Full text of The Merchants' Magazine and Commercial Review : May 1851, Vol. XXIV, No. V

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THE

MERCHANTS’ MAGAZINE,
E s t a b li s h e d J u ly ? 18 3 9 ,

BY FREEMAN HUNT, EDITOR AND PROPRIETOR.

VOLUME X XIV .

MAT,

CONTENTS

18 51 .

NUMBER V.

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

ARTICLES.
A rt.

1.

page.

TH E M E R C H A N T : OR, THE IN FLU EN CE OF COM M ER CE.............................................. 531

II. CO M M ER CIAL CITIES AN D TO W N S OF THE UNITED S T A T E S .-N o . X X I V .—THE
CITY OF SAN FRANCISCO, C A L IF O R N IA ...................................................... ........................ 540
III. TH E M EA SU RE OF V A L U E .

By G e o r g e B a c o n , Esq., o f N ew Y o r k .............................. 551

I V . A T L A N T IC A N D PA CIFIC T E L E G R A P H ...............................................

559

V . T R A D E AN D P IR A C Y OF TH E E A S T E R N A R C H IPE LA G O .— P a r t l. B y W il l i a m
A l f r e d G l id d o n , Esq., late Acting A m erican Consul at Cairo, E gypt.................................. 563
V I. F R E E T R A D E vs. PROTECTIVE T A R IF F S.
V II.

By R i c h a r d S d l l e y , Esq., o f N ew Y ork. 569

TH E SU FFO LK BA N K SY STE M OF N E W E N G LAN D . By T h o m a s B. F o s t e r , Esq.,
Merchant, o f N ew Y o r k ......................................................................................................................... 577

J O U R N A L OP M E R C A N T I L E L A W .
Important Com m ercial Decision.—Navigation L aw s o f the U nited States— Reciprocity, the
Am erican Policy o f Trade, and the Basis o f Modern Mercantile Public Law — Duty on Coffee
and Tea, im ported in Portuguese Vessels................................................................................................... 582
Liabilities o f Ship O wners.................................................................................................................................. 592

C O M M E R C I A L C H R O N I C 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 F O L L O W S:

Creation o f Banks—Leading Features o f the N ew Y o rk City Banks for several years— Exports
o f Provisions from the United States during the last ten years—Exports from United States to
Great Britain from 1836 to 1850— Import o f F o o d into Great Britain— Increased Demand for
M oney— Bank Dividends in N ew Y ork from 1849 to 1851— Boston Bank Dividends—Coinage
o f D ouble Eagles—Coinage o f the United States Mint at Philadelphia— Leading Features o f
Banks in the United States from 1837 to 1851—Increase o f Railroads and Shipping—The Close
o f the Fifth Decade o f the Century, e tc .............................................................................................. 593-598
V O L . X X I V .-----N O . V .




34

530

CON TEN TS

OF

NO.

V ., V O L . X X IV .
PA G E .

JOURNAL

OF B A N K I N G ,

CURRENCY,

AND F I N A N C E .

Condition o f the State Banks in the United States in 1850..............
The Debt and Finances o f B o s to n ..........................................................
Statistics o f the Banks o f M assachusetts..............................................
Condition o f the New Y o rk City Banks................................................
United States Treasurer’ s Statement.......................................................
General Banking Law o f N ew Jersey....................................................
Revenue and Expenditures o f Pen nsylvania......................................
Tax and Valuation o f Property in the State o f N ew Y ork in 1850.
United States Treasury Notes Outstanding, April 1 ,1851................
Banking Capital in Pennsylvania............................................................
Coinage o f the United States M in t .........................................................
Daily Earnings o f the W orking Population o f B elgium ....................
Savings Bank o f Baltimore.............................................. .........................

COMMERCIAL

598
602
603
604
606
607
607
608
610
611
611
612
612

STATISTICS.

Com m erce o f N ew Y o r k .......................................................................................................................................
Important to C h eesem on gers................................................................... ............................................. . . . . .
Statement o f the Commerce o f each State and Territory from July 1, 1849, to June 30, 1850 ........
The Commerce o f Lake Ports and River P o r t s .............................................................................................
O h io : the Land o f W heat and C orn .................................................................................................................
Prices o f Breadstuffs in Philadelphia in 1850 .................................................................................................
Foreign Trade with Cadiz, S p a in .......................................................................................................................
Com m erce o f R io Janeiro.....................................................................................................................................
Average Price o f Hogs in Cincinnati in 1848-1850 .......................................................................................
Average Price o f W heat and Bread in France...............................................................................................
The T obacco Trade o f Baltim ore.......................................................................................................................

613
614
615
616
617
619
620
621
622
622
623

COMMERCIAL REGULATIONS.
The Appraisement o f Merchandise in the United States............................................................................
New Orleans Tariff o f Insurance on Cotton.....................................................................................................
The General Incorporation Law o f Io w a ..................................................................... - .................................
San Francisco Commercial Regulations...........................................................................................................

624
626
628
631

NAUTICAL INTELLIGENCE.
Light at the Entrance o f the Bay o f Cienfuegos.......................
Telegraph Signal for Light-houses.................................................
Latitude and Longitude at Point Conception, C a lifo rn ia ----Pilotage— Van Diem en’s L a n d .......................................................
Signal to Vessels about to enter M ogador P ort..........................
A Shoal in Banca Straits, and one near the Brothers’ Islands
Extension o f Maplin S a n d s .............................................................
Mark for Vessels entering the Quarantine Harbor, Malta . . . .
Marine Insurance at N ew Orleans.................................................
Mariner’ s C om p a ss................................................. ....................

633
633
633
633
634
634
634
634
634
634

R AI LROA D, CANAL, AND S T E A M B O A T S T A T I S T I C S .
The Pennsylvania Railroads.................................................................................................................................
The Progress o f Railroads in the Southern States.........................................................................................
Com plete Statistics o f Massachusetts Railroads in Massachusetts in 1850. Prepared by D a v id M.
B a l f o u r , Esq., o f Mass................................................................................................................................
Statistics o f the Progress o f Railroads in O h io ...............................................................................................
N ew Y ork Canal Tolls for 1851...........................................................................................................................
Steam Navigation in England...................................................................... ......................................................
Necessity for Railroads in I n d ia .........................................................................................................................
The L ocom otive Steam Power in France........................................................................................................
Effects o f the W orld’ s Exhibition on R a ilw a ys................................................................... .......................

JOURNAL

635
637
638
639
642
642
642
643
643

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

The Manufacture o f Antim ony in the United States.......... ..........................................................................
Linen as a Substitute for Cotton.............. ................................ ..........................................................................
Extensive Foundry and M achine Shop in New Orleans.............................................................................
Manufacture o f Jewelry in New J e r s e y ...........................................................................................................
Cost o f Transporting Coal from Pennsylvania.— The Patent Cordage M achine....................................
California Mines and Mining.— Manufacture o f O il from Poppy S eed .....................................................
Calfornia Native L ea f G o ld .................................................................................................................................

643
644
645
645
646
647
647

MERCANTILE MISCELLANIES.
Integrity the Foundation o f Mercantile Character......................................................................................... 648
The Market for Cotton in India.— Com m erce and C onscience................................................................... 649
The Brazilian Slave Trade.—D ecline o f the A frican Slave Trade.—Effects o f Lightning on Cotton 650

THE BOOK T R A D E .
Notices o f 41 new Books, o r new Editions............ ................................................................................... 651-656




HUNT’S

MERCHANTS’ MAGAZINE
AND

COMMERCIAL REVIEW.
MAY,

Art. I.— T H E

1851.

M ER CH AN T.*

W e attempted to make some extracts from this oration, when it first appeared
in print, but could not succeed in limiting them satisfactorily. W e have now
the pleasure, by the kind permission o f the author and publishers,f to present it
entire to our readers, and to contribute to its preservation in a form more per­
manent than that o f a pamphlet.
That a purely literary society should select a Merchant to deliver an oration at
its anniversary, and that the Merchant should be so presumptuous as to accept
the task, were certainly surprising innovations on time honored usages: but the
result has shown that the society was wise, and that the Merchant did not mis­
calculate his resources. Apart from the general favor with which the oration
was received, the government o f Brown University manifested their estimate of
its merits by conferring upon the author the highest dignity within their gift.
As Mr. Russell has hitherto been known to the commercial world only as a
successful merchant, and now appears in what is usually considered a new char­
acter, we deem it not inappropriate to prefix to the oration a short sketch o f his
life.
G eorge R obert R ussell is the oldest son o f Jonathan Russell, a name not
unknown in the annals o f diplomacy. In 1814, while a boy, he accompanied his
father and Mr. Clay to Gottenburg, in the “ John A d a m s h e , Mr. Clay, and
Mr. Lewis, Collector o f Philadelphia, being now the only survivors o f the minis­
ters, secretaries, and attaches, who went out in that vessel. He afterwards went
to Ghent, where he remained during the negotiations which there took place,
and was at school in Paris for two years, which included the Hundred Days, and
the possession o f that city by the Allied Powers. He graduated at Brown Univer­
* A n Oration before the R h ode Island Alpha o f the Phi Beta Kappa Society, at P rovidence, Sep­
tem ber 4, 1849. By G eorge R. Russell. Boston : Ticknor, R eed , and Fields.
t Entered according to A ct o f Congress, in the year 1849, by Ticknor, R eed, and Fields, in the
Clerk’ s Office o f the District Court o f Massachusetts.




532

The M erch an t:

sity in 1821, having among his class-mates Horace Mann and Samuel G. Howe,
the latter o f whom was, we believe, his chum, and studied law under John Ser­
geant, o f Philadelphia, where he was admitted to the bar.
W e presume that Mr. Russell was not particularly successful in the practice
o f his profession, as we find him shortly after doubling Cape Horn, and making
himself acquainted with the Commerce o f Chili and Peru. He next appeared at
Canton, and Manila, in the last o f which places he became well known as the *
founder and head o f the house o f Russell & Sturgis, and deservedly popular
with his numerous correspondents and acquaintances. The favorable results of
ten or twelve years application to business, during which he relieved the tedious­
ness o f leisure hours by occasional alligator and wild-buffalo hunts, or in similar
intellectual pursuits, as we judge by the pages o f SillimarCs Journal, having
enabled him to retire from the turmoil o f trade, and enjoy his “ otium cum dignitale ” at W est Roxburry, in the neigborhood o f Boston; in him that “ otium”
does dot degenerate into idleness.
W e will only add that Mr. Russell is a son-in-law o f Robert G. Shaw, o f
Boston, and say that if examples were needed in proof o f the position assumed
in the oration before us, the author might himself be adduced as evidence that
“ the Merchant ” may also be a gentleman and a scholar, as well as an honest
and kind-hearted man.
THE MERCHANT, OR THE INFLUENCE OF COMMERCE.
PART I.

I propose to speak to you o f the Merchant, or the influence o f Commerce.
If, in the selection o f this subject, I may seem to have departed from
ordinary usage, which requires a more immediate connection with what may
be presumed to be the tastes and inclinations o f the greater part o f those
who assemble on an occasion like this, it is because I have not perceived its
unfitness o f place, or irrelevancy to intellectual and literary occupations.
The scholar may feel some interest for the pursuit, which has contributed
so largely to the facilities for his own calling; and, by extending its thou­
sand hands to every region o f the earth, has collected whatever is curious in
science, or desirable in art. That the wisdom o f ages may lie within his
easy reach, the ship girdles the globe, and every cranny o f its surface is ran­
sacked, to supply his wants, and anticipate his wishes. W ithout wandering
from his accustomed range, he may see, around him, evidences o f what
learning owes to a profession, which has liberally aided common education,
founded schools o f science, given names to universities, or encouraged and
sustained them from an honorable-earned prosperity; worthy memorials,
that it has not labored for outward luxury and present gratification only, but
for the solid and enduring benefit o f aftertimes.
In the halls o f colleges hang the portraits o f benefactors, who trafficked
in the busy world that they might endow professorships, fill the shelves o f
libraries, and place at the command o f the student, whatever is recorded of
the genius, intelligence, and industry o f man. The calculations o f the
counting-room involve consequences beyond the accumulation o f wealth.
They are made, not merely for the actual necessities and artificial require­
ments o f society, but they bring, from strange lands, new objects for investi­
gation, and suggestions which give encouragement to thought.
The man o f books may pause, before he disdains companionship with the




Or, the Influence o f Commerce.

