Full text of The Merchants' Magazine and Commercial Review : March 1853, Vol. XXVIII, No. III

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

H U N T’S

MERCHANTS’ MAGAZINE.
E s t a b li s h e d J u l y , 1 8 3 9 ,

BY FREEMAN HUNT, EDITOR AND PROPRIETOR.

VOLUM E X X V I I I .

MARCH,

C O N T E N T S OF NO.

1853.

H UMBER III.

III., V O L . X X V I I I .
#

ARTICLES.
A r t .

p a s s

.

I. RECIPROCITY1 WITH THE BRITISH PROVINCES................................................................ 275
II. THE LONDON BANKS. By G. M. B e l l , Esq., Secretary o f the Bank o f Australia in
L o n d o n .......................................................................................................................................... <288
III. COMMERCE OP THE OTTOMAN EMPIRE—SMYRNA. By J. P. B rown , Esq., o f the
United States Legation at Constantinople..............................................................................
294
IV. THE TRADE AND COMMERCE OF BUFFALO IN 1852.. .............................................. 310
V. NEW JERSEY ZINC AND FRANKLINITE.

By C. D. St u a r t , Esq., o f New York....... 315

VI. MACKENZIE’ S L A W OF PARTNERSHIP IN ENGLAND.................................................. 326

J O U R N A L OF M E R C A N T I L E L A W .
Assignment made by a Debtor under Failing Circumstances............................................................. 329
Merchantable W hisky............................................................................................................................... 333
Indorsers—Notice o f P rotest................................................................................................................... 335
Bottomry Bond— Advance o f Freight—Charter P arty........................................................................ 335
Los9 o f Railroad Ticket by a Passenger.—Fire Insurance................................................................... 33C
Action on a Lent Note Discounted at a Usurious R ate........................................................................ 336
Attaching Creditors—Commission Merchants....................................................................................... 337
Liabilities of Partnership—Brokers......................................................................................................... 337
Salvage Case................................................................................................................................................ 338

C O M M E R C I A L C H R O N I C L E A ND R E V I E W :
E M BRACIN G A FIN AN CIAL AN D CO M M ERCIAL R E V IE W OF T H E UNITED S T A T E S ,E T C ., IL L U S T R A ­
T E D W IT H T A B L E S , E T C ., AS F O L L O W S I

General state of the Money Market—Expansion o f Credit, and Inflation o f Prices—Causes and
probable issue o f the present Commercial Prosperity—Total increase in the Metallic Currency
o f the Country for twenty-eight years, with a Comparison o f the relative annual gain—Evils
most to be apprehended from speculative excitements—Shapes of Danger to be seen in the
Future—Deposits and Coinage at the Philadelphia and New Orleans Mints—Imports o f for­
eign goods for January—Classification of Imports received at New York—Receipts for Cash
Duties, showing an increase in the Imports o f Articles of Luxury—Exports from New York
for January, with a Comparison o f the Shipments o f different Articles o f Produce—New Mint
Bill—Reduction in Weight o f Silver Coin, and Seignorage upon Gold—Multiplication o f new
Banka, etc........................................................................................ ............... .............................. 339-344
VOL. X X V III.-----N O . III.
18




274

CONTENTS

O F N O . I I I ., V O L . X X V I I I .

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

CURRENCY,

A ND F I N A N C E .
PAGK .

Condition o f Boston Insurance Companies......................... ................................................................. 345
Barings Banks in Massachusetts........................................................................................ ................... 346
Statistics of Banking in the State of New Y ork.................................................................................. 348
Condition of the Banks of Massachusetts in 3852................................................................................ 353
Relief Notes of Banks in Pennsylvania................................................................................................ 357
Pennsylvania: her Debt and R esources............................................................................................... 358
Condition o f the Banks o f New Hampshire........................................................................................ 360
Condition o f the Banks o f Ohio.....................................................................................................
360

COMMERCIAL STATISTICS.
361
'362
363
. 364
. 364
365
365
365
366
367
367
367

Commerce o f the Island o f Porto R ico..........................................................
Commerce of Chicago and the Illinois River and Canal....... ...................
Breadstuff’s received at Toledo, Chicago, and St. Louis in 1852..................
Imports, and Duties collected at Louisville in 1852......................................
North Pacific Whale Fishery.............................................................................
Prices of Sperm and Whale Oil and Bone in 1852........................................
Production, Stock, and Price o f Scotch Iron.................................................
The British East India and China Trade.........................................................
Lumber Trade of Albany..................................................................................
Exports of Coal and Receipts o f Wood at Philadelphia............................. .
East India and Pacific Trade o f the United States............... .....................
Sardine Fisheries on the Coast o f Brittany......................................................

NAUTICAL INTELLIGENCE.
368
369
369
369

Notices to Mariners.—South Africa.—Bird Island Lights...............................
Denmark, West Coast o f Slesvig.—Lights on Sylt Island.............................
Bahamas.—Revolving Light on Turks’ Island................................................
Rocks in the East River, New York..................................................................

COMMERCIAL REGULATIONS.
370
372
373

Regulations o f New Orleans Chamber of Commerce.
Tariff1 o f British Colonies on the Pacific....................
Import and Export Duties o f the Two Sicilies.........

J O U R N A L OF M I N I N G A N D M A N U F A C T U R E S .
Manufacturing Towns o f the United States,—No. ii.—Nashua, New Hampshire............................
Vacuum Sugar Pans..................................................................................................................................
The Manufacture of Glass.—No. vii. By D eming J a r v is , Esq., o f Massachusetts........................
The Gold Fields o f Australia......... .......................................................................................................
Manufacture and Consumption o f Champagne...................................................................................
Wrought Iron Manufactured by a new Process...................................................................................
Silver Mining in Spain..............................................................................................................................
American Railroad Iron...........................................................................................................................
New Method o f Preparing Madder................... *.................................................................................
Cannel Coal in Beaver County, Pennsylvania.......................................................................................
Coal received at Port Richmond........................................ *...................................................................

RAILROAD,

CANAL,

AND S T E A M B O A T

373
378
379
380
381
381
381
382
382
382
383

STATISTICS.

Revenue from City Railroads..................................................................................................................
Receipts o f the Harlem Railroad..........................................................................................................
British Railway Traffic from 1843 to 1852, inclusive.............................................................................
The Steamships of the Port o f New York............................................................................................
Statistics of the Erie Canal.....................................................................................................................
Railroads o f Canada................................................. ............................................................................
A cause o f Fire in Ships and Steamere.................................................................................................
Comparative Safety of Railways in Foreign Countries........................................................................

383
384
384
385
386
389
389
390

MERCANTILE MISCELLANIES.
Protection against Fire........................................................................................ .
Street Merchants......................................................................... ...................... .
Credit to whom Credit is Due...............................................................................
Tribunals of Commerce........................................................................................
Advice to Business Men......................................................................................
A Fortune made by an Act o f Kindness..........................................................
The Snail Trade in France..................................................................................
The Merchant and the Statesman.......................................................................
Money enough to Break o n ..................................................................................
Company in France for Salvage on Ships......................................................... .

390
391
392
392
393
393
394
394
394
394

T H E BOOK T R A D E .
Notices o f new books, or new editions,




395-400

HUNT’S

MERCHANTS’ MAGAZINE
AND

COMMERCIAL REVIEW.
MARCH, 1853.

Art. I.— RECIPROCITY WITH THE BRITISH PROVINCES!
R E C IP R O C IT Y W IT H T H E

B R I T I S H P R O V I N C E S — IN T H E X X X I I D

— K R . S E W A R D — R E V O L U T I O N A R Y E F F O R T S T O O B T A IN

C O N G R E SS— M R . H A L E ’ S P R O P O S IT IO N

C A N A D A — P O L I T IC A L

TROU BLES

G R O W IN G

O U T OF O U R R E L A T I O N S T O T H E S E P R O V IN C E S — G R O W T H OF O U R C O M M E R C E W I T H T H E M — C A U S E S
THAT

H AVE

RETARDED

u P R O T E C T IV E ” T A R IF F S

I T — C O M M E R C IA L

P O L IC Y

OF

OUR

T O N N A G E E N T E R IN G T H E U N IT E D S T A T E S F R O M C A N A D A D O U B L E
TU RE

OF O U R T R A D E

F IS H E R M E N A T

GOVERNMENT,

R E C IP O C IT Y — T H E

B A S E D O N L Y ON R E T A L I A T I O N — S T A T I S T I C S O F T H E P R O V I N C IA L T R A D E —

W IT H

TH E

PR O V IN C E S — T H E

G L O U C E S T E R — P O P U L A T IO N OF T H E

THAT

FROM

G R E A T B R IT A I N — NA ­

F I S H E R IE S — R E C I P R O C I T Y

M E E T IN G

OF O U R

P R O V IN C E S — P R O D U C T S — O B J E C T IO N S T O R E ­

C IP R O C I T Y — IN J U R Y T O O U R A G R I C U L T U R E — T O O U R M A N U F A C T U R E S A N D C O M M E R C E — L O S S O F R E V ­
E N U E — C O N S IS T E N C Y R E Q U I R E S U S
ARGUM ENTS

F A V O R IN G

TO

A D V A N C E IN

R E C IP R O C IT Y — D E T A IL E D

TH E

R E C IP R O C A T IN G

S T A T IS T IC S O F T R A D E

SYSTEM — RESU M E

W IT H

OF

T H E P R O V IN C E S .

I t will be remembered by those who have been attentive to the proceed­
ings o f the session o f Congress just closing, that the subject which has been
for some years in discussion, of establishing a reciprocal free trade between
the United States and the British North American Colonies, made its way
so far into their deliberations as to get upon the table o f the House Com­
mittee on Commerce, and that there it unfortunately stuck, the proposition
to bring in a bill to effect so much o f the object as was required through
the legislative action o f our government, being negatived by, we believe, a
tie vote. W e were, and yet are, sorry for this issue. N ot that this action
o f the Committee, with the presumed acquiescence o f either or both houses,
definitely settled any thing in regard to the matter, beyond the credit or dis­
credit which should attach to the particular Congress now expiring, for its course
in the premises. For the question has heretofore met with more serious nega­
tions than this. It will be brought up again, and discussed afresh, and the
result, we think there is very slender reason to doubt, will be, that, ultimately,
and before our approach to any very remote point in the future, our com ­




2Y6

Reciprocity with the British Provinces.

mercial affairs with these colonies will be placed upon the proposed footing.
Another period like that which has elapsed since the change in our relations
as sister-provinces with British America, could scarcely by any possibility be
added to the age o f the unwise restrictions, that, in so considerable a degree
separate regions whose natural interests would connect them so closely to­
gether. That link o f the restrictive system which forms the wall on our
northern frontier, has a paralysis much in advance o f the weakness that is over­
coming the general body, and but a very few years, at the utmost, can in­
tervene, before it will be completely detruncated. W hat we regret is, only
the delay in effecting what should have been long ago accomplished. Every
day’s deferral we regard as something lost. For that reason we would
rather have acknowledged the merit o f the X X X I I d than o f the X X X I H d
Congress; and earnestly hope that the X X X I H d will not compel us to
withhold the award for the X X X IV t h .
That our relations with the British American dependencies, are o f some
importance, no one who has given the matter even a casual consideration
will affect to d e n y ; and we presume nobody will doubt that the legislators
who are about to go home have bestowed their long-continued and very
earnest attention upon subjects o f exceedingly less public concern. W h at­
ever may be the real importance o f the affair o f Cuba, it ought not to
wholly overslough our interest in Canada, and we are not quite displeased
with the motion made by Mr. Hale, to include Canada along with Cuba, in
the benefits o f the re-affirmed “ Munroe principle,” so called, although it
was evidently one o f those incongruous propositions with which the facetious
Senator from Hew Hampshire has so frequently assayed to vindicate a pro­
ject not meeting his approbation. Mr. Seward, indeed, seems to have con­
sidered the proposition as made in earnest, and seriously promised to give
it his support; but the real character o f the motion is clear on observing
the simple fact that the purpose o f the resolutions, with the amendment
embodied, would be to affect our security on one side, by preventing the
possession o f certain territory by the power whom we would have most to
fear from as an enem y; and to conserve our peace on the other side, by prevent­
ing the transfer o f territory, now owned by that nation, to any weaker power.
But with whatever motive proffered, the proposition had at least the merit
o f suggesting a division o f the legislative and public attention among points
in our foreign affairs well deserving consideration, instead o f concentrating
thought in a single direction, to the danger o f imprudent action.
The peace o f 1*783, which established the nationality o f the United States,
practically created, at the same time, a foreign nation whose southern limit was
coterminous with nearly the whole extent o f our northern boundary. Fore­
seeing the danger, which might result from such a disintegration o f the old
colonial territory and interests, and the disadvantages which would surely
follow it, the sagacious statesman who directed our affairs at that day, at­
tempted to unite the whole in one destiny. They did this first, by an ear­
nest invitation to the more northern provinces to make common cause in
the revolutionary effort, not expecting any aid at all commensurate with the
increased burden o f defense on their own part, but deliberately and nobly
intending the enlargement o f their own risk in sincere regard to the interests
o f their neighbors, and with cautious forethought for their own future. This
fraternal proposition the loyal Canadians positively declined. A second ef­
fort was made to accomplish the desired end by conquest, and another as
entire failure was the result. Accordingly, when the provinces disaffected




Reciprocity with the B ritish Provinces.

211

to the mother country became a nation, those well-affected became, practi­
cally, another nation. As thus constituted, this foreign dominion embraced
a vast area o f territory reaching from about the average latitude o f 46° to the
Polar Ocean, and extending, including the wilderness region, across the
whole continent.
The political troubles which had been foreseen from this division were
real, and visited our country with no insignificant force. Our Northern and
North Western Indians were kept in almost perpetual war upon our own
people, through the means o f emissaries from Canada, whence they derived
the means o f making such hostility effective, arms, ammunition, and m on ey;
and there they found protection when they fled from the punishment o f their
deeds. Emissaries from Canada even ventured, in times o f strong party
commotion, among the white population, seeking the subversion o f the Union,
in one ease the enlargement o f British America by the re-annexation o f N ew
England appears to have been seriously undertaken. O f course, the success
o f these secret plenipotentiaries was very inconsiderable in that field. But
the aggregate o f troubles from this source was in such a degree vexatious,
that upon the breaking out o f the second English W ar, our government, as
a first step, projected an invasion o f Canada, and directed its main efforts
during nearly the whole contest, to the conquest o f that region. The design
failed, and British America remained British still— as foreign to us as ever.
Since then, this foreign attitude has been the occasion o f several angry
collisions between our government and that to which upper North America
owes allegiance. The Fisheries have given rise to two or three disputes,
there have been two serious boundary contentions, and another difficulty
has arisen out o f an attempted revolution in Canada, o f which the main
part o f the sympathizers, if not also o f the projectors, hailed from the
United States side of the line. Each o f these disputes critically endangered
the peace o f the two countries— which as regards many concerns o f mankind,
is at this time synonymous with the peace o f the world— and were adjusted
only by long and tedious negotiations, in some o f which the best statesman­
ship o f both countries was put to its utmost stretch, to devise the means o f
avoiding an armed contact. Certainly, after all that we are pleased to say o f the
overtopping influence with which other external territories affect our interests,
more o f the difficulties, the vexations, the real emergencies in the whole
course o f our foreign affairs, have flowed from this British America, than
from any other one, or indeed than have been cast in our way, by all other
sovereign nations, dependencies, islands, or whatever other form o f power or
region in the world. W e do not utter this as the preamble to a Jlibustiering declaration against the possessorship that holds over Canada and her sis­
ter colonies. W e invite none o f the piratical expeditions o f the day to turn
their march toward the north-star. W e do not ask for the enlargement of
the Munroe doctrine, that Great Britain may be driven out o f her old do­
main, and pushed from the continent altogether. Nor, with all respect to
Messrs. Seward and Hale, do we see the policy o f declaring that no foreign
power hut England shall hold those provinces. W e wish simply to present
this view o f political affairs, to illustrate the propriety o f strengthening our
friendly relations with British America, o f harmonizing, and as far as con­
venient, intermingling our interests with theirs. By this means we may se­
cure a stable friend in that quarter, perhaps convert a maker o f trouble into
an efficient mediator, in any case o f future collision with England, and secure,
without giving occasion of- offense to that power, that political gravitation of




278

Reciprocity with the B ritish Provinces.

these dependencies o f hers, which, as John Quincy Adams said o f Cuba,
would cause them, when disjoined by any means from their present unnatural
connection, to fall into the bosom o f the American Union.
The enlarged vision o f our fathers embraced the commercial as well a
the political aspect o f Canada, as the upper provinces generally were called.
But the circumstances o f both parties at that time and long after, rendered
the commercial disadvantages o f the separation less obvious than the polit­
ical, and indeed, as they have been to this day, far less momentous. A t
the peace o f 1783, both regions were very sparsely settled, the United
States having only about 3,000,000, and the provinces but 250,000 inhab­
itants. There was then little field for enterprise in a trade across the fron­
tiers, and apart from the commercial restrictions set up on both sides, an
almost unexplored wilderness lay along nearly the whole route o f the boundary.
As the States and Provinces grew in population, wealth, and energy, and
as the waste gradually filled and the means o f communication bettered, a
Commerce, not indeed at any time proportioned thereto, yet respectable, was
gradually developed. The importance o f this trade would have been vastly
greater,' but for the several unfriendly causes, of— first, the political troubles
which have been so marked and continuous; second, a repulsion between the
governments o f the State? and colonies in consequence o f these difficulties,
and a similar feeling among the p eople; third, the indifference o f our com­
mercial men, until a period quite recent, to the abilities o f other parts of
America, and a too great dependence on European trade; a sort o f unAmerican feeling that was at one time entirely too prevalent, and in some
things extended even to the undervaluing o f our own country ; fourth, the
policy consistently maintained by the British government, o f engrossing to
herself the entire commercial value o f her dependencies. The activity of
these causes has been, o f late years, considerably modified— that is, there
has been political quiet— a more sociable feeling has grown up between the
government and the people of the provinces, and the United States, the
wealth o f the American continent and the advantages of a continental trade
are better recognized, and there has been a considerable abatement of the
tariff obstructions. The consequence has been, that within the latter period
our trade with the provinces has augmented in a remarkable degree, and
offered an earnest o f what it would have been, and o f what it will become,
under improved political and commercial relations.
The general policy o f the United States, notwithstanding the frequent
exceedingly “ protective ” tariffs enacted, which were really based on the
single ground o f retaliation, and could have been passed on no other; the
policy, we say, which has been consistently pursued by our government, has
been that o f reciprocal Commerce wherever other nations were disposed to
meet us on an equal footing and in a fair field. As early as 1815, Congress
passed an act tendering to every nation a free and liberal competition for
the Commerce of their respective countries. A commercial treaty on this
basis, was soon after concluded between Great Britain and the United States ;
the result o f it is well known. The commercial marine o f both countries
has been greatly extended, and both have reason to acknowledge the fore­
sight o f the statesman who prompted these liberal measures.
The growth and importance o f our trade with the provinces, and some o f
the reasons for desiring the extension o f our communication with them, will
be seen in the statistics relating to this trade, which follow in this article.




Reciprocity with the B ritish Provinces.

279

The imports into the United States from the British North American Colo­
nies, embracing the Canadas, New Brunswick, Nova Scotia, Newfoundland,
and Prince Edward’s Island, amounted in 1827 to but $445,118, and the
expoits to those places during the same period to $2,704,614. The imports
for the year ending the 30th June, 1851, amounted to $6,693,112, and the
exports for the same time to $12,014,932— of this sum, $2,093,306 is made
up o f foreign merchandise for Canada alone, this branch o f the trade being
facilitated by the warehouse and drawback system passed by Congress in
1846. The undoubted effect o f this system has been to cause a large por
tion o f the foreign merchandise intended for the provincial markets to pass
through the ports o f the United States, giving to our vessels the freight
from the places o f its production, and to our canals, and railroads, and other
modes o f internal transit, the transportation from our ports to the northern
frontier.
The commercial marine o f these colonies in 1806, embraced 1,265 vessels,
measuring 71,943 tons ; and in 1848, 5,385 vessels, with a tonnage of
427,518. In addition to the tonnage owned by the British North American
Provinces, it is worthy o f remark that, on the first day o f July, 1847, there
were on the registers o f the different ports of the United Kingdom, 1,717
vessels, o f the burden o f 548,327 tons, built in these provinces.
The tonnage entered at the ports o f the United States from the British
North American Provinces, for the year ending the 30th June, 1851, was
1,952,334 tons, while that from Great Britain for the same period amounted
to 1,110,702 tons— only about half the tonnage engaged in the trade with
the colonies.
The Commerce by sea between the United States and the provinces of
Nova Scotia, New Brunswick, Newfoundland, and Prince Edward’s Island,
which has within a few years enlarged, in such a remarkable degree, is car­
ried on almost exclusively in British vessels. But, although their vessels are
not employed therein, our Eastern merchants have found this a profitable
trade, and have encouraged its extension. W ood , coal, and fish are among
the principal articles brought thence into the United States, and for the lat­
ter they have no market but our own. It is in the waters o f these provin­
ces that the'theater o f our own Fisheries, so important, first for their pro­
ductive value, and second as the nursery o f the best seamen in the world,
is located. A nd for this interest, were there no other consideration, we
should earnestly seek an arrangement which should give our fishermen the
unrestricted range o f those waters, add the coast fishery (by far the most
valuable) to that o f the sea, and relieve them from the captures, confisca­
tions, and whole routine o f great and petty annoyances to which they are
now subjected. It is well to add here, as a significant item, that a meeting
was recently convened in the town o f Gloucester, the principal fishing-port
o f the United States, o f the fishermen o f Essex County, at which resolutions
were adopted in favor o f reciprocal free trade with the British Provinces, as
the basis o f an arrangement admitting our vessels to full privileges in their
waters. Hitherto, it must be remembered, that the fishermen have been al­
most entirely protectionists after the strictest sect. The change is auspicious,
and the sentiment promulged by the Gloucester meeting should have great
weight in Congress, and with the executive, as the voice o f a party having
probably a stronger interest in the subject in consideration than any other
class o f our population. W e believe there is not a shadow o f reason to
doubt, that if a fair proposition is made on our part to the British Govern­
ment, the very important concessions intimated can readily be obtained.




280

Reciprocity with the British Provinces.

The trade with Canada is conducted chiefly in American vessels, and be­
sides the carriage o f merchandise, a considerable amount o f our tonnage is
also employed in the transportation o f emigrants thither from Great Britain.
The present population o f these provinces is toward three millions, and
probably rather more than that o f the United States at the commencement
o f the Revolution— Canada East having, by the census o f 1852, 904,782 ;
Canada W est 9 5 0,53 0; Nova Scotia and Cape Breton 276,117. New
Brunswick has about 2 5 0,00 0; Newfoundland about 10 0,00 0; and Prince
Edward’s Island about 70,000. A d d 200,000 for the population o f the
Hudson’s Bay and Northwest territories, and we have a total o f about
2,7 50,00 0; which is rather below than above the actual population.
The agricultural products o f Canada were moderately estimated in 1848
to reach the value o f $25,000,000, and are probably at this time fully o f the
value o f $35,000,000 to $40,000,000. Those of the Atlantic provinces are
so limited, that they have mostly been supplied by Canada and the United
States. From the latter they receive flour, pork, lard, butter, beef, and
cotton, woolen, leather, and other manufactures. A large and prosperous
trade is kept up by these provinces with England and the W est Indies, their
ports being .accessible at all seasons o f the year.
Canada sends to England timber, sawed lumber, stores, wheat, flour,
peltries, ashes, &c. Under our bonded and warehousing system, a large
portion o f this export goes by the way o f our Atlantic ports.
The situation o f Canada, were natural causes allowed their full operation,
would infallibly insure to the United States almost the whole supply o f the
Canadian market, whatever the nature o f their wants, and would send
her people hither as almost the sole outlet o f her products. Beside propin­
quity, and the vastly superior means of communication they have with us,
that great region is, with all its marts, so far back from the ocean, as to
be, by reason o f the climate, absolutely inaccessible to ships for nearly six
months o f the year. A t other times, the voyage by way o f the St. Lawrence
is subjected to such heavy charges for freight, insurance, and other expenses
consequent on its long and hazardous nature, as to seriously incommode the
portion o f the trade that seeks that channel, which embraces the whole ex­
ternal Commerce o f the two provinces, except that which is earned on with,
or makes its way through, the United States. O f course, the Eastern prov­
inces are not liable to this inconvenience.
Our imports from Canada alone, during the year ending the 30th June,
1851, amounted to $4,956,471, composed o f the productions of agriculture,
the forest, &c. It has been estimated that one-third o f the lumber that
reaches our tide-water is from these provinces, and about thirty-five per cent
o f its value there is expended in transportation after crossing the frontier.
Under the operation o f her commercial regulations, and our warehousing
system, Canada divides her imports about equally between the United States
and Great Britain. The free admission o f her agricultural productions, and
the advantages o f our position, must necessarily tend to enlarge our portion
o f the trade, and ultimately center much the larger part o f it in the United
States. Our domestic exports to the provinces, in 1851, amounted to three
millions o f dollars more than the entire importation from them, including
bonded and duty-paying productions, and exclusive o f the large retail trade
in our frontier ports.
Our exports to Canada are made up o f all kinds o f manufactured goods,
tobacco, sperm and other oils, rice, corn, pork, & c .; almost every article o f




Reciprocity with the British Provinces.

281

foreign importation, also, is sent there under the law granting a drawback
o f duties on exports— amounting, for the year ending the 30th June, 1851,
to the Canadas alone, to $7,927,140. Our exports to the provinces are
greater in amount than to any other country, except England and France,
and our imports from the same source are exceeded only by the trade with
England, France, Cuba, and Brazil. It is proper here to remark, that these
comparisons are made with reference to the trade with countries whose rev­
enue police sutlers nothing to escape it, while on our extended frontier a re­
laxed and imperfect revenue system prevails, affording every facility for the
introduction of produce without the payment o f duty.
There are several objections urged to the proposed reciprocity treaty,
which we will briefly notice. The principal o f these is, the fear o f competi­
tion with our agricultural productions in our own markets, without any com­
pensating advantage. W h a t the extent o f the injury would be, we shall
now examine, and in the resume presently to be made, the amount o f com­
pensation will appear. W ith but few exceptions, the produce o f the Cana­
das and our Northern States are o f the same description, and the surplus o f
both is sent to the same market— principally to Great Britain and the W est
India Islands— and are received there subject, in every respect, to the same
charges, consequently any difference in price that may exist in the place o f
production, should be attributed to the greater expense o f getting it to
market, other things being equal. If, therefore, by any terms o f reciprocity,
the produce o f the provinces could avail itself o f the same facilities o f trans­
portation with our own, the result would be, not to reduce the price o f our
productions, but to raise that o f the provinces; and to give to us, moreover,
the advantages o f all the internal transportation, and a fair proportion o f the
freight o f it to the foreign market; thus, without doing injury to either,
both will be largely benefited, and the fear of competition allayed by the
equalization o f prices at home.
W e see no reason to fear, however, even if the effect of admitting the
Canadian products untaxed to our markets, should be unfavorable to our
farmers at the outset, that they would not very soon recover and be able to
maintain their ground. W ith the assimilation in the condition of the two
countries that would rapidly follow the proposed intimacy, all the safeguard
needed would be afforded them. W e have as much land to work upon as
our neighbors, and it is at the least as productive, and as well adapted to
any form o f cultivation as theirs. The facilities for carrying the product of
this land to our markets will be, for equal distances, as good as those possessed
by the Canadian farmer will ever be to the same markets. I f our land is
not so cheap as that o f Canada— o f which we are not informed— it will be
as cheap soon, as the increased profits o f Canadian farming, and the progress
o f emigration— which is so rapidly going on, and which would increase yet
faster under such circumstances— must occasion the rise o f land in Canada.
If rural labor is cheaper there, the required protection would soon be afford­
ed us, by the augmentation in value o f that labor, consequent upon the
growth o f business, the rise o f property, and the introduction o f a superior
style o f living to that which now prevails. For these results we should not
have to wait long. Again, just in proportion, as the products o f Canada
should enter into our home market, would the market for our manufactures
in Canada be enlarged, and— to use a protectionist argument— our manu­
facturing industry would be to that extent increased, and thus the market o f
our own farmer not only kept good, but bettered by the demand for me­




282

Reciprocity with the B ritish Provinces.

chanics and operatives from those already engaged on the soil, or in other
avocations.
Again, it may be objected that the proposed measure would prove injuri­
ous to our manufactures, and would damage also the Commerce o f all our
Atlantic ports, seriously affecting also the national revenue, by (he opportu­
nity given o f bringing foreign merchandise into the United States by way
o f the St. Lawrence and the frontier, free o f duty. This objection is at least
partially answered by the fact before remarked, o f the great length and the
hazard o f the voyage that way, and the heavier costs o f freight, insurance,
<fec. To this, again, must be added the costs o f land transportation in Can­
ada to the frontier, and in the United States from the frontier to the cities
where its chief market would be found. Thus a cargo coming by that route
to New York, would have, from the mouth o f the St. Lawrence, at least
400 miles by water, and 300 miles’ journey by land, before reaching that
place. The reduction o f those imposts upon the movement o f goods called
national tariffs, is now also getting much in fashion— and there is something
going on that looks mightily like a downfall o f the whole system. But
whether it fall entirely or not, there can be little doubt that these taxes will
be considerably lightened, before long, in the United States as well as else­
where. Nothing is more probable than that the total repeal o f duties on
one frontier should be succeeded by the reduction o f them on another, and
on all others; and of course the effect o f that would be to lessen or totally
remove whatever motive before existed to send merchandises from England
to New York or Boston, via Quebec and Montreal, instead o f the direct
route.
But if we are not disposed to be progressionists in respect o f tariff limita­
tion, we have still, at least a partial “ protection ” under the present arrange­
ment o f our own and the British duties. A t this moment our manufactures
o f W oolen and Cotton goods are admitted into the American ports o f Great
Britain, at a duty o f ten to twelve-and-a-half per cent— the same as paid
upon her own manufactures— while we demand twenty to thirty per cent
on the same description o f merchandise when imported into the United
States. This difference o f duty is deemed amply sufficient to prevent the
importation o f these articles into the United States, except through our A t­
lantic ports.
But apart from all this, the objectors forget that time is most emphatical­
ly money in this age o f the world, and is becoming, with the new invention
o f every day accelerating locomotive speed and convenience, o f more and
more market value. It wont do just at the moment when the genius of
Fulton is about paling before that o f Ericsson, and hot-air vessels are to
take the place o f steamships, for our merchants to go back to the old sailing
packets, and direct them to that very sinuous inlet to the harbor o f New
York, opening at Newfoundland. N o doubt some little trade may be
carried on by that route more than is at present, but it cannot reach the ex­
tent some people’s fears lead them to imagine.
But whatever injury may be done to our manufactures from that source,
will fall infinitely below the advantage to them from reciprocity. W e have,
in the provinces, a field respectable enough already, rapidly growing, and
with a capacity o f extension almost indefinite. To refer to a protectionist
argument again, the great population which those countries are to sustain,
will be our best foreign customers from the very favoring circumstance of
their being so near to us. W hen a few more railroads and short canals are




Reciprocity with the B ritish Provinces.

288

completed, in that quarter, it will be quite an easy thing to get to market.
It appears that the American manufactured goods, o f every description, ex­
ported to Canada during the year ending 30th June, 1851, amounted to
$4 ,337 ,2 73 : and to the Eastern provinces, to $914,483. The latter prov­
inces manufacture comparatively nothing.
Another objection urged is, the loss o f the revenue now collected on the
Canadian frontier. To this we answer, that, as the case stands, the inhab­
itants on the frontier in their daily intercourse and exchanges, have little or
no regard to the payment o f duties on produce intended for domestic uses ;
and the revenue tables are made up with reference principally to more valu­
able productions, and in quantities intended for foreign markets, such as
wheat, flour, pot and pearl ashes, <fcc. It may be true that a revenue ap­
pears to be derived from the trade, but these productions are mostly intend­
ed for exportation— and are entered and forwarded under a warehouse bond
— to our sea-ports, to be transported thence to their destined markets; and
it has been estimated that the amount o f revenue actually paid into the
treasury from this source, does not much exceed the expense o f collecting it.
The process of collection is therefore a needless burden upon the government,
and a useless vexation to those engaged in the trade.
But even were the relinquishment o f the frontier collection a loss o f rev­
enue, it would make poor weight against the augmentation o f the general
prosperity effected thereby. And its little moment would be wholly dis­
sipated when we reflect that its relinquishment would be the means of
saving to the pockets o f our own people, by the reduction of British duties
purchased by its sacrifice, many times the amount o f the bagatelle lost to
the treasury; and should its replacement be needed by the government,
our people would cheerfully pay it back out o f the savings made in the
operation.
The United States has been the first to propose terms o f Reciprocity to
the commercial world, and when other nations have at last come to recog­
nize the wisdom o f our policy, and begun to conform their actions to our
views, and to repudiate the false systems so long and obstinately adhered
to by them, it is indeed an inopportune moment for us to deny our
own promulgations, leave others to exercise the guardianship and derive
the benefit o f them, and seize ourselves upon their cast away and worn-out
errors. The British government, which some o f us are disposed to regard,
and which may be in some sense, a sort o f ancient-fogy machine, now comes
forward, and proposes to the Proposer o f Reciprocity, that that liberality,
which at our instance was conceded in regard to foreign Commerce, be ex­
tended also to the coasting trade o f the two countries. Mr. Johannes Bull
certainly has, as he is accused, one eye at least to his own interest, in this
suggestion, and so shall we have to ours, whether we accept or reject i t ;
and thus far Mr. Bull’s self-regard is simply the reflex o f our idea. But he
has taken us upon our own ground— shot at us with our own rifle— and it
will now appear rather weak in us, when the offer is renewed to President
Pierce, as it o f course will be, for our straight-forward executive to answer
the ministry: “ Gentlemen, this ‘ progressive’ nation has determined to
proceed no further in this matter! W e invited you along this road, and
commended the route very warmly to your consideration; but we are our­
selves rather afraid to travel this way, after all, and must stay where we are.
D o you ‘ g o ahead,’ gentlemen, and we’ll stand here and look after you.
The fact is, gentlemen, we have a motto called excelsior, which is the great­




284

Reciprocity with the B ritish Provinces.

est idea among us next to our e pluribus unurn, and excelsior, gentlemen,
requires us to stand still, perfectly still, gentlemen. N o, gentlemen, you
can't have any o f our coast-trade, if you will allow me to ‘ guess.’ N ot a
cent’s worth, gentlemen. W e have a great country, gentlemen, and are the
most progressive people on earth. W e ’ ve got as much as we can do, gen­
tlemen, in reaffirming Monroe doctrines, licking feeble nations and Indians,
swallowing up the continent, electing Presidents, and dividing the spoils.
This is the nineteenth century, gentlemen, and we are the foremost power
o f the earth. N o, gentlemen, you can't have any o f our coast-trade. Sorry
to disappoint you, gentlemen, but it can’t be helped. G ood morning, gentle­
men.”
To sum up the several reasons which make commercial reciprocity with
British North America desirable :—
COMMERCIAL ADVANTAGES.

1. It will enlarge our Internal Trade generally, will furnish several
new articles o f traffic therefor, or contribute an additional supply o f those
in which there is room for an enlarged business; will increase the business
and profits o f all our inland transportation agencies, and stimulate the ex­
tension o f our railroad and canal system ; will build up our towns, and in­
duce the more rapid settlement o f the whole frontier region.
2. It will, in like manner, increase our Coasting Trade, enlarging the
number o f vessels therein employed.
3. It will enlarge our Foreign Trade, both increasing freight for our ships,
and adding to the amount embarked on our own account— diverting a large
portion o f the trade o f the St. Lawrence, and vastly enlarging that already
conducted through our ports. New York will become the great entrepht
o f the provinces, although Boston and Portland will share liberally in this
trade, and all our seaports will feel its influence, more or less, upon their
growth. The increased wealth and general development, the effect o f this
commercial prosperity, will be felt advantageously by all sections o f the
Union.
AGRICULTURAL.

4. The increase in the price o f the agricultural products o f Canada,
which, we think, must occur, would relieve our farmers from the injury at
present felt from the introduction o f these products under existing circum­
stances. They must, at all events, derive a share o f benefit from the in­
creased prosperity o f other classes; and the body o f them will find their
interest materially advanced, in the more rapid growth o f towns throughout
the North, and in the filling up o f the border region, now used only for cul­
tivation or lying wild, by a mechanical and trading population, drawing a
part o f those before farmers into those pursuits.
INDUSTRIAL.

5. It would greatly enlarge the market o f our manufacturers, and do more
service to them than a return to the high tariffs for which some o f them
have been so clamorous. A n d the impetus given to one or more o f our
great interests would favorably affect every species o f industry in the whole
country. “ Y ou cannot fatten your finger ” — the whole body must improve
with it. It would provide more room for the general employment o f our
own people, and the hundred thousands o f emigrants yearly arriving here,




Reciprocity with the B ritish Provinces.

285

in the building o f towns, railroads, &c. To the laboring men it would bring
the further advantage o f a cheapening o f several articles o f large consump­
tion, as wood, coal, fish, &e.
FISHING.

6.
It would be o f the utmost advantage to our fishermen, in affording
them a privilege in the coast fisheries o f British America, and unrestrained
license o f all their seas— and in relieving them from a very annoying sur­
veillance which has been kept over them. These concessions, with the priv­
ilege o f trade, would far more than make up for any loss occasioned by the
free admission o f the provincial fishermen to our markets.
FINANCIAL.

1.
It would relieve our government from the maintenance o f an unpro­
ductive, and therefore useless as well as vexatious portion o f its revenue
system.
POLITICAL.

8. It will be a partial re-union o f the old British colonial empire, enkin­
dling a friendly feeling throughout the provinces, will prevent many political
troubles which might else arise with England, in regard to these provinces,
and facilitate the adjustment o f whatever disputes might so arise. It would
undoubtedly be an initiatory step to a course o f events and circumstances
ending in the re-incorporation o f the provinces into our system, and their
re-attachment to our destiny. But should not that be the issue, still the
population o f the northern frontier would be the best defense that could be
secured against an invasion in time o f war by way o f the St. Lawrence, or
from the Canadas. The enlargement o f our fisheries would give more sail­
ors also for the national defense in case o f war.
.

MORAL.

9. Finally, it would be a step in real progress. It would tend to con­
serve the peace, and, o f course, the happiness o f the world; would induce
ameliorations in such parts o f the British system as are unfavorable to the
prosperity o f other nations, and would lead to other and much greater
strides in the general improvement which all, or nearly all, take it for grant­
ed is in course o f development.
W e conclude this article with some more particular statistics o f the Com­
merce o f the provinces. It is proper to remark here that, although these
statements have been derived from official sources, the imperfect mode o f
arranging them may, in some cases, give somewhat erroneous impressions as
to the actual extent o f the trade in question.
For instance, the amount o f tonnage is no doubt enlarged, in consequence
of the frequency o f the trips o f passenger and other boats between neigh­
boring ports— and it may occasionally happen that produce is shipped, f o r
example, at Chicago to Oswego, through the Canadian canals. In such
cases the Treasury statistics would exhibit an export from the former and
import at the latter place for the same merchandise. The possibility o f these
occurrences must be duly estimated, inasmuch as the competition o f rival
forwarders on our frontier may occasionally control the line o f transportation
o f even foreign merchandise destined for our western trade.




286

Reciprocity with the British Provinces.

Our exports to Canada and the other provinces, for the year ending 30th
June, 1851, may be summarily stated as fo llo w s —
American manufactured goods of every description, except from grain.
Manufactured from grain, such as flour, Indian-meal, rye-meal, and shipbread......................................
Raw products....................................................................................................
Total o f American productions........................................................
Foreign merchandise............................................................................

$5,588,033
1,481,155
2,852,438
$9,920,626
2,093,306

Total amount of exports...................................................... $12,014,932
Imports into the United States from the provinces during the same
period..............................................................................
6,143,122
The value of the principal articles of Canadian produce and manufac­
tures exported during the year 1851, amounted to ................................
10,680,000
Of which there were sent to Great Britain................................................
4,803,396
To the United S tates.....................................................................................
4,956,471
Value of ships built at Quebec during the year, for the British market.
1,281,720
STATEMENT OF MANUFACTURED ARTICLES EXPORTED TO CANADA AND BRITISH NORTH AM ER­
ICAN COLONIES FROM THE UNITED STATES IN

Articles exported.
Spermaceti candles............................................
Wood, manufactures of............; ........................
Tar, pitch, rosin, and turpentine........................
Ashes, pot and pearl............................... ...........
Butter and cheese................................................
Flour......................................................................
Indiau-meal..........................................................
Rye-m eal..............................................................
Ship-bread............................................................
Indigo.....................................................................
Brown sugar..........................................................
Refined sugar........................................................
Chocolate..............................................................
Spirits from gra in ................................................
Spirits from molasses..........................................
Molasses.................................................................
Vinegar..................................................................
Beer, ale, porter, and cider.................................
Linseed oil and spirits of turpentine.................
Household furniture.............................................
Coaches and carriages..........................................
Hats.........................................................................
Saddlery.................................................................
Soap and tallow candles......................................
Snuff and tobacco, manufactured.....................
Leather, boots, and shoes....................................
Cables and cordage..............................................
Gunpowder............................................................
S a lt.........................................................................
Lead............................................... ........................
Iron, manufactures of............................................
Copper and brass, and manufactures o f ............
Drugs, medicinal..................................................
Cotton, manufactures o f ......................................
Flax and hemp, manufactures of........................
Wearing apparel..................................................
Earthen and stone ware.......................................
Combs and buttons..............................................
Brushes...................................................................
Umbrellas............ ................................................
Morocco and leather, not sold by the pound.. .




1851.

Cunada.
$1,810
55,064
4,221
4,550
47,873
191,750
1,351
333
2,803
23,998
5,275
S44
8,718
642
5,574
2,322
1,917
8,152
22,055
7,604
46,559
385
8,966
227,650
109,109
6,200
2,588
60,833
1,260
423,071
6,955
42,110
1,057,340
105
4,846
12,846
1,590
3,317
1,819
103

Britijfli
N. A. Colonies.
$311
44,260
22,222
4.295
49,025
945,337
173,537
115,973
61,874
1,126
4,661
141
6,191
13,628
1,482
2,370
1,115
4,272
17,456
2,155
7,850
300
19,235
214,775
68,021
1,199
247

«. •.
100,625
1,281
12,604
164,686
4,706
12,559

....
883
28

....
93

281

Reciprocity with the B ritish Provinces.
British.

Fire engines............................................................
Printing presses....................................................
Musical instruments.................. ..........................
Books and map3....................................................
Paper and stationery...........................................
Paints and varnish................................................
Glassware..............................................................
Tin, manufactures of.............................................
Pewter and lead, manufactures o f.....................
Marble and stone..................................................
Gold and silver and gold leaf, manufactures o£
Artificial flowers and je w e lr y ...........................
Trunks................................................................
Brick and lime......................................................
Articles not enumerated......................................

Canada.
3,855
3,590
35,898
69,432
30,197
26,211
81,867
3,935
832
31,365
31
1,382
765
5,394
2,043,399

N. A. Coloni
800
2,660
903
10,882
12,359
1,691
7,114
110
414
1,281
608
350
774
7,716
199,328

Total................................................................
Less manufactures of g ra in .......................

$4,750,162
193,434

$2,318,023
1,286,781

Articles exported.

$4,556,728

$1,031,242

Value of domestic exports.. .
Value of foreign merchandise.

$5,835,834
2,093,306

$3,224,553
861,230

T otal.................................
Value o f imports, 1851..

$7,929,140
4,956,471

$4,085,783
2,360,174

The foregoing article was prepared early in the month o f February. Just
as it was completed, the fact transpired that Mr. Everett, immediately upon
taking office, directed his earnest attention to the matter o f Canadian Reci­
procity, in connection with an advantageous adjustment o f the Fishery Ques­
tion, with such arrangements as might at the same time be judiciously ef­
fected on several other points. After extensive and most laborious inquiry,
Mr. Everett, it appears, although hitherto known as one of the ablest advo­
cates o f the protectionist doctrine, has become convinced o f the policy o f an
open trade with the British Provinces. Nothing more than such a disposi­
tion on the part o f our government has been at any time wanting, for some
years, to insure the success o f such an arrangement.
It is reported, and is
probably true, that the projet o f a treaty was sent over by the Baltic in the
early part of the last month. The late envoy to England, it appears, also,
has been at Washington, making a vigorous effort in favor o f reciprocity,
which, taken jointly with the above report, would indicate that the incipient
steps in the proposed treaty were taken by Mr. Lawrence before leaving
England, and one of the purposes o f his return may have been to use his
influence with his friend, Mr. Webster, and with the President, to effect its
completion so far as the action o f the United States Government is con­
cerned, being certain o f the sentiments o f that o f England in regard to any
l'beral plan of intercourse. W e hail these efforts o f men so long known as
leading protectionists, but who are keen enough to perceive irresistible ten­
dencies in the course of events, and too practical in their ideas to waste
their efforts in a useless contest for policies condemned by the enlightened
opinion o f the age, as among the most significant incidents o f the times.
They denote material changes in political affairs— the rapid approach o f the
dissolution o f the organized support o f exclusiveness, or Chin-ism, as it
might be called, its confinement to a few individuals and groups, unable to
keep pace with the progress o f the multitude, to comprehend the power that




288

The London Banks.

draws the world ahead, or understand the utility o f a journey in that direc­
tion over a march backward. Even these will soon find the trouble o f nour­
ishing an obsolete idea entirely disproportioned to the return, at a time when
utilitarianism is so much a necessity as well as fashion o f study. It is worthy
o f remark here, that even the Tribune, the most radical o f the protective
journals in the United States, in an article on the Canadian question, depre­
cating the course o f Mr. Everett, admits that the freedom o f trade between
Canada and ourselves would actually benefit our manufacturers, and declares
it has no objection whatever to real reciprocity. Indeed, it declares its wil­
lingness, by-and-by, to “ proffer general Free Trade.”

Art. II.— T H E L O N D O N B A N K S .
B anking in England was preceded by a system o f money changing.
This was carried on by the goldsmiths.
But Edward III., and several o f
his successors, “ to prevent private extortion as well as for their own advan­
tage,” took to themselves the title o f R oya l Exchangers. They also ap­
pointed deputies in London and other towns to be the only exchangers o f
money. Their system o f business was, when they gave silver coins for a
parcel o f gold nobles, they gave one silver penny less for each noble than
its current value, and when they gave gold nobles for silver coins they took
one penny more, or six shillings and ninepence, for each noble, by which in
every transaction they made a profit o f 1 } per cent. They had, also, the
exclusive privilege o f giving the current coins of the kingdom in exchange
for foreign coins, to accommodate foreign merchants, and o f purchasing
light money for the use o f the mint. This system was continued until the
middle o f the reign o f Henry V III., when it fell into disuse, but was re-es­
tablished in 1627, by proclamation o f Charles I. In consequence o f the great
public dissatisfaction with that proceeding, the king in the following year
authorized the publication o f a pamphlet, called “ Cabium Regis, or the
Office o f H is M ajesty's Exchequer R oya l," in which it was attempted to
justify the exclusive right o f the king to hold and exercise the office o f Royal
Exchanger. The Goldsmiths’ Company o f London, the Lord Mayor, Court
o f Aldermen, and Common Council, petitioned against the revival o f the
office, but the king refused to listen to their reasonings, and held the office
until his death. After this event, it was not continued, and the system o f
money changing fell into the hands o f the goldsmiths.
A system o f money lending upon interest had long been carried on by
the Jews, who arrived in England about the time o f the conquest, and were
soon noted for their wealth and usury.
Their extreme rapacity led to the
most cruel proceedings against them, and finally to their expulsion from
England in 1290. They were again admitted in the time o f Oliver Crom­
well.
Previous to the expulsion o f the Jews, the Lombards, or Italian merchants
from the republics o f Genoa, Lucca, Florence, and Venice, had settled in
London, and were also engaged in the trade o f money lending. They soon
became noted for their usury as much as the Jews.
They dealt largely in
money and mercantile transactions. In an ordinance issued in 1295, they




The London Banks.

289

are styled mercatores and campsores.
The English monarchs frequently
borrowed money from the Lombards as well as from private individuals and
public bodies. The Steel Yard Company was one o f the oldest and wealth­
iest o f these bodies, and acted somewhat in the capacity o f bankers to our
kings, and advanced them money whenever it was required upon any emer­
gency.
That part o f the business o f bankers which consists in borrowing money
with the view of lending it again at a higher interest was not adopted until
1645. The goldsmiths who were previously only money changers now be­
came money lenders also.
They also borrowed money and gave interest
upon the money borrowed. They became agents for receiving rents, and
lent money to the king on security o f the taxes.
The merchants found it for their convenience as well as security to deposit
money in their hands.
But in 1676 a great calamity befell the bankers.
K ing Charles II. shut up the Exchequer, and refused to pay either the in­
terest or the principal o f the money he had borrowed.
The amount then owing by him was £1,328,526, which he had borrowed
at 8 per cent interest, and which he never repaid.
This was a severe blow
to the bankers, and all who had money in their hands.
Ultimately, to ap­
pease the public clamor, the king granted a patent to pay 6 per cent out o f
his hereditary excise ; yet it was not till about forty years afterwards that
the Parliament made arrangements by which the debt was discharged.
In 1076 a pamphlet came out entitled, “ The M ystery o f the JVewfashioned Bankers, or Goldsmiths Discovered,” giving an account o f their man­
ner o f transacting business. In his new “ Discourse o f T ra d e" these “ newfashioned bankers” were attacked by Sir J osiah C hild , who entertained
little respect for the “ trade o f hankering,” which (he imagined) had the ef­
fect o f obstructing the circulation, advancing usury, and draining the little
money from all parts o f the kingdom.
But the business o f banking re­
mained entirely in the hands o f the Goldsmith-bankers, until the establish­
ment o f the Bank o f England in 1694. The formation o f that institution
at once placed the entire business of banking upon a new and better regu­
lated footing.
The celebrity o f being the oldest private banking-house in London is usu­
ally considered to belong to the house of Mr. F rancis C hild . The books o f
Child’s house go back to the year 1620, and refer to prior docum ents; those
of H oare ’ s to 1680 ; those o f S now ’ s to 1685.— (“ Brands' H istory o f the
Bank o f E n g la n d ") There were, besides these, many other private bank­
ing-houses, or Goldsmith bankers, in London at the period of the establish­
ment of the Bank o f England. In 1705, they obtained by the act o f 3 and
4 Anne, ch. 9, greater facilities for the negotiation o f promissory notes, and
about the year 1775 and establishment known as the “ Charing H ouse,"
was erected by the bankers who lived in the city for the purpose o f more
readily effecting exchanges with each other.
The London banks have long ceased to be banks o f circulation. They
are now simply banks of deposit, banks o f discount, and banks o f agency
for country bankers.
W ith the exception o f the oldest houses already mentioned, the majority
of the London banks are o f a comparatively recent d a te; their numbers
having been greatly diminished during the last forty years. In 1810, the
number of banking-houses who settled their accounts with each other at the
“ Clearing House ” was forty-six; the number now is considerably less. It
VOL.

x x v i i i .—

n o . III.




19

290

The London Banks.

is only within the last few years, and in consequence o f the passing of the
act 7 and 8 Viet.., c. 32, § 21, on the renewal o f the bank charter in 1844,
that any correct idea o f the number o f banks, and the names o f the part­
ners o f which they were composed, could be obtained. This was the first
act under which any o f the banking companies in London were required to
make returns to government o f the number and names o f their partners.
These returns are required to be made on the first day o f January in
each year, or in fifteen days thereafter, to the Commissioner o f Stamps and
Taxes, and are afterwards published in the London Gazette.
From a clever analysis by Mr. Gilbart, o f the London and Westminster
Bank, of the returns made by the Commissioners o f the London banks on
first o f January, 1845, after the act came into operation, we derive the fol­
lowing particulars as to the condition o f these establishments, which may be
considered to exhibit, with immaterial alterations, their condition at the pre­
sent tim e:—
1. There were twenty-six firms who attended the clearing-house, com­
prising altogether one hundred and twelve partners, having among
them seventy different names.
These partners were all described simply as bankers, with two exceptions,
one being designated a “ merchant,” and the other a “ hanker and brewer."
None o f these firms carry on business at any great distance from the clear­
ing-house, which forms part o f the old post-office in Lombard-street.
2. There were twenty-one firms carrying on business east o f Temple Bar,
who were not members o f the clearing-house. These comprised fiftyfour partners with thirty-six different names.
These partners were all described as bankers with the exception o f four
firms, in one o f which they were designated as “ agents to cattle salesmen,
and wholesale dealers in foreign wine and spirits ” — another as “ bankers,
etc.” — another as “ Irish merchants and agents ” — and a fourth as “ cornfactors.”
3. There were thirteen banking firms, comprising fifty-one partners with
twenty-nine names. One o f these firms is described in the returns as
“ navy agents and bankers ” — another as “ bankers and army agents ”
— and a third as “ bankers and tea-dealers.”
The total number o f London private bankers, therefore, will be, according
to the analysis above referred to, as follows :—
26 clearing firms, having ......................................
21 firms east of Temple Bar, who do not clear.
13 firms west of Temple Bar, who do not clear.
Total 60 firms....................................................................

112 partners, with 70 names.
54
“
36 “
61
“
29
“
217 partners.

135 names.

The Bank o f England was the first Joint-Stock Bank established in Lon­
don. It was the first public bank, or bank that seemed to stand out to
view as deserving o f national support. It may be said to have grown out
o f the necessities o f the State. “ It was necessary,” says Mr. Francis, in his
History o f the Bank o f England, “ for the sake o f a secure paper currency.
It was required for the support o f the national credit. It was desirable as
a method o f reducing the rate o f interest paid by the State— a rate so high
that, according to A nderson, men were induced to take their money out of
trade for the sake o f securing it, an operation ‘ big with mischief.’ ” The
hank was first projected by Dr. H uqh C hamberlain , but the plan actually




291

The London Banks.

adopted was that o f a Scotchman named W i l l i a m P a t e r s o n , who was
one o f the first directors. It was established by act o f Parliament on the
27th o f July, 1694.
The original capital was £1,'200,000, which was
raised by voluntary subscription, and lent to government at 8 per cent in­
terest. The progress o f the bank has been one o f steady improvement un­
der very diversified circumstances, and on many important occasions it has
rendered good service both to the government and the trade o f the country.
This it has been enabled to do partly in consequence o f its being the Bank
o f the State, and partly from its enjoying, among other privileges, a m onop­
oly o f the issue of notes in London and its vicinity. Its notes are now a le­
gal tender throughout the country, which is not the case with those o f any
other bank. The capital o f the Bank o f England has been gradually in­
creased by successive additions at different periods. The present amount is
£14,686,800, which is lent to government at 3 per cent, with the exception
o f one-fourth part, which was paid off on the renewal o f the charter in 1834.
The condition o f the Bank o f England, including its branches, was, on the
31st o f July last, according to the statement o f the “ Gazette,” as follows :—
AN ACCOUNT PURSUANT TO THE ACT 7 AND 8 VICT., CAP. 3 2 , FOR THE W EE K ENDINQ ON
SATURDAY, JULY 3 1 S T , 1 8 5 2 .
ISSUE DEPARTMENT.

