Full text of The Merchants' Magazine and Commercial Review : March 1865, Vol. LII, No. III

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THE

MERCHANTS’ MAGAZINE
AND

COMMERCIAL REVIEW.
M A R C H ,

HON.

1865.

WILLIAM

STURGIS,

OF BOSTON.
I t is an instructive fact that the men who o f late years have been
chiefly distinguished, in New England, for elevation o f character, and who
have acquired the largest fortunes and exerted the greatest influence upon
commercial and manufacturing interests, were men of no early advantages;
with no means of providing their daily bread but their own industry ; no
better education than our public schools afforded ; and no patrons but
such as faithful service in humble stations had acquired for them.
S amuel A ppleton, N athan A ppleton, A mos L awrence, A bbott L aw ­
rence, and W illiam A ppleton, are names familiar among us as house­
hold words, in their suggestion of ability, wealth, influence, and intellec­
tual and moral pre-eminence. And to the same list may be added the
names of F rancis 0 . L owell and P atrick T. J ackson, who, under some
few circumstances usually esteemed more advantageous, rose, independ­
ently of them, to be the architects o f their own fortunes, and the founders
of the vast manufacturing interests of the Eastern States.
The energy, self-devotion, personal independence, moral purity, and
earnestness, ever exhibited by these eminently and truly successful men,
find a new and wonderful illustration in the subject o f this Memoir; who,
entering life upon a little farm on the sands of Cape Cod, began his career
of self-reliance when sixteen years old, as a sailor-boy before the mast, on
wages of seven dollars a month, and has recently closed his days on earth
at the ripe age of eighty-one years,— possessed of a most ample estate,
standing with his family in the foremost rank of American society, and
distinguished for a highly cultivated intellect, and for remarkably exten­
sive knowledge, that embraced not only the commerce of the globe, but
a wide field of historical and literary information. Nor was he less convol. u i.— no. in.
11




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Mercantile Biography:

[March,

spicuous for firm and liberal principles, for a clear perception of justice,
for a high sense of honor, for generous sentiments and tender affections;
and he died surrounded by numerous and ardent friends of all ages— from
gray-haired contemporaries, to the little children who loved to gather
around him to listen to his tale o f marvels and adventures among the
Indians of the North-west Coast.
W illiam Sturgis was born on the twenty-fifth day o f February, 1782,
in the town of Barnstable, on Cape Cod, in Massachusetts, near to P ly ­
mouth, the landing-place of the Pilgrims of the “ Mayflower.”
His
father, of the same name, was a highly respectable shipmaster of Barn­
stable, who for many years sailed in command o f various vessels from
Boston. He was a lineal descendant of E dward Sturgis, the first of the
name in this country, who came over from England in 1630, and, having
first settled at Charlestown, afterwards removed to Yarmouth, where, in
1638, he is recorded as one of the “ first planters” of that town.
His mother was H annah Mills, the youngest daughter of the Rev.
J onathan Mills, a graduate of Harvard University, who was settled in
the ministry at Harwich, where he died.
His earliest introduction into life was to a sphere of usefulness and re­
sponsibility. His father’s nautical pursuits kept him from home for the
greater portion of his time, leaving to his wife the care of the young
tamily (of which W illiam was the eldest child and the only son), and of
the few acres of land that constituted what was then called a Cape-Cod
farm. She was a capable and energetic woman, with a large share of
sound common sense ; but she found it indispensable to avail herself of the
aid of her son, as soon as he was old enough to afford any, in the man­
agement of their domestic affairs. She was, however, too judicious to
suffer her requirements to interfere with his regular attendance at school,
whenever one, public or private, was within reach.
A t the age of thirteen, she sent him to a private school at Hingbam,
kept by Mr. J ames W arren, son of General W arren of Plymouth, a
prominent patriot of Revolutionary times. Here he passed a year; and
m a memorandum made by him, from which this brief account of his life
is chiefly taken, he testifies to his teacher’s fidelity by saying, “ If I did
uot make sufficient progress, it was not the fault of the instructor, who
was attentive and efficient.” As to the faithfulness with which this brief
opportunity for gaining the rudiments o f an education was improved, his
subsequent life furnishes decided and satisfactory testimony. These, how­
ever, were the last o f his school days. In the year 1796 he came to
Boston, and entered the counting-house of his kinsman, the late Mr.
R ussell Sturgis, at that time Jargelv engaged in the purchase and
exportation of what were denominated “ shipping furs.”
It must be remembered that Mr. Sturgis was then only fourteen years
of age, and yet, during the eighteen months he remained in this situation,
he so faithfully improved his time and means for acquiring knowledge,
as to familiarize himself with the business o f his employer, and thereby in
a peculiar manner became prepared for taking advantage o f the contin­
gencies which soon unexpectedly presented themselves. W b well know
that there is a divinity that shapes our ends : still we also know that if
w® do not use the means Providence is wont to bless, neither circumstan­
ces will help us nor divinity aid us. Success is within the reach of every




1865.]

lio n . W illiam Sturgis, o f Boston.

man who improves his every advantage. W hat are called fortuitous cir­
cumstances happen to all. Some, however, have fitted themselves, by
previous study, for taking advantage of them, while others have not.
Thus was it in the case of Mr. Sturgis. When he entered that countinghouse he had no idea the information he might acquire would ever be of
any particular use to him. His taste was rather for the sea. Still he
went to work earnestly and faithfully, thoroughly acquainting himself
with the details of the business, so that when the occasion to use this
knowledge arose he was fully prepared.
After remaining in the service of Mr. R ussell Sturgis nearly eighteen
months, he entered the counting room of Messrs. J ames and T homas H.
P erkins, merchants of great eminence and extensive commercial relations,
and at that time much engaged in trade with the North-west Coast and
China.
About this time, and in the year 1797, his father died abroad, his ves
sel having been captured and plundered by piratical privateers in the
West Indies. His family were left in straitened circumstances; and W il­
liam, being now thrown wholly upon his own resources, and compelled to
adopt some occupation that might not only secure his present support,
but give promise of future success in life, did that “ which was most
natural for a young Cape-Cod boy to do” under such circumstances,— he
decided “ to follow the sea.”
The rudiments o f navigation had been taught at the school he attended.
But now he set earnestly to work, devoting all the time that could be
spared from his duties in the counting-room to the acquisition ef such
further knowledge o f the theory and practice o f the art as would qualify
him for office on board of a ship; and after a few months of diligent study
under the instruction o f Mr. Osgood Carlton, a well-known and highly
respected teacher of mathematics and navigation in those days, he was
pronounced competent to navigate a ship to any part o f the world.
In the summer of the year 1798, his employers, the Messrs. P erkins,
were fitting out a small vessel, the “ Eliza,” of one hundred and thirtysix tons (below the average in size o f those now employed in the coasting
trade), for a voyage to the North-west Coast, San Bias on the western
coast of Mexico, and China, under the command o f Captain J ames
R owan. This officer was a good practical seaman, without education or
much theorectical knowledge of navigation; but, having been several
times on the North-west Coast, he was well qualified to carry on a trade
with the Indians, which was conducted wholly by barter. The large
number of the crew for a vessel so small, amounting to one hundred and
thirty-six men, but necessary for defence against the Indians, rendered the
passage one of great discomfort to those before the mast, and exposed the
“ green hand” to a somewhat severe experience o f the hardships o f a
sailor’s life. They sailed from Boston early in August; and, after touch­
ing at the Falkland and the Sandwich Islands, they reached the North­
west Coast in the latter part o f the month o f December. Captain R owan
soon perceived the peculiar qualifications and efficiency of young Sturgis,
and selected him as his assistant in the management of the trade. Thus
early in life he was able to turn the information obtained in the countinghouse to a good account. W ith his usual faithfulness and thoroughness
he now devoted himself not only to the mastery of the business in all its




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Mercantile B iograph y:

[March)

details, but also to a laborious studv of the Indian languages, and to the
cultivation of friendly relations with the natives by kind words and cour­
teous manners, as well as by the most scrupulous truthfulness and honor
in his dealings with them. Bv such means he soon succeeded in secur­
ing a degree of affection, respect and influence among these natives of the
forest, to which no other white man had ever attained. Indeed, his name
has ever since been cherished by these untutored savages with singular
affection and reverence, in sad contrast with their recollections o f the vices
and barbarities o f others, whose superiority in civilization, if such it can
be called, served only as the means o f brutal excesses, frauds and cruel
ties, of which the former experience o f the poor Indian afforded no paral­
lel. Among the latest tidings from that decaying race came affectionate
inquiries from an aged chief concerning his old friend, “ the good Mr.
Sturgis,” — the dying echo of the influences of a noble character upon the
children of the forest, still reverberating, after more than sixty years, from
the shore of the Pacific Ocean to his grave on the shore of the Atlantic.
After visiting numerous tribes, and disposing o f the portion of the cargo
destined for that coast in exchange for sea-otter skins and other furs, they
anchored in the port of Caiganee, in latitude 55° north, much frequented
by trading vessels. Here they found two Boston ships— the “ Despatch,”
commanded by Captain B reck ; and the “ Ulysses,” by Captain L amb.
The crew of the latter ship were in a state of mutiny. They and the offi­
cers having revolted a few days before, had seized the captain, put him in
irons, and confined him to a state room, with an armed sentry at the door.
This was alleged to have been done in consequence of the cruel treatment
by L amb of those under his command. Captains R owan and B reck
interfered, obtained his release, and took him on board of the “ Eliza.”
After negotiations with the mutineers, occupying several days, and a pro­
mise by L amb to pardon all that had been done, and to treat them better
in future, the crew, with the exception of the officers and two seamen,
consented that he should resume the command of his ship. This was
done; the second and third mates, with the two unwilling seamen, being
taken on board the other vessels, and the chief mate being confined in
irons on board of the “ Ulysses.” This arrangement left that ship with no
officer excepting the boatswain, who was illiterate, and without a know­
ledge of navigation. Captain L amb made very liberal proposals to induce
some officer from the “ Eliza” or the “ Despatch” to take the situation of
chief mate on board of his ship, but unsuccessfully ; his reputation for ill
treating his officers as well as his men was so bad that no one was willing
to go with him. It was indispensable, however, that there should be some
officer on board capable o f navigating the ship, and of managing the trade
with the Indians, to take the place of Captain L amb, in the event of his
death, or his inability to continue in command.
Young Sturgis being competent for both of' those duties, although de­
ficient in practical seamanship, Captain L amb proposed that he should
take the place of chief mate of the “ Ulysses,” with liberal wages; and
should also act as his assistant in trading with the Indians, and for his
services should receive a small commission upon all furs collected on the
Coast. Such an offer to a lad o f seventeen, then a boy in the forecastle,
doing duty as a common sailor, but eager for advancement in the profes­
sion he had chosen, was too tempting, in regard both to station and




1865.]

H on. William Sturgis, o f Boston.

178

emolument, to be rejected ; and on the thirteenth day of May, he left the
“ Eliza,” and joined the “ Ulysses,” though not without serious misgivings.
They remained on the Coast, collecting furs, until November; when they
sailed for China, and arrived at Canton near the close of the year. There
they found the “ Eliza,” which, after visiting several ports on the western
coast of Mexico, reached Canton in October, and was then nearly ready
to sail for home. Young Sturgis had found his situation on board of the
“ Ulysses” less uncomfortable than he had apprehended, but nevertheless
far from being a pleasant one ; and he eagerly accepted a proposal from
Captain R owan to rejoin the “ Eliza,” and take the position of third mate
on her homeward passage. As Captain L amb could easily procure experi­
enced officers at Canton, he consented to this arrangement; and, profes­
sing entire satisfaction with the manner in which Mr. S turgis had per­
formed his duties, promptly paid him his wages and commissions. The
“ Eliza” soon afterwards sailed, and arrived in Boston in the spring of the
year 1800.
The reputation o f Mr. Sturgis was now so far established, that he was
immediately engaged to serve as first mate and assistant trader on board
of the ship “ Caroline,” owned by Messrs. J ames and T homas L amb and
others, and then fitting out for a three-years’ voyage to the Pacific Ocean
and China, under the command of Captain C harles D erbv of Salem — a
worthy man, but not particularly qualified for the enterprise, as he was in
feeble health, had not before visited the coast, and knew nothing of the
Indian trade. He appeared to be in a consumption when they sailed ; and
his health failed so rapidly, that, before the end of the first year, he virtu­
ally gave up the command to Mr. S turgis ; and, in the course of the
second year, he formally resigned it to him, went on shore at the Sand­
wich Islands, and there died shortly afterwards.
Tims this young man, at the early age of nineteen, and with less than
four years’ experience at sea, became master of a large ship in a far distant
country ; the sole conductor of an enterprise requiring the highest quali­
fications of seamanship, together with the greatest energy and discretion
in the management o f a large crew, employed in peculiar and miscellan­
eous services oti shore as well as on board; and requiring also unceasing
vigilance and courage to prevent surprises and attacks by the savage in­
habitants, and great judgment and skill in conducting a barter tra le, now
committed wholly to his care and responsibility. He proved himself
worthy of the trust, for the voyage was completed with entire success. A
valuable collection o f furs was obtained on the cost; these were exchanged
at Canton for an assorted China cargo, with which he returned to Boston
in the spring of the year 1803, to the great satisfaction and profit of his
employers.
It is difficult to imagine a state o f more intense satisfaction and of more
laudable pride, than that with which this youth, just entering upon man­
hood, and not yet invested with its legal responsibilities, must have greeted
the shores of his native State. Only five years before, he had left it as a
stripling before the mast, and-he was now returning to it as the master of
a noble ship, with a valuable cargo on board, the fruit in great measure
of his ovvn skill and exertions, and with the consciousness of an established
reputation that would thereafter enable him to command opportunities in
the road to rank and fortune.




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Mercantile B iogra ph y:

[March,

These two voyages were unusual ones in many particulars. But especi­
ally remarkable w'as it that during them such responsibilities should have
fallen on a mere boy, and that ha should have been able to fill success­
fully the different trusts thus conferred upon him. Yet when we think of
his previous, though brief, business life, and especially when we examine
the “ D iary” kept by him during his first voyage, all astonishment
ceases, for we find he was a fully developed man even at that time. He
had cultivated to such an extent tne habit o f doing thoroughly the work
before him to do,— mastering and understanding it in all its details,— that
success could not fail to follow his efforts. Thus this “ Diary” contains a
minute and accurate record of all the transactions, not only of his own
vessel and trade, but also of all the vessels which they met on the Coast,
or of which they could obtain any account: a full account and description
of their voyages, the places visited, with the latitude and longitude of
each; also, tin account of the various Indian tribes, their manners, habits
and modes of traffic, with criticisms and comments o f great interest and
value upon the manner of conducting the trade, and the vices, faults, fol­
lies and mistakes of those engaged in i t : a detailed statement of the
course to be pursued in order to make a successful voyage; also, a sort
of dictionary or list of the most familiar Indian words— the English in one
column, and those of the several tribes opposite to them in corresponding
ones,— evidencing the pains he took for the accurate learning of their
languages. Of these he became so thoroughly a master, that, as the
writer of this memoir has been recently informed, by one engaged in like
enterprises, and who saw him on the coast, he could converse easily with
the natives in their own tongues upon all subjects, whether o f religion,
philosophy, morals or o f trade.
Is there not, then, in this daily record which he kept a full explanation
of his marvellous success? By this constant study of all the details and
various elements and phases o f the business in which he was engaged, he
became the master o f bis profession, and was able, whenever a better
opening offered, to fill it acceptably. If young men could remember and
act upon the lesson these facts teach, it would be to them of great value.
To acquaint oneself thoroughly with all the details of one’s business, to
perform its duties not only faithfully but with the determination to learn
all that can be learned in it, is the sure road to promotion. Most are
satisfied with accomplishing the labor required of them : but those who
succeed are never satisfied so long as there is anything more to be done
or learned.
Of course the owners of the vessel were solicitous for the continuance
of such an agent in their service. She was accordingly at once fitted out,
and sailed under his command on another similar voyage, which also
proved eminently successful, terminating in June, in the year 1806.
Mr. Sturgis, or, as he was then uniformly styied, Captain Sturgis, was
now foremost among all engaged in this department of commercial enter­
prise ; and his services were of course eagerly sought for. Mr. T heodore
L tman, a merchant of Boston, largely interested in the North-west trade,
had, at this time, two ships on the Coast; and was fitting out another for
the same destination, named the “ Atahualpa.” He offered Captain
Sturgis very liberal terms to take command o f this ship and proceed to
the Coast for one season, and assume the charge and direction o f all his




Hon. W illiam Sturqis. o f Boston.

175

business there; and thence to go on to Canton, taking with him one of
the other two vessels, and the furs collected by all of them, to be exchan­
ged for homeward cargoes. This offer was accepted ; and, in October, he
sailed on his fourth voyage round the world. Thus the sailor-boy of 1798
had become in 180S, as it were, an admiral, in command of a fleet upon
the Coast, where, eight years before, he had arrived in the humblest sta­
tion. This expedition also proved very profitable both to Mr. L yman and
to himself, and terminated on his arrival in Boston in June, 1808.
The threatening aspect o f the foreign relations of the United States,
and the embargo which then paralyzed commercial enterprise, detained
Mr. Sturgis at home until April, in the year 1809 ; when he again sailed
in command of the “ Atahualpa,” for Mr. Lyman , upon a direct voyage
to Canton, with an outfit exceeding three hundred thousand Spanish
milled dollars, to be invested there in a return cargo. In this adventure
the late Mr. J ohn B romfield was associated with him,— a gentleman of
great intelligence and elevated character. A warm friendship immediate­
ly grew up between them, which constituted much of the happiness of
their lives, until the lamented death o f Mr. B romfield, in the year
1849.
The vessel, lightly armed with a few small cannon, came to anchor in
Macao Roads (about seventy miles from Canton) on the night o f the 21st
of August; and, early the next morning, was attacked by a fleet of six­
teen Ladrone or piratical vessels, some of them heavily armed, under com­
mand of A ppotesi, a noted rebel chief. The fight was a very desperate
one on the part of the comparatively small crew of the “ Atahualpa,” and
continued for more than an hour ; some o f the pirates being so near as to
succeed in throwing combustibles on board, which set the vessel on fire in
many places. But the coolness and intrepidity o f her commander, aided
by the presence and assistance of Mr. B roomfield, inspired her gallant
crew with invincible courage. The pirates were repulsed with great
slaughter, and the ship was enabled to escape, and find protection under
the guns of the Portuguese fort. She was again attacked by them on her
passage up, in company with four other American ships, but finally reach­
ed Canton in safety. This voyage, like all the rest in which he had been
engaged, terminated very successfully, and he arrived at Boston in April,
1810.
By twelve years of arduous effort and unremitted toil in the service of
others, at sea and in foreign lands, and by prudent economy, Mr. Sturgis
had now acquired sufficient means for establishing himself in business on
his own account. He concluded, therefore, to abandon the sea; and now
entered into copartnership with Mr. J ohn B ryant, under the name and
firm of “ B ryant & Sturgis,” as merchants resident in Boston for the
prosecution of foreign trade. This copartnership continued for-more than
half a century, being for many years the oldest in the city of Boston, and
was indeed terminated only by the death of Mr. Sturgis. Although
these gentlemen were unlike in many respects, and entertained different
views on many subjects, their connection was entirely harmonious ; and
the writer of this memoir heard Mr. Sturgis, not long before his decease,
remark that no unpleasant word had ever passed between them. Their
business was principally with places upon the Coast o f the Pacific and
with China; and, from the year 1810 to 1840, more than half of the




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[March,

trade carried on with those countries from the United States was under
their direction. They occasionally, however, had commercial intercourse
with nearly every quarter of'the world.
W e have thus given a hasty and brief review o f the business life of Mr.
Sturgis. His persevering energy, quick perception and thorough busi­
ness habits have worked results far reaching in their effect upon the com­
mercial enterprise of the country. It would, therefore, be both pleasant
and instructive to dwell longer upon this portion of his life’s work, but it
is impossible at the present time to do so.
Nor have we the space to notice at length his political career. It could
not be otherwise than that a person of the mental strength and activity
of Mr. Sturgis should soon become generally known and appreciated, and
that any political party should desire to increase its power and influence
by sending him as its representative in the public councils. Nor was it
less natural, that one whom rapid and unexampled success must have in­
spired with confidence, should be willing to widen the sphere of his repu­
tation and influence. W e find accordingly that in the year 1814 he was
elected a representative of the town of Boston in the Legislature of Mas­
sachusetts: and such was his capacity and fidelity that from that period
until 1846, he was, for the greater portion of the time, a member of the
House or of the Senate. He was, however, too independent and selfrelying, and too single-minded in his conceptions o f duty, ever to be
popular among the leaders of a political party; yet in business circles his
political influence was the greater on that account. Always true to him­
self, it is no wonder that the public trusts he held— those we have men­
tioned and many others— were honorably and acceptably tilled.
Among the varied attainments of Mr. Sturgis perhaps the most remark­
able was his ability as a writer. With few early advantages, and amidst
occupations certainly unfavorable to the cultivation of letters, we find him
exhibiting unusual beauty, clearness and power of composition. In 1845-6,
he delivered, before the Mercantile Library Association of Boston, and
subsequently, by request, before the members of the House of Represen­
tatives, “ Three Lectures upon the North-west Coast,” written in a clear,
simple and expressive style, indicating familiarity with English literature,
and at times exhibiting the truest eloquence in sentiment and description.
They are particularly valuable, however, for their development of the
habits of life and the moral and intellectual characters of those Indian
tribes by one who lived with them on terms of familiar and confiding
friendship, and as constituting the most important and trustworthy record,
if not the only one, of their later, soon to become their final, history.
His opportunities were such as particularly qualified him for this under­
taking, since his first visit to the Coast was made in 1799, about twenty
years after Cook’ s discovery o f Nootka Sound, and while the generation
was still living that “ witnessed the arrival of the first white man among
them ; and many of the very individuals who were prominent at the time
o f C ook’ s visit were still in the prime of life, and became personally known
to h im ” He passed a number of years among them at the time when
they were first becoming known to the civilized world, and were in a state
approximating to that in which the discoverers of the northern portion of
our continent found the aboriginal inhabitants; and he continued to
carry on the trade with them, personally or by agents, until it ceased to




1805 .]

Hon. William Sturgis, of Boston.

177

be valuable,— witnessing its growth, maximum, decrease, and final aban­
donment by the citizens of the United States.
These Lectures were received with great favor by the audiences before
which they were delivered.
W e have further evidence of Mr. Sturgis force and power as a writer
in a pamphlet which he published upon the Oregon Question.
In the year 1821-22, the people o f the United States were startled by
claims suddenly and unexpectedly made by the Russian Government to
the exclusive possession of the most valuable portions of the North-west
Coast, amounting virtually to the right o f exclusive possession of the
whole American Continent north of the 51° of latitude, and of holding
the Pacific Ocean as a close sea to that extent, although about four thou­
sand miles across.
The Emperor had issued a ukase to this effect, which had been com­
municated by the Russian minister, the Chevalier ds P oletica, to our
Government. By it, all foreign vessels coming within one hundred miles
of the shores of the territories so claimed were declared subject to confis­
cation and forfeiture, with the cargoes on board.
To Mr. A dams’ s inquiry for an explanation “ o f the grounds o f right,
upon principles generally recognized by the laws and usages of nations,
which could warrant the claims and regulations contained in the edict,”
M. de P oletica declared himself happy to fulfil the task; and he under­
took in an official communication to maintain them upon three bases,—
the titles of first discovery, of first occupation, and of peaceable and un­
contested possession for more than half a century. These propositions he
undertook to establish by a variety of historical references and statements,
which certainly, to one not otherwise informed, made out a very plausible,
if not a very strong case.
Such an event could not fail to excite the deepest interest among those
who were engaged in the trade on the Coast, then at its height, and parti­
cularly in the mind of Mr. Sturgis, who was thoroughly master of the
subject by means of his personal exploration o f the most important por­
tions o f the territory included in the ukase, and of the study he had made
of its history, both by inquiry of the natives, and in the published voyages
of the discoverers and adventurers in those regions. The importance of
the trade at that time was so great, and the indignity to tlte United
States which would be involved in a summary enforcement of the threat
was so manifest, that war between the two countries seemed inevitable,
unless the justice o f these claims could be demonstrated, or the assertion
of them should be abandoned.
Mr. S turgis immediately prepared, and published in the North Ameri­
can Review, a reply to them and to the several arguments adduced by the
Russian minister, which, it is believed, constitutes a refutation as annihi­
lating as any to be found in the records o f political discussion. His
familiarity with all the essential facts and elements of the case from the
earliest known period, his admirable array o f the argument, and the clear
and vigorous style in which it was presented, leave nothing to be desired
It gave the coup de grace to the most material portions of the claim, and
secured for the author an extensive reputation for being among the ablest
public writers, as he had long been among the first of the eminent mer­
chants, of his country.




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[March,

In the subsequent negotiation with Russia upon the subject, she aban­
doned the chief of these vast pretensions ; the United States conceding to
her the exclusive right of settlement within ten leagues of the sea north
of latitude 54° 40',— that being the southern limit of the Russian posses­
sions in America thus extended.
But a still more important and signal service was rendered to his
country by Mr. Sturgis, upon the breaking-out of the controversy between
England and the United States, in the year 1844, concerning the Oregon
Territory ; which controversy the political partizans on-both sides of the
water, alike in utter ignorance o f the position and extent o f the country
and of its history, and of the various rights of other nations upon its
coasts, were ready to inflame into open war.
Here, again, his personal familiarity with the topography o f the coast,
with the course of trade on its various rivers, and with the extent to which
it had been resorted to and occupied by foreign nations, and particularly
by Spain, England, and the United States, qualified him in a very pecu­
liar degree, if not exclusively, as far as an individual could be qualified,
for the formation of an impartial judgment, and for enlightening others
upon the subject; and he proved himself as well adapted to the task in­
tellectually and morally, as he was by this peculiar knowledge.
He prepared an elaborate treatise upon the subject, which he afterwards
delivered as a Lecture before the Association above mentioned, in January,
1845, the substance o f which was soon afterwards printed as a pamph­
let.
The matter was one of great perplexity and seeming confusion, owing
to the miscellaneous claims made by Russia, England. Spain, and the
United States, o f prior discoveries, and of the use and occupation of vari­
ous portions of this vast wilderness, bounded on the east by the Rocky
Mountains, on the west by the Pacific Ocean, with its numerous indenta­
tions, bays, sounds, inlets, capes, and islands, and extending from the
forty-second degree of north latitude to that of 54° 4 0 '; constituting an
area of seven hundred and sixty miles in length from north to south, and
o f about five hundred from east to west, with large rivers extending far
into and draining the interior.
No one, remembering the agitation of this question at that time, can be
forgetful of the insensate cry o f ‘ ‘ Fifty-four forty, or fight! ” which was
so flippantly and recklessly uttered by the party politicians of the day, in
equal ignorance and disregard of the truth and the right o f the case; or
can forget the deep apprehension of a closely impending war, felt by the
friends of peace on both sides o f the Atlantic.
In this treatise, Mr. S turgis, after an exhausting exhibition of the
material facts o f the case, and a setting forth o f the respective claims and
pretensions of the parties interested with great clearness and judicial im­
partiality, arrived at the following result:—
“ Some o f the objections made by the British commissioners to our claims to the
exclusive possession of the whole territory cannot be easily and satisfactorily answer­
ed ; and some of their objections are unfounded or frivolous,— the mere skirmishing
o f diplomacy, and unworthy of high-minded diplomatists: but it must, I think, be
evident, to any one who looks carefully into the whole matter, that some of the pre­
tensions of each party are, to say the least, plausible; and that, according to the rules




1865.]

lion. William, Sturgis, o f Boston.

17!»

established among civilized nations in similar cases, each has some rights, which
should be adjusted and settled by compromise and mutual concession.”

He then entered upon a discussion o f the various interests which each
party might be supposed to have in the possession of these territories, and
concluded by recommending the adoption of the line substantially estab­
lished by the subsequent treaty, but defining it in much more precise and
clear terms, which, if they had been copied, would have prevented the
possibility of misapprehension, and have saved the two countries from the
unhappy San .Tuan controversy, which still rankles as a thorn to disturb
their friendly relations.
The line as described in the treaty is in these words: “ From the point
on the forty-ninth parallel of north latitude, where the boundary laid
down in existing treaties and conventions between the United States and
Great Britain terminates, the line of boundary between the territory of the
United States and those of her Britannic Majesty shall be continued west­
ward along the forty-ninth parallel of north latitude to the middle of the
channel which separates the continent from Vancouver’s Island, and
thence southerly through the middle of said channel and Fuca’s Straits to
the Pacific Ocean.”
The line proposed by Mr. Sturgis was as follows : “ A continuation of
the parallel of forty-nine degrees across the Rocky Mountains to tide­
water, say to the middle of the Gulf o f Georgia ; thence by the northermost navigable passage (not north of forty-nine degrees) to the Straits o f
Juan de Fuca, and down the middle of these Straits to the Pacific Ocean ;
the navigation of the Gulf of Georgia and the Straits o f Juan de Fuca to
be for ever free to both parties; all the islands and other territory lying
south and east o f this line to belong to the United States, and all north
and west to Great Britain.”
It will be perceived that the insertion of the words here italicized would
have rendered the definition of the navigable passage intended, and of the
territories intended to be separated by it, too plain to admit of contro­
versy.
This pamphlet was not only widely circulated among the minis­
ters and statesmen at Washington, but also among those in England,
where it met with almost universal approbation for its intelligence and
candor.
The writer of this memoir feels perfectly justified, by the evidence in
his possession, in asserting that the settlement o f this dangerous contro­
versy, by the line adopted, was mainly, if not entirely, owing to this effort
of Mr. S turgis, and the use made of it by the friends of peace in both
countries.
It must be a rare fortune for any private individual, holding no official
station, and in no immediate connection with the statesmen conducting
the foreign relations of his country, to be thus instrumental in the final
solution of two great national controversies, which, but for his efforts,
might have terminated in disastrous wars.
Both of these adjustments are monuments of his intellectual ability and
literary accomplishments, and call for a grateful national remembrance ;
but that of the Oregon Question evinces the breadth of view also, and the
rare magnanimity, which enabled him justly to appreciate and honestly




180

H on . William Sturgis, o f Boston.