533

man o f business, or arrogates to liimself exclusive property in the field o f
literature.
The young merchant, in these days, treads hard on the track o f the pro­
fessed scholar. Even in his early novitiate, he is not, now, content with the
accomplishments which are deemed requisite in his initiation; and which,
though by no means ignoble, do not call for strong mental exertion, nor
require, for perfectibility, the length o f time often devoted to these mysteries.
H e seeks more than can be found in his routine o f duties. H e is not satis­
fied with proficiency in sweeping store, making fires, and trimming lamps;
in being an errand boy, or a copying machine ; and his higher aspirations
are aided by the opportunities for acquiring knowledge, which have, within
a few years, been most bountifully multiplied. There are lectures, libraries,
and reading-rooms, for those who crave, for their leisure hours, something
more than mere amusement; and they have given a character to pursuits,
which were once considered suited only to practical men, whose business was
to do the drudgery of life, and leave the monopoly of mind to more aesthetic
natures. Mercantile associations have been formed, whose object is to en­
courage improvement, promote a taste for science and art, stimulate an at­
tention to intellectual culture, and induce a devotion to qualifications which
may give a wider range for future usefulness. The cultivation, thus nurtured,
is a labor of love. Knowledge is sought for itself alone ; no academic
honors are expected; no diploma is to reward a periodical regard to pre­
scribed tasks. But the limited time, alloted to study, gives an earnestness
to application, and a necessity for that concentration and attention, which
almost seems to constitute the difference between men, and is certainly indis­
pensable to high success in any profession.
There should be good fellowship between all occupations. They are in
close connection; each can learn something o f the other, and supply
deficiencies by interchange o f thought and friendly communion. The man
o f contemplation is neighbor to the man o f action; abstraction leans against
reality; exact science is nearly related to practical circumstance ; speculation
falls back on the experience o f working days : out o f the dust and turmoil
o f noisy life spring beautiful things, over which sentiment may languish, and
poetry become frantic. Differences o f condition are accidents : men get
into wrong places, but there is such affinity in the labor o f all, that mistakes
are rarely rectified, the world jogs on, and things settle themselves. Over
all conditions, from the nature too etherealized to think o f dinner, down to
the fragment o f clay that thinks o f nothing else, there rests the philosophy
o f facts, an agency which reconciles all discrepancies, and enlightens man­
kind by a sober development o f human progress.
A sketch o f the history o f Commerce may not be inappropriate, as embody­
ing much that illustrates its connection with civilization, and the influence it
has had on society. It doubtless originated in the first wants o f man, which
he was unable to gratify without recourse to others. Wherever distinct
property became acknowledged, trade was established, and an interchange
o f articles effected, from an abundance that exceed necessity. The equivalent
was in kind, and was a simple consideration, in an operation which looked
only for convenience, and the supply o f an immediate want. Commerce, as
a distinct profession, could not have existed until a degree of luxury had
been attained; and the more adventurous sought in other lands what could
not be found at home. Intercourse between different countries was thus
commenced, and improvement and refinement progressed as it augmented.




534

The M erch an t:

In availing themselves of whatever made life more desirable, men im ­
perceptibly adopted customs which assimilated them in manners, and the mer­
chant, as he united nations, became an instrument in advancing their condition.
His mission was one o f kindness and conciliation. The battle-field was no
place for his operations, and from the earliest time to the present day, his
wishes, feelings, and interests, have made him a friend and advocate o f
peace.
In looking back for the first history of Commerce, we turn to the people
o f whom little was known by what we call the ancient world. Herodotus
makes no mention o f China, a sure evidence that he 'had not heard o f h e r ;
for he would never have missed the opportunity o f dilating on the wonders
o f that extraordinary people; and incredulity would have scoffed till time
should have done him justice, as it has in verifying the seeming impossibili­
ties he related o f other countries.
It is vain to speculate on the antiquity o f the Chinese empire, or the
Commerce which is doubtless coeval with its existence. The explorer is
baffled as he enters that region o f cloud and fable, where time is computed,—
not by the cycles with which we are accustomed to measure its course, but
by millions o f years ; back from a period when gods dwelt on the earth, and
assumed its temporal government. In comparison with Chinese record, our
antiquity is a thing o f yesterday. If we give it credence, the mysterious
things o f Egypt charm no lon ger; Champollion has wasted his labor and
ingenuity, for the hieroglyphics are the mere scribblings o f a primary sch ool;
Menes, Sesostris, Rameses, have moved down to us ; our reverence is weak­
ened for the long line o f Pharaohs; Osiris is a parvenue, and the mysteries
o f Isis are not worth kn ow in g: Homer may strike his lyre, and cover the
plains o f Ilium with his heroes; but Greek and Trojan clash newly invented
armor, Hector is dragged through familiar dust, and the battles o f the godsare susceptible o f modern military criticism.
But whatever absurdity there may be in the obscurity o f Chinese tradition,
and however impossible it may be to penetrate the veil that envelops her
early history, it cannot be questioned, that China was as advanced as she
now is, when modern nations were in a state o f barbarism ; that her people
were clothed in cotton o f their own weaving, and wore shoes o f their own
making, when our ancestors walked barefooted, rejoicing in raw sheepskins
or a coat o f paint. The silkworm spun its cocoon in Chinese dwellings,
when European royalty depended on the hunter’s skill for its wardrobe, and
the shrines o f Joss gave nightly tokens o f the invention o f gunpowder, long
prior to the period when western invention had advanced sufficiently far to
shoot with cross-bow. If there are any doubts whether the power o f the
magnet was originally known in China, they may be solved by examination;
for if there is any faith in the agricultural aphorism, that “ like produces
like,” the juxtaposition o f a European and Chinese compass will satisfy the
most skeptical, whether the one could ever have suggested the other.
The history o f Chinese Commerce would give the history o f that people;
for the love of trade is so much a part o f their very natures, is so interwoven
with their being, that it seems impossible there should ever have been a
time when they did not traffic with each other and with neighbors. W h at­
ever they did in past times will never be known to us. Their remote
position secluded them from the rest o f the world, and, although some soli­
tary wanderer might have brought us an accasional hint to establish a
suspicion o f their existence, it is probably that, without the application o f




Or, The Influence o f Commerce.

535

the magnetic needle to navigation, there would now he little more known of
them, than when Marco P olo narrated his adventures. Y et Chinese utensils
have been found in the tombs o f Thebes, and the inscriptions on them have
been translated. They probably found their way through India, for the
Egyptians were not navigators, and it is not supposed that Chinese seaman­
ship knew a wider range in ancient times than at the present day. But
there is no reason to doubt that, before any written knowledge o f them, and',
perhaps, when civilization was slowly descending the Nile, long anterior to
the time when the Argonauts plowed unknown seas in the search o f the
Golden Fleece, the enterprise and perseverance o f Chinese Commerce ex­
plored all parts o f the adjacent waters, from the Philippine Islands to Java
and Sumatra. Wherever the mariner could find his way from headland to
headland, they boldly extended trade, with the unwearied activity which
marks that most industrious o f the races o f men. The world is just
awaking to the importance o f Borneo, and the courage and ability o f one
man are pointing out its resources, and calling on his country to avail of
them. But, as long as those seas have been known to us, the Chinese junk
has lowered her mat-sail, and dropped her wooden anchor in the inlets of
that yet unexplored world. In straits where the Malay proa has been the
terror o f the swift and well appointed ship, has that unshapely mass pursued
her slow course, sometimes suffering from ferocious piracy; but, whatever
her catastrophe, never without a successor ready to encounter the hazard.
The Chinese trader competes with the European wherever the latter has
founded settlements in the Eastern world. Ilis sleepless diligence overcomes
every obstacle, and his love o f gain is not quenched by contumely and per­
secution. N o sooner does he put his foot among strangers, than he begins
to work. N o office is too menial or too laborious for him. H e has come
•to make money, and he will make it. His frugality requires but little ; he
barely lives, but he saves what he g e ts; commences trade in the smallest
possible way, and is continually adding to his store. The native scorns such
drudgery, and remains p o o r ; the Chinaman toils patiently on, and grows
rich. A few years pass by, and he has warehouses ; becomes a contractor
for produce ; buys foreign goods by the cargo, and employs his newly-iniported countrymen, who have come to seek their fortunes as he did. H e is
not particularly scrupulous in matters o f opinion. H e never meddles with
politics, for they are dangerous and not profitable ; but he will adopt any
creed, and carefully follow any observances, if, by so doing, he can confirm
or improve his position. If it is expedient for him to become a Catholic, he
punctually attends mass, walks in processions, clings to his rosary or his re­
liquary, with an excess o f devotion, until he sails for home, when he tosses
them overboard. He thrives with the Spaniard, and works when the latter
sleeps. H e is too quick for the Dutchman, and can smoke and bargain at
the same time, turning his relaxation to account. H e has harder work with
the Englishman, but still he is too much for him, and succeeds. Climate
has no effect on him ; it cannot stop his hands, unless it kills him ; and if
it does, he dies in harness, battling for money till his last breath. Wherever
he may be, and in whatever position, whether in his own or in a foreign
country, he is diligent, temperate, and uncomplaining. He will compare in
good qualities with men of other lands, and is, if anything, more generally
honest. H e keeps the word he pledges, pays his debts, and is capable o f
generous and noble actions. It has been customary to speak lightly of him,
and to judge o f a whole people by a few vagabonds in a provincial seaport,
whose morals and manners have not been improved by foreign society.




536

The M erch an t:

The early commerce o f India, like that o f China, is a matter o f supposi­
tion. The dead language of the Hindoos has thrown a flickering light on
the dimness o f the past, and the Sanscrit scholar, in unraveling the web
which covers remote antiquity, gathers barely material sufficient to show the
strange mingling o f traditionary fables, which make “ confusion worse con­
founded.” H e prevails on the reluctant Brahmin to open the holy Vedas,
which contain the gathered wisdom o f bygone ages, and he looks back to a
time ere the Hindoo Trinity was created, when the incarnations o f Vishnu
were yet in the unknown future. H e turns to the great epics o f Hindoo
poetry, Mahabharata and Ramayana— names that sound strangely in our
ears, but which, for untold centuries, have given all that has been or will be
known o f the remote history o f India. From them he may collect the scat­
tered fragments, which give an appearance o f credibility to the distant past,
and, connecting them together, form his conclusion on the manners and cus­
toms o f a people, who had attained a high refinement before the lowest
grades o f civilization had been reached by the savage tribes, which roamed
over the continent o f Europe. In those works o f reality and fiction, the
Hindoos are represented as highly commercial. The merchant was evi­
dently regarded as an important part o f the social system, and he took his
place among the distinguished and most respected o f the land. Trade is
mentioned as an honorable calling, and there is reason to believe that it pro­
duced a powerful effect on the permanent character of that ancient people.
A s we leave the land of cloud and shadow, and descend to the facts of
history, we are confirmed in the impressions before received, and we see the
effects o f an extended Commerce down to the time o f the invasion o f Alex­
ander. That great man advanced only midway to the Ganges, but he found,
on his march, the monuments o f nations long since arrived at maturity, and
frequent evidences o f ihe creating power and abiding influence o f trade.
Revolt compelled him to turn back, but he took with him the renewed con­
viction, that if his universal empire was founded by the sword, it should be
sustained and encouraged by a wide and well-established Commerce.
India has been through all stages o f history, the leading star o f mercantile
enterprise. The merchant o f all times has cast towards her his anxious
gaze. Her wealth has been poured in abundance upon all lands. Arabia,
Ethiopia, Egypt, in regular succession, felt her bou n ty; Persia, Assyria,
Greece, Carthage, Rome, whatever is known to us o f antiquity, or is regarded
with reverence, from the position it had held in this world’s annals, has
become rich in proportion to its extent o f trade with this great store-house
o f Commerce. W hen, in the course o f time, they passed onward, leaving to
new nations the fulfillment o f earth’s destinies, the yet unexhausted treasures
o f the East were the main object o f new aspirations. The Portuguese
mariner doubled the stormy cape o f Africa to show his countrymen the road
to India. The Genoese, as he begged from kingdom to kingdom,— the gift
he asked being the power o f bestowing boundless wealth on the giver,—
looked only to India. A nd when the long sought, yet unseen, land lay in
darkness before him, in the watch o f that endless night, till at last, through
the grey mist, came slowly forth the faint outline o f cocoa-nut and palmtree, his aching eyes rested, as he thought, on the groves o f Hindoostan,
looming in the dim twilight o f early morning. So long had India been
almost the sole thought o f enterprising men, that it seemed impossible
there should be other roads to mercantile success.




Or, The Influence o f Commerce.

