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THE

MERCHANTS’ MAGAZINE
1ANfi

COMMERCIAL REVIEW.
MARCH,

COMMERCIAL

1 8 6 2.

PIIRENSIES.

O. A. W.
F luctuations of T rade and F inance—P assing F evers—T ulip M ania —M ississippi SchemeSou th S ea B ubble —Colonial C urrency—Speculations of 1836—T axation .

T here is nothing stranger in the history o f nations than the extreme
fluctuations o f trade and finance, in their various branches; the ebb and
flow of the vast commercial tide is as marked, as inevitable, and almost
as calculable as that o f the great waters. Its waves “ mount up to Heaven,
they go down again to the depths
now tossing up their proud burdens
in triumph, and now engulfing them forever. Each great tide has its
series of waves, each wave its own ripples, and each ripple its separate
crest of foam.
The lightest, frothiest and most short-lived bubbles which float upon
this restless sea, insignificant while they last, and harmless when they
burst, are the ridiculous furies for a certain name, shape, or color, which
follow each other like the links o f a chain. Their reign is brief but
violent; they are born, they inflate, they explode, like a potato pop-gun,
and nobody is killed.
When ordinary shades o f materials are worth a certain price, you must
give a third more for Mauve, or if Mauve is a little out, for Solferino,
if that is beginning to pass, it’s azurine that commands a premium. Last
spring, the red, white and blue, raged like a spotted fever. Brick red,
muddy white, frozen blue, in a thousand burlesques and travesties of our
noble flag, debased it while professing to honor. Calicoes and wall-pa­
pers, hideous balmoral skirts, vulgar neck-ties, cotton-y pocket handkerVOL. XLVI.--- NO. III.
15




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Commercial Phrensies.

[March,

chiefs, leaky tinware, and unwholesome peppermint candy, shared alike in
the popular taste.
When J e n n y L in d was singing her way into the hearts o f men, there
came a sudden irruption of J e n n y L ind haberdashery into the world o f
small trades. A universal christening took place ; all the old rubbish
and all the new, received the cognomen o f the Swedish songstress,
from the highest need o f crowned heads, the J e n n y L in d toupee, to the
last desideratum of the western gallant, J e n n y L ind chewing-gum. But
directly, Miss J enny', to whom all the world had been listening, began to
listen to some one else, even O tto . She graciously consented to devote
herself to domestic life, and changed her name to Mrs. G oldsch m idt . All
the namesakes changed theirs too, and, in a twinkling, there wasn’t a bit
o f J e n n y L in d any thing left.
Music hath charms to soothe the savage soul, but muscle can subdue
the belligerent body that holds i t ; and it is only a little while since, among
a certain set, it was the H e e n a n title which gave glory to earthly atoms.
All goodly apparel and gay gold rings were H e e n a n ’ s ; it was the K e e ­
n a n cut o f the hair and beard, and such like barber-isms, and last, not
least, the H e e n a n boys. Countless numbers o f Mr. H e e n a n ’ s admirers
have blessed their sturdy offspring with his unabridged nomenclature,
and, in the course o f a half dozen years, every tenth boy in the ward
school will answer to the name of J ohn C. H e e n a n C obb , M obb , B obb ,
or C iiit terbo bb , as the case may be. But what’ s in a name 1 Let the lads
be good and honest, and they might be called B e e l z e - bu bs , for all the
difference it makes. Not so with the merchantable commodities ; they
waxed, and they must wane; they retire some night at a discount, and
come out in the morning above par, with the prestige, o f a newer appel­
lation. W e have no need to make any but the most distant reference to
the "W in f ie l d S cott boot-jack, and the most delicate allusions to the
M ’ C l e l l a n writing-desk, with twenty kinds o f paper, pens, ink, pencils,
rubber, wax, wafers, four portraits, and an assortment o f jewelry, all for
twenty-five cents.
Happy as the citizens o f our republic think themselves, they are, in
some respects, less fortunate than their European brethren; in a mon­
archy the “ king never dies,” and the subjects of a king have an unfailing
refuge. Let the old world vender be so lucky as once to attach a certain
phrase to his articles, and they cannot depreciate. Things “ Patronized
by Royalty” can never go out of fashion, for royalty is always existent.
The wigs, the powders, the double rows o f masticators which grin upon
you from the advertising sheet, the artificial limbs and eyes, all “ Patron­
ized by Royalty,” must be successful, now and forever!
W e unselfishly congratulate the transatlantic trader; while, at the
same time, there steals into our not yet hardened heart, a sigh o f pitying
wonder for the singularly large and hapless royal families who seem
to be destined to crumble away, in order to give employment to artisans
and an impetus to home manufactures.
Vive la bagatelle ! as long as it may, and let it expire when it m ust;
we have to do with graver things— graver in their results; and yet many
o f the wildest commercial excitements ever known, lifting and sinking na­
tions in their rise and fall, have had an origin hardly more important than
that o f these passing trifles. One o f the earliest of these was the tulip
mania, among the Dutch. Two hundred and twenty-five years ago, Holland




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Commercial Phrensies.

227

was mistress of the seas. England, Spain and Portugal had laid claim
to the ocean sovereignty, hut their titles were only nominal. The com­
merce o f Holland was more extensive than that of all the others together.
Her ships went to the remotest quarters of the globe; her merchants
were men o f vast wealth and influence; her commercial companies, the
East and W est India, achieved enormous undertakings and successes for
that time. It was in those days that P e t e r H e n took a fleet of Spanish
galleons worth one hundred millions o f dollars, and that V a n T r o m p , to
make his sauciness a shade more saucy, tied a broom to his masthead, to
show his intention o f sweeping from the high seas everything that
opposed or impeded the mastery o f Holland. Gardening was then in its
infancy. Among the Dutch and English it had lately begun to attract
great attention, through the fame o f the gardens o f the east and south.
Flowers, shrubs, seeds and bulbs were now imported, as regular articles
o f trade, from Persia, Constantinople and Venice. The bulbs o f tulips
were especially popular; the demand for them was so great that their
value rose very rapidly, and, in 1634, a perfect mania for them seemed
to possess the people o f Holland. It spread like an epidemic, but like
a Dutch one, slow and sure. If it had arisen in America, a few months
would have seen its beginning and en d ; in Holland, it took five years
to reach its climax. This single branch o f trade became of such enor­
mous importance, that every city and town had its tulip market, and
every fair its tulip stall. The ramifications and complexities of the laws
concerning the purchase and sale were so intricate and obscure, that spe­
cial acts were passed to regulate them, deliberative committees chosen,
and particular functionaries appointed to investigate and decide all diffi­
culties arising therefrom. The enthusiasm increased week by week, and
when it was found that the rise and fall o f the tulip stock began to affect
the markets o f England and France, the excitement raged beyond all
limits. Philosophers thought that the veritable golden age was come
at last. The rich fancied themselves about to be made twenty times
richer, and the poor supposed that they had seen the last o f their pover­
ty, and that vistas o f lordly wealth and power lay before them. Nobles
bartered their hereditary lands and castles for a handful of bulbs; and
those who made successful bargains feasted their friends to celebrate the
achievement. Statesmen, burghers, farmers and sailors made haste to
sell whatever they possessed, even at the most ruinous sacrifices, in order
to obtain a few o f the little brown roots. Throngs o f these sedate
Dutchmen hurried, as fast as their phlegmatic temperaments and volumi­
nous best clothes would let them, to the doors o f the tulip marts, long
before the hour o f opening, elbowing their way with calm, but remorse­
less energy, and stepping in front o f their less lucky neighbors, with a
firm uncharitableness worthy o f a later age. Maid-servants and footmen
eagerly parted with their hard-earned wages in exchange for a single
inferior root.
Old-clothes women offered whole bagsfull o f ancient
shoes and battered hats for an offshoot; and even the poor chimney­
sweeps gave up their smutty all for one poor little sprout.
The bulbs were examined, criticised and pronounced upon by the
most able judges, and weighed in the most delicate scales, as accurately
as a jeweller weighs his precious stones. Once, a tulip might have been
bought for its weight in gold, but that time had long passed by. Now,
an Admiral V o n d er E y c k brought $630; a Viceroy sold for $1,500;




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Commercial Phrensies.

[Mar ch,

and an Admiral L e if k e n for $2,200. A sailor, just returned from sea,
and sick of salt meat and hard biscuit, saw a bulb upon a merchant’ s
desk; he mistook it for an onion, stole it, and ate it for his breakfast.
Its market value was sufficient to pay the expenses o f ship and crew for
a whole year. But the rarest and most coveted variety was the S e m p e r
A u gu stu s , which was considered dog cheap at $2, '750. A t one time,
the demand for these had been so great, that there only remained two
roots o f this kind in all Holland— one at Harlaem, for which a merchant
gave twelve acres o f building lots, and one at Amsterdam, which was
finally sold for a carriage, a pair o f gray horses, an entire set o f harness,
and $2,300 in money. One rare bulb, whose name is not told, was pur­
chased for “ 160 bushels o f wheat, 320 bushels of rye, 4 fat oxen, 8 fat
swine, 12 fat sheep, 2 hogsheads of wine, 16 hogsheads o f beer, 1,000
■pounds of cheese, 4,000 pounds o f butter, a complete bed, a suit of
clothes, and a silver drinking-cup.”
Suddenly, as by a flash o f lightning, there darted into some startled
minds a conviction of the truth; perhaps it came first into that of the lastnamed speculator, who had robbed himself of all his produce, his bed, his
clothes and his heir-loom, and found that the little bulb he held would
neither warm, nor clothe, nor feed him. However that may be, the panic
spread like wildfire, and the baseless fabric of prosperity came crashing
down upon thousands o f victims. Such wide-spread horror and desola­
tion were never known in Holland, before or since. A few o f the more
astute speculators came out o f the general wreck incredibly wealthy; the
thousands of others were ruined absolutely and completely. In vain did
energetic men in different parts o f the country struggle to check the tor­
rent of destruction which well-nigh overwhelmed the entire nation.
They appealed, with piteous complaint, to the laws of the state; but the
law refused to regard the contracts entered into as binding. They
stamped them as gambling transactions, illegal and indefensible, and
declared that actions for breach o f contract could not be sustained. The
government was besought for relief and redress, and the deliberative
council of the Hague considered the evil for a long time without being
able to discover any remedy.
One might suppose that the whole civilized world would have learned
a never-to-be-forgotten lesson, by the folly and the wretchedness which
had come upon Holland; but in less than a hundred years after these
events, France enacted almost the same scenes over again, in the excesses
o f the Mississippi scheme. The projector of this scheme was the noto­
rious J ohn L a w , of Edinburgh— a worthless, vicious man, who wasted a
fine fortune by his dissipation, and then took to gambling as a means of
reimbursing himself. His life was so utterly base, and so villainous, even
.among villains, that he was forced to leave his own land. For fourteen
years he wandered from place to place on the continent. He was ban­
ished from Paris, Amsterdam, Venice and Genoa, in succession, as a
desperate and shameless adventurer; yet he nevertheless managed, dur­
ing that time, to amass a fortune o f $500,000, all won by gambling.
W ith this he went back to France, as soon as the Duke o f Orleans was
made regent, and was allowed to establish himself in Paris. Here he
enfolded his great project, which was, to establish a bank, an East India
company and a Mississippi company; by the profits of the three plans
■combined, to pay off the entire national debt o f France, replenish its




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Commercial Phrensies.

229

exhausted treasury, and to enrich the whole nation by a flood o f wealth
exceeding man’s wildest dreams. He had already otfered the plan to
V ic t o r A m ad eu s , King o f Sardinia, who had the sense, however, to tell
him that he was not a sufficiently powerful monarch to he able to ruin
himself. France was not so scrupulous; her finances were embarrassed
and her regent reckless, so L a w was regarded with high favor, and upon
the strength of his triple scheme, was raised to the position o f Comptrol­
ler-General of the Finances. In 1716, he established the bank in his
own name, and through the patronage o f the Duke of Orleans and the
dazzling prospects that were held forth, he obtained the subscriptions of
thousands o f wealthy persons, not only to the bank, but also to the com­
panies. The chief attraction, which bewildered the brains o f the whole
nation, and grew rapidly to such huge importance as quite to absorb the
minor projects of the bank and the East India company, was the Missis­
sippi scheme. The land occupied by a French colony at the mouth of
the Mississippi River, was supposed to be teeming with gold, and that the
least possible labor would produce it in immense quantities, and fill the
whole kingdom with it. Notes were issued to the value o f two hundred
millions o f dollars, and a profit o f one hundred and twenty per cent, guar­
anteed on all investments. Three hundred thousand applications were
made for fifty thousand shares. In 1718, the regent had declared the
bank a royal one, so he now assumed the responsibility o f creating three
hundred thousand additional shares; but even this could not begin to
supply the demand. The shares rose to twentyfold their original value,
so that, by the year 1719, they exceeded more than eighty times the
amount o f the entire current specie o f France. Under the unnatural
stimulus, property of all kinds assumed a worth twelve or fifteen times
greater than usual. The excitement became so intense, that even the
gaieties of Paris, that gayest city of the world, were suspended, and the
mass of pleasure-seekers threw themselves, heart and soul, into the vortex
o f speculation. The city was so filled with strangers that no place could
be found to contain them. Stables and sheds were turned into lodging
places, and when these proved insufficient, numberless tents were erected
for their accommodation. One old cobbler rented his stall for the sum of
thirty-eight dollars a day. The bank was near the court o f the Chancel­
lor of Paris, but the sound o f the feet and the voices o f this ceaseless
torrent of human beings was like the roarings o f a troubled sea, so loud
and incessant, that the pleadings of the advocates could not be heard.
Five hundred pavilions, therefore, were erected at some distance from
the court, to afford facilities for the purchasers. A t times, men and
women o f great rank stood half a day in the roughest crowd, before they
could obtain an interview with an agent. Two quite noted philosophers,
who congratulated themselves and each other, one day, upon escaping
the absurd contagion, met the next, face to face, in the eager throng of
applicants. The streets were so filled, that it became necessary to clear
them at night by companies of soldiers, to avoid mobs and scenes o f vio­
lence. Often, persons v’erc trampled to death in the frightful crowd, and
the surging mass o f humanity, imbruted by the wild thirst for gain,
closed ruthlessly over them, without pity and without check. Society
became thoroughly disorganized; murders, robberies and outrages o f all
kinds grew every day more frequent; and it is vain to speculate upon
the extent to which the utter lawlessness would have been carried, if it




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had not been suddenly cut short by the explosion o f the whole scheme.
This was in 1 7 2 0 , and all France seemed to have become bankrupt and
beggared. The regent’ s palace was surrounded day and night by an
indignant, uncontrollable mob. The government was nearly overthrown,
and out of the thousands who were ruined, hundreds grew desperate at
the hopelessness o f their condition and committed suicide. L a w was
banished to Poictiers, and all that he saved from the wreck of his wild
plans, was his treacherous soul and enfeebled body. Poor, friendless,
degraded, he wandered hither and thither, and died at last, in great des­
titution, at Venice, in 1729. Fifty-eight years o f deliberate evil-doing,
lying and lust and treachery, ought to wiu a man some sort of distinction
even in Hades, and we cannot repress the conviction that he has been
for some time enjoying a tete-a-tete with J u d as I s c a r io t in D a n t e ’ s last
depth o f Inferno.
It seemed in those days as if the whole earth were given up to the
cruel reign of the dark spirit o f speculation; for, contemporaneously with
the Mississippi scheme in France, there arose in England a mania of a
similar kind, following it almost step by step, and coming to its downfall
in the selfsame year. People seemed to be impressed with the idea that
the wealth of South America was boundless, that all its lands were like
those of Potosi and La Paz, and that all its rivers washed down in their
currents more gold than sand. If the French enthusiasts believed in the
riches of their Mississippi lands, the English devotees pinned their very
soul’s faith to the coat-tails o f this effigy o f mammon which their own
imagination had arrayed. They believed, to a man, that if any one
wanted a fortune, all he had to do was to take passage for South Ameri­
ca, land, and let down his spade, and there he w as! But in case it was
not convenient to leave home, or if he preferred the fortune without the
expense o f the journey and the fatigue o f digging, let him subscribe to a
“ Joint-stock company.”
In 1 7 1 0, the very year o f L a w ’ s entrance into France, the enormous
speculation called the South Sea company, began to excite attention. In
1 7 1 6 it was incorporated by statute, and the company received the exclu­
sive right of trading with South America, besides many other important
privileges. The managers promised magnificent profits, and that was
just what every one wanted. The stock rose till it was eagerly bought
at one thousand per cent, premium, and the unparalleled success pro­
duced the natural result o f filling the whole country with mushroom
schemes. Joint-stock companies sprang up everywhere, smaller than the
first, but full as visionary. As many as eighty-seven were named in a
parliamentary report. There was one company for “ Increasing Chil­
dren’s Fortunes,” which was quite popular, particularly among people
who had more responsibilities than they could take care of. Another,
for “ Furnishing Funerals in any part o f Great Britain.” This did not
take as well. The suggestion was a little sombre for people whose whole
souls were bent on laying up much goods for many years; yet even then,
there were a few more sober ones, who thought it well enough to look
beyond this world,— as far as the funeral. Like some o f our own most
estimable contemporaries, they gauged the merits o f the last sad offices
by the length of the procession, considered a “ large following” essential
to posthumous respectability, and so subscribed— probably under the
impression that all other shareholders would attend, in case o f affliction.




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Another, for “ Making Looking-glasses,” capital $10,000,000. Perhaps
the projector had sense enough to see that there was a great want of
reflection just then, and so undertook to supply the demand. A com­
pany for “ Insuring all Masters and Mistresses against all Losses by Ser­
vants,” capital $15,000,000. A company for “ Importing Walnut Trees,”
and another for “ Erecting Loan Offices,” both with a capital of
$10,000,000. Verily, we believe that if one, more candid than the
others, had organized a company for the “ Aggrandizement o f Knaves at
the Expense of Fools,” it would have been embraced as heartily as any.
But the rarest o f all schemes was yet to com e: the “ Company for
carrying on an undertaking o f great advantage, and nobody to know
what it is / ” Could any thing be more delicious than such a mystery !
To be enriched, without knowing how ; to arrive at a grand result, with­
out knowing where; to have all harassing details generously managed
for you, and not know by whom. Oh ! this was the topmost round of
bliss! The manager only asked a deposit o f ten dollars on every share
o f five hundred dollars, and guaranteed a profit of five hundred dollars per
year. Due notice was given ; the establishment opened; the office was
thronged. On the first day the deposits amounted to nearly ten thou­
sand dollars. The happy man spent a busy evening packing, and the
next morning he was not at h om e; his friends did not hear from him,
and nobody knew whether he was well or n o t; but the solicitude he
caused was transient, and anxious inquirers solaced themselves by new
investments at the next corner. N ot so slight were the effects o f the
next delinquency.
Mr. K n ig h t , the cashier o f the Great South Sea
Company, absconded with five hundred thousand dollars, and his flight
plunged the other shareholders into a sea of trouble, and ended in the
total ruin o f all the joint-stock schemes. The secretary, Mr. C r a g g ,
had laid up the sum o f seven millions o f dollars. For years he had been
toiling for an only son, and this enormous wealth was to be his ; was to
be, but was not, for the son died about that time. Parliament forced
Mr. C r a g g to refund the entire amount, and the disappointed man died
himself soon after. The secretary’s fortune, and the sums that still re­
mained in the possession of the company, were divided by a commit­
tee o f Parliament among the shareholders, but it was a sorry return for
the fortunes wasted irretrievably.
It is a woful fact, that financial disasters may result, not only from
the deliberate plotting of dishonest men, but also from the ill-judgment,
indiscretion, or hasty action o f men or nations thoroughly honest and
well-meaning. Whatever causes tend to fill a country with currency or
merchandise o f a highly fictitious value, give an unnatural stimulus to
all business transactions, which must be followed by a proportionate de­
pression.
Of the chief money excitements in our own country, the first began
with its babyhood. It was a poor, young nation, struggling for breath,
for being, for freedom to live ; determined to maintain its own convic­
tions of the right, against the opposing conservatism o f centuries; reso­
lute to win its footing among the peoples o f the world, and not to perish
in the attempt. It was dauntless, but young ; honest, but inexperienced;
its enemies pressed it from without, its traitors divided it within, yet its
poverty was stronger to crush it, than all its foes combined. It had no
credit to borrow on, no resources to look to, and soon after the battle o f




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Lexington, in May, 1755, Congress resolved upon the plan o f issuing
bills o f credit, called Continental currency. B y the end o f the year,
they had put six millions o f dollars in circulation, which began to depre­
ciate within a twelvemonth. But Congress would not be warned, or,
perhaps, could not b e ; the issuing and the depreciation went on together,
hand in hand; and by the beginning o f 1780, there were two hundred
millions o f dollars in circulation, forty o f which were sold for one specie
dollar. The final issue amounted to three hundred millions o f dollars, and
by the end o f 1781, one silver dollar was considered an equivalent for one
thousand o f the currency. The money distress o f the nation was great, but
they had the consolation o f knowing that they were suffering for an end
accomplished, and that they possessed something better than gold or
silver, the inestimable riches o f freedom.
Ill-judged as the course o f Congress seems to have been, there was
yet a palliation attending it, which no other similar act admits of. I f
they could have foreseen the result, they might have done the same, for
there were but two evils to choose from, financial distress or political an­
nihilation, and they must have chosen the less.
The second great crisis of our country is too well remembered to need
more than the barest reiteration o f facts. The first United States Bank
was chartered in 1791 for twenty years, the charter expiring in 1811.
In the last year of M a d iso n ’ s administration, 1816, a charter for a new
bank was granted, also for twenty years, with a capital o f $35,000,000.
President J a c k s o n , from the beginning o f his administration, in 1829,
opposed the renewal of this charter, considering it unconstitutional, and
adverse to the true welfare of the country. The officers, however, pre­
sented a bill for its renewal in 1832, which passed both houses, but was
vetoed by the President. He then advised the removal o f the public
funds from the custody o f the United States Bank, but Congress repaid
his veto by a plump refusal. They might as well have tried a skirmish
with a thunderbolt. J a c k so n waited till they had adjourned, assumed
the sole responsibility o f the act, and directed the Secretary of the Trea­
sury to withdraw them. Mr. D u a n e refused, upon which, J a c k so n dis­
missed him from office, and appointed as his successor R o g e r B. T a n e y ,
who proved more compliant to the President’s demands. The withdrawal
o f the government funds was accomplished in October, 1833, and they
were deposited in certain State'banks.
The community considered the National Bank as essential to its pros­
perity ; and the action of the President in regard to it produced a gen­
eral panic. This, however, was quickly remedied by the increased pros­
perity o f the State deposit banks; the great addition to their capitals
enabled them to loan their funds very freely, and the result was a sudden
expansion o f paper currency. Money was so easily borrowed, and large
bank loans obtained with such facility, that trade received a great impetus.
Home manufactures were immensely stimulated, foreign importations
were immoderately increased, and our people were seized with a thirst
for speculation, especially in real estate, which soon assumed the features
o f a mania. The passion for buying western government lands became
almost universal, and whole tracts were purchased with the idea that our
swiftly advancing wave of civilization would soon demand the settlement
o f even these remotest outposts. Hundreds o f towns and cities were laid
out on paper, and bought as eagerly as if their success had been insured
years ago.




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A t this indurated period o f finance, some of us are so chicken-spirited
as to feel a placid satisfaction in the possession of one good comfort­
breathing house, where we may dwell in peace; if we have one or two
others beside, well rented, so much the better; we call it decidedly good.
But our fathers, uncles, and miscellaneous male acquaintances o f 1836,
would have looked down on us with ill-concealed pity, if they could have
foreseen our feeble ambition. Then, a man owned not one house, or two
or three, but a whole village, even a town, ay, a c ity ! and carried it about
in his pockets ; a grand city, a manufacturing nucleus, a commercial cen­
tre, with parks and avenues, mill privileges, lake facilities and wharf sites.
Belying upon continued bank loans, and the expectation o f a quick re­
turn for all their outlays, men invested millions of borrowed capital in
these land speculations; and when, early in 1837, the public funds were
withdrawn from the State banks by order o f Congress, and these banks
forced suddenly to contract their operations, the ruin was wide-spread.
In New-York city alone, the failures amounted to more than one hundred
millions o f dollars. The uncontrolled spirit o f speculation had doomed
many a man to poverty and dishonor. They had fancied their cities
built up, busy, populous ; and so they were very shortly,— populous with
faded hopes and bitter regrets, but with no other residents that have ever
been heard of. They had quantities o f titles to nothing, and deeds con­
veying to them wild wastes of woods, remote, uncivilized, unknown;
traversed only by the red children o f the forest and the prey that they
hunted. They began to see that S o lo m o n was not so much out of the
way as they thought he was, when he declared, that “ he that ruleth his
spirit, is better than he that taketh a city,” especially on paper. The
lesson was too late to be o f service then, but it will do for the next time
if they don’t forget it.
And men cannot always forget; young nations, like young people, are
rash and self-indulgent; the gratification o f the present moment is more
to them than the peace of future years ; but the more mature nation re­
flects. It considers its own experience and that o f others; it consults
history, that great chart by which the ship o f State must steer; it sees
laid down upon it the rocks and maelstroms where other ships have
struck, or gone whirling down to death; Scylla here, Charybdis there,
danger everywhere to the careless navigator; and it turns eagerly to the
man at the helm, yearning to pour into his hand and heart the strength
and skill o f a thousand stout hands, the steady wisdom of a thousand
brave hearts. It is ready to do its share o f buffeting with the waves, and
asks only for safety, not for ease.
A t this time o f peril to our country we cannot expect to keep all that
we would like ; we must choose that which is most precious to us, with­
out which, our existence as a nation would be worthless; we must save
this first, and the rest afterwards, if we can. W e must have subordina­
tion to our government; we must have its laws upheld and its authority
maintained; we must have peace in our homes and prosperity in our
market-places, and whatever it costs we must pay for them. But let it
be with the preventive ounce rather than with the curative pound. Let
us remove our mountain, one load at a time ; let us eat our peck of sand
grain by grain, and both will be gone before we know it.
For years, taxation has been held up, like a scarecrow on a pole, to
frighten generation after generation o f men ; but, like most other buga­




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Review o f the Article, “ What is Money

[March,

boos, when you walk boldly up to it and grasp it, ’tis but the semblance
of a horror; it has flapped in the wind long enough, and scares us no
more. On the contrary, we begin to like it. The physic that a well
man rejects with disgust, he swallows with gladness when he is sick ; and
ourbig pill has been transformed into a great bon-bon. W e had so much
rather be taxed than to be impoverished; so much sooner pay a tithe o f
our income this year, than not to get any at all next year; we so much
prefer to be “ hard up” now, than to be hard down by and by, that we
clamor for taxation as the best blessing o f life. In short, it has become
very much like Mrs. W i n s l o w ’ s Soothing Syrup; fathers toil for it,
mothers bless it, children demand it unconditionally, and babes in the
cradle wail for it with helpless beseeching. Oh ! that Congress would
omit the discussion o f swarthy bosh, stir up its sinewy bowels o f mercy,
and graciously bestow the boon !

REVIEW

OP

TIIE

ARTICLE,

“WHAT

IN NORTH BRITISH R E V IE W , NOVEMBER,

IS M O N E Y ? ”
1861.

“ W e now come to a matter of extreme importance for the right understanding of
the science of currency. W e have said that coin is an ordinary commodity, like
any other, authenticated, as to quality and weight, b y the stamp of the State. But
coin, so long as it circulates within the realm for the purpose of buying and selling,
loses, for the time, its intrinsic value. It resembles a steam-engine, a field or any
other machine. Its intrinsic value is suspended till it is sold, and its worth consists
solely in the work it achieves. Sovereigns, when passing from hand to hand, are
no better than counters or tokens. They are not wanted for the sake of the gold
they contain, but solely as pledges that a man shall be able to buy with them as
many commodities as those he gave in exchange for them. A bad shilling does the
work of coin quite as well as a good one till it is found ou t; and it then becomes
worthless, because the absence of the intrinsic value destroys faith in its power to
persuade a seller to part with his wares. If that seller knew that he could pass it
off as good, upon another man, he would, (apart from the question of morality,) be as
willing to take it as a silver shilling. Metallic money, whilst acting as coin, is
identical with paper money, in respect of being destitute of intrinsic value; with
this single difference, that when it is desired to reproduce that intrinsic value, the
sovereign can be instantly turned into bullion, whilst, in the case of a note, an
intermediate step is necessary,— it must be sent to the bank before its intrinsic
worth is recovered. The security for the value is already in the hands of the
holder of the sovereign; for the note, the solvency o f the issuer is an additional
requisite. Still, whilst circulating, both make no use of their intrinsic value; and
this is the great point to grasp firmly.”— North British Review, November, 1861.
"W e confess, at tbe outset, our great surprise and regret, that a review
o f such acknowledged reputation as the North British, should have, in
these days, become the medium o f circulating such nonsense,— for we
can call it by no other name,— as that contained in tbe above extract.
When we turned up the North British Review for the article, “ W hat is
Money ?” we expected to find something really worthy o f its established
name; something solid and indicative o f correct thought. But we are
disappointed. W e came seeking fruit, and have found none. And the
result only strengthens the opinion we have long entertained, that the




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235

illusions of the currency-mongers must be classed among those which
characterize the enthusiast and the dreamer.
And our conviction
strengthens, that these pleasing delusions must eventually be dissipated
by something more stern and practical than the force o f mere argu­
ment.
What are we ashed to believe in the passage quoted ? That bullion,
or gold metal in the rough, possesses an intrinsic value which disappears
the moment the gold is coined into sovereigns; that coined metallic
money is as destitute of intrinsic value as paper money. W e think we
perceive a smile upon our reader’ s face at such an idea as this, advanced
in one of the leading English reviews. What are we to think of the
currency literature o f England, if we take this article as a type ? W hy,
the idea advanced is so monstrously absurd, that it would not be listened
to a moment by the veriest clown. W e entirely mistake the growing
intelligence of the American mind on these points, if one in ten thousand
on this side the water can be found to subscribe to such doctrines.
Intrinsic value is real value, inward value. Now, so far from the work
o f the assayer and coiner “ suspending” or destroying that value, we say
that, if there is value in the thing at all, they rather increase it. W e
have heard o f wonderful transformations in our day. The man who can
deliberately publish to the world, that he believes his hundred gold sove­
reigns have no real value unless he gets them transformed into their
original ore, exhibits a state o f mind as peculiar as it is interesting. W e
trust our author “ has grasped the great point firmly,” for assuredly its
dimensions are so portentously small, as to be quite sufficient for one
hand at a time.
Still, the subject mooted is o f importance. W e know quite well that
nearly all the arguments in favor o f a paper currency rest on reasons
equally pointless, and bases equally insecure. The paper money has
touched you in a vital point. North o f the lines and lakes, we watch
the currency throes of a great nation with something more than the inter­
est o f mere spectators, and we are pretty sure that the Federal govern­
ment would be under everlasting obligations to the shrewd and cannie
Scot, if ho could spare you a few millions o f that gold upon which he
seems to set so light a price. I dare say you would not question with
him about its “ intrinsic” value, and would be content to leave in abey­
ance all inquiries as to its “ identity” with paper money.
I f it were true that metallic, or coined money, was as destitute o f intrin­
sic value as paper, then the diggers o f gold may cease their labors, and
the hard cash party their opposition. But I repeat what I have elsewhere
said, that “ the worth o f gold resides in its own essence, and that it bears
in its nature the source and stamp o f its genuineness and authenticity.”
And instead o f paper notes being, as the reviewer alleges, cheap instru­
ments of currency, we hold that they are the very dearest which a nation
could possibly adopt. They are dear, because the intrinsic value is not
there; they are dear, because they are the instruments by which national
debts are piled upon a people; they are dear, because they banish the
gold out of the people’s hands; they are dear, because they uphold specu­
lation o f the wildest nature, and affect exchanges at a rate far beyond
our social requirements; they are dear, because they compel our foreign
exchanges, by means well known to every discounter o f bills, to be set­
tled for, at an expense which could afford to lose a treasure ship in the




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[March,

deep every month; they are dear because, instead o f the banks lending;
to the people, it is, in reality, the people, who take these bills, who lend
to the banks; they are dear because, as a leading New-York paper
recently well remarked, they are printed lies, of the worst description;
and they are dear, especially, as they have been the means o f untold
misery, wretchedness, poverty and fraud.
The use o f paper notes as currency is founded, the reviewer tells us,
on the fact that, whilst circulating, both paper and gold “ make no use
o f their intrinsic value.” I f this is the case, and paper and gold are
equally circumstanced in this respect, how does it come that the paper
is a substitute for the gold, and not the gold for the paper? The
reviewer would have us believe that the paper circulates because the
gold is expensive. But what does he mean by the gold being “ expen­
sive ?” Is a ten dollar piece more “ expensive” than two barrels o f flour ?
Are the flour and the wheat not just as expensive as the gold? D o we,
therefore, refuse to use our wheat and flour? But, perhaps, he means
that the gold is not so easily got as the paper. That we verily believe;
and herein lies the secret o f a paper currency. Here is a rare sort o f
Scotch charity; their bankers would relieve us o f our gold because it is
“ dear,” and give us a bit of paper in its place. W e cannot but think
that the gold is very dear to them, in a sense something different from
“ expensive.” The reviewer surely cannot be ignorant of the facilities
for making a livelihood by issuing paper, and he was never wider o f the
mark in telling us that paper money is founded on the absence of intrin­
sic value in gold sovereigns. In fact, the intrinsic value o f the gold is
the only value we care about knowing or being certain of, and we must
guard it from counterfeit or adulteration; we are not just so ignorant
of the mysteries o f banking as to attach to it any thing more charitable
than to other trades, and we choose to bring the profession to its natural
and homely level, namely, a matter o f pounds, shillings and pence, or of
profit and loss. Gold circulates, then, as currency, because all nations,
in every period of the world, have recognised it as being possessed o f an
intrinsic value. That notion o f value, again, may be wrongly or rightly
placed, but it is o f no use to our purpose to inquire into that point. It
is sufficient for us to know that it has never been repudiated, that it is
everywhere a legal tender, and, what is of far more consequence, that
nobody will refuse it. W e can assure our Edinburgh friend, that what­
ever may be the condition of the Scottish gold, the gold o f this land,
like that o f Havilah of old, “ is good.”
“ A bad shilling,” says the reviewer, “ does the work of coin quite as
well as a good one till it is found out.” W e may add, that a paper bill,
and even a counterfeit one, do the work quite as genteelly till they are
found out. Can any moralist point out to us the difference between the
pretended representative o f a medium o f exchange, and the counterfeit of
that pretended representative ? Are they not both forgeries of the worst
character ?
The whole question resolves itself very much into one o f payment. It
is not so much a question of currency as o f payment. For exchanges
are affected by counterfeit money as well as by bank notes and solid
gold, and where is the difference if you lose trente sous by a bad English
shilling, or twenty-five per cent, on a dishonored dollar? W e admit that
exchanges are affected by the worthless paper as well as by the “ expen-




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Review o f the Article, “ What is Money ?"