Notes issued.......................

£36,329,155 Government debt...............
Other securities.................
Gold coin and bullion . . . .
Silver bullion................... .

£11,015,100
2,984,900
21,295,780
33,375

£35,329,155

£35,329,155

BANKING DEPARTMENT.

Proprietors’ capital...........
B e s t ....................................
Public deposits, including
Exchequer, savings banks,
Commissioners of Nation­
al Debt, and dividend ac­
counts.................................
Other deposits....................
Seven day and other bills.

£14,553,000 Government securities, in­
3,199,124
cluding dead weight an­
nuity.................................
Other securities.................
Notes....................................
3,195,152
14,506,774
1,366,978
£36,821,028

Dated 5th August, 1852.

£13,790,720
10,799,655
11,849,700
380,953

£36,821,028
M. MARSHALL, Chief Cashier.

The Bank o f England, as a national establishment, o f which the transac­
tions range over the whole world, has a history o f its own, in elucidation o f
which two very readable volumes, written by Mr. J ohn F r a n c is , one o f its
own officers, have been for some time before the public. It is only necessary
to add, that the Bank o f England manages all the monetary transactions o f
the government and the national debt.
In 1708, a clause was introduced into the charter o f the Bank o f Eng­
land, prohibiting the establishment o f any bank with more than six part­
ners, beyond the distance o f sixty-five miles from London. Much opposi­
tion was raised to this measure by the Bank o f England, but to no purpose.
The time had come when the Commerce o f the country demanded greater
banking facilities, and banks founded upon more secure principles than was
supposed to be the case with the private banks, hundreds o f which had been
swept away in the commercial panic o f the preceding year. To the Bank




y

292

The London Banks.

o f England herself was now also accorded the privilege which she was not
slow to exercise— o f establishing branch banks in different parts o f the
country.
The act o f 1826 was considerably modified and improved by the bank
charter a<ft o f 1833. This latter act permitted the establishment o f JointStock Banks in London under certain limitations. They had been found o f
such eminent advantage in many o f the provincial towns that the boon could
no longer, with any show o f reason, be withheld from the metropolis. The
first Joint-Stock Bank established in London under this act was the London
and Westminster Bank, founded in 1834. The success o f these banks in
the provinces, and especially o f similar banks long previously in operation
in Scotland and Ireland, was considered a sufficient guaranty for the success
o f banks upon the same principle in London. This anticipation has been
most amply realized. A nd it may be important here to inquire what are
the particular advantages presented by Joint-Stock Banks, as distinguished
from private banks ? This question will probably be best answered by a
brief extract from “ The Philosophy o f Joint-Stock Banking.”
“ A private bank is merely a contract among a few individuals for carry­
ing on a trade in money and bills, and the responsibility o f the parties, who
are limited to six in number, is the only security. A public bank is com­
posed o f an unlimited number o f partners, and is regulated by certain laws
enacted by government, which establish the rules by which it is to conduct
its business. The name Joint-Stock Bank, associates with it the idea o f a
large proprietary, who contribute capital adequate to the wants o f the dis­
trict in which the bank is located; who severally bring all their influence
and business to its support, and are individually responsible to the whole
extent o f their fortunes for the debts and liabilities o f the establishment.
This idea is fully evolved by the act 7 George IV ., cap. 46, authorizing the
formation o f Joint-Stock Banks in England, and no establishment could pos­
sibly be constituted on principles better adapted to secure safety to the pub­
lic, and advantage to a district.
This observation applies to the theory o f
the system. Its practical and safe working must depend upon the ability
and integrity o f its managers.
The broad basis upon which the independ­
ence o f a Joint-Stock Bank rests, is its large capital and its numerous pro­
prietary.”
The London and Westminster Bank, which was the first Joint-Stock Bank
established in London, commenced with a nominal capital o f £5,000,000,
divided into 50,000 shares o f £ 1 0 0 each, to be called up as occasion may
require. It met with the most strenuous opposition from the Bank o f Eng­
land, but its first annual report and statement o f affairs was o f a very favor­
able character, showing that it was based upon the soundest principles, and
had obtained, as it deserved, the confidence o f the public. The directors
o f this bank were fortunate in securing the services o f a manager o f great
talent and ability. Its progress has been eminently successful, and it still
holds its place as the first Joint-Stock Bank in London. It has now a paidup capital o f £1,000,000, with branches in Westminster and different parts
o f the metropolis.
The great success o f the London and Westminster Bank speedily led to
the formation o f other Joint-Stock Banks upon the same principles. The
next was—•
The London Joint-Stock Bank. This was formed in 1836, and com­
menced business on the 21st o f November in that year. The capital was




293

The London Banks.

fixed at £3,000,000, divided into 60,000 shares o f £ 5 0 each. This bank
has also been eminently successful.
The manager, Mr. P ollard , was
formerly chief clerk in the private bank o f Messrs. Williams, Deacon & Co.
The continued success o f the two new Joint-Stock Banks led to the for­
mation o f a third in 1839.
This was entitled “ The Union B ank o f Lon­
don." It was formed chiefly by gentlemen who were by birth or otherwise
connected with Scotland.
The capital was fixed at £3,000,000, in 60,000
shares o f £ 5 0 each.
Previous to its opening the directors engaged as general manager Mr.
W illiam W ilson S crimgeour, one o f the principal officers in the Discount
Department o f the Bank o f England.
This bank was soon after followed by the formation o f the Commercial
B an k o f London, under the management o f Mr. S parks , who had been a
private banker at Exeter.
Its shares were £ 1 ,000 each.
A t the first an­
nual meeting on the 30th June, 1841, the paid-up capital was £8 0,00 0. It
has gone on gradually increasing its capital and improving its position. The
present manager is Mr. A lfred R. C utbill, formerly sub-manager o f the
London and County Bank.
Then came the Surrey, K ent, and Sussex B ank, now called The London
and County Bank. The business o f this bank is almost entirely confined
to the country. It has forty-five branches— all in the country. The sub­
scribed capital is £500,000, in shares o f £ 5 0 each, with £ 2 0 paid up. The
head establishment is in Lombard-street. The last Joint Stock Bank formed
in London was the Royal British Bank. This bank was started for the pur­
pose o f transacting business upon what is called the Scotch System ; that
is, allowing a fixed rate o f interest upon sums deposited for a specified term,
and making advances upon “ cash credits,” and other securities ; as well as
acting upon other novelties not before known in English banking. The nom­
inal or subscribed capital of this bank is £1 00,000, one-half o f which was
paid up, as required by the charter, before commencing business.
Though
formed only in 1849, its progress is represented to have been highly satis­
factory.
The following appears to be the condition o f the London Joint-Stock
Banks, as exhibited by their statements up to the 30th June, 1852 ;—
London and Westminster Bank .
London Joint-Stock B a n k ...........
Union Bank o f Lon don ...............
Commercial Bank o f London.. . .
Royal British Bank.......................

Paid up capital.

Guaranty fund.

£ 1,000,000

£116,694 0 4
143,455 9 3
60,000 0 0
28,998 16 8
4,656 19 10

600,000
422.000
200.000
60,000
£2,272,000

£343,805

6

1

London and County Bank— operations confined to the country.
The great and uniform success o f these banks would probably have led
to their rapid extension in London and in some o f the provincial towns
where there is a want o f banking facilities, were it not for the restrictions
imposed by Sir R obert P eel’ s act o f 1844. In despite, however, o f these
restrictions, which are o f course open to legislative revision, there is every
reason to anticipate, should the present abundance o f money continue, that
a principle o f banking so sound and secure, and presenting such a profitable
source o f investment at home, must gradually become more widely diffused
and more deeply rooted in the metropolis.
g. m. b.




294

Commerce o f the Ottoman Em pire.

Art. III.— COMMERCE OF THE OTTOMAN EMPIRE.
SM YRNA.
I n our preceding numbers we have presented the readers o f the M er­
chants' Magazine and Commercial Review with some notes, which we trust
are not void o f interest, on the trade of the southern ports of the Black
Sea, and o f the Danube. After Constantinople, Smyrna is the second most
important commercial port in Turkey, and we are enabled to offer some sta­
tistics o f the trade o f that place for the past year o f 1851. Just as Trebizond is the seaport of all that portion of Turkey which borders on the
Black Sea, and of Georgia, Circassia, and a great part o f Persia, so Smyrna
supplies a large portion o f Asia Minor with the foreign commodities con­
sumed by its inhabitants. It is also the depot o f their productions, and no
one can cast his eye over the following statistics without being interested in
the trade o f that part o f Asia Minor which was once the garden o f the
world. The whole value o f the imports into Smyrna, so far as our corre­
spondent has been able to procure their statistics, is 128,368,070 piasters
o f the Greek sequin, or about $5,138,723; and the exports, 162,896,720
piasters, or $6,515,870, or $1,377,147 greater than the former. This, our
correspondent adds, is the reason why so many bills o f exchange are sent
up to Constantinople from Smyrna, against foreign merchants.
The cotton goods demanded for sale among the inhabitants o f Asia Minor
are o f a very cheap, and consequently indifferent quality.
The same may
be said o f the articles o f sugar and coffee. Notwithstanding that American
cotton used for manufacture in Switzerland must increase greatly in value
by the time it reaches Basle and the other manufacturing towns through
Trieste, after a long land carriage, the Swiss, nevertheless, by their great in­
dustry, compete even with England in the sale o f her cotton in the Smyrna
market. The secret o f their success is greatly due to the circumstance that
the Swiss manufacturers send agents to Smyrna and the interior o f Asia
Minor in search o f native goods, which they subsequently imitate at a cost
and price much lower than they can be made by the natives themselves. It
is surprising to see the correctness with which the Swiss imitate the fanciful
colors o f Asiatic cotton and silk mixed goods, and to learn the cheap rates
at which they are sold. The red caps, called Fez, worn by the people of
Asia Minor, are also extensively manufactured now in Austria and France,
and sold at lesser rates than those made in Turkey, even in the Sultan’s
own Zabrie at Constantinople.
The glassware imported into Smyrna is
chiefly through Trieste from Bohemia. The coffee sent to Smyrna in Aus­
trian vessels, is first carried from Rio Janeiro to Trieste, and thence to Smyr­
na. The quantity is very considerable, and it is matter o f surprise that this
article is not wholly monopolized by American bottoms. The same may be
said o f sugar. Both these articles are required to be o f inferior qualities,
and any American merchant desirous o f participating in this trade, should
first make himself well acquainted with the wants o f the market.
The cargoes from England are miscellaneous. They cover the whole field
o f the parts o f the market. Her cotton manufactures undersell all others
o f their kind. To do this, however, it is necessary to make them lighter
than those from the United States. W h at they lack in quantity and quali­




Sm yrna.

295

ty is made up in starch, which deceives the purchaser. W hite cotton cloth
is still imported into Smyrna with the American mark on them.
The trade o f Greece is almost wholly a carrying one. She sends nothing
to Turkey from her own soil or looms, though she borrows considerably from
the Sultan’s empire.
Besides the manufactures o f England, France, and Austria, Turkey im­
ports from all other powers the miscellaneous articles needed for her con­
sumption. In exports her trade is equally various, and one in which the
United States may join with advantage to themselves. A m ong those needed
for America may be mentioned, madder-root, boxwood, drugs, spices, emerystone, dried fruits, linseed, gums, olive-oil, wool, opium, skins, leeches, wine,
almonds, rags, essence o f roses, and silk. The present tariff o f the United
States is very unfavorable to many o f the articles produced in Turkey. So
as to favor the producer o f oil from lard, it imposes a heavy duty upon
olive-oil from T u rkey; with a view to the increase o f the sheep raised in
the United States, Turkey wools, which seldom cost here more than 6, 7, or
8 cents per pound, is heavily taxed— in both cases much to the disadvantage
o f the American manufacturer. I f the domestic policy o f America requires
this, why should manufacturers not be permitted to import foreign material,
under a pledge not to offer their manufactures for sale in the United States?
Notwithstanding the facilities for cultivating cotton in the United States, and
the advantages o f water power, and fuel, unbounded in extent, the country
is dependent on England for her cotton goods, which has never yet been coun­
terbalanced by all her exports united. This is certainly against the Am eri­
can manufacturer. On the other hand, he is unable to make woolen goods
on account o f the raw material not being allowed to enter the country, so
as to favor the wool grower. So that, wbat with the favor shown to the for­
eign manufacturer, (by high duties,) and the protection given to the Ameri­
can wool grower, (by heavy duties,) the American manufacturer sees his in­
terests sacrificed, and his prospects annually growing more hopeless. The
people o f the United States are essentially a commercial people, and to be
this with any continued success, they must also be a manufacturing one.
Commerce and Manufactures are twin sisters, and why should not Agricul­
ture live in harmony with the family ? Or are her interests o f so peculiar
a nature as to render this impracticable ? The theory may be good, but
certainly there is room for some discrimination in the practice.
There is a
difference in wool— that o f Turkey is not fit for fine cloths, and therefore a
discrimination might be made in its favor, so as to encourage the American
manufacturer at home, who could make from it cloths suitable to the people
o f Turkey, whence it came. This is what the English do for the Americans.
They take their cotton, and after making it up into cloths fit for the people
o f the United States, send them over there for sale, thus giving employment
to their own people, and rendering the former dependent on them.
By far the greater portion o f the trade of the United States with Turkey
is between Boston and Smyrna. The Porte has just appointed Mr. Joseph
Jasigi, o f the firm o f Jasigi & Goddard, o f the former place, as its Consul.
The exports from Smyrna to the United States amounted, as per present
note in 1851, to 17,128,570 piasters, or $685,183, and the imports to
11,299,080 piasters, or $451,963.




296

Commerce o f the Ottoman Em pire.

COMMERCE OP SMYRNA, IN TURKEY IN A SIA .
IMPORTATIONS IN

1851.

AUSTRIA.

Merchandise.

Quantity.

Steel..................
Quicksilver... . .

2,295
2
19
Fez, (red caps)..
218
T im ber............. .pieces 34,145
Butter ............. . .bbls.
84
Cotton goods*.... .bales 2,565
White lead . . . . boxes
125
N a ils................. ..bbls.
286
Coffee................
3,272
C a n v a s ..............
30
Provis’ns, eatables.bbls. 1,185
Copper, wrought.. cases
3
C ordage............
28
Leather..............
45
Cloth..................
270
Drugs..................
748
Pewter in bars . ..bbls.
8
Spices...............
160
Iron, unwrought . . qtls.
100
Iron, wrouglit..,. .cases
142
Gold thread__
19

Value,
piasters.

504,900
14,400
1,215,000
l'l33,600
204,870
76,000
8,977,500
8,750
243,100
1,243,300
48,000
177,750
7,500
12,600
99,000
3,240,000
374,000
5,6«0
72,000
7,500
255,600
494,000

Merchandise.

Quantity.

64
2
19
1,176
Manufactures...
92
Furniture..........
19
Various objects.. . sacks
17
Skin3...................
150
Pepper................
Paper................. .reams 20,870
176
Lead...................
795
Hardware..........
111
Rum...................
69
S ilk.....................
89
Sugar..................
43
Sulphur.............
62
6
D y e s ................. .
5
Tobacco.............
Earth’nware, Versailles 1 2,295
79
Zinc..................... pieces
530
Glassware..........
24
W in e s ...............
Paint oils...........
Indigo.................

Value,
piasters.

67,000
13,000
17,100
7,644,000
46,000
38,000
42.000
38,000
748,800
88,000
2,385,000
55,500
1,242,000
80,000
19,350
9,300
7,200
7,500
274,750
4,740
1,500,000
19,200
32,552,150

Total value. . . .
BELGIUM.

White lead........
N a ils.................
Provisions..........
Cloths................ .
Drugs................
Iron, wrought.. .
Liquors..............
Manufactures___

782
125,120
1,770 1,327,500
37
6,660
2
24,000
16,500
11
8
14,400
417
125,100
9
40,500

26
M arble...............
22
Various objects . . sacks
6
P a p er.................
58
Hardware.........
110
Sugar..................
43
D y e s ................. ..bbls.
3,221
Glassware.........
20
W in es.............

Total value___

620
44,000
9,000
162,400
99,000
51,600
356,310
10,000
2,410,610

ENGLAND.

125
S teel...................cases
Quicksilver . . . . .bbls.
7
J e w e lry ............. cases
19
60
B utter............... .bbls.
Cotton.................cases 3,786
.bbls.
620
N a ils.................
Coffee................ .sacks 9,671
458
Canvas.............. .bales
202
Provisions........ .bbls.
Copper, wrought.cases
12
Cochineal..........
14
L e a th e r........... •bales
30
Stone coal ......... .qtls. 228,060
Cloth................. pieces
128

27,500
50,400
855,000
12,960
15,144,000
465,000
1,774,980
687,000
25,250
30,000
77,000
66,000
1,824,480
1,216,000

108,400
Ginger................
271
712 1,068,000
Paint oiL.............
189
945,200
In digo............... . .bbls.
55
41,250
Liquors .............
Manufactures . . . . .bales 2,233 12,271,500
138
827,360
Furniture...........
94,000
Various articles. . .sacks
47
54,900
122
P e p p e r..............
108
129,600
P a p er.................
153,200
383
L e a d ................. ..bbls.
2,3S5
170,770
Powder...............
483 2,415,000
Hardware..........
60
30,000
Rum...................
869,500
47
S ilk s...................

• Among these are included 2,565 bales o f Swiss cotton goods shipped through Trieste in Austria.




291

Sm yrna,
Value,
Merchandise.
Quantity, piasters.
D ru gs............... .cases
109
163,500
Tin.....................
422
316,500
Spices............... .sacks
220
72,000
Iron, unwrought .qtls. 63,470 4,760.250
Iron, wrought.. . .cases
182
227,500
Tin plate...........
2,480
742,400
Tar.....................
270
40,600

Value,
Quantity, piasters
Merchandise.
Sugar..................... bbls.
388
349,200
6,000
S oa p .....................cases
12
24,000
Salted provisions.. .bbls.
164
442,440
D y e s ............................. 2,638
Ironware.......................
244
195,200
5,300
106
Z inc................................
590,900
276
Glassware............ cases

Total value. . . .

48,978,640
MALTA.

T ob a cco...........
Cotton...............
Coffee..................
Provisions..........
Tar.....................

12
19
40
555
28

12,600
38,000
15,200
33,300
4,200

Manufactures........cases
5
Furniture...............doz.
4
M arble...............pieces 49,900
Various objects . .cases
37
Sugar..............................
6

T ota l.. .

11,000
10,400
149,700
18,500
5,400
298,300

FRANCE.

J e w e lry ............
22
990,000
Fez (red caps) .
42
588,000
T im ber............. .pieces
80
9,600
Cotton................
574,000
164
Nails...................
626
563,400
C offee...............
15,087 5,733,060
Canvas................
12
18,000
Provisions.......... . .bbls.
150,400
940
Copper, wrought .cases
4
10,000
Cochineal...........
35,000
7
Leather..............
688,800
287
C o a l...................
800,000
37,500
Cloth .................
148 1,220,000
D ru gs.................
169
253,500
Spices.................
178,650
397
Iron, unwrought . . qtls. 2,640
184,800
Iron, wrought..,. .cases
94
112,800
Paint oils........... ..bbls.
55
60,500

L iq u o rs .............cases
64
48,000
Manufactures.............
149 1,132,000
946
234,800
Furniture.............doz.
Various objects..sacks
7
21,000
Skins................... cases
203
751,100
140
63,000
P e p p e r.......................
Paper .........................
404
505,000
Lead.....................bars
898
199,000
589 1,767,000
Hardware...........cases
77 1,386,000
S ilk s...........................
757,150
Sugar................. .bbls.
797
38
Soap.................... cases
18,000
13
6,500
Sulphur...............bbls.
Salt provisions............
870
130,500
12
Dye-stuffs...........cases
12,800
444,750
Ironware..................... 128,262
994
Glassware...................
497,000
56
49,400
W in e...........................

Total valu e.. . .

19,693,510
GREECE.

Provisions...........
7,620
Drugs..................
37
Paint oils........... . .bbls.
230
Liquors...............
27
Manufactures... .
7
Marble................ pieces 7,676
Total valu e.. . .

990,000
5,550
146,000
13,500
10,500
191,950

Various objects., .sacks
Silks...................... bales
Soap...................... cases
Salt meats.............bbls.
W in e .....................bbls.

211
9
248
35
400

52,750
81,000
86,800
17,500
115,000
1,710,660

HOLLAND.

Butter.................. . .bbls.
White lead........
Nails....................
Provisions...........
Drugs..................
Spices..................
Iron, wrought.. . .cases
Liauor3................
Manufactures . . . .bales
Total value........




220
120
168
660
44
47
32
660
28

59,400
18,000
126,000
858,000
19,800
20 250
41,600’
115,500
164,000

Various objects., .sacks
14
28,000
P ow d er.................bbls.
18
2,700
Hardware.............cases
3
10,500
Sugar............................. 1,165 1,048,500
ISO
27,000
Salt m ea ts...........bbls.
Ironware....................... 17,000
8,500
64,500
Tobacco (snuff) ..cases 1,029
9,000
180
2,611,250
\

298

Commerce o f the Ottoman Em pire.
NAPLES.

Value,

Merchandise.

Quantity.

T im ber............... pieces 8,900
320
Provisions..........
23
Cordage............
D r u g s ................
2
Liquors..............
8

piasters.
133,500
19,200
8,500
3,000
6,00ft

Merchandise.

Quantity..

2
Manufactures........ cases
Marble................ pieces 4,300
4
Various objects. ..cases
4
Sulphur.........................
6
W in es...........................

Valae,
piasters.

5,600
43,000
10,500
3,000
5,400
237,700

Total value........
RUSSIA.

922,600
B u tter............... •bbls.
192
Provisions, grain., .kile 128,000 2,304,000
C ordage............. cases
60
30,000

Caviar................... cases
Iron, unwrought . . qtls.
Various objects.. .sacks

166 1,660,000
8,400
170
105
32,000
4,957,000

Total valu e.. . . ,
SARDINIA (GENOA.)

White lead.........
48
8,640
C offee...............
4,400 1,672,000
4,500
Provisions..........
15,750
4
10,000
Iron, wrought..,. .cases
Furniture...........
28
■11,200
Marble............... .pieces 2,000
7,500
Various objects., .cases
8
4,000
Total va lu e.. . .

P ep per.................sacks
100
2
Hardware..............cases
S ilk s .............................
7
S u g a r .....................bbls.
145
340
Salted meats.................
Ironware....................... 14,000

45,000
3,600
154,000
130,500
51,000
252,000
2,365,190

TUSCANY (LEG H O RN .)

Jew elry............
Fez (red ca p s)..
Cottons...............
Canvas .............
Provisions.........
Cordage............
D ru gs...............
Paint oils...........
Manufactures . .

1
4
128
21
26
330
4
6
76

35,000
22,000
192,000
31,500
2,600
115,500
10,000
9,000
228,000

Furniture...............doz.
75
Marble.................pieces 8,785
Various objects., .sacks
11
P a p er...................cases
7
Lead....................... bars
444
2
Hardware.............cases
S ilk s .............................
22
Glassware.....................
36
8
Glassware.....................

112,500
115,690
3,500
8,400
22,200
7,000
296,000
28,800
12,400
1,252,090

Total valu e.. . .
UNITED STATES OF AMERICA.

7,124
90,500
Dyewood............
130
18,000
T im ber............. .pieces
944 3,234,000
Cotton ..............
N ails................. ..bbls.
14
10,500
Coffee................
6,869 2,610,220
Canvas..............
3,000
6,600
Provisions.........
112
16,800
Cochineal........
19
104,500
Caviar................
85,600
47
160
72,000
Spices................
Tar or pitch.......
228
45,600
Ginger...............
90
36,000
Indigo............................
66
462,000
Total valu e.. . .

Liquors................. cases
105,000
140
24
142,800
Manufactures........ bales
327,360
Furniture................ doz.
879
62,000
26
Various objects. ..sacks
260
102,000
P e p p e r.........................
104
364,000
Hardware.............cases
Rum....................... bbls. 5,635 2,817,600
20,800
Rosin..............................
160
255,000
Su gar................... cases
300
40
6,000
Salted meats........ bbls.
17,500
Tobacco.........................
70
296,800
106
Glassware...........cases
11,299,080

EXPORTS FROM SMYRNA.
AUSTRIA.

Madder r o o t.........bales
664 1,162,000
B oxw ood............... qtls. 2,086
45,890
Cotton...............b a le s 5,368 4,606,600




Maize and millet... .kile 5,415
35
Opium.................. cases
Barley.................. kile 6,460

70,400
378,000
58,140

299

Sm yrna.
Merchandise.

Quantity.

Value,
piasters.

_ Merchandise.

Quantity,

Value,
piasters.

Cotton thread................
103
118,450 Various articles., .cases
252
126,000
352
Beeswax................. qtls.
396,000 Bullock and lamb skins,
Horns............................. 1,645
48,430
quintals..................... 6,488 3,244,000
Provisions...............bbls. 2,660
133,000 Hare skins.. . . . .
93
390,000
D ru gs....................cases
68
34,000 Liquors...............
23
12,650
Sponges.........................
491 1,491,000 Rodix saporaria..
172,500
690
Emery stones........ qtls. 1,102
60,610 Silk and cocoons, .bales
134
415,900
Dried fruits.....................64,190 8,686,600 Salep..................
226,200
87
Filih (goats’ wool).bales
11
23,760 Leeches...............
229
251,700
Yellow berries.. .sacks
596
804,600 Scamonia............
22
55,000
Oleaginous seeds... kile 2,390
59,750 Storax.................
79
21,330
Gums.....................cases
257
308,400 Goats’ wool . . . . bales
835 2,672,000
Nut g a lls............. sacks
81
98,400 Carpets................
39
97,600
Olive oil................. qtls.
105
84,530 V a lou ia .............
2,601,430
W ool..................... bales
427
307,440 Broken glass. . . .
1,450
17
Liquors (rum )__ .bbls.
28
4,200 Wine....................
11
5,500
Total value.

29,283,360
BELGIUM.

Madder root........... bales
B oxw ood.................qtls.
Provisions................ kile
Dried fruits..............qtls.
Total value

9
600
21
670

15,750
15,000
15,750
93,800

Nut g a lls............ sacks
Various articles, .cases
W in e s ................. bbls.

4
18
37

8,800
4,500
12,950
166,650

ENGLAND.

Madder root... . , ..bbls. 59,990
A lm onds...........
235
Wheat, Gibraltar■..kile 4,050
B oxw ood ...........
49,220
Cotton................. bales
784
Do. for Gibraltar . . . .
112
Cotton, spun.. . . ,
103
Do. for Malta . .
83
Horns..................
327
R a g s ................... bales
2
Provisions...........
768
Do. for Gibraltar
230
Do. for Malta.. . .
362
Drugs ................. cases
2
Do. for Gibraltar
61
Sponges..............
2,225
Essence of roses,
29
Emery stones.. . •qtls. 40,518
Dried fruits........
69,820
Do. for Malta . . .
102
Silk..................... bales
45
Y ellow berries.. sacks 1,265
Oil seeds..............
680
Do. for Gibraltar
300
G um s................. cases
437
Nut g a lls ........... sacks
51
Olive oil for Malta.qtls.
30
Wool................... bales
743
M astic................. bbls.
3
Maize & m illet.. .kile 108,087
Total value

34,982,500
63,450
72,900
1,082,840
646,600
92,400
118,450
68,480
29,430
2,000
19,200
5,750
7,280
500
30,500
6,675,000
1,522,500
2,228,490
9,774,800
14,280
97,200
1,707,750
17,000
7,500
524,400
61,200
6,900
634,900
27,000
1,405,000

Do. for Gibraltar . .kile
448
5,830
2,970 222,750
N uts....................... qtls.
Do. for M alta...............
42
3,150
Opium*................ cases 2,121 11,902,800
Do. for Gibraltar.........
4
33,600
Barley for Malta., .kile 7,200
64,800
4,000 100,000
Bones.....................qtls.
Various articles, .cases
176 88,000
Do. for Gibraltar.........
17
8,500
Do. for M alta...............
137
20,550
Ox <fclamb skins, .bales
105 105,000
Hare skins for Malta.. . .
2
8,400
White stone...........qtls. 11,142
445,680
18
9,900
L iq u or................. cases
Silk and cocoons . bales
24 170,400
Do. for M alta...............
14
99,400
Salep..................... cases
16 41,600
Leeches...................
195
214,500
Scamonia................
230
575,000
Dates.......................kile 17,425
191,670
Goats’ wool.......... bales
236 755,300
Carpets....................
534
1,068,000
Do. for M alta...............
2
5,000
T ob a cco.............cases
254 139,700
Terre d’ ambre . . . qtls.
414
10.350
Valonia....................... 211,180 13,726,700
Do. for Malta.......... 7,725
512,470
Wines.....................bbls.
29 14,500
Do. for G ibraltar.........
71
17,750
Do. for M a lta ...............
7
1,750
93,390,150

* Opium, 2,121 cases. Of this, 713 are large and go to England; 1,408 are small and go direct to
China, via Egypt.




300

Commerce o f the Ottoman Em pire.
FRANCE.

Value,

Quantity. piasters.
Merchandise.
Madder root...
73
127,750
B oxw ood........
2,324
51,130
Cotton.............
8,985 3,284,870
Cotton, spun...
8,500
7
Beeswax..........
302
339,750
H orn s.............
1,868
6.750
Provisions........
17,550
702
D ru gs..............
7,500
7
Stones.............. •pieces 100,200
150,300
SpoDges.........
330
990,000
Essence of roses. . . .
1
52,500
Emery stones..,. .qtls. 1,656
91,080
Dried fruits.. .
1,940
271,600
Filih, goats’ wool.bales
17
39,700
Yellow berries. . sacks
408
550,800
Poppy seed .. .
1,611
241,350
G u m s..............
311
371,200
Nut galls..........
136
167,200
W ool.................
1,975 1,422,000
Total valu e.. .

_

Value,

Merchandise.
<Quantity. piasters
42,000
6
Opium................
108,750
4,350
Bones..................
73,500
147
Various articles.. . cases
38,000
38
Ox lamb skins. .bales
777,000
185
Hare skins . . . .
4,950
9
Liquors...............
4,500
14
Kodix saporaria
463 1,S23,800
Silk & cocoon.. . .bales
2
5,200
Salep..................
1,205 2,165,500
Leeches.............
11
27,600
Scamonia..........
4,550
Storax................ ..b b ls.
17
214,400
Goats’ wool.........
67
95,000
38
Carpets..............
26
19,500
Tobacco..............
34,450
530
Yalonia...............
17,000
195
Broken glasses...
1,000
2
W in e .................
13,140,030

HOLLAND.

B oxw ood........
9,181
Provisions.........
87
Sponges...........
20
E m e ry .............
1,800
Dried fruits___
6,440
Total valu e.. . .

201,960
4,350
87,000
99,000
901,600

W ool...................
Opium.................
Various articles .
Tobacco..............

170
2
102
2

126,000
16,800
51,000
1,500
1,489,210

RUSSIA.

A lm onds........
740
178,400
Cotton...............
995
809,880
Provisions........
434
65,100
D ru gs...............
240
60,000
Dried fruits . . .
35,698 4,997,720
Yellow berries. . . sacks
36
48,600

G um s.................
19
Liquors .............
360
95
Various articles .
Salep...................
10
Tobacco...............
27
W in es................. .bbls. 1,339

22,800
65,000
47,600
26,000
20,250
334,750

Total value.................................................................6,666,000
SARDINIA.

Cotton for Genoa.bales
206
Beeswax..........
41
Provisions. . . .
28
Oil seeds.........
3,530
Total value........

169,950
46,120
1,120
88,360

Wheat to Leghorn.kile 10,981
B oxw ood ........
1,478
Cotton.............
262
Cotton, spun...
21
Beeswax..........
38
Provisions___
196
D ru gs.............
153
Dried fruits . . .
213
Oil grains___
24

197,660
32,340
216,150
24,150
42^750
4,800
38,250
29,820
600

Various articles, .cases
90
Carpets................. bales
5
V a lon ia .................qtls. 1,315

45,000
12,500
85,480
448,530

TUSCANY.

Total value,




W ool..................... bales
Various articles., .cases
Ox (Stlamb skins, .bales
Silk and cocoons...........
Scamonia.............cases
Angora goats’ w’l. bales
Carpets..........................
Wines.................... bbls.

10
19
28
8
4
2
148
3
10

7,200
9,500
28,000
83 600
28,400
5,000
473,600
7,500
5,000
1,184,320

Trade and Commerce o f B uffalo in

1852.

301

UNITED STATES OF AMERICA.

t

Value,
Merchandise.
<
Quantity. piasters.
A lm ond s...........
272
134,000
5,100
127,500
Boxwood.............
1,840
Rags....................
184,000
Provisions..........
211
21.000
80
D ru gs.................
12,000
Sponges............ .
300
840,000
Essence of roses.
2
105,000
Drugs..................
4,578,000
Yellow berries. . . sacks
365
492,750
Oil grains.......... .. .File 1,912
74,800
G u m s.................
385
462,000
Gall-nuts............
59
70,800
W ool................... .bales 11,222 8,416,500
Nuts....................
834
62,550
Opium.................
117
982,800
Total va lu e.. . .

Merchandise.
Quantity.
Various articles .,
267
Ox bides & lamb skins,
2
b a les.........................
White stone.........
414
Licorice.................cases
10
Leeches...............
28
1
Seamonia............
S o a p ...................
48
Goats’ wool........... bales
14
6
Carpets................
T ob a cco............... cases
245
Terre d’ am bre.. . . qtls. 1,526
Valonia................
1,240
W in e ...................
123

piasters
.............
.............
.............
........
........

Total

82,552,150
2,410,610
48,978,640
298,300
19,693,510
1,710,550

2,000
33,120
5,500
30,800
2,500
18,400
44,800
15,000
183,750
38,150
80,600
86,500

17,128,570

SUM TOTAL OF THE IMPORTS OF SMYRNA IN

Austria . . . .
Belgium... .
England... .
M a lta .........
France ........
Greece . . . .

Value,
piasters.
72,750

1851.

Holland................. piasters
N aples...............................
Russia.................................
Sardinia
(Genoa).
Tuscany (Leghorn)............
United States of America.

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

2,611,250
237,700
4,957,000
2,365,190
1,252,090
11,299,080^
128,366,070

SUM TOTAL OF THE EXPO RTS FROM SMYRNA.

Austria............
Belgium............
England............
France .............
H olla n d ..........
T otal...

piasters
.............
.............

Imports
Exports

29,283,360 Russia.......................piasters
166,550 Sardinia...............................
93,390,150 Tuscany...............................
13,140,030 United States of America.
1,489,210
....................................................................
......................................................
......................................................

6,666,000
448,530
1,184,320
17,128,570
----------------162,896,720

$5,138,723
6,515,870

Art. IV.— TRADE AND COMMERCE OF BUFFALO IN 1852.
F or a few years past we have published annual statements o f the Trade and
Commerce o f several o f the leading commercial cities o f the United States, in­
cluding New Orleans, Cincinnati, St. Louis, Baltimore, and Chicago. W e
are now enabled, through the courtesy o f the mercantile editor o f the Buffalo
Commercial Advertiser, to lay before our readers a sketch o f the history o f
the Trade and Commerce o f Buffalo during the year 1852, it being the
first year that a full review o f every department o f the commercial industry
o f Buffalo has been prepared for publication. W e have before referred to
the importance o f reproducing these statements in the pages o f a work (like
the Merchants' Magazine') which is preserved as a book o f reference in
most o f the State and leading libraries o f our own and other countries.

t




302

Tirade and Commerce o f Buffalo in

1852.

O feice of t h e C om m ercial A d v e r t ise r , )
B uffalo , January, 22,1853.
$

With the present year commences a new era in the commercial history of
Buffalo. The completion o f the works which open to us new means o f commu­
nication with the West, the progress of the undertakings which are to connect
us with the rich coal-fields o f Pennsylvania, with Pittsburgh, with Baltimore, on
the one hand, and with a rich productive region o f Upper Canada, on the other;
the multiplications o f the outlets through which we can pour the produce o f the
W est into the Eastern markets, all tend to mark the present year as an eventful
epoch in the history o f our city, and to distinguish it as the starting point from
whence, with renewed energy and increased speed, we are to bound rapidly on­
ward towards prosperity. Our city is making rapid strides in wealth and pop­
ulation, almost every branch o f industry appears to have received a stimulant
and goes on with increased activity, while new ones are being daily introduced
in our midst. Real Estate has advanced considerably in all portions o f our city,
and with that, rents have proportionably improved. Many new and beautiful
buildings are already completed and ready for their occupants, others are in a
state of forwardness, and will be ready early in the spring; while many others
have received additions, and have been otherwise altered to suit the purposes of
business men. The large increase in our lake trade has brought steamboat men
to work, and we have at present several large and magnificent steamers, and
other smaller craft, building in our shipyards for the trade o f the coming season.
During the past year, two new railroads, the New York city, and the State Line,
have been completed, and during the present year three additional ones will
either he completed or he in a progressive state.
It is our belief that the general business o f 1853, in Buffalo, will exceed that
o f any former year by an almost incredible amount; and a3 we are desirous o f
placing the commercial history o f the past year upon record, with a view to fu­
ture comparison, we have at considerable labor compiled an account o f the trade
o f our railroads, canals, and lakes, for 1852.
Notwithstanding rival routes have competed with this city for the great western
trade, the imports by lake and railroad have largely increased over former years,
and many o f the articles have nearly doubled in quantity.
The following table o f the imports by lake, and their value, we take from the
records o f the custom-house— excepting the articles o f flour and grain, believing
that our figures, as made up from the manifests, are nearer correct than the fig­
ures o f the custom-house. In this table we have omitted several articles of
minor importance, and simply give the leading ones:—
LAKE IM PORTS FOR

Flour......... . .bbls.
Pork...........
Beef...........
Ashes........
Whisky.. . .
Corn Meal.
Seed...........
Eggs..........
Fish............
Oil..............
Lead........... •- pigs.
Lead...........
Iron............
Iron............ . bdls.
Iron............
Iron............
Coal............
Hides...........
Hides.........
Horses. . . .




Quantity.
Value.
1,299,513 $5,847,808
74,092 1,259,564
879,628
86,679
15,347
326,125
82,145
821,450
4,317
12,951
41,661
416,610
4,681
46,810
708
560
775,795
7,577
25,470
89,140
338
33,860
2,420
121,000
577
1,731
389
1945
184
368
34,311
137,244
275,691
91,897
5,010
167
1,855
186,500

1852.

Cattle........
H o g s ........
Sheep.........
Bags.........
Paper. . . .
Feathers... sacks.
Hair.......... . .pkgs.
W ax........... ..bbls.
Furs........... ..pkgs.
Deer Skms
Tobacco. . .
T obacco-.. . .hhds.
T obacco.. . .boxes.
Soap..........
Starch ___ . .bbls.
Starch........
Candles. . .
F ru it......... . .bbls.
Sugar.___
Saleratus.. •boxes.

Quantity.
17,539
111,223
18,154
1,336
4,868
2,285
881
255
2,900
850
71
6,215
7,799
174
227
507
8,617
2,047
27
260

Value.
876,950
1,334,676
45,385
6,680
87,624
49,270
3,524
7,050
390,150
42,900
1,775
435,050
194,975
696
2,043
1,267
86,170
3,072
2,700
1,300

Trade and Commerce o f Buffalo in
Quantity.
Saleratus. . . .bbls.
369
........ ........ M.
Lath1,560,000
Shingles. .
13,532,000
Brooms.. .
2,876
231
Copper__
C opper..
292
Nails........
1,754
Ties........
20,550
W heat.... . .bush. 5,549,778
Corn.........
5,136,231
Oats........
2,596,231
Barley. . .
486,130
Rye..........
112,153
Butter___ ... . l b s . 3,989,917
Cheese.. .
6,190,950
Lard.........
7,028,700
531,250
T a llow .. .
Bacon.......
9,796,590
ft 95,194,000
Staves....
13,953,552
W ool........
45,140

Value.
7,380
3,120
83,830
4,314
11,550
8,760
78,930
8,220
4,994,800
3,082,047
1,141,341
291,678
78,507
718,184
343,752
702,870
53,125
881,694
1,151,873
418,635
3,387,500

303

1852.

Pelts............ . .lbs.
Broom Corn
Heiup..........
Flax...........
Leather. . .
Paint..........
Fire Brick. . . .M.
Grindstones. . tons.
Potatoes... .
Reapers.......
Glue........... .bbls.
Nuts..........
Ginsing.......
Oil Cake. . .
Glassware.
Cotton........ •bales.
Glass........ boxes.
Sundries.. . •pkgs.

Quantity.
3,296
5,109
3,288
665
6,796
1,877
136
24,915
17,337
443
101
2,573
574
406
9,229
77
1,192
9,849

Total value of imports ___

Value.
82,400
66,417
65,760
19,950
815,520
6,570
678
26,664
8,699
88,000
1,818
7,719
10,332
9,032
110,748
1,500
23,804
492,450

$34,052,798

The total value o f imports for the year 1852, as appears on the books o f the
eustom-house, is $32,110,547. It is, however, well kown, that many vessels
during the busy season, arrive in port and discharge their cargo, and reload and
leave port without ever reporting at the eustom-house, and in many cases their
manifests are defective; for the reason, that on leaving one port they procure a
clearance specifying their cargo, and on their way down they touch at another
port and receive an addition to their cargo, which is not always noted in the
manifests. From these facts, and from the reason that our figures as kept during
the season are considerably above those o f the custom-house on some articles,
we incline to the opinion that the above sum, as the value o f our imports, is un­
der their actual value. In the articles o f wheat, corn, and oats, we are satisfied
that the figures are too low by $200,000.
In another part o f our review will be found a statement o f the leading articles
o f import brought to this city, from Western States, by the Bulfalo and State
Line Railroad. The value o f these imports, according to our figures, is $819,737.
This is in addition to our lake imports. From these facts we would set the value
o f the imports for the year 1852, at $35,000,000 in round figures, and putting
the value o f imports o f 1851 at $31,889,951, we would have an increase in favor
o f 1852, o f some $3,000,000.
The following table shows the entrances and clearances at this port o f foreign
and American vessels, together with their tonnage and crews, during the year
1852 :—
A R R IV E D .

No.
American vessels from foreign ports...
Foreign
"
“
“
“
.............

669

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

55,820,33
80,036,78

2,720
5,499

Boy8.
301
332

185,866,11

8,219

632

Tons.

Men.

CLEARED.

No.

Tons.

Men.

American vessels to foreign ports....
Foreign
“
“
“

67,556.12
79,949.52

2,743
5,761

Boys.
318
342

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

147,505.64

8,504

660




304

Trade and Commerce o f Buffalo in

1852,

COASTING TRADE.

No.

Inwards........
Outwards.......
Total..
Grand T otal...
Grand T otal...
Grand Total...

1852
1851
1850

9,441
9,050
8,444

1,403,672.97
1,405,203.01

Men.
55,608
65,160

2,808,875.98
3,092,247.73
3,087,533.80
2,743,700.86

110,768
127,491
120,541
126,672

Tons.

Boys.

1,996
1,954
3,923
5,215
5,261
....

Statement o f the principal articles received at the port o f Tonawanda, b y
lake, in the district o f Buff'alo Creek, during the year 1852, as reported to the
collector o f this port —
Value.
Quantify.
Value.
Quantity.
188,523 1848,353 Tallow. .................lbs.
4,750
475
F lou r.............
250
5,382
91,494 Bacon.
Pork..............
((
841 105,725
1,357
13,570
((
26,580
1,319
2^658
Whisky.........
51,720
139
1,390 Lumber ...................f 4,310,000
218
2,180 Staves.
4|077’000 122,310
lj039
280
5,950 W o o l . .
76,887
Ashes.............
2,580
391
13,685 Hemp..
129
Oil
.............
17,022 Flax....
6
180
6,674
9,200
'391
1,173 Cattle..
184
Hides..............
650
1,625
163
19,560 Sheep..
235,888 212,300
26’304
2,192
237,720 142,632 Coal . .
174 •
696
Corn...............
26,019 Tobacco ..............hhds
144,550
168 ]
Butter............
M
449,750
44,976
437
Lard..............
T he total value o f property arriving at the port o f Tonawanda, for
1852, was $1,988,079.
Statement o f the principal articles received at the port o f Dunkirk,
in the District o f Buffalo Creek, during the year 1852, as reported to
lector o f this p o r t:—•
Quantity.
Quantity.
Value.
Flour............. ...b b ls. 182,139 1819,625 Cheese........ ........ lbs. 727,800
L
a
rd
...........
248,200
6,643
112,931
Poik..............
89,890 Tallow.........
8,989
82,750
Beef...............
19,830 Bacon...........
2,800
1,983
W hisky...........
1,608
16,080 Lum ber.. . . ...........ft.
92,000
Seed..............
4,045
40,450 Staves........
1,300
E ggS .............
9,575 Wool............
4,796
1,197
Fish................
6,205 Hemp..........
292
330
A s h e s ............
5,000 Cattle...........
500
1,206
Cranberries....
1,185 Sheep..........
229
4,910
O il...................
337
1,011 Horses........
153
Corn Meal......
1,300
3,900 Hogs, l i ve. .
14,805
Hides..............
1,490 178,800 Furs.............
1,022
Leather..........
22,320
20,088 Coal.............
2,738
Wheat.............
45,069
27,041 Tobacco......
1,265
Corn............... .
3,013
1,325
184
Oats................
«
608
B utter........... ....lb s . 1,761,150 317,007

the year
by lake,
the col­
Value.
$44,468
24,820
8,275
140,000
1,104
3.900
359,700
6,600
60,300
12,275
15,300
117,660
153,300
10,952
105,920

T he total value o f articles received at the port o f Dunkirk, for the year end­
ing Decem ber 31, 1852, was $3,274,756.
O u r T r a d e w i t h C a n a d a .— T he follow ing table shows some o f the lead­
ing articles received at this port from Canada, during the year 1852, with their
valuation:—




Trade and Commerce o f Buffalo in
Quantity.

1852.

305
Quantify,

Value.

Value.

Flour........... . . . bbls.
14,732 $66,294 Square timber. ...ft.
466.000 $65,000
Beef.............
1,926
9
963.000
90
Seeds ........
6,236,000
15,590
950
9,50(r Shingles.........
E g g s ........
...
1,018
2,037
520 Potatoes.......... .bush.
100
Ashes..........
2
152
3,192 Copper.............
Wheat . . . .
242
18,150
93,725
84,332 W o o l............. bales.
Corn.............
22,200
484
189
113 Cattle.............
Oats.............
3,445
1,378
5,696
2,508 Sheep..............
Barley.........
14,500
145
16,719
10,031 Horses.............
R y e .............
68,356
4,863
211
147 H o^s...............
Butter........
7,575
303
165,600
29,790 Pelts............... bales.
Bacon..........
1,000
100
Lum ber.. . .........ft. 54,134,000 649,608 Total value__
$1,068,585
Staves.........
4,500
The value o f the exports to Canada from the district o f Buffalo Creek, for
the year 1852, as reported at the custom-house, is as fo llo w s :—
Domestic Goods..............................................................................
$648,650
Foreign Goods.................................................................................
149.102
Total................................
$797,752
Goods in bond..................................................................................
43,048
Grand Total...............................................................................
$840,800
T he annual duties collected at Buffalo for a series o f years, is as fo llo w s :—
1843.....................
1848.....................
30
1844.....................
86
1849.....................
1S45.....................
1850..................... ................... 67,649 95
1846..................... ................. 12,389 78 1851..
................... 92,357 69
1847.....................
1852.....................
74
It will be seen b y the above, that the amount o f duties collected during 1852
fall short o f that collected in 1851 by $22,633 95.
O f the amount, v iz :
$92,357 69, collected in 1851, $45,000 was for duties on railroad iron alone;
the road for which this iron was required has been completed, and this year
there has been comparatively no duties collected on that article. It therefore
appears that there has been a large increase o f other articles, on which there has
been an increase o f duties amounting to $22,366 05.
R a il r o a d s .— The amount and class o f goods received at, and shipped from
this place by railway, we have been unable to obtain precisely, but enough has
been obtained to show that the business o f the central line o f railroad has in­
creased considerably since last year. T he law exonerating the railroads from
the payment o f tolls, also exonerates them from reporting their traffic to the
State Engineer, consequently they no longer keep their books and accounts to
represent the old classifications.
W e have, however, been permitted b y the agent o f the freight departments
o f the several lines o f railroads terminating in this city, to examine their freight
books for the past year, from which we obtain the follow in g :
S t a t e L ine R a il r o a d .— It will be remembered that the cars on the State
Line Railroad commenced running from Dunkirk to Erie on the 5th January,
1852, and from Buffalo to Dunkirk, on the 8th March preceding, and through to
Cleveland on the 23d November. Notwithstanding these drawbacks, and the
want o f proper equipment for the transmission o f freight, this road has done no
inconsiderable amount o f business.
In the article o f timber, immense quantities have been brought down as freight,
but it has been reckoned by weight and not by feet, it has therefore been im­
possible for us to arrive at anything near a correct estimate o f the quantity or
quality. T he articles or quantities below enumerated are reliable, having cop­
ied them ourselves from the books o f the company.
Statements o f a few o f the principal articles o f produce brought to this city
by the State Line Railroad, from the opening o f the road to the 31st December,
inclusive o f 1852, and the value thereof:—
VOL.

x x v i i i .— n o .




in .

20

306

Trade and Commerce o f Buffalo in
Quantity.

488
Flour................... bbls.
104
Pork.............................
B e e f...........................
257
4,421
Cattle.....................no.
H ogs...........................
13,051
71
H o rse s.......................
Sheep...........................
127
458
Hogs, dressed.............
Butter...................lbs. 656,450
The passenger earnings of the
Freight earnings.. .
Mail and other sources...........

1852.

Value.

$2,190 C heese......... . . . .lbs.
1,768 Lard..............
2,575 Tallow..........
221,051 Leather.........
156,612 Pelts..............
7,100 W ool.............
317
5,496 Total value. .
118,159
year have been.............

Total earnings of the road from the opening, to Dec. 31, ’52.

Quantity.

398,350
3,975
23,025
952
1,618
1,615

Value.

$25,884
397
2,302
114,260
40,390
121,125
$819,737

$151,059 94
52,254 75
6,592 76
$209,907 45

N e w Y o r k C i t y R a i l r o a d . — T he freight cars commenced running on this
road on the 19th November. O w ing to the failure o f a contract to supply this
road with freight ears, they have been unable to carry but a small portion o f the
freight offered them. Th ey have, however, with the facilities they possessed,
transported the follow ing quantity o f produce from this city.
T he follow ing table shows a few o f the principal articles o f produce carried
b y the New Y ork City Railroad from this city, from the opening o f the road,
November 19, to Decem ber 31, inclusive o f 1852:—

690
6,386 W heat.............
104,551
513 B u tter............. .................lbs.
7,150
1,997
2,950
Ashes.....................
659 Tallow.............
24,050
Whisky..................
940 Lard.................
201,200
46 Bacon...............
Hogs, dressed.........
56
2,795 W ool.................
Hides ...................
70
Leather..................
T h e earnings o f the road for freight during the time have been $26,478 40.
B u f f a l o and R o ch est er R a il r o a d .— The follow ing table shows the lead­
ing articles carried b y the Buffalo and Rochester Railroad, going beyond Roches­
ter, and principally destined for Albany and New York, during the year 1852:

Flour....................... ........ bbls.
Pork.......................

8,850
75,099 Wheat.............
3,499
4,649 Corn ...............
8,208
1,798
529 Barley..............
Ashes.....................
2,824
4,461 B ye..................
W h is k y .................
3,018,300
3,029 Butter.............
Leather..................
563,950
16,814 Cheese..'..........
E lid es.....................
515,650
111,659 Lard.................
Hogs, live..............
49,000
14,609 Tallow..............
“ dressed.........
1,383,000
692 Bacon................
Horses....................
19,763
14,606 W ool.................
Cattle.....................
2,706
9,440 Pelts.................
Sheep.....................
T h e follow ing table exhibits the local trade o f the Buffalo and Rochester
Railroad, during the year 1852 —
66,679
6,238 Wheat..............
F lo u r ......................... . . .bbls.
9,153
1,264 Corn.................
Pork...........................
695
493
6,877
i Barley..............
Ashes.........................
2,653 Bye..................
••••
W h isk y ............. ....
22,100
244 Butter............... .................lbs.
L eather.....................
149,300
1,386 Cheese.............
Hides.........................
64,640
555 Lard.................
Hogs............................
19,750
30 T allow .............
Com meal.................. . . .bbls.
89,750
85 Bacon..............
Horses.........................
97
268 W o o l................
Cattle.........................
615
10 P e lt s ...............
Sheep.........................
F lo u r..................... ........ bbls.
Pork.......................




Trade and Commerce o f Buffalo in

1852.

307

During 1851, this road carried 38,220 tons o f freight each way, and during
the past year, 1852, they have transported nearly 100,000 tons. The freight
earnings o f the road for the months o f November and December, 1852, largely
exceeds those o f the same period in 1851. The exact number o f tons shipped,
and the tons landed, it has been impossible to procure separately.
There are some interesting facts noticeable in the table o f articles carried by
this road. For instance, in dairy products it will be seen that the railroad has
carried three times as much butter as has been sent forward by canal, and the
same may be said o f cheese, lard, tallow, & c., the holders o f those articles
o f produce preferring that they should reach an early market, even at
higher rates o f freights. It will also be noticed that immense quantities o f
live stock have been transported by the railroad; also flour and other articles.
During the present season, the attempt has been made at transporting dressed
hogs from the W est to the East, to be packed in the latter market, and large
quantities have been sent on ; but we fear, from the mildness o f the season, that
those engaged in the enterprise have lost by the operation.
S h ip B uilding .— This important braneh o f business has increased consider­
ably during the past year. Buffalo offers many inducements to steamboat men
as a point at which to build. From the advantages she possesses, she naturally
takes the lead o f any other port on the Lakes in this department o f manufactures,
and can rival them all in econom y o f vessel building. T he timbers used in con­
structing these vessels is procured from diferent localities bordering on Lake
Erie— is easily obtained— and is upon the whole better than that used at other
points on the upper lakes. Then again the article o f iron, which is unimportant
item in vessel building, can be laid down here at a lower figure than at any^other
point on the Lakes. These, and many other considerations which might be men­
tioned, gives Buffalo the preference over other lake ports as a ship building city.
The follow ing shows the number o f steamers, propellers, and sail vessels, and
their tonnage, which have been built at this port during the year 1 8 5 2:—
STEAMERS.

Southern Michigan........
Northern Indiana........
Golden G a te.................

1,470 Iowa.............................
1,475 Kaloolah.....................
770 Potent.........................

981
433
31

PROPELLERS.

E clip se...........................
Geo. W. Tifft..................
Frederick Follett...........
May Flower....................
Edith...............................

136
81
67
623
549

Cataract.....................
Bay State...................
City of Oswego..........
B. E. Bruce.................

393
372
357
16S

SCHOONERS.

Henry L. Lansing..........
Robert Willis.................
West Wind.....................
Total tonnage.. .