537

The Commerce of the ancient Egyptians was entirely inland, and so little
were they interested in navigation, that they scarcely trusted themselves
across the Nile, at the time o f its inundation. They had a detestation o f
the sea, and looked on it with a holy horror. It was Typhon, the demon,
who swallowed up Osiris, the river on which their existence depended. In
their early history they had no vessels, and is was not until Sesostris dedica­
ted a ship to the Nile, and thus conciliated the priests, that he abated the
prejudice which checked the improvement o f his people. It is doubted
whether, before the reign o f Amasis, they even tolerated intercourse with any
country that used the sea as a highway. They never became seamen to any
extent themselves; but, at a later time, they promoted navigation in others,
and availed themselves o f the skill and courage o f neighboring nations, to
draw to them the productions o f Asia and Europe. The Arabians brought
them the riches of India, and the Greeks and Tyrians supplied them with
the metals o f Spain and Britain.
The fleet o f Necho is supposed to have been manned by Phoenicians. The
expedition which that king sent by the Red Sea, which doubled the Cape
o f Good Hope, and returned to the Mediterranean, through the Straits of
Gibraltar, is the most wonderful maritime exploit on record. It takes
precedence in daring before the later discovery o f Vasco de Gama, made as
it was without science, and with the rude materials o f that early time.
Herodotus doubts the fact, while he states i t ; but the reason he gives for
doing so, is the very one that establishes its probability,— that, as they
sailed round Libya, they had the sun on their right hand. Both the adven­
turer and narrator were ignorant o f the sun’s apparent track, and as the
former got south of the equator, he might well be astonished, and the
historian might doubt this eccentric and unbecoming movement in the head
o f the solar system.
The inland Commerce o f Egypt was o f very considerable importance.
The unbounded fertility o f the Nile gave her the means o f furnishing the
then known world, and she exchanged food for the luxuries of every clime.
The cotton and linen from her looms contributed to bring her whatever was
most rare from all surrounding countries. The caravan traversed the sands,
and as it came laden with spice and perfume, with gold and ivory, with
animal life brought out in the hot glare o f central Africa, there also came,
in its long train, the black slave gang, prisoners o f tribes which warred, as
they still do, for the benefit o f petty despotism, and the trader o f the olden
time (jared as little for human groans, as the captain o f the slave ship or his
employer. As far as history reaches back, the African slave trade flourished,
and from the remotest time, the doom ed race has encouraged avarice, and
administered to luxury. It was one o f the principal articles o f traffic among
the old Egyptians, and the traveler of the present day can rarely reach the
cataracts o f the Nile, without encountering evidence that there is one branch
o f Commerce which has neither promoted nor been improved by civilization.
And when the freeman o f the new world wanders among the ruins o f the
old, and moralizes by the half buried monuments o f a people long gone by,
if his reflections are disturbed by sounds o f lamentations, as the whip o f the
slave driver urges his cofile to market, a thrill o f patriotism may bring his
own loved home swimming before him, at this pleasing reminiscence o f a
domestic usage in his native land.
From the old birth place o f bondage, for some thousands o f years, the
footsteps of the captive have tracked in unbroken succession, to the Medi­




538

The M erch an t:

terranean. This unceasing march has survived all changes, and outlived all
dynasties. It moved by palace and temple, when they first arose in the
freshness o f their young beauty ; nor is it arrested now, when the mighty
memorials o f bygone times have long since laid down to the sleep o f death,
and slowly wrapping around them the shroud o f the desert, look calmly out
o f their desolation, to baffle conjecture, and to mock at chronology.
Like most things belonging to ancient Egypt, her Commerce is chiefly
known by the disconnected and scattered fragments collected from the
hieroglyphics on her buildings, and the inscriptions and papyri in her tombs.
Modern invention has given speech to the dumb monument, and it has been
made to deliver up the history o f its own creation, and something o f the
customs o f its builders. The perseverence and indefatigable industry of
recent explorers, seem to have exhausted everything that can throw light
on the old institutions o f Egypt, and every year, as it wears away the out­
ward signs o f her civilization, diminishes the chances of acquiring further
information.
There has been great grief over the destruction o f the celebrated Alexan­
drian Library, and many a hard thought and cruel anathema have been
expended upon the memory o f Omar, its supposed destroyer, when there is
ground for the suspicion that its ruin was the work o f Christian, instead of
Mahometan fanaticism. It is, however, doubtful, whether, if it now existed in
the fullest perfection it attained in the time o f the Ptolemies, it would have
added as much to the facts of history, as to curious speculation. W hen
that magnificent collection went roaring to the heavens in flame, many a
Greek abstraction was wrapped in congenial smoke, and as the Egyptian
papyri whirled to the clouds, they may have taken with them more o f the
penalties o f Eleusis, and the formula o f the worship o f Apis, than the story
o f the industrial occupations o f every-day life.
The old writers generally preferred abstract investigations to facts, and
left, almost untouched, the homely incidents o f their times, and the tradi­
tions o f those who preceded them.
O f all the ancient states, Phoenicia and Carthage were the most purely
commercial. The cities of Tyre and Sidon were celebrated for the mercan­
tile energy which made a little strip of seacoast rank with extensive and
powerful empires. Their inland trade connected them with the Red Sea
and Persian Gulf. Palmyra, Balbec, Petra, Babylon, and other places of
less note, owed their opulence and importance principally to this Commerce.
The merchant, as he toiled through Arabian sands, brought prosperity and
civilization with the produce o f the distant East. His resting places rose into
cities, and this connecting link between the eastern and western worlds,
joined the shores o f the Indian and Mediterranean seas in friendly relation.
This vast internal commerce stretched through central India to the Ganges,
and its path was marked by refinement and peace. But great and enter­
prising, as was the land trade o f the Phoenicians, it was surpassed by their
Commerce at sea. They were the earliest known navigators; and not satis­
fied with their accustomed limits, they boldly hoped for gain beyond the
supposed boundaries o f the world, and, as they dotted the shores o f the
tideless sea with colonies, they looked through the Pillars of Hercules to
that unknown, blank, doubtful realm o f storm and darkness, which fancy
had clothed with supernatural terrors. In that forbidden space where
bloomed celestial gardens, the ILesperides guarded golden fruit, and the
vigils o f the Daughters o f N ight were too wakeful for mortal daring. There,




Or, The Influence o f Commerce.

539

also, dwelt the weird sisters o f antiquity, with their snaky locks and hands
o f brass and in the recesses o f those awful and mysterious waters, the ocean
deities sought* repose and retirement.
N o sacrilegious keel could plow
over the sanctuary of Triton and Nereid, without a call from the sleepless
Nemesis. Divine vengeance awaited the reckless being, whose presumption
should lead him to furrow the waves consecrated to the gods.
To that dread, forbidden, interminable region, the Tyrian mariner fearlessly
turned his prow, and sang the hymn to Neptune, as he saw, receding behind
him, Calpe and Abyla, where the hero-god had commemorated his victories,
by erecting the columns which had hitherto limited the career o f man. He
spread himself northward and southward and brought the silver o f Spain, the tin
o f Britain, and the amber o f the Baltic, to mingle in the store-houses o f
Phoenicia with the gold dust, and ivory, and precious stones of western Africa,
and to load the camel for his long, wearisome journey into inner Asia. The
ship o f the desert met the ship o f the sea, and they joined together “ the
uttermost parts o f the earth.”
Carthage was no laggard behind her mother, and, could her full history
be obtained, we should probably find that her wars were the least consider­
able part o f it. W e know her, principally, from her desperate struggle with
Borne, and by the memorable words which pronounced her doom. Most
o f her celebrity has reached us from her agonies o f death, and her story begins
with her decline. She was unquestionably one o f the greatest o f the old
Commercial nations, and established colonies on the Atlantic coasts o f Africa
and Europe.
The places she founded have perished, and the spot o f her own maritime
power, and trading industry, is a matter o f surmise. But the time was, ere
her war-galleys went forth to do battle with the Roman, when her argosies
brought into her crowded port the wealth o f barbarian lands made familiar
to her merchant and navigator by unwearied exertion, and contempt o f
danger. She competed with Phoenicia in traffic by sea, and they, jointly,
guarded, most carefully, their geographical knowledge from the rest o f the
world. They never raised the curtain, which covered their foreign Commerce,
and, like some modern merchants, exhibited great anxiety to keep all the
good things to themselves.
The intercourse that Carthage had with the interior o f Africa is among
the extraordinary facts o f ancient Commerce. This country has been the
problem o f modern times, to which the traveler has eagerly turned his
footsteps, seeking for the sources o f the Nile, or the course o f the Niger, and
if not finding death in the sands of the desert, or the malaria of the river,
bringing back the shattered wreck o f himself, and a few insulated facts o f
puzzling import, which leave us still in obscurity. Y et more than two
thousand years ago, the road from Carthage to Timbuctoo was regularly
traveled.
It led across the great Desert o f Sahara, connecting oasis with
oasis, and yielding, for hundreds o f miles, no drop o f water for the parched
lips o f trader or camel. Along this dreadful highway, where the whirlwind
o f sand, or the breath of the simoon, enveloped man and beast in its deadly
embrace, and the dried and blackened mummies o f former enterprises lay
scattered in the path, did the toil-worn, and panting caravan reach the Joliba,
and barter the products o f the seacost for those o f the interior o f Africa.
Whatever knowledge the Carthaginians acquired in these expeditions is
lost to us, for they placed the seal o f secrecy upon everything connected with
this trade, and maintained a reserve in their monopoly, which has deprived




540

Commercial Cities and Towns o f the United S ta tes:

posterity o f any benefit from their labors. They have transmitted to us only
the conviction that with all the appliances o f science, and command of
modern invention, with the patronage o f powerful governments, and munifi­
cence o f private enterprise, we have, as yet, failed to obtain the imformation
they, doubtless, acquired, in the long course o f their prosperous trade.

Art. II.— COMMERCIAL CITIES AND TOWNS OF THE UNITED STATES.
NO. XX IV .

THE CITY OF SAN FRANCISCO, CALIFORNIA.
T hree years ago, San Francisco could not have been reckoned among the
towns o f any country, either o f the United States or o f our neighbor o f the
Halls o f Montezuma. Two hundred people, and a cluster o f fifty mud huts,
adobe dwellings and hide-houses, do not make a town anywhere; and such
as it was, Mexican San Francisco had not entered into the glorious company
o f American cities. Now, it is one o f the great ports o f the United States,
in exports standing first— not excepting New York— and in imports and ton­
nage among the very first. Its population is estimated at 35,000, (we hes­
itate as we write the figures,) and there are now probably o f dwelling-houses,
warehouses, and erections o f every kind, some 4,000.
A transformation o f this kind could be conjured by nothing less than the
wand o f gold. Y et the natural position of San Francisco is one which
pointed it out as a great commercial center, and time, doubtless, and the
growth o f the Pacific country, would have gradually given it a position
among great cities. Gold has only quickened a growth which must have
come in the usual course o f things.
San Francisco stands upon the hilly ridge which forms the narrow and
rocky wall dividing the Pacific Ocean from the Bay o f San Francisco. Bay,
it is called, but it answers in every particular the geographical definition of
a sea. It is a sheet o f water seventy miles long, and with a coast o f about
275 miles, but o f very unequal width. The bold shores approach each
other at two points, dividing it into three basins, the largest, or San Fran­
cisco bay proper, and the bays o f San Pablo, and o f Suisun on the north.
The bay o f Suisun bends to the east, at right angles with the main direc­
tion o f the bay, and is separated from San Pablo by a passage about one mile
wide, called the Straits of Karquinez. The shores o f the bay are bold, rising at
some points into mountains. Facing the traveler as he enters from the
Pacific, Mount Diablo towers up to meet him, 3,770 feet in hight. The bay
is o f depth sufficient for vessels o f any capacity which American enterprise
shall ever be bold enough to build, and, we need not add, large enough to
hold as many ships as any possible exigency o f peace or war could ever
bring together.
Y et this inland sea, as distinct and separate from the Pacific as if it were
as many miles from it as our northern lakes are from the Atlantic, and as
difficult o f access, is but five miles distant, and approached by a channel as
deep and safe as the ocean itself.
The precipitate and rocky coast o f California, which, in this parallel, from
Monterey north, presents scarcely an indentation, or an opening, suddenly




The C ity o f San Francisco , California.