237

sivo coin.” But exchanges suppose payment, and surely no one in his
senses will allege that a debt can be paid by a promise to pay. It would
be as reasonable to say you had paid your neighbor a visit, by promising
to pay him one. The bank note bears upon its face the evidence o f its
inability to discharge a debt or recompense a sale. If a bank note passes
through a thousand hands, and is ultimately repudiated, a thousand per­
sons have been deceived. Nearly the whole of the United States is, at
this moment, an evidence o f this truth; and the Bank o f England has
told the same tale for twenty years at a stretch. It is not long since the
west of Scotland presented a notable illustration o f the same fact. No
reasonable mind can doubt the conclusion, that the only currency which
can discharge a debt, is one which has tangible, real, intrinsic value, as
gold and silver, or any other commodity, which can never be dishonored;
and whatever plausible may be said as to the operation o f mere ledger
inscriptions, experience and prudence equally dictate to our legislators
the duty o f providing that no such fiction as paper money be permitted
to get into their people’s hands.
1 will now use a homely illustration. A cow and a gold sovereign are
two commodities which are acquired by labor, or for which value must
ordinarily be given, ere they come into our possession. What would
our readers think were we to tell them that the cow, as we have been
told o f the sovereign, loses her intrinsic value when performing those use­
ful functions discharged by every well-behaved cow, and only regains her
intrinsic value when mashed up into her original parts of blood, bone
and muscle ? If I sell my cow, and she passes from one hand to another,
surely her intrinsic value is the basis o f her circulation, just as the in­
trinsic value of the gold is the basis of its circulation.
W e are further assured that a gold currency “ is not wealth, but only
a machine for exchanging wealth
and “ the currency o f a country is
not wealth till it has been converted back again into bullion, and so has
ceased to be currency.” W e can conceive o f a gold currency being re­
turned to the melting-pot, but it beats us to determine by what process
o f legerdemain the hundreds of millions of paper money can be “ con­
verted back a g a i n a n d the reviewer, perhaps wisely, has not informed
us on this point. I am sure we would all be very glad just now to dis­
cover the method. The reader will perceive how completely the ma­
chine theory subverts every principle o f barter.
W e consider it proper to add, in order to prevent misconception, that
although gold money is possessed o f an intrinsic value, yet an increase of
say double the quantity o f metallic money does not suppose a corres­
ponding increase o f positive value to the world. The result would be
acknowledged in an increased price only. I f Great Britain, for example,
were entirely isolated, she would not, as we have before remarked in this
Magazine, have more bread and beef, were her currency so increased, as
to load her with gold from John O’Groat’ s to Land’s End. She would
certainly be richer in gold, but not richer in commodities or in material
comforts. And this result arises, no doubt, from the fact that no abso­
lutely fixed amount o f gold is requisite for moving the world’s commerce.
Perhaps the currency, like the human body, may be surfeited. But the
question is really of no practical importance ; for gold production will
always, in the main, be the result of individual activity, and a matter of
individual profit; and we are, no doubt, too prone to lose sight o f these,




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Review o f the Article, “ What is Money ?"

[March,

the only important features in what we call “ national wealth,” and inter­
national “ balances o f trade,” about all which there is, doubtless, a great
deal intangible and deceptive. What we deem a favorable balance of
trade, may be in reality the very opposite; and a flaunting national wealth
may include within it a world o f poverty and suffering.
It is rather a significant circumstance, that so many o f our fine cur­
rency schemes should begin with efforts to prejudice our gold. The
popular predilection in favor of that metal is a serious barrier in the way.
Every effort is, therefore, made to destroy the popular b elief; and the
tendency which common sort o f folks occasionally have, to seek value for
the paper which has got into their hands, is pronounced vulgar and ridicu­
lous. A transformation like this, so much desired by paper theorists,
will be found rather a difficult task. As well attempt to destroy the
common instincts o f humanity.
W e are not disposed to place ourselves in the position o f Dr. D o u bty
in the comedy o f Moliere, and to question the character o f that over
which not even the stain o f suspicion has ever passed. A nd it is just be­
cause gold has never failed us in any circumstances where it has been left
untrammeled, that we approve it as a medium o f exchange; and it is
just because paper has so often signally failed, that we repudiate it alto­
gether. In truth, the deceitfulness of the trust reposed in a paper cur­
rency is one of the most striking lessons which Providence has ever read
to the world; and the man who can gravely assure us that gold is no bet­
ter for a currency than paper promises, is trifling at this moment with
the hard and bitter experience o f thirty millions o f his fellow-men. In
short, it is not so much as a question of commercial profit or o f political
expediency, as of one o f right and wrong, that the matter must be tried.
Say what we will, or do what we will, that is the last and great standard
by which all must stand or fa ll; and we say emphatically, that these paper
schemes are as utterly beneath the dignity o f Christian merchants as they
are beneath the character o f Christian men. Never have the words of
the wisest of men been more fully realized than in the whole experience
o f our paper currency : “ There is a way that seemeth right unto a man,
but the end thereof are the ways of death.”




1862.]

The Warehouse System.

THE

WAREHOUSE

239

SYSTEM.

F irst A ttempt to E stablish tiie System in E ngland —W hen first I ntroduced in Tnis
C ountry—T he A cts of 1846-1851—P ractically A bolished in 1861—R easons fob its
R estoration—R egulations of the D epabtment—R outine of B usiness at this P oet.

A t the present time, when efforts are being made for the restoration
of the bonding privileges enjoyed by merchants for some years past, an
examination o f the warehouse system, its history, value, and the routine
o f business it necessitates, we have thought would be o f interest.
It was not till the year 1846 that this radical change (the establishment
of the warehouse system) was made in our revenue laws. Previous to
that time, no goods chargeable with cash duties could be landed at the
port of delivery until the duties were paid at the port o f entry. There
were, to be sure, even before the act o f 1846, certain provisions existing
in relation to the warehousing of goods, but they were only applicable
to certain special cases, such as where the vessel in which the goods were
imported was subject to quarantine regulations;* or where the entry
might have been incomplete or the goods had received damage ;f or
where a landing was compelled at a port other than the one to which
the vessel was destined, on account o f distress o f weather or other neces­
sity ;J or in case o f the importation o f wines or distilled spirits.§ In
Great Britain, however, this system had, even at that time, been in
operation more than forty years. Yet the first effort to introduce it was
wholly unsuccessful. In 1733, Sir R o bert W a l p o l e , then acting-min­
ister, made the attempt, in the single article o f tobacco, but was met by
a furious opposition on the part of the moneyed-men, who, by their
means, were able to control that branch o f trade. S m ollett , in his
history, tells us that they inflamed the populace, by exaggerations and
misrepresentations, so that the Parliament House was surrounded by
mobs, and the life of the minister was threatened, and he actually was
compelled to rise in his place and move an indefinite postponement,
which amounted to a defeat o f the measure. The historian adds, that
the miscarriage of the bill was celebrated with public rejoicings in
London and Westminster, and the minister was burned in effigy by the
populace. Such was the reception that this measure received at that
tim e; for, like all great reforms, it was opposed by those who were to
be especially benefited by it. Change was then, as now, considered by
a large class o f men as unsafe and dangerous. Progress in a straight
line they might perhaps understand ; but if there happened to be a crook
in the road, any thing a little new to be comprehended, their brains at
once became muddled, their understanding darkened, and the way before
them appeared to be beset with insurmountable difficulties. In this case
it required seventy years to enlighten this opposition ; for it was not till*§
* A ct 25th February, 1779, (1 Stats, at Large, 620.)
f A ct 2d March, 1799, sec. 52, (1 Stats, at Large, 665.)
j A ct 2d March, 1799, sec. 60, (1 Stats, at Large, 665.)
§
20th April, 1818, (3 Stats, at Large, 469.)




240

The Warehouse System.

[March,

1803 that a successful effort was made to establish this warehouse system.
Since then it has been gteatly extended, until now it has become the
most important branch of the revenue system o f Great Britain, facili­
tating and extending vastly the operations o f her commerce.
It was not, however, until August 6,1846,* as we stated before, that a
similar change was made in our own revenue laws. The act, at that time
passed, provided in substance, that in all cases o f failure or neglect to
pay the duties within the period allowed by law to the importer to make
entry thereof, or whenever the owner, importer or consignee should
make the proper entry for warehousing the same in writing, the goods,
wares or merchandise should be taken possession o f by the collector,
and deposited in the public stores, or in other stores, secured as therein
provided, and agreed on by the collector or owner, there to be kept, (ex­
cept goods of a perishable nature and explosive substances, which must
be sold forthwith,) with due and reasonable care, at the charge and risk of
the owner, a bond having been given by him with surety or sureties
in double the amount o f the duties. But the act especially provided,
that such goods could not remain in store longer than one year, without
the payment of the duties and charges thereon ; and in case they did so
remain beyond one year, then said goods, wares and merchandise should
be appraised and sold by the collector at public auction, to pay the
charges, duties, &c. B y this act, also, the 'owner had the right to with­
draw the goods from warehouse for consumption on payment o f the
charges and duties, at any time within the year, but such merchandise
could not be so withdrawn in less quantity than in an entire package,
bale, cask or box, unless in bulk, and if in bulk, only in the whole quan­
tity o f each parcel, or in quantities not less than one ton weight, unless
by special authority of the Secretary o f the Treasury. So, also, the
right was given to the owner to re-export the said goods at any time
within the year, without the payment of any duties thereon, but upon
the payment of the appropriate expenses, and giving a bond that the said
goods should be landed out of the jurisdiction o f the United States, &c.
It was likewise provided, that any goods, when so deposited in public
stores, might be withdrawn from the original port of entry for transporta­
tion to any other port o f entry o f the United States, on giving
bond, &c.
Such, in the main, were the privileges o f the warehouse system, en­
joyed by our merchants until March 28th, 1854, when an actf was
passed, extending the system, by authorizing the establishment o f pri­
vate bonded warehouses ; and also allowing all merchandise (except per­
ishable articles and gunpowder, and other explosive substances) to remain
in warehouse under bond, without the payment o f duties thereon, for
the period o f three years, and to be withdrawn for consumption on due
entry and payment o f the duties and charges, or upon entry for exporta­
tion, without the payment o f duties, at any time within the said period.
It is unnecessary, however, to recite the provisions o f this act, or o f the
subsequent act o f August 3d, 1854,J as the above, taken in connection
with the remarks below, on the routine of the warehouse business at




The Warehouse System.

241

this port, embraces all that is necessary for a proper understanding o f the
peculiar privileges enjoyed under this system, until the extra session of
Congress, held last summer, when the warehouse system was practically
abolished, (or so restricted as to be of very little value,) by reducing the
time allowed importers to leave their goods in bond to three months.
It would seem to be almost an unnecessary work to state the reasons
why this system, as it existed prior to the 5th o f last August, should be
again adopted, so clearly does such restoration appear to us to be for the
best interests of our country. It is a self-evident proposition, that there
is wisdom in the adoption o f any plan which subserves the interests and
increases the prosperity o f any large class of our citizens, or encourages
trade, when such plan works no injury to any other class. Thus, in this
case, our merchants and others were being benefited by the warehouse
system, as it existed after the passage o f the act o f 1854, in many ways,
and no harm was being done any class of citizens by it.
First, they could wait for a favorable market here before being called
upon to pay the required duties. As is wTell known, great changes may
take place between the time a merchant sends his order and the arrival
of his goods. When they reach this country he finds there is no market
for them, and, therefore, may have to wait months or years before he can
get a reasonable sale. He has already paid out a large amount for the
goods, and why should government also compel him to pay an additional
ten, twenty, forty or fifty thousand dollars duties, a sum that very few
merchants can afford to spare from their business for any length o f time.
Then, again, the importer can take advantage of a favorable state of
the foreign market for purchasing his goods. He knows he will not
have to pay the duties until such time as a demand arises for them here.
I f this were not the case, he would, of course, wait for a demand before
he made his purchases, and then he must buy, whether the foreign
market was favorable or not. Should he, therefore, be compelled to
give more than he might previously have bought for, the United States
would clearly, as well as the importer, lose just the additional sum the
commodity co st; that is, we should owe that foreign country just so
much more. Hence, any assistance we, as a nation, give to our mer­
chants in their endeavors to purchase when the foreign market is low, is
a direct benefit to the country, as well as to the importer. Then, again,
if the importer can take advantage o f a favorable foreign market, o f
course he can sell for so much less; and, therefore, every individual
buyer receives a share of the profit.
But, again, there is another advantage growing out of this measure,
from the provisions in it, that any merchandise which has arrived in this
country can, within three years, be re-exported without the payment of
duties, or sent in bond to any other port in the United States, making
the duties payable by the consignee at that port. Thus, if the importer
finds that there is no demand for the particular goods, and that if he sells
at all at the port they then are, he must sell at a sacrifice, he can seek
any better market the world may afford. O f course, in this way, he
might avoid making a great sacrifice. Then, too, if the market were
already glutted, the throwing upon it o f this additional stock could not
fail to bring depreciation and consequent loss, not only upon that im­
porter, but upon every holder throughout the country.
But, besides the preventing o f so great loss, these provisions o f this
VO L. X L v i.— n o .




in.

16

242

The Warehouse System.

[March,

measure are the means of making our ports o f entry entrepots for the
productions of all countries. Such a system leads to the accumulation,
in our maritime towns, of a variety of the products o f other countries,
where our vessels can make up assorted cargoes for foreign markets.
This benefit, in all its bearings, can scarcely be over-estimated. It neces­
sarily is the means of increasing our carrying-trade, stimulating ship­
building, facilitating the commercial transactions of our country, and,
above all, giving us more uniform prices and steadier markets, by reason
o f the large supplies of merchandise near at hand ready to meet sudden
and unusual demands.
But it is hardly necessary to speak o f still other advantages of this
warehouse system, or to enlarge upon the foregoing; for the reasons in
its favor are innumerable. Nor can any valid, objection be urged against
it. The idea that the government cannot, in these troublous times, afford
to wait so long for the duties, is wholly without point or force. One
would think, from such a proposition, that the government was formed
for the purpose o f collecting taxes, and not formed for the good of the
governed; that its design was not to make taxation as light, but as
onerous as possible. It must be a short-sighted policy that thus looks
for the prosperity o f a State except in the prosperity o f the individuals
composing the State. Then, too, the revenues are actually increased by
this system, inasmuch as importations are encouraged by the increased
facilities offered importers in allowing them a longer time during which
to seek a market and sell their goods. W e trust, therefore, that Congress
will consider this matter, and not deprive the country longer o f the full
benefits of this system, unless some good reason can be urged for so doing.
The rules and instructions promulgated by the Treasury Department
under the foregoing acts are very numerous, and regulate the business
routine deemed necessary for the proper execution o f the measure.
Under these regulations there are four classes o f warehouses provided
for. The first class are such as are owned by the United States, or were
hired by them prior to February 1, 1857, and the leases o f which have
not expired or been cancelled. All unclaimed goods must be stored in
these stores, when there are such at the port available for the purpose.
They are also, at times, to be used for the storage o f other foreign mer­
chandise.
The second class o f warehouses consists o f stores in the possession of
an importer, and in his sole occupancy, which he may desire to place
under the custom lock, in addition to his own lock, for the purpose of
storing dutiable merchandise imported by himself only. In such a case
as this, the entire store must be appropriated to this sole purpose, and
the proprietor is required to pay monthly to the collector of the port
such sum as he may deem proper, for the time o f the customs officer
necessarily required in attendance at such store. Before any importer
is permitted so to use his own store, he is required to give a bond, with
sureties, that he will comply with the provisions of the warehousing
law, and the regulations o f the department in pursuance thereof, &c.,
and that he will pay the officer of the customs in charge o f the merchan­
dise, and will not suffer it to be removed without lawful permit, and if
removed, he will pay the value o f the merchandise so removed, and five
thousand dollars as liquidating damages for each removal.
The third class consists o f stores in the occupancy o f persons engaged




1862.]

The Warehouse System.

243

in what is usually termed the storage business. They are to be used
solely for the storage o f warehouse goods, and of unclaimed and seized
goods. All the labor in such stores must be performed by the owner or
occupant of the warehouse, who is required to give a bond similar to
that required o f the occupants o f warehouses of the second class, with
the addition that he will promptly report to the collector any and all
damaged or perishable articles that may bo found or stored in said store,
and all explosive substances sent thither. I f the importer and owner dif­
fer as to the charges for labor, storage and other expenses, the decision of
the President o f the Chamber o f Commerce, or the Board of Trade, in
ports where such bodies exist, or, if there be no such officers, the decision
o f the collector or chief revenue officer o f the port shall be binding on
both parties. The store must have such fastenings on the doors and
windows as the collector may deem requisite, and must be separated from
adjoining buildings by a brick or stone wall, in which no door or other
opening is permitted. An office is allowed in the store for the accommo­
dation o f the owner or occupant, but it must bo separated by a perma­
nent partition from the rest o f the store, so that the owner can have no
access to the goods except in the presence o f the officer.
The fourth class consists o f yards or sheds suitable for the storage of
wood, coal, mahogany, dye-woods, lumber, molasses, sugar in hogsheads,
rail-road, pig and bar iron, and other like articles. These yards must be
enclosed by substantial fences, not less than twelve feet in height, with
gates provided with suitable bars and other fastenings, so as to admit of
being secured by custom locks, and be used exclusively for the storage of
warehouse goods. The owner or occupant is required to give bond as
above, and to set forth in his application the purpose for which the yard
is to be used.
In addition to these four classes, the cellars or vaults o f stores occu­
pied for general business purposes may be used by the owner thereof, as
bonded warehouses for the storage of wines and distilled spirits only, and
exclusively of his own importation, a bond having been given as above
required. The entire cellar must be appropriated to this purpose, and
have no opening or entrance except from the street, on which the separate
and different locks o f the customs and the proprietor o f the cellar must
be placed. A ll o f the above mentioned warehouses must be placed by
the collector in the custody of officers designated for the purpose, and
known as assistant storekeepers, who always keep the keys in their pos­
session, and personally superintend the opening and closing o f the doors
and windows. They are required to be in attendance at the stores from
April 1 to October 1, at 7 A. M., and until sunset, and for the residue of
the year, from 8 A . M. till sunset, except at the time necessary for their
meals— not over one hour at noon— when the stores are closed. These
officers are not permitted to receive any reward or gratuity from any source
in addition to their pay from the United States, which is $1,095. Their
principal duties are to keep an accurate account o f all receipts and deliv­
eries o f goods, specifying, in detail, the original and warehouse marks and
numbers, description o f packages and contents, date o f receipt, by what
vessel and from what port, the charges, if any, whether warehoused or un­
claimed, the date o f receipt or permit, or to whom delivered. Daily
returns must be made in duplicate to the collector and naval officer,




244

The Warehouse System.

[March,

which must necessarily be accurate, as they form the basis of the records
of the custom-house.
There is also another officer in all ports whore the amount o f business
requires it, who has a general supervision of all those public and private
stores, cellars and yards, called the superintendent of warehouses, visit­
ing them daily, when the number of warehouses will admit, or if not, as
often as may be, to ascertain whether the officers perform their duty
faithfully. He has also a general supervision of the warehouse business;
sees that the officers are prompt and regular in their attendance; that
the books are correctly kept; the merchandise properly stored, and the
regulations enforced and observed. Ho also inspects stores offered as
bonded warehouses, and reports their condition to the collector; and
generally performs such duties relative to the custody o f goods as are
necessary for their security and the protection o f the revenue. He su­
perintends the withdrawal o f all silks for printing, dyeing, &c., as pro­
vided by law. He supervises the cartage and lighterage o f all goods
sent under bond or withdrawn for exportation, and is required to see that
the work is done promptly ; that the receipts are returned in proper
tim e; that the laws and regulations o f this part o f the service are com­
plied with, and that every infraction is reported to the collector. All
discrepancies between the accounts kept in the naval office, custom­
house and warehouse, all disputes and complaints, all disagreements of
marks, numbers and descriptions of packages and their contents, with
the permits, papers and accounts kept at the custom-house, are to be
investigated, reconciled, (if possible,) and reported upon by this officer.
His office is thus of a general character, comprising, at the same time, a
minute detail of duties connected with this important branch of the re­
venue service, requiring at once fidelity and regularity, and a familiar ac­
quaintance with the treasury regulations. The salary attached to this
office is $2,000 a year.
A t the port of New-Tork there are about one hundred first-class
stores, exclusively appropriated to the storage of dutiable merchandise
in bond, and for the deposit o f unclaimed and unpermitted goods sent
under general order. In addition, there are in Brooklyn seven yards
and sheds for the storage o f woods, coal, rail-road iron and other heavy
and bulky articles. Besides these public premises, there are fifty-two
cellars bonded and used for the storage o f wines and spirits only, which
are used exclusively for the importations o f the several proprietors of
such cellars, and are all in New-York. The bonded stores are located so
as to best accommodate the business community— from the foot of
Broome-street, East River, around to the foot o f Canal-street, North
River ; from the Navy Yard, in Brooklyn, to Commercial W harf and
South Pier, Atlantic D o ck s; and there are several in Jersey City.
The warehousing business o f this port is confided to a distinct bureau,
requiring the services o f a deputy collector, who is, ex officio, storekeeper
o f the port, a chief clerk, about fifty clerks and a number o f messengers
and other servants. In addition to these there are some seventy assistant
storekeepers. There is also a warehouse superintendent, who has a gene­
ral supervision over the subordinates, and whose duty it is to personally
visit the different bonded stores, and report their condition to the collec­
tor monthly, or oftener, according to the regulations above cited.
The routine of business is as follows :— When the importer makes his




1862.]

The Warehouse System.

245

entry for goods he intends to warehouse, he gives a bond with approved
surety in double the amount of duties assessed, that he will pay the duty
and withdraw the goods from warehouse, within such time as the then
existing statute directs, from the date of their arrival in this country.
The invoice is then sent to the appraisers, and the entry is finally liquid­
ated according to the returns made by them. If, however, he wishes to
withdraw a portion of the goods on the entry before they have been ex­
amined by the appraisers, or before the entry is liquidated, he is per­
mitted to do so on giving a penal bond for the duties on the merchan­
dise proposed to be withdrawn.
When the bond has been given on the original warehouse entry, a
permit is issued to the inspector, directing him to send the merchandise
therein described to the bonded store, with the exception o f such pack­
ages as may have been ordered for examination, which are sent to the
appraiser’s store. The goods are taken in charge by the assistant store­
keeper, who receipts for them and enters them in a book, giving, with
great particularity, the marks and numbers o f the packages, the name of
the vessel, the port whence they came, &c. A report of the goods, with an
accurate description o f the packages, is made to the storekeeper, and is
entered in a book corresponding with the one at the bonded store. The
books in the warehouse room arc in charge o f thirteen different clerks,
and are kept with the greatest care and accuracy, as, in case o f any dis­
pute between the importer and the bonded store, all statements must be
verified by these books, and not by the store books, as any property re­
maining in store after presentation o f permit, is not considered in the
custody o f the collector.
The original warehouse entry is also copied minutely in a ledger, and
is sent to the auditor’s office. After its return it is given to the liquid­
ating clerks, who, if the invoice has been passed by the appraisers, and if,
in case o f merchandise required to be weighed, gauged or measured,
the returns of the proper officers have been received, liquidate the entry.
Any changes made by liquidation from the original duty are carefully
noted on the ledger. There are four liquidating clerks, and the business
is divided alphabetically between them.
When the importer desires to withdraw the whole or any part of an
importation, he presents to the withdrawal clerk an entry in the proper
form, and the clerk compares it with the copy of the original entry in
the ledger, assesses the duties, and enters a description of the goods
withdrawn, with the amount o f duty. He then sends it, with an exact
copy of the withdrawal entry, to the corresponding clerk in the naval
office. The latter makes a similar examination, and, if satisfied o f its
correctness, retains the copy and returns the original. Then the papers
go to the cashier, who receives the duties, checks the permit and de­
livers it back to the merchant, who, after obtaining the signatures of the
deputy collector and deputy naval officer, returns with it to the ware­
house room, and presents it to one o f the store book-keepers, who com­
pares it with the report received from the storekeeper. I f the goods
called for by the permit are found to be still in store, he marks them off
his book, stamps the permit with the word “ Deliver,” affixes his check
and the date, and returns it to the importer. The permit is now com­
plete, and, upon its presentation at the bonded warehouse, the officer in
charge delivers the goods, reports the delivery to the storekeeper, and




246

The Warehouse System.

[March,

returns the permit, with his action endorsed thereon. The withdrawal
o f all the goods on any single entry, and the payment of the duties
thereon, cancels the warehouse bond without any further process.
On making entries or withdrawals for export to foreign countries, to
Canada, and for transportation from one port to another within the
United States, the routine is similar, with the exception that a bond is
taken on delivery o f the goods, instead o f the payment o f duty, as is
required upon a withdrawal for consumption. A separate clerk is
assigned to each o f these desks, and the export bond and Canada bond
is cancelled upon the production o f evidence that the goods have actually
been landed beyond the limits of the United States. The transportation
bond is cancelled upon the certificate o f the collector o f the port to
which the merchandise was sent, that it has been duly delivered to the
proper officers o f customs at that port.
All entries and invoices, after being duly registered, numbered, and
endorsed with the name of the importer, are filed in alphabetical order,
as records o f the custom-house. This duty alone requires the services o f
four or live clerks.
The bonds are all taken and witnessed by one clerk only, and in the
cancellation of the bonds another clerk makes out a weekly report of all
bonds taken and cancelled, which is forwarded to the Treasury Depart­
ment. Another prepares a monthly statement, for the department, o f
the whole bond account; and two more clerks are constantly engaged in
crediting and debiting payments or advances made upon the warehouse
bonds by the payment o f duties or by final liquidation. The permits
which have been acted upon are filed under date of the delivery o f the
goods, and are retained as vouchers.
To test the accuracy o f the returns made b y the several storekeepers
of the goods received by them, two clerks are employed to examine the
inspectors’ returns o f goods sent from each vessel; and in the event of
any disagreement, the discrepancies are immediately investigated and
corrected.
In addition to the business o f the warehouse proper, all goods remain­
ing unclaimed when the vessel is discharged, are sent by the inspector,
under general order, to the bonded general-order store o f the district,
and the records of these goods are kept in the warehouse department,
and their delivery forms no inconsiderable part of the storekeeper’s
duty.
From this general view o f the warehouse system, the reasons for its
continuance and its operations at this port, some idea may be formed of
its importance to the government, to the commercial community and to
the country at large. W e trust, therefore, that something will soon be
done to restore it to us, with all the advantages and liberal provisions so
long enjoyed.




194

HISTOKY

247

History o f the United States Mint.

OF T H E

UNITED

STATES

MINT.

P erson s who visit the United States Mint, in Philadelphia, and see the
number of persons employed there, the splendid machinery in operation,
the piles o f bullion of almost countless value, and the vast quantities of
glittering coin into which the gold of California has been converted,
would scarcely dream how small a beginning all these heavy operations
have sprung from. There was no regular United States Mint put in
operation until the year 1792, when the old mint, in Seventh-street, was
put in operation. A s early as 1652, a Provincial Mint was started at
Boston, to supply the want of small coin. It was discontinued in 1686,
and was not reestablished until a century afterwards. In 1662 Lord
B altim o re established a mint in Maryland, and Virginia, Connecticut,
Vermont, Pennsylvania, New-York and New-Jersey coined money prior
to the revolution.
During the period o f the confederacy— 1778 to 1787— all the States
were authorized to establish mints, and Vermont, Connecticut, New-Jer­
sey and Massachusetts coined money. Most o f the coin struck at that
time by the State establishments were copper; gold and silver money
being coined generally by private individuals, most o f whom were silver­
smiths.
There is a small thoroughfare which runs through into Cherry-street,
just back of Eighth, which is known by the name of Mint Court. Tra­
dition says that the place took its name from the fact that the first mint
in Philadelphia was located there ; but the story is not sustained by re­
liable evidence. Congress passed the law establishing the National Mint
in 1792, and while the measure was under discussion, the artists in Phil­
adelphia, then the seat of government, were engaged in getting up dies,
hoping to secure the approval o f government for their handiwork. J ohn
H a r p e r , an extensive manufacturer of saws, at the corner o f Sixth and
Cherry streets, caused dies to be made under direction of B obert B ir c h .
Most of the original W a s h i n g t o n cents were struck from these dies. The
coins of 1791 were made in the cellar o f Mr. H a r p e r ’ s shop, on a press
which, it is supposed, was imported from England. The coins of 1792
were struck on a press which was set up in an old coach house on Sixthstreet, above Chestnut, directly opposite Jayne-street. This last described
press was made by A dam E ckfeldt , for many years the chief coiner of
the National Mint.
The first National Mint established in the country was in 1792. It
was located in Seventh-street, opposite Filbert, in a building which is still
standing. The structure is an old fashioned, rough-cast affair, and in its
present condition looks very unlike a mint. It is much dilapidated, and
the apartments where the first coin of the Federal Government were
made, are now occupied as workshops by various mechanics.
On the 4th o f July, 1829, the corner stone of the present mint, on
Chestnut-street, was laid, and in 1832 the institution was removed to its
new and handsome quarters. The building was amply sufficient for the
business of the concern, until the discovery of gold in California, when




248

History o f the United States Mint.

196

the immense increase in the coinage of the country caused all the facili­
ties of the establishment to be put in requisition, and which has been
followed by the location o f branch establishments in other States. W o
copy from a recently published work o f much interest, by James E oss
Snowden , Esq., director of the mint, an account o f the planting o f the
first National Mint in Philadelphia. The work is entitled “ Mint Manual
o f Coins of all Nations.” The author, after giving the act o f congress,
April 2d, 1792, which established the mint, says:
W ashington immediately proceeded to carry out the intention of
this act, and as Philadelphia was then the seat of government, he pro­
vided for the erection of suitable buildings, by purchasing a lot of ground
on Seventh-street, between Market and Arch streets. A t this time the
lot in question was occupied by an old still-house and a frame tenement
building. Having proceeded thus far, W ashington, on the first of July
following, appointed D avid R ittenhouse to be “ Director o f the Mint.”
R ittenhouse very soon thereafter entered upon the duties o f his office.
The necessary men were employed, and on the nineteenth of July they
commenced the work of removing the buildings which then occupied the
lot, as appears by the following extract from the first record ever kept
of the “ mint operations:”
“ 1792, July 19.— The following men began to work at taking down the stillhouse. To Saturday, the 21:
days.
John Mato..................................................................... 3
J no. C hristian G rouse, ....................................................... 3
J ohn K eyskr ,............................................................................2
NlCOtAS SlNDERLINd................................................................ 2
J ohn B iting ............................................................................... 1J
M athias S umer ........................................................................ 1

do.
do.
do.
do.
do.

“ 21— 8 carpenters at work this day taking down the Btill-house frame.”

The foundation stone o f the mint was laid on the 31st of July, as ap­
pears from the following memorandum in the same b o o k : “ 1792, July
31.— This day, about ten o’clock in the forenoon, the foundation stone
was laid for the mint, by D avid R ittenhouse, Esq.” A s soon as the
ceremony o f laying the corner stone was accomplished, the work upon
the foundation commenced, as appeared from the subjoined memo­
randum : “ Four masons at work since 10 o’clock, a . m.,” which appears
under the same date.
The foundation was completed and ready for the superstructure on
Saturday, the 25th o f August following, and the framework was raised in
the afternoon of that day. The work was rapidly pushed forward after
this date, and the building was so far completed that the workmen com­
menced operations “ in the shop,” preparing the internal arrangements,
such as bellows, furnaces, &c., on Friday, the seventh of September. On
the Tuesday following, six pounds o f old copper were purchased for the
mint, at “ Is. 3d.” per pound— this being the first “ purchase o f copper
for coinage.”
The coining presses, (three in number,) which they were obliged to
import from abroad, arrived at the mint on Friday, the 21st o f Septem­
ber ; and under date of 25th of September, the same book from which
we have before quoted, states that “ Flute began, after breakfast, trim-




196

History o f the United States Mint.

249

ming the heavy press.” These presses were put in operation in the begin­
ning o f October, and were used in striking the half dimes, o f which
W ash in g to n makes mention in his annual address to congress, of the
6th November, 1792, as follows: “ There has also been a small beginning
in the coinage o f half dimes; the want o f small coins in circulation call­
ing the first attention to them.” Between this time and the close of the
year 1792, several other pieces made their appearance from the mint.
*
*
*
*
*
The first regular return o f coins from the
chief coiner to the treasurer o f the mint took place on the 1st o f March,
1793, and consisted o f eleven thousand one hundred and seventy-eight
cents.
The first change in the standard o f the gold coinage took place in
June, 1834, when General J ack so n was President, and L e v i W ood bu ry
was Secretary o f the Treasury. The original estimate by which the rela­
tive values of gold and silver coins were determined, was based upon the
supposition that gold was worth fifteen times as much as silver. This
was found to be too low, at the market value, which, though always fluc­
tuating, was nearer sixteen to one, upon a general average, consequently
an act was passed on the 28th o f June, 1834, reducing the standard of
the gold coins. This act regulated the fineness o f the gold to 899,225
thousandths; the eagle to weigh 258 grains, the other pieces in propor­
tion. This standard of fineness was altered in January, 1837, when con­
gress decided to place the fineness of the coins, both gold and silver, upon
the French basis, nine-tenths, (900-1000 ;) consequently, since that date,
the fineness of our gold coins has been 900 thousandths, the weight being
the same as before.
Silver.— The silver remained unchanged up to 1837, since which time
the fineness is 900 thousandths, (except for the three cent pieces; from
its issue in 1851, to March, 1853, the fineness was 750 thousandths;
weight, 12§- grains,) and the dollar o f the weight o f 412^-grains. The
smaller pieces were in proportion o f weight until March 3, 1853, when
the half dollar was reduced to 192 grains, (which is sixteen pennyweights,
or eight-tenths of an ounce,) the smaller pieces in proportion, including
the three cent piece, which is on the same footing with the other silver
pieces, both in weight and fineness. The first deposit o f silver was made
July 18, 1794. This was by the bank o f Maryland. The first deposit
of gold bullion, for coinage, at the U. S. Mint, took place on the 12th
day of February, 1795. This deposit was made by Mr. M oses B r o w n ,
merchant, of Boston, and consisted o f gold ingots valued at $2,276 22.
The first return o f gold coins from the chief coiner was on the 31st July,
1795, and consisted of 744 half eagles. The first delivery o f eagles was
made on 22d September, 1795, and the first coinage as follow :
G old— Half Eagles,...............July, 1795.

S ilver —Dollars................... October, 1794.
Eagles,..............................Sept., 1795.
Half Dollars..............December, 1794.
Quarter Eagles,..........................1807.
Half Dimes,................. .March, 1795.
Twenty Dollars,..........................1849.
Quarter Dollars................April, 1796.
Dollars,........................................ 1849.
D im es,............................... April, 1796.
Fifty Dollars................................ 1851.
Three Cents,................................ 1851.
Dollars, enlarged,....................... 1854. Copper— Cents,.................................... 1793.
Three Dollars.............................. 1854.
Half Cents,.................................. 1793.




250

History o f the United States Mint.

C o in a g e

of the

197

U n ited S ta te s .

Coinage o f the Mint o f the United States, from 1792 to June 80th, 1860,
including the Coinage o f the Branch Mints from the commencement o f
their operations, in 1838.
Y ears.
1793-95,....
1796,
....
1797,
....
1798,
....
1799,
....
1S00,
....
1801,
....
1802,
....
1803,
....
1804,
....
1805,
....
1806,
....
180T.............
1808,
....
1809.............
1810,
....
1811,
....
1812,
....
1813,
....
1814,
....
1815,
....
1816,
....
1017,
....
1818,
....
1819,
....
1820,
....
1821,
....
1822,
....
1823,
....
1824.............
1S25,
....
1826,
....
1827.............
1828,
....
1S29,
....
1830,
....
1831.............
1832,
....
1833,
....
1834,
....
1835,
....
1836.............
1837,
....
1833,
....
1839,
....
1840,
....
1841,
....
1842,
....
1843.............

