vessels.

Passengers.

Foreign
vessels.

Arrived...................................
.
Cleared..........................................................
Total.................................................................

24

627

19

1 ,4 3 5
2 ,1 6 2

43

Amount of duties received in November....................................................

$114,680 21

IM P O R T A T IO N S .

Am erican.

From November 12,1849, to March 31,1850 .
From April 1, to June 30, 1850 ...................
From July 1, to September 1, 1850.............

Foreign.

Total.

$58,917 40 $1,379,447 75 $1,438,365 15
343,976 70
934961 35 1,278,938 05
394,381 00 1,037,553 35 1,431,934 35

T o ta l.................................................... $797,275 10 $3,351,962 45 $4,149,237 55
IM PORTS FROM CANADA INTO TH E PORT OF BUFFALO.

The following table, from the books of the Custom-house, Buffalo, shows the total
value of imports from Canada into that district, for the year ending December 31st,
1850, and also, the quantity and value of merchandise bonded, and duties paid on the
same.
Value.

Period.

$17,812
90,459
110,600
84,168

Value of imports, 1st quarter, 1850
“
“
2d
“
“ ,
“
“
3d
“
*
“
“
4th
“
“
Total
bonded

in

D uty paid.

00
00
00
00

$2,139 03
18,025 81
27,218 75
20,266 36

$307,039 00

$67,649 95

1850.
Duty
secured.

Value.

19,244
66,001
752
34,646
18,810
14,261

barrels flour ..
bushels wheat
barrels ashes.,
pounds butter
pounds w o o l.,
fur skins . . . .
T o ta l.............

$62,588
44,198
15,516
2,788
3,566
2,327

61
57
93
37
85
89

$130,987 22

$12,517
8.839
3,103
557
1,070
232

72
71
38
67
06
79

$26,321 33

SA LES OF BR ITISH PRODUCE IN COVENT GARDEN M A RKET.

The London Morning Chronicle furnishes the following statistics of the returns of
the yearly sales at Covent Garden Market, aH of British home-grown produce:—
Apples, 360,000 bushels. Pears, 230,000 bushels. Cherries, 90,000 bushels. Plums,
280,000 half-sieves, or 93,000 bushels; three half-sieves go to the bushel. Goose­




Commercial R egulations.

363

berries, 140,000 bushels. Currants, red, 10,000 sieves; white, 3,800; black, 45,000, or
178,200 half-sieves; being the produce of 1,069,200 bushels, as six bushels on an
average fill a sieve. Strawberries, 58,000 half-sieves, or 638,000 pottles; eleven pot­
tles go to a half-seive. Raspberries, 30,000 sieves or 22,500 bushels. Filberts, 1,000
tons. Walnuts, 20,000 baskets, each 1£ bushels, or 25,000 bushels. Cabbages, 16,000
loads, 150 to 200 dozen each, or 33,600,000 cabbages. Turnips, 10,000 loads, 150
dozen each, or 18,800,000 turnips. Carrots. 5,000 loads, 200 dozen each, or 12,000,000
carrots. Onions, 500,000 bushels. Brocoli, including cauliflowers, 1,000 loads, 150
dozen each, or 1,800,000 heads. Peas, 135,000 sacks. A sack is two bushels. Beans,
50,000 sacks. Celery, 1,500,000 rolls of 12 each, or 18,000,000 heads of celery.
Asparagus, 400,000 bundles of 150 each, or 60,000,000 buds. Endive, 150.000 scores.
French Beans, 140,000 bushels. Potatoes, 83,000 tons. Watercresses, 21,060 hampers,
or 26,325 cwt., each hamper being 1£ cwt.

COMM ERCIAL REGULATIONS.
TH E COMMERCE, T A R IF F , ETC., OF PORTO RICO.

The New York Mirror publishes the following important letter from Mr. Preston,
the United States Consul, and one of the oldest and most intelligent merchants of Porto
Rico. Mr. Fuller, the editor of the Mirror, introduces it with a few pertinent remarks,
and, and among other things, equally “ wise and witty,” takes occasion to say, in his
usually complimentary or sarcastic vein, (we are at a loss to say which, in the present
instance,) that “ it is sufficiently sprinkled with ‘ facts and figures ’ to commend it to
the attention of our astute and figurative friend of the M e r c h a n t s ’ M a g a z i n e .” W e
have no doubt as to the fidelity of the facts; but the figures, in our statistical eye,
are “ few and far between.” That we are, however, sufficiently impressed with the
importance of his suggestion, will appear from the fact of our transferring the letter
entire to our pages.
P orto Rico, December 27IA, 1850.
Esq., Editor o f the M irror :—
M r D e a r S i r :— Several new and important changes having recently been made in
the tariff, and other regulations of this island, of which I have observed but little notice
in the journals of the United States, I have thought that some details of its present
usages might be found interesting to many of your readers visiting or engaged in the
trade of this fine colony.
I beg to subjoin a list of the new duties upon most of the articles introduced from
the United States, as carried into effect the first of October last. A list of the articles
now free will also be found.
Export duties upon the products of the island, with the exception o f wood, are no
longer levied.
Tonnage dues, which for many years have weighed so heavily upon American ves­
sels, (they having been charged with one dollar per ton, while all other nations have
been subjected to only sixty-eight and three-quarter cents,) have been equalized, and
all foreign vessels now pay seventy-five cents per ton register, one-quarter payable in
Spanish gold, the average premium upon which, as observed in the note of import du­
ties, is 10 per cent.
The currency of the island is termed “ Macuquino,” in which all transactions of sales,
purchases, calculation of duties, (fee., are made. This currency possesses no fixed value,
as compared with United States currency, or the Spanish dollar. Still, it has fluctu­
ated but little for many years ; the average value of the Patriot doubloon, say Mexican,
Columbian, Peruvian, or Chilian, is seventeen dollars currency. This is the coin most
in use in the island for payments, when considerable amounts are involved. The Span­
ish doubloon is not so generally current as the Patriot, and is worth seventeen dollars
fifty cents to seventeen dollars seventy-five cents currency. American coin does not
circulate readily, and can with difficulty be placed in large sums at its real value. It
H

ir a m

F uller,




364

Commercial R egulations.

is, however, becoming better known, and, no doubt, in a short time will be more favor­
ably received.
The best mode that can now be practiced of placing funds in the island for invest­
ment in produce, is in Patriot gold, as exchange on the United States can seldom be
placed at its real value, there being but little demand for this kind of paper in the
country. Most of the exchange drawn in the island is sent to St. Thomas for negotia­
tion, when an additional charge is incurred for its disposal, and its proceeds drawn
against, from Porto Rico, frequently at very low rates.
During the present year paper on the United States has, with difficulty, produced par
with the currency of the island; and many instances have fallen under my observation
in which, when negotiated in St. Thomas, a much worse result has been produced.
Sterling can usually be placed with more facility, as remittances are now being made
to all parts of the continent of Europe in this kind of paper.
You will observe that the rates of import duties are only applicable when introduced
from countries in which grown or manufactured. The purpose of this new ieature is
to encourage direct intercourse with growing or manufacturing countries, with the view
to diminish imports from the neighboring island of St. Thomas, which for many years
has served as an “ entrepot ” for all the islands in its vicinity. This system, if contin­
ued, will prove a serious blow to St. Thomas; the merchants of which feel deeply ex­
asperated at what they term this very illiberal policy, as when the full differential duty of
15 per cent is levied, intercourse with that port will be nearly suspended, should the
object of this measure be verified, and the foreign wants of the country be supplied by
direct importations from growing and manufacturing countries. Considerable doubts
exist as to the success of this project, as but few houses in the island feel inclined to
invest so largely in the quantity of German, French, or English goods required; in
fact, but few houses possess the means of entering into a business which requires so
great an outlay of capital.
American manufactures of inferior domestics, such as are required for clothing for the
negroes, and poorer classes of the inhabitants, are now being introduced in very favora­
ble competition with the British and German fabrics, which have hitherto formed the
only supply for these wants.
This trade, in the hands of parties conversant with this description of goods, could
in a short time be rendered extremely lucrative; and some of your enterprising coun­
trymen will doubtless soon direct their attention to this branch, the supply required
being very considerable.
The population of the island is about 650,000, of which but 45,000 are slaves. No
Africans have been imported for several years, nor do we suppose that this traffic will
ever be resumed.
Of the population of the island, at least two-thirds require clothing of the descrip­
tion mentioned, and which my observation has led me to believe, can be imported from
the United States to the exclusion of other countries.
For the information of passengers coming to the island I would remark that it is in­
dispensably necessary that they should be provided with passports, if practicable, from
the Spanish Consul residing nearest the point of their embarkation ; and even with
this requisite they are not permitted to leave the vessel until some satisfactorily writ­
ten security is given by some person residing in the country, for the conduct and per­
son o f the passenger; this observation is intended for the government of parties visit­
ing the island, in providing themselves with letters of introduction to respectable per­
sons here. Supercargoes o f vessels, who are entered in such capacity on the crew
list of the vessel, do not require such a security.
Permission for passengers to remain upon the island can be readily obtained from the
Captain General, through the military commandant of the town, where the passengers
land, at a trifling expense. This permission can only be obtained for the term of four
months, but it can be renewed at the expiration of this term.
The quantity of sugar shipped during the past season has reached about 107,000,000
pounds ; and as the weather has been very favorable for the growing canes, the com­
ing crops will probably exceed the past one by some fifteen or eighteen thousand hogs­
heads.
Want of slave force will prevent any considerable increase of cane cultivation on
the island, in which, even now, considerable free labor is employed.
Note of import duties in the island of Porto Rico, upon the principal articles intro­




Commercial R egulations.

365

duced from the United States, with remarks upon the new tariff regulations, comprising
a list of free goods, as carried into effect the 1st of October, 1850:—
Apples, per barrel......................... $0 75 Herrings, sm’kd, in bxs of 200 each $0 22
1 80 Herrings, pickled or salted, pr bbl
90
Axes, all descriptions, per dozen .
4 80 Horses, gelded, e a ch ..................... 45 00
Butter, per 100 lbs.........................
1 80 Harness, double, each.................... 22 50
Bread, Pilot and Navy, per 100 lbs
2 70 Harness, single, each..................... 15 00
Beef, salted, per b b l.......................
60 Hatchets, all descriptions, with or
Beer, all descript’s, in bot’ls, pr dz.
without handles, per dozen___
90
7
Beer, in bulk, per gallon...............
Lard, per 100 lbs........................... 3 00
Cod and scale fish, tongues and
75 Lampblack, per 100 lbs................. 2 00
sounds, per 100 lb s ....................
2 50 Lumber, W. P., per 1,000 feet. . . 3 75
Cheese, per 100 lbs........................
5 00
2 25 Lumber, P. P..................................
Crackers, all descript’s, pr 100 lbs.
1 20 Mackerel, all descriptions, per bbl 1 00
Corn, per b b l .................................
4 80 Nails, Iron, all sizes, cut or wrought,
Com Meal, puncheons....................
100 lbs.......................................... 1 50
1 20
Corn Meal, b b ls .............................
60
75 Onions, per 100 lb s ............................
Casks, empty, each........................
45
2 25 Oats, per 100 lb s ................................
Casks, nests of four each...............
1812 00 Oil, Whale, gallon..........................
Casks, nests of three each.............
Oil, fish, gallon....................................
12^
Carriages, all descriptions, of four
18f
wheels, with or without harness 90 00 Oil, linseed, gallon..........................
Ochre, all colors, 100 lbs...................
90
Carriages, all descriptions, of two
371wheels, with or without harness 45 00 Potatoes, per bbl.................................
Pitch, per bbl......................................
75
Cordage, all sizes—
8 60 Pork, salted, per bbl...................... 4 50
Russiau, 100 lbs.............................
2 25 Paints grained in oil, all descrip­
A ll Manilla, per 100 lbs.................
8 00
tions, 100 lbs............................... 2 00
Candles, Sperm, 100 lbs................
7 00 Rice, per 100 lbs............................. 1 35
Candles, composition, per 100 lbs.
25
3 60 Shooks, hhd., with or without heads
Candles, mold, per 100 lbs............
25
75 Staves, dressed, per each 8 0 ............
Chalk, per 100 lbs.........................
Salmon,
pickled,
b
b
l
.....................
2
25
Flour, under the late act, $7 per
Spirits of Turpentine, per gallon.
25
barrel, but temporarily suspend­
Sugar, refined, all descriptions, per
ed, and the old duty o f $5 50
100
lbs.........................................
8
00
retained.
3 00 Tobacco Leaf, 100 lbs................... 4 00
Glue, per 100 lbs...........................
2 70 Tobacco, manufactured, 100 lb s ... 5 00
Hams, per 100 lbs...........................
Tar, per bbl.........................................
75
One-quarter part of all duties is payable in Spanish gold— the average premium
upon which is 10 percent.
L IS T O F F R E E GO O D S.

Machinery of all descriptions for agricultural, scientific, or irrigating purposes, and
all parts thereof : ploughs, hoes, woodhoops, staves, not dressed, stallions, mares, seeds,
and plants of all descriptions.
Captains of vessels are required to present a general manifest of cargo on board, in
duplicate.
Twelve hours are allowed for making a port entry, which, however, only embraces
an addition, but no diminution of articles already manifested.
The foregoing rates of import duties are only to be applied to goods coming from
growing or manufacturing countries. A ll goods imported from non-growing or nonmanufacturing countries to April 1, 1851, incur an additional duty of 5 per cent; from
that date to October 1st, 1851, 10 per cent; beyond that date, 15 per cent
Goods imported in vessels taking away full cargoes of the produce of the island,
pay 5 per cent less duty than the rates above mentioned; and if loaded solely with
molasses, in addition to this benefit no tonnage dues are incurred.
Foreign vessels, laden entirely with coal, incur but fifty cents tonnage duty, and are
further exempt from all local dues except those of the captain of the port.
A ll vessels coming to this island should be provided with bills of health, from the
Spanish Consul, if from a port where one resides, otherwise from the Collector or
Health Officer; the want of this frequently causes considerable annoyance and expense.
The only paper connected with the cargo requiring the signature of the Spanish
Consul is the general manifest; many shippers in the United States suppose that each
invoice requires the consular certificate, which is not the case.
p.




Com mercial R egulations.

366

INSPECTION OF FLOUR IN CHARLESTON, SOUTH CAROLINA.

The following law, regulating the inspection of flour at Charleston, South Oarolina,
passed the Legislature of that State on the 20th day of December, 1850. It takes
effect from and after the first of January, 1851.
A N A C T TO P R O V ID E F O R T H E IN S P E C T IO N O F F L O U R .

Be it enacted by the Senate and House of Representatives, now met and sit­
ting iu General Assembly, and by the authority of the same, That from and after the
first of January next, it shall not be lawful to sell in, or export from the city of Charles­
ton, any barrel, half-barrel, or bag of flour, or meal of wheat, rye, or corn, unless the
same shall have been first submitted to the view and examination of the inspector of
the aforesaid city, and by him examined in some lot, street, or warehouse, open and
accessible to all persons.
S ec. 2. That each and every cask or barrel containing flour, or meal of wheat, rye, or
corn, brought into, or manufactured iu the city of Charleston, for sale or exportation,
shall be well made, of good seasoned materials, and sufficiently hooped and nailed, and
all casks or barrels not made as aforesaid, and not in merchantable condition, but capable of being made so at a reasonable expense, the said inspector shall cause to be
repaired, and put in merchantable condition, at the expense of the owner thereof.
S ec. 3. That each and every barrel submitted for inspection as aforesaid, shall contain
such quantity of flour or meal as, upon inspection, shall be found to be of the net weight
of one hundred and ninety-six pounds, and each and every half-barrel shall contain such
quantity as shall be of the net weight of ninety-eight pounds; and all barrels or half­
barrels containing a less quantity than as aforesaid, the said inspector shall cause to be
made of full weight, at the expense of the owners thereof.
S ec. 4. That every cask or bag of flour or meal, submitted to the view and examina­
tion of the inspector as aforesaid, shall by him be searched and tried, by boring on the
head anil piercing it through with an instrument, by him to be provided ; and he shall,
afterwards, plug the same with soft-seasoned wood, to prevent the entrance of water
therein : and, if the inspector shall judge the same to be merchantable, he shall
brand every such cask or bag with the word Charleston, and shall brand the degrees
o f fineness, of which he shall, on inspection, determine the said flour or meal to be, in
letters of half an inch in length, which degree shall be distinguished as follows, to
w it :— Superfine, first middlings or second middlings, first rye, second rye, first or
second corn, as the case may b e ; but if, on examination, it proves unsound, then he
shall mark the cask or bag with the broad arrow, for which the owner or agent thereof
6hall pay the said inspector five cents for each and every barrel, half-barrel, or bag, by
him inspected ; and no barrel, half-barrel, or bag of flour or meal, not examined and
inspected, as aforesaid, shall be offered for sale, or exported, under the penalty of five
dollars for each and every barrel, half-barrel, or bag of flour or meal so offered for sale,
or exported, to be paid by the seller or exporter thereof.
S e c . 1.

S e c . 5. T hat, i f a n y p e r s o n s h a ll a lte r , e ra s e , o r d e fa c e th e m a r k o r b r a n d m a d e b y
th e in s p e c t o r o n a n y b a r r e l, h a lf-b a r r e l, o r b a g o f flo u r o r m e a l, o r s h a ll b r a n d a n y
b a r r e l, h a l f b a r r e l, o r b a g o f flo u r o r m e a l, w h ic h h a th n o t b e e n in s p e c t e d , w it h a m a r k
o r b r a n d s im ila r to , o r in im it a tio n o f, th e in s p e c t o r ’s m a r k o r b r a n d , o r s h a ll r e p a c k a
b a r r e l, h a lf-b a r r e l, o r b a g o f flo u r o r m e a l p r e v io u s ly in s p e c t e d , w it h o u t firs t e ra s in g
t h e i n s p e c t o r ’s m a r k t h e r e o n , th e p e r s o n s o o ffe n d in g s h a ll fo r fe it a n d p a y , fo r e a ch a n d
e v e r y s u c h offe n s e , th e s u m o f f i f t y d o lla r s .
S e c . 6. That, if any person shall prevent, or attempt to prevent, the inspector from

exercising the duties assigned to him in this Act, he shall forfeit and pay, for every
such offense, the sum of twenty dollars.
S e c . 7. That the inspector of flour and meal shall not purchase, either directly or
indirectly, any flour or meal, for sale or exportation, under the penalty of ten dollars
for each and every barrel, half-barrel, or bag of flour or meal, by him so purchased,
and sold or exported.
S ec . 8. That the Governor shall, on or before the twenty-fifth day of December next,
appoint a competent person as inspector for ihe parishes of St. Philip’s and St. Mi­
chael’s, who shall hold his office for two years, and who shall give bond to the State of
South Carolina, with good security, to be approved by the city council of Charleston,
in the penal sum of two thousand dollars, conditioned for the faithful discharge of the
duties of the said office.
S ec. 9. That, in case o f sickness, or temporary absence of the inspector, or, if neces-




«•

<

(

Commercial R egulations.