541

breaks assunder at this point, to admit the voyager into the bay, by a passage
about one mile wide, and five miles long. Turning to the right as he clears
the inner mouth o f the passage, the traveler o f to-day sees the city of
San Francisco— the traveler o f 1848 saw the adobe huts of Yerba Buena,
standing on the west side o f the bay, just south o f the entrance. To the
north of the passage, the wall dividing the bay from the Pacific is rocky and
precipitous, and rises into high hills. The tongue o f land running up from
the south, on the east or bay side o f which stands San Francisco, is broken
into hills and ravines. Through these ravines blows the north-west wind
from the ocean, which prevails at noon, and brings with it clouds of dust
from the sandy hills. One o f the highest o f these elevations has received
the name o f Telegraph Hill. The view from it is thus graphically placed
before us by the editor o f the A lta California, in a late number. The A l­
ta California, by the way, is a well-edited, beautifully printed sheet, and is
the first paper established in San Francisco. It was started under the name
of the Californian, by the late lamented Calvin Colton.
San Francisco can certainly boast o f containing a spot from which one o f the
grandest views in the world may be enjoyed. W e climbed to the summit o f Tele­
graph Hill, yesterday, and spent an hour in gazing upon the scene around us.
On the one side was the Golden Gate o f our noble harbor, against whose rocky
portals the white waves o f the Pacific were dashing. Far off in the distance, to
the edge o f the horizon, lay Old Ocean, sleeping calm as a child upon its mother’s
breast, and the well-filled sails o f vessels laden with the riches o f the Eastern
world, were bearing them into our harbor.
Before us was our beautiful bay, on whose bosom the representatives o f the
world’ s Commerce were riding, the tall masts rising thick, like a pine forest. The
bays o f San Pablo and Suisun, covered with steamboats and sails, lay beyond,
and above them rose into the clouds old Mount Diablo, seeming like a giant sen­
tinel, who for ages had guarded their slumbers, when their glassy surfaces were
unrippled, save by the plash o f the Indian’s light paddle. Far away rose the
lofty summits o f the snowy Sierra, at whose rugged base lay the treasures which
have astonished the world.
But below us was a scene which well might seem like “ the baseless fabric of
a vision.” Our city, stretching like a panorama over plain and hill; the busy
streets thronged with men; the bustle and activity o f business; the crowded
wharves, the glaring signs, and flying flags. The musical hum o f the mechanic’s
hammer rose above the noise, and reminded us that what we saw was real. Four
years ago, and this great metropolis o f the Western Coast was comparatively a
wilderness. Cattle roamed undisturbed where now are crowded store-houses,
and ravens croaked on the spots where now stand peaceful dwellings.
Beyond the city the white walls o f the mission rose to view, and bejkjnd this,
habitations o f the tillers o f the soil, who have come to live in this God-HTessbd
land. The scene is one o f grandeur and o f beauty, and our citizens can spend a
pleasant hour in taking a morning or an afternoon stroll to the top of Telegraph
Hill.
A t the south-eastern end o f San Pablo Bay, the united waters o f the
Sacramento and San Joaquin enter the bay. The Sacramento— the Missis­
sippi, or rather the Hudson o f California— the great gold-washer o f the El
Dorado— flows south-east through the valley formed by the lofty Sierra
Nevada range on the east, and the lower coast range on the west, parallel
with these and with the coast, and meets the waters o f the San Joaquin,
which flow in a directly opposite direction— that is, north-west— and there­
fore also parallel with the coast, just before it enters the bay. Here'the
rivers form a delta o f as many channels as that o f the Nile, and the land is
low and marshy.




542

Commercial Cities and Towns o f the United S ta tes:

W e give these geographical details mainly for the purpose o f indicating
more clearly the locality o f some o f the new towns winch have sprung up
so suddenly since the occupation o f San Francisco by the Americans, and o f
which it is the metropolis.
The spirit o f land speculation has been rife in California for the last two
years. A t first glance, this looks anomalous. W hen such great results re­
ward a comparative little labor, as in California, one would think no one
would grudge working, or think of resorting to speculation in order to get
money without work. But looking a little closer into the matter, we find
nothing more natural. To find a rich placer is no more chance than gam­
bling. Hence the great extent to which gambling has prevailed, and still
prevails, (although we believe it is every day diminishing,) in California.
Hence its milder and better form— speculation. A t the same time it must
be remembered that the sudden influx o f population has naturally led to the
rapid settlement o f towns, and to a rise in the value o f land affording good
sites. Before giving the details o f the Commerce and present condition o f
San Francisco, it may be interesting to point out the situation o f some o f
these new towns which have sprung up upon and near the bay.
A t the point where the rivers enter the Bay o f San Pablo, on the south
side, stands New York, on the Pacific. Further west, on the south side of
the Straits of Karquinez, the town o f Martinez has been laid out, and im ­
mediately opposite, on the north side, tempting lots are offered at Benecia
City, forty-five miles from San Francisco. Inland from Benecia, and a short
distance north, are Napa and Sonoma. Stockton is on the San Joaquin,
south-east o f New York, and some thirty-five miles up the river. Still far­
ther up, on the San Joaquin, is Stanislaus City. The Pueblo o f San Jose
stands at the extreme southern end o f the bay. Ascending the Sacramento,
the traveler, at the junction o f the American River, lands at Sacramento City,
built near Sutter’s Fort. It was on the American River that the great discov­
ery was made by Mr. Marshall, which has so suddenly changed the face and
fate o f California.
A t the northern extremity o f the tongue o f land on which San Francisco
stands, and on the ocean side, near the entrance o f the narrows, stands the
old Spanish fort or presidio, and about three miles from the town on the
other side, toward the bay, is the mission o f Dolores. The town of San
Francisco stands upon the bay, just within the narrows, and the bay and har­
bor of Saucelito occupies the analagous position on the north side o f the
inner mouth o f the narrows.
Over the barren sand hills, and the intervening hollows which run down
close to the water o f the bay, the city o f San Francisco is spreading out in
every direction. The streets are laid out with regularity, some parallel with
the shore, and rising one behind another in a succession o f terraces. 'C ross­
ing these, a series o f streets runs up from the water over and between the
hills, excavat'd in some instances to the depth o f ten or twelve feet.
The shallowness o f the water o f the bay immediately in front o f the
town renders much dockage necessary, and gives rise to one o f the most
striking features of the place— Central or Long W harf— o f which a late paper
(the Alta California) gives the following lively picture :—
New York city has its Wall-street, Boston its State-street, and San Francisco
its Central Wharf, fully equal to either of the others in its similarity to the great
tower o f Babel, where such a confusion of tongues occurred. Central Wharf,
which now reaches twenty-three hundred feet, or nearly half a mile into the bay,




The C ity o f San Francisco, California.

543

was commenced in the month o f August, 1849. Look at it now, lined as it is
with handsome buildings, placed upon the water, and vessels o f every varietylying at it, and merchandise o f all kinds exposed for sale upon it. In the early
morning hours it is the market-place, in which may be found the rich vegetable
products o f our soil. The rattle of the auctioneer’s hammer chimes in with the
eternal racket o f the old Italian who plays half a dozen different instruments at
the same time, and from the various saloons issue, in a mingled mass, the musi­
cal strains o f the “ Marseilles Hymn,” “ Hail Columbia,” “ Ernani,” “ Yankee
Doodle,” and “ Get along Home.” The deafer o f French monte, with his table
placed in front o f some cigar divan, assures the passers-by that he “ will bet a
hundred dollars that no gentleman can pick up the ace o f spades," while the
thimble-rigger ventures to hint that he will risk the like amount upon an anxious
search for the “ little joker.” At the head o f the wharf are the runners for the
various boats plying upon the Sacramento, who state, upon their honor, that
theirs is the best boat, and blackguard each other in the most laughable and
good humored manner. Central Wharf is a great place— certainly a feature in
our great city.
N o arrangements have yet been made for lighting the streets o f San
Francisco. Under the Spanish government the inhabitants o f Pueblos were
required to burn a lamp before the doors of each citizen’s house. Some
provision for lighting the streets is clearly necessary ; in no place on earth,
probably, is gathered together a more heterogeneous cosmopolitan popula­
tion ; and it is no reflection upon the town to say that among the Chinese,
Kanakas, Chilians, French, Australians, Mexicans and Yankees, there are
some who need to be closely watched by the police.
Montgomery-street and Broadway are two o f the principal business streets.
A m ong other local or patriotic names which have been given to thorough­
fares o f the town, are Washington, Jackson, Clay, Front, Market, and Battery.
There are already ten places o f worship in San Francisco, a list o f which,
and o f their pastors, we take from the Alta California o f Feb. loth , 1 8 5 1 :—
First Presbyterian Church, Rev. A. Williams, Stockton-street, near Broadway;
First Baptist Church, Rev. O. C. Wheeler, Washington-street; First Congrega­
tional Church, Rev. T. D. Hunt, corner o f Jackson and Yirginia-streets; Trinity
Church, Rev. R. T. Iluddart, Powell-street; Methodist Episcopal Church, Rev.
Wm. Taylor, Powell-street; Methodist Episcopal Church, Rev. J. Boring, Re­
corder’s Court-room, City Hall; Grace Chapel, Rev. P. L. Ver Mehr, Powellstreet; Roman Catholic Church, Vallejo, between Dupont and Stockton-streets;
First Unitarian Society, Athenceum Hall, Commercial-street; Happy Valley Con­
gregation, Rev. S. H. Willey.
San Francisco has its temples o f law as well as religion, with a train o f minis­
ters much more numerous, and not quite so pacific. The Supreme Court,
the Superior Court, the Recorder’s Court, and the District Court, hold regu­
lar sessions, and, as may be supposed, important questions involving land
titles come before the learned judges for adjudication.
W e are indebted to late San Francisco papers for interesting and appa­
rently reliable statistics o f the shipping, and the imports and exports o f the
city. The newspaper press, by the way, seems to flourish there with even
more success than most other pursuits. The Alta California, to which we
have already alluded, is published daily, weekly, and on the first and fifteenth
o f every month for the steamers. It is written with force and spirit, coming
up in point of interest and style with the foremost o f the New Orleans
press. It is printed and “ got u p ” in a style corresponding with the value
o f its matter— a style fully equal to that o f the Atlantic press. The Prices
Current and Shipping List is also a really beautiful specimen o f typography,
and its mercantile and marine intelligence seems full and accurate.




544

Commercial Cities and Towns o f the U nited States :

Nothing exhibits more strikingly the magnitude o f the commercial inter­
ests o f California, than its Shipping List. On the 5th o f February, 1851,
there were in the port of San Francisco, o f American vessels, 128 ships,
110 barks, 98 brigs, and 56 schooners ; o f British vessels, 19 ships, 35 barks,
20 brigs, and 13 schooners ; o f other foreign vessels, 24 ships, 24 barks,
24 brigs, and 20 schooners. It would be interesting to classify the countries
from which these vessels c om e: a large proportion o f the American are from
New York : very many from the ports o f Massachusetts and Maine. The
English vessels are from Liverpool, London, and G lasgow ; the English
schooners from the ports o f New Holland. O f other foreign vessels, the
majority are Chilian and French.
Compared with the value o f its great export staple, gold, the import trade
o f California is not very heavy.
The following, taken from a recent circular o f Messrs. Hussey, Bond &
Hall, is a statement o f imports into the port o f San Francisco, from the 1st
o f January to the 31st o f December, 1850, compiled from the original
manifests presented at the Custom House :—
Month.
Flour, b ’ gs &.
Sugar,
Coffee,
& b b ls , 200 lbs. ea. quintals, bags, 200 lbs.
J a n u a r y _____
8 ,6 5 1
1 7 ,3 6 0
2 ,7 0 5
F ebru ary. . .
1 8 ,1 8 8
1 6 ,3 9 0
1 ,7 0 8
1 0 ,4 8 0
1 ,3 2 0
M a r c h .............
A p r i l ............ . .
2 0,7 31
1 2 ,9 7 2
1 ,4 2 6
7 ,3 3 3
1 4 ,2 7 6 ■
1 ,6 2 6
M a y ................
J u n e .................
2 0 ,7 8 4
925
1 7 ,2 7 6
1 ,8 2 6
July............
1 4 ,2 8 9
1 ,6 6 3
A u g u s t ..........
1 8 ,3 5 6
S e p t e m b e r .. . .
8 1 ,7 3 0
1 ,7 0 4
2 0 ,7 4 4
3 ,3 5 4
O c t o b e r ..........
5 3 ,8 2 4
N o v e m b e r .. . . .
1 2 ,4 2 0
1 ,9 1 6
1 8 ,3 7 2
2,3 4 1
D e c e m b e r ... . .
4 0 ,0 1 3
2 9 9 ,3 4 6

1 9 3 ,8 1 9

2 2 ,5 1 4

Tea, N o. Pork, bbls.,
ch’ sts481b. 200 lbs.
421
4 ,6 6 7
627
3 ,7 2 5
752
3 ,4 4 2
4 ,1 2 6
697
596
5 ,2 2 6
322
5 ,3 9 2
302
4 ,6 2 7
4 ,2 2 3
427
509
5 ,2 0 1
636
3 ,6 9 4
1 ,3 4 3
6 ,6 9 7
3,981
1 ,0 2 9
7 ,6 6 1

5 5 ,0 0 1

Lard,
in kegs.
5 ,6 0 4
4 ,9 2 5
5 ,2 7 8
4 ,7 2 3
6 ,8 7 2
4 ,7 8 5
4 ,8 7 6
6 ,2 2 9
5 ,8 7 2
2 ,1 4 0
5 ,5 1 0
1 ,4 6 2
5 8 ,2 7 6

Butter
in kegs
4 ,2 2 0
5 ,1 7 6
3 ,9 9 6
3 ,7 7 5
4 ,6 8 3
5 ,2 7 2
4 ,4 7 2
5 ,6 8 3
5 ,0 0 3
2 ,2 3 9
6 ,0 8 4
4 ,6 5 0
5 5 ,2 5 3

An import trade like this cannot account for the immense shipping o f San
Francisco. There is another item o f this trade as appropriately belonging
to it as any o f the items o f this list. That item is m en . It is the impor­
tation o f men— the great staple o f a new country, which has brought this
fleet o f vessels from the four quarters o f the globe. A t the same time a
large proportion o f the emigrants from the United States come by steamers.
N o branch o f business has shot up with more sudden growth in that land of
sudden growth than steam transportation.
W ell do we recollect, says the editor o f the Alta California, the time, scarcely two
years since, when a journey to Sacramento City w7as a wearisome sail o f six or eight
days, and the only possibility of traveling on our coast was by a transient ves­
sel that was proceeding either up or down with merchandise. The most enor­
mous rates o f transportation were charged, and the miners and settlers in the
country were, o f course, obliged to pay a corresponding price for goods and
provisions.
A change came o’er the spirit o f the dream o f California. One fine day the
steamer California came puffing into our harbor, cheered on by the loud huzzas
o f the people, as they crowded the hills that overlook the bay. This was the
commencement o f steam navigation amongst us. But one year ago at this time,
there were three steamers, the Oregon, Panama, and California, engaged in trans­
porting passengers and merchandise between this port and Panama; and the idea
o f traveling to Oregon in four days was then unbroached. On the still waters
o f the Sacramento, between here and Sacramento City, two boats, the Senator




545

The C ity o f San Francisco, California.

and McKim, made tri-weekly trips; and on the Stockton route not more than
two small boats ran. The little iron steamer Fire Fly occasionally made trips
to Santa Clara, when she was able to baffle the strong winds of the bay, and one
or two pony powers had penetrated the banks o f the Sacramento and San Joaquin
above Sacramento City and Stockton.
The following is a list o f the steamers at present engaged in the conveyance
o f passengers and merchandise upon our coast and rivers. Most o f them are
fitted up with regard to neatness and comfort— many o f them with an eye to the
beautiful:—
PACIFIC MAIL STEAMSHIP COMPANY’ S LINE---- Q. MEREDITH, AGENT.