G old.
Value.
$ 71,485.00 ..
102,727.50 ..
103,422.50 ..
205,610.00 ..
213,285.00 ..
317,760.00 . .
422,570.00 ..
423,310.00 ...
258,377.50 ..
258,642.50 ..
170,367.50 ..
324,505.00 ..
437,495.00 ..
284,665.00 ..
169,375.00 ..
501,435.00 ..
497,905.00 ..
290,435.00 ..
477,140.00 ..
77,270.00 ..
8,175.00 ..
...............
242,940.00
258,615.00
1,319,030.00
189,325.00
88,9S0.00
72,425.00
93,200.00
156,3S5 00
92,245.00
131,565.00
140,145.00
295,717.50
643,105.00
714,270.00
79S,435.00
978,550.00
3,954,270.00
2,186,175.00
4,135,700.00
1,148,305.00
1,809,595.00
1,375,760.00
1,690,802.00
1,102,097.50
1,833,170.50
8,302,787.50




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

Silver.
Value.
*870,683.80
79,077.50
12,591.45
830,291.00
423,515.00
224,296.00
74,753.00
58,348.00
87,118.00
100,340.50
149,888.50
471,819.00
597,448.75
6S4,300,00
707,376 00
638,773.50
608,840.00
814,029.50
620.951.50
561,687.50
17.30S00
28,575.75
607,788.50
1,070,454.50
1,140,000.00
501,680.70
825,762.45
805,806.50
895,550.00
1,752,477.00
1,564,5S3.00
2,002,090.00
2,669,200.00
1,575,600.00
1,994,578.00
2,495,400.00
3,175,600.00
2,579,000.00
2,759,000.00
3.415,002.00
8,443,003.00
3,606,100.00
2,096,010.00
2,815,250,00
2,098,636,00
1,712,178.00
1,115,875.00
2,825,750.00
3,722,250.00

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

COPPHR.
Value.
$ 11,373.00
10,324 40
9,510.34 .
9,797.00 .
9,106.68 .
29,279.40 .
13.62S.37 .
34,422.83
25,203.03 .
12,844.94 .
18,483.48 .
5,260.00
9,652.21 .
13,090.00 .
8,001.53 .
15,660.00
2,495.95 .
10,755.00 .
4,180.00 .
8,578.30 .
...............
23,209.82 .
39,434.00 .
31,670.00 .
26,710.00 .
44,075.50 .
8,890.00 .
20,723.89
...............
12,620.00 .
14,926.00 .
16,344.25 .
23,557.32 .
25,636.24 .
16,530.00 .
17,115.00 .
33,603.60 .
23,620.00 .
28,160.00 .
19,151.00 .
39,489.00 .
23,100.00 .
55,583,00 .
53,702.00 .
81,286.61 .
24,627.00 .
15,973.67 .
23,833.90 .
24,283.20 .

No. o f Pieces.
1,834,420 ..
1,219.370 ..
1,095,165 ..
1,368,241 ..
1,365,681 ..
3,337,972 ..
1,571,390 ..
3,615,S69 ..
2,780,830 ..
2,046,889 ..
2,260,861 ..
1,815,409 ..
2,731,345 ..
2,935,888 ..
2,861,834 ..
3,056,418 ..
1,649,570 ..
2,761,646 ..
1,755,831 ..
1,833,859 ..
69,867 ..
2,888,135 ..
5,163,967 ..
5,537,084 ..
5,074,723 ..
6,492,509 ..
3,139,249 ..
3.813,788 ..
2,166,4S5 ..
4,7S6,S94 ..
5,178,760 ..
5,774,434 ..
9,097,845 ..
6,196,S53 ..
7,674,501 ..
8,357,191 ..
11,792,2S4 ..
9,128,887 ..
10,307,790 ..
11,637,643 . .
15,996,842 ..
13,719,333 ..
18,010,721 ..
15,780,811 ..
11,811,594 ..
10,558,240 ..
8,811,968 ..
11,743,153 ..
4,640,5S2 ..

Value.
$453,541.80
192,180.40
125,524.29
545,698.00
645,906.68
571,835.40
510,956.37
516,075.83
370,698.53
871,827.94
833,239.48
S01,OS4.00
1,044,595.96
982,055.00
8S4,752.53
1,155,868.50
1,108,740.95
1,115,219.50
1,102,275.50
642,535.80
20,488.00
56,785.57
647,267.50
1,315,064 50
1,425,825 00
1,864,786.20
1,018,977.45
915,509.89
967,975.00
1,S5S,297.00
1,735,894.00
2,110,679.25
8,024 342.32
1,741,381.24
2,306,875.50
8,155,620.00
8,923,473.60
8,401,055.00
8,765,710.00
7,8S8,428.00
5,668,667.00
7,764,900.00
S,299,89S.OO
4,178,547.00
8,505,682 61
3,427,607.00
2,233,946.17
4,182,754.40
11,967,830.70

198
G old.
Value.

Silver.
Value.

5,428,230.00
3,756,447.50
4,034,177.50
20,221,885.00
3,775,512.50
9,007,761.50
31,9S1,738.50
62,614,492 50
56,846,187.50
55,213,906.94
52,094,595.47
52,795,457.20
59,343,365.35
25,183,138.68
52,8S9,800.29
30,409,953.70
23,447,2S3.35

2,235,550.00
1,873,200.00
2,558,580.00
2,374,450.00
2,040,050.00
2,114,950.00
1,866,100.00
774,397.00
999,410.00
9,077,571.00
8,619,270.00
3,501,245.00
5,196,670 17
1,601,644.46
8,233,2S7.77
6,833,631.47
3,250,636.26

Totals .. $588,169,116.04

.. $ 125,945,473.03

Y ears.

1344,
1845,
1S46,
1847,
1848,
1849,
1850,
1851,
1862,
1858,
1854,
1855,
1S56,
1857,
1S58,
1859,
1860,

251

History o f the United States Mint.

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

Copper.
Value.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.

23,987.52
38,948.04
41,208.00
61,836.69
64,157.99
41,9S4.32
44,467.50
99,635.43
50,630.94
67,059.78
42,638.35
16,030.79
27,106.78
63,510.46
234,000.00
307,000.00
842,000.00
2,545,823.55

r ■
--------No. o f Pieces.
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..
..

9,051,834
1,806,1973
10,133,515
15,392,344
12,649,790
12,666,659
14,5S8,220
2S,701,958
82,964,019
76,4S4,062
44,645,011
16,997,807
33,870,966
19,440,547
56,491,655
53,550,522
43,0S5,721

$627,568,397

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

Value.
7,687,767.52
5,66S,595.54
6,633,965.50
22,657,671.69
5,879,720 49
11,164,695.S2
33,892,806.00
63,4S3,524.93
57,S96,22S.44
64,358,537.78
60,756,503.82
56,312,782.99
64,567,142.80
26,848,293.60
61,357,088.06
37,550,585.17
27,039,919.61

.. $ 715,560,412.62

List o f Directors o f the Mint, from its organization to the year, 1858.
(From Mr. S n o w d e n ’ s new “ Manual o f Coins," published Philadelphia,
1860 :)
1. D a v id R ittenh o use , (the eminent philosopher, formerly treasurei
of Pennsylvania,) July, 1792, to July, 1795.
2. H e n k y W ill ia m D e S au ssu re , (vice Mr. R ittenhouse , resigned,)
July 11th, to October 28, 1795, (afterwards and for many years Chancel­
lor of South Carolina.)
3. E l ia s B oud ino t , (in place o f Judge D e S au ssu re resigned,) Octo­
ber, 1795, to July, 1805. (Previously President of Congress under the
confederation.)
4. R obert P atterson , (on the resignation of Dr. B oud ino t ,) July,
1805, to July, 1824. (Yice-Provost of the University of Pennsylvania,
and President American Philosophical Society.)
5. Dr. S am uel M oore , (in place of Mr. P at te r so n , deceased,) July,
1824, to July, 1835. (Member o f Congress from Bucks County, Pa.)
6. Dr. R obert M. P a tterso n , (on the resignation of Dr. M o o r e ,)
July, 1835, to July, 1851. (Professor of Natural Philosophy in the Uni­
versity of Virginia, and President of American Philosophical Society.)
7. Dr. G e o r g e N. E ck ert , (vice Dr. P atterson , resigned,) July, 1851,
to April, 1853. (Member of Congress from Lebanon County, Pa.)
8. T hos . M. P ettit , (in place of Dr. E ckert , resigned,) April to June,
1853. (Judge of the U. S. District Court, Philadelphia.)
The present incumbent, J am es R oss S n ow den , (previously Speaker of
the Pennsylvania House of Representatives, Treasurer of Pennsylvania,
and Treasurer of the mint,) was appointed in June, 1853, in place of
Judge P etit , who died on the 31st of May, in that year, having held the
office of Director but a few weeks.




252

Annual Report o f the Director o f the Mint.

199

A N N U AL REPORT OF THE DIRECTOR OF THE MINT,
F ob

the

F isc a l Y

e a r e n d in g

J une 30, 1861.

Mint o f the United States, Philadelphia, Oct. 10th, 1861.
T he amount o f bullion received and coined at tbe Mint and branches
during the fiscal year ending June 30th, 1861, has largely exceeded that
o f any former year. In addition to the gold and silver received from the
mines of the United States, the importation of foreign coin and bullion
has been unprecedentedly large.
The amount of bullion received at the Mint and its branches, during
the year, was as follows : Gold, $116,970,002 66 ; silver, $4,624,961 57 ;
total deposits, $121,594,964 23. From this total must be deducted the
re-deposits of bullion, or bars made at one institution and deposited at
another, for coinage. This deduction being made, the amount will be
$72,146,571 01.
The coinage for the same period was as follows: Gold coins,
$60,693,237; fine gold bars, $20,015,163 64; silver coins, $2,605,700;
silver bars, $278,006 9 4 ; cent coins, $101,660. The total coinage,
$83,694,767 58; No. o f pieces o f all denominations of coin, 23,724,913.
The distribution of the bullion received and coined at the Mint and
branches was as follows : A t Philadelphia, gold deposits, $51,890,763 56 ;
gold coined, $47,896,711 ; fine gold bars, $66,434 76; silver deposits
and purchases, $1,726,309 07; silver coined, $1,598,700; silver bars,
$2,624 37; cents coined, $101,660. Total deposits o f gold and silver,
$53,617,072 63; total coinage, $49,666,130 13; number of pieces,
21,315,255.
A t the Branch Mint at San Francisco, the gold deposits were
$12,258,981 84; gold coined, $12,421,000; silver deposits and pur­
chases, $197,844 08 ; silver coined, $198,000 ; silver bars, $71,485 61.
Total coinage of gold and silver, $12,690,485 6 1 ; number of pieces,
1,144,300.
The Assay Office, New-York, received, during the year, $52,358,095 14
in gold bullion, and $1,791,770 18 in silver. Fine gold bars stamped
at that office, 4,816; value, $19,948,728 88; silver bars, 1,089; value,
$187,078 63. Total gold and silver bullion received, $54,149,865 32.
A t the Branch Mint at New-Orlcans the amount of deposits received,
up to the 31st day o f January, A. D. 1861, was $1,243,449 01; oi
which the sum of $334,410 77 was in gold, and $909,038 24 in silver;
coined during the same period, $244,000 in gold,and $809,000 in silver;
silver bars stamped, value, $16,818 33. Total coinage, $1,069,818 33;
number of pieces, 1,237,800. Since the 31st day o f January, A. D.
1861, no report has been received from this branch.
At the Branch Mint at Dahlonega, the deposits received, up to the




200

Annual Report o f the Director o f the Mint.

253

28th day of February, A. D. 1861, were $62,193 05; the coinage,
$60,946, and the number of pieces, 13,442. No report has been re­
ceived from this branch since the day last named.
The deposits at the Branch Mint at Charlotte, up to the 31st day o f
March, A . D. 1861, were 165,558 30; coinage, $70,580, and number o f
pieces, 14,116. The deposits at this branch and Dahlonega are exclu­
sively o f gold. No report has been received from this institution since
thfe day last named.
Notwithstanding the defection o f the branches at New-Orleans, Dah­
lonega and Charlotte, by reason of the disloyalty and treachery of the
States in which they are respectively located, the coinage of the past was
greater than that of any former years since the organization of the gov­
ernment. Whether the coinage at these branches continues to conform
to the laws and standard of the United States Mint, cannot now be as­
certained. Efforts have been made to procure specimens of the gold and
silver coins of the branch at New-Orleans, since the defection, for the
purpose of determining whether any adulteration or reduction in value
of the issues of that branch had been attempted ; but thus far no such
specimens could be obtained. The treason that can refuse to recognise
the lawful authority of a just government would not hesitate to adulterate
the coin, made in an institution wrested from that government by lawless
violence; nor would it blush to conceal the wrong, under the emblems
and devices of an honored national coinage.
A large amount of gold deposited at the Mint and its branches was the
product of tho mines of the United States. The sum of $34,216,889 52
in gold, and $610,011 29 in silver, was received from this source.
Much of the domestic silver received was obtained by parting or
separating it from the gold deposits in which it was found.
The
mines of the Washoe region continue to yield an increasing quantity,
and the gold mines of Kansas amply repay the miner for liis toil. The
places whence the deposits of gold and silver were obtained, and the
amount from each locality, are fully stated in the tabular statements at­
tached to this report.
The domestic supply of silver not only continues, but new and valuable
mines have been discovered and opened, which promise a rich yield.
These mines are situated in the Territory o f Arizona, near the town of
Tubac, in latitude 31° 22" N., longitude 110° 57" W .
They are about
one hundred and sixty miles from the Gulf o f California, and only a few
miles from the proposed line of the Southern Pacific Kail-Road. Many
of the mines yield silver and lead, and others silver, lead and copper.
Judging o f the ore and its product in silver, as exhibited at the Mint,
this region will soon rival, in the extent and value o f its mineral produc­
tions, the rich mines o f Mexico, or the other silver-producing sections o f
our own country. Arizona is too new a country, and its mines have
been too little worked, to furnish all the data necessary to the formation
of such rules, as will determine the nature of any vein at a considerable
depth. The different “ lodes," however, present a remarkable uniformity
of character, have nearly all the same direction, and possess generally the
same combination of minerals. Many o f them have been prospected by
small shafts, but many more, equally good in appearance, remain unex­




254

Annual Report o f the Director o f the Mint.

201

amined. The efficient protection of the government against Indian and
Mexican depredations will be necessary to secure the full development of
the mineral wealth of that interesting portion o f our country.
The new cents still continue to be issued in exchange for the old cop­
per cents. These are, however, rapidly disappearing from circulation,
and will soon be entirely superseded by the nickel cent. The profits of
the cent coinage have heretofore been fully adequate to meet all the ex­
penses of their production and transmission to the different parts of the
country.
The coinage o f the past year consisted principally of double eagles.
This was in consequence of the unusually large amount of gold deposits,
the demand by depositors for that denomination o f coin, and to prevent
the delay inseparably incident to the conversion of the bullion received,
into the smaller denominations.
The gold dollar requires the same time and number of manipulations
in the process of coining as the double-eagle; consequently, whilst the
Mint can coin $20,000,000 in value, of double-eagles, it can coin only
one million in gold dollars. The same ratio obtains in the other deno­
minations of the gold coin. Hence the delay when the deposits o f bul­
lion are large, and the returns are to be made in the smaller coins. If
any system could be devised, or rule established, by which the necessity
o f adjusting each individual gold coin of the lesser denomination could
be obviated, the delay in making returns to depositors would not occur,
and the production o f small gold coin be facilitated to an almost indefi­
nite extent. An increase in the deviation from the standard weight of
the quarter-eagle and gold dollar would, with proper caution, the perfec­
tion of the Mint machinery, and the skill o f the workmen, render the
adjustment o f each piece, as now practiced, unnecessary. B y the act of
Congress, March 3, 1849, the deviation from the standard weight allowed
for the quarter-eagle and gold dollar is one-fourth of a grain in a single
piece; and in one thousand quarter-eagles, one penny-weight; and in one
thousand gold dollars, one-half penny-weight. The deviation allowed
for the half-eagle, by the same act, in a single piece, is one-half grain;
and in one thousand pieces, one and a half penny-weights.
Now, it is believed that if the deviation allowed for the half-eagle was
extended by law to the quarter-eagle and gold dollar, these coins could
be produced rapidly and accurately within that limit; and thus the
present tedious mode o f adjustment and consequent delay be avoided.
The experience of the past in silver coinage proves the practicability of
these suggestions. The loss, however, in any event, would be more than
compensated by the increased production of the smaller coins, and the
decrease of expenditure consequent on a reduction o f the force neces­
sarily employed in the adjusting department o f the Mint.
If authority could be given by law to the Director of the Mint, under
the direction o f the Secretary o f the Treasury, to test by experiment the
practicability o f these suggestions, this question would soon receive a
speedy, and, it is not doubted, a favorable solution. The subject is wor­
thy of consideration.
The capacity of the Mint for coinage is fully equal to the wants of the
government and people; and, with a sufficient bullion fund, no delay in




202

Annual Report o f the Director o f the Mint.

255

making returns to depositors would be experienced. Neither the Mint
nor its officers should be made answerable for delay arising from the
want of this fund, particularly when the necessities of the government re­
quire it to be withdrawn. In such case, patriotism will excuse delay,
aud capital must yield to governmental necessity.
W ith a full force, and working the regular hours, the capacity of the
Mint, in double-eagles exclusively, is equal to an annual coinage of
$150,000,000:
Eagles,........... exclusively,
Half-eagles,....... . . .
“
Quarter-eagles,........
“
Three dollar pieces,
“
Gold dollars,...........
“

$ 78,000,000
37.500.000
18.750.000
22.500.000
7,500,000

Coining an equal number of pieces of all denominations of gold coin,
its capacity would be equal to $51,875,000. This is exclusive o f silver
coinage. Its capacity for silver coinage o f all denominations, in addition
to the gold coinage, as represented, is equal to $15,000,000 annually;
making the capacity of the Mint, in gold and silver, with an equal num­
ber of pieces of all denominations, $66,875,000; an amount much be­
yond the coinage of any year since the establishment of the Mint. This
calculation of capacity relates to the Mint at Philadelphia, and is exclu­
sive of the branches. B y changing the proportion o f pieces, and coining
more of the larger denomination, the annual production would be greatly
enlarged ; and, by employing a double force, and working double time,
the coinage before stated could be doubled, without additional machinery,
or impairing the efficiency of that now in use. The capacity of the
Mint and its branches is, therefore, clearly equal to any demand that
may be made upon them for coinage, and this, too, without any delay, if
the condition of the National Treasury will permit the use o f a sufficient
bullion fund— a fund authorized by law, and out o f which depositors
were promptly paid the ascertained value of their deposits— the Treasury
being reimbursed by the coin produced from the bullion deposited.
The coinage of the Mint and its branches, from their respective organi­
zations to the 30th June, 1861, has been as follows :
Gold,................................................................................ $669,116,406 62
S ilver,............................................................................
128,159,481 97
Copper,...........................................................................
2,647,473 55
Total,

$799,923,362 14

O f this coinage about $520,000,000 was from bullion derived from the
mines of the United States.
The amount of coinage executed is very large for a government that is
not yet a century old, and is an evidence not only o f the great mineral
wealth of the country, but the wonderful activity and extent o f our com­
mercial enterprise. It would be interesting to know what portion o f this
coinage still remains in this country. W e have no means, however, of
determining this point with accuracy. It can only be arrived at by esti­
mation. From the most reliable data attainable, I estimate the amount
of specie in the United States, at the date of this report, (October 10th,




256

Annual Report o f the Director o f the Mint.

203

1861,) at from two hundred and seventy-five to three hundred millions
of dollars. O f this amount, all but about twenty millions, it is safe to
assume, is held within the loyal States o f the Union. The recent esti­
mates o f the amount o f coin in the country have been too high. Due
allowance does not appear to have been made for the large exportation of
specie, which, commencing in the year 1855, continued with but little
interruption until the latter part o f the year 1860. During this period
the exports of specie exceeded the imports and bullion, derived from do­
mestic sources, nearly one hundred millions o f dollars. This heavy drain
on our specie ceased in October of the last named year, and soon there­
after the flow of specie to the United States commenced, and continued
until a few weeks since. The bullion and coin imported during this
period, together with the bullion derived from domestic sources, has
added about ninety millions to our stock o f coin. The importance, in a
financial point of view, o f this large addition to our specie, during a pe­
riod characterized by the most extraordinary interruptions to trade and.
commerce ever witnessed in this country, cannot well be over-esti­
mated.
In pursuance of instructions received from the Treasury Department,
and as required by the act o f Congress of February 22d, 1857, an assay
of all the foreign gold and silver coins heretofore known and received at
the Mint, was directed to be made, to determine their average weight,
fineness and value, the gold dollars o f the United States being the
standard. The result of the assay, and the determination of value, are
given in the coin tables of the Appendix to this report. A compari­
son of the present, with former assays of many of the same or similar
coins, exhibits but little change in value— the standard value, and the
character and denomination o f the coins o f most foreign nations, being
unaltered. The tables heretofore annexed to the annual report of the
Director, and the present tables, were constructed upon the basis, not o f
the alleged standards o f weight and fineness, but of our own assay, and
o f the actual weight of foreign coin at the Mint, which often shows a
material loss by wear, and a want of exact conformity in fineness to the
alleged standards. The average weight, fineness and value of foreign
coins received since the last report, will be found in the table to which
we have referred.
The gold dollar of the United States, conforming in standard value
and decimal character to all the gold and silver coinage of the country,
except the silver dollar, has been properly selected, and should be retained
as the standard of value for all foreign coins used or employed in com­
mercial or governmental transactions with other nations. The silver dol­
lar of the United States, differing as it does in commercial and decimal
value from the other silver coins of our country, cannot, without disturb­
ing our decimal system, and producing confusion in the relative value of
our gold and silver coinage, be used as a standard. The legal weight of
the silver dollar is 4 1 2 ^ “^ grains ; of two half-dollars, or other component
fractions of the dollar, 384 grains, a difference o f 25Ts/ ? grains.
The silver dollar, as it now is, has actually three values. 1. It is by
law a dollar simply, or 100 units or cents. 2. By the Mint price o f sil­
ver it is 1 0 3 t9J? cents, which is its true commercial value as compared




204

Annual Report o f the Director o f the Mint.

257

with gold. 3. It has an interior or Mint value, which is determined by
its relation to the silver contained in the half-dollar, which makes it 107|-J
cents ; for which reason single pieces are paid out at the Mint at the even
price of 108 cents.
As the dollar, which is the unit o f our money, is represented in gold
coin, it would seem desirable not to have another dollar in another metal;
but if this is inadmissible, and the silver dollar should be retained, then
it should be reduced to eight-tenths of an ounce, to be in true relation to
our other silver coins.
Two reasons seem to have influenced Congress in retaining the silver
dollar at its present anomalous terms. First, that it preserves the old
dollar, known from- the beginning of our coinage, and often exactly stipu­
lated for in deeds of rent-change, mortgages and other moneyed securities.
To this it may be successfully replied, that such payments are now al­
ways made in gold, because it is the legal and usual tender for all sums
exceeding five dollars, and because silver dollars are no longer to be had,
or are very rare.
In the second place, it was supposed to be needed for our China and
East India trade. But our consular advices are to the effect that our silver
dollars arc very reluctantly taken at the ports, and not at all in the inte­
rior of China. They are believed by the Chinese to be of less value than
they really are.
The reasons for its retention having ceased, either we should cease to
coin the silver dollar, or it should be made to conform in weight and
value to our lesser silver coins.
The reduction of the standard value o f all American coins, except the
silver dollar, was made to check the export o f specie from the United
States. But the commercial character o f specie, and the facility with
which the coins of one nation can be converted into the peculiar and dis­
tinctive denominations o f another, have prevented the realization of that
expectation. The relative and commercial value of the peculiar coinage
of any country must and will be determined by the standard of the na­
tion to which it may be sent; and the laws o f trade will control values
despite all legislative enactments. Legislation, whilst it properly may
regulate the currency and control the coinage of a nation, cannot control
its value as a medium o f exchange, or as an article o f commerce with
other nations. I would, in this connection, respectfully suggest, that the
limit of legal tender for silver should be increased. It is now five dollars ;
it should not be so low. This limitation unnecessarily discredits the
currency, and is productive of much inconvenience to individuals and
banking institutions. The limit might, with great propriety, and advan­
tage to public and private interests, be extended to fifty or one hundred
dollars.
N

a t io n a l

M

ed als.

The National and other American medals, of historic interest, now in
progress of preparation at the Mint, will be ready for sale and delivery
about the 20th of October. The medals have been prepared with great
care and skill, from the original dies in the Mint, and are exact fa c




205

Annual Report o f the Director o f the Mint.

258

similes o f the original medals. The medals are o f copper, (bronzed,)
and will be furnished at prices that will enable all who feel an interest in
numismatics to obtain them. The medal department o f the Mint has
assumed the position and importance in this institution to which, by
every consideration o f just national pride, it is fully entitled. Medals, in
the highest style of art, can be furnished with great facility; and those
soon to be issued are highly creditable to the artists and workmen by
whom they have been prepared.
The cabinet of the Mint is increasing in interest and value, by the fre­
quent addition o f rare and valuable coins and medals. As a numismatic
collection, it is deserving the attention and encouragement o f the friends
o f that science,
Very respectfully, your obedient servant,
J am es P

ollock,

Director o f the Mint.
Hon. S. P. C hase, Secretary o f the Treasury,
Washington City.

(In the following tables, the coinages at the Branch Mints of New-Orleans, Dahlonega and Charlotte, given in the report, have been omitted,
as they are insignificant, but the totals include them.— E d . M. M.)
Statement o f the Coinage o f the Mint o f the United States and Branches,
during the fiscal year ending June 30, 1861.
M in t United
sta U ^ p M la

D enomination.

B ranch M in t,
San F ran cisco.

G old — Dble.-Eagles, $46,838,420 . .

E a g le s ,.................
H alf-Eagles,.........
Three-Dollars, . . .
Quarter-Eagles,. .
D ollars,.................
B a rs ,.....................
Total gold, . .

440,050
282,630
18,216
303,440
13,955
66,434

Quarter-Dollars,
Dim es,.................
Half Dimes,. . . .
Three-Cent pieces,
B a rs,.................

$164,900
370,650
758,550
157,300
139,350
7,950
2,624

Total silver, . . $1,601,324
C o ppe r — C ents,.. .

.

Total, M int
and B ranches.

Mew- York.

$ 12,286,000 . .
60,000 . .
40.000 . .

. . $59,316,420

35.000 . .
$ 19,948/728 . .

.$ 47,963,145 . .

S il v e r — Dollars, . .
Half-Dollars,.. .

Assay Office,

552,050
452,590
18,216
338,440
15,521
20,015,163

$12,421,000 . . $ 19,948,728 . . $80,708,400
$ 175,000 . .
13,000 . .
10,000 . .
71,485 . .
$269,485 . .

$101,660

$*187,078
$187,078 . .
....

$559,900
959,650
771,550
167,300
139,350
7,950
278,006
$ 2,883,706
$101,660

R ecapitulation .

Total gold, . . . .
“ silver, . . .
“
copper, . .

.$47,963,245 . . $12,421,000 . . $ 19,948,728 . . $80,708,400
1,601,324
269,485 . .
2,883,706
187,078
101,660
101,660
................

.

Total coinage,. . .$49,666,130 . . $12,690,458 . . $20,135,807 . . $83,693,767




206

259

Annual Report o f the Director o f the Mint.

Statement o f Bullion deposited at the Mint o f the United States and
Branches, during the fiscal year ending June 30, 1861.
M in t United
States, J'/iila.

D E C C B irT IO N .

B ranch M in t,
San F ra n cisco.

G old — F ine b a rs...........$ 4 7 ,8 8 5 ,4 7 8 . .

U. S. bullion,.........
1,068,822 . . $ 12,206,382
“
“
(parted
from silve r,...........
47,733 ..
52,599
U. S. coin, (0 . S.,)..
1,675 . .
Jewelers’ bars............
111,375 . .
Foreign coin,............. 2,750,975 . .
Foreign bullion,__ _
24,703 . .
Total gold ,. . . ..$51,890,763 . . $12,258,981 . .
■Sil v e r — Bars,. . . .

...$1,487,279
23,572
...
190,754
24,702

.
.
.
.

AZ Z Z T :

Total.

................. $47,885,478
$20,792,334 . . 34,216,889
53,766
2,513
262,839
27,582,517
3,664,126

..
154,098
..
4,188
..
374,214
. . 30,624,503
. . 3,710,630

$ 52,358,095 $116,970,002

$197,844 . .

$ 388’473
1,015,069
388,228

. $1,487,279
610,011
.
1,369,702
.
1,157,968

$197,844 . .

$ 1,791,770

. $4,624,961

Totalgoldand silver,.$53,617,072 . . $12,456,825
$54,149,865
Less re-deposits at the
different institutions, gold, $ 47,885,478 ; silver, $ 1,562,914,

$121,594,964

U. S. bullion, . .
Foreign coins,. .
“
bullion,

Total silver,. . . . . $1,726,309 .

49,448.393

Total deposits,

$ 72,146,571

Statement o f Gold and Silver o f Domestic Production, deposited at the
M int o f the United States and Branches, during the fiscal year
ending June 30, 1861.
D escrip tion o f M in t United States B ranch M in t,
A ssa y Office,
B ullion.
P hila d elp h ia .
San F rancisco.
Mew- York.
G old — California,.. . . $426,807 . . $12,206,382 . . $19,227,658 . . $31,884,994
Kansas,................. .
607,592 . .
1,449,166 .
2,091,197
Virginia,...............
7,200 . .
3,869 .
11,069
North Carolina,..
7,523 . .
2,753 .
11,089
South Carolina,.. .
670 .
68,295
Georgia,.................
15,049 . .
6,900 .
44,131
Oregon,.................
3,181 .
3,181
Alabama,..............
92 . .
818 .
910
« ...
..
New Mexico,........ „
6,714 .
6,714
Utah.......................
73,734 .
1,507 . .
75,387
Arizona,................
3,048 . .
19,919
16,871 .

Total g o ld ,___ . $1,068,822 . . $12,206,382 . . $20,792,334 .
S il v e r — California,.

Parted from gold,. .
$ 13,043 . .
Utah, (Washoe,)..
1,799 . .
Lake Superior,. . .
8,729 . .
Arizona.................
North Carolina,. . ..........................
Total silver,. . . .

$23,572 . .

$62,721 . .
135,122 . .

$ 197,844 . .

$ 56,666
232,172
76,499
4,643
12,260
6,233

$34,216,889

.

$56,666
308,058
213,420
13,372
12,260
6,233

$388,473 .

$ 610,011

.
.
.
.

.

Total gold and silver . $1,092,395 . . $12,404,226 . . $21,180,807 . . $34,826,900




260

Annual Report o f the Director o f the Mint.

C

o in a g e

op toe

M in t

and

B

207

ran ch es.

Mint o f the United States, Philadelphia.
T otal Coinage.
P eriod.

1793 to 1817,
1818 to 1837,
1838 to 1847,
1848 to 1857,
1858,.............
1859,.............
1860..............
1861,.............
T otal,...

No. o f P ieces
Coined.

52,019,407
158,882,816
88,327,378
244,908,562
44,833,766
44,833,111
38,099,348
21,315,255

Value o f
Gold.

Value o f
Silver.

Value o f
Copper.

Total Value
Coined.

$5,610,957
17,639,382
29,491,010
256,950,474
10,221,876
2,660,646
4,354,576
47,963,145

$ 8,268,295
40,566,897
13,913,019
22,365,413
4,971,823
3,009,241
857,076
1,601,324

$ 319,340
476,574
349,676
517,222
234,000
307,000
342,000
101,660

$14,198,593
58,682,853
43,753,705
279,833,110
15,427,699
5,976,887
5,553,652
49,666,130

693,519,643 $374,892,070 $95,553,090 $2,647,473 $473,092,634

C o in a g e

op

the

M

in t

and

B

ran ch es.

Branch Mint, San Francisco.
T otal Coinage.

Pekiod.
1854, ...................
1855, ...................
1856.........................
1857, ...................
1858, ...................
1859, ...................
1860, ...................
1861, ...................

Gold Value.
$9,731,574
20,957,677
28,316,537
12,490,000
19,276,095
13,906,271
11,889,000
12,421,000

Total................... $ 128,987,156

C

o in a g e

op

Silver Value.
____
$164,075
200,609
50,000
147,502
327,969
572,911
269,485

....

___

the

M

$ 1,732,554

in t

and

B

____

___

Total Value.
$9,731,574
21,121,752
28,516,147
12,540,000
19,423,698
14,234,241
12,461,911
12,690,485
$ 130,719,710

ran ch es.

Summary Exhibit o f the Coinage o f the Mint and Branches, to the close
o f the year ending June 30, 1861.
M ints.

Commence- Gold
m ent o f Coinage.
Coinage. Value.

S ilver
Coinage.
Value.

Copper
E ntire Coinage.
Coinage. .-----------------*-----------------*
Value.
Pieces.
Value.

Philadelphia,............................. 1793 $ 374,892,070 $ 95,553,090 $ 2,647,473 $ 693,219,643 $ 473,092,634
1,732,554
.........
9,919,739 130,719,710
San Francisco,......................... 1854 128,987,156
New-Orleans, (to Jan. 31,1S61,) 1S38
40,881,615 29,890,037
.........
94 900,695 70,271,652
5,048,641
.............................
1,206,954
5,04S,641
Charlotte, (to March 3 1,1S61,) 1838
6,121,919
.............................
1,331,750
6,121,919
Dahlonega, to Feb. 28, 1861,). 1838
113,6S5,004
983,S00
.........
33,694 114,668,804
Assay Office, N ew-York,....... 1854
Total,




$ 669,116,356 $ 12S,159,481 $ 2,647,473 $ 800,662,475 $ 799,923,362

20 8

261

Annual Report o f the Director o f the Mint.

Statement o f Gold o f Domestic Production, deposited at the M int o f the
United Stales and Branches, to the close o f the year ending June,
1861.
M in t
P eriod.

of

the

V irginia.

.
1S04 to 1827,
1823 to 1S37, ..$427,000 .
1838 to 1S47, .. 518,294 .
1848 to 1857, .. 534,491 .
18,377
1858,........... ..
15,720
1859,........... . .
1860,...........
7,200
1861,...........
Total,..

$1,538,485

U

N orth
Carolina.

South
Carolina.

h il a d e l p h ia .

Georgia.

New
Tennessee. Alabam a. M exico.

$ 110,000
2,519,500 . $327,500 .. $ 1,763,900 .. $ 12,400
566,316 .. 16,499 .. $45,493
1,303,63G . 152,366 ..
9,451 .. $48,897
44,577 ..
6,664 .
467,237 .
55,626 ..
300 ..
18,365
15,175
275
4,675 ..
20,190
240
9,305
7,556
595
8,450
15,049
92
7,523

...

. $4,440,826

C a liforn ia .
1S04 to 1827,..
1828 to 1S37,...
1838 to 1847,...
1848 to 1857,... $226,839,521 ..
1,372,506 ..
1858,................
959,191 ..
1859,................
663,3S9 ..
1860,................
426,807 ..
1861,................
Total,....... $230,261,416 ..

Statem ent

S tates, P

n it e d

. $ 540,467 .. $2,435,954 .. $36,403

Oregon.

$54,285
3,600
2,960
2,780

K ansas.

..
..
..
..

$63,625 ..

of

G

old

A rizon a

. $ 55,036 ..$48,678

Other sources.
$13,200 ..
21,037 ..
7,218 ..

...
$145
346,604
607,592 ..

$ 3,048

$ 954,341 ..

$3,048

of

D

o m e s t ic

P

1,402 ..
1,507 ..

T otal.
$110,000
5,063,500
2,623,641
228,067,478
1,428,323
1,012,701
1,048,180
1,063,822

. *$44,364 .. $ 240,422,642

r o d u c t io n .

Summary Exhibit o f the entire Deposits o f Domestic Gold at the United
States Mint and Branchest, to June 30, 1861.
P h ila d elp h ia . F J ^ e c o . M e a n s . Charlotte. Dahlonega.

Total.

Virginia,........... $1,588,485
....
..........................................
$20,004 $1,558,489
North Carolina,
4,440,826
....
$741 4,520,730 $ 99,5S5
49,797
9,111,680
South Carolina,.
540,467
....
16,217 460,523
811,242
22,454
1,350,904
Georgia,............ 2,485,954
....
41,241
. . . . 4,310,459
119,869
6,907,524
Alabam a,.........
55,036
....
77,943
....
59,629
5,720
198,330
Tennessee,........
36,403
....
2,883
....
42,119
....
81,406
California,......... 230,261,416 $130,167,994 22,255,240
87,321 1,236,016 117,283,009 501,290,998
Kansas, ...........
954,341
....
3,437
....
57,763
1,702,091
2,717,633
Utah,................
1,507
....
145
78,414
80,067
A rizon a,...........
3,048
......
.......................
......
18,061
21,109
Nebraska,.........
1,402
^402
N ew-M exieo,...
48,672
....
....
6,714
55,386
Oregon,............
63,625
....
....
11,628
75,253
Other sources,.
41,455
....
7,290
....
951
29,528
79,224
$ 240,422,642 $ 130,167,994 $22,404,993 5,068,575 $6,117,913 $119,347,290 $523,529,409
* Includes $1,507 96 from Utah, and $1,402 01 from Nebraska.




