The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
TH E
MERCHANTS’ MAGAZINE,
Established
July,
1839,
BY FREEMAN HUNT, EDITOR AND PROPRIETOR.
VOLUM E X X II.
M A Y , 18 50.
HUMBER V.
C O N T E N T S O F N O . V ., V O L . X X I I .
ARTICLES.
A rt.
P
ag e .
I. GERMAN NOTICES OF CALIFORNIA..................................................................................... 483
II. INTEREST OF M O N E Y N o . 3.— PRICE.
By D a v id F o s d ic k , J r ., A. M., o f Mass........... 492
III. COMMERCIAL CITIES AND TOWNS OF THE UNITED STATES.—No xx.—THE CITY
OF CHARLESTON, SOUTH CAROLINA. Location—Historical Notices of—Navigation
o f Port of Charleston for twenty-one years—Arrivals and Clearances—Floating Dock—Ex
ports o f Cotton from 1789 to 1848—Receipts and Stocks o f Cotton—Export o f Rice from
Port o f Charleston from 1724 to 1848—Imports o f Wines and Liquors—Imports o f Sugar,
Salt, Coffee, &c.—Banks and Savings Bank of Charleston—Statistics o f South Carolina Rail
road, &c., &c.................................................................................................................................... 499
IV . CURRENCY—INTEREST—PRODUCTION. By J. S. R., o f Massachusetts............................ 516
V. COMMERCIAL CODE OF SPAIN.—No. xn.—MERCANTILE SHIPS. Translated from the
Spanish by A. N ash , E sq., of the New York Bar....................................................................... 526
VI. T E A : AND THE TEA TRADE.—Part in.
By G id e o n N y e , E sq., Merchant o f Canton....... 531
M E R C A N T I L E L A W CASES.
English Law of Bills o f Exchange and Promissory Notes, with the Latest Decisions thereon.........
Joint and Several Bills of Exchange and Promissory Notes—Foreign Bills and Notes....................
Action for Breach of Articles o f Dissolution o f Co-partnership............................................................
Damages for Personal Injury Received by Collision on R ailw ay.......................................................
543
544
545
546
C O M M E R C I A L CHRO N IC L E AND R E V I E W :
EMBRACING A FINANCIAL AND COMMERCIAL R E V IE W OF THE UNITED STATES, ETC., ILLUSTRA
TED W IT H TABLES, ETC., AS FOLLOWS I
Spring Trade—Demand for Money—Coinage at the United States Mint—California Gold received
at the Mint—Money Received at Customs Port of New York—Mexican Indemnity—Rates o f in
terest for Loans in Boston, New York, Philadelphia and Baltimore—Government Stocks—Re
demption of Bills at Suffolk Bank, Boston—Loans aud Deposits of New York City Banks—New
York Bank Dividends in 1849-50—Boston Bank Dividends from 1846 to 1850—New Interest Law
o f Ohio—Three New Banks in Boston—Rates of Exchange in New York in 1833 and in 1850—
Commerce o f France and the United States........... ..................................................................... 547-554
VOL. X X I I .---- NO. V.
31
482
CONTENTS OF NO. V., VOL. XXIL
PAGE
COMMERCIAL STATISTICS.
Commerce of Alexandria, Egypt, in 1849............................................................................................... 555
Ships sailed from the Port o f Alexandria, Egypt, in 1849.................................................................... 555
Exports, quantity and value, from Alexandria to Austria, England and France, in 1849................ 556
Exports from Alexandria to Tuscany, Turkey, and Syria, in 1849..................................................... 557
Total Exports of Alexandria during the Year 1849............................................................................... 557
List of Ships arrived at Alexandria, Egypt, in 1849............................................................................. 558
Imports into Alexandria from Austria, England and France, in 1849.................................................. 558
Imports into Alexandria from Tuscany, Turkey, and Syria, in 1849.................................................. 559
Total Imports into Alexandria in 1849................................................................................................... 561
Value of the Imports and Exports of Alexandria to, and from, each Foreign Country.................... 561
Agricultural and other Productions o f Cuba in 1849............................................................................ 561
Exports of Sugar, Coffee, Molasses, Honey, Wax, Tobacco, Segars, &c.. in each Year, from 1824
to 1849..................................................................................................................................................... 562
Exports of Sugar, Coffee, and Molasses from Matanzas, in each Year, from 1830 to 1849, inclusive 562
Exports of Produce from Havana in 1849............................................................................................... 563
Exports of Sagua La Grande, from 1847 to 1849, inclusive.................................................................. 563
Exports of Cienfuegos in 1849.................................................................................................................. 563
Canadian and American Tariff compared............................................................................................... 563
R A I L R O A D , C A N A L , A ND S T E A M B O A T S T A T I S T I C S .
Effects of Railroads upon the Value o f Property................................................................................... 564
Statistics of the Baltimore and Ohio Railroad in 1849 ........................................................................... 564
Statistics o f the Georgia Railroads in 1849.............................................................................................. 565
New York and Glasgow Steamship “ City of Glasgow” . .................................................................... 565
A Complete Statistical View of the Railways o f New York in 1849............................................. 566-568
Boston and Worcester Railroad..................................................................................................................568
Statistics o f the South Carolina Railroad for 1849.......................................... ...................................... 569
Railway Guide for the New England States.......................................................................................... 569
Camden and Amboy Steamboat and Railroad Lines........................................................................... 570
J O U R N A L OF B A N K I N G , C U R R E N C Y , A N D F I N A N C E .
Debts and Finances o f the State of Ohio in 1849....................................................................................
The New System o f Assessing Taxes in Ohio.........................................................................................
Leading Features of the New York City Banks on the 30th o f March, 1850.......................................
Boston Banks, Dividends, Semi-annual, payable in April, 1850...........................................................
United States Treasury Notes outstanding, April 1, 1850.....................................................................
Bank Dividends of South Carolina in 1849..............................................................................................
Banks and Bank Capital of Connecticut in 1849....................................................................................
Counterfeit American Gold Coin.............................................................................................................
570
571
572
573
573
573
573
574
COMMERCIAL REGULATIONS.
An Act of Massachusetts Relating to Alien Passengers........................................................................ 575
An A ct of New York to Restrain Short Measure in the Sale of Dry Goods....................................... 576
Of Distilled Spirits, Wines and Teas: a Treasury Circular to Officers o f Customs in the U. States 576
JOURNAL
OF M I N I N G A N D M A N U F A C T U R E S .
Manufacturing Establishments in Massachusetts..............................................................................577-581
Manufacture of Cotton in Mississippi...................................................................................................... 581
Supplies of Iron sent from Interior o f Pennsylvania in 1848 and 1849................................................ 582
Difference between Iron and Steel............................................................................................................. 582
How Axes are Made.................................................................................................................................. 583
NAUTICAL INTELLIGENCE.
Shoals in Main Ship Channel of Nantucket............................................................................................ 533
Port of Pataty, Brazil................................................................................................................................ 584
' Discovery of a New Reef.—Irish Light-House Tolls.............................................................................. 584
MERCANTILE MISCELLANIES.
Mercantile Library Association of St. Louis..........................................................................................
Early Discovery of Gold in California.....................................................................................................
The American Packet-Ship “ Star of the West.—African Slave Trade................................................
Effects o f the Repeal o f the English Navigation Laws..........................................................................
585
585
586
586
THE BOOK T R A D E .
Notices o f 29 New Works or New Editions..................................................................................... 587-592
HUNT’ S
MERCHANTS’ MAGAZINE
AND
COMMERCIAL REVIEW.
M A Y , 1 850.
Art. I.— GERMAN NOTICES OF CALIFORNIA.
C a l if o r n ia is at present the object o f attention and interest throughout
the world. Even though its metallic riches should not produce such effects
upon commerce, civilization and government, as are now anticipated, still its
sudden rise and rapidly increasing influence are o f not the less immediate
importance. Upon a remote and hitherto almost unpeopled and ungovern
ed region, adventurers from every people, nation and tongue under heaven
have already, as it were within a moment o f time, swarmed into a polyglot
population o f many thousands.
Merchants and bankers, politicians and
philosophers, are speculating upon the destinies o f a new and mighty na
tion, whose first act o f sovereignty the Congress o f the United States are
about to sanction and confirm. It has already opened a new outlet for sur
plus population— made new marts for commerce— stimulated mechanical in
dustry to new invention, and may, for aught we know, lay the foundation o f
an entirely original and national architecture. For in a country thus extem
poraneously settled, a style o f building must be immediately adopted which
shall be suited alike to the peculiarity of climate and the pursuits o f the in
habitants. It must therefore be decidedly utilitarian, and also unique and
original. On this side o f the continent we have no such characteristic. Our
buildings, public and private, present a conglommerate o f every style and
order which has ever been known.
The heavy roofless Egyptian mixing
with the arched-groined and pointed Gothic, while the brighter fronts o f
Italy are often broken and overshadowed by the wiry galleries and scooped
cornice o f the Chinese.
Apart from its physical properties and present condition, the future des
tiny o f the new realm has already become the theme o f philosophical spec
ulation, not only to the blunt English and mercurial French, but also to the
more staid and considerate German. A m ong the notices o f California o f
the latter class there has recently (in 1849) been published at Berlin a pa
per upon the Present and Future (Gegenwart und Zukunft) o f California,
484
German Notices o f California.
by A . J. Hoppe, accompanied by an essay upon its climate, and the geo
graphical position of all the gold regions hitherto discovered, by A . Erman,
Professor in the Academy o f Sciences, at Berlin. Professor Erman is known
as the author o f a voyage round the world, two volumes o f which have al
ready been translated into English, and has for the last twenty years given
a great portion o f his attention to the study o f the physical constitution,
natural history, productions, commerce and capabilities o f Northern Asia
and Russian America, extending his researches on the American continent
as far southward as lower California. A long residence in Siberia, though
chiefly employed in making magnetic observations, has enabled him to ac
quire extensive information concerning the Asiatic part o f the Russian em
pire, and to collect and prepare a great number o f papers, historic, scientific
and statistic, in relation to these immense and little known countries, their
resources, productions, and the state o f their industry and trade.
Political
sonsiderations have, as a matter o f necessity, been avoided altogether.
In
the collection o f these informations, Professor Erman has been aided by the
Minister o f Finance o f the Russian government, and has already published,
under the title o f “ Archiv von wissenschaftlicke Kunde von Russland,” —
Archives o f Scientific Knowledge o f Russia— 400 papers upon these subjects.
The publication already makes eight volumes, o f about 700 pages each.
The part o f it which we have seen (about half o f the sixth volume) contains
the following papers which will sufficiently indicate the character o f the
whole work. “ Odessa in the years 1845, 1846 and 1847.” *
“ N otice o f
Lieut. Sagoskin’s travels and discoveries in Russian America. H istory o f
M uridism f in the Caucassian Country. Industrial statistics o f the govern
ment o f W ladimir. A subterranean forest in Courland.
Sketch o f the
north side o f the Caucassus. Steam navigation cm the Wolga. The T urk
ish patois in Southern Siberia. \Poetry o f the Fins. Review o f Russian
literature. The Russian colony§ Ross in N ew California.
Mahomedan
Numismatics in relation to Russian history. The climate o f the Russian
empire.
Teeth o f mammoth crocodile (riesigen Saurier) fou n d on the
western slope o f the Ural." As a part o f these papers (now published sep
arately) appear the treatise first mentioned, on the Present and Future of
California, and the essay o f Professor Erman upon the climate o f California
and gold regions in general.
These papers are by different authors, and are now collected under the
title o f “ Archives o f Scientific Knowledge o f Russia,” by Professor Er
man, Professor Schott, and Mr. T. J. Lowe. Professor Schott is well known
for his philological acquirement, and extensive knowledge o f Oriental history
and literature. To us at the present time the papers upon California will be
o f greatest interest, particularly as they seem to be written with more care
and better information than any previous account o f that country.
We
propose, therefore, to give a brief outline o f the two principal treatises, re
ferring to the works themselves for farther particulars.
* This is a statistical account of the City, its population, commerce, manufactures and revenues.
Muridism is a new sect o f Islamism, founded in 1823, by Chas or Gasi Mahomed, a native o f Jaragh, in the Aslan country. The name of the sect is from an Asiatic worJ, Murid, signifying u seeke r
oi the right way.” In 1830 the sect numbered eight thousand. They were exterminated in 1832,
having kept the Russian forces at bay for nearly two years.
X
The title of the A^neid o f the Fins is Kalewala.
| Ross is a Russian settlement, founded in 1812, about 60 leagues north o f San Francisco.
tained in 1840 about 800 Asiatics.
It con
German Notices o f California.
485
The book o f Mr. Iloppe relies mainly for its material upon the following
authorities : principally, the first— Duflot de Mofras Exploration de l’Oregon,
des Californiens, et de la Mer Vermeille.
Fremont’s Narrative o f the Ex
ploring Expedition to the Rocky Mountains, in the year 1842, and to Ore
gon and California, in the year 1843. Life in California, during a residence
o f several years in that territory, b y an American : and Forbes’ History o f
Upper and Lower California.
Out o f these he has made a geographical description o f the country, from
the Colorado to the Columbia, and from the coast back to the mountains,
■with which is interwoven an historical account o f the foundations and
changes in the commercial establishments by which the country was first
settled. The capabilities o f these regions as to climate, productions and
mineral wealth, are also set forth. These form the ground-work or Present
o f the book, upon which is raised the superstructure o f the Future, or what
the author terms the Plastic o f the la n d ; the whole serving as a descriptive
and requisite prelude to the more scientific treatise o f Professor Erman,
which follows. W e extract the description o f the Valley o f the Sacramento,
which, though taken from Duflot de Mofras, and having now passed through
two translations, will nevertheless be found a good specimen of the general
character o f Mr. Hoppe’s book.
“ The Sacramento flows through the most princely plain which it is possible
for man to conceive. Toward the north the view is bounded by the mountains,
which here tend toward the sea, and shelter it from the cold winds. In the east
the Sierra Nevada presents itseif with its eternal snows; on the west are the
Californian mountains, garlanded with forests, while southward the valley o f the
river widens to receive the San Joaquim with its thousand tributaries. At the
melting o f the snows the water rises three metres, (about ten feet,) as is shown
by the slime with which the trunks o f the trees are covered, leaving on its re
treat new strength to the vegetation. The landscape is decked with oak, willow,
laurel, holly, sycamore) lianens and wild grape, among which roam bands o f wild
horses, wild cattle, deer and antelope. The Indians live in huts dug in the
ground and thatched with boughs; though, they are all fishermen yet some of
them possess cattle and horses— agriculture is followed only by a few deserters
from the Mission. The prairies are sometimes visited by that fearful beast the
grey bear, who lead their young hither to feed upon the. acorns and sweet mast
o f the forests.
“ No river is better adapted to steam navigation than the Sacramento. Its
banks are covered with inexhaustible store o f timber, and there can be no doubt
but that this stream, flowing through a virgin soil into the finest harbor in the
world, is destined to become a site o f high importance, as soon as the Califor
nians shall have changed their masters, an event which now seems not very dis
tant.”
This description was written in 1844.
O f the generalization o f Mr. Hoppe’s book the following is a sample.
Speaking of Upper California, particularly o f the values o f the Sacramento
and San Joaquim, he says :—
“ It is connected with an immense continent, and yet so connected as to pos
sess all the advantages o f an insular position. In this latter respect California
must thank her peculiar natural advantages, which have enabled her (an event
not to have been expected) at once to add to the physical resources o f North
America, at the same time presenting new forms upon which the intellectual, so
cial and political relations o f New England and Virginia may develop themselves,
thus establishing, in this middle realm, potent influences, which are hereafter
destined to penetrate the recesses o f the old world. Military men have already
486
German N otices o f California.
noticed the ease with which the country may he defended, being accessible from
the north only by a single and narrow pass. With us this acute remark excites
due admiration, wishing, as we do from our hearts, that the time has passed forever
when this fair land shall need the assistance o f those strategic personages, who
now, from our wiser hemisphere, throw contemptuous regards upon the unknightly
Yankees. On the other hand, the separation o f California from the rest o f
America is not so entire but that the interval has for many years been traversed
by hunters, traders and colonists; nor is the immense interior country which
lies behind it, though now a desert, so unfruitful but that it may hereafter be
cultivated and made productive, as are now several parts o f it, serving for sta
tions for the emigrants. The developments incident to the political and muni
cipal constitutions o f the several communities by which the north and north
eastern districts o f California were first settled— (in their respective origins so
different and heterogeneous)— the natural division by which the productions o f
this side o f the continent will find their market westward in Asia, as the other
side finds a similar market in Europe and the east— the general diffusion o f
wealth consequent upon the reciprocal wants and exchanges o f an extensive in
terior and a fruitful sea coast— and the opulence which must enure to the latter
when it possesses a good harbor:— all these advantages would have been lack
ing to California, had her Italian plains, like those o f Italy, or o f the East In
dian peninsula, been for the greatest portion o f her limits surrounded by the
ocean.
“ If we confine our attention solely to the land itself, situated as we have de
scribed it, we shall find in it co-existing relations, limiting and modifying each
other which are not less worthy o f remark. The mountain ranges all sink down
towards the south, thus exposing a region, lying in the temperate zone, to
modified tropical influences, while the massive upheaving toward the north
shuts off and mitigates the effects o f the proximity to the pole. The main
mountain chain rises to the eastward, but another encircles it from the west,
and there are besides cross ridges reaching from one to the other, thus produc
ing a sort o f Switzerland, which, though presenting fewer alternations o f the
higher formations, has a much greater number and variety among those o f a
secondary order.”
The temperature o f the coast between Eoss and San Francisco seems to
have been well observed. The mean temperature o f the winter months, be
ginning with December, is between 43 °, 3 and 46°, 8 o f Fahrenheit, or be
tween the mean temperature o f the same season at Naples and P alerm o:—
o f the spring from 46°, 9 to 47°, 5, agreeing with the region between Paris
and N a n ce:— o f the summer, 57°, 6 to 57°, 3, the same as between Exeter
and Carlisle, on the west coast o f England; and the mean temperature o f
the autumn, between 49° 9, and 50, 3, or that o f the coast o f France be
tween Boulogne and Nantes. On the coast vegetation can scarce be said
ever to stand still. A fall o f snow, even in sight o f the snowy mountains,
is o f rare occurrence, and the temperature on the coldest nights o f winter
does not fall below 37° o f Fahrenheit.
It must be a paradise o f a country
where a Sicilian winter is followed by the spring o f the middle o f France;
and a summer o f the west o f England brings in the autumn o f the French
sea coast. It would have been more satisfactory if, beside the mean tem
perature, the highest and lowest had been given, as it would have the better
enabled us to judge o f the peculiarities o f the climate in regard to agricul
ture.
A portion o f Mr. Hoppe’s book is given to descriptions o f the animals
and plants o f the country, and speculations as to its fitness for the production
and support o f foreign species. Its adaptation to the culture o f the vine
admits o f some question. A wild grape is found growing luxuriantly up to
German N otices o f California.
487
39° o f north latitude, hut this limit is 10° nearer the equator than
the most northern wine countries o f the old world.
The mean tem
perature o f California is higher than that of other wine countries, but it is
questionable whether there be sufficient heat in summer. It must, however,
be remembered that the winters in California are much milder, and it may
well be that this pecularity would compensate for the lack of heat in sum
mer. But if there be any doubt as to its fitness for the culture of the vine,
there can be none in regard to the orange, olive and their varieties.
They
would here be safe from the cold, which destroys them in some less favored
portions even o f Italy. It is probable also that cotton might be cultivated
with success in particular districts.
The historical part of Mr. Hoppe’s book gives a brief account o f the first
settlement o f these regions; the character of their internal policy or govern
ment, extending from 1533 to the peace of 1848, by which the country was
ceded to the United States. The original Spanish establishments, Missions,
Presidios, and Pueblos, were all founded after the same model— indeed, so
formal and precise were the instructions from the parent country, that the
size and shape o f the several buildings, forts and Missions, were specifically
detailed— no difference either in size or arrangement being allowed from the
original pattern. The government was a mixture o f religious and military
despotism, in which the former ingredient preponderated; there having been
originally nine Missions, and only seven Presidios, the judicial part o f the
establishment being merely nominal, or altogether merged in the religious.
This authority was wielded part by the Jesuits, and afterwards by the Fran
ciscans, the first chief o f the latter order, (father Junipero,) being styled
“ Chief o f the Seraphic and Apostolic Squadron, destined for the conversion
or conquest o f poor Indian souls.” From such an establishment, but little
could be hoped. It was scarce strong enough to defend itself, and alto
gether incapable of imparting any healthful principle o f policy or govern
ment to the new communities which should be evolved under its tutelage.
It had, o f course, but two stages o f existence— infancy and nonage— and
when Father Junipero’s squadron lost its influence, there was no governing
prin ciple left.
In proof o f the extreme weakness o f the Spanish dominion, it permitted
(an anomaly in the history o f colonization) the existence o f trading estab
lishments o f a foreign power upon its territory, and that without receiving
any compensation for the privilege. This historical sketch, extending through
the diverse insurrectionary movements from 1810 to 1848, is chiefly valuable
for the succinctness of its narration, and the plain manner in which the causes
are analyzed and expounded. The plans and policy o f our own government,
which ended in the Mexican war, and the acquisition o f its new territories,
have been well understood, and are fairly set forth. Professor Erman’s trea
tise on the character o f gold regions in general, has an arrangement some
what similar to the one o f which we have been speaking, and is divided into
present and future. It differs, however, in this, that it deals more with scien
tific than historical facts, and its conclusions, though they sometimes become
speculative, are, for the most part, more reliable and certain.
The two objects for consideration are thus propounded:— 1st., “ W h a t addi
tional knowledge have we gained b y the discovery o f gold in California, to
aid in the discussion o f the hitherto unsolved scientific problem, as to the
general character o f the earthy formations containing gold, either in place or
in debris.”
488
German Notices o f California.
2d. “ W h at is the probable amount o f the wealth o f that country in the
nobler metals, and what will be the extent and duration o f its influence ?”
Professor Erman has, in these two propositions, brought the subject very
nearly to the limits o f a scientific problem, in the solution o f which he has
arrived at a result, which will be a greater interest to us, as differing entirely
from the generally received opinion o f the present day. H e says :—
“ I have answered the first question by stating that the new Dorado, in regard
to the character o f its minerals, is in nothing different or peculiar from other for
mations which have been found to contain gold— these having all an agreement
in geognostic indications. And the evidence o f this highly important fact sim
plifies the discussion o f the second inquiry— giving the highest degree o f proba
bility to the inference that the effect o f its mineral treasure upon the destinies o f
California, can in no way be different from the influences which have hitherto
attended such discoveries, both on the old continent and the new.”
Here follows a detailed comparison o f the characteristics o f gold regions,
o f which the following is an outline:—
The rock formation o f the gold districts o f California is green-stone, with
chrystals o f the family o f hornblende and feldspar, reticxdated with veins o f
serpentine, mixed with gray-wacke and quartz. This is the character o f
the Valley o f the Sacramento, extending from the bay o f San Francisco to
about 40° of north latitude. A m ong the debris or broken strata are found
chrystals o f albite actynolite, and karinthia, whose principal ingredient are
either hornblende or feldspar ; also grains o f dark red granite, with quartz,
black mica, and brown oxide o f iron, the gold being found in grains or in
lumps. This formation is identic with that o f the gold and platinum regions
o f the Ural, extending from 53° to 63° o f north latitude. The same char
acter o f the main mountain chain prevails over the whole o f northern Asia,
from 46° to 63° o f north latitude, and from 15° to 135° o f longitude, counted
eastward from Paris; and it is also found in the gold districts o f the Cor
dilleras, in Columbia, Haiti, and the Carolinas. Indeed, in all the gold dis
tricts which have been closely and scientifically examined, the similarity has
been traced not only in the characters o f the component minerals, but also
in the direction o f the mountain ridges. This latter indication is, however,
not always certain— but the general characteristic o f all gold regions is that
they lie near the main dorsal ridges, at their intersection writh the principal
costals, or transverse chains.
As evidence that the resemblance in geological features between the Valley
o f the Sacramento and the gold mines o f the Ural, had been noticed previous
to the actual discovery o f gold in the former place, Professor Erman quotes
from his journal a passage written on the 8th December, 1829. It is as
follow s:—
“ The yellow earthy debris, which here overlies Talc, and is copiously inter
mixed with magnetic sand, reminds one favorably o f the gold regions o f the
Ural, and when we regard the quantities o f quartz, both in gangue and in grain,
which are found with it, the resemblance becomes still stronger, and deserves at
least an analysis by washing, ( Waschversuch.') I have suggested to Captain
Chramtschenko, an officer o f the Russo-American Company, to have such exami
nation made. There is much similarity between San Francisco and the Russian
settlement at Ross, and the discovery o f gold would be o f great advantage to the
Russo-American Company.”
In the comparison between San Francisco and the Russian settlement o f
Ross, it seems to us that Professor Erman overlooks an essential character-
489
German N otices o f California.
teristic resulting from liis own observations, nam ely:— that tlie Valley o f the
Sacramento being made by the intersection of the dorsal and costal ridges,
(the Sierra Nevada and the Californian Mountains,) agrees, in this respect,
with other localities containing gold ; whereas, Ross, lying on the outer slope
o f the costal ridge, does not present this very distinguishing feature. H ow
ever this may be, had either the Professor or the Captain made a successful
waschversuch in 1829, the present condition o f California, as well as their
own, might have been somewhat different. Professor Erman has given a
table o f all the gold regions o f the world, ancient and modern, with their
geographical positions, accompanied with a chart showing the direction of
the ridges. As it may be o f interest, we give the table at length :—
GEOGRAPHICAL POSITION OF GOLD REGIONS, FROM PROFESSOR ERMA n ’ s TREATISE---- “ UEBER
DIE GEOGRAPHISCHE VERBREITDNG DES GOLDES.
Designation.
Obdorish Mountains, near the Oby River.
Niaus, North Ural........................................
Bogoslowsker, U ra l...................................
Tunguska Mountain, water shed of the
Jenesei and Tunguska R iv e r .................
Falun............................................................
Simmern, province o f Aggerhaus.............
Jekatrinburger, Ural...................................
Kija Chain, North Tomsker District.........
Clydesdale...................................................
Slatouster, Ural..........................................
Salairsker Mountain Chain........................
Tchulymer Mountain Chain......................
Sajanish Mountains, North Parallel Chain.
Aldanish Mountains, Eastern Slope.........
Caemervon, Merioneth...............................
W icklow.......................................................
Preobrayensker and Kirgish District.......
Kija Chain, Southern District....................
Sajanish Mountains, North at Irkusk.......
Water shed between the Lena and Baikal.
Nertschinker, Baikal Mountains.................
A m u r............................................................
H arz.............................................................
Schwarza Valley.........................................
Iser Fields, wash from the Riesen H ills...
Rhine Gold Sands.......................................
Eulen Mountains, near Prague...................
Hungarian District......................................
South Altai, Buchtarminster on the Irtish.
Valley of the A a r .......................................
Siebenburg..................................................
Piedmont.....................................................
Tschugutschaker, at Tarbagatar.................
Cevennes......................................................
Asturian and Gallician...............................
Lusitanian...................................................
Gold Hills, near Madrid.............................
Pyrrenaean Valleys......................................
Thessalian Mountains.................................
Hebrus and Island of Thasos....................
Slope o f Tmolus, Valley of Pactolus.........
Phrygia.........................................................
Circassia, between the Caucassus & Moschici Mountains.....................................
Kuldja District, Altai H ills........................
L obnor.........................................................
Mariani Mountains, North side Guadalquiver.......................................................
Carthage.......................................................
Bactrian Mountains.....................................
North Slope, Kuenla Hills, North-east of
Landak......................................................
Sacremento.................................................
Alleghany, in Virginia...............................
“
in Carolina................................
Sources of the Buramputer........................
Upper Rio Colorado...................................
Sources of the Ganges...............................
R ussia.............
R ussia.............
Russia.............
Latitude.
67 to 66 N.
64 to 63 u
60 to 58 u
Russia.............
Sweden...........
N orway...........
Russia.............
R ussia.............
Scotland...........
R ussia.............
Russia.............
■Russia.............
R ussia.............
R ussia.............
W a le s .............
Ireland.........
Russia.............
R ussia.............
Russia.............
R ussia.............
Russia.............
Tartary...........
Germany.........
Germany.........
Germany.........
Germany.........
Germany.........
Hungary.........
R ussia.............
Switzerland . . .
Hungary.........
Italy................
Tartary...........
France.............
Spain and Por
tugal .............
Spain...............
Spain...............
Greece.............
G reece............
G reece.............
Turkey.............
56 to 55
56 to 52
55
53 to 52
53
52 5 to 52
53 5 to 52
52
54 to 53
54 to 51
50
51 9 to 51
50 7
50 8 to 51
49 5 to 49
50 to 49
48 6 to 48
50 to 48
46 6
47 to 45
45 3 to 44
46 6
44 5 to 44
A s ia .................
Tartary...........
Tartary...........
42 5 to 40
43 5
41
Spain...............
A fr ic a .............
B ockara..........
Tartary...........
California.......
America..........
America...........
China..............
America..........
Thibet..............
61 to
60
60
58 to
57 to
55
56 to
it
a
59
8
5
56
56
7
54
tt
u
it
u
a
5
92 to 100
13
9
56 to 58
82 to 85
354
56 to 59
u
84 to 87
it
tt
91 to 99
131
353
351
55
85 to 87
101 to 102
104 5
114 to 116
122
8 to 9
8 5
13 to 13 7
16 to 6
12 to 12 5
16 3 to 16 6
79 to 80
5 9
20 to 22
4 5 to 5 5
82 2
1 5 to 2
a
a
«
a
a
7
Longitude east
from Paris.
62 to
58
56 to 58
u
a
u
u
“
3“
“
5“
3“
“
“
5“
7“
u
u
40 5 to 43 u
a
40 5
a
41
40 to 39 a
41 to 40 5 tt
a
38 5
u
38
a
a
a
348 3
353
358
19 to 20
22 to 22 5
25 5
26 5
40 5 to 42
81 2
87
u
a
a
351 to 352
7 5
69 to 76
a
36 5
40 to 34 5 a
38 to 35 tt
38 to 35 a
u
32
a
35
a
28 5
78 to 79
236 to 237
276 to 278
276 to 278
82
248
80
38
36 6
36
490
German Notices o f California.
GEOGBAPHICAL POSITION OF GOLD BEGIONS---- CONTINUED.
Designation.
Sonora .........................................................
Austin, Texas.............................................
N u b ia ..........................................................
Mexico, gold and silver.............................
Cuba, Blue Mountains...............................
St. Domingo, Blue Mountains..................
Olloqua, Suakim, Egypt, ancient............. .
Senegal....................................................... .
Sources of the Beni, Schongol................. .
Fasokla, in the Valley of the Nile...........
Ashantee Hills............................................
Veragua Coast .. ......................................
Antioguia and Rio Cauca.......................... .
Slope o f the Silla toward Magdalena___
“
“
“
Venezuela........
Sumatra......................................................
B orn eo....................................................... .
Celebes.......................................................
Choco..........................................................
Alto Maranon.............................................
B razil.........................................................
Potosi..........................................................
Minas Geraes..............................................
Madagascar................................................
C hili...........................................................
Buenos Ayres............................................
Fort Phillip................................................ .
America..........
America...........
A frica .............
South America.
West Indies . . .
Wesi Indies . . .
A frica .............
A frica .............
A frica .............
Egypt...............
A frica .............
South America.
South America.
South America.
South America.
East Indies___
East Iudies___
East Indies___
South America.
South America.
South America.
South America.
South America.
India...............
South America.
South America.
Australia.........
Latitude.
30 5 to 23 “
u
30
it
21
a
25 to 17
23 to 21 (C
20 5 to 18 «
20 to 19 i t
it
12 5
11 to 10 i t
It
9
it
8 to 7
it
5 5 to 4
it
7 to 5
ll
9
u
9 5
N. 5 to 5 S.
“ 5 to 4 tt
“ 2 to 5 n
“ 4 to 1 N.
S. 8 to 11 S.
“ 13 to 18 t t
“ 20 to 21 t t
“ 19 to 21 a
“ 15 to 20 u
“ 25 to 28
41 30 to 33 it
“ 37
Longitude east
from Paris.
249 5 to 250
258
20 5
253 to 258
278 to 280
285 to 288
35
346
21 to 22
28
355 to 356
273 to 275
281 to 282
286
290 to 292
92 to 100
105 to 115
117 to 120
281 to 282
280 to 281
313 to 305
290
313 to 314
47 to 48
288 to 289
288 to 289
138
In this table we have added two localities, one the W icklow mines, in
Ireland, and the other, Fort Phillip, in Australia. A n examination o f the
table and accompanying chart, shows ttyjt gold is not so sparingly distrib
uted over the surface o f the earth as might at first be supposed; and it cor
rects a misapprehension which seems to have become general, to w it:— that
the greatest quantity of this metal has been found in the torrid zone, as if it
had been the product of heat or sublimation. This opinion has had the au
thority o f Berzelius. It is, however, unfounded. O f 83 gold districts, 53
are north o f 27° o f north latitude.
It would have been better, as statistical information, if we could have some
estimate, both o f the products o f the different mines and the times and cost
o f working them. But data upon these points could only be furnished in
regard to a few, and those o f comparatively modern date. From a com
parison o f all the information at present obtainable, Professor Erman has ar
rived at the conclusion, that the most productive mines have always been
those where the gold has been found pure, and not in chemical combination
with other minerals— that mines o f this character are more common than
has generally been supposed, many localities o f this kind having been long
ago worked, exhausted, and forgotten. They are only worked while the
gold is found loose and in tolerable sized grains, and when it becomes neces
sary to disintegrate the rocks, the works are found unprofitable, and have
often on the same site been abandoned and resumed. As an example o f
this, he gives a detailed history of the operations in the gold fields near
Prague, which were first worked in the year 685, and are now almost unpro
ductive. These have been intermitted seven different times, though for one
year, 1371, the product had been 42,400 pounds of metal— more than
eighteen millions and a half o f Prussian dollars. There is one view o f the
case which seems to have been omitted, and which would make Professor
Erman’s deductions less certain, and it is th is: that the new methods and
machinery resulting from the present improved state of mechanical and chem
ical science may render mines productive, which, under the old methods,
could not have been worked at all.
German Notices o f California.
491
A perfect exploration o f the Sacramento will throw increased light npon
the question, whether gold be a Neptumian, or Volcanic production— a de
posit or a sublimation. The size of the lumps of pure metal found in some
o f the gold washings seem in favor o f the latter hypothesis, but there are
other indications which strongly support the former. Such are the presence
o f gold in small quantities in the green-stone and serpentine, which form the
main strata. The tine leaf-formed pieces o f gold which are found among the
washings, accompanied with large quantities o f magnetic sand, the thickness
o f the strata themselves, which would seem to infer a watery, rather than a
fiery origin ; and in addition to these indications, may be stated the fact, that
no traces have as yet been found in these formations o f chrysolite or volcanic
sand. A more correct examination and analysis of the California region may
be expected than has hitherto been practicable in other localities, and new
facts will o f course be brought out.
The conclusion o f Professor Erman’s book, which treats o f the changes in
the use and value of the precious metals, from the crude produce o f the
mine, till they become changed into money, and impressed with a final, and,
in part, conventional value, is not o f much interest. And the main ques
tion, as to the effect o f the discovery o f gold upon the settlement o f the
country, its commerce and government, lacks, at present, a principal item of
information, in that we have as yet but very imperfect knowledge o f the ex
tent o f the new gold region, or its probable productiveness. Supposing it to
yield an average annual product worth four millions of dollars, Professor Erman thinks it would occasion a series o f events not much different from those
which have attended similar discoveries in earlier times, to w it :— a rapid in
crease o f population; an almost entire abandonment o f agriculture ; a period
o f dearth and high prices, and a gradual return to ordinary modes o f industry
and living, as the expense o f mining approximated nearer to the value o f its
products. More recent reports estimate the probable annual product at forty
millions o f dollars, and if such be the truth, a principal condition o f the prob
lem will be materially changed. Besides, it must be remembered that the
California mines are in a condition differing from any other mines which
have ever before been discovered ; the country being, as yet, entirely without
a government. N o price is paid either for the land itself upon which the
gold is found, nor is any impost levied upon its appearance as an article of
commerce. W h en the government begins to exercise rights o f seignory, the
case will be more analogous to former instances— if, indeed, the exercise of
these rights be not delayed until they are resisted, and the State right ques
tion apipear in a new phase. The papers o f Professor Erman concerning
California are o f most value for their facts, more particularly as these facts
have been collected before the gold fever had attained its height, and pro
duced the phrenzy which must for a considerable time distort all accounts
from that quarter.
But setting aside Californian subjects, other parts o f the archieves are o f
great interest and importance. A slight inspection o f the review o f Lieut.
Sagoskin’s travels in Russo-America, (a book we believe almost unknown in
this country,) gives an entire new idea both o f the number and character o f
the commercial establishments o f the Russian empire. From a perusal o f
this and other articles o f the same kind, we are inclined to believe that when
the time shall arrive for writing a general history of modern colonization,
and considering and analyzing the effect o f the institutions o f the parent
countries upon their progeny, the Russian enterprises o f this kind will occu
492
Interest o f M o n ey: Price.
py a much more important place than has heretofore been assigned them.
A ll the articles treating o f Asiatic subjects are valuable. The brief history
o f Muridism in the Caucassus, contains material for a new romance, while, at
the same time, it teaches an important lesson in politics. A n d the descrip
tions o f Odessa and other large commercial towns, embody accurate and
well-arranged information on all subjects interesting either in history, in sci
ence, or in commerce. W e deem ourselves performing an important and
necessary service in recommending the Archieves to the consideration o f the
public.
Art. I I . — I N T E R E S T OF M O N E Y : P R I C E . *
B rief preliminary explanations o f certain terms connected more or less
closely with the subject o f price will facilitate our comprehension o f price
itself.
Man is subject to wants, and has capacities o f enjoyment. These wants
and capacities give rise to desires. The necessaries, conveniences and luxu
ries which minister to these desires are said by political economists to possess
utility. In this signification o f the term (a signification which some, no
doubt, would be reluctant to concede) no distinction is made between laud
able and blamable desires. A ll gratification is denominated useful. Thus
Say speaks of “ the utility o f an object, or, what is the same thing, the de
sire to obtain it.” f It is easy to understand the meaning o f this language ;
but, strictly speaking, to call the utility o f an object the same thing as the
desire o f a, person is absurd. The author intended, and should have said,
its capacity o f gratifying desire, instead o f “ the desire to obtain it.”
The term value merits some consideration in this connection. It is often
used in two very different senses— at one time meaning value in use, at an
other value in exchange, or exchangeable value. There are things o f the
most precious value in one sense which have little or none in the other. Air,
for example, is o f such value in use as to be indispensable to our existence,
yet its exchangeable value is generally nothing. Jewels are of little real
value in use ; yet their exchangeable value is very great. The distinction
between these two kinds o f value arises out o f the fact that some useful ob
jects are within the reach o f all, while others are appropriable and possessed
by individuals. The want of the former is never felt; the want o f the latter
can be satisfied only by an exchange o f values.
W ealth is another term which needs definition. I shall define it as a
great accumulation o f exchangeable value. I say exchangeable for the sake
o f excluding, among other things, natural and acquired talents. It is main
tained by Say, I think improperly, that these ought to be comprehended
under the term wealth.); But it certainly would not be considered justifiable
* The first of this series of papers, embracing a brief account of opinions and prac
tice concerning interest, from the earliest to the present time, appeared in the Mer
chants' Magazine for April, 1849 (vol. xx , page 3 64); a second number o f the series
was published in March, 1850, (voL xxi., page 273-278,) giving a definition of the term,
and some general account of money.)
j- Pilit. Ecoa, Book ii. c. 1.
j: Polit. E coa Introduction, p. 41. Am. Ed.
Interest o f M o n ey: Price.
493
in common speech to call a man o f talents a wealthy man, unless he had
possessions o f a different, though certainly inferior, character. Wealth, as
commonly apprehended, is material value. The exercise o f talents is, it is
true, an exchangeable value; but then it must be observed that no accumu
lation o f their value is possible, and hence it can never constitute wealth.
W e may remark here that wealth is altogether a comparative term. It de
notes the accumulation o f value to the degree of preeminence. This is the
reasqn why a man is in one place regarded as wealthy, who in another would
be deemed poor. A rich man does not signify the same thing in all situa
tions. A city competence makes in the country oftentimes an abundant
fortune.
W h at is cost ? In order to answer this question aright we must consider
the means men have to procure the utility or value which has just been de
scribed. W e find that many objects endued with this utility or value are
presented to us by Providence gratuitously. W e have no need to exert
ourselves for them. But a far greater number, if not invested with all their
value, have at least a great deal added to that which they originally possessed,
by human agency in the application o f power, either mental or physical, and
o f physical power either animate or inanimate. A ll power is value, and all
value is power. It is by the mutual cooperation o f values, that ever}' addi
tional value is created. Valuable materials and valuable power are granted
to us by the Great Author o f Nature, and we are strongly urged by our
own interest in the gratification o f our desires to make a wise and diligent
disposal o f these means to happiness.
The remarks that have just been made show the inaccuracy o f those
principles which certain writers har e laid down concerning the basis o f value
and cost. Adam Smith pronounced labor to be the only original source of
exchangeable value. “ Labor,” he says, “ was the first price, the original
purchase-money paid for all things.” * This is an egregious error. There
are many exchangeable values with which labor has nothing to do. A coal
mine, for example, is often discovered upon an estate. The value o f that
coal mine before the coal is extracted, a real exchangeable value was never
paid for by the labor o f any one. There are innumerable other values of
this description, which may, perhaps, be properly termed natural values in
distinction from those which are artificial. W h a t price was ever paid for
these natural values ? They are granted to men wholly without cost.
An American writer o f eminence, Dr. W ayland, in precise accordance with
the position o f Adam Smith, defines cost as “ the amount o f labor expended
in the creation o f a value.” f I f this statement were correct, would not the
same amount o f labor always denote the same cost. One would be apt to
suppose that the quality o f the labor must be considered as affecting the
cost o f anything on which it was expended. Besides, we may with propri
ety inquire, v'hat then is the cost o f labor ?
I am o f opinion that the true definition of cost may be thus stated. Cost
is the amount o f exchangeable value consumed in creating the new value. A
comparison o f this definition with the remarks before made concerning the
sources o f value will make it intelligible. There are certain values in exist
ence comprehended under the common terms materials and poicer. The
* Wealth of Nations, Book i. c. 5.
f Elements of Pol. Econ.
Introduction.
494
Interest o f M o n ey: Price.
cost of an article is the amount o f any o f these values, not merely o f human
labor, or even o f any labor consumed in producing it. Hence it may be
seen that cost and value are not necessarily or ordinarily equivalent. If the
consumption o f value be greater than its production, the article has cost
more than it is worth ; if the consumption be less than the production, addi
tional value is created. Only when the consumption o f value is precisely
equal to its production are cost and value the same.
It may be well here to notice a distinction between cost to the individual
and cost to mankind. They are by no means synonimous. A n individual
may, at little or no cost to himself, or even to his profit, be an agent for the
loss o f great value to mankind.
W e now come to consider the nature o f price. I will venture to define
this as the estimate o f one exchangeable value by another. This estimate
may be higher or lower than actual exchangeable value. Hence it seems to
me erroneous to call price, as Adam Smith, Say, W ayland, and other wri
ters do, the same as exchangeable value. The owner o f an article certainly
may demand a higher price for a thing than it is really worth in the mar
ket ; he certainly may sell it at a price below its worth. In the definition I
say exchangeable value, for, as I have before observed, value is o f two kinds,
value in use, and value in exchange. Air, light, water, &c., though o f indis
pensable utility, have not commonly any price affixed to them. I say, have
not commonly, and in the previous passage, just referred to, I said that their
exchangeable value was generally nothing. These restrictive words were
not unnecessary. Many besides the writer o f this article have purchased a
draught of water at the summit o f a mountain; the prisoner will often rea
dily pay his keeper a high price for unwonted enjoyment of sunshine and
the open air ; and, indeed, harldly anything can be named to which a price
may not be affixed under certain circumstances.
Money being universally acknowledged as a material standard o f value,
by price is generally meant an estimate in money ; and this idea o f estima
tion in money is usually included in the definition of price, as e. g. by Say,
W ayland, and others. But in m y opinion it is more philosophical to con
sider price as the estimate o f one value by comparison with any other.
Otherwise no foundation is left for the really valid distinction drawn by
Smith, Say, and others, between real and nominal price, i. e. the price in
actual value, and the price in money ; for if, as Say states, “ the price o f an
article is the quantity o f money it may be worth,’"* "when this quantity o f
money is the same, the price must be the same, which he shows not to be
the case, because money may be worth more at one time than at another.
Let it be here observed that real price is always intended, whenever in this
series o f articles the term price is used alone.
A s Adam Smith pronounces labor to be the original source o f all ex
changeable value, so he pronounces it to be the sole measure o f price. In
carrying out this notion he is led to the exhibition of a fine piece o f absur
dity. H e says in one place, “ Labor is the real measure o f the exchange
able value o f all commodities.” ! A few pages farther on, it occurs to him
that it is common to speak of the p n ce o f labor. He defines the price of
this as “ the quantity o f the necessaries and conveniences of life which are
* Pol. Econ., Book ii. c. 3.
I Wealth of Nations, Book i. c. 5.
Interest o f M oney : P rice.
495
given for it.” * So then, labor is the real price o f the necessaries and con
veniences o f life, and the necessaries and conveniences o f life are the real
price o f labor ! W e shall hardly gain any vantage-ground by definition in
a circle like this.
Price is distinguished into natural price and market or current price by
Smith, Say, and others. W h a t Smith means by natural price is, I am in
clined to believe, neither more nor less than the cost o f production ; though
his confused and varying statements will not allow certainty on this point.
H e says that when a commodity is sold at its natural price, “ it is sold pre
cisely for what it is worth, or for what it really costs the person who brings
it to market.” f H e includes, however, in this cost all the labor expended,
either by others or by the person himself, in producing the commodity and
bringing it to market.
It is apparent from what we have said, that he makes value, cost, and
price all one. They are all measured, according to him, by the amount of
labor involved. It is an indisputable corollary from his positions, that no
increase o f value ever took place on this earth, or is within the limits o f pos
sibility. According to him, the natural price o f anything is the same as its
cost, its cost is the same as its value, its value the same as the value o f the
labor expended in its production ; and the natural price, cost, or value o f
labor is what is consumed in its performance, or the subsistence o f the labor
er, which has been accumulated by former labor. Clearly, then, as much
value is always consumed on one side as is created on the other. Nor will
it make any difference if we consider cases in which prices vary from what
Smith calls the natural price. For the value created by the labor will still
be the same ; and what is gained by one party from the variation in price,
must be lost by another.
It is astonishing that Adam Smith should not have been struck with at
least some o f the absurdities arising from his positions. H e gravely asserts
that labor never varies in value ; that when a man supposes labor to be of
higher value at one time or place than at another, “ in reality it is goods
which are cheap in the one case and dear in the other.” ]; He does not,
however, appear to be aware o f an inference to which this statement, at
least in connection with his other positions, obviously leads, namely, that all
products on which the same amount o f labor has been bestowed must be of
equal value. Is it o f no consequence to inquire whether the labor was or
was not wisely bestowed ?
In these remarkable opinions concerning labor and value Smith has been
followed generally by Ricardo and others, in England and in the United
States.
That there is a valid distinction between natural price and market price
is undoubtedly true. It is a distinction, however, o f a somewhat abstruse na
ture. Let us make another attempt to ascertain it.
I have said that all additional value is created by the operation o f previ
ously existing values on each other. These previously existing values have
become property, so far as it was possible to make them so. Thus a man’s
mental and physical energy constitutes a value which is his own property.
So, too, the material substances which possess principles o f energy themselves,
* Wealth of Nations, Book
i.
Wealth of Nations, Book
i.
c.
7.
% Wealth of Nations, Book
i.
c.
5.
f
c. 6.
496
Interest o f M o n ey: Price.
and on which human and other energy is exerted, are values which have
been appropriated, so far as possible. There is no occasion for inquiry here
in regard to the justice or injustice o f the manner in which that appropria
tion has been made. It is sufficient that it exists, and that its validity is
generally acknowledged. On all these values thus becoming the objects of
property a price has been set.