Oregon...............

Pearson, Commander.............................................. ..
Budd
“
....................................................
...........
Carolina.

1,100
1,100
600
1J00

ljoo

Panama.............
Tennessee..........
Sarah Sands___
Unicom ...........

Cole
Isley

Columbus..........
Antelope...........
Isthmus.............
Republic...........

McGowen, Commander
Ackley
“
Ottiuger
“
Hudson
“

“
“
law ’s

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

1,300
1,250
700

LINE---- O LIVER CHARLICK, AGENT.

STEAMERS RUNNING BETWEEN SAN FRANCISCO AND OREGON.

Gold Hunter. . .
Sea Gull...........
M’lst’m.,m’nthly

Hall, Commander.
Eyre,
“

STEAMERS RUNNING TO GOLD BLUFF AND TRINIDAD BAY.

Chesapeak........
Gen. W arren...
Goliah...............

Ward, Commander.......................
Smith
“
........................
Thomas
“
........................

Pacific Mining Company.
J. H. Titcomb.
Charles Minturn.

STEAMERS RUNNING BETWEEN SAN DIEGO AND THE INTERMEDIATE PORTS.

Constitution___
O hio..................

Bissell, Command’r ........................
Haley,
“
........................

Cook, Bros. iir Co.
ifullitt & Patrick.

TRANSIENT STEAMERS.

New Orleans, W ood; Confidence, Gannett; Wilson G. Hunt, Benicia, Tehama.
STEAMERS RUNNING BETWEEN SAN FRANCISCO AND SAORAMENTO CITY.

Major Tompkins.
New W o rld .. . .
Senator..............
H. T. Clay.........
West Point___
Confidence.........
Hartford...........
California..........

Mosby, Commander
Hutchings,
“
Van Pelt,
“
Murray,
“
Kelsey
“
Gannett
“
Averell,
“
Boobar,
“

Ogden & Haynes.
Charles Minturn.
it

Thompson & Co.
George H. Reed.
Vassault Co.
J. Blair.

STEAMERS RUNNING BETWEEN SAN FRANCISCO AND STOCKTON.

Union.................
Seely, Commander
Capt. Sutter___
Lamb,
“
El Dorado..........
Robertson
“
San Joaquin...
Moore,
“
«
Erastus Corning
Mariposa..........
Porter
“
«
Santa Clara___
VOL. XXIV.—-NO. Y.




T. T. Smith.
James Blair.
Mr. Bartlett.
M’Lean.
Saunders.

546

Commercial Cities and Towns o f the United States :
STEAMERS RUNNING BETWEEN SAN FRANCISCO, SAN JOSE, AND SANTA CLARA.

Wm. Robinson................Commander.
New ?5tar.......... Sampson,
“
Jenny LindL.. . . Le Fevre, “
STEAMERS RUNNING BETWEEN SACRAMENTO CITY AND MARYSVILLE.

Gov. Dana.........
Jack Hays.........
Missouri.............

Phcenix.........................................
Sacramento..................................
Fashion.........................................

Lawrence.
Linda.
Star.

In addition to these, we are daily expecting the arrival o f the steamers Colum­
bia, and John C. Fremont, both o f which belong to, or will be under the control
o f the P. M. S. Company; the former to run regularly with the mails to Oregon,
and tne latter with the mails to San Diego and other intermediate ports, thus re­
lieving the large steamers from the annoyance o f stopping in at these places.
Thus*we find, at the present date, forty-three steamboats running upon our
rivers and coast, where, one year ago, not more than eight or ten were engaged.
The facilities for travel and transportation have necessarily reduced the prices of
merchandise among the miners and farmers; newspapers and letters are sent
with speed and security, and traveling in California has ceased to be an arduous
task. There will be room for more boats, but not at present. The wild forests
o f the Sacramento, San Joaquin, and their tributaries, are fast yielding to the
stroke o f the woodman’s ax, and cities, towns, and villages are springing up on
the banks o f these rivers. As facilities for travel increase, communications will
be more frequent, and California will become a land closely united by bonds of
brotherhood which cannot be broken.
For the exports o f gold, and the trade and business statistics generally,
our best authorities are the newspapers o f San Francisco. W e find, in a
late number o f the Pacific News, a summary, apparently carefully, prepared,
o f the business o f the city at the end o f 1850, and we cannot do better
than to give it a permanent place and record in the pages o f the Merchants'
Magizine.
Fifty years ago the only evidences o f human improvement, says the News,
or o f the fact that the hand o f man has fashioned into shape anything appertain­
ing to this locality, was the Presidio at the northern extremity o f the borders o f
San Francisco, and the Mission at the southern line. Between the two was al­
most a barren waste, the' extremes being occupied by a community o f perhaps a
thousand rough, uncivilized men, untutored in the arts, unlearned iu the sciences,
and following in the way their fathers trod, since first the footsteps o f man were
imprinted in the sands o f a locality to which the eyes o f the world are now turn­
ed in almost stupefied amazement.
Look at San Francisco n ow ! Had a dweller hereabouts o f “ fifty years ago,”
taken a Rip Van Winkle sleep, and awaked at the close o f “ eighteen hundred
and fifty,” he would have fancied that the black art o f magic had eclipsed itself
in working a change scarcely less suprising than though the whole locality had
been bodily transferred to another region. The mud hovel, the tiled adobe
buildings, the hide houses, have given way to splendid piles o f brick and mortar
that rise towering to the skies— monuments o f the energy and ingenuity o f a
people that know no superiors, and acknowledge no equals,— while the people
o f that day have almost left the field o f action, or become “ hewers o f wood and
drawers o f water ” to the more enterprising and intelligent class, whom the
golden sands o f California— to leave out o f question the “ manifest destiny ”
which seems to urge on the American nation— have attracted thither. Fancy
may conjure up, and almost give life and shape to, a thousand impossibilities, ab­
surd and visionary, but the utmost stretch o f imagination would fail to present
a picture so wonderful in all its aspects, as the past and present in the history of
California.
W e have neither time nor space to extend the contrast for the entire State, but




The C ity o f San Francisco, California . .

547

must confine ourselves to the principal city, where the changes which have taken
place are more marked than in any other locality ; where “ fifty years ago ” the
extent o f population did not exceed one thousand, hut which number n*ay be
multiplied at the “ close o f eighteen hundred and fifty,” by at least thirty-five.
As the mines o f California, and the shipments of gold dust are the principal
features o f attraction here and at home, we first enter upon that field, and an­
nex the amounts which have been sent forward during each month, for Jhe past
year, as taken from the manifest at the custom house, and which, o f course, does
not include that taken by private hands. All the statistics presented below arc
compiled from official sources, and for a great portion o f them we are indebted
to the courtesy o f Col. C o l l ie r , the Collector o f the Port, and the gentlemanly
clerks-under him, who have charge o f the books.
AMOUNT OF GOLD DUST SHIPPED FROM JANUARY

January.....................
February...................
March........................
A pril.........................
May..........*................
June..........................

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

$448,444
734,351

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

2,201,000
1,731,863
2,669,045

1ST

TO DECEMBER

30tH, 1850.

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

Total amount for the year

5,337,539
1,250,000

$29,441,583

This statement is a sufficient answer to the too often expressed opinion that
the mines were becoming exhausted, and that California must prove a failure by
and by. For the two past seasons the summer months have produced the greatest
amount o f gold, the wet diggings being worked then to a greater extent than
the dry. This accounts for the fact that the shipment in the month o f August
exceeded that o f any other month in the year.
Fixing the amount o f gold exported, and which was regularly shipped and
entered, for the period named above, at $30,000,000, in round figures, and add
to it an estimate o f $12,000,000, as having gone forward in private hands, and
$6,000,000 retained for circulation, and the aggregate shows the enormous sum
o f $48,000,000 ; an amount exceeding one-third the total of all the products of
the United States exported during the fiscal year ending June 30th, 1850, and
nearly one-third the amount o f imports; $12,000,000 more than the exports of
the State of New York or Louisiana; $35,000,000 more than Alabama;
$38,000,000 more than South Carolina; $40,000,000 more than Massachusetts
or Maryland; $41,000,000 more than Georgia; and $43,000,000 more than
Pennsylvania. And while viewing this statement, it will at the same time be
borne in mind that the States which show the largest amount o f exports, are
those which possess the advantage o f having ports situated on the sea-board,
and which do the carrying trade o f States more remotely located. The eight
States above enumerated, in fact do the labor o f transporting to foreign ports,
not only their own products, but those o f the remaining twenty-two.
From the same source o f information, the custom house books, we have com­
piled the following monthly receipts of bullion, at this port, for the year.
AMOUNT OF BULLION RECEIVED FROM JANUARY 1ST TO DECEMBER 3 1 ST, 1 8 5 0 .

January.
February
March.. .
April___
May.-----

June.__

$227,331
19,600
100,000
400.000
267.000
116,669

July-..........
August.. .
September.
October.. . .
November.
December..

Total for the year............................................................................

157.000
295.000
45.000
none.
95.000
none.

$1,722,600

The largest proportion o f this amount o f bullion has been received from the
Atlantic States, though a no inconsiderable amount has found its way from the
old world— sent hither from both localities, for the reason that in no country in




548

Commercial Cities and Towns o f the United S ta tes:

the world does an investment o f money pay as well. Securities are ample, and
the losses small, in comparison with the flood o f disasters whieh sweep over
other localities. Individuals may he ruined by fire in an hour, hut the money
loaned at from three to ten per cent per month interest, generally comes in hut
for a small proportion o f the loss.
As connected with the subject o f currency, we will here take occasion to say
that in no other section o f the globe, are the generality o f bankers more ca-eful,
judicious, and business-like, than in San Francisco. The rapid changes which
are noted every day, necessarily compels them to watch the course o f events with
a careful regard for their own interests; and the exceptions to the general classi­
fication for integrity and business capacity, are but few. It is but a short time
since most o f them, in San Francisco particularly, passed through a panic that
would have shaken the commercial 9ircles o f other cities to their center; and all
but one or two came out unscathed, meeting every demand upon them promptly,
and to the last dollar.
The names o f the principal bankers o f "San Francisco, are as follow s:—
B urgoyne & Co, Montgomery-street.
B olton, B arron & Co,
“
E. E. D unbar,
“
T. J. T allent & Co, corner o f Clay and Montgomery.
W. F. Y oung, Washington-street.

•

The following houses represent parties located elsewhere:—
B. D avidson, represents the Rothchilds, London.
F. A rgenti & Co, represent Brown, Brothers & Co, Hew York, and Brown, Shipley
<Ss Co, Liverpool.
W ells & Co, represent Willis <fc Co, Boston, and Drew, Robinson & Co, Hew

York.
P age, B acon & Co, represent Page & Bacon, St. Louis.
J ames K ing, of William, represents Corcoran & Riggs, Washington; D. C.
S. B eebee L udlow , represents Beebee Ludlow & Co, Hew York.
G odeffroy, S illem & Co, represent J. C. Godeffroy & Co, Hamburg.