262

Annual Report o f the Director o f the Mint.

209

Statement o f the Amount o f Silver o f Domestic Production, deposited at
the Mint o f the United States and its Branches, from January, 1841,
to June 30, 1861 :
T eaks.

Parted.
fr o m Gold.

1841 to 1851,
1852,...........
1858,...........
1854, ........
1855, ........
1856, ........
1857, ........
1858, ........
1859, .......
1860, .......
1861, .......

$768,509
404,494
417,279
828,199
333,053
321,938
127,256
800,849
219,647
138,561
864,724

T o ta l,.... $3,724,511

A

Utah.
(.Washoe.)

A rizon a
and Sonora.

N orth
Carolina.

L ake
Superior.

.................................................................................. $15,628 . . . .
......................................................... $23,398
. . . . 80,122 . . . .
....$102,540 ....$ 1 4 ,5 7 7 . . . .
12,257 . . . . 25,880 . . . .
. . . . 213,420 . . . . 12,260 . . . .
6,233 . . . . 13,372 . . . .
$315,961

S tatem ent

op

F

$26,837

o r e ig n

G

$ 41,888

old

and

$84,993

S il v e r C

Total.
$768,509
404,494
417,279
828,199
833,053
321,988
127,256
816,472
278,167
293,797
610,011
$4,194,176

o in s .

Prepared by the Director o f the Mint, to accompany his Annual Report, in pursuance o f the act
o f February 21,1857.

jExplanatory Remarks.
The first column embraces the names o f the countries where the coins
are issued ; the second contains the names o f coin, only the principal de­
nominations being given; the other sizes are proportional; and when
this is not the case, the deviation is stated.
The third column expresses the weight o f a single piece in fractions
o f the troy ounce, carried to the thousandth, and in a few cases to the
ten thousandth o f an ounce. The method is preferable to expressing
the weight in grains, for commercial purposes, and corresponds better
with the terms o f the Mint. It may he readily transferred to weight in
grains by the following ru le: Remove the decimal point; from onehalf deduct four per cent, o f that half, and the remainder will be grains.
The fourth column expresses the fineness in thousands, i. e., the num­
ber o f parts o f pure gold or silver in 1,000 parts of the coin.
The fifth and sixth columns o f the first table express the valuation of
gold. In the fifth, is shown the value as compared with the legal con­
tent, or amount o f fine gold in our coin. In the sixth, is shown the
value as paid at the Mint, after the uniform deduction o f one-half o f one
per cent. The former is the value for any other purposes than re­
coinage, and especially for the purpose o f comparison ; the latter is the
value in exchange for our coins at the Mint.
For the silver there is no fixed legal valuation— the law providing for
shifting the price according to the condition o f demand and supply.
The present price o f standard silver is 121 cents per ounce; at which
rate the values in the fifth column o f the second table are calculated.
In a few cases, where the coins could not be procured, the data are
assumed from the legal rates, and so stated.




210

263

A n n u a l Report.

GOLD AND SILVER COINS.
A statement o f fo reig n gold and silver coins, prepared by the
D irector o f the M in t to accompany his annual report, in p u r­
suance o f the act o f February 2 1 , 1 8 5 7 .
G old Coins.

Country.

Denomination.

Pound of 1852,................
Souverain,........................
Twenty-five francs,.........
20,000 reis,.......................
Central America, Two escudors...................
Chili,.................... Old doubloons,................
Ten pesos,........................
England,............. Pound, or sovereign, new,
Twenty francs, new........
do.
average,.
do.....................
Germany, north,. Ten thaler,.......................
do.
Prussian,. . . .
do.
...........
do.
south,. Ducat.................................
Mexico,............... Doubloon, average,.........
Six duenti, new,...............
Netherlands,. . . . Ten guilders,....................
New-Granada,... Old doubloon, Bogota,. .
do.
Popayan,.
do.
Ten pesos, new,...............
do.
do.

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

New, not ascertained,.. .

Rome,..................

2$- scudi, new,..................

W eight Fineness.

Oz. dec.
0.281
0.256
0.112
0.368
0.254
0.867
0.575
0.209
0.867
0.492
0.427
0.433
0.256.7
0.256
0.207.5
0.207
0.427
0.427
0.112
0.185
0.374
0.867.5
0.245
0.215
0.868
0.867
0.525
0.867

Thane.
916.5
916.5
986
900
899
870
917.5
853.5
870
900
895
844
916.5
915.5
899.5
899
895
903
986
900
916
866
996
899
870
858
891.5
868

0.308
0.140
0.210

912
900
916

0.268
0.111
0.231
0.112

896
975
915
999

Sardinia,............. Same as France,...............

Tuscany,..............

Sequin,.............................

Value.

d.

a m.
5.32.0
4.85.0
2.28.0
6.77.0
4.72.0
15.58.0
10.90.5
3.68.0
15.57.0
9.15.3
7.90.0
7.60.0
4.86.3
4.84.8
3.86.0
3.84.5
7.90.0
8.00.0
2.28.3
3.45.0
7.08.0
15.63.4
5.04.0
3.99.0
15.61.7
15.39.0
9.67.5
15.56.0
6.81.3
2.60.0
3.97.6
....
4.96.3
2.26.7
4.37.4
2.30.0

Value after
deduction.

D. O. M.
6.29.3
4.82.6
2.26.9
6.73.6
4.69.7
15.50.2
10.85.1
3.66.2
15.49.2
9.10.7
7.86.1
7.56.2
4.83.9
4.82.4
3.84.1
3.82.6
7.86.1
7.96
2.27.2
3.43.3
7.04.5
16.45.6
5.01.5
3.97.0
15.53.9
15.31.3
9.62.7
15.48.2
....
5.78.4
2.58.7
3.95.7
••••
4.93.9
2.25.6
4.85.2
2.28.9

Only the principal denominations of coin in each country are Bet down, other
sizes being proportional. When this is not the ease the deviation is stated.
The weight is given in the troy ounce, and decimal fraction; thereof, without




264

Gold and Silver Coins.

211

being carried out to an extreme. This method is preferable to the weight in grains
for commercial uses, and corresponds better with the terms at the Mint.
The valuation of gold is given in two columns. In the first is shown the value
as compared with the legal contents or amount of fine gold in our coin. In the
second is shown the value as paid at the Mint after the uniform deduction of one-half
of one per cent. The former is the value for any other purposes than re-coinage,
and especially for the purpose of comparison ; the latter is the value in exchange
for our coins at the Mint.
For the silver there is no fixed legal valuation. The law provides for a shifting
o f price according to the circumstances of demand and supply. A t the moment
o f making this report, the price, which previously was 122^ cents per ounce of
standard fineness, has been reduced to 121 cents, at which rate the ensuing values
are calculated.
S ilve r C oixs .

Country.

Denomination.

Austria...................................
Austria...................................
Austria,.................................
Belgium,................................
B olivia,.................................
Bolivia,.................................
Bolivia,.................................
Brazil,...................................
Central America,.................
Chili.......................................
Chili.......................................
Denmark,..............................
England.................................
England,...............................
France,...................................
Germany, north,...................
Germany, south....... .........
Germany, north and south,
Greece,...................................
Hindustan,.............................
Japan......................................
M exico,.................................
Naples....................................
Netherlands,.........................
Norway.................................
New-Granada,......................
Peru,.....................................
Peru........................................
Peru,.....................................
Portugal,...............................
Rome,.....................................
Russia,...................................
Sardinia.................................
Spain,.....................................
Sweden..................................
Switzerland,.........................
Turkey,.................................
Tuscany,...............................

Rix dollar,.........................
Scudo of six lire..............
20 kreutzer,......................
Five francs,.......................
Dollar,................. .............
H alf dollar, 1830,............
Quarter dollar, 1830,......
2,000 reis,.........................
Dollar,...............................
Old dollar,.........................
New dollar........................
Two rigsdaler...................
Shillings, new,..................
Shillings, average,...........
Five francs, average........
Thaler,...............................
Gulden or florin,.............
2 thaler or 3$ guld,........
Five drachms,..................
Rupee,...............................
Itzebu................................
Dollar, average,...............
Scudo,...............................
2 i guilder,........................
Specic-daler,.....................
Dollar of 1857,.................
Old dollar.........................
Old dollar of 1855,.........
Half dollar, 1835-38,___
Silver crown,....................
Scudo,...............................
Rouble,.............................
Five lire,...........................
New pistareen,.................
Rix dollar,.........................
Two francs........................
Twenty piastres,..............
Florin,...............................




Weight. Fineness.
Oz. dec.
0.902
0.836
0.215
0.803
0.871
0.433
0.216
0.820
0.866
0.864
0.801
0.927
0.182.5
0.178
0.800
0.712
0.340
1.192
0.719
0.374
0.279
0.866
0.884
0.804
0.927
0.803
0.866
0.766
0.433
0.950
0.864
0.667
0.800
0.166
1.092
0.323
0.770
0.220

TJtous.
833
902
582
897
900.5
670
670
918.5
850
908
900.5
877
924.5
925
900
750
900
900
900
916
991
901
830
944
877
896
901
909
650
912
900
875
900
899
750
899
830
925

Value.
I). C.M.
1.01.3
1.01.5
16.8
96.8
1.05.4
38.5
19.2
1.01.3
97.3
1.04.7
97.0
1.09.4
22.7
22.2
96.8
71.7
41.2
1.44.3
86.9
46.0
37.0
1.04.9
98.8
1.02.3
1.09.4
96.8
1.04.9
93.6
37.7
1.16.6
1.04.9
78.
96.
20.1
1.10.1
39.0
86.5
27.4

265

The Cotton Question.

1 8 6 2 .]

THE

COTTON

QUESTION.

1. Supply op Cotton in E ngland . 2. Cotton at H avre . 3. Cotton Supply in tub U nited
States. 4. E xports of D omestic Cotton prom N ew -Y ork and B oston. 5. Cotton in
L iberia . 6. Cultivation op Cotton in A frica . 7. Cotton-G rowing in T urkey. 8. Cot­
ton C ulture in I ndia . 9. Cotton-G rowing in II ayti . 10. Cotton in T artary . 11. Cot­
ton from P eru. 12. C otton in Southern I llinois.

SUPPLY

OF

COTTON

IN

ENGLAND.

O u r English exchanges appear again to be haunted with the idea that
their supply o f cotton will soon be exhausted. And well they may be,
if by exhaustion they mean working on short time and the shutting up
o f a large number of their manufactories. That there is now much dis­
tress in their manufacturing districts cannot admit o f dispute ; and that
it will continue, is also equally certain, as long as cotton commands so
high a price and cotton goods so low, whatever may be the supply of
the raw material. But yet we do not believe that their stock will be
exhausted, or that the exhibit to be made in July will be any less pleas­
antly-disappointing than the statement made in January.
In the first place, we think they underrate the amount to be received
from other sources than America. The unusual efforts put forth for
obtaining cotton, and the high price it commands, has prompted the
planting o f more, and will cause every pound produced to find the mar­
ket. Hence no calculation can be made based on former supply from
these sources. In proof of this remark, we would refer to the items of
information respecting the cotton crop in the different parts of the world,
published in former numbers o f the M e r c h a n t s ’ M a g a z i n e daring the
past year, and also to statements to be found below on the same subject.
Perhaps, however, the point is as well illustrated as it can be, by the
simple report of the exports of cotton from Bombay the last eleven
months, compared with the amount exported during the same period *
the three former years. These are the figures :

1861.

1860.

1859.

1858.

Total amount exported from Bombay )
from Jan. 1 to Dec. 1 , .............bales, ) 936.865J . . 619,416 . . 6I71,4’7'7 . . 406,256

W ith the light o f such a statement as this, how can one expect to make
any calculation as to the future supply o f cotton, based on what has
heretofore been received from the same sources ? I f a few months can
work such a change as to add a third to the supply from one source,
what may we not expect, with the present high prices, when the wants
o f the world have become thoroughly known and appreciated ?
Then, again, our own government is now obtaining small amounts of
the raw material from the districts already occupied in the South, and
each succeeding week will, we believe, find our army further south, and,
of course, therefore, more will thus be reached. As yet, the English
market has not received a bag o f our crop o f 1861. This cannot be so




The Cotton Question.

266

[March,

much longer. Our government has, it is true, spent months in prepara­
tion, hut that was necessary to equip and discipline our volunteer forces.
From this time, however, we may expect our lines to advance, and we
are confident that an outlet will thus soon be made for a large proportion
o f this entire crop. Still, even if this were not so, the most unfavorable
statement that can be made shows that England will certainly have
enough, without any supply from this country, for all her mills, (working
on two-thirds time,) till the first of July, and no one can believe that this
contest can be prolonged beyond that period, without at least furnishing
the required relief to the commercial world.
W e find the following statement in the London Economist. Speaking
o f the present supply o f cotton, the writer says:
W e have now, in round numbers, on January 1st, a stock o f 700,000
bales. W orking on an average two-thirds time, or not quite four days,
the weekly consumption of our mills will be 30,000 bales. The weekly
export has been, in 1861, 13,000 bales; but this will necessarily be
somewhat curtailed by the high prices which obtain, and may probably
not exceed 8,000. It is not possible to ascertain with absolute correct­
ness what amount o f cotton may fairly be expected from India, Egypt
and Brazil in the course o f the next six months, but it is generally esti­
mated at about 300,000 bales. The case will, therefore, stand as follows:
Bales.

Bales.

Stock on January 1 s t,.............................................. 700,000
T o arrive before J u ly ,............................................ 300,000
In spinners’ hands, about......................................... *70,000
---------- 1,070,000
Consumption, 26 weeks, at 30,000bales, ab o u t.. 780,000
Export, 26 weeks, at 8,000 bales,........................ 208,000
---------988,000
Stock July 1, 1 8 6 2 ,........................................
The following is from Messrs.
Liverpool cotton market:

M

a r r io t t

82,000

& Co.’s annual report o f the
Bales.

The total stock of cotton remaining at the close o f 1860 was [594,510
The total import o f 1861 was................................................ 3,035,728
Estimated decrease o f stocks now held by the trade, as
compared with those at the close of 1860,.....................
110,000
3,740,238
Deduct stock remaining at the close o f 1 8 6 1 ,.. [702,831
Deduct the quantity exported,............................ 677,220
---------- 1,380,051
Total quantity taken for home consumption in 1861, 2,360,187
* In WiLMEit & S mith ’ s European Times we see the amount in spinners’ hands
estimated at 80,000 bales, and that is about 140,000 below the amount held at the
same period last year.
f From these figures it appears that there was on hand, January 1,1862, 108,321
bales more than in January, 1861. This, however, is not really a correct conclusion,




1862.]

The Cotton Question.

26 7

And it has been in the following weekly proportions: American, 34,717 ;
Brazil, 1,622 ; East India, 6,698 ; Egyptian, 2,087 ; other kinds, 2 6 4 ;
total, 45,388; average, 432 lbs. The following table exhibits the exports
during the last and two preceding years:

1861.

1860.

1859.

Bales.

B alee.

Bales.

American,.................
Brazil,........................
West India,.............
Egyptian,.................
East India,............... ........... 409,030

250,830
8,450
400
3,500
345,820

..

..
..
..
..
..

141,150
7,660
380
14,230
272,600

677,220 . .
609,000 . . 436,020
The total import o f the past year, of all kinds, as stated above, amounts
to 3,036,930 bales, against 3,366,686 bales in 1860, being a falling off in
the year o f 329,756 bales.
C O T T O N AT

HAVRE.

The following tables present many interesting details respecting cotton
at Havre, the present and past supply, prices, &c.
Stock on,
Jan. 1.
B ales.

Years.
1 8 6 1 ,..........
1 8 6 0 ,..........
1 8 5 9 ,.........
1 8 5 8 ,..........
1 8 5 7 ,..........
1 8 5 6 ,..........
1 855............
1 8 5 4 ,..........
1853............
1 852............
1 8 5 1 ,..........

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

4 5,1 30
1 36,690
8 2 ,6 0 0
4 6 ,8 0 0
5 3 ,6 5 0
72,2 50
21,1 00
2 3 ,8 3 0
22,6 00

A r riv a ls i n the
course o f the Year.
B ales.
____
____
____
____
____
____
____
____
____
____
____

6 5 7 ,7 5 0
6 32 ,19 5
3 8 8 ,1 9 0
5 2 1 ,1 6 8
4 3 1 ,3 2 5
4 5 0 ,4 0 3
4 1 8 ,0 1 8
4 2 5 ,9 0 4
3 8 9 ,50 5
395 ,00 1
3 0 3 ,9 7 5

____
____
____
____
____
____
____
____
____
____
____

Sales.
B ales.
524,820
572,305
4 7 9 ,7 5 0
4 67,078
395,525
4 5 7 ,2 5 3
4 36 ,61 8
374 ,75 4
392,235
393,771
323 ,77 5

Stock on
D ec. 31.
Bales.
____
____
____
____
____
____
____
____
____
____
____

137,950
105,020
4 5 ,1 3 0
1 3 6 ,6 9 0
8 2 ,6 0 0
4 6 ,8 0 0
5 3 ,6 5 0
72,2 50
21,1 00
2 3 ,8 3 0
22,6 00

The prices per 50 kilogrammes (nearly 1 cwt.) were :
Dec. 81,1861.
F ra n ce.

D ec. 81, 1860.
F ran ce.

D ec. 81,1859.
F rance.

New-Orleans,....................... 130 to 172 . .
85 to 119 . . 92 to 127
Mobile................................... 129 to 148 . .
84 to 105 . . 91 to 114
Georgia,................................ 128 to 146 . .
83 to 104 . . 89 to 113
Georgia, L. S „ ................... 130 to 480 . . 105 to 400 . . 115 to 400
Pernambuco,....................... 107 to 167 . .
75 to 122 . . 86 to 136
Martinique & Guadaloupe,. 110 to 147 . .
70 to 102 . . 90 to 115
H ayti,................................... 115 to 125 . .
70 to 80 . . 84 to 92
N ote .— Since the 7th May, 1860, cotton imported from countries out of Europe by
French vessels, or b y foreign vessels assimilated to French, has been free of duty.
25£ is equal £1.
for the reason that neither statement shows the amount in spinners’ hands at same
time. The true amounts would be as follows:
Jan uary 1,1861.
Bales.

Total amount o f stock remaining,................... 894,510
Amount in spinners’ hands, about................. 220,000

Ja n u a ry 1, 1862.

Bales.
702,831
70,000

T ota l,.......................................................... 814,510
____
772,831
W e call attention to this, as we have seen a different statement in some of our
American exchanges.




The Cotton Question.

268
COTTON

SUPPLY

IN

THE

UNITED

[M arch,
STATES.

The following statement, compiled chiefly from the weekly returns of
the Shipping List, by the New-York Herald, shows the amount of cotton
taken for United States consumption during each quarter o f the year,
compared with the same periods o f 1860:
First quarter, bales,....................
Second quarter,............................ ...........
Third quarter,............................. ...........
Fourth quarter, (say,)................. ...........

1861.
84,891
19,100
25,000

1860.
237,540
252,946
116,845
248,030

Total,................................ ...........

394,451

855,361

The quantity here given for the fourth quarter of 1861 is only an estimate
based on the reported sales in the New-York market. The figures for
1860, and for the first half of 1861, include the quantity taken from
southern ports for consumption in that section, which, however, is so
small as not materially to affect the comparison.
The amount that is now in the spinners’ hands it would of course be
impossible to state with certainty. If, however, we were to estimate it
at 75,000 bales, it would not probably be understated. W e see a corres­
pondent in Augusta, Maine, o f the Boston Journal, has furnished an ac­
count o f the amount o f cotton now held by the several manufacturing
companies in Maine, and he arrives at the conclusion, that the aggregate
amount thus held in the State is 15,420 bales.
Judging from our own advices from the other States, we think the
whole amount in the spinners’ hands on the first o f January must have been,
as we s^id before, about seventy-five thousand bales. Since then, however,
this has been increased by large exports from Liverpool. Up to the 31st
o f December, only about 16,000 bags had been shipped. But during the
month of January our European advices show that “ heavy purchases have
been made, steamers have been engaged to take the cotton to Boston and
New-York, and the freight asked and paid is unexampled— being, we un­
derstand, 2d. per lb. and 5 per cent, primage.” There was thus shipped
from Liverpool, during the first eight days o f January, 15,000 bales for
New-York and 5,000 for Boston. To what extent this trade will be car­
ried it is impossible to say. The enhancement of price, however, which
it has and must cause, will, as the London Economist says, increase the
inducement of growers in all parts o f the world to forward their cotton
to Great Britain as largely and as promptly as they can. The same au­
thority also states, that thus cotton has already been drawn to England
from several unusual quarters. Some o f that recently bought for ship­
ment to America was, at the time o f purchase, on its way hither from
Russia.

EXPORTS

OF

COTTON

FROM

NEW-YORK

AND

BOSTON.

The exports of domestic cotton from the ports o f New-York and
Boston, to foreign ports, for the years 1857, 1858,1859, 1860 and 1861,
have been as follows:




269

The Cotton Question.

1862.]

1858.

1857.
From New-York,.............pkgs.,
From Boston.................... “

26,668 . . 69,991 .
27,900 . . 29,875 .

1859.

1860

1861.

74,549 . . 86,318 . . 55,736
31,661 . . 33,588 . . 18,146

The following table shows the destination o f the various shipments
from New-York for the past two years:
W here

to.

Mexico................................................
Dutch West Indies,.........................
Swedish West Indies,.....................
Danish West Indies,.......................
British West Indies,.......................
Spanish West Indies,.....................
Saint Domingo,.................................
British North America,..................
New-Granada....................................
Brazil,.................................................
Venezuela,.........................................
Argentine Republic,.......................
Central America,...............................
West Coast, South America,..........
Honduras,.........................................
Africa,................................... ............
Australia,.........................................
East Indies and China,...................
A ll others,..........................................

it

1860.

1861.

4,873
664

2,766
569
38
522
537
374
1,257
60
2,005
5,400
1,421
430
23
5,299
245
876
180
31,911
1,823

ti

47

11

952
497
193
2,196
10
1,381
8,103
1,328
1,111
53
13,291
389
1,406
323
47,735
1,792

tt
it
it
li
it
H
li
li
li
it
It
“
it

86,318

Total from New-York,.................

. . . .

55,736

The shipments for the year 1861 show a decline to all points; the
very high prices, and the falling off in general trade, having contributed
to that result.
COTTON

IN

LIBERIA.

The New-York Colonization Journal has the following on cotton cul­
ture in Liberia:
“ The demand for cotton will probably continue for some years, even
after the present contest is closed, so that much higher prices will rule
than have hitherto.
“ In Liberia, cotton has most favorable opportunities for rewarding the
cultivation o f it.
“ A t the close o f the rainy season, say in October, the seed planted
springs up with a growth so rapid that, in a well-authenticated instance,
ripe balls were gathered within six weeks after the day o f planting. The
yield is large, and if the plant is cared for, it bears for five or six years,
and cotton is ripening nearly all the year.
“ W e learn that, besides the large supplies o f cotton-seed which has
from time to time been furnished from other sources, twenty barrels of
the very best Sea Island seed, lately forwarded to New-York from Beau­
fort, South Carolina, by Commodore D u p o n t , at the request of Dr.
J a m e s H a l l , o f Baltimore, have been forwarded to President B e n s o n ,
by the bark G r e y h o u n d . W ith the best seed in the world, and the
most favorable o f climates, the people of Liberia ought to come into the
market with large supplies. W e hope they w ill; so demonstrating that
even free colored populations can be relied on for a supply should slavery
cease.”




The Cotton Question.

270

CULTIVATION

OB1 C O T T O N

[M arch,

IN

AFRICA.

B y the last W est African mails, we learn that in the eastern districts
the Portuguese missionaries were making various movements in the cul­
tivation of cotton and coffee, and were giving the natives a good example
hy digging and putting the land in order themselves. Some o f the Eng­
lish missionaries endeavored to set the natives against the Portuguese,
whom they said were cultivating the land for their own purposes; but
this statement the Portuguese exposed, both hy purchasing cotton o f the
native chiefs and by giving up land which they had cleared for the culti­
vation o f cotton and coffee to natives whom they had taught how to sow
the cotton-seed, plant the coffee tree, and, when both were ripe, to pre­
pare for market. The natives appear to be generally in favor o f the Por­
tuguese, and the latter, taking advantage o f this feeling, are making rapid
spiritual and temporal development in all the eastern districts.
A writer in the West African Herald says : “ If Manchester will place
£10,000 in good hands, I will find gentlemen who will pay for it in cot­
ton. If, indeed, such a sum had been at their disposal three months
ago, I would have promised full liquidation hy next August. All the
natives appear to require, is a stimulus in the shape of money and imple­
ments, in order to commence the cultivation o f this article o f com­
merce.”
COTTON-GROWING

IN

TURKEY.

W e find the following in the European Times:
“ A letter from Smyrna, o f the 22d December, says: ‘ It may be inte­
resting to know that the pacha has bestowed great attention on the cot­
ton question, having taken part in the former proceedings of the govern­
ment for the introduction of American agents, seeds and machinery, as
well as having taken part in the recent inquiries. M. P. L a F o n t a i n e
and others are taking considerable interest in the improvement of the
next crop. A large quantity o f cotton is coming in from the interior.’
“ A letter from Drama, in Macedonia, o f the 20th December, has the
following: ‘ la m enabled to give you some information about the culti­
vation o f cotton in this district, which may he o f general interest. A t
Demir-Hissar, near to Serres, one o f the leading Mussulman farmers has
made some very successful trials o f American seed, which he received
from an English agent. W ithin three years, the plain o f Serres, where
hitherto nothing but the ordinary short staple was grown, is now planted
to the extent o f fully three-fourths with American seed, and the cultiva­
tors, instead o f realizing only 5-1 piasters, now obtain 9-J- piasters for the
improved yield. Eesults such as these speak for themselves, and must
contribute, in no slight degree, to stimulate our agriculturists. It has
been found that the American does not depend, like the indigenous cot­
ton-plant, upon regular supplies o f rain, and is therefore less liable to the
failure which was noticeable with the former. The newly-grown cottonplants have attained a height o f six feet, and the seed is being carefully
saved for future crops. The English “ gins,” which have arrived and are
now used, have proved o f great assistance. Our old-fashioned machines
will be driven away very soon, when the full advantage o f the new imple­
ments becomes understood. I trust that when these facts are known,




1 8 6 2 .]

The Cotton Question.

271

they may lead to a greater degree o f attention being devoted to this
quarter as a source o f cotton supply, whence a yield tenfold greater than
we now have may be obtained. A farmer o f my acquaintance was some
time since desirous o f selling his farm for 80,000 piasters, and at that
price he could find no buyer; now, from the introduction o f this
improved culture, he has been able— from cotton alone— to raise this
year sufficient to yield him a net profit o f 70,000 piasters, and next year
he expects to treble this sum. I need not say how much the value o f
his property has thus become enhanced. But this is not a solitary
instance. I can mention other cases o f greater or less proportions,
where the advantage derived is as satisfactory. I have no doubt that in
a few years the locality will become celebrated, and our exports o f cot­
ton will be large enough to induce the Serres produce to form an item
for quotation in the French and English markets.’ ”
COTTON

CULTURE

IN

INDIA.

The London Economist says the prospectus o f the East India Cotton
Agency Company, under the Limited Liability Act, has been issued.
The proposed capital is £500,000 in 50,000 shares of £10 each. The ob­
ject o f the company is to promote the further export from India o f a
most necessary article of consumption, and provide efficient machinery
for cleaning cotton in the East. The probable duration o f the civil war in
America must develop the resources of India to an extent which no one
could have contemplated a short time since. The Russian war stimula­
ted the export of seed from India, and it has never since declined. In the
same manner, we believe that any addition to the cotton exports of India,
to which the peculiar circumstances o f the present moment may give
rise, will not die away with those circumstances, hut will he permanent.
The direction o f this company is of the most respectable character, and
the company would seem to have an excellent prospect o f success.
The India Freehold Land Colonization Trust and Agency Association
(Limited) is intended to develop the resources o f India, by availing itself
o f the late decree o f the Supreme Government for the sale at the upset
price o f 5s. an acre for waste, and 10s. for cleared land. The company
will likewise advance money on mortgage or otherwise, and act as agents
for capitalists and non-resident proprietors in the investment o f moneys,
and the transaction o f agency business. The land o f India has hitherto
been inaccessible to common purchasers, and it is in many parts pecu­
liarly adapted for the growth o f cotton and many other articles o f export
to Europe, and in the hill districts is fitted for the permanent residence
o f Europeans.
COTTON

GROWING

IN

HAYTI.

The project o f growing cotton in Hayti has been commenced, we un­
derstand, and will be carried forward with great vigor, and with good
promise of a successful result. In the province o f St. Marc, about twelve
hundred colored men have been collected, principally emigrants from the
United States and Canada, and including a number o f “ contrabands”
from the South, who have commenced the work, having been assured of
the countenance and support of the government of the Island. In answer




The Cotton Question.

27 2

[M arch,

to an order from St. Marc, a merchant o f Boston has already, we are in­
formed, dispatched a vessel loaded with agricultural implements, furniture
and other articles o f necessity, for the laborers in this new enterprise.
COTTON

IN

TARTARY.

From the Bombay Gazette of December 12 th, we learn that Russia is draw­
ing supplies of cotton from Khiva and Bokhara, and the cultivation o f the
staple in those countries has been very largely extended. The value of
that sold recently at the fair of Novogorod was estimated at £150,000.
COTTON

FROM

PERU.

The British steamer C a l l a o , at Panama, from Valparaiso, brought up
a large quantity o f cotton from Peru— consigned to England— with the
announcement that a much larger amount is going round Cape Horn.
This cotton is said to be o f superior quality, and no efforts to raise a very
large crop on the Peruvian coast the ensuing year will be spared. The
present price of cotton is bringing it forward from a number o f places not
usually distinguished as sources of supply of this article.
COTTON

IN

SOUTHERN

ILLINOIS.

It is well known that cotton was once largely grown in Southern Illi­
nois. Its culture was discontinued in consequence o f the low prices which
prevailed for some years, rendering competition difficult with the country
further south. Active measures are now, however, in progress, to resume
the culture there on a larger scale.
It is estimated that at ieast five millions o f acres in the southern part
of Illinois is well adapted to the culture of this plant. Illinois papers
tell us that samples o f cotton grown in that State the past season have been
pronounced by competent judges equal in quality to the “ Georgia Upland.”
The Commissioner o f Patents at Washington has issued a circular, in
which he says, to prevent failures in the cultivation of cotton in the mid­
dle portion of the Free States, it should be remembered that it is a
principle in vegetable physiology, that tropical plants can never be accli­
mated North, except by a repeated reproduction of new varieties from the
seed. The attempt to grow Sea Island cotton, such as is now brought
from Hilton Head, would prove a failure in any portion o f the Free States.
The only variety capable o f successful cultivation in those sections now
seeking its introduction, is the green seed cotton, such as is now being
raised extensively in Arkansas, Missouri, Tennessee and portions o f Ken­
tucky, which produces the white fibre. The seed should be obtained from
these localities. The modifications o f soil and climate will influence the
size of the plant, the length and fineness o f the fibre, and the product of
the crop.
No reasonable doubt is entertained o f the success o f the culture in all
the mild portions o f the Middle States, and efforts are now making by
this department to procure the proper seed for distribution. The com­
missioner further says, the cultivation o f sorgho the past year settles the
question o f its entire practical success, and that one o f the difficulties pre­
senting itself is the want o f pure seed to meet this want. This depart­
ment has ordered seed from France for distribution the ensuing spring.




1862.]

Statistics o f Trade and Commerce.

STATISTICS

OF

TRADE

AND

273

COMMERCE.

I. Commerce of N ew -Y ork for 1861, compared wiTn former years. II. T rade of B oston for
1861, COMPARED WITH THE THREE PREVIOUS YEAR8. III. PHILADELPHIA, HER TRADE AND NAVI­
GATION for 1861. IY . T rade of B altimore for 1861. Y . E xports from B ombay. Y I. M o­
lasses T rade of the U nited States. Y II. E xports of St . P aul .

COMMERCE

OF N E W - Y O R K

FOR

1861.

Arrivals from Foreign Ports fo r the Year 1861.— The number o f ar­
rivals during the year 1861 was greater than ever before, being an increase
o f 671 over the year 1860.
The increase in the number o f British vessels (317) is accounted for
by the fact, that there has been less demand for American bottoms in con­
sequence o f the fear o f privateers; and a number of American vessels
also are therefore sailing under bills of sale and flying British colors.
The whole number o f arrivals are 5,122, as follows :
1860.

War vessels,..........
..

2
319

1861.

..

Corvettes,..............
Barks,....................
Barkentines,..........
Brigs,.....................

197
..
978
20
. . 1,335

..
..
..

1860.

25
2 Schooners,...................
262 Yachts,.........................
Canal boats,.................
1 127
l|099
22
1,340

1861.
1

2
972

.
.

1

.

24

.

1

Total,....................... 4,451
Increase for 1861,

.

5,122
671

1,243

The following is a comparative statement o f the arrival o f vessels and
passengers for the past ten years:
Vessels f r o m
F oreig n P orts.

Tear.

1851, .................
1852, .................
1853, .................
1854, .................
1856,.....................
1856, .................
1857, .................
1858, ................
1859, ................
1860, ................
1861, .................

Passengers,
F oreign .

3,888
3,822
4,105
4,173
3,391
3,869
3,902
3,483
4,027
4,451
5,122

299,081
310,335
299,425
331,809
152,234
159,284
103,499
97,632
81,320
86,627
80,790

P assengers from ,
C a liforn ia .

18,207
12,158
15,517
15,929
13,400
11,925
11,205
8,860
16,949
10,710
9,117

The number o f steamers from domestic ports falls short o f that for
1860, owing to some o f the Southern lines having been discontinued
after the middle of April, and most of the other lines being reduced
in number by the government’ s purchase or charter o f their ships.
The arrivals for the past three years are as follows :
V OL. X L v i.—

n o . h i.




18

274

[M arch,

S ta tistics o f T ra d e and Com merce.
1859.

New-Orleans,.............................................
Savannah,...................................................
Charleston,..................................................
Richmond and Norfolk,...........................
Washington, D. C.,...................................
Baltim ore,..................................................
Phila., via Sandv Hook and Canal,. . . .
Portland,.....................................................
New-Bedford,.............................................
Providence,................................................
New-London,..............................................
Wilmington, N. C.,....................................
Total,....................................................
Decrease in 1861 from I8 6 0 ,..

1861.

1860.
___
___
___
___
___
___
___
___
___
___
___
___

2
108
104
190
53
334
667
93
172
410
53
15

___

2,261

159
101
106
17
135
62
156
385
104
1,485

___
___
___
___
___
___
___
___
___
___
___

65
20
47
7
565
650
52
62
475
15
12

...
1,970
............. 291

Fell from aloft overboard,.. . . . .
Lost on missing vessels,. . . . . . .
B y stranded wrecks,........... ___
Collisions, fbunderings, Ac., ___
Total,.............
R eceipts

oe certain

32 35
21 24
53 14
31 1

^

Aug.

|I

N

Sept.

.«»

s

^

24 18 14 10 5 9 34 12 16 10 219
50 21 195 36 24 . . . .
35 9 418
6 . . ..
26 4 153
27 15
8
8 9 5 3 7 2 178
5 106
1

. . . . 140 74 106 160 218 46 43 19 39 15 84 25 968
ARTICLES OF DOMESTIC. PRODUCE AT TnE P oet OF N e w - Y oek
FOR THE YEARS

A rticles.