405
369 May Q u een ...............
367 J. M. L e o ...................
255 L. B. Davis.................

ooi
43
24
10

There are at present in the several yards, in process o f being built and com ­
menced in the fall o f 1852, four steamers o f 1,800 tons burden each; tw o on
account o f N ew Y ork and Erie Railroad, and to run from Buffalo to Munroe,
and the other tw o are for the Buffalo, Sandusky, and Cincinati Line, and are to
be constructed in the highest style o f naval architecture. There are also build­
ing on the creek, one steamer o f 650 tons, tw o propellers o f 450 tons, one
schooner o f 360 tons, three schooners o f 265 tons each, one brig o f 347 tons,
and one steam tug o f 100 to n s ; and w e understand contracts have been com ­
pleted for the building o f tw o additional propellers o f 350 tons each, and three
schooners o f 300 tons each, all o f which vessels are to be completed upon the
opening o f navigation in the spring.




308

Trade and Commerce o f Buffalo in

1852.

The tonnage o f vessels now in process o f construction, and to be built during^
the present winter at this port, will aggregate about 11,142 tons.
T he several yards upon the creek give constant employment to from one
thousand to twelve hundred mechanics, who receive g ood wages throughout the
year.
W e also notice that steps have been taken b y the merchants o f Milwaukee to
build a line o f six propellers, for the Buffalo and Milwaukee trade, and there is
every reason to suppose that these vessels will be at our docks during the com ­
ing spring. The follow ing table shows the vessels ow ned at this port and their
tonnage.
Statement showing the total number o f steamers and propellers belonging to
the district o f Buffalo Creek, New York, during the quarter ending Decem ber
31, 1852. Their names, tonnage, and the respective numbers, m oved by given
horse power, and the character o f the en gine:—
STEAMERS.

Empire...................
Wisconsin...............
Sultana...................
Hudson...................
Albany....................
Rochester...............
Lexington...............
D iam ond...............
Fashion...................
U nion.....................
Empire State.........
Charter...................
Belle.......................
Kossuth...................
Globe.......................
W a v e .....................
Great W estern.. . .
Colum bia .....................
Minnisota................
Fox..........................
Buckeye State . . . .
Lady E lg in ...........
Kaloolah.................
Iowa.........................
Golden Gate..........
Potent....................
America..................
T r o y .......................

Tonnage
Tons 95.
1,440.72
887.15
806.38
750.46
069.36
472.41
36353
831.01
325.32
62.34
1,691.29
197.64
240.25
318.60
1,223.26
207.86
780.00
168.54
749.45
182.08
1,274.17
1,037.74
443.84
981.53
770.48
31.82
1,083.27
546.47

Power of
engine H. P.
1,000
410
1,000
1,000
160
410
160
105
100
20
1,600
45
100
80
1,000
160
1,000
60
160
60
1,200
400
150
410
800
30
800
450

Condensing Pers’sempM
Kind of
engine. on each st’r.
engine.
High Pressure. High Pressure.
43
28
Low Pressure. Low Pressure.
it
it
30
High
Pressure.
High Pressure.
44
30
Low
Pressure.
Low Pressure.
24
High Pressure. High Pressure.
24
Low Pressure. Low Pressure.
24
High Pressure. High Pressure.
22
Low Pressure. Low Pressure.
3
High Pressure. High Pressure.
45
Low Pressure. Low Pressure.
4
High Pressure. High Pressure.
13
Low Pressure. Low Pressure.
6
High Pressure. High Pressure.
(C
(«
40
it
tt
16
it
It
30
It
it
14
tt
u
20
it
tt
4
30
Low Pressure. Low Pressure.
it
“
25
it
((
19
21
High Pressure. High Pressure.
“
25
3
Low Pressure. Low Pressure.
tt
“
25
25
High Pressure. High Pressure.

PROPELLERS.

Condensing Pers’s emp’d
Power of
Kind of
engine H.P.
engine.
engine.
on each pro.
28
Low Pressure. Low Pressure.
12
u
150
“
24
460.16
<C
tt
• •
13
150
it
a
19
150
tt
it
19
120
tt
U
19
90
u
u
19
90
tt
it
16
100
it
u
21
90
it
(I
19
120
u
tt
20
120
it
u
20
530.55
203
u
u
18
150
u
u
20
120

Tonnage
Tons 95.
Charter Oak.............
St. Joseph.................
Pocahontas...............
California..................
Sandusky..................
Montezuma..............
O regon.....................
Detroit.......................
Paugassett................
M. B. Spaulding.. . .
Niagara....................
Illin ois.....................
H. A. Kent...............
Sciota.........................




Trade and Commerce o f B uffalo in

O h io .........................
Buffalo.....................
Saginaw....................
Troy...........................
John Lathrop...........
Indiana.....................
Cataract...................
May Flower.............
Oeo. W. Tifft............
Genesee C h ief........
Bucephalus...............
B. F. Bruce...............
Eclipse......................
Samson.....................
Nile...........................
F. Follett..................
E d ith .......................
Total.......................

Tonnage Power of
Kind of
Tons 95. engine H. P.
engine.
150
Low Pressure.
«
150
tt
150
*
a
150
it
45.41
30
«
150
«
400
tt
250
u
60
«
150
it
150
u
50
“
50
a
90
w
250
it
60
250

OF

ALL

SAIL

VESSELS ENROLLED AND LICENSED, IN THE

DISTRICT OF BUFFALO CREEK, NEW YO R K , DECEMBER
BRIG S.

Patrick Henry............. .........
Globe...........................
James McBride...........
Sbakspeare.................. .........
Wm. Monteath............
Lowell.........................
Buffalo.........................
Tuscarora.....................
Venice..........................
Mohegan.....................
H. R. Seymour............
S. C. Walbridge..........
Odd Fellow.................
Preble..........................
Em erald.....................
A le rt...........................
Missouri.......................
Caroline.......................
Ramsey Crooks...........
Fashion.........................
C. J. Hutchin...............
David Smart...............
Castalia........................
J. R. Giddings.........! . .........
fcJandus&y.....................
Banner.........................
John Hancock.............
Constellation......... . .
Oleanda.......................
Andes...........................
Virginia.......................
Mahanning.................
iMorthampton.............

81, 1852.

SCHOONERS.

Tonnage.Crew.

316.07
260.65

269.35

BARQUE.




Condensing Pers’s erap’d
engine.
on each pro.
Low Pressure.
20
n
20
u
18
u
18
a
3
u
18
it
16
a
21
u
8
u
15
tt
17
M
10
(1
10
tt
IS
M
20
M
6
tt
18

30,126.46

NAME , TONNAGE, AND CRE W ,

Canada

309

1852.

660.38

North Carolina......................
United States.......................
H. Kent..................................
Platina...................................
Barcelona.............................
E. Fletcher............................
Huron.....................................
S. J. Esson.............................
Traveler..................................
W indham ..............................
F lorence.............................
Dawn......................................
Almeda..................................
Com. Chauncey.....................
North America.....................
Verm ont................................
L o d i.......................................
Minerva.................................
Ocean ....................................
W hittelsey...........................
Lion........................................
Albatros..................................
Margaret.................................
Wm. Wallace.........................
Star.........................................
Tuscola.................................
Palo A l t o ..............................
Pearl.......................................
Jane L ou isa .........................
Nount Vernon.......................
J. W. B la k e .........................
Defiance..................................
Virginia P urdy.....................
Crevola..................................
W in slow ................................
10 H. B. Bishop.........................

12
9
9
10
10
10
10
11
9
8
11
9
10
8
7
8
8
9
10
10
11
10
10
10
10
14
10
10
10
10
7
9
8

Tonmu.’ !',Crew-

95.15
93.19
92.21
90.93
89.93
81.24
132.29
65.32
266.56
236.90
119.40
212.37
269.65
80.17
75.63
67.92
66.24
60.64
59.37
49.67
30.92
23162
125.37
83.33
224.93
221.21
202.74
151.14
131.35
225.80
27.64
253.33
301.46
212.83
269.35
263.80

6
7
7
6
6
6
7
6
10
8
7
8
6
6
6
6
5
6
4
6
6
10
6
6
10
8
9
7
6
9
3
9
10
9
10
7

310

Trade and Commerce o f Buffalo in

M. H. S ib ley...................
Suffolk.............................
Hope.................................
Excelsior.......................... . . .
Bobert Emmett...............
E. K. Bruce..................... . . .
Geo. Davis....................... . . .
...
Henry Hager...................
Denmark..........................
...
C. Y. Eichmond............... . . .
P ilgrim ........................... . . .
Dan Marble.....................
Mansfield......................... . . .
Petrel...............................
A. Belm ont.....................
P. P. Pratt.......................
G. T. Williams.................
A. Barton.........................
Lexington.........................
Marion.............................
Wyandott........................ . . .
President.........................
Trenton.............................
Big Z .............................
W . Irving.........................
Free Trader.....................
Sandusky.........................
St. Mary„......................... . . .
Abiah...............................
Tiger................................. . . .

1852,

Tonnage.Crew.
8 Wing & W ing........
12 Magnolia..................
10 Missouri...................
247.55 10 Congress....................
9 Albany.....................
240.39
9 Erie............................
8 W. W. Brigham... .
238.46
8
237.56
9 Gen. Harrison..........
10 Robert Willis............
233.62 10 J. G. Bing..................
9 Chesapeake.............
229.45
9 F o x .........................
228.55
8 Lewis C ass.............
9 Home.........................
213.27
8 Francis.....................
10 Birmingham...........
8 Star.............................
8 Plymouth..................
7 Miranda.....................
7 May Queen..............
8 J. M. Lee...................
140 66
7 M. Dousman..............
7 J. B. Skinner...........
7 B. C. Smead............
8 Stranger.................
7 West Wind.............
6 H. L. Lansing..........
6 Aldebaran.................
253.25 10 Main.........................
10 J. W. Brown............
3
22.49

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

Total tonnage___

Tonnage.Crew.
216.84 10
8
198.67
159.35
7
206.32
7
144.83
8
62.88
5
121.16
7
199.42
9
115.98
6
367.86 10
153.24
6
131.08
5
405.09 10
6
191.79
127.59
5
6
129.30
137.83
7
9
224.93
177.68
7
9
217.59
4
43.22
6
100.24
7
133.57
142.40
7
5
75.46
124.92
7
8
255.58
369.64 10
303.56
9
8
194.79
9
238.55
6
122.00

26,397.05

In the above there are 28 steamers, 31 propellers, 33 brigs, 1 barque, and 100
schooners, making a total tonnage o f steamers, propellers, and sail vessels, o f
56,523 tons.
There are n ow laid up in winter quarters in our harbor, 18 steamers, 22 propellors, 25 brigs, and 80 schooners.
T he C a n a l .— B elow we give a comparative table, showing the quantities o f
o f some o f the leading articles which have been first cleared from this place,
during the past three yea rs:—

1850.
Flour..................................................... bble.
Pork...............................................................
Beef...............................................................
Wheat.......................................... ..... .bush.
C o rn .............................................................
O a ts .............................................................
B a r le y ........................................................
B y e ........................................................ •...
T o b a cco .............................................. unm.
Cotton..........................................................
Whisky..................................................gals.
H e m p .....................................................lbs.
Lard oil................................................ gals.
Butter...................................................... lbs.
C h eese........................................................
W o o l............................................................
Boards & scantling................................. ft.
Staves..........................................................
Sundries........................................................




984,430
28,463
78,899
3,304,647
2,608,967
287,960
130
675,901
236,163
822,901
115,648
69,202
4,850,989
6,835,316
8,805,817
49,891,116
159,479,504
10,253,548

1851.
1,106,362
22,997
53,062
3,668,005
5,789,842
1,198,290
205,779
15,317
2,544,375
82,430
2,111,530
943,559
128,680
1,693,497
5,002,054
7,857,907
47,264,623
75,927,659
12,885,854

1852.
959,114
63,708
31,773
4,759,281
4,883,346
2,106,792
370,722
.98,756
10,239,586
33,966
2,678,936
1,233,197
8,800,041
1,197,829
3,842,894
4,808,941
48,661,299
83,130,747
11,561,111

Trade and Commerce o f Buffalo in

1852.

311

The annexed table will show some o f the leading articles as ending the canal
and landed at Buffalo, during the past three years:—

1850.

1851.

1852.

Merchandise.................................
Sugar............................................
Molasses.......................................
Coffee............................................
Nails, Spikes, and Horse Shoes.
Iron & Steel. .............................
Railway Iron...............................
Crockery & Glassware..............
Sundries.................................

101,430,029
105,412,994
132,303,044
27,561,541
12,580,184
28,912,488
19,546,006
14,524,327
14,305,967
16,724,141
4,904,854
9,824,477
8,135,389
4,772,489
9,115,225
14,583,076
6,440,041
11,795,320
12,214,135
46,876,427
123,743,264
18,059,790
19,124,893
11,672,840
6,826,921
14,023,659
2,502,669
The value o f the exports b y canal, as made up at the collector’ s office, is
$21,049,908, on which tolls were collected amounting to $802,806 96.
T he value o f the imports by canal, as made up at the same office, is $41,810,398,
with an aggregate tonnage o f 337,620.
T he whole amount o f tonnage delivered in Buffalo in—
1849 was...........................tons.
1850 .......................................

211,047 I 1851.................................. tons.
260,923 | 1852.........................................

237,341
337,620

Being an increase in 1852 o f 100,278 tons over 1851.
A very gratifying feature in the business o f the Canal, as presented by the
above figures, is the almost incredible increase in the tonnage o f some o f those
articles o f heavy freight, particularly railroad iron, in which article there is an
increase o f 56,866,837 lbs. But while there is a handsome increase in heavy
freight, it will, be noticed that such goods as are mostly carried by railroad, ex­
hibit a falling o ff from last year’ s figures.
A very natural question arises here as to the cause o f the annual falling o ff
in the tonnage o f that kind o f property, which has hitherto been one o f the
m ost prolific sources o f revenue. That the quantity o f high-toll goods moving
westward, is rapidly increasing annually, cannot be denied. The only reason,
then, that the quantity passing by the Canal is decreasing, must be that the other
modes o f transportation are deemed more favorable, as involving less expense,
either in time or money, or both. A m ong other articles o f up-freight, such as
sugar, iron, steel, and merchandise, there has been a slight increase from the
figures o f 1851, while there has been a decrease in molasses, coffee, nails, spikes,
crockery and glassware, to a considerable extent. In dow n freight, in flour, beef,
butter, cheese, w ool, and sundries, there has been a decrease, which is, however,
easily accounted for.
It will be seen that the Certtral Railroad have transported an immense quantity
o f those articles o f produce which have decreased on the Canal. They have
carried-75,099 barrels o f flour, nearly 10,000 barrels o f beef, and over 3,000,000
pounds o f butter during the year. W e are also credibly informed that had the Canal
Commissioners signified their intention to keep the Canal open to the longest
possible period, several thousands o f barrels o f flour which have been shipped
to N ew Orleans b y the southern route, and on which the holders are paying
$1 50 per barrel freight from N ew Orleans to N ew York, would have com e b y
this route. By this oversight, the Treasury has lost a large amount in tolls.
The very large increase in the movements o f tobacco and hemp— articles which
have hitherto been favorites o f the southern route— is very gratifying, and indi­
cative o f the superiority o f the lake and canal route. W e took occasion in an
article on tobacco trade, some time since, to refer to the advantages offered to
W estern merchants in shipping by this route, in regard to cost as well as time
o f transportation, over either the other northern route or the southern route to
New Orleans. W estern men are w ell aware o f these advantages, and if our
forwarders, and the various transportation companies navigating our lakes and
canal, w ould put forth an effort to reach this vast southern trade and manifest a
proper desire to secure it, we have no doubt but that twenty-five or thirty thous­
and hogsheads o f tobacco, and large quantities o f cotton and hemp might be
diverted from the southern route from the cities o f Louisville and Cincinnati




312

Trade and Commerce o f Buffalo in

1852.

during the com ing season. W e trust that proper and early steps will be taken
to secure this trade by such means as may be thought best.
On the whole, the business o f the Erie Canal for 1852 at this point, as exhib­
ited by our figures, is the strongest argument in favor o f low -toll policy which
has ever been made. W h ile it is perfectly obvious, therefore, that w e could not
get along at all without the Canal, the fact that the railways are enabled to com ­
pete with it to a certain extent for some kinds o f business— to the extent o f
their capacity perhaps— should admonish its friends that a watchful care and
governance should at all times be extented over that enterprise, which has laid the
foundation o f all others o f a similar nature. Mew rival routes have been strain­
ing every nerve, bending all their energies to divert its business to their own
channels, and yet old Erie has stood its ground, verifying all the promises made
on its account, and it will continue to do so just so long as it has a fair sight in
the contest. Give it the increased facilities proposed b y the enlargement, and it
will do the transportation o f the whole W est at less than half the present cost,
and yield to the State a more ample revenue than she has yet received at its
hands.
In our review we have not taken into account the enormous quantities o f valu­
able good s transported by the express companies, the tonnage o f which or
value, it has been impossible to ascertain.
L ak e I m ports fop. a s e r ie s of Y e a r s .
The follow ing table shows the
principal articles landed at the port o f Buffalo, from the opening to the close o f
navigation, for four seasons:—
1819,
1,201,435
59,954
61,998
21.012
5,193,996
33,935,968
49,012
5,963
62,910
14,142
3,132
9,510
414
4,943,918
3,321,651
362,304
5.253
5,311,031
1,113,650
9,114,110
14.580
38,153
3,870
14,183,602
1,601,360

1850.
1,088,131
40,249
84,119
6,674
6,562,808
53,016,000
53,443
10,251
12,022
17,251
2,881
10,461
421
3,612,886
2,594,600
347,108
50
5,093,532
1,903,528
5,298,244
4,907,800
17,316
30,189
$,282
19,611,000
1,675,901

‘-O
CO

Flour............. .......... bbls
P ork ............
B e e f.............
S e e d .............
Bacon...........
Lum ber___ .............ft.
W o o l............
Fish..............
H id e s ...........
L e a d ...........
Pig iron........
C oa l..............
H em p..........
Wheat........... ........ bush.
Corn .............
Oats...............
Bye................
Lard.............
Tallow...........
Butter............
Cheese...........
A sh e s...........
Whisky..........
Leather........
Staves. ___
Tobacco. . . .

1,258,224
32,169
13,014
11,126
7,951,030
68,006,000
6,943
1,815
48,430
28,713
2,739
17,244
3,023
4,161,121
5,988,115
1,140,340
10,622
4,198,500
1,053,900
2,342,900
6,106,518
13.509
66,524
8,186
10,519,000
2,579,885

1851
1,299,513
74,092
86,619
41,661
9,196,590
95,194,000
45,140
108
91,897
25,410
4,420
34,311
3,288
5.549,118
5,136,231
2,596,231
497,913
1,028,100
1,014,686
3,196,690
6,190,950
15,347
82,145
6,196
13;954,552
10,239,586

STATEMENT OF THE PROPERTY FIRST CLEARED AT THE COLLECTOR'S OFFICE AT BUFFALO,
ON TUE ERIE CANAL, DURING THE YEAR

1852,

SHOWING THE QUANTITY AND AVERAGE

VALUE OF EACH ARTICLE, AND ALSO THE W HOLE AMOUNT OF TOLLS RECEIVED AT THAT
OFFICE ON BOATS, PASSENGERS AND PRO PE RTY, DURING THE SAME PERIOD.
BOATS.

Tolls at 2 cts.......................................................................
Tolls on Packets.................................................................
Commutation toll................................................................
Total




$51,262 12
221 41
456 23
$51,946 36

Trade and Commerce o f Buffalo in

313

1852.

PASSENGERS.

Monthly Statement....................................................................
Reported.......................................... ..........................................

.........
$19 16

THE FOREST.

Reduced to
Value o f
Quantity, tons o f 2,000 lbs. each article.

Description.

Fur and Peltry................

377,280

Tolls on
each article.

$563 52

189

$377,280

81,102
151
481
41,565
205
3,183

778,581
5,011
2,884
249,392
183
346,575

59,344
107
52
24,509
62
8,647

67
42
84
34
30
26

10,193
8.172
3,761
1,921
599
4,400
2,405
570

$1,146,744
587,341
752,248
307,432
215,610
792,803
1,779,309
56,937

$8,653
14,826
3,544
1,897
1,222
4,126
6,243
1,076

83
21
63
03
65
75
16
60

32,021

5,637,623

103,584
142,778
2,765
122,739
454
10,381
33,709
452
11
2
6

$3,836,456
3,712,239
. 62,216
2,191,673
10,808
229,847
800,581
6,793
441
51
1,364

416,881

10,852,469

P ro d u c t o f W ood.

Boards and scantling__ . . . . f t .
Shingles........................... ...M .
Timber......................... 100 c. ft.
Staves.............................
W ood............................... •cords.
Ashes, pot it pearl . . . . . .bbls.

48,661,299
2,004,206
24,037
83,130,747
73
13,863

.

AGRICULTURE.

P ro d u c t o f A n im a ls.

Pork.................................
Beef..................................
Bacon...............................
Cheese...............................
Butter................................
Lard, tallow, & lard oil .
W ool...............................
Hides...............................

63,708
51,073
7,522,478
3,842,894
1,197,829
8,800,041
4,808,941
1,138,742

41,590 86

V egetable Food.

Flour............................... .bbls.
Wheat.............................. ,bush.
Rye...................................
Corn..................................
Corn m eal....................... .bbls.
Barley.............................. bush.
Oats..................................
Bran & ship stuffs.......... . .lbs.
Peas & beans................... bush.
Potatoes..........................
Dried fruit.......................

950,114
4,759,281
98,756
4,383,346
5,404
370,722
2,106,792
905,706
353
68
11,365

26
20
60
94
09
88
61
97
56
48
39 56

$194,733
169,221
3,716
147,001
861
17,856
38,341
471
32

572,277 17

A l l oth er A g r ic u lt u r a l P rod u cts.

Cotton............................. . . .lbs.
Unmanufactured tobacco..........
Hemp...............................
Clover and gras3 seed...
Flax seed.........................
H ops...............................

33,960
10,239,586
1,233,197
2,302,565
2,417,961
758

17
5,120
617
1,151
1,209

....

$4,075
716,771
61,660
115,128
48,359
182

$12
3,291
346
2,527
2,436

36
82
68
14
41
45

8,144

946,175

8,614 80

2,678,936
352,620
911,702
369,876
42,913
23,088
19,970
176,812

10,216
175
455
184
21
12
10
88

$508,997
7,012
145,873
36,987
1,717
346
649
6,189

20,320

10
..

81

MANUFACTURES.

Domestic spirits..............
Oil meal and cake........
Leather.............................
Furniture..........................
Bar and pig lead............
Pig iron.............................
Bloom and bar iron. . . . ,
Castings and iron w a re.,
Domestic woolens..........
Domestic cottons............
Domestic salt.................
Foreign salt....................




$19,823
149
1,180
826
2
14
23
143
«
ft

....

35
82
70
52
85

63
85
25
«
<(

1 13
“

314

Trade and Commerce o f Buffalo in

1852,

MERCHANDISE.

Tolls on
each article.

Reduced to
Value o f
Quantity, tons o f 2,000 lbs. each article.

Description
Sugar......................................lba
Molasses.....................................
Coffee...........................................
Nails, spikes, and horse shoes..
Iron and steel.............................
Railroad iron............................
Flint enamel, crockery, & gl’sw
A ll other merchandise.............

1
43
417
221
689

$391
128
23
80
5,613
20,873
44,170
427,154

$4 13
51
03
1 08
11 88
196 57
635 69
1,526 26

5
3,039
5,798
35
5,780

$300
12,155
46,384
10,557
578,056

$2 79
2,373 23
737 83
13
7,515 60

611,726

21,049,908

802,806 96

6,518
4,271
205
1,600
86,351
834,907
441,707
, 1,377,915

3
2

OTHER ARTICLES.

Live cattle, hogs, <fe sheep...Ib3.
Stone, lime, and clay.................
Mineral coal.............................
Copper ore...............................
Sundries......................................

10,000
6,077,438
11,595,979
70,378
11,561,111

STATEMENT OP PROPERTY LEFT AT BUFFALO, ON THE ERIE CANAL, OR WHICH WAS LEFT
BETWEEN THAT PLACE AND THE COLLECTOR’S OFFICE NEXT IN ORDER ON THE CANAL J
SHOWING THE QUANTITY AND AVERAGE VALUE OF EACH ARTICLE, DURING THE YEAR

1862.
THE FOREST.

Quantity.

Fur and p e ltr y ..........................
; P rod u ct o f W ood
Boards and s c a n t lin g ..........
Shingles.................................
Timber .................................
Staves...................................
Wood......................................

2,014
6,250,407
351,000
235,373
36,000
21,387

Reduced to
tons o f 2,000 lbs.
i

Value.

$2,014

10,417
26
4,707
18
59,884

100,007
878
28,245
108
53,468

327

47
93
32,638

AGRICULTURE.

P ro d u c t o f A n im a ls.

Cheese................................. ..............
VVool...................................................
Hides..................................................

585
250
652,764

V egetable F ood.

Flour.......... ......................................... ___ bbls.
W heat..................................................
Barley................................................ .
Bran and ship stuff...........................
Peas and Beans...................................
P otatoes................................. ..
.
Dried fruit............................... . . . ........ lbs.

1,975
5 500
5,570
188,362
12
20,334
151,300

213
165
167
94

45,100
500
330,904

23
166

2,255
10
81,817

1,661,686
3,118,150
5,028,038
351,612
16,947,973
8.674
66,356,122
118,855

83
831
1,559
2,514
176
8,473
5
33,178
60

$1,549
265,870
311,815
75,420
11,427
593,188
173
265,424
1,189

610
76

7,900
4,290
3,453
1,413
15
15,251
18,156

A l l oth er A g r ic u ltu r a l P rod u cts.

Hemp..................................................
Flax s e e d ..........................................
Hops...................................................
MANUFACTURES.

Domestic spirits............................... .
Leather..............................................
Furniture............................................
Pig iron..............................................
Bloom and bar iron..........................
Castings and iron ware....................
Domestic cottons.............................
Domestic salt.....................................
Foreign salt.......................................




315

N ew Jersey Zinc and Franlclinite.
MERCHANDISE.

Reduced to
Quantity, tons o f 2,000 lbs.

Sugar............................................
lbs.
Molasses....................................... .
Coffee.........................................
Nails, spikes, and horse-shoes..,
Iron and steel............................. .
Railroad iroD.................................
Flint enamel, crockery, and glassware. . . . .
A ll other merchandise...............

28,912,488
14,305,961
9,824,477
4,772,489
11,799,350
123,743,264
11,672,840
132,303,044

OTHER ARTICLES.

Live cattle, hogs, and sheep . . .
Stone, lime, and clay...................
Gypsum.........................................
Mineral c o a l............................... .
Sundries.........................................
Total. ..............................

.lbs.

6,965
54,467,219
216 618
45,787,396
7,502,669

Value.

14,457
7,153
4.913
2,386
5,898
61,871
5,836
65,651

$1,734,749
429,179
1,080,693
238.625
766,700
3,093,581
1,167,284
41,013,943

O
27,234
108
•22,894
5,493

$209
108,934
5,416
183,150
375,133

347,620

52,075,709

•

To conclude, the year that has just closed has been a singularly prosperous
one to our merchants and business men. Whether engaged in mercantile or
manufacturing pursuits, all have, to a more or less extent, been successful; and
with this happy state o f things, our mechanics and the laboring classes generally,
have shared in the beneficial results.

Art. V.— SEW JERSEY ZINC AND FRANELINITE.
enterprise in this country is rapidly rising to the ascendant.
Capital is becoming more ready and anxious, if possible, to invest itself in
iron, lead, zinc, copper, and coal mines, than in railroads, which have been
and are now the ascendant interest. It is confidently predicted by careful
judges of the signs o f the times that, within ten years, more capital will be
invested in our mining operations than in our railroads. A ll the minerals
we have named above, are in increased demand, and bear improving prices.
The era of fancy mining, for years past potent in fortune-making to a few
and in ruin to many, has had its day. Moneyed men are no longer found
ready to invest their wealth in paper mines, having no particular existence
beyond the ingenuity o f their Wall-street creators, and, after a little lapse,
to test if the cry for legitimate enterprise indeed meant legitimate, a new
8ort_of enterprise is being inaugurated— to w it: a desire and determination
on the part o f men o f knowledge and means, to enter upon the practical
development o f some o f the vast, undoubted mineral resources o f the
country.
One mineral enterprise successfully, because energetically, taken hold of
and prosecuted, has done more, within two or three years past, to induce the
general interest now felt in mining projects, than all others we could name.
W e allude to tbe operations o f the New Jersey Zinc Company, organized
in the spring o f 1848, and which, in the face o f repeated failures for half a
century past to turn the rich zinc mines o f New Jersey to practical, profit­
able account, have been so successful, and that, too, in developing zinc in a
more profitable form (paint) than was first contemplated, that its stock, rep­
resenting $1,200,000 capital, is now considerably above par, and eagerly
sought for permanent investments. The success o f this enterprise, opposed
M

in e r a l




316

New Jersey Zinc and Franklinite.

at first by so many obstacles; the prejudices o f legislation, the hesitation of
capital, the entire absence o f experience in zinc mining and manufacture in
this country, has inspired a score o f enterprises, most o f them legitimate,
and many o f them destined to great success and profit. It has certainly
placed New Jersey in the front ranis o f mineral States, for, independent of
the revelation of her wealth in zinc, it has led to a more thorough examina­
tion o f her other mineral resources, which are many and rich. But the im­
petus inspired by the operations o f the New Jersey Zinc Company has not
been confined to New Jersey or any particular region ; it has spread, and is
spreading, over the “ E m pire” and other States. The working o f the zino
mines by intelligent, skillful and energetic minds and hands, has proven that
the chief “ protection ” necessary to develop our mineral wealth is enlight­
ened, practical management, and that mineral operations legitimately enter­
ed into and pursue’d, are no more a speculation or hazard, without tariffs
even, than any other business requiring an equal outlay o f capital and skill.
A s the zinc interest is a new as well as important one, opening another
spring o f wealth and enterprise, and promising great benefits, commercial,
manufacturing, and sanatary, our readers will be interested in a brief staffs-tical and general statement o f the zinc resources o f New Jersey, and the
operations o f the New Jersey Zinc Company. The zinc mines are located
in the township o f Franklin, Sussex County, New Jersey.
They are the
only mines o f pure oxide o f zinc known. They are mixed in their deposits
with other minerals, chiefly Franklinite iron ore and manganese. Vast de­
posits of this Franklinite lie contiguous, similarly blent with zinc and man­
ganese. The total extent of the two chief minerals, all o f their kind located
compactly in that region, is not definitely estimated, but it is immense— ex­
haustion for centuries to come is out o f the question.
It will be sufficient
for the information o f our readers to take the data o f that portion belonging
to the New Jersey Zinc Company, which has been carefully examined by
Dr. Charles T. Jackson, State Assayer o f Massachusetts and United States
Geologist for the mineral lands o f the United States in Michigan, &c., whose
estimate is verified by Major A . C. Farrington, the eminent Mining Engineer
of the Zinc Company, and other eminent scientific men.
Dr. Jackson gives
as the amount o f the Zinc Company’s Franklinite, above water drainage,
1,115,468 ton s; amount o f zinc, 1,188,572 tons.
The veins are perpen­
dicular, and, according to the law o f such veins, extend down farther below
water drainage than ever plummet sounded, and are richer, if anything, as
they descend, so that it is safe to say both zinc and Franklinite are inex­
haustible. But if they were not so in the Zinc Company’s mines, there is
vast store further in reserve. It is difficult to say which o f these two miner­
als is most valuable; both are sui generis and precious. As the zinc is fur­
thest developed, we will give its analysis first:—
Oxide of zinc say.............................................................................
Franklinite say..............................................................................
Manganese say................
Total............................................................................................

60
20
20
100

A close analysis might show a slight but not material difference. W h en
taken hold o f by the present successful company, the design was to man­
ufacture the zinc o f Commerce, zinc wave, &c., but early experiments by the
company led to the discovery that a more immediately marketable, profit­
able, and beneficial article could be made— to w it: the zinc paints, now so




New Jersey Zinc and Franklinite.

317

rapidly supplanting lead and other paints. It was found that a pure and
brilliant white sub oxide could be extracted from the ore with great ease and
facility, and two shades o f white, one a silver white, and the other a beau­
tiful slate c o lo r ; while the red oxide could be pulverized in the ore, and ren­
dered into a brilliant brown paint, which, in turn, by admixture with other
preparations would also make a superior black paint.
Here was a new field
indeed. The known poisonous and other deleterious properties o f lead, seemed
to define the mission o f the Zinc Company, and to demand that it should
first become a creator o f a healthful and more durable and brilliant, as well
as a cheaper paint. They accepted the summons, and erected extensive zinc
paint works at Newark, after long, and expensive, but never discouraging
experiments, and during ten months o f 1852— the first year o f comparative­
ly perfected machinery and operation— their paint sales from their ware­
house in this city— supervised by Messrs. Manning and Squier, 45 Deystreet— reached $185,577 28, and they were, even at that, unable to meet
the press o f orders, though their works at Newark turned out ten tons o f
paints per day. Those works are being enlarged, and will require repeated
extension, if, as we think it is, zinc is destined to supplant lead as a paint;
for there is now annually consumed by the United States, 50,000 tons o f
lead in paints.
A glance at the process o f making zinc paint, or rather extracting the
sub-oxide, will not bo uninteresting. The mines are about thirty-five miles
from Newark, and the ore requires at present to bo carted eight miles, (a
rail is being laid for this transport in future,) and is then conveyed to the
paint works by water. The ore, on arriving at the works at Newark, is
placed in heaps and roasted, for the purpose o f softening it. It is then
ground into small pieces, when it is mixed with an equal quantity o f coal,
used for oxidizing the different substances o f which the ore is composed. It
is then put in smelting furnaces, where the action o f the carbonic acid gas,
supplied through the coal, disengages the component parts o f the ore, and
causes the zinc to rise in vapor, which vapor is conveyed into a large tube,
through which a quantity o f atmosphere is constantly driven, and the zinc,
uniting with, the oxygen, produces the white oxide o f zinc, and this is driven
by a blast into a collecting chamber, from whence it is taken for use. The
oxide is then mixed with oil by means o f machinery, and thus is produced
the beautiful white zinc paint. The manganese, in connection with the zinc,
is found to be, as though specially provided, a natural dryer for the paint.
W h en the Zinc Company commenced operations they had comparatively
no data to go by. The zinc paint introduced in France by the discoveries
o f Le Clair and Sorel— for which they were awarded the cross o f the Legion
o f Honor and other dignities— though subsequent to the use o f a perhaps
inferior article, collected through some experiments (not for that purpose)
many years since, and used on the mansion o f the late Hon. Samuel Fowrler, o f New Jersey, then proprietor o f the zinc mines; being manufactured
by a double process, first resolving the zinc (carbonate) to metal, and then
extracting the oxide, gave little benefit to the American enterprise. But the
Zinc Company had an indomitable man in James L. Curtis, formerly an ex­
tensive merchant o f our city, at its head, assisted by able coadjutors, and ha
knew no such word as fail. Collecting at home and abroad such data as
could be had, he made Yankee invention, science, and skill, answer for the
necessary balance, and the result has been a perfection and simplification in
the operations o f mining and manufacture o f zinc not excelled, if equaled,




318

New Jersey Zinc and Franklinite.

in the world. Y et the company will doubtless add improvements from time
to time, for there would seem to be no limit to the inventive capacity o f
Americans. The advantages o f zinc over lead as a paint are these:— Re­
peated tests make 60 pounds of zinc white equal to 100 pounds o f lead in
covering surface, and the relative cheapness, therefore, stands:—
100 pounds best lead, say 7-J- cents per pound...................................................
$7 50
5 40
60 pounds best zinc, Bay 9 cents per pound.....................................................
In favor of zin c...............................................................................

$2 10

The superior cheapness o f zinc is the great commercial advantage in its
favor over lead. Besides this, zinc is superior in whiteness, brilliancy, and
durability, and is entirely free from the poisons in lead which generate sev­
eral diseases, well known to workers in lead, painters, tenants o f freshly
painted rooms, and medical men. The white zinc resists the action o f all
gases that yellow and tarnish lead, and holds brilliant as an inside paint for
years. In color, it compares with lead as porcelain white does with common
ea then white. It can be used with impunity while rooms are occupied,
while medical men— vide the evidence in Tanquerel’s octavo work on lead
poisons and lead diseases— agree that lead painted rooms should not be ten­
anted under two or three months for safety.
The zinc colors, for outside
painting, requiring but little oil, dry suddenly, and form a metallic coating
on wood, brick, iron, &c., impervious to weather and salt-water, and are more
nearly tire-proof than any other paint known.
They act galvanically on metal surfaces. W e have before us at this wri­
ting the testimony o f the Supervisor o f the New York and New Haven
Railroad, the Superintendent o f the Navy Yard at Gosport, Virginia, a
special committee o f the Common Council o f this city— zinc paint has been
tested and ordered by the Common Council for the use o f the city buildings
— and other eminent parties, many o f them practical painters and users o f
lead all their lives, who have tested the zinc paints on railroad dep&ts, loco­
motives, ships, buildings and otherwise, and their testimony is unanimous—
without considering the sanitary reason— in favor o f zinc over lead. To our
mind, the sanatary reason is the greatest o f all in favor o f zinc. But
though the present operations o f the Zinc Company are confined to the
manufacture o f paints, this is but a branch o f the prospective interest.
Lead is a poisoner, not only in paint but in water-pipes, roofing, cistern-lin­
ing, Ac., for all o f which uses zinc is a cheaper, better, more durable, and
healthful substitute. Slightly alloyed with copper, it makes a sheathing for
ships much cheaper and far more durable than copper, because impervious
to the corrosive action of salt-water.
Manufactured into culinary ware,
covers, spoons, forks, etc., zinc (the New Jersey) makes an article more du­
rable and beautiful than Britannia or nickel, while the strength o f the metal
will allow it to be made much lighter. W e can see, not far ahead, a vast
manufacturing interest on these accounts springing up around the zinc mines
o f New Jersey.
The Franklinite, where that is the chief deposit— and the Zinc Co., have,
as already intimated, chief deposits both of Franklinite and zinc— bears the
following analysis, made by Dr. Jackson :
Silica, (si. 03).................................................................................
Franklinite, (Fe. 203).......................................................................
Zinc, (zn. 0 )........................................................................................
Manganese, (muz. 03).......................................................




0.299
66.072
21.395
12.243
100

319

New Jersey Zinc and Franklinite.

The admixture o f zinc with the Franklinite is found to destroy its tendency
(if it otherwise hadfemy,) to granularize, and renders it thoroughly fibrous,
making it when properly worked into iron, the toughest and strongest that
has ever been tested. According to Tredgold's test, the Franklinite stands
thus:—
Best Swedish bar iron, inch square bore............................. lbs.
nferior “
“
“
...................................
Best English
“
“
...................................
Inferior “
“
“
.....................■.............
American Franklinite
“
...................................

72.840
53.224
61.660
56.000
11 .000

It has been tested in this city and in Baltimore with similar results, and a
French test, in the Government Marine Forges at Paris, made the difference
in favor o f Franklinite much greater. W e have seen it variously tested,
every species o f trial only adding to the proofs o f its wonderful nerve and
strength. W ire o f whatever size made o f other iron, is flawed and broken
at a few twists, but we have seen wire made from the Franklinite twisted
twenty times without inducing a flaw. Resolved to steel, it makes an arti­
cle o f the most brilliant character. Competent judges— our most extensive
and practical iron and steel workers— accord a superior value to Franklinite,
over any other iron for uses requiring the greatest toughness and strength..
For steam machinery, suspension bridges, wires and such lesser forms o f
iron as require a union o f delicacy and strength, the Franklinite must be,
as soon as placed before the public, in great demand. It forms an admir­
able alloy or emollient with inferior iron and ores, changing their hard granular
nature into ductility and strength. The residuum formed in the furnaces o f
the zinc paint works, from the per cent o f Franklinite discharged, is admir­
able for admixture with inferior iron ; retaining as it does, just enough zinc
to neutralize the granular character o f such iron.
It is beginning to be
largely sought and used for that purpose, and for fluxing iron in the process
o f puddling. It may seem a matter o f surprise that an iron ore so near the
seaboard and the chief market and mart o f capital o f the Union, and with
such a character, should not have been long ago developed. The same sur­
prise may be expressed over the zinc. Repeated trials for half a century
have been made with both minerals, but through lack o f practical knowl­
edge, inefficient operatives, and the little interest taken in encouraging min­
eral enterprises, they all failed, until the energy, genius, and tact o f Col.
Curtis and his coadjutors, took hold o f the work.
The chief credit o f the successful operations o f the New Jersey Zinc Com ­
pany, forming an era in American mineral history, is acknowledged to be­
long to Col. Curtis. H e had the faith and boldness to take a matter o f
“ repeated failures” in hand, and allowed no discouragement to daunt him.
“ W here there is a will there is a way,” is an old adage, and what A lex­
ander the Great said to a halting, doubting, subaltern is true forever, “ There
is nothing impossible.” I f the Gordian knot will not be untied by hand
nor teeth, untie it with the knife or sword. Col. Curtis who has been the
active head o f the Zinc Company from the day o f its organization until a
few days since, when he resigned on account o f pressure o f private business
— but not till the success o f the enterprise was perfect— had sagacity enough
to know that operators in a new sort o f enterprise must first learn how to
operate, and as it required a large amount o f science, skill, and expenditure,
all his predecessors had been wearied or frigtened from the work. H e was
n o t: he hunted up the science and skill, and the means to pay it w ell; and




320

New Jersey Zinc and Franklinite.

the result, after four years o f anxious and unceasing effort, is a brilliant re­
ward o f triumph to himself and co-laborers, and for the mineral resources
o f our country.
The great impediment in the way o f turning the Franklinite to account,
was the trial o f its ores in ill-adapted furnaces.
In the common iron fur­
nace, Franklinite comes to a state o f nature before it leaves the furnace, and
it only required the observation o f a plain, unpretending, iron worker, to see,
after a little thought, that furnaces o f less hight and much cheaper, would
obviate the difficulty. The zinc was found, also, to choke the furnaces in its
escape from the iron, but the Zinc Company discovered in a little time that
this 15 or 20 per cent o f zinc, instead o f raising the mischief with the Frank­
linite, could, by the addition o f a simple apparatus to the furnace, be collec­
ted for paint, and thus pay, nearly or quite, the cost o f making the Frank­
linite ore into iron, and the collection o f the zin c; opening a splendid field
for the manufacture o f iron on free-trade principles. The zinc and manga­
nese are finally found admirable, aye, invaluable coadjutors with the Frank­
linite, in promoting its working into iron. Christian C. Detmold, well known
as one o f the most energetic and successful managers of iron works in the
country, and who has been elected to fill the post o f president o f the New
Jersey Zinc Company, vacated by the resignation o f Col. Curtis, who is fully
aware of the value o f both the zinc and Franklinite, and is competent to
speak in judgment on either, writes touchingsome queries from Edwin Post,
Esq., concerning the manufacture o f iron from the Franklinite, as follow s:
N ew Y ork , October, 1852.

E d w in P o st , E sq .,
D e a r S i r :— You ask my opinion respecting the practicability and value o f

smelting the Franklinite ore in a blast furnace, and obtaining by the same oper­
ation the iron from the ore and the oxide o f zinc.
There is no reason, in my judgment, why such a mode o f treating this ore
should not fully answer in practice. The Franklinite ore is composed o f about
66 per cent o f oxide o f iron, 16 per cent o f oxide o f maganese, and 17 per cent
o f oxide o f zinc. The iron in the ore is precisely in the state to be most easily
reduced and to yield the best quality o f iron— like the famous Elba ore and
other specular ores, which are well known to yield an iron o f great ductility,
and at the same time o f great toughness and strength.
The oxide o f manganese is carried off in the cinder, manganese being less fusi­
ble than iron, and because the oxide o f manganese combines very readily with
the silica o f the flux, &e., forming a very fluid cinder. If a smalt portion o f the
manganese should become reduced and enter into combination with the iron, no
ill effect is to he apprehended from it.
Although many iron ores are smelted that contain a good deal o f zine, and
special experiments were made some years since,,by that eminent metallurgist,
Karstein, to smelt iron ores very rich in zinc, for the purpose o f determining,
beyond a doubt, the effect o f the presence o f zinc in iron, which resulted roost
favorably; yet no attempt has ever been made, to my knowledge, prior to yours
to smelt ores containing zinc, with the express view o f collecting the oxide of
zinc fromtunnel head, for the purpose o f usuing it as a paint. This, undoubt­
edly, is quite practicable with the Franklinite ore, as your experiments have
proved. A portion o f the vaporized zinc will be condensed around tunnel head,
in consequence o f the dimished temperature o f the furnace in that region; this
substance, well known where zinciferous ores are smelted, as “ cadmia,” is a
mixture chiefly consisting o f oxide o f zinc, metallic zinc, and earthy matter; it
may he broken down by bars and charged again into the furnace.
But by far the largest portion o f the zinc will, by your arrangement o f con­
duits, be led into the collecting chambers and there deposited as an oxide o f zinc,




New Jersey Zinc and Franklinite.

321

fit for paint. It is very doubtful, however, whetlier it can ever be thus obtained
sufficiently pure to be used as a white paint.
There is no cause for apprehension that the large quantity o f zinc which is
vaporized in the blast-furnace smelting Franklinite, will abstract so large a por­
tion of heat as to interfere with the regular working o f the furnace ; such an
abstraction will unavoidably take place, but it is easy to guard against the ill
effects o f this, by proportioning the burden o f the furnace accordingly. This
will naturally involve the consumption o f a larger proportion o f coal than would
be necessary for ordinary iron ores; this greater consumption will be further in­
creased by the fact that the furnace gases can not be utilized for raising the steam
for the blowing engine, which must be obtained by special firing under the boilers.
The quality o f the iron produced in your experiments from Franklinite. I have
no hesitation to pronounce very superior, and especially adapted to produ-e the
choicest quality o f bar iron, without any intermediate process o f refining; and
this constitutes, in my judgment, the most valuable feature in the whole ques­
tion; for iron o f such quality will always command a ready market, at extra
high priees, for all purposes requiring iron o f great ductility and strength.
The estimate which you have submitted to me o f the cost o f iron and zinc
paint produced from the Franklinite ore, seem to me quite sufficient, so far as
the respective quantities o f materials and labor g o ; o f the cost o f the differ­
ent materials on the spot I can give no opinion, but take it for granted that you
have correctly estimated them. Nor ean I give any opinion as to the value o f
the paint thus obtained, parties in the trade can readily determine this from the
product obtained by your experiment.
On the whole, I look upon the result o f this trial as most important in demon­
strating practically the great value o f the enormous masses o f Franklinite which,
although long known, yet has never been used but to an exceedingly limited
extent. And as henceforth large quantities must be comxumed, it seems to me
that one o f the first points that should claim your attention, should be a reduc­
tion iff the cost o f getting the Franklinite to your works at Stanhope, by means
o f a railroad from the mines to the Morris Canal.
I am dear sir, most truly and respectively yours,
0. E.DETMOLD.
N o t e .— In

the Belgian iron works, (especially at Seraing,) it is found ne­
cessary to mix a large portion o f zinciferous iron ore with their ordinarv ores,
for the purpose o f producing a pig iron o f the requisite strength for cannons,
or for being converted into bar iron o f the very best quality. This is the ore o f
Angleur, which contains 16 per cent o f the oxide o f zinc. But as the use o f
this ore is apt to cause a cooling o f the furnaees, they are obliged to mix with
it a certain portion o f another and cleaner ore, theofe o f “ Dolembreux,” which
contains a large portion o f oxide o f manganese. This is done for the purpose o f
producing a very liquid cinder in the furnace, and thus correcting the cooling
effects o f the zine in the ore o f Angleur.
The Franklinite contains, happily, the very combination there sought to be
effected by a mixture o f different ores, namely, the zinc and the manganese, and
therefore can be smelted by itself. That zinc tends greatly to improve the qual­
ity o f iron,; was also fully established by direct experiments made by order of
the English Government in 1 8 4 8 .
c. e . d .
One further quotation with reference to the value o f the Franklinite ore
for admixture with other iron to improve its working, and we are done with
the subject in detail;—
G r e e n w ic h Iron W o r k s , N. Y . C it y , Dec. 2*2, 1852.

This is to certify that I have worked the Franklinite ore, for the purpose o f
fluxing iron in the process o f puddling, and the result is as follow s:—
Cooper pig iron, worked with Franklinite ore, makes as good H billets, when
rolled down from the puddling furnace, as the same iron does without ore, when
bloomed from the puddling furnace, and repeat in the heating furnace, before
rolling to 1£ billets.
VOL. X XVIII.-----N O , III.




21

322

New Jersey Zinc and Franklinite.

The difference in the cost o f billeting in the two processes is about $6 per
ton in favor o f the ore. The above billets, when rolled to wire rods, will draw
to No. 24, market wire.
Wynaqua pig iron, worked with ore, with a single heat, makes as good boilerrivets, as the same pig iron does without ore with two heats.
Cast iron borings, worked with ore, roll to billets much better, and when
worked into small ovals, squares, and rounds, gives a splendid finish to the iron,
making it look fifty per cent better. Without the ore, it is impossible to roll to
small work. In all cases, there is a handsome finish given to the iron when the
ore is used than when it is not used, especially in small work, which is a great
eonsideration.
The residuum was not tried but a little; the ore being so much better that it
was not thought practicable to work it.
The above puddling furnace has been used for working the oxide from the
Franklinite ore, and also from the residuum, to ascertain the practicability o f work­
ing off the oxide from the ore and residuum.
B. HICKS, Superintendent.

Mr. Hicks is our superintendent at the Greenwich works.
HOLDEN & Co.

But we cannot dismiss a subject o f so much importance as these New
Jersey zinc and iron mines, without a word in regard to their early history.
They are worthy the study o f the antiquary. Old shafts, and other evi­
dences, prove them to have been opened considerably more than a century
ago. A n original survey o f the tract, in 1749, alludes to the “ old mine
holes.” In 1755, an old-fashioned mining-pick was found in one o f the
galleries by a hunter, whose son, now an old man, is still living in the
vicinity o f the mines. Major Farrington, in an able report on the mines, is
o f the opinion that they were first opened by a colony o f miners from the
Duchy o f Nassau, who came over about 1640, while New York was held by the
Dutch, and settled on the Minisink Flats, upon each side o f the Delaware, and
who worked the copper mines at Paquarrhy. W h at they mined for can
only be imagined, as they did not excavate on the zinc vein. Lord Stirling
was, prior to the Revolution, proprietor o f the mines: hence the name
“ Stirling Hill,” on which they are located. H e caused a quantity o f the
Franklinite to be mined, and taken to his furnaces at Charlottenburg, where
it may now be seen. His trial with it was a failure.
The early miners do not seem to have at all comprehended either the zinc
or the Franklinite. Some eighty years ago, several tons o f the zinc ore was
shipped to England, through the agency o f a' commercial house in this
city, o f which Van Brugh Livingston was a m em ber; but no results are
recorded o f the venture. In several o f the mineral cabinets in England are
specimens o f oxide o f zinc, corresponding with no productions o f Europe, and
which are presumed to be a part o f the shipment aforesaid. Such is the
opinion o f Mr. Farrington, Dr. Jackson, and others, also o f the special agent
sent out by the Zinc Company, with specimens o f their ores and sub-oxides to
the W orld ’s Fair, where American zinc attracted much notice from scientific
visiters. This agent saw some o f the specimens in English cabinets above
referred to. Several years ago, when Congress passed an act to provide
a standard o f weights and measures for the several custom-houses, Hon.
Samuel Fowler, whose son, Colonel Fowler is still interested in the mines,
who was at the time in Congress, and who owned the zinc property, induced
the government agent to use the zinc ore, alloyed with copper, and an ex­
cellent set o f brass standards was the result. But this failed to bring further
attention to the m ines; and, as we have said, all attempts to work them
failed, until the present Zinc Company organized.




New Jersey Zinc and Franklinite.

323

W hether our government ought to interest itself in encouraging enter­
prises o f great national utility, as well as individual profit, may be a debateable question. W h en Le Clair and Sorel made their discovery o f a paint,
from zinc, the French government (Louis Philippe’s) took the matter in hand,
had the paint tested by a committee o f savants, and, finding it preferable to
lead, particularly in a sanitary point o f view, at once decreed its use on all the
public buildings o f Paris, beside honoring and rewarding the discoverers.
The result was an imitation o f the action o f government by individuals, and
zinc came into general use. The American zinc, under notice, being an
oxide and free from sulphur, is manufactured by a single and much cheaper
process than the French, which is a carbonate, interfused with sulphur, and
requires two expensive processes to convert it to paint. Hence, the greater
benefit conferred by the New Jersey Zinc Company through their discoveries
and success. Y et they receive nor seek “ crosses” nor “ orders;” but is it
not worth considering, whether it be not the true policy o f free, as well as
despotic states, to encourage the development o f national sources o f wealth
and independence, and the enlargement o f the field o f enterprize and labor,
by, in some way, recognizing such enterprizes o f individuals or companies as
contribute largely to the public good. The wealth and strength o f a state
is but the aggregate o f the resources o f its people; and it strikes us as its
noblest and first duty, to so compliment each marked addition to the com ­
mon stock, that further enterprize may be stimulated. The zinc o f New
Jersey is become too potent in itself to need a fostering word or look from
Government; but what a stimulus to all as legitimate and valuable mineral
enterprizes it would have been, all over the country, had Congress, in the
hour o f its birth, acknowledged the value o f zinc paint, by causing it to be
tested, as did the French government, and, finding it desirable over any or
all competitors, decreed its use, if only on the public buildings at the national
capital. This is the kind o f protection and encouragement that will best de­
velop the industry and enterprise o f a country, and this much the State
owes to the people. Example in high places is a mighty power. W e
merely throw out these hints for the consideration o f such as read them.
Shall it be said always, that the Republic cares less than the Monarchy,
whether its citizens bend their genius and energy to working a public good
a public ill 2
COL. JAMES LANGDON CCKTIS.