In addition to the above, there are other smaller operators, whom it would not
perhaps be proper to classify amongst the leading bankers o f the city, their
transactions being mainly confined to the purchase and sale o f gold dust, and do
not do a legitimate banking business.
For the time included in the period for which all our statistics have been
made up, namely, the twelve months past, there has entered our harbor, from all
foreign ports, i,743 vessels. During the same period the number o f vessels
which cleared, was 1,461. The vessels arriving have landed upon our shores,
35,333 males, and 1,248 females. The number which have left by sail vessels
and steamers, during the same time, was 26,593 males and eight females.
The report o f the Secretary o f the Treasury on Commerce and Navigation,
for the fiscal year ending June 30, 1849, shows the number o f clearances from
the port o f New York to have been but little more than twice that o f San Fran­
cisco for the year ending December 31, 1850, and the number o f arrivals at that
port— the same period compared— to have been 268 less than twice the amount.
As compared with New Orleans, the difference in favor o f San Francisco is, in
clearances, 330, and in arrivals, 645. When the comparison is made with Phila­
delphia, we find the difference still greater in favor o f San Francisco, being in
clearances, 922 ; and in arrivals, 1,137. The same would be the result were the
comparison made with any o f the sea-ports in the United States.
The total value o f merchandise received by foreign vessels, from November
21, 1849, to September 30, 1850, was $3,351,962 65. The tonnage o f the ves­
sels was 151,604.
The total value o f merchandise received during the same period, in domestic
vessels, was $797,275 10. The tonnage o f the vessels, 82,949.
It has been frequently asserted by persons unacquainted with the facts that
California has imported more goods, and contracted a larger aggregate o f debt




The City o f San Francisco, California.

549

elsewhere, than her shipments o f gold dust would pay for. T o show the error
in this statement, a comparison o f the figures above need only he made. The
total value o f all the merchandise received here, o f every nature and description,
from foreign and domestic ports, from November 21, 1849, to September 30, 1850,
was $4,155,257 75. By reference to the table o f gold shipments, in this article,
it will be seen that the aggregate sent forward during the first four months in
the year, was more than the entire debt incurred by California, for merchandise,
during the whole year.
In the month o f March, 1849, the first steamship in the trade between San
Francisco and Panama, entered the “ Golden Gates,” with what demonstration
o f rejoicing the staunch old vessel “ California” was welcomed may well be
imagined. In less than two years from that date, we find the following noble
steamers traversing the waters o f the Pacific, arriving and departing with the
regularity o f a train o f cars upon a New England railroad.
PACIFIC MAIL STEAMSHIP COMPANY LINE.

•

C alifornia ,
P anama,

|

C olumbus,

|

T ennessee,
U nicorn,

S arah S ands,
C arolina.

O regon,
N ortherner,

LAW ’S LINE OF PACIFIC STEAMERS.

I sthmus,

[

R epublic,

|

A ntelope.

In addition to these, belonging to the regular lines, are the steamers New
Orleans, Ecuador, and Constitution, which have been engaged in the Panama
trade, and also the Gold Hunter, and the Sea Gull, which have recently been
upon the route between this port and Oregon. The number o f steamers, run­
ning between this port and Panama, is greater than the number employed in the
trade between New York and Liverpool, and New York and Havre, combined.
One year ago last October, fifteen months since, the first steamer, the “ Senator,”
designed for the river trade, arrived in port. Previous to that time, the transit o f
the river, to the ports above, had been by means o f small sail-craft, occupying
some days in a journey that is now made, by many o f the vessels named below,
in from seven to ten hours. There is now employed in the river trade, the
following steamers:—
steamers employed in the river trade .

Names.

Senator...............
Star.......................
Miner....................
New World........
California.............
Hartford..............
Pashion................
Missouri...............
Ion.......................
West Point..........
McKirn ..............
Chesapeake........
C. W. Grinnel . . .
P. B. Redding___
Georgiana...........
Elna.............
Gov. Dana...........

..
..
..
...

..
..
..
..

..

Tons.
754
22
75
525
61

Names.

Maunsel White.. . .
Bute.......................
Tehama..................
Maj. Tompkins . . .
Mariposa................
251 Y u b a ...................
Martha Jane..........
27 Sacramento...........
Sutter...................
2 3 9 El D orado ............
3 7 6 Libertad................
3 9 2 Com. Jones.............
10 Fire Fly..................
8 Lucy Long.............

67

Tons. Names.
36 Jack Hays...............

..
..
..
..

Kenebec...................
Gen. Warren............
Victor Constant.. . .
60 H. T. C la y ...............
19 New Star................
San Joquin..............
38 J enny L in d ............
51 Erastus Coming......
1 5 3 Union ..................... .

83
1 51

30
31

..

New England....... . .

87

NOT YET REGISTERED.

19 Confidence, about...
18
52
46
28

Tons.
42
44
309
57
154
48
39
61
86

New Orleans, about.

450
850

100
Total................

6 ,6 3 2

_ In addition to this list o f steamers, there is also engaged in navigating the
rivers, and the bay, 270 craft o f various kinds. There is also now lying in port,
many of them abandoned and others used as store-ships between five and six
hundred vessels, not a few o f them o f the largest class that can be found in any
o f the waters o f the globe.
The auction business o f San Francisco bears no unimportant relation to the
trade o f the city and the State. The number which we propose to name as the




'

550

\

Commercial Cities and Towns o f the United States.

principal individuals and firms legitimately engaged in this branch, is seventeen,
without including the score or two whose “ going, going,” disposes o f goods in
smaller quantities. The names o f the more extensive houses are as follow s:—
M iddleton & H ood, Washington-street; K endig, W ainweight <fc Co., Montgomerystreet; H. B. L afitte & Co., Montgomery-street; T heodoee P atne, it Co., Montgomerystreet; J ames B. H uie, Montgomery-street; J ones, C aetee <fc Co., Montgomery-street;
J. S. R iddle <fe Co., Montgomery-street; B ackus, D avis it Co., Washington-street.
S taee , M intuen ds Co., Washington-street; C aldwell & E meeson, Montgomery-street;
W. J. S heewood & Co., Washington-street; G aiiniss <fc Co., Washington-street;
F rederick D unbae, Washington-street; K ettelle,M ahoney & Co.Washington-street;
M ooee <Sj F olgee , Montgomery-street; G oweb & Co., Montgomery-street; B ackus ife
H aeeison , Montgomeiy-street.

These comprise the principal auction houses in the city, and for correct
bnsiness habits, liberality and integrity, will not suffer in comparison with those
o f any other city. Many o f them occupy rooms far more spacious than those
required for the business o f the long-established and most extensive o f the At­
lantic cities.
Neither time nor space will permit us to enumerate in detail many kinds o f
trade which are followed with satisfactory success in our midst, and which form
no small item in the trade o f California. In addition to what has already been
mentioned, we will add that San Francisco, with a population o f over 35,000,
sustains seven daily papers, while New York, numbering half a million, can boast
o f only double that number! W e have eight express companies, the principal
ones being A d am s & Co., and J. W . G r e g o r y , over sixty brick buildings, where
six months ago there was not one: eight or ten first class hotels, at the head o f
which stands the “ Union,” (just erected by S elover & Co., and under the
management o f I s a a c M. H a l l ,) the “ St. Francis,” “ Delmonico’s,” the
“ Revere,” and the “ National.”
But a few months since, the boundaries even o f San Francisco were hardly
defined with sufficient definiteness to guide the inquirer in his search. Now we
have one hwndred and seven miles o f street laid out, one quarter o f which is built
upon and occupied, and over seven miles o f it substantially planked, and most o f
that distance properly sewered. W e have now a semi-monthly mail, where a
year ago it was only an occasional one— reaching our shores now and then, and
half the time not as often! One Marine Insurance Company has already been
formed, with a capital of $500,000, and another in progress o f organization.
Such is a bird’s eye glance at San Francisco at the close o f “ Eighteen Hun­
dred and Fifty,” as compared with “ San Francisco Fifty years ago.” The change
is wonderful and surprising, but when we add that nearly all this has been ac­
complished within two years and half, it is no secret that the world look on and
wonder. Civilized and uncivilized nations alike have heard o f California, and
most o f them have witnessed, in some degree, enticing specimens of her mineral
treasures. But she has a mine o f wealth in her broad acres yet undeveloped—
agricultural inches that lack only the hand o f industry, the energy o f the people
into whose hands destiny has placed the country, to make the wilderness “ blos­
som like the rose,” and her plains and valleys to yield riches far more lasting
and stable than even the glittering ore that each stroke o f the miners pick ex­
poses to the broad light o f the noonday sun.




The M easure o f Value.

551

A rt. III.— TIIE MEASURE OF VAIU E.
I n a former article, “ Bankruptcy— Banking,” * we discussed the subject,
“ the measure o f value,"— It is an interesting topic, and deserves further
consideration as intimately connected with Commerce and Exchange,
subjects appropriate to the Merchants’ Magazine.
W e propose its present discussion, with a view more fully to ascertain its
true character, its present condition, and to endeavor to determine the
practicability o f introducing a substitute for the measure in use— the precious
metals.
It is denied by Mr. McCulloch, in his “ Essay on Money,” that money is a
measure o f value— his reasoning is, “ It is equally incorrect to call money a
measure o f value. Gold and silver do not measure the value o f commodi­
ties, more than the latter measure the value o f gold and silver. Everything
possessed o f value, may either measure or be measured by everything else
possessed o f value. If a quartern loaf is sold for a shilling, it would be
quite as correct to say that a quartern loaf measures the value of a shilling,
as that a shilling measures the value o f a quartern loaf.”
W hile there is some color o f truth in this statement, the relations o f all
values being dependent upon each other, it contains no practical truth, and
is contrary to all his own theory, and previous reasoning. According to his
generally excellent elucidation o f the subject, money is an essential article to
the business o f society ; its uses are to exchange values— in order to such
exchange, there must be some criterion, in general use, to determine the
quantity of that quality— value, in each commodity to be exchanged ; gold
and silver, in consequence o f their adapteduess to such purpose, are the
articles in universal use for this purpose. To deny that money is a measure
o f value, because, in some abstract sense, other things may be said to
measure the value o f money, is absurd ; it is simply saying that we have
no measure, and it would be equally proper to say that the thermometer is
not a measure o f temperature, because water at the boiling point, is a
measure o f thermometers.
The quality o f objects which we denominate value, grows out o f the
necessities and inclinations o f our nature, the supply and gratification of
which, occupy the industrial and intellectual energies o f mankind. It is a
quality small, both in the number and degree of its existence, in objects, in
rude conditions o f society, it grows in both these relations as society
progresses, and will increase, owing to the increasing subdivision of labor
and consequent necessity o f exchange, as civilization and refinement advance.
It is a subtil quality, varying in the same object with every change in its
relations, and with the condition o f all other objects with which its subject is
connected, and with every change in the circumstances o f the individual or
community whose wants or inclinations create it. I f now we endeavor to
analyze and comprehend this varying quality, we shall discover the diffi­
culty of defining its quantity and marking with accuracy and certainty,
the changes to which it is subjected.
Value has been deemed to be merely the equivalent o f the labor
* The first o f the series o f papers b y Mr. George Bacon, was published in the M erchants' Magazine
for January 1850, vol. x x i i ., pages 65— 68 ; the second in the num ber for March 1850, same volum e,
pages 311—314 ; and the third and last o f the series in April 1850, same volum e, pages 398—403.




552

The M easure o f Value.

necessary to the production o f the object in which it exists. Labor, though
a generally necessary preliminary to the existence o f value, by no means
determines its degree or quantity in any given object. Many other incidents
combine to give character to the value of objects; not only the quantity o f
labor necessary to their production, but the quantity of the commodity on
hand, the degree o f skill required for their production, the pressure o f the
necessity for their possession, and the practicability o f procuring some
substitute— all these combine to determine the value o f objects Value, is a
constituent o f intellectual and corporeal acts, as well as o f commodities, and
the quantity o f value in such acts, will depend upon the talents or genius of
the party exercising them. The best concise definition o f value is, the rela­
tion o f supply and demand.
To measure value is an operation which we are daily performing by the
present defective method ; but it is with little certainty ; our measure, the
metals, is o f the most rude and indefinite character; the result is an
approximation only to certainty and uniformity ; yet the general impression is
not at all that we are using au imperfect measure o f a quantity so important,
and one in which every individual is so extensively interested. The common
opinion is, that the metals are not only a most perfect and exact measure,
but the only one practicable or tolerable, and their exclusive use is deemed
by many the remedy for the financial evils which so often afflict society.
There is something o f truth in this opinion, when viewed in connection
with the general idea that labor alone is the origin o f value, and that
exchanges for money are exchanges o f ultimate equivalents.
The defect o f the metals as a measure o f value arises out of their liability
to constant changes in their indication o f the quantity they are intended to
verify. So much is this the case that not only disturbances o f the equity of
exchanges are constantly occurring, sometimes in one direction, and then
in another; but the whole financial structure o f society is frequently
deranged and brought into jeopardy by these oscillations, occasioning great
pecuniary distress, especially to the active and enterprising, by the suspension
o f labor and the sudden changes o f the relations o f property to obligations ;
the former being affected by all the changes o f the measure, while the latter
remains a fixed quantity. These evils are especially felt in all communities
in which credit, the great agent o f modern civilization, is extensively in use,
and they will be aggravated by every, step in the advancing progress o f
society.
This arises from the fact, that we use, as its measure, articles which, like
most others have value, are objects o f desire, and therefore, like other things,
are subject to constant variations in the relation o f supply and demand, by
which, like that o f other things, their value is determined. To constitute a
perfect measure o f value, whatever it may be, it should be subject to no
variation o f the relation of supply and demand, but should always be attain­
able for the use to which it is appropriated with a fixed and certain facility.
The quality o f value in the metals, is generally esteemed to be essential
to their use as its measure. It is perhaps difficult to comprehend how an
article having no value in itself, should be competent to determine the value
o f other things, because we associate the idea o f the barter o f one article
for another, which is the real object o f the exchange, with what is only a
prelim inary transaction ; we do not buy gold for its own sake when
we receive it as money, but simply, for the purpose o f enabling us to
to purchase, either immediately or at a future day, some other article, which




The M easure o f Value.