367

sary for the convenient dispatch of the duties of hi3 office, he is hereby empowered to
appoint a deputy, to act for him during such sickness, absence, or such time as he may
think proper, who shall also be made liable to the same penalties, and shall take the
oath hereinafter prescribed.
S ec. 10. That the inspector of flour and meal, under this Act, shall, before he pro­
ceeds to perform the duties, make oath or affirmation, as the case may be, before the
clerk of the Court of Common Pleas, that, without fear, favor, or affection, malice, par­
tiality, or respect of persons, he will diligently and carefully examine and inspect, to
the best of his skill and ability, all flour or meal offered to him for inspection, and that
he will brand, or cause to be branded as merchantable, all barrels, half-barrels, or bags
of flour or meal that do appear sufficiently sweet and sound, and no other, according to
the best of his knowledge and judgment.
S ec. 11. That all fines and forfeitures incurred under the provisions of this Act, shall
be recovered by indictment, and appropriated, one-half to the informer, aud the other
half to the use of the State.
OF D U TIES ON PA TEN T-LEA TH ER , VERM ILION, SE E D S, ETC.

The following Circular of Instructions has been issued by the Treasury Depart­
ment of the United States, in consequence of certain decisions recently made in
the Circuit Court of the United States, for the Southern Dristrict of New York:—
C IR C U L A R

TO T H E

COLLECTORS AND

O T H E R O F F IC E R S O F T H E CUSTOM S.

T reasury D epartment, February, 4, 1851.

The attention of this department has been directed to the reports submitted of cer­
tain cases recently tried in the Circuit Court of the United States, for the Southern
District of New York, in which the following decisions have been made:—
That an article of commerce, imported under the denomination of patent-leather,
heretofore charged, under the Tariff Act of 1846, with a duty of 80 per cent, ad valo­
rem, as a manufacture of leather is, by that act, entitled to entry at a duty of 20 per
cent, ad valorem, as provided in schedule E, on “ upper leather of all kinds,” or in the
3d section of the act, as an unenumerated article.
That certain seeds, as nmstard seed, cardamum seed, caraway seed, fenugreek seed,
charged under the said tariff act, with a duty of 20 per cent, ad valorem, as “ medici­
nal drugs, in a crude state,” provided for in schedule E, or as unenumerated articles
provided for in the 3d section of the act, are exempted from the payment of duty,
being comprehended in the provision in schedule I, for “ garden seeds and all other
seeds not otherwise provided for.”
That vermilion, charged under the said act with a duty of 25 per cent ad valorem,
as a “ mercurial preparation,” provided for in schedule D, is entitled to entry a duty of
20 per cent ad valorem, as specified in schedule E.
In view of these decisions, and the reports submitted to the department, affording
no reasonable ground to expect any advantage to the revenue from further litigation
in reference to the articles above mentioned, 1 have to advise you that, by the modifi­
cations which it is deemed expedient to make in the instructions of my predecessors,
under which the duties have been levied on the said articles, their admission to entry is
in future to be regulated as follows:—
Otazed Ca/f-skins, know n in Com m erce at the time o f the passage o f the tariff act o f 1846 as
patent-leather, and generally used fo r the upper leather o f shoes aud boots, to be admitted at a duty
o f 20 per cent ad valorem.
Seeds, as mustard seed, cardamum seed, cum m in seed, caraway seed, canary seed, fenugreek seed,
and other seeds not otherwise provided for, to be exem pted on entry from the payment o f duty.
Vermilion, although com posed in part o f m ercury, to b e admitted at a duly o f 20 per cent ad
valorem .

In cases where an excess of duty over the rates above mentioned has been exacted
and paid under protest on the importation of either of the articles referred to, under
the tariff act of 1846, you are authorized and directed to issue the usual certified state­
ments for return of the said excess.
TH OS. CO RW IN , Secretary o f the Treasury.
TH E AUSTRIAN TOBACCO MONOPOLY IN HUNGARY.

The Vienna Gazette, of January the 4th, 1851, contains a memorial, signed by the
ministers, recommending the extension of the government monopoly of tobacco into
Hungary, Transylvania, Croatia, Sclavonia, Servia, and the Banat; and also a royal




N au tical Intelligence.

368

decree in which the emperor gives to this recommendation the force o f law. The
main ground alleged for this innovation, which follows close upon a similar extension
of the salt monopoly, is the necessity of giving unity to the fiscal system of the empire.
The abolition of the customs frontier, which, until lately, separated the kingdoms and
crown lands above mentioned from the other portion of the empire, has further made
the operation of the tobacco monopoly unfruitful and impracticable in those provinces
in which it has long existed. It is thus fiscally as well as politically necessary either to
extend the monopoly to the whole empire, or to abolish it altogether, and the former
course has been adopted. The new system is to commence in May, 1851.

N AU TICAL IN TE LL IG E N C E .
NEW LIGHT-HOUSE IN TH E GULF OF POZZNOLI.

It will be seen from the following letter of Mr. W ebsteb, Secretary of State, that
the information embraced in a previous communication from that Department, and pub­
lished in the Merchants’ Magazine, (voL xxxiii., page 473,) was incorrect, at least in
so far as the latitude and longitude of the new light house in the Gulf of Pozznoli
are concerned:—
D e pa rt m e n t of St a t e , W ashington , F e b r u a r y 14th , 1851.

F reeman

H

unt,

E sq., Mew Y ork:—

S ir :— The Charge d’Affairs of the kingdom of the Two Sicilies has informed this
Department that the new light-house in the Gulf of Pozznoli, is, according to the calcu­
lations of the Topographical Commission, situated in longitude 11° 44' 34" east of the
meridian of Paris, and in latitude 40° 48' 41".
The first information respecting this light-house, which was communicated to you on
the 22d of August last, was erroneous.
I am, sir, respectfully your obedient servant,
D A N IE L W E B ST E R .

W RECKS AT K EY W E ST , FLORIDA, IN 18B0.
K ey W est, December 31st, 1850.

The number of vessels which have put into this port in distress, and been ashore on
the reef in the past year, is thirty.
Estimated value of vessels and cargoes........................................................
8929,000
Amount of salvage............................................................................................
122,831
Amount of expenses..........................................................................................
77,169
Condensed report for six years.......................................................................
Number of vessels, under the head of marine disasters, that have been re­
ported by me, 209— value of vessels and cargoes, (low estimate,)........
Amount of salvage.............................................................................................
Amount of expenses...........................................................................................

$1,129,000
6,602,000
647,775
259,637

17,509,412
The light on Carysford Reef will not be finished for some time.
Government is building a light-house on Sand Key, near this place.
Fort Taylor is now safe from hurricanes, as the foundation is finished, and it is now
being filled up.
The government works at the Tortugas are progressing.
This port is a very important point, and when the Tehuantepec Canal or Railroad,
and other connections are completed to the Pacific, with the increase o f commerce that
must follow, Key West, the only port of safety for vessels of a heavy draft from Pen­
sacola to Cape Henry— should be protected.
Respectfully your obedient servant,




JOHN C. H OYT.

Nautical Intelligence.

369

TH E COAST SU R Y E Y OF T H E UNITED ST A T E S,

The Secretaiy of the Treasury, in his report to Congress, dated December 18th,
1850, thus describes the present condition, character, and progress, of this important
branch of the public service:—
“ The Coast Survey was reorganized in 1843, and placed upon its present footing by
legislative authority. By that organization, the land operations, constituting four-fifths
of the whole, were assigned to civilians, and officers of the Army, and the hydrography,
to officers of the Navy.
“ The distinguished and scientific gentleman who has so long, and so well, superin­
tended the work, with this temporary corps, were placed under the supervision and
control of the Treasury Department, to which all works affecting commerce and navi­
gation, it was believed, should be properly committed. It was also thought, that offi­
cers of the Army and Navy could not be brought to act harmoniously together, under
the control of either the War or Navy Department.
“ This organization was the result of the experience of the work, up to that time.
It has proved eminently successful in its operations ; the rapidity of its progress, as
well as the accuracy, and the magnitude of its results, have commanded the applause
of those most distinguished for scientific attainments in Europe and America.
“ This department has from time to time, as the work demanded, called for as many
officers of the Army and Navy as could be spared from their appropriate duties.
“ An application for an additional number of officers of the Army is now pending
before the War Department, and will, it is expected, receive a favorable consideration.
“ When the recent war with Mexico was declared, there were five officers of the
corps o f Topographical Engineers, and nine of the line o f the Army, employed iu the
Coast Survey.
The survey thus becomes an admirable school of practice for such of the graduates
of West Point, and the officers of the Navy, as had a predilection for the science caUed
into practice by the work, each being engaged in his appropriate sphere.
“ While the scientific character of the survey is such as to reflect lasting credit upon
our country, it is also eminently practical in its results ; the highest branches of scien­
tific knowledge are made subservient to the most useful purposes.
“ The economy of the work deserves commendation. It wiU be found that as much
useful work is done, and as much advantage to the country and mankind obtained for
the same amount of expenditure, as in any other department of the Government. In
this respect, the last seven years have shown a gain in economy of one and three-quar­
ters to one over the expenditures, before that time, for the same work. This may be
ascribed to the enlargement of the scale on which the work proceeds, which also great­
ly tends to hasten its final completion.
“ The trigonometrical portion of this survey now extends unbroken from Portland, in
Maine, to within fifty miles of the Capes of the Chesapeake, and, with an interval of
about one hundred miles, which is rapidly filling up, to a point beyond Cape
Hatteras.
“ It has been commenced in South Carlouia, Georgia and Florida; is complete in
Alabama, and nearly so in Mississippi; and has been commenced in Louisiana and
Texas. The other operations follow closely in their order, and the publication of the
maps and charts keeps pace with the field-work. Nearly one-half of the coast of the
Atlantic and of the Gulf of Mexico has been surveyed. Since our recent acquisitions
of territory on the Pacific, parties attached to the survey have been actively employed
on that coast, and have contributed important information to this Department in regard
to the proper sites for light-houses and other aids to navigation.”
IM PROVEM ENT ON TH E SHIP-WINCH.

W e learn from the Journal o f Commerce, that Thomas G. Boone, of Brooklyn has in­
vented an improved ship-winch which must, in the opinions of many experienced seacaptains who have witnessed its performances, supercede to a greater or less extent, the
variety now in use. It consists of two windlasses, to which are attached two falls,
passing through single blocks; and these are so combined by means of a simple castiron geering, and when a load is attached to each fall, the full power of the downward
tendency of one, as it passes into the hold of a vessel, is employed to assist in the eleva­
tion, (or in overcoming the gravity,) of the other. These two powers are so invested in
V O L . X X I V . ---- NO. I I I .




24

Journal o f M ining and Manufactures.

3 70

each other, that where the distances and weights are equal, the force required to put
them in motion is about equal to the resistance caused by the friction of the
machine, which is but trifling. So perfectly are the mechanical powers of the pulley
and wheel had in control, that two men have been found fully competent to per­
form the labor usually required of from one to four horses. A t Pier No. 8, N. R., where
one of the machines alluded to is in operation, on board the ship Anstiss, fourteen bar­
rels of flour were raised to an elevation of about eight feet, and then deposited in the
hold, in the space of five minutes, without extra exertion. Capt. Steel, of the Anstiss,
a first class ship, is highly pleased with the efficiency of this machine, and immediately
purchased the first one of the kind made, after a fair trial. He says that “ for ships that
lay at anchor to discharge or load cargo, he would unhesitatingly recommend it, as he
thinks it a saving of at least two-thirds of the labor usually required.”

JOURNAL OF M IN IN G AND M AN UFACTURES.
OF TH E MANUFACTURE OF HATS.

In 1849 we prepared, with considerable care and research, an article relating to the
production of hats, briefly sketching their early history, with reference to the improve­
ments made in the manufacture, particularly in this country.* The French hat has
ever been regarded as an improvement upon the English; but the American hat, ex­
traordinary as it may appear, excels, both in elegance, lightness, elasticity, and even in
durability. Although we are too much imbued with the spirit of cosmopolitism not to
see and appreciate the substantial skill and industry of England, and to admire what
is elegant and beautiful in France, the home of taste and refinement, we must claim
for American art superior success in perfecting the manufacture of the h a t; and this
claim is not made without satisfactory evidence of its validity. W e know that it has
been allowed by leading manufacturers of the article in Paris and London, by those
who would not readily yield to our superiority in this respect, were it not a fact too
apparent to be denied. To show that we are not alone in this view of the subject, we
may be aHowed to quote an authority, who, in all matters of taste and fashion will be
regarded by the cultivated and refined classes of society, as entirely orthodox. We
allude to our accomplished cotemporary, Mr. Willis, of the Home Journal, who, in one
o f his polished editorials, on the “ Coming Revolution of Hats,” thus confirms our posi­
tion. Mr. Willis says:—
“ Our country, as aU travelers know, has “ beaten the world,” by a long distancing, in
this article of manufacture. Packet captains can scarce keep a New York hat on their
heads, when they get to England; and we know one who had two guineas offered him
for one of Beebe’s last year, in London. We shall see, at the “ World’s Fair,” how
American hats will take the lead— or, you may foresee it by a look at the hats worn
by English and continental travelers, in New York, the first day or two after their
landing. B eebe, we fancy, is the prince of this trade. He is a man of great natural
ingenuity and enterprise, and his hat factory is worth a visit, if it were only to see the
many admirable contrivances, mechanical and artistical, of his own unaided invention.”
In treating of the superiority of American hats, we have especial reference to those
produced in New Y ork; a remark made without any disposition'"to question the skill
o f manufacturers in other cities and towns of the United States. Other cities may ex­
cel in the manufacture of other articles. That is undoubtedly the case. Illustrations
of this distribution of skill, throughout the industrial world, in the production, in one
place, o f superior shawls; in another, gloves; in another, carpets; in another, boots or
shoes; in another, watches; and so on, almost ad infinitum, could easily be cited, but
See Merchants' M agazine fo r May, 1849, vol. x x ., p.lges 560-562.




Journal o f M ining and Manufactures.

311

they will suggest themselves to the most superficial observer. Even in places thus
famed for some particular manufactures, there will generally be found some one who
has attained a pre-eminence in the branch of production which has distinguished his
city or country— a mechanic or artisan who goes a “ leetle” ahead of his competing
neighbors.
So much for the best hat of the nineteenth century. Improvements will be made
in its fashion; for the best made now, is, after all, an uncomely affair. To quote again
from our eotemporary of the Home Journal, we look for the “ coming revolution in
h a t s f o r the time when hats shall take a form that will at once combine comliness
and comfort; but as this is partly a matter of taste, or fashion, we must adopt another
paragraph from Mr. Willis’ aptly pointed pen :—
“ Lord Bacon’s advice was to ‘ keep in advance of the age, but not so far as to dwarf
yourself by the distance,’ An instructive hit of this nice medium, (between staying be­
hind and going too far ahead,) is the invariable sign of the ‘ smartest man’ in every
trade, business, art, and profession of life. When a man, in these days, is put up for
admiration, we invariably apply this criterion to him:— What has he done which was not
imitation; or has he presumed so much upon his own opinion and originality as to be
conceited and absurd ? We gave Beebe, the hatter, a mental diploma on this point, a
day or two ago, on seeing his moderate and yet sufficient foreshadowing of the great
revolution in hats which is proposed to be made at the coming World’s Fair. Our
readers will remember that the present ‘ segment of stove-pipe’ which we wear upon
our heads was formally made war upon, at the late Convention in London. There is
every prospect that its angles and un-statue-like inelegance of shape will gradually
give way before the spirit of essential beauty which is now aroused. Feeling and see­
ing this, Beebe has taken the first step. His spring model of hat has no right angles.
The top of the crown is rounded as a sculptor’s eye would do it, and in all other por­
tions of the hat, it is shaped with a proportionate and exquisite outline, which quite
changes the expression of the article. Beebe’s spring fashion, we say, is a most judicious
first step in a reform. W e recommend to artists to go and look at it.”
Although not exactly germain to our present purpose, a few statements of the locale,
extent, &c., of this branch of manufacture in London, will not, perhaps, just on the eve
o f the World’s Exhibition, be without interest. The hat manufactories of London, as
we gather from a recent English publication, are to be found in the district to the left
o f the Blackffiars road, (as the bridge is crossed from the Middlesex side,) stretching
towards and beyond the Southwark bridge road to the High-street, Borough, and to
Tooley-street. There are, moreover, no inconsiderable number of hat factories in Ber­
mondsey. Hat making is almost entirely confined to the Surry 6ide of the Thames,
and, until the last twenty years, or thereabouts, it was carried on chiefly in Bermond­
sey ; however, there are still many large “ h a tte rie s o n e of them, the property o f a
wealthy Quaker firm, ranks amongst the largest in London, rarely employing, in the
slackest seasons, fewer than ninety or a hundred men, and sometimes as many as
three hundred, with, of course, a proportionate number of women, who are employed
in the trade. Although hat making has experienced a migration, the tradesmen who
supply the hatters with the materials of manufacture, are still more thickly congre­
gated in Bermondsey than elsewhere. These tradesmen comprise wool staplers, hat
furriers, hat curriers, hat block makers, hat druggists, hat dyers, hat lining makers, hat
bowstring makers, hat trimming and buckle makers, hat calico makers, hat box makers,
and hat brush makers. The hat furriery business, as regards beaver skins, is now little
more than a twentieth of what it was twelve years ago. The hat furriers remove the fur
of the beaver, the hare, or the rabbit from the skin— which, when thus denuded, is called
a pelt— and they prepare this fur for the use of the hatter. An intelligent man calculated
that from fifteen to twenty years ago, and for some years preceding, four millions of bea­
vers were killed annually for the supply of the hat makers of the United Kingdom. The es­
timated yearly value of the hat trade (exclusive of straw hats or cloth caps) has been stated




Journal o f M ining and Manufactures.