A s appropriate to the foregoing article on the mineral interests o f New
Jersey, we give a brief sketch o f Col. James L. Curtis, to whose intelli­
gence and enterprise those interests are mainly indebted for their develop­
ment, and whose portrait will be found in the present number o f the M er­
chants' Magazine. Col. Curtis is well known in our mercantile community
as formerly, and for many years, largely and successfully engaged in com ­
mercial pursuits in this city. Indeed, his whole active life has been passed
in our midst. Col. Curtis is, like many o f our most enterprising business
nien— a New Englander by birth. His ancestors were among the earliest
colonizers o f New England, and settled at Stratford, Connecticut, in 1639,
where he was bom about forty years ago. His farther, like his father’s fa­
ther, and so on for generations back, was a tiller o f the soil, in moderate
circumstances, and unable to give his son more than the eommon school ed­
ucation afforded in his native town. That education was, however, o f the
true, solid New England sort.. It inculcated habits o f thought, discipline,
and moral energy, and young Curtis found it sufficient ground-work for




324

New Jersey Zinc and Franklinite.

more extensive classical accomplishments, and acquaintance with general lit­
erature and history in after years. It would be difficult to point to one
more thoroughly versed in all matters of useful knowledge than is Col. Cur­
tis at the present time.
A t the age o f fifteen, young Curtis made his dehut in this city as an ad­
venturer in search o f employment. His prepossessing characteristics at once
secured him business and fiiends.
Entering one o f our largest and most
respectable silk houses as junior clerk, he was rapidly promoted on account
o f his capacity and integrity, and, at the age o f twenty, was entrusted with
the charge o f the establishment during the absence o f the proprietors in
Europe, and, before he attained his majority, was admitted as a partner.
His career as a merchant was eminently successful. Possessing the first or­
der o f business talents and habits, with an intuitive faculty o f grasping and
comprehending all matters brought to his notice, backed by the energy and
persevering industry which are prominent traits in his character, he was not
long in rising from the most humble condition to a competency and position
alike enviable. During his career as a merchant, he enjoyed the esteem and
confidence o f his compeers, and was for several years an active and efficient
member and Secretary o f the Board o f Trade. During these years, in con­
junction with the late Judge Inglis, Judges Campbell aiid Mitchell, the late
Attorney-General o f this State, W illis Hall, and others equally eminent,
Col. Curtis was a party to an association, organized in this city, for debate
and deliberation on the various subjects agitating the public mind or calculat­
ed for self-instruction or improvement. W e have it from a distinguished
jurist who was a member o f that society— and it were well if more such so­
cieties existed— that, in point o f intellect and ability, it was far abler in its
discussions than most legislative bodies— not excepting even Congress. For
a long period Col. Curtis was the presiding officer and spirit of the “ House
o f Debate,” and he doubtless dates much o f his readiness as a speaker, and
familiarity with parliamentary rules and duties, to this intellectual associa­
tion. His connection with the military o f this city, in which he took and
still takes great interest, has also been worthy o f note. For several years
he commanded one o f our regiments o f volunteer corps, and in his military
capacity was an upholder o f law and order at the time o f the furious aboli­
tion riots in this city in 1834, at the time o f the great fire in 1835, and in
the Anti-Rent campaign in 1839.
A t the commencement o f the late war
with Mexico, Col. Curtis undertook to aid in raising a brigade for the service
o f his country, with the purpose o f entering upon its command. A s but
one regiment was finally required, he was not called into service, though his
efforts to organize further force were successful. But the most noted epoch
o f his life, to our mind, and the one destined to greatest results for general
good, has been his connection with the mineral interests o f the country for
several years past. Entering upon this field less for the purpose o f realizing
fortune— though fortune has resulted as a natural consequence— than with
the determination to do all in his power toward developing the largest and
one o f the most permanent and legitimate sources o f the national wealth
and strength, he deserves to rank rather as a public benefactor than as the
successful leader o f a private enterprise. The results o f his intelligence and
energy may show in his bank account, as they ought to, but they show in a
far larger and nobler sense in the employment given to thousands o f me­
chanics and laborers ; the stimulus infused into mineral enterprise ; the be­
neficial products developed for public g o o d ; the fortunes o f many secured;




New Jersey Zinc and Franlclinite.

325

the wealth o f States increased, and the general sum o f the country’s indus­
try and prosperity largely advanced. As public opinion is often formed by
a few bold minds, so a few such leaders as Col. Curtis in any path o f indus­
try, are sufficient to perfect its enterprise and establish its universality.
However many and various— as they are— his other projects and operations
in the mineral field, we must regard his development o f the zinc and Franklinite interest of New Jersey, as his ch ef d'oeuvre. They are two o f the
most valuable minerals in the world. Up to the time when Col. Curtis took
them in hand, they had defied even Yankee enterprise and skill. They were
a stumbling block to capital, science, and art. Indeed, they were regarded
as comparatively valueless. It is not necessary to repeat what they are now,
as that is already set forth in these pages. A nd for this great triumph New
Jersey and the Union, are chiefly indebted to the indomitable energy and
genius o f Col. James L. Curtis. In less than five years he has added to the
value o f the mineral deposits o f a single State, millions of dollars, and at
the same time greatly increased the industry and general enterprise o f that
State. Nor has the result ended there; it has been beneficially felt in this
city and other portions o f the State, and in the mineral regions o f Pennsylvania,
Virginia, Maryland, and other sections o f the Union. W e could namemore
than twenty important mineral enterprises that have sprung, directly or-indirectly, from Col. Curtis’ successful operations with the zinc and Franklinite
o f New Jersey, and the circle promises to widen for years to come in in­
creased and accelerated ratio.
In connection with his mineral operations, Col. Curtis has long cherished
a favorite idea which we trust he may live to see realized. It is the formation
o f a School o f Mines, in which classes o f youth shall be taught mineralogy
and its relative sciences, theoretically by the ablest masters, and practically
by explorations in the various mineral regions, near and remote, until they
shall bo sufficiently accomplished to go forth to all our mountain and hill
ranges, and spy out the hidden riches o f our land. The country knows no
greater want than a corps o f thus educated young men, and none, could
command more remunerating and enviable position, or confer a greater ben­
efit on the country. Our mineral wealth has a national character and impor­
tance, and in furtherance o f this noble idea o f a school for the creation of
mineralogists, geologists, chemists, &c., the nation could richly afford to do­
nate a million acres o f its mineral lands. W e hope Col. Curtis will place
his idea in form before Congress, and urge action upon it as demanded by
the interests o f the whole country. If he can succeed in carrying out this
idea, he will rank his name higher as a benefactor, than it could stand were
he ten times elected to the executive chair of the Empire State, for which
post his name wras strongly urged in the late election.
A word in conclusion, touching Col. Curtis as a citizen and a man. As
a citizen he is an ornament to society. Liberal with his ample means, his
hand is open to every worthy cause and object that may appeal to his sym­
pathy or charity, while the same hand is strong to uphold public order, jus­
tice, and virtue. As a man, he is frank, ingenuous, and noble souled. A bove
the narrow prejudices and petty ambition that stain the acts and aspirations
o f too many in our midst, lie can differ from his fellow-meh in politics with­
out bitterness, and in religion without bigotry. H e would have all men in­
telligent and fortunate, aud rejoices in rather than envies— as is the com­
mon rule— the success o f others. In the prime o f life, with a lovely family
around him, and everything conspiring to his advantage, a proud future
evidently lies before him.




326

Mackenzie's Law o f Partnership in England.

Art, VI,— MACKENZIE’S LAW OF PARTNERSHIP IN ENGLAND*
T he English, commercially great as they are, have much to learn. Their
law o f partnership is incomplete, cumbrous, and unjust. I f it were intended
to check enterprise, and to deprive Capital o f the means o f legitimate em­
ployment, that purpose has been well fulfilled. It is in spite of, and not
owing to, the English law o f partnership that Great Britain has obtained
commercial and mercantile power. Common sense tells the capitalist that
money will not fructify unless it be used. British law says, “ I f you adven­
ture even one sixpence o f it in partnership, you shall be and you are liable
to the last penny in your possession.”
There is no such thing in Great Britain as partnership with limited liabil­
ity— what in this country is called special partnership, what is known through­
out continental Europe as '■'•partnership en com m andite." A n act o f Par­
liament, a Royal Charter o f Incorporation, or Letters Patent from the
Crown, have the power, it is true, o f allowing partners in joint-stock compa­
nies to be liable for no more than the respective amount o f the shares each
may possess. But the cost o f an act of Parliament, even when wholly un­
opposed, is about £ 8 0 0 , and a charter or letters patent come nearly as ex­
pensive. If two or more people choose to form a partnership, one to find
£1,000, we will say, as the capital, and the other two supplying the requis­
ite knowledge and industry, there are positively no means in England to
limit the responsibility o f him who supplies the m on ey ;— the law is, that
whatever amount I e may bring, he is liable to the creditors o f the concern
not only to the full extent o f that amount, but, as Lord Chancellor Cottenham declared, “ even to the last shilling and the last acre he may have in
the world.”
In the last days o f the Derby Government, last December, a curious discus­
sion took place on that head in the House o f Commons. The member from
South Lancashire (Mr. W . Brown, o f the well-known commercial house o f
Brown and Shipley, o f Liverpool and New York,) moved for “ Copies o f all
applications made by the London, Liverpool, and North American Screw
Steamship Company to the Board of Trade for a charter ; and o f all corre­
spondence between the said company and Board o f Trade on the subject
thereof; and o f all letters, memorials, and other communications received
by the Board o f Trade from other persons, companies, and associations re­
lating to such applications.”
He was the mouth-piece o f certain members o f the shipping interest o f
Liverpool, who had heard that the Board o f Trade intended to grant the
above-named company a charter, by which the liabilities o f the shareholders
would be limited to the amount o f their respective shares, and who “ sub­
mitted that such a charter would be injurious to other shipowners who had
invested large capital in the Canada trade, and were liable to the full extent
o f their property, as it subjected them to an unfair competition with a com­
pany which was not exposed to the same risks as they were, and which was
not restrained by the ordinary rules o f commercial profit, and which inter­
fered with private enterprise ; nor was there anything special in the compa­
ny or undertaking which required an exceptional charter.”
* Partnership “ en Commandite,” or Partnership with Limited Liabilities, for the Employment o f
Capital, the Circulation o f Wages, and the Revival of our Home and Colonial Trade. 8 v a , pp. 250.
L ond on: E. Wilson.




Mackenzie's Law o f Partnership in England.

327

A long discussion ensued, in which the principle o f limited liability was
attacked and defended, while the government refused the papers, on the plea
that the Board o f Trade had not determined whether such a charter as was
objected to should be granted. Mr. Lowe, who now holds office under the
Aberdeen government, expressed himself strongly in favor of the special
limitation. H e said:— “ Hon. gentlemen were talking as if the limited lia­
bility had never been tried as a principle o f Commerce. But they forgot
the experiences o f France, and they forgot what were the results o f the ex­
periment in Massachusetts and in other o f the advanced States o f America.
For himself he hoped that the day was not far distant when the House o f
Commons would relieve the Board o f Trade from the invidious and annoy­
ing duty imposed on it— not, however, to take back the power once given
to that department— but by so changing the law as to leave it to every set
o f persons in England wishing to invest their capital for a common enter­
prise to do so without having occasion to g o to a government department
at all, but simply by making known to the public, as in the United States,
by advertisement, what their objects are, and what the capital is they pro­
pose to put into the concern.”
It is only within the last few years that the attention o f the British Par­
liament has been drawn to this question o f partnership.
In 1844, a Com­
mittee on Joint-Stock Companies received evidence on this subject— in which
limited liability was opposed by Mr. Jones Lloyd, the banker, (now Lord
Overstone;) Mr. Thomas Tooke, the currency writer ; Mr. Horsley Palmer,
o f the Bank o f E n glan d; Mr. Kirkman Finlay, Sir George Lapont, Mr.
John Gladstone, and Mr. H od g k in ; and was defended by the late Lord Ash­
burton and his son Francis, (who had even prepared a plan for its adoption
in England as far back as 1836 :) Mr. Naman Senior, the political economist;
Mr. Bellenden Ker, and half a score more, well-known as commercialists and
politicians.
In 1848, was published an octavo volume, now on our table, which put
the advantages o f limited liability so clearly before the public that, in 1850,
Mr. Staney, M. P ., obtained the appointment o f a Parliamentary Committee,
to inquire into it, and, in 1851, actually introduced a bill to allow its gene­
ral adoption, which bill, however, he did not proceed with.
The book before us, as we have learned, was written in a peculiar man­
ner. Mr. Thomas W ilson, (an Englishman who had realized a large fortune
as the partner o f the late king o f Holland, in the cotton works at Brussels
and the linen factory at Liege,) came to London, immediately after the
French revolution in 1848, and, holding a few shares in a joint-stock com­
pany, was made to feel, as a rieh and solvent man, that he was liable for the
debts o f the concern, not only to the extent o f his shares, but to the full
amount o f his whole property. He backed out o f the co-partnership with
a loss, and looked about for a literary man capable o f writing a book against
the system by which he (Mr. W ilson) had suffered, and in support o f the
special partnership by which he had made his fortune. H e met Dr. Shelton
Mackenzie, (well known in this country as the former correspondent o f Major
Noah’s Evening Star,) and that gentleman wrote the book in question in
six weeks. W e believe it was put to press chapter after chapter, as it was
written. There is no appearance o f haste about it.
There is a vast quan­
tity of commercial, legal, statistical, and general information, clearly and
sometimes eloquently written. And in the chapter entitled “ American vs.
British Trade,” we find more facts and more liberality than English writers
usually take the trouble to colleet, or have the fairness to express.




328

Mackenzie's Law o f Partnership in England.

In the opening chapter. Dr. Mackenzie has collected some o f the experi­
ences of his friend, Mr. W ilson, and one o f them, relating to the rise of the
Peel family, from the cotton trade, is too interesting to be om itted;—
The rise and progress o f that trade in this country is very curious. There
are persons yet living who recollect its commencement. In 1764, the East India
Company petitioned Parliament for permission to export foreign printed cottons
in their African trade, those which they procured from India being too fine. The
year following that, permission having been given, a Dutchman, named Voortman, came over from Holland to print calicoes; but not being allowed to print
India cottons for consumption in England, he returned to Wezep, in his native
land.* One o f his Dutch workmen married a woman named Story from Car­
lisle, whose father died about 1766. Her two brothers, o f tender age, were left
orphans, and she took charge o f them, procuring them employment at Wezep,
whither she had removed. Both these became calico-printers. About the year
1788, Benjamin Story, the elder, was invited by the Emperor Joseph II. to go
into Belgium (then a province o f Austria) with his master, Mr. Clements, to print
cottons. He went, and died in Brussels in 1832, at the age o f 86, proprietor o f
most extensive print-works, opposite the palace o f Laeken, near that city. The
first Dutchman whom I have named, had the privilege, while in England, o f print­
ing Indian Baftas and Salmnpores, for the East India Company, under an engage­
ment to export them; but not for home consumption. T o make certain that
they were exported, and not sold in England, the Excise Officers stamped each
piece, charging sixpence a yard duty, which was returned as a drawback when
they were sent out o f the country.f After the works were given up, and this
printer had left England, the Exciseman who stamped the pieces was ordered into
Lancashire, among the publicans, and, fortunately for one o f the first men o f the
age, took up his abode at the Black Bull, at Biackburn, then kept by Mr. Yates.
While engaged in stamping the calicoes for exportation, the Excise Officer had
picked up some knowledge o f the process o f prirtting. He had learned how
blocks o f wood, on which flowers had been cut, could yield impressions upon
cotton fabrics previously prepared by being dipped into mordants o f solutions o f
iron. “ Mine host” o f the Black Bull, in conjunction with another person and
the Exciseman (“ under the rose,” ) began calico-printing near Blackburn, about
the year 1766, with some blocks purchased from Voortman:— that “ othei person”
was the grandfather o f Sir Robert Peel, who, as a statesman and financier, has
occupied the highest position in the Legislature and Executive Government o f
this country for many years, and whose pride it is that he has sprung from the
people. The Exciseman eventually married into one o f the first families in Lan­
cashire ; and, with his natural intelligence, aided by the connections which he had
formed, laid the foundation o f the largest private fortunes in the kingdom, as
well as o f a branch o f manufacture and trade which now, and for a long time
past, has employed much o f the capital, labor, and enterprise o f the country. It
is not overstating the fact, when it is said that nearly three millions sterling have
been gained by tbe families o f the two persons, who, as has been shown, chiefly
founded the other manufactures o f England. As “ I n d it s t r ia ” is the motto and
has been the principle o f the Peel family, it is not surprising that what may be
* So early had the trade been in full operation in the Low Countries, that the History o f Amster­
dam states that, “ in 1707, calico printers must not enter the city with carts whose wheels were less
than four inches wide, for fear of cutting up the pavement.”
f Among the advantages which science has conferred on society may be reckoned that o f rapid
bleaching. Previous to the middle o f the last century, the Dutch had a monopoly o f bleaching.
The Scotch manufacturers used to send their goods to Holland, and receive them back after an in­
terval of about nine months. About the year 1760, it was proposed by Dr. Home, o f Edinburg, to
substitute sulphuric acid for the sour milk which the Dutch bleachers had hitherto used. This sug­
gestion was adopted ; and the time of bleaching was thereby reduced from nine to three months.
About fifty years ago, chlorine began to be used, instead of exposure to the sun on the grass ; and
the process is now so complete that the most extensive bleaching houses in Glasgow are in narrow
lanes where the sunshine never enters; and it is quite usual to receive unbleached goods on the
morning o f one day and return them ou the next, bleached and ready for the markets. This, of
course, has had great effect on the prices o f textile manufactures.




Journal o f M ercantile Law.

329

called the “ lion’s share” o f the adventure has fallen to them. From such a small
commencement, as has thus been described, arose the cotton manufactures o f this
country.
In conclusion, we may state that if commercial and legal works (for this
volume partakes o f the double character) could be made as agreeable as
this, without any lack o f information, they would be more generally popu­
lar than they are.
Dr. Shelton Mackenzie is a rapid and ready writer, and
his great experience as a journalist in England has given him a general and
very accurate acquaintance with political, literary, and commercial subjects.

JOURN AL OF M E R C A N T IL E L A W .

ASSIGNMENT MADE B Y A DEBTOR TINDER FAILING CIRCUMSTANCES.

Decision in the Court o f Appeals, in the case o f John Nicholson vs. David
Leavitt, by Edmonds, Judge.
A voluntary assignment made by a debtor under failing circumstances, is void if it contain a clause
authorizing the assignee to sell the assigned property on credit, because it is calculated to hinder
and delay creditors, and reserves to the debtor, or the assignee o f his own choice, the absolute
control over the debtor’ s property, which, in justice, belongs to the creditor, and enables them, in ­
stead o f the creditor, to determine when the debt shall be paid.
A debtor in failing circumstances has a right to make a voluntary assignment, to select his own as­
signee, and to give preferences among his creditors. But further than that he may not go to inter­
fering with his creditors’ right to enforce tin payment o f his debts by due process o f law, at such
time and in such manner us to him may seem best. Such is the right o f the creditor; and the
duty o f a debtor is to make an absolute and unfettered dedication o f all his property to the pay­
ment o f his debts.
Judgment o f the Superior Court reversed,and venire de novo awarded, with costs in the court below.

The question is presented in this case simply and nakedly, whether a volun­
tary assignment by a debtor in failing circumstances is void by reason o f its
containing a clause authorizing the assignee to sell the assigned property On
credit.
I should be inclined to consider the decision o f the Supreme Court, in Burdich vs. Hunting, M. J., and the ruling o f this court in Barney vs. Griffin, 2
Comst., 371, as decisive o f the question. I have no means o f going behind the
report o f these cases, to inquire into the private opinion o f the members o f the
court, and if I had. I should be reluctant to do so, lest I might be regarded as
sanctioning a course that may tend to unsettle and weaken the authority o f the
court o f last resort. So far as the record o f the case, made by the authorized
officer o f the State, may, in its language, give rise to double criticism, it becomes
a perfectly legitimate subject o f inquiry.
But when that record is sufficiently
explicit on its face, I cannot feel myself at liberty to impair its just force, by any
private cross-examination o f the members o f the court, or by any private and
irresponsible statement o f theirs in conflict with the plain import o f their official
language.
As, however, the authority o f the decision o f this court has been questioned
by the inferior tribunal, whose judgment we are now considering, and has been
fully discussed on the argument before us, it will be as well to reiterate here
and on this occasion, and, if practicable, in language too explicit for doubt, our
entire concurrence with the ruling on this point, in both o f the cases referred to.
For more than thirty years our courts have been struggling to keep within due
bounds, voluntary assignments by failing debtors. No one can be engaged long
in the administration o f justice, without becoming sensible how much fraud and
mischief are perpetrated under color o f such machinery. To punish a vigilant
creditor, to extort terms from him, to keep the property within the debtor’s con­
trol by means o f a friendly assignee, or to make it as available to him as possi­




330

Journal o f M ercantile Law.

ble, are far more frequently the purpose o f such assignments than a fair and
equal distribution o f the property among those to whom it equitably belongs.
And the result at which courts are bound to aim, such distribution, namely,
and that as soon as practicable, is almost invariably thwarted by these assign­
ments, and the delay and hindrance which they interpose, under the pretence of
equality, and a full dedication o f the debtor’s effects to the payment o f his debts.
Under the name o f that equality which is equity, the means o f the debtor are
placed beyond the reach o f his creditor, and frequently consumed in expenses and
charges by the assignee, rather than in the liquidation o f debts.
Such is most generally the practical effect o f tolerating these voluntary as­
signments, and no one can long occupy a seat on the bench without witnessing
and lamenting it.
The only ground on which they have ever been allowed at all is, that they do
only that which every principle o f honesty demands, and surrender all o f a debt­
or’s property to the satisfaction o f all his debts. Yet it most frequently is true,
that they operate to withdraw that property from that legitimate purpose, at least
for a while, if not permanently, and often appropriate it to other purposes.
The courts have been compelled to witness these frauds, thus perpetrated in
the name o f the law, until they have been constrained by a sense o f duty to aim
at suppressing the evil as far as in them lies, and at attaining that equality which
is shunned under the pretence o f seeking it.
From the cases o f Murray ns. Riggs, (2 J. Ch. R., 565,) and Hyslop ns. Clark,
(14 J. R., 458,) both in 1817, until this day, our courts, both o f law and equity,
have struggled for the attainment o f this object, and been engaged in striking
down the various forms devised by the ingenuity o f debtors, to pervert a rule
sounding fairly to purposes o f evil.
1 remember well the effort that was made in the Court for Correction o f Er­
rors, in the case o f Grover ns. Wakeman, (11 Wend.,) to relax the strict rule o f
the courts, and sustain the voluntary assignments as a quasi necessary substitute
for a bankrupt law. I was myself engaged in that effort, and was unwilling to
extend the rule any further than it had been extended in the case o f Murray ns.
Riggs. But after full and mature consideration I was overruled by a very decid­
ed majority o f the court, and the ruling of Grover ns. Wakeman have ever since,
for now some twenty years, been the unwavering law o f this State.
The principle established by that case was happily and forcibly stated by Judge
Sutherland, who delivered the prevailing opinion o f the court in Grover vs.
Wakeman, and it is manifest from the report o f the latter case, that it was the
intention o f that, the court o f last resort, after full consideration so to establish
it. “ It is time,” he says, “ that some plain, simple, but comprehensive principle
should be adopted and settled upon this subject. In the absence o f a bankrupt
law, the right o f giving preferences must probably be sustained. Let the embar­
rassed debtor, therefore, assign his property for the benefit o f whom he pleases;
but let the assignment be absolute and unconditional; let it contain no reserva­
tions or conditions for the benefit o f the assignor; let it not extort from the fears
and apprehensions o f the creditors, or any of them, an absolute discharge of their
debts as the consideration for a partial dividend; let it not convert the debtor into
a dispenser o f alms to his own creditors; and above all, let it not put up his fa­
vor and bounty at auction, under the cover o f a trust, to be bestowed upon the
highest bidder. After the maturest reflection upon this subject, I have come to
the conclusion that the interests, both o f debtor and creditor, as well as the gen­
eral purposes of justice, would be promoted, if the question is still an open one,
by confining these assignments to the simple and direct appropriation o f the
property o f the debtor to the payment o f his debts.
“ The remnants o f many o f these insolvent estates are now wasted in litigation,
growing out o f the complex or suspicious character o f the provisions o f these
assignments. One device after another, to cover up the property for the benefit
o f the assignor, or to secure to him, either directly or indirectly, some unconscientious advantage, has from time to time been brought before our courts, and re­
ceived condemnation. But new shifts and devices are still resorted to, and will




Journal o f M ercantile Law.

331

continue to be so, until some principle is adopted upon the subject, so plain and
simple, that honest debtors cannot mistake it, and fraudulent ones will be deter­
red from its violation by the certainty o f detection and defeat.
“ The principle to which I have adverted, it appears to me, if adopted, will, to
a very considerable extent, accomplish that object.”
I
acknowledge the binding force o f this decision, even in this the court o f last
resort, and have ever felt myself constrained to obey it, when sitting in any in­
ferior tribunal, and it is perhaps proper that I should admit, that subsequent re­
flection and experience have tended to impress on my mind the conviction o f its
entire propriety. I am therefore disposed to re-afiirm it, in the broad and explicit
language in which it was then announced. I have already had occasion to do so
at the Special Term o f the Supreme Court, upon the same question now present­
ed to. us, and 1 am now persuaded that there is no other rule that can be safely
adopted, to prevent the innumerable frauds that are perpetrated under the sanc­
tion and in the name o f these voluntary assignments.
The great consideration that is urged in support o f the clause which is object­
ed to in this assignment is, that the assignee must have some discretion as to the
mode o f selling the property, and that discretion may often warrant a sale on
credit—that sales on credit are often expressly sanctioned by the statute, and that
therefore it cannot be improper to confer in terms upon the assignee the power
which flows to him as a necessary incident, or in the language used in this re­
gard, “ if the law says that the authority, as necessary and beneficial, is given by
implication, we shall not commit the absurdity o f saying that it is illegal and
fraudulent when given in terms.”
Now it seems to me that this argument overlooks this important consideration,
that sanctioning this clause “ when given in terms,” strips the creditor o f his con­
trol over the property, and confers that control on the debtor.
When a debtor becomes insolvent, his property belongs in equity and justice
to his creditors, and not to him, and thenceforth the object and aim o f the law is
to give it to his creditors. He has an interest to see that it is not sacrificed or
wasted, but is so managed as to pay as much o f his debts as possible.
This is the extent o f his equitable interest, but it is subordinate to the rights
of his creditor, which are to have the property applied to the satisfaction o f the
debts, without fraud, hindrance, or delay.
That subordination is an inflexible principle o f the law, and is universal, save
only where it is interfered with by the rule which sustains these voluntary as­
signments. It is in obedience to that principle that the creditor has a right to re­
sort to the courts, and enforce the satisfaction o f his claim, even at the expense
of a forced sale and sacrifice o f the debtor’s property. It is that which lies at
the foundation o f all bankrupt laws, and is interwoven into our insolvent laws.
It is founded in justice, enacted into her statutes, and is necessary for the due
protection o f the immense mass o f mercantile transactions which are accumulat­
ing around us. Yet it is invaded by the rule which sanctions voluntary assign­
ments— a rule having its origin, not in the statute, but in the decisions o f our
courts, and springing from the difficulties flowing from the absence o f a general
bankrupt law. A bankrupt law that would take from the debtor control o f his
property when he became insolvent, and transfer it to his creditors, and to them
all, and not to such one only as would press the hardest, would obviate all the
difficulty.
But in the absence o f such a law, there is nothing to stay the progress o f the
vigilant creditor, but a voluntary assignment. How far that assignment shall go,
and what shall be its provisions, and what its office beyond the invasion o f the
subordination already spoken of, has been the dispute. It is already too well
settled for us now to shake, that it may also perform the office o f preferring one
creditor to another. Shall it go further ? Shall it also give the debtor power to
say to his creditors, you shall wait my pleasure for your pay ? You shall abide my
time and not select your own, for the satisfaction o f your just claim ? Because
if it may, it necessarily takes from the creditor the control o f the mode and man­
ner in which he shall coerce payment, and confers it upon the debtor and the




332

Journal o f M erca^.ite Law.

friendly assignee whom he may choose.
And can any one say that this is not
hindering and delaying creditors ? Practically it is so, reason or refine upon it
as we mav. Anything that interrupts the creditor in the lawful pursuit o f his
remedy through the courts, for the purpose o f enforcing payment, hinders and
delays him.
It may be said, however, that this strikes at the principle o f voluntary assign­
ments, at all, and especially at that which allows o f preferences among creditors.
Truly, it seems so. Yet those two principles, whether they are exceptions or
qualifications to the general rule, are far too well settled for me now to intend to
disturb them. The general rule is referred to for the purpose o f avowing the
determination at once, o f adhering to it, and allowing no further exceptions or
qualifications to it.
It is not difficult to see how the creditor may be delayed and hindered by the
clause in question. When he has obtained his judgment, he has a right to his
execution at once, and to a sale o f the testator’s property, within such time as
the law allows. But the assignment takes away from him that right, and com­
pels him to wait such time as the assignee may see fit, subject only to sueh con­
trol as the court may exercise over an unreasonable delay. If it be lawful to in­
sert such a clause, then it will be lawful for the assignee to give a credit, and
the only control the debtor can exercise through the courts will be over an un­
reasonable delay, while without the clause, he may ask the courts to order a sale
without any delay.
In one case, the delay will be in the exercise o f a sound discretion with which
the courts will not, for a slight cause, interfere. In the other, it will be an ar­
bitrary act, and readily controlled. In one case, to give credit, and thereby cause
delay, will be a part o f his duty written down for him, and in the o'ther, it
will not be allowed without permission obtained. In one case, it will be at. his
option, and in the other, only by direction o f the court, after notice to the parties
in interest. In one case, he may consult the interest o f the debtor who has
selected him, and in the other, he must consult that o f the creditor whose trus­
tee he is.
It will not be difficult, then, to see how the rights and remedies o f the creditor
may be in fact affected by legalizing this obnoxious clause, and practically we
know, and have often seen, how it may be and has been used as a means to that
end.
The suggestion that credit on official sales is sometimes authorized by statute,
does not strike me as having any application to the case in hand, for it seems to
me there is some difference whether an act is authorized by statute or not. And
if the fact that a principle is adopted in a particular statute is a ground for its
universal application, (and that seems to be the argument,) then the provision of
the insolvent laws forbidding preferences would destroy all assignments of that
character.
But it is unnecessary to dwell upon the other suggestions that were made on
the argument. I have already stated the general principle on which I regard this
clause as illegal, and that is in no wise affected by those suggestions, for I look
upon the clause as evidence o f an intention to hinder and delay creditors because
such is the inevitable result o f it, and we must infer “ that a man intends to do
what his deliberate conduct plainly, distinctly, and inevitably tends to accomplish.”
It may very well be, where the hindrance and delay is the necessary conse­
quence o f an act otherwise l/iwful o f itself, that that will not vitiate the deed,
but where the intent and object is to hinder and delay the final payment is fully
intended, such intent will void the deed. The case o f Van Nest vs. Yoe, (1 Sand.,
ch. R. 4,) is a striking illustration o f the principle. See, also, Ward vs. Trotter,
(3 Monroe, R. 1;) Vernon vs. Morton, (8 Dana, R. 247.)
In all o f those cases, the ultimate dedication o f all the debtor’s property to the
payment o f his debts was provided for, but in the meantime, the assignment was
intended to prevent a sacrifice o f it by forced legal sales, and because o f that in­
tent the instruments were held void, and rightly so, I think; and it was well said
in one o f those causes:— “ It is no answer to say that the debtor provides an am-




Journal o f M ercantile Law.

333

pie fund for the payment o f the debt, and that the creditor is ultimately to be
paid in full. The law gives to the creditor the right to determine whether his
debtor shall have further indulgence, or whether he will pursue his remedy for
the collection o f his debt.
It is this right which the clause in question would interfere with, and that in­
terference is no more lawful in one case than the other. It has always been con­
sidered objectionable for the Legislature to pass laws to stop or delay parties in
the collection of their debts. To allow a party to make a stop-law o f his own
is still more obnoxious to sound principle.
I am therefore o f opinion that the assignment is void, by reason o f the clause
which authorizes the assignee to sell the assigned property on credit, and the
judgment o f the Superior Court ought to be reversed.
MERCHANTABLE WHISKY.

Our attention has been called by a correspondent, to the subjoined case o f ar­
bitration in the C in c in n a t i C h a m b e r o f C o m m e r c e . The Price Current o f
that city in publishing the reports o f the committee o f arbitration, remarks :—
The decision is one o f great importance both to the dealers in and manufac­
turers o f the article. The committees (it was carried up to the committee o f
appeals,) have decided that sellers are responsible when they sell whisky without
having an understanding relative to its quality, which may prove unmerchantable.
The question was also decided that inspectors, under the general inspection laws
of the State, are required merely to ascertain the proof o f the whisky, and the
capacity o f the barrel. The result o f this decision will be, we suppose, that here­
after whisky will be sold for what it may be, whether “ rotten,” or “ sound,” with
the understanding that the purchaser shall have no recourse upon the seller, unless
when the seller may know the article to be prime, and be willing to guaranty it,
and the latter will, o f course, command the highest price. This arrangement will,
we think, effectually provide against the difficulties that have heretofore existed.
Upon the several points decided upon by the committees there are, we are aware,
different opinions; but our own impression is that the decision is correct. W his­
ky is an article which enters largely into our Commerce, and it should not be ex­
empt from the control exercised over other commodilies by the civil law's and the
laws established by custom, because, in its use, it becomes by abuse a curse to
the community. So long as it is an article o f trade, manufacturers should not
be allowed advantages over purchasers.
It is very certain that whisky is frequently made out o f rotten corn, and also,
that it is often damaged while passing through the process o f distillation. A n
extensive distiller admitted, a few days since, that he had used corn so rotten, that
hogs would not consume the slop. An article manufactured in this way must be
inferior, and the seller is no more entitled to a full price for it, than a miller is to
the price o f superfine flour for fine. A law or custom that would enable a man­
ufacturer to pass it off as prime, and compel the purchaser to suffer all loss, would
be unjust.
In Committee o f Arbitration Cincinnati Chamber o f Commerce, July 29, 1852,
Joseph C. Butler & Co. vs. N. W . Thomas &. Co.
This case was brought to recover damages sustained in consequence o f a lot
of eighty-three barrels whisky purchased by plaintiffs o f defendants, and shipped
to Pittsburg, not proving merchantable, being what is termed “ musty.”
It appears that about the 26th o f April last, plaintiffs purchased o f defendants
eighty-three barrels o f whisky to fill an order o f Messrs. Miller & Ricketson o f
Pittsburgh, and shipped the same immediately by steamer Messenger. Upon the
receipt in Pittsburg, or very soon thereafter, Miller & Ricketson telegraphed plain­
tiffs that the whisky was musty; and refusing to receive it, asked for instructions.
Plaintiffs advised defendants o f the fact, but no definite instructions were given,
the senior member o f the house being absent; but it was advised to have the




S34

Journal o f M ercantile Law.

whisky sold there, (Pittsburg,) and they (defendants,) would do whatever was
customary in such cases. The whisky was sold at Pittsburg and plaintiffs now
Beek to recover, with interest, the loss sustained in consequence o f the article
proving not merchantable.
The following is a copy o f the account as rendered by Messrs. J. C. Butler
& C o .:—
Messrs. N. W. Thomas <fc C o:
To Joseph C. Butler & Co., Dr.
For amount paid 29th April, 1852, for 83 barrels whisky,
shipped to Pittsburg, and on arrival there found not mer­
chantable, being m u s ty ........................................................
$550 43
Cr.
Proceeds of same at Pittsburg
|523 70
Deduct 4 months interest, and guaranty commission on
$481 92 ...................................................................................
21 69
502 01

Balance

148 42

Plaintiffs produced depositions o f the deputy city gauger o f Pittsburgh, the
rectifier o f Miller & Ricketson, and the receiving clerk o f the same house; the
two former testifying that the whisky was musty, and the latter, that the lot re­
ferred to in the depositions was the same received from Cincinnati per steamer
messenger.
Defendants offered no evidence as to the quality o f the whisky when sold, but
they contended that the article having passed through the hands o f a city inspec­
tor, and it having been customary for purchasers to run the risk o f quality, they
(defendants,) are not liable, and therefore object to the claim presented by plain­
tiffs.
The committee called in Messrs. Edmund Dexter, and Henry Pike, liquor dea­
lers and rectifiers o f this city, who stated that musty whisky when used for rec­
tifying, is worth two to five cents per gallon less than a prime article, but when
used for making alcohol, the difference is not material.
Upon the several points presented in this case the committee decided—
1st, That the whisky was musty and therefore not a merchantable article when
sold by the defendants.
2d. That the article o f whisky cannot be considered in trade as different from
any other, and therefore the usages which govern transactions in flour, pork, or
other commodities, the quality o f which regulates the price, must apply to do­
mestic liquor. When flour or pork is sold and an inspector called in to deter­
mine the quality, then the seller is no longer responsible; but if flour is sold for
superfine, or a lot o f pork for sweet mess, though nothing should be said as to
quality and no written guaranty given, yet if either prove inferior to the quality
indicated by the brand or the term expressed to represent the character o f the
article, and no inspector having been called in, the seller is bound to make good
the quality. The principle applies to whisky, because the quality o f the com­
modity is not tested by the inspector.
3d. The law creating the office o f inspector o f domestic liquors does not
elearly make it the duty o f inspectors to ascertain the quality o f whisky, but
merely to ascertain the proof, and capacity o f barrel. That the law has always
been understood in this light is evident, from the custom which has been estab­
lished.
The committee allow the claim o f plaintiffs, less the 2 i per cent charges for
guaranty commission.
Award.— That N. W . Thomas & Co. pay to Joseph C. Butler & Co. the sum
o f $36 42.

I dissent from the decision o f the majority o f the committee, and therefore




Journal o f M ercantile Law.

335

protest against it being held as a precedent for the trade o f the city, in regard to
the purchase and sale o f whisky, for the following reasons:—
1st. I hold that whisky does not stand in the same relation as other articles o f
produce purchased and sold in this market. The latter, or a portion o f them,
are subject to a rigid inspection law, which defines their standard as regards quan­
tity and quality. In cases where inspection law does not apply, custom has made
a law, and in this case, unless the quality is guarantied by the seller, the pur­
chaser is bound for his own protection to examine the quality. It is not so, how­
ever, with whisky. Neither law nor custom has defined what shall constitute a
merchantable article, the proof o f the articles being the standard by which the
trade is governed. The law provides as to quantity, strength, or proof, and no
more. Custom has, for all times past, held that whisky, as usually purchased
and sold in this market, was merchantable, without reference to its other qualities.
No objection has ever been raised in this city or any place except in the city
o f Pittsburg, in reference to musty or other qualities. I contend there is no such
thing as unmerchantable whisky.
The committee had it in evidence that musty whisky for alcohol was as good
as any other. There is a choice in quality I do not deny, but the purchaser, as in
other articles, should select the quality best suited to his trade. The manufac­
turer or factor is not liable in consequence o f customs prevailing in other cities.
The custom o f this city makes the law by which the trade here must be gov­
erned.
GEORGE KECK, Minority o f Committee.

Committee o f Appeals, Cincinnati Chamber o f Commerce, August 5, 1852.
Joseph C. Butler & Co. vs. N. W . Thomas & Co.
This case was brought up from the committee o f appeals.
The committee confirm the award o f the committee o f arbitration, with the
addition o f 2 } per cent guaranty commission claimed by plaintiffs.
Award.— That N. W . Thomas & Co. pay to J. C. Butler & Co., forty-eight
dollars and forty-two cents, being in full the amount o f their claim.
w . hooper,
1
B. EG G LESTO N ,
TH O S. O DIOR N E, / Committee.
E . W . PATTISON , j

INDORSERS— NOTICE OF PROTEST.

In the Court o f Appeals, (State o f New York,) December 30th, 1852. The
President &c. o f the Montgomery County Bank, respondent vs. Seymour N.
Marsh and others, appellants.
When the indorser o f a note resides in one town and has an office or place o f
o f business in another, in each o f which there is a post-office to which he is in
the habit o f resorting to deposit and receive letters, a notice o f protest addressed
to him at either place, when he has not designated his address in the indorse­
ment, and does reside in the town where the note is payable, will be good.
A stockholder o f a bank is a competent witness for the bank, notwithstanding
his interest. As is n ot a party to the action, nor a person for whose immediate
benefit it is prosecuted, within the meaning o f section 899 o f the Code o f
Procedure.
BOTTOMRY BOND----ADVANCE OF FREIGHT---- CHARTER PARTY.

The master o f a ship having a given a bottomry bond on a ship and the freight
to A., subsequently chartered the ship to B., who, by the terms o f the charterparty, was to advance part o f the freight to defray necessary expenses already
incurred; the charter-party then provided for payment o f the balance o f freight
to A. in discharge o f the bond. It was held that the bond-holder had no claim
upon the freight advanced, as against the consignee o f the cargo and assignee of
the freight, but that his claim was against such freight in the hands o f the owner
himself, which was capable o f being attached and made liable to the bond-holders
demand. (The Cynthia, 16 Jurist, 749.)




S36

Journal o f M ercantile Law.
LOSS OF RAILROAD TICKET BY A PASSENGER.

The late case o f Alexander vs. the Cincinnati, Hamilton, and Dayton Railroad
Company, related to the consequences o f a mishap, which sometimes overtakes
travelers— the loss o f a ticket.
The plaintiff having lost his ticket and being called upon to produce it, was
ejected from the car at night and compelled to walk over a mile for shelter.
The weather being cold he froze his feet, and brought an action to recover dama­
ges for the alleged injury.
The Judge charged the Jury that the ticket was merely evidence o f a party’ s
having paid for the privilege o f riding in the cars, and that if the ticket were lost
it was competent for him to substitute other evidence in its place.
In regard to the suggestion that a lost ticket might be found and used by one
who had not paid for it, the Court remarked that a company need not expose
themselves to any such imposition as this. It is not necessary that the tickets
should be issued in such a manner that they would be good in the hands o f a
stranger, who may happen to have obtained passession o f it.
A verdict was rendered for the plaintiff in the sum o f $500.
FIRE INSURANCE.

W e copy from a Philadelphia paper the subjoined case decided in one o f the
courts o f that city.
This was an action on a policy o f insurance. The facts were that Henry Cary
Baird, the well known book publisher, deposited with Mr. J. P. Ducomb, a book­
binder, works o f various kinds to be bound. T o indemnify himself against loss
by fire, he insured the property so deposited, in April last year, in the Philadel­
phia Insurance Company for the sum o f $2,000, on “ books bound and unbound,
and on sheets folded and in process o f binding, contained in the bindery o f J.
P. Ducomb, in the third and fourth stories o f Hart’s brick building, northeast
corner o f Sixth and Chesnut Streets.” The amount and value o f the goods
$3,700, and the fact o f their total destruction was proved by Mr. J. F. Ducomb
and Mr. A. Hart,
The company rested their defence on the ground o f a mistake in the descrip­
tion ; the stories stated in describing the bindery being the third andfoiirth, while
in fact it was the fourth and fifth.
It was proved by Mr. S. C. Morton, President o f the American Fire Insurance
Company, and by Mr. Benton Smith, Secretary o f the Pennsylvania Insurance
Company, (both o f which companies paid risks on Ducomb’s bindery,) that the
mistake did not increase the risk or his amount o f premium on the sum insured,
their own insurance being at the same rate o f premium.
His honor, after argument, ruled that if the risk was not increased by the ac­
tual position o f the bindery, so that a higher rate o f premium would have been
charged, the plaintiff could recover.
The Jury found for the plaintiff the whole amount claimed $2,065.
ACTION ON A LENT NOTE DISCOUNTED AT A USURIOUS RATE.

In New York Common Pleas, March 11, 1852; before Judge Woodruff. Al­
bert L. Case & Co. vs. Charles Lent and Samuel E. Lent.
This was an action on a note o f $530, made by Charles Lent to his brother
Samuel E. Lent, and by the latter indorsed to the plaintiffs. The defense was,
that it was a lent note without consideration as between the two brothers Charles
and Samuel, and that it was discounted by the plaintiffs at a usurious rate. The
plaintiffs contended that there was no usury, and that notes were exchanged be­
tween the two brothers, and that the usury claimed was but the fees paid by the
defendants to their own bankers for negotiating the note.
The court charged that if the notes were exchanged, as claimed by the plaint­
iffs, the transaction was not usurious, at whatpver rate the note might have been
sold, and also charged that the commissions paid by the defendants to their own
brokers was not usury. Verdict for plaintiff's, $565 56.




•Journal o f M ercantile Law.

337

ATTACH ING CREDITORS— COMMISSION MERCHANTS.

In the Supreme Court o f Louisiana. Eustis, Chief Justice. Hill, McLean
& Co. vs. Simpson— Prehn, C legg & Co. and others, intervenors.
This suit presents a contest between the plaintiffs, as attaching creditors and
as vendors, and the intervenors, as commission merchants, claiming the right to
hold a large quantity o f cotton upon which they had made advances.
On the 3d June, 1851, Hill, McLean & Co., o f this city, sold to John Simp­
son 819 bales o f cotton for the price o f $30,585 72 cash, payable on delivery.
The cotton was stored in the Orleans Cotton Press, but was not delivered to
Simpson until 4th June. On the day o f the sale the plaintiffs received from
Simpson $20,000 on account, and on the 7th he gave them his check on R ob b &
Co., bankers, for the balance, $10,585 72, which was protested for non-payment.
For the recovery o f this sum, and to enforce their privilege as vendors, the plain­
tiffs brought the present suit. On the 9th June follow ing, Simpson had abscon­
ded, and the plaintiffs caused to be issued a writ o f sequestration, and writs o f
attachment against his property. T he sheriff seized the 819 bales o f cotton, un­
der the writ o f sequestration, and was executed by process o f garnishment
against the intervening parties. On the 21st June a confession o f judgment was
entered by Simpson in favor o f the plaintiffs for the balance claimed, with priv­
ilege as vendors, and as attaching creditors. Previous to this the parties who
had made advances on the cotton had intervened, and claimed each for his inter­
est the cotton sequestered.
Held, that the parties to these transactions being all in perfect good faith,
the first question which presented itself was, whether at the time o f the seizure
o f the cotton the vendors had a privilege on it. T he sale was made for cash on
delivery. The cotton was delivered on the 4th o f June. The plaintiffs, by their
delivery o f the cotton, gave the purchaser the ownership o f it, and he appeared
as the owner and g o t credit on his purchase accordingly in the market, without
any notice or interference on the part o f the plaintiffs on account o f their unpaid
balance, until the 9th o f June follow ing. On the latter day, therefore, when the
seizure was made, the plaintiffs had no privilege on the cotton which could con­
flict with the rights o f the intervenors. The plaintiffs having no privilege on
the cotton at the time o f the seizure, it only remains to determine their rights
under their attachments. The rule is, that when the owner has parted with his
control over a thing, and cannot change its destination, his creditors cannot at­
tach i t ; but whenever the owner can sell or deliver, the creditor may seize.
The fact that some o f the intervenors had, prior to the service o f the attach­
ments, pledged the bills o f lading received from Simpson to Dennistoun & Co.
and the Canal Bank, to secure certain bills o f exchange drawn by them— the
bills o f lading to be returned, on the satisfactory acceptance o f the bills o f ex­
change, was not an unusual transaction in this market, and there being no evi­
dence to show that the transaction in this instance was o f a tortuous character
in any sense, it did not affect the rights of the intervenors.
A t the time o f the service o f the garnishment, all the cotton was on shipboard,
except ninety-two bales, for which bills o f lading had been indorsed and deliv­
ered by Simpson to the intervenors. The shipment was completed, the bills o f
lading negotiated, and the property was entirely beyond the control o f its ow n­
er. Hence, the cotton was beyond the reach o f the plaintiffs’ garnishment.
Judgment was therefore rendered in favor o f the intervenors.

LIABILITIES OF PARTNERSHIP— BROKERS.

In the Court o f Appeals, (State o f New Y ork,) Decem ber 30th, 1852. Thom ­
as Birch, appellant, vs. W alter L. Newberry & C o., respondents.
The defendants, exchange brokers at Chicago, in April, 1845, agreed to ter­
minate their partnership on the first o f May follow ing. On the 30th o f April,
one partner having formed a new partnership with the plaintiff, to continue the
business from the first o f May, settled with his former partner, and, in the settlev o l . x x v i i i .— k o




.

h i.

22

338

Journal o f M ercantile Law.

ment, canceled tw o notes o f the old firm amounting to $10,000, which had been
taken up by the new firm, and received therefor from the old firm, a draft payable to the order o f the new firm for $3,000, on J. T . Smith & Co. o f New York,
correspondents and agents o f the old firm, and an order tor certain drafts (or their
proceeds,) which had been sent by the old firm to Smith & Co. for collection—
the drafts and order amounting to near $11,000— covering all the assets o f the
old firm in the hands o f Smith & C o., and exceeding the amount o f the two
notes $ 940 93, for which sum the note o f the new firm was given to the old.
T he new firm on the first o f May, transmitted b y Mail, from Chicago to Smith
& Co. at New York, the draft and order, with instructions to place the amount
o f the draft to their credit, and to hold the paper mentioned in the order, for col­
lection for them.
Smith & Co. acknowledged the receipt o f the draft and
order, on the 9th May, by Mail, saying they had placed the $3,000 to the credit
o f the new firm, but had not then time to examine the accounts o f the old firm
as to the order. This letter, by mail, could not reach Chicago until after the
16th May. No other demand was made b y the new firm upon Smith & Co. for
the $3,000 or the drafts, until after May 16th, when Smith & Co. failed, having
previously received the avails o f all the drafts, except one o f $1,000. They
were insolvent on the 30th April, but were in g ood credit and paid all demands
upon them until their failure. The bill in this case was filed by the incoming
partner, against the members o f the old firm, to compel the retiring partners to
pay to the new firm one-half the amount o f the tw o notes and interest.
H eld , that the old firm was not liable to the new for the losses sustained by
the insolvency and failure o f Smith & Co.
That the only guaranty on the part o f the old firm, was that the things they
assumed to transfer, were in fact what they described them to be.
That if the guaranty extended farther, the new firm had made Smith & Co.
their agents, and assumed the risk or their responsibility.
SALVAGE CASE.

In the Admiralty Court, (British,) January, 1853.
This was an action brought by the screw steamer Phoebe, o f the burden of
670 tons, with engines o f 130 horse-power^ against the Arabian, also a screw
steamer, o f the burden o f 394 tons, with engines o f 150 horse-power, to obtain
remuneration for salvage services rendered to her from the 24th to the 26th of
June, 1852. Both vessels were homeward-bound from Constantinople to Liv­
erpool, with general cargoes. The Arabian, on the morning o f the 24th, acci­
dentally broke her intermediate shaft and damaged other parts o f the machinery,
which impeded the working o f both her engines.
A t three, P. M., she was de­
scried by the Phoebe, about fourteen miles to the eastward o f the Island o f 6alita, and, having been taken in tow, was conducted back to Malta— a distance o f
250 miles. The principal point in contest between the parties was the danger
to which the Arabian was exposed. By the salvors it was represented that she
was drifting bodily on the inhospitable coast o f T u n is ; whereas the owners al­
leged that when the Phoebe came up the Arabian was adopting measures to re­
pair the machinery, and was proceeding under sail to Malta.
T he value o f the
property salved was £14,000, and the action was entered for £ 7,000.
T he learned judge, after commenting upon the extent o f aifidavits on the part
o f the salvors, awarded £ 9 5 0 , with costs, and added, that but for the latter cir­
cumstance he should have decreed £1,000.
K AIL W A Y COMPANY---- LIA BILITIE S FOR LOSS OF PASSENGERS’ LUGGAGE.

A decision o f great importance to railway travelers has been given in the
Court o f Session in Scotland, v iz ; that a railway company is liable for the value
o f a passenger’ s luggage lost on their line, although such luggage was not ad­
dressed. (Campbell vs. Caledonian Railway Company, 19 Law Times Reports

328.)




339

Commercial Chronicle and Review.

COM M ERCIAL CHRON ICLE AND R E V IE W .

GEN ERAL STA TE OF TH E
CAU SES AND
THE
TH E

M E T A L L IC
R E L A T IV E

TH E

IS S U E

CURRENCY
ANNUAL

C IT E M E N T S — S H A P E S
JA N U AR Y A T

M O N E Y M A R K E T — E X P A N S IO N

PROBABLE

OF

OF

THE

COUNTRY

G A I N — E V IL S
DANGER

TO

M OST
BE

JA N U A R Y — C L A S S IF IC A T IO N OF IM P O R T S

IN T H E I M P O R T S

FOR JA N U A R Y , W I T H

C O M P A R IS O N O F T H E

M IN T B I L L — R E D U C T I O N IN W E I G H T

T I P L IC A T I O N OF N E W

28

FOR
BE

ORLEANS

YEARS,

I N F L A T IO N O F P R I C E S —

W IT H

A

C O M P A R IS O N

FROM

F U T U R E — D E P O S IT S

M IN T S — IM P O R T S

OF A R T IC L E S

OF

AND

P R O S P E R I T Y — T O T A L I N C R E A S E IN

APPREHENDED

R E C E IV E D A T N E W

S H O W IN G A N I N C R E A S E

NEW

TO

S E E N IN T H E

P H IL A D E L P H IA AND N E W

A

OF C R E D IT ,

OF T H E P R E S E N T C O M M E R C IA L

OF

EX­

AND

FO R

Y O R K — R E C E IP T S

FO R

C O IN , A N D

GOO DS FO R

C A S H D U T IE S ,

FROM

S H IP M E N T O F D IF F E R E N T A R T IC L E S
S IL V E R

C O IN A G E

O F F O R E IG N

LU XURY— EXPORTS

OF

SP E C U L A T IV E

NEW YORK

OF PR O D U C E —

S E IG N IO R A G E UPON G O L D — M U L­

B A N KS, E T C .

T here has been less buoyancy o f feeling in moneyed circles since the date o f
our last report. In each o f the principal cities o f the Union, hut especially in
New York, large amounts o f fancy stocks and speculative investments are c a r ­
ried by parties most o f whom are dependent upon borrow ed capital for their

support, and thus the advance o f the rate o f interest abroad, and the fluctuations
in the market at home, have created no little uneasiness as to the final result.
That there has been a very great expansion in credits, with a corresponding in­
fluence upon prices, is apparent to the m ost casual observer; but the course
which this movement will take in future— whether toward a still greater inflation
— a gradual reduction— or a sudden collapse— it is not easy to predict.

Many

who remember the rapid expansions o f former periods, so speedily follow ed
by sudden and disastrous revulsions, look for the same catastrophe as the cer­
tain result o f the present excitem ent; while others regard the sources o f our
prosperity as beyond the reach o f a commercial panic. It may be that both
classes are mistaken. There is certainly no such analogy between the ca u se s
o f the present expansion, and those which produced similar excitements in the
past, as would warrant a b e lie f in the certainty o f a like termination in a sudden
and disastrous revulsion.

The fever o f speculation in the past has been almost

always caused b y a very rapid and unwarranted increase in the quantity o f nom­
inal capital in circulation, which capital was fouijd totally unreliable, the moment
the seeming prosperity received a healthful check.
expansion has a totally different reading.

The history o f the present

It began side by side with the increase

o f our coined gold, and it has hardly kept pace with this increase in relative ex­
pansion.

W e hazard nothing in saying that the nominal value o f other species

o f property has not increased uniformly with the product o f g o ld ; and the rela­
tive proportions between capital and credits, bear at this moment a comparison
more favorable to the latter than at the commencement o f the expansion.

In

plain words, there is at this moment a greater amount o f solid available capital
in proportion to the business o f the country, than there was four years ago.
W e know that new enterprises have been started, requiring a great outlay o f
money, and that many o f these schemes have already absorbed heavy sums in
their progress; but the amount o f coin distributed through the channels o f trade,
and more especially throughout the interior o f our country, is enormously large,




S40

Commercial Chronicle and Review.

compared with our progress in that respect in former years. It is well to refresh
our memory with a few statistics on this important subject, and we have taken
some pains to present them in a form, as far as we know, never before published.
Beginning with the year 1821, the total imports o f foreign coin and bullion
into the United States, dow n to the close o f the fiscal year 1847-8, amounted
to $252,1 6 9 ,8 4 1; while the total exports o f the precious metals for the same
time amounted to $180,462,406, showing a gain for 28 years o f $71,707,435;
in addition to the above, the total deposit for coinage o f gold and silver o f do­
mestic production for the same time, was in round numbers not far from
$10,000,000, making

a total gain o f specie from these sources o f about

$82,000,000, or in round numbers, $3,000,000 per year.