553

is the object o f our desire; whatever, therefore, will enable us to purchase,
when required, the object o f our desire, is equally useful as metal, though it
may be destitute of all other value. W hether it will be practicable to
discover such a measure, which, having no value in itself shall yet have
some quality or ability to indicate with certainty the value o f other things
is, we are ready to admit, quite uncertain. W e have measures o f weight,
length, temperature density, which have in perfection the characteristics o f
certainty and uniformity; a measure o f value is so important, that while
valuable discoveries are o f such frequent occurrence, no objection can exist
to our taking the attitude of inquirers and abandoning the dogmatism, that
our present is the best and only practicable method, competent to the object.
It is obvious, therefore, that the new measure must not be any substan­
tive thing, the product o f labor, or the object o f desire, for any other purpose
than simply a measure o f value,— if it is to have any o f these qualities, we
have already in the metals the best possible. They are highly compact,
containing within small dimensions, the result o f a large amount o f labor,
they are minutely divisible, difficult o f destruction by the elements, and
being difficult o f attainment and permanent in their nature, their quantity,
the essential element o f their character as a measure, is liable only to gradual
variations. Their appropriation to that purpose and their continuance in
use through thousands o f years are perfectly natural events.
The rationale o f the present measure o f value is simply the barter o f one
commodity for another. The metals are commodities, the result o f labor
their value like that o f other things, depending upon their uses. The use o f
the metals for other purposes than money is comparatively trifling; but for
their use as money their value would be comparatively small. They would
then as now be subject to the law o f supply and demand, but the necessity
for their use, the demand, would not be imperative as at present; if they
were not attainable at such an expenditure o f capital or labor as was within
the convenience o f the party desiring them, some substitute would readily
be found which would mitigate the force o f the desire or the necessity for
their possession ; but as money they admit o f no substitute, the necessity for
their presence is imperative, no reasonable sacrifice o f capital is sufficient in
some contingencies to meet the demand, and the result is universal bank­
ruptcy, that being the only tolerable method of arranging the equities o f con­
tracts. That was the condition of things in Great Britain from 1797 to
1820, and has twice occurred in the United States, in 1813 and 1837.
Modern society has advanced in the direction in which we shall most
propab'y find the substitute desired. Already credit has become to a great
extent the immediate, while metal remains the ultimate measure of value.
In Great Britain and the United States, the two great commercial nations o f
the world, and to a considerable degree in other European nations, the credit
o f banks is substituted for m etal; but bank credit being a promise to
deliver metal, that remains the ultimate measure, and from this arise
commercial revulsions with their tremendously evil consequences. H ad
society rigidly restricted itself to the use o f metal as the only measure, the
evils o f their use would have been much diminished ; we should then have
been subjected to the simple defects o f the metals, but we have those defects
greatly augmented by the substitution o f credit in their place, while they
remain the ultimate measure. To return to the exclusive use o f the metals
has become impracticable, we must, therefore, either discover a substitute—
restrict the use o f credit to a fixed relation to metal— or submit to the




554

The M easure o f Value.

present evils, which will be constantly growing more and more violent and
destructive.
The theory o f metal as the measure o f value, not only includes the barter
o f one commodity for another, but quantity, as before observed, is the
essential element which governs the whole subject. As all value, that o f
money as well as o f other things, is the relation o f supply and demand,
that relation must depend, first upon the quantity o f the object desired, and
next upon the force o f the desire for its possession ; fixedness o f quantity,
therefore, in one o f the objects exchanged, gives to metal its most essential
quality. I f that quality were variable in the metals like the same quality in
other things, it would in the precise degree o f such variability depreciate
their appropriateness to the use intended. It is this idea o f fixidness o f
quantity which gave rise to the present law o f issues by the Bank of England,
and on the assumption that metal is to remain the ultimate measure, the
law is correct in principle, though perhaps unwise in its application ; but in
the United States, no reference is had, in law, to quantity o f metal, but only
to security. It is true that in practice, the banks, especially those in contact
with foreign exchanges, must be governed in some degree by reference to
metal, and here, as in England, the condition o f the foreign exchanges, are
carefully observed by all prudent bankers, yet security is deemed the essential
quality o f the money in use. In what is that security supposed to consist ?
not in the relation o f the credit in use, to the metal in hand, but in the
substitution o f one form o f credit as the basis o f another. Under the old
system o f banking, which still prevails over a large portion of the United
States, what is denominated capital is deemed the essential thing. This
capital in the commencement o f the system, was metal ; but it long since
became merely the credit of preexisting institutions,— A B and C, who held
the obligations o f existing banks, to the amount o f the capital of the new
bank in contemplation, appropriated these obligations to the creation o f the
new institution ; thus creating the capital o f the new bank, out o f the credit
o f the old. On its going into operation a small modicum of metal may have
been added to the general stock, but the real result was merely the expansion
o f the quantity o f credit in use as the measure o f value. I f this increase
was not greater than the aggregate increase o f the number and value o f the
exchanges to be effected by it, there was no increase o f general price, and
the measure o f value remained undisturbed ; if on the other hand the
increase o f cridit as money was greater than the increase o f exchanges, then
the measure was changed and its usefulness impaired. In either case the
public gained nothing, but lost the amount o f interest upon the increased
amount o f credit in u se ; had they known that price was no criterion of
value, they would have prevented any increase o f credit as money, suffered
price to decline, saved the interest upon the additional credit, and improved
their currency by bringing it into a more intimate relation in quantity, to its
real measure.
Under the new system, the substitution o f public credit for private, requir­
ing public stocks to be pledged as security for the circulation, while it may
add to the safety o f the public in some aspects, is yet the mere substitution o f
one form o f credit for another; it does not fix any relation between the
credit in use as money and the metal, but leaving the quantity to the
caprice o f the banker, it compels him to invest his bank credit in public,
rather than in private securities, thereby stimulating him to extend his issues
o f credit, to make up for the deficiencies o f his profits from the low rate of




The M easure o f Value.

555

interest on his public stocks, thus increasing rather than diminishing the
amount o f credit in use. In a crisis o f financial affairs, involving a general
bankruptcy, which has twice occurred in our history, the law would throw
this accumulation o f public securities upon the market, to be sold only for
metal, and thus terribly aggravate its evil. In all this, there is no limiting
the quantity o f credit, the practical measure o f value, by metal which still
remains the real measure, thus destroying'one essential quality o f a measure,
fixidness o f quantity.
Tn all this procedure there has been no gain, but a positive loss to the
measure o f value in use. It has grown out o f the mistaken idea, that money,
whether of metal or o f credit, has value, independant o f its use ; that a
reduction o f price is a reduction o f value : the only benefit which it is possi­
ble to derive from the erroneous system, is that which we may receive from
our experience, which may enable us to discover a true measure o f value, or
aid us in understanding and properly using the present.
The end o f society in the acquirement o f value, after the supply o f its
immediate wants, is accumulation. Accumulation is desired for income, in
tha* form o f rent for the use o f capital in the general form o f property, and
interest for the use o f capital in the form o f money. The possession o f
wealth and its consequent income, not only relieves us from the necessity o f
toil, but renders the supply o f our wants certain and abundant, and gives to
us station and honor. Hence income is the object o f universal desire.
Income then is the end of human effort, a step in advance o f the possession o f
money, and therefore more ultimate. Is it possible to make income the measure
o f value ?
In order to the substitution o f income as the measure o f value, it must
have some vehicle through which it can operate, and this vehicle must have
the force o f law, like that now possessed by metal, in order to its vitality for
the purpose intended. It is law, after all, which gives to metal its power as
money, and not its intrinsic value, as a form o f capital; value, aside from
use is an absurdity. It is the general error o f all writers on the subject o f
money and its laws, to assume that the power o f metal is independent o f la w ;
that without the intervention o f law, which makes it the basis o f all contracts,
and the only form o f capital which shall cancel pecuniary obligations, it
would still retain its power and position as a form o f wealth ; the simple
enactment o f a law, that other forms o f wealth at their market price, should
cancel obligations, would instantly depreciate the value o f metal. Especially
is this an essential error in the arguments o f those who advocate the aboli­
tion of all laws fixing the rate o f interest. W hile metal alone is considered
as money, it is the law which gives it its power as a form of capital; it is
proper, therefore, that the law should also fix the compensation for its u se;
other forms of wealth have no exclusive privileges, and may, therefore, be left
free. But in the present condition o f things, the advocates for the repeal of
all laws o f usury, not content with giving the banker the exclusive power o f
creating the money o f credit, thus placing in his hands alone the privilege,
o f supplying the market with that commodity which every man is compelled
by law to use, and prohibiting the substitution o f any other under all circum­
stances, would farther give him the power to fix its price at any rate his
avarice or his interest might dictate.
Our experience has demonstrated a great fact; that credit may become
the vehicle o f income, and the measure o f value. Continental money—
French Assignats— Bank o f England notes, and American bank notes, were,




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The M easure o f Value.

and are, forms o f credit, measures o f value and the means of income. Defec­
tive to a greater or less extent it is true— dependant ultimately upon property
or metal as-their basis— sometimes perishing entirely, yet nevertheless active
through shorter or longer periods as real measures o f value and vehicles of
income. These all are not substantive thinys, the product o f labor; they are
assumed to have substantive things, property or metal, as their basis on which
to rest, but this is merely imaginary; we please ourselves with the vain idea
that metal is really the basis o f our money o f credit, but may safely abandon
it as untrue. They are not desirable things for any other use than the
measure o f value and the medium o f exchange. A bank note, so long as it
is retained in the hands of the possessor, will give no income ; will not
increase the wealth of the h older; but to hold it beyond the time necessary to
use it for its legitimate purpose, will diminish his wealth, or what is equiva­
lent, will prevent the receipt o f income, the great object o f desire. W e have,
therefore, in this form o f credit, two o f the qualities desired in a measure of
value ; it is not a substantive tiling, nor an object of desire, except for the
purpose for which it is intended.
But while bank credit has these two qualities, it has no permanence o f
quantity, a characteristic which, with our present idea o f a measure, is essential.
H ow shall this be attained ?— In the recharter o f the Bank o f England the
apprehension of this necessity led to the adoption o f the law which makes
gold in the vaults o f the bank, the rule for the issue of the currency o f credit;
this is an improvement, but it has its defects.
Nor is it possible by bank
credit, convertible on demand, to reach the point o f excellence desired.
This is the system o f the United States, and experience has demonstrated its
defects. The banker is stimulated by his interest to expand credit to the
greatest extent compatible with his ideas o f safety ; whenever, from defect o f
judgment, or from causes beyond his control or foresight, the point o f safety
is passed, his efforts are equally powerful to contract the credit, regardless o f
the interest o f the public, and careful only o f his own ; the tendency o f the
system, therefore, is— a constant disturbance o f the quantity of the money
in use.
It has been proposed to attain a fixed quantity by public credit, depending
for quantity upon population ; the creation o f public stocks, with a low rate
o f interest, to be the basis of the national money, a given amount for each
individual, to be increased in the ratio o f the increase o f the population;
which stock should be made by law competent to the redemption o f all issues
o f credit to be used as m on ey; this would give us a much better, and a
much cheaper basis than we have at present; one that would never be
disturbed by foreign exchanges, and one much less liable to expansion and
contraction than that in use, especially if the banket was compelled to hold
stock in a fixed ratio to his issues.
The most perfect plan o f a measure o f value is a step in advance o f all
our present ideas, and will, it is belived, accomplish the end desired.
Value, is not like length and weight, a fixed quantity; it is a variable
quantity, depending upon the changing conditions o f the wants o f society,
and the varying means o f their supply ; its measure, therefore, should possess
such an elastic power as may be required to meet these necessities o f the
case.
P u blic credit, in modern civilization, is the most permanent form o f wealth.
Like all other human institutions, however excellent, it may be abused, but
it rests upon all forms o f national wealth as its basis, is sustained not only by




The M easure o f Value.