372

at £3,000,000. “ In 1836,” says McCulloch in his Commercial Dictionary, “ 53,849 dozen
hats were exported, of the real or declared value of £158,282; but in 1841, the exports
only amounted to 22,522 dozen of the value of £81,683; the falling off having been
principally in the exports to the West Indies and Brazil”
STATISTICS OF TH E

MANUFACTURE,

S A L T S P R IN G S IN T H E

ETC., OF SALT FROM TH E
S TA TE O F N E W

YORK.

ONONDAGA

r

W e c o m p ile fr o m t h e o ffic ia l re tu r n s o f th e S u p e r in t e n d e n t o f t h e O n o n d a g a S a lt

Springs, made to the Legislature of New York, the following condensed summary of
the whole quantity of salt manufactured and inspected in the city of Syracuse, and
the villages of Liverpool and Geddes, in the year ending December, 31st, 1850, as
foUows:—
Coarse salt.
Fine salt.
Ground or Dairy.
Total.
46,546
1,866,435
S a lin a .. . .
262,730
2,175,711
287,446
843,882
S yracu se.
53,600
1,184,928
L iv e r p o o l.
............
648,832
......................................... 648,832
G e d d e s .. .
26,718
232,730
......................................... 259,448

.

Showing a total amount of bushels inspected in the year 1850 of 4,268,919. The
duties on this amount of salt received by the Superintendent, at one cent per bushel,
was $42,689; and the total revenues from aU other sources amounted to only $135.
The quantity o f salt inspected during the year 1850, as compared with the previous
year, shows a diminution of 814,450 bushels. The Superintendent attributes this fall­
ing off in the quantity to the unusually large amount manufactured the previous year.
The markets on the lakes being overstocked, required but little, until the 1st of Au­
gust ; and the importation of foreign salt for the year 1849, exceeded that of any former
year by 397,978 bushels.
The amount of Onondaga salt reaching tide water on the Hudson River, and the
ports of Oswego and Buffalo, from 1845 to 1850, inclusive, appears from the follow­
ing table:—
years.
Tide water.
Buffalo.
Oswego.
1845 ......................................
883,842
582,695
817,770
1846
............................
692,442
566,572
1,529,475
1847
............................
382,290
667,192
1,568,965
1848
343,618
1,136,276
2,186,510
1849
............................
283,333
1,070,055
2,308,538
1850
............................
176,907
682,129
2,085,636
From the foregoing it will be seen that the quantity of salt arriving at tide water is
decreasing annually, and the Superintendent expresses the opinion that if the foreign
article shall be imported at a much lower rate than at present, the Hudson River mar­
ket will be lost to the State entirely.
The following table shows the market price per bushel of Turks Island salt in the
city of New York in October of each year since 1839:—
Cts.
Cts.
Years.
Years.
Cts.
Years.
Cts.
Years.
1842___
40
27
1845___
30
1848___
26
1839___
26
1843___
1846___
32
1849___
37
24
1840___
26^
1844___
32
1847___
1850___
27
23
1841___
This great reduction is attributed, by the Superintendent, to the reduction of duty by
the Federal Government on the foreign salt, but mainly by the competition in the mar­
ket with the Onondaga salt.
The price of salt made by artificial heat at the works the last year has not exceeded
ten cents per bushel of 56 pounds, including the duty paid to the State, and that of
solar salt 14 cents.
By the analysis of Professor Cook, attached to this report, it will be seen that Onon­
daga salt compares favorably with the best specimens of the foreign article, and t h




Journal o f M ining and Manufactures.

373

same result was shown by the investigation made last winter before the agricultural
and salt committees of the Legislature.
During a period of twenty years, there ha3 been manufactured at the Onondaga salt
springs 59,685,228 bushels salt, on which the sum of $3,005,222 25 in duties has been
collected and paid into the treasury of the State; a sum over all expenses incurred by
the sinking of wells, erecting buildings, machinery, paying officers salaries, &c., of afyout
$2,467,022 10.
By the passage of the act of 1846, reducing the duties from 6 cents to 1 cent per
bushel, the policy of the State of making the salt springs a source of revenue, was
abandoned. The only fear apprehended on the passage of the act was, that the receipt
o f a duty of 1 cent per bushel would be insufficient to keep the State’s property in
good repair, and pay the ordinary expenses. But experience has shown that a suffi­
cient amount of money is collected to pay all necessary expenses, and pay into the
treasury some fifteen or twenty thousand dollars annually.
The Register of the Treasury of the United States, in a communication under date of
December 6th, 1850, says:— “ In respect to the importation of salt during the year end­
ing on the 30th of June, 1850, I have to state, that there were 11,224,185 bushels im­
ported, and that the cost or foreign value thereof, as returned by the collectors, was
$1,237,186. The import of salt into the ports of the United States during the year
ending with June 30th, 1849, was 11,622,163 bushels, and the cost or foreign value, as re­
turned by the collectors, was $1,628,921. Thus it appears that the quantity of salt im­
ported in the year ending with June 30,1849, exceeded that imported in the year ending
with June 30,1850, by 397,978 bushels. The import of salt into the port of New York for
the year ending with November 30,1850, was 1,998,042 bushels. It appears from a com­
munication of E. Merrian, Esq., that the salines of Kenhawa, in Northwestern Virginia
are now worked extensively, and yield all the salt that the market they supply re­
quires, which is limited, and will continue to be so, until railroads afford the facilities
for a more extensive distribution of the salt.
TH E BAY STA T E M ILLS— TH E MANUFACTURE OF SHAWLS.

In a former number of the Merchants' Magazine (voL xxiv. No. l,for January, 1851,)
we noticed “ a remarkable instance of fraud committed by foreign manufacturers upon
the Bay State shawls,” an article of merchandise which has acquired a more than ordi­
nary degree of celebrity in the market, and which is really one of the most comfortable
and becoming articles worn by the ladies injour Northern States. As an illustration of
the progress of the manufacturing interests of the country, we abridge from a cotempo­
rary the subjoined sketch of the manufacture of the “ Bay State shawls —
The manufacture of woolen shawls is yet in its infancy, having been established
among us only about three years, but we find already engaged in the production the
Waterloo Company, producing about 400 per day ; the Skaneateles and Burnham
Mill about the same quantity; the Watervliet Company about 100, and the Bay State
Mills 1,500 per day, with numerous smaU concerns which turn out in the aggregate
say 600, making a grand total of 3,000 per day.
The Bay State Mills are situated in Lawrence, Mass., on the Merrimack River, about
twenty-four miles from Boston, and fourteen from Lowell. The village contains a pop­
ulation of 10,000 souls, all deriving their subsistence, directly or indirectly, from the
manufacturing business. It has two railroads, one running to Lowell and the other to
Boston, and its churches, school houses and public buildings, give evidence that its in­
habitants are moral, religious and intelligent people. Within the town limits are three
Atlantic Cotton Mills, a large machine shop, and three Bay State MiUs. These last
employ 1,550 operatives, (more than a moiety of which are females,) in the production
of shawls, and 250 on the cassimeres and satinets. The whole contained in three large
brick buildings, the largest one being four stories high, 100 feet front, and 400 feet
w id e; and the machinery is driven by six water wheels, fifty-six feet long by twentyseven feet in diameter.




Journal o f M ining and Manufactures .

374

It requires 3,500 sheep to be kept a whole year to supply these mills with wool for
one single day. The consumption of cochineal' alone amounts to $60,000 per annum.
The pay roll foots up to $24,000 per month, and of shawls alone they produce 1,500
per day. This is all done in a place where three years since there was not 500 inhabit­
ants, and accomplished solely by the energy of one man, whose name well deserves to be,
and is identical with the place— Samuel Lawrence, Esq. He stated a few years ago,
that the successful manufacture of new fabrics could be introduced into the country suf­
ficient to consume 10,000,000 lbs. more wool. It was thought impossible. It was said
he was too sanguine; but here we see one new manufacture alone which consumes
«qual to 4,000,000 lbs. W e ask was he mistaken ?
COTTON FACTORIES OF MARYLAND IN 1850.

Factories.

Triadelphia.
Savage........
U n ion ........
Laurel*. . . .
Avondale . .
Sykesville..
Oakland.......
Granitef . . .
Patapsco. . .
Thistle*. . . .
Powhatan...
Pocahontas..
Ashland. . . .
Washington..
Woodberry..
White HaUt
Rockdale. ..
Mt. Vernon..
Lanvale. . . .
Phoenix........
Warren........
Franklinville
Jericho........
Canton........
Columbia.. .

Pres­
ent conNo. Capacity sumpt’n
o f lbs. cot’ n o f cot’ n
Mills, per dav. per day.

i
i
8
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
2
1
1
1
1
1
1
1

800
3,000
4,000
3,500
1,000
800
100
700
2,000
2,500
1,500
1,400
1,300
3,500
1,600
1,500
3,000
1,000
1,000
1,200
1,500
1,200
1,500
700

800
1,500
1,000
1,000
500
800
700
400
1,500
2,500
1,200

No.
Description
o f goods manufactured.

Heavy 4-4 sheetings.........
Heavy 4-4 broche sheetings
Sheetings, drills and duck..
Heavy 4-4 sheetings.........
Duck and sheetings...........
Twills and Osnaburgs........
Duck, <fcc.............................

Heavy 4-4 sheetings..........
Osnaburgs and twills.........
Shirting and sheetings . . .
4-4 shirtings.......................
Cotton du ck .......................
600 Twills and Osnaburgs.__
4-4 shirtings, principally. .
3,500 Cotton duck.......................
1,000 Cotton duck.......................
800 Cotton duck.......................
1,300 Cotton duck and raven. . .
Sheetings and shirtings. . .
700 Osnaburgs and twills.........
800 Sheetings and shirtings.. .
700 Sheetings and shirtings. . .
1,200 Osnaburgs and twills.........
800 Cotton duck.......................
400 Yarn, carpet chain, & c... .

of
Nos. o f
N o. o f
spindles, yarn spun, lo m s.

1,000
4,800
10,000
6,000
1,312
1,920
1,000
1,100
3,076
3,200
5,000
4,000
2,500
1,300
2,600
2,500
1,500
1,636
3,300
2,500
1,000
2,600
3,000
1,200
1,500
1,200

14
14
8 to 20
1 4 tol6
6 tol8
6 to l0
8 to 10
14
14
7 to 10
13 tol6
18 to 20
6 to 10
6
14
6 to 10
6
6 to 10
6 to 10
16 to 20
7 to 10
16
14
6 to 10
6 to 10
6 to 14

40
136
230
160
46
44
29
29
100
135
120
140.
58
40
70
52
26
40
60
70
30
84
90
44
40
••

The total capacity of these mills, when working full time, is about 45,000 lbs. cotton
per day, or 100 bales ; they are at present not working over 15,000 lbs. per day—
about one-third the power of the machinery— and have been so running since the first
of October last.
Within the circuit of the city of Baltimore, of less than ten miles average, there are
the following named mills :—
On the Patapsco River— the Union, Oakland, Okisko, Howard, (at Sykesville,) Gran­
ite, Patapsco, Thistle, Patuxent, Triadelphia, Savage, Laurel, and Avondale.
On the Gunpowder River— the Phoenix, Warren, and Franklinville.
On G wynn’s Falls—the Powhatan, Pocahontas, and Ashland.
On Jones’s Falls— the Washington, Woodberry, Whitehall, Rockdale, Mt. Vd*non,
and Lanvale.
On Herring Run— the Columbia Factory, and Canton Factory, at Canton.
There were destroyed by fire, within two years, Knox’s Factory, Lexington street, in
Baltimore, the Ivy Factory, and the Ring Factory.
* Stopped for three m onths, from accident to dams.
+ Stopped since 1st Septem ber, but now starting on.
X Stopped in February last— com m enced running 1st N ovem ber, 1850.




Journal o f M ining and Manufactures.

375

MANUFACTURING INDUSTRY OF NEW YORK CITY,

We are indebted to H. F. Talmadge, the United States Marshal, for the subjoined
returns of the productive establishments of the City of New York. The table, it will
be seen, shows the number of manufacturing establishments, number of hands em­
ployed, capital invested, and annual product of manufactured articles, in the several
wards of the city. New York, the acknowledged commercial emporium of the Union,
is by no means deficient in the amount and character of its manufactures. But to the
table:—
RETURN S

OF

T IIE

Wards.

First......................
Second..................
Third.....................
Fourth...................
Fifth......................
Sixth.....................
Seventh.................
Eighth...................
Ninth.....................
Tenth....................
Eleventh ...............
T w elfth.................
Thirteenth.............
Fourteenth..........
Fifteenth...............
Sixteenth.............
Seventeenth........
Eighteenth ..........
Nineteenth...........
Total.............

P R O D U C T IV E

E S T A B L IS H M E N T S O F T H E

No. o f manu­
facturing establishmeuts.

Capital
invested.

C IT Y O F N E W Y O R K -----CENSUS

Hands em ployed.
Males.
Females.

product o f
man’ factur’ d
articles.

199
44

$1,013,500
12,672,995
607,000
1,688,800
1,227,562
1,125,880
3,493,275
861,890
793,300
307,700
2,051,850
341,550
299,110
965,700
1,045,550
3,280,380
892,400
1,227,780
334,600

3,620
19,648
633
1,952
1,788
2,968
4,098
2,230
2,095
809
4,197
350
993
1,029
1,036
2,207
1,216
2,266
568

6,087
16,056
27
943
358
1,072
1,849
555
349
226
237
70
288
531
140
556
119
352
102

$3,906,337
31,310,642
1,801,700
4,885,211
4,473,214
3,822,191
9,641,038
4,080,484
2,883,180
1,678,422
20,056,409
520,500
2,073,628
1,546,927
1,376,818
4,368,175
2,579,312
2,920,760
1,293,860

3,387

$34,232,822

53,703

29,917

$105,218,308

851
189
83
422
233
189
149
72
93
129

SW EDISH CLOTH OF SW EDISH WOOL.

A writer in the Baltimore Clipper, who under or over the signature “ Aristides,”
writes as follows:—
“ I saw a piece of black cloth this morning, that took the premium at the National
Swedish Fair last June, in Stockholm. It was made at Nordkupen, in Sweden, by a
Swede, of Swedish wool. It surpasses anything of die kind I ever saw, for fineness
of thread, softness o f material, regularity o f texture, brilliancy of color, and abundance
and evenness of nap. In Sweden it was valued at four dollars a yard. Our custom­
house rated it at twelve dollars a yard, and exacted duty on it at that price. Ten
years ago Swedish woolens, under a high protective tariff were a by-word in Europe
for the coarsenes and poorness of manufacture. Under free trade and competition, of
which policy the celebrated Hebbe was the author, Sweden now makes finer, and
cheaper, and better cloth than France does.”
STA TISTICS OF BR ITISH FACTORIES.

By a return made to the British Parliament recently, it appears that the total num­
ber of factories of all kinds in the United Kingdom is 4,330, containg 26,638,116 spin­
dles, snd 298,916 power looms. The moving power employed is 108,113 in steam, and
26,104 in water. In the silk-throwing mills, 1,737 boys, and 3,916 girls, between 11
and 13, are employed. The total number of children under 13 years of age employed
in factories who attend school is 19,400 boys, and 15,732 girls. The total number of males
employed, between 13 and 18, is 67,864, that of females above 13 is 329,577, and that
of males above 18 is 157,866. The total number of persons of both sexes employed in
factories is 696,082.




Railroad , Canal, and Steamboat Statistics.

376

HEAD R E S T FOR RAILROAD CAR SEA TS.
M r. A lo n z o I s b e ll, o f N o r w a lk , C o n n e c tic u t, s a y s th e S c i e n t i f i c A m e r i c a n , h a s i n ­
v e n t e d a n d t a k e n m e a s u r e s t o s e c u r e a p a te n t fo r a n e w im p r o v e m e n t o n c a r seats,
w h ic h w i l l b e v e r y u s e fu l a n d c o n v e n ie n t t o a ll w h o u s e it. T h e im p r o v e m e n t s co n sists
in a m o v e a b le p a d fo r t h e h e a d t o r e s t u p o n , w h ic h is m a d e t o b e ca r r ie d b y a n y p e r s o n ,
a n d ca n b e a t t a c h e d t o t h e b a c k o f a n y r a ilr o a d -c a r s e a t, <fec., a n d r a is e d o r l o w e r e d t o
t h e p r o p e r h e ig h t fo r t h e h e a d , e ith e r t o r e c lin e f o r e a se , o r t a k e a c o m fo r t a b le n a p
w h e n t r a v e lin g , o r o th e r w is e . T h e r e s t is a p a d , w h ic h s lid e s in a s h e a th (f o l d e d u p )
a n d h a v in g a r a t c h e t c u t o n its r o d , is h e ld b y a s p r in g a t a n y d e s ir a b le h e ig h t.
I t ca n
a ls o b e p e r m a n e n t ly a tt a c h e d , b u t it s c o n v e n ie n t q u a lit ie s li e in b e i n g p o r t a b le ,
w h e r e b y i t c la s p s o n t o t h e b a c k o f a n y c a r se a t, fo r t h e b e n e fit o f a ll w h o m it m a y
co n c e r n .

R A ILR O A D , CANAL, AND STEAMBOAT STATISTICS.
STA TISTICS OF TH E RAILROADS OF NEW YORK FOR 1850.