Now, in m y opinion, a proper definition o f natural price is such amount
o f value in any product as may be fa ir ly referred to the exchangeable value
that procured the article to which the price is affixed. It is that price which
an article would bear, independently o f what is called the principle o f sup
p ly and demand— i. e. supposing the supply to be neither greater nor less
than the demand, but just correspondent with it. In one sense the market
price is a natural price— i. e. it follows natural laws ; but still there is reason for
the distinction we have set up. The natural price, o f which we have been
speaking, is not the same as cost. It may be either above or below cost.
Labor, for example, may be so employed upon an article as either to in
crease its value, or to diminish it, or to leave it unaltered. I f the labor has
been so directed as to diminish the original value, the natural price o f the
result must be less than the original value ; if so as not to alter it at all, the
same as that value ; if, as is commonly the case, so as to increase the value,
the natural price must rise above it.
In m >st, if not all, cases o f actual occurrence it is impossible to ascertain
this natural price with precision. W h o can, with unerring discernment, re
fer the different component parts o f any value to the different agencies which
originated them ? W h o can tell where the principle o f supply and demand
begins to operate, and what is the exact extent o f its influence ? The circum
stances o f the case are in a great degree intricate and inappreciable.
W e come now to market or current price. The signification o f these
terms is evident. They denote that price which is or can be obtained for a
thing from buyers generally— its actual common price. The laws which
regulate market price are very different from those which regulate what I
have denominated natural p rice; and accordingly the two almost always
differ.
A s to market price, we may observe a universal distinction between cash
price and credit price. The latter is always higher than the former, in part
on account o f the risk which credit involves ; and in part, moreover, on ac
count o f the actual loss o f value to the seller, from the delay to which he is
subjected before he can enjoy the use o f the price.
Aside from this distinction, the chief influences which cause market price
to vary from natural price are comprehended under the general principles
termed by writers on political economy, the principles o f supply and demand.
W h ile the natural price continues the same, the operation o f these principles
is as follows : Whatever increases the proportion o f the supply o f any arti
cle to the demand for it, diminishes its market price ; whatever increases the
proportion o f the demand to the supply, increases its market price. The
causes which operate to increase or diminish the intensity o f demand or of
supply are very various. To try to trace them here would occasion too long
an investigation. The different proportions o f supply and demand effect al
terations in the market price through competition. W h en the supply is
greater than the demand, the competition o f sellers lowers prices ; when the
demand is greater than the supply the competition o f buyers raises it. The
competition o f sellers often reduces the market price below what we have
Interest o f M oney : Price.
49T
ca'led the natural price ; the competition o f buyers often raises it above the
natural price. This reduction or elevation, however, will be but tem porary;
for when the market price is high there is an inducement to effort, for the
purpose of increasing the supply ; and when it is low the supply will grad
ually diminish, productive agency being directed to some more profitable '
result.
There are cases in which the free operation o f these principles is restricted,
as e. g. the case o f monopolies, whether natural, legal, customary, or other.
The prices o f certain French and Spanish wines, for instance, are very exor
bitant, because they can be produced only in particular vineyards or districts,
the ownership o f which may, perhaps, be called a natural monopoly. W ere
it not for this, the price would be very speedily reduced by competition.
Legal and other monopolies o f every description— the number of which, in
most civilized countries, is enormous, have an analagous tendency. The
price which, as we have before said, is sometimes paid for air, water, or light,
is a monopoly price. The tendency o f all monopolies to elevate price is
counteracted, to a greater or less extent, by other influence >.
There is one important fact which may seem inexplicable on the principles
I have stated respecting demand and supply, and which seems to me really
inexplicable in consistency with the statements o f Smith, Say, and other
writers. It is well known that increased demand for any article often redu
ces its price; and this, though the proportion o f the supply to the demand
may remain exactly the same, and though, therefore, on the principles o f the
writers referred to, the price also should remain the same. Thus a me
chanic in a populous village, who enjoys what is vulgarly called a good run
o f custom, will sell the articles which he manufactures at a considerably
lower price than his brother-mechanic does in a less thriving village, where
there is less demand for them. H ow can we account for this fact ? On re
curring to my remarks concerning the operation o f supply and demand it
may be seen that I threw in a preliminary restriction as to the universal ap
plication o f the principles I was about to state, by saying— “ while the natu
ral price continues the same the operation o f these principles is as follows :—
“ It is this clause o f restriction which permits a consistent explanation o f the
fact just noticed ; a fact which, so far as I can see, is inexplicable on the un
limited principles o f Smith, Say, and others, who represent that increased
demand, when the supply is proportionally increased, produces no effect at
all upon price. I have described price as being tine value demanded in ex
change for other value, and natural price as that amount o f value which may
be fairly referred to the exchangeable value employed in procuring the article
to which the price is affixed. Since natural price is based only on produc
tive agency which is appropriable, (appropriable value and exchangeable
value being the same thing,) it necessarily follows that if the appropriable
agency in the production o f any article is diminished by the use o f produc
tive agency not appropriable, the natural price o f that article is diminished
in proportion. Such a diminution of appropriable agency is effected, for ex
ample, by the very important arrangement denominated division o f labor.
The exchangeable value termed labor remaining the same, a much greater
product is effected by the agency o f mere classification. The natural price
o f the product therefore falls. The case is the same as to all improvements
in the mere modes o f applying productive agency. W h en any principle
whatever, be it a principle o f mind or a principle o f matter, which is not ap
propriable, or in other words possesses no exchangeable value, is made use o f
vol.
xxn.— no. iv.
32
498
Interest o f M o n ey: P rice.
in production, to the diminution o f necessary appropriable agency, natural
price is proportionately diminished. The instance which I adduced relative
to the mechanic may therefore be explained, in part, at least, by the consid
eration that oftentimes the greater the number o f articles which he manufac
tures the less appropriable productive agency is consumed in the manufacture
o f any one. This fact, which is familiarly known by all classes o f people,
arises from various causes. A n important one is, that practice makes the
same powers more efficient. I might designate several others, but it is not
necessary to do so. In this way, then, the natural price is diminished ; and,
if the influences which create the variation between the natural and market
price remain the same, the market price must be likewise diminished. It is
clear, too, that even though additional influence is exerted to elevate the mar
ket price, it will still be diminished if that influence is more than counter
balanced by the influence which reduces the natural price.
It is important to observe, however, that even when an improvement in
production is effected, the market price sometimes continues the same, be
cause the improvement is kept secret by the producer.
For example, he
who discovers some important chemical principle may apply it to production
and refuse to share his discovery with any one.
R eal price and money price are not always the same.
Money price de
pends on the proportion o f money to business. The amount o f money in a
community may be augmented or diminished, and yet the increase or dimi
nution may only keep pace with the increase or diminution o f business. In
that case, prices will not be changed by the change in the quantity o f money.
Money prices may sometimes be higher, and yet real prices remain the same
from the special abundance o f m on ey
Say employs a whole chapter in elucidating a valid (and in truth valua
ble) distinction between what he calls real and relative variation in price.*
B y the principles which have been laid down respecting natural and market
price, we may be enabled to condense his prolix explanation into a very
brief and simple statement. W h a t he calls real variation in price is a vari
ation in market price on account o f a variation in what I have termed natu
ral price ; what he calls relative variation in price is a variation in market
price, while the natural price remains the same. As I have said, I consider
this distinction a valuable one ; but I cannot regard the terms by which it is
designated as appropriate. The variation in market price which Say terms
real is as truly relative as that which he calls relative by way o f distinction;
and that which he calls relative as truly real as that to which he confines the
term real. Both are real and both relative variations in price— i. e. in esti
mate o f exchangeable value. The distinction would be better denoted, I
think, by applying to these variations the same epithet that I have applied
to price itself1— that is, by calling one natural and the other market variation.
B y natural decrease o f price human welfare is positively augmented, no party
suffering loss ; by natural increase of price, if that ever occurs, human wel
fare is diminished ; the effect o f market increase or decrease o f price is merely
to transfer benefit from one party to another.
In particular instances price is affected by a multitude o f influences, which
it would perhaps be o f little use for us to consider at length. These influen
ces may be comprised mostly under one head— that o f confessedly undue
advantage on the side o f one party over the other ; such as the seller’s pro
* Pol. Econ., Book II. c. 3.
Commercial Cities and Towns o f the United States.
499
filing from the buyer’s ignorance o f the market price, or o f the actual char
acter o f the article sold, <fcc.; or, vice versa, the buyer’s taking the same
advantage over the seller. The price thus occasioned is certainly not natural
price, nor is it properly market or current price.
There is, o f course, a distinction between the price of anything outright
and the price o f its use. This price o f use is generally denoted by distinct
terms— such as wages, rent, &c. W ages are the price paid for the use o f a
man’s ability, mental or physical. Rent is the price paid for the use o f land,
or o f a house, &c. Horse-hire is the price paid for the use o f a horse. This
catalogue might be extended much further.
I have considered the subject o f price somewhat minutely, because a com
prehension o f the principles which influence price generally cannot but be
highly serviceable in the investigation o f that species of price denominated
interest, which will engage our attention in the next paper o f this series.
Art. I ll,— COMMERCIAL CITIES AND TOWNS OF TIIE UNITED STATES.
NUM BER
XX.
THE CITY OF CHARLESTON.
T he city o f Charleston (South Carolina) is situated in 32° 46' 3 3 " north
latitude, and 79° 57' 2 7 " west longitude from Greenwich, and 2° 56' 3 "
west longitude from W ashington— 118 miles north-east o f Savannah, in the
State o f Georgia, 680 miles south-south-west o f Baltimore, 540 miles from
Washington, D . C., and 765 miles south-south-west from the city o f Hew
York. It is delightfully located on a peninsula formed by the confluence o f
the Ashley and Cooper Rivers, which here enter the harbor, which is two
miles wide, extending seven miles south-east to the Atlantic below Sullivan’s
Island, Cooper and Ashley Rivers are from 30 to 40 feet deep, the former
being 1,400, and the latter 2,100 yards wide. The ground on which Charley
ton is built is elevated some eight or nine feet above the level o f the harbor
at high tide, which rises about six feet, flowing by the city with a strong
current, and thus contributing to its salubrity.
In 1680 Charleston was built on the spot, says Bancroft, “ where opulence
now crowds the most prosperous mart o f our southern seaboard, among an
cient groves that swept down to the rivers’ bank, and where, covered with
the yellow jesamine which bordered the vernal zephyrs with its perfume, the
cabin o f graziers began the ‘ queen city o f the south.’ ” Long after, the
splendid vegetation which environs Charleston, especially the vine, the cedar,
and cypress trees along the broad road which is now Meeting-street, de
lighted the observer by its perpetual verdure. “ In 1731,” says another
historian, “ there were 600 houses in Charleston, five handsome churches,
and out o f the city were to be found courtly buildings, noble castles,” &c.
Charleston is considered more healthy than any other part o f the low
country in the Southern States, and is much resorted to by the planters in
the sickly months. Its inhabitants have long and deservedly been celebrated
for their polished manners and unaffected hospitality. It was chartered as
a city in 1783. The city is divided into four wards, and is governed by a
mayor and twelve aldermen. In 1690 a colony o f French refugees, exiled
in consequence o f the revocation o f the Edict of Nantes, settled in Carolina,
500
Commercial Cities and Towns o f the United S ta tes:
and some o f them in Charleston, from whom some o f its present inhabitants
are descended; and they have a kindred origin to the Puritans o f New
England. On the 28th of June, 1776, nine ships o f war, nnder Sir Peter
Parker, carrying 250 guns, began a furious attack on the fort at Sullivan’s
Island, which was garrisoned by about 400 men, under the command o f
Colonel Moultrie. A t the same time a detachment o f troops was landed on
an adjoining island, and directed to cross over at a place where the sea was
supposed to be shallow and attack it in the rear. The heavy and incessant
fire o f the enemy was received with coolness, and returned with skill. Many
o f their ships suffered severely, and particularly the Bristol, on board o f
which was Commodore Parker.. She was twice in flames, her captain was
killed, and so dreadful was the slaughter that at one time the Commodore
was the only person on deck unhurt. The British troops destined to attack
the fort in the rear found it impossible to reach the island. The engagement
with the fleet commenced in the morning and continued until dark, con
ducted with the utmost enthusiasm, and an unconquerable perseverance by
the provincials. The British ships, having received too much injury to renew
the attack, moved off in the n igh t; and a few days afterward the fleet, with
the troops on board, set sail for New York. The British lost in this attack
near 200 killed and wounded. The troops, for their gallantry, received the
thanks o f Congress and the applause o f their countrymen. On the 17th o f
May, 1780, the city was surrendered to the British, having been attacked
by sea and land. It was evacuated by the British in 1782. Charleston
has frequently suffered by disastrous fires. In 1778 a fire consumed 252
houses; in 1796 another fire destroyed one-third o f the city, at a loss esti
mated at $2,500,000. In 1837, 1,200 houses, being one-fifth of the city,
were burned, covering 145 acres of ground, at an estimated loss of $5,000,000.
But it is not our design in the present article to give an elaborate account
o f the history o f Charleston, but rather to exhibit its commercial and indus
trial condition and progress. For this purpose we shall avail ourselves o f an
elaborate document prepared under the authority o f the city council of
Charleston, and other equally authentic and reliable sources of information.
B y the United States census o f 1840 the white population o f the city of
Charleston and Neck, conjoined, amounted to 15,711
Adding the present
white population o f the Neck to that o f the city, as determined by the enu
meration made in 1848, the number at that time would amount to a fraction
short o f 20,000, giving an increase o f 3,342 in nine years, or 21.27 per
cent.
The commercial statistics embraced in the official document, to which we
have already referred, embracing the subjects o f navigation and tonnage,
imports, exports, crops, &c., are full, and reach back some twenty years.
Charleston possesses “ but few manufacturing establishments, and, therefore,
no intrinsic sources o f wealth— it is to her commerce alone— her exports and
her imports— her receipts and sales o f produce from the interior— and the
supply afforded in return that she must depend for an increase o f prosperity
and wealth.”
Twenty pages o f this document are occupied with a list o f the arrivals at,
and departures from, the port o f Charleston o f all vessels, according to class,
for each month in the year, for 21 years, commencing with the year 1828
and closing with the year 1848. Our limits will not, however, permit us to
transfer these tables to our pages. W e shall, therefore, subjoin a summary
view of the arrivals and departures in each o f the 21 years, which will en
able the reader to see at a glance the progress of navigation at that place.
NUMBER AND CLASS OF VESSELS ARRIVIN G AT THE PORT OF CHARLESTON, SOUTH CAROLINA, FOR 2 1
TEARS, FROM 1ST JANUARY TO 3 1 ST DECEMBER IN EACH
T E A R ; INCLUDING ALL VESSELS, W H ETH ER ENTERED AT THE CUSTOM-HOUSE OR NOT ; VESSELS COASTING W ITH IN THE LIMITS OF THE STATE AND GOVERNMENT
VESSELS EXCEPTED.
COMPILED FROM THE HARBOR MASTER’S RECORDS.
,------------------------------- FLAGS.------------------------------- v
13
Years. 0
*5’
CD
1828
1829
1830
1831
1832
1833
1834
1835
1836
1831
1838
1839
1840
1841
1842
1843
1844
1845
1846
1847
1848
.,
13
32
63
COASTWISE.
CO 53
g
er
CD 9
8
P
3
122
155
110
101
176
185
201
152
177
148
146
146
143
166
152
138
165
227
210
184
228
288
514
549
546
523
519
540
533
543
710
831
730
560
474
500
463
460
477
477
443
398
—'—
1
O'
i
101
127
146
150
87
72
44
31
28
27
24
30
28
27
19
10
21
13
5
10
8
41
80
67
95
106
108
139
157
179
214
285
563
584
529
532
591
642
776
755
757
730
CO CO
ST £
5
*5’
CO
37
70
77
78
90
49
79
80
104
84
115
89
98
90
. 113
154
126
132
95
i 129
5 92
FOREIGN.-- \
CO CO
gC3
to o o
■3D B
§ C
o'
p
p
5T
76 26
116 52
86 72
104 60
134 73
97 39
131 35
108 59
119 45
114 59
120 52
105 50
92 84
94 90
107 78
99 80
81 123
61 98
59 76
88 99
81 77
CO
fir
3
*C
5D
"
3
1
4
8
2
5
2
1
4
1
i
i
2
1
3
.
.
1
5
4
8
3
i
i
W
B*
*o
CD
13
33
68
169
235
187
179
266
234
280
232
281
233
261
235
241
256
265
292
291
359
305
313
320
— TOTAL. —
CO
ca
2.
o'
g
©
CO
•C
§D
1
?
168
267
214
226
304
300
859
305
332
372
412
360
288
296
324
306
282
279
269
251
277
314
566
621
606
596
558
575
592
588
769
883
780
644
564
578
543
583
575
653
542
475
104
128
150
158
87
74
49
33
29
31
25
30
30
28
19
10
22
14
9
18
9
co
S’
§
ISB
ST
41
80
67
95
106
108
139
158
179
214
285
564
537
529
532
591
642
777
756
757
730
CO
©
i
*5'
CD
,,
..
,.
,.
..
,.
..
..
.,
,.
..
..
..
..
.,
.,
13
32
68
UNITED STATES.
a
g
►
CoD 1
8
B
3
9
131
194
156
134
192
189
219
175
204
171
203
179
190
194
206
206
207
283
247
231
236
144
229
181
177
212
227
274
241
276
305
360
328
263
257
281
256
240
252
243
216
221
312
555
608
579
567
538
566
583
571
744
873
772
626
551
569
531
562
559
541
518
452
CO
O
*5
CD
CO
o’
1
1
104
128
147
152
87
73
44
32
' 28
27
24
30
30
27
19
10
22
18
7
13
6
CO
1
41
80
67
95
106
108
139
157
179
213
285
563
535
528
532
591
642
726
756
757
730
*5'
CD
FOREIGN.
a
•*
g
oo
•g f
B
3
9
28
41
31
45
. 74
45
61
57
• 77
61
58
56
51
, 62
59
. 86
. 84
76
58
i 82
. 84
24
38
33
49
92
73
85
64
66
67
52
32
25
39
43
50
42
27
26
35
56
2
11
13
27
29
20
9
9
17
25
10
8
18
12
9
12
21
16
12
24
23
CO
O
o
“O
CD
CO
©
B
o'
p
sr
#
3
6
i
5
1
1
4
1
.
i
.
.
.
4
.
i
l
.
l
2
1
.
.
i
2
5
3
.
.
SOI
93
151
128
122
170
203
228
197
213
258
292
255
196
202
217
207
201
218
210
163
196
CO
©
o
CD
The City o f Charleston, South Carolina.
cc
502
NUMBER AND CLASS OF VESSELS DEPARTING FROM THE PORT OF CHARLESTON, SOUTH CAROLINA, FOR 2 1 YEARS, FROM 1ST JANUARY TO 8 1 S T DECEMBER IN EACH
Y E A R ; INCLUDING ALL VESSELS, W HETH ER CLEARED AT THE CUSTOM-HOUSE OR NOT ; VESSELS COASTING W ITH IN THE LIMITS OF THE STATE AND GOVERNMENT
COMPILED FROM THE HARBOR MASTER’ S RECORDS.
,------------------------------- FLAGS.------------------------------- \
Years. m
£
—COASTWISE.
Co
m
W
V
3.
&
o
*o
CO oo
8
CO
0
3
1828
65 61
1829 . ,
78 107
1830 * .
78 102
1831
67 106
1832
73 131
1833
98 165
1834 , ,
99 187
1835
92 187
1836
96 195
1837
91 227
1838
71 259
1839
81 261
1840
68 175
1841
63 180
1842
93 206
.
.
1843
91 200
1844 . . 128 197
1845
143 216
1846 15 161 205
1847 28 156 163
1848 61 163 177
182
397
557
563
510
507
514
541
523
671
814
747
585
465
494
453
460
484
460
432
369
74
103
137
154
83
75
33
27
22
27
23
SO
26
27
15
6
19
10
5
8
7
-FOREIGN.CO CO co W CO
cr
g.
p >0 CT3
CO OJ oo
1
o
O' it?
P
C
O
CO £
41
79
66
93
104
109
146
153
176
215
276
558
533
518
528
590
636
775
753
759
731
94
139
133
116
147
153
173
158
170
143
185
157
176
172
189
194
197
195
149
2 137
7 161
99 26
155 50
128 84
122 74
155 71
136 42
186 28
116 50
133 50
138 60
142 47
103 56
123 82
97 84
114 73
109 89
83 132
56 88
62 75
98 92
88 79
---3 ,—
co CO ux
o
►
o
CO
O' CO
p
CO £
1
5
9
2
4
8
1
4
1
1
1
1
1
5
4
7
3
3
2
3
1
3
3
1
i
3 15
30
1 68
----TOTAL. —
W
V
3.
l0
0C
5O
00
1
a
159
217
211
183
220
251
272
250
266
234
256
238
244
235
282
285
325
338
810
293
324
160
262
230
228
286
301
363
303
328
365
401
364
298
277
320
309
280
272
267
261
265
------ N
CO CO
CO
p
o
3
CO
1
g.
*3'
£CO CO
208 75
447 103
641 142
637 163
581 83
549 77
542 87
591 30
593 23
731 31
861 24
803 30
667 27
549 28
567 15
542
7
592 20
572 15
535
9
524 15
448 10
41
79
66
93
104
109
146
156
178
218
276
559
536
521
529
590
636
776
756
759
732
, .
. _
. .
,
,
,,
15
29
68
UJ>ITED TATES
CO
CO
CO
W
3.
5*
K
&
w
8
t
B
3
131
170
176
135
162
195
221
190
197
170
193
183
192
180
221
209
228
269
245
221
245
134
231
197
181
202
226
272
241
271
297
354
832
270
238
273
262
244
241
246
225
217
206 75
439 103
629 140
610 156
554 83
529 76
535 83
582 29
656 22
708 27
852 23
794 30
648 27
538 27
559 15
530
7
571 20
557 15
522
7
501 10
425
7
'm CO
o’ o
3
o'
p ■o
5T CO
41
79
66
93
104
109
146
155
178
217
276
558
534
520
529
590
636
775
756
759
732
.
,
.
.
,
,
,
,
,
i
FOREIC5N
CO W
3.
E
W
*o
CO »
8
|
28
47
35
48
58
56
51
60
69
64
63
55
52
55
61
76
97
69
65
72
79
26
31
33
47
84
91
62
57
68
47
82
28
39
44
47
36
31
21
36
48
2
8
12
27
27
20
7
9
17
23
9
9
19
11
8
12
21
15
13
23
23
Sloops .
C
--co
ST
CO
«r
1
§■
«.
2
7
.
.
•>
1
4
1
1
4
1
,
.
.
1
i
..
i
..
i
2
1
«
.
.
.
.
i
2
5
3
.
,
.
Commercial Cities and Towns o f the United States :
VESSELS EXCEPTED.
,
503
The C ity o f Charleston South Carolina.
The following table shows the total number o f vessels and the tonnage
now engaged in regular lines as packets and passenger lines, and as freight
lines, between Charleston and the undernamed ports :— .
Havana and West Indies. . .
Boston................. .................
New Y ork...........
Philadelphia........ .................
Providence........... .................
Baltimore.............
No.
14
6
13
2
%
Tons.
2,829 Wilmington....................... . .
1,371 Savannah...........................
11,027 New Orleans..................... . .
2,950
Total.......................
340
600
No.
4
4
7
Tons.
1,538
1,070
1,627
—
23,358
O f this number 5 are steamships, 11 ships, 9 barks, 24 brigs, 1 ketch, 26
schooners, and 8 steamboats. There are, also, engaged in the pilotage o f
Charleston Bar, 18 full branch pilots, and 8 second branch pilots, employing
9 pilot boats, with an aggregate o f about 400 tons.
There is at Charleston a “ Floating D ry Dock,” considered by competent
judges one o f the best o f its kind in the United States. It is the “ Balance
D ock ” o f J. S. Gilbert’s patent, and was built and put in operation by Mr.
James Marsh in 1845. The description, &c., o f this dock, which follows, was
furnished by that gentleman :—
“ The dock is 160 feet in length, 52 feet in width, and 20 feet in depth. It
ean accommodate a vessel o f 1,500 tons or over, provided the length o f the ves
sel does not exceed 164 feet; it has docked a vessel o f 1,000 tons burden and
164 feet long.
In docking, if desirable, it is not necessary for the vessel to unlade her cargo;
the dock has taken up at different periods the steam revenue cutter Legare, and
two other revenue eutters, with all their armament, &c., just as they arrived
from sea, as well as several vessels with their cargoes on board, just from sea.
The operations o f the dock are performed by a steam engine o f five horse
power, the time requisite for taking a vessel up is from two to three hours, de
pending upon the size o f the vessel; and the time for floating out is from
twenty to thirty minutes.
The preferable time for taking up a vessel is at high water, but if requisite, it
can be done at low water by removing the dock into the stream.
The following are the rates o f Charges for vessels :—
Forty eents per ton for taking up, with ten cents per ton per day during the
time the vessel is in the dock ; if the vessel has her cargo on board there is an
additional charge o f forty eents per ton on the eargo.
The best evidence we can give o f the value o f this enterprise and its benefi
cial results for the shipping at this port, is in the following list furnished us of
the number and class o f vessels which have been taken up in this dock since it
went into operation, now about four years since., many o f which must necessa
rily have gone elsewhere to be repaired, with all the consequent loss o f time and
risk o f sailing in an unseaworthy condition, but for the establishment o f this
doek at Charleston.
k Ships and barks, 39; brigs, 42 ; steam revenue cutter, 1; other revenue cutters,
2 ; schooners, 32; sloops, 5 ; steamboats, 45; total, 166 vessels.
And we add with pleasure, as an evidence o f the workman-like manner with
which its operations have been conducted, that no accident has ever occurred to
any vessel either in taking up or floating out, nor during the time they were re
pairing in the doek, although several vessels have been in the dock during severe
gales.”
W e shall now proceed to give in a condensed form the “ facts and figures ”
relating to the article o f cotton, which occupies an important place in the
commerce o f Charleston.
From a reprint in Carroll’s H istorical Collections o f South Carolina, en-
504
Commercial Cities and Towns o f the United S ta tes:
titled “ A Description o f South Carolina,” Ac., printed in London in 1761,
giving “ an account o f several species and quantities o f commodities o f the
produce of South Carolina, which were exported from thence at the port o f
Charleston in one year, from the 1st o f November, 1741, to 1st o f Novem
ber, 1748,” &c., among the enumerated articles are “ cotton wool, 7 hags;"
and in the same pamphlet among the imports are “ woolen and cottcm cords.”
“ Drayton’s View o f South Carolina ” furnishes the following statement
o f exports o f cotton from the port o f Charleston, which, we are informed in
a note, was furnished the author by James Simons, Esq., the Collector o f the
port. It is not stated whether these exports were made foreign, or both
foreign and coastwise, nor is the description o f cotton specified.
October
ii
ii
ii
it
tt
tt
a
u
u
a
«
1, 1789, to September 30, 1790...........
«(
1, 1790,
30, 1791...........
it
1, 1791,
30, 1792...........
it
1, 1792,
30, 1793...........
it
1, 1793,
30, 1794...........
it
1, 1794,
30, 1795...........
it
1, 1795,
30, 1796...........
it
1, 1796,
30, 1797...........
tt
30, 1798...........
1, 1797,
“
1, 1798,
30, 1799...........
tt
1, 1799,
30, 1800...........
tt
1, 1800,
30, 1801...........
54,075
76,710
93,540
159,040
1,109,653
912,600
1,008,511
2,476,431
2,801,996
6,425,863
8,301,907
30 bags.
164 it
tt
232
U
284
tt
482
tt
3,363
tt
2,765
tt
3,056
tt
7,504
it
8,491
a
19,472
u
25,157
“
“
“
“
“
“
“
“
“
“
“
From 1st October, 1818, we have a more accurate estimate o f the Sea
Island crops o f the United States for each year, in the following table o f the
exports from Savannah and Charleston to 30tli September, 1832, and from
that period the actual crops o f Georgia and South Carolina for each year to
31st August, 1848.
EXPORTS OF SEA ISLAND COTTON FROM 1ST OCTOBER, 1 8 1 8 , TO 3 0 T H SEPTEMBER, 1 8 3 2 \ AND
OF CROPS FROM 1ST OCTOBER, 1 8 3 2 , TO 3 1 S T AUGUST, 1 8 4 8 .
EXPORTS.
O ctob er
1, 1 8 1 8 , to
ti
1, 1 8 1 9 ,
it
1,
S e p te m b e r 30,
1820,
ti
30,
tt
1 8 1 9 .....................
C ha rleston ,
b ales.
9 ,8 6 5
Sava n n a h ,
b ales.
8 ,4 2 5
T ota l,
b a les.
1 8 ,2 9 0
1 8 2 0 .....................
2 1 ,4 8 4
1 1 ,8 9 5
3 3 ,3 7 9
3 0 , 1 8 2 1 ......................
2 4 ,6 2 2
1 0 ,8 8 8
3 5 ,5 1 0
ti
3 6 ,2 8 5
“
1, 1 8 2 1 ,
3 0 , 1 8 2 2 ......................
2 5 ,5 1 0
1 0 ,7 7 5
ii
1, 1822,
“
3 0 , 1 8 2 3 .....................
2 6 ,7 4 7
1 0 ,8 3 0
3 7 ,5 7 7
30,
2 4 ,6 3 2
9 ,9 5 1
3 4 ,5 8 3
1, 1 8 2 3 ,
ii
It
1, 1 8 2 4 ,
it
30,
1 8 2 5 ......................
1 8 ,2 5 3
7 .7 6 3
2 6 ,0 1 6
«
1,
1825,
“
30,
1 8 2 6 ......................
1 2 ,6 4 7
6 ,0 2 9
1 8 ,6 7 6
1, 1 8 2 6 ,
it
tt
it
tt
tt
«
tt
it
1 8 2 4 .....................
3 0 , 1 8 2 7 .....................
3 1 ,8 2 8
1 4 ,5 4 9
4 6 ,3 7 7
it
3 0 , 1 8 2 8 .....................
2 2 ,7 5 0
1 2 ,1 2 6
3 4 ,8 7 6
1, 1828,
ti
3 0 , 1 8 2 9 ......................
2 3 ,0 4 7
1 3 ,7 2 9
3 6 ,7 7 6
1, 1 8 2 9 ,
ii
30,
1 8 3 0 .....................
1 7 ,7 0 8
9 ,5 7 9
2 7 ,2 8 7
3 0 , 1 8 3 1 ......................
2 0 ,3 1 7
7 ,5 8 6
2 7 ,9 0 3
3 0 , 1 8 3 2 . .............
1 8 ,2 4 3
9 ,6 6 4
2 7 ,9 0 7
1, 1 8 2 7 ,
ll
1, 1830,
it
1, 1 8 3 1 ,
CROPS.
tt
if
ii
«
<1
tt
1, 1 83 2,
1, 1 83 3,
1, 1834,
1, 1 8 3 5 ,
1, 1 8 3 6 ,
ti
1, 1 8 3 7 ,
1, 1 8 3 8 ,
it
1, 1 8 3 9 ,
u
SO,
1 8 3 3 ......................
2 2 ,5 9 1
1 2 ,4 6 3
3 5 ,0 5 4
ii
30,
1 8 3 4 ......................
1 9 ,4 3 5
8 ,7 0 9
2 8 ,1 4 4
“
“
it
“
«
it
*
3 0 , 1 8 3 5 ......................
1 4 ,8 5 4
9 ,7 9 7
2 4 ,6 5 1
3 0 , 1 8 3 6 ......................
1 5 ,7 5 8
9 ,7 9 3
2 5 ,5 5 1
3 0 , 1 8 3 7 ......................
1 4 ,2 6 2
7 ,9 6 3
2 2 ,2 2 5
30,
1 8 3 8 .....................
1 2 ,5 6 8
5 ,1 2 1
1 7 ,6 8 9
1 8 3 9 .....................
1 1 ,4 8 3
4 ,8 0 9
1 6 ,2 9 2
3 0 , 1 8 4 0 .....................
1 7 ,9 1 3
8 ,6 4 2
2 6 ,5 5 5
30,
T h e b a g is e q u a l t o 3 3 0 p o u n d s .
505
The C ity o f Charleston, South Carolina.
EXPORTS OF SEA ISLAND COTTON— CONTINUED.
C harleston,
b ales.
October 1,
Sept’b e rl,
“
1,
“
1,
“
1,
- “
1,
“
1,
“
1,
1840,
1841,
1842,
1843,
1844,
1845,
1846,
1847,
to August, 31,
“
31,
«
31,
it
31,
“
31,
iC
31,
it
31,
U
31,
1841...............
1 8 4 2 ............
1843...............
1844...............
1845...............
1846...............
1847...............
1848...............
13,816
13,247
16,798
13,564
20,019
19,579
13,538
12,909
Sava n n a h ,
b ales.
6,449
7,214
7,493
5,574
8,453
10,622
7,567
8,816
T ota l,
b ales.
20,265
20,461
24,291
19,138
28,472
30,201
21,105
21,725
Detailed tables o f the export o f cotton for 27 years are given in the
Charleston report. A condensed summary o f these details will be found
in the following table :—
EXPOETS OF COTTON FROM THE POET OF CHARLESTON {SOUTH CAROLINA) IN EACH YEAR FROM
1820
Years.
1 8 2 0 ...
1 8 2 1 ...
1 8 2 2 ..
1 8 2 3 ...
1 8 2 4 ...
1 8 2 5 ...
1 8 2 6 ..
1 8 2 7 ...
1 8 2 8 ...
1 8 2 9 ..
1 8 3 0 ...
1 8 3 1 ...
1 9 3 2 ...
1 8 3 3 ...
1 8 3 4 ...
1 8 3 5 ...
1 8 3 6 ...
1 8 3 7 ...
1 8 3 8 ...
1 8 3 9 ...
1 8 4 0 ...
1 8 4 1 .. .
1 8 4 2 ...
1 8 4 3 ...
1 8 4 4 ...
1 8 4 5 ...
1 8 4 6 .. .
1 8 4 7 ...
1 8 4 8 ...
..................
..................
..................
..................
...............
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
..................
to
1848,
in c l u s iv e .
Total foreign and
Foreign.
Coastwise.
coastwise.
Sea Island. Upland. S. Island Upland. Sea Island. Upland.
....
21,484 125,475
....
....
24,622
98,673
25,510
91,806
12,734 25,510 104,540
24,539 26,747 136,166
26,747
111,627
24,632
105,223
24,663 24,632 129,886
117,349
18,253
23,725 18,253 141,074
141,806
22,737 12,647 164,543
31,828
152,885
46,290 31,828 199,175
22,750
99,518
25,369 22,750 124,887
161,531
29,450 23,047 190,981
23,047
16,536
165,636 1,172
26,084 17,708 191,720
36,854 20,317 184,981
18,597
148,127 1,720
16,941
35,346 18,243 201,033
165,687 1,302
143,166 1,102
32,925 22,889 176,091
197,959 1,539
40,924 18,688 238,883
15,180
145,649
932
42,358 16,112 188,007
180,361
15,131
729
47,669 15,860 228,030
12,152
154,103
269
33,138 12,421 187,241
16,712
229,755
405
56,865 17,117 286,620
9,975
148,285
537
53,917 10,512 202,202
19,310
228,191
459
69,719 19,769 287,910
148,208
930
60,589 13,770 208,797
184,705
341
70,442 14,460 255,147
16,351
257,035
681
78,523 17,032 335,558
15,043
166,290 1,148 123,023 16,191 289,313
288,870
423 111,698 21,328 400,568
160,233
476
87,841 20,003 248,074
698 156,064 11,567 335,531
179,467
183,501
685
98,061 16,030 281,562
Total
exports.
146,959
123,295
130,050
162,913
154,518
159,327
177,190
231,003
147,637
214,028
209,428
205,298
219,276
198,980
257,571
204,119
243,890
199,662
303,737
212,714
307,679
222,567
269,607
352,590
305,504
421,896
268,077
347,098
297,592
In the following table we have the number o f bales o f cotton received at
Charleston, and the stock on hand on the last day in each year from 1830
to 1 8 4 8 ; also, the cotton crop of the United States for the same series o f
years:—
RECEIPTS AND STOCKS OF COTTON AT CHARLESTON AND COTTON CROP OF THE UNITED STATES
FROM
Years.
1830
1831
1832
1880
TO
1848.
Receipts at Charleston. Stock on hand.
Cotton crop o f the United States.
Sea Island. Upland. S. Island. Upland. Sea Island. Upland.
Total crop.
...............
...............
...............
17,515
19,516
17,800
191,490
190,495
195,912
1,704
903
460
2,204 27,287
1,648 27,903
2,527 27,907
949,558
1,010,945
959,570
976,846
1,038,848
987,477
\
506
Commercial Cities and Towns o f the United S ta tes:
RECEIPTS AND STOCKS OF COTTON AT CHARLESTON AND COTTON CROP OF U. STATES— CONTINUED.
Receipts at Charleston. Stocks on hand.
Cotton crop o f the United States.
Sealsland. Upland. S.lsland.Upland. Sea Island. Upland.
Totalcrop.
Years.
1833
1834
1835
1836
1837
1838
1839
1840
1841
1842
1843
1844
1845
1846
1847
1848
........................
.......................
.......................
.......................
.......................
........................
........................
........................
........................
.......................
........................
........................
.......................
.......................
........................
........................
22,609
19,435
15,265
16,534
16,768
12,862
11,756
18,353
14,063
13,731
17,666
15,680
21,499
20,696
14,457
13,506
175,319
234,888
189,386
228,548
188,469
286,866
203,977
287.317
209,653
255,439
339,233
296,142
401,221
245,211
353.587
269,908
380
1,151
301
915
5,179
924
2,168
752
1,045
316
950
439
610
1,303
4,193
1,669
1,755
2,639
4,018
3,298
3,547
2,245
3,994
3,401
3,507
3,659
7,334
13,097
10,269
7,406
25,462
12,416
35,054
28,144
24,651
25,551
22,225
17,689
16,292
26,555
20,265
20,461
24,291
19,138
28,472
30,201
21,105
21,725
1,036,384
1,177,250
1,229,677
1,335,174
1,400,705
1,783,808
1,344,240
2,151,280
1,614,680
1,663,113
2,354.584
2,011,271
2,366,031
2,070,336
1,757,546
2,325,909
1,070,438
1,205,394
1,254,328
1,360,725
1,422,930
1,801,497
1,360,532
2,177,835
1,634,945
1,683,574
2,378,875
2,030,409
2,394,503
2,100,537
1,778,651
2,347,634
R ice stands next in importance to cotton in the export trade o f Charles
ton. It appears from “ Drayton’s View o f South Carolina” that “ rice was
first planted in South Carolina about the year 1 6 8 8 ; when by chance a
little o f it, o f a small unprofitable kind, was introduced into the State.”
From “ Ramsay’s History o f South Carolina ” we learn that the cultiva
tion o f rice was first commenced in South Carolina in 1694. A vessel from
Madagascar in distress put into Charleston Harbor, the captain o f which had
some previous acquaintance with Landgrave Thomas Smith, to whom he
gave a small parcel o f rough rice, which was in the cook’s bag on board;
this Mr. Smith planted in a moist spot in his garden, (now Longitude Lane,
in the city o f Charleston,) the proceeds he distributed among his friends, and
in a few years after rice became one o f the staple productions o f the colony.
In “ Carroll’s Historical Collections o f South Carolina ” it is stated that a
brigantine from Madagascar put into the colony, and gave some seed rice to
Mr. W oodward, which in a few years was dispersed through the colony. It
is also further stated “ that Mr. D u Bois, Treasurer o f the East India Com
pany, did send to that country (Carolina) a small bag o f seed rice some
short time after.” These events occurred about the year 1700.
That rice soon after this period was an article o f export from Carolina, we
learn from a pamphlet reprinted in Carroll’s Historical Collections o f South
Carolina, and originally published in London in 1707 by John Archdale,
late Governor o f Carolina, in which he says, “ 17 ships this year,” (probably
several years prior to the printing o f the pamphlet,) “ came ladened from
the Carolinas with rice, skins, pitch, tar, &c., in the Virginia fleet.”
The following particulars o f the exports o f rice from Charleston, derived
from a variety o f sources, were collected by the Hon. R. F. W . Allston, and
published in 1843 in his valuable “ Memoir o f the Introduction and Cultiva
tion o f Rice in South C a r o l i n a —
EXPORTS OF RICE FROM THE PORT OF CHARLESTON FROM
Years.
1725..............
1726..............
1727..............
1728..............
1729..............
1730.............
Casks.
17,734
23,031
26,884
29,905
Barrels.
32.384
41,722
Years.
1731...........
1732...........
1733...........
1734...........
1735............
1736...........
1737............
1724 TO 1800.
Barrels. Years.
«39,487 1738...........
37,068 1739..............
50,726 1740..............
30,323 1741..............
445,317 1742.............
c52,349 1743...........
d42,619 1744.............
Barrels.
34,324
67,117
91,116
c80,040
46,196
73,416
80,778
507
The C ity o f Charleston, South Carolina.
EXPORT OF RICE FROM THE PORT OF CHARLESTON---- CONTINUED.
Years.
Barrels.
1745...........
1746...........
1747...........
1748...........
1749...........
1750...........
1751...........
1752...........
1753...........
1754...........
1755...........
1759...........
Years.
Barrels.
1760.
1761.
1762.
1763.
1764.
1765.
1769.
1771.
1773.
1774.
96,778 1790.
51,718
Barrels.
Years.
98,044
102,235
94,035
69,717
85,670
84,540
80,837
74,277
70,425
75,788
64,769
60,789 1791.............
101,359 1792.............
79,642 1793.............
101,059 1794.............
101,842 1795 ...........
107,292 1796.............
116,715 1797.............
130,500 1798.............
112,649 1799.............
118,482 1800.............
87,179 1801.............
59,627
54,101
54,146
55,132
41,034
/48,011
^61,522
A78,360
35,522
a A t this time the barrels would appear to have been 500 pounds. See Carroll’s
Historical Collections, vol. ii., page, 129. b In addition to 1,038 bags. c And 1,554
bags, d and 519 bags, e And 2,137 bags. / And 525 bags, g And 223 bags.
A And 186 bags.
From 1801 to 1819 there are no means o f ascertaining the exports o f
rice from Charleston. The following table exhibits a more minute account
o f the export o f rice from Charleston from 1819 to 1848 :—
EXPORT OF RICE FROM CHARLESTON IN EACH YEAR FROM
Foreign.
R’gh rice
Bushels.
Years.
Tierces.
1820 ...........
1 8 2 1 ...........
1822 ...........
1823 ...........
1824 .............
1825..............
1826..............
1827..............
1828..............
1829..............
1830..............
1831..............
1832..............
1833..............
1834..............
1835..............
1836..............
1837..............
1838.............
1839..............
1840..............
1841..............
1842..............
1843..............
1844..............
1845..............
1846..............
1847..............
1848..............
....
...
.........
89,181
........
80,620
.........
75,440
........
___
60,401
62,019
106,407
66,853
128,750
170,007
198,617
248,724
171,834
196,881
268,164
315,202
363,793
317,594
356,752
512,808
336,442
470,312
431,506
455,592
445,685
294,018
483,595
561,409
346,230
489,363
420,419
Coastwise.
R’gh rice.
Bushels.
Tierces.
....
....
....
....
11,030
12,384
17,273
....
19,653
12,528
11,266
15,013
31,567
....
29,058
30,206
38,212
47,254
31,099 13,719
40,760 41,788
46,438 30,307
39,710 22,999
29,913 19,399
35,202 22,950
31,591
25,232 15,489
34,038
2,870
57,701
6,519
43,265
5,027
40,970
45,666
8*,909
48,211
9,395
51,500
1,960
1819
TO
1848.
Tot. exp’ts
o f trcs, and
r’gh rice reForeign and
duced to
coastwise.
trcs. at 21
R ’gh rice. bushels.
Tierces.
Bushels. Tierces.
64,153
...
75,366
78,161
80,398
97,103 106,407
89,403
66,853
89 062 128,750
100,447 170,007
111,631 198,617
112,187 248,724
107,320 171,834
92,382 196,881
105,230 268,164
122,694 315,202
96,814 377,512
101,161 359,382
108,457 382,059
89,094 535,807
65,406 355,841
76,424 493,262
79,839 431,506
78,803 471,801
88,554 448,555
115,275 300,537
103,229 488,622
84,321 561,409
83,704 355,139
114,181 498,758
95,910 422,379
64,153
75,366
78,161
80,398
102,170
92,587
95,193
108,543
121,089
124,031
115,503
101,752
117,999
137,703
114,791
118,275
126,888
114,608
82,351
99,912
100,387
101,236
109,914
129,586
126,497
111,054
100,615
137,931
116,023
The following table, compiled from manuscripts furnished by O. Mills &
Co., shows the quantity o f corn, oats, peas, and hay, imported into Charles ton in each year from 1834 to 1848 :—
508
Commercial Cities and Towns o f the United S ta tes:
Corn,
bushels.
Years.
1834 ..............................................
1835 ..............................................
1836 ..............................................
1 8 3 7 ..............................................
1838 ..............................................
1839 ..............................................
1840 ..............................................
1 8 4 1 ..............................................
1842 ..............................................
1843* ............................................
1844 ..............................................
1845 ..............................................
1846f ............................................
Coastwise .....................................
By railroad.................. ...............
447,667
376,299
390,721
393,400
456,718
342,098
322,080
375,881
850,500
169,777
287,075
368,975
^544,900
151,365
334,761
Total, 18 47§........................
Coastwise.....................................
By railroad..............................................
486,126
184,390
Total, 18481....................................
385,567
Peas,
bushels.
Hay,
bales.
78,582
50,607
79,818
166,161
152,625
125,244
93,452
71,914
80,070
57,600
81,900
111,485
47,200
38,400
22,958
19,785
8,189
13,450
22,879
14,222
18,209
23,586
20,958
23,440
24,275
29,443
29,817
5,150
20,621
16,578
23,610
26,600
23,459
24,178
24,638
20,170
20,164
25,272
24,311
29,381
16,116
22,307
24,455
12,360
26,527
Oats,
bushels.
201,177
The imports into Charleston o f wines, liquors, sugar, molasses, coffee, and
salt, from foreign ports for 21 years, and coastwise for 10 years, from the
1st o f January to 31st o f December in each year, are given in the following
tables, as compiled from the records o f the custom-house at Charleston:—
IMPORTS OF W IN E INTO CHARLESTON.*§
C oa stw ise.**
Foreign.^
Years.
1828....................
1829......................
1830......................
1831......................
1832......................
1833......................
1834......................
1835......................
1836......................
1837......................
1838......................
Gallons.
.........
.........
.........
.........
.........
.........
.........
Pipe.
Half pipe.
Quarter
casks.
Basket.
Box.
22,410
61,435
34,179
80,415
93,782
131,227
124,649
* The grain crops of this State were unusually abundant this year, and a large
proportion of the receipts of corn in Charleston were the product of South Carolina.
f Up to this period no corn of any consequence was received from the interior by
railroad.
t The grain crop of this State failed so entirely this year as to produce much dis
tress in the Upper Districts; so much so, that a committee was appointed at a public
meeting, held in Charleston, to receive donations for the relief of the distressed poorer
classes in the interior. A very large proportion of the receipts of corn went to the
Upper Districts of the State to supply the deficiency consequent upon this failure of
the crop, and much of it for gratuitous distribution.
§ Of the receipts this year, 135,225 bushels of corn were taken for export to Europe,
in consequence of the famine in Ireland and the general failure of the European grain
crops.
U The foreign exports o f corn from Charleston this year was 34,453 bushels.
If The packages in which wine and liquors are imported vary so much that it was
impracticable to reduce the foreign importations to packages.
* * The packages are given as taken from the manifests, in which the gallons are not
specified.
509
The City o f Charleston, South Carolina.
IMPORTS OF W INE INTO CHARLESTON---- CONTINUED.
Foreign.
Gallons.
179,768
Years.
18 39...................... .........
1840......................
1841......................
1842......................
1843......................
18 44...................... .........
1845......................
1846......................
1847......................
1848......................
Pipe. Half pipe.
24
117
4
5
85
25
29
33
15
94
9
31
20
83
18
114
19
37
52
11
36,119
Coastwise.
Quarter
casks.
411
253
290
702
407
819
1,130
757
786
904
Box.
705
884
1,655
894
532
1,522
1,243
904
821
759
Basket.
1,554
915
1,269
665
962
1,214
1,615
1,360
1,382
1,110
IMPORTS OF LIQUORS INTO CHARLESTON.*
Years.