Ashes,......................... .bbls.,
Breadstuifs:
Wheat flour,......... .bbls.,
Corn meal,............. . “
Wheat,................... bush.,
B y e ,....................... ((
Oats,....................... “
((
Barley,..................
(1
Corn,.....................
Cotton,...................... .bales,
Naval Stores:
Crude turpentine,. .bbls.,
tt
Spirits
“
it
Rosin,....................
tt
T a r ,.......................
Pitch,.....................
Provisions:
Pork,........................pkgs.,
Beef,....................... .bbls.,
Cut meats,............. .pkgs.,
It
Butter,...................
Cheese,.................. tt

...................
.bbls.,
W kiskey,




rC>

July.

g
Ȥ

June.

Loss o f Life at Sea fo r 1 8 6 1 . — W e are indebted to Mr. I. H. U pto n ,
Secretary of tlie American Shipmasters’ Association, for the following
statement of loss of life at sea for the year 1 8 6 1 , as reported at New-York.
9 6 8 lives have thus been lost, and as all are probably not reported, we
may infer that over 1,000 persons have met their deaths in this manner
on vessels sailing to and from American ports :

1858.

18,769 .
3,896,525
97,793
4,319,919
327,454
2,149,233
735,275
7,952,153
422,871

..
.
..
.
.,.
..,
..
..

1861.

1859.

1860.

24,736

23,191

19,983

3,191,822
92,701
3,818,092
334,491
4,226,920
1,527,400
2,692,818
457,139

3,581,420
.
109,731
,. . 17,072,796
.
206,008
.
4,685,656
.
1,251,007
. . 11,470,638
.
493,083

4,968,971
98,519
28,429,135
775,665
4,852,009
1,854,301
20,725,166
243,122

91,319
146,891
557,934
33,999
4,130

.
.
.
.
.

89,734
156,696
701,958
39,563
3,146

.
.
.
.

54,508
159,966 . .
630,252
50,875
6,887

32,254
46,097
193,772
49,506
2,367

168,618
123,022
99,909
400,851
500,629

.
.,
.
.
..

163,124
161,707
73,359
353,648
599,140
66,234
24,866
103,463

.
.
.
.
.
.
.
., .

88,090
99,820
62,292
437,164
805,143
53,247
30,095
187,769

138,770
119,028
105,835
539,234
988,718
126,942
60,305
311,019

140,380 .

1862.]
E xports

Statistics o f Trade and Commerce.
from

N e w - Y ork to F oreign P orts of ce rtain
D omestic P roduce , fo r the year s

A rticles.

Ashes, pots,___
“
pearls,.. .
Beeswax,...........
Breadstuff's :
Wheat flour,..
Rye flour,. . . .
Corn meal,. . .
Wheat,............

....b b ls .,
........ «
........ lbs.,

le a d in g ar ticles of

1858.

1859.

1860.

1861.

1 2 ,0 2 9 ..
1,764 . .
227,546 ..

16,846 . .
2,626 . .
286,691 . .

14,723 . .
3,650 . .
278,916 ..

13,608
3,507
238,553

....b b ls ., 1,381,039..
........ “
5,002 . .
........ “
66,469 . .
___ bush., 3,286,461 . .
___ “
12,487 . .
Oats,................. ___ “
3R315 . .
“
............
Barley,............ . . . .
Corn,.............. ___ “
1,647,706 ..
Candles, mould,.
do. sperm,. ___
“
9,599 . .
Coal,....................
Cotton,.................
H ay ,................... ___
“
32,104 ..
H o p s ,................. . . . .
“
3 ,0 5 5 ..
Naval Stores:
Crude turpentine, . .bbls.,
88,814 . .
Spirits
“
.. “
58,627 ..
Rosin,............. ___ “
425,883 . .
T ar,................. ....... “
11,799 . .
P itch ,............. ___ “
4,907 . .
O ils :
W h ale,........... . . ..galls.,
354,295 . .
Sperm,............. . . . . “
1,015,682..
L a rd ,............... ___ “
30,331 ..
Linseed,........ ........ “
39,428 . .
Provisions :
Pork,............... ........bbls.,
78,271 ..
Beef,............... . . . . “
76,646 ..

938,516
6,211
77,810
297,587

..
..
..

2,568
6,550
186,646
50,282
14,887
65,555
200,261
25,206
343

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

1,926,202
8,614
89,574
13,538,039
450
103,076
8,280
3,726,786
60,584
18,786
33,959
216,880
20,977
32,641

79,073
65,247
554,529
22,488
4,713

..
..
..
..
..

53,356
70,222
499,188
23,676
6,008

..
..
..
..
..

21,571
18,825
208,061
26,646
3,080

303,873
1,639,720
37,725
29,735

..
..
..
..

303,413
1,034,354
57,248
35,492

..
..
..
..

1,196,468
1,030,328
110,401
35,626

130,471 . .
122,802 . .

91,650
40,003
55,328
19,447^163
10,987,495
23,252,712
18,866,178
25,695
28,838
14,895,969
93,031
6,561,160
755,698

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

116,654
29,013
33,924
50,565,732
23,159,391
40,041,225
47,290,409
15,867
15,527
25,820,335
116,598
3,152,484
975,075

..

Cut meats,____ ..........lbs., 15,944,743 . .
6,692,589 . .
Butter,............. ......... “
2,494,650 ..
1,808,157 . .
Cheese,........... ........ “
6,589,100 ..
9,287,408 ..
Lard,.............. ......... “ 12,684,160 .. 11,015,412 ..
R ice ,...................
11,888 . .
do.........................
Tallow,............... ___ lbs., 1 ,5 6 3 ,2 9 2 ..
3,405,395 ..
Tobacco, crude,..
72,918 ..
do. manufactured, lbs., 4,479,360 ..
6,148,281 ..
Whalebone,......... .........lbs., 1,084,337 ..
1,658,913 . .

I mports

275

into the

P o rt

of

. . 3,110,646
..
11,807
..
108,38»
.. 28,889,914
..
1,000,405
..
160^825
..
3,927
. . 12,456,265
..
75,454
..
17,861
..
36,536
152,562
..
15,776
..
..
28,377

N e w - Y ork .

W e are indebted to the N ew -Y ork Shipping List for tbe followingT otal .

F oreign.

Coastwise.

Jan. 1 to Dec. 81.
—A-

Jan. 1 to Dec. 31. Jan. 1 to Dec. 31.
A rticles.

B ran dy,............. .hf. pipes,
“
qr. casks and bbls.,
“
C oal,................... ......... tons,
Cochineal,........




1861.

1,151.
7,583 ..
3 2 2 ,8 1 7 ..

1861.
87 ..
536 ..
198 .

1861.
1,238
8,119
9,479
322 817
‘ 746

-------- s

1860.
..
..
..
..

6,341
24,845
9,9,9. AK4
2*162

[March,

Statistics o f Trade and Commerce.

27 6

A rticles.

Coastwise.
F oreign.
Jan. 1 to Dec. 81. Jan. 1 to Dec. 81.
1861.
1861.

15,623 ..
Cocoa,.................
749,613 . .
Coffee,.................
Cotton,.................
8,898 . .
16,951 . .
Earthenware, . . . ----- pkgs.,
G in ,.....................
8,255 . .
3,466 . .
do.......................
100,888 . .
Hemp,.................
530 . .
do.......................
1,864 . .
Hides,..................
724,660 . .
do...................... .......... No.,
■ 13,389 ..
Iron, bar,..........
31,282 . .
do. p ig ,...........
196,629 . .
do. sheet, <fcc.,,........ bdls.,
2,556 . .
Indigo,...............
1,288 . .
do.......................
89,239 . .
Lead,................... ........ pigs,
Linseed o il,........
177 . .
57,242 . .
Molasses,............
4,523 . .
do...................
8,929 . .
do................... ........ bbls.,
Olive oil............
768 . .
69,522 . .
do. boxes and baskets,
43,420 . .
Pepper,............... ........ hags,
19,564 . .
Pimento,............. ........ bags,
Rags, ’ .................
16,548 . .
Raisins,...............
6,856 . .
do. . . .boxes and frails,
216,854 . .
do.....................
1,079 . .
19,913 . .
R ic e ,...................
Rum,.................... puncheons,
1,434 . .
4,175,362 . .
Salt,.....................
Saltpetre & Nit. Soda,bags,
35,012 . .
254,372 . .
Sugars,...............
do.....................
9,888 ..
do..................... ........ bbls.,
13,718 ..
do.....................
103,814 ..
do..................... ........hags,
224,464 . .
Spelter,...............
9,014 . .
Tin, banca, <fcc., ..........pigs,
21,483 . .
do. plates, . . . .
255,788 . .
Tobacco...............
38 . ,
' do.
bales and ceroons.
29,249 . .
Wines, . . . .butts and pipes,
212 . .
do. hhds. and hf. pipes,
7,372 . .
do......................
11,257 . .
do...................... .........bbls.,
2,683 . .
do......................
77,528 . .
W o o l,................. ........P%s.,
27,599 . .

2,802
21,991
248,310
20
79
..
6,823
25
372
441,112
3,262
175
58,977
390
92
13,566

..
..
..
..
..

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

6,037 . .
285 . .
32,794 . .
390
680
5,218
4,008
552
28,861
3,081
35,891
156
24,275
11,187
21,262
44
34,564
3,715
26,735
13,756
5,307
1,602
10,198
248
160
17
247
155
1,355
27,874

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

T otal .
Jan. 1 to Dec. 81.
/------------ ---*--------------- H
1860.
1861.

18,425 . .
771,604 . .
257,208 . .
16,971 ..
8,334 . .
3,466 . .
107,711 . .
555 . .
2,236 . .
1,165,772 . .
16,651 ..
31,457 . .
255,606 . .
2,946 . .
1,380 ..
102,805 . .
177 ..
63,279 . .
4,808 . .
41,723 . .
768 ..
69,912 ..
44,100 . .
24,782 ..
20,556 ..
7,408 . .
245,715 . .
4,160 . .
55,804 . .
1,590 . .
4,199,637 . .
46,199 . .
275,634 . .
9,932 . .
48,282 . .
107,529 . .
251,199 . .
22,770 . .
26,790 . .
257,390 . .
10,236 . .
29,497 . .
372 ..
7,389 ..
11,504 ..
2,838 ..
78,883 . .
55,473 ..

17,681
554,437
497,797
44,072
14,175
....
115,323
342
2,699
1,601,322
42,147
43,043
902,188
1,846
1,259
400,533
2,584
73,339
5,863
73,800
1,544
89,807
45,850
25,738
47,760
3,856
659,215
2,800
68,019
2,788
3,236,446
55,330
338,423
12,926
68,404
168,496
284,090
293,678
60,475
589,263
20,911
64,301
1,318
11,916
46,232
8,752
210,656
64,952

The total imports for the last year, exclusive o f specie, were only
$125,680,277, being a smaller amount than has been landed here during
any previous twelve months, for more than ten years, as will be seen by
the following comparative summary.
In this table, under the head o f dutiable, is included both the value
entered for consumption and that entered for warehousing. The im­
ports of specie have been larger than ever landed here before in a sin­




1862.]

Statistics o f Trade and Commerce.

27T

gle year. This, it must be remembered, is in addition to the gold which
came here from California.
F oreign I mports
Year.

1 8 5 1 ,....
1852,___
1 8 5 3 ,....
1854,___
1855,___
1856,___
1851,___
1 8 5 8 ,....
1 8 5 9 ,....
I 8 6 0 ,....
1861........

.. .$ 119,592,264
. . . 115,336,052
. . . 179,512,412
. . . 163,494,984
. . 142,900,661
. . . 193,839,646
. . . 196,279,362
...
...
...

at

N e w - Y obk .

F re e Goods.

D u tiable.

213,640,363
201,401,683
95,326,459

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

$9,719,771
12,105,342
12,156,387
15,768,916
14,103,946
17,902,578
21,440,734
22,024,691
28,708,732
28,006,447
30,353,918

Specie.

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

$ 2,049,543
2,408,225
2,429,083
2,107,572
855,631
1,814,425
12,898,033
2,264,120
2,816,421
8,852,330
37,088,413

Total.

..

$ 131,361,578
129,849,619
194,097,652
181,371,472
157,860,238
213,556,649
230,618,129
152,867,067
245,165,516
238,260,460
162,768,790

W e now annex the following detailed statement, which we take from
the Journal o f Commerce, showing the receipts from foreign ports during
each month o f the year, both o f dutiable and free goods, and what por­
tion were entered for warehousing. The first heading below includes
only that portion o f the dutiable goods which were entered directly for
consumption; the remaining portions o f the table need no explanation:
F oreign I mports E ntered

at

N ew-Y obk,

durin g the t e a r s

1858, 1859, 1860 an d 1861.

Entered fo r Consumption.
M onths.

1858.

January, . . . . .
February,__
March,..........
A p r il,............
May,...............
J u n e,.............
July,..............
August,........
September,. .
October,........
N ovem ber,...
December,. . .

$4,170,017 . .
5,840,256
7,245,526
5,837,546
6,574,612
6,652,563
14,013,659
15,067,732
11,180,523
9,234,470
7,350,322
9,775,511

1859.

1861.

1860.
$ 16,621,174 . .
14,467,040
16,163,698
10,407,966
10,515,411
11,870,400
18,759,905
19,564,675
11,516,139
10,974,428
8,525,416
5,374,246

$ 8,178,837
7,003,399
6,700,061
5,393,809
2,889,588
1,825,563
3,200,663
3,359,695
3,106,298
3,638,580
4,614,982
4,342,756

T otal,........ . $ 102,942,737 . . $176,765,309 . . $ 154,660,498 . .

$54,254,231

$ 15,556,727
15,231,446
15,314,023
15,595,741
15,222,311
14,909,315
21,681,460
18,416,207
12,470,440
9,345,609
9,978,720
13,043,310

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

Entered Warehouse.

1858.

M onths.

January,....... .
February, . . .
March,..........
A pril,............
May,..............
Jun e,.............
July,..............
August,........
September,..
October,........
November,...
December,.. .
Total,........ .

$ 1,909,448
1,330,623
1,812,230
2,148,241
2,626,978
2,408,733
2,949,166
2,146,021
2,900,710
2,157,678
1,725,318
1,520,373
$ 25,635,519 . .




1859.
$ 1,201,707
1,264,502
2,804,413
3,754,895
4,746,614
5,494,253
3,943,374
2,964,044
2,177,966
2,194,258
2,794,108
3,534,920

1861.

1860.
..
..
..
..
..
..
..
..
..
..
..
..

$36,875,054 . .

$ 2,744,411 . .
1,526,772
3,592,093
4,127,857
4,436,660
4,487,109
4,462,475
4,182,764
2,835,784
2,817,461
3,961,652
7,566,147
$46,741,185

.

$8,560,680
3,751,678
3,084,187
4,187,678
5,842,313
3,245,504
1,769,636
2,660,457
1,390,766
2,082,381
2,150,561
2,346,387
$ 41,072,228

Statistici o f Trade and Commerce.

278

[M arch,

F ree G oods.

1858.

M onths.

January, . . .
February, ..
March,........
April,..........
May,............
J u n e,...........
July,..............
August,.........
September,.
October,........
November,..
Decem ber,..

81,716,682
1,798,105
2,394,743
2,658,381
1,928,573
953,014
1,506,027
2,342,741
1,253,829
2,061,468
1,425,520
1,985,608

T otal,. . . .

.

§22,024,691 ..

M onths.

1858.

January, . . . .
February, . .
March,.........
A pril,..........
May,..............
June,.............
July,...............
August,.........
September,. .
October,........
November, .
December,.. .

§309,572
240,056
277,203
524,857
324,540
102,132
36,895
67,682
138,233
89,368
90,446
63,133

Total,........ .
M onths.

1858.
$8,105,719
9,209,043
11,729,702
11,169,025
11,454,703
10,116,442
18,505,747
19,624,176
15,473,295
13,542,984
10,591,606
13,344,625

1860.
.
.
.
.
.
.
.
.
.
.
.
.

$28,708,732 .
Specie.
$71,308
92,200
81,666
272,441
122,436
485,892
175,139
348,419
184,553
630,646
167,087
184,634

$2,816,421 .
lotal Imports.
$ 19,447,962
18,848,370
20,820,456
22,425,619
23,552,646
24,069,821
27,286,120
24,649,591
16,643,585
13,617,946
14,895,002
18,908,398

1861.
..
.
.
.
.
.
.
.
.
.
.
.

$ 2,825,665
2,312,563
2,873,697
3,351,905
2,730,568
2,191,513
2,972,054
1,816,224
1,577,385
2,163,452
1,964,644
2,574,248

$28,006,447 . . $ 30,353,918

1860.
.
.
.
.
.
.
.
.
.
.
.
..

1859.
..
..
..
..
..
..
..
..
..
..
..
..

$2,262,638
3,172,392
3,739,241
2,386,349
1,845,020
2,765,008
1,594,918
2,050,665
1,652,832
1,911,515
2,487,290
2,138,579

1861.

$ 228,050
190,175
85,094
49,186
96,060
38,272
64,351
140,750
255,695
1,083,838
446,798
6,174,061

.

$ 8,852,330 . . $37,088,413

1860.
.
.
.
.
.
.
.
.
.
.
.
.

$ 7,262,229
2,274,067
5,546,406
1,953,001
3,486,812
5,387,153
6,996,498
1,049,552
1,231,012
639,328
908,825
353,530

$ 21,756,273
19,356,379
23,580,126
16,971,358
16,893,151
19,160,789
24,881,649
25,938,854
16,260,450
16,787,242
15,421,156
21,253,033

1861.
. . $26,827,411
.
16,341,707
.
18,204,351
.
14,886,393
.
14,949,281
.
12,649,733
.
14,938,851
.
8,885,928
.
7,305,461
.
8,523,741
.
9,639,012
.
9,616,921

. $ 152,867,067 . . $245,165,516 . $238,260,460 . . $162,768,790
Withdrawn from Warehouse.

1858.

M onths.

January, . . . .
February, . .
M arch,........
April,............
May...............
June,...........
July,............
August,.........
September,.
October,........
November,..
December,.. .
Total,. . . .

$2,618,220
2,260,222
2,620,354
2,802,542
3,461,285
3,180,361
1,486,147
2,920,921
1,810,626
1,447,433
1,955,087
2,145,534

1859.
..
..
..
..
..
..
..
..
..
..
..
..

$2,264,120 . .

January, . . . .
February, ..
M arch,..........
April,............
May,..............
Jun e,............. .
July............. .
August,........
September,. .
October,.. . .
November,..
December,..
T otal,. . . .

1859.
..
..
..
..
..
..
..
..
..
..
..
..

$4,504,591
4,733,706
4,444,415
3,203,539
2,690,838
2,360,140
3,164,538
3,116,013
2,905,062
2,462,425
2,124,655
1,789,620

1859.
..
..
..
..
..
..
..
..
..
..
..
..

. $37,499,542 . .




$2,088,270
2,167,998
1,718,237
1,543,551
1,628,434
2,369,231
2,595,063
3,296,084
2,898,441
2,740,892
1,970,134
1,840,754

1860.
.
.
.
.
.
.
.
.
.
.
.
..

$26,857,089 .

$2,964,024
2,338,649
2,200,117
2,069,423
2,475,067
2,268,377
3,593,993
3,325,105
4,007,272
3,018,393
1,597,301
1,246,203

1861.
.
.
.
.
.
.
.
.
.
.
.
.

$ 2,543,273
5,781,728
5,817,144
1,761,245
1,606,864
1,963,842
6,622,454
2,614,652
2,938,464
2,518,080
1,987,626
3,561,887

$31,103,924 .

$ 39,717,259

1862.]

279

Statistics o f Trade and Commerce.

The revenue from customs has, o f course, been seriously diminished
by the falling off in imports, but the increase in the tariff brought it up
again, towards the close o f the year, much above the relative proportion
in the value of the goods thrown on the market. Thus, in November,
1860, the value o f dutiable goods marketed was $10,122,717, producing
a revenue o f $1,794,748, or an average of l 7 f per cent.; while last No­
vember the value marketed was only $6,602,608, but it produced
$1,851,384, or upwards o f 28 per cent. In December, 1861, the value
o f dutiable goods marketed was $94,033,490, paying $2,334,847, or
about 25 per cent. The cash duties received during the year were
$12,830,544 05, and the remainder, $8,884,436 95, were paid in Treas­
ury notes. Since the closing of this table, all of the receipts for cus­
toms have consisted o f paper. The following is a summary for the
year:
R ec eipts

of

C ustoms

Months.
1859.
January,. . . . . . $3,478,471 38
February,.. . . .
3,328,688 93
March,......... . .
3,164,011 25
April,........... . .
3,212,060 49
May,............ . .
3,014,520 39
June,............ . .
3,314,429 55
July,............. . 4,851,246 89
August,. . . . . 4,243,010 43
September,. .
2,908,509 95
October,,. . . . 2,318,750 82
November,.. .
2,157,154 48
December,. . . .
2,843,388 39

___
___
___
___
___
___
___
___
___
___
___

Total........ ..$38,834,242 95

___

at

N e w -Y oek.

1860.
$3,899,166
3,378,043
3,477,545
2,444,267
2,466,462
2,024,193
4,504,066
4,496,243
3,038,803
2,632,078
1,794,748
1,171,862

17
28
74
96
76
39
04
10
28
38
67
74

___
___
___
___
___
___

$36,027,481 51

___

1861.
$2,059,202
2,628,736
2,489,926
1,643,261
979,145
885,062
2,069,590
1,558,824
1,642,382
1,672,616
1,851,384
2,334,847

___
___
___
___
___

33
83
25
99
14
41
86
11
43
84
73
38

$21,714,981 30

The great feature o f our foreign commerce for the year, is the export
trade, which has been swelled beyond all precedent by most enormous
shipments of produce, especially in breadstuffs and provisions. The fol­
lowing will show the movement, exclusive of specie, during each quarter
o f the year:
E xp o e t s

feom

N e w -Y o e k

1858.

Quarter.

First,............... $ 14,044,177 . .
Second................
17,599,202. .
Third,.............
14,003,473 . .
Fourth,...........
13,991,361 . .
Total,..........

$ 59,638,212 . .

to

F oreign P oets ,

1859.

e x c l u siv e of

1860.

$13,725,642 . . $20,827,086 . .
17,883,621 . .
22,740,760 . .
17,637,253 . .
26,079,326 . .
18,733,805 . .
33,845,108 . .

S pe c ie .

1861.
$33,477,742
33,123,489
30,075,918
41,917,752

$67,980,321 . . $103,492,280 . . $ 138,594,901

This shows that the shipments o f produce and merchandise during the
last year were over one-third larger than for the previous year, although
that was without precedent; over twice as large as for the year 1859,
and about twice and a half as large as for 1858. This will probably
stand as the banner year in our commercial history, so far as the exports
are concerned, for some years to come, as we hardly expect to see the
same amount reached again until our imports once more increase. The
following is a monthly statement o f this branch o f our commerce :




E xports

[Marcli,

Statistics o f Trade and Commerce.

280
from

N e w - Y o rk

to

F oreign P orts ,
AND 1861.

d dr in g the

Y

ea rs

1858, 1859, 1860

Domestic Produce.
M onths.

1858.

January,. . . .
February,___
March,..........
April,............
May,..............
June...............
J »iy ,.............
August,........
September,..
O ctober,. . . .
November,. .
Decem ber,. .

$4,208,306
3,709,870
4,503,371
5,513,117
4,262,789
6,382,939
4,771,962
4,660,272
3,521,992
5,233,363
3,481,654
3,700,068

Total,........

1859.
..
..
..
..
..
..
..
..
..
..
..
..

$53,949,703 . .

$3,762,182
3,283,592
5,377,840
5,950,921
5,180,652
4,880,395
4,938,065
5,150,710
4,946,612
4,752,779
5,323,611
6,382,172

1861.

1860.
.
.
.
.
.
.
..
..
..
.
.
..

$59,929,631 .

$ 5,299,142 . .
5,699,387
6,998,687
6,638,682
5,812,190
8,307,774
7,525,713
8,012,814
9,232,931
10,067,330
11,262,701
10,610,945

$ 10,277,925
10,236,820
10,580,907
9,255,648
10,855,709
10,270,430
9,552,789
9,652,301
9,877,909
12,904,350
14,109,763
13,661,444

$ 95,468,296 . . $ 131,235,995

Foreign Free.
M onths.

January,; . . . .
February,....
M arch,..........
A pril,............
M ay,..............
June,..............
July,...............
August,.........
September,. .
October,........
November,...
December,. . .
Total,...........

1858.

1859.

$191,125
136,862
27,590
154,416
113,799
158,709
70,463
102,674
169,803
161,063
129,671
184,816

$ 119,489
188,210
200,779
441,489
308,096
126,255
380,782
374,707
188,072
252,878
177,288
241,836

$1,601,111 . .

$ 2,999,881 . .

1861.

1860.
..
..
..
..
..
..
..
..
..
..
..
..

$324,003
344,994
285,351
254,742
309,921
200,464
140,949
76,083
46,620
94,175
84,167
97,241

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

$ 399,940
137,950
109,270
209,573
180,114
648,482
203,325
57,965
30,013
60,868
41,973
75,474

$2,258,710 . .

$ 2,154,947

Foreign Dutiable.
M onths.

January,. . . .
February,__
M arch,...........
A pril,.............
M ay,..............
June,.............
July,..............
August,........
September,..
October,........
November, . . .
December,.. . .
T o ta l,.........

1858.

1859.

$ 290,308
326,845
649,899
432,393
229,990
350,990
277,419
224,438
204,390 .
359,185
254,310 .
487,231 .

$232,337
263,831
297,382
382,289
426,002
187,522
232,527
790,646
635,132
482,440
639,538
481,263

$4,087,398 . .

1860.
..
..
..
..
..
..
..
..
..
..
..
..

$5,050,909 . .

1861.
..
..
..
..
..
..
..
..
..
..
..
..

$465,978
429,537
839,415
231,784
567,872
903,877
260,860
176,582
264,168
192,196
377,170
494,514

$5,765,274 . .

$ 5,203,959

$399,317
631,489
844,716
482,489
248,270
486,228
232,552
191,270
620,394
394,753
400,218
833,578

Specie and Bullion.
M onths.

January,........
February,. . .
March,...........
A pril,..............
M a y ,...............
June,...............




1858.
$4,745,611
3,746,920
836,194
646,285
1,790,775
594,174

1860.

1859.
..
..
..
..
..
..

$2,305,688
2,371,427
3,343,677
6,259,167
11,421,032
7,496,981

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

$853,562
977,009
2,381,663
2,995,502
5,529,936
8,842,080

1861.
..
..
..
..
..
..

$ 58,894
1,102,926
301,802
1,412,674
128,900
244,242

Statistics o f Trade and Commerce.

1 8 6 2 .]
Months.
J u ly ,........ . .
August,. . .
September,
October, . .
November,
December,.
Total,___ . .

1859.

1858.
$2,801,496
2,201,802
3,239,591
3,028,405
471,970
1,898,208

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

^69^715,866 . .

$ 26,001 431 .

1861.

1860.

$10,051,019
6,409,783
8,267,681
5,844,752
4,383,123
2,062,129

.
.
.
.
.
.

281

$ 6,563,985
7,454,813
3,758,734
2,706,307
525,091
202,401

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

$11,020
3,600
15,756
16,038
48,385
893,013

$42,191,171 . .

$ 4,236,250

Totafofnports.
MONTH8.
January,.. . . .
February,.
March,. . . .
A p r il,.........
M ay,...........
June,...........
J u ly ,...........
August,. . . .
September,
O ctober,. . .
November,.
December,..
Total,. ..

..

$ 9,435,350
7,920,497
6,017,054
6,746,211
6,397,353
7,486,872
7,921,340
7,189,186
7,135,836
8,782,016
4,337,607
6,270,323

$ 6,419,696
6,107,060
9,219,678
13,033,866
17,335,782
12,691,153
15,602,393
12,602,393
14,037,497
10,832,256
10,523,560
9,167,400

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

$85,639,643 .

TH E

1860.

1859.

1858.

TRADE

$6,876,024
7,652,879
10,510,417
10,370,415
11,900,317
17,836,546
14,463,199
15,734,980
13,658,679
12,662,653
12,272,177
11,745,165

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

1861.
..
..
..
..
..
..
..
..
..
..
..
..

$ 11,202,737
11,907,233
11,831,394
11,109,679
11,732,595
12,067,031
10,028,000
9,890,448
10,187,846
13,172,452
14,577,291
15,124,445

$ 137,696,187 . . $ 145,683,451 .. $142,931,151

OF

BOSTON

FOR

1861

The trade o f Boston for the past year has, of course, suffered from the
disturbed state o f the country ; and yet the arrivals, clearances and gene­
ral movements o f merchandise show great activity in most branches of
business. Our usual tables will be found below.
The arrivals from foreign ports for ten years past have been as follows:
Ships.

1861,........
1860,.........
1859,........
1858,........
1857,___ ■.
1856,........
1855,........
1854..........
1853............
1852,........

.....................187
..................... 187
.....................248
..................... 171
..................... 246
..................... 241
..................... 246
..................... 203
.....................236

B rigs.

Barks.

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

391
359
381
324
391
351
326
395
333
332

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

713
866
811
764
759
723
849
883
882
840

Schooners.

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

1,5 4 7

1,879
1,619
1,488
1,509
1,377
1,682
1,567
1,666
1,456

Total.

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

2,838
3,291
3,089
2,747
2,905
2,692
3,084
3,091
2,984
2,864

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

2,731
3,238
2,886
3,066
2,813
2,940
3,298
3,171
3,073
2,863

The foreign clearances have been as follow s:
S hips.

1861,........
I860..........
1859,...........
1858............
1857,..........
1856,........
1855,........
1854,........
1853,........
1852,........




B rigs.

Barks.

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

294
359
380
302
359
357
398
394
372
350

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

699
850
757
722
671
755
948
873
912
839

Schooners.

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

1,609
1,907
1,572
1,503
1,569
1,618
1,759
1,671
1,629
1,486

Total.

282

Statistics o f Trade and Commerce.

[March,

Besides the above, 47 steamers have arrived during the year, and 46
have cleared. The coastwise arrivals and the clearances, as far as known,
as many are not entered-at the Custom-House, have been as follows :
A rriva ls.

1861..........
1860,........
1859,........
1858,........
1857,........

...........6,741
...........8,415
...........6,354
...........5,740

FISH

5,411
2,921
2,958
2,525
2,597

INSPECTION

Clearances.

A rriva ls.

Clearances

..
..
..
..
..

..
..
..
..
..

1856,........ .............5,971
1855,........ ...........6,271
1854,........ ...........6,480
#1853,........ ...........5,904
' 1852,........ ...........6,286

IN

3,055
3,268
3,451
3,277
3,291

MASSACHUSETTS.

M a ck erel F is h e r y .— T h e in sp ection o f m ackerel in Massachusetts, as
per returns o f the Inspector-G eneral, is as follow s :
No. 1.
bbls.
Beverly,.........................
Boston............................
Cohasset,.......................
Chatham,.......................
D en n is,.....................
Gloucester,.....................
Harwich,........................
H ingliam ,.....................
Newburyport,............... .............
Provincetown,..............
Plymouth,..................... .............
R o ck p o rt,.....................
Truro.............................. ...........
W ellfleet,.......................
Yarmouth,.....................
Total, 1861,...............
“
1860,...............

1,773
n
87l

........... 70,877}
........... 58,328}

..
..

No. 2.
bbls.
504
11,3144
3,975}
1,672}
3,359}
45,533}
4,216}
5,566}
4,1594
8,459}
12}
2,746}
117}
8,915
187

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

No. 3.
bbls.
2}
2,405}
3,135}
275}
1,170
6,707}
1,834}
1,866
1,251}
2,365
16
219}
15
1,116}
106

100,286}
121,169}

..
..

22,486
50,078}

•.
.
.
.
..
.
.
.

No. 4.
bbls.
....
149
13}
6}
....
279}
4
39
2}
100}

.

15

.

24

..

633}
3,441}

The quantity of mackerel re-inspected during the year has been as
No. 1.

No. 2.

No. 3.

bbls.

bbls.
5,937}

..

bbls.'
3,143}

.

bbls.
205}

444}
37}

..
..

6,119}
3,332}

..
..

3,143}
5,985}

.
..

205}
105}

Boston,...........................
Newburyport,............... .............
Gloucester,....................
W ellfleet,.......................

41}

Total, 1861................ .............
“
1860,............... .............

6,0624
6,652}

No. 4.

The total inspection has been as follow s:
R e-inspected.

Inspected.

l)bls.
bbls.
1861,......................... 15,831
____
194,283}
____
1860,......................... 17,023
___
233,685}
____
1859,..................................................................................
1858,...................................................................................
1857,............................................................................................
1856,............................................................................................




Total.

bbls.
210,114}
250,708}
134,528f
131.602}
185,385}
214,312}

1862.]

283

Statistics o f Trade and Commerce.

The inspection of other kinds of pickled fish, in 1861, has been as
follows:
B U s.

Tierces.

Salmon, Ho. 1,......... 45
“
Ho. 2 ,...............
Herring,.........................
Codfish,.........................
Shad,............................
Tongues and sounds,.. ..
Halibut fins,...................
Trout,............................
Alewives,.......................
Bluefish,.........................

.

B lls.

Tierces.

141f Haddock,..........
24| Swordfish,.........
9,591
153
Total, 1861,... . . . . 4 5 ..
“ I860,... __ 16 ..
13f
314f
“ 1859,... ... .159 ..
201
“ 1858,...
239J
“ 1851,...
355
“ 1856,...
2141

u
161
12,122f
41,210f
35,355f
12,593f
1,1221
1,6501

Imports o f Mackerel.—-The imports of mackerel into the United States
from the provinces have been as follows :
Bbls.

B bls.

15,814
86,128
35,401

1861,
1860,
1859,

38,525
28,852
44,459

1858,
1851,
1856,

The imports of other kinds of fish from the provinces have been as

Codfish,..............

1861.

1860.

1859.

14,461

63,332
150
1,845
685

62,945
306
2,412
1,311
164
818
2,830
1,711
100,400
13,135
24,144

it
It

“

.....................bbls.

If

Salmon,...............
II

H erring,.............
“
A lew ives,...........
Halibut,..............
P o llo ck ,.............
Hake,..................

.

“

It

506
861

....

1,625
3,447
652
133,992
28,861
11,860
51
....
2,234
8,409
28

161
986
505
49,259
12,800
5,625
1,614
3,295

II

Haddock, . . . . . .

15

Shad,...................
T ro u t,.................
Fish,....................
“ .

811
415

. “

it

“

Bass,...................

52
1,166
612
206
571
6,222
186
1,662

3,191

.........

II

...................bbls.

50
961
2,253
....
128
48
2,861
774

1,117
33

1,753
3,415

The exports of fish have been as follows :

1861.

1860.

8,096
6,213
It
10,633
Mackerel,............ .....................bbls. 48,162
Herring,..............
128,610

9,516
7,120
38,886
46,161
125,217

Codfish,...............
II




..

1859.
.
.
..
..
..

8,489
6,620
33,102
51,041
92,014

284

[March,

Statistics o f Trade and Commerce.

R eceipts

of

C er tain A

rtic les at th e

P ort

of

1858.
Ashes, p o ts ,..................casks,
“
p e a rls ,............. “
Coal,................................. tons,
Coffee,................................lbs.
Cotton............................. bales,
Flour,................................bbls.
“ ....................... half bbls.
Grain:
Corn,........................... bush.
Oats,........................... “
Rye,............................. “
Shorts,....................... “
Hides,.......................................
“
Calcutta,............. bales,
L eather,..................................
Molasses,........................hhds.
“
tierces,
“
bbls.
I f aval stores:
T a r,..............................bbls.
Turpentine,
Pitch,........
Rosin.........
Oil, sperm ,...
“ whale,. . .
S a lt,................................bush.
Saltpetre,........................hags,
Seeds, linseed,............... “
Spirits,............................ galls.
Sugar,................................ lbs.
Teas,................................... “
Tobacco,......................... hhds.
Wines,............................. galls.
W ool,..................................lbs.