The annual report of the State Engineer and Surveyor, covering the returns of the rail­
road corporations of the State of New York, made in accordance with, or in consequence of
the thirty-first section of the general railroad law o f 1850, submitted to the Senate January
7th, 1851, has been published. From the introductory remarks of Mr. Seymour, the State
Engineer, it appears that the following roads have reported in full, namely:— The
Albany and Schenectady, Auburn and Rochester, Hudson and Berkshire, Hudson River,
Northern, Oswego and Syracuse, Rochester and Syracuse, Tonawanda, Utica and
Schenectady, and New York and New Haven. Partial reports only have been received
from the Attica and Buffalo, Buffalo and Niagara Falls, Cayuga and Susquehanna, New
York and Harlem, Rensselaer and Saratoga, Saratoga and Schenectady, Schenectady
and Troy, and the Syracuse and Utica. The Auburn and Syracuse, the Long Island,
and the Saratoga and Washington, made no returns whatever.
Most of the information required to be given by the law, says the State Engineer, is
such as, from the nature of the case, must be known and recorded by each company, if
they keep any reliable accounts at all, and the cost and trouble of collating and ar­
ranging must be the only cause which any company can assign for not making the re­
ports as the law requires. The fact that so many companies have reported as required,
is sufficient evidence that the law can be complied with.
The law of 1850 imposes a fine of $250 on each corporation failing to comply with
the requirements of the thirty-first section thereof. The Engineer recommends that
the penalty for a failure to report be modified. He would have a similar penalty as
for any other violation of chartered rights or duties, but if a fine is to be imposed, it
should, he maintains, and justly in our judgment, be a much larger amount than it is at
present.
In calling especial attention to the nature and importance of the information to be
gained from reports made as the law prescribes, and its directness to the point in de­
termining the actual cost of transportation, Mr. Seymour says:—
“ The report of the Utica and Schenectady Company is complete in all the details
required. The road of this company has a larger traffic and indome (per mile) than
any other, and its profits are abundant. For this reason, if for no other, we may con­
fidently rely upon their statements, as embracing all the expenditures properly charge­
able to the cost of transport. The only doubt wliich can be entertained as to the entire
accuracy of their report is in the amounts of expenses, as allotted to passenger and
freight transportation. It may be, for aught I know, that as this is the first time the
company have been called upon to make for public inspection such a division of ex­
penses, that their accounts during the year have not been kept with especial reference




Railroad, Canal, and Steamboat Statistics.

377

to a proper division, and that the superintendent has, since the close of the fiscaljyear,
made up the account between freight and passengers according to his best judgment,
upon a full examination of the different items of expenditure. If so, he has acted pro­
perly, and the expenses of freight and passenger transport, so made, can be relied on
as very near the truth, though not as accurate as it may be when, from month to month,
accounts are made up with especial reference to making the proper distribution of cost
o f labor, and a record kept of fuel and other materials used m the two departments of
transport. Among the complaints made against the proyisions of the law, by some
managers, this requirement to divide expenses between passenger and freight business
has been the most prominent, and I have been gravely assured that it could not be done.
Happily, some of our well-informed managers have accomplished the task, and will,
without doubt, hereafter, with greater accuracy. Hone can make such a division of ac­
counts except the managers of our roads, and they can do it, with all necessary accu­
racy, i f they try.
“ The report of the Utica and Schenectady Road shows that they have transported
370,988 passengers, and 98,695 tons of freight, and that passenger trains have run
229,940 miles, and freight trains 93,580 miles, at an aggregate cost of $308,173 86, or
95 cents per mile run for both classes of trains. So far, and no farther, could informa­
tion as to the cost of transport be obtained from reports made under previous laws.
The cost per mile of running trains is no indication of the cost of transport, for the cost
depends upon the amount of movement, each mile run, both of passengers and of
freight, and, consequently, movement of both and the cost of both, must be given in
addition to the miles run by engines and cars. Let the above statement be compared
with like results given in the report of the Oswego and Syracuse Company, which is
also complete, but which road has much less traffic, and has moved 77,162 passengers
and 7,949 tons of freight; passenger trains have run 58,480 miles, and freight trains
16,000 miles, at an aggregate cost of $38,942 92, or 52 cents per mile run. It is here
shown that it cost the latter road 43 cents per mile less to run trains than it has cost
the Utica and Schenectady Company. Both roads are no doubt managed with equal
skill, and sufficient economy. A t any rate, the above results show nothing. The pres­
ent reports, however, show us, in addition to the above, the amount of work done in
passengers and tons, or the actual movement, each mile run, and the cost of passenger
and freight transport separately. From these data we find that the average number
of passengers each mile run has been, on the Utica and Schenectady Hoad, 971, at a
cost per passenger of 78-100 of a cent, and on the Oswego and Syracuse, 33, at a cost
of 1 cent and 68-100 of a cent each mile, so that it has cost much less to transport
passengers on the former than on the latter road. This result is owing mainly to the
larger loads drawn on the Utica and Schenectady Road.”
Mr. Seymour has no doubt but that the average loads on the Hudson River Road,
and on the main line from Albany to Buffalo, are greater than on any road in this
country or in Europe, England not excepted, and that the cost of transport is less.
“ An important fact is also established, which up to this time has been doubted by
most men conversant with the cost of railroad transport, which is, that passengers can
be transported at an expense of less than one cent per mile. This result is obtained
as a rule when the average loads are 90 passengers each mile run. That this is the
best result which can be obtained from railroads cannot be supposed ; further experi­
ence and skill will be applied to the task of cheapening transport. The energy and
directness of the efforts to be put forth will, in a great measure, depend upon the
bringing up all of the results yearly before stockholders and the public, so as to enable
just comparisons to be made, one road with another.
“ The public have a vast interest in the construction and management of railroads.
Tire franchises of the corporations are granted and protected by them, and any one can
be, and large numbers are, actual owners of the roads ; cheap transport is, however, o f
most importance to the public, and a full exhibition of all the work done, and items of
cost, will promote economical management, and tend to reduce the cost of, as well as
the charges for, transport.
“ The amount of freight traffic is shown to be very large on some of the roads. The
whole tonnage carried on the New York and Erie Road, is 131,311 tons. The company
give no information by which the cost of either freight or passenger traffic can be de­
termined. The Utica and Schenectady Road has carried 98,695 tons, or 4,760,730
tons one mile, at a cost of $133,045 87, or 2.797 cents per ton per m ile; this includes
canal tolls, amounting to $47,200 90, or one cent per ton per mile, nearly. The actual




378

Railroad, Canal, and Steamboat Statistics.

cost is therefore 1 8-10 cents per ton per mile— the average load being 50 tons. This
road carries but little freight except during the close of navigation, and the cost must
be considerably increased over what it would be with a more regular business.”
The following table, compiled from the reports of the several companies, exhibits the
entire length (on the 30th of September, 1850,) of the roads, completed and in opera­
tion, roads in process of construction, portions of which are in operation, and of roads
in process of construction, no portions of which are in operation, with their cost, or the
amount thus far expended, &c. :—
H O A D S I N O P E R A T IO N -----T H E IR E N T IR E L E T G T H , 3 0 T H S E P T E M B E R , 1 8 5 0 .

Names.
A l b a n y a n d S c h e n e c t a d y .............................................
A l b a n y a n d W e s t S t o c k b r id g e .................................
A t t i c a a n d B u f f a lo .............................................................
B u ffa lo a n d N ia g a r a F a l l s ..........................................
C a y u g a a n d S u s q u e h a n n a ............................................
C h e m u n g ......................................................
H u d s o n a n d B e r k s h ir e ....................................................
L o n g I s l a n d * .......................................................................
O s w e g o a n d S y r a c u s e .....................................................
R e n s s e la e r a n d S a r a t o g a ............................................
R o c h e s t e r a n d S y r a c u s e ...............................................
S a r a t o g a a n d S c h e n e c t a d y .........................................
S a r a t o g a a n d W a s h i n g t o n * ........................................
S c h e n e c t a d y a n d T r o y ....................................................
S y r a c u s e a n d U t i c a ..........................................................
T o u a w a n d a .........................................................................
T r o y a n d G r e e n b u s h .......................................................
U t i c a a n d S c h e n e c t a d y ..................................................

Length
miles.
17
38*
81*
22
35
17*
31*
98
35
25*
104
22
39*
20*
53
43*
6
78

T o t a l .........................................................................
T o w h ic h a d d t h e N e w Y o r k a n d N e w H a v e n
r o a d , p a r t o n ly in N e w Y o r k ................................

717*

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

780*

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

Track.
s in g le .
«
((
ft
ft
If
ft
if
u
“
d o u b le .
s in g le .
<(
«
d o u b le .
s in gle.
d o u b le .

30
01
16
39
91
00
45
59
21
47
00
00
65
32
99
91
93
00

$ 2 4 ,6 9 1 ,8 2 8 29

13*

7 3 7 ,8 3 9 71

s in g le , s a y

$ 2 5 ,4 2 9 ,6 6 8 0 0

R O A D S I N P R O C E S S O F CO N STRU CTIO N ----- P O R T IO N S I N O P E R A T IO N .

Length in miles.
I n use. T o b e open ed .

Hudson River...................................................
New York and Erie......................................... .........
New York and Harlem..................................
Northern (opened through Oct. 1 ) ............... ........
Watertown and Rome..................................... ........
Total......................................................

337
44
18

Cost.

$6,666,681
20,323,581
4,666,208
2,979,937
603,457

68*
127
unc.
74
79

55
03
05
31
22

$35,239,865 16

348*

R O A D S IN P R O C E S S O F CO N STRU CTIO N ----- N O P O R T IO N S I N O P E R A T IO N .

Buffalo and State Line..............
Canandaigua and Corning........
_ Sacketts Harbor and Elllsburg.
Total

Probable length.

E xpended.

67
46
23

$32,120 15
45,254 73
22,888 97

136

$100,263 85

Whole number of miles in operation........ .........................................
Whole number of miles constructing..................................................
Brought into'use from 1st Jan. to 30th Sept., 1850.........................
Expended in construction same tim e ..................................................
Total expenditures for railroads in Hew York to 30th Sept., 1850..

1,284*
484*
202
$8,167,448 41
60,769,797 01

These roads have not made any report this year—last year’s figures used.




COST OF RAILROADS OF TH E STA T E OF NEW YORK, 1850.

Amount
of stock
subscribed,
1,000,000
1,000,000
800,000
2,190,165

Amount Int. No.
Amount Amount of
Funded
Floating
Present
Present
Cost of
now of p.c. miles
paid in by capital stock debt by amount of debt as by amount of fund’d &. on f’d in ope- per last
last report, now paid in. last report, funded debt, last report. floating debt, fl’ting d’t. d’bt. ration.
report.
1,000,000 1,000,000 552,000 100,000
100,000 6 f i i 1,698,284
1,000,000 1,000,000
930,895 930,8^5
930,895 .. 3 8 i 1,930,895
800,000 800,000
42,616
61,116
42,616 1
810,648
31*
638,000 595,000
2,151,165 2,196,165
30,000
625,000 6* 18
60,000
2,968,831

Name.
Albany and Schenectady...........
Albany and West Stockbridge .
Attica and Buffalo......................
Auburn and Rochester...............
Auburn and Syracuse.................
46,610
Buffalo and Niagara F a lls.........
393,150 393,150 256,250 361,196
21,610
25,886
12,495
34,165 1
22
395,131
Cayuga and Susquehanna.........
500,000 168,000 118,000 168,000
300,000 253,000 134,849
434,849 1
35
10,000
Chemung......................................
380.000 380,000 315,000 380,000
10,000
450,000
5,000
5,000
15,000 1
Hudson and Berkshire...............
450,000 380,000 315,000 425,000 326,000 325,000
41,549
41,149
312,149 6* i i l
819,631
Hudson R iver............................. 4,000,000 3,400,162 3,151,115 3,310,552 1,861,625 3,486,150
5,003,615
88,101 111,151 3,691,901 1
15
Long Island..................................
New York and E rie................... 10,500,000 6,031,100 5,118,891 5,801,285 5,839,918 9,856,568 2,481,641 2,415,864 12,332,433 1 331 16,480,868
3,881,930
212,684
518,218 6 f 80
New York and H arlem ............. 5,000,000 3,888,150
365,593
2,499,250
881,000
31,481
918,481 1
61
New York and New H aven.. . . 3,000,000 2,500,000
Northern...................................... 2,000,000 2,000,000 1,329,511 1,334,612 388,000 1,081,232 313,951 546,650 1,621,882 1
1,863,291
44
548,352
10,463
210,463 1
Oswego and Syracuse.................
350,000 350,000 350,000 350,000 182,000 200,000
22,906
35
614,198
300,000 300,000 300,000 300,000 185,500 185,500
4,319
189,819 1
25*
Rensselaer and Saratoga...........
3,364,919
916,000
916,000 6 104
Rochester and Syracuse.............. 4 200 000 3 364 979
42,000
386,304
22,550
22
Saratoga and Schenectady.........
300,000 300,000 300,000 300^000
42,000
23,365
64^550 1
Saratoga and Washington.........
612,900
20,500
61,398 1
Schenectady and T ro y ...............
650,000 650,000 650,000 650,000
59,100
16,295
1,698
20*
80,000
48,000
48,000 1
53
2,363,043
Syracuse and U tic a ................... 2,400,000 2,400,000 1,802,000 2,400,000
159,500
1,000,000
1,150,968
Tonawanda................................. 1,000,000 1,000,000 950,000
159,500
1,348
166,848 6
43*
43,653
5,100
218,024
6
4,550
5,133
4,100
8,650 1
Troy and Greenbush...................
215,000 214,400 214,400 214,400
102,500
4,006,428
3,494,010
102,500
1
18
Utica and Schenectady............... 3,560,000 3,560,000 3,494,010
102,500
216,325
Watertown and R om e............... 1,500,000 890,100 231,829 461,636
200,000
200,000 1 ' 24
New Corporations.
Buffalo and State Line*...............
Canandaigua and Corning.........
Sackett’s Harbor and Elhsburgh




1 000,000 1,000,000
1 600,000 445,800
150,000 150,000

81,932
64^451
24,118

......... ••

Railroad, Canal, and Steamboat Statistics.

Capital
stock by
charter.
1,000,000
1,000,000
800,000
3,000,000

co
CO

380

Railroad , Canal, and Steamboat Statistics.
R A TES OF TOLL ON TH E STA T E WORKS OF PENNSYLVANIA.

T h e C a n a l B o a r d o f P e n n s y lv a n ia h a v e f i x e d t h e fo llo w in g r e d u c e d r a te s o f ta x a tio n
u p o n t h e S t a t e W o r k s :—

Articles.

n £s
as

W

? 5

SO

fa

'so

Cts. Mills. Cts. Mills. Cts. Mills.

Coffee........................................................................
Oil cake, ground and unground.............................
Seeds, clover, timothy, and all other kinds— also,
dried apples and peaches.................................
Tobacco, not manufactur e d ....................................
Deer, buffalo, and moose skins.............................
Feathers ..................................................................
Furs and peltries....................................................
Hides, dry................................................................
Leather, dressed and undressed...........................
W ool and sheeps pelts............................................
Alum .........................................................................
Bale rope and bagging...........................................
Hemp, hempen yam, and hog’s hair.....................
Drugs, medicines, groceries, foreign liquors, ropes,
cordage, rice, and confectionary.......................
Brown sugar, in hhds., going West.......................
Dry goods and new furniture................................
Earthenware, domestic............................................
Hats, caps, boots, shoes, bonnets, trunks.............
Hardware, cutlery, and oil cloth...........................
Queen’sware and Chinaware..................................
Paints, dye stufife, manufactured tobacco, and tur­
pentine ..................................................................
Tinware.....................................................................
W hisky........ ...........................................................
Anvils and Spanish w hiting.................................
Coal, bituminous and anthracite...........................
Railroad iron............................................................
Steel............................................................. ...........
Butter, cheese, lard, lard o i l .................................
Tallow and e g g s............................. .......................
Bacon, pork and beef in bulk, dry, salted, or other­
wise, sperm, adamantine candles, and soap. . .
Beef and pork, salted, and in pickle.................. .
Fish, salted and fresh.............................................
Flour .........................................................................
Com m ea l.................................................................
Marble, in blocks....................................................
“
sawed . . ....................................................
“ - manufactured ......................................
Ashes, pot, pearl, barytes, sodq, ash, crude brim­
stone, nitrate and sulphate of soda...................
Oils of all kinds, except castor and lard oil........
Straw paper, wrapping paper, binders’ boards,
and slates.............................................................
Paper, writing and printing...................................
Tar, pitch, and rosin................................................
Beeswax and ginseng..............................................
Saltpeter, crude and otherwise..............................




0
0

4
3

1
0

0
9

1
1

6
5

$1 15
0 75

0
0
0
0
0
0
0
0
0
0
0

4
0
3
0
4
1
6
1
8 • 1
4
1
6
1
6
1
4
1
5
1
4
1

9
9
0
2
6
2
2
2
1
0
0

1
I
1
1
2
1
1
1
1
1
1

5
5
6
8
2
8
8
8
7
6
6

1
0
1
1
2
1
1
1
0
0
0

00
80
00
50
00
30
50
60
80
75
75

0
0
0
0
1
0
0

6
6
8
4
0
5
5

1
1
1
1
1
1
1

2
2
5
0
7
1
1

1
1
2
1
2
1
1

8
8
1
6
3
7
7

1
1
2
1
3
1
0

75
00
10
00
00
50
SO

0
0
0
0
0
0
0
0
0

5
6
4
3
2
3
5
3
6

1 4
1 0
0 8
0 7
0 8
1 1
0 9
0 9

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

1
1
0
0
0
0
1
0
0

50
75
75
65
22
50
25
85
85

0
0
0
0
0
0
0
0

3
3
4
4
4
5
3
3

0
0
0
1
0
0
0
0
1

9
9
9
0
7
7
7
8
1

1
1
1
1
1
1
1
1

5
5
6
3
3
3
4
7

0
0
1
0
0
0
0
1

85
50
00
35
35
60
70
25

0
0

3
6

0
1

8
2

1
1

4
8

0 60
1 50

0
0
0
0
0

3
7
2
6
3

0
1
0
1

9
4
7
2
8

1
2
1
1
1

5
0
3
8
4

0
1
0
1
1

80
75
60
50
50

Railroad, Canal, and Steamboat Statistics.

381

A D D IT IO N A L C H A R G E S O N M A X IM U M GO O D S.

Resolved, That upon all articles transported on the improvements of the Common­
wealth, upon which a maximum rate of toll is paid, (except coal,) there shall be
charged, in addtion to the said maximum, four mills per 1,000 lbs. per mile on the
Philadelphia and Columbia Railroad, and ten mills per 1,000 lbs. per mile on the
Alleghany Portage Railroad, which additional toll shall be paid at the office issuing
the railroad clearance.
Resolved, That coal shipped at maximum rates shall he subject to only half of the
regular car and wheel toll on the Alleghany Portage, and Philadelphia and Columbia
Railroads, and an additional toll of one and a half mills per 1,000 lbs. on said rail­
roads.
Resolved, That on all coal shipped at less than maximum rates, a drawback shall be
allowed of three-fourths of one mill, per ton of 2,000 lbs., per mile. Provided, that this
drawback shall not be allowed on the Delaware Division unless the Lehigh Navigation
Company make a corresponding reduction from their rates o f toll for 1850.
T O L L O N E M IG R A N T P A S S E N G E R S .