1839 ____
1840 ____
1 8 4 1 ____
1842 ____
1843 . . . .
1844 ____
1845 ____
1846 ____
1847 ____
1848 . . . .
Foreign.!
Gallons.
108,913
98,357
88,407
73,172
15,749
27,400
18,553
13,215
38,876
Whisky.
Hhds.
Bbls.
349
2,665
169
2,776
90
2,293
54
2,853
41
3,711
23
4,326
61
8,667
19
10,086
4
9,101
2
9,901
Coastwise.J
New England rum.'
Hhds.
Bbls.
342
1,671
98
822
48
1,510
10
700
3
376
10
240
48
80
24
463
24
338
115
860
Other liquors.§
Pipes. Half pipes. Qr. csks.
329
715
6,903
146
5,044
145
334
163
4,293
121
114
4,512
165
364
4,919
164
435
6,343
226
770
7,494
196
521
6,867
578
159
4,726
188
609
4,717
IMPORTS OF SUGAR INTO CHARLESTON---- FOREIGN.
Brown.
Years.
1828...........................
1829...........................
1830...........................
1831...........................
1832...........................
1833............................
1834..........................
1835............................
1836...........................
1837............................
1838............................
1839...........................................
1840............................
1841............................
1842............................
1843............................
1844............................
1845............................
1846.................. .........
1847............................
1848............................
Pounds.
5,173,735
White.
Reduced to hhds.
of 1,150 lbs.
Pounds.
1,345
1,627
2,880
1,518
1,489
1,207
2,318
3,042
4,586
3,799
3,931
4,499
4,366
5,930
5,718
3,975
5,013
1,802
2,896
6,599
4,868
413,257
261,732
264,264
222,939
349,377
350,433
208,684
413,330
275,724
222,689
304,187
819,310
253,174
261,976
343,323
254,873
506,204
2,853
82,939
247,756
108,852
Red’c’d, bxs.
o f 400 lbs.
1,033
654
661
557
873
876
522
1,033
689
557
760
798
633
655
858
637
1,265
7
207
619
272
* Exclusive of ale and beer.
f The packages in which wine and liquors are imported vary so much that it was
impracticable to reduce the foreign importations to packages.
:£ The packages are given as taken from the manifests, in which the gallons are not
specified.
§ It is probable that under the head of “ other liquors ” are included some whisky
and New England rum, which were not designated as such in the manifests.
510
Commercial Cities and Towns o f the United S ta tes:
IMPORTS OF SUGAR INTO CHARLESTON— CONTINUED.
Years.
1839____
1840____
1841 . . .
1842____
1843____
1844 . . .
1845____
1846____
1 8 4 7 ....
1848____
Coastwise.*
Hhds.
5,059
4,374
3,415
1,978
3,185
4,355
6,042
3,636
3,262
4,021
Tierces.
30
4
5
1
,.
55
32
187
327
267
Barrels.
1,967
1,595
1,128
720
1,371
922
1,389
2,206
1,634
2,279
Total.
Boxes.
996
1,584
1,446
530
637
1,776
661
325
463
454
Hhds.
9,558
8,740
9,345
7,696
7,160
9,368
7,844
6,532
9,861
8,889
Tierces.
30
4
5
1
..
55
33
187
327
267
Barrels.
1,967
1,595
1,128
726
1,371
922
1,389
2,206
1,634
2,279
Boxes,
1,794
2,217
2,101
1,388
1,274
3,041
668
532
1,082
726
IMPORTS OF MOLASSES INTO CHARLESTON.
Years.
1828
1829
1830
1831
1832
1833
1834
1835
1836
1837
1838
1839
1840
1841
1842
1843
1844
1845
1846
1847
1848
Gallons.
Red’d to hhds.
Coastwise.f
of 120 galls. Hhds.
Tierces. Barrels.
469,323
430,412
173,685
166,147
756,712
241,129
488,167
319,911
594,528
440,510
304,189
436,043
377,001
278,690
409,852
3,109,024
5,158,154
1,806,392
*491,193
778,058
543,291
3,911
3,587
1,447
1,384
6,306
2,009
4,068
2,666
4,954
3,670
2,535
4,634
3,142
2,322
3,415
25,908
42,985
15,053
4,093
6,484
4,528
Hhds.
Total.
Tierces.
Barrels.
....
....
....
....
....
....
....
....
....
....
666
123
264
1
85
1
65
110
5
297
383
402
97
144
25
4
408
14
2
44
2,714
5,193
5,777
5,055
5,266
6,869
7,842
5,580
4,845
6,096
4,300
3,265
2,586
3,416
25,993
42,986
15,118
4,203
6,489
4,825
383
402
97
144
25
4
408
14
2
44
2,714
5,193
5,777
5,055
6,266
6,869
7,842
5,580
4,845
6,096
IMPORTS OF COFFEE INTO CHARLESTON.
Years.
1828 . .
1 8 2 9 ..
1 8 3 0 ..
1831 . .
1832 . .
1 8 3 3 ..
1 8 3 4 ..
1835 . .
1836 . .
1837 . .
1838 . .
1839 . .
1840 . .
Foreign.
Red’d to bags
Pounds.
of 160 lbs.
829,767
971,325
1,510,861
1,762,820
2,893,839
2,008,646
2,045,028
2,138,666
2,772,394
3,236,570
3,977,104
2,580,664
2,545,322
5,186
6,071
9,443
11,014
18,087
12,554
12,781
13,367
17,327
20,228
24,857
16,129
15,908
Bags.
11,496
6,129
Coastwise4
Hhds. Barrels.
40
3
104
175
Bags.
27,625
22,037
To*al.
Hhds. Bar’ls.
40
3
104
175
* In the coastwise manifests the weight is not specified. It was also found impos
sible to give the brown and white sugars of the coastwise importations separate, as
they were not always distinguished in the manifests; the boxes, therefore, under the
“ coastwise and total ” heads are not to be considered as being all white sugars.
In the coastwise imports the gallons are not specified in the manifests.
The coastwise packages are taken from the manifests, in which the weights are
specified.
I
The C ity o f Charleston, South Carolina.
511
IMPORTS OF COFFEE INTO CHARLESTON---- CONTINUED.
Years.
1841 . .
1842 . .
1843 . .
1 8 4 4 ..
1845 . .
1846 . .
1847 . .
1748 . .
Foreign.
Red’d to bags
of 100 lbs.
9,697
20 556
16,372
14,112
2,944
6,789
9,637
17,220
Pounds.
1,551,609
3,289,064
2,619,465
2,257,860
471,095
1,086,328
1,542,342
2,755,186
Coastwise.
Bags.
Hhds. Barrels.
20,039
10
244
1
8,665
21
1
1
17,885
18
18,905
37
13
13,531
7
8
2
21,710
14
19
18,533
23
24
12,874 ,
Bags.
29,733
29,221
34,257
33,017
16,475
28,499
28,172
30,094
Total.
Ilhds. Bar’ls.
244
10
1
21
1
1
18
37
13
7
8
2
19
14
24
23
IMPORTS OF SALT INTO CHARLESTON.
Foreign.
Cadiz, Tu: ks’
Years.
Liverpool.
Bushels
Reduced
of 56 lbs.
to sacks.*
Island, and
other bulk
salt.
B ushels .
1828
1829
1830
1831
1832
1833
1834
1835
1836
1837
1838
1839
1840
1841
1842
1843
1844
1845
1846
1847
1848
254,381
317,745
321,962
290,316
341,372
323,134
358,489
227,650
298,994
278,623
345,383
315,882
380,636
196,990
327,034
■338,332
358,373
399,482
214,539
303,053
448,232
67,835
84,732
85,856
77,418
91,032
86,169
95,579
60,707
79,732
74.300
92,102
84,235
101,503
62,531
87,209
90,222
95,566
106,515
57,210
80,814
119,528
42,051
58,618
26,550
51,480
45,322
20,191
32,270
40,077
21,475
21,092
47,524
37,779
64,625
26,849
46,327
58,182
7,111
60,256
1,181
22,796
13,439
Coastwise.
Cadiz, Turks’
Island, and
other bulk
salt.
Liverpool.
Sacks.
3,320
5,018
500
403
870
3,127
5,718
4,065
630
3,729
Bushels.
18,660
4^500
....
....
1,138
....
....
3,600
....
200
Total.
Cadiz, Turks’
Island, and
other bulk
Liverpool.
salt.
Sacks.
81,555
106,521
53,031
87,612
91,042
98,693
112,233
61,275
81,444
123,257
Bushels.
56,439
69,125
26,859
46,327
59,320
7,111
60,256
4,681
22,796
13,639
In closing the tables o f imports and exports, <fcc., o f the report from which
we have derived the principal portion o f the present paper, the compilers
make the following remarks touching the geperal aspect o f the trade of
Charleston:—
In examining the tables showing the value of foreign importations we cannot flatter
ourselves that this particular branch of our commerce is an improving one, although
it is believed there is no just ground for discouragement.
It is not designed here to enter upon the discussion of the merits of a direct trade
over coastwise importations, but simply to show that the import trade, of Charleston is
an increasing one. With this point in view the consideration is—-What principal arti
cles of commerce, not produced by ourselves, are wanted ? and— Are those articles
mainly the domestic production of the United States or of foreign produce?
In the articles of cured provisions and meats there is no room for improvement in a
foreign trade, for the United States are large producers beyond the wants of the home
market. In flour and breadstuff’s the United States are large exporters, and our sup
ply is naturally derived from the abundance at home. In groceries the leading articles
given in the foregoing tables exhibit:— that in the imports of wines and liquors the
foreign trade of Charleston has decreased, with an increase in the coastwise trade. In
sugars and molasses both the foreign and coastwise trade has increased. In salt the
* These sacks are the exact number imported, the calculation having been adopted
by which the invoice is reduced to bushels of 56 lbs., at the custom-house.
512
Commercial Cities and Towns o f the United S ta tes:
foreign trade has increased, whilst the coastwise trade in the article never has been an
item of any consequence. In coffee it will be seen that in both the foreign and coast
wise imports the trade has been a fluctuating one, with an increase in the foreign trade
in the last few years, and also an increase in the aggregate imports in the same time.
I f the article of fuel is considered, much of the supply needed in Charleston, which
was formerly of foreign import, is now drawn from the coal mines of Pennsylvania.
I f manufactures of cotton are taken there is no room for improvement in a foreign
trade, for the cotton manufactures of the United States have competed successfully
with foreign manufactures all over the world, and that the bulk of the imports into
Charleston of this description of goods should be of American manufacture is not sur
prising ; besides that the factories of Georgia and South Carolina have not only sup
plied this market with cotton Osnaburgs and goods of that description to the extent
of its wants, but have also furnished large quantities for coastwise, and some for for
eign export through this port; in this description of goods this market is monopolized
by the southern factories. In hardware and cutlery— the manufactures of axes and cut
lery of that description in the United States have improved to such an extent as entirely
to have superceded foreign importations, and our supply is drawn from this source.
In other articles under this head we are informed by those engaged in this department
o f business that the foreign importation into Charleston have undergone considerable
improvement. In manufactures of wood a foreign trade could scarcely have been ex
pected to sustain a competition with the domestic manufactures of a forest' country,
abounding with almost every variety of lumber wanted for the manufacture of the
various utensils and purposes to which wood is applied. In manufactures of hemp,
which were formerly of extensive importations into Charleston from abroad, the cotton
bagging of Kentucky and western manufactures has almost superceded foreign impor
tations, except for the finer goods used in packing the Sea Island cotton. The ropewalks of the United States have also become the source of supply for the largest por
tion of our wants. In articles of woolen manufacture we have not the materials by
which a comparison of our foreign trade can be made, but it is a well-established fact
that the mixed wool and cotton goods of both northern and southern manufacture have,
to a considerable extent, taken the place of the coarse woolen goods, which were for
merly largely imported from foreign countries as articles of clothing for the field la
borers of our own and adjoining States, which were supplied through this market.
The northern woolen factories are also now supplying this market to some extent with
coarser goods, manufactured from the wool imported from South America, and with
some finer goods from the wool of the North-western States. In silk and other for
eign articles of necessity or luxury we are again deficient in the materials for compari
son, but the increased selection of these commodities now afforded by our merchants
will have attracted the attention of the most common observer.
It is much to be regretted that the value of the coastwise imports into Charleston
cannot be ascertained; but that there has been much improvement in this respect will
appear from the consideration of many evidences around us, some of which will be
enumerated. Within three years four steamships have been placed in the coasting
trade, and are well supported; besides that, three or more are now building, and will,
ere long, be added to them: the employment ol seventy vessels, with an aggregate of
over 20,000 tons, as regular traders in the coastwise trade with the seaports of the
other States, and during the business season the demands of this trade constantly call
for the additional employment of transient vessels also: the increased total arrivals at
this port of shipping exhibited in the foregoing tables of monthly arrivals: the in
creased business of the wholesale dry-goods and provision merchants, which has been
a subject of common remark; the published statistics of the railroad (the outlet for a
considerable portion of the imports into the city) show, that with reduced rates of
freight their carrying trade upward is a growing one, which is dependent mainly upon
the increased importations of the city. In examining the coastwise manifests at the
custom-house for ten years, to obtain the particulars given under that head in the tables
of imports of wines, liquors, sugars, Ac., <fcc., these manifests were found to have in
creased very considerably in the quantity and variety of the merchandise brought to
this port: the increase in this particular was strikingly marked.
But let the imports into Charleston come from what source they may, they must be
regulated by the means we have of returning their value, and for this purpose the
main dependence is upon the receipts of cotton and rice. If those receipts diminish,
it will affect our imports— if those receipts increase, the universal course of trade will
increase our imports to supply whatever section of country we are indebted to for
those receipts. It remains, therefore, to consider this branch of our trade.
The City o f Charleston, South Carolina.
513
The receipts of Upland cotton into Charleston will be found to vary considerably in
each year, and not in proportion to the Upland crops of the United States. This varia
tion is at once accounted for in the fact that the receipts at Charleston are dependant
upon the Upland crops of the four Atlantic States of North and South Carolina,
Georgia, and Florida.
It is not unfrequently the case that the Western and Gulf States make large crops,
whilst the season has been unfavorable in the Atlantic States; and even with an un
favorable season in both sections the more extensive and undivided cultivation of Up
land cotton in the former produces, under such circumstances, a smaller variation in
proportion in the western and gulf crops than in the Atlantic States, where the corn,
lumber, and turpentine interests of North Carolina, and the rice and Sea Island cotton
of Georgia and South Carolina, divide the agricultural interests of the Atlantic section.
To illustrate this fact, and to show what proportion o f the Upland crop
o f the four Atlantic States and o f the Sea Island and rice crops are received
at Charleston, the following tables are appended to the foregoing remarks:—
UPLAND COTTON.
Crops of the
four Atlantic
States.
513,029
612,459
534,818
720,783
493,246
724,006
449,210
595,375
797,717
694,823
904,447
563,949
700,149
651,176
Crops of the
United States.
1,229,677
1,335,174
1,400,705
1,783,808
1,334,240
2,151,280
1,614,680
1,663,113
2,354,584
2,011,271
2,366,031
2,070,336
1,757,546
2,325,909
Years.
1 8 3 4 -5 .........
1 8 3 5 -6 .........
1 8 3 6 -7 .........
1 8 3 7 -8 .........
1 8 3 8 -9 .........
1 8 3 9 -4 0 ...
1 8 4 0 -1 .........
1841-2 . . . .
1 8 4 2 -3 .........
1 8 4 3 -4 .........
1 8 4 4 -5 .........
1 8 4 5 -6 ...........
1 8 4 6 -7 ...........
1 8 4 7 -8 ...........
SEA ISLAND COTTON.
Years.
1 8 3 4 -5 ____
1 8 3 5 -6 ____
1 8 3 6 -7 ____
1 8 3 7 -8 ____
1 8 3 8 -9 ____
1 8 3 9 -4 0 ...
1 8 4 0 -1 ____
1 8 4 1 -2 ____
1842-3 . . .
1 8 4 3 -4 ____
1 8 4 4 -5 ____
1 8 4 5 -6 ____
1 8 4 6 -7 ____
1 8 4 7 -8 ____
Crops.
24,651
25,551
22,225
17,689
16,292
26,555
20,265
20,461
24,291
19,138
28,472
30,201
21,105
21,725
Receipts at
Charleston.
189,386
228,548
188,469
286,866
203,977
287,317
209,653
255,439
339,233
296,142
401,221
245,211
353,587
*269,908
Proport’n in 100
bales of receipts
at Charleston
upon crops of
Atlantic States.
*36.92
37.32
35.24
39.80
41.35
39.68
46.67
42.90
42.53
42.62
44.36
43.48
50.50
41.45
BICE.
Prop’n in 100
Receipts bales of reat Charles- ceipts upon
ton.
crop.
15,265
61.91
16,534
64.71
16,768
75.45
12,862
72.71
11,756
72.16
18,353
69.11
14,063
69.40
13,731
67.11
17,666
72.73
15,680
81.93
21,499
75.51
20,696
68.53
14,457
68.50
13,506
62.17
Crops.
151,000
168,851
150,958
119,341
136,583
140,243
140,421
160,422
175,049
176,293
160,597
156,928
192,462
170,771
Receipts
at Charles
ton.
124,250
133,533
119,917
90,385
106,001
107,108
107,052
117,994
136,733
135,561
117,939
111,407
146,260
126,673
Prop’n in 100
tierces of re
ceipts upon
crop.
82.28
79.08
79.44
75.74
77.61
76.37
76.24
78.44
78.68
76.90
73.44
70.99
75.99
74.18
The following is a table o f the capital o f the several banking, insurance,
and other incorporated companies o f Charleston, and the average rate o f
dividends for the last fifteen years:— *
* The extremely low point to which cotton fell during this year, consequent upon,
the troubled state of European affairs, kept much of the crop of South Carolina from,
being brought into the market, and hence the diminution of receipts during this yean
VOL. X X II.— NO. V.
33
51 4
Commercial Cities and Towns o f the United S ta tes:
CAPITAL AND DIVIDENDS OF THE BANKS IN CHARLESTON, AND ALSO OF COMPANIES CHARTERED
BY THE LEGISLATURE OF SOUTH CAROLINA, AND LOCATED IN THE CITY.
Banks.
Bank of South Carolina.................................
State Bank......................................................
Union Bank....................................................
Planters and Mechanics’ Bank.....................
Bank of the State of South Carolina..........
Bank of Charleston........................................
South-western Railroad Bank.......................
Av. rate per
Par value cent of divof shares, idends.
Charter.
Capital.
1792
1802
1810
1810
1812
1835
1838
§1,000,000
1,000,000
1,000,000
1,000,000
1,123,357
3,160,800
869,425
$45
100
50
25
*
100
25
1807
1818
1827
1837
1846
450,000
300,000
3,112,500
500,000
250,000
60
60
75
50
25
6.09
5 90
5.82
7.17
7.44
5.03
Companies.
Union Insurance Company...........................
Charleston Fire and Marine Insurance Co..
South Carolina Railroad Company.............
Charleston Insurance and Trust Company..
South Carolina Insurance Company...........
11.11
13.15
4.25
11.68
....
The Provident Institution for Savings, in the city o f Charleston, was in
corporated by the Legislature o f South Carolina in December, 1843. The
statistics o f that institution, as exhibited in the following tables prepared by
Henry S. Griggs, the Treasurer, present a very satisfactory view o f its pro
gress and present condition:— *
PROVIDENT INSTITUTION FOR SAVINGS IN THE CITY OF CHARLESTON.
No. of acc’ts No. of acc’ts No. of acc’ts Av. am’t to
opened.
closed.
rem’ng. op’d, each dep’r.
January,
“
“
“
“
1844, to January, 1 8 4 5 ....
“
1846___
1845,
1846,
“
1847___
“
1848___
1847,
1848,
“
1849___
429
339
321
360
326
Total............
Years.
Amounts deposited.
1845...............
1846...............
1847...............
1848...............
1849...............
$33,064
58,943
61,289
76,487
81,833
Total___
33
09
01
43
55
$311,617 41
35
75
144
155
182
394
264
177
205
144
591
1,184
Amounts paid depositors.
Am’ts rem’ng
Dividends at 5 on dep’t in Jan
Capital.
per cent.
of each year.
*3,075
10,757
39,031
40,238
67,370
0Q
66
10
83
02
$151,472 61
$364
1,807
3,723
4,973
6,320
61+
53
56
47
08
$17,189 25
Amount invested m stocks...............................
«i
U
bonds ...............................
Total...........
$28,989
48,185
22,257
36,248
24,463
33
43
91
60
53
$76
117
119
130
135
34
28
08
46
26
Expenses
of the
institution.
$237
333
547
571
756
17
46
42
76
65
$160,144 80 $2,446 46
$35,064 09
126,057 25
$161,121 34
Amount o f surplu s to be divided in 1849___
“
deposited between January and June, 1849...
$5,593 70
48,687 00
paid depositors, same time, principal
u
“
“
dividends.............
26,749 68
3,606 56
u
Total...........
$30,356 24
* This bank, being a State institution with no private stockholders, declares no divi
dends ; and being the fiscal agent of the State has, in addition to its capital, the de
posit of the State funds.
f Tins dividend was for the first half year after the institution went into operation.
The City o f Charleston, South Carolina.
51 5
W hich shows an increase of over 50 per cent upon the deposits o f the
same period for the preceding year.
The quarterly periods from which interest on deposits are allowed are the
third Wednesdays o f January, April, July, and October. Dividends are
paid semi-annually in April and October, at a rate not exceeding 5 per cent
per annum. Unclaimed dividends are placed to the credit of the depositor,
and draw interest from the date at which they were declared. A t the ex
piration o f every five years all surplus profits are apportioned among the de
positors o f one year’s standing and over.
The South Carolina Railroad Company was chartered in 1827, and the
construction o f the road commenced at Charleston in 1831, and was com
pleted to Hamburg, and on through to the opposite side o f the Savannah
River to Augusta, in 1833.
It was at that time, and for many years after, the longest continuous line
o f railroad in the United States or Europe. It lays claim to having intro
duced the first locomotive o f English construction in America, and of having
encouraged the first enterprise, through Mr. Miller, o f Charleston, to con
struct locomotives in the United States. The locomotive “ Miller ” ran with
great success upon the road for many years.
In 1835, the “ Louisville, Cincinnati, and Charleston Railroad Com pany”
was chartered, the design o f which was to have constructed a road from an
intersection with the above road to some point on the Ohio River, near the
city o f Cincinnati. Failing to obtain a continuous charter through all the
intermediate States, combined with other causes, this plan was finally aban
doned.
Subsequently the “ Louisville, Cincinnati, and Charleston Railroad Com
p a n y ” purchased out the stock, road, and corporate privileges o f the “ South
Carolina Canal and Railroad Company,” and in 1844 the two charters were
united by an act o f the Legislature under one corporation, now known as
the “ South Carolina Railroad Company.”
Since 1833, two branches have been added to the original line o f roai
one by the “ Louisville, Cincinnati, and Charleston Railroad Company,” from
Branchville to Columbia, o f sixty-eight miles, completed in 18 42 ; and the
other by the present corporation, from an intersection with the Columbia
Branch to Camden, of thirty-seven miles, finished in 1848. The entire roads
now form an aggregate o f two hundred and forty-one miles within the
State, under the jurisdiction and management o f the “ South Carolina Rail
road Company.”
The following statistics o f the South Carolina Railroad are given from the
published reports, and information derived from the Bureau Department, by
which the progressively increasing business o f the road will be perceived.
It has developed new sources o f wealth in the interior, and added considerably
to the commerce o f the city, by the facility o f placing in a larger market the
flour, corn, wheat, and other grain, with the turpentine productions o f the
interior, which hitherto had been less available there; and, in connection
with the lines of railroad extending wrest from Hamburg, has placed in the
Charleston market western produce, which previously sought other outlets.
The cost for construction, including the amount paid for the South Caro
lina Canal and Railroad Company, is stated at $5,699,736.
Currency— Interest— Production.
518
STATISTICS OF THE RAILROAD FOR 1 5 TEARS— FROM 1ST JANUARY TO S lS T DECEMBER IS
EACH YEAR.
Years.
1834
1835
1836
1837
1838
1839
1840
1841
1842
1843
1844
1845
1846
1847
1848
Miles of
road.
136
136
136
136
136
136
153
166
204
204
204
204
204
204
241
Miles run.
154,000
160,072
161,160
153,000
190,264
232,832
232,656
236,108
286,995
313,908
310,812
342,435
345,893
327,539
352,431
Passengers
conveyed.
26,649
34,283
39,216
41,554
44,487
37,283
29,279
35,141
33,925
37,740
54,146
56,785
64,136
77,579
75,149
Freight.
Up.
Down.
$55,009
$28,205
89,237
42,546
101,335
38,699
84,958
53,311
111,027
52,395
129,776
74,547
110,732
77,771
105,951
56,035
131,989
95,876
129,337
118,524
163,778
148,769
162,514
179,803
172,291
179,399
201,481
186,153
217,071
318,523
Total receipts
from all
Bales
sources.
cotton.
$166,559
24,567
249,754
34,760
271,614
28,497
280,215
34,395
323,381
35,346
422,842
52,585
388,127
58,496
336,538
54,064
408,705
92,336
442,931
128,047
532,870
186,638
562,296
197,657
589,082
• 186,271
656,275
134,302
800,073
274,364
The very ample material furnished in the valuable document o f Drs. Daw
son and D e Saussure have placed us under the necessity o f extending our
abridgment to a much greater length than we contemplated when we com
menced the preparation o f this article.* W e have endeavored to present in
as condensed a form as the subject would admit all the more prominent
“ facts and figures” connected with the commercial history o f Charleston,
omitting a number of interesting tables relating to the commercial statistics
o f South Carolina, as not strictly falling within the scope of one o f a series
o f papers on the “ Com m ercial Cities and T ow ns o f the United S ta tes."
Art. IV.— CURRENCY— INTEREST— PRODUCTION, f
NUMBER II.
F re e m a n H unt , E sq ., Editor o f the Merchants' Magazine, etc.
S ir :— Since I last wrote you, I have been gratified by the perusal o f the
excellent articles o f G. B., and Mr. D. Fosdick, in your March number, coin
ciding in general with my own views. I have also, with no little labor,
made my way through Mr. K ellogg’s work on “ Labor and Other Capital,”
a bulky octavo of 300 pages. It is not uncharitable to characterize its sup
posed facts and its logic as equally fallacious. The corner-stone of his fab
ric is the extraordinary assumption that money possesses no real, but only a
fictitious value; which value it receives from legislative enactment, determin
* Census of the City of Charleston, South Carolina, for the year 1848, exhibiting
the Condition and Prospects of the City, Illustrated by many Statistical Details, pre
pared under the Authority of the City Council. By J. L. D aw son , M. D., and H. W.
D e S aussure , M. D., of Charleston, South Carolina.
These statistics were originally prepared by Mr. John B. Do Saussure, Factor of
Charleston, whose practical knowledge of commercial matters is a sufficient guarantee
of their accuracy.— Official Report.
f Before proceeding with my subject, allow me to call your attention to an important typographies*
error in my first letter. On page 405 of your April number, near the end of the second paragraph, the
word m on ey was erroneously printed m any.
Currency— In teres t— Production.
517
ing the rate o f interest that shall be paid for it. This novel position he at
tempts to support by such arguments as these:— that as money is the rep
resentative o f value, it cannot itself be that which it represents; on the same
ground, probably, that a member of Congress, because he represents Ameri
can citizens, cannot himself be a citizen. Or again— that as money is a mere
measure, the material o f it is o f no more consequence than that o f a yard
stick, or any other measure; though it might seem that for a measure of
value to be destitute o f the quality it professes to measure would be as fa
tal to its usefulness as want o f length would be to a yard-stick. Or again—
money is not merchandise, for it cannot be used as a commodity without
ceasing to be m on ey; which is about as logical as to say that wheat is not
merchandise until it is ground into flour, or a house, till somebody lives in
it. But before exposing in detail these multitudinous fallacies, it is desirable
to lay down a few premises.
“ In all labor is profit,” says the wisest o f men. In the language o f politi
cal economy, labor is the source o f value. This appears too evident to need
p roof; it is assumed as an axiom by writers on the science, and is recog
nized by Mr. K ellogg in these w ords:— “ Property is almost entirely the pro
duct o f labor. * * * In short, every comfort o f life is the fruit o f past or
present labor.” (Introduction, p. 15.) The produce of labor may be accumu
lated, and is then familiarly called property, wealth, or capital. It exists
in innumerable shapes, but the term is by common consent restricted to m a
terial objects ; the bodily and mental capacities o f men being obviously facts
o f too intangible a nature to incorporate in such a science. This is reason
sufficient for declining to adopt Mr. K ellogg’s definition of labor as a “ spe
cies o f capital;” though it may be admissible in a metaphorical, or a strictly
moral sense. Slave labor may even be defined as capital in the strict sense
o f the word.
Value in its various forms is called merchandise, inasmuch as it is ex
changed or exchangeable for other forms, or for the labor which produces
them. A man may with his own hands build a house, for which his neigh
bor will exchange a certain quantity o f food or clothing; or he may raise
cattle and exchange them for the labor o f the carpenter or the mason. The
principle on which these exchanges are adjusted, will be, in the long run,
the amount o f labor required for the production o f the several commodities
exchanged— temporarily modified, of course, by the relative abundance or
scarcity o f each particular commodity at the time o f exchange. As most
articles o f value could not be often exchanged without sacrificing the primary
object o f their production, mankind have from the earliest ages adopted one
particular species o f merchandise as the medium o f exchange, nam ely: the
so-called precious m eta ls ; possessing a variety o f important requisites, such
as suflicient supply without redundancy, facility o f minute subdivision, accu
mulation, exchange, and transportation, and o f long and constant use with
but slight injury or depreciation, and, above all, intrinsic value — i. e., they
cannot be produced without labor, equal, on the whole, to that which pro
duces the commodities for which they are exchanged. Mr. K ellogg thinks
the world has made a great mistake in this selection, but until he can sug
gest a better, we must be permitted to think with the rest o f the world. His
own proposed substitute o f paper-m oney is liable to the fatal objection that it
possesses no intrinsic value — as serious a flaw as for a Senator not to be a
citizen, or for a yard-stick to be fashioned out o f dust or smoke.
Here, then, we are directly at issue with Mr. Kellogg. On page 47, he
5 l8
Currency— Interest— Production.
says:— “ It is a popular error that the value o f money depends upon the
The value o f lands, and o f goods, wares,
and merchandise.........depends upon their utility for food, clothing, & c .. . .
The inherent properties o f all articles o f actual value, are their only valuable
properties.” As money, therefore, has no such inherent properties, it can
have no actual value; for when it is applied to purposes o f utility by being
converted into plate, it ceases to be money. This argument comprises several
fallacies, which I shall attempt to expose in detail. In the first place, Mr.
K ellogg’s definition o f value, though partially just, can have no place in a
scientific treatise, because it is utterly indefinite and intangible. In a collec
tion of moral essays, showing what ought to be our estimate o f things around
us, it may be very desirable to show the folly o f attaching a high value to
things in themselves useless, or even pernicious; but in a science which esti
mates the economic relations o f things as they are, such distinctions are utter
ly out of place. W e have to do not with the actual u tility o f things, but
with the value which men set upon them ; and this can only be known by
the price they are willing to give for them. In other words, the exchangeable
value o f a commodity is the only value which can be recognized by political
economy. The slightest attempt to establish a standard o f value arising
from real utility, would at once show its utter absurdity. W h at value would
one man set upon a horse, another on a dog, a third on tobacco or brandy ?
W h at would be the comparative value o f a spacious mansion and luxurious
equipage, in the eyes o f a pampered aristocrat, a hardy sailor, or an Irish
street-heggar ? A t what price would a diamond, a poem, a musical enter
tainment, be respectively estimated ? W h y should a plume o f heron’s feath
ers, or an hour o f listening to Jenny Lind, be paid for by the equivalent o f
hundreds o f bushels o f corn ? A ll these things have doubtless some real,
inherent value, apart from their commercial value; but how impossible to
classify them according to it, or to find two men to classify them alike!
It is clear, then, that this mode o f refuting the “ popular error” is quite un
tenable. It may, however, be worth while to observe, that even by this esti
mate, money has as real a value as half the things for which it is exchanged.
W ere there no money, other commodities must be exchanged in a way that
could not fail to injure and depreciate them. Probably the great mortality
among cattle, when they constituted the chief medium o f exchange, and were
driven about continually till they died, first set men’s wits at work to devise
such substitutes as gold and silver. A commodity which furnishes a per
fectly convenient and accurate medium o f exchange, without losing its capa
city for utility o f other kinds, is surely, under any system o f valuation, o f far
greater real use to the community than diamonds, or heron’s plumes, or even
tobacco and rum. And here I must remark that the distinction drawn by
Mr. K ellogg between money and bullion, is utterly baseless. W h at turns
bullion into money— the government stamp ? That is in reality nothing but
a public certificate o f weight and purity, and therefore o f value. Our jewel
lers stamp their work as being “ pure coin”— i. e., pure bullion, and they no
toriously melt down coin to obtain material. Money, therefore, never ceases
to be bullion; if it did, who would receive it ? A t the South, bales o f cot
ton are a usual medium o f exchange— do they therefore cease to be cotton ?
Or if I buy or raise a hundred bushels o f corn, one bushel to consume m y
self and ninety nine to exchange for other food or for clothing, does only one
bushel possess inherent value, and are the ninety-nine valueless ? Or at what
stage o f preparation for consumption does the “ inherent value” o f a commo
m aterial o f which it is made...........
Currency— Interest— Production.
51 9
dity commence ? It is evident that no such distinction can be maintained,
and that all commodities, the precious metals o f course included, have a defi
nite and ascertainable value, varied, o f course, occasionally by the causes
above-named.
I cannot better sum up the views I have endeavored to illustrate, than by
reversing in detail the conclusions o f Mr. Kellogg, as follow s:—
1st. Money is the acknowledged representative o f value, and must there
fore possess the quality which it represents; just as the representative o f
citizens must be a citizen, o f merchants a merchant, &c.
2d. Money is the recognized measure o f value, and must therefore possess
the quality which it professes to measure ; as a yard stick must possess length,
or a bushel capacity.
3d. Money is the admitted m edium o f exchange for all kinds o f exchange
able value; it must therefore possess that value which forms the basis of all
exchange.
4th. There is no more essential distinction between money and the material
o f which it is made, than between cotton in a loose state and cotton in bales;
or between flour in bulk and flour in barrels. The only essential character
istic o f both is exchangeable value— the rest being mere matter o f convenience.
5th. The precious metals possess this characteristic in a high degree o f
perfection, combined with such great, numerous, and various advantages as
have rendered them from the earliest ages o f the world the chief medium of
exchange in civilized communities.
Having thus settled the question o f exchangeable value, a few words may
be devoted to considering its origin, which, I repeat, is to be traced mainly
to labor. On this point, and on this almost alone, Mr. K ellogg and we are
agreed; and it will be found that the amount o f labor requisite to produce a
commodity, is, in the long run, the measure o f the amount o f labor which
people are willing to give for it. In other words, the cost will determine the
price— the exchangeable value will approximate to the intrinsic value. The
exceptions are often only apparent, as when a slave in Brazil picks up a pre
cious diam ond; for the whole amount o f capital and labor devoted to dia
mond-seeking may produce no more exchangeable value than the same
amount employed otherwise. Or they may be the effect o f monopoly. The
amount o f profitable labor requisite to carry a passenger comfortably 90 miles
in three hours over a level country may be correctly represented by one dol
lar ; but a grasping government and a grasping corporation may combine to
raise the exchangeable value o f an uncomfortable transit o f six hours to the
triple or the quadruple o f that sum. By a similar monopoly, the exchange
able value o f a yard o f calico may be a shilling, when its intrinsic value is
only sixpence. On the other hand, exchangeable value may be, and often
is, reduced for a time below intrinsic value— i. e., below the cost o f produc
tion— by an excess o f supply over demand, just as the contrary state o f things
is caused by an excess o f demand, or a limitation o f supply. Both evils (ex
cept in the case o f monopolies) soon remedy themselves; but the more near
ly the two values approximate, in respect to all commodities, the more does
society appear to approach to a healthy and normal state.
Having now, as I trust, clearly established the fundamental truth that
money must possess value, or fail utterly to accomplish the end o f its exist
ence, I will devote a few remarks to Chap. II., Sec. V I., pp. 6 5 -7 3 o f Mr.
K ellogg’s work, though the grand foundation o f its fallacies has already be ?n
exposed, and though some o f them are so transparent that it is difficult to
criticise them with gravity.:—
*20
Currency— Interest— Production.
“ It matters not,” says Mr. Kellogg, “ whether the yard-stick and pound weight
be o f wood, iron, or gold, length and weight are the only properties necessary to
be expressed by them, and possessing the standard limits, their material is a mat
ter o f indifference. O f course some material is indispensable; but the only thing
that makes one substance preferable to another is its superior convenience. So
o f money; it is a matter o f indifference by what material the powers and prop
erties o f money are expressed, for the material is merely a substance fixed upon
The “ yard stick and pound-weight” are m easures o f length and w eig h t;
therefore length and weight are, (as Mr. K ellogg justly says,) the only
properties necessary for them. Very well. M o n ey is, (as Mr. K ellogg just
ly says,) a “ measure o f value" — ergo , value is “ the only property necessary”
for money. Nothing can be more conclusive. A yard stick, (as Mr. K ellogg
justly says,) would be none the better for being made o f gold ; neither would
money be better in strings o f a yard lo n g ; but if a yard-stick without a dis
tinct length would be useless, so would money without a distinct intrinsic
value— i. e., a value resulting from labor. Y et in the very next sentence
he says:—
“ The natural powers o f any material do not make it money.
agency are delegated to it by law.”
Its powers and
Now there are countries where the law determines periodically the weight
and price o f every loaf o f bread. Suppose one o f their philosophers should
sa y : “ The natural powers o f bread do not make it a loaf. The weight and
price o f the loaf are assigned it by l a w a n d then g o on to reason that it
was no matter what loaves were made of, if the government only decreed
that they should weigh and cost so much — and should be eaten ! Mr. K el
logg might reply that no government could change the proportion o f weight
to price, which the cost o f flour rendered necessary; and at any rate that it
could not compel the people to spend their money for that which was not
bread. Just so would I reply to him, that a government in coining money
cannot alter the intrinsic value o f its material, or substitute for it that which
possesses no intrinsic value.
“ If gold had not been selected for the material o f money, and a legal power
given to i t . . . . no one would have occasion for more gold than he needed for
utensils and ornaments..........It would have been subjected to the same laws o f
trade as other merchandise, and must have waited a demand for consumption,
before it could have been sold.”
Now gold is, and alw ays was, subjected to these laws. True, if it ceased
to be used as currency, it would no doubt become everywhere redundant,
and fall in value; and so would cows, if milk ceased to be drunk, and bricks,
if no longer employed for building— both, perhaps, as likely hypotheses as
this o f Mr. K ellogg.
“ But when it is made the agent o f these legal powers, it becomes necessary
to acquire the gold in order to discharge debts; and the quantity o f the metal
being limited, its owners are enabled to extort from the necessitous a very high
price for its use.”
That is, people are very apt to owe more money than they can conveniently
p a y ; and so they would under any system o f currency that could be devised.
The scarcity o f gold is merely relative; were it more abundant, it would
represent less value, and a small quantity would not, as now, suffice to pay
a large debt. If the currency were iron, or even paper, the quantity required
Currency— Interest— Production.
521
would be so enormous that an equal or greater difficulty o f payment would
exist.
“ If gold were not used as the material o f the currency, its abundance would
cause no inflation o f business, nor would its scarcity produce distress.”
True, but the abundance or scarcity o f iron, or paper, or some other cur
rency, would.
The next quotation I must condense. Mr. K ellogg supposes, (rather gra
tuitously, I should think,) that there are in New York 1,200 families, pos
sessing, collectively, near $10,000,000 worth o f gold and silver plate; while
all the specie in the banks amounts to but about $8,000,000. If the
$10,000,000 worth o f plate were shipped to England, no trouble or panic
would be caused; but ship the $8,000,000 o f specie, and the country would
be shaken to its center by a tremendous monetary crisis. This is undoubt
edly true to a certain extent; but there is nothing wonderful in it. The
plate represents a surplus value o f $10,000,000, gradually accumulated and
withdrawn from the exchanges o f the community. Its loss consequently
leaves no deficit in the general circulation o f value, however it may affect
the private fortunes o f its owners. I f previously paid for, it takes away noth
ing that cannot be spared. But to draw out $8,000,000 o f specie from the
banks, at a moment’s warning, would be to reduce the community to a pre
dicament resembling that o f the unfortunate Marquis o f Carabas, on the oc
casion o f his first introduction to the king, in that famous chronicle well
known to Mr. Kellogg, or at least Mr. Kellogg’s children, if he has them.
A ll the commercial transactions of the community, receipts, payments, debts,
loans, food, clothing, and what not beside, all are guaranteed by these
$8,000,000 o f specie, which form the medium or basis of all the exchanges
involved in these transactions. O f course the community cannot spare them.
The difference between the money and the plate may be likened to that be
tween the steam in the engine-boiler and the same steam after it is blown
off into the atmosphere. Suppose a man should every year draw out and
lay by a gallon o f his own blood, and at the end of fifty years point to that
accumulation and say : “ See, I can spare all that barrel-full, but take a small
fraction o f the same quantity from m y veins and arteries, and I am a dead
man ” “ O f course you are,” we should reply, “ and what then 3 W ou ld
you base on this fact a complaint of the “ exclusive privileges” o f the blood
in your veins and arteries 3”
“ Yet the gold and silver utensils and ornaments are more in use than the coins;
for the coins are mostly in kegs and boxes in the vaults o f the banks, and if they
are moved at all, it is usually from the vault o f one bank to that o f another, with
out even emptying them from the kegs.”
It is difficult to reply with patience to such nonsense. It is like finding
fault with the mercury in the barometer for not deserting its tube. Let a
panic arise, and the “ kegs and boxes” would soon become quite as active as
the forks and spoons. Surely such conceptions o f the nature o f currency
and circulation are utterly unworthy o f one who protesses to expose the ig
norance and folly o f all past and present generations o f the world. Does
Mr. K ellogg require to be informed that the specie in the banks is the prop
erty o f people who are willing to trust the bank to keep it for them, and to
lend it to others, on condition o f returning it at a moment’s warning 3 A nd
if depositors did not believe the banks solvent, how long would the specie re
main in the bank vaults 3
52 2
Currency— Interest— Production.
*■I f money is merchandise, why would not the shipment o f the gold and silver
utensils affect the business o f the nation as much as the shipment o f the coins'!”
Simply because the latter are merchandise imperatively and indispensably
needed at home for the daily wants o f the community, while the former are
(commercially) superfluous. Suppose ten thousand bales o f cotton shipped
in one day from Charleston; no panic or crisis occurs. But let their equiv
alent in food be shipped, if possible, without warning, and the population
might starve. On the other hand, let due warning be given, and even the
eight millions of specie might be exported without causing severe distress.
“ The same twelve thousand families are doubtless at this time the owners of
a much larger amount o f the capital stocks o f the banks than the $9,600,000;
and if they choose, can at any time sell stock enough to draw all the specie from
the banks, and can thus cause a suspension o f payments, and distress producers,
even without shipping the specie.”
I must confess to a great distrust o f these random estimates, o f which Mr.
K ellogg’s book is full, and on which, indeed, most o f his reasoning is based.
But admitting, for the sake of argument, the correctness o f the above suppo
sition, what does it prove ? W h y, what we all knew before— that all men,
and especially the rich, have it in their power to do much harm, i f they
choose. These “ upper twelve thousand” might as easily buy up all the food,
the clothing, the fuel in the market, and threaten the community with a
“ crisis” o f cold and hunger. A nd what prevents their doing it ? Or why
does not every man shoot or stab his neighbor, or burn his neighbor’s house ?
Simply because he has not one motive against it, but has a hundred to ab
stain from it. The more civilized the community, the greater is every man’s
power over his neighbor’s life and happiness. The corrective lies in this—
that his neighbor has a corresponding power ever his. An exasperated
creditor m a y pursue his debtor to his ruin; or an insolvent debtor may, in
his desperation, murder his creditor; but the very horror with which such a
result is received by the community, is clear proof how little likely it is to
occur. Self-interest is alm ost sure to prevail; and the very last people to
commit such absurdities as Mr. K ellogg supposes, would be the rich, who
must ultimately be the chief sufferers from them. There is probably no
crowned head in Europe now exercising more influence in favor o f peace and
order than the Rothschilds; and w hy? Because their enormous wealth
makes them conservative.
“ If money be a commodity, why do governments pretend to fix a value upon
coins, and not upon any other commodity, although it be made o f gold or silver ?”
W e reply for the hundredth time— they do no such thing. They simply
weigh the coin, and give it a name, for the protection and convenience o f the
public. Its value is determined by that o f its material.
“ If a definite value be assigned to one commodity by legal enactment, a defi
nite value should also be legally assigned to every other commodity, that each
may sustain a just relation according to the amount o f labor necessary to manu
facture or produce it.”
The truth is, that government no more assigns a definite value to gold
than it does to bread and meat. It says simply that a certain weight of
gold or silver shall be called a dollar, and shall be a legal tender for all
debts o f dollars; it might say the same o f a peck o f flour, or a bushel of
corn, but it happens (not without good reason) to prefer gold and silver.
Currency— Interest— Production.
52 3
“ If money* be a commodity, goods sold might as well be made payable in
other merchandise or produce, sugar, beef, &c., as in money.”
W e might as well say that if paper and straw, bricks and stones, be all
commodities, houses might as well be built o f paper and straw as o f brick
and stone. The question is simply which is best adapted for the purpose ;
and it is fair to suppose that the discovery o f this was not left for Mr. Kellogg
to make. Nearly all the sugar and beef now produced are consumed within
a year o f their production ; and suppose enough accumulated for currency,
where should we store it, or how keep it from spoiling ? A t present it would
require a cargo o f sugar, or many hundreds o f oxen, to supply the place of
a bag o f gold which a man could easily carry. W h at dimensions would
suffice for our banks and sub-treasuries ? Conceive S5,000,000 worth o f su
gar or beef in the New York Custom-house; and $70,000,000 worth in the
Bank o f England; and $100,000,000 worth in the fortress o f St. Peters
burg ! Then how long would the currency remain at par, and how would
it be renewed? Must not every traveler who now carries specie take boxes
and hogsheads o f currency for his expenses on the road? Then what com
mercial panics would occur on every rumor o f bad crops in Java, Brazil, or
the W est Indies, or of a murrain in our Western States! H ow deposits
would be drawn down about Christmas time ! But enough o f jesting, though
under it may lurk much real truth. In fact, the comparatively small use o f
the precious metals, except for currency, is one o f their greatest advantages,
though Mr. K ellogg tries hard to make it a handle against them.
“ W hy not as well sell money on time, payable in goods, as goods on time,
payable in money?”
A nd what else are advances made on account o f purchases, before the
goods are delivered ? Nay, we could name at least one country o f Europe,
where, from the want o f capital, it is a common thing for large foreign houses
to pay down many thousands o f dollars in full for goods to be delivered them
perhaps six months after the money is paid. This is literally “ selling money
on time, payable in goods.” The same thing is done here, when goods are
“ sold to arrive,” and cash paid before arrival. W ere confidence more per
fect, this would doubtless be often done.”
“ Money is not a commodity; for a legal tender is a creation by law o f certain
properties,! which do not naturally belong to any substance, but which are made
to represent all substances, and to control their exchange.”
A cooler begging o f the question than this it would be difficult to pro
duce. The simple reply is, to deny the fact, It cannot be too often re
peated, that the law merely adopts, o f many commodities, one apparently
the best fitted for the purpose, to represent the w hole; and leaving its value
untouched, reduces it to a scale o f weights and measures, called coins, to
ensure accuracy in exchanges. I f it adopted two such commodities it must
fix their relative value, and thus interfere with trade; it must therefore con
fine itself to the one best adapted to its purpose.f
* Mr. Kellogg evidently means specie— i. e., gold and silver.
sugar and beef would become money.
On his supposition,
t The law does, however, in fact, adopt two substances, gold and silver, for evident
reasons of convenience. But if it assign them a relative value different from their ac
tual exchangeable value, one or the other will be withdrawn from circulation. This
was the case with the first gold coinage of the United States.
524
Currency— Interest— Production.