[March,

to vindicate the claims of the adversary of his country, while firmly main­
taining her own.
To these qualities, signally manifested in this pamphlet, may probably
be attributed, in a great measure, its success in moderating the views of
his own countrymen, and winning the confidence of the English rulers
and people.
Such is the brief, simple narrative o f the principal events in the life of
this extraordinary man. That he could have found time amidst his en­
grossing business cares for the mental culture evidenced by his writings is
truly wonderful. His whole nurture, indeed, seemed fitted for the culti­
vation of the sterner virtues almost exclusively. His childhood and early
boyhood passed upon a little sterile farm, the labors of which devolved
principally upon himself, with no room for mental expansion beyond the
occasional privileges of a village school; his youth and early manhood
spent on shipboard, in the rough companionship of the forecastle and the
steerage, or in the lonely watches of despotic authority upon the quarter­
deck,— breasting the tempests of the open sea, or the more harassing
perils of coastwise navigation upon wild and inhospitable shores; his in­
troduction to business life in traffic with the savage inhabitants of the
Coast; and his almost totai seclusion, in most o f the forming periods of
life, from the opportunities of mental and spiritual culture, and the influ­
ences of a refined civilization,— might well have seemed calculated for the
growth only of the heroic courage, indomitable energy, self-reliance, and
ability to command, by which he was among all men pre-eminently dis­
tinguished. To the general observer, his quickness of perception, clear­
ness of judgment, stern love o f justice, fearless independence, promptitude
of decision, and dauntless resolution,— constituting a character of rare
strength,— might often overshadow its gentler traits, and sometimes might
obscure these even from his own consciousness. But there was a native
urbanity, a depth of affection, a readiness of sympathy, a generosity, a
refined nobleness o f nature, manifest to those whom he loved, or to whom
friendship or any just claim gave opportunity for the exercise of them;
and these were exhibited no less in his intercourse with the wild Indians
upon the far-off savage coast, than at the domestic hearth or in the social
circles of civilized life. And to these we add a love of letters, a ready
wit, a sense of honor, and an appreciation of the courtesies and amenities
o f cultivated life, which might seem hard to be accounted for under such
rough training, except in the natural structure of his mind and heart,— as
steel of the hardest temper takes the finest polish.




1865.]

Pence, Prices, and Prospects.

PEACE,

PRICES,

AND

181

PROSPECTS.

B y H on. A masa W alker.
T hat peace between the Federal Government and the Confederate
States will come sometime is certain, that it will come soon appears now
highly probable, and the effect which such an event will have upon the
business of the country cannot but be a matter o f deep interest to all.
In the examination of the subject we must take certain things as gran­
ted, for in no other wav can we make any calculations whatever.
W e will first assume that the terms o f peace include the perfect re­
storation of the nationality, and secondly, that the great discordant ele­
ment has been removed, so that there is no antagonism between different
sections of the country growing out o f antagonistic institutions— that
there is, in fact, that harmony of ideas and interest, which alone can give
confidence and ensure tranquility.
These two conditions being established, the country will have peace,
national credit and universal confidence will be restored. As soon as this
state of things has arrived, as soon even as it is certain that the conflict
has ended, the whole industry of the nation will experience a severe shock.
That is inevitable. The war paralized industry, and for a while all was
stagnation. Peace will produce a similar effect, because the industry of
the country must be changed from a state of war to a state o f peace.
Those who have been engaged in manufacturing the appliances of war
and the instruments of human destruction, must change their occupation.
Thousands and hundreds of thousands must be transferred from one branch
of industry to another. Half a million ot men now in arms must return
to their homes and find employment in peaceful pursuits. All this can­
not take place without temporary derangement and consequent paralysis.
But the greatest shock will be felt upon prices. Everybody knows that
these are at least double their usual average, and must, to a certainty,
come down to the natural standard, that the currency sooner or later
will be restored to a specie basis. A great panic of course will take place
on the announcement of peace. Every man having property o f any kind
which he desires to sell, will wish to be rid of it as soon as possible. And
what is worse, everybody will be afraid to purchase, because they are
sure prices must go down and down until they' reach the lowest possible
point. But the general consumption of the country must go on. W hy
should it not? Men and women will continue to eat, drink, and wear;
and, what must be borne in mind, they have plenty of money, or rather
of currency to buy with. What use can they make of greenbacks and
.National and State Bank notes, of which we have so many hundred mil­
lions, but for purchases ? Then why should not the people purchase
freely ? They will do so, and of course trade must and will go on.
The first news of peace will doubtless cause a great decline of prices;
most persons will be ready to sell on almost any terms, and at any sacri­
fice ; those who have the courage to make purchases under such circum­
stances will do so to great advantage, because prices cannot at once per-




182

Peace, Prices, and Prospects.

[March,

manently decline. After the first shock there will be a reaction, and
prices will advance again.
Three causes have co-operated in raising prices, the increasing volume
of currency, the depreciation of the national credit, and the movements
of speculators. All these causes may cease with the return o f peace if
our finances are managed on sound principles; the currency will be re­
duced, the national credit will be restored, and the speculators occupation
will be gone. But since this change cannot be instantaneous, so far as a
redundant currency is concerned, the reaction we have spoken of will take
place.
Prices are governed by the existing quantity of currency, and as that
cannot be at once greatly contracted, prices cannot immediately return to
their natural point. To most persons prices seem to be merely accidental.
That they are actually governed by laws as determinate as those of gravi­
tation few understand. Hence there will be a great panic, and many will
sell oft'their stocks, as some did under the senseless panic o f September
last, at much less than they are worth, and be quite glad to repurchase at
advanced rates.
If it were universally known that prices in general can fall only as the
currency is curtailed, all would be well. Prices would go down gradually
as the currency was called in, until the specie value was reached, and
then trade would move on in its accustomed channels. But it will not be
so. Changes will be fitful and violent, because so many persons will be
unreasonably alarmed.
But we have already said that after this panic there will be a reaction.
To what point the returning tide will carry prices it is o f course impos­
sible to say. Many not without reason claim that the effects of the infla­
tion will then be more decided than ever before. They reach this conclu­
sion in the following manner. The amount of currency afloat is about
one thousand millions. Much of this, say they, is now necessarily used
in the vast transactions of Government, and will be so long as its present
rate of expenditure is continued. Peace, however, will work a great
change ; the currency thus employed will be thrown out o f use, and when
its occupation is gone, it will simply drug the market and force up the
value of all commodities. This conclusion is undoubtedly correct unless
there are counteracting circumstances. Will there not be another field
for this currency in such a contingency ? W ill not the States now in re­
bellion absorb as much as will thus be thrown out of use 2 W e do not
undertake to answer these questions or to decide what will be the point
prices will reach after peace. That they will fall greatly on the first
announcement, and will again rise to at least about their present level,
must be evident to any one acquainted with the laws regulating currency.
What, under such circumstances, should the merchant do who has a
large stock on hand and a good list of customers whose patronage he de­
sires to retain ? W e reply, let him not be unduly frightened. Let the
first shock be met with firmness. Those who are greatly scared will
doubtless take the first sales by making a great reduction, and will find
they were mistaken in so doing, because they will not be able to replace
their stocks at the rates at whiclf they have sold. The price of gold will
doubtless recede very much on the news o f peace, but will certainly ad­
vance again after the first impression has passed by, because it is measured




1865.]

Peace, Prices, and Prospects.

18S

by the paper currency o f the country, and that is so greatly redundant,
that any thing like a normal price for gold, or any other commodity, is
impossible. There are two extremes, then, to be avoided in the emergency
contemplated. One is holding on too closely, the other, selling off at too
great a reduction. Most persons will take the latter course and suffer
unnecessary loss, while the more shrewed will make fortunes by purchas­
ing merchandise thus needlessly sacrificed.
Prudent men will operate under such circumstances with great caution,
because they will have in view the fact that prices must continue to decline
as the currency is withdrawn, until the bottom is reached. They will,
therefore, hold as small stocks as practicable ; they will not cease their
operating on account of prices, but carefully watch the volume of the cur­
rency and govern themselves accordingly.
When the war commenced, many very prudent persons stopped their
purchases, and laid still waiting for “ better times.” Such have made
nothing during the war, and will find themselves poorer at the end than
at the beginning of the contest. Others went straightforward, buying
and selling, and have secured fortunes within the last four years.
Business men, who have a valuable trade, should hold on to it. That
they will generally make great profits for some time to come is not likely,
because we must eventually descend in prices to the normal standard, but
in the meantime active men having a future before them would not be
wise to relinguish their trade. Nothing is more certain than the wonder­
ful career of prosperity that awaits us, if we only secure nationality and per­
manent peace; and those who are in a position to take part in the busi­
ness of the country, will have the best opportunity ever yet known for
wealth. Hence the importance of passing through the transition from
war to peace, in such a manner as to be prepared for the tide o f pros­
perity which awaits us as a people. Our manufacturers, especially, must
start into new life and vigor with the termination of the war. The de­
mand for cotton goods, in particular, will be unprecedented. The markets
are comparatively bare, but what is more strikingly true, the homes o f
the people are more destitute of cotton fabrics than ever before. Every
fhing has been used up. All are waiting for peace, that they may supply
themselves with those goods, o f which they have been accustomed to
keep a liberal stock on hand.
The demand for home fabrics will be immense ; but for foreign mer­
chandise it will be greatly circumscribed. This will arise from two causes;
one is heavy duty, the other, the reduced ability of the common people
to purchase. These are palpable facts that must be taken into the account
when considering the future and its promises. But still another enquiry
arises. When and how shall we return to a sound currency ?
That will depend entirely upon the wisdom and energy o f our states­
men and public servants. It is for them alone to say how soon and in
what way. The matter is in their hands. From at least supposed ne­
cessity they violated the laws of value, by making that to be currency
and legal tender which had no value, only the promise o f it. They in­
troduced credit into the currency, and it is by their action alone that the
false element can be aliminated, and the true standard can be restored.
When the war has ceased, war expenditures will cease; but taxation will
doubtless be continued, and the revenue made to exceed disbursements,




184

Peace, P rices, and Prospects.

[March,

and the Government will have the ability to take in its greenbacks and
other currency. Besides this, as soon as the credit of the Government is
assured, there will be a large, we should say, perhaps, immense demand
for public stocks, and the floating national indebtedness can thus be rapidly
funded.
By these means the volume of the currency can be reduced, provided
the proper steps are taken, and banks are not allowed to increase their
issues. Congress will have the power, and ought to have the disposition,
to compel these banks to resume specie payments, and if that be done,
they must greatly contract their circulation. Thus by a gradual process
we shall return to the true standard without any violent convulsion.
There is one unprecedented fact connected with the war in which we
are engaged ; it is that individual indebtedness is being discharged to a
most wonderful extent, so that when the contest is ended the people
will be freer from pecuniary obligations than ever before. This is a
remarkable phenomenon, and quite in contrast with the condition of our
country at the close of the revolutionary war, but the course pursued by
the Government has brought it about. Private has been exchanged for
public indebtedness. The nation is involved to an enormous amount.
Every State, every county, and every town has accumulated debt to an
extent before unheard of.
This fact must greatly influence the future. Taxation will be heavy,
continuous, and pressing. It will bear with great force on the masses of
the people. Their consumption of wealth, and of course their trade,
must be restricted. "What a man pays in taxes he cannot expend for
clothes. Every expenditure must be curtailed to meet the demands of
the inevitable tax gatherer. The result will be, that ordinary consump­
tion will be less, and extraordinary consumption more. Those who pay
the taxes must buy less, those who receive the public dividends will be
able to buy more; there will be less low priced, and more high priced
goods sold, more luxuries, and fewer necessaries proportionately, than
before the war.
The crisis through which we are now passing is destined, whether for­
tunately or unfortunately, to assimilate the nation to European civiliza­
tion. The great debt which we shall create will probably never be paid,
or ever repudiated. The nations of Europe do not pay debts, they pay
the interest. They cannot pay the principal because their current reve­
nues are required to meet the interest, carry on government, and prepare
for war in time of peace.
Such is our destiny so far as all present appearances indicate the future.
But with regard to the currency, that will depend entirely upon what the
people have the intelligence to demand, for it is certain that Congress is
always ready to do just what the people wish, except to reduce their own
pay and privileges.
What then would the people have ? Once they would have asked for
all the paper money that the banks could put in circulation ; but the war
has wrought great changes in public opinion on two important subjects,
slavery and mixed currency. The nature and influence of each are now
understood as never before, and we think the great struggle will be equally
fatal to both.
Nothing connected with the war is more remarkable than the general




18 65 .]

Deep and Shallow Oil.

185

success o f its industry in every department of trade and manufacture.
Not that the country has been actually growing rich in the meantime,
but that it has been able to sustain itself so prosperously under circum­
stances so adverse.
Should then the war be closed by a satisfactory peace, there will re­
main but one cause of anxiety to the business public, and that, we repeat,
will be the currency, because on that prices and the security of trade will
entirely depend. Shall the descent of prices, which we know must and
ought to take place, be gradual and steady, or fitful and violent ? That
must depend wholly upon the action o f the Government; that again upon
the clearly understood wishes of the people, and that upon their intelli­
gent perception o f their true interests.
Such is the position, wealth, resources, and credit of the nation, such
the brilliant prospects o f the future, that nothing can prevent a realiza­
tion of our brightest anticipations, but stupid legislation and ignorant
financiering.

DEEP AND SHALLOW OIL.
B v E. W . Evans, of Marietta C ollege.
T he question in regard to the depth at which petroleum is to be found,
or, as the idea is popularly expressed, whether it be deep or shallow oil,
is one of great practical importance to those investing in oil lands. E x ­
perience has proved that, as a general fact, supplies of oil found at a depth
of two or three hundred feet, or more, are much more copious and last­
ing than those found at a less depth. Even at less than a hundred feet
some wells give good promise at first; but they are soon exhausted. The
best wells are over five hundred feet deep.
Oil coming to the surface in bulk, so often prized as a good sign, is
really nothing more than an index of shallow oil. On some parts of
Hughes River and Duck Creek, and in other places where petroleum used
to be collected in quarts and even in barrels, as it issued from between the
surface rocks or oozed up through the sand, experiments in boring have
resulted only in finding small collections at a slight depth. The oil in
these localities has worked its way up through open fissures into the upper
strata, and is rapidly undergoing the process o f exhaustion. I f upon
boring deeper other oil-bearing strata are found, as on Oil Creek, the kind
of surface show here described, affords beforehand no evidence of their
existence, but only of tbe collections near the surface. In such places it
is also common to find collections o f asphaltum, or a thick, tar-like oil
approaching asphaltum ; the more volatile ingredients having escaped by
evaporation, owing to near communication with the air, while the grosser
parts remain. It often happens that shallow wells yield a heavy lubri­
cating oil, the commercial value of which is greater than that o f the light
illuminating o il; but what is thus gained in quality is, as a general fact,
many times lost in quantity.
Of surface signs, that which affords the most reliable evidence, that the
source of supply is deep, is a scum of thin volatile oil appearing o n
VOL. lii .— NO. III.
12




186

The Chinese in Cuba.

[March

mineral springs. For example, between the two Kanawhas, along the line
connecting the two burning springs, there are numerous oil and gas springs
in which the analysis o f the water always reveals various minerals, such
as common salt, carbonates of iron and soda, muriate of lime, sulphates
of soda and potash, and sometimes sulphurated hydrogen. On the com­
mon springs of pure water, whose source is near the surface, oil is not
seen in this region. It comes up through slight cracks and fissures in the
strata, from depths where the water has gathered its various mineral
contents. The high temperature of these oil springs, as compared with
the springs of pure water, is another fact indicating their deep source.
These sigus characterize the best oil regions generally.

THE CHINESE IN CUBA.
H enry B. A ochincloss, E sq.
A great and important change is silently taking place in the character
of the labor employed in the W est India sugar Islands, and especially
in Cuba, which attracts but very little attention outside of the circle of
planters interested, but which, in time, may lead to great results. The
Coolie is gradually taking the place of the African negro, and his merits
as a laborer are recognized even by the prejudiced and ignorant. It is a
great triumph fop the Chinaman that bis superiority over the slave
should be acknowledged at all in a slave country so absolute as Cuba, but
we have no hesitation in asserting that the most intelligent Spanish
planters decidedly prefer the Coolie to the negro, not only for his greater
capacity to labor, but for his greater obedience and attention to his work,
whether overlooked or not. This preference is practically expressed in
the yearly increase of the Chinese immigration to Cuba, and although
the present condition o f the poor Coolie is but little better than that of a
slave, a few years of the system o f immigration now in operation will
substitute a large and intelligent class of free Chinese laborers, for an
equal number o f ignorant African slaves. It is the possibility of the
gradual extinction of African slavery— or rather o f its decay before a
superior system and a superior race of free laborers— which gives interest
in the eyes of an American to the question of Coolie labor as compared
with slave labor. The probability of such an event in a country like
Cuba may seem remote, and yet a careful attention to the signs of the
present will show that a radical change in the social and commercial
standing of Cuba and the other West Indian Islands may be near at hand
from causes now in operation. All have suffered from the same evil,
and the British Islands, especially Trinidad and Jamaica, have been benefitted by theimportation of Chinese and Hindoo laborers. In all, alike, free
Chinese labor has been a benefit; in all, free negro labor— or rather, negro
idleness— has been a curse. In all, alike, slavery has been a drag upon
their political and commercial progress. Notwithstanding the defence of
the slave system made by the Spaniards, and their more recent schemes
to import slaves by consent of all the treaty powers, under the name of




1865.]

The Chinese in Cuba.

187

“ Ransomed Africans,” who are to work for ten years to repay the expense
of transportation, and the fair and specious talk about placing the negro
to organized labor, civilizing and returning him to his native land ; a
scheme too transparent to succeed— there is a profound anxiety among
the people of Cuba, resulting from the examples of the other West India
Islands, the South American Republics, and Brazil; and, still later, the warn­
ing which the events transpiring in the United States give to states or
countries where slavery is tolerated. Sooner or later it, brings trouble
and sorrow in its train. The more intelligent Cubans know this, are
keenly aware of the danger, and hope to avoid it, at least partially, by
their system of Chinese apprenticeship.
Under this system the immigration o f Asiatics is largely increasing,
and the recent removal of an absurd and cruel restriction, by which women
were not allowed to reach the country, gives promise of a still further
yearly increase. This restriction arose from the extreme jealousy felt by
the Spaniards of pure descent, who rule the colony, of any class which
might become so numerous as to provoke insurrection, or even to out­
number the creoles and soldiers. Another object of these wealthy Dons
was to make necessary a continual stream o f laborers at the lowest pos­
sible wages, and so keep down the price of labor that it would be im­
possible for the poor white man to sustain himself. In this they had the
same success as the wealthy slave-owners o f our cotton States enjoyed
prior to the rebellion. Out o f 34,8-34 Asiatics who figure in the census
of Cuba for >861, only 57 were females !
Many well informed Europeans and Americans believe that the sole
reason for this is the old law of the Chinese government prohibiting the
emigration of women. This law may still exist, but it is well known in
China that practically it is a dead-letter. The Taeping war, the war with
the Allies, the capture of 1’ekin, the dismantling of the Bogue forts, and
the opening of the ports, have cruelly shaken the imperial power, and the
people do very much as they please. O f late years their free intercourse
with foreigners, and the immense emigration to California, Australia, etc.,
have been the means o f increasing the friendly spirit shown by the com­
mon people, and have done away with much o f the exclusiveness for which
they have such a reputation. It is notorious that their women do emi­
grate. W e have seen them in the streets of San Francisco and in the
Straits o f Malacca, where many families, men and women, are settled,
and we will venture to say that if the Spanish government, or its agents,
would advance means to the women, or would bring over Chinese fami­
lies on the plan by which so many pauper emigrants have been sent of
late from Lancashire to Australia, there would not be the slightest diffi­
culty in obtaining as many women as they required. The truth is, that
the labor of the men being most valuable, men alone are engaged to emi­
grate, and as those who accept the hard terms of the Spaniards are the
poorest of the poor— men who are compelled to live on $15 @ $20 a
year— it is absolutely impossible for them to bring their wives and children.
Such men are tempted by the wages they will earn during the eight years
of service, and the promise of enough to eat. They do not mind the
labor for they consider it well paid at $4 25 per month, and if they had
their wives and children with them, they would rarely wish to leave the
country when their term of service expired. In a country like Cuba,




188

[March,

The Chinese in Cuba.

where cheap labor is the great necessity, a peasantry with the hardihood
and industry o f the Chinatnan, would be the most desirable advantage
which a government could give its subjects. Judging by the policy of the
Spaniard, his only aim, heretofore, has been to obtain the greatest riches
and enjoy the utmost power with the least possible labor and the greatest
security. He deems it for his interest that an intelligent race like the
Chinese should not be suffered to gain a foothold on his island ; and, while
he wants the Chinaman’s labor, he hopes to keep him under foot by mak­
ing it obligatory upon him to return to his native land, or, living a bachelor,
to die without children, when his master has got from him all the labor
of which his frame is capable. There is something peculiarly revolting
in this cold-blooded, hard-hearted policy, fit only for the nation which
carried the cross to the Indian stained with blood, and which, since the
Indian was exterminated, has drawn from Africa thousands upon thousands
of negro slaves. This policy defeats itself, if the aim is to secure the
cheapest kind o f labor.
On the other hand, allowance should be made for the proverbial slowtfess of the Cubans to change their habits or adopt any new thing, and
for the fact that the importation o f Chinese Coolies has hitherto been a
matter of experiment. They are just beginning to realize that the Coolies
are cheaper and more valuable than negroes. Chinese emigration only
began in 1847, and in 1852 but 6,000 had been landed. From 1853 to
1859, however, 42,501 were imported, and in the census of 1861 we find
them bearing a proportion of ten per cent to the number of negro slaves.
Only a very small proportion o f these Chinese have worked out their
eight years of servitude, not enough to settle the question of what will be
their ultimate fate. The mortality on the voyage from China is great,*
and the labor in Cuba is so severe that those who leave China in the prime
of life are old men in body when free. Those who have served their time
find their way to the cities, and, as in the other West India Islands and
Demerara, more frequently become peddlers than continue in the sugar
mills. Their shrewdness and natural talent for trade make them very
successful peddlers. In dealing with the free blacks they are as sure of
getting the best of a bargain, as a Yankee would be in Georgia.
On their first arrival in the West Indies they are subject to a suicidal
epidemic, which often breaks out without any treatment which would seem
* A writer in the Journal o f Commerce, whose name we have been unable to as•ertain, but who is said to be a surgeon on some Coolie ship late from Macao, and
whose statements in regard to the Dona Maria we know to be correct, says, “ within
the last three months six Portuguese ships have arrived in Havana bringing Chinese
passengers from Macao, and their losses have been as follow s:
The Luisita, out o f . ..............................
Oamoens.................................................
Alfonso de Albuquerque......................
Vasco de G a m a ....................................
Dona Maria de G loria ..........................

342
416
866
506
296
1,916

lost 59,
“
51,
“
88,
“ 228,
“ 163,
“

or 14 per cent.
“ 12£
“
“ 11
“
“ 45
“
“ 55
“

539

“ This is an average loss of 28 per cent, and does not include some 30 unfortunates
who became blind on the passage.”




1865 .]

The Chinese in Cuba.

18*

to provoke such extreme measures, and quite a number of the Coolies on
an estate may be lost before this singular fatality is arrested. W e ane
inclined to believe that it arises from home-sickness, and their Buddhist
notion that their souls, immediately after death, return to their native
country. A singular case lately coming to our knowledge confirms this
impression, and may throw light on the morbid state of mind which occa­
sions suicide.
Some years ago, an administrador o f much sagacity, found that his
Coolies were killing themselves at the rate o f two a day. Some hung
themselves, others were found with their throats cut, and one eccentric
individual climbed to the top o f the chimney, where he suspended him­
self in full view of all the laborers on the estate. This example being
dangerously conspicious, and our administrador having another defunct
Chinaman unburied, he determined to try some plan by which their super­
stitions could be reached. A trench was dug and filled with wood, the
bodies placed on the pile and burnt in the presence of all the Asiatics on
the estate. The ashes were then scattered. Finally the Chinese were
told that every man who killed himself should be burnt up— annihilated.
The trench was then cleared, again piled up with wood, and left ready for
the next occasion. That occasion has not yet arrived. In most cases,
however, this tendency to suicide is directly traceable to some ill-treat­
ment or bad management.
It is understood that on some estates they are employed to cultivate
small patches of cane by contract, a system for which we may confidently
predict success. It is their favorite system in their own country and in
the “ Straits Settlements,” where many of the sugar estates are cultivated
entirely on this plan, and where it is found to be the most economical
and profitable which could be adopted. The contractor at the head o f the
“ cong-see” undertakes to cultivate a certain number of acres, and hires
all the laborers, furnishing food, and being responsible for them. He re­
ceives a small advance from the owner of the estate, and the latter from
time to time watches his operations in the field, having the right and
power to make any alterations in the system of culture which he may
deem essential. This, however, according to Mr. L eonard W ray , whose
testimony is of high value on all subjects connected with sugar culture, is
arranged beforehand, by contract, with extreme minuteness. When the
cane is cut the contractor is paid accordingly to the quantity of raw sugar
obtained from it. The master has no care or trouble (further than a
general oversight,) and can give his entire attention to the manufacture.
The same system, substantially, has been tried in a few instances on the
Island of Cuba, with the Chinese and free natives o f the country as con­
tractors. The only important difference is that they are paid by the weight
o f cane delivered at the mill, at the rate of two dollars for one hundred
arrobas. W e may call two dollars per ton of cane stalks the cost of cul­
tivation under this system. With a large proportion o f Chinese laborers
in Cuba, settled there with their families, free, and in organized companies
or cong-sees, the time may come when the Spaniards will discover that
they can get more cane to the acre, at a less cost with Chinese laborers
under this system than they can with slaves.
The Chinaman will live on as little as the negro, and will work. The
negro slave must be compelled to work if his labor is to be worth any-




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The Chinese in Cuba.

[March,

thing to his master. The Chinese laborer costs his master little at the
outset, and that little is more than returned in his period of service.
Working as a free man, he would cost less than the annual interest of the
sum paid for an able-bodied slave, and produce more. It is needless to
remark on the great saving the change would effect iu- releasing the large
capital invested in slaves, and freeing the masters from the losses which
the present system entails.
Among the most intelligent Cubans— those who are capable of looking
beyond their own farms, or their own island— these considerations are
beginning to attract attention, and while such a change would be the work
of years, it certainly appears as if, in the growing favor with which the
Coolie is viewed, the first step had been taken to bring it about. Cuba and
Porto Rico bid fair to be the last countries in the world in which negro
slavery will exist, for it is agreed by the majority of thinking men, that,
as ' ne result of the American rebellion, slavery neither can nor will exist
in the Southern States of the American Union after this war is closed.
Vt hen slavery is narrowed to these two islands, the destruction of
the slave trade will be a much simpler matter than ever before.
Without the slave trade, slavery must soon become extinct in Cuba. Each
census shows that this is only a question of time. W e remarked that the
proportion of free blacks to slaves is steadily increasing, and now embraces
two fifths of the whole negro population. The normal proportion is even
greater wdien we consider the unnatural predominance of males among
the slaves, the result of direct importation.
The figures stand thus :
F r e e ..................
Slaves.......................................................................................

Men.

Women.

113,81)5
218,722

118,687
151,831

All the world is agitated more or less on the question of the ability o f
free labor to compete with slave. It has been considered that slave labor
was absolutelynecessaryfor thesuccessful
cultivation of the cane. W e
believe this to beafallacy. The decay of the English West India sugar
colonies has been justly ascribed to the rash and headlong measures
adopted by the mother country in emancipating the slaves. No provision
was made for supplying the colonies with laborers, and the consequence
was that the colonist were ruined for want of power to compel the negroes
to work on the plantations. The negroes found easy support and more
profitable employment in cultivating small patches of land for themselves,
and the withdrawal o f their labor left a gap which those eman­
cipating the negroes did not foresee, and neglected to fill. If a little
foresight had bi-en exehsised, and an immigration like that which England
has encouraged to Mauritius, had been extended to Jamaica and the other
English possessions in the West Indies, before the wholesale withdrawal
of laborers by emancipation, the distress which followed that act would
have been avoided.
The results o f British emancipation naturally
strengthened the arguments of the sugar planters both in Cuba and the
United States ; but now political causes are bringing about the same re­
sults in the last-named country, and if the people of Cuba are wise, they
will be prepared before circumstances compel a change o f system, by
supplying them.-elvts with Chinamen and Hindoo Coolies, the best
and most industrious laborers in the world. Two great causes are now




1865.1

The Chinese in Cuba.

191

at work which will eventually make the change compulsory. The
slave trade has received heavier blows within the last five years than ever
before, and its complete destruction would leave the Cuban planter with­
out labor. The cheapness of free Asiatic labor will, if it has a fair trial,
drive slavery from the field. Any signs of this great change, such as the
growth in numbers and popularity of Asiatic laborers, are of interest and
importance under such circumstances, and among these we notice that on
the largest estates where the greatest attention is paid to economy, the
proportion of Asiatics to slaves ranges from one-fifth part to three-fifths,
and in one instance, which came to our knowledge, the proportion was
eight Chinamen to three negroes.
The physical superiority of the Cuban, over the Chinese Coolie,
is striking. In Cuba, they are more robust, taken as a class, than
the fellows who jog through Shanghai with a tea-chest slung on a bamboo,
or hang around the river-side at Canton waiting for a job. Anyone who
visits the seaports of China in the summer time has a fine opportunity of
judging of the physique of the people, for in hot weather the poorer
classes wear nothing but their panjamas, or loose breeches, and the broad
hat of the country. The better classes, scholars and mandarins, are fas­
tidious and dress well, but among the Coolies and shopkeepers upper
clothing is universally thrown aside in the middle of the day. They are
a lean race, but muscular.
In Cuba some o f the Coolies are
almost fat notwithstanding the severe labor, and their broad chests and
muscular arms show better food than they get at home, where the miser­
able pittance they receive is barely enough to get them a belly full of rice
and a cup of tea. Some part of this improvement is to be ascribed to
their inability to obtain opium. Although the Cuban law punishes the
sale of opium to Chinese by six years in the chain-gang, some do obtain
it, and can be detected at a glance by their lean condition. As for their
powers of labor, the mayarals will tell you that they are not as good as
the negroes, and that the creole negro is the best of laborers, the native
African the worst; but if you carefully observe the disposition of the
laborers on the estate, you will find that if there are many Chinese they
can be counted in the sugar house, around the engines and vacuum pan,
having charge of the centrifugal machines, or o f the defecators ; in short,
in all those places where it is customary to employ the best negroes of an
estate. If they are not all there, depend upon it that the rest are in the
cane-field with the sturdiest and most valuable o f the field hands. The
engineers, on the other hand, will tell you that the Coolies are the best,
most obedient, and careful people about the Yngenio ; occasionally, they
qualify this encomium by expressing a preference for the creole negro, but
they always remark that the latter requires watching. Taking yet higher
authority, an administrador will sometimes candidly acknowledge that he
prefers fifty Asiatics to seventy negroes. This is high testimony to the
efficiency of the race when we consider what strong prejudices their good
conduct must have overcome to elicit any praise at all. Some masters have
suffered their prejudices to rule them so far as to give orders to teach ne­
groes the management of machinery in preference to Asiatics, being fear­
ful of losing the services of the latter if they teach them too much, whereas
the latter being property, any knowledge which can be driven into their
heads only increases their market value. All, from mayoral to master,




192

The Chinese in Cuba.