The toll on each emigrant passenger conveyed in a freight line over the canals and
railroads o f the Commonwealth, shall be as follows:—
From Philadelphia to Pittsburg....................................................
From Columbia to Pittsburg..........................................................

$1 50
1 25

The who’ e toll to be paid at Philadelphia and Columbia.
N* toll shall be charged on the car conveying emigrant passengers over the rail­
roads.
TH E PROGRESS OF RAILROADS IN GEORGIA.

A correspondent o f the Merchants' Magazine residing in Georgia, and a native we
believe of that State, not inaptly denominates it “ the Massachusetts of the South."
I f our enterprising capitalists in the “ Bay State ” do not keep an eye to the windward,
the tables will be turned, in at least, so far as railroad progress is concerned. “ Massa­
chusetts” may be designated the “ Georgia of the North.” Massachusetts, at this
time, has some 1,042 miles of railroad completed, and Georgia, some 960 completed or
in progress, (as will be seen by the following table, published in the Macon Journal,)
showing the extent of railroads in operation, etc.:—
1. C e n t r a l r o a d , fr o m S a v a n n a h t o M a c o n , c o m p l e t e d ...................................
2. G e o r g ia r o a d , fr o m A u g u s t a t o A t la n t a , c o m p l e t e d ................................
3. M a c o n a n d W e s t e r n r o a d , fr o m M a c o n t o A t la n t a , c o m p l e t e d ____
4 . W e s t e r n a n d A t la n t a r o a d , fr o m A t la n t a t o C h a tta n o o g a , c o m ­
p l e t e d .............................................................................................................................................
5. S o u t h -W e s t e r n r o a d , fr o m M a c o n t o O g le t h o r p e , n e a r ly c o m p l e t e d
6. M u s c o g e e r o a d , fr o m C o lu m b u s t o F o r t V a l l e y , o n S o u t h -W e s t e r n ,
in p r o g r e s s ...................................................................................................................................
7 . A t la n t a a n d W e s t P o in t r o a d , fr o m A t l a n t a t o W e s t P o in t, in p r o ­
gress
8. M ille d g e v ille r o a d , fr o m G o r d o n t o M ille d g e v ille , in p r o g r e s s ...........
9. E a t o n t o n r o a d , fr o m M ille d g e v ille t o E a t o n t o n , in p r o g r e s s ................
1 0 . W i lk e s r o a d , f r o m D o u b l e W e l ls t o W a s h in g t o n , in p r o g r e s s . . . .
11. A t h e n s B ra n ch , fr o m U n io n P o in t t o A t h e n s , c o m p l e t e ......................
1 2. B u r k r o a d , fr o m 8 0 m ile s ta t io n o n C e n tr a l r o a d t o A u g u s t a , in
p r o g r e s s - ......................................................................................................................................
T o t a l, c o m p l e t e d a n d in p r o g r e s s ...................................................................................

191
171
1 01

m ile s
“
“

140
51

“
“

71

“

85
18
22
18
39

“
“
“
“
“

53

“

960

“

From this, it appears that Georgia has in operation the Central, Georgia, Macon and
Western, and Western and Atlantic roads, and the Athens branch, making an entire
distance of 642 miles. The South-Western, 51 miles, will be in operation in 90 days.
The Atlanta and West Point road, 30 miles— the Muscogee road, 25 miles— the Burke
road, 23 miles, and Milledgeville road, 18 miles, making a total of 147 miles, will be
put in operation the present season. This will make the whole extent of railroad in




382

Railroad , Canal, and Steamboat Statistics.

operation in Georgia, by 1852, 789 miles, leaving 174 miles to be completed. This
will, no doubt, be accomplished in two years, when the system of internal improve­
ments, in the State, will be almost completed.
The roads already in operation are all prosperous, and are realizing from 8 to 16
per cent, clear profits, per aiyjum. Thus is demonstrated the wisdom and importance
of a proper system o f improvements. Georgia, after expending nearly fourteen mil­
lions of dollars, is now twice as rich as when she commenced her noble enterprises.
The American Railroad Journal says, that to the above list should be added the
Rome branch, completed, 17 miles. This will make the length of railroads in Georgia,
now in active operation, 659 miles.

PASSAGES OF TH E ATLANTIC STEA M SH IPS,
F R O M L IV E R P O O L TO N E W Y O R K , F R O M S E P T E M B E R

21, 1850,

TO JA N .

1, 185?.

The Pacific (American) arrived in New York on Saturday evening, 21st September,
1850, after a passage of 10 days 4 f hours. This was the shortest passage ever made
between the two ports.
The Niagara (British) arrived at New York on Friday, the 27th September, after a
passage of 12 days 20 hours.
The Atlantic (American) arrived at New York on Wednesday, 9th of October, at 10
A. M. She left Liverpool on the 25tli September, at noon—passage 13 days and 22
hours.
•
The Europa (British) arrived on the 11th October, at 8 A. M. She left Liverpool on
the 28th September, at 2 P. M.; thus making the passage from port to port in 12 days,
and 18 hours. She anchored, however, outside the Hook, at half-past 9 P. M. on
the 10th.
The Asia (British) arrived on Thursday, October 24, at 11 A. M., after a passage of
10 days and 23 hours.
The Pacific (American) arrived on the 26th October, at half past twelve P. M., after
a passage of 11 days 2^ hours. She left Liverpool at 10 A. M.
The Africa (British) arrived on Friday, the 8th November, at 8 A . M„ after a pas­
sage of 12 days and 20 hours— her first passage.
The Atlantic (American) arrived on Thursday, the 12th November, at 1, P. M., after
a passage of 12 days 22 hours.
The Niagara (British) arrived on the 22d November, at 9 A. M., after a passage of
12 days 21 hours.
The Arctic (American) arrived on Wednesday the 5th December, at 8 P. M., after a
passage of 14 days 8 J hours.
The Asia (British) arrived on Saturday, December 7, at half-past 10, A .M , after a
passage of 13 days 22 hours.
The Africa arrived on .'Saturday evening, 21st December, at 12 P. M., after a passage
o f 14 days 12 hours.
The Baltic arrived at New York on the 1st January, 1850, after a passage of 18
days, from port to port; but she arrived at Provincetown, Massacusetts, on Sunday, to
take in a supply of coal, and thus was detained more than three days.
STEA M SH IPS BUILDING AT TH E PORT OF NEW YORK.

The first regular steamships built in New York were the Lion and the Eagle—launch­
ed in the year 1840, by Jacob BeU, for the Spanish Government. They are now at­
tached to the Spanish navy, and are known as Congress and Regent. The next was
the Kamschatka, built by William H. Brown, in 1841, and sold to the Russian Gov­
ernment ; but the Washington, of the New Yrork and Bremen line, launched by Westervelt <fc Mackay, in January of the year 1847, was the first vessel owned in the
United States in connection with a regular line of ocean steamers. The steamships
United States and Hermann followed in 1848. The former was soon after sold to the
Germanic Confederation. These three vessels were the pioneers of American adven­
ture in this important branch of national industry.




Railroad , Canal, and Steamboat Statistics .

383'

STATISTICS OF L IT T L E MIAMI RAILROAD, OHIO,

This road, which was first opened in 1841, extends from Cincinnati to Springfield,
a distance of eighty-four miles. The capital stock of the company is divided into
20,000 shares, at a par value of $50 per share. The original cost of the road was
$1,262,000.* The following table, compiled from Dinsmore’s American Railroad
Guide, exhibits the principal places through which it passes, with the distances and
rates o f fare:—
Places.
Cincinnati.................
Plainville.................
M ilford.....................
Germany..................
Indian Ripple...........
Lovelands.................
Foster’s......................
Deerfield..................
Morrow.....................

Miles.

Fares.
$0
0
0
0
0
0
0
1

17
23

30
40
45
50
65
80
95
05

Places.
Fort Ancient . .............
Oregon .......................
C orw in.......................
Spring V a lle y ...........
X e n ia f.......................
Galloway’s .................
Yellow Springs.........
Springfield^;...............

Miles.
51
58

84

Fares.
$1 20
1 30
1 50
1 70
1 90
2 10
2 25
2 50

The Cincinnati Times, in an article upon the condition of the Little Miami Railroad,
gives a comparative statement of the business of the Road for the years ending Decem­
ber 1st, 1847, 1848, 1849, and 1850, as follows:—

1847.

1848.

1849.

1850.

Passengers...................
Freight.......................
M ail.............................

$90,843 90
130,295 62
...............

$144,132 01
128,440 97
7,512 50

$154,817 63
158,081 19
8,500 00

$204,589 87
192,607 37
8,500 00

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

$221,139 52

$280,085 78

$321,398 82

$405,697 24

The subjoined statement of the principal articles of freight transported during the
year ending December 1st, 1850, together with a comparison with the three preceding
years, presents the usefulness of the road in a favorable light:—
Articles.
A p p l e s , c l o v e r s e e d , e g g s ............. . .b b ls .
P o r k , b e e f, a n d l a r d ........................
M o la s s e s , o il, a n d v i n e g a r ..............
W h i s k y ..................................................
W h e a t a n d B u c k w h e a t flo u r . . .
S a l t a n d f i s h ........................................
E m p t y b a r r e l s .....................................
M e r c h a n d is e ......................................... ..
I r o n a n d n a i l s .....................................
P o r k a n d b u lk m e a t ........................
P a p e r a n d r a g s ...................................
B u t t e r .......................................................
C a s t in g s ..................................................
H a y ..........................................................
L u m b e r ................................ ...............
H o o p p o le s a n d s t a v e s ...................
S h in g le s ...................................................
M a l t .........................................................
B a r le y a n d o a t s ...................................
C o rn , w h e a t , a n d r y e .....................
L i m e ............................................
C o a l a n d c o k e .....................................
L i v e h o g s ................................................
P o t a t o e s a n d t u r n i n s .....................
T h e L it t le M ia m i R a ilr o a d c o s t
w a s 63.77 c e n ts p e r m ile .

$25,847

1847.

1848.

1849.

9,788
9,582
12,181
14,096
21,796
17,048
7,682
4,578
4,987
44,899
14,009
39,387
151,974
25,458
74,274
5,202
613
3,658
10,988
12,825
15,915
5,461i
9,772
10,733£
1,575
1,296
1,209
2,288
1,277
2,885
4 46i
536
520
512,340
395,623
941,600
481,420
163,471 1,658,157
70,284
115,408
240,000
920,958
702,087
739,774
7,370,362
397,659
217,383
2,125,000 1,123,000 1,120,000
3,872
6,926
4,128
71,839
49,759
42,090
194,917
116,080
83,200
86,190
103,870
192,750
63,351
60,918
83,200
17,435
29,938
18,254

1850.
10,169
19,478
13,452
53,655
67,547
7,387
19,527
18,295
3,009
2,738
684
1,566,000
1,530,000
206,000
1,200,000
361,000
1,550,000
1,502
94,988
212,076
154,600
57,011
24,449
8,872

p e r m ile — ■the c o s t o f r u n n in g t l le r o a d in

1850

* The cost o f the road and equipments, to 1850, am ounted to $2,160,497.
t The Colum bus and Xenia Railroad diverges from this point to Columbus, a distance o f 54 miles.
$ Connects at this point with the Mad R iv e r and Lake Erie Railroad, a distance o f 66 miles, from
Springfield to Patterson.




384

Journal o f Banking , Currency, and Finance.

JOURNAL OF BAN KIN G, CU RREN CY, AND FINANCE.
TH E F R E E BANKS OF T H E STA T E OF NEW YORK.

In another article in the present number of the Merchants Magazine, we have con­
densed, from the statement of the ControUer, the leading features of the incorporated
Banks of the State. The following summary view, relates to the Free Banks, or
banking associations and individual bankers organized under the General Banking Law.
The number organized under the law is as foUows, v iz :—Banking Associations, 71;
Individual Bankers, 65.
The whole amount of circulating notes issued to said associations and individual
bankers, outstanding on the 1st day of December, 1850, was $14,203,115. For the
redemption of which, securities are deposited and held in trust by the ControUer,
amounting in the aggregate to the sum of $14,823,087 46, viz:—
Bonds and mortgages....................................................................................
New York State stock, 4rJ- per ce n t..........................................................
New York State stock, 5 per c e n t ............................................................
New York State stock, 5J per c e n t..........................................................
New York State stock, 6 per ce n t.....................................................
United States stock, 5 per cent..................................................................
United States stock, 6 per cent..................................................................
Illinois State stock, 6 per cent....................................................................
Michigan State stock, 6 per cent...............................
Arkansas State stock, 6 per cent..................
Indiana State Stock, 2-J and 5 per cent....................................................
Alabama State stock, per c e n t ................................
Cash deposits for stocks matured and bonds and mortgages paid.........

$2,320,914
225,450
4,245,690
1,071,400
2,565,679
1,266,262
1,628,218
651,696
220,000
375,000
6,650
34,000
212,106

71
00
92
00
26
34
85
60
00
00
00
00
88

$14,823,087 56
Total amount of securities held December 1, 1849................................. $11,916,806 39
Increase of securities from Dec. 1, 1849, to Dec. 1, 1850..................... '.

$2,906,281 17

Total amount of circulation, December 1, 1850....................................... $14,203,115 00
Total amount of circulation, December 1, 1849.......................................
11,180,675 00
Total increase of circulation from Dec. 1, 1849, to Dec. 1, 1850 ...........

$3,022,440 00

The following new securities were deposited during the year ending December 1,
1850, v iz:—
Bonds and mortgages....................................................................................
$821,341 11
New York State stocks...............................................................................
1,188,009 47
United States stocks............................................. ..................................
1,835,975 34
Illinois State stock, interest bonds on stocks heretofore deposited.........
3,021 16
Cash deposits for stocks matured, bonds and mortgages paid, A c.........
62,773 55
Total securities deposited during the year.......................................

$3,911,120 63

The following securities were withdrawn during the year ending December 1,
1850, viz
Bonds and mortgages...................................................................................
$153,470 88
New York State stock s...............................................................
618,986 58
United States stocks.....................................................................................
174,100 00
Arkansas State stock...................................................................................
49,000 00
Michigan State s to ck ...................................................................................
9,282 00
Total securities withdrawn during the year..................................... $1,004,839 46
The entire number of notes numbered, countersigned, and issued, (including exchanges
for mutilated bills,) by the Free Banking Department, during the year ending Decem­
ber 1, 1850, wa3 1,754,812, amounting to the sum of $5,204,254.




Journal o f Banking, Currency, and Finance.

385

Twenty-three banting associations and individual banters have commenced business
under the General Banting Law during the year, viz:—
Banking Associations.— Bank o f Auburn, City Bank, Oswego, City Bank of Brook­
lyn, Bank of Fishkill, Hollister Bank of Buffalo, Marine Bank, Buffalo, Mercantile
Bank, New York, Ocean Bank, New York, Pacific Bank, New York, Syracuse City
Bank, Bank of TJtica.
Individual Banks.— Adam’s Bank, Adams, Citizens’ Bank, Watertown, Eagle Bank,
Brighton, Farmers’ Bank, Hamilton County, Frontier Bank, Watertown, Freemen’s Bank,
Washington County, Hamilton Exchange Bank, Hamilton, H. T. Miner’s Bank, of Utica,
Phcenix Bank, Bainbridge, Sullivan County Bank, Monticello, Western Bank, Washing­
ton County, Western Bank of Lockport.
The associations have deposited the following securities, viz
Bonds and mortgages................................................................................
1=143,420 00
New York State stock, 5 per c e n t..........................................................
173,796 00
New York State stock, 5 } per cen t........................................................
64,000 00
New York State stock, 6 per c e n t ..........................................................
317,716 00
United States stock, 5j>er cent...........f ...................................... ............
117,500 00
United States stock, 6 per cent................................................................
317,576 30
Total securities deposited by associations.....................................
Circulation issued on the above................................................................
The individual bankers have deposited:—
Bonds and mortgages........................................................ ......... ..............
New York State stock, 5 per c e n t..........................................................
New York State stock, 5^ per c e n t........................................................
Mew York State stock, 6 per cent ...........................................
United States stock, 5 per cent.................................................
United States stock, 6 per cent................................................................

$1,134,008 30
966,468 00
$181,631
159,799
69,000
141,645
76,055
183,592

00
50
00
15
19
55

Total securities deposited by individual bankers. . . . . . . . . . . . . .
$811,723 39
Circulation issued on the above................................................................
8783,180 00
Four individual bankers have given notice of their intention to close their business,
and have returned a portion of their circulation, viz:— Henry Keep’s Bank, Watertown,
Village Bank, Randolph, Cortland County Bank, Commercial Bank, Lockport.
In reporting upon the Banking System of the State, the Controller says:—
“ The currency of the State is in a sound and prosperous condition. Not a single
bank failure has occurred during the past year. The business of banking under the
General Banking Law is rapidly increasing, by the creation of new banks and the
deposit of additional securities, as a basis for circulation, by existing institutions. The
principles embodied in the General Banking Law, as modified by subsequent legislation,
have received the sanction of public approval, and may now be regarded as the basis
upon which our banking system is permanently established.
“ The charters of the Safety Fund Banks are gradually expiring, and there is reason
to conclude that, as their present privileges terminate, the most of them will re-organize,
and continue their operations under the General Banking System, in the manner
authorized by the act of 1849. In making this transition from the old to the new
system, they will be required to deposit specific securities with the Controller for the
entire amount o f their circulation.”
INCORPORATED BANKS IN T H E ST A T E OF NEW YORK.

It appears from the annual report of the New York State Controller, made to the
Legislature, January 7th, 1851, that the present number of chartered banks, (the banks
existing previous to the adoption of the Free Bank System under a general banking
law of the State,) in the State is 73, and one branch; the aggregate amount of their
capital is $27,664,860; the amount of circulation to which they are entitled by law, is
$22,161,370; of which they have in actual circulation and on hand, $20,669,178*
* T w o banks are included in this statement, w hose charters expired January 1 , 1851, v iz .: the New
Y ork State Bank, with a capital o f $369,600, and the Bank o f Newburg, with a capital o f $140,000—
both in admirable condition, and have re-organized under the General Banking Law.