A t last, however, Mr. K ellogg touches on the root o f the matter.
says:—
lie
“ Some argue that the dollar derives its value from the labor required to mine
and coin the silver for it.”
But if so, he continues :—
“ W hy will the dollar at certain periods buy two or three times more wheat, or
more labor, than it will at other periods ?”
I reply, this is seldom the case; but when it is, it proceeds from the pro
portion o f demand to supply, by which exchangeable value is always regu
lated. A n abundant harvest, will, o f course, cheapen wheat, and an undu
extension o f exchanges will make money scarce. The assertion that th
price o f wheat always corresponds to that o f labor, may be worth replying to
when it is proved. That money, in the above case, only shares the lot of
other commodities, a simple illustration will show. A hat will sometimes
cost the equivalent o f half a barrel o f flour, and sometimes the equivalent o f
a whole barrel; for this simple reason, that the demand and supply o f hats
are very uniform, while the demand and supply o f wheat are continually
fluctuating.
“ This difference occurs when no more labor is required to mine and coin the
silver ?”
I reply, even if the mines were at our doors, it would take time to mine
and coin enough silver to supply the demand caused by a monetary crisis,
and thus reduce the price o f silver to its normal state, as compared with
other commodities. But as we can only procure it by the exchange o f other
commodities, the process is rendered still slower. And if our original stock
o f silver has been exhausted in paying unproductive labor, creating by it no
commodities with which to purchase more silver, we must evidently for the
time be greatly distressed by the want o f this important commodity. Such
was the case in 1837.
I ought, perhaps, to apologize for the length and frequent repetitions o f
this discussion, which is, after all, little else than fighting with shadows.
But it must be remembered that these fallacies have been extensively promul
gated in quarters where their absurdity may not readily be detected. Says
Mr. K e llo g g :—
“ Let those who entertain the theory that the labor required to procure money
constitutes its value, account, if they can, for these facts, so as to satisfy labor
ers and producers, the reward o f whose iabor, and the price and sale o f whose
products, it so nearly affects.”
To this challenge I have responded, and I trust satisfactorily. I have the
highest respect for the laboring and producing classes, and would fain aid in
pointing out their true interest, and in exposing the pernicious theories, which,
if carried out, would ruin them.
The 7Oth page o f Mr. Kellogg’s book is devoted to a dissertation upon
the intrinsic worthlessness o f gold. Similar things may be said o f mahog
any, cedar, pearls, diamonds, satins, silks, &c., & c .; and far more may be
said against tobacco and rum. But if men will set a false value on things,
how are we to alter it ? W e must be content to take the world as it is, do
ing, o f cours5, all we can to make it better.
Mr. K ellogg remarks, that however common or cheap the material o f cur
rency may be, its legal privileges will always ensure its value as money. As
525
Currency— Interest— Production.
I have shown these privileges to have no existence, it may seem needless to
disprove the results o f th em ; for it is an axiom that nothing can come from
nothing. But as the experiment has been tried in many countries, Mr. Kel
logg might as well have looked a little into facts, which would have unset
tled both his premises and his conclusions. In Turkey, Austria, Russia, Den
mark, Germany, France, and America, the trial o f a valueless currency, either
o f base metal or o f paper, has been made, and, so far as I know, has been
abandoned. Its results, I believe, have been pretty uniform everywhere,
nam ely: the ruin of trade, the reducing o f multitudes o f honest people to
poverty, the enriching of many rogues, the enormous multiplication of coun
terfeit money, and in particular, a ruinous, though ludicrous rise o f prices, as
when it cost Washington thousanis o f dollars to despatch a single courier,
and a glass of brandy was reluctantly exchanged for the monthly pay o f an
officer.
It is nothing to enact that a piece o f lead or paper shall be a dollar, unless
we at the same time fix the equivalent o f that dollar in commodities of real
value. Any government can do the former— all the despots o f Europe can
not accomplish the latter.
I will take the liberty to sum up this part o f the subject in Mr. K ellogg’s
words, somewhat altered for the purpose, (p. ? 3 :)
“ Upon the value o f money, then, depends its powers to represent, measure, ac
cumulate, and exchange value. These powers cannot be given by Congressional
enactment, which can only select any convenient material, already prepared and
qualified by possessing them, for a medium o f exchange, and thus, in every par
ticular, constitute it money.”
W e may now recapitulate in conclusion:—
1st. Labor is the great source o f value. Value is represented by material
commodities, the accumulation o f which is property or capital.
2d. The amount o f labor in production determines the intrinsic value o f a
commodity. Its exchangeable value (of which alone political economy takes
cognizance) depends primarily on its intrinsic value, but secondarily and di
rectly on the proportion o f demand to supply.
3d. Commerce is the exchange o f commodities or merchandise, for the
convenience o f which, one particular commodity (the precious metals) has
been always employed as a medium, and never superseded without injury.
4th. For the convenience and protection o f the community, governments
have divided large quantities o f these metals into convenient parts, called
coins or money, whose titles and weights have been established by law, but
whose value is left entirely to be determined, like that o f any other commo
dity, by natural laws.
5th. Money thus defined is evidently a measure and representative o f all
other value, as well as a medium for exchanging it.
It follows clearly enough, that as money is exchangeable at will for pro
ductive and useful commodities, it will naturally command a rent corres
ponding to the amount o f value which these commodities may be capable o f
producing. This is what Mr. K ellogg calls “ the power o f money to accu
mulate value by interest,” on which he is as fertile in mistakes and strange
suppositions, as on any other topic. But I have taxed your patience quite
enough for one month. In your next number I hope to pursue the subject.
j.
s. R.
526
Commercial Code o f Spain.
Art. V.— C O M M E R C I A L C O D E OF S P A I N .
NUM BER
X I I.*
MERCANTILE SHIPS AND VESSELS.
W e continue our translations from the Commercial Code o f Spain, or
The Codigo Comercio.
Our present number treats o f ships and vessels.
A r t i c l e 58.3. The property o f mercantile ships may belong to every
person who, by the common laws o f the kingdom, possesses the faculty of
acquiring property ; but the fitting out o f vessels, appareled, equiped and
armed, must necessarily be done under the name o f and the direct re
sponsibility o f a naviero, or a person who is responsible, as the agent o f
the ship, capable o f navigating the high seas.
584. Strangers who do not possess a letter o f naturalization cannot ac
quire, neither in whole nor in part, the ownership o f a Spanish vessel;
and if it should fall to them by title o f succession, or other gratuity, they
must convey it away within the precise term o f thirty days, under the pen
alty o f confiscation. This time shall be counted from the day upon which
he shall have received the proprietorship in his favor.
585. Vessels may be acquired by the same modes prescribed in law for
the acquiring o f the dominion o f commercial property.
586. Every transfer o f the ownership o f a vessel, whatever may be the
method in which it may be done, shall take place by a public instrument in
writing.
587. The possession o f a vessel without the title o f acquisition does not
vest the property in the holder if it has not continued in his possession for
the space o f thirty years. The captain cannot acquire the ownership o f a
vessel by prescription.
588. In the construction o f vessels the builders shall be free to construct
them upon the model which they may believe most convenient for their in
terest ; but they cannot apparel them without they shall make it first appear by
the survey o f skillful persons, named by authority competent, that the vessels
are found in a good state for navigation.
589. Concerning the registration of vessels constructed anew or acquired
by any legal title, and the solemnities with which the muniments o f title
shall be made— the requisitions which must be fulfilled on the part o f the
proprietors before sending them to sea, as well as concerning their equip* The publication of translations from the Commercial Code o f Spain, made expressly for the M e r
, was commenced in the number for September, 1846 (vol. xv., page 267. These
translations have been continued at irregular intervals, to the present tim e; and for the convenience
of reference we now give an index, which will enable the commercial or legal reader readily to turn
to each nunber of the series, and the subject embraced in each translation o f that code, as follows:—
For Nos. 1 and 2, the first relating to the Law of Carriers by Land, and No. 2 to the Law o f Carriers by
Sea, see vol. xv., pages 267 and 556. For No. 3, treating of Maritime Transportation and the Bill of
LadiDg, see vol. xvi., page 378. For No. 4, o f the Risks and Damages o f Maritime Commerce, and
concerning Average, see volume xviii., page 614. For No. 5, relating to Marine Averages, Forced
Arrivals, see vol xix., page 59. For No. 6, relating to Shipwrecks and Limitations o f Actions on Ma
rine Contracts, see same volume, page 178; and for No. 7, treating o f Maritime Insurance, under sev
eral distinct heads, see same volume, page 619. For No. 8, a continuation o f Maritime Insurance, see
vol. xx., page 628. For No. 9, concerning Insurance of Land Transportation, see vol. xxi., page 528.
For No. 10, Concerning Persons who may Intervene in Maritime Commerce, see same volume, page
644. For No. 11, Concerning the Interpreting Brokers o f Ships, see present volume, (xxii.,) page 73.
c h a n ts’ M a g a z in e
Mercantile Ships and Vessels,
527
mant, their armament, and maning o f them, there shall be observed the re
gulations o f the ordinances in existence concerning matriculation for sea,
and whatever other ordinances may be promulgated hereafter.
590. It shall be lawful for citizens o f Spain to acquire vessels o f foreign
construction ; and they can navigate them with the same rights and privile
ges which they would possess if such vessels had always been national, pro
vided that there does not mingle in the contract of purchase a fraudulent
reservation in favor o f any strangers, under a penalty o f confiscation of the
ship, should they be wanting in this condition ; and there shall be observed,
also, the same formalities which are required by the above-mentioned ordi
nance for the matriculation o f the sea.
591. The commerce from one Spanish port to another port o f the same
kingdom shall be carried on exclusively in vessels o f Spanish matriculation,
saving the exceptions which may be made, or which have hitherto been made
in treaties o f commerce with foreign powers.
592. Ships can be conveyed away freely by their proprietors whenever it
may accommodate them, it not being done to strangers who have not been
naturalized.
593. Captains or mates o f ships shall not be authorized by virtue o f their
official stations to sell the vessels and to give a valid title for the same
without they have had conferred upon them a power special and sufficient
by the proprietor for that purpose ; but if the vessel, being on her voyage,
shall become useless for navigation, the captain or the mate may appear
before a tribunal of commerce, or in case there is none, before the judge
ordinary of the port where they shall first arrive ; and the damage o f the
vessel appearing in sufficient form, and that if the vessel cannot be repaired
so as to continue her voyage, the tribunal may decree a sale at public auc
tion, observing all the solemnities which have been prescribed in article
608 o f this code.
594. In the sale o f the vessel there shall always be understood to be
comprehended, though not so expressed, all the tackle, apparel and furni
ture belonging to her which shall be found at that time under the do
minion o f the seller, unless there shall have been made an agreement
expressly to the contrary.
595. I f a vessel is sold when she may be at that time on a voyage, there
shall belong to the purchaser the entire freight which may accrue in the
same voyage on which she may have received her last cargo. But if, at the
time the sale shall be made, the ship had arrived at her port o f destination,
the vendor shall receive the freights without prejudice in either case to the
parties interested concerning the terms o f the agreement which have been
willingly made.
596. W hen vessels shall be in execution and sold judiciously for the pay
ment o f creditors, the following debts shall hold a privilege o f priority in
the order in which they are designated.
First. The credits of Hacienda Real, (or o f the Royal Treasury,) if they
have any against the ship.
Second. The judicial costs o f the proceeding o f execution and sale o f
the ship.
Third. The duties o f pilotage, tonage, anchorage, and other charges o f
the port.
Fourth. The wages o f the depositories and guardians o f the embarcation,
and every other expense which shall have been caused in the preservation o f
528
Commercial Code o f Spain.
the vessel, from the time she shall have entered the port until the time o f
the sale.
F ifth . The rent o f the store-house where may have been deposited the
apparel and armament o f the ship.
S ixth . The wages and perquisites which may be due the captain and
crew o f the ship on her last voyage.
Seventh. The necessary debts which the captain may have contracted on
the last voyage for the benefit o f the vessel, in which class are comprehended
the reimbursements for the value o f the cargo which shall have been sold
for the same purpose.
E igh th . Whatever may be due for the materials and labor on account o f
the construction o f the vessel when she shall not have made any voyage ;
and if she shall have been put to navigation the part o f the price which
may not have been satisfied to the last seller, and the debts which may have
been contracted to repair, to apparel, and to provision her for the last voyage.
N in th . The amounts which have been taken at gross venture or on bot
tomry on her hull, her keel, her apparel, her stores, her armament, and out
fits previous to the last sailing o f the vessel.
Tenth. The premium o f insurance made for her last voyage upon the
hull, keel, apparel, stores, armament and outfit o f the ship.
E leventh. The indemnification which shall be due to the shippers for the
value of the goods loaded on board o f the vessel, which shall not have been
delivered to the consignees, and the indemnification which shall correspond
to the averages for which the vessel shall be responsible.
597. In case the proceeds o f the sale of the vessel shall not be sufficient
to pay the whole o f the creditors o f the same class, the amount which cor
responds to the mass o f them shall be divided between them p r o rata , ac
cording to the value o f their respective credits, after they shall have made
the allowance among themselves for those o f the preferred classes, according
to the order distributed.
598. To enjoy the preference which in their respective grades is designa
ted for creditors, o f which mention has been made in article 596, they, the
creditors, shall prove their demands in the form following.
F ir s t. The credits o f the royal treasury by certificates o f the controller o f
the royal rents.
Second. The costs judicial by taxation, made according to rules and law
approved o f by a tribunal competent.
T hird . The duties o f tonage, anchorage, and charges o f the port by cer
tificate o f the respective chiefs for the collection o f each one o f them.
F o u rth . The salaries and expenses o f the preservation o f the vessel and
o f her appurtenances by the decision formal o f a tribunal o f commerce,
which mav authorize or approve o f such expenses.
F ifth . The wages and dues o f the captain and crew by liquidation,
which shall be made on inspection o f the rolls and the books o f the accounts
and payments o f the ship approved o f by the captain o f the port.
S ixth . The debts contracted to cover the urgent necessities o f the ship
and crew during her last voyage, and those which may result against the
vessel for having sold the effects o f the cargo, shall be examined and authen
ticated by the tribunal o f commerce, in a judgment instructive and summary,
on a view of the justifications which the captain may present o f the necessities
which gave occasion to contract such obligations.
Seventh. The credits proceeding for the construction and sale o f the vessel
Mercantile Skips and Vessels.
529
by writings executed at their due time, with the solemnities which the ordi
nances o f matriculation prescribe.
Eighth. The amounts for the outfits, apparel, and victualing o f the ship,
by invoices of those who shall have furnished the same, with a receipt at the
foot from the captain, and with an order from the naviero, provided the in
voices shall have been registered and copied in duplicate in the registration
o f the marine o f the port from which the vessel proceeded before her sailing,
or where she shall have last stopped, within eight days following, or imme
diately after it.
Ninth. The loans on bottomry by the contracts executed according to law.
Tenth. The premiums o f insurance by the policies and certificates of the
brokers who intervened in the contracts.
Eleventh. The credits o f the shippers for defect in delivering the cargo, or
the averages occurring on it by sentence, judicial or arbitrarial.
599. The creditors, whoever they may be, from the title mentioned in ar
ticle 596, shall preserve their rights, facilitated against the vessel, even after
she has been sold, during the whole time which she remains in the port
where the sale has been made, and for sixty days after she shall have sailed,
being dispatched in the name and for the account of the new proprietor.
600. If the sale is made at public auction, and with the intervention o f
authority judicial, under the formalities prescribed in article 608 of tins code,
all responsibilities o f the vessel in favor o f creditors shall be extinguished
from the moment in which the bill o f sale shall be executed.
601. If a vessel shall be sold standing on her voyage, the said creditors
shall retain against her their rights expressed, until the vessel shall have re
turned to the port in which she was matriculated, and for six mouths after
wards.
602. W hile the resposibility of the vessel shall remain firm for the alle
gations detailed in article 596 of this code, she can be embargoed at the
instance of the creditors, who shall present their claims in due form, in what
ever port she may be found, and her sale shall be proceeded in judicially,
with the ordinance and citation o f the captain, in case the naviero shall be
found absent.
603. For whatever other debt the proprietor o f the vessel may owe she
cannot be detained or embargoed, except in the port of her matriculation,
and the proceedings shall be had against the proprietor himself, giving him
the first citation at least in the place o f his domicil.
604. Neither shall any vessel loaded and dispatched to make a voyage
be embargoed or detained for the debts of her owner, o f whatever kind they
may be, except for those which he may have contracted to fit her out and
provision her for the same voyage, and not previously ; and even in this case
the effects of (he embargo sh ill cease if any one interested in the expedition
shall give security sufficient that the vessel shall return to the port in the
time fixed in her licen-e, or that if this return shall not be verified for the
reason o f any accident which may be fortuitous he will satisfy the debt so
far as it may be legal.
605. Foreign vessels anchored in Spanish ports cannot be embargoed for
debts which have not been contracted in the Spanish territories, and for the
use of the same vessels.
606. For the private debts o f a part owner o f a vessel she cannot be de
tained or embargoed, nor sold on execution entire ; but the proceeding shall
VOL. X X II., NO. V.
34
530
Commercial Code o f Spain.
be confined to that portion which the debtor may have in h e r ; and this
shall not cause an interruption o f the voyage.
607. Whenever an embargo o f a ship shall be made there shall be inven
toried in detail the whole o f her apparel and appurtenances, in case the same
shall belong to the same owner o f the vessel.
608. No vessel can be set up in sale judicial without it shall have been
advertised publicly for the term o f thirty days, and the notices in which the
sale shall be announced shall be renewed every ten days, and offering her
for bids for the space o f three hours, on the tenth day o f the first term, and
for one whole day on the twentieth and thirtieth days, and at the time she
shall be bid off. The notices of publication shall be posted up also for the
same term o f time, in the customary places for like communication, and in
the port where the sale is to be made, and in the capital o f the department
o f the marine to which the port belongs ; and in every case the notice shall
be posted up at the entrance o f the office o f the captain o f the port.
The sale shall be also announced in all the daily papers which are pub
lished in the province, and there shall appear in the legal report the order
o f sale, a fulfilment of this regulation, and other formalities prescribed by law.
And in the remainder of the acts the sale shall proceed with the solemni
ties and in the form which is prescribed by the ordinary commercial law for
sales judicial.
609. The doubts and questions which may arise between part owners o f a
vessel concerning matters o f common interest shall be resolved by the ma
jority of owners, who shall hold the value o f the property o f the ship, and
who shall represent more than one-half of the ship’s value.
The same rule shall be observed to determine the sale o f a vessel, even
when some of the part owners only shall oppose the sale.
610. The owners o f the vessel shall be preferred in freighting her at the
price and on equal conditions over those who are not part owners ; and if
two or more part owners may concur to claim this right for one and the
same voyage the preference shall be given to him who holds the largest in
terest in the ship ; and among part owners who hold equal interests in the
vessel it shall be determined by lot who shall have the preference.
611. The preference which is given in the preceding article to the part
ners o f a vessel shall not authorize them to demand that her destination
shall be varied from the disposition which the majority may have marked
out for the voyage.
612. The part owners o f a vessel shall also enjoy the right o f taking the
vessel at a fair appraisement from the other part owners who offer their
shares for sale, at the termination o f three days following the offer of sale,
and tendering in the last the price o f the vessel.
613. The seller can declare against the right o f taking the vessel on an
appraised value, making known the sale which he has concerted to each one
o f his co-part owners ; and if within the said term o f three days they shall
not take the vessel they shall not have a right to take her after a sale has
been celebrated to other persons.
614. W h en a vessel shall want repairs, it shall be sufficient that one o f
the part owners may require that it shall be done, for which the whole shall
be obliged to provide the fund sufficient to effect i t ; and if any one part
owner shall not do it within the space o f fifteen days following that on which
he shall be required judicially to do so, and the whole or any o f the part
owners shall supply the funds, they shall have a right to demand that the
ominion o f that part which belongs to the defaulting owner who has made
Tea : and the Tea Trade.
531
no provision for the expenses shall be transferred to them, crediting him with
the just value o f the share which belonged to him before the making o f the
repairs.
The just value which shall have belonged to him before the repairs shall
have been commenced shall be estimated by skillful persons named by both
parties, or officially by a judge, in case either o f the parties shall decline to
make the nomination.
615.
Ships shall follow the conditions o f movable goods in all the require
ments o f the law : so far no modification or restriction o f the laws have been
made in this code.
a. n,
Art. V I . — T E A : A N D T H E
TEA TRADE *
P A R T III.
The subject has attracted, by its intrinsic importance, a great measure of
attention from others as well as mere commercial readers ; and the writer
hopes that it will hereafter be presented in a more worthy and attractive
form, by practiced and skillful writers,— those who are accustomed to treat
o f political economy, or who are the active promoters o f temperance,— in
order that a knowledge o f it may be more widely diffused, and the use o f
the beverage become more general. It has been appropriately spoken o f—
in an editorial notice o f these papers in the Evening P ost— as, “ the drink
characteristic o f modem and improved civilization, used alike by rich and
poor— social, refreshing, humanizing Tea.” A nd in the Literary W orld, in
an appreciative notice o f considerable length, it is thus spoken o f :— “ Am ong
all articles o f luxury none has stood its ground more firmly than tea, none,
probably, has been productive o f more refinement, has been so pure and
healthful in its associations. T o extend these influences is a work o f phi
lanthropy, as well as o f mercantile profit.”
Major Noah has recently published the following decided opinion in favor
o f tea. It appears in answer to a question put by a correspondent, who
adopts the Chinese name o f Ching :—
“ C h in g .— ‘ Which do you prefer as a domestic beverage, tea or coffee V Tea,
by all means. Tea is associated with rest after a dav’s toil, o f happy firesides,
o f temperance, and o f peace. A liberal use o f the cup, which cheers but does
not inebriate, is calculated more than that o f any other article to weaken the
lures o f intemperance, and to attract the laborer from the tavern to his domestic
hearth.”
The unusual measure o f attention given to this subject, at present, in
England, has been alluded to in presenting the speech o f Mr. Brodribb, in
a Postscript to Part Second, and subsequent accounts from there indicate
* Two papers upon this subject were published in the January and February issues, respectively*
o f this Magazine, and have since been republished together in pamphlet form, in two editions. In
the first edition of the pamphlet the following notice a p p e a r e d “ The following announcement was*
omitted by the printer at the conclusion o f part second :—Another paper upon this subject will ap~
pear in a future number of this M a g a z in e s o m e statistics of the trade with Russia, Holland, and
other countries, will be presented, as well as some further remarks upon the subject generally.”
53 2
Tea : and the Tea Trade.
that the interest in it has suffered no diminution— as the following humorous
report o f the interview o f the “ Tea Deputation ” with Lord John Russell,
the Premier, from a recent issue o f that “ m irror o f the times," — “ P unch ’’
— will show.
“
the
tea
d e p u t a t io n .
“ On Wednesday, the 16th o f January, a deputation from Liverpool, headed by
its members, waited on Lord John Russell and the Chancellor o f the Exchequer,
with the laudable desire o f obtaining their consent to a reduction in the Tea
duty.
The business commenced by a few words from Sir Thomas Birch, who was
very appropriately selected on this occasion, for, as the Premier (must have men
tally) remarked, “ Birch has always been looked upon as one o f the principal
representatives o f Tea in this country.”
Mr. Cardwell went into the arithmetic o f Tea, and proved that, while in the
United Kingdom the consumption amounted to only a pound and three-quarters
per head, it was nine pounds per head per annum in the Australian colonies.
This, at a spoonful each, and one for the pot, gave several million cups o f tea
to the colonists, while, at the same strength o f brewing, there would be little
more than a dish (o f Tea) per diem for the inhabitants o f Great Britain.
Mr. Edward Brodribb enlarged on the social merits o f Tea, and insisted that,
although mere spoons had sometimes made a stir in Tea, there was now a small
but determined Tea party springing up in the kingdom, and, with all respect, he
would say that the Government would eventually be teased out o f the duty.
Another member o f the deputation took a view o f the matter in reference to
the agricultural interests, urging, that, so long as the genuine Tea was kept out
o f the country by the heavy duty, the hedges o f the farmer would never be safe
from those depredators who plucked a spurious sort o f Twankay from the sloe,
and stole for the Tea market that which was neither Hyson nor His’n.
After a few further remarks from other members o f the deputation, Lord
John Russell courteously acknowledged himself the friend o f Tea, and though
some called it mere slop, sent over by our foes the Chinese, he was not one o f
those who regarded it as a “ weak invention o f the enemy.”
After intimating
his willingness to take a Tea leaf, if practicable, out o f the book o f free trade,
he assured the deputation that he and his triend, the Chancellor o f the Exche
quer, would, some day, after dinner, take Tea— into their best consideration.”
The plain prose account o f the same is given in the L on d on S pectator , o f
January 19th, as follows :—
“ A deputation, representing the mercantile interests o f Liverpool, the Magis
trates and the Chamber o f Commerce o f Edinburgh, and the Chamber o f Com
merce o f Glasgow, had an interview with Lord John Russell and the Chancellor
o f the Exchequer, on Wednesday, at the Treasury, to urge a reduction o f the
duties on tea. Sir Thomas Birch and Mr. Cardwell, members for Liverpool, in
troduced the deputation. The usual arguments in favor o f reducing the duties
on tea were reinforced by the explanation o f the increasing difficulties found in
obtaining an article o f exchange for our increasing exports to China; the bal
ance o f trade on the past year is $10,000,000 ; and, unless the import o f
tea is increased, we can only diminish that balance by checking our exports. The
propitious state o f the revenue was dwelt on as favorable to the hopes o f the
deputation. Lord John Russell courteously listened to all that was said; prom
ised ‘ best consideration and declined 1to give a definite answer.’ ”
And some extracts from the circular o f an extensive brokerage house, in
London, o f January 5th, will serve to show, in concise and rather nervous
terms, the merits o f the duty question:—
T ea : and the Tea Trade.
533
OBSERVATIONS ON TEA.
“ What pays the enormous duty o f 2s. 2Jd. per lb., which is more than 300 per
cent on many qualities?— Tea.
What yields a revenue to our government o f five millions and a half per an
num ?— Tea.
Now if the sum realized by this oppressive tax were paid into the Bank of Eng
land in gold, it would take one o f the clerks four years, twenty-one weeks, and Jive
days to count and weigh it according to their custom.
What made our present gigantic East India Company ? (Some here we know
will differ in opinion, but we say it could not have been done without) Tea.
What has had fewer arguments employed in its favor, when more might have
been used than on almost any other article subject to an Import Duty?— Tea.
What article was untouched by Peel’s Tariff? (While almost every other
article either underwent some change, or had the duty taken off.)— Tea.
What article is that on which the duty to the poor man is 300 per cent, while
the rich man only pays from 30 to 60 per cent?— Tea.
What article o f consumption is now paying the expense o f more travelers
than any other?— Tea.
What article in the grocery business pays for all the loss o f bad debts, &c. ?—
Tea.
What has made some o f our London Bankers ?— Retailing o f Tea.
What has made some Members o f Parliament?— Retailing o f Tea.
What has enabled others to purchase landed estates ?— Retailing o f Tea.
“ In order rightly to estimate the advantages o f Tea, we must not look at its
value abstractedly, but on the influence it exercises on the country at large. W e
look upon its use as one o f the greatest counteracters o f intemperance, for the
man who enjoys his tea with his family is not a person who seeks the stimulus
o f the tavern, and in the lower classes, the public house and the gin-shop. W e
believe that Father Mathew did good service to his and our country; but we
must not forget that men must have wherewithal to refresh themselves, and
were they enabled to have good tea, at a low price, an enlivening and gently ex
hilarating beverage would be placed in the hands o f the industrious classes, and
man would not so often, as he now is, be tempted to “ put an enemy in his
mouth to steal away his brains.”
The gin-palaces, and such places, we look
upon as pit-falls purposely placed to entrap the footsteps o f the unwary.
Few
so heedless as to fall into a pit if exposed to their view ; but the warmth o f the
fire, the brightness o f the lights, the temporary excitement o f the draught are
as flowers strewed over the deadly chasm beneath. W e do not go so far as to
say that good and cheap tea would in any very decided manner remedy this evil,
but we do say this, and every man who has bestowed a thought upon the sub
ject will agree with us, that the man who enjoys a cup o f good tea, and can get
it, with its necessary concomitants, fire and comfort, at home, will not be in
much danger o f turning out after the labors o f the day to seek the poisonous
excitement o f the drinking-house. The subject is one which has obtained, and
deserves, the attention o f the philanthropist. W ho can number the situations
lost, the hopes blighted, the workhouses filled by this one vice ? Let us not
waste our breath in tirades against what is evil and w rong: a sensible man
would say it is the best to oppose good to evil; to provide things innocent, if
not positively salubrious, in the place o f those which are decidedly the contrary.
The indulgence in liquor, if it does not merit the tremendous censure o f the
great Robert Hall, “ liquid fire, and distilled damnation 1” is at least detrimental
to health o f body, and totally incompatible with peace and serenity o f mind.
Let us, then, be ready to co-operate with every endeavor made to persuade gov
ernment to r e d u c e t h e d u t y on t e a , and if we are in earnest in our desire,
they will, sooner or later, yield to the pressure from without.”
The following concise expression o f opinion on the subject o f the duty is
from the L iverp ool Chronicle, o f January 12th, last;—
534
Tea : and the Tea Trade.
*
*
*
*
*
*
*
*
*
“ The enormous duty on tea is likewise utterly indefensible. T o impose a
heavy tax on the “ cup that cheers, but not inebriates,” which is almost the only
support o f that large class o f distressed females for whom much commendable
sympathy is now expressed, as though it were an article o f luxury confined to
the wealthy, is harsh, if not cruel. Not only would a much larger consumption
o f the article follow a reduction o f the duty, which would speedily augment the
Exchequer, but it would open, to an extent o f which we have little conception,
the markets o f China to the manufactures o f this country in that spirit o f bar
ter which is the very soul o f trade.
*
*
*
*
*
*
*
*
*
“ The greatest comfort we possess, while oppressed with our present absurd
and unequal system o f taxation, is, that it cannot last long.”
THE QUESTION OP CONSUMPTION IN
THE UNITED STATES.
In reverting to the consideration o f the question o f the consumption in
this country, we are always brought to the necessity of a more stable and
uniform market here;— the prevention o f rapid and great fluctuation o f prices,
out o f which spring the inducements to ship fa ls e and very inferior kinds o f
tea, from the introduction o f which a distaste arises, and the use is checked.*
The nature o f this commerce, based as it is upon an article o f prime ne
cessity, which is the production o f but one country, and that a distant one,
and the extension o f whose use follows so surely the diffusion o f knowledge,
and conducted, as well in second as in first hands, by a comparatively limited
number o f the most intelligent and respectable merchants, whilst its impor
tation is almost confined to this port, should exempt it from the frequent and
rapid fluctuations to which coffee and other products o f many, and o f near,
as well as distant countries, whose importation and sale is neither confined
to a limited number o f merchants, or to any one port, are subject.
In reviewing the trade for the last period o f five years, we find a remarka
ble uniformity in its amount, as shown by the exports from China hither,
which, for convenience, we now repeat the gross sums of. Thus, there were
shipped to this country in—
Green ..lbs
Black ____
Total..
1845.
13,812,099
6,950,459
1846.
14,236,082
4,266,166
1847.
14,388.938
4,498,798
1848.
15,340,565
3,998,578
1849.
13,834,453
4,875,564
20,762,558
18,502,248
18,887,736
19,339,083
18,710,017
Showing an average o f about 14,323,000 pounds o f green, and o f about
4,917,000 pounds o f black; and o f both, 19,240,000 pounds per annum.
This presents a uniformity such as no other article o f importation does for a
like period, and indicates a commerce free o f the elements o f fluctuation.
W e find therefore, that the influences which have disturbed the course o f
prices here are external, or o f an imaginary nature, and that the remedy
lies in the adoption o f a new system o f sales, by which a regular and more
gradual offering o f the annual and inevitable accumulation o f the importations
in the spring may be provided for. As to the period o f shipment from Chi
* The same effect is seen in the use of coffee, as the following paragraph from the
paper o f Major Noah, of a recent date, shows:—
“ A house in this city advertises 500 bbls. of peas for sale, and heads the advertise
ment— “ To coffee-roasters." This is an invitation to commit a fraud by mixing coffee
with an article, which, if not deleterious, is at least objectionable. W e are in favor of
burning our own coffee.”
T ea : and the Tea Trade.
535
na, the laws o f nature control the operations o f the merchant; for the in
coming o f the crop o f tea at the shipping ports is naturally in the autumn;
the monsoon soon after favors the vessel’s return hither; and the approach
ing season o f humidity does not less powerfully than the winds tend to warn
the merchant against delay in China.
These natural and uncontrolable causes, then, indicate clearly the necessity
o f the suggested remedy. The considerations of its expediency have already
been presented in the previous papers, in anticipation of the opening o f the
spring trade here ; and the subsequent course o f the market, has, in the most
marked manner, confirmed the opinions then expressed upon this point, after
due allowance for the unusually limited country demand during the past
six weeks.
There is no doubt but that the highly respectable auction houses now em
ployed to sell the teas imported, would gladly concur in a new system of
sales, whereby the amount obtained, and, as a consequence, their own com
missions would be considerably increased, while their convenience would also
be promoted. A great convenience would result to all the parties to the
trade, also, in the greater diffusion o f the payments for the teas over the year,—
indeed, when the large aggregate amount o f the sales o f tea is considered, a
greater equalization o f the payments over the year will appear as a benefit
to all branches o f business.
The question o f consumption is always recognized as the most important
element in considering the progress o f commerce in any article, and in the
examination of it with reference to tea, it is found to possess peculiar interest.
It is an article whose intrinsic qualities are the least understood, generally,
and the examination and judgment o f which, by the few who have some
practical experience in it, is the most important o f all those products which
enter into general consumption. N o other necessary o f life offers so great a
variety o f kinds, much less such a diversity o f qualities ; nor is any other so
valuable in proportion to weight or bu lk ; yet no other is, as a general thing,
so hurriedly examined and sold.
The evils resulting from this haste, and consequent incompleteness o f ex
amination, are not confined to the mere fluctuation o f prices, but affect the
management o f the dealers in all parts o f the country, and thus act preju
dicially upon consumption; whilst, as has been before remarked, the fluctu
ation in prices induces the shipment o f very inferior qualities, and this preju
dices the consumers against the good tea.
The general want o f nicety of judgment in the selection o f tea, and the con
sequent undue regard paid to the “ style” or form and color o f the leaf, ra
ther than to the intrinsic quality, which can only be well tested in the cup,
and which is often indicated by a broken leaf, whether in green or black teas,
for the reason that the youngest leaves are naturally the tenderest and soon
est broken, and, at the same time, the richest in flavor, is at present a check
to the growing predilection for the beverage. Other misapprehensions exert
a similar influence: one of these, the general impression that teas seriously
deteriorate in quality by keeping a year or tw o; whereas, all kinds o f black
tea, save only the delicate white leaf o f the Pekoe, which rarely or never
comes to this country, are really improved by keeping a year; and the kinds
most used here, Ouloong, N ing-Yong, Ankoi, and Congou-Souchong, really
require the effect o f the lapse of time in abstracting the fir e which has been
communicated in the curing o f the leaf, to render them mellow and palatable
to those persons who have been accustomed to the use o f tea in China or
536
Tea : and the Tea Trade.
England; and a very considerable portion o f the green teas would gain, ra
ther than lose, in appreciative flavor, by being kept a year. It is necessary
to say, however, that tea o f no kind can be kept sound in a small parcel, or
in an open package, any considerable length o f time, although a package of
60 to 80 pounds would, if originally well cured, keep for several years unimpared in a diy, airy place.
The Chinese do not drink new tea, but consider it necessary to allow time
for the f i re to e-cape; and they say that the'highly-fired black teas o f the
better qualities, really improve in flavor by being kept two years in tight
leaden boxes.
To the various causes alluded to must be attributed the comparatively slow
increase of the consumption of tea, and the wide disparity shown by the re
ally immense increase in the consumption o f coffee. That the introduction
o f the poor qualities o f tea into the west and south-west, which was noticed
in Part First, where the chief increase o f the population has accrued, has had the
effect to turn the consumption upon coffee, there is no d o u b t:— for we find
that the chief increase in the use of tea is in the Eastern and Middle States,
including, however, Ohio, where the dealers and consumers appreciate the
better classes, and where the judgment o f qualities, from long habit, is better,
and if this were not so, the greater economy o f tea, as compared with coffee,
irrespective o f the distance o f place, and which is more in proportion to the
distance o f carriage, as well as the greater portableness and convenience o f
it, would have kept the consumption at its relative proportion, as shown in
other parts o f the country. That tea, when properly used, is much the most
economical, and its effects salutary, as compared with coffee, whose effects
are usually injurious, there is no doubt. And it is understood that the phy
sicians, during the prevalence o f the cholera last season, recommended the
use of black tea instead o f coffee. There are already indications o f the turn
ing of the consumption upon black teas in Ohio and other parts o f the W est,
in lieu o f coffee; and it may be hoped that, as the necessary knowledge in
preparing it extends, and the better qualities become appreciated, the dis
parity in the consumption o f the two beverages will be removed. The sincere
efforts o f every one in the trade should be used to this most desirable, be
cause mutually beneficial, end.
B y judicious and persevering efforts, the consumption may be brought
somewhat nearer to correspond with the ratio o f it in the United Kingdom,
where “ a large proportion o f the population does not consume tea,” owing
to its high cost. In 1846, it will have been seen, the rate per head o f the
whole population, (including Ireland,) was I f pounds; at which this coun
try would now require about 30,000,000 pounds, instead o f 20,000,000; but,
as has been before stated, the proportion o f persons who can afford to buy
tea in this country is immeasurably greater than in Great Britain and Ire
land ; and when it is considered that in England, as is stated in the papers
o f Mr. Norton, in Part Second, “ in private families, whose expenses are based
on competence, the consumption o f tea is twelve to thirteen pounds per head,
and that domestic servants in such families, when allowed tea, have nearly
one-quarter o f a pound per week, or thirteen pounds per annum,” the dis
parity in the consumption in the two countries is truly surprising; and sug
gests the hope o f a greater ratio o f increase than the former statistics have
shown. The past and present seasons, it is believed, will be found to show
a greater increase.
The following remarks referring to this branch o f the subject are extracted
T ea : and the Tea Trade.
537
from an editorial notice o f the first and second of these papers in the LiteraryW orld o f March 2 d :—
“ One striking result is prominently brought out by the apparent incongruity
o f cause and effect. It is that the increase o f the consumption o f tea is proportionably higher in England than in this country, not withstanding the duty in one
country is enormous, and in the other nothing at all. In England there is a fixed
duty upon all qualities o f tea, Mr. Nye tells us, o f about fifty cents a pound!
The explanation o f the different progress o f consumption in the two different
countries, Mr. Nye finds in a great degree in the use o f better qualities o f tea in
England than here ; for the cost o f transportation, &c., being as great on a tea
o f the higher qualities as on the lesser, and the duty being uniform, the obvious
effect is to cheapen in comparison the better article. Thus in England the con
sumer o f a poor tea pays a tax o f 200 to 400 per cent on the cost, while the
high-priced tea pays only 50 to 100. Between the two articles the latter thrives,
and, the appetite growing by what it feeds on, the taste for a genuine article o f
luxury overcomes the cost and the burden imposed by the government. In the
United States, on the contrary, poorer kinds o f tea are introduced, poorer in
quality and actually in economy, and the use o f the beverage limited by the dis
taste created from the inferior article. This is the present working o f the sys
tem ; but it must soon change when it is discovered where the defect lies. Bet
ter teas will be found to be cheaper; and the more widely they are introduced,
in the more rapid ratio will spread the demand.”
•
THE QUESTION OF SUPPLY.
This question seems to be but little understood generally, and much mis
apprehension exists amongst those who are connected with the trade. Opin
ions have been stated which appear contradictory.
It has been shown in the previous papers that the downward tendency o f
prices the two past years had led to the absorption o f the old stocks by the
consumption ; and it is now apparent that the supply of tea in China is inad
equate to the wants o f the consuming countries, although the early in-coming
o f the crops, and the prompt shipment o f them to England and the United
States, appears, at the moment, to indicate an abundant supply. Prices ma
terially higher are required to induce the collecting and curing o f the inferior
descriptions of the leaf, by which to enlarge the shipments. It seems not to
be generally known, either, that an increase o f production by planting is
only possible in two or three years, which period is required for the plant to
grow to maturity and produce.
Every successive mail from China, since the two first papers were written,
has brought a confirmation o f the opinion o f the writer in the fact that the
lower grades o f both black and green kinds, are in considerably less than a
proportionate supply this season, showing, as this does, that the prices o f the
two past years did not suffice to pay for the t e a ; and it is well known in
England that the total supply o f Congou will be less than the consumption
there. It seems equally certain that the imports into this country before the 1st
o f October will fall short o f the wants o f trade. A t the present moment, the
data by which to sum up the supply from the 1st o f January to the 1st o f
June, is at hand ; and taking the difference in the stocks in “ first hands” on
the 1st o f January o f each year, the supply to the 1st o f June this year will
be about fifteen thousand half-chests o f Young Hyson, and a considerable
quantity of all other kinds o f green tea, short o f last year. There was no
American vessel in China at the last dates, nor will any arrive thereafter,
538
T ea : and the Tea Trade.
probably, in time to load and reach here before the close o f the spring trade,
or about the 1st o f July. There was a deficiency o f 2,000,000 pounds of
green tea in the export to England, to the last dates; and if this be made
up (consisting chiefly in Young Hvson) from the stock in China, there will
be a large deficiency, even if every package be taken, in the year’s shipment
to this country. This deficiency in England must be made up from this
country, if not from China, for the tea is wanted for actual consumption; and,
in either case, the supply here must prove very much short o f last year’s im
port. The character o f the lessened export o f green tea to England, indeed,
indicates that a considerable quantity o f genuine tea will be required from
this country, as stated in the following extract o f a London circular o f the
4th o f March :— “ The following is an extract o f a Canton letter of Decem
ber 26th :— “ The purchases o f these teas (the new crop of green) for Eng
land have been very limited in extent, the run throughout the season having
been almost entirely upon the Canton sorts, o f which fully four-fifths o f the
export consists ; and o f these, not a little is altogether spurious.” *
In December, 4,000 packages o f the finest Hysons were taken at Canton
for P ortugal; and a large quantity o f Hyson Skins for Sydney.
Considering, then, that there is not only a deficiency o f 2,000,000 pounds
in the export to England o f green teas, but a still greater one o f genuine
tea, and a considerably lessened supply provided for this country to the 1st
o f June, there should be a brisk demand here at higher prices than last year
for all kinds o f green teas.
THE TEA TRADE WITH RUSSIA, HOLLAND AND OTHER COUNTRIES OF EUROPE----AND WITH THE COLONIES OF ENGLAND.
W e now come to a review of the trade with the lesser consuming countries.
That with R u ssia, so far as has been ascertained, has been less subject to
fluctuations, and is a gradually progressing one since 1820 ; but the exact
statistics o f it, for all the intermediate years, have not been obtained.
The following are the different statements, so fir as obtained:—
IMPORTATION OF TEA INTO RUSSIA.
Years.
1824..........................................
1825..........................................
1826..........................................
1827..........................................
Quantity.
Poods.
154,197
133,514
130,562
161,958
Value.
Roubles.
6,260,429
4,807,049
5,675,992
6,719,166
Total poods...................
Of which exported..............
580,231
3,843
23,462,636
775,730
Leaving for consumption
576,388
22,686,906
On an average, 144,097 poods, o f the value o f 5,671,726 roubles ; or in
English weight and money 5,187,496 lbs., value £ 2 48 ,3 46 sterling.
In 1832 the import into Russia was 179,474 poods, or 6,461,064 lbs.
In 1847 Mr. Martin estimated the consumption in Russia at 10,000,000 lbs.
It consists almost entirely o f black te a ; and two to three years are re
quired, in the transit through Siberia, to reach St. Petersburg.
The next country in importance o f those now under consideration in the
* The same letter states that the supply of good and superior green teas is less than in ten years before.
/
539
T ea : and the Tea Trade.
consumption or importation o f tea is Holland. The shipments to that country
have varied very greatly from the earliest history of the trade to the present time.
During several distinct periods of time great quantities o f tea were shipped to
H olland for introduction, by smuggling into England, varying with the induce
ments presented by the revenue laws. In 1783 to 1794 the exports from China
by the Dutch averaged about 4,000,000 lbs. per annum. In 1818 to 1829
there were shipped to the Netherlands, in American ships, about 19,000,000
lbs., and by the Dutch, in the same period, 492,382 quarter-chests o f 66 lbs.
each. From 1829 to 1838 there were considerable shipments in American
vessels almost annually.
In 1838 the consumption o f tea sent into and through H olland was esti
mated at about 2,800,000 lbs. per annum. A t present the direct shipments
to Holland are less than this quantity ; and not only that country, but every
other one of Europe, except Russia, is now supplied, a considerable propor
tion o f its wants o f tea, from England.
The following table contains the account o f the recent exports to the con
tinent o f Europe :—
EXPORT OF TEA TO THE CONTINENT OF EUROPE.
GREEN TEA.
Young Hyson.............................
H yson .........................................
Hyson Skin.................................
Twankay.....................................
Imperial......................................
Gunpowder..................................
190,773
108,044
63,219
1 8 4 7 -8 .6
27,200
117,300
43,300
124,100
62,000
59,500
1 8 4 8 -9 .C
24,800
88,900
40,100
92,500
91,600
21,200
1,004,945
433,400
289,400
1,231,600
119,600
. .lbs.
1 8 4 6 -7 .a
202,422
........
.........
.........
Total green..................... ........
BLACK TEA.
Congou................................................
Souchong.............................................
Pouchong ............................................
O uloong..............................................
Flowery Pekoe....................................
Scented and plain O. Pekoe..............
Caper....................................................
1,905,942
641,046
23,300
21,600
677,633
58,300
2,100
1,027,300
372,300
Total b lack.........................
Total green.........................
3,329,921
1,004,945
1,618,300
433,400
1,511,400
289,400
Total pounds......................
4,334,866
2,051,700
1,800,800
10,300
150,600
25,700
32,100
....
146,300
....
13,900
a In 15 vessels; 6 in 7 vessels ; c in 8 vessels.
To France two or three vessels with parts o f cargoes o f tea make up the
annual shipment from China.
To Portugal, some years, about 10,000 chests o f Hyson are shipped
through Macao by Portuguese vessels.
To Hamburg and Bremen two or three moderate cargoes make up the
average annual shipment from China.
To D enm ark and Sweden one or two small shipments in a year comprise
the direct supplies.
Australia has become the most important consuming country, in propor
tion to population, as the table below will sh o w : and as the increase o f the
populations and o f their means is very rapid, there will be a rapidly increas
ing outlet there for tea :—
540
T ea : and the Tea Trade.
EXPORT OF TEA TO AUSTRALIA.
BLACK TEA.
1 8 4 6 —7.ct
Congou.....................................
Souchong .............................
Scented Orange Pekoe........
Scented Carer.....................
Plain Orange Pekoe...........
Plain Caper........................
Flowery Pekoe...................
Sorts....................................
..............
..............
..............
2,600
7,600
2,000
..............
200
1 8 4 7 -8 .6
1 8 4 8 -9 -c
472,100
19,200
902,300
32,600
800
19,200
—
Total black............
....
3,400
510,500
939,100
GREEN TEA.
Hyson Skin.......................... ..............
Twankay ................................
Hyson .......................................
Young Hyson..........................
Imperial...................................
Gunpowder..............................
2,803,000
1,592,400
29,400
11,500
2,000
1,300
15,400
2,046,900
3,700
9,300
7,000
600
15,500
Total green........... ..............
Total black........... ..............
2,923,800
895,500
1,652,000
510,500
2,083,000
939,100
Total pounds........ ..............
3,819,300
2,162,500
3,022,100
a In 27 vessels; 6 in 17 vessels; c in 24 vessels.
This closes the separate view of the minor consuming countries.
The present consumption o f tea by all the w orld , save China and Japan,
may be estimated in round numbers as follows :—
Great Britain and Ireland will consume this year............................... lbs
Continent of Europe and other countries, exp’t'd f ’m Eng.
4,500,000
Continent of Europe, Except Russia, direct.......................
2,500,000
7,000,000
Deduct for “ other countries ” .......................
2,000,000
Leaves for the continent of Europe, except Russia..........
................
British North America, East and West Indies, Cape of Good Hope, <fec.,
through England and direct.......................................................................