N ow beginning with

the year 1848-9, the imports o f foreign coin and bullion into the United States
to date are $24,000,000, and the production o f domestic bullion which has been
coined $165,000,000, making a total o f $189,000,000; from this deduct the ex­
ports $85,000,000, and we have a total gain in our specie currency o f
$104,000,000, in four and a half years, or at the rate o f $23,000,000 per year.
This estimate does not include the amount brought b y emigrants, although that
has much increased ; nor does it include a still more important item, the gold
dust which is used for manufacturing, and other private purposes, without reach­
ing the mint. Formerly this consumption was from the coin included in our
im ports, now it is exclusive o f this and is much larger than generally supposed.
But leaving this out o f the calculation, w e have still an increase to the coin ac­
tually circulating in the country, at the rate o f $23,000,000 per annum. In view
o f such an increase, againsta ratio for the previous 28 years o f less than $3,000,000,
the candid inquirer must admit that the expansion in business and relative pri­
ces, has been exceedingly moderate.

Create what panics w e will, there is some­

thing to fall back upon, and thus although temporary revulsions may bring losses
to individual speculators, that cannot lead us so near to the verge o f national
bankruptcy, as we have been in the disasters- o f the past, when the expansion
was caused merely b y an unnatural inflation o f credits.
T he thing m ost to be dreaded in the present excitement, is the waste o f money
upon useless projects and wild schemes, where the capital can neither be regathsred or profitably em ployed.

T h e mere transfer o f local property from one

hand to another at a high nominal rate, works much less m ischief than generally
supposed. T h e ch ief evil resulting from it, is the idleness and extravagance it
is apt to engender among the speculators themselves.
W e do not wish to be understood as warranting the continuance o f oar pres­
ent prosperity; our object has been to show that it is not chimerical, and that
it is not to be permanently ‘checked, by the same causes which have brought on
the revulsions o f the past.

I f evil overtake us, it will com e in some other

shape. Suppose, for instance, that while our imports are swelling to a large
amount, and while capitalists are carrying a load o f stocks and bonds greater
than ever before known, the cotton crop should fail, or the production o f this
staple should be greatly dim inished; in this case those w ho suppose that the
bulk o f our new securities are held abroad, w ould find themselves wofully mis­
taken. T h ey would find a great portion o f it represented b y the additional cap­
ital already noticed, which being called upon to make g ood the deficiency o f
exports, would leave the securities like a mill-stone upon the neck o f the money




341

Commercial Chronicle and Review.
market.

Such a contingency, however, may not arise, and i f it should, the im­

mediate decline o f imports w ould soon regulate the evil, and apply the proper
correction.
The receipts o f gold from California continue large, but w ould have been
much greater, had th e stormy weather not prevented a free communication be­
tween the mines and the sea coast.

T he follow ing will show the deposits and

coinage at the Philadelphia and New Orleans mints for the month o f January:
DEPOSITS FOE JANUARY.
NEW ORLEANS.

From California.

Total.

PHILADELPHIA.

From California.

Total.

Gold............................. ............
Silver........................................

$309,263
5,497

$4,917,000
14,000

$4,962,500
14,000

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

$314,760

$4,931,000

$4,976,500

GOLD COINAGE.

Pieces.

Value.

Double eagles...........................

$270,000

Half e a g le s .............................
Quarter ea gles.........................
Gold dollars................... .........
Total gold coinage . . .

Pieces.

Value.

100,000

201,223
11,460
97^576
95,910
292,673

$4,024,460
114,600
137^880
239,775
292,673

$370,000

628,842

$4,809,388

3,125,000

$93,760

386,079

$3,860

4,139,921

$4,906,998

SILVER COINAGE.

Three-cent pieces.....................
COPPER COINAGE.

Oents..........................................
Total coinage................

$370,000

The receipts for the spring months will very likely show an increase upon the
corresponding months o f last year.
The imports at all o f the ports are comparatively large, and at N ew York
show a very considerable gain on the same period o f last year.

T he follow ing

is a comparison for three years:—

1850.

1851.

Entered for consumption............. . $10,543,531 $12,708,518
Entered for warehousing............
950,753
1,611,847
Free goods.....................................
437,270
937,650
Specie and bullion........................
433.882
210,455

oo
ts

IMPORTS OF FOREIGN MERCHANDISE AT NEW TORE FOR THE MONTH OF JANUARY.

1853.

$S,584,311 $11,563,405
1,281,594
642,279
1,041,456
1,202,238
104,736
33,048

Total entered at the port . . . . . $12,365,436 $15,468,470 $11,012,097 $13,440,970
Withdrawn from warehouse..
902,965
1,024,246
1,584,652
1,536,335
It will be seen from the above that the value o f good s entered for warehous­
ing for the first month o f the current year is only half as large as for the same
month o f 1852, and but little more than one-third o f the amount for January,
1851.

This shows that the demand has been active for immediate delivery, and

^hat no surplus has accumulated.

Our statistical returns for February are n ot

yet complete, but enough is known to warrant the assertion that the rate o f in­




842

Commercial Chronicle and Review.

crease as above noticed has been still larger than in January.

In addition to

this, it is known that large quantities o f goods, designed for the steamers which
have already arrived, have been shut out, and that the shipments will be large
for some time to com e.

T he packets, particularly the later dates from Havre,

have cleared with few er costly fabrics, but from other parts o f the w orld vessels
arrive with full cargoes. T he imports o f tea will be very large. In one week,
nearly one million p f dollars in this com modity were landed at the port o f New
York. T h e receipts o f dry good s also continue in excess o f the amount for the
corresponding period o f 1852, although less than the total for the same period
o f 1851.

The follow ing comparison will be found o f interest:—

FOREIGN MERCHANDISE, EXCLUSIVE OF SPECIE, ENTERED AT NEW YORK FOE THE MONTH
OF JANUARY.

1851.

1852.

1858.

D rygood s.........................................................
General merchandise.................. ....................

$9,312,564
5,885,451

$7,927,376
2,979,985

$8,564,818
4,843,104

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

$15,258,015

$10,907,361

$13,407,922

T he imports o f dry good s have been divided among the different classes o f
fabrics as fo llo w s :—
IMPORTS OF FOREIGN DRY GOODS AT NEW YORK FOR THE MONTH OF JANUARY.

oo
fe/Y
©•3

ENTERED FOR CONSUMPTION.

Manufactures o f wool.................. ...........
Manufactures o f cotton............................
Manufactures o f s ilk ...............................
Manufactures o f flax................................
Miscellaneous dry goods..........................

1851.
$1,600,098
1,843,441
4,032,002
692,138
540,204

1852.
$1,306,322
1,308,452
2,970,633
569,261
451,243

$1,614,372
1,743,168
3,383,165
870,460
478,461

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

$8,707,883

$6,605,811

$8,089,626

■WITHDRAWN FROM WAREHOUSE.
Manufactures of wool...............................
Manufactures of cotton ...........................
Manufactures of silk................................
Manufactures of flax................................
Miscellaneous dry g o o d s ................... ...

1851.
$105,827
254,224
106,370
109,935
53,960

1852.
$214,102
280,601
291,886
121,635
22,320

1851.
$117,711
165,387
336,582
29,966
76,096

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

$630,306
8,707,883

$930,644
6,605,811

$724,741
8,089,626

Total thrown on the m arket.. . .

$9,338,189

$7,536,355

$8,814,367

ENTERED FOR WAREHOUSING.
Manufactures o f wool...............................
Manufactures of cotton ...........................
Manufactures of silk.................................
Manufactures of flax................................
Miscellaneous dry good s.........................

1851.
$139,656
222,412
206,005
54,355
42,253

1852.
$184,111
208,856
837,357
66,889
24,402

1851.
$72,951
103,491
233,769
11,516
53,475

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

$664,681
8,707,883

$1,321,665
6,605,811

$475,192
8,089,626

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

$9,372,564

$7,927,376

$8,664,818




343

Commercial Chronicle and Review.

The cash duties have been larger than the increased dutiable imports would
warrant, according to former averages, showing that the merchandise received
contains a larger amount than usual o f articles o f luxury, which are entered at
a high rate.
RECEIPTS FOE DUTIES AT THE POET OF NEW TOEK FOE THE MONTH OF JANUAEY.

Year.

Amount.

1853 ...............................
1852 ...............................
1851

$3,311,137 37
2,600,562 64
3,511,610 04

Year

Amount.

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

$2,948,925 25
1,898,024 12
2,282,638 63

The exports o f provisions show also a large increase over the corresponding
period o f last year, but have not reached the amount shipped in January, 1851;
the exports o f specie show a decline, as compared with either o f the last tw o
years:—
EXPOETS FEOM NEW TOEK TO FOREIGN POETS FOE THE MONTH OF JANUARY.

1850.

1851.

1852.

1853.

Domestic produce...................
Foreign merchand. (dutiable).
Foreign merchand. (fre e )__ _
Specie......................................

$2,715,320
382,141
74,710
90,361

$3,152,744
422,395
51,584
1,266,281

$2,419,296
358,244
26,693
2,868,958

$2,990,624
265,730
42,574
747,679

T o ta l....................................
Total, exclusive of specie

$3,262,532
3,172,171

$4,893,004
3,626,733

$5,673,191
2,804,233

$4,046,607
3,298,928

W e have also com piled a statement o f the comparative shipments o f different
articles o f produce from N ew York to foreign ports from January 1st to F eb ­
ruary 20th, which will show the relative course o f the export trade thus far for
the current y e a r:—
EXPORTS FROM NEW YORK TO FOREIGN POETS OF CERTAIN LEADING ARTICLES OF
DOMESTIC PRODUCE.

1852.
Ashes—pots........bbls.
pearls............
Beeswax................ lbs.
S rea d stu ffs —
Wheat flour . . bbls.
Rye flour................
Corn meal...............
W h e a t........... bush.
Rye..........................
Oats.........................
Barley.....................
Corn.........................
Candles, mold, .boxes
sperm...........
C oa l......................ton3
C otton................bales
H a y.............................
Hops.............................

1,29S
77
43,141
69,667
337
3,734
121,810
3,003
919
68,267
7,826
190
3,885
56,255
1,173
202

1853.

1852.

777 Naval stores.. •bbls.
10 Oils, w hale.. .
sperm .. .
29,954
lard........
128,272
linseed. .
84 P r o v is io n s —
7,593
Pork............. .bbls.
370,010
Beef.............
6,050
94,498
10,568
635
2,099
15,965
797
43

Butter.........
L a r d ...........
R ic e .................
Tallow..............
Tobacco, crude.. .pkgs.
Do., manufactured.lbs.
Whalebone__

1853.

70,130
7,731
13,023
13,980
2,373

36,447
7,263
131,083
1,326
1,079

5,816
4,514
628,408
80,512
311,269
240,628
7.417
237,522
2,680
283,500
36,528

6,086
10,836
400 038
107,910
923,853
991,629
2,285
22,738
2,177
474,132
166,131

It will be seen from the above that the exports o f breadstuffs have more than
doubled for the first seven weeks o f the current year, as compared with the




844

Commercial Chronicle and Review.

same period o f the last.

Cotton has gone forward freely from Southern ports,

but the shipments from N ew Y ork have declined.

T he exports o f provisions

have also increased, and the clearances o f this class o f produce, as well as o f
breadstuffs, have been at higher prices.
Since our last, the New Mint Bill has becom e a law, and will be published in
our next number. Its provisions give general satisfaction, particularly the
reduction o f the weight o f our silver coin, which will tend to relieve the present
scarcity o f small change.

T he reduction ’ applies only to half dollars, quarter

dollars, dimes, and half dimes, and is equal to 6.91 per cent, as will be seen by
the follow ing comparison :—
Quarter
dollar.

Dime.

Half
dime.

Old weight....................................grains
Newweight.............................................

206.25
192.

Half
dollar.

103.125
96.

41.25
38.40

20.625
19.20

Reduction....................................

14.25

1.125

2.85

1.425

Had more than this been taken from the intrinsic value o f the coin, im ita to rs
might have supplied the change from private mints, and fhus have defrauded
government o f the profits o f the new coinage.

T he law further provides for a

seignorage o f -J o f 1 per cent on the gold coinage, a measure which has been
severely opposed by those whose interests are more immediately connected with
the bullion business. It has been said that the effect will be to drive a large
portion o f the gold dust directly to England for coinage, instead o f its present
direction to Philadelphia via New York.
A s far as this shall be limited to the
amount which would be shipped in coin to Europe, it can hardly be said to be
an evil.

The transmission o f gold dust to the United States Mint, and the some­

what expensive process o f turning it into coin, together with the subsequent
return o f the same to N ew York, from whence it is shipped to London, there to
be melted and recoined, has always seemed to us like a waste o f labor. I f the
dust should be shipped to England either from N ew Y ork or directly from San
Francisco, only so far as the same would have been sent after coinage, w e should
think the change a saving instead o f a loss. The laws o f trade will prevent a
greater sum being shipped than is required to pay our balances abroad, for the
moment a larger amount is exported the rate o f exchange would at once de­
cline, and the advantage gained by saving the expense o f coinage w ould all be
lost.
New banks continue to multiply, and the W estern States are creating, under
new free banking laws, a host o f small institutions, which increase so fast that
it is difficult even to keep a list o f them.

This rapid extension o f banking fa­

cilities, and more especially o f banks intended merely to furnish a depreciated
circulation, is a great evil, and seems to be attended with an unusual amount o f
fraud and corruption.

I f the sound banks do not set their faces against these

frauds, they will find that the whole country will rise up in indignation, and a
reaction occur, which shall bring a loss o f credit, even to the most respectable
Institutions.




,

Journal o f Banking, Currency and Finance.

345

JOURNAL OF B A C K IN G , C U R R E N C Y , AND FIN A N C E .
BOSTON INSURANCE COMPANIES.
The subjoined synopsis of the yearly returns of the Insurance Companies, with
specific capitals in the city of Boston, was prepared expressly for the M ercha nts'
M agazin e, by C. E. W. D immock, Esq., Secretary of the Warren Insurance Company.
Some years since we published a similar table, prepared by our esteemed friend J ohn
L. Dimmock, Esq., the efficient and intelligent President of the same company.
SYNOPSIS FROM THE YEARLY RETURNS OF THE INSURANCE COMPANIES, WITH SPECIFIC CAPlTALS IN THE CITY OF BOSTON, DECEMBER 1ST, 1852.
RESOURCES.

American.....................
B oston.........................
Boylston.......................
Cochituate .................
E llio t...........................
Fireman’s.....................
Franklin.......................
H o p e ...........................
Manufacturer’s ...........
Mercantile Marine. . . .
Merchants’ ...................
National.......................
Neptune.......................
N. Am erican...............
Suffolk.........................
United States.............
W a rre n .......................
Washington.................

United States,
State, Bank, Railroad,
and other stocks
at par value.*
$365,330
289,000
267,500
115,200
79,600
285,265
261,400
206,760
407,825
328.025
538,575
252,460
331,030
40,400
149,930
137,490
83,000
78,970

Real Estate
and
Mortgages
on the same.
$46,000
21,225
56,000
45,000
61,200
148,600
18,600

$4,197,760

$1,139,627

59,030
100,000
387,890
47,900
50,482
80,000
46,200
71,500

Loans on collateral and
personal security; cash
on hand, and pretn. notes
on risks terminated.
$65,975
'58,096
127,171
6,156
5,742
106,671
64,521
. 47,547
258,889
13,894
60,684
282,218
146,848
16,942
29,920
47,650
54,914
62,947
$1,445,785

LIABILITIES.

American.....................
B oston .........................
Boylston.......................
Cochituate....................
E llio t...........................
Fireman’s .....................
Eranklin.......................
H ope.............................
Manufacturer’s .............
Mercantile Marine. . . .
Merchants’ ...................
National.........................
Neptune.......................
N. Am erican...............
Suffolk.........................
United S ta tes.............
W a rre n .......................
Washington.................




Capital
Slock.
$300,000
300,000
300,000
150,000
145,950
300,000
300,000
200,000
400,000
300,000
500,000
500,000
300,000
100,000
225,000
200,000
150,000
200,000
$4,870,950

Borrowed
Money.
___
___
___
___

Fire Premiums re­
ceived on risks not
terminated.
$22,466
....
22,822
12,843
13,209
73,975
22,092
* •••
90,928

___
___
15,000
___
___
___
___
___

Losses
unpaid.
$35,500
26,039
95,000
4,250
50
18,000
3,700
61,000
47,000
25,475
25,850
38,000
188,900

6,000
___
___
___

15,000
2,000
16,850
26,556

78,337
48,410
34,283
8,044
1,939
1,926
1,658
1,008

21,000

$629,170

$433,940

346

Journal o f Banking, Currency, and Finance.
RECAPITULATION.

0

American.....................
Boston.........................
Boylston......................
Cochituate..................
E llio t...........................
Fireman’s ...................
Franklin.....................
H o p e ...........................
Manufacturers’ ...........
Mercantile Marine. . . .
Merchants’ ...................
National.......................
Neptune.......................
N. Am erican...............
Suffolk.........................
United States.............
W a rren .......................
Washington.................

Resources.
$417,305
368,321
450,671
165,356
146.542
520,536
344,521
254,307
125,744
341,919
689,269
822,668
525,778
107,824
259,850
185,140
184,114
213,417

Liabilities.
$357,966
326,039
417,822
167,093
159,209
391 975
325,792
276,000
537,928
325,475
604,187
586,410
523,183
108,044
247,939
203,926
168,508
227,564

Difference.
$119,339
42,282
. 32,849
1,737
12,667
128,561
18,729
21,693
187,816
16,444
85,072
236,158
2,595
220
11,911
18,786
15,606
14,147

per cent
above par.
$39 8-10
14 1-10
10 9-10
, ...

per cent

below par.
....
....
....

1 2-10
8 6-10
....
....

42 9-10
6 2-10

10 9-10

....

47
5 5-10
17
47 2-10
1
par
5 3-10

....

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

9 4-10

....

10 4-10
•

•

7

$6,783,172 $5,955,060
PREMIUM NOTES ON RISKS TERMINATED, AMOUNT AT RISK AND LOSSES PAID.
Losses paid from

A m erica n ..................
B o sto n ..........................
B o y ls t o n ......................
C o c h it u a t e .................
E l l i o t ......................... .
F irem an’s ...................
F r a n k lin ......................
H o p e .............................
M anufacturers’ ..........
M ercantile M a r in e . .
M erchants’...................
N ational ....................
N e p tu n e ......................
N orth A m e r ic a n .. . .
S u ffo lk .........................
U n ited S t a t e s ..........
W a rren ........................
W ashington ..............

Notes on
At risk.
Dec. 1, ’51, to Dec. 1, ’52.
risks not terminated.
Fire.
Marine.
Marine.
Fire.
$78,375
$3,224,218
$3,876,411
$87,289
$6,250
69,864
82,824
2,428,088
113 096
146,840
3,994.884
6,159,983
5,745
1,661,016
5 758
1 914 *102
2,214
10 557,212
32 123
19,342
623,945
16,186
16,832
2^914,7 94
...
153,677
4,080,204
166,407
38,807
10,230,194
2,887,735
48,055
35,875
56,513
1,878,418
44,057
97,482
8,609,044
11,975,808
24,879
69,531
37,091
6,740,163
9,026,699
13,630
34,157
315,795
16,099
5,696,614
10,731,619
316,579
1,123,675
936
535400
1,803,550
475
22,949
324,738
858,016
28,007
52
54,494
63,869
392,700
3,407,131
1,650
60,151
76,298
242,400
. 2,201,035
69,782
....
$1,194,922

$61,527,618

$58,571,879

$194,579 $1,140,536

SAVINGS BARKS IR MASSACHUSETTS,
The Bank Commissioners of Massachusetts being desirous of learning the condition
of the Savings Banks of Great Britain and Ireland, addressed a letter in September,
1852, to Hon. A b bo tt L a w r e n c e , Minister at London, requesting the favor of his aid
in procuring such documents as had been printed by order of the British government
in relation to Savings Banks. In the same month he forwarded to the Commissioners
beveral valuable documents, •which had been printed by order of the House of Com­
mons, comprising the latest returns from each Savings Bank in the United Kingdom.




Journal o f Banking, Currency, and Finance.

347

From the returns of their condition, November 20, 1851, we obtain the following in­
teresting facts:—
27,104,894
Population of the United Kingdom, 1 8 5 1 .........................
574
Number of Savings Banks.....................................................
618
Number of officers unpaid....................................................
1,168
Number of officers p a id ........................................................
£353,000 0 0
Amount of securities given by the unpaid officers.............
339,705 0 0
Amount of securities given by the paid officers................
76,099 8 7
Salaries and allowances o f the paid officers....................... 103,254 10 11
Annual expenses of management, inclusive of all salaries
2 17 10
Average rate o f interest paid to depositors per annum..,
30,184,604 11 2
Total amount owing to depositors.........................................
O f which, £30,173,347 1 1 1 had been invested with the Commissioners for the reduc­
tion of the national debt. The average rate per annum on the capital of the banks
for the expenses o f management was 7s. 9d. on £100.
In the three largest Savings Banks in the city of New York, whose deposits at the
commencement o f 1852, amounted to upward of fifteen millions of dollars, the invest­
ments are less varied than the law permits in Massachusetts. In New York State
there are no loans on personal security whatever. A peculiar feature in those institu­
tions is that a less amount of interest is allowed on deposits exceeding $500, than on
those under that amount. An act of the Legislature of New York, passed May 6,
1839, authorizes the accumulation and investment by Savings Banks of a surplus
fund, not exceeding 10 per cent on the deposits, to make good any losses by reason of
a reduction in the value of their securities.
In some o f the New York charters there is a provision authorizing Savings Banks
to pay to minors sums not exceeding a certain amount of deposits, and making the re­
ceipts of minors valid, provided such deposits were made personally by the minors.
W e take from the report of the Secretary o f State the aggregate condition of all
the Savings Banks in the State in 1835:—
Number of depositors.. .
97,353
Amount of deposits........ $18,401,307 86
Public funds.....................
1,176,917 29
Loans on public funds. . .
7,650 00
Bank stock.........................
8,555,296 96
550,704 00
Loans on bank sto ck __ _
Deposits in banks, bearing
interest.........................
288,748 23
Railroad stock .................
145,739 25

Loans on Railroad stock ..
Invested in real estate . . .
Loans in mortgage of real
esta te.............................
Loans to county or town. .
Loans on personal security
Cash on hand.....................
Amount of dividend..........
Annual expenses................

$261,468 30
102,401 65
5,615,479
2,012,249
5,023,417
388,058
1,033,236
49,380

18
95
62
65
95
02

The rate of dividend for the year was a fraction over 4 69-100. The average an­
nual per cent of dividends of last five years was a fraction over 6 49-100.
The subjoined tabular statement, showing the number of depositors in the Savings
Banks of Massachusetts, and the aggregate of the deposits in each year since 1834, in
which year returns were first required by law, is derived from the last annual report
of the Bank Commissioners —
Amount.
Year.
No.
Amount.
Year.
No.
1834...........
49,699 $8,261,345 18
$3,407,773 90 1844........... ___
9,813,287 56
1835...........
3,921,370 83 1845...........
1836...........
62.S93 10,680,933 10
4,374,578 71 1846........... ___
11,780,812 74
1837...........
4,781,426 29 1847...........
11,970,447 64
1838...........
4,869,392 69 1848...........
1839...........
6,608,158 75 1849........... ___
71,629 12,111,553 64
1840...........
78,823 13,660,024 34
5,819,553 60 1850........... ___
15,554,088 58
1841...........
6,714,181 94 1851...........
1842...........
18,401,307 86
6,900,451 70 1852...........
1843...........
6,935,547 07
It appears, from the foregoing table, that the amount o f deposits in 1852, is five




348

,

Journal o f Banking, Currency and Finance,

times as large as in 1834, and the period embraced in the returns is less than nineteen
years. The increase of deposits from May 31,1851, to May 25,1852, was $2,847,219 28.
The capital of 105 banks o f discount and deposit out of Boston amounts to
$18,610,500; the amount of deposits (near the clpse of 1852) in the Savings Banks,
was $18,401,307— showing that the laboring classes and the comparatively poor of
Massachusetts have invested in Savings Banks nearly as much as the capital of all
the banks of discount, <fcc., (105) out o f Boston.
STATISTICS OF BANKING IN THE STATE OF NEW YORK.
In the M erchants' M a g a zin e a n d C om m ercia l R ev iew for April, 1852, (vol. xxvi.,
pages 466-471,) we gave an abstract of the first annual report of the Superintendent
o f the Banking Department, as required by chapter 164, Laws of New York o f 1851.
Prior to that year the Banking Department was managed by the Controller. W e are
indebted to D. B. St. J ohn, Esq., the able Superintendent of the Department, for his
second annual report, the most important portions o f which we have embodied in a
condensed form in the present and subsequent pages o f the M erch a n ts’ M a g a zin e as
follows:—
The whole number of banks, banking associations, and individual bankers doing bu­
siness on the first day of December, 1852, is two hundred and seventy-seven, viz.:—
Incorporated banks, 70; banking associations, 118, individual bankers, 89 ; total, 277.
Since the date of my last annual report, thirty-eight banking associations and indi­
vidual bankers have deposited the securities required by law, and commenced the bu­
siness o f banking, v iz:—
ASSOCIATIONS.

Astor Bank, New York.
Binghamton, Bank of, Binghamton.
Crouse Bank, Syracuse.
City Bank of New York, New York.
Empire City Bank, New York.
East River Bank, New York.
Fallkill Bank, Poughkeepsie.
Fulton County Bank, Gloversville.
Farmers and Citizens’ Bank of Long Isl­
and, Williamsburg.
Genesee, Bank of, Batavia.
Ilion Bank, Ilion.
Mechanics’ Bank of Brooklyn, Brooklyn.

Manufacturers’ Bank of Troy, Troy.
Market Bank, New York.
New York and Erie Bank, Dunkirk.
Nassau Bank, New York.
Quassaick Bank, Newburg.
Salt Springs Bank, Syracuse.
State Bank of Troy, Troy.
Suffolk Bank, New York.
Ulster, Bank of, Saugerties.
Union Bank of Watertown, Watertown.
Williamsburg City Bank, Williamsburg.
West Troy, Bank of, West Troy.

The amount and character of the securities deposited by the twenty-four banking
associations above named, are as follows:—
Bonds and mortgages..........................................................................................
$461,000
New York State stocks.......................................................................................
939,820
United States stock s..........................................................................................
858,900
Canal revenue certificates...................................................................................
118,000
Total..........................................................................................................
Circulation issued on the above securities..........................................

$2,377,720
2,082,366

Individual bankers under the name o f the
Brockport Exchange Bank, Brockport.
Monroe Bank of Rochester, Rochester.
Burnet Bank, Syracuse.
Newark, Bank of, Newark.
People, Bank of the, Lowville.
Carthage, Bank of, Carthage.
Dairymen’s Bank, Newport.
State Bank at Sacketts Harbor, Sacketts
Harbor.
Farmers’ Bank of Onondaga, Onondaga
Schoharie County Bank, Schoharie.
Valley.
Leland Bank, New Lebanon.
Union, Bank of the, Belfast.
Merchants and Mechanics’ Bank of Oswego, Wyoming County Bank, Warsaw.
Oswego.




Journal o f Banking, Currency, and Finance.

349

The amount and character o f the securities deposited by the fourteen individual
bankers above named, are as follows:—
Bonds and mortgages..........................................................................................
New York State Stocks......................................................................................
United States sto ck s..........................................................................................
Canal revenue certificates..................................................................................

$195,383
293,228
265,200
40,000

T o t a l........................................................................................................
Circulation issued on the above securities....................................... .

$793,811
647,937

The following statement shows the state and condition o f all the banks, banking as­
sociations, and individual bankers, from which reports have been received during the
past year on the several days designated by the Superintendent for making thenquarterly reports.
RESOURCES.

Reports dated 27th Rep. dated 26th Rep. dated 4th
March, 1852.
Jane, 1852.
Sept., 1852.

Loans and discounts except to directors and
brokers ........................................................ $105,738,445 $115,918,314 $124,145,908
Loans and discounts to directors...................
5,737,563
5,370,732
5,978,495
A ll other liabilities, absolute or contingent
1,992,521
o f directors..................................................
1,800,791
1,741,029
3,521,766
A ll sums due from brokers..........................
5,956,523
6,593,221
Real estate.......................................................
4,012,003
4,183,970
4,262,480
4,445,745
4,548,490
Bonds and m ortgages............... ....................
4,827,926
14,918,189
Stocks ..............................................................
15,367,298
16,128,804
Promissory notes other than for loans and
120,153
discounts........................................................
142,202
183,583
615,025
677,084
777,689
Loss and expense account.............................
277,464
274,577
Overdrafts.........................................................
289,333
10,730,634
Specie................................. ..............................
13,304,356
9,993,815
12,235,862
12,871,410
Cash item s......................................................
13,062,961
2,614,170
Bills of solvent banks on hand.......................
3,243,650
2,774,106
8,506
2,636
Bills of suspended banks on hand...............
3,473
1,121
1,835
Estimated value of the same.........................
1,396
10,951,870
Due from solvent banks on demand.............
10,855,971
13,511,219
Due from solvent banks on cre d it...............
196,000
204,088
262,511
47,680
140,082
Due from suspended banks on demand........
27,225
Estimated value of the same.........................
18,974
Due from suspended banks on credit..........
649
Estimated value o f the same........................
LIABILITIES.

Capital.................. » .........................................
Profits................................................................
Notes in circulation not registered................
Registered notes in circulation.......................
Due Treasurer o f the State of New York..
Due depositors on demand.............................
Due individuals and corporations other than
banks and depositors..................................
Due banks on demand....................................
Due banks on cre d it......................................
Due to others not included in either of the
above heads ................................................

69,026,740
9,637,123
540,380
26,771,674
1,730,816
66,211,535

59,705,683
10,489,087
538,555
27,402,392
1,592,603
65,034,604

62,207,216
9,689,181
524,558
29,410,099
1,728,848
66,897,497

1,745,366
18,600,580
482,684

1,454,572
23,466,277
1,762,890

1,848,049
27,536,419
1,259,913

1,392,917

1,461,788

1,507,114

The total amount of circulating notes issued to banking associations and individual
bankers, outstanding on the first day of December, 1852, was $19,159,056 ; for the re­
demption of which, securities were deposited and held in trust by the Superintendent,
amounting in the aggregate to $20,230,112 67, viz.:—




Journal o f Banking, Currency, and Finance.

350

Bonds and m ortgages...............................................................................
New Yolk State stocks 4| per cent.........................
$337,600 00
“
“
5
“
4,126,661 29
“
“
5k
“
1,156,400 00
“
“
6
“
3,007,840 26

$4,114,443 00

8,628,501 55
United States stocks 5 per cent................................
“
“
6
“
................................

1,783,600 00
2,963,562 52

Canal revenue certificates 6 per ce n t........................................ .........
Illinois State 6toek 6 per c e n t.................................................................
Arkansas State stock 6 per cen t............................................................
Michigan State Stock 6 per ce n t............................................................
Cash in deposit for stocks matured, bonds and mortgages paid, and
banks closing business...........................................................................

4,747,162
1,371,500
646,687
355,000
181,000

52
00
83
00
00

1S5.817 77

Total.............................. . ................................................................
Total amount of securities held December 1, 1851.................

$20,230,112 67
16,822,714 85

Increase of securities for the year ending December 1st, 1852
Total amount of circulation outstanding December 1st, 1852............
Total amount of circulation outstanding December 1st, 1852............

$3,407,397 82
$19,159,056 00
15,671,004 00

Increase of circulation for the year ending December 1st, 1852........
$3,488,052 00
The following statement shows the name and location of such banks as have given
notice of their intention to close their business; the greatest amount of circulation is­
sued to said banks, and the amount of circulation outstanding on the first day of De­
cember, 1852:—
’
Banks.

Greatest Outstnnd’g
circulation, circulation.

Knickerbocker Bank, Genoa..........................................................
$190,886
$18,609
Champlain Bank, Ellenburg...............................................................
120,680 12.362
American Bank, Mayville..............................................................
70,493
11,048
Merchants’ Bank of Washington County, Granville........................
49,635 20,269
91,282 16,000
New York Stock Bank, Durham.......................................................
McIntyre Bank, Adirondac..................................................................
49,995
8,000
Lumberman’s Bank, Wilmurt.............................................................
65,338 51,503
Amenia Bank, Leedsville................................................................
77,179
21,108
Excelsior Bank, Meridian.....................................................................
59,526 19,000
Franklin Bank of Chautauque County, Marvin................................
87,682 43,375
Prattsville Bank, Prattsville..............................................................
110,000
5,868
Ten individual bankers who have heretofore given notice of their intention to close
their business, having complied with the provisions of sec. 8 of chap. 319, laws of
1841, by redeeming 90 per cent of their circulation, have withdrawn the securities
held in trust, and deposited an amount of money sufficient to redeem the balance of
circulation outstanding.
The following statement shows the amount of circulation unredeemed on the first
day of December, 1852; the amount of money held in trust by the Superintendent;
the date of the first notice to bill holders to present their notes for payment, and the
time when such notice will expire:—
Banks.

Outstand’g Cash
circula’n. in dep’ t.

Cortland County Bank, Ashford.......... $2,567 $2,567
Henry Keep’s Bank, Watertown..........
769
769
Village Bank, Randolph.........................
483
489
Warren County Bank, Johnsburg........
2,609 2,609
Sullivan County Bank, Monticello........ 3,980 3.9S0
Northern Bank of New York, Madrid. 10,088 10,088
Merchants’ Bank of Ontario County,
Naples.................................................. 5,132 5,132
Adams Bank, Ashford........................... 1,871 1,871
Oswego County Bank, Meridian............ 3,697 3,697
Commercial Bank of Lockport, Lockport........................................................ 1,547 1,547




Date o f notice.

Notice
will expire.

Dec. 1,1851
Sep. 17, 1851
May 22, 1851
Nov. 4, 1851
Aug.17, 1852
Oct. 30, 1852

Dec. 1,
Sep. 17,
May 22,
Nov. 4,
Aug.17,
Oct. 30,

1853
1853
1853
1853
1854
1854

Feb. 12, 1852
June 2, 1852
July 7, 1852

Feb. 12, 1854
June 2, 1854
July 7, 1854

Oct. 30, 1852

Oct. 30,1854

Journal o f Banking, Currency, and Finance.

351

The Franklin County Bank, an individual bank, having complied with sections 8
and 9 of chapter 319, laws of 1851, and the individual banker having executed a bond
dated April 20, 1852, with satisfactory sureties, conditioned for the redemption of all
the outstanding circulating notes, if presented within six years from the day thereof,
as required by section 9, chapter 68, laws of 1851, the securities held in trust for said
bank, amounting to $3,022 66, were surrendered to the banker. The amount of cir­
culating notes issued to this bank, and not returned to the department, is $2,544. It
is understood that the outstanding notes are redeemed by Edward C. Weeks, of the
city of New York, who was duly authorized to receive the above amount of $3,022 66,
from the Superintendent of the Bank Department.
There is held in trust for the redemption of the circulating notes of the Atlas Bank
of Clymer, which failed in 1847, the sum of $4,820 47. The outstanding circulation
is $1,351. The notes of this bank secured by “ public stocks ” are redeemed at 97
per cent, those secured by “ stocks and real estate ” at 75 per cent.
The James Bank and the Bank of New Rochelle failed to redeem their notes on the
first day of October, 1851. Measures were immediately taken to convert the securi­
ties held in trust for these banks into money to redeem the circulating notes issued to
them, after having given the notice required by section 4, chapter 203, laws of 1851.
The bonds and mortgages held in trust for the James Bank were sold at auction at
the Merchants’ Exchange, in the city of Albany, on the 17th day of December, 1851.
The amount of mortgages credited to this bank at the time of its failure was $39,888.
A t the sale, these mortgages brought $29,475, showing a loss of $10,413, or about 26
per cent. The stocks held in trust amounted to $39,000, v iz .:—
$18,000
5.000
10,000
6.000

Michigan State stock.
United States 5 per cent stock.
New York State 5 per cent stock.
New York State 5| per cent stock.

which were sold at public auction at the Merchants’ Exchange, in the city of New
York, on the 5th day of January, 1S52, and brought in the aggregate the sum of
$38,527 50, showing a loss of $472 50. The sum of $1,200 in cash was also held in
trust for this bank. The outstanding circulation at the time of its failure was $76,743.
A dividend of 91 percent was made to the bill holders on the 16th day of January,
1852. The circulation unredeemed on the 1st day of December, 1852, was $9,009,
and the amount of cash held in trust to redeem the same, $8,1 S6 25. Certificates
have been given to bill holders for unpaid balances on notes presented for redemption,
upon which a small dividend may hereafter be paid.
The bonds and mortgages held in trust for the Bank of New Rochelle were sold at
the same time and place with those of the James Bank. The amount held for this
bank was $63,913, which brought at the sale the sum of $37,400, showing a loss o f
about 41 per cent. The stocks held in trust for this bank consisted of New York
State stocks, amounting to $76,481 10, of which $73,481 10 fell due upon the same
day, (October 1st, 1851, ) on which the banker allowed his notes to be protested for
non payment, and the balance, $3,000, were due on the 1st day of July last, which
amounts have been received from the State. The outstanding circulation at the time
of failure was $139,466, of which $130,009 was secured by “ stocks and real estate,”
and $9,457 by “ stocks ” only. A dividend of 81 per cent was made on the 16th day
of January, 1852, on the notes secured by “ stocks and real estate.” The notes se­
cured by “ stocks ” alone are redeemed at par on presentation at the Bank Depart­
ment.
The circulation unredeemed on the 1st day of December, 1852, was $12,592, and
the amount of cash held in trust to redeem the same, $11,870 89. Certificates have
been given to bill holders for unpaid balances on notes presented for redemption.
The bonds and mortgages held in trust for this bank were on property situated in
the city of Brooklyn and in the village of Dunkirk. From an examination of the pro­
perty in Brooklyn, made by an agent appointed by me for that purpose, after the fail­
ure of the bank, and prior to the sale of the mortgages, I became satisfied that the
representations made to the Coni roller in regard to the productiveness of the proper­
ty, were not to be relied upon, and that in this particular at least, he was deceived in
regard to the actual condition of the mortgaged premises. The bonds and mortgages
on the property, amounting to over $48,000, were made and executed by John C. Bun­
ting and wife to Albert S. James, and by him assigned to Philo C. Fuller, Controller,
covering 237 lots in the Ninth Ward of the city of Brooklyn. The premises were




Journal of Banking, Currency, and Finance.

352

valued, by the appraisers appointed by the Controller for that purpose, at double the
amount for -which the mortgages were taken.
The following tables, marked I. and II., have been prepared to show the amount of
outstanding circulating notes issued to nine incorporated banks, whose charters have
expired, and of ten banks whose respective charters will expire on the 1st day of
January, 1853.
I.— SHOWING THE TIME W HEN THE CHARTERS OF SUNDRY INCORPORATED BANKS EXPIRED ,
AND THE AMOUNT OF THEIR CIRCULATING NOTES OUTSTANDING AND NOT RETURNED TO THE

BANK DEPARTMENT ON THE 1ST D AY OF DECEMBER, 1 8 5 2 .

Name of Bank.

Charter expired.

Merchants’ Exchange Bank...............1st Monday in June, 1849..................
Bank of A uburn................................ 1st January, 1850............................
Bank of Ithaca.................................... 1st January, 1850...............................
Bank of Monroe.................................. 1st January, 1850...............................
Bank of Utica and Branch................ 1st January, 1850................................
Bank of Newburg............................... 1st January, 1851...............................
New York State B a n k .......................1st January, 1851...............................
Bank of Genesee................................. 1st January, 1852...............................
City Bank, New Y ork.......................1st July, 1852.......................................

Circulation.

$181,700
160,000
57,881
199,160
' 282,971
151,300
247,683
150,000
242,082
$1,672,777

Total circulation.

II.----SHOWING THE TIME WHEN TOE CHARTERS OF SUNDRY INCORPORATED BANKS WILL EX­
PIRE, AND THE AMOUNT OF THEIR CIRCULATING NOTES OUTSTANDING AND NOT RETURNED TO
THE BANK DEPARTMENT ON THE 1ST DAY OF DECEMBER, 1 8 5 2 .

Name of Bank.
Charter will expire.
Bank o f America.................................. 1st January, 1853........
Bank of Geneva...................................1st January, 1853........
Bank o f New York............................. 1st January, 1853........
Bank o f Troy........................................ 1st January, 1853........
Butchers and Drovers’ Bank.............. 1st January, 1853........
Catskill Bank.........................................1st January, 1853........
Farmers’ Bank of Troy...................... 1st January, 1853......... .
Mechanics and Farmers’ Bank.............1st January, 1853..........
Mohawk B a n k ..................................... 1st January, 1853..........
Union Bank...........................................1st January, 1853..........
Total circulation..............................................................

Circulation.

$784,562
300.000
654,500
£96,226
350.000
174,300
225.000
300.000
147,131
772,737
$4,024,456

There is now held in trust for various banks and individual bankers, $1,400,500
canal revenue certificates, which were received under the provisions o f chapter 485,
section 6, laws of 1851, and constitute the basis of circulation to that amount The
law above referred to having been decided by the Court of A p p e a l to be unconstitu­
tional, some anxiety has been manifested in regard to this class of security; but the
idea should not be entertained that the State will neglect to provide in some way for
refunding the amount, with the interest, which it has received from banks, bankers,
and individuals. An omission or neglect on the part of the State to recognize the
just and equitable claims o f certificate holders, by the prompt and punctual payment
of the interest, would bring distrust, and be calculated to produce difficulty and con­
fusion in our monetary affairs.
There is held in trust by the Superintendent the sum of $77,400 New York State
stocks and canal revenue certificates, for sundry incorporated banks, as follows:—
Banks.

Stocks, &c.

Interest,
p .c .
Under what act. Amount.

Bank o f Geneva........ .... .New York S ta te.
Bank of Geneva............. New York S ta te.. . .

5
6

Total.

April 12, 1848. $10,000
April 12, 1848. 12,000
$ 22,000

Bank o f Orange County.. Canal rev. certificates
Cayuga County Bank . . .New York State___
Greenwich Bank................New York S ta te.. . .
Greenwich Bank............... New York State___

6
6
5J
6

Mar. 12, 1849 ...........
April 12,1848...............
Mar. 12, 1849.. $1,000
Mar. 12, 1849.. 3,000

Seneca County B ank.. . .Canal rev. certificates 6 Mar. 12, 1849
Central B ank................... Canal rev. certificates 6 Mar. 12, 1849
Total...............................................................................................




20,000

22,400
4.000
3.000
6.000
$77,400

Journal o f Banhing, Currency, and Finance.
It appears from the report o f the Superintendent of the Banking De­
partment that the incorporated banks are entitled to have in circu­
lation............... . .......................................................................................
And they have in circulation and on h an d ................................................

353

$21,130,310
19,631,929

Leaving their circulating notes less than the amount they are entitled
to circulate...................................................................................................
The total amount of circulating notes issued to banks and bankers, out­
standing is....................................................................................................
Incorporated banks....................................................
$19,631,929
Free banks...................................................................
19,159,056

$1,498,441
38/790,985

38,790,985
The following table shows the number of banks whose charters will expire in each
year, from the 1st January, 1853, to the 1st January, 1866, both inclusive, the amount
o f their respective capitals, (including State stock and canal revenue certificates,) tha
amount they are entitled to circulate, and the amount in actual circulation and on
hand on the 1st December, 1852:—
Entitled

Banks.
Charters will expire.
Capital.
to circulate. Circulation.
10.......................... .1st January, 1853................. . . $6,373,200 $4,645,000 $4,024,456
5.......................... .1st January, 1854............. . . . 1,950,000 1,575,000 1,574,144
5.......................... .1st January, 1855................. . . 2,306.000 1,616,000 1,571,447
1.......................... .1st Monday in June, 1855.. .
204,000
203,970
203,932
1.......................... .2d Tuesday in June, 1 8 5 5 ...
150,000
175,000
175,000
2.......................... .1st July, 1855........................
220,000
310,000
310,000
2 and 1 branch.. .1st January, 1856.................
620,000
610,000
609,715
6........................... .1st January, 1857.................
2,000,000 1,692,894
2.......................... .1st January, 1858.................
300,000
299,983
2.......................... .1st January, 1859.................
800,000
299,947
1.......................... .2d Tuesday in June, 1 8 5 9 ....
100,000
150,000
149,884
3.......................... .1st January, 1860.................
475,000
474,839
1.......................... .1st June, 1861........................
100,000
150,000
150,000
6.......................... .1st January, 1862.................
995,000
994,819
1.......................... .1st June, 1862.......................
600,000
450,000
450,000
8.......................... .1st January, 1863.................. . . 1,975,400 1,800,400 1,746,812
4.......................... .1st January, 1864.................. . . 1,200,000 1,000,000
999,998
1.......................... .1st January, 1865..................
200,000
200,000
199,997
7.......................... .1st January, 1866.................. . . 3,950,000 2,775,000 2,681,653
2........................... .Unlimited ...........................
1,400,000 1,022,410
Total.................................................................. 26,364,260 21,130,370 19,631,929
The amount o f mutilated notes returned to the Bank Department, for destruction,
during the year, is $8,123,216. The circulating notes counted and destroyed at ttm
Bank Department average more than $26,000 for each business day in the year.
CONDITION OF THE BANKS OF MASSACHUSETTS IN 1852.
We are indebted to the Hon. A masa W alker, late Secretary of the Commonwealth
of Massachusetts, for an official copy o f the “ Annual Report of the Bank Commis­
sioners,” appointed by the act of May 8th, 1851, for the year 1852 ; and also for an
“ Abstract of the Returns from Banks and from Institutions for savings in Massachu­
setts ” for the same year.
The Bank Commissioners are required to complete the examination of all the Bank*
and Savings Institutions of the Commonwealth within the term of two years from
May 13th, 1851. Since the date of their last annual report (an abstract of which wa*
published in a former number of the M erch a n ts’ M agazine') the Commissioners hav*
examined 87 Banks of discount and circulation, and 21 Savings Banks. The whole
number of the former in operation in Massachusetts is 137, and the whole number of
Savings Banks is 54— in all, 192 institutions. The whole number of banking iustitaVOL. XXVIII.----NO. III.




23

354

Journal o f Banking, Currency, and Finance,

tions examined by the Commissioners since their appointment is 160, some o f which
they have visited twice—leaving SI to be examined prior to May 13th, 1853.
A t the session of the Legislature in 1851, seven new bunks were established, viz.:
two in Boston, with a capital of $750,000, and five out of Boston, with a capital of
$1 ,125,000. The capital of these banks was paid in within one year from the date of
their incorporation. A.t the same session 27 banks were authorized to make additions
to their capital stock, viz.: eight banks in Boston, to the amount of §2,150,000, and
nineteen banks out of Boston, to the amount of §1,735,000.
No corporation has been formed for the purpose of carrying on the business of bank­
ing under the act of May 24, 1851, entitled “ An Act to Authorize the Business of
Banking ”— known as the Free banking Law, and none probably will be, until the Le­
gislature o f that State adopt the, general banking system of New York, and cease to
grant special charters.
The present (December, 1852,) capital of Banks in Massachusetts paid in, is as fol­
lows:— thirty-two banks in Boston, $24,660,000, and one hundred and five out of Bos­
ton, §18,610,500—showing a total bank capital in the Commonwealth of $43,270,500.
From the abstract of the returns from Banks, we give in a condensed form a table
exhibiting the condition of each Bank in Massachusetts^ in regard to the amount of
circulation, amount of specie in Banking-house, relative proportion of each, amount of
immediate liabilities, or circulation and deposits, not bearing interest, and the relative
proportion of the same to specie on hand, as shown by the official returns made on
the first of September, 1852 :—
TABLE EXHIBITING THE CONDITION OF EACH BANK OF MASSACHUSETTS IN REGARD TO THE
AMOUNT OF CIRCULATION, AMOUNT OF SPECIE IN BANKING-HOUSE, RELATIVE PROPORTION
OF EACH, AMOUNT OF IMMEDIATE LIABILITIES, OR CIRCULATION AND DEPOSITS NOT BEAR­
ING INTEREST, AND THE RELATIVE PROPORTION OF THE SAME TO SPECIE ON HAND, AS
SHOWN BY THE OFFICIAL RETURNS MADE ON THE FIRST SATURDAY OF SEPTEMBER,

1852.

BANKS IN BOSTON.

Name.

Atlantic.....................
Atlas...........................
Blackstone................
Boston.........................
B oylston ...................
City.............................
Cochituate.......... ..
Columbian.................
Bank of Commerce .
Eagle.........................
Exchange...................
Fanueil H all.............
Freeman’s .................
Globe.........................
G ranite.....................
Grocers’......................
Hamilton...................
Market.......................
Massachusetts...........
Mechanics’ .................
Merchants’ ................
Hew England............
North.........................
North America..........
Shawmut..................
Shoe & Leath. Deal..

State........................




Amount of
specie.

Amount of
circulation

$307,108
221,716
258.950
251,936
217,291
229,717
199,328
101,490
619,760
160,548
425,582
304,256
209 637
168,356
264,524
275,125
276,497
173,466
172,621
159,941
773,148
157,882
209 975
284,319
177,543
202,248
247,290

00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00
00

$44,202
24,893
12,438
86,909
16,548
63,958
4,725
24,859
519,028
52,306
160,471
38,515
27,271
111,562
40,507
45,318
40,955
61,753
57,464
10,616
383.477
63,202
21,317
34,613
50,197
33,866
105,938

01
63
88
28
71
94
27
67
67
94
81
74
26
50
08
46
49
34
14
31
95
69
17
63
80
59
78

Proportion of
circulation
to 1of specie.

$6.94
8.90
20.81
2.70
13.13
3.59
42.18
4.08
1.19
3.06
2.65
7.89
7.68
1.60
6.53
6.07
6.74
3.35
8.00
15.06
2.01
2.49
9.85
8.21
3.53
5.97
2.33

Amount of
circulation and
deposits.

7 $602,625 77
6
463,016 67
470,727 69
7
8
758,318 00
0
473,327 68
1
686,623 80
3
258,615 85
2
308,494 07
4 1,650,334 05
523,546 25
9
o
815,485 24
9
583,543 09
7
366,852 72
8
494,369 02
0
6S5.583 37
0
408,559 82
629,880 75
9
484,194 57
1
3
469,989 57
5
253,479 50
6 1,863,241 40
8
273,437 96
0
498,922 631
588,775 03
6
443,944 10
3
446,765 38
4
765,164 85

circulation
and deposits
to 1 of specie.

$13.63
18.69
37.84
8.72
28.60
9.17
64.73
12.40
2.98
10.00
5.08
16.15
13.45
4.43
16.92
9.01
12.92
9.35
8.17
23.87
4.86
4.32
23.40
17.00
8.84
13.19
7.22

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

6
4
9
3

5
2

855

Journal o f Banking, Currency, and Finance.

Banka-

Suffolk................
Traders’ .....................
Trem ont...................
Union.........................
Washington...............
Total.................

Amount o f
circulation.

$295,848
176,273
371,714
214,693
195,809

Amount ot
specie.

00 $427,159 53
00
46,824 52
00
75,319 05
00
64,344 48
00
44,231 96

8,304,591 00 2,784,792 08

Proportion of
Amount o f
circulation circulation aud
to 1 of specie.
deposits.

$0.69
3.76
4 .9 3
3.33
4.42

2
4
5
6
6

$458,243
371,070
856,100
513,386
431,558

84
15
72
29
72

2 . 9S 1 18,597,678 65

Proportion of
circulation
and depoBfta
t o t o f specie.

$1.07
7 .9 2
11.36
7.97
9.75

2

4
6
8
6

6.67 8

COUNTRY RANKS.

Tradesman's.............
A n d over.................
Beverly.....................
Danvers.....................
V illa g e .....................
Warren......................
Manufacturers’ .........
Gloucester.................
Essex.........................
Haverhill...................
Merrimac...................
Union.........................
Bay State..................
Leighton...................
Lynn Mechanics’ __ _
Grand .......................
Marblehead...............
Mechanics’ .................
Merchants’ ................
Ocean ......................
Rock port....................
Asiatic.......................
Commercial...............
Exchange .................
Mercantile.................
Merchants’ ................
Naumkeag................
S a le m .......................
Powow River............
Brighton...................
Cam bridge...............
Cambridge Market..
Charles River............
Bunker Hill...............
Concord.....................
Framingham.............
Appleton...................
L o w e ll......................
Prescott.....................
R ailroad...................
M alden .....................
Newton......................
Waltham........ ..........
Worcester County . .
Fitchburg.................
Rollstone.................
Lancaster.................
Leicester....................
M ilford.....................
M illbury...................
Oxford........................




131,599 00
86,641 00
78,694 00
103,553 00
105,764 00
99,086 50
1,380 00
149,519 00
60,793 00
62,442 00
68,157 00
65,342 00
287,424 00
103,881 00
137,572 00
75,877 00
72,894 00
93,784 50
76,611 00
113,404 00
109,490 00
131,242 00
76,003 00
72,810 00
61,455 00
65,236 00
136,868 00
50,503 00
110,977 00
268,829 00
65,112 00
97,870 00
82,452 00
154,861 00
89,515 00
120,207 00
160,974 00
131,516 00
154,248 00
384,614 00
83,823 00
114,096 00
94,272 00
48,527 00
221,142 00
186,300 00
168,142 00
109,188 00
145,034 00
48,873 00

83,327 25

5,228 47
5,389 45
5,436 06
2,090 02
3,669 07
7,353 41
261 81
6,035 04
2,270 19
4,312 19
3,989 96
2,385 46
12,716 71
7,343 88
7,367 63
4,029 44
6,883 38
11,212 26
11,223 27
7,627 58
2,867 19
15,618 96
6,397 94
6,410 85
4,205 39
7,036 11
21,270 37
3,562 51
6,072 97
11,583 33
4,765 79
4,256 02
14,627 59
28,471 12
8,708 65
6,087 20
6,462 17
3,190 17
6,801 62
10,280 55
3,364 70
5,994 69
5,540 98
2,900 so
13,404 47
8,024 78
5,615 83
4,246 90
4,349 34
2,612 62
1,979 77

25. 16 9
202,145 58
16. 07 6
114,640 24
14. 45 7
125,022 67
49. 54 6
140,312 19
28. 77 7
110,945 93
13. 47 4
160,090 64
5. 27 0
8,783 65
24. 77 5
197,798 87
22. 37 3
53,727 20
14. 48 0
74,287 14
14, 57 5
69,834 12
27. 39 1
77,334 66
22. 60 2
315,012 46
14..14 5
137,067 35
18. 67 2
196,520 21
18. 83 0
92,883 98
10. 58 9
80,180 27
8. 36 4
130,204 89
6. 82 6
147,779 11
14 86 7
179.488 49
38. 91 7
138,755 94
8. 40 2
234,168 67
11..87 9
118,767 35
11..36 7
105,747 85
12..21 1
136,996 58
9..27 1
117,908 87
6 .43 4
329,196 91
14 ,20 4
108,459 82
18..27 3
121,457 24
23 .20 8
330,386 02
13 .66 2
105,006 62
22 .99 5
105,075 69
5 .63 6
133,736 53
5 .43 9
357,681 07
10 .27 8
117,677 02
19 .74 7
146,512 09
240,168 19
23 .86 2
41 .22 5
184,762 33
22 .66 3
210,981 47
.41
1
37
414,633 82
24 .91 2 f i l l , 909 64
19 .03 2
143,446 55
17 .01 3
112,817 23
16 .74 3
60,554 98
16 .49 7
252,295 46
202,634 64
23 .21 5
29 .94 0
176,538 89
25 .71 0
132,490 71
33 .34 6
154,939 22
16 .79 2
59,205 63
42 .08 9
94,948 90

88. 66
21. 27
22. 99
67 13
30. 23
21. 77
33. 54
32. 77
23. 66
17. 06
17.,60
32. 41
24. 77
18. 66
26.,53
23..05
11.,64
11..61
13. 16
23. 53
48..89
14. 99
18,.56
16,.49
32..67
16 .75
15,.47
30 .44
19 .99
28 .52
22 .03
24 .68
9 .14
12 .56
13 .61
24 .06
37 .16
57 .91
31 .01
40 .33
33 .25
23 .92
20 .36
20 .87
18 .82
25 .24
81 .43
31 .19
35 .61
22 .66

47 . 9 6

2
1
8
4

8
0
9
6
6
4

2
9
1
8
7
1
8
2

7
1
4
2
8

6
6

7
6
4
9
2

3
8
2
8
8
*
6
6
1

1
9
9
0

8
1
6
6
6
1
1
9

336

Journal o f Banking, Currency, and Finance.