VOL. X X IV .— NO. III.




25

386

Journal o f Banking, Currency and Finance.

The Controller gives a table of the seventy-three incorporated banks and one branch,
/ doing business, winch shows their location, date of incorporation, or renewal of charter,
amount of capital authorized to be invested, amount of notes authorized to have in cir­
culation, when charters will expire, the names of their agents, Ac., Ac., on the 15th o f
December, 1850. From this table we have compiled the following summary view of
the incorporated banks
Expiration
No. of banks.
of charter.*
Two ill.......................
One in ......................... ...............
1852
One in.........................................
1852
Ten in..........................................
1853
Five in ....................... ................
1854
Five in ..................... .
One in .........................................
1855
One in ..........................
Two in ......................
Two in ........................................
1856
Five in ......................... ...............
1857
Two in ........................................
1858
Two in ....................... ................
1859
One in.......................... ...............
1859
Three in.......................
One in..........................
Six in...........................
One in .......................... ..............
1862
Eight i n ...................... ...............
1863
Four in .......................................
1864
One in ........................................
1865
Seven in...................... ...............
1866
Two i n f ..................... ...............................

Capital.
$509,600
100,000
120,000
6,373,200
1,950,000
2.300,000
204,000
150,000
220,000
620,000
2,640,000
200,000
200,000
100,000
350,000
100,000
755,660
600,000
1,972,400
1,200,000
200,000
3,950,000
2,250,000
$27,664,800

Actual cir-

Entitled to
circulation.
$410,000
150,000
500,000
4,645,000
1,575,000
1,610,000
203,970
175,000
310,000
610,000
2,000,000
300,000
300,000
150,000
475,000
150,000
975,000
450,000
1,797,400
1,000,000
200,000
2,775,000
1,400,000
$22,161,370

culaiioii and
on hand.
$407,649
150,000
369,330
4,305,944
1,495,427
1,556,852
203,800
174,578
310,000
609,870
1,737,502
299.933
300,000
149,887
474,999
150,000
974,871
448,928
1,793,877
989,936
199,995
2,361,098
1,204,743
$ 20,669,175

COI.YACE OF GOLD AND SILVER IS THE MISTS OF MEXICO.
The production of these two precious metals in the Mexican Republic has arrived to
a state o f prosperity unknown in former epochs, and this prosperity would be yet more
considerable if the high price of quicksilver were not an obstacle to the extraction of
the silver from the inferior ores taken from the mines.
According to the report presented to Congress by the Minister of Finance in February
of tire last year, it appears, that in the eighteen months from the 1st of January,
1848, to the 30th June, 1849, the total amount of gold and silver coined in the mints,
without including that of Hermosillo, in which none was coined during that period, was
as follows:—
Gold.

Chihuahua..............
Guadalajara............
Guadalupe y Calvo
Guanjuato.............
M exico...................
San Luis Potosi. . .
Zacatecas ...............
Durango.................
Culiacan.................
Total

25,057
317,307

Silver.
$332,208
938,890
1,045,185
10,661,600
2,430,778
2,052,268
7,129,920
1,483,569
929,571

Total.
$332,208
960,542
1,045,185
11,523,080
2,556,698
2,052,268
1,129,920
1,508,626
1,246,818

$1,351,416

$27,033,989

$28,355,405

21,652
861,480
125,920

* The charters expire on or near the 1st o f January, June, and July, in the years designated in th©
column. The most o f them expire on the 1st o f January.
t Tw o incorporations, the Manhattan Com pany, New York, and the N ew Y ork Dry D ock Company
have n o limitation o f charter.




,

,

Journal o f Banking Currency and Finance.

387

Adding, now, to this sum nine or ten millions of dollars for the six or six and a half
millions that, according to certain data, are left uncoined, and that which is exported,
either by permission or fraudulently, the result is, the whole amount extracted during
the period above cited exceeds $38,000,000.

EXPORTS OF GOLD FROM CALIFORNIA IN 1849-50,
The statement published below of the value of gold exported from California, in
each month from April 1st, 1849, to December 31st, 1850, was compiled from official
sources, and originally prepared for the San Francisco Herald. It may, therefore, be
relied upon as accurate as far as it pretends to speak of facts. The estimates are, of
course, matters of opinion, based, however, upon authentic information, derived from
the very best sources.
STATEM ENT NO. I.
T A B U L A R STATEMENT O F G O LD D U ST SHIPPED F R O M SAN FRANCISCO, F R O M APRIL 1 , 1 8 4 9 , TO

3 1 S T DECEMBER, 1 8 5 0 , IN C L U S IV E .-----P A S S E N G E R S AT A N AVERAGE O F $ 5 0 0 EACH.

April 1, 1849 ........ ........................
M ay.................................................
J u n e ................................................
J u ly .................................................
A ugust............................................
Septem ber.....................................
October............................................
November.......................................
December........................................
January 1, 1850.............................
February.........................................
March..............................................
April................................................
M ay.................................................
June.................................................
J u ly .................................................
A ugust............................................
Septem ber.....................................
October............................................
November.......................................
December........................................

Passengers.
75

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

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

253

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

202
248
845

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

503

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

1,017
1,243
1,140
625

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

Gold
By passengers.
137.500
27,000
37,000
17,000
55,000
126,500
140,500
235,000
78,000
257,500
101,000
124,000
172,500
142,000
151,500
270,500
486,500
507,500
621,500
570,000
312,500
4,065,000

dust.
Freight.
$166,638
340,553
345,820
263,164
533,562
575,500
293,891
1.335,779
705,294
1,252,770
658,933
1,138,709
2,220,520
1,651,496
2,829,493
3,336,043
3,538,343
3,232,300
3,799.910
3,749,539
2,800,000

$34,770,306

The above statement, from April 1, 1849, to May 1, 1850, includes only the gold
dust shipped on the steamers of Howland & Aspinwall’s line. From that period, ship­
ments aud passengers by Law’s line and the Empire City line, are included.
S T A TE M E N T N O . I I .

Gold dust shipped to Chili and Peru, by the Chili and California Flour
Company, as per statement from their books, and for which there has
been no manifest entry in the custom-house..............................................
Shipped by one English commercial house, on board Inconstant, Driver,
Daedalus, and merchant vessels, and not reported to the custom-house .
Stamped bullion by one establishment, as per statement...........................
Jewelry manufactured by Jacks & Brothers, (late W. A. W oodruff)........
Shipped on sailing vessels, as per custom-house reports.............................
Total.......................................................................................................

$1,373,000
873,000
1,570,216
51,520
708,306
$4,576,042

STATEM EN T NO. I I I .

To these amounts may be added the following estimates, which are made up from
the best information that can be obtained from well informed persons:—




Journal o f Banking, Currency, and Finance.

388

Gold dust carried overland and coastwise, by miners from Mexico, Chili,
Oregon, <fcc.......................................................................................................
Shipped by merchants, of which there is no manifest en try .......................
Manufactured into jewelry, coin, Ac., other than the above statement___
In the possession of miners, merchants, brokers, and others.......................

7,500,000
5,000,000
500,000
6,000,000

Total........................................................................................................... $19,000,000
R E C A P IT U L A T IO N .

Gold dust shipped by steamers, from April 1, 1849, to December 1, 1849
In steamers from January 1, 1850, to December 81, 1850...........................
Estimated to have been taken by passengers from April 1, to December
81, 1849............................................................................................................
By passengers from January 1, to December 81, 1850.................................
As per statement No. 2 .....................................................................................
As per statement No. 3 ....................................................................................

$4,560,201
30,010,054
754,500
3,817,000
4,576,042
19,000,000

Total.........................................................................................................$62,717,797
In the above estimate, the value of gold dust has been computed at $16
the ounce T roy; to this amount should be added $1 50 per ounce, the
Mint value, s a y ...............................................................................................

$5,869,794

Total, at Mint valuation........................................................................ $68,587,591
It is supposed there are 150,000 persons now in California, engaged in mining for
gold.
COINAGE OF GOLD, SILVER, AND COPPER
AT T H E M IN T O F T H E U N ITE D STA TE S A T P H I L A D E L P H IA IN JA N .,

1851,

A N D D E C .,

1850.

W e published in the Merchants' Magazine for February, 1851, the statement of E0. Dale, Esq., Assistant Treasurer, of the coinage of gold and silver at the United States
Mint in Philadelphia in 1850, and also a separate statement for the month of Decem­
ber. W e are indebted to the same official source, for the subjoined statement for the
month of January, 1851, and for the purpose of comparison we give the coinage in
December, 1850.
Gold.
Double Eagles...
Quarter Eagles..
D ollars...............
Total

189,821 $3,796,420 00
45,000
112,500 00
78,098
78,098 00

January, 1851.
Pieces.
Value.
105,801 $2,116,020 00
101,560
253,900 00
251,046
251,046 00

312,919 $3,987,018 00

458,407 $2,620,966 00

D ecem ber, 1850.
Pieces.
Value.

Silver.
Half D ollars...............................

78,000

39,000 00

Dimes..........................................
Half D im es.................................

66,800
115,000
290,000

$16,700 00
11^500 00
14,500 00

297,500
164,000

29,750 .00
8,200 00

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

471,800

$42,700 00

539,500

$76,950 00

794,847

$7,948 47

701,343
52,794

$7,013 43
263 97

794,847

$7,948 47

754,137

$7,277 40

Coppar.

Total.................................
Whole amount coined.

1,579,566 $4,037,666 47

1,752,044 $2,705,193 40

The total value of gold deposited at the Mint from 1st to 31st January, 1851, inclu­
sive, was $5,000,000, of which $4,940,000 was from California, and $60,000 from other




Journal o f Banking, Currency, and Finance.

389

sources. It will be seen by the above table that there has been a large falling off in
the amount of coinage in January, 1851, as compared with the month of December.
1850. This diminution in quantity is attributed to a suspension of the refining opera­
tions from the 30th of December, 1850, to the 20th of January, 1851. It will be
noticed that the great bulk o f the coinage during the two months was in double eagles,
(820 pieces,) the most inconvenient for the purpose of a circulating medium. It, how­
ever, enables the Mint to increase the value of the coinage, if not the number of coins.*
DEBT AND FINANCES OF ILLINOIS,
The Legislature of Illinois assembles biennially at Springfield, the capital of the
State. The Governor is chosen for four years, and receives a salary of $1,000 per an­
num. The term o f the present Governor, A ugustus C. F rench , expires January 4th,
1853. The Legislature meets on the second Monday in January. The Message of
Governor- French, transmitted to the Legislature of Illinois on the 7 th of January, 1851,
gives the subjoined statement of the debt of the State on the Tth of January, 1851:—
Principal debt funded under act of 1841..............................................
Interest on same to same date...............................................................
Arreared interest funded.........................................................................
Unfunded interest improvement bonds....................
$180,000 00
Other kinds of indebtedness........................ ...........
144,680 00
Interest on last two amounts ..................................
173.261 40
Wiggins loan, principal and interest........................
142,000 00
Liquidation bonds........................................................
150,000 00

$5,590,565 36
1,020,278 18
1,945,485 27

789,941 40
$9,346,270 21
From which deduct:—
Interest paid from mill and a half tax.....................
Surrendered by Macalister and Stebbins.................
Sale of Quincy House.................................................
Purchased for school fund..........................................
From sale of N. C. railroad.........................................
“
Alton and Mount Carmel Railroad.. .
“
Alton and Sangamon Railroad...........
Received by auditors on sale of lands, dtc................
Interest..........................................................................

$273,354
101,379
21,701
45,660
1,800
800
2,000
98,269
17,323

49
98
00
90
00
00
00
27
09
$561,788 73
$8,784,488 48

The canal debt, on the 1st of January, 1851, may be stated as follows, to w it:—
Canal debt, exclusive of the $1,600,000 loan............................... . . .
Balance due on canal loan of $1,600,000...............................................

$7,979,117 68
1,033,000 00
$8,112,117 08

From which deduct:—
Interest paid from mill and half tax.........................
Bonds and scrip redeemed and interest...................

$225,818 51
13,270 14
-----------------

269,088 65

Total.................................................................................................:. .
Aggregate amount of State debt.....................................................

$7,843,028 43
16,627,509 91

The Governor is in favor of the alteration of the newly adopted constitution of the
State, so that the money now required to be raised by taxation, under its fifteenth
article, instead of. being applied virtually by way o f endorsement upon the bonds, as is
* For a statement o f the coinage o f the United States Mint at Philadelphia in 1850, see M erchants’
M agazine for February, 1851, vol. xxiv., page 238 ; and for deposits and coinage o f United States
Mint and branches, from 1824 to 1850, inclusive, sec num ber for January, 1851, vo l xx iv ., pp. 97-98.




,

Journal o f Banicing, Currency and Finance.

390

now provided, shall at once, and as fast as it may be received into the Treasury, b e
taken and used in the purchase of State bonds and indebtedness, at their market value.
The preliminary steps to bring this proposjtion before the people were taken at theprevious session of the Legislature. If endorsed at the present, it will then he sub­
mitted to the popular vote. In relation to the views of the bond-holders on the sub­
ject, the Governor says that they would undoubtedly prefer that the money “ should be
applied to the payment of interest as it accrues upon the bonds ; but, as between the,
two modes here referred to, they uniformly manifest a preference for that contemplated
by the amendment.” As a public measure, he thinks that the amendment will tend
gradually to raise the market price of bonds, and enable the State to relieve herself
more rapidly from the burthen of the public debt.
UNITED STATES TREASURER’ S STATEMENT,
t r e a s u r e r 's

s t a t e m e n t , s h o w in g

t iie

am ount

at

h is

c r e d it

in

t iik

treasu ry

, w it h

A SSIST A N T T R E A S U R E R S A N D D E S IG N A T E D D E P O S IT A R IE S , AND IN T H E M IN T A N D B R A N C H E S ,
BY

RETURN S

BEEN

R E C E IV E D

ISS U E D

BUT

WERE

TO

JANU ARY

THEN

27T H , 1 8 5 1 , T H E AM OUN T F O R W H IC H D R A F T S H A D

U N P A ID , A N D T H E

AM OUN T T H E N R E M A IN IN G SUBJECT

T O

D R A F T ----- S H O W IN G , A L S O , T IIE AM O U N T O F FU TU R E T R A N S F E R S T O A N D F R O M D E P O S IT A R IE S
AS O R D E R E D B Y T H E SE C R E T A R Y O F T H E T R E A S U R Y .

In -what place.
Treasury of U. S., 'Washington, D. 0 . . .
Assistant Treasurer, Boston, Mass.........
Assistant Treasurer, New York, N. Y. .
Assistant Treasurer, Philadelphia, Pa..
Assistant Treasurer, Charleston, S. C.. .
Assistant Treasurer, New Orleans, L a ..
Assistant Treasurer, St. Louis, M o.____
Depositary at Buffalo, N. Y ...................
Depositary at Baltimore, Md..................
Depositary at Richmond, Va..................
Depositary at Norfolk, V a......................
Depositary at W ilmington, N. C.............
Depositary at Savannah, Ga...................
Depositary at Mobile, Alabama.............
Depositary at Nashville, Ten..................
Depositary at Cincinnati, Ohio...............
Depositary at Pittsburgh, P a ................
Depositary at Cincinnati.........................
Depositary at Little Rock, A rk .............
Depositary at Jeffersonville, In d ...........
Depositary at Chicago, 111.....................
Depositary at Detroit, Mich...................
Depositary at Tallahassee, Florida ____
Suspense account.................... $1,536 14
Mint of the U. S.. Philadelphia, Pa........
Branch Mint of U. S., Charlotte, N. C ..
Branch Mint of U. S., Dahlonega, Ga.. .
Branch Mint of U. S., New Orleans, La.

A m ount o n
deposit.

Drafts heretofore
drawn, but not
yet paid, though
payable.

$191,493
1,457,929
3,700,183
173,879
276,168
370,996
321,075
2,536
34,360
15,649
12,653
1,793
52,171
145,823
29,917
58,986
479
3,301
21,714
84,319'
44,414
21,159
8,099

01
77
26
32
73
84
48
51
78
91
25
90
69
33
69
46
55
37
83
24
14
31
43

4,711,150
32,000
26,850
620,000

00
00
OO
OO

$14,144
21,588
290,031
6,279
54,171
236,580
124,381
357
13,853
146
8,372
1,126
8,175
406
12,831
4,179
407

56
49
86
77
64
25
69
35
65
54
67
74
03
76
13
80
22

7.495
13,144
2,553
14,923
834
1,536

26
98
10
75
00
74

A m ount sub­
je ct to draft.

$180,348
1,436,341
3,410,131
167,599
221,997
134,416
196,693
2,179
20,507
15,503
4,280
667
43,996
145,416
17,086
54,806
72
3,301
14,219
71,174
41,861
6,235
7,265

45
28
40
55
09
69
79
16
13
37
58
16
66
57
56
66
33
37
57
26
04
56
43

4,711,150
32,000
26,850
620,000

00
00
00
OO

Total.................................................. $12,422,087 80 $837,522 98 $11,586,101 56
Deduet suspense account............................. ....... .............. ................
1,536 74
Add difference in transfers ................................................................

$11,584,564 82
525,000 ©O’

Net amount subject to draft......... .....................

$12,109,564 82

Transfers ordered to Treasury of the United States, Washington, D. C.
Transfers ordered to Assistant Treasurer, New Orleans, La.................
Transfers ordered to Assistant Treasurer, Boston, Mass. ............




$100,000 OO
525.000 00
100,000 ©0

,

,

Journal o f Banking Currency and Finance

.

391

UNITED STATES TREASURY NOTES OUTSTANDING, FEB. 1, 1851.
T reasu ry

D e p a r t m e n t , R e g is t e r ’s

O f f ic e ,

Feb. 1, 1851.

Amount outstanding of the several issues prior to 22d July, 1846, as
per records of this office.......................................................................
Amount outstanding of the issue of 22d July, 1846, as per records of
this office..................................................................................................
Amount outstanding of the issue of 28 th January, 1847, as per records
o f this office.............................................................................................

$138,461 64
25,200 00
26,300 00
$189,961 64

Deduct canceled notes in the hands of the accounting officers, of the
issues prior to 22 July, 1846................................................................