Australia...........................................................................................................
Russia...............................................................................................................
United States of America, including exports to various countries..........
South America, Eastern Islands, <fcc............................................................
Total pounds.......................................................................................
52,000,000
5,000,000
3,500,000
3,500,000
10,000,000
20,000,000
500,000
94,500,000
In concluding the series o f these papers, we annex the following account
o f the growth and curing o f tea, <fcc., extracted from Mr. Martin’s Report to
the committee o f the British House o f Commons :—
The territory in which the large amount o f tea consumed in Europe and
America is grown, is south o f the Great Yan-tze-Keang River; the whole region
lying between the 27th and 31st degrees o f north latitude, and from the sea
coast inland for 500 to 600 miles, may he considered capable o f producing tea;
but the most favored region is the generally sterile hilly province o f Fokein, and
the provinces o f Keangsoo and Chekeang, between the 25th and 31st degrees o f
north latitude. This territory which extends over 350 to 400 square miles, is
T e a : and the Tea Trade.
541
composed principally o f the debris o f a coarse granite, and o f a ferruginous sand
stone, crumbling into decay; but when well comminuted and irrigated, yielding
sufficient nutriment for the hardy tea plant, (a camellia,) whose qualities, like
that o f the vine, are elicited by the nature o f the soil, the elevation, the climate,
and the solar aspect to which the shrub is subjected.*
It is generally stated that green and black teas are produced from the shrubs
o f the same species, with a slight variety ; the leaf o f the green being larger and
broader than that o f the black; the former leaf is rounded, the latter elliptic,
flatter, and more coriaceous.
The cultivation in different soils, the picking o f the leaves at different stages
o f expansion, and subjecting them to greater or less degree o f heat and manipu
lation in dying, is the cause o f considerable variety; probably the same difterence exists as between the red and white grape, or the black and white currant.
The shrub is cultivated with great care, planted in quincunx rows, in beds, by
seeds, chiefly along the sides o f hills with a southern aspect, and on a poor gra
velly soil, among the debris o f decayed granite and disintegrated sandstone, and
where nothing else will grow, and it is used for hedgerows or boundaries.
The height varies from three to seven feet, and it is very leafy. The flower
resembles the wild rose or briar flower, common in English hedges in autumn ;
the seed vessel is a nut o f the size o f a small hazel, or rather like the castor-oil
nut, but rounder: three red kernels are in each nut, divided by capsules, and
from these a quantity o f oil, termed “ tea oil,” is extracted, and used for com
mon purposes by the Chinese. Six or seven seeds are put into each hole when
planting; in 12 or 18 months transplantation takes place, and about the third
year the leaves are first plucked. At seven years o f age the top is cut almost
down to the stem (as gardners do with old currant trees,) and a more leafy set
o f shoots spring up the ensuing year.
The age o f the tree is unknown ; it has a useful duration, probably to 15 or
20 years. It is an evergreen, and blossoms from the end o f autumn throughout
the winter until spring. The leaves are dried by placing them first in flat bas
kets, and exposing them to the air and a moderate degree o f sun. They are
then further dried or tatched in thin pans o f iron, heated by a small furnace o f
charcoal, the leaves being kept constantly turned round by the hand, and rolled
or rubbed between the fingers, to give the leaf a rounded form. When suffi
ciently fired, it is picked and packed for Canton in chops o f 100 to 1,000 chests,
each chop having marked on it the name o f the maker, the district where the tea
is grown, its quality, date, &c.
Copper is not used in the preparation o f any description o f tea; iron pans are
solely employed. I visited a tea manufactory five miles above Canton, where
about 500 men, women, and children were engaged in converting coarse-looking
refuse leaves into several sorts o f green tea. A series o f large flat iron pans
were placed over a range o f furnaces heated by charcoal, in several successive
degrees. The teas, which had been previously picked and sorted, were then
placed successively in these pans by men, who each rolled them to a certain ex
tent. After passing four or five pans a small quantity o f turmeric was sprinkled
over the leaves, in a pan highly heated, and in the next pan a blue powder, com
posed o f prussian blue and gypsum was added, which gave a delicate green
bloom to the leaf, which formerly had been o f a dingy black or brown hue. The
tea was then gradually cooled in large shallow baskets, then placed in a winnow
ing machine and sifted into different sizes, the smaller being packed and sold as
gunpowder or pearl tea. Thus the greatest refuse o f tea, or the leaves which
had passed through the teapots o f the Chinese, were converted into “ Gunpow
der,” “ Hyson,” and other teas for exportation, as the Chinese never drink green
tea. The proprietor o f the manufactory told me that the green tea thus pre
pared was sold to the Americans, who consume but little black tea. It is said
* I found the tea shrub in several parts of China planted as hedge-rows or fences to fields and veg
etable gardens.—R . M o n t g . M a r t i n .
542
T ea : and the Tea Trade.
to be difficult to detect this colored tea from the pure, and as the Americans
have good tea-tasters at Canton, the English probably receive their share o f the
adulterated manufacture.
The names o f teas are a very imperfect criterion o f their quality. Formerly
Bohea was the principal tea in use; now the title is used to designate the lowest
description of black tea. It may be useful to indicate the designation o f the
names in general use.
Bohea is an English corruption o f the words “ W oo-e,” “ Voo-yee,” or
“ Ba-yee,” some hills o f that name, about 12 miles in circumference, in Fokein,
on the borders o f Canton province, yielding a common tea o f that name, which
is gathered three times a year. It is called by the Chinese “ Tacha” (large tea.)
Congo, from “ congfoo,” laborer, is o f a better quality than Bohea, less dusty,
and with a rougher and more astringent flavor.
Wo-ping teas are so called from a district o f that name in Canton province,
and when mixed with Bohea form “ Canton Bohea.”
Ankoi, a coarse tea from the district o f that name.
Campoi, from Keinpoi, selected. It is a stronger tea than Congo.
Souche or Caper, from swangche, double preparation, or choolan, fragrant
pearls. A great deal from Ankoi district.
Souchong, from seaore-chong, scarce or small, good thing. It is carefully
made from trees three years old, grown in good soil. Older trees, in a similar
situation, produce C on go; older still, Bohea and other inferior teas.
There are different sorts o f Souchong, and it is not easy to get this tea pure
and good in England. The leaf is o f agreeable fragrancy, somewhat like newmade hay; the leaf crisp, o f a glossy black color, and when subjected to boiling
water, o f a sick-red hue; and the liquid is an amber brown.
Peko, or Peho, from pih, have white petals or hair, so called from being made
o f young leaves, gathered in when the blossoming is over spring, when there is
a whitish hair or down on the leaf.
The tea flowers are fragrant mixed with the leaf, and give a fine odor and fla
vor to the tea.
Twankay, from Tunkay, a district where the tea is generally made. In green
teas it corresponds in quality to Congo among black teas.
Singlo, from Sunglo, a mountain in Ganhway. Both these teas have large
flat leaves, and are not much rolled.
Hyson, from hechuen, genial spring or first crop, when the young leaves are
gathered.
Hyson Skin, Puha tea skin. In Chinese “ skin” signifies the refuse. It is
formed o f the leaves rejected in the preparation o f Hyson. The dealers in Lon
don give it the name o f bloom tea.
Young Hyson, from yee-tseen, before the rains. It is a very small leaf.
Gunpowder is the picked, small, well-rounded Hyson, like shot, also called
Pearl or Imperial tea. Several other teas with new names are being introduced.
The different teas are prepared roughly by the tea farmers, and then taken to
the manufacturers, who prepare and sort the teas according to the districts in
which they are grown, the variety and age o f the tree, the size and quality o f
the leaf, &c. The leaves are passed through sieves o f different sizes before
their quality is determined. The judgment o f the manufacturer in selecting and
sorting, and the skill o f his workmen in firing or tatching the leaf, is o f the first
consequence. The better quality teas are more frequently roasted, and each
leaf separately rolled. The finest descriptions do not reach England; the man
darins pay very high prices for those teas, and their flavor is so delicate that
they would not bear four or five months’ sweating in the hold o f a ship. The
production o f tea for the use o f the Chinese middle and lower classes must be
very great, as it is used at every meal.
The tea found in Russia, conveyed by land and river carriage thither, is said
to be superior to the tea generally used in England. This may be owing to the
leaf being less fired; many o f the finest teas drunk in China would not bear five
or six months’ stowage in the hot and humid atmosphere o f the hold o f a ship,
543
Mercantile Law Cases.
and therefore the teas conveyed to Europe hy sea require to be dried and fired
to a degree which must injure their quality. Teas that I drunk at Foochoo,
Ningpo, and Shanghae were not highly dried, and had a very delicate flavor,
when drank as the Chinese do, without milk or sugar; hut these teas could not
he preserved more than a few months. The Chinese say, that the high-dried
superior black teas improve in flavor hy being closely packed in air-tight leaden
cases for one or two years. Some o f the finest teas in China scarcely color the
water, and the preparation consists solely in pouring boiling water on a small
quantity o f the leaves placed in a teacup, fitted with a close cover ; among the
highest classes a silver strainer is placed at the bottom o f the teacup. Tea
made up into balls, or compressed into the form o f bricks, or o f flat cakes, is ex
ported to Tartary, Tibet, Burmah, &c., boiled with milk, and constitutes an
agreeable and nutritious beverage.
The constituent properties o f tea are,
Black.
Tannin.......................
Vegetable albumen..
Mucilage...................
40.6
6.4
6.3
Green.
34.6 Insoluble fiber............
5.7 Loss..............................
5.9
Black.
Green.
44.8
2.0
51.3
2.5
The tannin blackens salts o f iron. The proportions of tannin must vary with
the quality o f the tea. A salifiable base, named “ theine,” in regular colorless
crystals, has been obtained from tea.
The ashes o f black and green teas yield silex, carbonate o f lime, magnesia,
chloruret o f potash. In distillation tea yields a volatile oil, and according to
some, a small quantity o f resin, soluble in alcohol, and possessing the odor of
tea. The effects o f tea on the human system are, first stimulant, and then nar
cotic, according to the strength o f the beverage. In moderation tea is an excel
lent diluent; it promotes digestion, and stimulates the renal glands.
MERCANTILE LAW CASES.
ENGLISH LAW OF BILLS OF EXCHANGE AND BKOMISSORY NOTES, WITH THE LA
TEST DECISIONS THEREON.
W e published in this department o f the Merchants' M agazine, for March,
1850, the first o f a series o f articles on this subject, which originally appeared
in the London Bankers’ Magazine, remarking, at the time, that as the English
law o f Bills o f Exchange, &c., was very generally adopted in the United States,
and the decisions under that law cited or referred to in all our Courts, the trans
fer o f the article would, doubtless, be acceptable to the commercial readers.
In the article referred to (see Merchants’ Magazine, vol. xxii., page 314) the
points connected with form and requisite o f bills, notes, and letters o f credit are dis
cussed, and the cases referring to the rights and liabilities o f the different parties
to their instruments are investigated. The subject is continued in the London
Magazine for March, 1850, in a second paper which treats o f Joint and Several
Bills o f Exchange and Promissory N otes; and foreign bills and notes as dis
tinguished from inland bills, as follow s:—
S e c . 5. J o in t a n d s e v e r a l b i l l s of e x c h a n g e a n d p r o m is s o r y n o t e s .—
Joint and several bills o f exchange and promissory notes are drawn or accepted,
or made by more than one person. When the instrument is joint, all the parties
must sue or be sued. When it is several, each party must sue and be sued
separately. When it is both joint and separate, the parties to it may sue and be
sued, either altogether or separately, at the option o f the holder. It is some
544
Mercantile Law Cases.
times a question o f importance to ascertain whether an instrument is joint and
separate or not. It has been held, that a note beginning, “ I promise to pay,”
and signed by two parties, is joint and several. Clark v. Blackstock (Ilolt, 474.)
The facts were as follow : It was an action on a promissory note, brought
against the administratrix of John Blackstock, deceased. The note stated, “ I
promise to pay to Mr. J. Clark, or order, the sum o f £30, with lawful interest
for the same, value received. Signed, Thomas Jackson, John Blackstock.” It
appeared, that the note was originally signed by Jackson, to whom the money
was lent; and that Clark afterwards required some new security from Jackson,
in consequence o f which Blackstock’s name was added to it as surety. Littledale, for the defendant, objected, that a note, the tenor o f which was, “ I prom
ise to pay,” signed by two persons, was a joint note and not a several note.
Williams, contra, a note drawn in the words o f the present note, is joint or sev
eral, as the payee may choose to consider it. March v. Ward (Peak, N. P.
130.)
Mr. Justice Bayley said, “ I think this note may be considered as a joint and
several note, the letter ‘ I ’ applies to each severally, Lord Kenyon has ruled
it so.”
Points o f this sort frequently arise in the courts o f bankruptcy, where it be
comes necessary to decide whether a creditor shall be at liberty to prove under
the joint or separate estate. It was held in Hall v. Smith (1 Barnewall and
Cresswell, 407,) that a member o f a country bank signing for himself and part
ner’s notes, beginning with the words, “ 1 promise to pay,” was severally liable,
and that the holders o f such notes had a right to prove against his separate
estate. But this case has been lately overruled, after a discussion o f its merits
in several courts, in another case o f exparte Buckley (14 Meeson and Welsby,
469,) where Baron Parke said, “ This is, jrrima facie, one promise o f the four;
and if Mitchell had authority from the four, the firm is bound, Hall v. Smith.
When you come to look at it, it cannot be supported. The question on this,
note is, does it bind the agent personally, or does it bind the firm ? No doubt it
binds the firm.”
S e c . 6. F o r e ig n b i l l s a n d n o t e s .— Foreign bills, as distinguished from in
land bills, are such as are drawn or payable, or both, abroad, or drawn in one
realm o f the United Kingdom, and payable in another. (Byles on Bills, 204.)
One o f the most important distinctions between an inland and a foreign bill, is,
that the acceptance o f a foreign bill need not be in writing, whereas it must in
the case o f an inland bill. One o f the latest cases in which the facts that are
necessary to amount to an acceptance o f a foreign bill were discussed, is that o f
Grant v. Hunt (9 Jurist, 229;) in which the following judgment was de
livered :—
“ It was an action by the plaintiffs, as drawers, against the Hampshire Bank
ing Company, as acceptors of two bills o f exchange drawn at Genoa. The de
fendants pleaded that they did not accept. At the trial before me a verdict was
taken for the plaintiffs, subject to the opinion o f the court, on a case which sta
ted that the plaintiffs having made purchases at Genoa for one Baker, a corn
merchant in London, drew the bills in question on the defendant for a part o f
the purchase-money, that being the mode in which they had, by Baker’s direc
tion, obtained payment for goods bought for him on other occasions. The
plaintiff sent to the defendant a letter bearing date at Genoa, 3d August, 1842,
in which they stated that they had valued on them, for account o f Henry Baker,
for £579 16s. 5d. sterling, as per note at foot, and which they doubted not
would meet their kind protection. On the 10th August, 1842, Baker, who had
a banking account with the defendants, wrote to them as follow s:— “ Messrs.
Grant, Balfour & Co., unexpectedly to me, have drawn on you for £579 16s. 5d.
This please accept, to the debit o f my account. Please return to me also the
bill of lading of the Flora. Inclosed is bill on King and Melville for £2,560, for
the credit o f my account,’ And, on the following day, Trew, the manager of
the bank, wrote him an answer. ‘ W e beg to acknowledge the receipt o f your
favor of yesterday, inclosing bill on King and Melville at four month’s date, for
M ercantile Law Cases.
545
£2,560 for the credit o f No. 3 account.’ Against this remittance, we send you,
as requested, hill o f lading o f the Flora, on which our advance is £2,000, and
will accept Grant and Co.’s draft for £579 16s. 5d., leaving £ 1 9 16s. 5d. due on
this transaction.’ This letter was received by Baker on the 12th August, and
was shown by him to Balfour, one o f the parties, on the 13th. On the 12th day
o f August, at about one o’clock in the afternoon, and after the receipt o f the
letter written the day before, Trew, the manager o f the bank, saw Baker; and,
on the part o f the defendant, informed him that the bill would not be accepted,
and that they countermanded the consent given in the letter o f the 11th; to
which Baker assented, but, notwithstanding, afterwards communicated the letter
o f the 11th, and not the countermand, to Balfour. On the argument before us
■it was not disputed by the counsel fo r the defendant, that a foreign bill o f exchange
might be accepted verbally, nr by writing, and not on the face o f the bill, or that a
promise to accept or to pay has the effect o f an acceptance; nor was it disputed
that'such acceptance may be given to the drawer, or any other party to the bill,
after it has been endorsed away, and even after it has become due. Powell v.
Monnier (1 Atkins, 611,) and Wynne v. Raikes, (5 East, 514,) being distinct
authorities to that effect. But it was contended that the promise to accept or
pay being on the face o f the bill must, in order to bind the party making it, be
communicated to some party to the bill, or to the holder, or to some agent for
such party or holder, and that in this case no such communication was made to
Balfour until after the manager o f the bank had withdrawn the promise to ac
cept, with the ascent o f the party to whom that promise had been given. On the
other hand it was contended, that as Baker was not a stranger to the bill, but
having adopted the act of the drawers, was in the same position as if he had
drawn the bill himself; and it having been suggested that the bill was drawn in
pursuance o f authority previously given, the case stood over, in order that if
such were the fact, it might be stated accordingly. Since the end o f last term
the case has been amended, and it now appears that Magnus, acting under the
general authority from Baker, directed the plaintiffs to purchase the corn for the
price for which the bills were drawn, and that they were drawn by the direction
o f Magnus, acting as agent for Baker. The promise to accept, therefore, was
given to the party by whose direction, and on whose account, the bills were
drawn. And in Fairlie v. Herring (3 Bingham, 625,) it was held, that such a
promise given by the drawer to the party by whose direction the bills were
drawn, operated as an acceptance, and ensured to the benefit o f the indorsee, to
whom the bill had been previously indorsed. In the present case it appears to
us that, when Baker, by whose direction and for whose account the bills were
drawn, obtained from the defendant the written promise to accept, that amount
ed to an acceptance, and ensured to the benefit o f the drawers; and that Baker
could not afterwards cancel that acceptance, or release the defendants from their
engagement, and consent to the countermand, as it is called, by Trew, on the
12th August. W e are, therefore, o f opinion, that the issue upon the acceptance
was properly found for the plaintiffs, and that the postea must be delivered to
them.” *
ACTION FOR BREACH OF AR TICLES OF DISSOLUTION OF CO-PARTNERSHIP.
In the Superior Court, New York City, before Judge Oakley. April, 1850.
Edward Roche, Senior, vs. Edward Roche, Junior.
This was an action to recover damages for an alleged violation o f certain arti
cles o f dissolution o f co-partnership.
It appeared that on the 12th day o f June, 1846, an agreement, or articles o f dissolu- *
tion o f co-partnership was made between Edward Roche, Sen., James D. Roche
and Edward Roche, Jr., whereby it was agreed, among other things, that the co
partnership theretofore existing between the parties, under the name o f Roche,
Brothers & Co., in the city o f New York and elsewhere, should be dissolved;
* It should be remarked, in this place, that the London Bankers Magazine is regarded as authority
in all matters relating to Banking.
VOL. X X II.---- NO.
35
546
M ercantile Law Cases.
and it was also agreed, on the part o f James D. Roche and Edward Roche, Jr.,
that they would not carry on the same business. It was understood that Ed
ward Roche, Seri., who was the head and managing partner o f the house, was
to continue the business in New York, under the firm o f Roche, Brothers & Co.
In these covenants, on the part o f James I). Roche and Edward Roche, Jr., Ed
ward Roche, Sen_ relinquished a balance due by them to the firm o f £900, and paid
to James D. Roche £500, and to Edward Roche, Jr., upwards o f $5 00 ; and also
assumed all the liabilities o f the old house. The covenant, on the part o f Ed
ward Roche, Jr., was that he should not at any time within two years from the
date o f the dissolution, “ enter into, carry on, transact or conduct,” within the
ports o f New York and Boston, or within a circuit o f thirty miles around either
o f these cities, the passenger, bonding and foreign exchange business, either by
himself, or with any other person, or in his own name, or that o f any co-partner
ship. This had been the business o f the firm o f Roche, Brothers & Co. The
defendant bound himself to this agreement in the sum o f $5,000 liquidated
damages for every violation.
This suit was commenced in March, 1848, and it was charged that the defend
ant, within two years from the date o f the dissolution o f the co-partnership,
commenced, at New York, the transaction o f the passenger, bonding and foreign
exchange business, in the name o f Roche, Brothers & Masterson, contrary to
the agreement above specified.
It appeared, in evidence on the trial, that a firm, under the name o f Roche,
Brothers & Masterson, was started in this city, a few months after the contract
for dissolution was made. But the defense set up was that the members o f the
new firm were two brothers o f the defendant, who resided in the West Indies,
and that Mr. Masterson was the principal, and Edward Roche, Jr., the clerk.
The defendant having been brought on the stand by the court, and, after a rigid
examination o f himself, the letters and books, and other documentary evidence
from the concern, the true nature o f the connection was elicited.
The defendant swore positively that he had no interest in the concern, and he
produced a paper which was said to be articles o f partnership between Philip
Roche, John Roche, and C. Masterson, by which it was alleged they had entered
into partnership for two years, from July 12th, 1847. But it appeared that the
business had been continued up to the time o f the trial in the same manner as
before, and the defendant declared that his own connection with it was the same
then as it had been previously. Masterson had gone to California, and John and
Philip Roche were still in the W est Indies.
It was claimed, on the part o f the defense, that the $5,000 stated in the arti
cles o f dissolution were in the nature o f a penalty. The Court held, first, that
the $5,000 were not a penalty, but liquidated damages; and second, that the
covenant was not infringed by the defendant taking a place in the establishment
o f Roche, Brothers & Co., as a clerk, or agent, and that to render him liable the
plaintiff must prove that the defendant transacted the business o f Roche, Broth
ers and Masterson as a partner, and on his own account. Upon this point the
cause was given to the jury, who in a very few minutes returned a verdict for
the plaintiff for $5,000.
Counsel for plaintiff, Messrs. D. D. and Stephen Field.
Counsel for defendant, Mr. Edward Sanford.
DAM AGES FOE PERSONAL INJURY RECEIVED B Y COLLISION ON R A IL W A Y S .
In the Circuit Court, (Albany, N ew York,) Justice Parker presiding. James
Collins vs. M owhawk and Hudson River Railroad Company.
This was an action to recover from the defendants the amount o f damages
sustained by him in consequence o f a collision o f tw o trains o f cars. From the
testimony in the case, it appears that on the morning o f the third o f November,
1848, about 7 o ’clock, A. M., the defendants sent tw o trains o f cars west, the
first o f which said trains left this city about fifteen minutes before the other—
that the plaintiff took passage in the first o f said trains. A fter they had pro
547
Commercial Chronicle and Review .
ceeded some ten miles from the city, some o f the machinery became so much
disarranged, that the engineer stopped the train to fix it. When the train stop
ped, some o f the passengers left the cars; the plaintiff saw several persons run
back from the track, and the waiving o f hands as if to prevent the approach of
some person or thing.
The plaintiff then left his seat in the car, went to the other end, passed out
the door on to the platform. At that moment the train from this city, which left
fifteen minutes after, came up with so much force that the platforms were de
molished, and the last car in the first train was thrown from the track. At the
time of the collision, the plaintiff’s foot was caught and crushed so as to disable
him for life— he was otherwise injured. After the accident he was carried to
Schenectady, where medical aid was procured, and all that could be done by the
defendants or their agents to render his situation as comfortable as possible.
The plaintiff claims to recover on the ground o f carelessness in the management
o f the two trains. In answer thereto, the defendants proved that the machines
were perfect, or so much so that they were entirely safe; that the grade was u p ;
that the defendants endeavored to prevent the collision by an effort to reverse
the motion o f the engine, and use o f the brakes. That the plaintiff by the rule
o f the road, had no business to be on the platform. Much testimony was given
to prove that the smoke and steam often prevented the conductor or engineer
seeing ahead; that this morning it was peculiarly so. The plaintiff admitted to
the president o f the defendants that had he kept his seat in the car he would not
have been hurt— that he was not alarmed, but went out on the platform to see
what was the matter o f the engine. Mr. J. A. Spencer and Mr. A. Dean for
plaintiff. Mr. T. Reynolds and Mr. B. Noxon, o f Syracuse, for the defendants.
The case was submitted to the jury.
The jury returned a verdict for the plaintiff o f eleven thousand dollars damages.
COMMERCIAL CHRONICLE AND REVIEW.
S P R IN G T R A D E — D E M A N D F O R M O N E Y — C O IN A G E A T
R E C E IV E D A T T H E
N IT Y — R A T E S
OF I N T E R E S T
FOR
FROM
YORK
1846
EXCHANGE
TO
U N IT E D
C IT Y B A N K S— N E W
1850—
YORK
N E W IN T E R E S T
IN N E W Y O R K IN
S T A T E S M IN T — C A L IF O R N IA G O L D
P O R T O F N E W Y O R K — M E X IC A N IN D E M
LO AN S IN B O S T O N , N E W Y O R K , P H I L A D E L P H I A A N D B A L T I M O R E —
G O V E R N M E N T S T O C K S — R E D E M P T IO N OF B IL L S A T
OF N E W
TH E
M IN T — M O N E Y R E C E I V E D A T C U S T O M S
1833
BANK
LAW
A N D IN
OF
S U F F O L K B A N K , B O S T O N — L O A N S A N D D E P O S IT S
D IV ID E N D S
IN
O H IO — T H R E E
1850— C O M M E R C E
1849-50—B O S T O N
NEW
BANKS
IN
BANK
D IV ID E N D S
BOSTON— R A T E S
OF
O F F R A N C E A N D T H E U N IT E D S T A T E S .
D u r in g the month which has elapsed there has been growing demands for
money, as well to feed the growing spirit o f speculation which manifests itself
in many directions, and the greater confidence in more extended enterprise, as to
meet the regular demand for legitimate business. The approach o f spring trade
always brings with it a necessity to prepare for anticipated spring business, and
the shelves o f dealers become crowded with assortments for which capital is re
quired, both in payment and in discharge o f duties. Produce requires also ad
vances as the navigation opens and forwarders become active, while much is held
on speculation. Thus there are held in New York some 122,000 bales o f cot
ton, worth $5,000,000, and in the United States 600,000 bales, worth $30,000,000,
against a value o f some $4,000,000 at the same time last year. The conse
quence has been a very considerable demand for money this year, while the bu
siness coming from the North and W est has been more tardy than was anticipa
ted, and pays up less promptly than was hoped, under the plea o f the great
548
Commercial Chronicle and Review .
drainage o f capital for California. The amount o f gold that comes from that
quarter is very considerable; but it would seem that a majority o f the adventu
rers are not very successful. The funds they carry and that which they dig are
expended in transportation and subsistence, and thus goes into the pockets o f
capitalists who advance those necessaries. Hence the process seems to be to
enhance wealth at the commercial centers. Its arrival, moreover, causes, for the
moment, a demand for money, because it stimulates speculation at once, whereas
the delay o f coinage is some six weeks. It is proposed to obviate this to some
extent by permitting the payment o f mint certificates from the gold accumulated
in the New York and Philadelphia assistant treasuries. These hold some
$5,000,000, but all o f it cannot be spared, and the relief afforded would only be
for the moment. The deliveries from the mint cannot exceed its capacity, which
is $12,000,000 per annum; or now that double eagles are coined, somewhat
more. The only true remedy is a mint in New York, o f at least double the ca
pacity o f the Philadelphia concern— or at least a mint in San Francisco: one or
both is o f the highest importance. I f the government would purchase dust there
for certificates payable here, and send the gold in its own vessels to be coined,
as the Spanish used to employ their galleons, the public service would be im
mensely promoted. The coinage at the Philadelphia mint for January was
$890,495 ; for February $1,186,585 ; and for March $1,806,202 ; total,
$3,883,282. The coinage o f gold dollars has ceased, and that o f double eagles
commenced. O f these little over $880,000 was struck in March. The market is now
continually supplied with money from that source, according to the capacity of
the mint to deliver. The amount o f California gold received at the mints has
been as follow s:—
CALIFORNIA GOLD RECEIVED AT THE UNITED STATES MINTS.
New Orleans...
Philadelphia.. .
Total
January to
Sep., 1849.
Sept., 1849,
to Jan., 1850.
$175,918
1,740,621
$489,162
4,784,987
$1,237,050
3,949,493
$550,600
1,796,321
$2,174,731
11,271,321
$1,916,538
$5,274,149
$5,186,543
$2,346,921
$13,740,052
January to
March 15
March 15, 1850. to April 15.
Total.
The amount o f gold which arrives from California affords no immediate supply
— that is derived only from the mint, and the payment on account o f the Mex
ican indemnity. It will be remembered that last year the instalment o f $3,000,000
was paid out to the account o f the Messrs. Barings.
This year bills were
issued in favor o f Messrs. Rothschilds on the New York treasury, to the ex
tent o f some $2,000,000; and the payment o f these released as much coin from
the New York assistant treasury, and also created a demand for sterling bills.
The remittances o f United States stocks, for which the foreign demand is active
at improved rates, counteracted this influence to some extent, and the large
importations were paid for from current exports. The amount o f money drawn
into the New York custom-house during the first quarter o f the year has been
large, as follow s:—
Commercial Chronicle and Review.
549
CUSTOMS POET OF NEW YOBK.
1848.
January.............................
February...........................
M arch...............................
1846.
1847.
1,575,231 1,471,884
1,347,534 1,255,631
1,602,303 2,608,734
1848.
1849.
1850.
1,434,836 2,282,638 52 1,898,024 12 2,948,925 25
1,496,716 2,402,276 19 2,064,354 35 2,918,780 68
1,652,092 1,529,565 62 2,029,437 53 2,037,205 32
Total for the quarter.. $4,525,088 $4,346,269 $4,583,634 $6,214,480 33 $5,991,816 00 $7,004,911 25
This is by far the largest amount o f money ever collected by the government
in the winter quarter at this port, and its effect has been upon the specie in bank
as follow s:—
1849.
Customs.................................
1850.
$5,991,816
In bank, January 1............
In U. States vaults, Jan. 1.
$4,673,000
2,400,000
In bank, April 1.................
In U. States vaults, April 1
4,270,000
2,159,000
$7,004,911
$6,781,000
3,550,000
7,073,000
10,331,000
7,109,000
4,365,000
6,429,000
Decrease.....................
$644,000
11,474,000
Increase. . .
$1,143,000
Thus last year, when the Mexican indemnity was to be remitted, there had
been a decline o f specie in the city, and this year the reverse has been the case,
arising from the California imports. The exports o f specie from this port have
been $551,049 for the quarter, against $315,939 same period last year.
Notwithstanding the demand for remittances for business purposes, for cor
porate subscriptions, and for holding produce, the market has become gradually
relaxed during the last week o f the month, both in New York and at Philadel
phia, although it appears to be stringent in Boston, where rates in the street are
9 a 12 per cent for stock loans and negotiable paper. At Philadelphia, short
loans are done on easier terms. At Baltimore, money is active at 9 per cent,
but commands only 6 per cent “ at call.” In this city, strictly first-class paper,
o f which the supply is not large, is done at 6 a 6J per cent— many firms discount
their own paper at the former rate. Government stocks will bring money at call
at 4 a 5 per cent— good names, 60 a 90 days, 7 per cent— long paper, 8 a 10.
The increased action o f the money market at Boston, based on regular business
movements, is indicated in the fact, thus:— One million one hundred and ninety
thousand dollars were redeemed at the Suffolk Bank, Boston, on Friday, April
12th, in the foreign money department. Last year, on the corresponding day,
the amount redeemed was $1,060,000. The ease o f the New York market, as
compared with the country and neighboring cities, causes a continued supply
o f out-of-town paper for discount by private banks, and this medium o f the sup
ply o f money is daily becoming more important. The condition o f the New
York city banks, March 30th, as compared with Dec. 29, 1849, is as follows, in
respect o f loans and deposits:—
Banks o f City New York.
Loans, Dec. 29.
Bank of America........
Bank of New York . . .
Bank State New York
Butchers & Drovers ..
C ity ..............................
Greenwich....................
Leather .......................
$3,808,646
2,586,624
3,831,037
1,349,973
1,678,580
513,329
1,600,732
March 30.
$4,086,652
2,652,695
3,909,370
1,363,757
1,691,854
506.254
1,546,786
Deposits, Dec.
$1,904,171
2,187,607
1,412,708
960,380
1,156,014
252,571
887,607
March.
$1,711,100
2,344,010
1,807,800
891,072
1,143,588
304,186
944,982
550
Commercial Chronicle and Review.
Banks of City New York.
Manhattan....................
Mechanics....................
Mechanics & Traders. .
Merchants....................
National........................
Dry Dock.....................
Phoenix .......................
Seventh W ard.............
Tradesmens’.................
Union............................
Total chartered___
Loans, Dec. 29.
3,256,937
3,478,276
533,266
3,465,213
1,431,524
294,217
2,688,193
1,090,113
1,039,328
2,387,998
March 30.
Deposits, Dec.
1,619,974
2,242,161
317,995
2,127,483
692,331
25,281
1,616,158
667,512
572,102
1,201,921
3,539,066
3,825,382
531,540
3,792,029
1,583,833
146,644
2,789,542
1,061,598
1,034,819
2,756,600
March.
1,756,591
2,450,964
374,554
2,785,722
755,016
34,079
1,811,397
661,300
663,572
1,522,622
$35,033,986
$36,818,421
$19,843,976
$21,982,555
American Exchange . .
Commerce....................
Bow ery........................
Chemical......................
Fulton...........................
Mech. Bank. Associati’n
Merchants Exchange..
North River..................
Broadway.....................
3,974,246
5,277,284
788,733
985,062
1,504,707
771,634
2,268,154
1,213,627
574,800
3,733,567
5,620,141
791,193
1,155,593
1,935,165
824,853
2,630.087
1,125,946
654,193
916,338
215'l50
2,355,305
1,698,452
552,622
741,818
983,645
617,439
842,228
829,703
407,293
2,207,221
2,038,793
575,239
841,402
951,413
618,378
920,837
787,058
449,096
363,323
332,599
Total free..................
Total December 29 .
$17,357,248
52,391,234
$19,602,226
56,420,647
$9,028,505
28,872,481
$10,085,382
32,067,937
These returns show the expansion which has taken place in the hanking move
ment, but it will he observed that the deposits have reached a point higher than
ever before. The aggregate capital o f the chartered banks is $16,251,200, and
their loans reach $36,818,421, being but $3,800,000 short o f the extreme limit
o f the aggregate capacity according to law. The free bank capital amounts to
$10,489,145, including the Ocean and the Mercantile banks, at $150,000. This
has, however, since the 1st April been increased to $300,000. The aggregate
leading features o f 28 banks, are as follow s:—
Capital.
Loans.
Specie.
D ollars.
D ollars.
D ollars.
Circulation.
D ollars.
Deposits.
D ollars.
Due Banks *
D ollars.
March 31, I860.... 26,750,345 56,420,647 6,861,601 6,725,688 32,067,923 12,160,097
Dec. 29, 26 banks. .. 29,439,990 53,360,050 7,169,016 6,013,349 28,868,488 12,658,838
Sept 22, “
“ . . . 25,078,700 51,366,563 8,022,246 5,990,100 28,484,228 12,322,279
The demand from the East and Philadelphia is also fair. It appears from
the bank dividends that have been declared this year, that those institutions have,
in comparison with those o f Boston, sulfered from the continued low rate o f
money here during the year. The following are the institutions in this city which
have declared dividends this year as compared with last:—
NEW YORK DANK DIVIDENDS.
1849.
Butchers and Drovers..............
Leather Manufacturers’ ...........
Tradesmen’s..............................
Merchants’ Exchange...............
Seventh Ward...........................
North River...............................
Bank of America.....................
Phoenix......................................
Capital.
§500,000
600,000
400,000
1,233,800
500,000
655,000
2,001,200
1,200,000
1st.
5
4
5
8
4
4
3i
H
1850.
Amount.
$25,000
24,000
20,000
60,000
20,000
26,200
70,042
42,000
1st.
5
4
5
4
4
.
34
34
Amount.
$25,000
24,000
20,000
49,352
20,000
70,042
42,000
Commercial Chronicle and Review.
551
NEW YORK BANK DIVIDENDS---- CONTINUED.
1849.
Captital.
Bank of Commerce......................
National.........................................
Manhattan....................................
Chemical.......................................
3,447,500
750,000
2,050,000
300,000
T ota l.....................................
§12,669,900
18§0.
1st.
Amount.
1st.
Amount.
4
4
3i
6
137,900
30,000
71,750
18,000
4
4
3J
6
137,900
30,000
71,750
18,000
§544,892
§508,044
The capital o f the Merchants’ Exchange was raised from $750,000 to its present
amount in July. The 8 per cent dividend in January was a fund dividend on
the old stock. The North River Bank earned its usual dividend, but passed it
from the difficulties growing out o f the cashier’s conduct. The earnings o f the
capital, as indicated by dividends, have been about the same, namely, 4 per cent.
In Boston, where the range o f interest has been much higher during the year,
the rate o f dividends has increased, as follow s:—
BOSTON BANK DIVIDENDS.
Capital.
1846184718481849-
7 ....................
8 ...................
9 .....................
5 0 ...................
§18,180,000
18,920,000
19,280,000
19,730,000
October.
April.
§603,000
658,300
725,550
743,050
§620,000
702,800
736,800
766,050
Total.
§1,223,000
1,361,100
1,462,350
1,509,100
The rate o f profit on this increased capital in Boston has come very nearly up
to that o f the New York banks, and it is possible that the rates o f money between
the cities may now be equalized by throwing many o f the Boston borrowers up
on this market.
It is a singular fact that the earnings o f lending corporations in Boston, where
the legal rate is 6 per cent, are as large as in New York, where the rate is 7 per
cent. The effort to change the usury law in Massachusetts has failed in the Sen
ate. In Ohio, the new interest law legalizes contracts as high as 10 per cent.
Banks are to charge only 6 per cent, and, in most districts, an amelioration o f
their operation takes place. The disposition to create new banks continues
strong, as a matter o f course, under large profits, and another branch o f the State
Bank o f Ohio has been established at Chillicothe, with a capital o f $200,000.
It is called the Valley Bank. David W illis is President, and James Caudbaurgh
Cashier. Three new banks are soon to go into operation in Boston. The Bank
o f Commerce, with a capital o f three-fourths o f a million, the Bank o f North
America, with half a million, and the Haymarket Bank.
There is also an indication o f a revival o f the old disposition to create Western
and Southern banks on Eastern capital. The Farmers Bank o f Kentucky will,
it is said, be taken to some extent by Eastern people. This disposition may
lead, if it increases, to a revival o f the old plan o f credit sales.
Among the most remarkable mutations which change o f circumstances has
wrought in public opinion, is doubtless that which was formerly entertained in
relation to the “ regulating powers” o f a National Bank, and the necessity o f such
an institution to maintain anything like an equilibrium in the rates for exchanges,
external and internal. A race o f merchants had grown up familiar only with the
paper-money system o f the country, emanating from local banks in all sections,
and so thoroughly had this paper-money become identified with business opera
552
Com mercial Chronicle and Review.
tions, that it was with the greatest difficulty, and the occurrence o f most serious
revulsions, that the difference between exchanges and the discount upon paperm oney was at last made apparent. So long as no money was known to com
merce other than the promises o f banks, and those promises were like other mer
cantile articles, dependant for their relative value upon the quantity issued, it was
o f course evident that some means o f checking an undue issue in any one quar
ter should exist. This was afforded b y the National Bank, which, through its
branches was always a creditor institution— that is to say, the collections o f mer
cantile notes due at any center o f commerce, as Richmond, Charleston, Cincinnatti, & c., were sent to those points, payable at the branch, and as the money in
which payment was made consisted o f the bills o f the local banks, these accu
mulated in the branch, and were by it returned upon the issuing bank for specie
or exchange. It is obvious that no bank could issue unduly without having its
bills promptly returned.
By these means, however, the remittances from most
sections were nearly all made by the branches to the com m on center o f com
merce, N ew York, and the National Bank enjoyed a m onopoly o f exchange, which
w ould enable her to put the rates up or dow n at her pleasure. The facility o f
collecting through this system o f the universal currency which the bills o f all the
branches enjoyed, was felt to be an advantage so great by the mercantile com
munity, who had never known any other manner o f exchanges, that the destruc
tion o f it was regarded with dread and dismay. The whole system, however,
went to ruin with the revulsion o f 1836-7, and since then an indefinable system
o f free-trade in exchanges has grown up spontaneously, and operates far better
and cheaper than the old plan. Take, for instance, the follow ing prices now
current, and those which ruled with little change during 1 8 3 1-3 2 -3 3 , under the
old bank, when the prosperity o f the country was supposed to be on the in
crease :—
BATES OF EXCHANGE IN NEW YOKE.
New Orleans.
dis.
April, 1833.....................................
April, 1850......................................
1 a H
par a £
Cha’ston. Savan’ h. N. Car’na. Rich’d.
dis.
dis.
dis.
dis.
2
£
2
£
2*
1£
1
£
The reduction is here marked and great, with the exception o f Richmond, and
the reason why the rate remains high at that point, is that the banks o f Virginia
have a very discreditable mode o f evading cash payments, even at this time.
The operations in exchange under the present uncontrolled free system, guided
by cash payments, has reduced the rates very considerably, and kept them al
most undeviatingly steady. The reason is that they are now mostly conducted
by private houses, whose capital and skill enable them to do business on far
better terms than the cumberous and expensive machinery o f the old irresponsi
ble corporation could afford. The institution had the matter in its own hands,
and it levied upon the community in the shape o f exchange a tax sufficient to
support the princely style in which its officers lived.
The growth o f private houses, and the multiplication o f individuals possessed
o f considerable capital, has been rapid in the last four years, and through their
means, not only the rates o f exchange, but the interest on money has been kept
lower than formerly. It is doubtless the case that the supply o f capital is much
greater than formerly, but it admits of question whether it is so in proportion to
demand. The amount o f capital at the command o f individual bankers, is doubt
55 3
Commercial Chronicle and Review .
less very considerably larger, and these are enabled to realize a large profit by do
ing business at a lower rate than can those o f smaller capitals, or corporations.
A house like Brown, Brothers, as an instance, with its vast capital skilfully
wielded, at a rate o f -J- a f for the amounts passing through their hands, do busi
ness more satisfactorily and promptly to the merchant, more safely to the com
munity, and more profitably to themselves, than could a politico-financial corpo
ration, with its oligarchy o f needy directors, and its host o f expensive officers,
to say nothing o f the expense o f patronage. The public feel the difference not
only internally, but externally. For one period, the whole trade with China
turned upon the credit o f United States Bank bills upon London with the Hong
merchants. The United States sent its produce to England, and the proceeds
o f sales formed a deposit in London, against which bills o f the United States
Bank were drawn at six months’ sight. These nil Is, instead o f specie, were sent
to Canton, and paid out for teas and silks; thence found their way into the hands
o f British East India merchants for cotton and opium, and finally arrived in Lon
don for payment. The failure o f the bank required specie to be sent, but grad
ually the bills o f private houses, particularly Brown, Brothers, have taken the
place, and these now circulate in China for goods for this market. The great
difficulty in trading with China is, that they produce almost everything, and want
nothing but cotton and opium. These were supplied from British India, and
paid for by United States produce in England. The opening o f the navigation
laws now gives to American ships and steamers the trade. The Pacific and
China seas, and the circulation o f American credits in China, stimulates the means
o f drawing from China the payment o f produce sold to England, who is always
our debtor. W e understand that F. Argenti, Esq., for many years connected
with Brown, Brothers, is about to establish a house in San Francisco, with a view
to the increasing commerce o f the Pacific region.
The year o f revolution, 1848, produced a considerable change in the business
o f France. The desire to sell goods, or rather to procure money to hoard, in
duced very considerable sales for cash. Much larger quantity were given for
the same amount o f money, as compared with former years. Thus in the trade
with the United States for 1848, as compared with 1846, the leading articles o f
dry goods were as follow s:—
EXPORTS FROM FRANCE TO THE UNITED STATES----GENERAL COMMERCE.
1846.
1848.
Quantity.
Value—francs.
Silks................. kilograms
W oolens...........................
Cottons.............................
Linens..............................
Mercury...........................
Raw and dyed silk..........
535,106
1,097,055
582,593
61,198
289,815
28,705
61,828,004
27,552,504
14,775,808
3,769,330
2,599,490
2,510,675
Total.........................
Increase...................
2,594,472
115,035,801
Quantity.
Value—fr.
663,224
1,130.336
1,126,658
44,935
458,931
34,838
77,160,821
20,525,013
12,084,469
2,209,724
3,829,778
2,068,980
3,458,921
864,449
117.878,785
2,842,984
This shows an increase o f 30 per cent in quantity, and but 2 per cent in value.
The silks do not appear, however, to have been so materially affected as the
woolens and cottons. For these, the fall in value was minimum. It will
be remembered, however, that this is the general commerce on all goods, what
ever their origin, exported to the United States. The results, in relation to
French productions, are as follow s:—
554
Commercial Chronicle and Review.
EXPORTS OF FRENCH GOODS TO THE UNITED STATES.
1846.
Silks..................... kilograms
"Woolens............
Cottons...............
Linens ..........
Mercury.............
Raw and dyed silk . . .
Total..............
Increase.......................
Decrease......................
Quantity.
315,203
827,065
411,014
45,350
284,125
1,248
2,084,005
Value—francs.
36,533,391
20,260,012
9,787.901
2,886,834
2,545,502
115,085
72,128,725
1848.
Quantity.
304,144
826,456
751,164
36,756
428,692
2,849
Value—fr.
34,423,766
14,567,359
6,476,804
1,718,965
3,587,131
171,120
2,350,061
266,056
60,945,145
11,183,580
Under the spur o f the bounty allowed by the government on the export of
certain French manufactures, a considerable increase in sales at low prices took
place. The quantity exported increased 12| per cent, and the value 15 percent.
The greatest fall being in cotton and woolen goods, and this fall pertains as well
to the Swiss, Belgian, and German goods, which crossed France for an outlet,
as to the actual French goods. The French shippers received a 10 per cent
bounty from the government, but it would seem that this by no means compen
sated the operatives for the losses they sustained, although it may have aided in
clearing out old stocks, and promoting that demand for new goods for home
consumption, winch has become so apparent in the last six months. Certain it
is, however, that Western Europe gave a great deal o f goods for a small amount
o f money; and for that money, they get, in consequence o f the rise in value o f
raw materials and labor, far less o f those elements o f production than in usual
years. The quantity o f cotton imported into France for the corresponding two
years, from the United States, was as follow s:—
GENERAL COMMERCE.
1846
1848
D e c r e a s e ....
Decrease in lbs.
SPECIAL COMMERCE.
Kilograms.
Francs.
Kilograms.
Francs.
67,909,624
54,312,454
122,237,323
48,881,209
60,759,675
43,248,984
109,367,415
38,924,085
13,597,170
28,553,900
73,956,114
17,510,691
36,772,451
60,443,330
It will be observed that the countries in the habit o f getting their cotton across
France, bought more in the year o f revolution, by 4,000,000 kilograms, or
8,400,000 lbs., than they did in 1846, while France consumed nearly 30 per cent
less in that year. Comparing this with the increased quantity o f goods exported,
and an indication o f the diminished stocks is afforded. The cotton goods ex
ported in 1846 averaged 23 francs per kilogram, or $1 10 per lb. In 1848, 8.6
francs per kilogram, or 76 cents per l b ; a decline o f 34 cents, or 30 per cent in
value. In 1849 the cotton has been replaced only at a very considerable advance
in value. It will be observed, then, that while the factories o f the interior o f
Europe sold 203,915 more kilograms, or 428,312 lbs. more manufactured goods
to the United States in 1848 than they did in 1846, they also bought 8,400,000
lbs. more cotton; and while France sold 341,000 kilograms, or716,100 lbs. more
goods, she bought 36,000,000 lbs. less cotton. This fact shows in how much
greater a degree the industry o f France was disturbed by the course o f the rev
olution than was that o f the surrounding states. The reaction in France has
been the greater, that the cost o f food at this time is there less than at any time
during the past 20 years.
555
Commercial Statistics.
COMMERCIAL STATISTICS.
COMMERCE OF ALEXANDRIA, EGYPT, IJT 1849.