Danks.

Soutbbridge............ .
Blackstone..............
Central...................
Citizens’ ...................
Mechanics’ ............... .
Quinsigamond..........
Worcester..................
Holyoke....................
Northampton . . . . . . .
Hampshire Manufac’:s
Franklin County___ .
Greenfield.................
Cabot.........................
Hadley Falls............
Agawam.....................
Chicopee....................
John Hancock..........
Springfield................
Western....................
H am pden..................
W estfield.................
Adams.......................
Mahaiwe....................
L e e ............................
Agricultural.............
Housatonic...............
Neponsit....................
Dedham....................
Blue H ill...................
Mattapan...................
Quincy Stone . . . . . .
Randolph..................
People’s, Roxbury . .
Union, of W . & B ..
Wrentham................
Attleborough...........
Fairhaven..................
Fall River..................
Massasoit..................
Bedford Commercial.
Marine.......................
Mechanics’ .................
Merchants’ ................
Bristol C ou nty.........
Machinists’ ...............
Taunton.....................
Abington...................
Hingham...................
Old Colony................
Plym outh.................
W areham .................
Falmouth...................
Barnstable.................
Pacific.........................

Amount of
circulation.

Amount of
specie.

$95,214 00
62,004 25
91,952 00
95,265 00
212,208 00
97,022 00
149,387 00
246,723 00
191,731 00
227,105 00
163,737 00
131,500 00
68,053 00
86,954 00
217,073 00
195,756 00
81,769 00
171,815 00
228,070 00
107,049 00
78,561 00
133,460 00
120,242 00
173,678 00
189,039 00
119,514 00
115,024 00
125,689 00
81,556 00
99,770 00
73,832 00
100,560 00
97,924 00
117,160 00
91,423 00
48,421 00
73,748 25
132,038 00
62,021 00
231,964 00
244,559 00
99,641 00
334,208 00
155,512 00
78,617 00
121.104 00
113,074 00
85,121 00
84,298 00
121,492 00
81,645 00
75,608 00
198,347 00
130,717 06

$4,743 49
4,324 25
10,022 48
10,412 95
17,144 05
9,222 12
12,185 60
5,248 14
8,029 92
10,587 26
5,433 73
8,557 56
5,240 17
5,201 15
11,263 89
11,912 95
10,456 18
18,024 35
8,602 82
5,453 52
8,395 84
6,660 20
6,662 10
6,117 37
7,592 68
5,231 79
3,763 17
18,994 31
5,329 84
5,578 34
7,098 32
7,456 40
12,634 62
4,853 46
4,920 50
2,895 66
11,579 40
13,605 19
10,468 23
12,137 56
14,422 88
5,715 86
14,504 36
2,421 17
8,147 54
5,164 64
4,625 85
6,191 03
3,438 29
7,594 12
2,664 11
2,659 07
6,395 68
12,468 17

Proportion of
Amount of
circulation circulation and
deposits.
to 1of specie.

$20 .07 2
14 .33 8
9 .17 4
9 .14 8
12 .37 7
10 .52 1
12 .25 9
47 .01 1
23 .87 7
21 .45 0
30 .13 3
15 .36 6
12 .98 6
16 .71 8
19 .27 1
16 .51 6
7 .82 0
13 ,19 1
26 .51 1
19 .62 9
23 .13 4
20 .03 8
18 .04 8
28 .39 0
24 .89 7
22..84 3
30 .56 5
6 .61 7
15..30 1
17..88 5
10..40 1
13.,48 6
7..75 0
24..13 9
18..57 9
16,,72 1
6. 36 9
9,.70 4
5. 92 4
19..11 1
16. 95 6
17. 43 2
23. 04 1
64. 23 0
24. 97 7
23. 44 8
24. 44 3
13. 74 9
24. 51 7
15. 99 8
30. 64 6
2S. 43 7
31. 01 2
10. 48 4

$100,854 37
72,898 51
135,692 51
153,210 33
289,407 52
141,756 06
276,096 04
294,797 00
226,127 26
232,407 56
200,930 10
158,069 33
91,820 67
94,783 62
279,607 93
253,9S3 51
141,566 30
219,756 59
247,471 23
120,717 60
88,766 87
161,031 66
14S.109 71
186,811 03
253,637 63
140,159 43
133,843 07
193,350 51
128,060 44
114,050 74
115,980 98
135,580 21
171,926 24
136,343 89
99,149 53
74,290 40
161,885 42
214,173 28
104,006 01
339,173 70
385,949 93
167,426 13
608,122 87
219,196 69
104,649 74
207,358 80
131,852 86
124,721 30
121,692 38
146,582 10
116,173 41
SI,318 52
213,704 54
407,931 38

Proportion o f
circulation
and deposits
to 1 of specie.

$21 .26
16 .85
13 .53
14 .71
16 .88
15 .37
22 .65
56 .17
28 .16
21 .95
36 .97
18 .47
17 .52
18 .22
24 .82
21 .31
13 .53
16 .88
28 .76
22 .13
26 .13
24 .17
22 .23
30 .53
33..40
26..78
35 56
10..17
24..02
20. 44
16.,33
18,.18
13.,60
28,,09
20..15
25. 65
13..98
15. 74
9. 93
27. 94
26. 75
29. 29
35.,03
90.,53
33. 21
40. 14
28. 50
20. 14
35. 39
19. 30
43. 60
30. 68
33. 41
32. 71

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

Country banks . . . . 12,867,778 75 778,990 44
City banks................ 8,304,591 00 2:,784,792 08

16. 53 1 17 ,641,895 42
2. 98 1 IS1,597,678 55

22. 64 7
6. 67 8

Total, 137 banks.. 21,172,369 75 3,563,782 52

5. 94 0 36,239,673 97

10. 16 8




Journal o f Banking, Currency, and Finance.

35V

BELIEF NOTES OF BANKS IN PENNSYLVANIA.
STATEMENT,

SHOWING THE SEVERAL BANES OF

THAT ISSUED NOTES
AMOUNT ISSUED
CANCELED,

IN

PURSUANCE

B Y THEM

AND THE

OF

THE COMMONWEALTH OF PENNSYLVANIA

THE

ACT OF 4 T H M AY, 1 8 4 1 , THE ORIGINAL

RESPECTIVELY', THE AMOUNT OF THE SAME REDEEMED AND

AMOUNT

REMAINING IN

CIRCULATION",

TOGETHER W IT H , THOSE

BANKS THAT RE-ISSUED SAID NOTES IN PURSUANCE OF THE ACT OF 1 0 l H

AP R IL , 1 8 4 9 ,

AND THE AMOUNT OF THE RE-ISSUES.

o

CD 2 .
P 09

BANKS.

•5
: g

Bank o f Northern Liberties..................
Bank of Penn Township.......................
Manufacturers & Mechanics’ Bank.___
Moyamensing Bank*..............................
Bank of Chambersburg.........................
Bank of Chester County.......................
Bank o f Delaware County....................
Bank of Germantown............................
Bank o f G ettysburg.............................
Bank of Lewistown...............................
Bank of Middletown*...........................
Bank o f Northumberland......................
Bank of Susquehanna C ounty*...........
Berks County Bank................................
Carlisle Bank...........................................
Columbia Bank and Bridge C o.............
Erie Bank................................................
Exchange Bank o f Pittsburg................
Farmers Bank of Bucks County...........
Farmers Bank o f Lancaster..................
Farmers Bank o f Reading.....................
Farmers & Drovers’ Bank, Waynesb’g..
Harrisburg Bank.....................................
Lancaster Bank.......................................
Lancaster County Bank.........................
Lebanon Bank.........................................
Merchants'^ Manufact’rs’ Bk. Pittsb’g ..
Miners’ Bank Pottsville.........................
Monongahela Bank of Brownsville. . .
Northampton B a n k ................................
Towanda Bank........................................
West Branch B a n k ................................
Wyoming Bank at Wilkesbarre...........
York B ank..............................................

«

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

* 5"
$70,000
100,000
80,260
62,500
66,000
71,512
43,057
35,524
30,958
74,259
49,320
40,000
25,000
45,787
57,627
25,579
375,474
177,775
23,055
80,000
60,072
27,750
76,042
38,430
18,750
17,570
120,000
49,936
31,500
31,171
107,500
25,000
30,232
52,725

>

>
C: o
§°
O£
2.5'
P- a

te o

v. n
p £
$ ?

oB
^ o
Sg.
i*s
:. o3

• p.

$67,678
97,437
78,609
62,500
63,500
71,286
40,834
34,490
29,422
71,867
49,320
38,402
25,000
45,787
55,369
24,529
375,474
170,134
■ 19,609
77,676
56,669
26,811
73,116
37,953
18,090
16,900
114,592
48,880
30,246
29,230
107,500
24,650
29,090
50,669

$2,322
9,563
1,651

,220,265 $2,163,320

$56,945

2,500
226
2,223
1,034
1,536
2,392

>
IP-O
3
a S
go

!?
JS W

o 5

? o.

23,600

50,472
1,598
2,258
950
7,641
3,446
2,324
3,403
939
2,926
476
660
670
5,408
1,056
1,254
1,941

7,500

109,246

100,000
252,400
50,000

» • • •

350
1,142
2,056
$593,218

The banks marked (*) under the authority of the 11th and 12th sections of the act
of 4tli May, 1841, issued the following sums, in addition to those here stated, and
pledged to the Auditor General as security for the redemption o f the same, equal
amounts o f 5 per cent State stocks, viz :■—
Moyamensing B ank........................................................................................
$12,500 00
Bank of Middletown......................................................................................
5,050 00
Bank o f Susquehanna County.......................................................................
• 5,200 00
Total...............................................................'.....................................
$22,750 00
Of these issues, the Bank o f Commerce (late Moyamensing,) has redeemed $10,926,
and received back the same amount of pledged securities; whilst at the State Treasury
there has been redeemed, of the issues of the Bank of Middletown the sum of $3,261,
and of the Bank of Susquehanna County, $4,330, for which equal amounts of the
pledged stocks have been canceled; leaving still in circulation of these issues, Moy-




358

Journal o f Banking, Currency, and Finance.

amensing Bank $1,574, Bank o f Middletown 1,789, and the Bank of Susquehanna
County $870.
The Berks County Bank made an over issue of relief notes to the amount of $28,501.
For the redemption of these the Commonwealth became responsible, pursuant to the
act of the 29th January, 1845, and has redeemed the sum of $27,408, leaving still in
circulation $1,093.
Under the construction given to the act of 10th April, 1849, in accordance with the
opinion o f the late attorney-general, many o f the re-issues as they became defaced were
canceled and renewed. O f these renewed re issues, the Harrisburg Bank has made
$80,000, the Bank of Middletown $100,000, and the Lancaster Bank $144,960.
From Gov. Bigler’s message to the Legislature o f Pennsylvania, we extract the
subjoined paragraph, touching the relief issues of that State:—
“ There are still in circulation about six hundred thousand dollars o f the relief issues,
a considerable portion of which have become so defaced and ragged as to render their
future use almost impracticable. About $250,000 of the old notes were canceled at
the Treasury during the past year, under the provisions o f the act of the 16th April,
1849, and a like amount of new notes issued by certain banks, for which the State
paid these institutions two per cent. The efficiency of the law o f 1850, prohibiting
the circulation o f the small issues of other States, has been greatly weakened by the
continued use o f the relief issues under the denomination of five dollars. The pres­
ence o f these notes familiarizes the people to the use of small paper, and prevents
the circulation of coin ; whilst the officers of the law, in many instances, make this a
pretext to evade the duty o f scrutinizing this currency. The law of 1850 never will,
I fear, be thoroughly vindicated, so long as this depreciated paper is permitted to sup­
ply the channels of circulation. To remedy this evil, three modes have suggested
themselves to my mind. The first is— to allow all holders of these notes to convert
them into state bonds, bearing a rate of interest not exceeding four per cent, in sums
of not less than one thousand dollars. The second is—to apply the means of the
Sinking Fund to their cancellation. These notes are as much a debt against the State
as are her bonds, and it would be the legitimate work o f this fund, to take them out
o f existence. The third is— to apply to this purpose, all the premiums that may be
received from a farther conversion of the present debt into new coupon bonds, as sug­
gested in another part of this communication. Should the latter idea meet your ap­
probation, the Sinking Fund can be made the instrument of performing the practical
work of cancellation. By the adoption o f this policy, this illegitimate currency would
be removed from the channels of circulation without encroaching upon the present
means o f the Treasury, or imposing new burdens on the people. With the necessary
legislation, I confidently believe that this end can be accomplished.
PENNSYLVANIA: HER DEBT AND RESOURCES.
W illiam B ig l e k , Governor o f Pennsylvania, in his message of January 5, 1853, to
“ the Senators and Members o f the House of Representatives of the General Assem­
bly,” thus concisely groups “ the facts and figures ” of Pennsylvania’s financial and in­
dustrial progress and condition:—
“ The population numbers 2,311,786, being an increase o f almost 35 per cent since
1840. According to this ratio of growth her people in 1870 will number near 4,000,000.
Our debt of forty millions is, at this time, a charge on each inhabitant of a little over
eighteen dollars; in 1870, according to this dattim, it will but little exceed ten. The
present assessed value of real and personal estate is $497,039,649, showing an increase
o f 18 per cent since 1840, and according to this ratio o f growth up to 1870, it will
amount to the sum o f $675,973,922. The debt of forty millions was a lien of 8 per
cent on the assessable property of 1840; on that of 1870 it will be only 5 per cent
and 8 mills. But in the census report of 1850 the true value of the property of the
State is estimated at $722,486,120; on this sum our present debt is but a fraction over
5 4 per cent. Who can doubt the solvency of such a debtor *
“ Her production of wheat in 1840 was 13,213,077 bushels; in 1850,15,482,191 be­
ing an increase o f 17 per cent, at which rate her yield for 1870 will exceed twenty
millions of bushels. The same rate of increase is apparent in rye, corn, oats, barley,
buckwheat, and live stock. The census of 1840 shows a production for that year of
98,395 tons of pig metal— that o f 1850 is 285,702, or an increase of 190 per cent.
A t this rate the yield of 1870 would be 1,371,370 tons. Wrought iron in 1840
amounted to 87,244 tons—in 1850 it is 182,506 tons. On this datum the production
o f 1870 would be 580,369 tons. Our woolen manufactures for 1840 were valued at




Journal o f Banking, Currency, and Finance.

350

$2,319,161, and for 1850 at $5,321,868, showing a gain in ten years of 129 per cent
and the enormous yield by 1870 of $13,738,401. In cotton goods the increase has
been about 6 percent, which ratio of growth up to 1870 would show a production of
about six millions o f dollars.
“ The whole amount of anthracite coal mined and taken to market in 1840 was
867,000 tons. In 185,2 the product will reach near fire millions of tons, being an in­
crease in twelve years of 600 per cent. This rate of augmentation up to 1870 would
give the startling production o f over forty-five millions o f tons, and yielding at the
present Philadelphia prices the sum of one hundred and eighty millions of dollars,
being more than treble the present revenues of the whole United States 1
“ This is a most gratifying picture, and goes far to prove what I have for some time
believed, that before the close of the present century, Pennsylvania, in point of wealth
anil real greatness, will stand in advance of all her sister States.”
The report of the Auditor-General of Pennsylvania, just published, gives the fol­
lowing table of the State finances, showing the several loans of the Commonwealth,
their rates per cent interest, period when reimbursable; and amounts, as they severally
stood on the 1st day of December, 1852 :—

Loans, Sec.

“

“

May

6

, 1841...........................

Interest certificates, per act July 27, 1841.....................
“
“
March 7, 1843....................
Stock loan, per act April 29, 1844 .................................
Interest certificates, per act May 31, 1844......................
Stock loan, per act April
16, 1845..............................
44
44
January 22, 1817..............................
44
April
11,1848..............................
In plain interest, per act April 10, 1 8 4 9 .........................
North Branch interest, per act April 2, 1852..................
Loan for the redemption of 6 per cent State stocks, &c.,
per act of May 4, 1852__
Total.




....
1846
1843
1846
1849
5
1846
5
1855
5
5
....
6
1853
1879
6
4^-5 1852

Amount.
$7,965
285,760
988,202
1,971,276
767,253
2,138.057
50,000
3,971,406
2,432,240
118,300
290,703
2,279,214
297,722
2,510,864
198,200
521,832
2,242,741
946,867
1,153,415
1,236,121
91,851
487,006
47,798
1,114.828
2,042,641
809,748
797,821
1,905,636
263,608
7,599
650,163
525,761
290,507
9,454
23,191
53,861
21,980
4,467,331
69,500
161,438
400,n00
99,866

4 <fc5 . . . .

2,045,000

Interest. Due.

Stock loan, per act April
2, 1821...........................
it
44 April
1, 1826...........................
it
44 April
9, 1827...........................
it
44 March
24, 1818...........................
u
it
December 18, 1828...........................
M
it
April
22, 1829...........................
((
44 December 7S-1829...........................
u
44 March
IS, 1830...........................
u
44 March
21, 1831...........................
44
44 March
28, 1831...........................
u
44 March
30, 1831...........................
M
44 March
S O , 1832...........................
M
it
April
5, 1832...........................
44
44 February 16, 1833...........................
it
44 March
1, 1833...........................
March
27, 1833...........................
41
44
April
5, 1834...........................
U
44
April
18, 1835...........................
it
44
January 26, 1839...........................
44
“
February 9 , 1839...........................
a
44
March
16, 1839 ...........................
11
44
March
27, 1839...........................
<«
44
June
7, 1839...........................
•<
44
June
27, 1839...........................
M
44
July
19, 1839............................
It
44
January 23, 1840...........................
44
April
3, 1 S 4 0 ...................................................
41
44
June
11, 1840...........................
44
January 16,1841...........................
it
44
March
4, 1841...........................
Loan relief, per act May
4, 1841...........................
Stock loan, per act May
5, 1841...........................

6
5
5
5
6
5
5
5
5
5
5
6
5
5
4}
5
5
5
5
5
5
5
5
5
6

5
5
5
6

6

1841
1846
1850
1853
1854
1854
....
1858
1856
1861
1856
1860
1850
1858
IS 62
1858
1862
1865
1859
1864
1864
18 6 6

1859
1864
1868
1865
1864
1870
1846
1847

5

6
6
6

$41,474,595

360

Journal o f Banking, Currency, and Finance.
CONDITION OF THE BANKS OF NEW HAMPSHIRE,

The subjoined table exhibits the condition of each bank in the State of New Hamp­
shire, in the leading departments, on the 1st day of December, 1852, according to the
returns made to the Secretary o f State :—
Names of banks.
Ashuelot...................................
A m osk eag...............................
Belknap C ou nty.....................
Cheshire...................................
Claremont...............................
Connecticut River....................
Cocbeco ....................................
Carrol County..........................
Dover........................................
Francestown.............................
Granite State...........................
Great F a lls ..............................
Indian Head.............................
Lancaster..................................
Lebanon.....................................
Mechanics’.................................
Merrimac C ou nty...................
Manchester...............................
Mechanics’ Traders’ .............
Monadnock...............................
Nashua ....................................
New Ipswich...........................
Piscataqua Exchange..............
Pittsfield..................................
Rochester.................................
Rockingham.............................
Strafford....................................
Salmon Falls............................
Warner......................................
Winchester...............................
White Mountain... .■.................
Total..............................

Debts duo
to the bank.
$177,157
800,301
151,394
199,458
191,799
175,299
189,922
78,011
207,871
111,639
274,839
243,379
201,315
93,852
155,246
225,875
163,240
236,765
324,345
91,129
263,114
154,904
400,395
84,354
174,469
329,932
224,503
90,322
58,265
163,807
53,271
$5,830,153

Specie.
$5,479
6,595
5,098
5,133
5,725
3,399
3,219
2,201
3,116
3,320
4,237
4,027
8,554
546
8,982
13,023
13,141
4,512
6,775
2,777
12,797
4,957
10,718
2,093
7,500
8,716
3,215
2,304
1,720
2,800
1,293

Deposits.
$32,815
36,475
14,195
26,818
21,461
30,491
13,565
4,491
25,364
2,220
28,294
5,578
24,493
13,213
15,848
89,705
69,409
44,291
73,186
3,779
30,247
2,156
70,870
6,036
2,170
68,980
35,100
3,058
7,031
11,047
6,800

Circulation.
$71,219
145,094
75,374
99,668
95,200
62,944
91,936
45,539
99,337
59,710
123,087
101,811
100,000
4#,303
99,049
97,446
79,450
124,146
126,794
48,871
124,477
87,377
192,849
50,319
70,971
125,153
95,474
44,772
47,099
77,382
26,521

$167,284

$838,678

$2,745,263

The aggregate o f the leading departments for several years have been as annexed:
1840
1845
1848
1850
1052

..............................................
..............................................
.................; ...........................
..............................................
..............................................

Loan.

Deposit.

Specie.

Circulation.

$4,099,612
2,'log,1ISO
3,618,736
3,852,157
5,850,183

$420,800
696,492
440,332
453,671
819,078

$193,859
186,871
161,711
149,571
,167,694

$1,688,050
1,124,531
1,514,420
1,751,096
2,746,262

It appears by this that the increase in every department but specie has, since 1850.
been very great. The proportion o f specie on hand to paper in circulation is small,
but the deposits in other banks for the redemption of their bills is large, amounting
to $712,103. This makes the total amount o f specie $879,797— about one dollar to
three o f paper circulation.
CONDITION OF THE BANKS OF OHIO.
The following is an abstract of the official report o f the banks o f the State of Ohio,
made up to the first of November. There are now sixty-eight banks in the State,
v iz: I. Five of the original chartered institutions, including the Ohio Life Insurance,
and Trust Company. II. Eleven independent banks, doing business under a former
general law, and depositing bonds as collaterals for issues. III. Forty branches of the
State Bank of Ohio, each independent in itself, its capital, loans, profits, die., but under
the occasional supervision of the board o f control, and each liable to contribute for




Commercial Statistics.
any failure o f one or more of the branches.

861

IV. Twelve free banks established under

a recent law of Ohio.
11Indep.

..........
Due banks......................
Deposits..........................
Surplus.........................
Bills Payable ...............
Discounts ..................... ..........
Dividends.......................
Miscellaneous................

1,148,410

36,396

$4,456,675
8,120,828
50,038
354,961
3,543,650
297,095
151,418
280
140,928
42,740
$17,158,614

Totals.................
Loans...............................
S p ecie........................... .
Bank n otes...................
Due by banks..................
Eastern Funds...............

___
___
Real Property.................
Miscellaneous.................

22,054
1,195*930
105J15

T o ta ls.....................

5 Old.

40 State.

Capital.. . ' .....................
Circulation.....................

$1,547,526
1,488,470
913,428
1,213,690
323,770
12,046
32,836
3,676
22,60S

12 free.

$361,730
619,370
444,490
90,896
912,676
8,467
22,205
14,473
23,093

$5,558,060 $2,497,400

$10,346,815
1,854,415
817,110
636,496
2,025,765
67,817
903,524
171,687
825,084

$3,169,038
384,060
770,711
121,391
660,460
136,390
316,010

$1,068,900
123,465
180,528
166,034
215,938
6,252
702,985
19,366
12,920

$17,158,613

$5,580,060

$2,397,398

While the deposits amount to $6,972,000 and the aggregate circulation is $11,373,000,
it will be seen that the banks have specie on hand to the amount of $2,631,000, (or
about 25 per cent of circulation,) and deposits in the Eastern cities to the extent of
$3,287,900. In addition to which the State holds collateral bonds to the amount o f
$2,803,000 to meet the issues of these institutions.

COMMERCIAL STATISTICS.
COMMERCE OF THE ISLAND OF PORTO RICO.
The island o f Porto Rico has a striking resemblance to that o f Cuba. Though the
smallest o f the greater Antilles, it is o f very considerable size. It is about 100 miles
in length from east to west, and lies in the same latitude as Jamaica. Sugar, coffee,
cotton, and tobacco, are the leading articles of export. The total value of imports in
1839 was $5,462,206, and the exports amounted to $6,516,611. W e are indebted to
a mercantile house in Boston for the subjoined statement of the Commerce o f the Isl­
and of Porto Rico in 1851-52 :—
EXPO RTS, ETC., FROM TEE ISLAND OF PORTO RICO IN

1851— EXTRACT

FROM THE OF­

FICIAL RETURNS.

Sugar....................... . . .lbs.
Coffee .....................
Tobacco...................
Molasses...................
Hides........................
Cotton.....................
Rum..........................
O xen .......................
Horses and mules .
Bay w a te r.............
Corn...........................




118,416,300
12,111,900
6,478,100
45,976
632,700
366,800
347
5,881
172
6,161
1,429

Cocoa-nuts..............
Cocoa..................... ...........lbs.
Ox horns..................
Oranges................... ............M.
Plantains.................
Cigars.....................
Lignum vitrn..........
Logwood.................
Pimento..................
Annatto...................
Castor oil.................

40,363
9,000
6,925
1,669
675
34,800

4
178
6,800
7,862
600

362

Commercial Statistics.

Total value of exports amounts to $5,761,974, o f which 4 3 } per cent to United
States, 5 } to foreign West Indies, 9$ to Spain, 2 1 } to Great Britain, 6 } to British
North America, 7 } to Germany, 1 } to Austria, 3 to Sardinia, 1 } to France, f to Cuba
and Jamaica.
Total value o f imports amounted to $6,073,870, of which 1 9 } per cent was from
the United States, 32} from West Indies, chiefly St. Thomas, 21} from Spain, 12}
from South America, mostly in cocoa, 4 } from Great Britain, 4 } from British North
America, 4 from Cuba, and 1} from Germany, Sardinia, and France.
The number o f vessels entered inward was 1,324, measuring 160,586 tons, of
which 42 per cent was American, 22} Spanish, 21} British. Customs revenue $1,069,418
against $1,189,001 in 1850.
EXPORTS FROM THE ISLAND OF PORTO RICO,

Hides,
lbs.

To U. States.. .

Cotton,
lbs.

334.051 255,830
1,525
...........

.Sugar,
lbs.

1852— JANUARY
Molasses,
galls.

TO DECEMBER

Coffee,
lbs.

93,702,593 3,717,771 10,209,175
72,668,848 3,066,664
83,300

1.

Tobacco,
lbs.

5,807,026
.............

Extract from a letter dated St. Johns, P. R., December 13, 1852:—
The total quantity o f sugars shipped as the crop of 1852, according to the best in­
formation, is 93,702,593 lbs., or 93,000 hhds. of 1,000 lbs. each, showing only a falling
off of 24,713,711 lbs., or 24.000 hhds., from that of 1851, which will, no doubt, be
much more than made up the coming year, as the weather during the summer and
fall months is not generally favorable for the growing canes throughout the whole isl­
and, and there is every prospect of an abundant crop.
COMMERCE OF CHICAGO AND THE ILLINOIS RIVER AND CANAL,
W e extract from the message o f the Governor o f Illinois, (Hon. J. A.
the subjoined statement o f the trade and Commerce of Illinois:—

M

a t t e s o n ,)

Twenty years ago, the Commerce of Chicago was but a few thousand dollars, and
her population a few hundred souls. Her Commerce now, through the aid of com­
mercial advantages, has increased to over $20,000,000, and her population is over
50,000. Then Waukegan, Elgin, Belvidere, Rockford, Freeport, and Galena were al­
most wholly unknown. Now, by the influence of the Lake Commerce and the Chica­
go and Galena Railroad, with the influence the Mississippi has on Galena, they have
become large and flourishing cities and towns, growing with a rapidity almost incred­
ible. The canal going into operation has made lively and flourishing towns of Lockport, Joliet, Morris, Ottawa, La Salle, and Peru, and greatly added to the growth of
all the towns along the Hlinois River. These again have thrown back their wealth
and forced Chicago into a growth which challenges a parallel in any city, unless ex­
cept those o f California. She has nearly two millions of dollars invested in manufac­
tures, the most substantial of all city improvements. Among the most important of
them are her foundries, her milling, and manufactories of agricultural implements.
Without these, the farmer never would be able to send forward such amounts of pro­
duce.
The following table of some of the leading articles o f her local trade, will give
some idea of her prosperity. For the last year there has been received from all
sources:—
W h ea t...................
Corn......................
O a ts.....................
Barley...................
R ye.......................
Flour.....................
W ool..................... .............lbs.
Total..........

Railroad.
475,425
673,621
665,491
85,434
45,251
243,662

Canal.

108.597
2,044,298
833,703
8,785
617
1,847
625,632

Team 8.

131,403
287,791
499,631
24,054
25,000
70,000
356,896

Total.

715,425
3,005,710
1,998,625
118,273
25,617
117,100
1,126,190

Value.

$500,000
1,500,000
500,000
59,136
12,300
351,300
250,000
$3,172,736

Her lumber trade will not fall short of 140,000,000 feet, and her capital invested
in that article about $2,000,000. Her beef packing in 1852 was 24,163 head of cat­
tle slaughtered, making a total weight of 13,284,150 pounds; and her pork 6,000,000




363

Commercial Statistics.

pounds. The capital invested in this business is between one and two millions of dol­
lars. In goods she has two hundred and eleven houses engaged in wholesale business,
besides a very large number of retail establishments. Many import their goods di­
rectly front Europe. She has twenty-six houses engaged in forwarding and commis­
sion, generally doing a heavy "business. While these numbers look incredible, I haz­
ard nothing on the opinion that many years to come will witness a growth equally
rapid.
The same has been the history of the region of country penetrated by the Illinois
River. Since the opening of the canal, flourishing towns are lining its banks at every
few miles’ distance, and are furnishing producers a ready and profitable market. This
river being the connecting link between the Mississippi and the great chain of lakes,
much care has been taken to ascertain its Commerce as near as may be, The follow­
ing table is believed to contain as near an approximation as can be obtained, still I am
satisfied it is below the true amount:—
Chicago.........................
Lockport.......................
Joliet..............................
Channahon ...................
Dresden......................... ___
Morris .........................
Marseilles......................
Ottawa.........................
Utica.............................
La Salle.........................
P eru ..............................
Hennepin.....................
Hall’s Landing.............
Henry.............................
L acon ...........................
Chillicothe...................
Spring Bay....................
Peoria.............................
Pekin.............................
Wesley C ity .................
Copperas Creek...........
T otal.................

L iverpool............................
B a th ....................................
Havana................................
75,000 Sharp’s Landing.................
30,000 Irvingston............................
Frederick............................
Beardstown.........................
Perry’s Landing.................
Meredosia............................
Naples..................................
Florence..............................
Griggsville..........................
Montezuma..........................
Bridgeport..........................
Newport..............................
Hardin.................................
Apple Creek........................
Columbiana........................
Grafton................................
Alton....................................
150,000

175,000
200,000
200,000
150,000
100,000
800,000
1,550.000
50,000
300,000
4000,000
350,000
300,000
40,000
60,000
50,000
40,000
200,000
175,000
75,000
2,500,000
$42,345,000

The total amount o f Commerce on the Illinois River and Canal for the year ending
November 30, 1852, $42,345,000. Number o f steamboat arrivals from St. Louis and
other points as high up as Peoria, in same time, 1,608. A large amount of trade on
this route is carried on by canal-boats and barges, towed by steamboats. Connected
with this I may mention the fact that the arrival's of steamboats at St. Loui3 during
the past year bave been between three and four thousand, and it is estimated by reli­
able judges that at least one-third are employed in carrying the products of Illinois.
BREADSTUFFS RECEIVED AT TOLEDO, CIICAG0, AND ST, LOUIS IN 1852.
Toledo.

Flour............................................bbls.
Wheat......................................... bush.
Corn......................................................

383,877
2,402,605
4,059,209

Chicago.

St. Louta.

117.100
715,425
3,005,710

131,333
2,372,126
1,015,606

Reducing the flour to bushels, at 5 to the barrel, the comparison will be as follow s:
Bushels.

Toledo.

Chicago.

St. Louis.

8,381,199

4,306,635

4,044,297

Toledo received by canal to November 14th—
Flour . . . .bbls 260,898 | Wheat . . . .bush. 1,954,718 | Corn . . . .bush.
And by railroad to December 31st—
F lou r........ bbls. 122,979 | W h ea t......... bush.

447,887 | C orn ......... bush.

3,878,047
181,162

Including what reached Toledo by canal, after 14th November, and by wagon du­
ring the year, the receipt of these three articles at that city in 1852, could scarcely be
less than eight m illio n s a n d three q u arters o f bushels.




364

Commercial Statistics.

New York exported to all foreign countries, from 1st January to 20th November,
1852, 1,226,298 barrels flour, 2,678,451 bushels wheat, and 745,180 bushels corn;
amounting in all, counting the flour at 5 bushels to the barrel, to 9,555,126 bushels.
Tonnage of canal freight to and from Albany in 1852....................................... 1,196,341
“
“
“
Toledo
“ ................................
350,100
The canals which have their lake terminus at Toledo, will on the opening o f naviga­
tion, next spring, have an aggregate length of seven hundred miles. For the last
seven years, the canal business at Toledo has had an average increase, equal to its
regular duplication in every period of three years. The same ratio of increase during
the next seven years, would swell its business to nearly that at Albany the past year.
On the 1st inst., an enumeration made the population of Toledo, 6,412, and the
number o f buildings erected in 1852, 200. A very small city for so large a business.
T oledo , January 17,1853.

J. W , SCOTT.

IMPORTS, AND DUTIES COLLECTED AT LOUISVILLE IN 1852.
W e are indebted to R. C. T h o m p s o n , Esq., collector o f the port o f Louisville, Ken­

tucky, for the annexed statement of the amount o f duties collected during the year
1852, on goods imported into the port of Louisville, and the foreign cost o f the same;
also the amount o f hospital money collected during the same period.
st articles imported. Duties collected1
Railroad iron.................................
$32,567 70
$108,559 00
Earthenware................................
18,063 90
60,213 00
7,814 00
Hardware and cu tlery .........
26,045 00
Cigars........................................... .
1,169 00
467 60
682 20
Carbonate o f soda and soda-ash
3,969 00
Merchandise, (variety)...............
1,186 45
4,617 00
Brandy...........................................
4,499 00
4,499 00
1,050 40
W ine..............................................
2,626 00
388 00
G in .............................................. .
388 00
$212,085 00
12,392 03£

$66,719 25
3,717 70

$224,477 031
Hospital fees collected...........................................................................
Received o f hull and boiler inspectors for license o f pilots and en­
gineers o f steamboats for the last quarter of the year 1 8 5 2 ....

$70,436 95
1,820 80

Total amount collected during the year..............................................

$69,520 05

Earthenware warehoused

980 00

NORTH PACIFIC WHALE FISHERY.
W e give below a tabular statement o f the number of ships engaged in the North
Pacific Whale Fishery for the last eleven years, and the quantity o f oil taken:—
Barrels.
Barrels.

1841................................
1842................................
1843................................
1844................................
1845...............................
1846................................
1847................................
1848.......
...................
1849................................
1850................................
1851................................

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

29
263
292
177
159
155

“
((
M
(I
(i
it

“
ft

M
it
U
it

ii

it

it

U

((
((

it

tt

1,627
1,349
1,528
953
869
1,059
1,164
1,334
1,692
626

28,200
47,200
146,800
259,570
250,600
253,800
187,443
185,256
206,850
243,648
86,360

In 1852, about 283 ships cruised in the Northern Seas, four of which were lost. Of
the remaining number, 179 have been reported in, with an aggregate of 225,570 bbls.,
or an average catch of 1,260 barrels.




365

Commercial Statistics.
PRICES OF SPERM AND WHALE OIL AND BOIVE IN 1852.

STATEMENT OF THE PRICES OF SPERM AND W H A L E O IL, AND W HALEBONE, ON THE FIRST
AND FIFTEENTH OF EACH MONTH OF THE Y E A R

1852,

TOGETHER W IT H THE AVERAGE

PRICE P E R YE AR FOR TW ELVE Y E A R S.

Sperm Oil.
15th.

1st.
January ................................
February .............................
March.....................................
April......................................
M a y ........................................
June.........................................
J u ly ......................................
August.....................................
September.............................
October.................................
N ovem ber...........................
December.............................

125
124
125
124*
126
125
125
124*
123
123
120
118

58
56*
58
61
75
75
75
75
72
73
72
65

Sperm OiL.

Average
“
“
“
“
“
“
“
“
“
“
“

for 1852.................
“ 1851.................
“ 1850.................
“ 1849.................
“ 1848.................
“ 1847.................
“ 1846.................
“ 1845.................
“ 1844.................
“ 1843.................
“ 1842.................
“ 1841.................

Whalebone.
15th.

Whale Oil.
15th,

1st.

1st.

58
57*
60
73*
75
75
74
73
72*
73
70
60*

45
43
44
47
52
55
55
55
55
55
55
48

45
43*
45
50
55
54*
55
55
65
55
60
48

Whale Oil. Whaleb’ o .

68*
45*
49*
39*
36
33}
32*
36*
34*
33}
31}
30}

123}
127*
120*
108*
100*
87*
88
90*
63
73
94
100

50}
34*
34*
31}
30*
84
33}
40
35}
23
19*
19

PRODUCTION, STOCK, AND PRICE OF SCOTCH IRON.
The following will show the total production in Scotland, o f pig iron, for each
year since 1845, the stock December 31st, the price in December, (delivered free on
board at Glasgow,) and the average for the y ea r:—
SCOTCH
1845 .............................
1846 .............................
1847 .............................
184S.............................
1849 .............................
1820 .............................
1851.............................
1852 .............................

Production.
Tons.
475,000
670,000
610,000
580,000
690,000
595,000
760,000
775,000

P IG

IRON.
Stock Dec. 31.
Tons.
245,000
149,000
80,000
9S,000
210,000
270,000
350,000
450,000

Price Dec. 31.
s. d.
76 0
72 6
47 0
42 3
46 8
43 6
38 0
69 9

Average.
8. d.
80 3
67 3
65 4
44 4
45 6
44 7
40 1
46 5

THE BRITISH EAST INDIA, AND CHINA TRADE.
The East India and China Association have published their usual comparative
statement of the number of ships, both British and Foreign, with their aggregate ton­
nage, entered inwards and cleared outwards with cargo, from and to places within the
limits of the East India Company’s charter, for the period embracing the 1st of Janu­
ary to the 30th of September, in the years 1851 to 1852. The return of vessels
entered inwards shows, for the port of London, an increase o f 60 vessels, with 31,047
tonnage, the difference between 465 vessels, with 236,885 tonnage in 1851, and 525
vessels with 266,885 tonnage in 1852. Liverpool, on the contrary, presents a decrease
of 52 vessels with 26,358 tonnage, the numbers for the respective periods being 188
vessels with 94,209 tonnage, and 136 vessels with 67,851 tonnage. Bristol and HuU
exhibit an increase of 15 vessels with 5,843 tonnage, the difference between 4 vessels




366

Commercial Statistics.

with 1,698 tonnage, and 19 vessels with 7,541 tonnage. The Clyde ia returned for a
decrease of 11 vessels with 3,500 tonnage, the figures for the respective periods being
51 vessels 18,550 tonnage, and 40 vessels with 15,050 tonnage. The general result
of vessels entered inwards is an increase of 12 vessels with 7,032 tonnage, the differ­
ence between 708 vessels with 350,295 tonnage for 1851, and 720 vessels with
357,327 tonnage for 1852. The chief increase has occurred in the arrival of vessels from
Madras, Bombay, New South Wales and New Zealand. The return of vessels cleared
outwards gives for the port of London, in the same period, an increase of 61 vessels
with 49,906 tonnage, the figures in 1851 being 417 vessels with 213,497 tonnage, and
1852, 478 vessels with 263,403 tonnage. Liverpool also presents an increase of 44
vessels with 48,867 tonnage, the difference between 239 vessels with 125,787 tonnage,
and 2S3 vessels with 174,654 tonnage. Bristol and Hull show a decrease of 6 vessels
with 2,918 tonnage, the return for 1851 presented this total, while in 1852, there had
been no departures whatever. With regard to the Clyde, a decrease of 4 vessels is
presented, accompanied by an increase of 2,034 tonnage, the respective figures being
66 vessels with 28,394 tonnage, and 62 vessels with 30,428 tonnage. The general re­
sult o f vessels cleared outwards is an increase of 96 vessels with 97,889 tonnage, the
difference between 727 with 370,596 tonnage for 1851, and 823 vessels with 468,485
tonnage for 1S52. The chief increase has occurred in the departure of vessels for
New South Wales and other parts of Australia, the stimulus given to emigration by
the gold discoveries having reached its bight during July, August, and September.
LUMBER TRADE OF ALBANY,
W e are indebted to the financial editor of the Albany E v en in g J o u rn a l , for the sub­
joined statement of the Lumber Trade of Albany, for the year 1850, compared with
the two preceding years:—
The Lumber trade of Albany for 1852 has been unusually large and prosperous.
The transactions exceed those of any former season, the receipts for this and the two
last years having been as follows:—

1850
1851
1852

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

Boards and Scantling,
feet.

Shingles.
fit.

Timber,
cubic feet.

Staves.
lbs.

216,786,890
260,238,003
317,135,620

34,226
34,136
29,334

28,832
110,200
291,714

150,517.280
115,087'290
109,961,289

Showing an excess of sawed lumber in 1852 over 1851 of 56,897,617 feet, and over
1850 of 100,348,730 feet, and this notwithstanoing the quantity has been diminished
by drouths in the greater pait of the lumber region. The demand, however, has kept
even pace with this large increase in supply, and enabled the dealers to dispose of
their stocks at remunerative rates, leaving on hand for Spring sales a very limited
amount. Prices in the early part of the year ruled fair, but advanced with the sea­
son, till in the last two months they reached a higher figure, on most kinds of lumber,
than was ever before obtained in this market. This advance went into the pockets of
those manufacturers whose mills are within short distances; but m the long routes it
was absorbed by the high rates of canal and lake freight. The high prices will stimu­
late production, and the receipts for next year will show a large increase over this, the
excess being estimated by some dealers at two hundred millions feet— there is little
doubt it will reach at the least ODe hundred millions, if the year is favorable for stock­
ing and sawing. This large increase will have the effect to diminish the price, now
considered burdensome by builders, though if the money market continues easy, so
extensive is the demand that there is little probability of the rates being reduced be­
low a fair figure.
The sources from which Albany lumber is derived, are o f great extent, it being
supplied from the streams which empty into Green Bay, Lake Michigan, Lake Huron,
and the Georgian Bay, Saginaw Bay and the St. Clair, Lakes Erie, Ontario, and
Champlain, the Rivers St. Lawrence and Ottawa, and from the head waters of the
Alleghany, the Susquehannah, and the Delaware.
The demand is also (rom an extensive range of country, lumber being shipped from
Albany direct, to all the Atlantic ports from Maine to Georgia, and reshipped from
New York to the West Indies, South America, and California, in large quantities, and
in more limited amount to Europe and Australia.




Commercial Statistics.

367

The value o f the lumber received this year is nearly seven million dollars, and
whether regard is had to amount of capital invested, or transactions effected, it is the
largest business in our city, with the single exception of flour and grain, as it is only
second to those articles in tonnage on the canals.
This large trade naturally centers in Albany, for this is the first point where the
clear pine of Michigan and Canada West, the oak, ash, walnut, cherry, sycamore, and
wbitewood, of Ohio and Michigan, the more common pine of Pennsylvania, New York,
and Canada East, and the hemlock spruce of Vermont and Northern and Central
New York, meet together, and supply to the dealers in lumber, a full assortment of
the products of the forest.
Our facilities for furnishing the large amount o f wharf room required for so bulky a
business, and the sheltered basins for the safety of canal boats while discharging, are
unequalled— the long pier making a large basin in front of our city, and many smaller
basins being formed by slips branching from the canal towards the river, to which it
here runs parallel for miles. These facilities, with the vast extent of country which
offers the supply and demand, have already made ours the largest lumber market in
the world.
EXPORTS OF COAL AND RECEIPTS OF WOOD AT PHILADELPHIA.
The R e p o r te r furnishes the subjoined monthly statement of the number o f vessels
loaded at Richmond, (near Philadelphia,) from December 1st, 1851, to November 30th,
1852 ; also the number of tons of coal shipped and the number of cords of wood
received.
December.....................
January .......................
February.......................
March ...........................
April.............................
M a y ..............................
June.............................
J u ly .............................
August.........................
September....................
October.'......................
Novem ber...................

___
___
___
___

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

Total no. vessels. Total no. tons coal. Wood vessels. C’ ds wood.
52,4114
26
1,511
63
11,611
1
110
212
36,4104
2
158
623
85,570
61
2,717
667
93,784
43
2,148
751
116,2214
47
2,461
156.8744
49
2,581
951
160,406
41
2,141
937
162,767
36
1,913
137,514
36
1,954
131,999
56
3,285
79,5794
71
3,973
1,236,649

459

24,953

The above list o f vessels includes 13 ships, 55 steamers, 94 Barques, 540 Brigs,
4,957 schooners, 487 sloops, and 1, 684 boats.
EAST INDIA AND PACIFIC TRADE OF THE UNITED STATES.
A correspondent of the Boston T ra veller , furnishes a list o f arrivals at and depar­
tures from ports in the United States, o f vessels engaged in the East India trade,
during the year 1852. It shows an increase in the trade, over any previous year.
Out of fifty arrivals from Calcutta, twenty-one sailed originally from California. The
whole number of arrivals in the United States was 191, of which 84 were at Boston,
81 at New York, 13 at New Bedford, 8 at Salem, and 5 at other ports. The clearances
numbered 140, of which 73 were from New York, 8 from Salem, and 4 from Baltimore.
The whole number of arrivals from ports on the Pacific, including those from Califor­
nia, was 131, of which 50 were at Baltimore, 36 at New York, 21 at Boston, 5 at
Norfolk, 5 at New Orleans, 3 at Philadelphia, 4 at Alexandria, and 7 at other ports.
The clearances for ports on the Pacific, including those for California, numbered 299,
of which 160 were from New York, 106 from Boston, 14 from Philadelphia, 8 from
Baltimore, 3 from Richmond, 3 from Salem, and 5 from other ports.
SARDINE FISHERIES ON THE COAST OF BRITTANY.
On the coasts of Brittany, which are upwards of sixty leagues in extent, there are
taken annually on an average, 576,000,000 sardines, of which one-half are sold fresh,




368

Nautical Intelligence.

the other preserved. The sum received for the sale is 3,585,000f. The fishery em­
ploys about 160 vessels, and 3,500 men and boys. On shore the preparation, convey­
ance, and sale of the fish, give occupation to 4,500 persons, of whom 2,500 are women,
and in the interior of the country 4,400 other persons are occupied in the sale. The
making and repairing of nets employs during the winter, 3,000 families, or 9,000 per­
sons, of whom one-half are females. The fishing lasts on an average, 210 days, from
the beginning o f April to the end of October. The sardines then disappear, and the
fishermen are unable to explain what becomes of them. They only leave when they
have obtained their full growth. In April sardines again appear, but they are young­
er and smaller than those which abandoned the coast at the end of the preceding
season.

NAUTICAL INTELLIGENCE.
NOTICES

TO

MARINERS.*

( o f f i c i a l .)

D e pa rt m e n t

of

St a t e , W ashin gton , )

February 1,1853.

$

The following “ notices to mariners,” transmitted to this Department by the United
States Consul at London, are published for general information.
H y d r o g r a p h ic O ffice , N ov . 30,1852.
SOUTH AFRICA.---- BIRD ISLAND LIGHTS.

Official Notice has been received from the Cape o f Good Hope, that Lights have
been established in Algoa Bay, on the Easternmost of the Bird Islands, off Woody
Point. The Tower, which is rectangular, and painted with black and white horizontal
etripes, is 45 feet high, and carries Two Fixed Lights, 18 feet apart; the upper one
being 70 feet above high water, and 10 feet higher than the other.
In the direction of the Doddington Rock, the Lights will appear in a vertical line,
one above the other.
The following are Commander Fishbourne’s Sailing Directions.
The Bird Islands lie in the eastern extremity of Algoa Bay, off Woody Cape,
which, as its name imports, is covered with wood, except a small patch of sand at its
Bummit, and is the only seaboard land that is so, which gives it, in contrast with that
for miles on either side, a dark appearance; the land on its west side, from near S t
Croix up, rises into numerous small sandy hillocks, quite bare of vegetation, and that
to the eastward, up to Padrone Point, is similarly naked.
Woody Cape is high, and rugged, but so prominent as to appear like a Cape, ex­
cept when very near i t ; not so Padrone Point, which runs out into a low point of
eand, forming a determinable Cape, from which breakers run out some distance, and
the water breaks still further out, at times, owing to the meeting of currents after
strong winds.
These Islands afford tolerably sheltered anchorage behind them in winds from W.
to S. S. E., in 13 fathoms, and rather better than half a mile from the Northernmost
breakers; closer in would afford more shelter, but the ground is foul. They are very
low and proportionally dangerous, and though the main land will generally be seen
before them, and their distance may thereby be better estimated by it, yet in shaping
a course to go outside of them, allowance should be made for the eddy, or return
current, which sets in towards them, and then to the eastward.
The Doddington Rock and West Reef should be considered as part of the Bird Isl­
ands shoal, and no vessel should go between them; for in bad weather the breakers
extend the whole way. In clear weather the rugged and Cockscomb Mountains may
be seen from abreast of these Islands; but in passing outside the Doddington, the
Cockscomb should be kept open to the Westward of the Rugged Mountain, bearing
about N. W., and the ship should steer N. W., by W. \ W .; having passed the Dod­
dington, the high land at the back of Port Elizabeth will soon appear right ahead.
* Published officially in the M e r c h a n t s ’ M a g a zin e , by order o f the Department o f State.




Nautical Intelligence.

369

H yd r o g ra ph ic O ffice , Dec. 22.1552.
DENMARK, WEST COAST OF SLESVIG.— LIGHTS ON SYLT ISLAND.

Information has been received from Her Majesty’s Consul at Elsinore, that in the
beginning of this month the Danish Government established the two following Lights
on the North end of Sylt Island.
The Westernmost is 66 feet high, with a cupola shaped top, and stands on Ostendie
Point, in 65° 3' North and 8° 26' East from Greenwich. The other, which is placed
2,910 yards farther to the Eastward, is 102 feet high, with a square top. Both lights
are visible at the distance of 14 to 16 miles.
These two L'ght-Houses kept in one (bearing S. E. by E. £ E. Magnetic) lead over
the deepest part o f the bar, in 15 feet at low water, into the Lister Deep; but imme­
diately after crossing the bar the vessel must alter her course more to the Eastward,
in order to keep in the Channel. The Light-Houses are most conspicuons when seen
from the Northward. The two old Beacons of List, and also the two on Homo Island,
have been removed.
On the Southern extremity of the same Island, (Sylt,) in order to distinguish Hornum
Port from the uniform appearance of the adjacent coast, and also to warn vessels of
the dangerous shoals which extend from thence to the South-Westward, a Beacon has
been erected in 54° 45' North and 8° 11' East of Greenwich. It is of a circular form,
and rises to the hight of 104 feet above the sea; and at the foot of this beacon a shel­
tered place has been prepared for Shipwrecked Mariners, who will find benches on
which they can repose, and cases containing bread and water.
H ydr og ra ph ic O ffice , A d m ir a l t y , Dec. 27,1852,
BAHAMAS.----REVOLVING LIGHT ON TURKS’ ISLAND.

Notice is hereby given, that on the 9th of October last, a Revolving Light was
established on the Northern extremity of Grand Turk Island, in 21° 31' 0 " N., and
11° 1' 40" W . of Greenwich.
The Tower is constructed of Iron, and painted W hite; its hight being 60 feet, and
its base 52 feet above high w ater; the Light has an elevation of 108 feet.
The Light revolves every half minute, and at each revolution flares up into a bril­
liant flash, which may be easily seen from the deck of a moderate-sized vessel, in clear
weather at the distance of 16 miles.
The Mariner should however be aware that, when approaching the Light from the
Southward, it will be eclipsed by the Southern part of the Island on which it stands,
between the bearings of N. £ W., and N. £ E .; by Salt Cay between N. by E., and N.
by E. £ E .; and by the Eastern group of Bays between N. by W. £ W. and N. by W .
£ W.
With the light bearing South, it may be approached within 2 miles; but vessels run­
ning for the Turk’s Island Passage, should make the Light on a bearing to the West­
ward of South; and it should not be forgotten, that, from the limited distance at which
it can be seen, it will not protect them from Phillips Reef and the dangers off East
Caicos. They must also remember that the Reef projects 8 miles from the North Point
of Turk’s Island, and continues along its whole Eastern side.
ROCKS IN THE EAST RIVER, NEW YORK.
The Corporation of the City of New York have made a contract with Messrs. Maillefert & Raasloff, to remove the reef of rocks and sand lying in the East River, between
Delancev and Stanton streets, So as to make a depth of twelve feet of water at low
water mark, over all portions of the reef. The compensation allowed is §16,500, from
the appropriation for docks and slips. The work will be commenced as early in the
Spring as the weather will permit.
The removal o f Middle Rock, near the mouth o f New Haven harbor, will also be
effected at the earliest day practicable, in the Spring. Seventeen feet of water is to
be secured over the highest point o f the rock. The sum to be paid by the government
is $6,000.
VOL.. X X V III.---- NO. III.




24

370

Commercial Regulations.

COM M ERCIAL REGULATIONS.
REGULATIONS OF NEW ORLEANS CHAMBER OF COMMERCE.
TARIFF OF CHARGES AGREED UPON AND ADOPTED BY THE NEW ORLEANS CHAMBER OF
COMMERCE, IN 1 8 4 6 AND 1 8 4 8 , AND AMENDED I O t H MAY, 1 8 6 2 .
COMMISSION ON SALES.

Per cent.