[March,

agree that there is this difference between the Chinaman and the negro.
If you tell a Coolie what to do, he quietly and patiently sets about it, and
continues working all day without a word of comment, but the negro
throws down his work as soon as the mayoral's eye is turned, and the
chances are ten to one that he goes to sleep. On a well regulated estate
every gang of slaves has its mayoral on horseback with his whip in sight,
and now and then it is cracked at some lazy fellow. The whip is not often
needed for the Coolie ; and as many of them have committed suicide when
beaten, it is prudently trusted to one of their own nation. Of course
there are some lazy fellows among them, and a sugar planter knows of
only one mode of coercion for such ; but the occasions are comparatively
rare. W e have seen large gangs of Chinese industriously at work, the
leader working as hard as the rest; and it is evident by the treatment they
receive from the engineers, wherever they are employed about machinery,
that the most intelligent are on pretty much the same footing as ordinary
laboreis in other lands. It is observed that all o f them can read and write,
and that they readily acquire Spanish.
With such intelligent and industrious laborers to be had in any^ num­
ber from China, at low wages, it is a mistake to suppose that slave labor
is the cheapest in the world, notwithstanding the clamors of the Eng­
lish colonies for protection against slave-grown sugar. The price of negroes
in Cuba will show that labor is higher in that country than in many others
where sugar is produced. A go >d field hand is worth $1,000 to-day in
Havana, and can be hired out for about $25 a month, his food and medi­
cal attendance. House servants worth $ 7 i0 @ $800, command $20 a
month, and even girls fourteen \ears old are paid $9. These prices are
less than they were prior to the breaking out of the American rebellion.
In the settlements of the Straits of Malacca, Chinese labor— and skilled
labor at that— can be obtained under the contract system at from three to
five Mexican dollars per month, the laborer finding his own food and cloth­
ing. In India labor is quite as cheap. In China it is even less. The
sugar planter o f Mauritius, with a free Coolie immigration, is on a better
footing than the Cuban in this respect. This little island, only 36 miles
long bv 22 miles wide, supports a free Coolie population of 150,000. Even
in the Sandwich Islands, which are just beginning to be known among sugar
countries, the Kanaka works for eight dollars a month, his food, lodging,
and medical attendance. The cost of slave labor in Cuba, therefore,
is considerably greater than in several sugar-growing countries, and
that cost keeps pace with the advance in price which sugar now com­
mands in all the markets ot the world, and with the increasing risk of
the slave trade.
That a cheaper system of labor will eventually’ supplant slavery, we do
not doubt; and we may hope that, with an increasing immigration from
China, stringent laws regulating the passenger traffic, and more liberal
treatment of the Coolies by their employers; this Coolie immigration,
which has often been represented as being quite as bad as the African
slaie trade, will yet prove to be as great a blessing to Cuba as it has to
the British West Indian Islands, by providing them with cheap labor, and
an industrious population, well fitted for a tropical climate.




I

18 65 .]

193

The Law o f Bankruptcy and Insolvency.

COMMERCIAL

LAW-NO.

19.

BANKRUPTCY AND INSOLVENCY.
(Continued from page 106, vol. 52.)
WHO H A Y BE INSOLVENTS.

T he statutes provide, with much minuteness, as to who may become,
or be made bankrupt. In England, the statute o f G eorge III. c. 16, sec.
2, collected in one clause the various kinds of persons whom the bankrupt
law considered as traders, and somewhat enlarged the provisions of former
statutes in this particular. But still the operation of the law was con­
fined to traders. It will be remembered, however, that the insolvent laws
originally differed from the bankrupt laws, in the fact that they were not
confined to traders; that is, only a trader could be proceeded against by
a creditor, and being so proceeded against, his debt was discharged. But
any debtor liable to arrest might seek relief under the insolvent laws, and
would be by them protected from imprisonment. Now, all our present
statutes are called insolvent laws ; and their operation is very wide. In
England, for example, no married woman could be a bankrupt who was
not lawfully a sole trader; but here, it may be presumed that any woman,
whether married or not, who by the present or any future law of a State
should be liable to suit upon a debt, could go into insolvency.
An infant cannot be made a bankrupt; but we do not know why he
may not be declared insolvent on his own petition ; for the modern rule
is, that none of his debts are absolutely void, but only— if not for neces­
saries— voidable by him. And therefore, unless, or until, they are avoided,
he is the same as any other debtor.
A lunatic, while insane, could perhaps incur no debt for which he could
be held responsible ; unless, possibly, for his own benefit, it was permitted
to him to make a valid contract for necessaries. In such case, he could
become insolvent for that, and he certainly could be declared insolvent on
the petition of a guardian, for debts contracted before insanity, or in a
lucid interval.
If a debtor attempts to place his property in the hands of assignees,
for the benefit of his creditors, this, where there is a bankrupt law, is an
act of bankruptcy. That is, the debtor may be proceeded against as a
bankrupt, and his voluntary assignment is void, and the assignee appointed
under the bankrupt commission takes all his effects. And this is applied,
even where there is no intention to defraud; and even where the debtor
provided, by the express terms of the assignment, that his effects should
be applied and distributed according to the provisions of the bankrupt
law. This would now be true in this country only where the State statutes
expressly or by implication supersede all voluntary assignments; but
would not be true where they merely offer the relief they provide to those
who seek it, leaving them at liberty to assign their effects for their debts,
if they choose to do so.




194

The Law o f Bankruptcy and Insolvency.

[March,

THE PROOF OF DEBTS.

As the insolvent laws purpose to divide all the assets o f the debtor
ratably among all the creditors, it follows that they open the way very
widely for all persons who have claims to present, and prove them. This
proof is made, in the first place, by the oath of the creditor, and, if further
proof be required, by such evidence as would be admissible and appro­
priate under the general rules o f the law o f evidence.
The presentation and proof may be, in some degree at least, by agent
or attorney; and this is usually provided for in the statutes. In some
cases it can only be by an agent or attorney; as, when a corporation is a
creditor. In such case, the corporation should act by an attorney speci­
ally appointed and authorized to act in their behalf.
If trustees hold claims against a bankrupt, and present them, it has
been said that the cestui que trust— or the party for whose benefit the
trust exists— should join with the trustee. This may be proper in many
cases, but in some it would be obviously impossible, as where the cestui
que trust is a young child, or a lunatic, or out of the country. And if
she were a married woman, we should doubt the propriety of her joining,
unless under some particular provision or peculiar character o f the trust.
I f the creditor be himself a bankrupt, so that his claim also has passed
into the hands of his assignee, it would seem that his assignee alone
might present and prove it in case of necessity ; but the practice appears
to be to require the creditor’s own oath, whenever it can be had. And
this is founded on obvious reasons. W e think they apply equally to the
case of every claim assigned, and presented by the assignee. The re­
covery is for the benefit of the assignee; but at common law he must do
everything in the name o f the assignor. And in such a ease, if the assignor
alone presents and proves, it might accrue to the benefit of the assignee,
and be sufficient. But the more correct way would be for assignor and
assignee to join.
If a bankrupt holds claims, o f which the legal title is in him, but the
beneficiary interests are in others, as if he be for any purpose a trustee
for others, and a balance is due to him in that capacity, or to the fund
which he holds representatively, from his general assets, he may present
and prove this claim against his own estate.
Debts not yet payable can be proved. If they become due before a
dividend, there is no deduction from them. If not, interest is deducted.
In general, in order to equalize the claims, interest is cast upon all the
claims proved to a certain day ; and if a debt not yet due is then paid, in
whole or in part, interest must be deducted to put it on an equal claim
with others. I f interest is cast for many years, compound interest is
never allowed as such. But we presume that an account would be cast
by commissioners o f insolvency with annual rests, if it were one which
would be so calculated in a suit against the insolvent.
So, persons holding annuities payable by the bankrupt have been per­
mitted to come in, and have the value of the whole anuuity reduced by
computation to a single sum, and present and prove that as a debt. In
several instances, a wife has been permitted to prove debts against her
husband’s estate. As where she held a bond or other legal instrument
from him, payable at his death. Or if there were a settlement made upon




1865.]

The Law o f Bankruptcy and Insolvency.

195

her before marriage, and a sum due to her from her husband’s estate
under that settlement; and a settlement made after marriage, in good
faith, and before the husband became, or expected to be, insolvent, would
have the same effect.
The assignees, who for many purposes represent the bankrupt, or insol­
vent, may make any defence to a claim which he could make. Hence, a
debt for gaming, or one open to objection as usurious, or one without con­
sideration, may be repelled. So, also, the assignees may make some de­
fences which the bankrupt could not make. As if one presented a claim
for damages for a tort, or personal injury, this may be rejected by the
assignee, although the insolvent might be guilty and have no defence.
The reason given seems to be, that the insolvent would not pay them if
they were recovered, but that his other creditors would. This, however,
is equally true of every other claim or debt, if the whole fund belongs to
all the creditors, and cannot pay all in full. The true distinction, on prin­
ciple, seems to be th is: that, so far as the sum recoverable for wrong
done is only an unliquidated compensation for personal harm, to be ascer­
tained by a jury, and savors o f punishment to the wrong-doer, the claim
for it cannot be proved as a debt. But when judgment has been recovered
for the tort, this takes the place o f the original cause of action ; and it is
a debt which can be proved like any other. .In some of the statutes it is
expressly provided, that, if the claim be for goods or chattels wrongfully
obtained by the debtor, it may be proved.
I f the claim be merely contingent, that is, if it is to be valid and fixed
if a certain event occur, and otherwise not, it may still be proved,— and
not like an annuity, &c., by reduction to its present value, but at its full
value; the payment o f the dividend depending upon the happening of the
event which is to make the claim valid, and being delayed until that
event.
If a party holds a note which the bankrupt has indorsed or made, only
to accommodate the holder, as there is no consideration for it, it cannot
be proved. And, on the other hand, if the bankrupt holds a note made
or indorsed to him without consideration, and for accommodation only,
this note would not pass to the assignee as part of the bankrupt’s assets.
We should apply the same principle to the case of two promissory notes,
both accommodation in so far as they were given for each other, that is,
exchanged notes. Here, if at the time of the bankruptcy neither party
had used his note, we should say that each should be returned, and not
that the holder of the bankrupt’s note should take his dividend, and pay
the whole of the note given by him to the bankrupt. Each note was a
good legal consideration for the other; but the principle of accommoda­
tion paper should apply to both. If, however, either of the notes had
been used and transferred to a third party, this principle would no longer
be applicable; and then the creditor would get only his dividend on the
note he received, but must pay the whole of the note he gave.
At common law, if one guaranties a debt for another, in any form, as
a surety, or as an indorser, he has no legal claim against that other until
he pays the debt. Therefore he cannot, before such payment, compel the
party for whom he is surety to give him security or indemnity; all he
can do is to pay the debt, and then bring his action for damages. It is
not so, however, under the bankrupt or insolvency law. Here, the fact




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The Law o f Bankruptcy and Insolvency.

[March,

of the debtor’s insolvency carries with it the inference that the surety will
have to pay the debt he has guaranteed. The surety is, therefore, per­
mitted to come in and prove as his claim the whole amount for which he
is surety. But it is in the nature of a contingent claim. And no divi­
dend is paid to him excepting on the sum which he has actually paid
under his obligation as surety.
There is, however, a limitation to this right of the surety. He can
prove his claim only when the debt already exists, although it may not
now be payable. Thus, a surety for rent may prove for the rent due and
unpaid, but not for any future rent. For this may never become d u e; as
the tenant may be turned out, or something else occur to defeat the claim
for rent. This might seem a little hard. Thus, if A hires o f B a store
for seven years, at $1,000 a year, and C is his surety for the rent, and
after one year A fails, having paid no rent, 0 could have a dividend on
what he pays for the year’s rent that is due, but none on the remaining
six years, for which he is bound. And the reason is, that, if B chooses
not to terminate the lease, but to hold 0 for the six years, C acquires by
paying the rent the right to use the premises himself, or to let them and
take the rent.
There seems to be no way in which a surety may compel the party
whom he guaranties to prove his claim and take his dividend from the
assets o f the debtor. This would, of course, diminish the liability of the
surety just so far; and the surety ought to have the power of requiring
this. In practice, a surety can only pay the debt, whether due or not, and
is then subrogated to all the rights of the principal creditor. (By “ sub­
rogated to his rights” is meant, that he is put in his place and stead, and
acquires his rights.) This prevents, probably, any practical mischief.
And if the creditor, relying on his surety, and at the same time wishing
to distress his surety, refused the payment tendered to him, and also re­
fused to prove his debt, undoubtedly such conduct would be considered
as a negligence or fraud, which would discharge the surety. For to all
suretyship there must be attached the general condition, that the creditor
shall do all that can reasonably be asked of him to secure the debt from
the principal, or permit the surety to do it.
A creditor who holds security as collateral to his debt, may prove the
balance due to him after deducting the value of the security. This value
may he ascertained by the creditor’s selling it, or, under our bankrupt law,
by having it appraised, and taking it at its appraised value. In general,
if he has any liens on any property whatever for his debt, he must make
them reduce his debt as far as possible, or otherwise make them available
to the assets, as by surrendering them to the assignees.
THE ASSIGNEE.

The assignee is usually selected or chosen by the creditors, at their first
meeting; a majority in value of the creditors choosing, with some restric­
tions; as that a certain number must concur in the choice, in order to
prevent one or two very large creditors from deciding the question. If
the creditors fail, or decline, to choose, usually the judge or commissioner
presiding may appoint. The assignee, or assignees, thus chosen, must
signify their assent within a certain time, which is usually a short one.
It is his duty to act as a faithful trustee for all concerned ; and with




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The Law o f Bankruptcy and Insolvency.

197

impartial justice to all. It would be impossible to enumerate all his
duties. The principal among them are, to ascertain the regularity and
sufficiency of the proceedings thus far; to take immediate possession of
all the assets (which mean property and effects and valuable interests of
every kind which are available for the fund) o f the insolvent, and demand
and take any necessary steps to collect all outstanding assets of every
kind. And he must take due care o f the property thus collected. In
general, he is clothed with the power, and is subject to the responsibilities
and disabilities, of a trustee. In one case his responsibility as trustee was
so strictly construed, that an assignee who was an accountant was not
allowed to charge for his services as accountant. So, if he sells any pro­
perty of the insolvent, he cannot buy it himself.
He may compound debts due, or otherwise arrange for them, but on
his own responsibility, unless under order of the supervising court, which
it is always prudent, and perhaps necessary, to obtain, previous to any ac­
tion of the kind. And the same thing is true of any temporary invest­
ment, or any change of investment of the assets. Generally, he should
deposit all moneys, as soon as collected, in some bank of perfectly good
credit, and to the special account of the fund of the assignment. He may
redeem mortgages or pledges; but here, also, he should obtain the sanc­
tion of the court. So he may transfer notes payable to the insolvent, by
indorsing them in his own name. And where a note was actually trans­
ferred before insolvency, by the insolvent, to a bona fide holder, and the
insolvent intended to indorse the same, but neglected to do so, the assignee
may indorse it for the holder.
It is undoubtedly the rule, that, when the assignee acts in the discharge
o f simple and ordinary duties, he is liable only for want o f ordinary skill
and care. But, as he may have the order of the court in all extraordinary
cases, if he does not obtain this, but acts on his own judgment, he is held
to a more stringent responsibility. It is not always easy to draw the line
between these two classes of cases. The statutes provide for some o f
them ; practice, or the obvious reason of the thing, for more ; and where
there is any doubt, it is always in the power o f the assignee, and always
prudent for him, to have the direction and authority of the court.
The assignee is, in general, subject to the same equities as the insol­
vent, whose title to anything is not confirmed by passing to the hands of
the assignee, even where it would be so by transfer for value to a third
party. Thus, if a negotiable note were held by an insolvent, who had
bought it with knowledge that the consideration had failed, the promisor
would have a good defence if he were sued by the insolvent himself, but
not if he were sued by a third party, who bought it for value without
notice or knowledge of the defence. But the same defence may be made
to the action if it be brought by the assignee, whether the assignee has
any such knowledge or not, because he has not purchased the note.
W e have said that the assignee is bound to take possession of the whole
estate o f the insolvent. But here also he has, and should exercise, a dis­
cretion. If the property be encumbered by liens, or obiigations, which
would reduce its value to nothing, and for which the assignee makes him­
self or his fund responsible by taking possession, he may and should de­
cline the possession. Leasehold property, for example, may be held by
the insolvent on terms which require him to pay for it more than it is




I

198

Commerce o f the United States fo r 1 8 6 4 .

[March,

worth ; and i f the assignee takes possession of this property under the
assignment, he would be liable for the rent. This he should avoid. But
here also, we repeat, he would be safest in acting under the direction of
lhe court.
The assignee may sue in his own name, even upon covenants made with
the insolvent. And all the assignees of any insolvent should join in
bringing any suit.
(To be continued.)

COMMERCE OF THE UNITED STATES FOR 1&64.
G R O S S E X P O R T S A N I ) IM P O R T S FR O M 1 7 9 0 T O 1 8 6 4 — E X P O R T S A N D IM P O R T S OF C O IN A N D B U L L IO N FR O M
1 8 2 1 T O 1 8 t;4 — E X P O R T S O F B R E A D S T U F F S , C u T T m N , P R O V I S I O N S , E T C ., F R O M 1 8 5 9 T O 1 8 6 4 — A L S O
V A L U E OK M A N U F A C T U R E S E X P O R T E D F R O M 1 8 5 6 T O 1 8 6 4 .

W e are able, through the Treasury Department, to give some important tables
showing the commercial aud financial movements for the fiscal year ending June
30, 1864.
EXPORTS AND IMPORTS.

The following gives the gross value of the exports and imports to and from
the United States, from the formation of the Government up to and including
the last fiscal year. It is necessary, however, to remember that the imports are
stated at their invoiced specie values, while the exports of domestic produce,
manufactures, etc., for the past three years, are the currency values. Hence the
apparent excess of exports for those years is not real:
THE GROSS VALUE OF THE EXPORTS AND IMPORTS FROM

1790

TO JUNE

30, 1864.

EXTORTS.

Year
ending—

Domestic
produce.

1790. $19,566,000
18,500,' 00
1791.
19,000,000
1792.
24,000,000
1793.
26,500,1 00
1794.
89,600,000
1795.
40,764,097
1796.
29,850,206
1797.
28,527,097
1798.
33,142,622
1799.
31,840,903
1800.
47,473,204
1801.
36,708,189
1802.
180,3. 42,205,961
41,467,477
1804.
42,387,002
1805.
1806. 41,253,727
48,699,592
1807.
9,438,546
1808.
31,405,702
1809.
42,366,675
1810.
45,294,043
1811.
30,032,109
Itsl2.
25,008,132
I b l3 .
6,782,272
1814.
1815. 45,974,403
64,781,896
1816.




Foreign
merchandise.

Total.

$069,lo6 $20,205,156
612,041
19,012,041
1,763,098
20,768,098
2,109,572
26,109,572
33,026,283
6,526,238
6,469,472
47,989,472
26,8110,0110
67,064,097
56,650,206
27,00u,000
33,00o,op0
61,627,097
45,523,000
78,665,522
70,971,780
39,130,877
94,116,925
46,642,721
35,774,971
72,4 83,160
13,694,072
55,800,033
77,699,074
36,231,597
95,566 021
53,179,019
60,283,236 101,536,963
59,643,658 108,343,160
22,430,960
12,997,414
52,203,233
20,797,531
24,391,295
66,657,9 0
61,316,833
16,022,790
88,637,236
8,4 95,127
27,855,927
2,847,865
6,927,441
145,169
52,567,753
6,583,350
81,920,452
17,138,166

Imports.
'lotal.

Excess of
exports.

Excess of
imports.

.......... $2,7 94,844
$23,OOO,000
10,187,959
29,200,060
31,500,000
10,546,902
31,100,000
4,990,4 28
34,600,000
1,573,767
21,766,796
69,756,268
81,436,164
.... ... 14,872,067
75,379.406
18,629,200
68,551,700
7,024,603
79,060,148
403,626
91,252,768
20,280,988
111,363,511
17,247 586
76,333.333
8,860,178
64,666,666
8,866,633
85,OUO,OUO
7,300,926
120,600,000
25,033,979
129,410,000
17,873,037
138,500,000
30,166,850
66,990,000
34,559,040
59,400,000
7,196,767
85,400,000
18,742,030
53,400,000 $7,916,833
77,030,000
38,502,764
22,005,000
5,850,927
.......... 6,041,559
12,965,000
113,041,274
60,483,521
147,103,000
65,182,548

1865.]

Commerce o f the United States fo r 1864.

1817.
68,313,500
1818. 73,854,437
1819. 50,976,838
1820. 51,688,640
1821. 43,671,894
1822. 49,874,079
1823. 47,155,408
1824. 50,649,500
1825.
66.944,745
1826.
53,055,710
1827. 58,921,691
1828. 50,669,669
1829.
55,700,193
1830. 69,462,029
1831. 61,277,057
1832. 63,137,470
1833. 70,317,698
1834.
81,024,162
1835. 101,189,' 82
1836. 106,916,680
1837. 95,564,414
1838.
96,033,821
1839. 103,533,891
1840. 113,895,634
1841. 106,382,722
1842
92,969,996
9 mos., to June 80—
1843. 77,793,783

19,358,069
19,426,696
19.165,683
18,008,029
21,302,488
22,286,202
27,543,622
25,337,157
32,590,643
24,530,612
23,403,136
21,595,017
16 658,478
14,387,479
20,033,526
24,039,473
19,822,735
23,312,811
20,504,4 95
21,746,360
21,854,962
12,452,795
17,494,525
18,190,312
15,469,081
11,721,538
6,552,697

87,671,560
93,281,133
70,142,521
69,691,669
64,974,382
72,160,281
74,699,030
75,986,657
99,535,388
77,595,322
82,324,727
72,264,686
72,358,671
73,849,508
81,310,583
87,176,943
90,140,443
104,336,973
121,693,577
128,663,040
117,419,376
108,486,616
121,028,416
132,085,936
121,851,803
104,691,534
84,346,480

99.250.000
121,750,000
87,1*25,000
74.450.000
62,585,724
83,241,541
77,579,267
89.549.007
96,340,075
84,974,477
79,484,063
88,509,824
74,492,527
70,876,920
103,191,124
101,029,266
103,118,311
126,521,332
149,896,742
189.980.035
140,989,217
113,717,404
162,092,132
107,141,519
127,946.177
100,162,087
64.7

199

............... 11,578,440
............... 28,468,867
............... 16,982,479
............... 4,758,331
2.088.658 ...............
............... 11,081,260
............... 2,880,237
............... 13,562,350
3,195,313 ...............
-----------7,379,155
2.840.659 ...............
............... 16,245,138
............... 2,153,856
2,972,583 ...............
............... 21,880,511
............... 18,852,828
............... 17,977,!'68
............... 22,184,359
............... 28,202,165
..................61,316,995
............... 28,569,841
.......................
6, 230,763
............... 41,063,716
24,944,417
6,094,374
4,529,447
53,799
19,592,681

Year end’g June 30—

1844.
1845.
1846.
1847.
1848.
1849.
1850.
1861.
1852.
1853.
1854.
1855.
1856.
1857.
1858.
1869.
1860.
1861.
1862.
1863.
1864.

99,715,179
99,299,776
102,841,893
150,637,464
132,904,121
132,666,955
136,946,912
196,689,718
192,363,984
213,4 17,697
253,390,870
246,708,553
310,586,330
338,985,065
293,758 279
335,894,385
373,189,274
389,711,391
213,069,619
324,092,877
320,292,171

11,484,867
15,346,830
11,346,623
8.011,158
21,128,010
13,088,865
14,951,808
21.698.293
17,289,382
17,558,460
24,850,194
28.448.293
16,378,578
23,976,617
30,886,142
20,895,077
26,933,022
21,145,427
16,869,466
25,959,248
20,373,409

131,200,046 108.435.035
114,646,606 117,254,564
113,488,516 121,691,797
158,648,622 146,545,638
154,032,131 154,993,923
145,755,820 147,857,439
151,896,720 178,138,318
218,388,011 216,224,932
209,658,366 212,945,442
230,976,157 267,978,647
278,241,064 304,562,381
275,156,846 261,468,620
326,964,908 314,639,942
362,960,682 360,890,141
324,644,421 282,613,150
356,789,462 838,768,130
400,122,296 362,162,541
410,856,818 352,075,535
229,938,975 205,819,823
350,052,125 252,187,587
340,665,580 328,514,559

2,765,011
2,607,958
8,203,281
12,102,184
966,797
2,101,619
26,239,598
2,163,079

13,688,326
12,324,966
2,070,541
42,031,271
18,021,332
37,959,755
58,781,283
24,119,152
97,864,538
12,151,521

3,287,076
37,002,490
26,321,317

...........

That our readers may see at a glance the total exports and imports of coin
and bullion, we give the following table covering the years from 1821 to 1864,
inclusive :
THE EXPORTS AND IMFORTS OK COIN AND BULLION FROM

1821

TO

1864,

INCLUSIVE AND

ALSO THE EXCESS OK IMPORTS AND EXPORTS DURING THE SAME YEARS,

Fiscal

EXPORTKD.

ending
Imported.
Sept. 30—

l t t 'l .
1822.

$8,064,890
8,869,846




American.

Foreign.

$10,478,059
10,810,180

Total.

$10,478,059
10,810,180

Excess o f
imports.

Excess o f
exports.

$2,418,169
7,440,334

Commerce o f the United States fo r 1864.

200

1 82 3 .
5 ,097,896
1 82 4 .
8,378,970
............ *
1826.
6,150,766
1826.
6,880,966
$605,855
1827.
8 ,151,180
1,04 3,574
1828.
7,489,741
693,037
1829.
612,886
7,403,612
1830.
8,155,964
987,151
1831.
2 ,058,474
7,305,945
18?2.
1,410,941
5,907,504
1833.
7,070,368
366,842
1 8 3 4 . 17,911,632
4 0 0 ,5 0 0
1 83 5 . 13,131,447
729,601
1 8 3 6 . 18,400,881
345,738
1,283,519
1 8 3 7 . 10,516,414
1 8 3 8 . 17,747,116
472,941
1839.
5,695,176
1,908,358
1840.
8,882,813
2,285,073
1 84 1 .
4,988,633
2,746,486
1842.
1,170,754
4,087,016
9 mos. to
June 30—
1 8 4 3 . 22,390,559
107,429
Year end’g
J uue 301 84 4 .
5,830,429
183,405
1846.
4,070,242
844,446
1846.
3,777,732
423,851
1 84 7 . 24,121,289
62,620
6,360,284
2,700,412
1848.
6,651,240
956,874
1 84 9 .
4,628,7 92
2,046,679
1850.
5,453,592
18,069,58u
1851.
5 605,044
37,437,887
1852.
4,201,382
28,648,535
1863.
6,939,342 38,062,570
1854.
8,669,812 53,957,418
1865.
4,207,632 44,148,279
1856.
60,078,352
1857 . 12,461,799
1 8 6 8 . 19,274,496 42,407,246
7,434,789
57,502,305
1869.
8,550,136
56,946,851
1860.
23,798,870
1 8 6 1 . 46,339,611
1 86 2 . 16,4 15 ,u 5 ‘2 31,044,661
9,584.105
74,201,433
1863.
1 8 6 4 . 13,165,706 100,219,065

6,372,897
7,014,552
8,797.055
4,098,678
6,971,306
7,550,439
4 ,311,134
1,241,622
6,956,467
4,245,899
2,244,859
1,676,258
5 ,748,174
3,978 598
4,692,730
3,035,105
6,868,385
6,181,941
7,287,846
3,642,785

6,372,897
7,014,562
8,797,065
4,704,533
8,014,880
8,243,476
4,924,020
2,178,773
9,014,931
5,656,340
2,611,701
2,076,758
6,477,775
4,324,336
5,976,249
3,608,046
8,776,743
8,417,014
10,034,332
4,813,539

1,413,362

1,520,791

5,270,809
7,762,049
3,481,417
1,844,404
13,141,204
4 ,447,774
6,476,315
11,403,172
6 ,236,298
3,938,340
3,218,934
2,289,925
1,597,206
9,055,570
10,225,901
6,386,106
9,599,388
5,991,310
5,842,989
8,163,049
4,906,685

5,454,214
8,606,495
3,905,268
1,907,024
15,841,616
5,404,648
7,522,994
29,472,752
42 674,135
27,486,875
41,281,504
56,247,343
45,745,485
69,136,922
52.683,147
63,887,411
66,646,239
29,791,180
36,887,640
82,364,482
105,126,750

[March,
1,275,091

$1,3 66 ,1 4 8
2,646,290
2,176,433
136,250
753,736
2,479,592
5,977,191
1,708,986
251,164
4,458,667
15,834,874
6,633,672
9,076,545
4,540,165
14,239,070
465,799

3,181,567
............
5,045,699
726 ,62 3

20,8 69 ,7 6 8
376,215
4,536,253
127,536
22,214,265
9,481,392
1,246,592
2,894,202
2 4,019,160
37,169,091
23,285,493
34,342,162
52,587,531
41,537,853
56,675,123
33,858,651
66,452,622
5 7,996,104
16,538,431
20,472,688
72,780,377
91,970,044

The exports of American gold for the years 1863 and 1864 have been cor­
rected from the returns heretofore published, and now embrace a large unusual
shipment from California to England, on account of New York and other
Eastern holders taking that direction for safety of transit. The sums added were
§18,207,879 in 1862-63, and $35,735,265 in 1863-64.
EXPORTS OP STAPLE PRODUCTS, MANUFACTURES, ETC.

The first of the following tables gives the quantity and value of the exports
of cotton, tobacco, coal, breadstuffs, provisions, oils, animal products, etc., for
the last five fiscal years, and the second gives the values of manufactures exported
for nine years. It will be remembered that the values of these exports are stated
in currency:




"io a

-1 8 6 0 -’ 6 1 -

,----------------- 1861-62------------------,

i-----------------1862-’ 63------------------.

30.
---------------- 1863-’ 64-------------------

201




Commerce o f the United States fo r 1864.

in

om

— 'i n

1865.]