W e are indebted to an American gentleman of high intelligence in Egypt for the
following letter and the tabular statements of the commerce and navigation of Alex
andria during the year 1849. The information in regard to the trade, by no means in
significant, o f Alexandria, will be found to possess great interest to a portion of our
readers
A l e x a n d r ia , E g y p t ,
Ja n u ary
8iA, 1850.
M r . F reem an H unt, Editor o f the Merchants' Magazine, etc.
S i r :— The abolition of the “ Navigation Law s” by Great Britain affords a very ad
vantageous opening to our commerce for a direct trade with this country, to which the
great impediment that has heretofore existed has been the difficulty of finding a return
cargo or freight, from a country whose principal productions form the staple of our own.
The opening of the British ports now offers a competition in the carrying trade to
that country to our ships at remunerative freights, such as induce British vessels fre
quently to come out in ballast for the advantage of the return freight to England.
The minimum of freights to Liverpool and London during the last two years for
short periods fell to 5-12ths of a penny, while the maximum, -Jths of a penny, was
most generally maintained.
A reference to the tabular statement of imports will present the best criterion of
the produce suitable to this market, and which may be advantageously imported from
the United States and have hitherto reached this country, particularly “ colonial pro
duce,” through the entrepots of England, Marseilles, Leghorn, Trieste, and Malta; con
sequently could be imported much cheaper direct from the United States.
I have no doubt but that our domestic cotton manufactures would compete with
those of England as successfully in Egypt as they do in other parts of the world.
American furniture, particularly chairs, are in demand. American flour, which figures
in the tabular statements of last year only as 50 barrels taken from “ bond” in Liver
pool, appears to have the preference among the European population over that of
Trieste. New England rum appears, from the quantity I have observed on the quays
and on its passages to the interior, an article of considerable consumption in the shops
generally. I observe a supply of American manufactured “ tobacco,” (chewing) though
ostensibly its consumption may be confined to the crews of the 300 to 400 British and
northern ships which annually arrive here; probably a great quantity is carried off for
the contraband trade in Europe; in fact, I am persuaded that our merchants, once es
tablished in this country, would find many other articles of American produce and man
ufacture that would successfully compete with the European.
LIST OF SHIPS SAILED FROM THE FORT OF ALEXANDRIA, EGYPT, DURING THE YEAR
Flags.
Austrian..............
Am erican...........
Barbary...............
Dutch..................
Egyptian............
English................
French................
Greek .................
Ionian..................
Jerusalem...........
Mecklenburg......
Moldavian...........
Neapolitan.........
In
Loaded, ballast. Total.
Flags.
1
104
105 Norwegian...........
o Ottoman................
2
“
Greek. . .
4
4
2 Prussian................
110 Roman..................
98
12
4
331 Russian..................
85 Sardinian..............
151 Swedish................
6 Samiot...................
40
43 Tuscan...................
3
2 Walachian.............
1
1
11
Total.................
11
.
1849.
In
Loaded, ballast. Total.
4
4
310
60
370
140
10
150
5
5
.
4
4
8
1
9
25
25
2
2
6
6
30
30
2
2
—
1,367
—
—
93
1,460
5S6
Commercial Statistics.
STEAMERS.
Loaded.
Austrian .
French. . .
English . .
Egyptian..
In ballast.
Total.
46
29
••
35
46
41
26
75
148
35
12
26
Total steamers............
73
The duties on imports, 5 per cent ad valorem ; on exports, 12 per cent ad valorem;
pilotage, $5 ; port charges, none.
•
EXPORTS FROM ALEXANDRIA TO AUSTRIA, ENGLAND, AND FRANCE, IN
Articles.
Ashes, soda...........
Buffalo horns. . . .
Beans ...................
Berries..................
B arley..................
Baskets................
Cotton-maho.........
Chick peas........... . . .ard.
Coffee..................
Dates....................
Drugs ...................
Elephants’ teeth. . .cant.
Flax......................
Gums....................
Henna....................
Hides, salted.. . . . . .No.
Iron, assorted........
Indian corn ..........
Incense ...............
Lentiles.................
Lupines................
Linseed..................
Linen..................
Moth, of pearl shells.cant.
Merchandise, suudry.pkgs.
Manufactures...
Musk and rose oil .ounces
Mats.....................
Natron..................
Opium...................
Ostrich feathers . .rotole
Pepper................
P ea 3 .....................
Puttarga............... . okes.
R ice ......................
Rum, Egvpt........
Senna ...................
Sal-ammoniacum..
Seeds, sundry.. . .
Susame seeds. . .
Salt........................
Saltpeter.............
Saffron...................
Sugar ...................
T om b a k ...............
Tortoise shells. . .
W ool.................
Austria.
Quantity.
Value.
48,923
350
21,092
England.
Quantity.
Value.
61,361
97,846
2.625
33,865
.,„.
613,610
2,200
2,650
227
15
6,488
19,748
22,000
6,625
4,040
1,200
19,208
161,480
20,603
20,660
1,460
13 608
1,897
59
20,412
14,227
118
3,195
2,030
5,722
1,403
12,780
507
28,610
8,882
1
16,300
371
16,300
lj855
.......
386,497
23
15,724
772,994
172
19,655
151,315 1,513,150
19,729
44,390
71
710
1,085
2,712
244
6,389
630
50,400
84,690 296,415
8,317
83,170
11,278
397
13,828
1,466
100
661
1,088
826
3,384
24,963
l'319
......
12,435
......
39,475
794
48,398
12,461
675
4,957
109
4,130
3,046
56J67
9^497
France.
Quantity.
Value.
31
1,973
1,825
3,946
8,557
10,696
44,834
448,340
...........
15,230
.......
1,523
9
398
.......
184
3,854
644
38,540
1,240
4,706
1,930
24,062
102
17,241
36,093
765
34,482
816
15
6,120
30
50,335
6,362
13
214
201,340
1,590
65
7,037
938
...........
368
65
3,752
1,840
2,648
3
510
2,544
12,720
16,730
459
775
16,730
2^295
5,412
4,187
9 421
1,006
1,076
426
8,556
215
1,491
.......
......
1,463
1849.
980
800
2.110
5,600
8,030
50
150
1
817
120
802
352,818
14,437
28,105
425
962
.......
.......
314
......
.......
2,669
...........
301
.....
54,028
378,196
650
338
2,275
2,873
216,556
1,563
21,656
7,815
255
1,836
86
7
82
600
722
793,840
103^946
557
Commercial Statistics.
EXPORTS FROM ALEXANDRIA TO TUSOANY, TURKEY, AND SYR IA IN 1 8 4 9 .
Tuscany.
luantity.
Articles.
Ashes, soda............... cant
Buffalo horns........... tlious
B eans..........................ard
Berries....................... cant
Barley..........................ard
Baskets.....................pkgs
Cotton-maho...............can!
Chick peas...................ard
Coffee......................... can!
Dates...............................
Drugs.........................pkgs
Elephants’ teeth .. . .cam
F la x.................................
Gums.................... ..........
Henna..............................
Hides, salted................No
Iron, assorted.............cam
Indian corn .................arc
Incense..................... can
Lentils......................... arc
Lupines...........................
Linseed............................
Linen............................pcs
Moth, of pearl shells.cant.
Merchandise, sundry.pkgs.
Manufactures.....................
Musk and roseoil.. ounces
M ats..........................pkgs.
Natron...............................
Opium........................okes.
Ostrich feathers... .rotole
Pepper....................... cant.
Peas .......................... ard.
Puttarga....................okes.
Rice.............................. ard.
Rum, Egypt..............okes.
Senna................ '.___cant.
Sal-ammoniacum..............
■Seeds, sundry............. ard.
Susame seeds....................
Salt.....................................
Saltpeter....................cant.
Saffron...............................
Sugar.................................
Tamarind.........................
Tombak......................okes.
Tortoise shells........ rotole
W ax............................okes
W heat......................... ard.
W o o l.......................... cant.
19,190
17
10,015
Turkey.
Value.
38,380
127
12,519
............
486
8
76
............
4,860
20
2,512
22,090
3,148
77,315
31,480
13,238
7,065
............
1,207
9,052
13,545
60
9,502
299
57
20,317
240
2,375
1,495
2,165
.......
11,100
35
1,841
.......
11,100
175
2,761
.......
131
1,113
330
1,155
1,950
64
136
233
6,825
544
918
1,747
260
5.312
108,698
1,109
1,300
4,781
244,570
7,985
Syria.
Quantity.
11,314
2
1,092
45
2,307
3,582
Value.
19,799
150
2,184
337
2,884
28,325
364
1 519
21,360
1,758
19
1,569
1,864
26,559
43,492
2,083
819
15,190
53,400
64,101
1,520
5,491
18,640
39^838
55,660
3,541
27
94
705
10,721
612
1,057
10,650
1,070
3,278
428
24,585
856
341
120
2,557
240
11,626
130
1,599
794
5,360
2,079
10,100
93
60
227
29
11,517
46,519
255
210
261
2,903
650
44,461
125,200
10,670
49,593
10,100
465
600
1,589
65
5,758
395,411
45
735
3,262
13,074
3,268
548
93
23,475
15,985
194
5,700
14
91
35
140
637
79
27,840
90
56
390
41
386,994
1,187
21,932
30,484
17
4,872
315
476
2,632
307
38,699
5,935
19/139
68^589
122
Quantity.
1,800
246
686
4,264
353
Value.
3,600
2,440
......
6,860
10,660
11,520
.......
.......
......
1,436
12,156
9
112
' 8,300
1,452
13
455
111
73,618
110
3,071
832
7,362
5,320
11,970
......
The following table shows the quantity, value, and description of articles exported
from Alexandria during the year 1849:—
TOTAL EXPORTS OF ALEXANDRIA, EGYPT, DURING THE YEAR 1849.
Articles.
Ashes, soda___ cant.
Buffalo horns . tlious.
Bean?......... . .... .ard.
Quantity.
11,314
33
469,252
Value.
Articles.
$19,799 Berries............. cant.
1,975 Barley................ ard.
938,504 Baskets........... pkgs.
Quantity.
435
64,215
4,068
Value.
3,261
80,269
33,311
558
Com mercial Statistics.
TOTAL EXPORTS OF ALEXANDRIA, EGYPT, DURING THE YE AR 1 8 4 9 — CONTINUED.
Articles.
Cotton-maho. . cant.
Chick peas. . .
Coffee.............
D ates.............
Drugs............. .pkgs.
Eleph’nts’ teeth.cant.
F la x ...............
G um s.............
Henna............
Hides, salted. . . .No.
Iron, assorted. . cant.
Indian corn . . . .ard.
Incense............
Lentiles.........
Linseed..........
Linen..............
Moth, of p’rl s’lls.cant.
Merch’d., s’ndry.pkgs.
Manufactures..
Musk & rose oil.o’nces
Mats.............. pkgs.
Quantity.
257,510
20,285
6,517
29,770
2.923
664
114,360
37,031
27,355
101,920
3,959
37,992
8,024
17,913
13,545
66,626
58,453
6,557
4,270
979
5,360
2,279
Value.
2,575,100
45,621
65,170
74,424
98,870
53,120
400,259
333,310
41,031
105,092
6,759
56,988
60,178
35,826
20,317
266^504
14,555
32,820
104,831
156,026
10,670
55,868
Quantity.
Articles.
Natron.............pkgs.
O piu m .............okes.
Ostrich feath’s..rotole
Pepper.............. cant.
Peas................... ard.
Puttarga...........okes.
Rice.....................ard.
Rum, Egypt... okes.
Senna................ cant.
Sal-ammoniacum... .
Seeds, sundry.. .ard.
Susame seed............
S a lt...........................
Saltpeter......... cant.
Sugar.........................
Tamarind..................
Tombak............okes.
Tortoise shells.rotole
W a x................. okes.
"Wheat...............ard.
W o o l................ cant.
Value.
63,217
17,510
8,913
2,226
10,240
7,125
469,774
260
43,218
3,374
2,904
383,796
6,324
90,635
16,999
8T03
7,865
71,858
19,780
28,288
1,226,078
123,508
63,217
3,502
2,690
318
4,551
14,251
55,306
1,331
12,348
270
1,377
54.828
36,140
25,890
2,000
1*248
1,049
718,573
3,956
31,430
544,924
17,154
LIST OF SHITS ARRIVED AT ALEXANDRIA, EGYPT, DURING THE YEAR 1849.
In
In
Flags.
116 Norwegian.............
2 Ottoman.................
4
“
Greek___
1 Prussian................
122 Roman.....................
295
91 Sardinian.................
145 Sw edish.................
6 Samiot....................
Loaded, ballast. Tot’ l.
French..................
G re e k ...................
Ionian....................
Mecklenburg........
Moldavian.............
Neapolitan..........
115
4
1
100
203
85
120
4
40
2
1
6
1
2
22
92
6
25
2
7
i
6
Loaded, ballast. Tot’l.
3
360
100
3
3
20
2
3 Walachian...............
1
12
Total............... . .
400
160
4
1
4
3
10
i
10
30
2
6
31
3
—
1,499
5
47
4
1
40
60
1
GO
CO
Flags.
Austrian................
Am erican.............
Barbary.................
D u tch ...................
E gyptian.............
1
6
25
2
—
—
1,211
STEAMERS.
Loaded.
In ballast.
Total.
Austrian...........................................................
English.............................................................
Egyptian...........................................................
French..............................................................
85
24
28
..
..
17
..
48
35
41
28
48
Total......................................................
87
65
IMPORTS INTO ALEXANDIA FROM AUSTRIA, ENGLAND, AND FRANCE IN
Articles.
A m b e r.......................pkgs.
Arms...................................
Brimstone....................cant.
Blotting p a p er........... rms.
C aps............................. doz.
Coals............................cant.
Cordage..............................
Coffee......................... okes.
Candles.......................pkgs.
Crystals.............................
Coehin’al &. VermiU’n.okes.
Austria.
Quantity,
Value*
6
2,739
32,417
646
Quantity.
4
5
.......
........
415
5,478
17,057
1,095
.......
1,236
12,900
522
885
10,528
2,580
17,929
15,274
703,060
390
28,440
1,069
11
12,680
.......
Value.
2,388
485
246,071
3,317
5,688
15,172
685
41,210
152
1849.
France.
Quantity.
Value.
i
750
17
1,722
740
1,480
770
8,260
11,160
146
1,142
3,492
2,232
5,255
7,554
11,346
Commercial Statistics.
550
IMPORTS INTO ALEXANDRIA FROM AUSTRIA, ENGLAND, AND FRANCE— CONTINUED.
Articles.
Copper.....................
Cloth........................ .pkgs.
Carpets....................
Drugs.......................
Earthenware............
Fruits d r y ...............
F lo u r.......................
Gold w ire ...............
Hardware................ pkgs.
Iron wire.................
Iron, assorted..........
In d ig o.....................
Lead small shot.. . cant.
Lead ore.................. .pkgs.
Marbles & Malta flags . . . .
Mahleb & mastic... .pkgs.
Minium.....................
Manufactures......... ■pkgs.
Machinery.......... . . .
Nails, assorted.........
Olive oil...................
Pepper......................
Paper......................
Poszolana................ . .aid.
Potatoes....................
Pitch and t a r ......... .pkgs.
Quicksilver.............
R e d ......................... .pkgs.
Austria.
Quantity.
Value.
14,500
346
10,512
153,726
528
144
340
1,715
107
1,034
42^079
754
712
348
3,600
572
...........
825
23,228
5,548
3,110
14,622
2,024
44*155
11/750
46,646
11,475
592
5,760
2,145
...........
7,912
L801
....
4,018
170,391
........
574
921
1,625
6,450
741
861
....
1,270
......
1,944
........
18,832
2,580
5,187
35,115
....
1,270
830
...........
4,108
.....
24
864
Shoes & tanned skins’pkgs.
Salt meat <fc pulse. .
Sundry Goods.........
Silk wares................
T in .........................
Tin plates................ •pkgs.
Turpentine..............
5
137
1,288
15
25
66
609
1,979
33,759
6,572
500
558
Tobacco & cigars . . •pkgs.
48
2,647
139,693
843
5,925
___
743
.......
376
747
146
50
593
319
43,320
112,790
860
725
......
...
6,488
Value.
472
92,655
788
........
France.
Quantity.
30,013
6,191
73,644
180,464
3,365
24,787
2,537
120,693
270
49
10,141
5,284
493
895
22,292
750
20
49,625
396
14,020
5,317
22,432
20,006
75
169
264
260
14
11,500
320
570
56,602
10,825
893
4,600
2,240
18,991
180
........
180
.......
Tuscany.
Value.
19
8,157
12
1,450
222
440
Quantity.
2,927
8,000
216
7,589
4,800
1,858
.........
8,262
1 ,8 8 8
1 ,8 8 8
8,805
18,207
30
560
190
940
1,266
15
551
7
791
1,057
6
305
1,857
700
9,115
540
3,581
767
8,225
17,216
1,380
6,100
13,670
140
6,150
20,861
.. ....
1,264
490
51
3,528
1,836
266
1,561
713
37
40
.. . .
16,850
24,343
8,188
42,896
23,363
800
42
3,370
5,715
1,917
486
3,499
4,726
48,327
__
2,086
26,986
IMPORTS INTO ALEXANDRIA FROM TUSCANY, TURKEY, AND SYRIA IN
Articles.
Amber..................... •pkgs.
Arms.........................
Brimstone...............
Blotting paper.......
Caps.........................
Coals.......................
Cordage.................
Value.
3,500
390
3,137
22,934
1,385
400
244
1,708
10,556 2,085,807
2,305
31,560
645
6,189
11,000
4,400
940
6,580
46
1,125
....
5,346
...........
Steel.......................
Saffron.................... rotole
Sugar........................
Sarsaparilla..............
Wood, fire ...............
Wine <fc liquors.. . . .pkgs.
England.
Quantity.
14
127,800
1
Turkey.
Quantity.
Value.
31
5,498
32
3,267
....
....
....
90
13,200
6,909
1,350
7,920
59,417
1849.
Syria.
Quantity.
Value.
936
95
562
817
560
Commercial Statistics.
IMPORTS INTO ALEXANDRIA FROM TOSCANY, TURKEY, AND SYRIA---- CONTINUED.
Tuscany.
Articles.
Coffee....................
Candles................ •pkgs.
Crystals..................
Cochine’l VermiU’n.okes.
Coral.......................
Copper...................
Cloth......................
Carpets...................
D rugs....................
Earthenware.........
Fruits, d r y ............
Flour.......................
Furniture................
Glassware.............
Gold w ire............
Hardware..............
Iron wire................
Iron, assorted.........
Indigo....................
Lead
small shot. .. cant.
Lead ore...............
Lavender...............
Marbles <feMalta f lags. . . .
Mahleb & mastic.. .pkgs.
Minium..................
Manufactures........ •pkgs.
Machinery.............
Nails, assorted... .
Olive oil.................
Pepper...................
Paper.......................
Poszolana...............
Potatoes.................
Pitch & tar.__ _ .
Quicksilver...........
Re d ..........................
Raw silk................
Steel........................
Saffron.................... .rotole
Sugar.....................
Sarsaparilla..........
Soap.......................
Shoes tanned skins.pkgs.
Salt meat & pulse.
Sundry goods........
Silk wares..............
T in ..........................
Tin plates................
Turpentine............
Timber...................
Tobacco, cigars----- .pkgs.
White lead............
W o o l......................
Wood, fire..............
Wine & Liquors . . . •pkgs.
Quantity.
1,560
9
53
505
....
3
....
31
60
....
245
....
....
188
....
....
595
100
....
....
....
....
6
148
60
38
38,195
98
428
8,360
....
240
50
....
....
....
....
54
83
333
218
154
685
213
Value.
312
488
513
....
18,525
....
927
....
1,032
....
662
Turkey.
Quantity.
1,500
61
24
59,260
4
333
1,352
59,093
....
5,090
....
15,687
....
....
952
375
....
....
69,324
....
42
30,337
3,660
493
15,278
686
10,386
8,360
1,518
753
....
....
1,944
7,194
3,661
13,143
73,721
....
....
19,260
....
8,099
....
3,417
15,600
1,361
15
13,098
....
....
....
690
....
182
42
236,900
57
29
....
190
3,338
....
6,750
....
Syria.
Value.
300
1,672
1,378
....
64,086
1,937
39,800
28,982
9,660
100,917
....
....
Quantity.
....
....
a
....
....
15
176
2,571
5,070
56,253
349
22,267
....
....
Value.
....
....
689
....
....
....
....
1,825
1,760
....
28,288
....
....
....
....
....
....
....
....
....
. .. .
. . ..
....
31,875
....
32,185
5,010
13
410
47,380
399
2,148
....
190
10,014
9,000
20
....
....
45
....
....
35,125
3
49,760
....
2,596
....
....
1,800
140
....
....
45
....
....
60
273,680
....
....
21
151
7,582
139
3,687
1,336
50,808
8,371
45,420
57,875
....
682
61
93
277
362
13,548
78
115,960
201,205
673
22,338
5,055
12,546
1,470
18,161
130,408
....
....
....
....
363,152
161,200
3,192
80,600
50,395
12,300
23
6,150
208
....
.....
The following table shows the quantity, value, and description of articles imported
into Alexandria during the year 1849 :—
561
Commercial Statistics.
TOTAL IMPORTS INTO ALEXANDRIA EGYPT, DURING THE YE AR 1 8 4 9 .
Articles.
Am ber........... pkgs.
A n n s..............
Brimstone.......
Blotting paper . rms.
Caps................
Coals...............
Cordage..........
Coffee.............
Candles.......... .pkgs.
Crystals.....................
Cochineal & Vermilion...............
Coral..............
Copper............
C loth ............. .pkgs.
Carpets..........
Drugs..............
Earthenware..
Fruit, dry.......
Flour..............
Furniture........
Glassware___
Gold wire.. . .
Hardware . . . •pkgs.
Iron wire........
Iron, assorted. .cant.
Indigo.............
Le’d <fc sm’ll sh’t.cant.
Lead ore.. . . .pkgs.
Lavender........
Marbles <feMalta flags
Maleb & mastic.pkgs.
Quantity.
55
76
5,284
82,417
15,482
725,196
9,101
55,560
1,807
4,342
Total.
$16,793
7,739
9,772
17,057
191,027
259,353
78,130
11,112
40,516
34,237
18,772
519
205,060
744
758
3,482
891
62,836
1,765
1,422
1,034
57,679
3,647
1,066
56,766
131,430
6,849
725
900
59,466
18,997
169,790
278,071
108,967
83,487
55,556
138,175
15,022
30,084
44,155
16,820
198,504
18,411
96,503
210,288
25,891
24,787
7,181
84,909
32,742
705
Total.
Articles.
Quantity.
5,768
Minium.............cant.
824
Manufactures.. pkgs.
12,098 2,378,569
Machinery...............
46,045
2,625
Nails, assorted.........
2,364
26,817
Olive oil............okes. 349,755
85,300
2,314
16,198
Pepper.............. cant.
Paper................ rms.
1,968
68,093
Poszolana...........ard.
8,360
8,360
Potatoes........... cant.
3,665
3,665
Pitch & tar. . . .pkgs.
12,416
29,835
Quicksilver. . . . okes.
1,944
5,346
83
1,373
R ed ..................pkgs.
Raw silk...........okes.
70,535
371,917
Steel..................cant.
1,020
5,048
Saffron............ rotole
1,800
3,240
Su gar............... cant.
2,381
17,143
Sarsaparilla..............
144
6,184
Soap..........................
59,821
8,873
Shoes & tanned skins
1,181
129,639
Salt meat & pulse...
77,178
7,209
Sundry goods...........
6,240
204,692
Silk w ares...............
574
235,444
Tin.................... cant.
390
7,800
Tin plates . . .pkgs.
2,048
15,165
Turpentine. . . . okes.
17,550
3,510
Timber......................
294,930
Tobacco & cigars.pks.
38,635
612,527
White lead...............
3,410
9,697
Wool.................cant.
1,260
9,072
Wood, f i r e ................ 221,800
110,900
Wine & liquors.pkgs.
11,253
137,364
The following table exhibits the value (in dollars) of the imports and exports of
Alexandria, Egypt, during the year 1849 :•
From
Austria............. . . .
England.......... . . .
France.............
Tuscany..........
Greece.............
Belgium..........
H olland..........
Naples.............
From
Imports.
Imports.
Exports.
Exports.
$859,099 $1,279,059 Sardinia..................
$2,934
$5,000
3,037,238 4,043,081 Turkey...................
1,181,307 1,130,516
554,780
977,997 Syria.......................
854,422
137,097
335,133
494,896 Ionian Isles............
13,815
144,713
67,822 Barbary.................
375,458
78,416
10,129
8,257
55,176
7,900
Total.............. $7,370,302 $8,303,699
7,189
12,567
AGRICULTURAL AND OTHER PRODUCTIONS OF CUBA IN 1849.
AGRICULTURE.
Garden fruits............................$14,839,050
Sugar....................................... 13,699,924
Esculent vegetables & fodder
6,097,080
Tobacco....................................
5,042,829
Coffee........................................
2,206,131
Indian Corn.............................
1,884,982
Charcoal..................................
1,750,110
Cedar, mahog’y, & oth. woods.
1,711,193
Molasses.................................
1,462,728
Other agricultural productions
3,278,175
DAIRY AND DOMESTIC ANIMALS.
Beef..........................................
Pork.................................
E g g s ........................................
Birds.........................................
Milk..........................................
H ides.......................................
Mutton.....................................
$3,605,780
1,346,055
1.166,880
1,074,216
326,040
180,289
120,000
Total value of the dairy and
domestic animals............. $7,819,260
Agricultural productions.. 51,972,202
Total val. agricul. product’s $51,972,202
Grand total..................... $59,791,462
YOL. XXII., NO. V.
662
Commercial Statistics.
EXPORTS OF PRODUCE FROM HAVANA AND MATANZAS.
W e publish below two tables, compiled from official documents, expressly for the
Merchants' Magazine, by a correspondent who has resided in the Island of Cuba for
the last twenty-fire years. The first of these tables shows the quantity of sugarj
coffee, molasses, honey, wax, cigars, tobacco, etc., the product of the Island, exported from
Havana in each year from 1824 to 1849, inclusive— a period of twenty-six yearsThe second table shows the export of sugar, coffee, and molasses from Matanzas in
each year from 1830 to 1849, inclusive— a period of twenty years:— *
STATEMENT OF THE EXPORT OF PRODUCE FROM HAVANA.
Years.
Sugar.
Coffee.
Molasses.
Boxes.
Arrobas.
Hhds.
Honey.
Wax.
Hhds. Arrobas.
Tafia.
Cigars.
Tobacco.
Pipes.
Pounds.
Pounds.
56,336
167,109
650,165
792,253
192,731
664,096
Arrobas.
*29,297
16,379
18 24____
18 25____
1826____
1827____
1828____
18 29____
251,073
202,607
266,748
264,008
265,696
260,065
679,385
850,215
1,248,958
1,453,900
776,940
1,093,596
30,341
29,554
39,039
43,408
47,244
30,351
266
220
194
222
367
657
14,100
16,505
11,278
10,085
11,389
12,278
3,261
2,570
2,805
1,928
1,802
2,669
56,712
70,302
130,785
187,526
186,320
212,315
1830____
1831____
305,472
276,329
1,063,505
1,391,298
35,734
43,336
933
756
30,079
26,448
3,982
2,760
18 32____
18 33____
18 34____
1835____
1836____
1837____
1838____
18 39____
301,578
284,928
294,537
310,256
312,656
315,348
368,356
326,428
1,394,604
1,893,363
934,759
819,351
922,493
1,409,636
916,837
1,204,086
48,537
46,631
44,634
43,802
48,018
43,415
55,264
50,651
1,532
1,712
1,748
1,405
1,187
1,197
803
1,721
18,978
21,196
24,257
34,250
20,953
38,361
19,411
26,947
2,284
1,193
1,316
1,794
1,276
1,694
3,557
3,964
286,083
314,344
Mille.
■(■82,323
103,953
118,411
71,350
95,458
138,857
163,208
158,257
1840____
1841____
18 42____
1843____
18 44____
1845____
18 46____
1847____
1848____
1849____
446,959
440,144
441,578
458,463
534,921
261,839
515,278
644,853
686,989
612,801
1,278,413
739,158
1,074,994
768,916
587,664
159,052
237,112
326,061
118,262
316,246
46,277
44,155
38,184
33,561
34,415
19,299
27,737
32,482
27,514
36,256
2,021
1,576
1,996
1,730
1,752
855
1,373
1,365
1,312
1,280
25,433
31,715
29,762
37,636
31,783
30,757
36,175
35,369
36,203
25,922
7,791 147,818
5,871 151,928
5,175 135,127
5,291 153,227
2,500 147,825
5,769 120,352
9,504 158,841
9,606 1,982,267
9,484 150,729
6,994 111,572
14,875
19,052
22,302
29,279
51,991
47,388
69,136
54,176
Pounds.
1,031,136
1,450,302
1,053,161
2,125,805
1,197,136
1,621,889
4,066,262
1,936,829
1,350,815
1,158,265
EXPORT OF PRODUCE FROM MATANZAS.
Years.
1830____
1831. . . .
}8 3 2 ___
1833___
i8 3 4 ___
1835___
1836___
1837___
1838----1839___
Sugar.
Boxes.
Coffee.
Hhds.
139,230
120,540
142,772
145,553
170,279
185,019
186,947
179,874
219,669
191,801
285,282
210,084
265,131
256,928
225,732
137,995
251,317
226,508
189,504
174,814
Molasses.
Hhds. Years.
19,580
31,995
39,371
33,373
41,557
42,205
45,011
43,515
51,271
54,126
1840___
1841___
1842___
1843___
1844___
1845___
1846___
1847___
1848___
1849___
Sugar.
Boxes.
Coffee.
Hhds.
265,584
267,715
258,905
257,032
312,632
104,282
295,184
361,913
313,352
237,547
330,125
106,327
181,770
124,145
157,731
10,583
23,069
101,557
8,431
55,648
Molasses.
Hhds.
63,768
55,581
41,294
31,410
40,365
23,508
53,977
51,975
58,219
61,117
* Arrobas of 25 pounds were substituted for pounds in 1830.
\ Prior to 1832 the duty was paid on the pound; since that on the thousand.
563
Commercial Statistics.
EXPORTS OF PRODUCE FROM HAVANA IN 1849.
Boxes of
sugar.
Spain..................... 111,355
63,208
United States___
England................. 38,530
Cowes..................... 218,751
Russia................... 31,513
Hamb'rg & Bremen 31,651
Holland ................. 14,875
Belgium................. 46,388
France ................... 28,574
Trieste and Venice.
8,512
Italy.......................
5,233
Other p la ce s......... 13,832
Pipes of
Pounds of Hhds of Pounds Agua- Pounds of
coffee.
molas’s. of wax. diente. tobacco.
Number of
Cigars.
1,193,650
109 198,525
2,004,375 32,623 22,825
348,100 1,371
901,200
10
18,000
2,192,350
9
3,900
1,875
602,360
4,370,400
1,300
522,925
....
499,625
101,975 2,134 423,525
22,114,000
57,293,000
3,331,000
2,353,000
1,417,000
12,235,000
2,372,000
3,718,000
3,527.000
72,000
333,000
2,675,000
1,038
520
128
230
265,192
142,396
28,198
9,825
2,774
280,812
40,623
99,907
151,387
....
28
27
77
2,177
139,925
Total........... 612,422 12,758,850 36,256 648,050 6,999 1,158,265 111,440,000
W e have omitted, in the above table, the exports of honey in 1849, which amounted
to 1,330 tierces, which were distributed as follows:— To Spain 8 9 ; to the United
States 134; to Cowes 142 ; to Hamburg and Bremen 470 ; to Holland 150 ; to Belgi
um 308 ; and to other places 37 ; total tierces, as above, 1,330.
EXPORTS OF SAGUA LA GRANDE IN 1849.
Sugar.. . .hhds.
“ ...
«
. . .trcs.
«
. .bbls.
1847.
14,717
11,944
....
....
1848.
12,073
7,391
....
....
1849.
14,601 Molasses. .hhds.
“
6,999
. . trcs.
«
20
. bbls.
184 H on ey.. .bbls.
1847.
9,117
....
1848.
1849.
9,670
8,309
943
419
2611
593
138
EXPORTS OF CIENFUEGOS IN 1849.
Sugar.................
«(
........ hhds.
H oney................
Aguardiente.. . .
Cigars ................ .............No.
28,515
9,790
53,152
331
55,000
Tobacco..........
Mahogany.......
Cedar..............
Other woods..
Lignum vitae .
339
2,922
1,390
936
262
The number of vessels entered at the custom-house, Cienfuegos, in 1849, was 245;
cleared at same, 235. The duties collected at the custom-house, same time, amounted
to $248,076.
CANADIAN vs. AMERICAN TARIFF.
The Montreal Herald, gives the following statement of duties paid in 1849, on com
modities imported into Canada, as compared with what the duties on the same articles
would have been under the American tariff:—
Sugars................
Molasses.............
Teas.....................
Coffee.................
Tobacco..............
W in es.................
Liquors...............
S a lt.....................
Fruits and spices.
Leather...............
“
manuf’c’d
Candles................
Canadian
Tariff.
American
Tariff.
£64,569
10,798
37,635
4,356
20,174
16,803
34,267
7,951
7,342
1,419
2,119
570
£37,551
5,859
Free.
Free.
23,162
15,355
44,400
5,737
9,748
2,270
5,085
912
Canadian
Tariff.
2,841
5,606
2,829
45,095
14,422
23,786
American
Tarifll
5,546
8,307
5,000
90,191
34,686
57,088
Unenumer’d artcles
148,889
25,000
425,575
Total...............
£450,501
£801,562
Oil...........................
Agricul’ral produce
Sundries..................
Cottons....................
Hardware...............
Woolens..................
Free goods [value
£150,2151...........
564
Railroad, Canal, and Steamboat Statistics.
RAILROAD, CANAL, AND STEAMBOAT STATISTICS.
EFFECTS OF RAILROADS UPON THE VALUE OF PROPERTY.
The influence of railroads in enhancing the value of real property will not be ques
tioned. Even the cities and villages on the margin of the Hudson River, with its fast
and beautiful steamers touching at every point, begin to feel this influence in the en
hanced value o f their real estate, since the completion of the Hudson River Railroad
to Poughkeepsie. Some idea of the effects of railroads upon the value of property,
says the Knoxville (Tennessee) Register, may be gathered from a fact stated in the re
port o f Y . K. Stevenson, Esq., President of the Nashville and Chattanooga Railroad.
Prom the books of the Controller o f the State, the following table, showing the value
o f property in four counties, is taken:—
Davidson..........................................
Rutherford........................................
Bedford............................................
Franklin...........................................
Total.....................................
1818.
$13,325,178
5,770,404
3,265,607
1,502,854
$23,864,043
1849.
$14,194,744
6,151,862
3,928,155
1,843,921
$26,418,682
Increase.
$869,566
681,458
662,548
341,067
$2,554,639
The whole cost o f building the road through these counties (including a tunnel) is
about $1,457,000. It will thus be seen that the road, although not yet completed, has
enhanced the value of property in a single year to a greater amount than it will cost
to construct the road.
It would not be difficult to show that a similar result has followed in the train of
the railroad movement on every line throughout the Hew England States.
STATISTICS OF THE BALTIMORE AND OHIO RAILROAD, 1849.
Number of miles in operation, including 'Washington Branch.........................
Cost ............................................................................................................
179
$7,227,400
RECEIPTS.
Passengers........................................................
Freight...............................................................
$394,497
846,708
------------
1,241,205
EXPENSES.
Repair of roadbed...........................................
“
motive power...................................
Miscellaneous expenses....................................
$243,810
137,341
263,483
Net income...................................................................................................
Net income per cent on cost..............-................ ....................................
Number of miles run by passenger trains. . .
286,636
“
freight
“
...
817,025
644,634
596,571
8 24
1,103,661
Total receipts per mile run..............................
“ expenses
“
................................
Net income
“
Number of passengers carried.........................
<*
“
one m ile........
“
tons merchandise carried............
«
“
“ one mile
1 12
58
54
315,352
12,970,203
817,025
27,962,132
565
Railroad, Canal, and Steamboat Statistics.
STATISTICS OF GEORGIA RAILROADS IJf 1849,
Length ...............................
Cost...................................
Central
Railroad.
191
$3,000,000
Western
Railroad.
101
$1,500,000
Atlantic Georgia &.
Railroad. Branches.
Total.
140
211
*660
$4,000,000 ____ $8,500,000
From passengers.............
From freights..................
From mails, &c................
70,562
578,072
19,750
74,809
112,271
10,100
37,848
85,611
8,647
Total.....................
$668,384
$197,180
$132,106
RECEIPTS.
____
____
____
183,219
775,954
38,497
$997,670
EXPENSES.
Road Bed .........................
Motive pow er ...................
Miscellaneous...................
$126,517
127,407
83,705
$27,249
31,401
29,049
....
Total expenses. . .
Net Income......................
Income per cent on cost..
Number o f miles run . . .
Total rec’pts per mile run
“ expenses “
Net income
“
$337,629
$87,699
$82,519
330,755
11 03
346,240
1 93
98
95
109,481
7 30
119,184
1 65
74
91
49,587
....
____
____
____
$153,766
158,808
112,754
$507,847
____
____
____
489,823
9 78
465,424
....
....
....
NEW YORK AND GLASGOW STEAMSHIP « CITY OF GLASGOW.”
The “ City of Glasgow,” the first of a line of steamships intended to ply between
Glasgow and New York, was launched from the yard of Messrs. Tod & McGregor, the
eminent ship-builders o f Scotland, in February last. She is to be commanded by
Captain B. R. Mathews, late of the “ Great Western,” and was advertised to sail on
the 16th of April, 1850. The following account of her is copied from Wilmer and
Smith’s European Times:—
The “ City of Glasgow ” is a screw steamer, and is the first of a line of vessels of a
similar description intended to ply between Glasgow and New York. She is an iron
three-decker, of about 1,610 tons measurement over all, and is to be propelled by a
screw 13 feet in diameter and 18 feet pitch, which will be worked by two lever-beam
engines o f 350 horse power. The machinery, Ac., will aU be placed so low as to leave
the sweep o f the decks clear without encumbrance. The spar-deck will form a mag
nificent promenade in fine weather, and in foul weather the main-deck affords ample
space for recreation, perfectly lighted and ventilated, and protected from rain or spray.
The total length of the main deck is 237 feet, and the breadth 34 feet. On each side
are ranged the state-rooms, leaving 16 feet clear in the center. The hight between
decks is seven feet. The accommodation of each class of passengers is admirable and
most complete. She will carry 52 cabin or first-class passengers, 85 second-class, and
could carry an immense number of steerage emigrants; but the latter are not to be
taken in the meantime. The crew, including officers, engineers, firemen, stewards,
sailors, Ate., will probably number about 70. By means of five water-tight bulk-heads
the vessel is divided into six compartments, so that she would float although several
o f these divisions were filled. She will be furnished with six capacious life-boats,
having copper tanks under the seats to render them bouyant. Banger from fire has
likewise been carefully guarded against. The lamps which light the state-cabins can
only be opened by the officers of the ship; and powerful pumps, to be worked by the
engines, are supplied so as to extinguish at once any fire which might break out. In
the bottom of the hold are placed iron tanks to contain 13,000 gallons of fresh water.
There will be ample stowage for 1,200 tons of goods. In addition to the screw mo
tive-power, the “ City of Glasgow ” is bark-rigged, and will carry an enormous press
o f canvass.
* The Memphis Branch, 17 miles in length, is included in this number.
A COMPLETE STATISTICAL VIEW OF THE RAILWAYS OF NEW YORK IN 1849.
C O M P IL E D
PO R T H E
M ERCH AN TS’
M A G A Z IN E
FROM
TH E
ANNUAL R E P O R T
OF
THE
R A IL R O A D C O R P O R A T IO N S M A D E T O
TH E
L E G IS L A T U R E
/------------------- IN D E B T E D N E S S .------------------- \
Name.
17
38*
31*
78
26
fl.000,000
1,000,000
800,000
22
28
17*
31*
75
3*
393,750
98
294
,#
35
25
22
39*
20*
5
53
15
43*
6
78
380,000
450,000
3,281,500
50,000
Amount called and
paid in.
11,000,000 00
1,000,000 00
800,000 00
2,151,765 00
624,000 00
256,250
118,000
375,000
375,000
3,157,175
27,000
00
00
00
00
00
00
10,500,000
1,781,494 46
5,778,891 00
2,000,000
350,000
300,000
1,329,517 59
360,000 00
300,000 00
Whole cost
of road.
$1,698,284 78
1,930,895 01
870,648 56
2,968,837 15
1,197,427 46
Bonds.
$552,000 00
638.000 00
375.000 00
46,670 00
Floating
debt.
930,895
67,176
60,000
30,000
01
43
00
00
25,886
253,000
5,000
41,549
88,101
308
15
00
00
92
12
44
STATE,
FEBRUARY,
Amount
due the corporation.
33,313 07
13,318 91
3,374
5,000
3,000
79,150
100
71
00
00
00
00
00
45
39
19
70,000 00
375,000 00
1,867,625 00
2,091,341 59
16,430,868 63
447,563 96
5,839,918 90
35,426 05
2,481,647 41
8,275 15
23,507 12
388,100 00
182,000 00
185,500 00
313,957 03
22,906 07
118,094 96
1,500 00
445,000
819,631
5,003,675
30,052
850,000
650,000
25,000
2,000,000
781,300
650,000
25,000
1,802,100
00
00
00
00
1,863,291
548,353
674,798
386,304
1,102,505
672,910
28,361
2,363,043
1,000,000
274,400
3,560,000
1,500,000
950,000
274,400
3,494,010
237,829
00
00
00
46
974,865
275,425
4,006,428
221,961
34
08
97
25
65
25
60
55
66
93
02
39
1850.
Amount paid
for construc’n
in 1849.
93,088
6,193
49,334
125,000
697
08
34
69
00
79
154,513 84
68,011 42
23,154 25
1,801 78
4,813,142 27
22,888 04
55,267 88
65,365 00
35,000 00
53,519 81
584 00-
13,241 41
80,000 00.
41,300 80
15,574 00
388,798 10
152,000 00
51,153 48
10,813 42
69,404 67
4,413 76
95,553 68
176,102 57
334,600 00
102,500 00
350,777 16
R a ilroa d , Canal, and Steam boat Statistics.
Albany and Schenectady........
Albany and West Stockbridge
Attica and Buffalo...................
Auburn and Rochester............
Auburn and Syracuse..............
Buffalo and Black Rock...........
Buffalo and Niagara Falls___
Cayuga and Susquehanna.__
Chemung....................................
Hudson and Berkshire............
Hudson R iver...........................
Lewiston...................................
Lockport and Niagara F a lls..
Long Island...............................
New York and Erie................
New York and Harlem...........
New York and New Haven ..
Northern....................................
Oswego and Syracuse..............
Rensselaer and Saratoga........
Saratoga and Schenectady.. .
Saratoga and W ashington. . . .
Schenectady and T r o y ...........
Skaneateles and Jordan.........
Syracuse and Utica.................
Tioga Coal, Iron, Min’g, & Man.
Tonawanda...............................
Troy and Greenbush...............
Utica and Schenectady...........
Watertown and R om e............
Total
length. Capital stock.
OF T H E
A COMPLETE STATISTICAL VIEW OF THE RAILWAYS OF NEW YORK IN 1849—CONTINUED.
S H O W IN G T H E M IL E S R U N , N U M B E R OF P A S S E N G E R S , R A T E O F F A R E P E R M IL E ON T H E S E V E R A L R O A D S , A N D A M O U N T R E C E I V E D F R O M A L L S O U R C E S .
M IL E S R U N .
N U M B E R OF P A S S E N G E R S . R A T E OF F A R E P E R M IL E .
By p. trains. Fre’t trains. Through.
50,871
53,126
99,875
196,634
61,724
Buffalo and Niagara Falls . . .
Cayuga and Susquehanna.. . .
25,696
12,480
Hudson and Berkshire...........
57,140
22,345
7^792
31,135
135,970
Way.
125,667
30,238
249,810
101,911
171,823
140,088
192,161
82,191
4,056
19,479
7,280
2,713
79,869
34^204
27,915
40,476
18,285
141,868
17,573
Class 1, cts. Class 2, cts.
3
3
3
H
3 7-100
1.8
2 .4
1.8
2
1. 84
2 .4
3.5
....
1+
n
Lewiston...................................
Lockport and Niagara Falls..
Long Island..............................
New York and E rie ...............
112,024
303,961
80,994
338,782
168,443
12,303
270,359
Oswego and Syracuse............
Rensselaer and Saratoga__ _
Saratoga and Schenectady. . .
Saratoga and Washington... .
Schenectady and T r o y ...........
Skaneateles and Jordan.........
Syracuse and Utica................
43,020
48,749
23,704
53,920
58,209
8,970
136,528
16,880
7,808
33,042
24,171
85,735
35,516
3,674
2,200
98,192
2 4-5
3
12,629
6,760
132,000
32,011
85,662
17,273
54,127
51,962
4,610
196,225
Tonawanda...............................
Troy and Greenbush...............
Utica and Schenectady..........
Watertown and Rom e............
104,182
49,126
177,744
52,206
9,464
122,726
144,800
205,465
214,918
50,141
3
2i
2. 88
118,043
2
2
Si
3
n
6
2. 83
....
....
2
H
i .88
If
i . 88
A M O U N T S IN D O L L A R S A N D C E N T S R E C E I V E D F R O M
Passengers.
Freight.
Mails.
Oth. sources.
1115,717 59
$62,550 02
$2,650 00
$3,111 44
144,519 23
408,424 90
150,163 64
28,523 60
111,579 72
37,392 98
5,107 06
5,670 00
1,813 73
9,947 07
2,189 21
4,387 49
47,766 65
4,823 39
3,813 57
7,818 80
900 00
13,111 72
31,036 74
7^924 86
24,315 57
667 75
216 67
400 00
46,301 63
128 50
108,823 78
363,209 96
44,881 30
425,078 12
7,610 00
21,489 42
366 12
48,877
81,790
24,361
75,592
26,693
1,805
326,525
50
92
29
54
02
52
67
189,284 14
30,990 15
533,953 28
6,475
19,453
10,140
10,426
19,610
1,703
97,858
99
52
22
72
60
31
40
60,014 63
25,107 52
251,033 77
528
870
495
2,500
684
130
5,414
02
33
47
00
50
00
65
7,295 92
582 48
7,969 54
1,638
19,093
1,565
930
656
590
35,004
12
87
96
13
32
60
24
93,936 36
527 64
32,314 86
R a ilroa d , Canal and Steam boat Statistics.
Name.
Albany and Schenectady.____
Albany and West Stockbridge
Attica and Buffalo...................
Auburn and Rochester...........
Auburn and Syracuse.............
568
Railroad, Canal and Steamboat Statistics.
MISCELLANEOUS STATISTICS OF THE RAILROADS OF NEW YORK.
The following table shows the weight of rail per yard, the average speed on the
several railways, the number of men employed, and the number of persons killed and
injured in 1849:—
Av. speed p. hour.
W’t of Pass. Freight
Men No of persons
rail. trains. tiains. empl’d. Killed. Injur’d
Name.
Albany and Schenectady...............
Albany and W est Stockbridge . . .
Attica and Buffalo...........................
Auburn and Rochester...................
Auburn and Syracuse.....................
Buffalo and Black R o c k .................
Buffalo and Niagara Falls..............
Cayuga and Susquehanna...............
Chemung..........................................
Hudson and Berkshire...................
Hudson River....................................
Lewiston...........................................
Lockport and Niagara Falls...........
Long Island......................................
New York and E rie .......................
New York and Harlem..................
New York and New Haven...........
Northern............................................
Oswego aud Syracuse.....................
Rensselaer and Saratoga...............
Saratoga and Schenectady.............
Saratoga and W ashington.............
Schenectady and T roy....................
Skaneateles and Jordan..................
Syracuse and Utica.........................
Tioga Coal, Iron, Mining, & Man.. .
Tonawanda........................................
Troy and Greenbush.......................
Utica and Schenectady...................
Watertown and Rome.....................
58
56
62
67
61
25
22
26
25
26
57
58
58
56
70
15
20
48
566s 60
60
58
58
56
56
10
61*70
15
15
16
15
12
130
80
279
152
2
11
5
i
28
20
30
12
22
12
19
24
15
22
25
io
25
12
75
181
15
160
15
75
56
30
2
1
1
10
1
13
6
1
1
1
11
. .
. .
3
. .
15
2
..
2
2
46
5
339
. .