150 00
$189,811 64

THE INDUSTRIAL EXHIBITION— PRACTICAL BANKING.
We copy from the London Bankers' Magazine for January, 1851, the following announcement, by which it will be seen that J a m e s W i l l i a m G i l b a r t , F. R. S.,* one of the
most accomplished, scientific, and practical bankers in England, offers the liberal pre­
mium of one hundred pounds sterling to the author of the best essay on the subject in­
dicated in the subjoined question:—
W e are authorized to announce that J. W. Gilbart, Esq., F. R. S., will present the
of o n e h u n d r e d p o u n d s to the author of the best essay which shall be written i n
reply to the question:—
“ In what way can any of the articles collected at the Industrial Exhibition of 1851,
be rendered especially serviceable to the interests of Practical Banking ?”
“ These articles may be architectural models, that may suggest improvements in the
bank-house or office— inventions by which light, heat, and ventilation may be secured,
60 as to promote the health and comfort of the bank-clerks— discoveries in the fine
arts, by which the interior of a bank may be decorated, or the bank furniture rendered
more commodious— improvements in writing paper, pens, ink, account books, scales,
letter copying machines, or other instruments used in carrying on the business— im­
provements in printing and engraving, by which banks may get their notes, receipts,
letters of credit, and other documents, of a better kind, at a less expense, or so as to
prevent forgery— new inventions in the construction of locks, cash-boxes, and safes,
which shall render property more secure against fire or thieves— and generally all arti­
cles of every kind which can be so applied as to improve, cheapen, or facilitate any of
the practical operations of banking. The names of the adjudicators, and other partic­
ulars, will be announced in a future number of the Bankers' Magazine'.'

sum

We presume that the adjudicators will not hesitate to award the premium to tlie
best essay, irrespective of the nationally of the writer. Were Mr. Gilbart himself in
the field as a competitor for the prize, there would be but little chance for others.
But as the generous awarder, we presume that is out of the question. Our esteemed
correspondent, A. B. J o h n s o n , Esq., of the Ontario Branch Bank at Utica, should, at
least, enter the lists— not, we are quite sure, for the sake of the hundred pounds, as his
circumstances do not render such a compensation desirable, but for the “ glory and
fame” that would necessarily attach to the successful competitor.
* It will b e recollected b y most o f our readers that w e gave a sketch o f the life, character, and w ri­
tings o f this eminent Bank Manager in the M erchants’ M igazine for July, 1818, (v o l. xix., pages
68-76,) accom panied with a portrait. W e have also published in form er numbers o f our Journal a
series o f lectures from his pen, on the u H istory and Principles o f Ancient Commerce.” His able and
interesting w ork, entitled a “ Practical Treatise on B anking,” the fifth edition o f w hich was p u b ­
lished in London in 1849, b y Longman, Brown, Green & Longmans, is now being republished in suc­
cessive num bers o f the Boston Bankers’ M agazine. Mr. Gilbart has done m ore, probably, to create,
as it were, a Literature o f Banking, than any single writer in Great Britain, and his writings on thal,
and kindred topics, have secured for him, at on ce, a solid and perm anent reputation.




302

,

Journal o f Banking, Currency and Finance

.

BANKING IN MAINE AND INDIANA.
The Indiana Constitutional Convention have adopted a General Law System of
Banking, similar to that of the State of New York, as will be seen by the subjoined
sections. This system of general laws for the creation of monied and other corpora­
tions, which first obtained a foothold in the “ Empire State,” we view as among the wisest
and best reforms that have ever been effected in Commercial legislation. The younger
States show a disposition to follow the example of their elder sister. The Legislature
of Maine passed through the Senate, last year, the New York Free Bank Bill, in sub­
stance ; and we are assured by an esteemed correspondent, whose sources of informa­
tion may be relied upon, that if the session had been one day longer, it would have
passed the House. But for want of time, that branch of the Legislature referred it to
the Bank Commissioners, to report upon at the next session, which convenes at Augusta
on the 2d Wednesday in May— in the meantime, ordering it to be published by all
the newspapers in the State. It will, we are assured, pass at the next session, beyond
a doubt. But for the provisions of the Indiana Constitutional Convention:—
The Legislature shall not have power to authorize any system of banking, except
under a general law, based on the principles of ample security for the redemption of
the bills in specie, to be filed with some State officer, registry of notes; preference of
payment to bill holders, in case of insolvency, and individual liability of stockholders
to an amount equal with their stock.
Provided, however, that the Legislature may have authority to charter a bank and
branches, (without collateral security, as described above,) which branches shall be
mutually responsible for each others circulation, the stockholders of which shall be in­
dividually liable to an equal amount with their stock, and in which the State shall not
be a partner. But this shall not be construed to prohibit the investment of the trust
funds, their safety to be suitably guarantied.
Sections were engrossed providing that bill holders' shall have preference over all
other creditors, in case of insolvency. Also, that stockholders shall be individually
liable to an amount over and above their stock equal to that of their stock. Also, that
no suspension of specie payments shall be recognized.
SCARCITY OF SILVER COIN.
A correspondent of the Journal o f Commerce, alluding to the uneasiness that pre­
vails, in business circles, lest we should be left without a sufficient supply of silver coin,
takes what we consider a common sense view of the subject. He says:—
“ It is clear that the price of silver must be lower than it is in Europe ; otherwise
shippers would not export i t ; it costs, I presume, at least 5 per cent, (say 3 per cent
premium, and 2 per cent charges and profit,) to place it where it is wanted. It seems
curious that the continental powers should insist on their people using for currency,
silver, which is so much dearer in proportion than gold ; and much more inconvenient.
But as they will do so, the silver will go there, until they have the necessary supply.
I look on it in the same light, as if they should compel those who are fond of poul­
try, to eat woodcock or pheasant, instead of barn door fowl. But probably before a
great while, the powers in Europe will find out their mistake ; and then the tide will
run the other way. I f a demand should spring up for flour, we would think it wrong,
if laws should be passed to prevent its export; even if we were afraid the export
would advance the price.
VALUE OF THE REAL ESTATE OF MEXICO.
By a report presented to the Government of Mexico, by the general office of contri­
butions, the last year, it appears that the number of estates in the country is 13,000,
the value of which is estimated at $720,000,000 and the value of city property is es­
timated at $635,000,000. The result is that the whole of the real estate of the Re­
public is reckoned to be worth $1,355,000,000.




Mercantile Miscellanies.

393

M E R C A N TILE M ISCELLANIES.
COMMERCIAL SUPREMACY.
THE

A R V IV A L

OF TH E

F IR S T

A M E R IC A N

REPEAL

VESSEL AT

O F T H E B R IT IS H

LO N D O N

N A V IG A T IO N

FROM

CAN TON , S IN C E

TH E

A CT.

The arrival o f the American ship Oriental, at London, in ninety-eight days from
Canton, is noticed by the London Times with some comments upon the repeal of the
Navigation Laws and the superior speed of American vessels. The Oriental was the
first arrival at London from Canton, since the repeal of the Navigation Laws, and the
Times is o f the opinion that the profits derived from her thus far will be sure to lead
many others in her train.
The change which has taken place of late years in the style of naval architecture by
which the size and capacity of merchant vessels have been greatly increased, is now
undergoing another modification for the purpose of combining superior speed with en­
larged dimensioDs. Commercial competition, in fact, is rendering it all important that
ships bound to distant markets should be fast sailers, even although their capacity
should be reduced by the necessity of conforming to the clipper model. Fast sailers
always command freights, and at higher prices than “ slow coaches”— since to reach a
market first, when there are fluctuations attending the value of cargoes, is an object for
the attainment of which much may be risked, much sacrificed. In reference to the
skill of the American people in constructing fast sailing vessels, the London Times
says:—
“ Everything now conspires to render speed as indispensable to success on sea as on
land. By the aid of steam, we have intelligence within two months from every consi­
derable port in the world, excepting only our own Australian colonies. In the third
week of October we had Californian newspapers to September 1. Notwithstanding the
immense cost o f our postal communications with the West Indies, Central America, and
the Pacific, the Americans are able to anticipate them so f a r that the news brought by
the West India packets is generally out o f date. By the electric telegraph, intelligence
is conveyed almost instantaneously, between Roston and New Orleans, “ beating time”
by half an hour. The completion of the continental railroads will soon shorten the
journey between London and Alexandria ; and there is at length some hope that the
journey between Bombay and the two other presidencies will be measured by hours.
But the quicker the conveyance of intelligence and of travelers, the quicker, too, must
be the conveyance of goods. A t all events, the more certain is the swifter conveyance
to take away all profit from the slower. But at this time when Atlantic steamers mul­
tiplying every year, railroads increasing by a thousand miles per annum in the New
and the Old World, and the electric telegraph, seem to quicken the pace and the pulse
of the world, the discovery of California drives the competition up to fever heat, and
f o r a time threatens to put the United States at the head o f the universal competition.
There is no doubt that it will draw into this new and almost miraculous opening much
of that enterprise which has lately been rewarded with wonderful results nearer home.
W e have several times had to direct attention to the fresh and fresh lines of steamers
on the American rivers and lakes to vast additional lengths of canal, and the endless
ramifications of the railway system ; as also to the new manufactures introduced when­
ever an opening offered. The rapid increase of population in the States, augmented
by an annual immigration of near three hundred thousand from these isles, is a fact
that forces itself on the notice and the interest of the most unobservant and uncurious.
A ll these promise to develop the resources of the States to such an extent as to compel
us to a competition as difficult as it is unavoidable. We must run a race with our gi­
gantic and unshackled rival. We must set our long-practiced skill, our steady industry,
and our dogged determination against his youth, ingenuity and ardor. It is the father
who runs a race with his son. A fell necessity constrains us and we must not be beat.
Let our ship builders and their employers bike warning in time. There will always be
an abundant supply of vessels, good enough and fast enough for short voyages. The




391

Mercantile Miscellanies.

coal trade can take care of itself, for it wiil ever be a refuge for the destitute. But we
want fast vessels for the long voyages, which otherwise will fall into American hands.
It is fortunate that the Navigation Laws have been repealed in time to destroy these
false and unreasonable expectations, which might have lulled the ardor of British com­
petition. We now all start together with a fair field and no favor. The American
captain can call at London, and the British captain can pursue his voyage to New
York. Who can complain ? Not we. We trust that our countrymen will not be
beaten; but if they should be, we shall know that they deserve it.
“ THE PHILOSOPHY OF ADVERTISING.”
It will be remembered that we published in a former number of the Merchants'
Magazine, an essay on the “ Philosophy of Advertising;” the essay which received the
prize of “ a silver cup,” which had been offered by Mr. Palmer, of “ the American
Newspaper Advertising Agency.” W e remarked, at the time, that Mr. Greeley, the
successful competitor, was one of the proprietors of the Tribune, a journal of large cir­
culation, and that Mr. Palmer was the general agent for nearly all the newspapers in
the United States, a circumstance which, we presumed, would not impair the force of
the arguments and illustrations brought forward in support of a liberal system of ad­
vertising. The soundness of Mr. Greeley's views rest entirely on the force of his argu­
ments and the truthfulness of his statements, and not at all on the motives of the
writer, however interested they may have been. Believing, as we then remarked, that
the essay was calculated to promote the interests of our patrons, the Merchants, and
our friends of the newspaper press generally, and further that it related to a purely
commercial topic, we concluded to lay it before our readers for the benefit of all whom
it might concern. As the proprietor of a magazine, depending on its circulation, we
have little or no personal interest in the subject—not so with the newspaper press,
whose chief support is derived from advertising. This remark is especially true, in
regard to the penny newspaper press. The large circulation of the New York Sun, for
instance, is a positive loss to the enterprising proprietors of some ten thousand dollars
per annum. This loss is not only made up, but the large profits accruing to the estab­
lishment in addition, are derived from the advertising revenue.
A late number of the Boston Pathfinder, a spirited, well conducted journal, has an
article on the subject of advertising, which, aside from the laudably interested design
o f the writer, illustrates very clearly and conclusively the benefits of advertising.
After stating the incontrovertible fact, that every Merchant, Trader, Storekeeper, busi­
ness man, etc., who may desire to increase the number of his customers, can effect such
a result at a comparatively small expense, by advertising, and commending the P a th ­
finder as one of the best papers to advertise in that can be found in the New England
States, the editors of that journal go on to illustrate their point in regard to the im­
portance of the system, citing their own example, as proof positive o f their position.
W e quote nearly the whole of the Pathfinder's remarks:—
“ We have fully tested the value of advertising in our own business. Two years
ago the Pathfinder Job Printing Office consisted of a few cases of type and a small
hand-press, the whole not requiring a room more than ten feet square. Only one man
was employed in doing the work, and he had not half enough to keep him busy. At
that time we began to advertise pretty thoroughly in our own paper, and also in other
papers, the fact that we had opened a new Job Printing Office. There has been, ever
eince, a constant increase of our business, and we have been compelled from time to
time to add to our stock of type and other fixtures, and to enlarge our office, until we
now occupy more than five times the amount of room we had two years ago, and have
none to spare at that. Our small hand-press has been exchanged for one of large size,
and a new job press— the fastest and best machine that has ever been invented— has
been added to the establishment, which will turn out more work in one day than we
could have done in a week two years ago. We have also a card press, which enables
us to print cards in a superior manner, and with great rapidity. We keep four or five




Mercantile Miscellanies.

395

hands constantly employed, and sometimes more. They are all experienced workmen.
Ill short, we have one of the best printing establishments for job work in the city, with
just as much business as we can attend to. In no instance have we enlarged our facili­
ties until compelled to do so by a press of work. No extra exertions, aside from
advertising, have been made to secure public patronage, and yet we are almost daily
called upon by entire strangers, or rather by those who know us only through outad vertisements, to do some job of printing. Without advertising we candidly think
our business would not have been more than half as large, and the value of our estab­
lishment at the present time, of course, would have been correspondingly less. There­
fore, we are prepared to say, from our own experience, that advertising pays. It has
doubled our business, enhanced the value of our property, and crowned our efforts
with success. And it will do the same for every man who will try it fairly, judiciously,
and perseveringly. Some people think that because they do not immediately sec the
fruit of the first ten dollars expended in advertising, the money has been thrown away,
and, terrified at the alarming fact, they immediately stop advertising, and renounce all
faith in its efficacy. As well might the farmer despair of raising apples because his
young trees do not bear for several years, while they cost him much labor in trans­
planting and pruning. The advertiser, if he perseveres, is as sure of reaping a bounti­
ful harvest as the farmer.”
ADULTERATIONS OF COFFEE AND PEPPER,
in his discourse on the “ Benefits and Evils of Commerce,”
a large part of which we published in the Merchants’ Magazine for February, 1850,
in describing the evils of trade, alludes to the preperations for markets, home and
foreign, wholasale and retail, to the long list of “ impositions, adulterations and frauds,
under every letter of the alphabet.” Mr. Beecher says, in his unpicked words, or rather
in words picked, because they say just what is meant, that such “ goods are incarnated
lies.” “ We that consume are daily in the consumption of lies— we drink lying coffee—
we eat lying food— we patch lying clothes with cheating thread—we perfume our­
selves with lying essence— we wet our feet in lying boots— catch cold, however, truly
enough— are tormented with adulterated drugs, &c. In publishing this extract, we
stated, in a note on the same page, in illustration of Mr. Beecher’s philipic, that Dr.
Bailey, during the nine months he held the office of Examiner under the Government
of the United States, rejected at the port of New York over fifty-five tons of spurious
or adulterated drugs and medicines. These “ incarnated lies” were of foreign origia
But who that understands the natural properties of such commodities, or whose taste
has not been vitiated by the constant use of impure compounds, is not conscious of
consuming daily, in one form or another, these lies of trade. We have before us two
illustrations in point, and as they occurred some three thousand miles from our vicinity,
we may be permitted to quote them without incurring the imputation of being per­
sonal. A late number of the London Lancet contains a useful paper on the adulter­
ation o f Coffee; in which it appears that a microscopic examination of thirty-four dif­
ferent qualities sold in London, showed, ibat with three exceptions, the whole were
adulterated. Chicary was found to be present in thirty-one, with the frequent addi­
tion of roasted corn, beans, or potatoes, and, in some cases, the quantity of coffee was
not more than a fifth of the whole article.
The other case relates to the adulteration of Pepper. A London cotemporary, of
recent date, says, that at the Court of Inland Revenue, on Wednesday, Thomas Chris­
tie, the proprietor of a tea and grocery establishment in Bishopsgate-street, the Com­
mercial-road East, and White-chappie, London, was charged, on three informations,
with adulterating pepper with rice and other articles, by which he had incurred, for
every such offence, a panalty of £100. The information contained three other counts,
charging him with having such adulterated pepper in his possession, by which he had
incurred a further penalty of £300. It was proved that the proportion of rice was
about one-third. The defendant was fined in the full penalty, on three counts of the
H enky

W ard

B eecher,

information, of £300.




Two other dealers were fined in £100 each, for a similar offence.

896

Mercantile Miscellanies

.