EXPORTS OF COTTON, BREADSTUFF?, PROVISIONS, OIL8, ANIMAL PRODUCTS, <U\, FOR FOUR TEARS ENDING JUNE

Quantity.
Value.
Value.
Quantity.
Value.
Quantity.
Value.
Articles.
Quantity.
23,680,651 $31 ,43 0 ,2 7 0
36,160,414 $46,754,195
81,-238,(167 $ 3 8 ,31 3 ,6 2 4
3 7,289,572 $42,573,295
W h e a t.........................................bushels
3,543,263 2 5,458,989
4,3 2 3,75 6 24,645,849
4,390,055 28,366,069
Wheat flo u r................................ barrels
4,882,033 27,534,677
4 ,075,889
3,321,526
6,890,865
18,904,909 10,387,383
10,678,244
16,119,476 10,592,704
Indian coru.................................. bushels
262,347
1,349,688
692,003
253,570
257,948
1,013,272
203,313
778,344
Corn meal......................................barrels
918,501
1,124,556
..................
1,833,757
Rye and other grains.............................
2,364,625
37,991
14,463
7,199
55,761
8,684
54,488
38,067
14,143
Bye and other m eals.. . . . . . . barrels
154,895
656,408
582,268
429 ,70 8
129,114
148,577
490,942
156,667
Bread or biscuit..............
barrels
5,399
83,244
2,882,178
10,554
83,404
108,781
4,237
R ice ..........................
barrels
156,899
178,098
3,019,733
1,675,773
128,201
186,022
146,298
2,185,921
B eef...............................................barrels
2,017,077
20,795,195
6,121,365
2,355,985
15.531,381
26,691,247
4,164.344
85,172,415
6,783,743
Butter........................................ pounds
34,052,678
42,0 45 ,0 5 4
4,216,804
47.733.387
5,634,515
8,321,631
32,361,428
Cheese...........................................pounds
2,715,892
312,325
5,820,648
2,609,818
Pork............................................... barrels
309,102
327,852
4,334,775
3,980,153
156,487
4,848,339
141,212,786 10,290,572
110,759,485 12,303 729
Hams and b a co n ........................pounds
218,243,609 18,658,280
50,264,267
86.885.387
11,083.933
4,729,297
47,908,911
L a r d .......................................... pounds
118,578,307 10,004,521
165,336,596 15,755,570
439 ,53 6
376,683
81,783
. ard oil........................................ gallons
239,608
85,676
148,056
1,259,063
983,349
55,015,375
6 191,743
2,942.730
Tallow...........................................pounds
46,773,768
4,026,113
63,792,754
6,738,846
29,118,364
6 ,576,580
1,046,406
826,955
6,100,029
Candles......................................... pounds
901,330
6,838,353
1,187,864
6,025,667
8.029,382
770,601
456,64 8
7,202,130
Soaps.............................................pounds
9,986,984
9,097,664
736 ,62 4
636,049
244,028
49,683
Fish, pickled................................ barrels
71,844
76,668
78 896
507,719
420,316
330,685
Fish, d r y .. . ................
pounds
28,091,728
21.5 41 ,7 4 4
967,136
921,131
634,941
24 598,336
712,584
25,562.208
1 .2 6 6 ,2 9 1 , 1.735,575
2,243,300
8,090.305
8,052 880^;
2,627,926
Oils, whale, (and sperm).........gallops
3,338,793
2,692,087
2
3,192,280
10,771,292
155
874
21,839
Oils, coal and petroleum.......... gallons
5,828,929
1,539,027
2,488,742
1,426,182
t-pirits, distilled..........................gallons
7,220,874
7,396,925
3,405,572
6,542,464
2,811,685
2,622,438
114,177 22,811,630
Tobacco, in leaf....................hogsheads*
*168,4 69 13,784,710
117,213 19,752,076
116,123
12,325,356
3,660,320
8,571,801
7 ,o 7 o ,l7 2
3,398,177
Tobacco, manufactured (and snutf). lbs.
14.8 64 ,8 2 8
2,760,5.31
4,110,802
1,076,644
10,840,634
9,044,840
Cotton......................................... pounds 307,51 6,0 9 9 f 3 4 ,0 6 l,4 8 H f
1,180,113
5,064,564
11,384,986
6,652,4 05
1 <2,971
l,2 o 7 ,8 0 2
C o a l........................... •.................... tons
577,386
213,046
163,111
837,117
186,960
993,809
73,081
Clover s e e d .. . ......................... bushels
501,175
1,063,141
66,064
889 ,55 4
.2,185,706
200,417
295,255
5,850,765
1,216,965
Hops . . . .
pounds
663,308
8,864,081
1,733,265
2 ,006,053
5,851,246
8,835,837
............
303,811
673,818
518,687
355,865
Hides....................................................
47,470
172,266
277,4 21
48,390
I c e ...................................................... tons
46,538
44,763
182,667
169,757
606.810
640 223
837,189
Animals, living., ....................................
261.172
* Cases and bales converted to hogsheads, ai .'>to i.
t I lie recorded quantities aud values; but the actual total exports may be assumed at 1,750,009,000 pounds,
value $185,000,000.
XPetroleum not reported ; but the total export was nearly 22,500,OUOgallons, value $0,800,000.

30,

FROM

1856

TO

1864.

1859.
$643,861
78,226
819,080
820,175
512,910
820,485
46,278
671,750
655,600
2,444
470,613
46,007

1860.
$822,820
53,573
278,268
782,525
478,740
246.572
61,829
708,699
816,973
2,593
525,175
23,345

1861.
$851,547
39.480
250,365
779,876
429,708
255,274
143,907
638,048
472,080
2,157
462,554
32,792

1862.
$457,049
54,696
214,231
721,241
490,942
199,669
64,481
836 849
619,175
4,288
472,924
12,994

1863.
$513,704
127,076
221,700
1,328,735
582,268
408,847
76,946
1,110,918
764,000
1,686
950,3^
40,036

1864.
$467,192
118,451
258.534
1,282,314
656,408
540,439
60,323
786,083
743,340
5,307
574,016
62,716

1,985,223
1,782,025
2,069,194

1,048,246
1,518,236
2,320,890

1,664,122
1,785,595
8,356,449

2,375,029
1,377,627
2,215,032

1,098,546
508,004
587,500

1,026,088
322,316
630,558

318,664
244,562
106,878

all other manufactures
384,200
614,153
1,800,285 4,477,096 5,792,752 4,864,379 1,850,960 1,950,997
Drugs, medicinal......................................... 1,066,294
681,278
796,008 1,115,455 1,149,433 1,490,336 1,954,446
886,909
Earthen and stone-ware............................
47,261
66,696
34,256
36,783
65,086
32,108
88,153
40,524
Fire engines and apparatus.......................
29,088
3,213
36,230
9,706
21,524
7,220
9,948
7,940
Glassware.....................................................
216,439
179,900
214.608
252,316
277,948
523,906 1,000,980
894,731
Gold and silver manufactures.................
6,116
26,386
35,947
53,372
63,078
165,844
15,477
140,187
Gunpowder..................................................
898,244
871,603
847,103
644,974
365,173
467,772
101,803
48,208
H a t s ......................................................
126 525
216,704
226,682
264,208
211,602
166,956
132,727
279,038
Hemp manfactures, not cordage . . . . . .
18,878
26,035
84,753
89,092
27,814
31,940
39,570
122,204
House furniture..........................................
870,448
932,499 1,067,197 1,079,114
942,454 1,278,977
982,042
888,049
India-rubber manufactures....................... 1,093,538
643,512
198,827
240,841
143,856
813,379
193,691
247,600
Iron, pig, bar and nails..............................
257,662
397,313
205,931
246,154
311,321
259,852
286,980
450,971
castings..............................................
128,059
464,415
282,S48
76,750
288,316
289,967
54,671
56,853
all other manufactures of iron and
steel................................................ 3,585,712 4,197,687 4,059,528 5,117,346 5,174,040 5,536,576 4,212,448 5,955,750
Lead, and manufactures of lead and of
pewter......................................................
33,140
57,357
52,920
63,442
75,446
96,527
36,775
36,106

894,776
1,551,632
65,80S
14,222
796,174
58,012
40,601
178,002
89,103
1,878,755
268,806
564,962
237,613




5,361,103
144,729

[March,

1858.
$554,744
59,532
209,774
668,905
472,372
212,840
66,012
. 628,599
777,921
2,304
210,695
46,349

Commerce o f the United States fo r 1864.

1857.
Articles.
1856.
A s h e s ........................................................... $429,428 $696,367
Beer and ale ..............................................
43,732
45,086
Books............................................................
202,502
277,647
Boots and shoes.......................................... 1,060,967
813995
Bread and biscuit......................... ..............
568,266
497,741
Cables and cordage....................................
286,163
867,182
85,121
Candles, spermaceti....................................
48,449
tallow, adamantine and all other
677,398
766,588
476,894
Carriages, wagons and cars....................... • 870,269
Chocolate.....................................................
1,932
1,476
Clothing.......................................................
278,882
333,442
Combs and buttons.....................................
89,799
82,663
Copper and brass manufactures: chandeliers and gas fixtures.............................
634,846
607,054
Cotton manufactures: piece goods, brown 4,616,264 8,715,339
piece goods, printed.. 1,966,845 1,785,685

202

VALUE OF LEADING ARTICLES OF MANUFACTURE EXPORTED DURING THE FISCAL YEARS ENDING JUNE

1356.

1857.

1858.

1859.

I860.

1861.

1862.

1863.

1864.

$389,007
13,409
83,385
3,178,735
138,521
195,442
147,826
152,026
20,893
1,539,027
264,114
399,793
169,147
67,759
636,049
328,414
2,293,563
54,691
2,590,649
90,022
147,397
62,286

$ 37 1 ,1 7 0
$ 63 4 ,3 9 7
18.719
21,108
98,973
123,307
3,705,853
3 ,978,100
8,036
142,425
138 ,21 4
144,217
148.732
171,542
983,349
376,682
29,861
80,9 97
3 ,750,000 10,771,292
436,833
261,639
593,036
542,610
206,037
157,095
167,711
119,571
7 8 6 ,52 4
770,601
1,390,588
717 ,64 4
2,015,034
708,538
143,777
87,863
4 ,489,089 4,169,348
37,592
64,994
354,919
258,952
41,558
45,056

3,402,491
42,153
4,837
35,156
94,850
2,339,861
2,465,663

2,760,531
4 0 ,6 2 2
1,271
88,262
94,495
2,344,079
2,691,296

1,076,644
50,771
553
29,701
47,383
1,755,793
3,090,191

3,398,181
80,780
3,123
84,376
80,899
2,547,357
3 ,078,639

$49 7 ,7 1 4
2,119
6 8 ,0 0 2
638,406
516 ,73 5
111,403
127,748
92,499
54,144

$605,589
13,999
103,821
1,240,425
292,163
138,690
97,775
60,958
48,225

$ 499,718
41,465
160,611
1,001,216
367,609
112,214
155,101
60,793
34,194

203,017
67,519
31,249
4 3 4 ,17 6
500,945
1,424.635
8 3 9,04 S
1,864,281
404,145
360,444
13,610

2 23 ,32 0
224,767
62,747
4 5,2 22
530,085
1,248,234
1,336,646
741,346
2,055,980
190,012
368,206
5 ,6 2 3

131,217
229,991
106,498
55,280
305 ,70 4
476,722
1,517,123
1,089,282
1,975,852
375,062
200,724
24,186

1,829,207
82,457
5,989
26,034
74,005
2,501,583
3,761,792

1,468,553
37,748
6 ,8 4 6
30,788
91,983
3 ,158,424
3,484,870

2,410,224
59,441
6,339
24,336
85,926
2,234,678
2,804,526

$67 4 ,3 0 9
19,011
154,045
705,119
231,668
176,239
129,653
55,783
26,799

3,383,428
50,1 84
4 ,862
41,368
131,803
2,703,095
2,534,959

3,648,095
109,532
6,979
40,3 47
170,418
2,672,410
7,396,339

Commerce o f the United States fo r 1864.

223,809
185,068217,173
285,793
■299,857
68,868
157,124
58,8 70
71,332
466,215
494,305
273,576
321,595
949,635
1,149,843
1,306,035
1,916,289
2,410,334 2,365,516
169,935
1 03,244
377,944
3 0 1 ,67 4
39,289
39,064

$55 5 ,2 0 2
7,507
93,292
441 ,97 9
97,875
185,267
150,974
81,783
27,982
150,000
240,923
847,915
106,562
61,469
455,648
867,954
1,443,731
1,192,787
1,959,392
301,329
287,881
30,229

1 252,344
5,765
64,297
803 ,68 4
234,969
162,876
133,517
161,232
57,190

1865.]

Articles.

Leather, common........................................
morocco and other fin e .............
Lime, cement and bricks............................
Lumber, boards and oth er........................
masts, spars and hewn timber.
Marble and stone manufactures...............
Musical instruments....................................
Oils, lard .....................................................
linseed.................................................
petroleum and coal............................
Paints and varnish......................................
Paper and stationery ................................
Printing presses and type..........................
Saddlery.......................................................
S o a p .............................................................
Spirits, alcoholic, from grain.....................
all other..........................................
Spirits of turpentine....................................
Staves, shooks and heading......................
Sugar, brown...............................................
refined..............................................
Tin ware ....................................................
Tobacco, manufactured, (cigars and snuff
included)..................................................
Trunks and valises......................................
Umbrellas and parasols...........................
Vinegar........................................................
W a x .............................................................
W ood manufactures, not stated...............
Unenumerated articles...............................

Totals ................... .......................... 3 6,612,053 36,6 55 ,2 9 6 3 5,853,693 89,934,373 45,237,884 40,7 30 ,8 8 3 35,168,315 51,119,924 5 5,9 9 8 ,3 9 6

203




204

Commerce o f the United States fo r 1864.

[March,

The tonnage of the United States since 1822 has been each year as follows:
THE TONNAGE OF THE UNITED STATES ANNUALLY FROM

Year ending—

D e c . 31, 1822 .................
1823 .................
1 824 ..................
1826
1826 ..................
1 827 ..................
1828 ..................
1829 ..................
1 83 0 ..................
1831 ..................
1 832 ..................
1833 ..................
1 834 ..................
S e p t. 30, 1885 ..................
1836 ..................
1837 ..................
1838 ..................
1839 ..................
1 840 .................
1841 ..................
1 84 2 ..................
J u n e 3 0 ,1 8 4 3 ..................
1 844 ..................
1845 ..................
1 846 ..................
1 847 ..................
1 84 8 .................
1849 ..................
1 85 0 ..................
1851 ...............
1852 ..................
1 853 .................
1 85 4 ..................
1855 .................
1 856 . . . ..........
1 857 ..................
1 858 ..................
1859 ..................
1 86 0 ..................
1861 ..................
1 862 ..................
1 863 ..................
1 864 ..................




Registered
sail
tonnage.
Tons.
628 ,15 0
639,921
669,973
700,788
737,978
747,170
812,619
650,143
675,056
619,675
686,809
749 ,4S2
867,098
885,481
897,321
809,343
819,801
829,096
895 ,61 0
945,057
970,658
1,003,932
1,061,856
1,088,680
1,123,999
1,236,682
1,344,819
1,418,072
1,540,769
1,663,917
1,819,774
2,013,154
2,238,783
2,440,091
2,401,687
2,377,094
2,499,742
2,414,654
$ ,448,941
2,540,020
2,177,253
1,892,899
1,475,376

1822 TO 1864, INCLUSIVE.

Registered Enrolled and Enrolled and
Total
steam
licensed sail lic’ns'd steam tonnage,
tonnage.
tonnage.
tonnage.
Tons.
Tons.
Tons.
Tons.

1,419
877
181
545
340
340
454
1,104
2,791
6,149
4,155
746
4,701
5,373
6,909
6,492
6,287
6,631
16,068
20,870
44,429
62,390
79,704
90,520
95,036
115,045
89,715
86,873
78,027
92,748
97,296
102,608
113,998
133,215
106,619

696,549
671,766
697,580
699,263
762,154
833,240
889,355
556,618
652,248
613,827
661,827
754,819
778,995
816,645
839,226
932,576
982,416
1,062,445
1,082,815
1,010,599
892,072
917,804
946,060
1,002,303
1,090,192
1,198,523
1,381,332
1,453,469
1,468,738
1,624,915
1,675,456
1,789,288
1,887,612
2,021,625
1,796,888
1,857,964
2,650,067
1,961,631
2 ,036,990
2,122,589
2,224,449
2,660,212
2,550,690

24,879
21,610
23,061
34,059
40,198
39,418
54,037
63,053
33,568
90,633
101,305
122,474
122,474
145,102
153,661
190,632
199,789
198,184
174,342
224,960
231,494
265,270
319,527
341,606
399,210
411 ,82 3
441,526
481,005
521,217
563,536
514,098
581,571
655,240
583,362
618,911
651 ,36 3
676,005
770,641
774,596
696 ,46 5
439,755
853,816

•

*

1,324,696
1,336,566
1,389,163
1.423,112
1,534,191
1,620,608
1,741.392
1,260,798
1,191,776
1,267,847
1,439,450
1,606,151
1,758,907
1,824,940
1,822,103
1,896,684
1,995,640
2,096,479
2,180,764
2,130,744
2,092,391
2,158,603
2,280,095
2,417,002
2,562,084
2,839,046
3,154,042
3,334,016
3,535,454
3,772,439
4,138,440
4 ,4 0 7,01 0
4,802,902
5,212,001
4,871,652
4,940,842
5,049,808
6,145,038
5,353,868
5,539,813
5,112,165
6,126,081
4,986,401

1865.]

205

Commercial Chronicle and Review,

COMMERCIAL CHRONICLE AND REVIEW.
IM P O R T S

OF

F O R E IG N

DRY

G O O D S — B U S IN E S S

D U L L — P R IC E S

R E V E N U E L A W — N E W TR E A SU R E R — COM M ERCE A T

AS

AFFECTED

PO RT OF N E W

BY

PE A C E — IN T E R N A L

Y O R K — U N IT E D

STATES

DEBT—

P R I O K S U . 8 . P A P E R A N D G O L D — S P E C IE E X P O R T S A N D I M P O R T 8 — S H IP M E N T S O F S P E C I E F R O M C A L I ­
F O R N IA -G O L D

AND

S IL V E R

IM P O R T E D

AND

EXPORTED

FROM

AND

TO

F R A N C E — P R IC E S

OF

EXCHANGE.

B ut little business has been doing the past month. The future is, as far as
prices are concerned, considered to be so uncertain, that every prudent man
must act with caution. A good illustration of the want of confidence, now
universal, is seen in the imports of foreign dry goods since the first of January,
the total being only about one third the total for the same period last year.
IMPORTS OP FOREIGN DRY GOODS AT NEW YORK FOR FOUR WEEKS ENDING
FEBRUARY 2 4 .
ENTERED FOR

CONSUMPTION.

1863.

1864.

1865.

Manufactures of Wool......................
Do.
Cotton..................
Do.
Silk.......................
Do.
FJax......................
Miscellaneous Dry Goods..................

$ 1,7 55 ,1 3 4
509,545
983,832
570,784
251,257

$ 3,937,865
959,224
2,174,326
838,640
455 ,40 2

$1,039,267
394,507
367,536
521,576
155,918

Total entered for consumption.......

$4,0 70 ,5 5 2

$ 8,365,457

$ 2,478,793

WITHDRAWN FROM WAREHOUSE.
1863.

1864.

1865.

Manufactures of Wool......................
Do.
Cotton....................
Do.
Silk........................
Do.
Flax......................
Miscellaneous Dry Goods................

$ 352,062
180,107
218,396
148,369
49,956

$614,321
243,020
348,976
312,522
63,066

$ 561,965
307,188
315,338
390,134
107,686

Total withdrawn from warehouse..
Add entered for consumption............

$ 94 8 ,8 9 0
4,070,552

$ 1,581,905
8,365,457

$1,682,311
2,478,793

Total thrown on the market..........

$5,019,442

$9,947,362

$ 4,161,104

ENTERED FOR WAREHOUSING.
1863,

1864.

1865.

Manufactures of Wool......................
Do.
Cotton....................
Do.
Silk........................
Do.
F la x ......................
Miscellaneous Dry Goods.................

$ 41 6 ,8 9 9
153,437
266,671
69,289
51,009

$ 439,602
105,291
288,511
209,052
29,541

$ 469,638
245 ,96 8
207,927
275,599
4 5 865

Total entered for warehousing . . .
Add entered for consumption......... .'

$957,305
4 ,070,552

$1,071,997
8,366,457

$ 1,244,897
2,478,793

$5,027,857

$ 9,437,454

$ 3,723,690

Total entered at the port...............

These figures are the specie values representing the foreign cost, without
freight or duty. It will be seen that the withdrawals from warehouse exceed




206

Commercial Chronicle and Review.

[March,

the entries by nearly half a million dollars. The following will show the relative
totals since January 1st:—
IMPORTS OP FOREIGN DRY GOODS AT NEW YORK FOR TWO MONTHS FROM
JANUARY 1ST.
ENTERED FOR CONSUMPTION.

1863.

1864.

Manufactures of Wool......................
Do.
Cotton.....................
Do.
Silk........................
Do.
Flax.......................
Miscellaneous Dry Goods................

13,317,146
1,132,360
1,694,027
1,424,140
610,349

$ 6,526,350
1,940,274
3,684,254
1,785,088
848,618

$1,444,534
550,412
571,016
951,902
281,598

Total entered for consumption....

$7,978,022

$14,784,584

$ 3,799,462

1865.

W ITH D RAW N FROM WAREHOUSE.

1863.

1S64.

Manufactures of W ool.....................
Do.
Cotton....................
Do.
Silk........................
Do.
Flax........................
Miscellaneous Dry Goods................

$69 6 ,1 6 0
861,637
399,309
303,132
82,768

$1,239,066
644,681
7 98,450
639,139
111,691

$1,0 00 ,9 1 7
6 0 4 ,22 0
4 62,089
824,581
184,038

Total withdrawn from warehouse..
Add entered for consumption...........

$ 1,743,006
7 ,978,022

$3,433,027
14,784,584

$3,0 75 ,8 4 5
3,799,462

$9,721,028

$18,217,611

$6,875,307

Total thrown on the market.........

1865.

ENTERED FOR WAREHOUSING.

1863.

1864.

1865.

Manufactures of Wool......................
Do.
Cotton....................
Do.
Silk........................
Do.
Flax........................
Miscellaneous Dry Goods................

$1,036,375
380,572
564 ,85 4
£46,758
90,457

$1,187,007
399,670
734,623
431,993
83,991

$85 7 ,6 6 8
505,719
274 ,21 2
543,687
93,577

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

$ 2,819,016
7 ,978,022

$2,8 37 ,1 8 4
14,784,584

$2,274,863
3,7 9 9,46 2

Total entered at the port.............

$ 10 ,297,038

$17 ,62 1 ,7 6 8

$ 6,074,325

The continued remarkable successes of the army lead to the belief that an
early end to the war is probable. Of course the first effect of peace will be
great depreciation of prices. If men’s minds were governed by their judgment,
rather than their fears, this would not be the case ; for prices cannot, of course,
permanently fall, except as the currency is called in. Yet there will be a panic;
and those whose business it is to make money out of these fluctuations will in­
crease it. Hence it is the part of wisdom, if peace is so near, to keep a small
stock of goods on hand, so as to be able to purchase when prices are low. It is
this fear of lower prices, and the desire to be in a condition to take advantage of
them, that is the chief cause of the present stagnation.
But, besides this, the uncertainty with regard to the action that will be taken
by Congress on the revenue law serves to increase the difficulty, and render more
feverish all commercial and financial interests. This amendatory bill has been




1 8 6 5 .]

Commercial Chronicle and Review.

207

reported back to the Senate, with sundry amendments, among which are the
following:—
To strike out the exemption from duty or tax of Bibles, Testaments, or volumes
consisting only of parts of either, prayer books, arithmetics, spelling books, geogra­
phies, grammars and school books of the kinds used in common primary schools, and
all books printed exclusively for the use of Sunday sclools. The House exemption
was not to any volume*valued at more than two dollars.
The Senate’s Finance Committee report the following amendments to the tobacco
clause:— On snuff manufactured of tobacco, or any substitute for tobacco, ground, dry
or damp, pickled, scented or otherwise, of all descriptions, when prepared for use,
forty cents per pound. The committee propose to strike out the tax of forty cents a
pound on cavendish, plug, twist, and all other kinds of manufactured tobacco, not
herein otherwise provided for. They propose thirty-five instead of forty cents a
pound on fine cut chewing tobacco, whether manufactured with stems in or not, how­
ever sold, whether loose, in bulk or in packages, rolls, paper wrappers or boxes. On
cigarettes made of tobacco enclosed in a paper wrapper and put up in packages con­
taining not more than twenty-five cigarettes, and valued at not more than five dollars
per one hundred packages, five cents per package. The committee propose to sub­
stitute for the House clause of sixty cents a pound on all cigars, cheroots and cigar­
ettes a tax of five dollars per one thousand on cheroots, short sixes, and all cigars
valued at less than fifteen dollars a thousand.
The committee leave the principle of the income tax untouched, viz :— A duty of
five per cent on the excess over six hundred dollars, and not exceeding five thousand
dollars, and a duty of ten per cent on the excess over five thousand dollars; but pro­
pose to strike out the following proviso:— That net profits realized by sales of real
estate purchased since January 1, 1864, shall be chargeable as income, and losses on
sales of real estate purchased since January 1, 1864, and sold within the year for
which income is estimated, shall be deducted from the income of such year.
The committee propose to strike out the section providing that from and after the
1st of April, 1865, there shall be paid, in lieu of the duty now provided by law, on all
cotton upon which no duty has been paid, and which is not exempted by law, a duty
o f six cents per pound until July 1, 1866, and on and after that date a duty of five
cents per pound.
The committee also propose to exempt coal from the duty of twenty per centum
additional on the rates now proposed to be increased to that extent on nearly all the
articles included in the ninety-fourth section of the present law.
They report in favor of striking out the section that every National banking associ­
ation, State bank or State banking association, shall pay a tax of ten per centum on
the amount of notes of any State bank or State banking association paid out by them
after the 1st of January next.
They propose to reduce the duty on crude petroleum from six to two cents per
gallon.
The committee propose several new sections, namely:—Taxing sales 1-24 o f one
per centum, providing that the President shall appoiut an additional Auditor to be
called the Auditor o f Internal Revenue, with the requisite number of clerks; author­
izing the Secretary of the Treasury to appoint a Commission of three members, at
$300 per month, to take into consideration and report on raising by taxation such re­
venue as may be necessary to supply the wants of the government; repealing or sus­
pending the bounties on the tonnage of vessels engaged in bank or other cod fisheries
from and after the 1st of April next, and during the present war and one year there­
after; that the present rates of postage on letters be increased from three to five
cents after July 1, 1865.
Senator S h e r m a n has given notice of an amendment which he intends to offer, pro­
viding that in lieu of the present duty there shall be collected on and after July 1,
1865, one fourth per cent per month, and after January, 1866, one half per cent on
the average amount of national bank circulation.

It will be seen from the above that the changes proposed are important, and
we have only noticed a small portion of them. Business cannot, however, be
active, so long as this uncertainty envelopes the future.




208

Commercial Chronicle and Review.

[M arch,

On the question of prices, if the policy Government intends to pursue could be
known it would serve to increase confidence. Is the volume of currency to be
gradually diminished, or is it to be increased ? Probably the answer to this
question depends much upon who is to be our Treasurer It is now said that
the Hon. H ugh M‘Culloch is to receive the appointment. He certainly has had
more experience than many of the other persons named, and would, we think, fill the
place more acceptably. Many of the opinions he has expressed have been sound ;
and yet we cannot but remember that Mr. Chase argued against the paper money
system while he fostered it, and Mr. M 'C dlloch differs just as widely between
his theory and his practice. A t the end of December, 1863, he issued a circular
to the National Banks, in which he predicted a financial eollapse from the policy
of the Government. He said that the seeming prosperity of the loyal States
was “ owing mainly to the large expenditures of the Government and the redun­
dant currency which they seemed to render necessary,” and that this currency
would work great evils ; and yet Mr. M-Culloch has been since that time at
the head of a branch of the Treasury Department which has increased the volume
of the currency not far from a hundred millions, and which, unless the law is
amended, promises to increase it two hundred millions more in the future. The
contrast between the preaching and the practice of our financiers has been so
wide as to reflect discredit upon them and make them utterly unreliable.
What the new Secretary of the Treasury, whoever he may be, may do, will
depend, to a great extent, upon contingencies, or, in other words, will depend
upon the interests of those by whom he surrounds himself. If he will only have
the wisdom to take the advice of sound men, rather than speculators, he will give
satisfaction. Paper money is the life of speculation, and the issue of it will
always be encouraged, and the retiring of it be deprecated by all who are thus
trying to make money very fast.
Professor B owen, of Cambridge, in a recent letter, suggests the following
method of contracting the currency, a measure he considers of vital importance
to the best interests of the country :—
“ In order to meet our present current expenses the receipts into the Treasury,
from taxes and loans united, must average nearly three millions a day. Let the faitb
o f the Government be pledged, that one fifth part of this sum shall be regularly de­
voted, as soon as received, to redeeming and destroying an equivalent amount of
greenbacks. At the end of each week let an official statement be published of the
amount thus redeemed, and let this amount be publicly burned. The sum thus can­
celed would be an average o f three and a half millions a week—too little to create
any immediate agitation or alarm in the stock market or the ordinary channels of
business, but enough to contract the currency uniformly and without jar at such a rate
that in seven months over one hundred millions would be permanently withdrawn
from circulation, and gold would fall to about $ 1.30. I suppose, of course, that the
Treasury should be deprived by law of any power to issue new greenbacks or any
other form o f legal tender notes to take the place of the sums thus canceled. Now my
position is, that the mere formal announcement of this system would at once so but­
tress the public credit, depress the price of gold, check speculative enterprises, raise
the relative value of the 1-30’s, as compared with other government bonds, and there­
by increase the rapidity with which this loan would be taken up, that within a fort­
night the increase of the daily receipts into the United States Treasury would be so
great that, even after the deduction of one fifth, the remaining sum available for use
would be as large as it is at present. In other words, as soon as this policy could be
fairly reduced to practice, the daily receipts would rise from $8,000,000 to at least




1 8 6 5 .]

Commercial Chronicle and Review.

209

$3,800,000 ; and four-fifths of this latter amount, or as much as we need at present,
would be available to meet the current expenses of the government.”
In the mean time our foreign commerce shows gratifying changes compared
with previous years. The following is a comparative statement, for three years,
from July 1st to February 21. The imports are given in gold at their foreign
cost, freight and duty unpaid ; the exports of produce are given in their currency
value at this p ort:—
COMMERCE O F NEW Y O RK FROM JULY 1ST TO DATE.
1863-63.

Imports merchandise................
Exports produce........................
Exports specie...........................

$115,163,722
124,862,262
38,673,892

1 86 3-64 .

$121,908,243
100,745,879
36,795,581

186 4-65

$93,593,547
162.534,422
26,035,417

The exports, as will be seen, have largely increased, while the imports have,
at the same time, diminished.
A statement of the value of the imports and exports at the port of Boston, for
the month of January, 1865, show the same tendency. The total value of im*
ports amounts to $1,192,653, and the total value of exports to $1,991,971. This
shows an increase of exports over imports of $799,318. The amount of merch­
andise withdrawn from warehouse for consumption is $1,151,397, and imports
entered for consumption $481,026, showing the value of merchandise thrown on
the market to be $1,632,423.
The condition of the public debt on January 31, is, by a published statement,
not official however, described as follows :—
Aggregate of debt bearing interest in coin........
Aggregate o f debt bearing interest in lawful
m o n e y ................................................................
Aggregate of debt on which interest has ceased
Aggregate of legal tender debt, bearing no
interest................................................................
Aggregate of fractional currency........................
Total.................................................................
$126,100,000
Unpaid requisitions..................
Amount in Treasury.. , .........
10,262,958—
Total................................................................

Principal.
$1,087,550,438

Interest.
$63,433J31

608,570,952
350,570

29,698,770

433,160,’•69
24,096,913
$2,163,785,444

$93,131,901

115,837,042
$2,269,572,486

Internal revenue for January 31, 1865..................................................
Internal revenue from January 31 to February 23, 1865...................
Customs for January, 1 8 6 5 ./..................................................................
Customs from January 31 to February 23, 1865..................................

$31,076,902
9,325,636
5,460,576
1,587,483

The unpaid requisitions continue to increase, notwithstanding the large re­
ceipts from internal revenue and the seven-thirty loan.
The Secretary of the Treasury has authorized the payment of the March cou­
pons on the ten-forty bonds on presentation, and those wishing to avail them­
selves of the privilege can do so either at the Sab-Treasuries or at Washington.
The total interest on the semi-annual coupons will amount to about $4,000,000,
the principal being not far from $160,000,000.
The following are the prices of the leading Government stocks. There has




210

[March,

Commercial Chronicle and Review.

been an increased demand on European account. The continued victories, and
especially the news of the taking of Fort Fisher, made United States securities
very active in London, at a decided rise, so that, although the price of gold has
fallen, these stock reach a higher figure.
P RICES UNITED STATES P A P E R .