12
2
. ,
61
56
65
22
15
28
••
15
238
49
450
2
1
3
i
i
••
The Albany and West Stockbridge Railroad is leased to the Western Railroad
Massachusetts, and the Chemung Railroad to the New York and Erie Railroad, h
reports were received by the Legislature of New York from the following roads;
namely, the Buffalo and Black Rock Railroad, the Lockport and Niagara Falls Rail
road, the New York and Harlem Railroad, and the New York and New Haven Rail
road. The Northern Railroad and the Watertown and Rome Railroad were not opened,
which accounts for the blanks in the tables. Some method should be adopted to in
duce negligent corporations to comply with the requisition of the Legislature in this
respect.
BOSTON AND WORCESTER RAILROAD,
The late report of the Directors of this road gives the following exhibit of its oper
ations for the past year:—
The income during the year ending Nov. 30th 1849 is $703,361— the total expenses,
$499,443, and thenetincome for the year, $278,408 ; of this, $270,000 has been divided
in two semi-annual dividends.
The increase of the construction account, from Nov. 30th, 1848, to 1849. is $257,939,
nearly all on contracts made previous to the 1st of June last. The income for fright is
less than the year previous. This is attributed to the depressed state of manufactures.
The reduction of fares also decreased the passenger receipts, although the number car
ried exceeded that o f any former year by $1,604,340 passengers carried one mile.
An account is given of the cost of its six branches, the expense of running, and the
56 9
Railroad, Canal and Steamboat Statistics.
receipts. From this it seems that the Millbury, the Saxonville, the Newton Lower Falls,
and the Brookline branches are run at an apparent loss of about five thousand dollars.
Only one, the Milford, barely pays the expenses of running.
The following was the financial condition of the road, December 1, 1849 :—
Total construction account.........................................................................
Materials on hand........................................................................................
$4,808,332 40
424,658 95
Total investments...........................................................................
15,322,991 30
Capital paid in.............................................................................
Debts.............................................................................................................
January dividends.......................................................................................
Reserved inceme..........................................................................................
4,600,000
679,582
135,000
8,408
00
00
00
00
To meet this debt, the directors recommend the creation o f new stock, if leave can
be obtained from the legislature, not to be issued below par. They propose to sell a
large quantity of land the cost amounting to about $300,000, and the value estimated
at $441,000, belonging to the corporation and not required for its use.
STATISTICS OF THE SOUTH CAROLINA RAILROAD.
Our readers are referred to the article relating to the city of Charleston, South Car
olina, in a former part of the present number of the Merchants’ Magazine, for full
statistics of this road for each year from 1834 to 1848, inclusive. W e now subjoin a
statement of the receipts, expenses, &e., of the road for 1849, as furnished by the last
annual report of the company. The cost of the road to the present time amounts to
$6,917,646. The receipts of the road from all sources during the year 1849 has been
as foUows:—
Freight.
Mails, &c.
Total.
621,990
47,087
892,403
For Passengers.
223,326
And the expenses during the same time have been :—
Road bed.
$84,878
Motive power.
Miscellaneous.
Total.
$144,063
$234,993
$463,934
Leaving a net income of $428,469, or 6.19 per cent on the cost.
Passengers carried.... ...........No.
Cotton........................
Corn............................
Turnips........................ ........ bbls
50,763
13.919
Domestics...................
H ogs............................. ...........No.
Horned ca ttle.............
Flour........................... ...........bbls
10,632
3,353
1,584
1,507
THE RAILWAY GUIDE FOR THE NEW ENGLAND STATES.
W e have, in several previous numbers of our Magazine, taken occasion to describe
the character and commend the design of this useful manual, which we regard as an
almost indispensable vade mecwm for every one who travels over any of the half hun
dred railways extending in every direction in the New England States, and aU directly
or remotely centering in Boston, the first railroad city of the Union. It contains
official time-tables of the railway companies, with stations, distances, fares, and other
important information respecting railway, steamboat and stage routes through New
England, and a complete railway map of that section of the country. It is published
under the authority and direction of the New England Association o f Railroad Super
intendents, as will be seen by the following official announcement, signed by the Pres
ident and Secretary of that Association :—
B oston,
M arch
1,1850.
The “ P a t h f i n d e r R a i l w a y G u id e f o r t h e N e w E n g l a n d St a t e s ” is published on the first
Monday of each month, under the authority of the New England Association o f Railway Superinten
dents, by S n o w &. W i l d e r , and is the o n l y publication of the kind issued under the authority o f the
Association.
W. RAYMOND LEE, P r e s i d e n t o f t h e A s s o c i a t i o n .
W
il l ia m
P. P a r r o t ,
S e c re ta ry .
570
Journal o f Banking, Currency, and Finance.
CAMDEN AND AMBOY STEAMBOAT AND RAILROAD LINES.
Some important arrangements have just been made by the Camden and Amboy
lines. The 6 o’clock, or Accommodation Line for New York, now leaves the foot of
Walnut street, Philadelphia, daily, except Sundays. The passengers proceed by steam
boat to Camden, and by cars to jersey City, stopping at the intermediate towns, and
arrive at New York at 11 f o’clock, A. M. Fare for first class §3 ; second class $2 50.
Excursion tickets are issued, which entitles the person to a passage to Philadelphia,
and a return by the Mail Line or the Accommodation Line, the cost being $5. An
other line also leaves Walnut-street ferry at half-past 7 o’clock, proceeds by steamboat
to Camden, and by cars to South Amboy, where the steamboat John Potter is taken,
and passengers arrive at New York at about 121 P. M. Fare *3 ; forward-deck pas
sage $2. Still another leaves the foot of Walnut street, Philadelphia, at 3 P. M., and
arrives at New York about 8 P. M. The return line leaves^ New York by the Jersey
City Ferry, foot of Liberty street, at 6 and 7 A M., and at 1£ P. M., from Pier No. 1,
North River, by the John Potter, via South Amboy.
JOURNAL OF BANKING, CURRENCY, AND FINANCE.
DEBTS AND FINANCES OF OHIO IN 1849.
The Legislature of Ohio assembles annually on the first Monday in December. The
following statement, from the message o f the Governor, exhibits the receipts and dis
bursements during the year 1849, and the balances applicable to the payment of the
State debt:—
RECEIPTS.
Taxes paid into the State Treasury, including miscellaneous items...
Taxes collected from banks and State insurance companies................
Tolls received from canals and public works and paid into State
Treasury..................................................................................................
Dividends upon turnpike and canal stocks and incidental receipts.. .
Canal lands sold and proceeds paid into the Treasury.........................
School lands sold, trust funds, rent on Virginia Military-School lands,
and other items paid into the Treasury..............................................
Principal of surplus revenue repaid by counties...................................
Interest on surplus revenue paid by counties.........................................
National Road tolls and proceeds of National-Road bonds issued___
Three per cent fund received from the United States.........................
$1,270,103 63
55,692 23
Total amount of payments into the State Treasury during 1849.
12,511,119 37
731,173 50
43,803 91
42,195 04
52,849
183,426
68,336
49,922
13,246
46
17
71
16
57
DISBURSEMENTS.
Bills drawn upon appropriations and paid at the Treasury.................
Common-school fund paid to counties......................................................
Interest on special school and trust funds and rents on Virginia Mili
tary-School lands paid...........................................................................
Interest on foreign debt paid in New Y ork............................................
Repairs of canals and public works and incidental expenses p a id .__
Repairs of National Road, interest and National-Road bondspaid out
Interest on domestic bonds paid................................................................
Interest on 1 per cent on surplus revenue paid to counties.................
Incidental expenses.....................................................................................
95,224 47
1,022,358 93
459,593 24
51,099 87
30,821 22
6,624 21
3,792 70
Total amount disbursed for the payment of appropriations and
the ordinary expenditures of the State.......................................
$2,176,681 04
Balance of the receipts over the expenditures applicable to the re
demption of State bonds......................... .............................................
Add appropriations for the redemption of State bonds in the hands
of the Fund Commissioners on the 15th of November, 1848..........
$307,166 41
200,000 00
334,438 33
298,312 08
Journal o f Banking, Currency, and Finance.
Total amount applicable to the redemption of the State debt
during the year 1849, exclusive of the balance of $406,451 8*7 •
in the Treasury on the 15th of November, 1848...................
There has been redeemed by the Treasurer and cancelled during the
year 1849, domestic bonds to the amount o f......................................
The Fund Commissioners have also redeemed and cancelled and de
livered to the Auditor domestic bonds to the amount o f.................
571
$632,751 41
131,650 25
67,736 00
Total amount of domestic bonds redeemed and cancelled during
the year 1849..................................................................................
$199,386 25
Balance applicable to the payment of the State debt...........................
433,365 16
It will be seen by this statement of the condition of the finances that under our
present system, after discharging all the general requirements of the State, the interest
on our public debt has been punctually paid, and a large balance annually applied to
the extinguishment of that debt.
The receipts from the canals and public works during the year ending
15th of November, 1848, were.............................................................
$773,564 37
The receipts from the same source during the year ending 15 th of
November, 1849, a r e .........................................................................
731,173 50
Making a difference of....................................................................
$42,380 87
“ This decrease is not so great as was at one time apprehended from the general
stagnation of business throughout the whole country, produced by the prevailing epi
demic and by reason of the very extensive failure of the wheat crop in the State.
Considering these two causes of decrease, the result shows the growing importance of
our public works and the generally increasing wealth and resources of the State.
*•It is found that the law of the last session authorizing the exchange of stocks pay
able after the year 1860 for our stock redeemable after 1850, fails to enable the Fund
Commissioners to obtain the highest amount of premium which our stocks bear in
market, inasmuch as it only authorizes an exchange, but not a sale. I would, there
fore, recommend an amendment to that law, so as to authorize the Commissioners to
sell stocks redeemable after the year 1860, which now bear a high premium in market,
and apply the proceeds thus raised to the redemption of our bonds payable after 1850.
It is believed that a saving of considerable an amount may thus be made to the State.”
THE SYSTEM OF ASSESSING- TAXES IN OHIO.
In view of the important system of assessing taxes in the State of New York,
Washington Hunt, the Controller, addressed letters to the financial officers of several
States, asking for information in respect to their laws and regulations relating to the
assessment of property and the collection of taxes. From the Auditor of the State
of Ohio he received a full and interesting communication, from which it appears that
an entire new system was adopted in that State in 1846. Its provisions are admir
ably adapted to insure a full and correct valuation and equalization of all the real and
personal property justly chargeable with the support of government. The effects are
seen in an increase of the assessed value of the taxable property on the list from
$136,142,166, in the year 1844, to $430,739,385, in 1849. To a considerable extent
this result is attributed to the new regulations adopted for enforcing an honest assess
ment of all the personal property not entitled to exemption. In reference to this sub
ject the Auditor of the State of Ohio makes the following statement:—
“ All personal property is annually assessed by township assessors, elected by the
people of the townships. Forms and instructions are prepared by the Auditor of
State, and forwarded to the county auditors annually, for the use of the township as
sessors. A blank form is delivered to each individual, who is required to return the
value of his own property, under oath, to the assessor. If any person refuses to return
a statement of his personal property under oath, as required, the assessor ascertains
the value from such evidence as he can obtain, or from his own knowledge, and in such
case he returns that the party “ refuse to swear,” and the county auditor adds 50 per
cent to the sum returned by the assessor as a penalty.
57 2
Journal o f Banking, Currency, and Finance.
“ Merchandise and the stock, or raw material, o f manufacturers are taxed in the city,
town, or township in which they are located. N o matter where the owner resides, his
real property, stock in merchandise, and manufactures, are placed on the list and taxed
where they are situated when the assessment is made. Thus, the store, manufactory,
and merchandise in the city and town are subject to the local and corporation taxes,
without regard to the place where the owner resides.”
LEADING FEATURES OF THE NEWYORK CITY BANKS,
For the following comparative statement of the leading features of the New York
city banks on the 30th of March, 1850, with the total of the two last quarterly returns
of 18A9, we are indebted to the commercial editor of the Courier:—
Banks.
Merchants’ ...........
Union...................
Bank of N. York.
Mechanics’............
Bank of America..
Manhattan .........
B’k of State of N.Y
B’nkof Commerce
National...............
Phoenix.................
C it y .....................
Leather Manuf’s ..
Fulton..................
Chemical..............
North R iver........
Tradesmen’s.........
Butch. & Drovers’
Seventh W ard. . .
Broadway.............
Ocean ..................
Dry D ock............
Mech. B’k’g Ass’n.
Merch. Exchange.
Greenwich...........
B ow ery...............
Mech. ib Traders’
Mercantile............
Amer. Exchange .
Capital.
Loans.
Specie.
Circulation.
Deposits.
D o lla r s .
D o lla r s.
D o lla r s.
D o lla r s.
D o lla r s.
900,791
408,252
910,424
760,077
501,332
312,440
255,034
405,678
91,328
233,296
220,543
143,701
132,384
69,907
81,587
71,899
87,884
105,652
59,489
68,114
12,010
84,054
134,933
28,432
40,563
53,994
31,885
655,828
260,135
357,832
438,305
523,804
151,397
468,343
381,674
27,870
127,481
285,758
158,207
197,358
209,479
249,888
392,268
243,830
315,204
249,721
212,600
45,901
55,355
279,835
360,894
188,422
183,231
135,391
5,505
220,000
1,490,000 3,792,029
1,000,000 2,756,600
1,000,000 2,652,695
1,440,000 *3,825,382
2,001,200 4,086,652
2,050,000 *3,539,066
2,000,000 3,909,370
3,944.420 5,620,141
750,000 1,583,833
1,200,000 *2,789,542
720,000 1,691,854
600,000 1,546,786
600,000 1,935,165
300,000 1,155,593
655,000 1,125,946
400,000 1,034,819
500,000 1,363,757
500,000 1,061,598
371,875
654,193
916,338
750,000
146,644
200,000
632,000
814,853
1,235,000 2,630,087
506,254
200,000
356,650
791,193
531,540
200,000
f 150,000
215,150
1,494,200 3,733,567
Due banks.
D o lla r s .
2,785,722 1,586,907
801,279
1,522,622
212,070
2,344,010
940,903
2,450,964
1,711,100 1,361,521
350,362
1,756,591
1,807,800 1,272,329
961,177
2,038,799
82,764
775,016
728,103
1,811,397
201,410
1,143,588
265,541
944,982
668,592
951,413
49,119
841,402
181,083
787,085
29,128
663,572
41,459
891,072
15,275
661,300
15,142
449,096
19,252
363,323
11
34,079
37,784
618,368
431,532
920,837
63,990
304,186
10,668
575,239
22,795
374,554
31,803
332,599
2,207,221 1,778,048
Total............ 26,740,345 56,420,647 6,861,601 6,725,688 32,067,937 12,160,097
Dec. 29, 1849, 26
b’ks 25,439,990 53,360,050 7,169,016 6,013,349 28,868,4S8 12,658,838
Sept. 22, “ “
25,068,700 51,366,563 8,022,246 5,990,100 28,484,228 12,322,279
The general appearance, as indicated by the above figures, present an uniform and
sound condition of the banks in the city of New York. The advance in loans and de
posits are the result of our increasing trade and commerce— and the high prices ruling
for some of the staple commodities of our own and other countries.
The aggregate amount of loans do not give a fair criterion of the extent and expan
sion of credits. A large amount of paper is daily discounted by private bankers for
account of country banks and capitalists, which do not enter into the amount of loans
in the above tables.
The business at the several discounting houses is constantly increasing, and is a mat
ter o f importance in making up bank returns. The falling off in specie in our banks
is about $300,000, and an increase in the circulation of nearly $700,000. The Ocean
Bank and the Mercantile Bank have gone into operation since January last.
* 302,966 at the mint in Philadelphia.
\ Increased since 1st April to $300,000.
Journal o f Banking, Currency, and Finance.
5*73
DIVIDENDS OF BOSTON BANKS,
In the Merchants’ Magazine for April, 1850, (vol. xxii., page 446,) we published a
tabular statement of the annual dividends of the banks in Boston, for each of the last
ten years. The dividends are paid semi-annually, in October and April. The last
semi-annual dividend for 1849 was paid in October of that year, and is included in the
annual dividend, as given in the table published in the April number of this Magazine,
as stated above. W e now subjoin a statement of the semi-annual dividends declared
and payable on the first of April, 1850, as reported by Stephen Brown & Sons:—
Div’d
Banks.
Capital.
A tlantic......... .
Atlas...............
‘Boston............
Boylston........
City................. .
Columbian... .
Cochituate___
E a g le .............
Exchange........
Freeman’s . . .
Globe.............. .
Granite...........
Grocers’ .........
Hamilton . . . .
Market............
$500,000
600,000
900,000
200,000
1,000,000
500.000
150.000
500,000
500,000
250,000
1,000,000
500,000
250,000
500.000
560.000
Banks.
p. Ct. Amount.
4
$20,000 Massachusetts .
17,500 Mechanics’(S.13.)
H
4
36,000 Merchants’ . . . .
9,000 JNew England..
41
35,000 North................
H
17,500 Shawmut.........
H
3
4,500 Shoe and Leather Dealers.’ . .
17,500
H
4
20,000 State ................
41
11,250 Suffolk..............
4
40,000 Tremont...........
17,500 Traders’ ...........
Si
4
10,000 Union................
17,500 Washington.. . .
Si
5
28,000
Div’d
Capital. p. Ct
Amount
800,000
120,000
3,000,000
1,000,000
750,000
500,000
3
4
4
4
31
4
24,000
4,800
120,000
40,000
26.250
20,000
750,000
1,800,000
1,000,000
500,000
400,000
800,000
500,000
41
31
5
4
4
4
3
33,750
63,000
50,000
20,000
16,000
32,000
15,000
The total capital of the above banks amounts to $19,730,000; and the dividends
paid to stockholders on the first of April, 1850, to $766,050— an excess over the divi
dends of October, 1849, of $23,000. The Cochituate Bank went into operation in No
vember, 1849, and declared in April, 1850, a dividend of 3 per cent as the earnings of
four and a half months. The Freemans’ Bank increased its capital, since the dividend
o f October, 1849, $50,000.
JNITED STATES TREASURY NOTES OUTSTANDING APRIL 1, 1850.
T reasu ry
D e p a r t m e n t , R e g is t e r ’ s O f f ic e ,
April 1, 1850.
Amount outstanding of the several issues prior to 22d July, 1846, as
per records of this office.........................................................................
Amount outstanding of the issue of 22d July, 1846, as per records
of this office..............................................................................................
Amount outstanding of the issue of 28th January, 1847, as per re
cords of this office.................................................................................
T o ta l................................................................................................
Deduct cancelled notes in the hands of the accounting officers, of
which $250 is under acts prior to 22d July, 1846 ; $50 under
acts of 22d July, 1846 ; and $1,050 under act of 28th January, 1847
Balance.............................................................................................
$141,789 31
37,600 00
562,600 00
$741,989 31
1,350 00
$740,639 31
BANK DIVIDENDS OF SOUTH CAROLINA,
The banks o f the State of South Carolina declared, at the close of the year 1849,
the following semi-annual dividends:—
Bank of Charleston...............
Planters and Mechanics’ . . . .
Union Bank.............................
South Carolina Bank............
State Bank.............................
4 per ct.
3
“
2£ “
2£ “
3
“
Railroad B ank.......................
Commercial, (Columbia)........
Camden B ank.......................
Georgetown Bank.................
2 per ct
4
“
54 “
5
“
The Commercial Bank also paid to its stockholders $2 per share out of the surplus
ofits.
574
Journal o f Banking, Currency, and, Finance.
BANKS AND BANK CAPITAL OF CONNECTICUT.
Name.
Bridgeport Bank...........................
City Bank of New Haven..........
Connecticut B a n k .......................
Connecticut Branch Bank...........
Connecticut River Banking C o ..
Danbury Bank.............................
East Haddam Bank-...................
Exchange Bank...........................
Fairfield County B ank...............
Farmers’ and Mechanics’ Bank..
Hartford Bank.............................
Iron Bank.....................................
Jewett City Bank.........................
Manufacturers’ Bank...................
Mechanics’ B ank.........................
Merchants’ Bank...........................
Meriden B a n k .............................
Middlesex County Bank..............
Middletown Bank.......................
Mystic Bank.................................
New Haven Bank........................
New Haven County B ank.........
New London B a n k .....................
Norwich Bank...............................
Phcenix Bank...............................
Phoenix Branch Bank..................
Quinnebaug Bank.........................
Saybrook B ank...........................
Stamford B a n k ...........................
Stonihgton Bank...........................
Thames Bank...............................
Thompson Bank...........................
Tolland County Bank..................
Union Bank...................................
Waterbury Bank.........................
Whaling Bank.............................
Windham Bank...........................
Windham County Bank..............
Winsted Bank..............................
Location.
Bridgeport . . .
New Haven . .
Bridgeport . . .
Southport........
Hartford..........
Danbury..........
East Haddam.
Hartford..........
Norwalk..........
Hartford..........
Hartford..........
Falls Village .
Jewett City....
Birmingham.. .
New Haven . .
Norwich..........
Meriden..........
Middletown... .
Middletown... .
Mystic.............
New Haven . .
New Haven . .
New London...
N orw ich.........
Hartford..........
Litchfield___
N orw ich.........
Essex..............
Stamford.........
Stonington......
N orw ich .........
Thompson.. . .
Tolland...........
New London..
Waterbury... .
New London..
Windham . . . .
Brooklyn........
W in sted.........
Capital.
$200,000
500,000
317,000
100,000
250,000
89.500
75,000
525,000
100,000
543,000
1,134,600
100,000
44,000
100,000
300,000
200,000
150,000
221,000
369,000
52,700
364,800
500,000
150,875
210,000
1,283,000
Shares.
$4,000
5,000
3,170
1,000
5,000
895
750
10,500
1,000
5,430
11,346
4,000
1,100
2,000
5,000
5,000
1,500
2,210
4,920
1,034
3,648
20,000
2,464
2,100
12,830
250,000
75,000
60,000
50,000
300,000
60,000
80,700
100,000
200,000
163,750
60,000
62,700
100,000
5,000
1,300
2,000
i,000
3,000
1,000
807
1,000
4,000
6,550
1,200
627
20,000
Par val.
$50
100
100
100
50
100
100
50
100
100
100
25
40
50
60
40
100
100
75
50
100
25
62*
100
100
...
50
50
30
50
100
60
100
100
50
25
50
100
50
COUNTERFEIT AMERICAN GOLD COIN.
The following is furnished by an officer in the Philadelphia Mint:—
The most important class of counterfeiters are the imitations of our own coin, and
some have been brought to light worthy of especial notice. The varieties include the
eagle, half-eagle, and quarter-eagle. The die is very perfect, for although a coiner might
discover that the impression is not quite so sharp and decided as the genuine coin, yet
none but a practical eye can detect the difference. Even when examined under a mi
croscope, they are found to correspond in the most minute particular to the genuine
coin. This shows that the dies must have been transferred from our own coin by some
mechanical process not yet known to honest workmen, as the most accomplished artist
in the world could not take up the graver and make such a fa c simile. The coins have
rather a dull sound in ringing, but not as if flawed, although they are actually com
posed of three distinct pieces of metal. Where they are full weight they are necessa
rily thicker than the genuine, but generally the half eagle rim, as in the good piece,
is from 55 to 60 thousandths of an inch within the raised rim. They appear to be made
as follows:— A thin planchet of silver, of Spanish standard, is prepared so nearly of
the right diameter that the subsequent overlaying of the gold plate at the edge will
make it exact. Two planchets of gold are then prepared; one of them to correspond
to the true diameter of the coin, the other about one-quarter of an inch larger. These
two plates are soldered upon the silver, the projecting rim of the larger is bent up to
Commercial Regulations.
575
meet the smaller so as to cover the edge of the coin, and the piece is finished by a
blow in the coiner press. The half-eagles, which are, perhaps, the most numerous,
bear various dates, such as 1844, 1845, and 184*7. O f the quarter eagle, only one date,
1843, and bearing the 0 for the New Orleans Mint mark, has as yet been detected,
but doubtless there are others in circulation. The value of the half-eagles assayed
was from 13 to $3 40, and the quarter $1 25. They are so well calculated to deceive
that they have passed undetected through the hands of good judges into the mint.
The only reliable method of detection is by their weight. If they come up to the true
standard, their increased thickness will be at once apparent to a careful examiner.
COMMERCIAL REGULATIONS.
AN ACT OF MASSACHUSETTS RELATING TO ALIEN PASSENGERS.
Be it enacted by the Senate and House o f Representatives in General Court assem
bled, and by the authority o f the same, as follow s:—
S ect. 1. Any master, owner, consignee, or agent of any vessel, or any passenger-car
rier by water, who shall bring or aid in bringing into this Commonwealth, any alien
never before within the State, shall, for each and every such alien, give a bond to the
Commonwealth, with good and sufficient sureties, to be approved by the Superinten
dent of Alien Passengers, in the penalty of one thousand dollars, with a condition that
no such alien shall ever become a city, town, or State charge as a pauper, and in de
fault o f giving such bond, shall forfeit and pay to the use of the Commonwealth the
sum o f one thousand dollars for every such alien so brought into the State, to be re
covered by action of debt, in any court competent to try the same; provided, that it
shall be at the option of every such master, owner, consignee, or agent of any vessel,
or passenger-carrier by water, to pay to the Superintendents of Alien Passengers, for
the use of the Commonwealth, in place of such bond, the sum of two dollars for every
such alien, who is not in the opinion of the Superintendent a pauper, lunatic, or idiot,
or maimed, aged, infirm or destitute, or incompetent to take care of himself or herself,
without becoming a public charge as a pauper; and provided, also, that this act shall
not extend to seamen sent from foreign ports by consuls or vice consuls of the United
States, nor to ambassadors, consuls, or public ministers, or other persons representing
foreign states, nor to persons coming on shore from vessels in distress, nor to any alien
passenger taken from any wreck where life is in danger.
S ect. 2. The Superintendent of Alien Passengers in any city or town of this Com
monwealth, may make all demands for bonds under this act, and all examinations of
alien passengers, brought or coming into this State by water, necessary to enforce the
provisions of this act and all other acts in relation to alien passengers.
S ect. 3. The abstract of returns and bonds deposited with the Treasurer of the Com
monwealth by the Superintendent of Alien Passengers, to be published by him in the
months of January, May, and September, in each year, and forwarded to the clerks of
the several towns and cities in the Commonwealth, shall be so published and forwarded
monthly.
S ect. 4. Justices of the Peace may, upon the complaint of Superintendents of Alien
Passengers, exercise the same power which, by the seventeenth section of the fortysixth chapter of the Revised Statutes they are now authorized to exercise upon the
complaint of overseers of towns.
S ect. 5. A ll acts and parts of acts inconsistent with this act are hereby repealed.
S e ct . 6. Whenever any city or town shall have incurred any expense or charge for
the support of any alien for whom a bond has been given, under the provisions of the
first section of this act, or the fifth section of the 313th chapter of the acts of the year
1848, the claims of such city or town therefor, upon being approved by the auditor,
may be paid by the Treasurer of the Commonwealth, whose duty it shall be to cause
the same to forthwith collected of the obligors in such bond, and paid into the treasury
of the Commonwealth.
S ect. 7. This act shall take effect from and after its passage.
Approved March 20th, 1850.
GEORGE N. BRIGGS,
G o v ern o r.
In order to enforce the above act, and all other acts relating to Alien Passengers, I
most respectfully give notice to pilots and masters of vessels arriving with steerage
Commercial Regulations.
57 6
passengers from Europe, to anchor such vessels to the south-west side of Deer Island,
until an inspection is made and bonds executed.
Vessels arriving from any other ports with alien passengers on board must anchor
to the eastward of the lines prescribed for the regulation of Boston harbor, and there
wait an inspection.
Masters of vessels will greatly facilitate business by having a correct list of all the
passengers before their arrival in port.
J. B. MONROE,
A
l ie n
C o m m is s io n e r O f f ic e , 59
L o n g
W h arf, M a rc h
S u p e r in t e n d e n t f o r th e P o r t o f B o s t o n .
26, 1850.
OF SHORT MEASURE IK THE SALE OF DRY GOODS.
W e publish below a correct copy of “ an act to restrain short measure in the sale
o f dry goods” passed at the last session of the Legislature of Hew York, and now in
force:—
The people of the State o f Hew York, represented in Senate and Assembly, do
enact as follows;—
S ec. 1. For every piece, parcel, or package o f dry goods sold at public auction or
otherwise, which on measurement shall be found not to contain as many yards as are
marked thereon, it shall be lawful for the vendee or vendees to deduct from the con
sideration to be paid to the vendor or vendors the value o f the deficiency, and an
amount equal to the same, as a penalty for selling his or their goods short o f m easure;
that is to say, the vendor shall forfeit to the vendee an amount in value equal to the
quantity short by fair measurement, in addition to the deficiency.
S ec. 2. Ho purchaser or purchasers shaU avail him or themselves of the forfeiture
in this law, unless the claim for deduction is made within five days after the delivery
of the goods, when the purchaser or purchasers, or his or their agent, is a resident of
the city or village where the goods are sold; or if not residents, within five days after
t he arrival of the goods at their place of destination, said claim to be made by letter,
deposited in the post-office, directed to the vendor’s usual address.
S ec. 3. The measurement of any one piece, taken out at random from such case,
package, lot, or parcel of dry goods may be taken as an average of the measurement
of all the pieces in such case, package, lot, or parcel, unless the vendor or vendors, his
or their clerk or agent, shall desire to measure any one other piece taken at random,
as aforesaid, in winch event, if the two measurements do not agree, the average meas
urement of the two may be considered as an average of all. And where the place
of business o f the vendee or vendees is in another city or town from that of the vendor
or vendors, the vendor or vendors may require of the vendee or vendees an affidavit
of some disinterested person that he has measured one or more pieces of said goods,
and believes the average deficiency stated in said claim to be correct.
OF DISTILLED SPIRITS, WINES AKD TEAS.
CIRCULAR INSTRUCTIONS TO COLLECTORS AND OTHER OFFICERS OF THE CUSTOMS.
T reasury D epartm en t,
M arch
28IA, 1850.
The attention of the Department has been called to the requirements of the 39th,
40th, 41st, and 42d sections of the General Collection A ct of 2d March, 1799, in regard
to the marking, branding, and the issuing of certificates on importations of “ Distilled
Spirits, Wines and Teas,” and the necessity of a continuance of such requirements under
the existing provisions of law.
The chief object of the requirements of the provisions of the act of 1799, before re
ferred to( was manifestly designed for the security and protection of the revenue in
cases o f importation of articles of the kind mentioned under the Drawback System
then prevailing, which allowed such articles to go into the possession of the importer
or owner when landed from the vessel, the duties having been first paid or secured;
and upon due exportation of any such articles within a prescribed period, a drawback
of the duties was allowed. The marking and certifying referred to were therefore ne
cessary for the proper identification of the imported articles mentioned, as well as to
distinguish the same from like articles of domestic origin then subject to an excise duty.
But under the provisions of the act o f 20th April, 1818, “ providing for the deposit of
wines and distilled spirits in public warehouse,” <&c., as also the terms of the 5th sec
tion of the act of 2d March, 1849, distiUed spirits and wines, and likewise all other im-
577
Journal o f M ining and M anufactures.
ported merchandise subject to duty, must be deposited in public ■warehouse, and can
not be entered or exported for drawback after being withdrawn from the custody of
the officers of the customs Hence the security or protection of the revenue does not
require the continuance of the precautionary measures referred to under the present
regulations of law, and consequently the revenue should be relieved from any expense
attending such measures. The marking and certifying distilled spirits and wines must
therefore be discontinued, except in cases where the proprietor, importer, or consignee
o f any such articles may require the general and special certificates prescribed in the
40th and 41st sections of the act of 1799, before referred to, in which case, the fees for
marking and issuing of the certificates must be paid by the party so requiring the same.
The marking in such cases will be performed by one of the Inspectors, (specially dep
uted by the Surveyor of the port for the purpose,) who will receive no compensation
for such service. A t such ports where markers are now employed, the services of such
officers will be discontinued. The circular instructions of the Department of the 20th
July, 1847, on the subject of marking, are abrogated.
Where wines or distilled spirits may be transported from public warehouse under
bond, to be re-warehoused at another port, as authorized by the circular instructions of
the Department of the 16th July, 1849, and subsequently sanctioned by the joint reso
lution of Congress approved 14th February, 1850, all such wines or distilled spirits
must be secured in the manner prescribed in the 21st section of the Warehousing in
structions of the 17th February, 1849, regulating the transportation of merchandise to
Canada, and in addition thereto must be properly marked to insure identification of the
same.
W. M. MEREDITH,
S e c r e ta ry o f the T r e a s u r y .
JOURNAL OF MINING AND MANUFACTURES.
MANUFACTURING ESTABLISHMENTS IN CONNECTICUT.
W e published in the April number of the Merchants' Magazine a tabular statement
o f the cotton, woolen, and other manufactures of Rhode Island. W e now subjoin, com
piled from the same reliable source, a similar statement of manufacturing establish
ments in Connecticut:—
Name and location.
Almy, Samson, Plainfield.................
Allen & Ufford, Moodus...................
Amesbury, J. & Son, Killingly . . . .
Ansonia Cotton Mill, Derby.............
Ashland Co., Griswold.....................
Avon Manufacturing Co., Avon . . .
Ballou, Hosea, Thompson.................
Ballou, Leonard
Co., N. Killingly
Bliss & Jennings, Norwich...............
Boynton, Brothers, South Coventry.
Boynton, John <fc Son, S. Coventry.
Bozrahville Co., Bozrah...................
Briggs, James, North Canaan..........
Brownell <fc Co., East Haddam . . . .
Buffum, William, Derby...................
Card & Co., East Haddam...............
Central Manuf. Co., Central Village.
Center Mills, Killingly.....................
Centerville Co., Vernon....................
Clark, William F., Norwich.............
Cromford Manufacture Co., Pomfret
Daniels & Staples, Killingly............
Danielson Manuf. Co., W. Killingly.
Doane, Joseph, Griswold.................
VOL. XXII.— n o . v.
Kind of goods.
Cotton Goods..........
Printing Goods........
Printing Goods........
Heavy Sheetings.. .
Sheetings.................
Sheetings.................
Cotton Goods..........
Cotton Goods...........
Satinet Warp...........
Black and White Sat. Warp
Satinet. Warp............
Cotton Goods............
Cot. Warp, Wick’g & Bat’ng
Cotton Twine...........
Shirtings..................
Cotton Twine.......... . . . lbs.
Printing Cloths........
Light Sheetings........
Cotton Duck..............
Heavy Sheetings. . . ,
Printing Cloths.........
Print Cloths.............
Printing Cloths . . . . ,
Sheetings..................
37
Yearly amount
in yards, &c. Spindlea.
400,000
400,000
800.000
800,000
180,000
900,000
450,000
18
450,000
1,384
1.500
2,600
2,800
444
3,744
2,100
608
«...
35,000
500,000
80,000
800,000
240,000
275,000
600,000
380,000
400,000
650,000
750,000
752
2,200
1,068
4,500
900
2,000
2,000
2,112
2,100
3,300
8,023
57 8
Journal o f M ining and M anufactures.
Name and location.
Dyer, Win. A Co., Central Village..
Eagle Manuf. Co., South Coventry..
Eagleville Manuf. Co., Lisbon........
Eddy A Card, Thompson................
Eddy A Elliott, East Killingly . . . .
Falls Co., Norwich Falls..................
Falls Manuf. Co., Middletown.........
Fisher, Wm. A Son, Fisherville.. . .
Fitch, Asa, Bozrah...........................
Fox Mill, Moodus............................
Gladding, J. S. A Co., Plainfield....
Granite Mill Co.,Stafford Springs..
Green, Caleb A Son, Norwich.........
Green, Timothy, East Haddam.. . .
Greenwood Co., New Hartford.......
Harris, Brothers, South Woodstock.
Hartford Manuf. Co., S. Glastenbury
Hartford Twine Co., S. Glastenbury
Hewston A West, Killingly............
Hope River Manuf. Co., Columbia .
Hopeville Manuf. Co., Griswold . . .
Hutchins, Z. W , Killingly...............
Jillson, A. A S., Willimantic..........
Bindley A Edmond, East Griswold.
Martinville Co., East Haddam........
Masonville Co., Thompson...............
Mechahicsville Co., Thompson........
Morse, M. S. A Co., Thompson........
Mutual Manuf. Co., Manchester___
Mystic Manuf. Co., Mystic...............
Natchaug Co., Windham.................
New Boston Cot. Fac., New Boston.
Nichols, W. E., Moodus..................
Nightingale, G. C., Thompson.........
Oneco Manufacturing Co., Sterling..
Pequonnock Mills, Bridgeport........
Phoenix Mills, Vernon......................
Plainfield Union Co., Plainfield.. . .
Quinnebaug Manuf. Co., Norwich...
Quinnebaug Mills, East Brooklyn..
Rice, J. S., Windsor Locks..............
Richmondville Factory, Westport..
Robinson, Wm. A., East Killingly...
Russell Manuf. Co., Middletown . . .
Sanford, David, Newtown...............
Shetucket Co., Norwich...................
Slater, J. A W., Jewett City...........
Smith A Brown, New Hartford----Smith A Sutton, Woodstock..........
Smithville Manuf. Co., Willimantic.
Sterling Manuf. Co., Sterling..........
Starr, N. B., Chatham......................
Thayer, George K., N. Stonington..
Thomas, Seth, Plymouth.................
Treat, J. S., Voluntown...................
Truesdell A Lippitt, East Killingly.
Tucker, Henry, Thompson..............
Uncasville Manuf. Co., Uncasville..
Union Manuf. Co., Moodus..............
Union Manuf. Co., Manchester........
Union Manuf. Co., Marlboro’...........
Yearly amount
in yards, Sec. Spindles.
Kind of goods.
150,000
800
Brown Sheetings.................
Printing C loths...................
300,000
1,200
2,496
900,000
Brown Sheetings.................
1,600
340,000
Printing C loths...................
364,000
1,344
Print Goods..........................
200,000
7,000
Drills and Stripes.................
Fine Warps, Y’rn Thread
....
3,576
$35,000
9-8 Sheetings.......................
Brown Sheetings.................
....
6,000
30
512
Cotton D u c k .................tons
2,244
Sheetings..............................
5,312
Print Cloths and Sheetings.
900.000
1,000
Brown Sheetings.................
200,000
716
Cotton Y a r n ................. tons
124
5,400
Duck......................................
520,000
1,430
Printing C loths...................
266,666
G,500
Brown Sheetings A Shirt’gs
2,288
Sheetings...............................
625,000
Printing C loths...................
800
312,000
Cotton W a rp .......................
....
1,512
Drilling.................................
445,000
840
Sheetings...............................
450.000
3,500
Printing C loths................... 1,000,000
1,520
Sheetings...............................
15,000
Cotton D uck.........................
960
....
8,500
Sheetings...............................
136,000
380,000
2,044
Sheetings...................... . . . .
8,000
Sheetings............................... 1,605,500
624,000
1,000
Cotton Warps.......................
Diapers and Sheetings . . . .
500,000
1,700
Sheetings and Warps..........
1,550
....
442,000
1,920
Print Goods...........................
24
862
Cotton T w in e ...............tons
860,000
4,242
34 Inch Sheetings................
648,000
3,072
Print Cloths.........................
500,000
3,000
4-4 Sheetings.......................
540,000
970
Satinet W arp.......................
42 In. Sheet’gs, 28 In. Prints.
645,000
3,244
35 Inch Sheetings................
475,000
3,000
7-8 and 4-4 Sheetings.........
400,000
2,000
Cotton Thread..............tons
n
Carp Y ’n, Wick., Twine, Bat.
$12,000
150
3-4 Printing Cloths.............
320,000
1,200
150,000
Webbing A Gum Suspenders
2,000
Satinet Warp.......................
600,000
2,500,000
6,500
Mariner’s Stripes..................
Sheetings and Drillings.. . . 2,000,000
7,000
234,000
1,216
Duck and Bagging...............
Printing Cloths-...................
297,000
1,418
7,348
3-4 Prints and 4-4 Sheetings 1,300,000
504,440
3-4 Print Cloths...................
2,500
Cotton Batting......................
160,000
931
Sheetings..............................
Brown Sheetings..................
540,000
240
3,908
Brown Sheetings..................
95,000
230,000
1,120
37 Inch Sheetings................
400,000
1,152
Sheetings...............................
Drillings...............................
2,400
700,000
Cotton Duck.........................
680
4-4 and 3-4 Brown Checks
and Stripes....................... 1,500,000
6,764
1,328
Colored Plaids and Stripes.
445,892
Journal o f M ining and M anufactures.
579
Yearly amount
Name and location.
Warner, S., South Woodstock........
Warp Mill Co., Willimantic.............
Warren, Thomas, PhoBnixville.. . ..
Weatherhead, George, K illingly.. .
Wells Manuf. Co., Willimantic.........
Wescott
Pray, East Killingly . . .
Allen, E. <fc E. M., Lisbon................
Almy, Samson, Plainfield...............
American Mills, Rockville...............
Babcock & Stillman, Stonington.. . .
Bacon & Smith, Stafford...................
Beecher, A. B., Newtown.................
Bird, Joshua, Bethlera......................
Bristol Manuf. Co., Bristol................
Broadbrook Co., East Windsor . . . .
Buckingham, Wm. A., Norwich__ _
Bunce, George & Son, Manchester .
Camp & Morris, Woodbury..............
Center, A. J., Washington................
Cocking* Leonard, Woodstock.........
Corey, Joseph, Lebanon...................
Coventry Satinet Mf. Co., Coventry
Cunnimrham, William, Windham..
Curtis, Daniel, Woodbury................
Davison <fe Lincoln. Windham.........
Eagle Hill Manuf. Co., Manchester..
Eaton, J. P. & Co., Thompson..........
Ellsworth, T., East W indsor...........
Ensign I. & I. E., South Canaan.. . .
Exchange Co., Manchester...............
Ferris & Russell, Canaan..................
Geedhill, Wm., West Cornwall.. . .
Gilbert, D. N., New Milford.............
Graham, M. L. & Co., Salisbury__ _
Hewet, A. & Co., Eastford...............
Home Manuf. Co., Winsted..............
Hocanum Co., Rockville...................
Hopeville Manuf. Co., Griswold.. . .
Hotchkiss, J. & R. H., Woodbury.. .
Hotchkiss, Wm. B., Woodbury . . . .
Hubbard, S. L., Middletown...........
Hyde, J. & Mystic Co., Ledyard.. .
Hydeville Manuf. Co., Stafford . . . .
Kellogg, N. 0., Union.......................
Kenyon, E. & Co., Stonington...........
Kenyon, Joseph, Woodstock............
Leeds Co., Rockville.........................
Lewis, Thomas, Naugatuck..............
Loomis, F. B., New London.............
Loomis, F. B., Norwich.....................
Lounsbury, Bissel & Co., Norwalk .
Jjoveridge, L. P., Lime Rock...........
Manchester Manuf. Co. Machester...
Mill River Manuf. Co., Berlin...........
Mumford, M., Eastford.....................
Naog Manuf. Co., Glastenbury.........
New Britain Knitting Co., N. Britain
Norwich Woolen Co., Norwich.........
Noyes, Peter & Co., Stonington.. . .
Plumb, D. W., D erby.......................
Preston Manuf. Co., Preston.............
Rilburn, J. S. & Son, Norfolk...........
Kind of goods.
in yards, &c. Spindles.
Twine Wicking and Batting
Warps and Yarn.................
450,000
Sheetings............................
400,000
Print Cloths........................
400,000
White and Colored Warps. 1,152,000
28 Inch Print Cloths..........
650,000
Twilled Stripes & Flannels.
100,000
Broad Cloths......................
80,000
Cassimeres.........................
250,000'
Plaid Linseys......................
875,000
Satinets...............................
50,000
Satinets................. .............
60,000
Satinets and Flannels.........
25,000
Black Satinets.....................
188,000
Fancy Cassimeres..............
400,000
Carpeting............................
$50,000
Fancy Cassimeres...............
45,000
Satinets...............................
20,000
Satinets...............................
60,000
Cassimeres and Satinets.. . .
.Satn’s Flan’ls <k Cassimeres.
20,000
Fancy Cassimeres...............
50,000
Satinets...............................
30,000
Black Cassimeres..............
50,000
Kerseys..............................
140,000
Satinets...............................
37,500
Fancy Cassimeres...............
78,000
Tweeds...............................
100,000
Satinets...............................
8,000
Fancy Tweeds.....................
60,000
Fancy and Plain Cassimeres
60.000
Satinets and Flannels.........
15,000
Broadcloths and Satinets....
8,000
Satinets...............................
16,000
Doe Skins and Cassimeres..
20,000
Cassim’s, Tweeds Satinets
120,000
Satinets...............................
29,000
Satinets...............................
70,000
Cassimeres..........................
50,000
Broadcloths.........................
25,000
Tweeds...............................
200,000
Cotton and Woolen Flannels
120,000
Satinets...............................
90,000
Kentucky Jeans & Tweeds..
250,000
Plaid and Plain Linseys.. . .
Cassimeres..........................
16,000
Satinets and Tweeds..........
150,000
Satinets...............................
100,000
Fancy Cassimeres..............
200,000
Satinets...............................
90,000
Felt Beaver Cloth...............
75,000
Satinets...............................
15,000
Satinets...............................
13,000
Tweeds..............................
Cassimeres.........................
18,000
Satinets...............................
90,000
Shirts and Drawers............
Broad Cloths & Cassimeres..
Plaid Linseys.....................
200,000
Broadcloth..........................
40,000
Ingrain Filling and Yarn ..
Satinets, Cassim’s & Flannels
....
402
800
2,000
2,050
1,556
2,500
600
760
250
426
144
4,900
194
504
270
560
112
550
292
160
480
460
4S0
150
1§0
120
400
670
192
490
440
420
500
960
426
930
746
1,060
450
120
300
480
....
400
720
500
150
580
Journal o f M ining and M anufactures
Name and location.
Roaring Brook Manufacturing Co.,
East Glastenbury.........................
Rock Manuf. Co., Rockville............
Rouse & Pratt, Litchfield................
Ryan, J. & E. E. <St Co.,Norfolk.. . .
Saxony Co., Rockville......................
Saxton, B., Ware-House Point........
Shumway, Noah, West Killingly...
Somersville Co., Somers..................
Springfield Manuf. Co., Rockville...
Stafford Mf. Co., Stafford Springs...
Stafford Springs Manufacturing Co.,
Stafford Spriugs..........................
Staffordville Manuf. Co, Stafford....
Sterling, Smith, Reed & Sherman,
Sharon........................................
Stillman, 0. M, Stonington..............
Tariff Manuf. Co, Taritfville..........
Terry, Henry, Plymouth................
Thompson & Stone, Winsted...........
Thompsonville Carpet Manufactur
ing Co, Thompsonville................
Union Co, Torrington.....................
Union Manuf. Co, Norwalk............
Washington Co, South Coventry....
Webh, George, Preston...................
Wells, G. C, New Milford...............
Williams, Erastus, Norwich............
Whitmore, N. & Co, West Killingly
Whitney, Eli, Hamden...................
Wilkinson, Smith, Pomfret Depot..
Willimantic Cot, Mf. Co, W’limantic
Willington Thread Co, Willington.
Windham Cot. Mf. Co, Willimantic.
Wolcotville Manuf. Co, Torrington.
Valley Co, Stafford.........................
Young, Ebenezer, East Killingly ..
Kind of goods.
Yearly amount
in yards, &c. Spindles.
Satinets.................................
Fancy Cassimeres...............
Satinets and Flannels.........
Woolen Goods......................
Satinets.................................
Cassimeres and Y a rn .........
Kerseymeres and Flannels..
Fancy Cassimeres...............
Satinets and Tweeds...........
Fancy Cassimeres................
55,000
180,000
15,000
40,000
40,000
215,000
20,000
120,000
125,000
150,000
....
144
640
288
50
300
....
840
1,432
Satinets............... ..................
Satinets..................................
103,000
720
720
Satinets.................................
Plaid Linseys.......................
Cotlonades and Carpeting .
Woolen Goods......................
Broadcloths and Satinets . .
16,000
600,000
475,000
Carpeting and R u g s...........
Doe Skins and Cassimeres..
Felt Beaver Cloth................
Satinets..................................
Flannels...............................
Satinets and Tweeds...........
Flannels.................................
Sheetings...............................
Light Cotton D u ck .............
4-4 Shirtings.........................
Cotton Duck.........................