IMPORTS

1,283
438
493,633
16,910,798
269,334
1,209,749
7,223
2,730,210
973,646
58,084
452,976
435,839
5,037
601,810
61,672
4,585
20,800
10,636
3,419
3,968
60,664
77,122
173,508
1,437,625
75,771
296,806
826,903
63,118,484
17,941,800
1,764
104,490
10,550,849

AND

B oston

fo r the

L ast F our Y e a r s .

1860.

1859.

1861.

.
1,619
.
686
.
683,063
. . 13,701,817
298,492
.
. . 1,029,625
.
6,600

1,159
582
718,110
8,213,685
427,104
1,143,108
7,318

.
.
.
..
.
..
.

715
322
613,323
7,601,340
115,345
1,445,405
3,949

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

1,749,345
1,291,999
27,725
414,431
508,360
8,078
559,504
60,997
4,760
15,291

1,910,514
1,427,389
36,384
381,390
358,734
3,500
481,770
61,942
5,466
15,797

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

1,991,967
1,041,200
37,013
'345,180
*167,209
4,878
328,888
65,191
4,298
8,031

.
20,259
.
5,299
.
3,558
.
75,305
.
84,554
.
183,578
. . 1,612,966
83,082
.
.
513,831
. . 1,175,460
. . 69,231,632
. . 31,185,553
.
1,437
.
102,556
. . 18,177,378

16,774
3,740
2,613
64,184
71,618
136,131
1,534,706
66,332
288,121
1,202,030
96,789,105
31,265,038
1,818
122,121
15,298,394

EXPORTS

OF

.
16,158
.
2,766
.
1,757
.
21,250
68,380
.
129,224
.
. . 1,603,484
.
59,758
.
212,757
.
678,488
. . 74,103,062
. . 28,297,580
900
.
.
57,231
. . 16,378,516

BALTIMORE.

Total exports in 1860,.................................................................
“
in 1861,.................................................................

$10,888,955
11,151,827

Total increase in 1861,.................................................................

$262,872

Total imports in 1860,..................................................................
“
“ 1861,...................................................................

$ 10,271,818
5,534,411

Total decrease in 1861,.................................................................

$ 4,737,407

The imports were as follows for the year 1861:
Free,.................................................................................................
Free under Reciprocity Treaty,..................................................
Dutiable,...................................

$ 2,749,167
69,973
2,725,271

Total,............................................................................................

$5,534,421




* Exclusive o f what received by rail-road.

1862. ]

285

Statistics o f Trade and Commerce.
THE

COMMERCE

OF

PHILADELPHIA.

The following tables show the number o f arrivals at the port o f Phila­
delphia of foreign and coastwise vessels during the years 1860, 1861:
1860........................................
1861,.......................................

For.
580
531

___
____

Coast.
ST, 844
37,423

___
____

Total.
38,424
37,954

Decrease, 1861,................

49

....

421

....

470

A very slight diminution, considering the general depression of busi­
ness during the year.
W e have from the Custom-House, at Philadelphia, a statement o f the
cash duties received for the month o f December, during the years 1859,
1860 and 1861:

1859.
Merchandise in warehouse, December 1 ,___ $ 683,010
Received in warehouse from foreign ports,. .
56,828
38,244
“
in other districts...............................
"Withdrawn from warehouse for consumption, 107,126
“
“
transporta’n,
16,810
“
“
export,..........
2,323
Remaining in warehouse, December 31,........ 651,823
Dutiable mdse, ent’d for consumption, direct, 358,739
“
free goods entered,...........................
39,551
Domestic productions exported,.....................
518,735

1860.
. . $916,729
. . 282,303
70,138
86,437
6,661
..
11,513
. . 1,164,559
. . 472,167
. . 200,218
. . 771,487

1861.
. . $ 944,313
58,855
29,243
. . 238,242
10,246
1,236
. . 784,687
. . 272,281
24,006
. . 1,630,569

D utie s R eceive d .

1858.
December......................... $ 127,728
Previous 11 months,.. . . 1,851,214
Total,

1859,
..
..

1,978,942

EXPORTS

1860.

1861.

$ 101,222
2,200,355

$ 100,413
2,442,849

$ 184,750
1,290,862

$2,301,577

$ 2,543,262

$ 1,475,612

FROM

BOMBAY.

The following is a statement o f the principal exports at Bombay, as
passed the Custom-House from January 1st to September 30th, in 1861,
compared with the same period in 1860 :
A r tic le s.

Cotton to Great Britain,........
Continent,.................
China,.......................
A ll other places,__ . . .
"Wool,..........................................
Indigo,........................................
Coffee,........................................
Ginger,.......................................
Cloves,........................................
Pepper,.......................................
Ivory..........................................
Gum Arabic,.............................
“ Olibanum,.........................
H em p,........................................
Sugar,........................................
“
Candy,...........................
Linseed,.....................................
Opium,.......................................




tt
tt

“
tt
it
tt

ft
tt
tt
it
it
tt
tt

1860.
795,3611
7,6261
56,8341
6,517
16,178,176
132,453
4,204,960
6,691
1,913,916
15,223f
4,3491
1,1311
10,534
587
213 939
20,1871
855,590

1861.
___
361,871
___
11,445
___
174,5891
___
34,162
___ 13,535,120
___
95,671
-----4,872,000
....
10,649
____
346,080
___
15,9471
____
4,843
___
1,458
___
6,076
___
12,943
___
197,039
___
26,811f
___
1,003,145
___
29,447

286
MOLASSES

Statistics o f Trade and Commerce.
TRADE

OP

THE

UNITED

STATES

[March,
FOR

1861.

According to the annual statement of the molasses trade o f the United
States, (exclusive o f California and Oregon,) for the year 1861, prepared
by the editors of the Shipping and Commercial List, “ The receipts of
molasses at this port, both foreign and domestic descriptions, have been
smaller than before in several years, and the average prices have also been
below those of former years, notwithstanding the largely increased duty.
The fluctuations in prices have been considerable ; the lowest point was
reached at the close o f May and in the early part o f June ; since then,
values have been steadily advancing, the highest range being attained,
on foreign descriptions, in October, and on Louisiana in December. The
consumption of foreign descriptions at this port the past year was
6,249,797 gallons, against a consumption in 1860 o f 7,893,722 gallons,
being a decrease o f over 20 4-5 per cent., while the total consumption o f
foreign and domestic in 1861 was 8,406,269 gallons, against a total con­
sumption in 1860 of 10,836,519 gallons, being a decrease of over 20 2-5
per cent. The total receipts of foreign molasses into the United States
for the year ending December 31, 1861, were 22,133,906 gallons, against
a total import in 1860 of 31,126,615 gallons, and the consumption of
foreign descriptions was 20,383,556 gallons, against a consumption in
1860 of 28,724,205 gallons, while the total consumption of foreign and
domestic in 1861 was 40,191,556, against a total consumption in 1860
of 47,318,877 gallons, being a decrease in the consumption o f foreign o f
over 20 per cent., and in the consumption of foreign and domestic over
15 per cent. If to the above figures he added the quantity o f sugarhouse syrups made b y the refiners, which is estimated at some twenty
millions gallons, and syrups gathered from the maple tree and Sorghum, say
ten millions gallons, the total consumption o f molasses in the country the
past year would be over 70,000,000 gallons. The consumption o f foreign
molasses has been hitherto governed entirely by the extent o f the domes­
tic crop, but for the present no part of that is available beyond the im­
mediate region of its growth, and the wants o f the bulk o f the consumers
of the country must be entirely supplied from foreign markets. The
W est has taken annually direct from New-Orleans from nine to twelve
millions gallons— that source o f supply is not now accessible, and their
wants can only he met in the markets on the seaboard. The high cost of
the article laid down in most o f the western cities, owing to the expen­
sive transportation, will militate greatly against the usual consumption;
besides which, the present high price of molasses and syrups has given a
great impulse to the culture o f the Sorgho and Impheo in several of the
Western States; the crop made the past year was considerable, sufficiently
large in Iowa and Illinois to interfere greatly with the sale of other
syrups, and there is no doubt but that the present year will witness a
very extended culture of these saccharine canes, which was found a more
profitable crop than corn, even when prices o f molasses were much lower
than they will be the current year. The crop . o f Louisiana, Texas, &c.,
now being made, is large, and cannot fall much, if any, short o f twentythree to twenty-five millions of gallons, only a small portion of which can
be used in that region. The extraordinary yield o f the cane fields of
Louisiana, and the high prices that rule for their products, and which




1862.]

287

Statistics o f Trade and Commerce.

must continue to rule under the present tariff, may have a more import­
ant bearing upon the political status o f that State than could be exerted
by the presence o f fleets or the pressure of armies.”
T o tal C onsumption

of

M olasses

in th e

U nited S tates

durin g each of the last

TWELVE YEARS.

1861.................. , . . .
1860,................ ___
1859,................ ___
1858,................ ___
1857,................ . . . .
1856,................ . . . .
1855,............... .___
1854,................ . . . .
1853,................ . . . .
1852,.................. . . .
1851,............... ___
1850,................ . . . .

Gallons.
40,191,556 including foreign,...............
“
...............
43,318,877
tl
54,260,970
ii
45,169,164
t(
28,508,784
(i
39,608,878
((
47,266,085
(<
56,493,019
((
55,536,821
“
...............
48,257,511
...............
“ .
43,948,018
((
37,019,249

E X P O R T S OF S T .

PAUL,

MINNESOTA,

Gallons.
___ 20,383,556
___ 28,724,205
___ 28,293,210
___ 24,795,374
___ 23,266,404
___ 23,014,878
___ 23,533,423
___ 24,437,019
. . . . 28,576,821
___ 29,417,511
___ 33,238,278
___ 24,806,949

in

1861.

The St. Paul papers have published an abstract o f the exports that
have passed through the hands of dealers and commission merchants in
St. Paul the past season. It is, we believe, the first time that any thing
o f the kind has been practically attempted there. Hereafter it will be
less difficult to get hold o f these statistics ; and the table now published
will serve as a valuable reference for the future.
Only the produce that has actually passed through the houses o f St.
Paul dealers is included in the subjoined figures. The great bulk o f the
wheat, corn, oats and pork crop o f the Minnesota Valley went below
without being landed at St. Paul. For instance, the D a v i d s o n line of
steamers, and the C i t y B e l l e , while she was in the trade, carried the
main bulk of the produce o f that fertile region, and transferred sacks
and barrels at the St. Paul levee to boats running below, or transferred
their ladenparges to these boats ; and of all this immense amount o f stuff,
the St. Paul reporters can give no correct account. They estimate that
at least 200,000 bushels o f wheat passed St. Paul in this way, to say
nothing of other produce.
Flour,.......... ........... bbls.,
W heat,.........
Oats,............. ......... “
B arley,......... .........
“
B eans,.........
P ork ,...........
B acon,......... ............. lbs.,
Lard,........... .........bbls.,

26,600 Cranberries,. .
B utter,........... ........ lbs.,
12,000 Dry and green hides,.. . .
7,260 Ginseng,.......... .........lbs.,
Potatoes,...........
Deer skins,.. . .
105,566 Onions,...........
800 W o o l,...............

4,542
9,000
27,109
208,650
3,000
3,000
500
3,000

The value of furs brought in St. Paul and shipped eastward has been
carefully examined, and is stated at $200,000.




288

Journal o f Banking, Currency and Finance.

[March

JOURNAL OF BANKING, CURRENCY AND FINANCE.

1. B ank Officers,

small

Stockholders

and large

B orrowers. 2. W eekly B ank R eturns

OF THE N e W -Y O R K C lT Y , BOSTON AND P H IL A D E L P H IA , AN D

S E M I-W E E K L Y R E TU RN S OF THE

P rovidence B anks. 3. Semi-A nnual Statement of the W estern B ank of M issouri and
B ranches. 4. A nnual R eport of toe B altimore B anks. 5. T he P awner ’ s B ank of
B oston. 6. Statement of the C anada B anks . 7. I llinois B ank L egislation. 8. T reas­
ury N otes by toe Cart L oad . 9. N ew -Y ork B ank Circular to Chicago . 10. Strange
F orgery of B ank of E ngland N otes.

BANK OFFICERS, SMALL STOCKHOLDERS AND LARGE BORROWERS.

I n looking over the reports of the bank commissioners of the several
States for the past year, we have been surprised at certain peculiarities
in the exhibits made by the different banks.
In the first place, the directors appear, in the majority o f instances, to
be wonderfully small stockholders. Judging from this, one would think
that they knew just enough o f their own management not to have any
confidence in it, or that, being behind the scenes, they saw very evident
signs o f weakness. O f course, this conclusion is not necessarily a correct
one. There are many instances where stockholders wish to have the
benefit of the great experience and business tact of certain men, and
therefore make them directors, although holding but little stock. Still,
to us, the fact, as it appears by these bank commissioners’ reports, is cer­
tainly a little peculiar. For instance, take the Massachusetts banks :
W e there find one named with
Another with.............................
Still another with.....................
Another with.............................
Then another with...................
Another with.............................
And another with.....................

Capital.
Directors.
$ 860,000, which has 7. who
1,000,000,
“
9,
800,000,
“
10,
1,000,000,
“
9,
1,800,000,
“
10,
1,000,000,
“
9,
600,000,
“
9,

Shares.
together own only 90
“
“
-17
“
“
61
“
“
60
“
“
98
“
“
89
“
“
77

This list might be increased indefinitely, with many more similar in­
stances in Massachusetts, and others in other States, but the cases cited
are sufficient to serve as an illustration. Several o f the banks referred to
above, however, are among the soundest in that good old State, and we
do not, therefore, refer to them for the purpose o f casting suspicion on
their management. As we said before, men with little stock are fre­
quently made directors because their services are desired, and we presume
that some such reason existed in many o f the above cases. Yet still it
seems strange that the soundest men should, in the majority o f instances,
be the smallest stockholders.
Then, again, how extremely peculiar it is to find that directors in banks
need to borrow so much money. In many cases it seems that they re­
quire for their necessities one-half the capital o f the bank, in others they
seem to be satisfied with a little less, say a third or a quarter, and gener­
ally the amount o f loans to the directors is in an inverse ratio to the
amount o f stock they hold. In some snug little banks, where the direct-




1862.]

Journal o f Banking, Currency and Finance.

289

ors own a large proportion of the stock, they never borrow any o f the
m oney; but in other cases, where the directors can scarcely be called
stockholders (the amount they hold is so small) in such banks, the direct­
ors seem to need for their own use about one-lialf the capital. Look at
the following instances. W e again cite from the Massachusetts report:
A m oun t o f
D irectors'
C apital. D irectors.
Shares.
L ia b ility .
One bank named, o f . .. $ 600.000 with 9 owning only 77 were borrowers to the amount o f $ 306,319
“
“ 191
“
Another one, o f........... 600,000 “ 10
303,573
While another, o f only. 150,000 “ 8
“
544 borrowed
000,000

In this Massachusetts report there are 98 banks whose condition is
stated, and o f that number the liability o f the directors of fifteen is, in the
aggregate, more than half o f the capital of those fifteen banks, and the
liability of the directors o f twenty-three more is over one-third o f the
capital o f those twenty-three banks, and twelve more have directors who
owe the banks an amount equal to one-quarter of their capital. Thus
fifty o f the ninety-eight banks reported are blessed with directors who
require from one-half to one-quarter o f the banks’ capital for their own
use, and the directors o f ten of these are now indebted to their banks in
the aggregate amount of over four millions of dollars. This, we say, looks
to us to be a little peculiar, when compared with the fact, that where the
directors need so much money they are, as a general thing, very small
stockholders. W e submit, therefore, whether or no some legislation is
not necessary for the purpose of regulating this matter. I f it is not ad­
visable to require that each director should be a large shareholder, w'ould
it not be well to prevent their appropriating to their own use so large a
proportion o f the capital ? Cannot and should not some limit be placed
beyond which they may not go ?
W e throw out these hints now with the intention o f returning to the
subject another time, for we deem it o f the greatest importance that it
should be settled, just how much o f a bank’s money (of which the di­
rector is the guardian or trustee) he ought to be allowed to loan himself.
Are not the interests of the stockholder and o f the director, when he be­
comes so large a borrower, irreconcilable and adverse ?

BALTIMORE

BANKS

The annual reports of the several note-issuing banks o f Baltimore,
made to the comptroller of the State on the 7th January, gives the following exhibit o f their general condition, compared with the correspond­
ing period o f last year:
Capital,........
Investments,.
Discounts, | Jgg*;;
Circulation, |
Deposits, | 18g2- _

.$ 10,408,404
801,901
18,767,936
15,108,014
2,670,296
2,566,878
7,656,798
6,371,080
1,850,522
3,070,445

The above table shows a decrease in the line of discounts, as compared
19
VOL. XLVI.---- NO. III.




[March.

Journal o f Banking, Currency and Finance.

290

with last year, o f $3,659,922; a decrease in circulation of $103,418;
a decrease in deposits of $1,285,718; and an increase in specie of
$1,219,223.

CITY
N ew Y ork B anks .
B a te.

January
“
“
“

WEEKLY

Jan. 6,.$
a 13,.
t( 20,.
u 27,.

Specie.

Loans.

Specie.

Loans.

Specie.

D ate.
it

D eposits.

D ue f r o m
Banks.

D ue to
Banks.

{Capital, Jan., 1862, $11,970,130.)
C irculation.

D eposits.

D ue f r o m
Banks.

D u e to
Banks.

6,.$31,046,537 $5,688,728 $2,145,219 $21,396,014 $ 3,645,956 $ 1,796,805
5,692,123
2,162,152 21,324,510 3,992,952 1,702,716
13,. 31,145,938
1,575,116
5,733,450 2,120,756
20,698,496 4,120,261
20,. 30,601,160
1,858,688
27,. 30,385,606 5,821,323 2,121,146 20,058,098 4,209,006
P roviden ce B an ks .

Jan.

C irculation.

65,612,997 $ 8,920,486 $6,451,587 $27,093,839 $ 9,187,924 $ 8,701,873
64,704,039
8,580,607 6,612,512 25,642,994 9,634,227 8,805,255
9,018,388
64,409,585
8,585,277 6,549,871
25,441,327 9,547,319
8,562,175
24,030,776 9,593,545 8,727,348
6,284,268
63,025,191

D ate.
ft
ft
ft

W eekly
Clearings.

N et D eposits.

( Capital, Jan., 1862, $38,231,700; Jan., 1861, $38,231,700.)

P h ilad elph ia B anks .

Jan.

C irculation.

154,415,826 $23,983,878 $8,586,186 $ 111,789,233 $100,642,429
152,088,012
25,373,070 8,121,512
113,889,762 105,634,811
149,081,433
26,120,859 7,369,028
113,327,160 107,732,780
145,767,680
26,698,728 6,828,017
110,874,786 100,001,959

B oston B anks .
D ate.

RETURNS.

( Capital, Jan., 1862, $69,493,577; Jan., 1861, $69,890,475.)

Loant.

4,. ..$
1 1 ,...
1 8 ,...
25,...

BANK

Loans.

4,.$ 19,238,700
18,. 19,356,800

A ggregate

Specie.

(Capital, Jan., 1862, $15,454,600.)
C irculation.

$ 402,900 $ 1,890,300
1,889,600
408,700

D eposits.

D u e to
Banks.

$2,899,200 $ 1,071,500
1,099,800
3,054,600

S em i -A nnual S tatement of the W estern B ank
B ranches , D ecem ber 81 st , 1861.

Resources
Domestic bills of exchange,.......................
Notes discounted,.........................................
N otes and bills in suit,................................
State bonds,..................................................
Revenue bonds,............................................
Coupons on revenue bonds,.......................
Real estate,....................................................
Safes, furniture and engraving,.................
Protest account,............................................
Cash, v iz .:
Coin,..........................................................................$ 233,840 88
Notes of other banks,............................................
4,315 07
Due from banks,....................................................
22,152 32
— -------------




Due f r o m
Banks.

of

$ 898,500
915,400

M issouri

$368,387
373,661
37,522
55,000
6,000
180
14,880
14,770
412

79
17
02
00
00
00
47
91
21

260,308 27
$1,131,122 g4

and

1862.]

291

Journal o f Banking, Currency and Finance.

Liabilities.
Capital stock paid in,.................................................................... $ 587,366 00
Circulation outstanding,...............................................................
395,947 00
Individual deposits,.......................................................................
82,537 98
Certificates o f deposit,..................................................................
533 00
Unclaimed dividends,...................................................................
905 00
Profit and Loss:
Surplus,...................................................................... $42,360 29
Interest and exchange last six months,............... 29,413 87
$71,774 16
7,939 30

Less expenses,

63,834 86
$ 1,131,122 84
S tatement

of th e

W

estern

B ank

of

M issouri

and

B ranches , S eptember 3 0 t h ,

1861.
Resources.
Exchange maturing and matured,.............................................. $ 414,223 85
Notes discounted,..........................................................................
409,752 46
Notes and bills in suit,.................................................................
40,923 49
State bonds,....................................................................................
61,000 00
Coupons on revenue bonds,.........................................................
180 00
Beal estate,.....................................................................................
14,880 47
Safes, furniture and engraving,..................................................
13,427 48
Expense,..........................................................................................
4,270 31
Protest account,.............................................................................
807 46
Cash means, v iz .:
Due from banks,..................................................
Coin on hand,................................. $ 149,055 80
Coin in Bank o f England,............ 175,000 00
----------------Notes o f other banks and checks,.......................

$ 28,773 55
324,055 80
15,675 20
-----------------

368,504 55

$ 1,827,470 07
Liabilities.
Capital stock,................................................................................. $ 587,365 00
Circulation outstanding,...............................................................
656,456 00
Individual depositors,...................................................................
15,812 96
Due to banks,.................................................................................
12,707 62
Unclaimed dividends,...................................................................
1,145 00
Surplus fund,..................................................................................
42,360 29
Interest and exchange,.................................................................
11,623 20
$ 1,327,470 07

The following is a statement o f the aggregate amount of circulation
delivered by the bank commissioner to the Western Bank o f Missouri
and its branches, as follows :
Western Bank of Missouri,...................................................................$ 310,000
Brancli at Glasgow,............................................................................... 480,000
Branch at Bloomington,......................................................................... 100,000
Branch at Fulton,....................................................................................
99,840
Total,




$ 989,840

292

Journal o f Banking, Currency and Finance.
THE

PAWNERS’

BANK,

[March,

BOSTON.

This bank, which went into operation January 2d, 1860, had loaned
out on goods, up to October 12th, 1861, the sum of $332,566 42 ; and
the total amount paid in on loans for the same time, was $241,632 84.
The average amount loaned to each person was $29 46. Seven per
cent, of the loans made by the bank are for $10 and under. On thirtysix out of every one hundred loans, the interest is less than twenty-one
cents; and on twenty-seven out of every one hundred loans, the interest
is less than eleven cents. On seven out of every one hundred loans the
interest is one cent only.
CANADA

BANKS.

The following is the statement of the Canada banks for December
31st, 1861:
D eposits.

D eposits on
Interest.

Montreal,. . . . . $3,142,290
Quebec,..........
585,946
U. Canada,. . . . 1,883,028
Commercial,.. . 2,819,114
514,638
C it y ,...............
805,514
G ore,...............
Brit. N. Amer. . 1,133,246
Du Peuple,__
222,010
N. District,...
208,955
336,403
Molson’s ,.........
T oron to,.........
651,464
Ontario,..........
151,959
E. Townships,
181,510
Brantford,.......
14,988
282,196
Nationale,. . . .

$2,038,026
362,345
2,398,199
1,482,251
328,312
396,905
111,446
409,942
92,818
318,561
135,609
313,324
62,095
5,911
142,311

$2,112,988
250,391
2,800,255
1,221,129
382,538
262,410
1,138,919
242,110
41,494
338,160
406,821
124,800
45,043
...
98,154

$ 1,991,881
192,513
985,463
913,229
360,332
181,115
831,013
350,521
119,652
118,882
213,388
455,669
21,215
3,091
121,481

Total,......... .$12,662,641

$9,655,363

$ 9,493,164

$ 1,031,239 $ 40,235,412

C irculation.

ILLINOIS

BANK

Specie.

D iscounted.

$ 8,698,551
1,829,808
6,854,468
1,115,918
1,805,513
1,458,949
4,821,118
1,118,153
421,014
1,154,103
1,400,901
1,135,301
386,426
68,509
898,433

LEGISLATION.

The following is the article in relation to banks, reported by the com­
mittee on banks and currency to the convention, now in session, for
amending the constitution of Illinois :
S e c . 1. No bank or banking corporation, nor any association or cor­
poration with any banking powers, shall hereafter be created in this State.
This section shall take effect and be in force immediately, as a portion of
and as an amendment of the constitution o f this State; and the same
shall be and remain in force as such, unless rejected by the people upon
the vote hereafter to be taken for or against the adoption of the same, as
provided in this constitution.
S e c . 2. The General Assembly shall have no power to pass any laws
whereby the charters o f any o f the existing banks, banking corporations,
or any association or corporation with any banking powers, in this State,
shall be revived, enlarged, extended or renewed, or whereby any of said
banks, banking corporations or associations, or corporation with any
banking powers, shall acquire any rights or privileges which they do
not now possess under the constitution o f this State, and the laws passed
in pursuance thereof.




1862.]

Journal o f Banking, Currency and Finance.

293

S e c . 3. That no bank bill, check, draft, note, or written or printed in­
strument, for the payment o f money, issued by or drawn on any bank,
banking corporation, or any association or corporation with any banking
powers, without this State, of a less denomination than ten dollars, shall
be uttered or passed within this State ; nor shall any bank bill, check,
draft, note, written or printed instrument be uttered or passed within
this State unless the bank, banking corporation, or association or corpo­
ration with banking powers, issuing the same, or upon which the same is
drawn, shall, at the time of uttering or passing the same, redeem its cir­
culation and indebtedness in gold and silver.
S e c . 4. The General Assembly shall, at its next session after the
adoption of this constitution, provide by law that any person who shall
knowingly and wilfully, and with intent to defraud any person or cor­
poration, violate the provisions o f section three o f this article, shall be
punished by imprisonment in the penitentiary o f this State, and for the
imposition o f such other penalties and forfeitures as the General Assem­
b ly may deem proper.
TREASURY

NOTES

BY

THE

CART-LOAD.

Some curious experimental philosopher, it seems, has taken the trouble
to measure bodily a certain portion— less than one-third— o f the huge
mass of government credit which our city banks in the last summer and
autumn so loyally agreed to shoulder. Twenty-one millions of the
amount in treasury notes at 7.30 interest, have just been delivered to the
banks by Mr. Cisco, the sub-treasurer. They are found to consist of
72,829 separate obligations, in various denominations, from $50 to $5,000.
B y careful measurement they are ascertained to form “ a column of notes
piled single twenty-seven feet high
and, moreover, made a “ large load
for the cart in which they were taken from the sub-treasurer’s office.”
NEW-YORK

BANK

CIRCULAR

TO

CHICAGO.

The Chicago T ribun e gives the following as a form of circular which
has been received by bankers in that city from the banks in which they
keep their accounts here :
“ ---------- Bank, F ew - York, Jan. 14.
“ Dear Sir,— This bank will receive, until further notice, United States
Treasury notes o f its dealers and correspondents, on deposit, and in
payment of collections, on the terms of the annexed contract only, which
you arc requested to sign and return to us, if you desire such notes to
be taken on your account.
“ Please instruct us as to their receipt in payment o f your collections ;
and in drawing checks hereafter, make them ‘ payable in United States,
or current bank notes.’
“ Yours with respect,
“ ---------- Cashier.
“ In consideration th a t---------- Bank shall receive from the under­
signed, on deposit or otherwise, or shall take or receive in payment o f
paper held by said bank for collection for account o f the undersigned, at
their par value, demand notes, or any notes issued or to be issued under
the authority of act o f Congress, and shall' pass the notes, promises to
pay, or currency so received, to the credit of the undersigned on its




[March,
*
books, or otherwise, the undersigned hereby agrees with the said bank,
at any and all times hereafter, to take and receive from said bank, at
their par value, similar demand notes, promises to pay, or currency issued,
or to be issued, under like authority o f Congress, in full satisfaction of
all credits so to be given, and o f all liability so to be incurred to the un­
dersigned by said bank in manner aforesaid.
“ New-York, January 14, 1862.”
294

STRANGE

Journal o f Banking Currency and Finance.

FORGERY

OF

BANK

OF

ENGLAND

NOTES.

W e take the following from the E u rop ea n T i m e s On the Yth of
January, a remarkable circumstance, involving an alleged felony, pun­
ished by a recent act o f the legislature with a long term o f penal servi­
tude, was brought under the notice o f the Lord Mayor. Mr. C o e , super­
intendent o f the bank-note printing department at the Bank o f England,
produced an engraving on porcelain o f a £ 5 note, executed in all its de­
tails with singular fidelity. The material on which it was engraved was
said to have been bought for 10s. at a shop in London, and copies of
which had been exposed for sale for some days past. The engraving
represented a note, dated the 2d o f February, 1861, with a f a c sim ile
o f the well-known signature, “ W . P. G a t t i e .” It was numbered K-I
83,026, and bore imitations o f all the usual ornamentation and water­
marks o f an ordinary £5 note. It appears that a respectable tradesman
called at the bank, on Saturday, and, producing a plate in porcelain, on
which was engraved a f a c sim ile o f a Bank o f England note, inquired of
the authorities whether there could be any objection to his selling such an
article. He was told that it was a serious offence to be in possession, or
to dispose o f any such article. li e said that he bought it of a foreign
merchant o f high respectability in the city. A reference was immediately
made to the merchant in question, who, on being informed of the serious
nature of the case, not only offered to give up all the plates in his keeping,
which amounted to fifteen, but also undertook to recover, if possible,
any that had been sold. lie stated that he had received them from a
foreign correspondent abroad for sale, and that he had disposed o f them
in the ordinary way o f business, and with no knowledge whatever that
any offence was involved in the transaction. The solicitor to the bank
pointed out that the engraving might be transferred to paper, and of
course the great resemblance it bears to the notes o f the Bank of Eng­
land might lead to very serious results. Moreover, he said, there has
recently been a disposition on the part o f the public to imitate the bank
note in some of its smaller features— occasionally, in its general appear­
ance, though rarely as a whole ; and, in some cases, the issue of notes of
“ elegance,” as they are called, and o f other flash paper, not entitled to
be regarded as imitations of the bank notes, has been made the medium
of fraud on ignorant persons. For these reasons, the governors had felt
it to be their duty to bring the subject under his lordship’s consideration
in the public interest. The solicitor also quoted an act o f Parliament
which makes it penal to imitate even any part o f a bank note, or any
o f its ornamentation. In the present case, however, the act would
seem to have been done unwittingly, and the parties concerned had vol­
unteered to do all they can to prevent injury resulting from it. It
was not, therefore, intended to take proceedings against the parties con­




1862.]

Journal o f Banking, Currency and Finance.

295

cerned. The Lord Mayor : Could this porcelain plate have been so used
as to produce a bank note that might have deceived any one ? Mr. C o e
said, unquestionably it could. The engraving was quite equal to many
o f the best forgeries o f the bank note. Besides, people were so accus­
tomed to count notes from the corner containing the word “ five,” that
there had been many instances in which flash notes had been passed by
being merely placed at intervals among genuine ones. Some further con­
versation took place on the subject, at the conclusion o f which, the Lord
Mayor said the possession o f such a plate came clearly within the scope
of the statute, as argued by Mr. F r e s h f i e l d , and had the bank authori­
ties deemed it desirable to charge the persons in question with the of­
fence of possession, he should have felt it his duty to commit them for
trial. W ith that the matter ended, and the whole o f the copies o f the
engraving at present available were given up to the solicitor of the bank.
CONTINENTAL

MONEY.

The N a tio n a l In telligen cer says: “ As we have repeatedly seen it
stated that the continental Congress, under articles o f confederation, ex­
ercised the right of declaring Treasury notes lawful money, and made
them a tender in payment o f debts, it may be proper to remind the
reader that this statement is somewhat inaccurate. The Congress of that
date had no power to enact any such law, but merely recommended the
legislatures of the several States to adopt measures to this effect.
“ In the journals of Congress, for January 14th, 1 '7'7'7, we read that that
body, on that day, resolved itself into committee o f the whole, to take
into consideration the state of the Treasury and the means o f supporting
the credit of the continental currency, and, after some time spent thereon,
the president resumed the chair, and Mr. N e l s o n reported that they,
having had under consideration the matters to them referred, had come
to sundry resolutions, which were then submitted and agreed upon. The
closing paragraph o f the report was as follows:
“ ‘ Let it be recommended to the legislatures o f the United States to
pass laws to make the bills o f credit issued by the Congress a lawful ten­
der in payment o f public and private debts, and a refusal thereof an ex­
tinguishment of such debts; that debts payable in sterling money be
discharged with continental dollars, at the rate o f 43.6 sterling per dol­
lar; and that, in the discharge of all other debts and contracts, conti­
nental dollars pass at the rate fixed by the respective States for the value
o f Spanish milled dollars.’
“ In accordance with the recommendation contained in these resolu­
tions, continental money was made a legal tender in Connecticut in Octo­
ber, 1776; in Massachusetts, December, 1776; in Rhode Island, July,
1776; in New-Jersey, August, 1776; in Pennsylvania, January, 1777;
in Delaware, February, 1777; in Maryland, April, 1777; in Virginia,
May, 1777.
“ In correcting a historical inaccuracy with regard to the source which
declared the continental money a legal tender, the reader will, o f course,
understand that it is no part of our purpose to augur or suggest that
Treasury notes issued by our government at the present day, under cir­
cumstances so different from those surrounding the continental congress,
would be subject to any similar depreciation.”




Journal o f Mercantile Law.

896

JOURNAL

OF

MERCANTILE

[M arch,

LAW.

A L T E R A T I O N S OF C H E C K S A N D N O T E S .
I. C hecks P ayable

to B earer—iiow they can be altered . II. N o A lteration can bb
MADE THAT IS NOT IMMATERIAL, OR FOR WHICH THERE IS NO AUTHORITY GIVEN, EITHER EX­
PRESSED or implied . III. W hat can be written over a blank E ndorsement.

T he fo llo w in g n ote was receiv ed t o o late fo r n otice in ou r last n u m ber,
and w e th erefore have b een co m p e lle d to dela y answ ering it till n ow :

308 Broadway, N . Y., January 24, 1862.
E ditor H unt’ s M erchants’ M agazine :

I presume more readers than myself would be pleased to see in your
pages an answer to the following questions :
1. If I receive a check, made payable to myself or bearer, I being the
legitimate owner of said check, have I a legal right, for my security, to
erase the word bearer and insert order, thereby making it payable only
after my endorsement?
2. If I receive a check endorsed in blank, have I a right to place above
the endorsement, “ Pay to John S mith, or order,” thereby making it
payable only after S mith has endorsed it ?
Yours,
L. A . R.
Answer.— The idea that an alteration made in a check or note after its
execution will avoid the contract and discharge the previous parties to it,
is, as a general proposition, clearly correct. But yet there are two excep­
tions to the rule; one, that the alteration must be material, and the other,
it must be made without authority. In other words, where there is ex­
press or implied authority to make the alteration, or where the alteration
is immaterial— in these two cases, the right to make it is well settled.
First. Take the case of an alteration made, where authority is given to
make it. O f course, if the authority is clearly expressed, there could be
no doubt as to the right; but where it is simply implied, the question
becomes more difficult. Yet, we think, a reference to a few decisions will
clear up this apparent difficulty. For instance, when an endorser o f a note
commits it to the maker, with the date in blank, the note carries on the
face o f it an implied authority to the maker to fill up the blank. As be­
tween the endorser and third person, the makers, under such circumstances,
must be deemed to be the agent o f the endorser, and as acting under his
authority and with his approbation. Though it is not essential to the legal
validity of a note, that it should be dated, yet, as that is necessary to its
free and uninterrupted negotiability, and it is intended for circulation,
all the parties to it must be presumed to consent that the person to
whom such note is intrusted, for the purpose o f raising money, may fill




1862.]

Journal o f Mercantile Law.