Sugar, cotton, tobacco, lead, flour, and other products of the soil...................
Domestic manufactures, and all foreign merchandise.........................................
Guaranty of sales on time......................................................................................
Purchase and shipment of merchandise or produce..........................................
Sales or purchase of stock and bullion .................................................................
Collecting and remitting dividends.......................................................................
Selling vessels or steamboats...................................................................: ............
Purchasing do............................................................................................................
Procuring freights....................................................................................................
Collecting freights from foreign ports..................................................................
Coastwise...................................................................................................................
Outfits and disbursements......................................................................................
Effecting insurance....................................................................................................
Adjusting or collecting insurance or other claims without litigation................
With litigation.........................................................................................................
Purchasing and remitting drafts, or receiving or paying money on which no
other commission has been charged.................................................................
I f bills remitted are guarantied, in addition ................................. ....................
Bills and notes remitted for collection protested and returned.........................
Landing, custody and re-shipping merchandise or produce from vessels in
distress......................................................................................... ........................
Ditto bullion or specie.............................................................................................
Adjusting and collecting general average............................................................
Consignments o f merchandise withdrawn or re-shipped per order, on account
of advances and responsibilities—full commission........................................
On the surplus amount o f invoices of such consignments, deducting advances
and liabilities— half commission.............................................................. ..
Drawing, indorsing or negotiating foreign bills of exchange...........................
Ditto on domestic bills of exchange.......................................................... ..........
Receiving- entering, and re-shipping merchandise to a foreign port— on amount
of invoice..... .........................................................................................................
On amount of advances, charges, and liabilities on sa m e .................................
Por drawing, accepting, negotiating, or indorsing notes or drafts without
funds, produce or bills of lading in hand..................................... . ..................
On cash advances in all cases.................................................................................
Por entering and bonding merchandise for the interior— on amount o f duties,
freight and charges (besides the regular charge for forwarding)..................
Agency for steamboats— according to special contract.......................................
The foregoing rates to be exclusive o f brokerage aud charges already incurred.

2*
5

24

24
1

1

24

6
5

24
5

24
4
24

6

1

14
1

2
1
5

14
1

1
24
24
24
24

RECEIVING AND FORWARDING MERCHANDISE— EXCLUSIVE OF CHARGES ACTUALLY INCURRED.

Sugar, molasses, and tob a cco...............................................
per hbd.
per bale.
Cotton........................
H e m p ................
M oss..........................................................................................................................
Provisions or Bacon.......................................................
per lihd,
“
“
.............................................. .................................. per tierce.
Pork, beef, lard, ta llo w .............................................................................. per bbl.
Box pork.......................................................................................................per box.
Flour, grain, and other dry barrels........................................................................
Lard, nails, and s h o t.................................................................................per keg.
Lead.............................................................................................................per pig.
Corn, wheat, beans, oats, and other grain..................................................per bag.




50
50
20
10
25
124

5
15
6
24

1
8

371

Commercial Regulations.
LIQUIDS.

Pipes and hogsheads..................... ..........................................................................
Half pipes and tierces...........................................................................................
Quarter casks and barrels.......................................................................................
Whisky................................i ....................................................................... per bbl.
Oils....................................... ......................................................................................

50
25
12J
10
12£

SUNDRIES.

Boxes, bales, cases, trunks, and other packages dry goods.
Earthen and Hardware........................................................ ■per package.
Bar iron and castings...............................................................
Soap, candles, wines, Ac.. ....................................................
Coffee, spices, <fcc....................................................................
Gunpowder..............................................................................
S a l t .........................................................................................

to 50
25 to 50
75
50
1 50
5
6

25
3

STORAGE AND LABOR PER MONTH.

Cotton and wool™.................
Tobacco.................................
H e m p ................................... .per bale not exceeding 800 pounds.
it
it
.
“
450
“
u
it
((
600
“
u
it
«(
800
“
Moss ................................... ,
Bagging and Rope...............
Peltries.................................
H id e s ...................................
Lead .....................................
Hollow ware.........................
Bar iron and castings...........
Railroad iron and pig iron .
Bacon and provisions..........
Pork, beef, lard, tallow, Ac.
Molasses, oil, and whisky . .
Flour......................................
L a r d ......................................
Sugar and molasses..............
“
Havana.......................
Corn, wheat, oats, and other grain..........
Coffee, spices, & c .................
Salt.........................................
Candles, soap, wine, fish, raisins, oils, sweatmeats, cigars, Ac.,
per box or basket.............................................................................
Ditto in half boxes..............................................................................
H ails....................................................................................... per keg.
Dry goods........................................................not exceeding 10 feet.
“
..............................................................................................
«
20 “
“
“
....................................................................... over 30 “
Crockery................................................................ per cask or crate.
........................................................ half cask or half crate.
“
Hardware.............................................................................. per cask.
“
...........................................................................per tierce.
“
................................................................................. per bbl.
Liquids.......................................................................per pipe or hhd.
“
....................................................... per half pipe or tierce.
“
......................................................per quarter cask or bbl.
Claret..................................................................................... per cask.
Gunny bags ............................................................................per bale.
India bagging




First Second
month, and after.
20
10
50
26
10
07
15
10
20
15
25
18
10
06
05
03
10
07
01 i
01
01
01
1 25
75
75
60
50
25
25
28
08
06
10
08
05
04
02J
02
40
25
12i
10
04
03
05
03
03
02
04
02
03
15
20
« 30“25
40
30
15
40
20
10
40
25
10
20
10
15

02
01
02
10
15
20
25
20
10
25
15
08
30
18
08
15
08
10

372

Commercial Regulations.
WEIGHT OF GRAIN PER BUSHEL.

60

Wheat and R ye....................................................................................... pounds.
Corn ....................... ............................................................................................
O ats.......................................................................................................................

66

32

TARES.

Lard..........................................................................................................................actual tare.
B utter......................................................................................................................
“
Cheese......................................................................................................................
“
Tallow......................................................................................................................
S te a r in e ...............................................................................................................
Sugar.........................................................
“
R ic e ............................................... . . . ..................................................................
“
Coffee in bags................................................................................................... . . .2 per cent.
FREIGHTS.

When vessels are chartered, or goods shipped by the ton, and no special agreement
respecting the proportion of tonnage which each particular article shall be computed
at, the following regulation shall be the standard:—
That the articles, the bulk of which shall compose a ton, to equal a ton o f heavy
materials, shall in weight be as follow s:—
In casks.
In bags.
C offee..................... ..................... lbs.
1,568
1,830
C o co a ....................................................
1,120
1,300
Pim ento................................................
950
1,100
F lou r........................................................... .............................
8 barrels of 196 pounds.
Beef, pork, tallow, pickled fish, and naval stores................................... bbls.
6
Pig and bar iron, lead and other metals or ore, heavy dye woods, sugar,
rice, honey, or other heavy articles, gross............................................. lbs.
2,240
Ship bread in casks 6 7 2 , bags 7 8 4 , bulk 8 0 6 pounds.
Wines, brandy, spirits, and liquids generally, reckoning the full capacity of
the casks, wine measure......................................................................... galls.
200
Crain, peas, and beans, in casks................................................................ bush.
22
Grain, peas and beans, in b u lk .........................................................................
36
Salt— European....................................................................................................
36
West India...................................
31
Stone c o a l............................................................................................................
28
Timber, planks, furs, peltries, in bales or boxes, cotton, wool, or other
measurement goods.......................................................................cubic feet.
40
Dry hides........................................................................................................lbs.
1,120
When molasses is shipped by the hogshead, without any special agreement, it shall
be taken at 110 gallons, estimated on the full capacity of the cask.
Freights (and commission on them,) when in sterling money, shall be settled at
$4 84 per pound sterling ; and other foreign currency at the value fixed by Congress.
TARIFF OF BRITISH COLONIES 0IV THE PACIFIC,
The following are the duties leviable under the new Customs Act, which went
force on the 5th of August, 1852, through the British colonies on the Pacific:—
f.
Ale, porter, and beer, of all sorts, in w o o d ......................................per gallon
0
Ale, porter, and beer, of all sorts, in bottles........................................................
0
Coffee, chocolate, and cocoa........................................ .............................. per lb.
0
Currants, raisins, and other dried fruits..............................................................
0
Spirits, or strong waters of the strength of proof by Sykes’s hydrometer,
and so on in proportion for any greater or less strength, viz.:
Brandy........................................................................... ..................... per gallon
6
G in ...........................................................................................................................
6
Rum, whisky, and all other sp irits....................................................................
4
Perfumed spirits of whatever strength, in b ottles............................................
4
A ll spirits, liqueurs, cordials,brandied fruits, or strong waters, respectively
sweetened or mixed with any article so that the degree o f strength thereof
cannot be ascertained by Sykes’s hydrometer......................... .per gallon
6




into
d.
1

2
0*
0*
0
0
0
0
0

3 IS

Journal o f M ining and M anufactures.
Refined sugar........................................................................................... per cwt.
Unrefined sugar......................................................................................................
Molasses..................................................................................................................
Tea..................... ......................................................................................... per lb.
Manufactured tobacco, Is. 6d. per lb. until tbe Dec. 81,1853, and thereafter
Unmanufactured tobacco, Is. per lb. until Dec. 81, 1853, and thereafter.. . .
Cigars and snuff.....................................................................................................
Wine, not containing more than 25 per cent o f alcohol of a specific gravity
of 825, at the temperature of 60 degrees of Fahrenheit’s thermometer, in
wood or b o ttle ................................................................................. per gallon
Drawback upon the exportation of refined sugar made in colon y.. .per cwt.
Drawback on refined sugar, known as bastard sugar.......................................

3
2
1
0
1
0
2

4
6
8
0
8
0

1
3
2

0
4
6

n

IMPORT AND EXPORT DUTIES OF THE TWO SICILIES.
The king, by a decree dated December 27th, has raised the export duty on olive
oil in the kingdom of the Two Sicilies, to about £18 12s. per ton (and to about £13
per ton by foreign flag of those countries that have not treaties of reciprocity,) being
an increase o f about £5 12s. per ton on the old rate. A t the same time the import
duty on this article is reduced one-half, namely, from £17 to £18 10s. per ton. The
civic duty, or octroi, on oil for the consumption of the city of Naples, is reduced one
ducat per cantar, or about £2 2s. per ton— that is, from 3 20 ducats to 2 20 ducats
per cantar. Some further clauses o f the decree prohibit the export from the kingdom
of the Two Sicilies of beans, Indian corn, potatoes, French beans, vetches, lentils, and
chick peas, and also tallow and hog’s lard. The whole o f these regulations were to
come into force from the date of the decree, and the motives assigned for them are the
scarcity^ o f the crops o f all kinds of pulse as well as oil, and the consequent pressure of
high prices upon the home consumers o f these products and their substitutes.

JOURNAL OF M IN IN G AND MANUFACTURES.
MANUFACTURING TOWNS OF THE UNITED STATES.
N U M B ER II.

NASHUA, NEW HAMPSHIRE.
N a s h u a is located in the ancient County o f Hillsborough, in the State o f New
Hampshire, occupying the point nearly of the treble meeting of the Merrimac River
with its chief branch, the Nashua, and with the boundary line of the State of Massa­
chusetts. It is the point, also, at which the Merrimac, descending from Lake Winnipisiogee, turns from its southern to a south-eastern course, which, in a few miles’ run,
turns again at Lowell to a direction a little northwardly of east, and bo continues to
the ocean, at Newburyport. The viUage is about 38 miles by railroad north-west
from Boston, 13 miles north-west from Lowell, 17 miles from Manchester, N. H., and
35 miles south-by-east from Concord, the capital of the State. The Merrimac lies
along its eastern, and the Nashua upon its south eastern limits. In the latter there is
a fall of sixty-five feet in two miles’ run, furnishing a great water-power, which, as
will be seen in the course of this brief description, has been considerably improved for
the benefit o f the town and surrounding region. The volume of water afforded by
the Nashua River in the dryest season is 180 cubic feet a second.
Nashua is a part of what was the old township of D u n sta b le, embracing the present
towns o f Nashua, Nashville, HoHis, Hudson, Litchfield, and Merrimac, all in the County
o f Hillsborough, New Hampshire, and Dunstable and Tyngsborough, in Middlesex
County, Massachusetts. One division of the parent town was made at the time the
Massachusetts boundary was fixed in 1741, that province having originally claimed




3*4

Journal o f M ining and M anufactures.

and held jurisdiction over a considerable part of what is now the southern portion of
New Hampshire. Other separations have been made according to the progress of
population at different points within the original limits, and according to the require­
ments o f the municipal and local convenience. The present town of Nashua retained
the name o f Dunstable until 1831, a name “ which it had worn from its infancy, through
good and evil fortune, one hundred and sixty years, under which it had witnessed two
revolutions, and formed a portion of- a colony, a province, and a sovereign State— un­
der which it had passed through many wars, and grown up from obscurity and pov­
erty adopting, at that time, its present name, to distinguish it from the neighboring
town o f Dunstable in Massachusetts. Nashua, or Nashaway— it is spelt in both ways
by Winthrop and other writers o f the times, and Nashawake in the colonial records—
is the Indian name applied, we believe, to the river which still bears it, and “ from
which its prosperity is principally derived.”
The population of the whole New Hampshire town of Dunstable, as it stood in
1800, amounted to 862. The whole male population of the place between the ages
of 16 and 50, in 1175, had numbered only 128. Its first connection with Boston, by a
regular coach, was in 1795, running through once a week on its way to and from A m ­
herst. About the same time with the commencement of the stage wonder, as it then
really was, the locks and canal around Pawtucket Falls were built, and boa tin g upon
the Herrimac began. There were then no dwellings on the site of the present Nashua
village. In the spring of 1803, a canal-boat was built at Dunstable by Robert
Fletcher, Esq., a rather singular structure, and attracting great attention, as the first
ever built in that vicinity for the regular transportation of goods. It was launched on
the fourth o f July, amid the public demonstrations in honor of the day and the gene­
ral rejoicings of the people, the more sanguine of whom saw in imagination immense
accretions o f trade and population flowing in to swell the importance o f the place.
That was “ the birth-day of Nashua.” In order to give our readers a better idea of
the past and present condition of Nashua as a manufacturing town, we will quote here
a picture o f the village, previously called In d ia n H ead, but then dubbed Nashua vil­
lage, as it appeared on the day o f the launching of the canal-boat, from a history o f
the old township by Mr. 0. J. F o x ; and will then, after a few further brief items of
history, proceed to give such information relating to its present condition, as we were
enabled to gather in a brief visit to the place in October, 1852. Mr. Fox says:—
A large one-story dwelling house stood on the site of the Indian Head Coffee House?
(of which it now forms a part,) and was kept as a tavern by Timothy Taylor, EsqA large one-story store, owned' .and conducted by Robert Fletcher, who resided in
Amherst, stood where Kendrick <fc Tuttle’s store now stands. Abbot & Fox’s office
was a dwelling house occupied by “ uncle” John Lund, his brother and sisters. A
dwelling house, three stories in front and two in rear, had just been erected by Mr.
Fletcher, but was then unfinished. It stood on the north-east corner of Main and
Franklin streets, opposite the Baptist meeting-house, and here, upon a temporary plat­
form, the oration was delivered. The Amherst and Concord Road, with Main-street,
and a road down the northern bank of the Nashua to the boating house and ferries,
were all the highways then existing.
A t the Harbor the dwelling house of Gen. Noah Lovewell, now occupied by the
Hon. Jesse Bowers, with two other small houses on the south side o f Salmon Brook,
were the only buildings. As the greater part of the inhabitants lived west and south
o f this, the meeting house was built on the little triangle in front o f Silas Gibson’s
house. Here was the largest village in town, a tavern, store, shops, and dwellings,
and here resided the physician and the lawyer, (Mr. Abbot.) Butin September, 1803,
the “ O ld T on tin e ,” the long, low, building at the head of Main-street, in Nashville,
was built, and soon after occupied by Mr. Abbot, (who removed here December 1,
1803;) Dr. Elias Maynard, physician; Dea. James Patterson, bookbinder, and a Mr.
Clements, saddler. There was no dam across the Nashua, and its waters flowed far




Journal o f M ining and M anufactures.

375

down its natural channel over its rocky bed. The “ p ilg r im s " who then settled here
must have seen some light from the future breaking through the surrounding darkness,
for there was not a building between Salmon Brook and Nashua River, and a broad,
unfenced, desolate white-pine forest spread in every direction beyond.
In 1803, the town was dignified with a post-office, and in 1804, the growth and bu­
siness o f the village received a farther impulse from the completion and opening of
the Middlesex Canal, effecting a direct communication with Boston, and rendering the
place, as the head of navigation, one o f considerable trade. Hitherto, the principal
markets of this region had been Haverhill and Newburyport, all its trade being upon
the Merrimac River. From this period the growth of the village was gradual but
constant.
About 1817, a dam was thrown across Nashua River, a grist-mill being erected on
one side, and a saw-mill on the opposite. Another dam was soon built, near where
the present dam of the Jackson Company stands, and a mill erected. A t this time,
the village contained a dozen or twenty houses, and, as a central thoroughfare, had
considerable business.
About 1820, at which time the population of Dunstable was 1,142, and of all the
towns formed o f the ancient Dunstable, both in Massachusetts and New Hampshire,
4,077, the attention o f the inhabitants began to be turned toward manufactures. In
1822-3, the greater portion of the lands in and around the village, and up to the falls,
was purchased by the projectors of the enterprise, and in June, 1823, a charter was
granted to a number o f individuals, by the name of the “ Nashua Manufacturing
Company,” with a capital stock of $300,000, divided into three hundred shares of
$1,000 each, and with the right of increasing the amount to $1,000,000, which right
the company have since availed themselves of. Daniel Webster took sixty of these
shares, and appears to have been the largest subscriber but one.
In 1824, a considerable portion of the stock was disposed of to capitalists, and the
works were commenced. The dam at Mine Falls was built, and the excavation of
the canal began under the superintendence of Col. James F. Baldwin. The canal,
which supplies the water for the factories o f the Nashua Manufacturing Company, is
about three miles in length, fifty feet wide, and six feet deep, and affords a head and
fall o f about thirty-six feet.
In December, 1824, a charter was obtained by the Nashua Manufacturing Company
for the purpose of building “ a canal, with the necessary dams and locks,” to connect
the Nashua with the Merrimac. They were built in 1825, and opened for the trans­
portation o f goods in the spring of 1826. The lower dam across the Nashua was
built at this time. The locks are of solid stone, 24 feet high; each lift being ten feet
wide, and 82 long. They were built under the superintendence of Col. Baldwin, and
cost $20,000. The canal dam cost a further sum of $10,000.
Mill No. 2 of this company was built in 1827, and mill No. 3 in 1836.
A t present, the company has a capital of $1,000,000, divided into 2,000 shares of
$500 each. Mill No. 1 is 155 feet long, 45 feet wide, and five stories high. It con­
tains 6,784 spindles, and 220 looms, manufacturing No. 14 shirting and drills. Mill
No. 2 is 155 feet long, 45 feet wide, and six stories high. It contains 12,170 spindles,
and 315 looms, which manufacture No. 24 printing cloths and jeans. Mill No. 3 is
160 feet long, 50 feet wide, and five stories high. It contains 9,088 spindles, and 276
looms, and manufactures 37-inch sheetings, No. 14 yarn. Mill No. 4 was built in 1844,
and was put into operation in December of the same year. It is 198 feet long, 50
feet wide, and five stories high, and contains 9,408 spindles, and 278 looms, manufac­
turing 37-inch sheeting, No. 12 yarns. The whole number of spindles in the four mills
is 37,450; looms, 1,089. Number o f female operatives, 850 ; number of males, 150




376

Journal o f M ining and M anufactures.

The females average, net wages, after paying board, from $2 to $2 25 per week.
These mills manufacture 13,000,000 yards of cloth per annum; and use 10,000 bales
o f cotton, weighing 4,000,000 pounds; 150,000 pounds of starch; 8,000 gallons of
eperm oil; $4,000 worth of leather; 800 cords of hard and pine wood annually.
A Savings Institution, organized in 1826, is connected with the company, intended
for the exclusive benefit of the employees of the company. The rate of interest al­
lowed is 5 per cent, on sums below $500, no interest being paid on sums exceeding
that amount. The amount on deposit is now about $45,000.
In May, 1825, a portion o f the lower water privilege, now occupied by the Jackson
Company, was sold by the Nashua Company to Charles C. Haven and others, who
were incorporated by the name of the “ Indian Head Company,” for the purpose of
erecting woolen factories. Their works were commenced immediately, and went into
operation in 1826, under the agency of Mr. Haven, but about 182&, the company be­
came embarrassed, and the works soon after suspended operation. The whole pro­
perty was then disposed of to a new company, which was incorporated in July, 1830,
by the name o f the Jackson Company. They took out the old machinery, and con­
verted the establishment into a cotton factory. The capital stock of this company is
at present $480,000, divided into 600 shaves o f $800 each. They have two mills,
150 and 155 feet in length, by 48 feet in width, and four stories high. They use
4,500 bales of cotton a year, averaging 400 pounds each, from which they manufac­
ture about five million yards of cloth o f the following kinds: 46 and 31 inch sheet­
ings, and 30 inch shirtings, all of No. 14 yarn. There is used, also, in the works of
the company annually, $50,000 pounds of potato starch; 30,000 gallons of sperm o il;
2,000 pounds of leather; 600 cords of wood.
There is a Savings Institution connected with this company, also, under the same
regulations as that o f the Nashua Company. The present amount o f deposits is
$18,000.
The machinery o f the Jackson Mills is driven by Purbine wheels—the fall of the
water is 22 feet.
In 1845, a large machine-shop, built of brick and slated, was erected by the Nashua
Company on the site of the old one. The main building is 150 feet long, with an ad­
dition of 158 feet, used as a blacksmith’s shop, furnace, Ac. The main building is oc­
cupied by shuttle and bobbin makers, locksmiths, gunsmiths, manufacturers of axes,
hoes, plows, and by artisans in other branches. Several hundred workmen are em­
ployed in this building. Some of the establishments in this building will be noticed
in the account following of the chief iron and other manufactories of the place.
One of the former occupants of this building was the firm of Gage, Warner A
Whitney, manufacturers of steam-engines, machinists’ tools, shafting, mill-work, Ac.;
they have a capital of $50,000, and employ about 60 hands. The business was car­
ried on very successfully for about a dozen years by the senior partner o f the firm,
John H. Gage, who has attained a high reputation as a manufacturer. Mr. Warner
was formerly foreman of the great Lowell machine-shop, and is master of his busi­
ness. Their establishment is constantly receiving orders from all parts of the Union
and the Provinces. Their machinists’ tools are of the very best patterns. They have
just moved into a new shop, 177 feet long and 40 feet wide, and have added to their
business the manufacture of stationary steam-engines, and are now ready to answer
all orders. The motive power of their shop is furnished by an engine o f their own
manufacture, of thirty horse-power, and a most perfect and beautiful machine.
The N a sh u a Ir o n C om pany have a capital of $100,000, and employ 60 men. The
amount o f their sales reaches $175,000 per annum, and they consume 3,500 tons o f




Journal o f M ining and Manufactures.

311

coal in a year. Established in 1848. Daniel H. Dearborn, agent; Franklin Munroe,
Treasurer. This establishment enjoys a very high reputation for the excellence of its
work. Mr. Dearborn is a practical worker of iron, and has had long and successful
experience. Their work embraces the most difficult kinds of forging, of all sizes and
shapes, from six or eight tons weight down to the smallest. The motive-power is a
sixty horse-power engine.
The U nd erh ill E d g e-T ool C om pany is a new concern, now about to go into opera­
tion. Its works are located about a mile and a half below the village, upon the
Nashua and Lowell Railroad. Water-power is to be used, water being brought in a
canal about half a mile. The shop is 400 feet long, and is calculated to employ from
60 to 100 hands. Capital, $40,000. Mr. George W. Underhill is the head man of the
establishment. His edge-tools are known throughout New England as among the
very best* he having been engaged in their manufacture for several years here.
Messrs. Williams, Bird &, Co.’s iron foundry (erected in 1845) employs 50 men, and
manufactures 1,200 tons of castings per year, including those of the heaviest descrip­
tion. Their annual sales amount to $70,000, and they consume 500 tons of hard coal
and 150 chaldrons of soft. Their capital invested is $50,000. This firm have also a
similar foundry at North Chelmsford, some ten miles below Nashua, at which their
business is about double that at this place.
Josephus Baldwin employs 120 men in the manufacture of manufacturers’ shuttles,
bobbins, and spools, including a patent spool-bobbin, which surpasses all others. The
amount of his annual sales reaches $100,000, and his goods are to be found in all parts
of the United States, where such articles are used, and in Mexico. He employs a fifty
horse power steam-engine, and has a water-power of more than equal force. Mr.
Baldwin may be said to be the pioneer o f mechanical business here, although he was
very early followed by John H. Gage.
Messrs. Hartshorn, Ames Jt Co., stove manufacturers, employ 50 men, manufacture
400 tons of iron, consume 100 tons of hard coal, and 500 bushels of charcoal annu­
ally, and their annual sales amount to $60,000. Their stoves embrace almost all pat­
terns for wood or coal.
Beside these establishments, is the machine-shop of the Nashua and Lowell Rail­
road— upon the Nashville side of the river— which has the conveniences for manufac­
turing locomotive engines, and other descriptions of machinery.
Messrs. J. & S. C. Crombie, at Kimball’s steam mill, upon the Nashville side, and
Messrs S. N. Wilson & Co., in Nashua, each carry on a large business in the manufac­
ture of doors, sashes, and blinds. Both of these establishments have agencies in New
York— the latter at 64 Cortlandt-street— and their goods are of the best description.
The manufacturing business of the Nashua Lock Company is done in the machine
building of the Nashua Manufacturing Company before mentioned. This establish­
ment, of which L. W. Noyes and David Baldwin are the proprietors, is employed in
the manufacture of mortise locks and latches for dwelling-house doors, and rosewood
and brass knobs for the handles of the same. They usually have in their employ­
ment about 40 men, and manufactured during the last year $35,000 to $40,000 worth
of goods.
The “ Nashua Manufacturing and Mechanics’ Association ” was chartered January 2,
1829, with liberty of a capital to the extent of $30,000, and was organized in August,
1845, with $10,000 capital in $50 shares. The work done by them is similar to that
of the Nashua Company’s shop, the working power being supplied by a steam-engine.
There .are other manufactories in Nashua, of plows, guns, iron, brass, and tin ware,
carriages, saddlery, hats, caps, boots and shoes, reeds, cigars, furniture, clocks, boxes,
patent-leather— there are book-binders, also, and the usual variety, in short, o f me­




378

Journal o f M ining and Manufactures.

chanical pursuits found in all the considerable towns of New England. A large
amount of capital is engaged in them, and employment furnished to a large number
of persons.
A review of the manufacturing industry o f Nashua shows that there is invested in
the manufacture of cotton in that village $1,480,000; the number of spindles in the
same manufacture is 49,994; the number of looms, 1,483 ; the number of female ope­
ratives in the mills is 1,200; of male operatives 240. The quantity of cotton fabric
turned out annually is 18,000,000 yards, in the production of which 12,600 bales of
southern cotton is consumed. Taking the principal manufacturing establishments of
all kinds, as described above, into one view, the capital engaged in them is about
$2,000,000 ; the number of operatives about 1,000 males and 1,800 females.
There are three railroads which connect Nashua with the important towns and cities
of New England around. In 1837-8, the Lowell and Nashua Road was built, de­
signed as an extension of the Boston and Lowell. The "Wilton is an extension of the
Nashua, reaching seventeen miles further toward the interior of New Hampshire.
The Concord Road, connecting Concord with Lowell, and by the Lowell Road with
Boston, was incorporated in 1835, begun in 1841, and finished to Concord, September
1, 1842— length 34 miles— capital $800,000. By the lines connecting with this road,
Nashua has an indefinite field of communication opened to her. Trains of the North­
ern; Boston, Concord, and Montreal; "Vermont Central; Vermont and Canada; Ogdensburg; Connecticut and Pas umpsic; Concord and Claremont, and Contoocook
Valley Railroads, all run in connection with the trains of the Concord Road to North­
ern New Hampshire and Vermont, New York and the Canadas.
The Nashua Bank was incorporated in June, 1835, with a capital of $100,000, and
went into operation soon after.
There are three newspapers published in Nashua, of which the principal one is the
N ew H a m p sh ire T elegra p h , conducted by Albin Beard, to whose urbanity we are in­
debted for some of the statistics embodied in this article. There are seven churches,
built at an expense of near $50,000. The receipts o f the post-office probably do not
fall much short at present of $3,000.
From 1830 to 1837 the growth of Nashua was rapid and constant, the population
advancing from 2,414 to 5,613, the females being in excess of the males by nearly
1,000. Trade and travel had increased correspondingly. In 1840, the population was
6,054. In 1842, the town of Nashua was divided, and a part of the territory, chiefly
lying north of the Nashua River, received the name of Nashville.
Such is a brief sketch of one o f the leading towns o f the State of New Hampshire,
and one which, if not assured of a remarkable expansion in the future, is yet moder­
ately certain of a constant, healthy, and very respectable growth. If the capitalists
o f Boston were induced to turn their attention more to that point, the progress of
Nashua might easily be pushed to a rapidity that would soon give her rank among
the first class o f manufacturing towns in New England.
VACUUM SUGAR PANS,
J. "Walker, of Wolverhampton, England, has taken out a patent for a new sugar
pan.— The improvement consists in introducing into the body of the vacuum pan a
series of vertical tubes, through which steam is admitted to facilitate the operations of
evaporation and crystallization. The tubes are inclosed within a cylindrical casing;
between the sides of the pan, a vacant space is left. This arrangement causes an up­
ward current of the solution in the pan, at the center of the series of tubes, whilst a
gentle descending current is produced between the cylinder and pan, by’whieh com­
pound motion the contents in the pan are prevented from burning.




Journal o f M ining and M anufactures.

379

THE MANUFACTURE OF GLASS.
NUMBER VII.
MANUFACTURE OF GLASS IN THE UNITED STATES, ETO.

We now refer to the early introduction of the manufacture of Glass into England.
The English manufacturers, like ourselves, had to struggle with the various evils in­
cident to the introduction-of a new art. France and Germany, from their long expe­
rience in the making of glass, were enabled for a long time to undersell the English
manufacturer in his own market.
To foster and protect this branch of national industry, the English Government
imposed a heavy tax on all foreign glass imported into their dominions. This mea­
sure secured to the English manufacturer the entire trade, both with the English
Colonies and with the Home Market, thus giving such substantial encouragement to
the enterprise, that, in a few years, the manufacture was so much increased as to ad­
mit of exportation.
To stimulate the exportation of various articles of English production, the govern­
ment, in the latter part .of the eighteenth century, granted bounties, from time to time,
on linens, printed cottons, glass, &c., <fcc. Until the bounty on glass was allowed, the ex­
portation of glass from England to foreign countries was very limited ; for the French
and German, as has before been stated, for various reasons could undersell the English;
but the government bounty changed the aspect of affairs, and shortly, the English
manufacturers not only competed with the Germans and French for the foreign market,
but actually excluded them from any participation; the government bounty being
equal to one half the actual cost of the glass exported.
An A ct of Parliament levied on flint glass an excise duty of 9Ss. sterling on all glass
made in England; which excise was paid by the manufacturer, being about twentyfive cents per lb. weight, without regard to quality; but if such glass was exported,
the excise officer repaid the tax which it was presumed the manufacturers had paid,
and a clear bounty of 21s. sterling was paid by the government to the exporter on
each cwt. of flint glass shipped from England, being equal to 5 cents per lb. Under
such encouragement, the export increased from year to year to a very great extent,
so that the excise duty of 98s. sterling, on the amount consumed at home, did not equal
the amount paid out in bounty. In the year 1812, 52d George III. an act was passed
reducing the excise duty to 49s. and the export bounty to 10s. Gd. In 1815 the act
wa9 renewed, and again in 1816. In 1825, 6 George IV . chap. I l l , an act was passed,
revising the former as to the mode of levying the excise duty and bounty, so as to
prevent frauds in the revenue which had been hitherto practiced to a very great
extent; this act remained in force until the Premiership of Sir Robert Peel, when
both excise and bounty were abrogated, and the English manufacture stands on the
same footing in foreign countries, as those of other nations. By the protecting hand of
the English Government, the flint glass manufactories multiplied with very great
rapidity, underselling all other nations, and not only rivaling, but far excelling them
in the beauty, brilliancy and density of the articles manufactured.
Soon after the introduction of the business into this country, a very great improve­
ment in the mode of manufacture was introduced. Pallat, in his admirable work on
Glass, alludes to the American invention in only a few words, and passes it by as of
slight importance, but it has brought about a very great change, and is destined to
exert a still greater; in fact it has revolutionized the whole system of the flint glass
manufacture, simply by mould machines for the purpose of pressing glass into any
form. It' is well known that glass in its melted state is not in the least degree mallea­
ble, but its ductility is next to that of gold, and by steady pressure, it can be forced
into any shape. The writer has in his possession the first tumbler made by machinery,
in this, or any other country. Great improvement has o f course taken place in this
machinery, so much so, that articles now turned out by this machinery, so closely re­
semble cut glass, that the practiced eye only can detect the difference. Still the
entire field of improvement is not yet occupied, and greater advances will yet be
made. The tendency in this particular, has been so to reduce the cost of glass, that it
has multiplied the consumption at least ten fold, and there can be no reasonable doubt
but that at this period, a much larger quantity of flint glass i3 made in this country
than in England ; the materials composing glass, are all of native production, and may
be considered as from the earth. The pig lead used, is all obtained from the mines
in the Western States ; Ashes from various sources, in other states, and Silex is also




380

Journal o f M ining and Manufactures.

indigenous. The materials consumed yearly, in the manufacture, are something near
the following estimate:
Coal, for fuel................................... 48,000 Tons.
S i l e x ................................................ 6,500 “ “
Ash—Nitre A c ................................. 2,500 “ “
Lead ................................................ 3,800 “ “
for the dint manufacture. How much more is consumed by the window glass manu­
facturers, the writer is without data for estimate.
'
1). j.
THE GOLD FIELDS OF AUSTRALIA.
In the M ercha nts' M a g a zin e for February, 1853, (vol. xxviii. page 254,) we publish­
ed a statement of the yield of the gold fields of the colony of Victoria, Australia, from
October, 1841, to August, 1852. That statement was originally condensed from the
M elbou rn e A rg u s , and published in the London journals. The statements of the A r g u s
have heretofore been extensively quoted, and its accounts credited by the British Press.
The editor of the A r g u s appears to be sufficiently aware of the responsibility
attached to reports likely to influence thousands in England and elsewhere, and makes
in his statements “ a wide distinction, between such portions of the reports as are of a
perfectly authenticated character, and of the correctness of which there can be no pos­
sible question, and such portions as are avowedly formed upon no better basis than
that of conjecture ; conjecture indeed arrived at with some caution, and formed with
the most entire absence of any interested motive.” The views therefore of the A r g u s
touching the permanence of the gold field which we give below, are in a measure en­
titled to credence.
THE PERMANENCE OF THE GOLD FIELDS.

“ On this subject various opinions are entertained; some people boldly asserting
that the very existence of these mines will be a matter of history in two or three years;
and others, with equal confidence, pronouncing them inexhaustible. Our own impres­
sions, formed upon a tolerably attentive study of the subject, and confirmed by con­
stant intercourse with intelligent men of all classes, who have visited or worked at
the mines, are decidedly in favor of their continuance, and of their very considerable
further development. The whole history of gold discovery in Australia, seems to point
to the almost unlimited extent of the gold fields of the continent, and in spite of all
the activity engendered by the desirable nature of the object sought for, it seems un­
likely that we„have as yet discovered all the gold mines, or even the richest lands
which the whole continent contains. Science has done little or nothing for us. Our
processes in obtaining the gold are of the rudest nature. The search is characterized
almost solely by what the sailors well call “ sheer strength and stupidity.” From
the very extended diffusion of gold throughout the country, it seems unlikely that the
field will be exhausted within any reasonable time.
“ Events, we conceive, have shown that a vast belt of highly auriferous land extends
across the continent from our own fields to those of Bathurst and its neighborhood,
and from thence to the banks of the Hunter, and the back of Moreton B a y; a belt of
land of hundreds of miles in length, and o f unknown width. This colony, in particu­
lar, seems to contain gold in every direction. It has been found at the Pyrenees, at
the Wardy, Yallock, at Ballarat, at the Clunes, at Mount Alexander, and Bendigo; at
Anderson’s Creek, sixteen miles from Melbourne, near Wangaratta, on the Ovens, at
Mitta Mitta, on the Murray; it has been found even in the streets of Melbourne itself.
“ Even while these lines are being written, news has arrived from Adelaide, an­
nouncing that an available gold field has been found within eighteen miles of that city.
It is not, indeed, likely to prove equal to Mount Alexander, but it appears, upon com­
petent authority, to be, at all events, remunerative.
“ Even supposing, then, that the days of rapid fortunes should pass by, and that by
some singular coincidence ignorant men, in a hurried and desultory search, have stum­
bled upon all the large “ nuggets,” by which so many of them have been raised to
competence in a day, we hold that there are sufficient indications of the almost uni­
versal diffusion of gold in this country to justify a belief that an ample return will be
attainable for years to come, by any man capable of hard work, and willing to exert
himself with industry and steadiness.”




Journal o f M ining and Manufactures.

381

MANUFACTURE AND CONSUMPTION OF CHAMPAGNE.
The average quantity of genuine champagne annually produced, is said to exceed
fifty millions o f bottles, a quantity, however, quite insufficient to meet the public de­
mand, as the great numbers of establishments for the production of spurious cham­
pagne attest. It has been stated, on good authority, that in one establishment alone,
upwards of 900,000 bottles of so-called champagne, made principally from the stalks
of the rhubarb, are annually sold. Some idea may be formed of the relative Con­
sumption of real champagne by different countries from the following return of the
sales in 1843, o f the department of the Marne. The total quantity amounted to
2.689.000 bottles, which were thus distributed; England and British India, 467,000;
Russia and Poland, 502,000; Germany, including Prussia and the Austrian dominions;
439,000; United States of America and the West Indies, 400 900; Italy, 60,000;
Belgium, 57,000; Holland, 30,000; Sweden and Denmark, 30,000; Switzerland,
30.000 ; South America, 30,000 ; Spain and Portugal, 20,000 ; Turkey, 5,000; and
France, 620,000 bottles.
WROUGHT IRON MANUFACTURED BY A NEW PROCESS.
Some two or three years since, says the Newark (N. J.) A d v e r tis er , we took occa­
sion to announce, that an important improvement in the manufacture of wrought iron
had been made by Mr. James R enton, of this city, the advantages claimed for it con­
sisting in the production of pure wrought iron directly from the ore, with mineral coal,
thus dispensing with the time and money-consuming process of reducing it first to pig
iron, and thence into wrought iron by puddling, or with charcoal. An association,
called the American Iron Company, has recently been organized under the General
Manufacturing Law of the State, and have erected their works at the corner of Parker
and Passaic streets, in this city, which have been in successful operation for several
weeks, the right to the new process having been secured to them for New Jersey.
The chief advantages claimed for the invention are, that the iron is produced for
some $30 per ton less than the puddled, or charcoal iron, and that it is worth $10 per
ton more, on account of its superior quality; that a greater quantity of the iron is
extracted from a given amount of ore than by the old process, and that it is the only
process by which pure wrought iron can be produced.
The ra tion a le of the invention is that the iron is deoxidized by heating a mixture
of the pulverized ore and coal in close tubes, so that by the combustion of the coal,
the oxygen is absorbed from the ore and passed off in an aeriform state. The resi­
duum is taken from the tubes and worked into balls, weighing about 100 pounds
each. These are taken to the trip hammer, by which they are reduced to blooms.
Two tons of the iron are now made per day, and it requires about two tons o f ore, and
one ton and a half of coal to produce one ton of the wrought iron. The iron is ex­
tracted and perfected by a continuous process, very simple in its operation, and there­
fore is said to be more uniform, and altogether superior to that made by other pro­
cesses, by which the ore or iron must undergo two successive exposures to the fire
before it can be reduced to wrought iron.
SILVER MINING IN SPAIN.
Spain was for a great length o f time considered richer in silver than any other
country in the world. The Phoenicians found so much silver there, that their ships
could not bring it all away, so that they even made their anchors of that metal. But
more certain than these traditions, is the fact that the Carthagenians brought great
quantities from thence. Under Hannibal, the silver mines of Andalusia were worked
in a scientific manner, and out of the same he defrayed the expenses of the war which
he iqpde at that time against the Romans. And still, long after the Romans had taken
possession of the land and mines, the old workings were called Hannibal’s Shafts. Cato
deposited in one year, 25,000 lbs. of silver in the Roman treasury. And in the first
nine years after the Romans, in the second Punic war, had driven the Carthagenians
out of Spain, 111,642 lbs. o f silver were taken to Rome. In the time of the Romans,
the greatest quantity o f silver was found in Andalusia by Hipo and Lisapon. The
silver mines by Carthagena were, according to Polybius, the most extensive in Spain ;
the Romans employed employed 40,000 people at this place daily. But the silver
mines of Spain, in earlier times, were not confined alone to the Sierre Morena; silver




382

Journal o f M ining and Manufactures.

was also found in the middle and southern provinces, in the mountains of Toledo,
Granada, and Asturia.
Concerning the mines worked by the Goths and Saracens, after the time of the
Romans, nothing is known. First of all, in the year 1571, the old Carthagenian silver
mine, at Guadacanal, on the borders of the provinces Sevila and Cordova, was re­
opened by the Earl Fugger, who took it on a lease for 86 years, and it produced so
much silver that the royalty of one-fifth amounted in some years, to more than a mil­
lion and a half of dollars, if these accounts are not, as is probable, very much exag­
gerated. As the lease expired, this mine was again abandoned, and is said to have
purposely been laid under water. Since then, all efforts to unwaterit have proved fruit­
less; though some years ago exertions were made to bring, not only this but also the
mines at Cezalla, into working order, and this is nearly all that has been done, owing
to the sloth and broken spirits of the inhabitants of this country, to bring its buried
riches to light, and place it on a footing with its competitors.
t AMERICAN RAILROAD IRON.
From a well authenticated statement, says the B a n k ers’ C ircu la r , we learn that
American Railroad Iron, manufactured from American pig, is in quality superior, by
almost 3 to l , t o the imported article. The following is the test furnished by the
engineers of the Reading Railroad— a route better calculated than any other in the
United States, to try the qualities of iron rails:
Annual wear of English iron .
.........4 1-10 per cent.
Annual wear of American iro n ............... 1 4-10
“
Difference in favor of Ameriean,.. . . . . 2 7-10
On lines principally for the conveyance of passengers, the wear is not so great, con­
sequently the difference in favor of American iron is less; but the average disparity
is about 2 to 1 in the wear, being the difference in cost for repairs. The Lowmoor
iron, which stands highest in the estimation of our railroad managers is far inferior in
tenacity to ordinary American iron-in use.
NEW METHOD OF PREPARING MADDER,

0. A. K urtz, Chemist of Manchester (England,) has taken out a patent for prepar­
ing the article known in commerce as madder. The improvement is for treating
madder roots and ground madder, or munjeet, for calico color-makers. The patentee
takes 20 lbs. of crushed malt and boils it in 100 gallons of water for half an hour ; he
then stops the boiling and adds 45 lbs. of wheat bran, etirriDg the whole together,
and then allows the liquor to settle. When settled the clear is run off, and to every
65 gallons of it 100 gallons of water are added, which is placed in a copper vessel and
heated to 120° Fab., and to this is added 3 cwt. of madder, or o f munjeet (“ Rubia
Munjista,”) which is stirred at intervals of 15 minutes, until a homogeneous mass is
produced. In this state the mass is allowed to stand until it exhibit symptoms of
fermentation, when this is checked by successive stirrings for 18 hours. This pre­
pared madder is then filtered,pressed,*dried, and ground, and packed away for use like
garancine.
CAMEL COAL IN BEAVER COUNTY, PENNSYLVANIA.
A small specimen of cannel coal from the mines in Beaver County, (Pa.) has been
left at the office of the M erch a n ts M aga zin e, which appears to be of an excellent qual­
ity. The specimen left was not, o f course, sufficiently large to enable us to give it a
practical test. A company has, however, been chartered with a capital of $150,000,
privileged to increase it to $250,000. The company is authorized to mine, ancPconstruct a railroad, which is, as we learn, under contract to be finished in the summer of
the present year, (1853.) This coal mine is said to be the most extensive in the United
States, and is fifteen feet thick. The company have five hundred and fourteen acres in
capital stock, and its charter is perpetual. The coal can be delivered at Cleve­
land, Ohio, at an expense of $1 75 per ton. The company’s railroad, which is to be
six miles in length, intersects the Ohio and Pennsylvania, and the Pittsburg and Erie
Railroads. Fifty thousand dollars of the capital stock can be had at par. John W hite,
Esq., the president of the company, resides at Darlington, Beaver County, Pa.




Railroad , Canal, and Steamboat Statistics.

333

COAL RECEIVED AT PORT RICHMOND.
Port Richmond is near the city and in the county of Philadelphia, and is the depot
of the Reading Railroad. W e give below a statement, (furnished by Mr. H enky
W ilson,) of the number of arrivals at Port Richmond from March 24th to December,
1852:—
Ships.
Barks. Brigs. Schooners. Sloops.
Barges.
March . . . .
3
8
122
8
28
April...........
5
15
436
40
230
May............
14
32
505
34
206
June ........
81
728
13
25
244
14
103
753
38
335
July............
August.................................
3
21
784
115
34
358
September . .......................
1
6
85
763
43
447
October___
8
60
612
488
42
November .
516
7
46
46
235
December..
3
26
263
14
28
—
—
—
—
■■
—
Total1.......................
8
94
5,482
334
571
2,759
Making a grand total of 9,047 vessels which loaded with coal in the nine months.

R A ILR O A D , CANAL, AND STEAMBOAT STATISTICS.
REVENUE FROM CITY RAILROADS.
The first annual Report of the Hon. A. 0. F lags, Controller of the City of New
York to the Common Council, made February 14th, 1853, contains some sound and
judicious remarks on the subject of City Railroads, which we here subjoin :—
“ Leaving to the proper authorities all questions connected with the legality or ex­
pediency of Railroads in the streets of the City, it is deemed not only proper but a
duty, to present a few suggestions in regard to the propriety of requiring the CityRailroads to give to the public in some form, an equivalent for the very valuable pri­
vileges secured to them by the agreements under which they enjoy a monopoly, so far
as Railroad travel is concerned, of the most important portion of an avenue. For this
privilege, the Company might be required to keep the entire avenue paved between
the curb-stones, and clean the streets. This would be a moderate compensation to the
public for furnishing to the Company not only a graded line for the Road, but a
thoroughfare already filled with more passengers than they can accommodate. In all
cases of extending the avenue in the approach to the Harlem River, each Railroad
Company, as a condition o f its extension, ought to be required to pay the expense o f
grading and paving the avenue, in proportion to the number of feet occupied by its
double track. And the public ought to have the benefit of all revenue beyond ten
per cent, at the highest, in a reduction of fare. Or a direct annual revenue might be
exacted, which would go to lesson taxation to the City.
“ The Railroads which open great avenues to the City, render valuable equivalents
to the public for the privilege of laying their rails on the graded avenues. And yet
these roads, affording such facilities to the trade and commerce of the City, are placed
on a different footing from the City Railroads. Take for example the Hudson River
Railroad. A t an expense of ten millions and a half of dollars, its stockholders have
prepared a road which brings the commercial and political capitals o f the State with­
in four hours of each other, at a cost of twelve shillings to each person, thus producing
a wonderful saving in time and money in the millions who annually travel the valley
of the Hudson. Notwithstanding this, that Company, instead of having the right of
way given and the avenue graded for it to the Harlem River, paid at least $100,000
for the right of way on this island) and five times that amount for grading. Where
the avenues were not actually opened, the Company paid to the individuals fronting
on them, $200 per lot for the quantity occupied by the Company in the avenue. In
addition to this, the Company was prohibited in the ordinance from running any
stated trains below Thirty-second street, taking pay from passengers, under a




384

Railroad, Canal, and Steamboat Statistics.

penalty of $25 dollars in each case. These were the conditions in a case where a
company of capitalists were opening an important avenue to the City for 140 miles,
where the right of way cost them $800,000, and the whole outlay not less than ten
and a half millions of dollars.
“ In this view of the subject, it seems to me that every person who is not biased by
an adverse interest, must come to the conclusion, that these great thoroughfares, gra­
ded as they are, if occupied for the special advantage of a few individuals, ought to
yield to the public a fair equivalent for this great privilege, the value of which is to
increase with the growth o f the City.
“ If a reasonable proportion of the expense of opening and grading the avenues is
exacted from the Eailroad Companies which are to be benefited, it will be a check
on premature movements in opening and grading avenues, and the imposition of enor­
mous expenditures for this purpose. The case of the Second-avenue, where $220,000
will probably be assessed on the City to be paid by taxation, should be an admonition
to the City authorities on this point. I f speculators in Railroad stocks and contracts
are to have the avenues b^ a partial confiscation of the adjoining property and a tax
on the City, and then are to have the use of these graded avenues and profitable
thoroughfares, to be kept in repair at the public expense, they ought to pay a large
revenue to the City. And if the grades of the avenues are raised or cut down to ac­
commodate the Railroads, beyond what is required for the benefit of the property, the
Roads thus accommodated, ought to be charged with the additional expense.
RECEIPTS OF THE HARLEM RAILROAD,
The following are the receipts of the New York and Harlem Railroad Company in
each month of the past five years:—

1848.
January . .
February .
March........
April........
M a y .........
J u n e.........
J u ly ........
August... .
September.
O ctober...
November
December.
T ota l.. .

1819.

1850.

1851.

1852.

$21,331
19,012
20,172
23,436
28,479
29,598
32,413
33,284
34,441
29,601
24,849
25,420

$27,730
28,816
30,105
33,026
36,575
36,466
37,330
38,000
37,700
40,500
36,950
34,335

$31,541
29,386
32,666
39,375
44,446
45,855
49,025
49,074
46,250
45,641
40,776
40,770

$41,501
37,101
42,615
49,610
58,045
54,992
60,577
61,290
59,005
67,228
50,727
49,151

$45,601
46,286
64,254
61,046
68,846
66,698
70,888
77,282
69,389
70,463
62,198
62,984

$379,036

$417,533

$489,934

$621,842

$765,935

BRITISH RAILWAY TRAFFIC:
FOR EACH OF THE TEAKS FROM

1843
1844
1845
2846
1847
1848
1849
1850
1851
1852

Weekly
Traffic.
£4,842,650
5,610,980
6,669,230
7,689,870
8,975,671
10,059,000
11,613,820
12,757,985
14,567,910
15,088,310

Excess over
the previous
year.
£768,330
1,048,250
1,020,640
1,285,801
1,083,329
954,820
1,744,165
1,800,925
520,400

1843

TO

1852

INC1DSIVE.

Average Average Cost of
of gross Railways per mile,
traffic receipts including
per mile, working stock.
£3,C83
£36,360
3,278
85,670
3,469
35,070
3,305
81,860
2,870
31,700
34,234
2.556
2,302
85,214
2,227
35,229
2,281
35,058
2,238
34,630

Capital expended
on the Railways of
which the traffic is
published weekly.
£57,635,000
63,489,100
71,647,000
83,165,100
109.52S,000
148,200,000
181,000,000
219,762,760
229,175,230
239,967,453

The gross traffic receipts of Railways in the United Kingdom for the year 1852, have
amounted to £15,543,610, being at the rate of £2,118 per mile per annum. It will




Railroad, Canal, and Steamboat Statistics.

385

be observed that the year 1850, shows the greatest increase o f traffic, chiefly due to
the main trunk lines, which were principally benefited by the cheap excursion trains
and the Great Exhibition. The traffic receipts, per mile, show a considerable falling
off, say of about 30 per cent, but during the last three years, the receipts have not
been much below those of 1819. The reduction per mile would not be of much con­
sequence, provided the average cost of constructing the railways was reduced in
proportion, but unfortunately it appears this would not suit the tactics of engineers,
contractors, and other parties. The expenditure on the new and old lines, the traffic
returns of which are not published weekly, amounts to about £8,626,100, making alto­
gether a total o f £248,593,563, expended on 7,338 miles of railway, being at the rate
of £33,879 per mile. Deducting 45 per cent, for working expenses from the gross
receipts o f 1852, the interest for the capital expended, available to the shareholders,
would be at the rate of 3 44 per cent per annum. It is probable that the amount to
be divided among the holders of railway shares, etc., after next half yearly meetings
in February, will not be less than £4,500,000.
THE STEAMSHIPS OF THE PORT OF NEW YORK.
An article by Mr. J. E. Tuel, originally published in the J ou rn a l o f Comm erce , ex­
hibits the number and tonnage of the Steamships at present sailing to or out of the
port o f New York.
Of the British Steamers, the most successful line is the British and North American
Royal Mail Steamship line. The company was established in 1838 by the Messrs.
■Cunard of Liverpool.
Tons.

Tons.

2,500 j A frica .. .
2,200
2,200 Niagara .
1,800
1.800 Canada..
1,800
1.800 Cambria.
1,500
3,100
Aggregate tonnage.........................................................................
10,000
The New York and Liverpool United States Mail Steamers. This line was estab­
lished by E. K. Collins, Esq., in 1850. The first of its ships, the Atlantic, sailed from
New YTork for Liverpool 27th April, 1850. The Arctic of this line has made the
quickest passage of the Atlantic Steamers from New York to Liverpool, accomplish­
ing it in 9 days and 17 hours.

A rabia.
Asia . . .
Europa.
America
Persia..

Ton s. |

T on s.

Atlantic............................................ 3,000 Arctic................................................ 8,000
Pacific...................................... ..
3,000
-------Baltic .............................................. 3,000 |
Aggregate tonnage............... 13,000
“ The Ocean Steam Navigation Company,” comprises the United States Mail Steam­
ship line between New York, Southampton and Bremen, and consists of the
Washington of 1,700 tons, and the Herman of 1,700 tons. Aggregate tonnage 3,400
tons. This company was established in 1847.
“ The New York and Havre Steam Navigation Company,” consists o f the United
States Steamers : the Franklin, of 2,200 tons, and the Humbolt, of 2,200 tons. Aggre­
gate tonnage 4,400 tons.
“ The Glasgow and New York Steamship Company” is running its new steamship
Glasgow, of 1,962 tons and four hundred horse power.
The Steamship employed on lines between New York and the Southern cities of
the United States, are seventeen, belonging to the following companies:
4 Steamers— Marion, Union, Southerner and Adger, of 12, 15, 10 and 1,500
tons, respectively, New York and Charleston Steamship company...............
6,200
2 Propellers, Benj. Franklin and Wm. Penn, (1,000 each) between New York
and New Orleans ..................................................................................................
2,000
2 Propellers, City of Norfolk and Richmond, between Charleston, Norfolk,
Petersburgh and Richmond, of 444 and 518 tons, respectively.....................
962
1 New York and Alabama Steamship Company, Black Warrior, between
New York and New Orleans, Mobile snd Havana............................................
1,900
3 Mew York and Savannah Steamship company, Florida, Alabama and
Augusta, of 1,300, and 1,350 tons respectively................................................
3;950
2 New York and Virginia Steamship Company, the Roanoke and Jamestown,
1,050 respectively..................................................................................................
2,ICO
VOL. x x v i i x . — NO. III.




225
5

386

Railroad, Canal, and Steamboat Statistics.

8 United States Mail Steamship Company, the Cherokee, Empire and Crescent
City, 1,300, 2,000, and 1,500 respectively..........................................................
4,800
Total number of ships employed, 17.
Aggregate of tonnage....................................................................................... 21,912
The California lines consist o f the steamers o f the Pacific Mail Steamship Co., as
follows:
Ton s.
Tons.
600
........... 2,500
600
........... 1*300
600
........... 1,200
600
........... 1,200
600
........... 1*099
........... 1*087
California.............................
Columbia .........................
Total ......................................
The United States Mail Steamship Co., on the Atlantic side, connect with the Paci­
fic Mail Co. Their steamers are,
Tons.