Cotton Thread......................
Printing Cloths.....................
Print Cloths.........................
Satinet W arps.....................
4-4 Sheetings.........................
$350,000
50,000
100,000
80,000
15,000
25,000
600,000
16,000
500,000
550,000
320,000
$12,000
2,400,000
540,000
26,000
618,600
140
1,400
....
....
242
2,500
480
....
16
320
180
2,500
1,444
1,200
2,336
1,300
600
10,000
2,000
800
300
MISCELLANEOUS ARTICLES.
Kind of goods.
Name and location.
Atwoods, Russ, Mansfield............... Sewing Silk, Fringe Silk, & Twist.lbs
Chaffee, O. S , Mansfield................... Sewing Silk, Fringe Silk, & Tw ist...
Cheney, Brothers, Manchester......... Sewing Silk..........................................
Hanks, G. K , Mansfield................... Sewing Silk, Fringe Silk, and Twist.
Hovey, J. & E , Mansfield................. Sewing Silk, Fringe Silk, and Twist.
Leigh, Lewis, Willington................. Sewing and Fringe Silk.....................
Loomis, S. 0 , Windsor..................... Sewing Silk.........................................
Storrs, Z. & Son, Mansfield............... Sewing Silk, Fringe Silk, and Twist.
Candee, Leverett, Hamden.............. India Rubber Shoes...........................
Goodyear’s India Rubber Manufac
India Rubber Gloves and Mittens...
turing Cp, Naugatuck...................
Goodyear’s Metalic Rubber Shoe Co.,
N au ga tu ck .,., , ......................... Metalic Rubber Shoes............... pairs
Hayward Rubber Co, Colchester... India Rubber Boots and Shoes........
Hotchkiss & Merriman, Waterbury. India Rubber Webbing <StSuspend’s
Naugatuck Ind. Rub. Co, Naugat’ck India Rubber Clothing.......................
Warren & Newton Manufacturing Gum Elastic Suspenders, Boots and
Webbing..........................................
Co, Watertown........ ....................
Ripley’s Iron Works, Windsor Locks Round, Square, and Flat Iron Nail
R o d s ................................................
Waterbury Iron Foundry, Waterb’y Machinery and Castings...................
in y’ds, &c.
20,000
4,000
20,000
2,000
5,000
13,000
1,500
4,000
.......
85,000
....
....
....
$50,000
....
....
Journal o f M ining and M anufactures.
Name and location.
Collins Co., Collinsville.....................
Mutual Manuf. Co., Bristol...............
Benedict & Burnham Manufacturing
Co., Waterbury.............................
Mattatuck Manufacturing Co., Wa
terbury ...........................................
Smith & Hopkins’ Manufacturing
Co., Naugatuck..............................
Waterbury Brass Company, Water
bury ................................................
Waterville Manufacturing Company,
Waterbury.....................................
Middlesex Quarry Co., Portland... .
Shaler Hall’s Quarry Co., Portl’nd
Hartford Mill & Manufacturing Co.,
Hartford.........................................
Norwich Steam Mill Company, Nor
wich ................................................
American Pin Co., Waterbury.........
Howe Manuf. Co., Birmingham__ _
Clifton Mill Co., Winsted..................
Hazard Powder Co., Enfield............
Lincoln, Stowell, Windham.............
New England Works, Hitchcock ville
New Haven City Gas Light Co.,
New Haven...................................
Norwich Bleaching and Calico Print
ing Co., Norwich............................
Norwich Car Manufactory, Norwich
Sanseer Manuf. Co., Middletown.. .
Willington Glass Co., Willington....
Marine Clock Mf. Co., New Haven..
Winsted Manuf. Co., W insted.........
Wolcottville Brass Co., Torringford.
Salisbury Iron Co., Salisbury.........
Kind of goods.
A xes.....................................................
Cutlery................................................
Rolled & Sheet Brass & German Sil
ver, Cop’r, Brass & Ger. Sil. Ware
Cloth and Metalic Buttons, Clock and
Umbrella Furniture.......................
Pocket and Table Cutlery and But
tons...................................................
Sheet and Rolled Brass, Brass, Cop
per, and German SilverW are.. . .
Gilt and Plated Buttons and Pocket
Cutlery.............................................
Stone Quarriers...................................
Stone Quarriers...................................
581
Y ’rly ain’t
in yds. &c.
$250,000
$12,000
Flour, Meal, Plaster and Soap Stone
Table and Dairy Salt, Flour and
Plaster.............................................
Pins, Hooks and Eyes.........................
Pins......................................................
Wrought Nuts and Washers.............
Gunpowder..........................................
Felting for Paper Makers...................
Calicoes..........................................yds
....
....
$60,000
$25,000
$200,000
$10,000
2,600
Gas................................. feet per day s
100,000
Bleach Cotton and Linen Goods..yds
Railroad Cars......................................
Wood Screws and Machinery...........
Black Glass Ware..............................
Marine Clocks...........................clocks
Grass and Grain Scythes.............doz
Roll Brass, German Silver, and Bat
ter K ettles......................................
Gun, Scythe, and Pig Iron, Wagon
Axles, and Engine Cranks.............
5,000,000
$500,000
....
$18,000
6,000
4,0p0
$120,000
....
MANUFACTURE OF COTTON IN MISSISSIPPI,
The editor o f the Natchez Weekly Courier, who has always been the warm advocate
of Southern and Western manufactures, and who, about two years since, started the
project of erecting cotton factories in Natchez, has recently published a series of ex
cellent articles upon the policy of erecting cotton-mills in Mississippi. Referring to the
De Kalb Factory of South Carolina, he gives the following interesting statement:—
The De Kalb Factory is divided into four shares, owned by Messrs. Thomas Long,
Thomas J. Aucrum, and William Anderson; A. Young and Wm. Gardener, the efficient
superintendents, owning the fourth share. This factory was established in 1838, with
only one thousand spindles, for the manufacture of yarn, but increased by annual addi
tions, so that at the present time 1,680 spindles, and forty looms, are running daily.
The amount worked during the year 1848 was 1,000 bales, and during one month of
the present year, 99 bales were worked up into 8,205 pounds of yarn, and 47,053
yards of osnaburgs, of a quality well known in the northern and southern markets, al
ways commanding a higher price than th ^ e made at the North.
I f the exact price of the osnaburgs per yard and the cotton yarn per pound had
been quoted, there would have been no difficulty in ascertaining, to a fraction, what ad
ditional value had been given to the 99 bales of cotton by manufacture, and what had
been the clear gain of the factory during the month, as the monthly expenses of the
establishment are stated to be a fraction less than $900. W e quote from the Camden
Journal:—
There are about twenty weavers employed, all white females, each one attending to
58 2
Journal o f M ining and M anufactures
.
about two looms, one or two or more, and each receiving wages from twelve to twenty
dollars per month—an amount far greater than they realized before their connection
with the factory, and sufficient to secure the necessary comforts of life, and create a
small sinking-fund, if desired. For several years past, blacks were the principal opera
tives, except in the department of weaving; but white operatives are now generally
employed, because they are less difficult to procure. The blacks have been discharged,
except about thirty that belong to the company; the white operatives number now
seventy-two, male and female. We believe the company have never realized less than
10 per cent upon their capital, but they have constantly invested the profits in addi
tional improvements, so that the sum now invested is about double the original stock.
The moral aspect of this factory is no less pleasing than the financial. The white
population consists of 154 persons, with neat cottages and flourishing gardens, with a
daily school through the week for their children, a Sabbath-school, and a sermon in
their own chapel every Sabbath-evening from some one of the clergy of the town.
THE IRON TRADE OF PENNSYLVANIA IN 1848 AND 1849.
The supplies of iron sent forward from the interior of Pennsylvania in 1848 and
1849 have been as follows:—
1 849-
Chesapeake and Delaware Canal.. .
Delaware Canal, B ristol...................
Schuylkill Navigation.......................
Columbia and Reading Railroads.. .
Norristown R ailroad.........................
Bar and
Pig and
sheet.
scrap.
Castings and
blooms.
Lbs.
Lbs.
Lbs.
4,568,391
61,696
'1,963,200
10,209,500
4,448,060
41,091,379
58,552,532
77,490,560
2,063,300
5,935,600
3,691,825
466,384
6,354,880
1,578,900
2,020,416
Total.............................................
27,250,847 185,133,371 14,112,405
Chesapeake and Delaware Canal. . .
Delaware Canal, B ristol...................
Schuylkill Navigation.......................
Columbia and Reading Railroads...
Norristown R ailroad.........................
•1848,
88,713,098 5,536,410
50,733,874
109,227
29,205,120 3.071,040
7,347,400 4,229,705
2,564,108 1,672,780
Total.
14,988,260
1,117,515
10,223,860
18,730,700
5,866,288
Nails and
spikes.
Lbs.
925,986
742,041
2,582,720
2,794,400
7,045,147
----------------------- \
1,370,293
1,338,415
1,435,120
7,119,600
1,672,787
50,926,123 178,563,600 14,619,162 12,986,213
DIFFERENCE BETWEEN IRON AND STEEL.
Steel is iron passed through a process which is called cementation, the object of
which is to impregnate it with carbon. Carbon exists more abundantly in charcoal
than in any other fusible substance, and the smoke that goes up from a charcoal forge
is carbon in a fluid state. Now, if you can manage to confine that smoke, and put a
piece of iron into it for several days, and heat the iron at the same time, it will be
come steeL Hea ting the iron opens its pores, so that the smoke or carbon can enter
into it.
The furnace for this purpose is a conical building of brick, in the middle of which
are two troughs of brick or stone, which hold about four tons of bar iron. At the bot
tom is a large grate for the fire. A layer of charcoal dust is put upon the bottom of
the troughs, then a layer of bar iron; and so on alternatively, until the troughs are
full. They are then covered over with clay, to keep out the air, which, if admitted,
would prevent the cementation. Fire is then communicated to the wood and coal with
which the furnace is filled, and continued until the conversion of the iron into steel is
completed, which generally happens in about eight or ten days. This is known by the
blisters on the bars, which the workmen occasionally draw out, in order to determine
when the conversion is completed. The fire is then left to go out, and the bars remain
in the furnace about eight days more to cool.
The bars o f steel are then taken out, and either solid as blistered steel, or drawn to
a convenient size, when it is called tilted steel. German steel is made of this blistered
steel, by breaking the bars into short pieces, and welding them together, drawing them
down to a proper size for use.
58 3
N autical Intelligence.
HOW AXES ARE MADE,
The process has been greatly simplified within the last two years. The iron is rolled
out into bars the proper width and thickness of an ax, and six, eight, and ten feet long;
it is heated and cut off by a large pair of shears propelled by water pow er; another
workman picks up the piece, and places it between a die and punch, and the punch
comes down and forces the hole for the handle by punching out a piece. An iron man
drill is then inserted into the hole, and it is immediately put under another press, which
forms one side of the a x ; it then goes into another die and forms the other side, and is
then placed in an upright position, and a chisel comes down and splits the “ bit” of the
ax ready for the steel; it is then thrown aside. A ll this is done at one heat, and in
less time than it takes to write the modus operandi. The blade of the ax is then put
in and welded, and passed along to the forger, tempered, and is cast upon the ground
to cool. As soon as cool, it is taken up and planed down to an edge by a planing-ma
chine, and finished up with the emery wheels— painted, labelled, stamped, and is ready
for market.
NAUTICAL INTELLIGENCE.
SHOALS 1STMAIN SHIP CHANNEL OF NANTUCKET.
We published in this department of the Merchants' Magazine in January, 1850,
(vol. xxii., page 90,) the official report of Lieutenant Charles H. McBlair, U. S. Navy,
showing the position of four shoals in the main channel in Nantucket Shoals, discovered
in the ^course of Lieutenaut McBlair’s hydrographic operations during the last season.
A. D. Bache, Superintendent United States Coast Survey, under date “ Coast Survey
Office, Washington, March 27th, 1850,” has transmitted to the Secretary of the Treas
ury another report of Lieutenant McBlair, supplementary to that published in our
January number, as stated above, giving additional information, which we here sub
join :—
,
"W a s h in g t o n , C o a s t S u r v e y O f f ic e , March 26 th 1850.
S i r :— I have already, in a previous report, noticed the existence of shoals in the
main ship channel over the Nantucket Shoals, as determined by the recent operations
of hydrographic party No. 1.
Since the date of that report, in the process of plotting our work, other shoals have
become developed, and a slight correction is due to the depth of water as stated on the
shoals that have been reported. This correction arises from the application of a new
mode of reduction for mean low water, derived from a longer period of tidal observa
tions. I herewith subjoin a table which presents, under one view, the bearings and
distances of all the shoals discovered, from Great Point and Sankaty Head. They are
enumerated in the order in which they lie eastwardly of each other, beginning at the
shoal lying nearest the island of Nantucket, and the distances are given in nautical
miles:—
Number.
1 .....................
2 .....................
3 .....................
4 .....................
5 .....................
6 .....................
7 .....................
8 .....................
9 .....................
10-7....................
Shoalest
Spot.
15 ft
18
15
15
14
9
18
18
18
12
True bearing from
Great Point.
True bearing from
Sankaty Head.
N
N
N
N
N
N
N
N
N
S
NT 39°
N 41°
N 42°
N 42°
N 43°
N 44°
N 45°
N 45°
N 46°
N 57°
86°
85°
85°
86°
36°
86°
85°
84°
85°
84°
15'
30'
35'
00'
45'
30'
15'
40'
15'
35'
E
E
E
E
E
E
E
E
E
E
58'
05'
30'
30'
45'
35'
00'
15'
15'
15'
E
E
E
E
E
E
E
E
E
E
Dist’ce f’m
G’t P’t.
h. min.
9 5
9
10
10
10
10
10
11
11
11
8
2
3
3
7
9
2
4
8
Dist. Tin
S’y H’d.
h. min.
9 6
9 4
9 8
9 7
9 6
9 9
10 2
10 5
10 6
9 6
It is probable that the last shoal (No. 10) may be the northern end of Great Rip ;
but this we have had, as yet, no opportunity to decide.
N au tical Intelligence
58 4
.
The shoals consist of narrow and sharp ridges of fine white sand, varying in length
from three-quarters of a mile to a mere spot. They are marked by tide rips, except
during slack water, and by the usual discoloration of water at all times.
I am, very respectfully, your obedient servant,
Prof. A. D. B a c h e ,
S u perintendent o f C oa st S u rv ey.
C. H. McBLAIR.
THE PORT OF PATATY, BRAZIL.
The New Orleans Picayune publishes and commends the following excellent letter
to the attentive perusal of masters of vessels proceeding to California via Brazil and
Cape H orn:—
Gentlemen:— On the 9t.h inst. the brig Hardy came into this port, which is situated
in the deep recess of a singularly interesting bay, studded over with innumerable islets,
the channels between which are generally deep, affording at least from four to five
fathoms water. The course is to the northward of the island of St. Sebastiens; and by
keeping in mid-channel, with a good look-out from the top mast head, and an occa
sional cast of the lead, there can be no danger incurred but it can be avoided in time.
This port is not open to foreign commerce; it is merely for the coasting craft, which
are generally small brigs; but any vessel requiring wood, water, and an abundance of
provisions at a very reasonable rate, and where no port charges are incurred, it is with
out exception the best place of resort as a recruiting station. The town is very pret
tily located, on a small plain at the base of very high mountains, and has a population
of from 2,500 to 3,000.
When once in, a vessel is perfectly land-locked, and reposes on the surface of a tran
quil sea, where she can be safely careened and caulked, and where repairs of all de
scriptions can be done under every advantage. Almost daily there are coasting ves
sels for Rio, and twice a month a steamer calls in, performing the trip in about twentyfour hours. As economy is the order of the day, and as vessels bound for California
are necessarily obliged to resort to some port of the Brazils, where supplies of all kinds
can be obtained with facility, I have taken the liberty of pointing out this place, which
is easy of access, and where every facility is afforded. It is the most perfect amphi
theatre, and the scenery is of the most picturesque description. Here you have two
or three individuals who can converse in English, and thus one of the worst difficulties
is overcome. Hoping this may be of some use to some of the many vessels resorting
to California.
P. S.— The soundings in range from 20, 15, 10, 7, 6. 5 and 4. By firing a gun after
getting well in a pilot will appear, who will conduct the vessel opposite to the town.
DISCOVERY OF A NEW REEF.
The captain of the Mariveles writes from Ampanan on the 29th September, that on
passing Boulton the ship touched on a reef that is not noticed on the English or Span
ish charts, and is situated in lat. 5° 30', and long. 129° 38' E. of Cadiz.
This reef (off which the ship was got without any remarkable occurrence) runs to a
considerable extent from E. to W. It is formed of rock and coral, is visible towards
the west side, and accessible on the north side, with soundings of from 10 to 30 fath
oms, which increase to 115 fathoms at the distance of a ship’s length. The extent re
ferred to is of the west side, and the reef was visible at the distance of a cable and
a-half.
IRISH LIGHT-HOUSE TOLLS.
The tolls chargeable on and after the 30th ult., are as follows, namely :— On all ves
sels engaged in the coasting trade of the United Kingdom, £d. per ton per light. On
all over-sea traders, £d. per ton per light,- deducting 20 per cent. On all foreign priv
ileged vessels, ^d. per ton per light, deducting 20 per cent. On all foreign vessels not
privileged, £d. per ton per light, deducting 20 per cent. And the collection of the
duty of 2s. on entries, cockets, tkc., on goods above the value of £5, and of 6d. where
the value is under £5, as now payable in Ireland, will henceforth be discontinued.
M ercantile M iscellanies.
58 5
MERCANTILE MISCELLANIES.
MERCANTILE LIBRARY ASSOCIATION OF ST, LOUIS.
The annual report of the Board of Directors of the St. Louis Mercantile Library
Association, made to the annual meeting of the members, has been published. It is
quite elaborate, occupying nearly forty pages octavo, and gives a minute detail of the
affairs of the institution during the past year. The whole number of members at this
time is 589; of which 30 are life members, 211 proprietors, 206 clerks, and 142 bene
ficiaries. Notwithstanding the loss of 10 members by the cholera, the increase since
the report of 1848 has been 59 per cent. The receipts since the last annual meeting
have been 84,697 94, which, added to §133 42 on hand at that time, amounts to
§4,831 36. Of this sum §4,406 35 has been expended in pursuance of regular appro
priations, made from time to time by the board, leaving on hand §425. From the ori
gin o f the association, five years ago, it has expended for books nearly §5,000. Those
presented during the same period have been valued at §1,766. The value of the pro
perty of the library at this time is put down in the report at $7,326. The number of
volumes now belonging to the association is 4,299. The report furnishes gratifying
evidence of the onward progress of the institution, which appears to be managed with
zeal and efficiency. The following is a list of officers elected for the year 1850 :—
Hudson E. Bridge, President; Edmund Bacon, Vice President; Samuel C. Stewart,
Treasurer; George R. Robinson, Corresponding Secretary; Conrad R. Stinde, Record
ing Secretary. Cornelius Haywood, R. C. McAllister, John Tilden, J. C. Reynolds,
Robert H. Davis, John A. Allen, and It. D. Van Nostrand, Directors. William P.
Curtis, Librarian.
EARLY DISCOVERY OF GOLD IN CALIFORNIA.
W e published in the Merchants' Magazine for April, 1847, an article from the pen
o f L. W. Sloat, who passed a short time in California, in 1845 or 1846, in which he
states that from all the information he was enabled to obtain during his stay in Cali
fornia there is not the least doubt that gold, silver, quicksilver, copper, lead, sulphur,
Ac., are to be found in all that region ; “ and I am confident,” he adds, “ that when it
becomes settled (as it soon will be) by Americans, that its mineral developments will
greatly exceed, in richness and rarity, the most sanguine expectations.” The Indians
have always said there were mines, but refused to give their locality, and the Califor
nians did not choose, or have been too lazy to look for them.
In the voyage of Captain George Shelvock, who visited California in August. 1721,
the following curious statement, concerning the appearance of gold in that country, is
made
“ The eastern coast of that part of California which I had sight of, appears to be
mountainous, barren and sandy ; but, nevertheless, the soil about Puerto, Segure, (and
very likely in most of the valleys,) is a rich black mould, which, as you turn it fresh
up to the sun, appears as if mingled with gold dust, some of which we endeavored to
wash and purify from the dirt; but though we were a little prejudiced against the
thoughts that it could be possible that this metal should be so promiscuously and uni
versally mingled with common ear h, yet we endeavored to cleanse and wash the earth
from some of it, and the more we did the more it appeared like gold. In order to be
farther satisfied, I brought away some of it, which we lost in our confusions in China.
But be that as it will, it is very probable that this couutry abounds in metals of all
sorts, although the inhabitants had no utensils or ornaments o f any metals whatever,
which is no wonder, since they are so perfectly ignorant in all arts.” [See Harris’ Col
lections of Voyages, voL i., p. 233, edit. 1744.]
586
M ercantile M iscellanies.
THE AMERICAN PACKET SHIP « STAR OF THE WEST.”
This splendid packet-ship arrived at the Mersey, (Liverpool,) on her first voyage
from New York, on the 21st of February, 1850, having made the passage in sixteen
days. She is thus described in a late number of the Liverpool Chronicle:—
She is another specimen of that superior naval architecture for which New York is
so justly celebrated. She was built by Perine, Patterson & Stack, under the direction
and inspection of her commander, Capt. A. B. Lowber, late of the Montezuma packetship, and is owned by Samuel Thompson & Nephew, of New York, and built expressly
for Messrs. C. Grimshaw & Co’s. “ Black-Star Line.” Her frame is live oak and locust,
her length 177 feet, breadth 38 feet, depth 22 feet 6 inches. Her cabins are finished
with much good taste and elegance, being a very pretty combination of satin and ze
bra wood, gilt and enamel. Her state rooms in the first cabin are very spacious, and
have all the comforts and conveniences which modern science and invention have yet
discovered. The intermediate cabins, consisting of saloon and state-rooms, are fitted up
very handsomely, and the rooms, which are well lighted and ventilated, are exceed
ingly well adapted to the accommodation of families, or parties that may desire private
apartments at a very moderate expense. Her steerage, which is very lofty, is also
well lighted and airy, and fitted up with substantial and ornamental iron hanging
berths; and, on the whole, her extensive accommodation for all classes of passengers
is unsurpassed, and does much credit to both builders and owners, as weU as to Messrs.
Grimshaw Co’s, already celebrated and favorite u Black-Star Line.”
THE AFRICAN SLAVE TRADE.
According to a recently published return the greatest number of deaths amongst
the officers and crews serving on the coast of Africa, in any year from 1840 to 1848,
occurred in 1845, when there died 128, or 5 per cent of the whole. The greatest pro
portionate amount of mortality was in 1841, when the deaths were 85, or 7.9 per cent.
The smallest number of deaths, both absolutely and proportionately, occurred in 1843,
when 27 died, or 2.1 per cent. The mortality in 1848, the last year in the return, was
63, or 2.2 per cent. We learn by the same document that the greatest number of ves
sels captured in any year in the same period was 95 ; the number taken in 1845, 84 of
which were condemned. The smallest number captured was in 1843, when 44 vessels
were taken, 38 being the number condemned. The largest number of captured vessels
condemned was in 1848, and amounted to 90 ; the number captured being 91. The
greatest number of slaves captured was in the last-mentioned year, and amounted to
6,712, of whom 558 died between capture and adjudication, being 8.31,346 per cent.
The smallest number of slaves captured was in 1846, •when 2,200 were taken, of whom
199 di<*d before adjudication, being at the rate of 9.04,545 per cent. The greatest
proportionate amount of deaths among captured slaves before adjudication was in
1843, when 590 died out of 3,612, or 16.33,455 per cent. The total number of vessels
taken during the period embraced by the return was 625, of which 578 were con
demned. The total number of slaves captured was 38,033, of whom 3,941 died before
adjudication; being at the rate of 10.36,231 per cent.
EFFECTS OF THE REPEAL OF THE ENGLISH NAVIGATION LAWS.
The Liverpool Chronicle gives the following as one of the recent instances in which
the repeal of the Navigation Laws has been made available for the importation of for
eign goods into England in vessels belonging to various other foreign countries:—
The vessel Hebe, belonging to Russia, from Antwerp, with 906 qrs. of wheat; the
Jeannette, belonging to Hanover, from Rotterdam, a cargo consisting of 95 tons weight
o f potatoes ; the vessel Mary Elizabeth, belonging in this instance to Prince Edward’s
Island, from Dieppe, with 731 bags o f flour; the Cornelia, belonging to Rotterdam,
from Nantes, 545 bags of flour; the Jan Heero, from Nantes, 726 bags of flour and
180 qrs. of w heat; the Courier de la Mer Noire, belonging to France, from Odessa,
with 1,000 qrs. of wheat; and the Orient, belonging to Malta, from Odessa, with 1,795
qrs. of wheat. The instance in which goods are now brought from the European
ports, being the produce of one of the other quarters of the globe, are very numerous,
and of various degrees of interest.
The B ook Trade.
587
THE BOOK TRADE.
1. — The Philosophy o f Language. A lecture delivered before the Waterford (Eng.)
Literary and Scientific Institution. By J. W. G ilb a r t , F. R. S. London.
The author of this lecture is a practical banker of eminence in England, and one of
the number o f those of his class who have distinguished themselves in the walks of
literature. This fact, if we may quote the words of an English periodical, “ serves to
dispell the unfounded prejudices that men of business, as such, are disqualified for in
tellectual pursuits.” In this lecture, the nature, origin, and formation of language are
discussed not only with ability, and much power of analysis, but the whole subject is
presented in that clear and practical fight which is calculated to make a strong im
pression upon the reader. It is in their effect upon the mind that the writings of prac
tical business men compare so well with the productions of any other members of so
ciety. With less prolixity, and less diffuseness of style, they grapple at once with the
leading points of their subject, and set them forth with a clearness of language and
force of expression which spring directly from the peculiar habits of their minds. The
writings o f Mr. Gilbart have often been spoken of in these pages; his work on prac
tical banking, especially, is familiar to our readers, as a striking illustration of these
views.
2. — The Poultry-Book : a Treatise on Breeding and General Management o f Domes
tic Fowls; With Numerous Descriptions and Portraits from Life. By J ohn C.
B ennet , M. D., Physician and Surgeon. 12mo., pp. 810. Boston : Phillips, Sampson
& Co.
The author of this treatise is extensively known as a practical breeder of fowls. To
him, we are informed, is due the credit of originating the interest now felt in respect
to poultry ; he is regarded as “ a pioneer in the c a u s e a s “ the first to set in motion
this laudable excitement.” No pains or expense, it would seem, has been spar d to
secure great accuracy, and to produce a volume as beautiful as it is useful. The en
graved illustrations are executed in the first style, by the best artists, and in most ca
ses from original drawings. It is doubtless the most comprehensive and reliable work
on the subject that has ever been published in this country— embracing, as it does, all
the latest discoveries and improvements in the breeding and general management of
domestic fowls. By the census of 1840 it appears that the value of this branch of
productive industry amounted to nearly $13,000,000. The value of poultry in the sin
gle State of New York was $2,373,029 ; and it is estimated that the total value of
poultry in the United States, at this time, is not far from $20,000,000.
3. — Noble Deeds o f Woman; or, Examples o f Female Courage and Virtue. By
E lizabeth S tar lin g . 12mo., pp. 47 0. Boston: Phillips, Sampson & Co.
This volume is the result of extensive reading. It embodies an interesting selection
made from the scattered records of female excellence, and is designed to illustrate, as
it were, the noble deeds of noble women. The narratives, drawn from historical and
other reliable sources, are arranged under distinct heads, prefaced with some pertinent
remarks relating to the various deeds or sentiments which the examples quoted are in
tended to illustrate. Among the subjects illustrated we notice the maternal, filial,
sisterly, and conjugal affections, humanity, integrity, benevolence, fortitude, courage,
and presence of mind, hospitality, self-control, gratitude, eloquence, and patriotism—
viitues that shed a luster upon the character of “ heaven’s last best gift to man,” and
afford the evidence of her divine origin.
4. — Gibbon's History o f the Decline and Fall o f the Roman Empire. Boston: Phil
lips, Sampson & Co.
The second volume of this standard history commences with the reign of Nero, and
traces the history of the Empire from A. D. 180 down to 375 of the Christian era. The
edition, when completed, will comprise six volumes of between five and six hundred
pages each. With a copious index, a new feature, it will doubtless prove the most
perfect edition of the work that has ever been published in this country, especially if
we take into account the economical price at which the volumes are sold.
588
The B ook Trade
.
5. — Mahomet and His Successors. 12mo., pp. 500. New York: George P. Putnam.
This is the fourteenth volume of the works of Washington Irving, which are in course
of publication, under the revision of their author. In these pages the author has en
deavored to trace the progress of the Moslem dominion, from the death of Mahomet,
in A. D. 622, to the invasion of Spain, in A. D. 710. The form in which this work has
been constructed is soineweat between biography and chronicle, admitting of personal
anecdote and a greater play of familiar traits and peculiarities than is considered ad
missible in the stately walk of history. It is intended merely for popular use. There
is an air of wild romance about many o f the events recorded in this narrative, owing
to the character of the Arabs, and their fondness for stratagems, daring exploits, and
individual achievements of an extravagant nature. These the author has found so in
unison with the people and the times, and with a career of conquest of itself out of the
bounds of common probability, that he has left them in all their graphic force.
6. — The Ways o f the Hour. A Tale by the author of “ The Spy, “ The Red Rover,*
<fec., tfec. New York: George P. Putnam.
Mr. Putnam has published this new work of Cooper’s in the uniform style in which
he is producing the earliest and best of the authors works of fiction. The object of
the present work is to draw the attention of the reader to some, of what the writer
conceives to be, the social evils that beset us, more particularly in connection with the
administration of justice, with especial reference to the time-bound observance of the
trial by jury. Our admiration of the author’s genius as a novelist is undiminished, but
we have little or no sympathy in his aristocratic, or anti-democratic notions, as devel
oped in some o f his later productions The plot of the story is well managed, and
the interest of the narrative sustained throughout.
7. — The Miscellaneous Works o f Oliver Goldsmith: Including a Variety o f Pieces
now just Collected. By J ames P r io r . In four volumes. VoL 4. 12mo., pp, 517.
New York: George P. Putnam.
One volume more will complete the American publisher’s reprint of this beautiful
library edition of the miscellaneous writings of Dr. Goldsmith. The present volume
embraces the “ Vicar of Wakefield,” (one of the most genial tales in our language,)
besides biographical sketches of the lives of Wade, Voltaire, Richard Nash, Thomas
Parnel, Henry St. John, and Lord Viscount Bolingbroke, and several essays or literary
criticisms, now just collected. Few writers have enjoyed a more universal or deserved
popularity— a popularity, too, that seems rather to increase as the epoch of the author
recedes.
8. — Success in Life. The Lawyer. By Mrs. L. C. T uth ill . 12mo., pp. 177. New
York: George P. Putnam.
This is the second of a series of works with the same general title— “ Success in
Life.” The first volume, noticed in a former number of our Magazine, was devoted to
the Merchant— the present refers to the Lawyer. Mrs. Tuthill has grouped the strong
points in the characters of several lawyers who were eminent for their learning, indus
try, integrity, and success in life, holding them up as examples worthy of the imitation
of young aspirants, who design to occupy their places in the same profession. Among
the characters sketched we notice the names of Mason, Wirt, Pinkney, Jay, Morris,
Legare, Parker, Du Ponceaue, etc.
9. — The Optimist. By H e n r y T. T uckerm an . 12mo., pp. 292. New York: George
P. Putnam.
This is a series of entertaining and instructive essays on society and its peculiarities,
which are written very much after the manner of Addison, Steele, Goldsmith, and
others. They are intended to illustrate the scope and gracefulness attainable through
wise and kindly comments on society, and an appreciative interpretation of the true
and beautiful in experience. The author in this volume professes to express his honest
convictions, but in the same spirit o f humanity which has endeared this kind of
writing to all lovers of English literature.
10.— The Personal History and Experience o f David Copperfield. By C h arles
D ickens . With illustrations by H. K. Browne. In two volumes. Vol. II. New
York: G. P. Putnam.
Those who have forgone the luxury of reading this capital narrative, one of Dicken’s
best, will now have the opportunity o f obtaining the first volume, neatly bound, with
all the illustrations.
The B ook Trade.
589
11. — Cosmos: A Sketch o f a Physical Description o f the Universe. By A lexan de r
V on H umboldt . Translated from the German by E. C. Otte. 2 vols. 12mo. New
Y ork: Harper ifc Brothers.
This work, which was originally published in three volumes, is now embraced, with
out abridgment, in two. They comprise a sketch of all that is at present known of the
physical phenomena of the universe, and treat of the incitements to the study of na
ture, as afforded in descriptive poetry, landscape painting, and the cultivation of ex
otic plants. The different epochs in the progress of discovery, and corresponding
stages of advance in human civilization, are described. The special and scientific de
velopments o f the great “ Picture of Nature” forms the conclusion of this remarkable
work, which is regarded by philosophers as every way worthy of the author’s fame,
and as “ a crowning laurel added to that wreath with which Europe will always de
light to resound the name of Alexander Von Humboldt.”
12. — Sketches o f Minnesota, the New England o f the W est; with Incidents o f Travel
in that Territory during the Summer o f 1849. In tw o parts. By E. S. S eym our .
12mo. pp. 231. New York: Harper & Brothers.
This work, as we learn from the author's preface, was mainly written at the West,
during the prevalence of cholera, when few were qualified for physical, and less for
literary employments. Without any lofty pretensions on the part of the author, in re
gard to *•elegance o f diction and play of imagination,” it furnishes a plain relation of
facts, touching the history, topography, climate, and the agricultural and commercial
resources of a territory, which is eventually, and at no distant time, to become one of
the most flourishing States in the Union. It is illustrated with what we presume to
be a correct map of the territory.
13. — The Life o f John Calvin, Compiled from Authentic Sources, and Particularly
from His Correspondence. By T homas H. D yer . 12mo., pp. 458. New Y ork:
Harper <6 Brothers.
The present memoir of the life and character of Calvin is mainly founded on the corres
pondence of the “ great Genevian Reformer,” who has thus been left, wherever it was
practicable, to speak for himself. The author, however, appears to have made a judicious
use of Ruchat’s celebrated History of the Reformation of Switzerland, and Dr. Raul
Henry’s recently published biography of Calvin, and equally reliable sources. For the
nature of Calvin's intercourse with Servetus, and other anti-Trinitarians, Mr. Dyer ac
knowledges his indebtedness to Mosheim’s very ample account of Servetus in the sec
ond volume o f his “ Ketrer-Geschichte, and Trechsel’s work. From a cursory exami
nation, we should say that the author aimed to be accurate in his statements of facts,
and impartial in his delineation of character.
14. — Posthumous Works o f the Rev. Thomas Chalmers, D. D., LL . D. Edited by the
Rev. W illia m H a r m e r , LL. D. Vol. IX . 12mo., pp. 554. New Y'ork: Harper
<Si Brothers.
The present, the ninth volume of Dr. Chalmer’s posthumous writings, completes the
series. It embraces his “ Prelections on Butler's Analogy, Raley’s Evidences of Chris
tianity, and Hill's Lectures on Divinity,” with two introductory lectures, and four ad
dresses delivered in the New College, Edinburgh. These writings afford conclusive
evidence of the author’s logical skill, and general attainments as a scholar and theo
logian—characteristics conceded, we apprehend, alike by intelligent men of all sects
and schools.
15. — Miscellanies. By W il l ia m R. W illia m s . 8vo., pp. 391. New York: E. H.
Fletcher.
Mr. Williams, the author of the various discourses, reviews, and sermons, comprising
the present volume, holds a high rank among the divines of the Baptist Church, of
which he is an honored and consistent member. His scholarly attainments are known
and appreciated beyond the mere precincts of the religious sect to which he belongs,
as is also his private character as a man, and a Christian. The papers now collected
and revised by their author include a variety of topics, and are all more or less con
nected with the mission of the Christian minister and the scholarly theologian. The
leading paper on the “ Conservative Principle in our Literature,” an address delivered
before the Literary Societies of the Hamilton Library and ’Rheological Institution,
Madison County, New York, furnishes a fair specimen of the author's style and attain
ments. It is written in a clear and vigorous style, and bears the impress of the earnest
thinker and the well-read student.
590
The Book Trade.
1Q.— The Women o f the American Revolution.. By E lizabeth F. E llet . Vol. III.
12mo., pp. 396. New Y ork: Baker &, Scribner.
The American Revolution was one of those epochs in the history of the race which,
(it has been said, and very justly,) tried men’s souls; and it may be added, gave de
monstration, if there were any doubt on that head before, that women have souls, en
shrined with noble powers of endurance, and with a courage and heroism that would
add to the glory and renown of any of their “ lords and masters.” Mrs. Ellet fully
sustains our position, not only in the present, but the two preceding volumes of the
series, published some time since, and noticed in the Merchants' Magazine in what we
conceived to be fitting terms of commendation. She has in the present volume pro
duced a group of as noble and heroic women as ever graced the pages of the world’s
history. Her “ Mary Warren, and the intellectual group around her, illustrate the
higher order of women in Massachusetts, and Mary Slocumb is a marked type of the
spirited dames of North C a r o lin a s o , top, in her “ Katharine Steel, Nancy Green,
Sarah McCalla, Sarah Buchanan, and others, are embodied the spirit and experience
of a large portion of our country.” We cordially commend our fair country-woman, in her
efforts to gather up and present these interesting fragments of American biography, to
the encouragement of every patriotic American.
11.— Moralism and, Christianity ; or, Man's Experience and Destiny.
In Three Lec
tures. By H en ry J ames . 12mo., pp. 184. New Y ork : J. S. Redfield.
This volume contains three lectures. The first, entitled “ A Scientific Statement o f
the Christian Doctrine o f the Lord, or Divine M an’’ was delivered before an assem
blage of Swedenborgians and Socialists, and afterwards published, with some verbal
alterations, as an article in the Massachusetts Quarterly Review. The second lecture,
“ Socialism and Civilization in Relation to the Development o f the Individual L ife ’’
was read before the “ Town and Country Club,” of Boston, which is composed of some
of the most independent-minded men in New England, as Theodore Parker, Ralph
Waldo Emerson, and others, whose views are more popular, if not more orthodox.
The third lecture, relating to “ Morality and the Perfect Life,” was read, and subse
quently repeated, at the request of several gentlemen in New York, during the month
of December, 1849. Mr. James, the author, is considered by his friends, and we be
lieve justly, as a highly-educated and pure-minded man ; but his views on many sub
jects are regarded as novel by many, and unsound by the conservatives, whose minds
are cast in the popular mould of our own, or perhaps, we should say, of past times.
18. — The Art-Journal. Published (for the proprietors) by George Virtue, Paternoster
Row, London, and 25 John-street, New York,
The second (February) number of the new volume of this uuique and beautiful
work continues to derive one of its leading pictorial attractions from paintings in the
celebrated Vernon Gallery. It lias two engravings copied from the paintings of that
gallery in the present number; namely, “ The Woodland Gate ” and “ The Eye of
Innocence.” The prints are presumed to be correct copies of the oaintings, and exe
cuted by two o f the best artists in England, they are undoubtedly as faithful to the
originals, as they are beautiful and masterly specimens of the art. There is also in
this number an engraving on steel of Powers’ celebrated “ Greek Slave ”— a perfect
gem We know of no work so well calculated to elevate and improve the taste of the
American people in all that pertains to the fine arts as this journal, conducted as it
now is and has been from the start. It richly deserves the increased patronage be
stowed upon it by our countrymen.
19. — Miss Leslie’s Lady's New Receipt B ook; a Useful Guide f o r Large or Small
Families; containing Directions f o r Cooking, Preserving, Pickling, etc., etc. Third
Edition, Enlarged, being a Sequel to her “ Complete Cookery." 12mo., pp.436.
Philadelphia: A. Hart.
Here is a volume containing a great variety of receipts for preparing soups, fish,
meats, vegetables, poultry, oysters, game, puddings, pies, tarts, custards, ice creams,
blancmange, cakes, confectionery, sweetmeats, jellies, syrups, cordials, candies, perfu
mery, etc. To the present edition Miss Leslie, the accomplished author, has added
more than a hundred additional receipts for preparing farina, Indian meal, fancy tea
cake, marmalades, etc. Families who possess the means and the inclination to keep
an excellent table, and to entertain their guests in a handsome and liberal manner, will
most probably find in this book and its predecessor all that is required for such pur
poses.
The Boole Trade.
591
20. — Studies in Christian Biography: or, Hours With Theologians and Reformers.
By S amuel O sgood , Minister of the Church of the Messiah in New York. 12mo.,
pp. 395. New Y ork : Charles S. Francis & Co.
This volume contains fourteen papers, originally contributed to some of our leading
magazines and reviews, as the North American, the Bibliotheca Sacra, the Christian
Examiner, and Monthly Religious Magazine. They relate to the biography of men
connected with the Christian Church in its varied forms, from St. Augustine to Ed
wards and Howard in our own time. The leading features and characteristics, and the
lives and labors of such leaders of Christian thought and action as St. Augustine,
Chrysostom, Jerome. Calvin, Faustus Socinus, Hugo Grotius, George Fox, Swedenborg,
John Wesley, Jonathan Edwards, and John Howard, form the topics of Mr. Osgood’s
“ studies.” They are written in a chaste and finished, if not always remarkably vig
orous style, and are comparatively free from that narrow, sectarian spirit which has so
frequently marred the learned labors of men connected with different schools of theo
logical criticism and research. The author “ has tried to seek the truth and speak it
candidly.” How far he has been successful in this endeavor it is not for us to say. We
leave it to the impartial reader, to whom we candidly commend the work, confident
that however widely his prejudices or his judgment may lead him to differ from the
author on many points, he will find much to approve, admire and commend.
21. — Cuba, and the Cubans: Comprising a History o f the Island o f Cuba, its present
Social, Political, and Domestic Condition; also its Relation to England and the
United States. By the author of “ Letters from Cuba.” With an appendix, con
taining important statistics, and a reply to Senor Saco on Annexation, translated
from the Spanish. 12mo., pp. 255. New York : Samuel Hueston.
The present volume embraces a brief sketch of the history of the Island, condensed
from Turnbull’s Travels in Cuba, and a variety of information touching the manners,
habits, customs, resources, <fcc., of Cuba, gathered mainly from personal observation or
reliable data, obtained during a residence in the Island. The analysis of Cuban taxes,
given in these pages, is believed by the author to be the first of the kind attempted.
The chapters devoted to the social and domestic manners of the Cubans, to their reli
gion and education, will interest the general reader. The author is in favor of annex
ation, and expresses the opinion that with or without the United States, Cuba will
soon be free from Spanish dominion, and— “ which is of greater consequence to this
country— if free without our aid, she falls to England.”
22. — The New York Mercantile Union Business Directory, containing a new Map o f
New York City and State, and a Business Directory showing the Name, Location,
and Business o f Mercantile Firms, Manufacturing Establishments. Professional
Menv Artists, Corporations, Banking, Moneyed, and Literary Institutions, Courts,
Public Offices, and all the Miscellaneous Departments which contribute to Business,
Wealth, and the Property o f the State, etc. Carefully Collected and Arranged fo r
1850-51. 8vo., pp. 431. New York: S. French,L. C. <fc H. L. Pratt.
The contents of this volume are briefly described in the title page quoted. The
plan is similar in every respect to that of the New England Business Directory pub
lished some twelve or eighteen months since, which whs favorably noticed at the time
in our Magazine. The information contained in the present volume was gathered by
a number of efficient agents of the publishers, who visited every town in the State for
that purpose, and seem to have performed that labor with marked care and fidelity.
Ihere is scarcely a man in the community, no matter what may be his profession, that
will not find the work of service to him. To the merchant and business man it will
prove an almost indispensable vade mecum.
23. — Illustrated Botany ; Containing a Floral Dictionary, and a Glossary o f Scientific
Terms, Illustrated with Numerous Engravings. By J ohn B. N ew m an , M. D., author
of various works on the natural sciences. 12mo., pp. 225. New Y ork : Fowlers <fc
Wells.
This work is designed for beginners in the study of Botany— for those who have no
previous knowledge of the subject, and will, we think, be found “ simple enough to be
understood without other instruction.” The author has, it would seem, by means of
ample illustration in the way of facts and anecdotes, contrived to keep up and gratify
cu iosity to the end. It is abundantly illustrated with engravings, a feature that must
add materially to its attractiveness, and its value to the learner.
592
The Book Trade.
24. — The Annual o f Scientific Discovery; or, Year-Book o f Facts on Science and
A rt, exhibiting the most Important Discoveries and Improvements in Mechanics, Use
fu l A rts, Natural Philosophy, Chemistry, Astronomy, Meteorology, Zoology, Botany,
Mineralogy, Antiquities, together with a List o f Recent Scientific Publications, a
Classified List o f Patents, Obituaries o f Eminent Scientific Men, an Index o f Im
portant Papers in Scientific Journals, Reports, etc. Edited by D a v id A W e l l s , of
the Lawrence Scientific School. Cambridge, and G eorge B liss, Jr. 12mo., p p . S92.
Boston : Gould, Kendall & Lincoln.
The somewhat copious title page expresses as briefly as the varied contents of this
volume will admit, its design. The several subjects are systematically arranged under
the different departments, and the book is in every respect what it purports to be, a
“ substantial summary o f the discoveries in science and art.” The articles are brief
and intelligible, and the work will be as interesting and instructive to the general
reader as it is useful and indispensable to the scientific man, who desires to be “ posted ”
on all matters falling within the range of scientific investigation and discovery. The
compilers have performed their part in a creditable and skillful manner, generally
stating the sources (and these the best) from whence the information is derived. A
similar volume is to be published annually.
— Discourses on the Lord’s Prayer. By E. H . C h a p e n . 12mo., p p . 2 0 9 . Boston:
A. Thompkins.
This volume, as its title indicates, contains a series of sermons on the Lord’s Prayer.
Each petition of that incomparable formulary of devotion is adopted as a text, and
illustrated in an eloquent and forcible manner. It does not appear to have been the
design of the preacher to give a critical explanation of the prayer, but rather to draw
from it those practical suggestions which will enable the siucere Christian to repeat it
with a more intelligent and devout spirit, and to act out in his daily life the great
truths which it involves. There is a comprehensiveness in the precepts and ejacula
tions of the founder of Christianity that admits of a wide expansion, and the import
ance of his most laconic teachings are daily being better understood, and more truly
comprehended.
25.
26. — The Angel World, and other Poems. By P h il ip J ames B a il e y , author of Festus.
Boston, Ticknor, Reed
Fields.
The “ Festus” of Mr. Bailey is regarded by the English critics as one of the most
extraordinary poems of the age; and the “ Angel World,” which occupies more than
half of the one hundred and fourteen pages of the present volume, though less bold,
and, perhaps, less imaginative, will not, we presume, impair their admiration of the
genius or power of the poet.
27. — Narrative o f the United States Expedition to the River Jordan and the Dead Sea.
By W. F. L ynch , U. S. N. 12mo, pp. 332. Philadelphia: Lea & Blanchard.
This is a cheaper and condensed edition of the large and illustrated work of Lieut.
Lynch, which contains all the circumstances and incidents connected with his survey of
the Dead Sea. To the great mass of readers this volume is more desirable than the
larger one, for it can be obtained at a small expense, and it comprises everything of
importance generally. . The national character and objects of this expedition are al
ready too "well known to the public to require to be repeated by us.
28. — Grammar o f Arithmetic ; or an Analysis o f the Language o f Figures and Sci
ence o f Numbers. By C h ar les D a v ie s , L. L. D. New Y ork : A. S. Barnes, pp. 144.
This little manual is designed to be of service to the teacher in first introducing the
pupil to the science of arithmetic. The method by which this is proposed to be done,
is by presenting the elements separately, in their natural order, and pointing out the
relations between them, and then deducing from the principles of the science all the
rules of application, and illustrating the various ways in which they are applied. This
course is expected to produce in the pupil habits of quick and accurate thought and
skill in the application of principles.
29. — Money-Penny, or the Heart o f the W orld; a Romance o f the Present Day. By
C ornelius M a th e w s . 8 vo ., pp. 270. New York: Dewitt
Davenport.
This is quite an agreeable book, and is w’ritten in an easy and flowing style. It em
braces the adventures of a gentleman from the country in and about New York,
Story of the Indian Girl, the Seamstress and the Poet, the Cheerful Newsboy, <fcc., <fcc.,
with various other characters from the upper and lower walks of life.
@FedFRASER