297

up the blank with a date. ( M i t c h e l l v s . C u l v e r , 7 Cowen, 336.) In
like manner, where a person endorses his name upon a blank piece of
paper, and delivers it to another, for the purpose o f giving him a credit,
the latter is authorized to write on the other side a promissory note, pay­
able to the order o f the endorser. Such a blank endorsement is, in ef­
fect and intention, a letter o f credit, and being made with the intent
that a promissory note should be written on the other side of it, it does
not lie with the endorser to say that he did not endorse the note. The
same rule was also applied in the following similar case. The defendant
had, for one G a l l e y , endorsed his name on five blank copper-plate checks,
made in the form o f promissory notes in blank, that is, without any sum,
date, or time o f payment being mentioned in the body o f the notes.
G a l l e y afterwards filled up the blanks as he chose, and the plaintiff dis­
counted them.
The defendant at the trial objected that these notes
were not, at the time o f the endorsement, promissory notes, and that no
subsequent act of G a l l e y could alter the original nature or operation of
the defendant’s signature, which, when it was written, was a mere nullity.
In deciding the case, Lord M a n s f i e l d says: “ The endorsement on a
blank note is a letter o f credit for an indefinite sum. The defendant
said, trust G a l l e y to any amount, and I will be his security.”
W e cite these different cases for the purpose o f showing and illustrat­
ing the principle that governed the court in its decisions. It will be
seen that the same ruling idea runs through them a ll; an implied author­
ity is given to make the alterations, and hence the right to make them.
In like manner, and for like reason, a blank endorsement is authority to
the holder to fill it up, so as to make it payable to any person he pleases.
This particular point has been many times decided in our own and other
States, and is, therefore, placed beyond a doubt. (See L o v e l l v s . E v e r t s o n , 11 John. 11. 52.
W i l l i a m s v s . M a t t h e w s , 3 Cowen R . 252.)
In
the former o f these two cases, the court says: “ The court below erred
in nonsuiting the plaintiff, for the note being endorsed in blank, the
owner had the right to fill it up with what name he pleased.” A nd in
the other case, the court also says: “ The note being endorsed in blank,
the owner had a right to fill it up with what name he pleased;” such an
endorsement in blank being, as we have just stated above, an implied
authority to the holder for such act.
O f course, however, a blank endorsement does not give the holder
authority to write over the signature any other species o f contract, such
as a guaranty or a waiver o f notice of protest, lie has a right to fill up
the blank as stated above, but he is not at liberty to write just what
he pleases over the name; he clearly cannot waive any o f the legal con­
ditions of the endorsement. ( C e n t r a l B a n k v s . D a v i s , 19 Pick. 376.
S e a b u r y v s . I I u n g e r f o r d , 2 H ill R. 80.
F a r m e r vs . R a n d , 14 Maine,
102.) W e repeat, therefore, the holder’s right is simply to fill up the
blank over the endorsement, so as to make the note payable to any per­
son he (the holder) may desire.
Second. Analogous to, and growing out o f what we have said above,
is the further principle, that where the alteration is immaterial, it does
not avoid the note. To understand this proposition, it is only necessary
for us to know, that an alteration is immaterial when it does not affect
the rights and responsibilities o f the parties to the instrument, ( B l a i r v s .
B a n k o f T e n n e s s e e , 11 Humph. 84. B u r n h a m v s . A y e r , 35 N . II. 351.




298

Journal o f Mercantile Law.

u m p h r e y s vs . C r a n e , 5 Cal. 173.
N i c h o l s v s . J o h n s o n , 10 Conn.
192,) and that it is material when it does affect or alter such rights or
responsibilities.
Thus, it has been held that any writing making the note payable in
something else besides money, or making the engagement to pay condi­
tional upon an uncertain event, or inserting or changing the place of
payment, or inserting negotiable words where the note before was not
negotiable, or changing the date, or length, or amount o f the note, each
of these has been held to be a material alteration, and vitiates the note,
as each affects the rights or responsibilities of the parties.
On the other hand, it is equally well settled that the addition o f words
which the law would supply if they were not added to the writing, is not
such an alteration as avoids the instrument. For instance, the insertion
o f the word “ year,” which had been omitted in the date of the note,
( H u n t v s . A d a m s , 6 Mass. 519,) or the insertion o f the word “ good”
before the words “ merchantable wool.”
( S t a t e v s . C i l l e y , 1 JY. Hamp.
97.) So a note in these words, “ For value received, I promise to pay
Q. Railway Company, or order,” &c., was interlined after it was signed,
and a third person (E. P.) had endorsed his name on it, by adding above
the words “ Q. Railway Company, or order,” the words “ the order o f E.
P r e s c o t t ,” this alteration was held not to vitiate the note. ( G r a n i t e R a i l ­
w a y C o m p a n y v s . B a c o n , 15 Pick. 239.)
In another case, the payee of
a note endorsed it thus, “ Pay the bearer,” and signed his name to i t ;
the erasure of the words “ pay the bearer,” by the endorsee, and the in­
sertion of a special endorsement to himself over the signature, was held
not to bo a material alteration. (5 Blackf. 363, Indiana.) B y examin­
ing these and other like cases, it will be seen, as was stated above, that
the alterations made do not affect the rights or responsibilities of any of
the parties, and hence they are not material.
In the light of what has been said above, we think the answer to the
questions proposed by our correspondent is evident.
1. To the first one, we would say, that the alteration suggested is not
a material alteration, and therefore the holder o f such a check has the
“ legal right” to make it.
2. To the second question we answer, that when a check or note is
transferred by an endorsement in blank, such endorsement is authority
to the holder to fill up the blank over the endorsement with what name
he pleases, “ J o h n S m i t h , or order,” or any one else; thus making it
payable only after S m i t h has endorsed it.

H




Rail-Road and Telegraph Statistics.

1 8 6 2 .]

RAIL-ROAD

AND

TELEGRAPH

299

STATISTICS.

I. Tins A tlantic T elegraph . II. T elegraph E xperiment. III. P acific T elegraph —T able
of D istances. IY . E a il -E oads in Can ada . Y . E ailw ays in Chili . Y I. A tlantic T ele­
graph Cable .

THE

ATLANTIC

TELEGRAPH

AGAIN.

A c i r c u l a r has been issued we see, signed by Mr. G e o r g e S a w a r d , as
secretary of the Atlantic Telegraph Company in London, proposing re­
newed efforts for establishing submarine correspondence between Europe
and America. It is alleged in this circular that, notwithstanding the
failure of several submarine lines, the success o f other important water
routes encourages renewed effort on the route between Ireland and New­
foundland. The successful lines mentioned are that o f the Balearic
Islands, the one between France and Algiers, and that between Malta and
Alexandria. The last is said to be the best laid— capable o f “ working
through without repeaters, at the rate o f eight words per minute-—being
1,400 miles in length.”
It is stated in the circular that “ the internal structure o f the first (Atlan­
tic) cable was all w ron g; but that the experience o f its defects will en­
able a future effort to be successful on that line, as it is alleged to have
contributed largely to the success o f the lines above named.” The im­
proved mode o f constructing the cable, it is stated, will be “ more expen­
sive, but this will he commercially compensated by the fact that, instead
of working at the rate o f two words per minute,” the former alleged rate,
“ a due increase in the size o f the conductor will give almost any speed
that may be desired, even across the Atlantic, if the quantity o f insu­
lating material surrounding it be proportioned to it on scientific prin­
ciples.”

A TELEGRAPHIC

EXPERIMENT.

It is a matter o f curiosity as to how quick communication may be
made by means o f the telegraph. Experience has shown that it is an
instantaneous process. A short time since, an experiment was tried to
illustrate the point. It was agreed that a telegrapher at Newr-York city,
in communication with Chicago, Illinois, should write the letter S, which
is done by making three dots, and that a Chicago telegrapher should in­
stantly, on hearing the dots, respond by making the same signs. The
plan was carried out successfully, and the paper o f the register at NewYork showed that the dots made by both operators stood so nearly to­
gether, that it was impossible to write a single dot between the characters
representing the two S S. The response from Chicago was recorded as
quickly after the signal from New-York as it was possible for the Chicago
telegrapher to make it.— N . Y . C om m ercial A d vertiser.




300

Rail-Road and Telegraph Statistics.
THE

PACIFIC

[March;

TELEGRAPH.

TABLE OF DISTANCES.

The following table, which we find in the San Francisco B u lletin , gives
the distance from station to station throughout the entire line traversed by
the Pacific Telegraph and by the Overland Stage Company, and also the
distances from New-York to Omaha by two routes, viz., by way o f Chicago,
and also by way o f St. Louis. The Pacific Telegraph Company’s con­
nection with the East was first established via St. L ouis; but the war in
Missouri caused such frequent interruptions to telegraphic communica­
tions through that State, as to threaten the most serious consequences.
The company, accordingly, took early and prompt measures to secure
the construction o f a new line through Iowa, which, with lines already
existing, would give them a connection with Chicago by a more direct
route, and so far north as to be safe from rebel incursions. That line
is now finished. The two lines, one from St. Louis and another from
Chicago, meet at Omaha.
The names of places set in ita lics (as also Great Salt Lake and San
F ran cisco, w h ich are set in sm all c a p s ) are telegraph stations.
set in R om a n are stations o f th e O verlan d Stage C om pa n y.
Miles.

Miles.

FROM NEW-YORK TO

Chicago,. ................ . . .
Omaha, ................... . . .

982
511

.
.

1,493

FROM NEW-YORK TO

St. Louis,.................
St. Joseph,...............
Brownsville,.............
Nebraska City,........
Omaha,....................
Elkhorn C ity ,.........
Fremont, ..................
North Bend,............
Columbus,...............
Prairie Creek..........
Cedar Island............
Grand Island,........
W olf River,.............
Fort Kearney,........

...1 ,1 4 0
. . . 407
...
75
...
25
...
50
...
22
...
15
...
23
...
26
...
12
...
20
...
30
...
20
...
22

Gardiner’s ,.............. . . .
Plum Creek,............. . . .
Willow Island,........ . . .
M idway,.................. . . .
Gilman’s Ranche,... . . .
Cottonwood Springs, . . .
Cold Springs,.......... . . .
Fremont Springs,.. . . .
Dorsey’s,.................. . . .
A lk a li,.................... . . .
Gills,......................... . . .
Diamond Springs,.. . . .
South Platte,.......... . . .
Overland City,........ . . .
Hugh’s Ranche,.. . . . . .
D ry Sandy,.............
T e x a s ,..................... . . .




14
15
15
14
15
16
15
14

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

14
12
11
15
13
10

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

io

.

11

1,547
1,622
1,647
1,697
1,719
1,734
1,757
1,783
1,795
1,815
1,845
1,865
1,887
1,894
1,908
1,923
1,938
1,952
1,967
1,983
1,998
2,012
2,023
2,037
2,049
2,060
2,075
2,088
2,098

Pole Creek,.....................
Deep Well,....................
Mud Springs,.................
Court-House R o ck ,.. . .
Chimney Rock,..............
Ficklin’s Ranche,..........
Scott’s Bluffs,................
Horse Creek,...................
Cold Springs,.................
Laramie City,...............
Fort Laramie.................
Centre Star,...................
Bitter Cottonwood........
Horse Shoe,.....................
Elk Horn,.......................
L abou te,........................
Clute’s Ranche,.............
La Prelle,.......................
Box Elder......................

Platte Station,...............
Platte Bridge,...............
Red Buttes,...................
Willow Springs,...........
Horse Creek,.................
Sweet Water Bridge,. . .
Plant’s Station,.............
Split Rock......................
Three Crossings,...........
Ice Springs,...................
Warm Springs,.............
Rocky Bridge,.................
Strawberry,...................
Sweet Water,.................
Pacific Springs,.............
Little Sandy,.................
2,108 Big Sandy,....................

Miles.
14
12
13
13
14
11
12
16
11
14

9
10
12
15
10
15
11

9
9
10
14
14
10
15
14
10
14
14
10
13
9
12
12
12
12
15
12

T h ose

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

Miles.
2,122
2,134
2,147
2,160
2,174
2,185
2,197
2,213
2,224
2,238
2,247
2,257
2,269
2,284
2,294
2,309
2,320
2,329
2,338
2,348
2,362
2,376
2,386
2,401
2,415
2,425
2,439
2,453
2,463
2,476
2,485
2,497
2,509
2,521
2,533
2,558
2,570

1862.]

Rail-Road and Telegraphic Statistics.
M iles.

M iles.

Big Timbers,.................
Green River,..................
Ham’s Fork,...................
Church Buttes,.............
Millersville,...................
Fort Bridger,.................
Muddy,...........................
Quaking Asp Springs,.
Bear River,...................
Needle Rocks................
Head Echo Canon,. . . .
Hanging R ock,.............
Weber River, .................
Dixie...............................
East Canon,...................
Mountain D ell,.............
G r e a t S alt L ake C it y ,

Traders’ Rest,...............
Rockwell’s,.....................
Dug Out,.......................
Fort Crittenden, .............
Rush Y alley,.................
Point Lookout...............
Simpson’s Springs,. . . .
Deep Creek,...................
Fish Springs,................
Willow Springs,...........
Deep Creek.....................
Antelope Springs,.........
Shell Creek,...................
Egan Canon,.................
Bates’,.............................
Mountain Springs,. . . .
Rucy Valley,.................

RAILWAYS

u
12
20
10
10
12
12
10
10
10
10
10
10
11
10
12
13
9
10
10
10
17
10
14
18

11

21
26
25
24

15
15
11
9

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

2,584
2,596
2,616
2,626
2,636
2,648
2,660
2,670
2,680
2,690
2,700
2,710
2,720
2,731
2,741
2,753
2,766
2,775
2,785
2,795
2,805
2,822
2,832
2,846
2,864
2,875
2,896
2 922
2,947
2,971
2,986
3,001
3,012
3,021

301
M iles.

Jacob’s W ell,............. .
Diamond Springs,... .
Sulphur Springs,... . .
Roberts’ Creek,......... .
Camp Station,........... .
D rv Creek,................ .
Simpson’s Park,........ .
Reese River,............... .
D ry Wells,................. .
Smith’s Creek,........... . .
Edwards’ Creek,___
Cold Springs,............ . .
Middle G ate,............. . .
Sandy Springs,........ . .
Sandy H ill,...............
Carson Sink,............. ..
Desert Station,........ . .
Fort Churchill,.......... .
Clugagis,................... . .
N evada,.................... .
Carson City,.............. . .
Genoa,....................... . .
Friday’s , ................... . .
Y anks,....................... . .
Strawberry,................. . .
Webster’s , ................. ..
Moss,........................... ..
Sportsman’s H all,.. . . .
Placerville,................. . .
D u roc,....................... . .
Fulsom,....................... . .
Sacramento,............... . .
S an F rancisco , ........ . .

IN CHILI — AMERI C AN

ENGINEERS

12
12
12
13
13

15
21
15
14
14
8
14
10
24
9
14
15
10
11
11
13
14
11
10
12
12
12

11

12
14
14
22
140

M iles.

3,033
.
3,045
.
3,057
.
3,070
.
3,083
.
3,098
.
3,119
.
.
3,134
.
3,148
S,162
.
.
3,170
3,184
.
3,194
.
.
3,228
.
3,237
3,251
.
3,266
.
.
3,276
.
3,287
3,298
.
3,311
.
.
3,325
.
3,336
.
3,346
. . 3,358
. . 3,370
. . 3,382
. . 3,393
. . 3,405
. . 3,419
. . 3,438
. . 3,455
. . . 3,595

ABROAD.

The Railway Times contains the following on the construction of rail­
ways in C h ili:
The railway between Santiago, the capital, and Valparaiso, the seaport
o f Chili, was projected in 1851, and the works commenced at Valparaiso
in October, 1852. About thirty-twro miles of the line have been opened
to the public for nearly five years. Unforeseen delays occurred to stop
all further progress until last month, when a contract was entered into by
the government and the present contractor for the works o f the Southern
Railway of Chili. This contract obliges the contractor, Mr. H e n r y
M e i g s , an American, to deliver up the railway complete in three years,
and the amount of the contract is $6,000,000.
The Southern Railway of Chili is the main artery o f the country, and
it is proposed to extend it south from the capital a distance o f 170 miles.
About 52 miles have been opened for traffic for three years, and the
works o f the extension are being rapidly carried out. The principal
engineering works on this railway are the bridges, which arc numerous
and o f considerable extent, to suit the sudden risings of the rivers in the
floods o f the rainy season, and the floods caused by the melting of the
snow in the Cordilleras. The 32 miles o f this railway were constructed
b y Mr. E v a n s , an American engineer, and all the bridges are on th e




302

Rail-Road and T'elegraph Statistics.

[March,

trussed system, known as L o n g ’ s patent, and B o l l m a n ’ s combinations of
cast and wrought iron. The present engineer-in-chief, Mr. C r o s s B u­
c h a n a n , has adopted plate girders for all his bridges on the division
under contract. Although perhaps not so elegant and light looking, the
girder bridges are not less suitable to the country, and the difficulty of
erecting and finishing them can be overcome by a judicious division of
each girder into pieces suited to the mode o f transport into the interior.
The first large bridge o f this kind yet erected in Chili was opened for
traffic on the eighteenth of September last. It has nine spans of 60 feet,
and was erected and finished in less than two months after the arrival
o f the first sections from the coast.
THE

ATLANTIC

Lord Chief Justice

TELEGRAPH

CABLE.

lately delivered judgment in the case
of P a t t e r s o n v s . H a r r i s . It was an action on a policy o f insurance,
on a share taken by the plaintiff in the Atlantic Telegraph Compa­
ny’s cable, and the case involved some points of a remarkable character.
The policy was entered into to guarantee the plaintiff against any injury
which the cable might sustain by the perils of the sea during the time
that it was being laid down. Now, although the electric cable was en­
tirely laid down, it was found to be impracticable for carrying out tele­
graphic communication, and a great depreciation o f the value o f the
shares followed. The principal question for the opinion o f the court
was, whether the plaintiff was entitled to recover £1,100, the value of
his share, notwithstanding the failure o f the cable. According to the
finding of the jury, it was not complained that the defect in the cable
was caused by the perils o f the sea; their opinion being that, before it
was laid down, and before it was coiled up on the decks o f the ships,
the defective state o f it was caused, in all probability, by chemical causes,
and not by any violence done to it when laid down, by the perils o f the
sea, nor by any mechanical action of the winds and waves; and that the
injury was, therefore, not comprised within the terms o f the p o licy ; and
as to any thing that might occur to the cable by the wear and tear o f
the ship, that had been properly held not to come within the insurance,
in relation to the perils o f the sea. The court, looking at all the circum­
stances, was o f opinion that the plaintiff was not entitled to recover under
the terms o f the policy. The learned judge concluded by pronouncing
the judgment o f the court for the defendant.
C

ockburn

ILLINOIS

CENTRAL

RAIL-ROAD.

A t a meeting of the board o f directors o f the Illinois Central RailRoad Company, held recently, it was resolved to call another instalment
o f $5 per share, making 90 per cent, paid up. The resolutions are:
“ Resolved, That an assessment of five dollars per share upon the scrip
shares of the capital stock o f the company be, and the same is hereby
called, payable on the tenth day o f March, 1862 ; and that the same be
payable on the stock registered in the city o f New-York, at the office of
the company in that city ; and on the stock registered in London, at the
office of Messrs. R o b e r t B e n s o n & Co., L ondon; and that parties desir­
ing to pay their assessment in London, may pay the same at the rate of
four shillings and two pence to the dollar.




1862.]

Rail-Road and Telegraph Statistics.

303

“ Resolved, That the transfer books be closed on the afternoon of the
first of March next, and re-opened on the tenth day o f the same m onth;
and that no transfer be permitted on or after that day, o f shares upon
which the foregoing assessment shall not have been paid.”

RAIL-ROADS

IN

CANADA.

Statement o f the length and cost o f Rail-Roads in the Province o f Canada, on the Is!
day o f January, 1862,
Corporate T itles.

Total.

Brockville and Ottawa,............................... . . 109.0 . .
Perth Branch,............................................
10.5 . .
Berlin Branch,.............................................. ..
11.0 . .
Buffalo and Lake Huron,........................... .. 161.0 . .
Carillon and Greenville,.............................
12.5 . .
Coburg and Peterboro’, ............................... . .
28.3 ..
Erie and Ontario,.........................................
25.0 ..
Galt and Guelph,..........................................
16.0 . .
Grand Trunk:
Montreal District,................................... .. 143.0 . .
Quebec,
“
...................................
96.0 ..
Du Leup
“
................................... . . 118.0 . .
Three Rivers Branch,............................. . .
35.0 . .
Victoria Bridge and Char. Branch,. . . .
6.0 . .
Toronto District,...................................... .. . 333.0 ..
Kingston Branch,...................................
2.0 . .
Sarnia District,........................................ . . 1 9 0 .0 ..
Detroit
“
...................................... . .
59.0 . .
Great W estern:
Main Line,.................................................. . . 186.0 ..
38.0 ,
Toronto District,...............................................
Niagara
“
43.0 .
Sarnia
“
52.0 .
Galt Branch,......................................................
12,0 .
Great Southern,.................................................. 225.0 ,
Hamilton and Port D over,...............................
4 0 .5.
Industry Village,..............................................
12.0 .
London and Port Stanley,...............................
24.0 .
Montreal and Champlain,...............................
49.0 .
Montreal and New-York,.................................
4 5 .0 .
Montreal and Ottawa,.....................................
87.0
North Shore,...................................................... 154.0
Northern,............................................................
95.0 ,
Bel Ewart Branch,.......................................
1.6
Ottawa and Prescott,........................................
54.0 ,
Petersboro’ and Port H ope,.............................
27.0
Port Dalhousie and Thorold,...........................
9 .0 ,
Port Hope, Lindsay and Beaverton,.............
74.5
Eawdon and Industry,.....................................
16,0,
Stanstead, Shefford and Chambly,................ 106.0
W elland,.............................................................
25.0
Woodstock and E rie,........................................ 149.0
T o ta l,............................................................ 3,879.9 ..
Deduct— Grand Trunk in United States,*..
72.0 . .
Total,.

3,807.9 . .

Cost o f R oad
and E quipm ent.

Open.
3 7 .0
1 0 .5
1 1 .0

$ 1,187,500
150,000
7,056,450
200,000
1,187,925
340,000
320,000

161.6
12.5
28.3
17.0
16.0
143.0'I
96.0
118.0
27.0
6.0 r ••
333.0
2.0
190.0
59.0^

73,886,268

186.0"
38.0
43.0
52.0
12.0

24,900,640

12.0
24.0
49.0
45.0

120,000
816,576
1,524,780
1,132,908

95.0 |
1.6 j
54.0

1,600,000

5.0
42.5
16.0
80.0
25.0

1.500.000
320.000
2.400.000
650.000

2,047.4
72.0

$ 123,040,987
2,500,000

1,975.4

. . $ 120,540,987

3,627,940

lVo’ oOO

* Under this deduction are included that part of the Grand Trunk in Vermont,
13 miles, and the Detroit District of the same in Michigan, 59 miles.




304

Commercial Regulations.

COMMERCIAL

I. D uty

[March,

REGULATIONS.

T e a —L etter from Secretary Chase. II. Correspondence between G. W . B en ­
Secretary Chase. III. H arbor and Commercial R egulations of Costa R ic a .
IV . E xtract from the Official R egister of the Government of the U nited States of
Colombia .
on

son and

THE

DUTY

ON

TEA.

LETTER FROM SECRETARY CHASE.

following is a copy o f the letter from Secretary C h a s e to Collector
It has been procured on application at the department, in
order to correct an erroneous statement recently published:
T

B

he

arney.

Treasury Department, January l ’lth, 1862.
Sir,— I have under consideration an appeal from your alleged decision
that certain teas imported from Canton, per bark P e n g u in , by Messrs.
A. A. Low & B r o th ers , are dutiable, under the act o f December 24th,
1861, the appellants claiming that said teas are entitled to entry free of
duty, under the provisions o f the sixth section of the act o f August 5th,
1861. The twenty-third section o f the act of March 2d, 1861, exempts
from duty tea when imported direct from the country of production in
American vessels, or in foreign vessels entitled to the same privileges as
American vessels.
The fifth section o f the act o f August 5th, 1861, provides that all
goods, wares and merchandise actually on shipboard and bound to the
United States at the date of the passage o f this act, shall be subject- to
pay such duties as are provided by law before and at the time of the
passage of this act.
Thus, tea on shipboard and bound to the United States on the 5th of
August last, was entitled to entry on importation free of duty under the
act of August 5th, 1861. The act of December 24th, 1861, provides
that from and after the date o f the passage of this act, in lieu o f the duties
heretofore imposed by law on articles hereinafter mentioned, there shall
be collected and paid the following duties and rates of duty, that is to
say : First, on all teas, twenty cents per pound; and the question is now
presented, whether tea on shipboard on the 5th o f August last, and bound
to the United States from the country o f production in a vessel o f the
United States, is entitled to the privileges accorded by the fifth section
o f the act o f August 5th, 1861, and entitled to entry free o f duty.
If the terms in lieu o f the duties heretofore imposed had been omitted
from the act o f December 24th, all teas imported, without exception,
would have been liable to the duties imposed by it. The insertion of
those terms seems to indicate the intention, on the part of Congress, to
leave free the tea and coffee made free by the fifth section of the act of
August 5th, 1861, and thus avoid a discrimination between the shipments
already reserved and admitted from near and shipments from remote
localities also on shipboard on the 5th of August last, but not yet arrived.




Commercial Regulations.

1862.]

305

I am o f the opinion, therefore, the merchandise in question will he enti­
tled to free entry, if it shall be shown to your satisfaction that the teas
in this case were actually on shipboard and bound to the United States
from the country o f growth or production, on or before the passage of
the act of August 5th, 1861.
I am, very respectfully,
(Signed,)
S. P. C hase,
S ecreta ry o f the T reasury.

H iram B arney , Esq., Collector, <&c., N e w - Y o rk .

CORRESPONDENCE BETWEEN MR. BENSON AND SECRETARY C n A S E .

W ashington, J a n u a ry 22 d, 1862.
T o the Hon. S almon P. Chase, S ecreta ry o f the T r e a s u r y :

Sir,— I have the honor to request to be informed whether teas on ship­
board, prior to December 24th, 1861, and after August 5th, 1861, are
dutiable under the act o f December 24th, 1861.
Very respectfully, your most obedient servant,
G. W . B enson.
T rea su ry D epa rtm en t, J a n u a ry 24 th, 1862.
Sir,— I am in receipt o f your letter o f the 22d instant, “ requesting to
be informed whether teas on shipboard, prior to December 24th, 1861,
and after August 5th, 1861, are dutiable under the act o f December 24th,
1861.”
The act o f December 24th, 1861, increasing the duties on tea, coffee
and sugar, makes no exception in favor o f merchandise subject to duty
under the act o f August 5th, 1861, and on shipboard bound to the
United States prior to the act of Decem ber; consequently, all teas ship­
ped after the passage of the act o f August 5th are liable, on importation,
to duty at the rate of twenty cents per pound.
I am, very respectfully,
S. P. C hase,
S ecreta ry o f the T rea su ry.

HARBOR AND COMMERCIAL REGULATIONS OF COSTA RICA.

The harbor at Punta Arenas is separated into two anchorage grounds
by the point of land on which the town is located ; that between the town
and the main land affords accommodation only to vessels under seven feet
draught, while vessels drawing more than seven feet anchor in the outer
harbor, which is protected by two small islands lying to the westward.
Goods from thence are brought by lighters to the landing-place in the
inner harbor, a distance of about two miles, at a cost o f about $1 per ton.
PORT CHARGES FOR BOTH NATIONAL AND FOREIGN V E S S E L S .

No anchorage or tonnage dues are imposed.
1. Quarantine fees, 75 cents for each foot o f depth.
2. Clearance duty, $3.
3. Hospital dues, 50 cents per head.
V O L . X L v i. — NO. III.
20




306

Commercial Reaulations.

No fees are exacted for the landing of passengers or their baggage, and
a free permit is granted, except when the latter exceeds two cwt., when
all above that weight is subject to inspection.
All foreign merchandise in packages, when landed, is required to be
deposited in the public warehouses for the purpose o f registry; and,
after being duly entered, may again be withdrawn, the party interested
presenting the required certificates. The charge made for the above is
one real (12|- cents) on each gross cwt.
Merchandise may be deposited on storage, for any length o f time, on
payment of half real (6£ cents) per month per cwt., subject, however, to
existing laws.
Open articles o f merchandise, such as iron in bars and unpacked goods,
are exempt from registry.
Light-house dues are 6^ cents per ton.
Any vessel, whether foreign or national, may compromise the hospital
and light-house dues for $25 annually, paid in advance.
Municipal and bridge tolls, (intended for turnpikes,) 37J cents for each
quintal (o f 101 pounds.)
A fine of 25 dollars is imposed for violation of any one o f the above
regulations.
There is, besides, a heavy penalty for sealing in packages powder or
tobacco in quantities over two cwt.
CUSTOM-HOUSE REGULATIONS.

Free List.— 1st. All printed books for instruction or entertainment,
if not in opposition to religion and morals; all periodicals and news­
papers.
2d. Foreign music and musical instruments.
3d. Foreign seeds and plants.
4th. Gold and silver, in coins and dust.
5th. All kinds o f complete machines, and iron wheels with teeth.
6th. Quicksilver, stone coal, packthread, empty sacks, or sacking ma­
terials.
7th. Instruments o f art and science.
8th. All kinds o f carriages, coaches, cars, <kc.
PROHIBITED LIST.

Imports.— 1st. Tobacco in leaf, or manufactured.
2d. All spirits of molasses, or rum, such as is manufactured in Costa
R ica; all books and other things offending public morals; eatables of
spoiled or bad quality, fire-arms and munitions of war, if not ordered by
the government.
By a decree bearing date September 21st, 185V, all foreign spirits artplaced upon the same footing as gunpowder, rum and tobacco, which are
contraband except when imported on account o f the government.
The authorities are required to prosecute and punish those who sell
liquor clandestinely, and without previous permission.
The government will cause to be procured, on account of the State, all
the various kinds of foreign spirits in common use, in order that the
same may be expended in such public places as shall be instituted for
this purpose, and the proprietors o f hotels and restaurants will pur­
chase at wholesale in those places for the supply o f their establishments.




1862.]

Commercial Regulations.

307

EXTRACT FROM THE OFFICIAL REGISTER OF THE GOVERNMENT OF THE
UNITED STATES OF COLOMBIA.

Office o f the Treasury Department, Bogota, Oct. 19th, 1861.
The coin of the United States o f North America, o f whatever value,
will circulate in the several offices o f the United States o f Colombia, for
collections and disbursements, and will be received in payment for all
taxes and contributions, as well as in commercial transactions in this
Union, said coin to be given in payment to creditors the same as national
coin.
The five franc pieces o f France, Belgium and Sardinia will be admis­
sible in payment for salt sold by the superintendent o f the salt works of
Zapaguira, the same as the national coin; said French, Belgium and Sar­
dinian coin will, upon collection, be registered by said superintendent,
and remitted by the treasury to the mint o f Bogota to be recoined.
J u l ia n T

r u j il l o .

( Official Register, No. 21.)

B A N K R U P T C I E S OF T H E Y E A R 1 8 6 1 I N G R E A T B R I T A I N .
The number o f bankruptcies gazetted in England and Wales, in the
seven months ending the 31st July, was 843, being at the rate o f 1,445
per annum, while the average o f the preceding ten years was 1,123. The
bankruptcy rate which has prevailed this year is thus shown to be 28.67
per cent, above the average. O f the 843 bankruptcies gazetted this year,
378 took place in the London district, 71 in the Liverpool, 60 in the
Manchester, 156 in the Birmingham, 91 in the Leeds, 48 in the Bristol,
27 in the Exeter and 11 in the Newcastle jurisdictions. These- figures
show a rate per annum in excess o f the average o f the previous ten
years in every district, with the exception o f Newcastle. In the- Liver­
pool district the rate per annum this year has been 121 as compared with 7 9 ;
Manchester, 103 as compared with 89; Birmingham, 268 as compared with
156 ; Leeds, 156 as compared with 105 ; Bristol, 82 as compared with 68 ;
Exeter, 48 as compared with 42 ; Newcastle, 19 as compared with 36, and
London, 648 as compared with 548. In the Newcastle district it will be
seen that this year’s rate is 47.23 per cent.below the average, but in the Liv­
erpool district there is an excess o f 53.16 per cen t.; in the Manchester, an
excess of 15.73 per cent.; in the Birmingham, an excess o f 71.79 per cent. ;
in the Leeds, an excess of 48.57 percen t.; in the Bristol, an excess o f 20.58
per cen t; in the Exeter, an excess o f 14.28 per cent., and in the London,
an excess of 18.25 per cent. O f course, these figures do not include the
numerous private arrangements carried out for winding up and ad­
ministering insolvent estates, but they nevertheless afford some indica­
tion o f the commercial situation of the country.




[March,

Commercial Chronicle and Review.

308

COMMERCIAL

CHRONICLE

AND

REVIEW.

State op A ffairs —C hange by W a r —A ccumulation of Capita l —W ar L oan—A ppeal to the
P eople—Secretary’ s R eport—T rent D ifficulties - B ank S uspension—D emand N otes—
Specie M ovement—B alance of T rade —Cash R emittances—California B ills—Gold at
the A ssay Office—S peculation in E xchange B ills —R ates of B il l s - D ecline in B ank
L oans—R ate of I nterest—Causes of D istrust—W ays and M eans—Government P aper—
L egal T ender B ill —I nterest in Coin—E ffects of P aper M oney.
T h e financial and commercial affairs o f the country, which underwent
so great a change through political causes last year, have yet by no
means resumed their regular action, nor adapted themselves to the
change which immense war preparations had forced upon the nation.
The outbreak of the war put an end to all the traffic that had previously
existed between the loyal and rebellious States. It cut off the market
for that produce and those manufactured and imported goods that had
been previously supplied from the North, and closed the demand for
those supplies that had been furnished from the South. The immense
capital that had been employed in the production and interchange o f
commodities, was thrown out of employment, and the business activity
of the Northern cities gradually diminished. The outstanding obliga­
tions o f merchants progressively matured, and were discharged, thus
diminishing the line of mercantile bank discounts. The idle capital
accumulated at the central reservoirs, and the rate of interest fell to a
very low point in the market ; the more so, that confidence in the patri­
otism o f the people and the energy of the government kept alive the
hope of a speedy termination o f the war and a restoration o f the Union,
thus preventing enterprise, as it were, from adapting itself to the new
state o f things and to the prosecution o f reproductive industry. Almost
the only demand for goods was from the government, and capitalists saw
in the wants of the Treasury the only chance for employing their funds;
but the want o f some sound financial policy checked confidence in
public securities. The Congress that met in July authorized a loan of
$250,000,000, but failed to pass a satisfactory tax law. The loan was,
therefore, not taken by the people directly, but was disposed o f to the
banks o f the three cities, in the following proportions:
B anks

of

New-York,
B osto n ,...
rh ila .,___

C apital.

Subscribed.

$ 69,907,000 . .
38,231,700 . .
11,811,485 . .

Total,...$119,950,185

..

Sold to
the Public.

B alan ce
in Bank.

$ 102,056,835 . .
29,159,095 . .
14,579,548 . .

$ 35,000,000
10,000,000
5,000,000

..
..
..

$ 67.056,835
19,159,095
9,579,548

$ 145,795,478 . .

$50,000,000

..

$95,795,478

The original proposition had been to divide the loan in proportion to
the bank capital, which would have given Boston $45,000,000, but the
banks there declined to take more than $30,000,000. The loan was taken
in 7™ per cent. Treasury notes, three years to run, $50,000,000 August
19th and $50,000,000 October 1st, with the option of $50,000,000 more




1862.]

Commercial Chronicle and Review.