.— 6’s 18S1.— ,
Coup.
Eeg.
110£
111}
111}
in }
112}
112}
111
110
109}
110}
109}
109}
110}
110}
111}
111}
111}
111

D ec 3 1 ,...
7 .........

Jan.
“
“
“

1 4 .........
2 1 ,____
2 8 ,...
Feb. 4 .........
“
11.........
“
18.........
“ 2 5 .........

5’s, 1874.
300
100
102
99
98}
99}
102
103
102

6 per ct.
6 per ct., 5 per c t
HMD’s. 1 year certit.
5-20’s.
108}
109
110
108f
108}
109}
109}

H it
111}

101f
102
102}
101}
100}
101}
102}
102}
102}

96}
96}
98
97}
98
97}
98}
98}
98}

Gold.
price.
2 2 9 }a
227 a
217} a
197} a
113} a
209 a
2 0 4 }a
204 a
1 9 8 }a

229}
227}
221
206
220
214}
209
205}
199}

The price of the 5-20’s abroad was from 50 to 50}, February 10. The price
of gold has gradually declined through the month, as the successes at Fort Fisher,
Charleston, Columbia, Wilmington, &c., have been announced. The specie
movement through the month is as follows :—
SPECIE AND PRICE OF GOLD.

1 8 6 4 . --------------- ,

Received.

Jan.

7,...

$ 25 4 ,2 3 0

1 4 ,...

21,...
2 8 ,...
Feb. 4 , . . .

«<> 11,. ..

M 1 8 ,...
U 2 5 ,...

279,801
365,608
324,864
363,198

Exported.

,----------------------------------- ----------- 1 8 6 5 .

Received.

$ 590,262 $1,1 48 ,8 5 0
1,216,204
383.519
1,985,057
60,268
1,000,000
511,019
668,747
662,616
1,219,808
264 ,32 2
325,632

Exported.

Gold in Bank. Prem on gold.

$594,353 $20,15 2 ,8 9 2
1,046,251
21,357,608
329,833
20,211,569
997,136
18,896,085
19,682,308
478,777
370,753
20,297,346
100.882
20,682,319
148,536
20,092,3 8

127
117}
97}
113}
109
104}
104
198}

a 127}
a 121
a 106
a 120
a 114}
a 109
a 105}
a 199}

The shipments of specie from California, since the first of January, have been
as follows:—
January 4 . . .Per Constitution— To England.............
To New York . . . .
To Acapulco...........
To Panama.............

$922,219
511,088
8,000
15,000

81
55
00
00

10 . . .Per Light of the Age, to Hongkong...............................
10___ Per Bavaria, to Hongkong.................................................
1 3 ... .Per Sacramento—To New Y ork ..........
$610,226 47
To England.............
338,204 80
To Panama............
65,000 00
To Acapulco.........
34,500 00
1 4 . . . .Per Passing Cloud, to Hongkong

$1,456,359 36
100,386 98
20,870 00

1,077,931 27
37,639 77

Total since January 1 .........................................................................
Corresponding period 1864................................................................

$2,693,187 33
3,287,316 78

Decrease this y e a r .............................................................................

$594,129 45

The following is the amount of the imports and exports of precious metals
from and to France during the whole year of 1864, compared with the two pre­
ceding years:




1 8 6 5 .]

Commercial Chronicle and Review.

211

GOLD IMPORTED FROM FRANCE.
1864.

1868.

Francs.

Bullion.................................................
Coin......................................................

Francs.

1862.

Francs.

110,093,766
868,902,257

83,266,419
286,467,018

119,011,128
282,815,419

463,996,023

369,733,434

401,826,547

GOLD E X PO RT ED FROM FRANCE.

Bullion ..............................................
Coin......................................................

32,810,523
810,926,420

86,117,505
271,638,705

41,457,399
195,331,509

843,736,943

357,756,210

236,788,908

SILVER IMPORTED FROM FRANCE.

Bullion.................................................
Coin......................................................

63,414,422
204,314,972

27,564,966
133,435,279

27,496,401
103,939,191

267,729,394

161,000,245

131,435,592

SILVER EXPORTED

Bullion.................................................
Coin......................................................

FROM FRANCE.

134,106,666
175,739,091

126,123,911
103,216,950

116,051,205
101,564,700

809,845,757

229,340,861

217,615,905

The countries from which the imports came, and to which the exports went in
1864, were the following:
GOLD.

-------------- Imports.-----------------,
Bullion.
Coin.
francs.
francs.

England......................
Belgium......................
Zollverein...................
Kingdom of Italy.. . .

103,7 30,-838
267,570
191,790
4,023,690

Switzerland...............

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

Roman States............

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

Turkey.......................

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

Egypt.......................

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

United S t a te s ...........
Other countries........

342,000
1,537,878
110,093,766

137,567,460
8,764,773
67,832,400
77,782,965

,----------- Exports.----------- *
Bullion.
Coin
francs.
francs.

66,480
67,314
15,969
3,160,200
29,067,990

483,300
61,471,359

432,570

17,918,394
5,544,252
3,188,367
132,033,300
38,866,563
21,853,278
3,420,000
961,200
59,468,100
46,800
27,626,166

353,902,257

32,810,523

310,926,420

SILVER.

,----------------Imports.---------------- »
Coin.
Bullion.
francs.
francs.

»-------------- Exports.-------------- »
Bullion.
Coin.
francs.
francs.

England.....................
Belgium......................

24,939,234
5,320,016

14,520,356
15 378,840

6,964,702
10,221,752

Russia......................
Zollverein................

432,367

35,739,318
85,596,765
39,426,244

203,327
940
1,883,600

Spain...........................
Kingdom o f Ita ly .. . .
Switzerland...............
7 u rkey.......................
Egypt..........................

26,443,864

British India.............
China...........................
United States.............

Other countries.......




64,975,8.10
6,396,400

19,240,828
19,254,668
500,000
6,349,100
1,122,015
8.698.400
552,421
72,200
4.873.400
67,802,000
6,709,000

6,278,941

291,600
13,361,819

43,460,145

40,565,059

63,414,422

204,314,972

134,106,666

175,739,091

212

Journal o f Banking, Currency, and Finance.

[March,

Turning the preceding totals for 1864 into American money, we find that:
The imports of gold w e r e .......................................................
The exports of gold w ere........................................................

$92,249,200
68,747,385

Excess o f imports.............................................................
The exports of silver were.......................................................
The imports of silver were......................................................

$23,501,815
$61,969,150
53,545,875

Excess o f exp orts.............................................................

$8,423,275

Deducting the excess of silver exports from the excess of gold imports, it
appears that during the year 1864, the stock of precious metals increased by
$15,078,530. As to the amount sent to the East, it was $11,893,620 in gold,
and $974,680 in silver to Egypt; $26,555,560 in silver to British India; and
$2,621,080 in silver to China.
The rates of exchange since the first of January have been as follows :
KATES OF EXCHANGE IN GOLD.

London, 60 days.

Jan.
“

7
14
21
28
Feb. 4

“
tt
tt

1081
1 08 *
108*
1084
108
11 108*
18 107
25 108

a
a
a
a
a
a
a
a

109*
109*
109*
1094
109*
109
10Sf
1 08 *

Paris, 130 days. Amsterdam.
5 .1 8 J a 5 .1 5
4 1 * a 41|
5 .1 8 J a 5 .13| ■ 4 1 * a 4 1 *
6 .1 8 4 a 0 •13|• 4 1 * a 4 1 4
5 .2 0 a 5 13| 41 a 4 1 *
5 .2 1 * a 5..15
41 a 4 1 *
5 . 2 3 f a 5.,15 404 a 4 1 J
5 .2 7 * a 5..20 4 0 * a 4 1 f
6 .2 7 * a 5.,184 4 0 * a 4 0 *

Frankfort.
41* a 41*
41 a 5 1 *
4 1* a 41*
41 a 4 1*
41 a 4 1 f
404 a 4 1 *
4 0 * a 41
4 0 * a 41

Hamburg.
3 6§
3 6*
8 «f
36*
36
354
354
3 54

a
a
a
a
a
a
a
a

36*
364
364
36|
36*
36*
36*
36*

Berlin.
a
a
a
a
714 a
71f a
71* a
71* a
72
72*
73
72

724
72|
72f
72*
72
72*
72
72

JOURNAL OF BANKING, CURRENCY, AND FINANCE.
New York City Banks and the National System—Defects of the National Law—Bank Notes a
Tender for Bank Debts—This is a defect, and is interfering with the re-organization o f the New
York City Banks— Are Certified Checks Circulation?—United States Securities Exempt from
Taxation; Decision of U. 8. Court—How to avoid this decision—Mr. M‘Culloch Secretary of the
Treasury and Mr. Clark Comptroller o f Currency—City Banks Eeturns—Returns o f Bank of
England and France.

So far as the New York City Banks are concerned, the movement, looking to
a change from the State to the National system, has made no progress during
the month. The more the law is examined the more defective it appears, and,
therefore, prudence leads these old institutions to hesitate before entering into a
common fellowship with the new organizations. Many of these defects grow out
of, and are inseparably connected with, our paper money system ; but others are
simply mistakes in the law itself. We have frequently referred to the peculiar
features of this Bank circulation. The one which requires every National Bank,
no matter where it is located, or what its condition, to receive for its debts the
bills of any other National Bank, is certainly an error, and likely to .interfere
with the organization of first-class institutions on that basis. How can a bank
be safely managed and yet be compelled to receive notes which may be at all
shades of discount in payment of its debts ? There are now, for instance, eight
hundred and forty National Banks authorized, having a capital of $189,449,736,
and $93,666,380 of circulation. This circulation is increasing nearly a million




1865.]

Journal o f Banking, Currency, and Finance.

213

of dollars a day. Suppose it should continue to increase, and legal tenders dim­
inish, until the latter are worth a premium in the open market—a circumstance
which is very likely to happen,—it would follow, as a matter of course, that
every man owing any debt to a National Bank, would pay it in National Bank
notes. When this occurs, in all probability there would be a want of “ uniform­
ity” in the value of such notes, for those of the most distant or inaccessible
banks will be least desirable and most depreciated. In that case, of course, the
notes that were the most depreciated would be selected to pay with, and the
bank must lake any such note that may be offered. What shall the bank do
with them? Sell them? That will only add to the depreciation and increase
the trouble. The process of sending for redemption will be troublesome when­
ever there is such a crisis. Any National Bank therefore, no matter how well
it is managed, may be over-loaded, by this operation, with the bills of far distant
backs, which it must receive but cannot disburse 1
We refer to this defect now, because it is one that is at present preventing the
reorganization of some of our soundest and safest State institutions under the
National law. In the meantime, Government appears to be attempting to
coerce all old banks into the new system. There is now a bill before Congress
which has, we believe, passed the House, laying a tax often per cent on all cir­
culation of State Banks, after January 1st, 18G6. This provision, if it becomes
a law, is intended, of course, and will operate so as to force the withdrawal of
all bank circulation except the notes of the new National institutions. This will
decidedly affect the profits of country banks, but those in this city can afford to
be indifferent to the mere question of note circulation. The issues of few city
banks have paid expenses, and none have supplied a profit at all equal to the
care and trouble of preparing and protecting them. New York being the finan­
cial centre of the country, all currency at par here is at once picked up the
moment it is set afloat outside, and returned to its source. If the city banks
were forbidden to issue any more bank notes, they would not grumble seriously,
and could readily make arrangements to do without.
But a more serious matter is the attempt to class certified checks under the
head of circulation, and tax them accordingly, even where they are returned
through the Clearing-House the next morning. Commissioner L ewis has decid­
ed that the law is to be interpreted in this manner. He claims that the act is so
specific he has no option. There is certainly reasonable ground for his decision,
and yet we do not believe it is right.
The act reads as follows:
4

“ There shall be levied, collected and paid a duty of one-twelfth o f one per centum
each month upon the average amount of circulation issued by any bank, association,
corporation, company or person, including as circulation all certified checks and all
notes and other obligations, calculated or intended to circulate or to be used as
money.”

These certified checks are not “ intended to circulate or to be used as money.”
They are simply a convenience to the banks and their customers, and are ex­
changed at the Clearing-House the next morning. Checks that are not certified
might with equal reason be considered as intended to be used as money, and so
taxed under the words “ other obligations” “ issued b y” a “ person.” Besides,




214

Journal o f Banking, Currency, and Finance.

[March)

such a decision should not be made unless the law is so clear as to absolutely
compel it. for, if persisted in, it will require an entire change in the methods of
business. The first effect, as the Journal of Commerce well says, will be to cut
off from young men without capital the chance of succeeding in competition with
wealthy firms in any business requiring large payments. The actual possession
of wealth is Dot needed for much of the business of the city, where immense sums
are handled without any serious risk. All that is required is confidence. This
may rest on integrity and capacity, which is a much better foundation than the
mere possession of money. That form of business which allows the virtuous and
enterprising to build their fortunes on moral worth instead of a moneyed capital,
is a great conservator of public morals, and a direct stimulus to the acquisition
of an honorable character. A young man who has this invaluable possession,
can now enter any avenue of success which is open to human enterprise. He
may deal in millions daily, his disbursements preceding his receipts, but both
meeting alike in the daily settlement. He must often pay for stocks, bonds and
other property before receiving a transfer to himself. As soon as he obtains the
transfer he delivers these to his employers and obtains the means of squaring bis
own account. The certificate of the bank is the bridge over a gulf which would
otherwise be impassable to him. He obtains this certificate because of the con­
fidence the bank has in his integrity and capacity. The man of wealth, it the
business were confined to him, would not pay the money ; he would give a check,
without having it certified, which would be accepted by the seller because of his
known capital or possessions. Both alike trade on confidence ; in the former
case it is based on character, in the latter on the mere possession of property.
But it may be said that, after years of trial, the character of the poor man
might become as widely known as the wealth of the capitalist, and thus both
have the same facilities. This might be true to some extent, but the years of
waiting give the other all the advantage. Besides, the very effort to acquire a
reputation would be almost precluded by the obstacles thus placed at the outset
ol the poor man’s career. The truth is, that much of the financial legislation of
the last two years, whether so intended or not, is, according to our opinion, ad­
apted to make a rich man richer, and a poor man poorer ; to divide the popula­
tion into permanent classes after the manner of the old world, and to lessen the
chances for the enterprising in the lower relations to struggle upward or to make
any improvement in his condition. This may be sustained where the people are
governed, but it can hardly be successful where they are left to govern ; and there
will be a terrible reaction to the other extreme, if it is persisted in until the
nature of the struggle is thoroughly understood by those whose interests are
thus wantonly disregarded.
The provision of the law, exempting United State securities from State tax­
ation, belongs to the class of legislation tending to make rich men richer. It
will be remembered that the New York State Legislature, at its session in 1863
(chap. 240, laws of 1863), passed an act for the purpose of avoiding this' exemp­
tion, so far as banks were concerned, by taxing their capital no matter how it
might be invested. The act was in these worus:
Section 1.— All banks, banking asbociations, and other moneyed corporations and




1 8 6 5 .]

Journal o f Banking, Currency, and Finance.

215

associations, shall be liable to taxation on a valuation equal to the amount o f their
capital stock paid in, or secured to be paid in, and their surplus earnings (less ten per
cent o f such surplus,) in the manner now provided by law, deducting the value of the
real estate held by any such corporation or association, and taxable as real estate.

Under this law the capital of the Banks was taxed as heretofore.
This tax was, however, resisted so far as their capital was invested in United
States securities, and an action was brought to test the question, which has now
been decided by the United States Court in favor of the Banks, and these monied
institutions thus become free from State and city taxation to the amount of
several millions of dollars. This decision is an important one, and shows how
unwise it is in Congress to exempt the national securities. We believe that it is
best both for the State and the holders of the bonds that the only restriction
should be upon discriminating taxes. Congress might enact that no higher taxes
should be exacted of United States securities than of capital invested in other
forms. This would be ample protection for the general government. But to
allow all that portion of the capital owned iD the State and protected by State
laws, to escape any contribution to the State expenses, because it is invested in
national securities, seems like injustice to other property holders, and will tend
to create a feeling against the securities thus exempted among those who are
unable, or do not for other reasons, hold them.
The State authorities now must be very ingenious to adopt any system by
which this tax may be imposed. We can think of no way of avoiding this pro­
vision except by requiring an annual license fee of all bank corporations, which
should be proportioned to their capital. This system could be made to furnish
the same amount of funds as the other tax.
It is now decided that Mr. McCulloch, the present Bank Comptroller, will
succeed Mr. F essenden in the Office of Secretary of the Treasury. He was
born, it is stated, in Kennebunk, Maine. Previous to being called to the Comptrollership of the National Currency Bureau, he was President of the State Bank
of Indiana, which is the largest monied institution in the West, having a capital
of nearly three and a-half millions of dollars, and nine branches located iDdifferent
parts of the State.
Mr. F reeman Clarke, who will probably succeed Mr. McCulloch as Comp­
troller of the Currency, is a practical financier. He represents the Twenty-eighth
district of this State in the present Congress, which is now near its close. He
is owner and President of the Monroe County Bank at Rochester, which has a
capital of $100,000, and a circulation of $85,800. In the war now waging
between the old and the new banking system, it will probably be somewhat diffi­
cult for Mr. Clarke to make up his mind which side to take, as long as his own
Bank continues to operate under the State laws.
The city Bank returns, the past month, of Philadelphia and Boston show the
effects of the change that is being made from the State to national system. In
New York the returns are made as usual, and very few of the Banks have actual
reorganized under the United States law. In Philadelphia all the Banks are
included in the weekly statement, but the growth of the national system is seen
in the decline of specie and the increase of circulation :




Journal o f Banking, Currency, and Finance.

216

[March,

N E W Y O R K BANKS.

N ew Y

ork

B a n ks.

Date.
D ec.
“
Jan .
u
«(

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

u
F eb .
«
a
tt

{Capital, Jan., 1 8 6 4 ,1 6 9 ,4 :9 4 ,5 7 7 ; J a » .,1 8 6 5 , $ 6 9 ,6 5 8 ,7 3 7 .)

Clearings.
Circulation. N et Deposits.
Loans.
Specie.
$20 3 ,5 1 2 ,0 93 1120,600,441 $3,383,346 $153,8 0 5 ,9 09 $ 593,336,137
471,039,253
147,442,071
8,283,832
199,444,969
19,662,211
635,055,671
147,821,891
8,183,526
20,152,892
195,044,687
538,780,682
148,931,299
8,074,029
189,686,750
21,357,608
611,19 4 ,9 0 7
146,068,355
2,979.851
187,060,586
20,211,569
656,828,378
143,842,230
2,906,194
169,502,630
18,174,316
663,814,434
152,703,316
2,868,646
185,639,790
19,682,308
156,711,166 584,179,409
185,515,904 20,297,346
2,821,996
156,150,634 518,305,222
2,855,982
186,865,126
20,682,319
153,948,481 481,028,121
2,739,383
183,534,735 20,092,378
PH ILA D E LP H IA BANKS.

{Capital, Jan., 1 8 6 3 , $ 1 1 ,7 4 0 ,0 8 0 ; 1 8 6 5 , $ 1 3 ,31 5 ,7 2 0.)

P h il a d e l p h i a B a n k s .
Date. 1865.
Loans.
Jan .
“
“
“
“
F eb .
“
“
“

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

$48,05 9 ,4 0 3
49,2 50 ,6 2 9
4 9,833,799
4 9,755,716
60,056,584
50,269,473
4 9,511,683
48,639,386
4 8,992,272

Specie.

C irculation .

D eposits.

Legal tenders,

$1,803,583
1,781,108
1,760,669
1,792,891
1,773,266
1,702,776
1,629,957
1,569,223
1,498,644

$2,798,468
2,978,035
3,228,785
3,606,051
4,010,192
4,893,173
4,660,697
4,866,771
5,077,436

$39,845,963
41,001,803
43,121,208
4 0,186,513
69,822,860
38,496,337
37,340,531
37,141,900
39,011,100

$14,524,175
15.297,223
17,003,905
15,939,598
15,572,893
14,000,852
14,295,547
13,922,954
15,398,502

The following are the returns of the Banks of Boston, except those which
have reorganized under the national law. They make no returns. Their cir­
culation is said, however, to be included in these figures:
BOSTON BANKS.

B oston B a n k s . { C a p i t a l , J a n ., 1 8 6 3 , $ 3 8 ,2 3 1 ,7 0 0 ;; J a n ., 1 86 5 , $ 2 2 ,3 5 0 ,0 0 0 .)
Loans.
Specie.
Circulation.
Deposits.
Date. 1865.
$46,312,701
$3,484,323
$ 7,766,888
$ 23 ,086,775
January 2 ..........
33.7 07,472
2,903,469
“
9 ..........
7,803,528
16,772,600
“
1 6 ..........
7,529,229
33,444,460
2,862,939
16,926,720
33,160,490
2,797,093
7,126,253
“
2 3 ..........
16,058,310
“
3 0 ..........
83,025,868
2,659,568
6,792,950
16,343,192
26,609,695
2,245,510
6,581,880
..........
February 6
12,641,033
23,609,664
“
1 3 ..........
2,087,995
6,345,912
11,031,733
23,633,879
“
2 0 ..........
2,039,669
6,094,370
10,621,322
22,872,774
1,932,769
5,912,800
“
2 7 ..........
9,789,000

F o r comparison we give the returns o f the Boston Banks for the same period
during 1 8 6 4 :
Date.

1864.

January 4 ..........
“
“
“

1 1 ..........
1 8 ..........
2 5 ..........
February 1 .........
“
8 ..........
“
1 5 ..........
“
2 2 ..........
“
2 9 ..........

Loans.
$76,805,343
7 7,747,784
75,877,427
7 4,146,000
73,959,175
71,765,122
7 1,088,849
7 1,074,000
7 2,189,003 •

Specie.

Circulation.

Deposits.

$7,603,889
7,531,195
7,464,511
7,440,000
7,385,413
7,265,104
7,224,924
7,215,500
7,179,810

$ 9,625,043
10,185,615
9,963,389
9,729,000
9,660,163
9,579,020
9,741,471
9,411,000
9,371,440

$32,525,679
31,524,185
31,151,240
30,893,000
30,655,782
30,030,292
30,412,647
31,831,000
33,155,888

In January, 1864, the capital of these Banks was eight millions, and in January,




18 65 .]

Journal o f Banking, Currency, and Finance.

217

1865, it was only twenty-two millions, and on the 28th of February it was re­
duced to eleven million six hundred thousand dollars, the difference showing the
extent of the change to National Banks that has been made.
Below are the quarterly returns of the Banks of the State of New York :
RETDRNS OF THE BANKS OF N EW YORK STATE.

Resources.
Loans and discounts...........................
Overdrafts..........................................
Due from banks......................... .
Due from directors...........................
Due from brokers................................
Real estate..........................................
Specie ................................................
Cash ite m s..........................................
Stocks, promissory and U. S. 7 3-10
notes and indebtedness certificates
Bonds and mortgages.........................
Bills of solvent banks and United
States demand notes ...................
Bills of suspended banks.................
Loss and expense accou nt...............
Add for cents......................................
Total ..........................................

Dec. 26,1863.

March 12,1834.

Dec. 31, 1864.

$193,781,315
642,708
21,713,285
7,053,713
10,976,763
8,627,977
26,685,669
59,645,949

$200,399,286
536,926
23,753,048
8,521,359
22.146,592
105,350,120

$196,649,24 6
866,154
22,916,061
9,226,712
11,042,835
8,142,807
20,239,286
92,514,882

102,346,931
5,473,517

117,169,241
4,915,315

120,459,776
4,073,797

25,239,319
302
1,480,437
903

33,159,241
245
785,854
910

20,261,810
2,643
2,260,786
877

$445,638,312

$516,727,137

$488,388,125

$109,535,785
36,934,255
21,269,188
43,124,671

$109,370,105
30,974,850
18,724,700
55,613,860

$106,690,761
31,180,546
28,345,347
45,205,682

3,307,015
5,388,155
222,645,314
3,433,424
510

6,604,308
3,813,957
291,662,726
2,962,113
518

2,107,764
3,144,210
269,042,097
2,671,197
521

$445,638,312

$516,727,137

$488,388,125

Liabilities.
Capital..................................................
Circulation...........................................
Profits..................................................*
Due b a n k s ..........................................
Due individuals and corporations
other than banks and depositors..
Due Treasurer State of New York.
Due depositors on demand...............
Due oth’s not included in above heads
Add for cents......................................
Total............................................

The following is a statement of the leading features of the Banks of the State
of New York for a number of quarters, showing the movements of the Banks
since the beginning of the war :
Circulation.

September, 1861___
March, 1862.................
June, 1862.................
September, 1862___
December, 1862 . . . .
March, 1863...............
June, 1863 .................
September, 1863........
December, 1863.........
March 12,1864...........
December 31, 1864..

$23,015,148
28,330,973
33,727,382
37,557,373
39,182,819
35,506,606
32,261,462
33,428,230
36,934,255
30,974,850
31,180,546

The last quarterly statement of
returns as follows:
VOL. LI1.---- NO. III.




Deposits.
$111,895,016
121,988,259
150,438,244
186,390,795
191,637,897
221,544,347
218,717,725
233,611,282
222,645,314
291,662,726
269,042,097

Specie.
$38,089,727
34,301,092
82,882,693
39,283,981
37,803,047
86,802 438
40,250,309
31,071,759
26,685,669
22,146,592
20,239,286

Discounts.
$176,055,848
162,017,987
184,501,261
165,584,063
178,922,536
183,864,089
183,617,438
203,462,460
193,781,315
200,399,286
196,649,246

Banks of Ohio compare with the previous
14

218

Journal o f Banking, Currency, and Finance.
Aug. 1,1661.

Capital stock .
Specie,...........
Eastern depos.
Loans.............
Circulation....
Deposits . . . . .

$5,589,760
2,199,825
2,113,219
10,358,951
8,800,081
8 ,920,932

Aug. 1,1862.

Aug. 1,1863.

N ov. 1, 1864.

$ 5,602,000
8,384.932
3.353,592
11,087,323
9,973,832
8,698,426

$6,1 77 ,5 0 0
2,390,933
2,149,806
10,435,932
6,915,475
11,283,209

$4,4 08 ,8 2 0
1,180,802
1,485,831
9,426,994
5,116,471
11,115,813

[M arch*
Feb. 1, 1865.
$3,8 08 ,6 5 0
582 ,87 0
1,375.522
8,294,312
3,762,918
8,754,887

To a large extent the reduction in the figures in the last report is attributable
to the transfer of a number of State Banks to the national system.
The current of money which the raising of the rate of interest by the Bank
of England and Bank of Prance caused to set towards those institutions, has
continued to fill up the money reservoirs, and been followed by further reduction
in the Bank rates. The latest returns of the Bank of France, however, are less
favorable, and as the leading cause that underlies the money difficulties of the
Paris and London markets is still at work, we must expect soon to see a return
to higher rates. The following are the returns of the Bank of England :
THE BANK OF ENGLAND RETURN'S.

Date.. 1865.
D ec.

«
«
Jan.
«

it

“

Feb.
“

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

Circulation.
20,118,116
19,669,832
19,669,007
19,810,455
21,007,215
21,012,778
21,223,848
2 0,614,794
20,9 98 ,4 7 8
2 0,743,805

Public
Deposits.
6,468,544
7,161,719
7,694,616
8,601,125
8,500,269
4,445,535
4,186,614
4,836,799
5 ,541,452
6,252,892

Private
Deposits.
12,666,764
1 2,267,474
12,927,807
13,040,643
13,874,977
16,174,166
14,658,015
14,553,933
14,447,994
13,814,063

Securities.

Coin and
Bullion.

28,726,674
28,301,608
29,326,027
3 0,7 08 ,0 8 3
32,832,904
30,957,880
29,292,273
29,173,458
3 0,040,983
2 9,908,102

13,840,691
14,122,711
14,307,760
14,1 00 ,9 7 4
13,933,592
14,097,390
14,168,227
14,317,215
14,461,224
14,511,611

Rate of
Discount
7 per c t .
6
“
6
“
6
“
6
“
bi “
64 “
5
“
5
“
5
“

Below we give a summary of the new companies formed during 1864 in Great
Britain :
BAN ES, INSURANCE, AND

MISCELLANEOUS

COMPANIES

DURING

Banks........................................
Finance and discount...............
Manufacturing and trading..
Railways....................................
Insurance ..................................
Shipping....................................
Hotel.........................................
Mining........................................
Gas..............................................
Miscellaneous............................

FORMED

IN

G REAT

No. of
c o ’s.

Capital
created.

Capital offered
for subscription.

Deposits.

19
26
78
1C
11
21
22
41
6
48

£ 2 5 ,6 0 0 ,0 0 0
38,160,000
88,195,000
1 2 ,5 )0 ,0 0 0
9,200,000
14,800,000
1,990,000
4,189,500
1,280,000
9,973,000

£ 1 6 ,3 0 0 ,0 0 0
23,560,000
29,210,000
6,800,000
4 ,925,000
11,260,000
1,950,000
3,268,000
880,000
8,333,000

£ 1 ,6 81 ,0 0 0
2,213,750
3,608,500
848,000
585,000
9 97 ,60 0
397,700
775,250
179,000
1,366,000

£ 1 5 5 ,8 8 7 ,5 0 0

£ 10 6 ,5 2 3 ,0 00

£ 1 2 ,5 4 5 ,8 0 0

282

In addition to the above, new capital has been created in the year
1864, by companies in existence prior to 1864, amounting to...........
£ 7 ,8 4 4 ,0 0 0
Of which there was called up.
And premiums paid on allotment by the shareholders..
3,8 3 9,83 3
Total paid u p ................................................................. £11,683,833
Putting these figures together— The capital created i s .........................
Offered for subscription.......................
Paid up.................................. .................




BRITAIN

1864.

£ 3 5 ,31 5 ,0 0 0

1 9 1 ,20 2 ,5 0 0

145,677,833
2 4,2 2 9 ,6 8 3

2.865.]

California,.— Iler Productions, Trade, & c.,for 1864.

219

The following are the returns of the Bank of France:
BANK

December 8
“
15
«
22
«
29
January
5
«
12
((
19
<(
26
February 2
«
9

OF

FRANCE.

Loans.

Specie.

C irculation.

fr.566,921,053
586,521,738
561,603,376
597,157,830
690,129,259
677,690,909
667,121,414
642,779,237
651,375,290
636,803,905

fr.355,640,597
351,562,024
864,008,378
359,969,767
330,071,913
314,771,593
318,170,064
322,119,477
318,454,492
839,240,543

fr.722,291,475
739,383,125
721,487,475
726,212,275
790,526,625
806,325,675
817,443,275
808,283,925
812,425,525
805,966,575

Deposits. Interest,

fr.178,968,028
161,270,492
153,193,515
171,321,867
190,488,131
153,188,384
142,120,960
139,123,008
143,430,627
153,039,752

5
5

4*
a
4i
4i
4

CALIFORNIA.— HER PRODUCTIONS, TRADE, ETC., FOR 1M4 *
T he past year in California has been somewhat remarkable in its character, a
universal drought having prevailed of so long continuance as to transform the
State from the position of a large wheat-growing and grain-exporting country,
to our exporting, to some extent, wheat and grain from Oregon, Chili, and else­
where ; prices that for a series of years ruled comparatively low, and consequently
invited large buyers-from England, China, and Australia, having so changed
during the last six months as to induce shipments for California. Two entire
cargoes of flour, one of wheat and two of barley, were received towards the close
of the year from Chili, and six more cargoes were then known to be on the way
During the fall and winter free supplies of flour, wheat, and barley were also re­
ceived from Oregon, and oats and potatoes from Humbolt, large quantities of
corn and barley from the southern coast, San Pedro, etc., and corn meal, wheat
flour, etc., from New York.
Prices now, however, do not rule as high, and the heavy rains of November
and December have made the prospects for the coming crop very flattering. The
ground is well saturated by the abundant rains, and farmers are busy in all di­
rections determined to put into the ground the greatest possible amount of seed.
EXPORTS

OP M E R C H A N D IS E .