COMMERCE—JUSTICE— GOOD FAITH.
The two closing paragraphs of a speech, by the Hon. W i l l i a m H. S e w a r d , on the
Claims of American Merchants for Indemnity for French Spoliations, delivered in the
Senate of the United States, January 21st, 1850, contain sentiments appropriately and
eloquently expressed, that should find a response in the bosom of every honest and pa­
triotic statesman in the Union. The tribute to Commerce is as just in morality, as it
is comprehensive and beautiful in expression:—
Sir, Commerce is one of the great occupations of this nation. It is the fountain of
its revenues, as it is the chief agent of its advancement in civilization and enlargement
of empire. It is exclusively the care of the federal authorities. It is for the protec­
tion o f Commerce that they pass laws, make treaties, build fortifications, and maintain
navies upon all the seas. But justice and good faith are surer defences than treaties,
fortifications, or naval armaments. Justice and good faith constitute true national hon­
or, which feels a stain more keenly than .a wound. The nation that lives in wealth, and
in the enjoyment of power, and yet under unpaid obligations, lives in dishonor and in
danger. The nation that would be truly great, or even merely safe, must practice an
austere and self-denying morality.
The faith of canonized ancestors, whose fame now belongs to mankind, is pledged to
the payment of these debts. “ Let the merchants send hither well-authenticated evi­
dence of their claims, and proper measures shall be taken for their relief.” This was
the promise o f Washington. The evidence is here. Let us redeem the sacred and
venerable engagement. Through his sagacity and virtue, we have inherited with it
ample and abundant resources, and to them we ourselves have added the newly dis­
covered wealth of Southern plains, and the hidden treasures of the Western coasts.
With the opening of the half century, we are entering upon new and profitable inter­
course with the ancient Oriental States and races, while we are grappling more closely
to us the new States on our own Continent.
Let us signalize an epoch so important in Commerce and politics by justly discharg­
ing ourselves forever from the yet remaining obligations of the first and most sacred of
all our national engagements. While we are growing over all lands, let us be rigor­
ously just to other nations, just to the several States, and just to every class and to
every citizen ; in short, just in all our administrations, and just towards all mankind.
So shall prosperity crown all our enterprises—nor shall any disturbance within, nor
danger from abroad, come nigh unto us, nor alarm us for the safety o f Fireside, or
Fane, or Capitol.
THE CATAWBA WINE OF OHIO.
W e noticed in the windows of Fellows, Van Arsdale <fc Co., Maiden-lane, a beautiful
prize goblet, manufactured by Gale <fe Son, of New York, bearing the following inscrip­
tion:— “ This cup was awarded to Thomas H. Yeatman, by the Cincinnati Agricultural
Society, December 21st, 1850, for the best native Catawba wine offered for the firstclass premiums. Vintage, 1849.” We understand that Mr. Yeatman also received
the first premium for his wine of the previous years vintage. We knew this gentle­
man some twenty-five years ago, when he was a mere youth, and a midshipman in the
navy; since which time he has changed his occupation of plowing the ocean to that of
plowing the land. Judging from a number of notices we have read in the western
papers, Mr. Yeatman’s vineyard is peculiarly situated on the hill-sides of the beautiful
Ohio, or “ la Belle Riviere,” and has the aspect and soil of the favored South-side vine­
yards of France and Germany. His vintage this year yielded upwards of four thou­
sand gallons, or six hundred gallons to the acre, and the quantity will probably in­
crease (as his new vines come to bearing) in a few years to ten thousand gallons per
annum. From this wine, which has the character of dry Hock, the finest sparkling
Champagne is made, which will vie successfully with the most favored brands of Europe.
Mr. Longworth, who is also a resident of Cincinnati, we understand, is now having
prepared about one hundred and fifty thousand bottles. The great preference given
to the native over the imported wine, makes it difficult to supply the demand. By a
publication o f Mr. Buchanan, we observe there was, in the year 1848, “ seven hundred
and forty-three acres of vineyards within a circle of twenty miles around Cincinnati.”
A t the present time, it is estimated there are two thousand acres in the State. These
will, on the average, produce four hundred gallons to the acre, and we shall have of
Ohio wine, in a year or so, a yearly yield of 800,000 gallons; and if it continues at the
present price of $1 per gallon, it will be a large item in the products of Ohio.




The Boole Trade.

39 7

TIIE BOOK TRADE.
1. — The History o f the United States from the adoption o f the Federal Constitution
to the end o f the Sixteenth Congress. By B i c h a r d H i l d r e t h . V oL L , 8 v o , pp. 704.
New York: Harper & Brothers.
I f we consider that the history of the United States can naturally be divided into
two parts, the first colonial and revolutionary, and the second embracing the period
subsequent to the adoption of the Constitution, the place occupied by this volume will
be readily discerned. It is the first volume of the second part, or the fourth of the
entire history by the same author, and comprises the particulars of the Administration,
of Washington. The merits of this work are already well known to the public. It is
one of the best which has appeared on this subject, and is characterized by that sim­
plicity of narration, impartiality of statement, and directness and comprehensiveness
of views which the lapse of time is always certain to attach to the historical details of
every people. The present volume appears to be prepared with a surprising disinter­
estedness of spirit, and from the language used and facts stated it would not be possible to
detect in the author's breast the existence of the slightest inclination to either of the
parties, or men of the early days of the Republic. It is full of facts and they appear
to be almost entirely of that class which form the life and soul of national attairs.
They are presented to the reader, without the embellishments of an ornate style, a
glowing imagination, or a spirited narrative, but calm and cool as the features of the
sculptured marble.
2. — Mallemlle, A Franconian Story. By the author of the Rollo Books. 18mo.,
pp. 219. New York : Harper <fc Brothers.
This is the first of a series of tales which is designed to exert a moral influence on
the hearts and dispositions o f youth, by presenting, for their perusal, entertaining pic­
tures of happy domestic life, and expressing such sentiments and feelings, as it is de­
sirable to manifest before children. It is issued in a very handsome style, with several
embellishments, and will be found to be one of the most successful books of the kind,
which has recently appeared.
8.— The Life and Correspondence o f Robert Southey.
By his Son. 8vo., pp. 519.
New Y ork: Harper <Si Brothers.
This volume comprises the “ Life of Southey,” which has been issued in numbers by
the Messrs. Harper, and which is now completed. No one who is in the least familiar
with the character and writings of this distinguished poet, can fail to be delighted
with it. It is exceedingly full of his correspondence, which is, in truth, the best ex­
ponent o f the man. These letters possess all that excellence of composition, that deli­
cacy of thought, and sprightliness of spirit, so abuudantly manifested by Southey.
The memoir is truthful, candid, often too minute and full of details, but yet agreeable,
and valuable.
4.— The History o f Pendennis: His Fortunes and Misfortunes, his Friends and his
Greatest Enemy. By W i l l i a m M a k e p e a c e T i i a c k e r y . With illustrations on wood
by the author. Yol. 2., 8vo., pp. 372. New Y ork : Harper and Brothers.
This volume completes this entertaining work, which has been published in numbers
by the Messrs. Harper. The author is excelled by few writers in the admirable de­
lineation of character, or in the smoothness and easy flow of his periods, or in the
pleasure and satisfaction which a perusal of his work will afford to his readers.
6.— BoydelFs Illustrations o f Shakspeare. Part 28. New York: S. Spooner.
This part contains two splendid plates. One represents a scene in the “ Two Gen­
tlemen of Verona,” and the other a scene in “ The Comedy of Errors.” W e have so
often alluded to the successful restoration of these ancient and magnificent plates, that
it is unnecessary for us to repeat it. They furnish, unquestionably, the richest and most
beautiful illustrations of Shakspeare which have ever appeared, at the same time that
many of them contain very correct portraits of the most distinguished personages in
England o f that day. The artists by whom these designs were made and engraved,
were the most eminent of their time, and seldom have had superiors. Apart from their
other innumerable attractions, the plates are of inestimable value as a specimen of art
in a former day.




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The B ook Trade.

6. _The Memorial. Edited by M ary E. H ewktt. Imperial octavo, pp. 346. New
York: George P. Putnam.
This beautiful volume consists of the contributions of the friends of the late Mrs. Frances
Osgood. It is printed on superb paper, and contains a fine engraving of Mrs. Osgood, and one
o f each of her children. The contributors are very numerous, and each has furnished
one of his finest pieces. Willis contributes a fragment of a poem, which) is as deli­
cate and airy as the fragrance of a lily; and Griswold furnishes a beautiful biographi­
cal sketch of the departed, which is as perfect, and tasteful, and imaginative as any
that has dropped from his pen. Hawthorne has written a charming tale in his best
style, and Goodrich, Street, Mrs. Sigourney, G. P. R. James, Magoon, Neal, Mrs. Em­
bury, Bayard Taylor, and a host of others have contributed either verse or prose for the
volume. It is edited with much tact as well as taste, and, while it is a most beauti
ful and thrilling memento of friends over the loss of a pure and genial spirit, it is, per­
haps, the best specimen which we possesss o f a certain class of writers, whose compo­
sitions are marked by all-that is polished and delicate, and smooth in language, and
fanciful, and gentle, and happy in thought, with a small inheritance of the powerful,
the strong, the manly in soul.
— Lavehgro; the Scholar, the Gipsy, the Priest. B y G eorge Borrow . 12mo, pp.
650. New York. George P. Putnam.
This work is well worthy of a perusal It will be found full of entertainment and
instruction. The scenes are laid so near to our own day that one almost feels a perso­
nal interest in them. The author of the “ Bible in Spain ” has heretofore had such a
reception from the public as to ensure him a welcome whenever he presents himself.
7.

8. — Nobody's Son ; or the L ife and Adeentures o f Percival Mayberry. Written by
himself. 12mo., pp. 225. Philadelphia: A . Hart
This fatherless and motherless son had quite a trying and boisterous life until he
reached the years of discretion, at which period his lively and graphic story termi­
nates.
9. — Mississippi Scenes; or Sketches o f Southern L ife and Adventure; including
the Legend o f Black Creek. By Joseph B. Cobb. 12mo., pp. 250. Philadelphia:
A. Hart.
These scenes are sketched with much vigor and pleasantness, from events that have
taken place in Mississippi. The characters are drawn from life, and are marked with
strong and distinctive features. The book is written with considerable felicity of style,
and will be found agreeable for the views of life in the South West which it presents.
10. —Letters from Three Continents. By M., the Arkansas Correspondent of the Louis­
ville Journal. 12ino., pp. 350. New York: D. Appleton <fc Co.
These graphic and delightful letters, abounding in good sense, quaintness, originality
of observation and wit, with a delicate tasie, are written from distinguished places in
Europe, Asia Minor, and Egypt, by an Arkansas man. With much purity and beauty
o f style, and elevation of thought, they form the most agreeable book of the kind that
has lately been issued from the press.
11. — Appleton's Mechanic’s Magazine and Engineer's Journal. Vol. 1, No. 1. 8vo.
pp. 64. $3.C0.
This is a new enterprise, which will be carried out with all the talent and excellence
that may be necessary to render it the first magazine of the day in scientific and prac­
tical mechanical knowledge. It is designed to lay before the public all the important
rractical scientific knowledge that may be found throughout the workshops and pubications of Europe, as well as in this country. It abounds in practical illustrations,
and will be of high value in elevating the thoughts and aims of the mechanics, at the
same time that it will inform and instruct the intelligent scientific man. The editor is
Mr. Julius W. Adams. It is issued in very handsome style.

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12.— First Lessons in Composition; in which the Principles o f the A rt arc developed
in connection with the Principles o f Grammar. New Y oik: D. Appleton & Co.
"No subject is found so tedious to the young scholar as English Grammar, but by this
book he is put at once to the construction of sentences on the true principles of Gram­
mar. He is then led on through its pages with so much simplicity that an npprehensi< n of Grammar and correct composition is quickly obtained. It appears to be ad­
mirably prepared for the instruction of youth in our schools.




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399

13.— Consumption o f the Lungs, or decline : the causes, symptoms,
rational treat­
ment,
the means o f prevention. By T. H. Y e o m a n , M. D. 12mo., pp. 103.
Boston : James Munroe & Co.
The prime object of this treatise is to acquaint the public, as a mass, with the true
nature of this insidious and fatal disease. In this respect it is prepared with much
judgment and intelligence. All the leading features of the disease, such as its causes,
its symptoms, its stages, are described with great clearness and simplicity. We should
think the general circulation of this work could not fail of being attended with the
best effect among a large portion of the. community.
14. — Home Ballads : A book fo r New Englanders. In three Parts. By A bby A llin .
12 mo., pp. 238. Boston : James Munroe & Co.
This little volume of ballads is quite entertaining. The pieces are spirited, and
many of them sparkling; the versification is smooth and easy, and often leads the rea­
der along as with a jovial hand. The author has a pen for the tender and sentimental,
which, in some instances, is admirable. The dedicatory piece is quite delicate, and
written in an easy flowing style.
15. — First Lessons in Botany. By T h e o d o r e T h i n k e r . 18mo., pp. 141. New York:
A. S. Barnes.
This little work is worthy of a place in the hands of every child. It treats of a
beautiful science in so simple and attractive a manner that it cannot fail both to instruct
and entertain. It abounds in cuts by way of illustrations, which, together with the
text, render the subject as easy of apprehension as can be desired.
16. — Poems o f Sentiment and Imagination, with Dramatic and Descriptive Pieces.
By F r a n c e s A. and M e t a V. F u l l e r . 8 v o ., pp. 264. New York: A. S. Barnes.
These poems by the “ Sybilline Sisters” are very pleasant and sentimental. A s a
collection it partakes of uniformity both in thought and versification, which diminishes
the force o f their impression upon the reader, and the charm of their sentiment. The
writers are both capable of higher and more beautiful achievements, as some future
year, we trust, will prove.

17. — On the Use and Abuse o f Alcoholic Liquors in Health and Disease. Prize Essay.
By W. B. C a r p e n t e r . 12mo., pp. 261. Boston: Wm. Crosby & H. P. Nichols.
This essay obtained the prize ot one hundred guineas wdiich was offered in England
in 1848, for the best treatise on the general subject of its title. It is now published
by the Massachusetts Temperance Society, with the addition of copious notes and ex­
planations. The author is a medical gentleman of learning, intelligence, and large
observation. It should be extensively circulated and generally read.
18— Celebrated Saloons, by Madame G ay— and Parisian Letters, by Madame G irardin .
Translated from the French. By L. W illard . 18mo., pp. 260. Boston: Wm.
Nichols & H. P. Crosby.
These are very pleasant sketches of social scenes in Paris. They contain the relation
of many striking facts in the lives of some noted individuals, especially of Napoleon,
which are not met with in other writings.
19. — A n Elementary Treatise on Statics. By G asper M onge. Translated from the
French by W. Butler. 12uio, pp. 216. Philadelphia: E. C.
G. Biddle.
The term Statics, as used in this work, means, the science which treats of the equili­
brium of forces applied to solid bodies. The work is strictly a theoretical treatise on
mechanics, and it is prepared with all that clearness, precision, and well-digested ar­
rangement which characterize the French writers on this and kindred subjects. It can­
not fail greatly to aid the student of this branch of Natural Philosophy in the acquisi­
tion of a clear and explicit knowledge of it.
20.— Ether and Chloroform; their employment in Surgery, Dentistry, Midwifery,
Therapeutics, Ac. By J. F. B. F lagg, M. D. 12mo., pp. 189. Philadelphia: Liudeay & Blakiston. New York: John Wiley.
The object of this volume is to present a sketch of the discovery and introduction of
Ether into medical use, and to furnish to the public generally, the results of experience
in its application. It will be found to contain much that is interesting and instructive
on the nature and use of this important agent for the relief of pain in surgical opera­
tions, or in cases of midwifery.




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— “ Napoleon at Waterloo'' Hew York: John Neale, Print Publisher, Carmine-st.
This is a beautiful steel engraving of the large size, and it is quite spirited and
lively. The portrait of Napoleon is a side view, and unusually striking and cor­
rect, if we may judge of the best portraits of that hero. The engraving is very finely
executed by Kayens. The same publisher has recently issued a number of very fin­
ished and beautiful engravings, among which we notice a fine portrait of Jenny Lind,
and another of Anna Bishop. The execution of these is quite creditable, and likewise
that of the steel engravings entitled “ Lord, Have Mercy Upon Us,” and “ We Praise
Thee, O ! God.” The well-known engravings entitled “ The First Prayer in Congress,”
“ Washington Delivering his Inaugural,” “ The Spirit of ’76,” “ The Declaration of In­
dependence,” “ Boston Abbey,” &c., were issued by the same publisher, and were marked
with far more than ordinary merit, and have been received with uncommon favor by
the public.
21.

22. — A School Dictionary o f the Latin Language. By Dr. J. H. K altschmidt. 12mo.,
pp. 477. Philadelphia: Lea & Blanchard.
W e have never before seen a dictionary for young students in the Latin language
which was worthy of a place. It is of a small and very convenient size for use ; it is
printed on clear and handsome type, and presents quite a beautiful appearance ; but
its contents are more important than all its other features. It gives the root of every
word, whether it is a Greek or Latin one, and its definitions are concise, elegant, and
remarkably correct, and adapted to the peculiar shades of meaning which it is often
desirable to express. These are followed by examples which are taken from the text
books in most common use by students, and which are the standard works of the lan­
guage.

2S.— A Simple Method o f Keeping Books, by Double Entry, without the Formula or
Trouble o f the Journal. Adapted to the most extensive Wholesale, or smallest Retail
business. By G eo. N. C omer. Sixth edition, 8vo., pp. 104. Boston: Tappan,
Whittemore & Mason.
This is an admirable work of its class. It is so simple, so clear, and so practical,
that it cannot fail of high appreciation. The author was formerly a clerk in the house
of Baring & Bros., and this treatise has already been republished in London, with a
change of currency. Every teacher and every clerk should obtain a copy of it.
— The Old Red Sandstone: or, New Walks in an Old Field. By H u g h M i l l e r .
Illustrated with numerous engravings. 12mo., pp. 288. Boston: Gould & Lincoln.
This is one of those books which should be held in high estimation. It contains the
latest investigations in a portion of the field of geological science, and is full of inform­
ation and instruction. But that which constitutes its peculiar charm, is the admirable
clearness of its descriptions, the sweetness of its composition, and the purity and grace­
fulness which pervade it.
24.

25. — Shakspeare's Dramatic Works, with Introductory Remarks and Notes. No. 32.
Illustrated. Boston edition: Philips, Sampson & Co.
The present number of this fine edition contains the play o f Cymbeline, with a wellexecuted engraving of “ Imogen,” and maintains the same tasteful and handsome ap­
pearance wjth the previous ones.
26. — The Illustrated Domestic Bible. By the Rev. I ngham Cobbin, M. A. Nos. 14
and 15. New Y o rk : Samuel Hueston.
These numbers bring the work to the end of the book of Jeremiah. The illustra­
tions are some of them meritorious, while others in the present numbers are far-fetched,
and out of good taste. Their typography and general appearance is quite neat.
27. — The Farmer’s Guide to Scientific and Practical Agriculture. By H enry S t e c h e n s ,
F. R. S. E. Edited by J ohn P. N orton. New Y ork : Leonard Scott fit Co.
This is the fourteenth number of this work. It is, in many respects, one of the best
books for the farmer’s use and instruction that is published.
28. — The Dove and the Eagle. A Poem. 12mo., pp. 27. Boston: Ticknor, Reed <fe
Fields.
There is much smoothness and beauty in the versification of this poem, and a vein
of truth pervades its sentiments, which will render it attractive to every reader o f taste.




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