309

December 1st. A solemn appeal to the people had been made, to come
forward and purchase the notes from the banks, in order to enable them
to continue their aid to the government. There were, however, but
$50,000,000 so sold, and the banks took, December 1st, the third instal­
ment in 6 per cent, stock, twenty years to run, in the hope o f being able
to sell it abroad. In this, however, they were disappointed, through the
distrust that grew out o f the capture of the T r e n t . The price paid by the
banks for the stock realized to the Treasury $45,795,478. It now became
apparent that the sales to the public were at an end, and that the govern­
ment must open some new resource. The annual report of the Secre­
tary of the Treasury was looked forward to with much hope and confi­
dence, as likely to lay down a financial scheme that might prove satisfac­
tory. That document, on its appearance, did not, however, justify the
anticipations that had been raised, and the disappointment occurring
amidst the alarm with which the foreign relations were regarded, pro­
duced a marked effect, which is best exhibited in the weekly returns of
the New-York banks, as follows :
Date.
7,.
14,.
21,.
28,.
Jan. 4,.

D ec.

“
“
“

Loans.

.$
.
.
.
.

159,793,953
157,647,702
155,784,230
154,756,318
154,321,653

Specie.

$42,318,610
39,435,478
36,813,369
29,357,712
23,983,878

W eekly
Decrease.

$ 2,883,132
2,622,109
7,455,657
5,373,834

D ep osit *.

$ 133,618,787
129,379,060
124,897,534
116,471,931
111,789,233

W eekly
Decrease.

$ 4,239,727
4,481,526
8,425,603
4,682,698

Thus, in four weeks, the specie ran down $18,000,000, and the banks
suspended December 30th. The Treasury Department had been com­
pelled to issue a considerable portion of the $50,000,000 o f demand or
currency notes that had been authorized by the law of July. These
notes had found their way into the banks, to some extent, at the date of
the suspension. The institutions had not then fully paid the instalments
due on the last $50,000,000 o f government stock for which they had sub­
scribed. Hence, on their suspension, these notes became the medium in
which to meet the government drafts. Some o f the institutions refused to
receive the notes on deposit, but the majority did receive them, because
they were available to meet the calls from the treasury. When, however,
those calls were completed, the majority of the banks refused to take
them. The Boston banks could not receive them, because they, by their
charters, are forbidden to pay out any but their own notes. The currency
question was, therefore, becoming daily more difficult. The New-York
banks, indeed, continued to pay their notes in specie when demanded, be­
cause if the notes were protested, there was no recourse but to wind up
the bank. They therefore did not pay out their notes, and the “ currency”
became simply government notes or “ certified” checks. When the
former were rejected by the banks, and fell to a discount, certified checks
became the only currency. The position o f the banks in relation to the
clearing-house was peculiar. The balances were there settled on loan
certificates, bearing seven per cent, interest, and based upon the assets
lodged by each bank with the clearing-house. If, therefore, any institu­
tion received government notes on deposit, the check drawn against
them would appear against it next morning in the clearing-house, and
would require to be met by a loan certificate. The bank would thus be
compelled to pay 7 per cent, interest for government notes on hand— a




310

[March,

Commercial Chronicle and Review.

result scarcely admissible. To remedy this to some extent, and make an
opening for the notes, the Assistant Treasurer, in New-York, was au­
thorized to receive them on deposit, and allow five per cent, interest.
This, again, was received with disfavor by the hanks, as a hid to draw
their deposits from them. Some o f the out-of-town banks and the city
savings hanks availed of it to the extent o f some $2,000,000.
The specie movement after the suspension of the hanks was as follows :

1861.
Jan. 4,...........
“ 11,...........
“ 18,...........
“ 25,..........
Feb. 1,...........
“ 9,..........
“ 15,..........

1862.

R eceived . E xported .
R eceived . E xp orted . Gold in B'k. P ric e o f Gold.
$2,820,957............................. $442,147
.. $28,988,878 . . 2 © 4 prem.
2,846,219 .......................$885,923 .. 1,085,025 ..
25,873,070 .. 4 @ 5
“
1,698,052 ............................................. 547,708 ..
26,120,859 . . 4 © 4)4
“
1,246,029 .. $22,855 .. 627,767..
822,918 ..
26,698,728 .. 2 ©
“
2,718,698 .. 2S9,669 .........................
810,484 ..
27,479,538 .. S% @ S% “
800,000.. 115,698.. 854,000.. 976,235..
28,196,666 .. 8 X © 8% “
1,616,111 .. 117,101 ..
614,146 .. 1,156,154 ..
28,114,148 . . 4 © 4% “
$13,756,067

$ 545,823 $2,987,836

$4,S90,666

O f the receipts of specie in 1861, a considerable proportion was from
Europe. This year, in the corresponding period, the specie returned to
Europe to an extent greater than the receipts from California, notwith­
standing that the rate o f specie had risen to a premium ; a portion of the
gold remitted was for interest due abroad upon government and other
stocks. It is also the case that the accounts growing out of old Southern
business having been closed, the supply of bills now comes to depend
almost altogether upon the remittances of Northern and Western produce,
and the amount will not suffice to admit o f large importations. The
commerce o f the port, July 1 to February 1, was as follows:

1859—
60.

1860-61.

1861-62.

Imports,.................
Exports,.................

$ 129,458,611
81,044,076

..
..

$ 128,496,682
93,705,866

..
..

$57,410,830
88,337,478

Excess imports,.. .
“
exports,.. .

$48,414,535
....

..
..

$34,790,816
....

..
..

____
$ 30,926,648

The excess of imports in previous years was met by the bills running
against cotton shipped from Southern ports, and the same source supplied
the bills necessary to meet interest due abroad, outlay o f travellers,
United States diplomatic and other government expenses, the remittances
on account of emigrants and other items, requiring in the aggregate some
$50,000,000 per annum. A part o f this is usually earned in freights on
shipping, an item which has this year much diminished. Yery opportunely,
however, the state of harvests in Europe has required an unprecedented
supply o f produce, which has greatly swollen the sum o f Northern exports.
Nevertheless, it has not sufficed to redress the exchanges, and the export o f
gold has been resumed, in some degree aided by a return o f stocks
during the panic, for sale, and also by the dread many have o f a possible
unlimited issue o f legal tender money.
The suspension o f specie payments by the banks has not, as yet, mate­
rially affected the supply o f gold from California. The expense o f remit­
ting gold has hitherto been a little more than 4 per cent.— 1^ per cent,
freight, 5 per cent, primage and 2-1 per cent, insurance— which gives an
exchange o f 4 per cent, on government or bankers’ bills, there payable in




1862.]

Commercial Chronicle and Review.

OX X

coin in New-York. When the suspension took place, the premium on
gold was added to the bill, but many rejected bills and remitted the gold,
selling on arrival for the premium, 3.j per cent.
The anticipation of suspension had caused some speculations in gold
and bills, not only for a rise, but as the best temporary investments, and
the rates o f bills ruled as follow s:
P a ris.

London.

Dec. 1, 109 @ 1091
“ 15, 1101 @ HOf
Jan. 1, 1101 @ H3
“ 15, 1131 @ 114
Feb. 1, 113 @ 1131
“ 15, 115 @ 1151

5.25
5.15
5.121
5.05
5.10
4.91%

@
@
@
@
@
@

41
41f
421
431
4
421 @ 431 3 }
4 2 } @ 431 4 3 }
40}
41}
42
421

@
@
@
@

40}
41}
421
431

@ 411
@ 42
@ 43
@ 48}
@ 431
@ 44

B erlin .

Ilamburg.

■Amsterdam. F ra n k fo rt.

5.15
5.10
5.05
4.90
4.95
4.90

35}
36}
37}
37}
37
37f

@
@
@
@
@
@

36
37
38
384
38}
38}

73}
74
74}
75}
75}
76}

@
@
@
@
@
@

74
741
75
76}
76
77

After the suspension, the rates o f bills followed the premium on gold,
which was added to the regular value o f the bill. The abundance o f
money no doubt favored the rise in bills, and also promoted remittances
from the country, although the rate of money in London fell to unusually
low rates, the banks having, on the 9th January, reduced the rate from 3
to 2£ per cent. The stagnation of business produced the same plethora
there as here. The progress of this money glut is apparent in the NewYork bank loans and deposits, which, at several dates, were as follows :
Oct., I860.

Loans,.................
Deposits,............
Excess loans,. . .
“
deposits,.

Jan., 1861.

June, 1861.

Feb., 1862.

$ 123,337,157 . . $ 129,625,465 . . $ 117,509,075 . . $77,618,943
75,176,736 . .
86,454,430 . .
87,656,760 . . 106,557,003
$ 4 8 ,1 5 0 ,4 2 1 ..
................

$ 4 3 ,1 7 1 ,0 3 5 ..
................

$29,852,315 ..................
................ $ 28,938,060

The loans for February embrace only the commercial loans. It ap­
pears that the public have paid the banks since June, $39,890,132 o f loans.
They have subscribed $50,000,000 to the government debt, and have in­
creased their deposits $20,900,243 ; making, together, $110,790,375 that
has been thrown out o f its usual employments since June. The banks
have invested over sixty-seven millions in government stock, and yet the
rate o f money in the open market is as follows :
On Call .
D ate .

October 1,__
November 1,.
December 1,..
January 1, . . .
February 1,..
“
15, . .

/Stocks.

...6 @ 7
...6@7
...6 @ 7
. . .6 @ 7
...6@7
. . .5 @ 6

E ndorsed.

Other.

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

6@ 7
6 @ 7
-@ 7
7
7@ 6 @ 7

4@,6 mo8.

60 days.

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

6}
5}
—
5}
5}
5

@7
® 7
@ 7
@7
@7
@ 7

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

8 @ 12 . .
8 @ 10 . .
8 @
9 ..
8 @
9 ..

6@
6@

7 ..
7 ..

Other
Good.

12
10
12
10

@ 15 . .
@ 12 . .
@ 15 . .
@ 12 . .
8 @ 12 . .
7 @ 9 ..

N ot well
known.

24 @ 36
18 @ 24
— @ —

12 @ 24

—@ -

These are low rates for money at this season o f the year, when, usually,
there is so much demand to support the cotton market. A t this period
of the year there is usually over one million bales of cotton, held mostly
with Northern funds, requiring $50,000,000. Nothing o f that now
exists, and the supply o f capital lying idle is very large, yet it does not
readily seek the government securities. There are two leading reasons
for this. One is, the want of some system o f finance, on the part of the
government, which shall not only command confidence, by showing how
the money is to be repaid, but define the yearly amount required; and,
secondly, the uncertainty in relation to the continuance of the war. If




312

Commercial Chronicle and Review.

[March,

peace should speedily return, the demand for money for business enter­
prises would he very urgent, and it would be difficult to reconvert large
amounts of the public stock into available funds without loss, unless such
a system o f taxation should be adopted as would give the stocks credit
in Europe. In Congress, at the close of January, Mr. S p a u l d i n g , from
the Committee o f W ays and Means, stated the then existing debt at
$326,764,602, including $50,000,000 o f demand notes, issued as curren­
c y ; that there was over $100,000,000 due contractors; and that the
expenses, up to July 1st, will reach $243,235,387, making at least
$343,235,387 required by that date. The market price o f the United
States 6 per cent, stock, twenty years to run, February 15th, was 90|
for paper, 87 for specie. The 7T35 notes, three years to run, were at 98
for paper, 94£ for specie; and the government demand notes £ discount
for certified checks. The banks held $50,000,000 of 6 per cent, stocks,
and as much o f the 7X\ per cent, notes, that they were anxious to sell.
Under such circumstances, the government could not issue stock, but at
very low rates, until the tax scheme should have been matured. The
alternative was paper money to meet the pressing wants o f the Treasury,
and, February 7th, a bill passed the House, providing for the issue of
$150,000,000 o f notes o f not less than $5, $50,000,000 in lieu of those
already out under the act of July, 1861, and which were made payable
in coin. The new notes to be,
First. A legal tender for all debts, public and private.
Second. To be funded in a 6 per cent. United States stock, redeemable
after twenty years.
Third. Or to be funded in a 7 per cent, stock, redeemable after five
years.
This bill also provided for the issue o f $500,000,000 o f 6 per cent,
stock, to facilitate the funding.
The bill went to the Senate, where it was amended in many particu­
lars, principally by making the interest on the stocks, into which the
notes are to be funded, payable in coin. It then went back to the House.
The Senate hill also provided for selling the six per cent. 20 years stock
created by the bill at the market value ; it also made special appropria­
tion o f the customs revenues, the proceeds o f the public lands, and those
o f confiscated property, for the payment o f the interest on the federal
debt, and for the formation o f a sinking fund o f one per cent, per annum
on the whole federal debt. These additional provisions, specious in ap­
pearance, are not such as are calculated to restore public confidence.
There is no doubt o f the ability o f the country to pay, if Congress ap­
propriates the national means to the national exigencies.
There seems to be, in both Houses, but one opinion in relation to the
great evils that are to follow in the train of paper money, and every
expedient was resorted to, to compel the application o f the specie test at
some point in the scale o f redemption. It is obvious, however, that, to
pay specie, the government must obtain it. It cannot itself refuse to
take the paper it makes a legal tender, in payment o f the debts due i t ;
nor can it, in justice to the public creditors, make one class of its debts
payable in coin and another in depreciated paper. I f the whole debt,
which, according to the Committee o f W ays and Means, is to reach
$1,200,000,000 in the next eighteen months, is made payable in coin, it
will involve the purchase, by the government, o f $35,000,000 o f coin




1862.]

313

Commercial Chronicle and Review.

every six months, which would place it entirely at the mercy o f the job ­
bers. There is no possible way of discharging debts but by paying
them. The only mode in which the government can ever hope to pay,
is by taxing. If the taxing is sufficient to meet the wants of the govern­
ment, there will be no depreciation of paper, whether the notes arc paid
in coin or not. The banks issue, in the United States, some $200,000,000
o f paper, for circulation, payable in coin, yet, in ordinary times, they are
never really paid in coin, because they are carried back to the issuer
through the cancelment o f the credits on which they were issued. If
that did not take place, redemption in coin would be impossible; as it
does take place, redemption in coin is not asked. The case is not differ­
ent with the government. No possible form or device of paper issue can
save its credit, unless it makes available, by taxation, the vast property
in the country. The payment of these taxes will carry the paper money
back to the Treasury, and $200,000,000 might easily float at par. The
question is, how to make the notes float until the taxes are available,
and this object is sought by making them a legal tender for all debts.
It is to be borne in mind, that a certain amount o f currency is requi­
site for the transaction o f business. Hitherto specie has supplied a con­
siderable portion of the circulating medium. The disappearance o f the
metals on the suspension o f the banks, left a vacuum which the govern­
ment notes could supply to some extent. The amount o f the metals in
country may be approximated as follows :
In the country in 1821.......................................
United States mines, 1821 to 1849..................
Net import, 1821 to 1849,.................................

$37,000,000
$13,811,206
61,642,397

75,453,603

On hand, 1849,......................................
United States mines, 1849 to 1861, . . . . .........$481,380,963
Net export, 1849 to 1861,....................... ......... 431,552,145

$112,453,603

On hand, January, 1861.......................
United States mines in 1861,................. ........
Net import, 1861,...................................... ........

$162,282,421

In the country, January, 1862,...................

$34,379,547
40,848,180

49,828,818

75,227,727
$237,510,148

The amount in the country in 1821 was the estimate o f the Secretary
o f the Treasury. The result is the amount in the whole country, in­
cluding about $60,000,000 which is in banks, &c., at the South. It has
been estimated that there is $50,000,000 in plate, jewelry, &c. There
would then remain about $127,000,000 in Northern banks and circulation.
O f this amount, 50 millions are dollars and fractions. A considerable
portion of the whole has gone out of circulation, leaving an opening for
an equal quantity of paper, which, for denominations above $5, will be
well supplied with government notes, and bank issues for small notes.
The bars o f gold are stamped at the California mint with their fine­
ness and value. The bars, on being lodged at the New-York Assay Office
for coinage, are charged five cents per ounce for parting the silver, onehalf per cent, for coinage. The silver required for coinage is
of the
standard. This is taken from the parted silver, and the remaining silver
is coined at a charge o f one-half per cent. The calculation is simple.
Thus, a bar stamped 840 fine, $17 36.4341, will be worth, when coined,
$17 42.5951. Thus, 387 oz. o f gold, 1,000 fine, is worth $8,000 ; and 99 oz.
o f silver, 1,000 fine, is worth$128. Hence, 387 : 8,000 :: 840 :17 36.4341.




314

[March,

Commercial Chronicle and Review.

From $17 36.4341 is deducted £ per ct. for coinage, leaving $17 27.7519.
In a bar 840 fine, the silver is 155; hence, 99 : 128:: 155 : 20.0404.
From this deduct the 1-110 of alloy required, and the result is
Charge for parting,............................................................................. 5.0000
“
4 Per cent, for coinage,............................................................. 0947

18.9434
5.0947

Adding the 5J premium for silver, on cts. 18.9434,..................................

13.8487
.9945

Net value of gold as above,..................... .....................................................

14.8432
17 27.7519

Value in coin, gold bar 840 fine,.................................................................. $ 17 42.5951

The invoices of gold received from California range from 675 to 950
fine. The average of the bars governs the deposit. W e have annexed
a carefully prepared table, showing at a glance the value o f any bar de­
posited.
Net value per ounce f o r California gold bars, deposited f o r coinage, after deducting
mint charges—-forparting, Jive cents per oz. gross; f o r silver alloy, 1-1 i0 o f the stand­
ard weight; fo r coinage, 60 cents per $100, gross value. The net value in coin in­
cludes 5p per cent, premium on value o f silver parted. No allowance fo r silver is
made, unless the bars deposited yield $5 above the expense o f parting.
Value in Coin,
F ineness
o f G old.

800,.......... . . .
800£,........ . . .
801,.......... . ..
802,........... . . .
805,........... . ..
810,........... . ..
815,........... . ..
820,........... . ..
825,.......... . . .
830,........... . . .
835,........... . . .
840,........... . . .
845,........... . . .
850,........... . . .
855,........... . . .
860,........... . . .
865,........... . . .
870,........... . . .
875,........... . . .
880,........... . ..
885,........... . ..
890,........... . ..
895,........... . . .
900............
905,........... . . .
910,........... . . .
915,...........
920............ . ..
925,........... . . .
930,........... . . .
935............
940,........... . .
945............ . ..
950,........... . ..

Stam ped Gold,
Value o f B ar.
,----------- *-----------,
$ cts. Dec.

16
16
16
16
16
16
16
16
17
17
17
17
17
17
17
17
17
17
18
18
18
18
18
18
18
19
19
19
19
19
19
19




53
54
55
57

64
74
84
95
05
15
26
36
46
57
67
77
88
98
08
19
29
39
50
60
70
81
91
01
12
22
32
43
53
63

74
78
81
8S
08
41
75
09
42
76
09
43
77
10
44
77
11
44
78
12
45
79
12
46
so
13
47
80
14
48
81
15
48
82

68
04
40
12
27
86
45
04
63
22
82
41
00
60
19
78
37
96
55
14
74
33
92
51
10
69
28
87
47
06
65
24
83
43

Fineness
o f S ilver.

.,

..

Value o f S ilver
w ithout p rem .
,-----------*-----------,
cts. Dec.

195,........ . . .
1944,........ . . .
194............ . . .
193............ . . .
190,.......... . . .
185,.......... . . .
180,.......... . . .
175,.......... . . .
170............ . . .
165,.......... . . .
160............ . . .
155,.......... . . .
150,.......... . . .
145,.......... . . .
140,.......... . . .
135,.......... . . .
130,........... . . .
125,.......... . . .
120,........... . . .
115............ . . .
110,.......... . . .
105,........... . . .
100,..........
95,.......... . . .
90............ . . .
85,..........
80,..........
75,.......... . . .
70,..........
65............ . . .
60,.......... . . .
55,........... . . .
50,..........
4 5 ,.......... . . .

25
25
25
24
24
23
23
22
21
21
20
20
19
18
18
17
16
16
15
14
14
13
12
11
09
08
07
07
05

21

14
08
95
56
91
27
62
97
33
68
04
39
74
10
45
80
16
51
86
22
57
92
28
63
98
34
69
05
40
75
11
46
81

21
75
28
35
56
92
27
62
98
33
68
04
39
74
10
45
80
16
51
86
22
57
92
28
63
99
34
69
05
40
75
11
46
81

in clu d in g S ilver
a t 5% p . ct.p rem .
-------- -*■------------ ,
$ cts. Dec.

..

..

16
16
16
16
16
16
16
17
17
17
17
17
17
17
17
17
17
18
18
IS
18
18
18
18
18
18
18
18
19
19
19
19
19
19

65
66
67
69
75
84
94
04
13
23
32
42
52
61
71
80
90
00
09
19
28
38
48
67
67
76
86
96
05
15
24
34
44
63

7 9 33
7 5 33

71
63
39
99
59
19
79
39
99
69
19
79
39
99
59
19
79
39
99
59
19
79
39
99
59
19
79
39
99
59
19
80

33
34
36
38
40
42
44
46
48
51
53
55
57
60
63
65
67
70
72
74
76
78
81
83
85
88
90
92
94
96
98
00

1862.]

315

M ercantile Miscellanies.

M ERCANTILE

MISCELLANIES.

I. T he R eligion op P aying D ebts. II. T he T welve P orts. III. A Contented L ife .
T he C ommerce of A ustria . Y . F ailures in U nited States.

THE

RELIGION

OF

PAYING

IV .

DEBTS.

O ne o f o u r relig iou s exch a n ges has th e fo llo w in g stron g rem arks on
this subject. T h e y deserve a p rom in en t pla ce in every cou n tin g-room
and in every o f f ic e :

“ Men may sophisticate as they please. They can never make it right,
and all the bankrupt laws in the universe cannot make it right for them
not to pay their debts. There is a sin in this neglect, as clear and as de­
serving church discipline, as in stealing or false swearing. He who vio­
lates his promise to pay, or withholds the payment o f a debt when it is
in his power to meet his engagement, ought to be made to feel, that in
the sight of all honest men lie is a swindler. Religion may be a very
comfortable cloak under which to hide ; but if religion does not make a
man ‘ deal justly,’ it is not worth having.”
THE

TWELVE PORTS.

The exports o f British and Irish produce and manufactures from the
twelve principal ports o f the United Kingdom in 1860, were of the de­
clared value shown as follows.
They are the exports to foreign coun­
tries and British possessions abroad ; the return does not comprise the
coasting trade :— Liverpool, £65,419,732; London, £30,837,688; null,
£14,487,676; Southampton, £2,662,076 ; Newcastle, £1,903,488; Bris­
tol, £491,192 ; Glasgow, £ 5 ,4 0 6 ,4 1 0 ; Greenock, £572,702; Leith,
£1,030,680; Cork, £ 136,696; Dublin, £22,192; Belfast, £10,283.
The following teaches, in a pleasant way, too good a lesson to be lo s t:
A CONTENTED
BY

JAM E S

LIFE.

H A C K .

(A t Thirty.)
Five hundred dollars I have saved—
A rather moderate store—
No matter; I shall be content
When I’ve a little more.

(A t Fifty.)
Some fifty thousand— pretty well—
But I have earned it sore ;
However, I shall not complain
When I’ve a little more.

(A t Forty.)
Well, I can count ten thousand now—
That’s better than before;
And I may well be satisfied
When I’ve a little more.

(A t Sixty.)
One hundred thousand— sick and oldA h ! life is a half a b ore;
Yet I can be content to live
When I’ve a little more !




(A t Seventy.)
He dies—and to his greedy heirs
He leaves a countless store;
His wealth has purchased him a tomb—
And very little more.

316

[M arch,

M ercantile Miscellanies.
THE

C O M M E R C E OF

AUSTRIA.

A report by Mr. J u l i a n F a n e , secretary o f the British Legation at
Vienna, regarding the commerce o f Austria, furnishes deplorable indica­
tions of the retrogressive prospects o f that country under its restrictive
system, and can leave little doubt, that should she again find herself in­
volved in any costly war, either foreign or civil, she must fall into a na­
tional bankruptcy of the most hopeless kind. Mr. F a n e merely gives
certain statistics,, but the conclusions from them are plain to all. In
1859, the total value o f the import trade was only about £26,806,252,
against £32,209,949 in the preceding year, every article, with the excep­
tion of metals, weaving materials, and bone, wood, glass, stone and clay
wares, showing a falling off. On the other hand, although the exports
presented a slight increase, it was merely nominal. The aggregate is
stated at £28,745,845, against £27,416,726, showing an augmentation
of £1,329,119. But these figures include an adverse export balance of
£1,574,869, in the precious metals, the gold and silver coins o f the em­
pire being gradually drained away, in consequence of the unsound state
o f the currency. Yet, notwithstanding these poor results, the country
possesses naturally such astonishing resources, as to excite wonder that
it is in the power, even o f the government, to obstruct so completely the
development o f her external trade. “ I have had occasion,” observes Mr.
F a n e , “ to dwell so frequently in my former reports an the vitious effects
o f the commercial legislation of Austria, that I need not return to a sub­
ject on which I have nothing new to say.” “ It is to be hoped,” he adds,
“ that the imperial government, which has recently entered upon the
path o f political reform, may not shrink from entering boldly upon that
which leads to the freedom and development of trades; for the two paths
lie parallel, and can most conveniently be pursued together.” It might
also be said, that in the absence o f that freedom of communication with
other nations, which is a principal element in popular political education,
there can be no guarantee whatever of the permanence o f any ameliora­
tions in a constitutional sense, that may be introduced by the govern­
ment, simply for its own preservation under the dread of momentary
dangers.

THE

FAILURES

OF

LAST

YEAR,

IN THE NORTHERN STATES, THE SOUTHERN STATES, AND THE BRITISH
PROVINCES.

From the annual circular o f It. G. D u n & Co., we find that the failures at
the North the past year have not been so great as is generally believed. In
the Northern States, in 1857, there were 4,257 failures, involving the amount
o f $265,818,000, against 5,935 failures during the past year, with an in­
debtedness o f S178,632,170, showing for the past year an excess of
1,678 failures over the number in 1857, with a diminished liability of
$87,185,830.
In the Southern States the number o f failures for the entire year of
1857 was 675, with an indebtedness o f $25,932,000; while the partial
returns for the year 1861 reveal 1,058 failures, with liabilities amounting
to $28,578,257, although the returns from the seceded States embrace a




1 8 6 2 .]

Mercantile Miscellanies.

317

period of only four months, or up to May 1, wlien our regular facilities
were interrupted. The unusual amount of failures in this section during
these four months is to be accounted for mainly on the ground that
many were intentional, in order to evade obligations due at the North.
Subsequent State action, annulling all Northern claims, the entire cessa­
tion o f trade and the impoverished condition o f the South, lead us to re­
gard the entire indebtedness o f that section as swallowed up in carrying
on the war, involving a general mercantile bankruptcy there.
The excess exhibited in tho amount o f liabilities (resulting from the
financial pressure of 1857) of the principal cities of the North, over
those o f the political crisis of 1861, is accounted for by the fact that the
larger private banking, importing and commission houses were the heav­
iest sufferers— while the increase in the number o f failures for 1861, with
a diminished indebtedness, is for the reason that the jobbing houses have,
in the past year, been the greatest losers. In November, 1860, the fall
trade was passed, stocks on hand were light, and the orders for spring
goods in abeyance. This, also, accounts for the diminished liability, and
importers and commission merchants were, by the force o f circumstances,
saved from losses that would otherwise have proved more serious.
This same circular gives us the following statement of the probable in­
debtedness o f the South to Northern merchants. There is due the
four cities of New-York, Boston, Philadelphia and Baltimore, about
$211,000,000, divided as follows :
New-York,.............
Philadelphia,........

$ 159,900,000
24,600,000

Baltimore,...............
Boston,....................

$19,000,000
7,600,000

In the dry-goods interest alone in these cities our estimates show
that New-York loses $75,000,000 ; Philadelphia, $14,000,000 ; Baltimore,
$6,500,000, and Boston, $2,000,000, making a total indebtedness to the
dry goods trade o f $97,500,000. From this and other data, we esti­
mate the total liabilities of the South to the Northern States at near
$300,000,000.
The sudden reverse our commercial prosperity received, culminating in
April last, with the probable continuance of the unhappy outbreak,
prompted an economy which was very generally adopted, and has been
so rigidly adhered to, that we estimate the actual saving practiced by
families, in articles not o f absolute necessity, at a figure which very
nearly meets the expenses of the war thus far. W ith a population o f
21,000,000, we may safely count 4,000,000 of families; and, estimating
the annual economy of each family at $100, which is not large under the
circumstances, we have a total saving to the country o f $400,000,000.
The result, however, that may develop itself by the withdrawal o f so
large a number of producers, now consumers merely, and resting as an
expense on the country, remains to be seen.
The North is self-sustaining, and our Western country is now reaching
a more sound condition that it has for years enjoyed. The prospects for
the Spring trade are good. The great abundance o f the products o f
the soil, particularly at the West, and the immense disbursements made
by the government, will put in circulation large amounts o f money, and
enable the country merchants to buy liberally, and generally on a safe
basis.
The total failures in the British Provinces, the past year, was 310, with
liabilities amounting to $6,471,769.




318

The Book Trade.

THE

BOOK T R A D E .

John Brent.— By T heodore W inthrop, author o f “ Cecil Dreeme.”
n or

[March, 1862.

Boston: T ick -

<fe F ie ld s . ' 1862.

Among the many recent notices of W in th r op 's books, we are sorry to see several
which seem to us unduly severe. The Independent, amoDg others, says that “ if
W inthrop had not been shot, neither of his books would have found a market.”
Not having read “ Cecil Dreeme,” we are unable to speak of its merits; but we
know that “ John Brent” is totally undeserving o f such criticism. W e do not deny
that it has its faults, but they are no ignoble ones; they are rather virtues carried
to an excess. The desire to be intensely Saxon in manner, sometimes degenerates
into affectation; the effort to pack ideas into the least possible space, occasionally
gives rise to an unpleasant bluntness; but except these few crudities, which a very
little polishing would have entirely remedied, the book is a capital one. Its whole
sentiment is elevated; tho plot interesting and quite original, and the style ex­
tremely terse and full of life.
Words o f Counsel f o r the Wise Soldier, and The Christian Banner.— American Tract
Society: Boston. J ohn G. B roughton , 13 Bible House, New-York.
“ Words of Counsel” is an excellent book for soldiers, one of the best that we
have seen; it is well and forcibly written, yet with a kindliness o f manner that
must insure attention. The Christian Banner is a small semi-monthly paper for the
soldier and sailor; beautifully printed and full of good reading. The National An­
them on the last page, called the New Crusader’s Hymn, is set to a grand old melody
o f the twelfth century.
For Better, For Worse.— A story from “ Temple B a r” and “ Tales o f the Day.”
Boston: T. 0 . H. P . B urnham .
This, as its name rather indicates, is a story of married life; of the uncongeniality
of a couple who finally became thoroughly assimilated. The plot cannot fail to in­
terest all married readers at least; the characters are good and the style pleasant.
The Merchants and Bankers’ Almanac f o r 1862.

t

W e have received a copy of the Almanac for 1862, published at the office of the
Bankers’ Magazine, No. 63 William-street. It contains a large amount of informa­
tion, useful to merchants as well as bankers.
Bibliographical Account o f the Voyages o f Columbus.— Under the above title, the
Historical Magazine for February contributes a most interesting account of the first
editions of the four voyages of the Discoverer of America, taken from a privatelyprinted work, b y Mr. J ames L e n o x , on the second voyage, Nicolaus Syllacius de Insulis Nuper Inventis. It contains facsimiles of four wood-cut illustrations in the ori­
ginal edition of the First Voyage.




THE

MERCHANTS’ MAGAZINE
AND

C O M M E R C I A L

R E V I E W .

E s t a b lis h e d J u l y , 1 8 3 9 .

ED ITED BY

W ILLIAM

VOLUME X L V I.

CONTENTS

B.

DANA.

MARCH,

1862.

OF

III.,

No.

NUMBER III.

VOL.

XLVI.

A rt .

tag *

I.

COMMERCIAL PHRENSIES. Fluctuations o f Trade and Finance—Passing Fevers
—Tulip Mania—Mississippi Scheme—South Sea Bubble—Colonial Currency—Spec­
ulations o f 1S86—T axation,...................................................................................................225

II. R E V IE W OF THE ARTICLE, “ W H AT IS M ONEY?” in North British Review,
November, 1S61,..............................
234
III. THE WAREHOUSE SYSTEM. First Attempt to Establish the System in England
—When first Introduced in this Country—The Acts of 1846-1854—Practically A bol­
ished in 1861—Reasons for its Restoration—Regulations o f the Department—Routine
o f Business at this Port,.............................................................................................. .........239
IV . HISTORY OF THE UNITED STATES MINT. Coinage o f the United States—
List of Directors o f the Mint from its Organization—Annual Report o f the Director
o f the Mint, ........................................................................................................................... 247

THE

COTTON

QUESTION.

1. Supply o f Cotton in England. 2. Cotton at Havre. 3. Cotton Supply in the United States.
4. Exports o f Domestic Cotton from New-York and Boston. 5. Cotton in Liberia. 6.
Cultivation o f Cotton in Africa. 7. Cotton-Growing in Turkey. 8. Cotton Culture in
India. 9. Cotton-Growing in Hayti. 10. Cotton in Tartar)'. 11. Cotton from Peru. 12.
Cotton in Southern H linois,........................................................................................................... 265

STATISTICS

OF T R A D E

AND

COMMERCE.

1. Commerce of New-York for 1861, compared with former years. 2. T ra d eof Boston for 1861,
compared with the three previous years. 3. Philadelphia, her Trade and Navigation for
1861. 4. Trade of Baltimore for 1861. 5. Exports from Bombay. 6. Molasses Trade o f
the United States. 7. Exports o f St. P a u l,................................................................................ 278




: •'•

7; ' ‘

'•
‘ •i-, . .

320

Contents o f March N o., 1862.

J O U R N A L OF B A N K I N G , C U R R E N C Y A N D F I N A N C E .
1. Bank Officers small Stockholders and large Borrowers. 2. Weekly Bank Keturns o f the
New-York City, Boston and Philadelphia, and Semi-Weekly Beturns o f the Providence
Banks. 3. Semi-Annual Statement o f the Western Bank o f Missouri and Branches. 4.
Annual Report o f the Baltimore Banks. 5. The Pawners’ Bank o f Boston. 6. Statement
of the Canada Banks. *7. Illinois Bank Legislation. 8. Treasury Notes by the Cart-Load.
9. New-York Bank Circular to Chicago. 10. Strange Forgery o f Bank o f England Notes.
11. Continental Money,..................................................................................... ........................... 288

JOURNAL

OF

MERCANTILE

L A IV.

1. Checks payable to Bearer—How they can be Altered. 2. No Alteration can be made that
is not immaterial, or for which there is no authority given, either expressed or implied.
3. What can be written over a blank Endorsement,......... ....................................................... 296

RAIL-ROAD

AND

TELEGRAPH

STATISTICS.

1. The Atlantic Telegraph. 2. Telegraph Experiment. 3. Pacific Telegraph—Table o f Dis­
tances. 4. Iiail-Roads in Canada. 5. Railways in Chili. 6. Atlantic Telegraph Cable,.. 299

COMMERCIAL

REGULATIONS.

1. Duty on Tea—Letter from Secretary Chase. 2. Correspondence between G. W . B knson
and Secretary Chase. 3. Harbor and Commercial Regulations o f Costa Rica. 4. Extract
from the Official Register o f the Government o f the United States o f Colombia, ................ 304

COMMERCIAL

CHRONICLE

AND R E V I E W .

Ptate o f Affairs—Change by War—Accumulation o f Capital—W ar Loan—Appeal to the People
—Secretary’ s Report—Trent Difficulties—Bank Suspension —Demand Notes—Specie Move­
ment—Balance o f Trade—Cash Remittances—California Bills—Gold at the Assay O ffice Speculation in Exchange Bills—Rates of Bills—Decline in Bank L oans-R ate o f Interest
—Causes o f Distrust—Ways and Means—Government Paper—Legal Tender Bill—Interest
in Coin—Effects o f Paper Money,................................................................................................. 308

MERCANTILE

MISCELLANIES.

1. The Religion o f Paying Debts. 2. The Twelve Ports. 3. A Contented Life. 4. The Com­
merce o f Austria. 5. Failures in the United States................................................................. 315

THE

BOOK

TRADE.

Notices o f New Publications in the United States,............................................................................ 318