This department of trade during the past year has greatly exceeded expecta­
tions. Early in the season the most gloomy forebodings were indulged in con­
sequence of the severe drought we have referred to. The deficient product of
breadstuff's soon elevated prices beyond the range of export limits, and the with­
drawal of this leading item, it was believed would render necessary a large in­
crease of treasure shipments to supply the necessary remittances. While, how­
ever, it is true that more than the usual amount of treasure has been exported,
it is also true that the clearances of merchandise and other products of this coast,
* In the San Francisco Mercantile Gazette and Prices Current, of January 12, is a
detailed statement and review of the trade and productions of California the past
year, to which we are in great indebted for the facts and figures contained in this
article.




220

California.— H er Productions, Trade, dec., fo r 18 6 4 .

[March,

have been considerably in excess of 1863. The falling off in exports of grain
and flour has been $411,000, while the aggregate increase upon all has been
$394,353. This fact furnishes the gratifying evidence that the resources of that
coast have now become so varied, and in process of growth and development, so
rapid, that serious disaster occurring to so prominent an interest even as agricul­
ture, although it may check, cannot stop the visible progress and expansion of
the commerce of the State.
The following shows the destination and value of exports during the past three
years :
EXPORTS

To
New Y ork................................
Boston......................................

oy

M E R C H A N D IS E .

1862.

Great Britain................. .......
Australia........................ ........
British Columbia...................
Mexico ....................................
Peru.........................................
China............................. ..........
Hawaiian Islands...................
Japan.......................................
Other countries.......................
$10,565,294

1,697,822
487,685
1,746,801
1,819,652
216,206
1,246,254
357,369
43,901
920,584

1864.
$3,399,143
1,532,021
235,000
955,858
579,746
1,510,689
2,215,614
247,128
1,374,106
659,485
49,337
513,678

$13,847,399

$13,271,752

1863.
$2,737,435
1,505,690

The great deficiency in breadstuff's has been made up by the increased clear­
ances chiefly of copper and silver ores, quicksilver, wool, etc.
It will appear from the foregoing that the exports to New York have largely
increased. This increase consists in the main of the more valuable articles of
domestic products—wool, hides, and copper ore—which are rapidly growing in
importance. Mexico shows an increase, taking largely of goods of almost every
description, particularly machinery and its requisites for the working of the
mines in that country, and provisions for the laborers engaged. With the
Hawaiian Islands the exports have very nearly doubled those of last year. The
two lines of vessels engaged in that trade meet with quick despatch and full em­
ployment. China also shows a marked degree of improvement. The merchan­
dise exports to that country consists principally of flour and quicksilver. The
treasure list is $3,600,000, greater this year than last. Australia shows an in­
crease consisting principally of breadstuffs shipped during the early part of the
season. With Victoria, V . I., trade has fallen off considerably, owing to the
fact that this is a free port, and likewise receives a large quantity of goods from
the mother country direct.
The aggregate value of exports of all descriptions from the port of San Fran­
cisco for the three past years was as follows :
1862.

1863.

1864.

Treasure.........................................
Merchandise..................................

$42,561,761
10,565,294

$46,071,920
12,877,390

$55,707,201
13,271,752

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

$53,127,055

$58,949,319

$68,978,953

It will be seen from the foregoing figures that the combined exports of treasure




I 860.]

221

California.— H er Productions, Trade , dec., fo r 1864.

and merchandise in 1864 exceeded those of 1863 by more than 810,000,000.
From this excess, however, is to be deducted $5,000,000, sent away by the SubTreasurer in San Francisco for Government purposes, the same being a portion
of the amount realized by the collector of this port from duties on imports.
We give below in detail the exports of merchandise the last three years to
China and the Sandwich Islands:
EXPORTS FRO M CALIFORNIA TO CHINA AND SANDWICH ISLANDS.

Articles.
Abalones . . .
B arley...........
Beans ...........
Bran...............
Bones........ ... ..
Bones............. ..............No.
Bread ............. ............ bbls.
B rea d .............
Bread ...............
Broom s ..........
Fish .................
** .................. .............. bbls.
U

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

“ dried,. . .
“ salmon, .
F lou r .............
H ay .................
Lime ................
Lumber ..........
Lumber ..........
Shingles . . . .
Leather .........
O a ts ...............
Potatoes.........
Quicksilver .
W h eat. . . . . .
W ool ...............

,— To Sandwich Islands.— %

,_______ -To China, ________,
1862.

1863.

1864.

1862.

1,422
6 00
82
,,,,
2,681

in

8,196
100
1,393
....
3,871
....
...
....
888
82

....
1,097
....
861
....
....
5
....
673

100
754
....
....
333
3,603
....
3,791
177

320
116
1,204

536
m- mm

....
....
' ....
827
176
....
281
80
116
60,955
35,946
21,451
350
779
188
....
....
,659,190 2,709,733 3,292,595
2,937
7,417
,,,,
• •••
....
... .
....
. ■« ■
5,510
1,239
250
3,512
358
9 ,4 7 0
8,880
18,908
8,735
186,610
62,7 72
37,191
80
. • ••
....

....

....
....
....
1,932
40
357
388,301
138
2,210
21
1,633
767
....
1,025
....

...

1864.

1863.

....
....
2 10
123
11
140
44
....
....
• • ••
....
....
22
4
....
....
828
926
....
....
100
45
561
726
6
83
....
....
....
....
4,536
3,591
12
30
1,955
625
7 72,794 1,213,158
298
....
3,365
2,028
11
7
538
1,364
2,438
2,732
....
....
493
....
. . ..
. • ••

IMPORTS OF MERCHANDISE.

It is impossible to give the value of the imports. A s is well known the bulk
of general merchandise consumed on the California coast is sent from eastern
home ports. No regular entries of it are made in the Custom House, as in the
case of foreign importations, and in very many instances consignees and importers
studiously conceal both the nature and value of the goods consigned to them.
We give, however, the following table showing the imports of leading articles:
IM PORTS FOR

1 8 6 4 O F LEADING ARTICLES

OF

MERCHANDISE

THE Y E A R ENDING DECEMBER

Articles.

Bags, grain..........
gu n n y............
gunny ............. ..b d ls
Eastern . . . . . .kegs
Boots and shoes........ . .pkgs
Building material—
B o o rs ................... ...N o
Blinds..................... ..bdls




1864.
640
5,304
1,007
10,469
100
39,815
6 6 ,4 1 8
1,616

AT

SAN

FRANCISCO

FOR

81, 1864.

Articles.

Sash . . .
Lumber, eastern & for’n .
. . . .bdls and pcs

1864.
6,686
41,6 27
4 29

..................... feet
585,915
domestic.. . . feet 112,447,120
Candles . .
Candles . .
C em ent.. .

90,632
79,7 86
8,806

222

California.— H er Productions, Trade, doc., f o r 1 8 6 4 .

.Articles.
Cigars.......................
Coal—
Anthracite . . . . .
Cumberlabd . . . .
Cumberland.........
English.................
Chili.....................
•Sydney................
V ancouyer Island • . . . .
Coast...................
Coffee—
Rio.........................
Costa Rica. . i . . .
Java.....................
Manila..................
Sandwich Island.
Cordage ...............
Corn.......................
Cornmeal, eastern..

Crockery <k glassware..pkgs
D ru gs......................
Dry goods and clothing—
............... bxs & C8
. . ..bales <fc pkg3
D u c k .....................
D u c k .......................
Eggs.........................
E ggs......................... .hf bbls
Engines, steam........ . . . . N o
Fire brick s.............
Fire crackers...........
Fish—
Cod......................
Mackerel, eastern... .b f bbls
S alm on ................ ...b b ls
Tongues and sounds, .kits
Flour, eastern.........
Chili.............
Chili.............
Fruits, sauces, etc.—
Apples, dried.. . .
Peaches, dried . .
........ bxs and cs
N u ts.............sks and bbls
......... bales and bags
Raisins.................
Other kinds.........
.cks and bbls
.. ..bxs and cs
Furniture...................




1864.
2,374
41,678
982
8,795
IS,331
2,824
21,162
12 745
11,485
4,636,769
1,611.126
565,652
2,797,908
14,721
1,390
12,602
1,944
755
155
979
2,975
60
25,234
61,727
24,897
25,444
470
50
1,145
20
30
65,900
141
11,915

Articles.
Hardware.. . .cks and bbls
•. . pkgs and pcs
H em p .........
H id e s........
Hops.............
Ice...............
Malt liquorsEnglish, b u lk ...........hhds
...........bbls
.............tcs
bottled............ cks
......... bbls
............. tcs
............. CS
Matting......... rolls and bales
Matches . . .
Metals—
Iron, p ig ..
b a r..
b a r..
sheet
sheet
plate
pipe. .................bdls
pipe.
variou s.............bdls
various................. cs
Tin plate. . .
Tin, p ig ........
Lead pipe.. .
sheet .
p ig . . .
bar . . . ................Pkg 8
Steel.............
.................bdls
............plates and bars
C opp er......... .pkgs and pcs
Copper.........
Sheathing m etal...............cs
Z in c .............

1,174
144
60
3,278
17,877
339
403 Molasses and syrup. . . . bbls
5 gal kegs
175
18,850 JNa ils............
28,625 .Naval stores—
Oakum . . .
Pitch. . . . ................. bbls
7,983
21
Rosin.........
Tar.............
150
249 Oil—
China . . . .
7,418
44,173
Coal...........
42
1,700
Cocoanut .
Lard.........
5,527
122,549
Linseed...
1,242
33,442

[March,
1864.
6,403
7,559
40,439
88,740
5,757
84,249
588
15
4,511
1,693
517
29
11,058
6,758
20
2,219
7,468
2,025
10,365
315,600
85,131
28,587
122
29.526
6,816
40,104
22,148
672
22,839
904
1,354
256
2,551
420
2,303
3,357
936
594
34
485
364
61
10,154
6,000
94,361
1,670
945
10
957
9,468
60
74,635
172
7,446
383
2,076
4,200

1 8 6 5 .]

California.— H er Productions, Trade, <fkc., fo r 1 8 6 4 .

Articles.

1864.
100

30
53
Olive................
12,484
Rapeseed . . . .
38
Whale............... . ...b b ls
17,549
Opium, Chinese..
334.900
2,548
Ores, copper . . . . .........bags
silver.........
4,634
Paints...................
11,370
P a p er.................
1,395
5,085
20,741
1,200
Plaster................
4,526
Powder . . . . . . . .
87,943
9,229
Provisions-Bacon, eastern, .hhds
1,241
624
.........bbls
55
B e e f................
92
Butter, eastern
56,171
C heese.........cks and bbls
116
51
bxs and cs
1,520
H a m s .............
1,731
........ bbls
2,393
18
Lard................
530
9,644
Pork, ea st.. . .
10,912
P u lu ...................
6,646
Quicksilver flasks
87,255
Rice, foreign.. . .
263,263
Rice, total lb s. . .
12,637,824
Railroad iron. . . .
46,091
Salt, co a rs e ........
2,793
2,368
ground........
50
Sardines...............
4,413
Soap.....................
23,718
6,566
17,166
S p ices...........mats and bags
1 ,8 6 6
.................cs and bxs
4,963
Spirits turpentine
872
Spirits— Absinth.cks & bbls
58
4,724
Alcohol.
3,994
31
5,115
Brandy.............
627
69
243
1,098
3,006
2,700
..........
460
2,838
Cider.............cks and bbls
199
14,769
Neatsfoot........




Articles.
Gin.......................
.........
pipes and cks
f pipes
Liquors, (including bitters) . . . .pipes and cks
Liquors............... .
Pure spirits.........
. ». .. . . . .bbls
R u m ...................
. . . .bbls
W hisky............... ....p u n
Starch .....................
Staves..................... .........No
Stoves .................... .........No
Stoveware . . .pkgs and pcs
Sugar, foreign......... . . .pkgs
total lbs
domestic . . .

Teas......................... ...p k g s
total lbs
Tobacco...................
. . .bbls

Wheat, Oregon.. . . . . .bags
Chili...........
White lead...............

Window glass........
Wines.......................

•octaves
W ood and willow ware.pkgs
. nests
. .doz
Yeast powder........

223

1864.

34
173
179
110
3,663
33
24,384
64
667
568
1,683
202
28
1,021
....
82
21,959
2,325
8,727
1,790
15,607
197,577
140,490
3,234
47,584
325,560
27,420,106
145
27
19,196
31
50,239
1,477,710
32
218
880
7,547
2,118
206
6,651
200
441
167
1,683
852
8,428
572
31
7,191
695
1,757
2,534
1,188
48,574
65,217
15,950
3,058
3,286
4,862
28

224

California.— H er Productions, Trade, dec., fo r 1864.
TONNAGE,

A R R IV A L S , A N D

[March

D EPARTURES.

The arrivals of tonnage from all quarters, during the past four years, and in
each of them, have been as follows :
Vears.

Vessels.

1861.........................
1862 ....................

Tons.

1,980
1,869

1 Tears.

Vessels.

699,233 I 1863.........................
634,7691 1864.........................

Tons.

1.S99
2,096

634,169
739,190

The following figures exhibit in gross the quarters whence the above arrivals
occurred, with the exception of whalers, which are included elsewhere :
From

1861.

Domestic Atlantic ports.'.....................
Domestic Pacific ports...........................

121,342
267,608
205,612

Foreign ports..........................................

1862.

1863.

1864.

119,936
261,703
250,211

114,963
253,017
268,909

120,064
283,389
325,057

Of the arrivals from foreign ports the larger portion is composed of steam
tonnage employed in the regular lines plying up and down the Pacific coast, and
is as follows:
Steamers.

Tons.

36
6
5
18
18
9

95,316
10,864
8,176
23.343
21,287
16,636

92

175,502

From Panama, P. M. S. S. Co.’s ....................................
From
From
From
From
From

Panama, Opposition Co.’s.....................................
San Juan del Sur, Opposition Co.’s ...................
Victoria, Holladay’s..............................................
Victoria, C. S. N. Co.’s ........................................
Mexico, Holladay’s ..............................................

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

We now give a detailed statement of the arrivals and departures exclusive o f
those from domestic Pacific ports and Panama :
E X H I B I T IN D E T A I L O F T H E C O U N T R IE S W H E N C E A R R I V A L S H A V E

OCCURRED

E X C L U S IV E

OF

TH OSE

F R O M D O M E S T I C P A C IF IC P O R T S A N D P A N A M A .

Years.
1860...
1861...
1862...
1863..
1864..

From
From From From
Dorn.Great Europe. China.
Atlan.
Briports, tain.
Tons.
Tons. Tons. Tons.
129.950 8,765
12,625 23,577
121,342 22,115
8,458 28,286
119,936 18,447
14,333 37,255
114,963
22,827
10,038 32,888
.
120,064
36,505
12,234 23,110
.

From From From Erom
From From From From
East South Central Mexico. Aus- Van- Pacific whalIndies.A m er-A m ertralia.couver Islands, ing
ica.
ica.
Island.
grounds.
Tons. Tons. Tons. Tons.
Tons. Tons. Tons. Tons.
6,453 4,383
930 10,174
8,735 42,2 <4 6,696 3,309
2,719 11,599 1,488 15,704 12,334 27,043 8,236 4,521
4,591 5,632 8,206 13,939 12,567 53,518 9,124 2,920
8.068 4,728 8,771 20,845 13,962 46,605 9,589 4,504
8,102 11,494 7,023 24,301 18,464 54,746 17,734 10,680

E X H I B I T I N D E T A I L O F T H E C O U N T R IE S T O W H I C H D E P A R T U R E S H A V E O C C U R R E D E X C L U S I V E OF T H O S E
T O D O M E 6 T IC P A C IF IC P O R T S A N D P A N A M A .

Years.
1860...
1861...
1862...
1863...
1864...

To
Dom.
Atlan.
ports.
Tons.
27,467
24,990
23,151
16,876
21,967

To
To
To
East
Great Cape o f To
Britain. Good China. Indies.
Hope.
Tons. Tons. Tons. Tons.
21,125 1,406 21.536 6,752
566 28,092 2,968
48,227
63,459 12,132
21,602
35,095 1*017 36,821 2,614
44,806 10,986
15,102

#

R E C E IP T S A N D

To
South
Amer­
ica.
Tons.
68,698
23,643
71,015
47,816
70,123

To
Central T o
Amer­ Mexico.
ica.
Tons. Tons.
1,844 25,173
1,376 29,092
2,985 17,309
9,498 26,213
10,145 31,155

EXPORTS

To
Aus­
tralia.
Tons.
19,229
21,945
6,466
10,580
10,095

To
Vancouver
Island.
Tons.
66,490
48,603
86,266
78,335
71,583

To
To
Pacific whalIslands. ing
grounds.
Tons. Tons.
10,810 2,967
8,9*0 2,835
9,633 2,718
11,783 4,756
21,082 9,578

OF T R E A S U R E .

The extreme dryness of the past year has also affected unfavorably mining
operations, and diminished the annual yield of the placers prior to the setting in
of the late rains. Now, however, from every point are heard encouraging re­




18 64 .]

225

California.— H er Productions, Trade, dkc., fo r 1864.

ports. According to the interior press, more gold is being washed out at pre­
sent than at any time before for the past eight years. The desolate and deserted
condition of some of the mining regions during the summer and fall is therefore
changed now to one of great activity. It is somewhat remarkable that the
general yield of the mines, notwithstanding this stopping of operations in the
placers, has not fallen off. This is owing to the fact that the deficiency of the
placers has been made up by the mills. Below we give the usual tables showing
the movements of treasure through the year.
The receipts of treasure at San Francisco from the interior have been as fol­
lows :
RECEIPTS OF

TREASURE AT SAN FRANCISCO FROM THE INTERIOR.

,-------------------- -------- 1863.-------

■- •--

~ '

Coined.

Total.

Northern m in es............
Southern mines...........
Coastwise....................

$3,978,624
1,801,837
603,513

$37,915,395
7,411,931
4,970,023

Total.....................
“ ................... .
“ 1861............

$6,383,974
5,593,421
9,363,214

$50,297,349
47,471,378
41,689,077

Three years.........

$21,340,609

$139,457,804

Received from

Uncoined.

Coined.

Total.

Northern mines............
Southern mines............
Coastwise.....................

Received from

$3,819,950
1,510,375
413,074

$38,602,262
6,858,153
8,052,968

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

$5,743,399

$53,513,383

Coined.
$9,363,214
5,593,421
6,383,974
5,743,399

$41,689,077
47,471,378
50,297,349
53,513,383

Uncoined.

Uncoined.
Total,
“
“
“

1861...................
1862...................
1863...................
1861...................

Total four years...

$27,084,008

Total.

$192,971,187

I f to the above we add the imports we have the totals for the year :
TOTAL RECEIPTS AND EXPORTS OF GOLD• AND SILVER.
1861.

1862.

1863.

1864.

Interior receipts........... .
Imports, foreign...........

$41,689,077
1,702,683

$47,471,378
1,904,084

$50,297,349
2,156,612

$53,513,383
1,715,024

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

$43,391,760

$49,375,462

$52,453,961

$55,228,407

Exports.........................

40,676,758

42,561,761

46,071,920

55,707,201

Currency movement...

$2,715,002 Inc,$6,813,701 Inc. $6,382,041 Dec. $476,794

From the silver districts (included in northern mines) the total receipts for the
past year were §15,900,000, against §12,433,915 in 1863* The increase over
last year presents a gratifying exhibit of the growing prosperity of Nevada, but
falls much short of the expectations of the sanguine. The receipts were from
the following localities:




California.— H er Productions, Trade, dec., f o r 1864.

22G

Virginia City
Gold H ill...
Aurora . . . .
H um boldt.. .

$ 1 0 ,42 5 ,3 5 0
1 ,402,396
960,000
90,000

Carson.........
Silver City.
Dayton.. . . .
Reese River

[March
$ 1,9 9 4 ,8 8 4
229.000

220.000
500,000

The following shows the value and destina tion of treasure shipments from San
Francisco during the past eleven years—1854 to 1864, inclusive :
S H IP M E N T

Y ears.
1 854..
1 85 5 ..
1 85 6 ..
1 85 7 ..
1858..
1 8 5 9 ..
I 8 6 0 ..
1S61..
1862..
1863..
1 8 6 4 ..

Eastern ports.
$ 46 ,533,166
38,730,564
3 9,895,294
35,531,778
35,891.236
4 0,146,437
35,719,296
82,628,011
26,194,035
10,389,330
12,316,122

England.
$3,7 81 ,0 8 0
5,182,156
8,666,289
9,347,743
9,265,739
3 ,910,930
2,672.936
4,061,779
12,950,140
28,4 67,256
34,436,423

OF

TREASU RE.

China.
$965,887
889,675
1.308,852
2,9 9 3,26 4
1,916,007
3,100,756
3,374,680
3,541,279
2,660,754
4.206,370
7,888,973

Panama.
$ 204,592
231,207
253,268
410 ,92 9
299,265
279.949
800,819
349,769
434,508
2,503,296
378,795

$ 3 5 3 ,9 7 5 ,2 69 $122,742,471 $ 32 ,846,497

$5,646,397

Other ports.
$ 560,908
128,129
573,732
692,978
175,779
202,390
258,185
95,920
322.324
505,667
686,888

Total.
$52 ,04 5 ,6 3 3
45,161,731
5 0.697,434
48,976,692
47,548,026
4 7,640,462
4 2,325,916
40,676,758
42,561,761
46,0 71 ,9 7 0
55,707,201

$ 4,2 02 ,9 0 0 :$ 519,413,531

W e give the following detailed statement o f the shipments o f treasure for
three years :
SHIPMENTS OF TREASURE FOR THREE YEARS.

To
New York..............
England.................
C h ina.....................
Japan .....................
Manila.....................
Panama...................
Havana...................
Hawaiian Islands .
Society Islands___
M exico...................
Central America...

1862.

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

93
12,950,139 61
2,660,754 29
00
85.651 64
79

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

3,000 00

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

00
00
1 2 1 10
62,414 00
71

...............
Victoria, V . I .........
T o t a l............. .............

$42,561,761 07

1864.

1863.

$10,389,329
28,467,256
4,206,370
34,564
66,200
2,503,296
32,302
31,253
8,000
155,518
77,827

82
91
79
19
00
17
75
35
00
60
46

$12,316,121
34,438,422
7,888,973
35,631
150,135
378,794
8,000
130,603
16,951
175,245
45,321

99
85
24
00
73
54
00
35
63
34
59

100,000 00

125,000 00

$46,071,920 04

$55,707,201 26

Q U IC K S IL V E R .

The yield of the New Almaden mine, during the last quarter of the year 1864,
was 11,290 flasks.
The total receipts for each month during the year were as follows :
Flasks.

Flasks.

2,619 July....................................
2,455 A ugust....................................
2,988 September...............................
3,737 O ctober....................................
2,915 N ovem ber...............................
3,394 December................................

4,8' t
4,674
8,917
4,094
3,511
3,775

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

42,820

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

We also give the exports to the different countries for 1864, and also for the
five previous years, as follows :




Taxes and Revenue o f England and France

1 8 6 5 .]

To
N e w York and Boston . . .
G r e a t B rita in . . .
M e x i c o ......................
C h in a ........................
P e r u ...........................
C h ili ........................
C e n tr a l A m e r ic a
J a p a n ........................
A u s t r a l i a ................
P a n a m a ...................
V ic t o r ia , V . I . . . .............

1862.
2,265
1,500
14,778
8,725
3,439
1,746
40
25
800
424
5

1863.
95
1,062
11,590
8,889
3,376
600
40

100
130
327

1861.
600
2,500
12,061
13,788
2,804
2,059
110
50
1,850
57
116

42

1864.
1,495
1,609
7,483
18,908
4,300
2,674
30
262
100
45
21

9,448

35,995

33,747

26,014

36,918

1859.
250

1860.
400
8,886
2,715
7oO
1,040

. ,,
19

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

227

..

300
120

A n d o u r e x p o r t s p r e v io u s ly h a v e b e e n :
In
In
In

1858................
1857...............
1856...............

Tn
In

Tn

1855........
1854___
irk s

____

I t w i l l b e s e e n t h a t th e e x p o r t s t h is y e a r exceed those o f a n y o f
years noted ; with an increase of 10,904 flasks over that of 1863.

27,165
20,963
18,800
th e p r e v io u s

TAXES AND REVENUE OF ENGLAND AND FRANCE.
KEVENUE

OP

GREAT

B R IT A IN .

have prepared the following table, showing the revenue of the United
Kingdom for the last four years:
W

e

Customs...........
Excise..............
Stamps............
Taxes.............
Property ta x ..
Post office. . . .
Crown lands..
Miscellaneous .

1861.
£23,774,000
18,161,000
8,488,170
3,119,000
9,962,000
3,500,000
293,479
1,306,202

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

£68,603,851
TAXES

1862.
£24,036,000
17,534,000
8,913,945
3,148,000
11,104,000
3,600,000
298,521
2,361,963

1863.
£23,421,000
17,745,000
9,252,900
3,208,000
9,806,000
3,800,000
302,500
2,899,120

1864.
£22,535,000
19,343,0»0
9,468,000
3,261,000
7,999,000
4,060,000
307,500
3,151,874

£70,996,429

£70,439,620

£70,125,374

COLLECTED

IN

FRANCE.

Returns relative to the collection of direct and indirect taxes in France have
been published. In 1864, the total of the former due was 520,583,000f., and the
amount paid up was 507,331,OOOf. In 1863, the total due was 513,230,000f.,
of which 500,061,OOOf. were paid in the course of the year. A month’s credit
being allowed for the payment of taxes, the aforesaid 507,331,OOOf. exceeded by
30,130,OOOf. what could have legally been exacted. In 1863, the amount paid
in advance was 29,600,OOOf. In 1864, the legal expenses for enforcing payment
were at the rate of If. 28c. per l,000f., and in 1863, they were If. 33c.
As to the indirect taxes, the amount received in 1864 was 1,176,692,000f.,
and it was less by 67,685,OOOf. than that of 1863, and 13,995,OOOf. less than that
of 1862. On comparing 1864 and 1863 item by item, it will appear that there
is a decline of 77,006,OOOf. in the import duties on foreign and colonial sugar,




228

Depression o f Trade in Canada.

[March,

and in the duty on the manufacture of beet root sugar. It is owing to the fact
that under the last law on sugar, four months’ credit are allowed for the payment
of duties, and that as drawback is abolished, the amount to be paid is less than
formerly. There is also a decline in the registration duties of 2,852,000f.; in
the grain duties of 1,506,OOOf.; in the customs duties of 5,611,000f.; and of
about 500,OOOf. in two other items. These reductions are natural, the registra­
tion and customs duties haying been reduced, and the imports of grain having
been less on account of the excellent harvest. The various diminutions, which
amount altogether to 87,268,OOOf., are compensated to the extent of 19,593,00'Ofby an increase in the revenue from the stamp, wine, and salt duties, the sale of
tobacco and gunpowder, and the post-office, etc. In definitive, therefore, the
decline of 67,685,000f., which remains after deducting the increase, is more
apparent than real, inasmuch as it is represented by sugar duties which have to
be paid. In addition, a sum of 4,372,OOOf. on other duties is owing for 1864.
The following is a detail of the indirect taxes for the last and the two preced­
ing years:
18C4.
Designation of taxes.
Registration, mortgage dues, e t c .. . . 328,586,OOOf.
Stamp duties ......................................
76,340,000
Customs duties on grain.....................
308,060
Yarious sorts of merchandise........
64,970,000
22,681,000
French colonial sugar.....................
Foreign su g ar..................................
36,464,000
338,000
Exports..............................................
Navigation dues....................................
4,203,000
1,4 54,000
Various customs duties and receipts.
Tax on the consumption of salt levied
23,156,000
in the customs districts...................
Duties on wines, beer, e t c ................. 216,152,000
Tax on the consumption of salt levied
8,797,000
beyond the customs districts.........
Duty on manufacture of native beet­
15,858,000
root sugar..........................................
58,551,000
Various duties and receipts...............
bale of tobacco..................................... 238,212,000
13,074,000
Sale o f gunpow der.............................
68,107.000
Fust office..............................................
Duty of 1 per cent on money orders
(French).............................................
1,096,000
Duty o f 2 per cent on money orders
8.000
(foreign)............................................
Duty on articles of value sent through
756,000
the post-office....................................
2,532,000
'1 ransit duty on foreign m a ils...........
59,000
Various receipts....................................

1863.
331,438,000f.
73,072,000
1,614,000
78,582,000
45,764,000
48,312,000
799,000
4,163,000
1,490,000

1862.
318,310,000 f.
65,296,000
4,120,000
77,462,000
31,126,000
39,602,000
1,067,000
4,283,000
1,414,000

22,548,000
211,399,000

27,608,000
204,288,888

8,415,000

11,891,000

57,933,000
56,371,000
226,478,000
13,050,000
68,092,000

47,680,000
53,721,000
220,446,000
13,946,000
64,001,000

1,070,000

1,764,000

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

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

665,000
2,089,000
33,000

635,000
1,987,000
35,000

1,176,692,000

1,244,377,000

1,190,687,000

DEPRESSION OF TRADE IN CANADA.
T he trade circulars from Canada, reviewing the last year’s business, have a
desponding tone. The sales of timber and ships, the leading staples, show a
heavy decline, and the foreign market is at the present time so overstocked that
a revival of the demand cannot be expected very soon. Ship-building has re­




1856.|

A N ew Textile.

229

ceived a severe shock. Last year sixty-two vessels of an average of 950 tons
each were built and launched at Quebec. Of this number many yet remain un
sold in the English market, while the prices offering are less than the actual cost
of their construction. The same degree of stagnation exists in the home market,
where accumulation of white and red pine are quite large, to be held over for the
opening of navigation. The stock of the former is about 28,000,000 feet, and
of the latter 55,000,000 feet, which is a large excess compared with the previous
year. The number of vessels which proceeded to Montreal, including steam­
ships, in 1864, was 376, of an aggregate of 157,162 tons, against 503 vessels of
200,717 ton3 in 1863, showing a falling off of 127 vessels and 52,555 ton3.