Tons.

3,000 Philadelphia.................................... 1,200
1,300
3,000 El D orado.......................................
2,500 Falcon.............................................. 1,000
2,COO George L a w ................................... 2,800
1,500
Total ...................................... 19,600
1,300
is composed of 10 ships.
Tons.
Tons.
The Northern L ig h t........................ 2,500 Pioneer............................................ 2,500
Prometheus...................................... 1,500 Brother Jonathan............................ 2,100
P a cific..............................................
1,200 Star of the W e s t ............................ 1,600
1,200
S. S. L e w is ...................................... 2,000 Daniel W eb ster..........................
Morning Star.................................... 2,500
Independence..................................
900
Total
The New York and San Francisco Steamship Co. is composed of the following
steamers:
G eorgia............................................
O hio......................
Illinois..............................................
Empire C it y ....................................
Crescent City....................................
Cherokee.........................................
Vanderbilt’s Line, via Nicaragua,

Tons.

Tons.

The Winfield Scott....................... ✓ 2,100 Uncle S a m ......................................
United States.................................. 1,500
C o rte z..............................................
1,800
Total
The Empire City Line is composed of the following steamers:

2,000
7,400

Tons.

Tons.

The Sierre Nevada.........................
1,800 San Francisco.................................. 3,000
City of Pittsburgh.........................
2,000
6,000
T o t a l......................................
The whole number of Steamship Companies is 16, with a total of 76 steamers, cm'
bracing a tonnage o f 129,010.
STATISTICS OF THE ERIE CANAL,
An interesting exhibit for several years o f the average tonnage o f the boat, r f the
time necessary to make a passage, and the cost to bring a barrel of flour from Buffalo
to Albany, of the lockages at Alexander’s Lock, and the total tons delivered at tide
water from the Erie Canal, and of the total tolls, is as follows:—
Year.

1841..................
1844.................
1847.................
1848.................
1849.................
1850.................
1851.................




A vera ge ton n age Days between
boat.
A lbany & Buffalo.

41
49
67
71
68
76
78

9
71
101
9
81
9
81

Freight on a
bbl. flour.

71
60
77
68
56
68
49

Lockage a#
Alexan der’s lock.

30,320
28,219
43,957
84,911
86,918
38,444
40,399

381

Railroad , Canal, and Steamboat Statistics.
Year.
1841..................................................
1844 ................................................
1841 ................................................
1848 ................................................
1849 ................................................
1850 ................................................
1851 .................................................

Tons delivered at tide water
from Erie Canal.

632,520
199,816
1,431,252
1,184,837
1,266,724
1,554,675
1,508,677

: Total tolls.

$2,034,883
2,446,314
3,635,381
8,252,212
3.268,226
3,213,896
8,329,721

A comparison of the results of last year’s business with that of 1841, ten years ago
shows that while the boat lias nearly doubled its capacity, the time necessary to make
a passage Irom Buffalo to Albany is diminished half a day, transportation is cheapened
80 per cent, or 22 cents on a barrel of flour; and that while the lockages at Alexan­
der’s Lock have increased only 33 per cent, the tons arriving have increased 200 per
cent. And that though the tons arriving from the Erie Canal last year are 77,000
more than in 1847, the lockages are 3,600 less.
It is proper to state that the average tonnage of the boat and the time necessary to
make a passage from Buffalo to Albany, as put down in the forgoing statement, was
ascertained in this w ay:—The collector at Albany kept an account showing the boat
each day o f the largest tonnage which made the passage in the shortest time, as
shown by the dates on the clearance o f the boat. The result for the year of the av­
erage of the statements is put down opposite each. The time may be less than the
actual performances o f lines of boats, but being made on the same principle for each
year, it furnishes a just comparison of one year with another.
The average tonnage of all the boats registered in the last ten years, is about 10
tons, which probably approaches the average tonnage of the boats now in existence.
Assuming the number of boats to be 4,047— average tonnage 70— and it gives as the
total tonnage of all existing boats 283,290.
By the data used in arriving at the above, it is found that o f the 4,047 boats exis­
ting, there are—
A verage tonnage. Total tonnage.

Scows........................................................
Decked scows..........................................
Lake boats...............................................
Bull heads- ............................................
Line boats................................................
Packets....................................................
Total................................................

1,075
1,279
685
382
564
62
v -------4,047

10
10
70
77
69
32

75,250
89,775
47,950
29,414
88,916
1,984
-----------283,290

The total number o f boats as ascertained by count in 1844, 1847,1848, and in 1852,
by estimate with their tonnage capacity, and the tonnage delivered at tide water from
the Erie Canal, is as follows:—
Tons from E rie
.Lockages at
Tear.
1844.......................
1847.........
1851.......................

N um ber.

Tonnage
capacity.

Canal delivered
at tide water.

Alexander*.
lock .

2,125
3,991
4,047

117,453
266 260
283,290

799,816
1,431,252
1,508,677

28,219
43,957
40,396

It is seen that the total number of boats and their aggregate tonnage capacity, the
tons delivered at tide water, and the lockages delivered at Alexander’s lock, are about
the same in IS47 as in 1851. In 1847, a portion of the locks between Albany and
Syracuse were single, now they are all double.
The number and tonnage capacity o f the boats built and registered in each year,
since 1843, has been as follows:—
Boats.
Tonnage added in 1 S 4 4.....................
“
“
1845 .....................
U
<«
1846 .....................
(i
“
1847 .....................
<«
“
1848 .....................
K
(I
1849 .....................
U
M
1850 .....................
u
U
1 8 5 1 .....................




Tons.
24,360
19,781
34,630
110,145
33,815
16,370
12,260
18,450

888

Railroad, Canal, and Steamboat Statistics.

As the representative of down freight, or freight from the West, in reference to the
cost of transportation, it has been usual to take a barrel of 216 lbs.; and as the repre­
sentative of up freight or freight to the West, 100 lbs. of merchandise. To show what
have been the variations in the price of transportation of up and down freight between
Buffalo and Albany, the following tables have been constructed, giving the average
price in each month of each year, from 1830 to lS51,both years inclusive. The tables
have been prepared with a good deal of care, from the books and shipping bills of the
principal shipping merchants at tide water. The tables give also the average for
each season, and distinguish between the toll which goes to the State, and the freight
or amount over toll, which goes to the carrier. They are as follows:—
UP FREIGHT PER 100 LBS. FROM ALBANY TO BUFFALO.
May .

Year.
1 8 3 0 ... .
1 8 3 1 ... .
1 8 3 2 ... .
1 8 3 3 ... .
1 8 3 4 ... .
1 8 3 5 ... .
1836 . . .
1 8 3 7 ... .
1 8 3 8 ... .
1 8 3 9 ... .
1 8 4 0 ... .
1 8 4 1 ... .
1 8 4 2 ... .
1843. . .
1 8 4 4 ... .
1 8 4 5 ... .
1 8 4 6 ....
1 8 4 7 ... .
1 8 4 8 ... .
1 8 4 9 ... .
1850 . . .
1 8 5 1 ... .

l 00
l 00
l 00
92
82
80
l 05
l 05
85
87
80
68
75
56
77
51
38
39
39
39
37
31

June
1 00
1 00
1 00
79
82
80
1 05
1 06
85
81
80
63
71
55
60
44
40
39
39
39
35
31

July.
1 00
1 00
1 00
70
82
80
1 05
1 01
88
76
85
59
61
51
48
48
41
39
39
39
35
30

Average Tolls I.’ g.
d e ’d. l'r’ t

N ov. fo r year.
August. Sept.
Oct.
1 00
1 00
i oo i 00
1 00
98
99
97
99
99
1 00 1 00 1 00 i 00 1 00
69
69
67
73
74
82
82
82
82
82
80
80
80
80
80
1 05 1 05
1 05
1 05
i 05
90
75
84
88
93
85
85
83
88
85
81
90
90
90
85
80
85
84
83
87
50
47
58
81
61
58
58
66
60
81
46
61
61
56
72
48
67
80
65
77
44
49
48
47
50
85
40
49
40
37
39
39
39
39
39
39
39
39
39
39
39
39
39
39
39
35
36
39
36
37
30
31
31
32
31

51
51
61
44
33
33
33
33
33
33
33
33
33
33
33
33
24
24
24
24
24
22

49
48
49
36
49
47
72
60
52
52
50
28
33
23
32
15
16
15
15
15
12
9

15 66 15 14 14 77 14 39 14 73 14 93 15 93 14 07 735 777
T o t a l ...
69
65
Avei age for 22 y ’rs.
71
67
67
68
73
64 33 35
DOWN . FREIGHT PER BBL. 216 LBS. FROM BUFFALO TO ALBANY.

Average T olls L ’ g
Year.
1830------1831____
1832_____
1 8 3 3 ... .
1834_____
1835------1836------1837_____
1 8 3 8 ... .
1839____
1840____
1 8 4 1 ... .
1842____
1 8 4 3 ....
1844_____
1845____
1 8 4 6 ... .
1847_____
1848------1849------1850------1851-------

June.
00
99
04
97
10
97
91
82
78
87
65
70
80 ''
78
80
80
80
73
68
67
80
78
75
65
72
60
60
60
75
61
55
55
61
61
12 1 02
54
51
55
51
51
51
40
46

May,

1
1
1

1

July. August. Sept.
Oct.
86
99
97
1 01
91
92
90
97
90
1 00 1 00
97
86
83
90
91
78
81
85
85
66
64
64
76
72
72
76
80
72
82
83
77
68
73
70
71
65
65
78
87
76
74
67
80
68
66
63
73
62
62
60
63
59
58
62
57
55
56
54
67
54
65
57
53
53
54
53
58
62
66
67
57
54
64
52
66
55
52
52
57
53
54
59
63
50
43
46
53

N o v . for year.
i 02
98
i 02
96
i 06
1 00

91
8S
75
80
97
76
i 00
i 13
85
76
70
65
96
i 05
78
72
71
81
60

88
83
68
77
81
73
75
81
71
65
60
60
71
64
77
58
56
57
49

d e ’d. fr’t.

55
55
55
39
35
35
35'
35
35
35
35
35
35
35
35
35
31
31
31
31
31
23

43
41
45
49
48
33
42
46
38
41
46
36
30
25
25
26
33
46
27
25
26
26

16 65 15 64 14 94 14 65 15 25 16 13 18 24 16 02 802 797
T o ta l-----76
68
70
73
83
73 36 36
Average for 22 y ’rs.
71
67




389

Railroad , Canal, and Steamboat Statistics.
RAILROADS OF CANADA,

The C anadian J ou rn a l, published at Toronto, furnishes the subjoined synopsis of
railroads in operation, under construction and chartered, by which it will be seen that
Canadahas 205 miles in operation, 618 miles under construction, and 1,05G miles
chartered:—
Miles
Miles in
Miles
Total.
completed, construction, chartered.
8
Montreal and Lachine...................................
8
Champlain and St. Lawrence, to Rouse’s
..
•«
43
Point..........................................................
43
..
•.
20
Rawdon and Industry.................................
20
.
.
126
95
St. Lawrence and A tlantic.. . , .................
31
.
.
.
.
32
Montreal and New York, to Moer’s Corners
32
..
90
Quebec and Richmond.................................
90
.
.
145
145
Quebec and Trois Pistoles..........................
..
170
170
Montreal to Kingston ) Main.....................
..
165
165
Kingston to Toronto j Trank....................
..
54
Prescott and By to w n ......... ................... ..
54
..
27
Peterborough and Port H ope.....................
27
30
Peterborough and Cobourg..........................
..
30
Grand Junction—
50
..
50
Peterborough to Belleville.......................
..
60
Peterborough to Gloucester Bay............
60
..
75
75
Peterborough to T oronto.......................
Ontario, Simcoe, and Huron—
..
90
66
Toronto to Lake Huron...........................
27
Toronto and Sarnia—
.,
47
Toronto to Guelph................... ................
47
..
40
40
Guelph to Stratford.................................
..
75
75
Stratford to Sarnia..................................
.,
40
40
Toronto and Ham ilton................................
Great Western—
.,
96
Hamilton to London.................................
76
..
104
London to D etroit....................................
104
,.
42
Hamilton to Niagara R iv e r...................
42
60
London to Sarnia......................................
60
.,
13
Junction to G a lt......................................
13
. .
16
Galt to G uelph........................................
16
Buffalo and Goderich—
..
75
Buffalo to Brantford................................
75
40
40
Brantford to Stratford.............................
43
43
Stratford to Goderich.............................
Erie and Ontario—
20
20
Niagara to Chippewa..............................
. .
Total..................................................

205

618

1,056

1,881

A CAUSE OF FIRE IN SHIPS AND STEAMERS.
A correspondent of the E x p ress, under the signature of “ Precaution,” protests against
the use of so much paint on board of our sea going vessels, on the score that it tends
to multiply fires and to increase the chances of “ spontaneous combustion.” He says:
“ The fact that paint or oil applied to cloth, will make it air tight and water tight,
ha? been long welt known, ofteu used in vessels, and so often abandoned, and so long
abandoned, after a disaster produced by it, that new actors are liable again to attempt
the use o f it without knowing of its combustibility. Oil combined with the fibers o f
cloth causes a description of heat that produces spontaneous combustion. Numerous
vessels have been burned by using painted hatch covers, consequently tar has been,
substituted; and hence they are called “ tarpaulings.” A vessel was burned in Maine
some two years since, from this cause— painted cloth. A few years since the insur­
ance watchroom in Pine street, in charge of Mr. Moore, took fire by the spontaneous
combustion of a quantity of newly painted bags that had been prepared to save mer­
chandise at fires.”




Mercantile Miscellanies.

390

•COMPARATIVE SAFETY OF RAILWAYS IN FOREIGN COUNTRIES.
A correspondent o f one of the morning journals, gives the following summary of
railway accidents: The number of passengers transported on the Prussian railways in
1851, was 9,901,681. Of this number, one person was killed by jumping out of the
cars; four were wounded; four were killed; and three wounded by being on tho
track when the cars passed. Of officers and workmen in employ o f the different com­
panies, eighteen were killed and twenty wounded. One person was killed by volun­
tarily throwing himself under the wheels of the cars. In England, during the same
year, the number o f passengers was 78,969,623, of whom 36 were killed and 375
wounded. Sixty one persons, not passengers, were killed, and fourteen wounded on
the track. Of officers and workmen employed by the companies, there were 117
killed and 48 wounded. Four persons committed suicide by throwing themselves un­
der the wheels o f the cars.

MERCANTILE MISCELLANIES.
PROTECTION AGAINST FIRE.

F reeman H unt,

E d ito r M erch a n ts' M aga zin e, etc . :—

There is no subject more interesting to the mercantile community, than the best
mode o f protecting their goods and store houses from the ravages o f fire. In many
of our great cities fire companies have been established by volunteer associations, and
for a time rendered good service; but after the lapse o f a few years it has been found
that, while there was no lack of zeal or energy in volunteer companies, disipline often
became relaxed and serious riots and loss of property were the consequences. In
Boston, this has twice led to the entire dissolution of the fire department; once under
the energetic administration of Hon. S. A. Elliot, and once under the mayoralty of
the Hon. Benjamin Seaver, the present enlightened mayor. At this time, the volunteer
system is abandoned in Boston, and the engines are entrusted to a select body of officers
and judicious men, who are selected and paid for their services by the city government.
Riots in the' volunteer fire department have been of frequent occurrence in other
cities, particularly in New York and Philadelphia, and it is now intimated that the
latter city will probably, ere long, adopt the Boston system.
In reading a few days since the admirable letters of Pliny, I was struck with the
fact that the evil tendencies of the volunteer system were recognized and appreciated
in ancient times, when the Roman Empire had reached its highest point of wealth and
prosperity, under the intelligent and benevolent rule of the celebrated Trajan. His
reluctance to sanction a volunteer department after his experience in conducting a
great empire, may be inferred from the following letters which I extract from the
second volume of Pliny’s letters. Ancient precedents are sometimes better adapted
than we imagine, even to this age o f progress and invention.
LETTERS OF FLINT, TRANSLATED BT MELMOTH.

BOSTON EDITION,

1809.

These letters were written during the first century after the birth o f Christ, while
Pliny was pro consul of Bithynia, then a rich Roman province. To use the language
o f the translator— “ Beside their particular excellence as letters, they have a further
recomendation as so many valuable pieces of history, by throwing a strong light upon
the character o f one of the most amiable and glorious princes o f the Roman annals.
Trajan appears throughout in the most striking'attitude that a sovereign can be placed
in, the exertion of power to the godlike purposes of justice and benevolence, and what
one of the ancient historians has said of him is here eminently verified, ‘ that he rather
chose to be loved than flattered by his people.’ To have been distinguished by the
favor or friendship of a monarch o f so excellent a character, is an honor that reflects




Mercantile Miscellanies.

301

the highest luster upon our author; as to have been served and celebrated by a min­
ister of Pliny’s genius and virtues, i3 the noblest monument of glory that could have
been raised to Trajan.” Book 10, letter 42.
To the E m p ero r Trajan.

“ While I was making a progress in a different part of the province, a most destruc­
tive fire broke out at Nicomedia, which not only consumed several private houses, but
also two public buildings, the town house and the temple of Isis, though they stood on
contrary sides of the street. The occasion of its spreading thus wide, was partly
owing to the violence of the wind,and partly to the indolence of the people; who,it
appears, stood fixed and idle spectators of this terrible calamity. The truth is, the
city was not furnished with either engines, buckets, or any single instrument proper to
extinguish fires, which I have now, however, given directions to have provided. You
will consider, sir, whether it may not be advisable to form a company o f fireman, con­
sisting only of one hundred and fifty members. I will take care that none but those
of that business shall be admitted into it, and that the privileges granted them shall
not be extended to any other purpose. As this corporate body will be restricted to so
small a Dumber o f members, it will be easy to keep them under proper regulation.”
L etter 43, T raja n to P lin y .
“ You are of opinion it would be proper to establish a company of firemen in Nico­
media, agreeably to what has been practiced in several other cities. But it is to be
remembered, that societies o f t^is sort have greatly disturbed the peace of the province
in general, and o f those cities in particular.
“ Whatever name we give them, and for whatever purpose they may be instituted,
they will not fail to form themselves into factious assemblies, however short their
meetings may be. It will, therefore, be safer to provide such machines as are of ser­
vice in extinguishing fires, enjoining the owners of houses to assist in preventing the
mischief from spreading, and if it should be necessary, to call in the aid of the popu­
lace.”
One might almost imagine these ancient letters bore date in the second half of the
nineteenth century.
B oston , M a ssa c h u se tt s , February, 1853.

B. H. DERBY.

S T R E E T MERCHANTS.

Our “ Merchant Princes” will pardon us for dignifying the retailers o f apples, pea­
nuts, lozenges, <&c., with the title of merchants. W e do so on the authority of the
Rev. T heodore P arkek, who, if not one of the most orthodox preachers, in church
parlance, is certainly one of the most accomplished and acute theological critics of the
day. There are, he says in his “ S erm on o f M erch a n ts ,” various grades of merchants,
“ and they might,” he adds, “ be classed and symbolized according as they use a basket,
a wheelbarrow, a cart, a stall, a booth, a shop, a warehouse, counting-room, or bank—
all are the same thing—men who live by buying and selling. A shop is only a large
basket, a warehouse a costly stall. Your pedlar is a small merchant going round from
house to house with a basket, to mediatebetween persons; your merchant only a great
pedlar, sending round from land to land with his ships to mediate between nations.”
In short, all grades of merchants are reduced to one denomination— men or women
— who live and “ get gain ” by buying and selling.
Of the class of merchants denominated street retailers of small “ goods, wares, and
merchandise,” the Boston J ou rn a l has the following statement:—
“ Apples, two or three cents— peanuts, three cents a half-pint— lozenges, two cents
a roll— is the cry o f many ‘ poor old apple women,’ who are daily fouud on the cor­
ners of our streets and wharves, clothed in old dilapidated apparel, presenting an out
side appearance of poverty, and offering for sale at retail a few apples, half a peck of
peanuts, a box of lozenges, a dozen sticks of candy, <fec. Appearances are sometimes
deceitful, and although many of these women are undoubtedly poor, others have ac­
cumulated quite a competence. The same may be said of some of the male pedlars.
Not a few of both sexes o f this class have money hoarded in the savings banks, or in­




392

Mercantile Miscellanies

.

vested in real estate, stocks, <fcc., and occasionally one is found living at the expense
of the city, during the winter season, at one of the public institutions, being too miserly,
lazy, or indolent, t:» continue the apple, nut, and lozenge trade in cold weather. As an
instance of how these people accumulate the coppers, the C hronicle relates that a pew
was recently sold at auction in Franklin-street Church, and was bid off by a woman
at $450. As the successful bidder had not the appearance of being one who would
be likely to pay so high a price for a pew for her own accommodation, some of the by­
standers intimated that she could not pay for it. On being asked by the auctioneer
when she would settle the bill, she replied ‘ This afternoon, or as soon as I can draw
the money/ This she did, and paid her agreement. ‘ This woman,’ says the C hroni­
cle, ‘ has for many years been known as an apple-seller on Long-wharf.’ ”
CREDIT TO WHOM CREDIT IS DUE,

Mr. K ettell, the able and industrious Editor of the E co n o m ist, in apologizing for
in a d verten tly omitting to credit our esteemed friend, J ohn Grigg, a retired merchant
of Philadelphia, for his excellent “ Hints to Young Men commencing Business,” (which,
by the way, were originally published in the M ercha nts' M a g a zin e,) very pertinently
remarks:—
“ The custom of using the labors of others without giving them the credit to which
they are entitled, is by far too customary with the journals of the day; we are our­
selves among the greatest sufferers by the practice. We frequently find matter which
lias cost us many weary hours of research and labor, coolly appropriated by prints
that never contribute in any degree to the ‘‘ fresh matter” put before the public, but
the columns of which are entirely filled with matter stolen from others. There is
some justification for using the matter of other newspapers without credit where a
paper itself contributes to the common stock of information or interest, and therefore
furnishes an equivalent; but it not unfrequently happens that precisely those who do
nothing whatever towards supplying information, enjoy the greatest consideration as
writers. W e know personally editors who are puffed and praised from one end of
the country to the other, who not only never wrote a line in their lives, but are utter­
ly incapable o f discussing any subject; but who unscrupulously use the labors of
others, and spend time in getting complimented for it as their own. This is a state
o f things which it is difficult to remedy, because it is one about which the public care
but little. The matter which comes to them the most conveniently and cheaply they
receive, without troubling themselves much about its origin.”
TRIBUNALS OF COMMERCE.

The executive committee for promoting the establishment o f tribunals of commerce
in England have just presented a report to their president, Lord Beaumont, and to
the general committee, detailing the position of the movement, citing cases and au­
thorities in its support, and recommending a system of well sustained agitation. As
might have been expected from the advantageous nature of the results that will be
attained should the association carry out its important and praiseworthy object, the
cordial support of many of our most influential city names has been accorded, and the
list of adherents is being daily swelled. The cause has also received the sanction of
eminent judges and distinguished politicians, of practising barristers and attorneys,
and of several British chambers of commerce. In France, Belgium, Rhenish Prussia,
Denmark, Spain, and even in Turkey, tribunals of commerce are established, at w hich
disputes are adjusted at the smallest expenditure of time and money. In view of the
advantages derivable from the system, it may be regarded as surprising that its intro­
duction into Great Britain has not yet been accomplished. Lord Brougham has stated
in the House o f Lords, in reference to tribunals of commerce, that “ the admirable
working of the system it was impossible to describe in any language beyond its mer­
its,” and Mr. John Macgregor, M. P., states that on looking over the report of the tri­
bunal of commerce for the department of the Seine, which sat in Paris, he found that
it disposed o f more cases in one day than all the civil tribunals in France settled in
one month. The commitee conclude their report by recommending that the working
machinery o f the association be immediately and effectively organized, so as to ope­
rate extensively on public opinion.




Mercantile Miscellanies.

393

ADVICE TO B U SIN E SS M EN.

Parker’ s J ou rn a l gives a brief lecture, sensible and well timed, which the readers
of the M erch a n ts’ M a g a zin e would do well to “ learn, mark, and inwardly digest:”—
In your converse with the world avoid anything like a juggling dexterity. The
proper use of dexterity is to prevent your being circumvented by the cunning of others.
It should not be aggressive.
Concessions and compromises form a large and a very important part o f our dealings
with others. Concessions must generally be looked upon as distinct defeats; and you
must expect no gratitude for them. I am far from saying that it may not be wise to
make concessions, but this will be done more wisely when you understand the nature
of them.
In making compromises, do not think to gain by concealing your views and wishes.
You are as likely to suffer from its not being known how to please or satisfy you, as
from any attempt to overreach you, grounded on a knowledge of your wishes.
Delay is in some instances to be adopted advisedly. It sometimes brings a person
to reason when nothing else could ; when his mind is so occupied with one idea, that he
completely over-estimates its relative importance, he can hardly be brought to look at
the subject calmly by any force of reasoning. For this disease time is the only doctor.
A good man of business is very watchful, both over himself And others, to prevent
things from being carried against his sense of right in moments of lassitude. After a
matter has been much discussed, whether to the purpose or not, there comes a time
when all parties are anxious that it should be settled; and there is then some danger
of the handiest way of getting rid of the matter being taken for the best.
It is often worth while to bestow much pains in gaining over fooli-h people to your
way o f thinking; and you should do it soon. Your reasons wiil always have some
weight with the wise. But if at first you omit to put your arguments before the
foolish, they will form their prejudices; and a fool is often very consistent, and very
fond of repetition. He will be repeating his folly in season and out of season, until at
last it has a hearing; and it is hard if it does not sometimes chime in with external
circumstances.
A man of business should take care to consult occasionally with persons of a nature
quite different from his own. To very few are given all the qualities requisite to form
a good man of business. Thus a man may have the sternness and the fixedness of
purpose so^ necessary in the conduct of affairs, yet these qualities prevent him, perhaps,
from entering into the characters of those about him. He is likely to want tact. He
will be unprepared for the extent of versatility and vacillation in other men. But
these defects and oversights might be remedied by consulting with persons whom he
knows to be possessed of the qualities supplementary to his own. Men of much depth
of mind can bear a great deal of counsel; for it does not easily deface their own char­
acter, nor render their purposes indistinct.

A FORTUNE MADE BY AN ACT OF KINDNESS.

Most American readers have heard of Swaim, the author of “ Swaim’s Panacea,”
and how, being a bookbinder, he came to find on the blank leaf of a volume he
was binding, the receipt for the celebrated medicine which laid the foundation of the
princely fortune which he left behind him. Something like this, was the lucky acci­
dent which made Day and his eminent blacking so famous. Day was a hair-dresser
in a humble way, and was beneficent and charitable in the extreme; one day a soldier
entered his shop, and stated that he had a long march before him to reach his regiment;
that his money was gone, and nothing but sickness, fatigue, and punishment awaited
him, unless he could get a lift on a coach. The worthy barber presented him with a
guinea, when the grateful soldier exclaimed, “ God bless you sir— how can I ever re­
pay you this ? I have nothing in this world except ”— pulling a dirty piece of paper
from his pocket— “ a receipt for blacking: it is the best ever was seen ; many a half­
guinea have I had for it from the officers, and many bottles have I sold ; may you be
able to get something for it to repay this you have given to a poor soldier ; your kind­
ness I never can either repay or forget.” Mr. Day, who was a shrewd man, inquired
into the truth of the story, tried the blacking, and finding it good, commenced the
manufacture and sale o f it, and realized the immense fortune of which he died pos­
sessed.




394

Mercantile Miscellanies.
T H E SNAIL TRADE IN FRANCE.

"We learn from our Parisian contemporaries, that the snail is becoming a fashionable
article of diet, and that for several months past a particular place has been appropri­
ated for their sale in the Paris fish-market, in the south-east angle, near the lob­
sters and fresh ■water fish. “ Snails,” says one of the French journals, “ were highly
esteemed by the Romans, our masters in gastronomy, and are now raised in many of
the departments with success. In the sixteenth century, the Capuchins of Fribourg
recovered the art of breeding and fattening snails, an art which is not lost in our day,
for in Franche-Comte, Loraine and Burgundy, they raise excellent snails, which find a
sure demand in the Paris market. There are now fifty restaurats, and more than
twelve hundred private tables in Paris, where snails are accepted as a delicacy by
from eight thousand to ten thousand consumers. The monthly consumption of this
molluscan is estimated at half a million. The market price of the great vineyard
snails is from 2f. 50c. to of. 50c. per hundred, while those of the hedges, woods, and
forests, filing only from 2f. to 2f. 25. The proprietor of the sn a illery in the vicinity
of Dijon, is said to net over 7,000 franc3 annually.

T E E MERCnANT AND TH E STATESMAN,

There were two men of one city: the one was a merchant; the other was a states­
man. One made himself known through the w orld; his name was in the mouth of
Kings; mankind did him honor. The other was known in the secluded home of want;
and the orphan’s blessing followed wherever he trod : and his thoughts were for his
fellow man; while no night closed in, without something done by him, to cheer the
struggling, or solace ilie sorrowing.
These two men were known for more than forty years. The one, as a man of study,
whose nights were filled with cares of state, and whose days were rich in speech:
while the other bore no laurels of oratory, and no victorious trophies of legal or legis­
lative conquest. These two men died. And many pens and prints and tongues de­
fend and eulogize the one, while a silent gratitude and love praise the other. The
one, has the nation’s regard for his pow er: the other i eposes in the warm affection of
many sincere hearts, for his goodness.- The one obtains the nation’s praise: the other,
the widow and the orphan’s prayer!

MONEY ENOUGH TO BREAK ON.

A correspondent of the N o n p a re il , writing from Zanesville, Ohio, tells the following
anecdote of a rich father and son:—
“ Zanesville is rapidly growing in the corruptible— in wealth and all its concomit­
ants. One of the richest men here is Mr. Sturges, who has acquired some $300,000,
or more. He is a pleasant sort of a man, very nervous, and somewhat eccentric.
Being one of the first settlers, he has not brought around bis family those ruinous in­
fluences that generally destroy rich families. When bis son William came of maturity,
he asked the old man for capital to start on. The father gave the son $10,000, saying
that it was enough for him to break on. “ Bill” took the $10,000, and instead of
breaking, acquired a fortune in less than ten years, equal to that of his father. He is
an extensive private banker, engaged in milling, ike. Occasionally the youth ventures
into deep water, and the father undertakes to restrain him ; but “ Bill’s” reply is,
“ perhaps you want the $10,000; if so, the chinks are ready for principal and interest.’*
This is a rare case—not often do we find the sons of the rich successful in speculation.”

COMPANY IN FRANCE FOR SALVAGE ON SH IPS.

Public notice lias been given in the French Goverment Journal, of the completion of a
company for the salvage of ships, with a capital of 240,000 francs. The concession
was originally granted by the Russian Government, sanctioned in France by the Senate,
in July and August, 1852 ; and the company has now secured the prior right of proceding to the assistance and rescue of all ships and derelicts, in the Gulf of Finland
or on the coasts of the Baltic Sea.




The Book Trade.

395

TIIE BOOK TRADE.
1. — U ncle

<

Tom's C a b in ; or. L i f e among th e L ow ly.

By H arriet B eecher Stowe.

Illustrated Edition. Complete in one volume. Original designs by Billings; en­
graved by Baker cfc Smith. S v o . , pp. 560. Boston: John P. Jewett & Co.
The sale of this work is without precedent in the history of modern literature.
The American publishers have issued three different editions, and have sold nearly
four hundred thousand copies, and the supply is at this time of writing scarcely equal
to the demand. It has been translated into nearly all the modern languages, and the
the Dumber of editions and Copies issued in Europe is greater than in this country. It
has been, as a matter of course, eulogized by the “ higher law,” and condemned in no
measured terms by the “ lower law ” party. The present edition is got up in a su­
perb style ; its numerous illustrations are executed with skill, and it is printed with a
bold and handsome type, and on the most costly paper. It is a model of the book­
making art of the day. The character of the work, however variously estimated, is
too well known to need any expression of opinion from the editor of the M erch a n ts'
M agazine.

2. — T he M in is tr y o f T a un ton , w ith In cid en ta l N otices o f oth er P ro fes s io n s. By
Samuel Hopkins Emery. With an Introductory Notice, by Hon. F rancis B aylies.
2 vols., 12mo., pp. 394 and 360. Boston: John P. Jewett & Co.
It is strictly the design o f these volumes to make a slight addition to the general
fund of knowledge concerning the New England fathers. But this by no means ex­
presses their true character. They are exceedingly rich in those facts and circumstan­
ces which aid greatly in an exhibition of the character of New England clergy, and
manners and social habits and spirit. It is true the leading idea in them is “ the Min­
istry of Taunton” in Massachusetts; but around this radiates some of the most genial
points o f New England life, especially its religious life. These reminiscences should
become dearer with the lapse of time, and the ever new development of the value o f .
the institutions which the men of those early das s were enabled to establish. There
is no fear of recurring too often to first principles— o f asking with undue warmth and
earnestness after the old paths, or of keeping too much in mind the ancient land­
marks.
8.— A u to g ra p h s f o r Freedom . 12mo., pp. 263. Boston : John P. Jewett Co.
This volume is published under the auspices of the Rochester Ladies’ Anti-Slavery
Society,” and contains articles in prose or verse from statesmen, divines, poets, and
ladies, including such names as W. H. Seward, Horace Mann. Charles Sumner, the
Rev. Frederick W. Holland, John Pierpont, John G. Whittier, Mrs. H. E. B. Stowe,
and others almost equally well known in or out o f the Anti-Slavery world. The
work certainly possesses its full share of literary merit. It will not, however, attract
the atttndon, or commend itself to the taste of our friends in the “ sunny South.”
4.— The R e p o sito r y o f W it a n d H u m o r : com p risin g m ore than One T hou san d A n ­
ecdotes, Odd S craps, O ff-hand Hits, a nd H u m orou s Sketches. Selected and arranged
by M. L a f a y e t t e B y r o n , M. D., author of “ Reminiscences of History,” “ Daring
Deeds of Women,” “ Random Shot,” etc. 12mo., pp. 392. Boston: John P. Jewett
& Co.
A choice collection o f the “ gems of wit and humor,” gathered from all sources.
Some of the anecdotes, incidents, etc., are of great antiquity, and others of more re­
cent origin. It is, on the whole, the best collection of its size and kind that lias fallen
under our notice.

6.— R ecollection s o f a N ew E n g la n d B r id e a n d o f a S ou th ern M a tron . By Caroline
Gilman. 12mo., pp. 403. New Y ork : G. P. Putnam <fc Co.
Mrs. Gilman, the author o f these sketches, was born, “ reared,” and married in New
England, and soon after the last event removed with her husband, a Unitarian clergy­
man, to Charleston, South Carolina. These sketches are therefore the result of her
experience as a “ bride ” in New England, and a “ matron ” in the S'*uth. The recol­
lections are in the form of agreeable stories, founded on real life, and they are told
with true womanly delicacy aud grace.




396

The Book Trade.

6.— A n d erson ’ s A m e r ic a n V illa A rch itectu re in 1853 : con ta in in g P la n s a nd E leva ­
tions, with a D escrip tio n o f E ig h teen V illa s and T h ree C ou n try Churches. New
Y ork: G. P. Putnam <fc Co.
This promises to be, judging from the first part now before us, the most splendid
and valuable work of its class published in this country. Mr. Anderson, the author,
is a man of large experience, having spent thirty years in the study and practice of
Architecture in its various departments; and at1er studying in his travels the archi­
tecture of France, Italy, Great Britain, Germany, die., he now produces a style alto­
gether new, and at once suited to our climate, the magnificence of our scenery, and
the wants of that portion of our fellow-citizens whose education and enterprise entitle
them to the comfort and luxury of a country villa of a character worthy of its owner,
in arrangement and appearance; and at the same time economical as regards the cost
o f erection. The work is to be completed in seven parts, each containing three sepa­
rate designs. We commend it to our enterprising “ Merchant Princes” who wish to
retire from the “ din and dust ” o f the city, to the calm and quiet of the country.
1■— T h e W a ter Cure in C h ron ic D is e a s e s ; an ex p o sitio n o f the Causes, P ro g ress, and
T erm in ation s o f N erv ou s C h ron ic D iseases o f the D ig estiv e O rgans, L u n gs, N erves ,
L im bs, a n d S k in ; a n d o f th eir T rea tm en t by W a ter a n d oth er H y g ien e M eans. By

J ames Manbv G uli.v, M. D. 12mo., pp. 404. New Y ork: John Putnam.
A new edition of a work that has obtained a wide repute among lay as well as
professional Hydropathists. Dr. Gully, the author, who is at the head of the Water
Cure establishment at Malvern (England,) was originally a learned Member of the
Alopathic school, enjoying a most extensive practice, and consequently brought the
system o f Pressnitz, of which he is a much more accomplished practitioner, and expo­
nent, all the experience and learning of the past. It is one of the most elegantly
written medical works in the English language.
8. — P ic tu r e s o f St. P etersb u rg . By E dward Jerrmann. Translated from the orig­
inal German by Frederick H ardman. 12mo., pp. 232. New Y ork: George P.
Putnam &. Co.
.

Mr. Jerrmann draws a very pleasant and agreeable picture o f the Russian capital.
He is evidently a great admirer of the Emperor Nicholas, and rather approves than
blames the present order of things in the Empire of the Autocrat. It is on the whole
an interesting and instructive work.

9. — R om a n ce o f Student L i f e A b roa d . By R ichard B. K imball, author o f “ St. Leger,” etc. 12mo., pp. 261. New York: George P. Putnam <fc Co.
Those who have read and admired the “ St. Leger” papers o f this author, will need
no other recommendation for the present graceful and graphic sketches ; or, as our
friend Willis would say, “ inklings of adventure” abroad. Putnam is not excelled in
the style of getting up books.

10.

— S p eech es : B y the R ig h t H on ora b le T homas Babbinqton Macaulay, M. P.
A u th o r o f “ the H isto r y o f E n gla n d , f r o m the A ccessio n o f Jam es the Second ,”
“ L a y s o f A n c ie n t R om e," “ E ssa y s f r o m E d in bu rgh R e v ie w ’’ etc. In 2 vols., 12mo.

pp. 402 and 403. New Y ork : Redfield.
It is not a little remarkable that the Speeches o f a celebrated English historian
and statesman, should be first collected and published in a connected form in the
United States. Such however, is the fact, as the contents of these two volumes are
now for the first time brought together and reprinted in a complete series from Hanzard’s Parliamentary Debates. They embrace the whole course of Mr. Macaulay’s
course in the House of Commons, arranged in chronological order. Francis claims,
and justly, in our judgment, for Mr. M the first rank of the speakers of the day— no
less for the literary and historical illustrations of his speeches, than for their fidelity
to the immediate interests o f the discussions. The volumes are published in a style
every way worthy of their contents, and the deservedly high reputation of Mr. Redfield,
the publisher.
11— D e lia ’s D o c t o r s ; o r ,a G la n ce B e h in d the S cenes. By H annah Gardner Creamer.
New Y ork: Fowlers <fc Wells.
A tale designed to illustrate the evils of ignorance and quackery in the medical
profession.




The Book Trade.

397

12. — V oices fr o m the M ou n ta in s a n d f r o m the Crowd. By C haei.es M ackay. 18mo.,
pp. 373. Boston: Ticknor, Reid & Fields.
This collection of the poems of Mr. M ackay was made at the instance of James T.
Fields, of the firm whose name appears in the title page quoted above. It includes
three 8mall volumes, published at intervals in England, under the title of “ Voices
from the Crowd, Voices from the Mountains, and Town Lyrics,” besides many fugitive
pieces gathered from periodical publications and other works. Mr. Mackay justly
ranks among the friends of human progress, and these poems cannot fail of exciting
others to indulge in the same aspirations for the good of humanity, and in the same
fervent love of nature in which the author indulges himself. The lyrical pieces were,
for the most part, written in a time o f political and social agitation in aid of the poor
and oppressed of England.
13. — A d ven tu res in F a ir y L a n d . By R ichakd H enry Stoddard. With engravings
from de signs by Oertel. Boston: Ticknor, Reed & Fields.
A very pleasant and tasteful volume o f fairy tales, that cannot fail of affording the
youthful admirers of fairy-land a delightful repast. The illustrations are pretty, and
the book is altogether attractive in form and matter.
14. — S ha kspea re a n d his T im es. By Ml GuizoTv 12mo., pp. 360. New Y ork: Harper
<fc Brothers.
This essay on the life and works of the great dramatic poet, originally appeared as
an introduction to the French edition of Shakspeare’s complete works, which was
published in Paris in 1821. These essays, which have been enlarged, now constitute,
in some sort, proofs in support of the ideas which, in 1821, M. G uizot endeavo.ed to
develop regarding the nature of dramatic art in general, and the particular and diver­
sified forms it has assumed among those nations and in those ages in which it has
shone with the greatest brilliancy— an art which has ever remained invincibly popular,
and has never ceased to charm all men, either by its master-pieces, or by its sparkling
bluelles.

15. — The

C en tle Shepherd. A P a s to r a l Comedy. By A ldan R amsay. With a Life
of the Author, and the opinions of various eminent men on the work, &c. New
York: William Gowans.
Who has not heard of Allan Ramsay’s Gentle Shepherd 1 Wm. Roscoe, no mean
authority, describes it as exhibiting rusticity without vulgarity, and elegant sentiment
without affectation. The characters of the piece engage in the humblest occupation
without degradation. It is one of the very best things of the kind in our language,
and we heartily thank Mr. Gowans for bringing an edition of it out in his antique but
beautiful style. The present edition embraces a glossary and a catalogue of the Scot­
tish poets.

16. — T he

W estern J ou rn a l and C ivilian .
M. T arrer and H. Cobb, Editors and Pro­
prietors. St. Louis.
This monthly, devoted to Agriculture, Mechanic Arts, Internal Improvements, Com­
merce, Public Policy, and Polite Literature, has reached its fifty-seventh monthly
number. It is to the South and West what De Bow’s Review is to the Southern
States. Its editorial papers are well considered, and selections well-timed and ju ­
dicious.

17. — The D om estic P ra c tic e o f H yd rop a th y. With Fifteen Engraved Illustrations o f
Important Subjects, from Drawings by Dr. Johnson. By Edward J ohnson, M. D.
pp. 468. New Y oik : John Wiley.
This is unquestionably one of the best practieal treatises on hydropathy, or the
water-cure, that has yet" been published. The author is no empiric, but a man with a
regular professional education and a large practice, who was led to adopt that system
of treatment which he found from experience to be the most efficient remedial agent
in the cure of diseases.
18. — S hakspeare L a con ics. A Selection of Pithy Sentences from Shakspeare, de­
signed as a Manual of Reference for the Student and General Reader. 18mo., pp. 228.
Philadelphia: C. G. Henderson.
The contents of this little volume consists of short and pithy sentences from the
plays of Shakspeare, which will be found most serviceable to public speakers for oc­
casional quotation.




The Book Trade.

898
19. — T h e

Footpath, a n d H ighw ay, o r W a n d erin gs o f a n A m erica n .

By B exjamix

Philadelphia: Lippincott, Grambo & Co.
The taste for pedestrian traveling is decidedly on the increase among us: a natural
reaction in this age o f railway rushing over the earth. Bayard Taylor, ‘‘ The Ameri­
can Farmer,” and Mr. Moran, the author of the beautiful volume before us, have set a
good example, which is likely to have many imitators. If you would see a country,
you must walk through it: if you would know a people you must walk among them.
Mr. Moran, in 1851-59, traveled, mainly on foot, through England (visiting all the
counties but three) and saw parts of Scotland and Ireland. He writes plainly, point­
edly and vividly, lie describes with minuteness, so minutely and fully indeed, that
his book would serve very well as a guide and handbook to the traveler who would
follow ill his steps on the Footpath and Highway. The book is very appropriately
dedicated to John Grigg, Esq., “ in testimony o f his great exertions in promoting and
extending throughout the South and West a pure and sterling literature.”
M orax .

20. — H isto ry o f the Secon d W a r between the U nited S tates o f A m e r ic a and G reat
B r ita in , declared by A c t o f C on gress, Ju ne IS th, 1812, a n d concluded by P ea ce,
F eb ru a r y \bth, 1815. I>y C harles J. I ngersoll. Second Series. 2 vols., 8vo.,
pp. 41S and 374. Philadelphia: Lippincott, Grambo <fc Co.
No history o f the second war o f the United States has been heretofore published
which at all approaches this in the accuracy of its details or the life-like spiritmf its
larrative. The author entered fully into the enthusiasm of an American patriot, and
re has imparted his feelings to his narrative. He also presents us with extremely inleresting personal Retails of Napoleon, much o f which -was related to him by Joseph
Bonaparte. There may be occasionally faults of style, but these the reader willingly
forgives, in consideration of the interest and instruction o f the narrative.
21. — The H isto ry o f F e w Y o r k f r o m its E a rliest Settlem ent to the P re s e n t Tim e. By
W . H. Carpenter & T. S. A ether. ISmo.,-pp. 336. Philadelphia: Lippincott,
Grambo, <fc Co.
This is the fourth of a series of histories o f the several States o f the Union. The
present volume, like the preceding, furnishes the reader with a clear, concise, and suc­
cinct history of the State, from its earliest settlement to the present day. It is not a
mere compilation, but a work originally treated, and elaborated with care and im­
partiality.
22. — T h e B ea u ties and D efo r m ities o f Tobacco U sing ; or, its L u d icro u s and its S ol­
em n Jicalilics. By L. B. Coles, M. D., Fellow of the Massachusetts Medical So­
ciety.
The author of this work seems to have written under the fullest conviction o f its
fatal ravages upon human health and longevity. Its “ physical and moral deformities”
are discussed in a pungent and forcible manner, and its personal, social, domestic, and
public “ beauties,” treated with a degree of irreverence that would shock the nerves
o f the banker-poet Charles Sprague, who, with many others, loves the “ w eed” in
“ learned doctors’ spite.”
23. _P lea sa n t P a g e s f o r Y ou n g P e o p l e : o r Boole o f H om e E d u ca tion a n d E n terta in ­
m ent. By S. P eout Newcombe. With numerous illustrations. ISmo., pp. 426
Boston : Gould it Lincolu.
This work happily belongs to a class of books, which atm rather to reco n cile plea­
sure with useful instruction than merely to m in g le them. The information it contains
is authentic, the scientific expositions accurate, and the moral tone ju s t; and the whole
is conveyed in a style well fitted to form a pure taste in the rising generation.

24. _W a v crley

H ovels. Illu stra ted E d itio n . Boston : B. B. Mussey & Co.
W e have received the twenty sixth and seventh volumes, which complete the se­
ries. It is, beyond all question, one o f the best and cheapest editions of Scott’s nov­
els that have yet emanated from the press in this country.

25 __ T he

S p rin g -T im e c f L i f e ; or, A d v ice to Y outh .
By Rev. D avid Magie, D. D.,
Elizabethtown, N. J. ISmo., pp. 328. New York: Robert Carter d: Brother.
This work is designed to inculcate lessons o f virtue and religion, and to incite our
young men to moral and mental culture.




The Book Trade.

399

26. — L i f e o f M rs. E liz a A . S elon , F oun dress a n d fi r s t su p erio r o f th e S isters or
D a u g h ters o f C ha rily, i n the U nited Stales o f A m erica , w ith co p iou s extra cts fr o m
h er w ritings, a n d a n H istorica l S ketch o f the S isterhood , fr o m its fo u n d a tio n to the
p resen t tim e. By Rev. C harles J. W hite , I). I). 12mo., pp. 581. New.York:

lid ward Dunigan.
This is a very interesting memoir o f an intelligent and accomplished woman, who
devoted all her energy and powers to labors o f genuine piety and charity. Her attain­
ments were such as to impart instruction to all readers, and her memoir cannot be
perused without profit by every well disposed mind. It is true she was o f the Roman
faith, but we are disposed to infer that religious orthodoxy or heterodoxy, is not
necessarily an element o f Christian charity. The account o f the sisterhood also is
quite full. The work is remarkably well written.
27. — A M em oria l o f D a n ie l W eb ster f r o m the C ity o f B oston . 8vo., pp. 270. Bos­
ton : Little, Brown & Co.
Tltis beautifully printed volume embraces an account of Mr. Webster’s last autumn
at Marshfield, from the pen of that accomplished scholar Professor F elton, together
with a sketch of his illness and death; the proceedings o f the city government of
Boston and the various associations; political and literary institutions, die., and closes
with the eulogy of the Rev. G eorge S. H illard , a most eloquent and impressive per­
formance, delivered in Fanned Hall before the government and citizens o f Boston. It
is illustrated with a portrait o f Mr. Webster, and a finely-executed view of his Marsh­
field residence.
28. — T h e W o r k s o f J oh n A d a m s, S econ d P resid en t o f the U n ited S ta te s : with a L i f e
o f the A u th o r , N otes, and Illu stra tion s. By his Grandson C harles F. A dams.
Y d s . 6 and 7. 8vo., pp. 550 and 675. Boston : Little & Brown.
In these two volumes will be found some of the most important o f the political
writings of Mr. Adams; especially his justly celebrated “ Discourse on Davila,” and
the conclusion o f ids “ Defence of the American Constitution.” The letters, of which
there are copious extracts, form an important part of his political correspondence.
The student of our national history will welcome these volumes for the ample illus­
tration which they afford of the author’s character, and of the times in which he lived.
A few notes by the editor are appended, which are prepared with care and judgment.
29. — F iv e Y ears in a G overnm ent E x p lo r in g E x p e d it io n ; to the Isla n d o f M a d eira ,
C ape V erd Islands, B ra z il, Coast o f P a ta g o n ia , C hili, P er u , A c. By Lieut. G eorge
M. C olvocoresses, U .S.Navy, an Officer of the Expedition. 12mo., pp. SOS. New
Y ork : Cornish, Lamport & Co.
This work embraces a great variety o f incidents occurring on board ship, descrip­
tions o f natural scenery, manners and customs, government, religion, and Commerce.
It has been comp'led from a diary, which the author kept in obedience to a “ general
order” from the Navy Department, which was frequently submitted to the com­
mander-in-chief of the expedition— a circumstance which would seem to afford a suf­
ficient guaranty for the correctness of the information the volume contains.
80. — N ouvellettes o f the M usicia ns. 8vo., pp. 353. New Y ork : Cornish, Lamport &
Co.
This beautifully printed and handsomely illustrated volume embraces a series of
nouvellettes, founded on incidents that really occurred in the artist’s life, presenting at
the same time illustrations of bis character and the style of his works. Conversations
are introduced relating to the musical compositions of the great masters. The view
given of the scope and tendency o f the works of different artists, show the elevating
influence of virtue, and the power o f vice to distort even the loftiest gifts of lreaveninto a curse and a reproach.
81. — F o o t-P r in ts o f T ru th ; o r. V oice o f H u m a n ity. By J ohn C ole H agen. With
Illustrations by C hapman , C uanch & W alcutt, engraved on steel by Mr. R oe. 8 v o .,
pp. 141. New Y o rk ; Cornish <St Lamport.
This is an effort by the combination of Art and Poetry to delineate some of those
fearful master vices which control the affections of mankind. The verse contains
harmony and fire, the engravings are striking and well executed, and the appearance
of the volume is as tasteful as an annual. It cannot be read without strongly im­
pressing the mind. It is worthy o f a place among the choice gift-books o f the press.




400

The Book Trade.

32. — E x p o sitio n o f the G ram m atica l S tru cture o f the E n g lish L a n g u a g e : B e in g an
A tte m p t to F u r n is h an. A p p r o v e d M ethod o f T eaching G ram m ar, f o r the use o f
Schools and Colleges. By J ohn Mulligan. 12mo., pp. 575. New York: D. A p­
pleton & Co.

W e regard this as by far the most important and able work on the structure of our
language, which has recently issued from the press. Commencing at the elements or
first principles of language, the author proceeds in a strictly logical order to develop
the nature and power of every “ part ” of speech, and every circumstance of a sen­
tence. Some portions of the work, especially on the nature of Words and Tenses, are
remarkable specimens of acute and logical leasoning, such as are rarely met with.
By the method of this book, if a person once learns grammar he will understand it
thoroughly, and easily become a perfect master of the subject.
33. — T h e G uide to K n o w led g e: being a C ollection o f U sef ul a n d F a m ilia r Q uestions
a n d A n sw ers on e v e r y d a y Subjects, adapted f o r Y oun g P erso n s, a nd a rra n ged in
the m ost sim ple a n d easy lanquaue. By E liza R obbins. 16mo., pp. 417. New
York: D. Appleton & Co.

•The title of this work explains very fully the nature of its contents. It is very evi­
dent that no youth can peruse it with care without acquiring a large amount of infor­
mation such as is usually obtained by slow degrees, and often at distant intervals. To
young persons it is worth vastly more than its pecuniary cost.
84. — Scenes in P a les tin e.

By a Pilgrim of 1851.

18mo., pp. 125.

Boston: Crosby

Nichols.

Although a little volume, and designed expressly for children, this work bears upon
its face marks of merit, which are too often wanting in large histories. The author
very modestly states that “ it is written on purpose for children, under the impulse of
lending the religious teacher some aid in clearing away the mist which hides from so
many the naturalness and reality of the gospel story.” Y et everywhere the fresh,
truthful, and progressive spirit of the Rev. Frederick W. Holland shines forth in its
pages, animating and inspiring every genial spirit with a renewed love for the true,
the beautiful, and the noble in the world and in humanity. It is this healthy and ele­
vated t»»ne, constantly leading the reader forward in hope and in thought, which gives
a vital interest to all this accomplished writer touches, and clothes his sentiments with
rare moral beauty.

85. — Twelve

L ectu res on the C onnection B etw een S cien ce a n d revealed R elig io n . D e ­
livered in R om e. By Cardinal Wiseman. 4th Edition. 2 vols. 12mo., pp. 360
& 363. Baltimore: Murphy <fc Co.

The topics o f these excellent lectures are “ The comparative study of languages;
the natural history of the human race ; the natural sciences ; early history ; Archaiology; and oriental literature.” They are written with richness and eloquence of style
and "are both eloquent and instructive. The relations of science and religion are han­
dled with liberality and ability.

86. — T h e

F ad ed H op e.
By Mrs. L. II. Sigourney. 18mo., pp. 264. New Y ork:
Robert Carter & Brother.
An interesting tribute rendered by a gifted mother to an amiable and promising
6on. The volume embraces the childish writings of that son, which the mother has
connected by the incidents of a brief life, but little varied. It will interest and in­
struct the young.

37.— D a u g h ters o f C hina ; or, S ketch es o f D om estic L i f e in the C elestial E m p ire.
By E liza J. Gillett Bridgman. 18mo., pp. 234. New Y ork : Robert Carter &
Brother.
Aside from the missionary character of the little volume, the authoress depicts
scenes descriptive of idolatry, and visits among the people of various classes illustra­
tive of the manners and customs of that wonderful people, the Chinese.
88.— W a v erley N ovels . L ib r a r y E d itio n . Boston: S. H. Parker, and B. B. Mussey
& Co.
This new and beautiful edition of these novels has reached its twenty-third volume,
which contains “ Count Robert of Paris,” one o f the Tales of my Landlord.