A N EW TEXTILE.
T he Chamber of Commerce of Rouen, France, has caused experiments to be
made of the applicability of various substances to supersede or to be used in
conjunction with cotton. The results are embodied in a report representing that
China grass has proved successful. The commission intrusted with the investi­
gation and experiments say :
On the 16th of August, 1863, M. T e r w a g x e , of Lille, sent in two samples of
China grass, a kind of Siamese nettle. One of these samples was raw, the other
bleached. Struck with the beauty of this textile substauce, the chamber had
issued a notice, inviting the manufacturers of Rouen to try it. Ou this occasion,
MM. M a l l a r d and B o n ne au , of Lille, declared themselves to be the discoverers,
and announced that the Chamber of Commerce of Lille had also caused experi­
ments to be made.
The Chamber of Rouen then applied to the Minister of Agriculture and
Commerce, who, accordingly, sent them a bale of thread and stuffs obtained
from China grass, which is called mah by the Chinese, rameh in Java, and Urlica
nivea by botanists. Since then experiments have been made on a large scale,
especially with a mixture of China grass and cotton, not received from Louisiana.
This mixture yields a softer and at the same time stronger stuff than that
obtained with cotton alone, a stuff particularly applicable to household purposes,
and certainly less apt to tear than cotton. It bleaches like the latter, and be­
comes glossy under the drying cylinder. In regard to dyeing, the new stuff takes
madder quite as well as cotton ; so also the Adrianople red, it will take aniline
violet, fuchsine and indigo much better than cotton alone.
China grass alone has affinity of colors equal to that of the best cotton. With
regard to strength, experiment shows that stuff made of China grass aud cotton,
when tried on the warp, is weaker than pure cotton in the proportion of 76 to 80,
or thereabout, but that on the woof it is stronger in the proportion of 57 to 55.
The plant admits of being acclimatized in the south of France, and generally
wherever cotton has been cultivated since the outbreak of the American war.
It spreads with great rapidity, even when left to itself, an! its cultivation gives
little or no trouble.
A t Calcutta it yields three crops a year, with stalks of the length of from six
to nine feet. The Minister of Agriculture aud Commerce has ordered over a
quantity of China grass seed from its native country, in order to distribute it to
all agriculturists who may apply for it.
The chemical treatment and the various manipulations requisite for obtaining
the material fit for spinning cost together If. 5c. per kilo. As the cotton of
Egypt now costs 5f. 60c., the difference in favor of Ciiim grass is 4f. 3c. To
this must be added 10 per cent for the cleaning or picking and consequent waste
of the said cotton, which raises the difference in favor of the new material at 4f.
59c. This is irrespective of the profit to be derived from the refuse to be sent
to the paper mill.




Statistics o f Trade and Commerce.

230

[March,

STATISTICS OF TRADE AND COMMERCE.
Commerce of New Y ork —W oollen Imports, &c.—Cotton—Exports from Cronstadt—Tide-Water
Keceipts—Lake Commerce of Buffalo— Imports and Exports at Baltimore—Chicago Growth and
Trade—Imports Wheat, &c., into London.

COMMERCE OF N EW AORK .
I n our last number we gave (vol. 5 2 , page 1 1 7 ) a detailed statement o f the
commercial movements at the Port of Nevv-Yorb, the past year, so far as the
returns were at hand. We are able now, however, to complete the review, the
official Custom-House returns being made up to the end of the year.
IM P O R T S.

It will be remembered that the imports are all reckoned at their foreign cost
in gold, freight and duty unpaid. Taking the imports of dry goods, as given in
our last number, the total may be classified as follows :
FOREIGN IMPORTS AT N EW -YORK.
1661.

1 86 3.

Dry goods...............
Gen’r’l merchandise
S p e cie....................

*43,636,689
133,472,764
37,088,413

*56,121,227
117,140,813
1,390,277

$67,274,547
118,814,219
1,525,811

1863.

$71,589,752
144,270,386
2,265,622

1864.

Total imports.

$214,197,866

*174,652,317

$187,614,577

$218,125,760

We thus see that the value of the imports, the past year, have increased over
thirty millions of dollars, nearly all of which (or about twenty-six millions of it)
is under the head of general merchandise. In the one item of coffee our imports
have doubled, being about seven and a-half millions in 1863, and fourteen and a
half in 1864. The increase in dry goods is only about four millions. If we com.
pare these figures with those of 1859 and 1860 (the two years previous to the
war), we will find the total imports, the past year, to be less, by about twenty
to twenty-five millions, than during those years. We give the figures since 1850,
classifying them into dutiable, free, and specie. Under the head of dutiable is
included both the value entered for consumption and that entered for warehous­
ing. The free goods run very light, nearly all of the imports now being duti­
able.
FOREIGN IMPORTS AT N E W YORK.

1851...............
1852 ...............
1853 ...............
1854 ...............
1855 ...............
1856 ...............
1857 ...............
1858 ...............
1859 ...............

___
....
___
....

Dutiable.
$119,592,264
115,336,052
179,512,412
163,494,9S4

___
___
....
....

193,839,646
196,279,362
128,578,256
213,640,363




Free goods.
*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

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

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

1865.]
1860
1861
1862
1863
1864

Statistics o f Trade and Commerce.

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

201,401,683
95,326,459
149,910,415
114,521,166
204,128,238

28,006,441
30,353,918
23,291,626
11,561,000
11,131,902

8,852,330
31,088,413
1,390,211
1,525,811
2,265,622

231
238,260,460
162,168,190
114,652,311
181,614,511
218,125,160

We now annex our usual detailed statement, showing the receipts from foreign
ports during each month of the year, for the last five years, both of dutiable and
free goods, and what portion were entered for warehousing, and the value with­
drawn from warehouse:
IMPORTS ENTERED FOE CONSUMPTION.

January... .
February . .
March.........
April...........
May.............
J u n e ...........
July.............
August........
September..
O ctober.. . .
N ovem ber..
December.. .

1850.
$16,521,114
14,461,040
16,163,698
10,401,966
10,615,411
11,870,400
18,159,905
19,664,675
11,516,139
10,914,428
8,625,416
5,314,246

Total.. .

$154,660,498

1861.
$8,118,837
7,003,399
6,700,061
5,393,809
2,889,588
1,825,563
3,200,663
3,359,695
3,100,298
3,638,580
4,614,982
4,342,156

1862.
$6,163,396
1,058,174
10,312,689
1,141,197
8,091,120
7,218,953
13,799,505
10,289,427
11,890,111
8,462,554
6,565,185
6,831,073

1863.
$8,741,221
7,312,539
11,461,572
9,493,830
7,980,281
6,328,581
9,080,210
10,004,580
11,203,535
11,885,569
10,326,929
10,498,576

1864.
$12,422,618
15,766,601
15,848,4.5
18,951,7 0
l,631,H.iO
5,513,985
6,382,928
6,603,653
4,390,114
3,770.526
3,363,359
4,443,542

$54,254,231 $104,483,984 $114,317,429 $104,988,SI 1
IMPORTS ENTERED WAREHOUSE.

January......
February___
March...........
April...........
May.............
J une.............
J u l y ............
August.........
September..
October........
November „.
December....

$2,144,411
1,526,172
3,692,093
4,121,857
4,436,660
4,481,109
4,462,475
4,182,164
2,835,184
2,817,461
3,961,652
7,566,141

Total. .

$46,141,185

$8,560,680
3,151,673
8,084,187
4,181,618
5,842,313
3,245,504
1,769,636
2,660,451
1,390.166
2,082,381
2,150,561
2,346,381

$3,141,125
3,370,486
4,841,846
3,853,218
4,600,920
3,814,121
4,502,764
2,939,121
4,351,084
3,689,806
2,108,009
4,212,125

$4,482,794
3,657,115
6,016,901
6,456,208
5,437,404
5,317,885
6,051,342
4,409.891
3,431,310
4,189,457
4,956,415
5,676,955

$5,571,936
4,991,398
6,641,408
5,905,540
14,127,116
16,906,964
14,954,635
10,437,418
5,258,568
5,332,928
4,160,532
4,250,862

$41,012,228

$45,486,431

$60,144,337

$99,139,426

IMPORTS OF FREE GOODS.

January...........
February.........
M arch.............
A p ril...............
May................. .
June...............
July.................
A u gu st...........
September . . .
October...........
.November........,
December........
Total. . . .

$2,262,638
3,112,392
3,139,241
2,386,349
1,845,020
2,165,008
1,594,918
2,060,665
1,662,832
1,911,515
2,481,290
2,138,519
$28,006,447




$2,825,665
2,312,563
2,813,691
3,351,905
2,130,668
2,191,613
2,972,054
1,816,224
1,511,'85
2,163,452
1,964,644
2,514,248

$2,552,050
3,381,473
3,416,004
2,232,315
1,446,093
1,122,092
1,831,931
982,992
1,784,804
1,004,810
1,526,496
1,950,504

$2,413,649
183,561
1,328,806
1,328,216
710,021
181,053
6S3,880
509,181
186,864
141,888
665,201
834,014

$841,050
797,788
1,072,849
1,025,511
1,056,576
1,258,634
917,684
936,414
832,557
855,079
911,976
1,125,718

$80,853,918

$23,291,625

$11,561,000

$11,731,902

232

[March,

Statistics o f Trade and Commerce.
IMPORTS OF SPECIE.

I860.
January ............
February ..........
March.................
A pril...................
M ay...................
J u n e ...................
J u ly ...................
August...............
September.........
October...............
November..........
December...........

96,060
38,272
64,351
140,750
1,083,838

1861.
87,262,229
2,274,067
5,546,406
1,953,001
3,486,812
6,387,153
6,996,498
1,049,552
1,231,012
639,328
908,825
353,530
$37,088,413

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

1862.
$163,658
62,007
S9.327
26,152
110,388
61,023
219,001
92,703
121,318
256,676
109,708
78,316

1863.
$101,906
213,971
123 616
107,061
197,217
109.997
182,245
113,877
78,231
78,053
103,144
116,493

$1,390,277 1SI,525,811

1864.
$141,790
88,150
101,437
285,814
660,092
146,731
128,051
245,85S
68,220
129,775
161,727
114,976
$2,265,622

TOTAL IMPORTS.

January.
F e b ___
March.. .
A p r il.. .
May-----June.......
J u l y . .. .
August .
S e p t.. . .
October..
Nov........
Dec.........
Total.

$21,756,273
19,356,379
23,680,126
16,971,358
16,893,151
19,160,789
24,881,649
25,988,854
16,260,450
16,787,242
15,421,156
21,253,033
$238,262,460

$12,620,829
13,872,140
18,719,866
13,252,882
14,248,521
12,836,195
20,853,202
14,304,843
18,147,917
13,413,906
10,309,398
13,072,618

$26,872,411
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
$162,768,790

$174,652,317

$15,739,576
18,027,846
18,890,895
17,385,315
14,824,925
12,597,516
16,003,677
15,038,129
15,499,940
16,894,967
16,045,695
17,126,098
$187,614,577

$18,977,394
21,643,937
23,667,119
26,168,631
23,976,144
23,926,314
22,383,299
18,223,463
10,539,459
10,088,308
8,597,595
9,935,098
$218,125,760

W ITH D RAW N FROM WAREHOUSE.

January... , . . .
February.. ___
March . . . .
A pril........ . . .
May........... ___
June..........
J uly...........
August . . . ___
September.___
October... .___
November.
December.
Total.. . . .

$2,964,024
2,838,649
2,200,117
2,069.423
2,476,067
2,268,377
3,593,993
3,325,105
4,007,272
8,018,393
1,697,301
1,246,203

$2,543,273
5,781,728
5,817,144
1,761,245
1,606,864
l,9n3,842
6,622,454
2,614,652
2,938,464
2,518,080
1,987,626
8,561,887

$4,856,252
3,466,641
3,039,567
4,405,410
3,730,232
5,064,106
6,102,033
2,386,604
2,715,630
3,109,388
1,914,983
1,282,908

$31,103,924

$39,717,259

$41,563,754

$2,881,531
2,499,127
3,456,530
4,132,633
9,794,773
3,830,337
4,227,265
6,429,421
6,942,561
4,858,612
4,084,183
3,714,294

$4,950,418
5,284,680
5,215,983
14,183,873
659,869
2,544,914
3,386,873
7,967,843
6,852,329
6,504,138
5,828,884
5,100,974

$50,851,167 $67,480,778

EXPORTS.

The total exports for 1864 show a very large gain over 1863, the increase
being about $56,000,000. If we compare these figures with 1859, the increase
will be found to be much greater—in fact, about three hundred per cent. The
total shipments for 1859, exclnsive of specie, were $67,980,321, while the past
year they have been $221,822,542. It must be remembered, however, that these
values, for 1864, are currency values, except, of course, the shipments of specie.
The following will show the comparative shipments, for the last five years, ot
pioduce and merchandise by quarters :




1865.]

233

Statistics o f Trade and Commerce.
EXPOETS FROM NEW -YOKE TO FOREIGN POETS EXCLUSIVE OP SPECIE.

1860.

1861.

1862.
$32,075,568
2 9,798,344
45.313,299

First quarter.. $20,827,086 $33,477,742
Second quarter 22,740,760
83,128,489
Third quarter. 26,079,826
30,075,918
Fourth quarter. 33,846,108 41,917,752

1863.
$50,614,908
4 1,046,726
38.825,587
40,223,747

49,747,611

1864.

$41,429,756
48,446,686
79,519,134
52,426,968

Total.___ $103,492,280 $138,594,901 $156,934,822 $170,718,768 $221,822,542

We now annex our usual detailed statement, showing the exports of domestio
produce, foreign dutiable and free goods, and specie and bullion during each
month of the last five years :
EXPORTS OF DOMESTIC PRODUCE.

I860.
$ 5,299,142
5,699,887
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
10,610,845

1861.
$10,277,925
10,263,820
10,580,907
9,255,648
10,855,709
10,270,430
9,652,789
9,652,301
9,877,909
12,904,350
14,109,763
13,661,444

1862.
$12,053,477
10,078,101
8.9S5,176
8,002.094
9,837,693
10,048,832
14,050,437
13,046,389
14,734,993
19,476,947
14,060,340
14,805,112

1863.
$14,329,398
17,780,586
16,137,689
11,581,933
13,183,510
14,780,072
15,298,073
10,666,959
11,717,761
14,513,454
11,413,591
12,846,151

$95,468,296

$131,235,995

$149,179,591

$164,249,177

Jan.........
Feb.........
March....
April.. . .
May.........

June . . . .
July........
August ..
Septemb’r
October...
November
December.
T ota l..

1864.

$11,448,958
13,662,218
14,410,051
13,263,713
14,610,493
17,996,495
26,251,673
26,617,850
15,595.548
16,740,404
12,015.064
19,248,528

EXPORTS OF FOREIGN FREE*

January.. . ,
February...
March.........
A pril.........
May............

$324,003

84,167
97,241

$399,940
137,950
109,270
209,573
180,114
648,482
203.325
67,965
30,013
60,868
41,973
75,474

$27,193
49,099
65,388
56,350
76,971
43,368
1,117,193
^ 17,100
667,987
179,205
45,538
108,489

$73,111
43,889
213,685
74,949
103,337
49,380
77,232
90,815
55,400
149,325
56,534
55,555

$42,232
77,698
72,667
48,461
40,898
75,709
249,404
126,537
848,742
69,965
64.914
425.231

$2,258,710

$2,154,947

$2,853,848

$1,037,212

$2,142,458

254,742

June.........
J u ly ............
August.. . .

76,083
46.620

September. . . .
October . . .
.November .
December .
Total . . . .

EXPORTS OF FOREIGN DUTIABLE.

January . . . .
February...
March.......
April........ ,.
M a y...........
J une..........
July............
August.. . .
September .
October. . . .
November .
December..
Total. .

$399,317
631,489
844,716
482,489
248,270
4S6.228
232,652
191,270
620,394
394,753
400,218
833,578

$465,978
429,537
839,415
231,784
567,872
903,877
260,866
176,581
264,168
192,198
377,170
494,514

$149,493
208,757
458,917
607,678
752,797
372,561
449,948
256,680
572,572
434,265
284,873
352,902

$668,275
610,009
758,266
375.224
602,254
298,067
448,601
231,774
238,972
350,614
383,948
458,575

$664,485
456,493
599,959
553,812
569,888
1,282,218
5,137,460
2,231,782
2,460,138
1,104,299
1,126,059
1,632,502

$5,765,274

$5,203,959

$4,901,383
15

$5,425,579

$17,824,095

VO L. LII. ----- N O . I I I .




2 34

Statistics o f Trade and Commerce.

[M arch,

EXPORTS OF SPECIE AND BULLION.

J a nu ary....
February....
March.........
A pril...........
May............
J u n e ........ .
July...........
A u gust.. . .
September.
October... .
N ovem ber.,. . .
D ecem ber..
Total.. . . .

'7,454,813
3 ,758,734
2,106,395
' 625,091
202,401

$ 58 ,89 4
1,102,926
301,802
1,412,674
128,900
244,242
11,020
3,600
15,756
15,038
48,3 85
893,013

$ 2,6 5 8 ,2 7 4
3,776,919
2,471,233
4,037,675
5,164,636
9,867,614
8,069,337
3,713,532
3,085,919
6,707,519
6,213,261
3,673,112

$ 4,624,574
3,9 6 5,66 4
6,585,442
1,972,834
2,115,675
1,367,774
5,268,881
3,465,261
3,480,385
6,210,156
5,438,363
5,259,053

$5,459,079
3,015,367
1,800,659
6,883,077
6,460,930
6,533,109
1,947,329
1,001,813
2,835,398
2,517,121
7,267,662
6,104,177

$42,191,171

$4,236,250

$59,437,021

$49,754,066

$50,825,621

977,009
2,381,663
2,995.502
3 ,842,080

\

TOTAL EXPORTS.

January..
February.
March . . .
April........
M ay.........
June.........
Ju ly.........
August . .
Septemb’r
October. .
November
December.

$ 6,8 7 6 ,0 2 4
7,652,879
10,510,417
10,390,415
11,900,317
17,836,546
14,463,199
15,734,980
13,658,679
1 2,662,653
12,272,177
11,745,165

$11,202,737
11.907,263
11,831,394
11.709,679
11,732,595
12,067,031
10,028,000
9,890,448
10,178,846
13,172 4 52
14,577,291
15,124,445

!$14,888,437
14,112,843
11.980,714
12,703,797
15,832,097
20,332,375
23,684,915
17,433,701
19,061,471
26,797,936
20,603,942
18,939,615

$19,695,358
22,400,148
2 3,695,082
14,004,940
16,002,780
16,495,293
21,092,787
14,454,809
16,492,518
21,219,549
17,292,436
18,619,334

$17,609,749
17,211,776
16,383,236
19,754,062
21.682,200
25,887,531
33,585,866
20,977,982
21,739,826
20,431,789
20,473,699
27,410,438

Total. $145,683,451

$ 142,931,151

$21 6 ,3 7 1 ,8 43

!$ 220,465,034

$272,648,163

WOOL IMPORTS, ETC.
.N E W

Y O K E , B O S T O N , A N D C A L IF O R N I A .

trade in both foreign and domestic wools during the year just closed was
large and prosperous, the imports, as will be seen from the figures below, show­
ing an increase over even those of last year. The number of bales imported at
New York, and the entered value, since 1860 has been as follows:
T he

IMPORTS OF FOREIGN WOOL AT NEW YORK.

Year.
I 8 6 0 ...............
1 8 6 1 ............
1862 .............

Bales,
30,985
31,016
88,883

Enter'd value.
$ 2,250,928
2,006,136
6,134,292

Year.
1863 ............
1 86 4 .............

Bales.

Entered value.
$8,121,082
9,418,291

The enormous increase in the consumption of wool by the army is well illus­
trated by these figures. A t Boston the imports of foreign wool have been as
follows:
IMPORTS OF FOREIGN WOOL AT BOSTON.

Year.
1 864 ................
1 8 6 3 ................. ..........
1862 .................. .........
1 8 6 1 .................. ..........
I 8 6 0 .................. .........
1859 ..................




Bales.
22,644
89,799
31,578
30,160

Quintals.
6,746
. . . .

6 00
5,097
16^471
33,774

Year.
1858
1857
1856
1855
1854
1853

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

Bales.
19,882

14,999

Quintals.
10,322
13,847
17,755
9,751
9,821
16,451

S

1865.]

Statistics o f Trade and Commerce,

235

Below is a statement oT the imports of wool at New York for the past two
years, giving the countries from whence it was imported, the number of bales*
weight, and sworn Custom-House value :
IMPORTS OF FOREIGN WOOL AT NEW YORK

No. of
F rom w hence.

bales.

E n g la n d ........................
B u e n o s A y r e s .............
F r a n c e .............................
B e lg iu m ..........................
A f r i c a ..............................
B r a z i l .............................

T u s c a n y ........................
B ritish N . A . c o lo n ie s
B r e m e n ..........................
N e w G r a n a d a ..............

S p a in

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

I t a l y ................................
H a m b u r g ......................
G i b r a lt a r ........................
C u b a ................................
P o r t u g a l ........................
B ritis h W e s t I n d i e s .
P o r t o R i c o ......................
T u r k e y ...........................
D u tc h W e s t I n d i e s . .
M e x ic o ................... . . .
C is p la t in e R e p u b l i c .
R u s s i a . . . . ................
B ritis h E a s t I n d ie s .
B ritish p o s . in A f r i c a
C h ili..................................
M a lt a ................................
C h in a ................................
A u s t r i a ...........................
M o r o c c o ........................
D a n is h W e s t I n d ie s .

Greece....................

W eight, lbs.,

DURING THE YE AR

Entered
value.

27,112 11,426,648 $2,013,770
14,819 12,203,407 1,819,690
24,964 7,075,227 1,223,543
2,185 1,403,108
255,279
10,613 4,964,845
822,002
2,009 1,185,073
163,777
82
24,020
2,933
58
7
550
243,318
30,874
571
20
3,206
955
501
183,032
60,658
295
56,449
9,086
81
7,300
2,679
98
19,317
2,985
191,625
30,463
598
174
1,734
1,724
430
221
16
893
24

169,055
48,639
5,869
180,354
907

2,567
92
3,786
1,270
3,705
2,188
6,456
3,160
151
6
147

1,117,562
34.739
1,314,209
1,058,392
1,387,479
703,084
2,915,994
757,445
30,649
2,772
79,213

....

49,331
7,945
894
30,227
139
....

185,004
4,241
*176,024
172,221
217,743
146,598
526,012
143,643
5,354
666
9,514

....

....

....

....

....

1863

AND

No. of
bales.

W eight, lbs.

1864. .
Entered
value.

16,463 6,551,586 $1,312,317
14,121 11,582,990 1,780,496
21,477 5,837,840 1,080,041
1,745 1,005,840
264,810
24,651 10,973,165 2,007,742
2,115 1,306,529
219,311
257

150,331

15,680

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

283
4,921

96,396
6,362,122

24,799
547,562

499

137,324

22,710

79
1,051
421

26,299
281,041
83,699

5,124
38,847
14,316

878
840
410
1,269
48
1,10S
3,923
9,445
3,586
1,174
3,527

175,889
316,059
128,438
537,884
15,982
460,599
3,409,672
8,505,189
1,247,396
518,954
1,539,795

29,281
42,629
17,616
113,803
1,953
60,562
613,844
600,343
233,730
93 892
194,849

36
66
1.096
135
575

4,800
27,045
356,133
4,436
230,755

439
7,527
47,296
512
. 26,330

...

109,141 48,744,901 $8,121,032 115,799 56,874,128 $9,418,291

The receipts of wool at California and vicinity have been as follows, from
January 1 s t to December 3 1 s t , 1 8 6 4 :
8,000,000
216,800
68,200
39,200

C a lifo r n ia , e s tim a t e d . . . .
O r e g o n , e s tim a t e d
V a n c o u v e r I s la n d , e s t im a t e d .....................
S a n d w ic h Is la n d s , e s t i m a t e d ...................
T otal

receipts.........

S h ip m e n t s a n d c o n s u m p t i o n ...................
B a la n c e o n h a n d a n d in th e c o u n t r y ...................




. . . .l b s .

8,324,200
8,203,192
121,008

236

[March,

Statistics o f Trade and Commerce.

Shipments of wool from January 1 to December 31, 1864 :
New York, per steamers............... lbs.
New York, per sailing vessels.............
Boston, per sailing vessels...........................
Punta Arenas, per sailing vessels...............
Tahiti, per sailing vessels.............................
La Paz, per steamer......................................

3,560,260
1,931,554

5,491,814
842,850
1,012
341
175
6,336,192
1,867,000

T o t a l...................................................... .................lbs.
Home consumption . .................................

8,203,192

Grand total ............................................ .................lbs.

The total product of California for a series of years has been as follows :
PRODUCT OF WOOL FOR EACH TEAR FROM

1855
1856
1867
1858.
1859.

-ribs.

8 6 0 ,00 0
600,000

1, 100,000
1.498.000
2 .378.000

1855

TO

1864,

INCLUSIVE.

......................lbs.
1860
1861
............................
1862.......................................
1863
............................
1864
............................

3.260.000
4.600.000
6.400.000
7.600.000

8 , 000,000

The entire clip of the United States for 1864 was about 100,000,000 pounds.

COTTON.
T h e cotton trade the past year has continued in a very unsatisfactory condi­
tion the world over. The fluctuations in prices have been almost incessant, and
if we take the Liverpool market, we find that not a week has passed without
some change transpiring in the value of one or more of the various descriptions.
There are, however, four grand movements which stand out prominently from
the rest—first, a gradual decline from January to A pril; second, a steady advance
to the close of July; third, a rapid fall to the middle of October ; and, finally,
a considerable rebound to the end of December. These extreme variations are
set forth in the following table, which gives also the fluctuations in yarn and
cloth :
PRICES OF COTTON TARN AND CLOTH AT LIVERPOOL DURING

Cotton.

Orleans, middling....................... per lb.
Pernam, fair.............................................
Egyptian, fair roller................................
Smyrna, fair................ ...........................
Dhollera, f a ir ..........................................
Bengal, fair..............................................
China, fair................................................
Yam.
Water— 20’s good 2nds...........................
Mule— 40’s good 2nds.............................

Jan. 1.
27£d
2 8£ d
2 8 id
2 2J d
23d
18d
20d
31d
86d
Jan. 1.

26in
86in
86in
24in

28d
84d
April 1.

Cloth—Gray.

S.

D.

s.

D.

printers 66rd 4 } l b . . .per piece
shirting 64rd 7£ lb .....................
shirting 66rd 7$ lb .....................
domestics 60yd 9J lb per yard.

11
18
19
0

9
6
9
4$

11
18
19
0

6
3
6
4i




1864.

Prices current.
April 1, July 31.
Oct. 22. Dec. 31,
26^d
31 Jd
22d
27d
26|d
32d
22|d
26Jd
26d
SOd
20^d
2 7 id
22^d
23 j d
1 2 fd
1 8 }d
2 1 id
24d
13^d
20d
15d
1 7 id
8 id
13d
1 7 jd
1 9 id
lid
16d
32d
36d
July 81.

20d
2 2d
Oct. 23.

a.

D.

8.

13
20
22
0

li
6
6
4$

9
14
15
O

D.

0
0
0
3

28 Jd
30d
Dec. 81,
8. D.

12
18
20
0

0
6
6
si

1865.]

237

Statistics o f Trade and Commerce.

Tbe total supply and consumption in Europe the past year may be seen from
the following table :
IMPORT, STOCK, AND CONSUMPTION IN EUROPE, EXPRESSED IN BALES.

Import, stock, etc.

,----------- 1802.------------v
United
States.
Total.

Stock, Jan. 1, M. bags.

4 3 4 ,00 0

Import to 31st December:
Great Britain...........
72,0 00
France .....................
24,000
H olland...................
11,000

883 ,00 0

,----------- 186: 3.----------- , ,-----------1864,-----------United
United
States.
Total.
States.
Total.
88,000
507,000 52,000
364,000

132 ,00 0
8,000
10,000

1,000
5 ,000
____
1,000
18,000

1,445,000
225,000
74,000
17,000
98,000
32,000
10,000
73,000

M. bag3.........................
Deduct inter, shipments

132 ,00 0
38,000

M. bags.........................
Add stock from above.

1,000
6,000

1,932,000 198,000
315,000
15,000
136,006
9,000
37,000
1,000
158,000
6,000
26,000
...
23,000
106,000 12,000

2,587,000
429,000
119,000
22,000
181,000
28,000
18,000
92,000

1,974,000
388,000

168,000
19,000

2,733,000 241,000
514,000 21,000

3,476,000
468 ,00 0

94,000
4 3 4 ,00 0

1 ,586,000
883,000

149,000
88,000

2!, 219,000 220,000
5 07,000 42,000

3,008,000
364,000

Total supply, M. bags.
Deduct stock 31st Dec.

523,000
88,000

2,469,000
507,000

237 ,00 0
42,000

2,7 2 6,00 0 202,000
364,000 24,000

3,372,000
648,000

Total deliveries,!!, bags

4 40 ,00 0

1,962,000

195,000

2,362,000 238,000

2,724,000

B elgiu m ........................

Germ any.................
T r i e s t e ........................

Genoa .......................
Spain........................

11,000

GENERAL, CONSUMPTION OF COTTON IN POUNDS WEIGHT.
1864.

United States...............
Brazil.............................
West In dies..................
East Indies and China.. . . .
Mediterranean............. .... . . .
Total pounds........ .. . .

1862.

1861.

575,00 0 ,0 0 0
242,000,000

85,000,000
82,000,000
6,000,000
562 ,00 0 ,0 0 0
200,00 0 ,0 0 0

193,000,000
24,000,000
8,000,000
4 2 7 ,0 0 0 ,0 0 0
106,000,000

1,197,000,000
16,000,000
8,000,000
300,000,000
88,000,000

980,000,000

8 85 ,000,000

758 ,00 0 ,0 0 0

1,609,000,000

1863.

The following table shows to what extent the supply from certain countries
has increased since the war began :
From Bombay.

From Madras.

From Egypt.

1860 ......................... bales

508,000

55,000

1 8 6 1 ....................................
1 8 6 2 ....................................
1 8 6 3 ....................................
1 8 6 4 .................................... . .

906,000
915,000
899,000
1,043,000

80,COO

109,000
97,000
132,000
204 ,00 0
257 ,00 0

124,000
1 77 ,00 0
173,000

From Brazil.
103,000
100,000
134,000
148,000
212,000

There has also been a steady increase from China and Japan, but the bags are
small (240 lbs.,) and the aggregate quality not very large. The apparent
aggregate increase of supply, however, since the commencement of the cotton
famine is greater than the real one, inasmuch as the average weight of the bales
has been steadily decreasing.
The total receipts and weekly consumption in Great Britain during same
time have been as follows :




238

____
....
____
____
....

,-------- We ekly cons'nmption.-------- ,

------ Beceipts.----------------------- »
Aver, weight. Aggregate in
Lbs.
pounds.

Bales.
1860
1861
1862
1863
1864

[March,

Statistics o f Trade and Commerce.

3,366,000
8,036,000
1,445,000
1.932.000
2.587.000

425
415
370
364
347

1,430,550,000
1,259 940,000
534,650,000
703,24 8 ,0 0 0
897,689,000

Bales.

Lbs.

Pounds.

48,500
45,5 00
22,800
26,500
30,900

425
415
370
364
347

20,612,500
18,882,500
8,436,000
9,64 6,000
10,722,300

RUSSIA.— EXPORTS FROM CRONSTADT IN 1864.
T he following are exports from Cronstadt, in 1864, to New York and Boston:
TO

NEW

Sheet iron .. . .
Hemp,
Flax..................
Cordage .........
Junk................
R a gs...............
O akum ...........
F e lt ............
Bristles...........

24,404
15,799
1,301
3,041
69,658
33,650
630
130
626

Sheet iron. . . .
F la x ...............
Flax tow .........

25,845
653
11,324
1,888
88,387
16,518
900
4,500
654
672
310
217,000

TO

J u n k ...............
R a g s...............
Oakum...........
Tar..................
Btistles............
Horse hair . . .
Red leather . .

Crash ..............

YORK.

Feathers.........
Horse hair. . . .

525
1,378
547,000
6,303
3,520
100
5,130
863

Sail cloth , . . . .
Ravens duck.. .
F lem s...............
M ats................
Oak wood........

BOSTON .

D iaper..............
Sail clo th .........
Ravens duck..
M ats.................
Flaxseed .........
Lima wood. . . .
Tortoise shell..
Linseed.............
Cotton rones. . .
Cotton robes.. .
Sundries........... . . . . . . pkgs.

17,959
3,004
1,550
50
3,700
141
2,830
27
60
100
1,000

8

CANALS OF NEW YORK.
T ID E -W 4 .T E R R E C E IP T S O F P R O D U C E .

T he quantity of flour, wheat, corn, and barley, left at tide-water, from the
commencement of navigation to the 8th of December, close thereof, during the
years 1863 and 1864, was as follows :
Flour,
bbls.

Wheat,
bush.

Corn,
bush.

Barley,
bush.

1 8 6 3 ..........................................
1 8 6 4 ..........................................

1,660,000
1,184,300

2 2,2 06 ,9 0 0
1 5,465,600

20,6 03 ,6 0 0
10,352,400

3.190,500
3,045,900

Decrease......................

876,500

10,251,200

144,000

6,741,300

By reducing the wheat to flour, the quantity of the latter left at tide water
this year, compared with the corresponding period last year, shows a deficiency
equal to 1,724,760 barrels flour.
The following comparative table shows the quantity of some of the principal
articles of produce at tide-water from the commencement of navigation to the
close thereof, in the years indicated:




1865 J

Statistics of Trade and Commerce.
Canal opened—

Flour.........
Wheat . . .
C orn .........
B arley.. . .
O ats..........
B y e ...........
Beef...........
P o r k ........
Bacon . . .
Butter . . . .

1862,
May 1.

1863,
May 1.

1,828,600
32,669,900
23,709,800
2,562,700
6,940,000
7,000,100
171,900
169,800
6,732,000
6,028,000
10,200,000
13,700,000
1,760,000

L a r d ..........

Cheese.. . .
W o o l.........

239

1,560,800
22,207,900
20,613,600
3,190,500
12,437,600
470,500
87,200
232,200
3,711,600
5,171,500
20,776,100
9,614,000
429,200

1864,
April 30.

1,184,300
15,465,600
10,352,200
8,404,900
12,177,509
620,300
75,700
58,300
579,600
1,327,800
2,644,800
4,298,900
1,226,100

LAKE COMMERCE OF BUFFALO, 1864.
T he following; statement shows the arrivals and clearances at and from Buffalo
of American and foreign vessels to and from Canadian ports ; also the arrivals
and clearances of American vessels to and from American ports, the tonnage of
the same; and the number of men composing the crews arriving and departing ;
also comparative statement of the same for a series of years :
SUMMARY FOR THE Y E A R

1864.
No.

Tonnage.

Crewa.

A m e r ic a n v e s s e ls e n t e r e d ...........................
F o r e ig n v e s s e ls e n t e r e d ................................
C o a s t in g v e s s e ls e n t e r e d ................................

1,641,258
72,424
1,708,085

17,102
4,229
62,442

T o t a l e n t e r e d f o r th e y e a r ..................

8,421,787

73,773

A m e r ic a n v e s s e ls c l e a r e d . ...........................
F o r e ig n v e s s e ls c l e a r e d ...................................
C o a s t in g v e s s e ls c l e a r e d ................................

1,669,883
64,407
1,735,291

17,424
4 ,068
62,898

T o t a l c le a r e d f o r th e y e a r ................

8,469,581

74,3 88

G r a n d t o t a l 1 8 6 4 ...........................................

6,S91,348
6,757,903
6,6S9.191
5,963,896
4,710,175
6,592,626
8,329,246
8,226,806
3,018,5S9
3,360,233
3,990,234
3,252,978
8,092,247

148,161
157,415
166,138
144,173
120,497
118,109
86,887
132,183
112,051
111,575
120,838
128 .11 2
127,491

“
“
“
“
“
“
“
“
“
“
«
“

„

1 8 6 3 ...........................................
1 8 6 2 ...........................................
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 8 5 5 ............................................
1 8 5 4 ...........................................
1 8 5 3 ...........................................
1 8 5 2 . , .......................................

TRADE AND GROWTH OF CHICAGO.
T he annual tables of the trade and commerce of Chicago, furnished by the
Tribune of that city, for the year 1864, exhibit some surprising evidences of rapid
growth and continued prosperity. The Tribune says that there has never before
been such activity and success in all branches of trade, manufactures, and com-




24 0

[March,

Statistics o f Trade and Commerce.
«

merce. The war has stimulated rather than diminished the demand for the pro­
ducts of the great West and Northwest. We glean the following summary o f
the statements for 1864 and 1863 :
1864.

1863.

45,952,741
65,000
904,658
133,145
480,156,000
19,524,409
$40,000,000
$35,000,000
$5,000,000
$14,000,000
$ 12,000,000

F l o u r a n d g r a m ...................................................... b u s h .
B e e v e s p a c k e d ........................................................... N o .
P o r k p a c k e d ........................................................................
H i g h wiDes m a n u fa c t u r e d ................................. bbls.
L u m b e r r e c e i v e d ......................................................fe e t
H i d e s r e c e i v e d ........................................................... N o .
W h o l e s a l e g r o c e r y t r a d e .............................................
W h o l e s a l e d r y g o o d s t r a d e ........................................
H a t s , c a p s , a n d f u r s ....................................................
W h o l e s a l e b o o t a n d 6 h o e t r a d e ..............................
W h o l e s a l e c l o t h in g t r a d e .............................................
L a k e fis h t r a d ® ..................................................... p k g s .

56,079,903
70.000
970,264
159,312
392,800,000
18,561,985

68,729

BALTIMORE IMPORTS AND EXPORTS.
T h e Baltimore commerce returns, as given by the Baltimore Sun, shows that
the chief articles of import compare as follows :

S u g a r................................................................ lb.
Coffee.............................................................. ..
Salt................................................................bush.
Molasses....................................................... galls.
Guano..................
tons

1664.

1863.

84,919,266
15,721,657
28,844,570
1,044,903
1,916

40,808.242
14,060,034
341,500
842,103
940

The value of iron in 1863 was 841,169 against $402,697 last year, and of
hides, in 1863, $107,561 against $146,093 last year.
The chief articles of export compare as follows :
C orn ...................................
W heat...............................
Flour...................................

.bush.
.bbls.

C o a l .........................................

Oils (petroleum and coal).
Tobacco.............................
Tobacco, m id ...................
Tallow...............................
Lum ber.............................
L a r d ..................................
Pork....................................

galls.
.value
•value
...l b .

1864.
105,544
60,022
331,423
7,303
821,808
$5,250,044
63,727
458,459
$224,692
2,564,400
5,803

1863.
271,642
95,194
316,596
8,705
318,870
$4,576,221
102,301
1,241,735
$179,929
3,661,113
7,998

IMPORTS OF W HEAT, FLOUR, BARLEY, AND OATS INTO LONDON, 1861-64.
T he leading countries from which the imports of wheat, flpur, barley, and
oats, into London, last year, and in 1863, were derived, are exhibited in the fol­
lowing statement:
.-------- -W heat.---------- .
1868.
1864.
Qra.
Qrs.

America— British Possessions
United States......................

Egypt...........................




54,389
306,261
35,301

27,464
119,970
1,220

.-------- Flour.--------- ,
1863.
Pkgs.

66,586
576,521
400

1864.
Pkgs.

29,406
816,993
...........

1865.]

241

Mining Statistics.

P r u s s i a .............................................................
R u s s ia — B a lt ic S e a ..................................
A z o f f S e a ...................................................
B la c k S e a ..................................................

5.613
21,647
28,5 88
279,356
111,153
28,757
15,337

7,435
29,572
50,514
264,487
241,078
10,202
34,345

T o t a l , in c lu d in g m in o r c o u n t r i e s .

908,829

813,096

F r a n c e .............................................................
H a n s e a t ic T o w n s ........................................
M e c k le n b u r g .................................................

/-----------Barley.-----------«

D e n m a r k ........................................................
F r a n c e .............................................................
H a n o v e r ..........................................................
H a n s e a t ic T o w n s .....................................
H o l l a n d ..........................................................
P r u s s i a .................................................. ..
R u s s ia — B a lt ic S e a ’ ..................................
W h i t e S e a ............................. ....................

Azoff

S e a ....................................................
S w e d e n .............................................................

T o t a l , in c lu d in g m in o r c o u n t r ie s .

MINING

18fi3.
Qrs.
70,0 71
80,349
61,674
1,309
4 1 ,4 3 5
4,197
71.536
280
105 707
8,500
6,249

1864.
Qrs.
64,586
1 855
12,699
210
8,552
203
28,129
6,190
575
74,873

13,250
11,145
...

•

834
2,217
....

—
672 ,13 2

26,991
4 ,389
—
1,464
18
....
....

381,201

,-------------- Oats.-------------- *

1863.
Qrs.
251,596
15,880
63,853
21,638
60,425
123,364
243,567
80,541
388

Qrs.
210,548
9 ,8 9 0
16,061
10,532
49,241
35,614
674,547
126,839

630,978

2,700
651,081

80 °01

15.603
57,231

543,559

288,481

1,551,795

1,827,304

STATISTICS

GOLD MINING IN CONNECTICUT.
T he Stamford Advocate, in alluding to recent discoveries of gold at Green­
wich, Conn., says:
“ We saw specimens of the ore from this mine some two weeks since.
“ By an interview with Dr. K e i t h , a resident of this place, we learned the
following facts. The assays from ore taken from the Stamford lode yielded from
“ No. 1—$57.44 in gold per too.
“ No. 2—$51.70 in gold per ton.
“ No. 3—$71.50 in gold, and $4.75 in silver per ton.
“ Only one assay has been made from the Greenwich lode, and that gave $30.90
in gold per ton. The Doctor informs us the present appearance of the lodes is
as good as in the generality of the mines iu Colorado. Should these mines prove
to be no richer than the yield by the above assays, their value must be very
great. After a mine is well opened, it is calculated that ore cau be mined and
worked at a cost of from $15 to $20 per ton in currency—this would leave a
profit of over $50 in gold per ton, if we take the average of the above assays.
I f there is gold on the surface of these mines, there must be a richer harvest
below, and we hope that the work on them will be prosecuted with vigor, as we
doubt not that it will be advantageous to the owners, and we are quite certain
that it will have a tendency to add much to the wealth and prosperity of Stam­
ford.”




242

M in in g Statistics.

PRODUCT

or

[M arch,

PORTAGE LAKE MINES FOR 1S64.

Quincy mine...................
Pewabie mine ...............
Franklin m ine........ ......
Isle Rovale mine.............
Grand Portage m in e ....
Huron mine......................
Hancock m ine.................
Mesnard mine.................
Shelden-CoJumbian mine
Arcadian mine.................
Albany and Boston mine
Douglass mine..................
St. Mary’s mine................

Tons.
1,4 85
932
781
363
316
310
50
28
11
5
3
2
2

Pounds.
1,362
791
880
1,676
196
1,622
182
190
023
680
040
1,459
590

Total.........................
Product o f 1863 .............

4,292
4,105

1,691
1,317

186

374

Increase in 1864...

The following table will show the productions o f the various mines in the dis­
trict for the past three years :
Quincy..............................
Pewabie...........................
Franklin...........................
Isle Rovale......................
Grand P ortage...............
Huron...............................
H an cock .........................
Mesnard............................
Shelden-Columbian.........
Arcadian.........................
Albanv and Boston........
D ouglass.........................
St, Mary’s .......................

,------- 1SG4.------- ,
Tons.
Lbs.
1,485
1,362
932
791
781
880
363
1,676
316
196
310
1,622
50
182
28
190
11
023
5
680
040
3
2
1,459
2
690

Total.........................
4,292
Increase of 1863 over 1862..
Increase of 1864 over 1863..
Increase of 1864 over 1862..

1,691

,-------1863.------- ,
Tons.
Lbs.
1,472
1,531
752
1,083
780
189
372
920
247
883
69
283
72
320
1,185
3
1,254
3
....
2

....

4,106

1,317

—

,-------1862.------- ,
Tons.
Lbs.
1,252
1,403
1,025
1,789
945
1,194
520
1,030
...
....
98
874
66
846
___
33

..................
3,942
164
186

1,226
91
374

350

466

Considering the increased number of mines in 1864 over 1862, the gain has
not apparently, been in proportion, and a little explanation may be necessary.
In 1862 the amount of ingot copper produced was 3,075 tons, while in 1864 it
was 3,400 tons, which excess when reduced to 80 per cent mineral, gives 380
tons instead of 350 tons gain as shown in the preceding table. This has been
occasioned by improvements in washing machinery, whereby a greater purity of
metal is obtained, but the number of tons is decreased. Another item is the
scarcity of labor for the past two years; and every new mine that has been
started has drawn away laborers from producing mines while the new mines have
produced nothing.
The prospects for another year, if labor grows ho scarcer are much more flat­
tering than those for the three years past, and we may expect a decided increase
over the product of 1864—say 800 tons.— Portage Lake Mining Gazette.




1865.]

243

Commercial Regulations.

THE CANADIAN GOLD FIELDS.
A correspondent of the Toronto Leader in speaking of the Canadian gold
fields, says:
The anticipations of those gloomy prophets who foretold that the gold mines
would cease to produce enough of the auriferous metal to make their working
profitable—or perhaps, rather 1 should say, would decliue in value from year to
year—have not been realized so far. On the contrary, the reports grow more
favorable from year to year. A t the present time there are in operation in this
province some eight or nine well known mines, which have stood the test of years,
besides a number of other of lesser note, and unproclaimed districts, numbering
in all about 90. These employ very nearly 800 men. The quantity of quartz
raised during the three months of October, November, and December, was re­
spectively 2,265, 2.330, and 1,520 tons. The average yield of gold is about
seven-eighths of an ouuce per ton. The total yield of the past year, as gathered
from the official returns, was 20,022 oz. 13 qrts. 13 grs , being an excess over
the year 1863 of 6,000 ounces. The following table shows the yield during each
quarter of the year:
Quarter ending March
“
June
“
Sept.
“
Dec.

81,
30,
30,
31,

1864....................................
1864....................................
1864....................................
1864................

4,010
6,159
5,395
5,457

Year ending Dec. 31, 1864............................................

20,022

18
8
2
9
13

3
8
21
5
13

This does not embrace all taken from the mines, because it is impossible to
obtain complete returns, but valued at $20 per ounce, we find that the product
of our gold mines last year was worth $400,458. This is a very satisfactory
result, and the indications, I am happy to say, are, that the product this year
will be even larger than in 1864.

COMMERCIAL

REGULATIONS.

DECISIONS OF THE TREASURY DEPARTMENT UNDER THE TARIFF ACTS.
T he following decisions have been made by the Secretary of the Treasury, of
questions arising upon appeals by importers from the decisions of collectors, re­
lating to the proper classification, under the tariff acts, of certain articles of
foreign manufacture and production, entered at the ports of New York, Boston,
& c.:—
SAIL CLOTH— DECISION UNDER

24tH

SECTION ACT JUNE

30, 1864.

Treasury Department, October 18, 1864.
S ir :
Messrs. A aron D. W eld & S on have appealed from your decision, that on
an importation of sail cloth from St. Petersburg, transhipped at London, the
freight, &c., from St. Petersburg to London, is made a dutiable charge under the
24th section of the act approved June 30, 1864, which is as follows :
*•And be it further enacted, That in determining the valuation of goods im­
ported into the United States from foreign countries, except as hereinbefore pro­
vided, upon which duties imposed by any existing laws are to be assessed, the
actual value of such goods on shipboard at the last place of shipment to the
United States shall be deemed the dutiable value. And such value shall be as­




244

Commercial Regulations.

[March,

certained by the adding to the value of such goods at the place of growth, pro­
duction, or manufacture, the cost of transportation, shipment, and transhipment,
with all the expenses included, from the place of growth, production, or manu­
facture, whether by land or water, to the vessel in which shipment is made to the
United Staets, the value of the sack, box, or covering of any kind in which such
goods are contained, commission at the usual rate, in no case less than two and
one-half per centum, brokerage, and all export duties, together with all costs and
charges paid or incurred for placing said goods on shipboard, and all other proper
charges specified by law.”
The comprehensive language of the section clearly includes the item of freight
and commission for reshipment. It doe3 not express a value at the place of
original shipment for this country ; but following the merchandise by laud and
sea, adds the accruing charges of transportation, shipment, transhipment, &c.,
until the goods are laden on that vessel which bears them to our shores.
Your decision is hereby affirmed.
I am, very respectfully,
Geo. H arrington,
Acting Secretary of the Treasury.
To J. Z. G oodrich, Esq.,
Collector, Boston, Mass.
DRESS ORNAMENTS.

Treasury Department, October 18, 1864.
Sir :
Messrs. G avetty & G eer, of New York, have appealed (No. 2,385) from
your decision assessing duty, at the rate of fifty per cent ad valorem, on certain
dress ornaments, being wooden moulds or cores covered with silk ; and your de­
cision assessing duty at the rate of thirty-five per cent ad valorem, as manu­
factures of wood, the wooden moulds or cores uncovered.
The appellants claim that the articles are “ buttons and button moulds,” and
are liable as such to duty at the rates of 40 per cent and 30 per cent respec­
tively.
The articles styled “ buttons” by the appellants are dress ornaments, (in
accordance with decisions of the Department of February 16,1861, and Novem­
ber 19, 1863.) and composed of silk and wood, silk being the chief value, are
subject to duty at 50 per cent ad valorem, as “ manufactures of which silk is the
component material of chief value, not otherwise provided for,” in section 8 act
of June 30, 1864.
The .articles styled “ button moulds ” are moulds or cores of wood for dress
ornaments, and being evidently not for buttons, cannot be regarded as button
moulds within the meaning of the law, (section 22, act March, 1861,) are there­
fore subject to duty as “ manufactures of wood,” at 35 per cent ad valorem, by
section 22 act of March, 1S61. and section 13 act of July, 1862.
Your decisions are hereby affirmed.
I am, very respectfully,
G f.o. H arrington,
Acting Secretary of the Treasury.
To J. Z. G o o d r ic h , Esq.,
Collector, Boston, Mass.
silk

crapes.

Treasury Department, October 20, 1864.
S ir :

Messrs. B ecar, N apier & Co. have appealed (No. 2,351) from your decision
assessing duty, at the rate of 60 per cent, on certain “ silk crapes ” imported by
them from Liverpool per steamer “ Louisiana,” and claim that the proper duty
should be 50 per cent, for the reason that “ siik crapes are not known in trade as




1865.]

Commercial Regulations.

24 5

•piece silks’ or ‘ silks in the piece,’ and are not so in reality, as the process of
manufacture makes them an entirely different article ; an article as distinct in
itself as silk laces. As it is not enumerated among the articles which are distinct
in their manufacture from dress and piece silks, we claim that they should be re­
turned by the appraisers as ‘ manufactures of silk not otherwise provided for,’
and pay a duty of 50 per cent.”
Section 8 of the tariff act of June 30, 1864, imposes a duty of 60 per cent ad
valorem “ on all dress and piece silks,” &c., &e. In the same section it is pro­
vided that a duty of 50 per cent ad valorem shall be imposed “ on all manufac­
tures of silk, or of which silk is the component material of chief value, not other­
wise provided for, fifty per cent ad valorem.” Under this latter provision, Messrs.
Becar, Napier & Co. claim to enter the •*silk crapes ” in question.
Silk crape is undoubtedly a manufacture of silk, and this is true of all silks
in the piece; but a distinction is made in the tariff between silk in the piece and
a manufacture of silk, so that all silks in the piece, by whatever name or descrip­
tion designated, must be so classed, and are liable to 60 per cent ad valorem duty.
Your decision is hereby affirmed.
1 am, very respectfully,
W . P . F essenden.
Secretary of the Treasury,
To Simeon D raper, Esq.,
Collector, New York.
BRANDY— DECISION UNDER

20th

SECTION ACT APPROVED JUNE

30, 1864,

Treasury Department, October 20, 1864.
S ir :

Your letter of the 24th ult., in relation to your withdrawal entry of brandy
imported by you per ships “ Penelope,” “ Auguste,” and “ Victoria,” is received.
It appears that your withdrawal entry was nearly completed on the 30th of
April, when the officers of the customs at New York received notice of the pass­
age of the joint resolution of April 29, imposing 50 per cent additional duty,
which duty you declined to pay, and have not since paid, the brandy still remain­
ing in bond.
You ask to be permitted to pay the rate of duty which the brandy was sub­
ject to prior to the 30th April, “ as Congress subsequently amended the 50 per
cent act, postponing its operation until the 1st day of May.”
As there is no evidence of your having tendered the amount of the duty im­
posed by acts passed prior to the joint resolution to the collector on the 3()th of
April, I am of the opinion that the subsequent act of Congress, to w it: section
20 of the act of June 30, 1864, affords you no relief. Had you paid the addi­
tional 50 per cent on the 30th of' April, and duly protested and appealed to this
Department, you would have been entitled to a refund under the 20th section.
I am of the opinion that the brandy in question, if now withdrawn for con­
sumption, would be liable to the duty imposed by the act approved June 30,
1864.
I am, very respectfully,
W. P. F essenden,
Secretary of the Treasury,
To S. L Duryee, Esq.,
341 Broadway, New York.
FELT LEATHER SHOES.

Treasury Department, October 21, 1864.
S ir :

Messrs. S ch ack & H otop have appealed, (No. 2,393,) under date of October
15, 1864, from your decision assessing duty of 24 cents per pound and 40 per
cent ad valorem on certain so-styled “ felt leather shoes,” and claim that under




Commercial Regulations.

246

[March

existing laws said goods are only liable to a duty of 35 per cent; that no pro­
vision having been made in the last tariff of June 30, 1864, for shoes, they should
be classified under the tariffs of March, 1861, section 22, and July, 1862, section
13, the former imposing 30 and the latter 5 per cent.
The appellants further claim that the greater part of the article in question,
being loose hair, and the material of chief value being leather, it is unfair to
classify the article as a “ manufacture of wool.”
The experts of the customs have decided that the shoes in question are manu
factured of hair, leather, and wool.
Shoes are not provided for by name in the existing tariff laws. The 2d sub­
division of section 5, act of June 30, 1864, provides for a duty of 24 cents per
pound, and 40 per cent ad valorem, ••on clothing ready made, and wearing
apparel o f every description composed wholly or tn pari o f wool, made up or manu
factured wholly or in part by the tailor, seamstress, or manufacturer, except
hosiery.”
The article being “ wearing apparel ” composed 11in part o f wool,” made up
wholly by the manufacturer, and not of the class of wearing apparel known as
hosiery, is clearly provided for in the provision just quoted.
Your decision is hereby affirmed.
I am, very respectfully,
W. P . F e s s e n d e n , Secretary of the Treasury.
To S im e o n D r a p e r , Esq., Collector, New York.
SATINS— APPLICATION TO RE-OPEN A RE-APPRAISEMENT.

Treasury Department, October 22,1864.
G en tlem en :

Your letter of the 8th inst. is received, asking permission to have a reappraisement of certain satins imported by you re-opened.
The satins in question were imported in the steamers “ Kedar ” and “ Marathon,”
were invoiced at 3.50 francs per aune, and were appraised by the local appraisers
at 4 francs per aune, from which you appealed.
In the absence of the general appraiser from the port of New York, two ex­
perienced merchants, familiar with the character and value of' the goods in ques­
tion, were appointed to appraise the same, who, after an examination, reported
the market value to be 3.90 francs, which exceeded by 10 per cent or more the
value declared on the entry, thereby subjecting the satins to an additional duty
of 20 per cent ad valorem, under the 23d section of the act approved June 30,
1864.
The law declares “ the appraisement thus determined shall be final, and deemed
and taken to be the true value of said goods, and the duties shall be levied thereon
accordingly, any act of Congress to the contrary notwithstanding,” and these
appraisements should be considered final and conclusive, unless there are peculiar
circumstances making them exceptional cases.
From the statement of the appraisers submitted by you, it does not appear
that they regard the re-opening of the case necessary or proper ; they merely ex­
press a desire that the penalty may be remitted.
I have no authority under the circumstances to order a re-opening of the re­
appraisement, or to direct the remission of the additional duty.
It is a popular misapprehension to suppose that the imposition of the additional
duty of 20 per cent under the 23d section above referred to, is evidence of frau­
dulent intent upon the part of the importer. This is far from being true. The
real intent of the section is to protect parties innocent of any attempt to de­
fraud the revenue, but who have not been sufficiently mindful of the laws, and
whose neglect might otherwise entail the seizure aud confiscation of their goods.
I am, very respectfully,
W . F . F e s s e n d e n , Secretary of the Treasury.
To A . P erson & H a r r im a n , New York.




1865.]

247

Commercial Regulations.
CLOTH

GLOVES.

Treasury Department, October 25, 1864.
S ir :

Messrs. W inzer & T ailer have appealed, (No. 2,368J,) under date of
September 17, 1864, from your assessment of duty, at the rate of 40 per cent
and 24 cents per pound, on certain “ cloth gloves ” imported by them per steamers
“ Bavaria ” and “ America.”
It is understood that the gloves in question were originally reported by the
appraisers as “ woolen cloth gloves,” and duties were assessed accordingly. The
entries were fiually liquidated on the 11th and 19th August, and the excess of
the deposits made refunded to the importers, without any notice of dissatisfac­
tion on their part.
It is true, as alleged by the appellants, that subsequently the appraisers adopted
a different classification (viz. : “ woolen hosiery ”) for similar goods, under which
they became liable to 30 per cent and 20 cents per pound ; but the appellants
having omitted to protest and appeal, conformably to section 14 of the act
approved June 30, 1864, from the decision of the collector on their importations
per steamers “ Bavaria ” and “ America,” are not entitled to relief under said
act.
Tour decision is hereby affirmed.
I am, very respectfully,
W . P. F essenden,
Secretary of the Treasury.
To Simeon D raper, Esq.,
Collector, New York.
CARPETINGS— PENAL DUTY.

Treasury Department, October 29, 1864.
S ir :

•

Tour appeal, (No. 1,936,) dated June 6. 1864, from the decision of the col­
lector at New York, imposing the penal duty of 20 per cent and 50 per cent
thereon, under joint resolution, on your importation of certain carpeting per
“ City of Cork,” is received.
You state as follows : “ On the 20th day of May I entered at the port of New
York, through my attorneys, one bale of samples of Brussels and velvet carpets,
which the appraisers advanced 58 per cent, claiming that they should havat been
invoiced at the same price as piece goods, less 10 per cent discount. Being in
want of my samples, I could not wait the delay of re-appraisemeDt; the collector
delivered me the goods on payment of duties and penalty, which I have paid
under protest, claiming that the duty, being specific—only a portion of the invoice
paying more duty than at the prices entered—only this portion should be sub­
ject to penalty. Also, the resolution of Congress, passed April 29, assessing 50
per cent additional duty, does not apply to penalties, and that the penalty should
be 20 per cent, and not 20 per cent with 50 per cent added, as I have been com­
pelled to pay.”
The question growing out of your appeal, to w it: Does the penal duty attach
where goods are undervalued 10 per cent or more, but where such undervalua­
tion does not affect the rate or amount of duty, has been most carefully examined.
The Solicitor of the Treasury, to whom it was referred, reports that, in his
judgment, the question “ must be auswered in the affirmative in all cases where
the article is one the duty on which is regulated by the value of the square yard
or other parcel or quantity. Carpeting is such an article, inasmuch as it is sub­
ject to one rate of duty if worth less than a certain price per square yard, and
to a different rate of duty if worth more than that price.”
The collector at New York reports as follows : “ The langnage of the law
being 1that in all cases where the actual value to be appraised
*
*
of
aDy goods
*
*
or wherever the duty is regulated by
*
*
*
*




The Booh Trade.

248

[March,

the value of the square yard
*
*
shall exceed by 10 per centum,’ &c.
The measure appears to be 10 per cent, not. such a percentage as would change
the classification.”
I concur in the opinions above expressed, and hereby affirm the decision of the
collector.
With regard to the imposition of the 50 per cent on the penal duty of 20 per
cent, the collector at New York was instructed, under date of June 22, not to
exact it, and you are consequently entitled to u relund of the amount so paid.
1 am, Very respectlully,
W . P. F e s s e n d e n ,
Secretary of the Treasury.
To W. I. P. I n g r a h a m , Esq.,
Philadelphia, Penn.

T HE

BOOK

TRADE.

7 he Hand Book o f Dining ; ory Corpulency and Leanness Scientifically Considered.
B y B rillat S avarin , author of the “ P h y s i o l o g i e du Gout”
D. A ppleton & Co.,
443 and 445 Broadway, N. Y.
I t would, of course, be impossible to form any estimate of the numberless ills, aches,
find ails the flesh is heir to, which arise solely and simply from an unwillingness to
give a proper attention to the subject of diet. The stomach is a little laboratory,
where all the various ingredients, compounded oftener with reference to the titillation o f the palate than to the requirements of the body, meet together and commence
a process o f dij-integration and reintegration, distilling, fermenting, and continually
manufacturing those compounds, which permeate through every member, carrying
health and life or disease and death, as the case may be. To find out how in this
internal laboratory proper substances may be formed, and the formations of improper
ones avoided, is the object of this little book, and certainly no inquiry can be more
practically interesting to every one.

C ONTENTS

OF

MA RC H

NUMBER.

[This number and engraving entered according to Act of Congress in the year 1865, by William B.
Dana, in the Clerk's Office o f the District Court of the United States, for the Southern District
o f New York ]
1. Hon. Wil iam Sturgis, of Boston. Engraving and Biography................................................... 169
2. Peace, Prices, and Prospects. By Hon. A m asa W a l k e r ......................................................... 181
3. Deep and Shallow Oil. By E. W. E v a n s , of Marietta C olleg e.... ....................................... 185
4. The Chinese in Cuba. H enry B. A uoiiincloss, E sq .................................................................. 186
5. Commercial Law.—No. 19. Bankruptcy and Insolvency........................................................... 193
6. Commerce of the United .-tatesfor 1861................................................................ ................... . 198
7. Commercial Chronicle and Review.................................................................................................. 205
8. Journal o f Banking,Currency,and Finance........................ ...................................................... 212
9. California—Her Productions, Trade, etc., for 1864....................................................................... 219
10. Taxes and Kevenne of England and France.. ...................... ........................................................ 227
11. Depression o f Trade in Canada ........................................................................................... . . . . 228
12. A New Textile................................................................................................................................... 229
13. Statistics of Tiade and Commerce................................................................................................... 230
14. Mining Statistics................................................................................................................................ 241
15. Commercial Regulations................................................................................................................... 243
16. The Book Trade................................................................................................................................ ....