55<

the metals, but by all other substantive things, and while the State exists, its
obligations should be held inviolate. The Statesman who would repudiate
the public credit should be deemed not only a traitor to his country, but to
humanity— the enemy of all truth and honor. Public credit shall then be
our money, our measure o f value as better than gold. Public credit must
have a numerical form, and dollars, its present form, will answer as
well as any, and being its present form, is most appropriate for our
purpose. It is credit, and, therefore, must promise something. It should
declare that the State is indebted to the bearer, ten, twenty, fifty, one hundred
or one thousand dollars, which it will repay with a stock bearing interest at
four per cent per annum; assuming this to be the true value o f the use o f
capital, this currency o f public credit the State must declare, by law, to be a
legal tender between its citizens, for the payment o f all obligations, must dis­
burse for all public expenditures, and receive in payment for all taxes, duties,
and payments to itself.
W h a t have we now as a currency ? obviously an irredeemable paper money ;
what shall prevent its unlimited expansion like Continental money or French ,
Assignats, till like them, it ceases to have any value or capacity to exchange
other values?
The State is the issuer o f these forms o f credit, and it has bound itself to
redeem them with a stock bearing an interest at the rate which is assumed to
be the income o f capital where the security is perfect: the State, therefore,
could have no motive, improperly to increase its quantity, and no power to do
so while it faithfully complied with its contract for its redemption in stock;
the amount disbursed in the public expenditure would be returned in the
form o f duties and taxes, and any excess might be returned to be invested in
the stock. The State should farther engage to issue to all holders o f its stock,
currency on its surrender ; unless the State should compel its citizens
to exchange their stock for currency, they never would do so except
when the income o f the currency would exceed that o f the stock,
together with the risk and trouble o f its reinvestment; this it would do, only
when by some combination o f circumstances an extra demand for currency
existed ; as soon as such a demand rendered it preferable to have curreney
rather than stock, the State would freely exchange with all comers, and the
equilibrium would be restored : the State gains by the exchange, as it would
for the time extinguish the interest and lessen the burden o f taxation; the
public would gain, as it would save all excess o f interest by being always
able to obtain currency at four per cent per annum, together with the risk
and expense o f reinvestment; and as all holders o f the stock would be
competitors in the money market, there could be no unreasonable advance
in the rate o f interest. Again, if the issues became excessive, and money
would no longer repay the interest o f the stock, and the cost and risk o f
‘reinvestment, it would be again converted into stock, till the equilibrium
was restored.
In establishing this change in the measure o f value, the metals might be
left to occupy their present position, and be used as the fractions o f the
currency; but bank credit, as currency, must be extinguished. To accom­
plish this would be the great difficulty o f the change : the process must be
a gradual one, and its extinguishment o f bank credit presents the only real
difficulty in the case. But when the nation can comprehend how large an
amount of the products of its capital and industry are, under the present
system, appropriated to pay interest upon mere credit, which now constitutes




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The M easure o f Value.

/

the currency o f the nation, and with what force this vast incubus holds in
check all our powers o f production, we shall discover a safe and effectual
remedy for the evil. Under the proposed system, all usury laws might be
abolished ; the State and not individuals or corporations would then be the
creators o f the currency o f the nation, and as it could always be obtained at
four per cent, no more than the additional cost and risk o f reinvestment could
be obtained for its use. Gold, relieved from its present duty, would become
an article of merchandise, and thus increase the wealth o f the nation by its
export to those nations who still retain their attachment to it as their measure
o f value, in exchange for commodities more useful to us than gold, or
appropriated to any other use our interest or inclination would prefer.
B y this system we make income the measure of value instead o f the
metals, and as income is better, more ultimate than gold, we have improved
its character.
Value, the relation o f supply and demand, would be deter­
mined, not by the relation o f the supply and demand for gold, an uncertain
and fluctuating measure, not by the caprice or cupidity o f bankers, a still
more uncertain and fluctuating measure, but by the relation o f supply and
demand in the commodities themselves measured by the power o f the value
in whatever form it might exist, to gratify the universal passion o f humanity,
the desire o f wealth for the sake o f income, the power to create income
would determine the value o f all commodities. The machinery o f public
credit would adapt itself to the movements o f society, its contraction and
expansion, counteracting its tendencies to disturbance ; the pendulum o f
value would swing steadily through all the degrees in the arc o f exchanges ;
the machinery for the exchange o f values would work freely, without the
convulsions which now disturb its movements, accelerating them at one
period and retarding them at another. Income would be fixed and certain as
the foundations o f the State— labor has free scope, is not wasted for want of
a medium of exchange for its products, nor unreasonably stimulated by high
prices, that it may furnish income to credit in the form o f currency ; society
increases its production, with which consumption keeps pace, and all wants are
better supplied; capital increases, while interest declines, yet its power to
gratify our wants, is augmented by improved methods o f production ; the
interests o f individuals and classes coalesce, labor and capital are in harmony,
and the whole aspect o f society changes for the better.
The theory and system detailed, we do not, o f course, expect to see adopted.
It is so entirely at variance with the present ideas o f all classes o f society,
the rich and the poor, to both o f whom an irredeemable paper money is
odious ; it would so entirely destroy one o f the sources of power and income
to a large and influential interest in society, that which creates the currency,
and thus renders credit equally productive o f income with capital for private
and not public interest, that while the great public are ignorant o f their
true interests, and the bankers are necessarily the governing class, we shall
remain as we are. But the progress o f society is onward, the study o f the
science of currency is attracting to it more and more the attention o f minds
o f the highest order; especially in Great Britain, the evil of the present
system is more and more clearly seen in its influence upon the industrial
interests of mankind, and although there is general and extended ameliora­
tion o f the condition of mankind in constant progress, that amelioration is not
such as the vast improvements in productive power of the last half century
should have created. Production outruns consumption ; there is defective dis­
tribution ; gold is too gross a substance to be the vital fluid by which society is




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559

to g row ; something more etherial, more elastic is required to meet and supply
the want. The present is an inventive age, and what is now a mere philosophic
theory, like steam navigation and the electric telegraph in the last century,
may become a great future fact.
g. b.

Art. IV.— ATLANTIC AND PACIFIC TELEGRPfl.
W e lay before our readers the Report of the U. S. Senate Committee
on Post Offices and Post Roads, on the “ petition o f Josiah Snow, Anson
Bangs and their associates o f the Atlantic and Pacific Telegraph Company,”
asking aid o f the General Government, in constructing a line o f Electric
Telegraph from the Mississippi River to San Francisco, California ; in con­
sideration o f which, the Company are to transmit all communications
required by the Government for ten years free of charge. The route select­
ed by the Committee is, in our opinion, the best that could be adopted,
possessing, as it does, great local advantages, it will commence at the city of
Natchez, in the State o f Mississippi, running through a well settled portion
o f Northern Texas, to the town o f El Paso, on the Rio Grande, in lat. 32° ;
thence to the junction o f the Gila and Colorado Rivers, crossing at the head
o f the Gulf o f California, to San Diego, on the Pacific; thence along the coast
to Monterey and San Francisco. B y this route, the whole line between the
Mississippi River and the Pacific Ocean will be south of lat. 33°, consequently
almost entirely free from the great difficulties to be encountered, owing to
the mow and ice on the Northern route, by the way of the South Pass,
crossing the Sierra Nevada mountains in lat. 39°.
The Rio Grande, from recent explorations made under directions o f the
W a r Department, by Major W . W . Chapman o f the United States army, is
found to be navigable, for small steamboats, to the mouth o f Devil’s River,
*750 miles from the Gulf o f Mexico, and for large class keel boats to Brooks’
Falls, 1,040 miles, and only 150 miles below the town of El Paso, which is
in the same longitude o f Fort Laramie. The distance from El Paso to the
junction o f the Gila and Colorado Rivers, is about 600 miles, and the boun­
dary line adopted between the United States and Mexico west o f the Rio
Grande, by the Commissioners, will give a wide range o f country south o f
the southern termination o f the Sierra delos Mimbres Mountains, to select a
suitable route from. The country between El Paso and the junction o f the
Gila and Colorado Rivers, is, from undoubted authority, o f immense value for
its mineral wealth, and is already attracting attention, and will soon prove
not second to the gold regions o f California.
The junction o f the Gila and Colorado at the head o f the Gulf o f Cali­
fornia will be an important Commercial point, as the Gulf is navigable for
the largest class o f steamers, and is 900 miles long, and from recent obser­
vations made under the direction o f the Topographical Bureau, it is ascer­
tained that the Colorado River is navigable for steamers some 400 miles, and
that its valley is one o f great fertility from the junction to San Francisco ;
the line will pass the principal towns on the coast. The whole distance
rom the Mississippi to San Francisco will be about 2,400 miles. The
great benefits to be derived, on the completion o f this important line o f com­
munication to the Commercial world, the report fully and ably sets forth.




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Atlantic and Pacific Telegraph.

The petitioners propose to connect the valley o f the Mississippi with San
Francisco, in California, by telegraphic wires, and ask the aid o f the government
in behalf o f the undertaking, offering in return the use o f the wires for all gov­
ernment purposes for the term o f ten years from the time o f the completion o f
the work. O f the advantages to be derived from the connection in question, no
doubt can be entertained. Whether the project be regarded in a military, com­
mercial, or social point o f view, the importance o f such a line o f communication
must at once strike the mind, and command the approval o f every intelligent
person. When viewed in a military light, the advantages to accrue from the
proposed connection must be evident to every one. Situated at an immense
distance from those portions o f the Union which border on the Atlantic ocean,
California is entitled to more than an ordinary share o f the care o f the nation.
Beyond the reach o f ordinary means o f intercourse with the seat of the Federal
Government, the transmission of military stores and means o f defence must
always be a work o f much time and labor, whilst her vast extent o f unprotected
seaboard and incalculable mineral wealth vender her peculiarly liable to the
the attacks o f foreign ambition or cupidity. To be enabled to give timely aid
in case o f need, the government should have at its command the speediest
means o f being made acquainted with impending danger. Situated as she is,
this youngest State o f the confederacy might fall a prey to predatery violence
from without before inteliigence o f the presence o f a foe could reach those
from whom protection is to be expected, and, consequently, although the evil
might be remedied in the course o f time, a lodgment once having been made, it
might require the expenditure o f much blood and treasure to effect the object.
T o meet the danger at the onset, the Federal Government must be advised o f
its approach; and the sooner the existence o f peril is known, the more readily
can it be checked or avoided. With the proposed line o f wires, the presence o f
danger might be known in a few minutes— whilst at present it would require
weeks, if not months, to communicate the information— and succor could be
furnished in the time now necessary to convey the tidings o f its being wanted.
It is true, local defenses must be I'elied on to a great extent in resisting the first
impression of a foreign assault; but the sooner the means necessary to maintain
this resistance for any considerable length o f time are furnished, the sooner will
the difficulty be met and overcome.
In a commercial point o f view, the line in question assumes a gigantic impor­
tance, and presents itself, not only in the attitude o f a means o f communication
between the opposite extremes o f a single country, however great, but as a
channel for imparting knowledge between distant parts o f the earth. With the
existing facilities, it requires months to convey information from the sunny climes
o f the East to the less favored, in point o f climate, but not less important,
regions o f the West, teeming as they do, with the products o f art and enterprise.
Let this line o f wires be established, and the Pacific and Atlantic oceans become
as one, and intelligence will be conveyed from London to India in a shorter time
than was required ten years since to transmit a letter from New York to Liver­
pool. Nor is this all. The trade which, until now, has been earned on over
thousands o f miles o f trackless ocean, infested by storms and innumerable dan­
gers, will follow the path o f the lightning, and, passing along the entire length o f
our North American continent, will scatter wealth and civilization in its course.
The territory o f the American Union will become the highway o f Commerce,
and the connecting link between the remotest ends o f the earth. The happy
consequences o f such a state o f things is too obvious to require further remark.
Nor does the importance o f the undertaking o f the memorialists claim less
interest when regarded in a social point o f view. California is being peopled,
daily and hourly, by our friends, our kindred, and our political brethren. The
little bands that a few centuries since landed on the western shores o f the Atlantic
have now become a mighty nation. The tide o f population has been rolling
onward, increasing as it approached the setting sun, until at length our people
look abroad upon the Pacific, and have their homes almost within sight o f the
spice groves o f Japan. Although separated from us by thousands o f miles of




Atlantic and Pacific Telegraph,

561

distance, they will again be restored to us in feeling, and still present to our
affections, through the help o f this noiseless tenant o f the wilderness. It will
enable parents and children, and brothers and sisters, and husbands and wives, to
hold converse together as in other times, and bring hope to the hopeless, and
peace to hearts that have been tortured by anxiety and care.
By commencing at Natchez and terminating at San Francisco, one-half o f the
line would pass through a well populated country, to which the facilities it affords
will be o f vast advantage. In addition to this, in the portion which will be con­
structed in regions not yet peopled, except by scattered tribes o f Indians and
adventurers, these wires will furnish the Government with the most rapid means
o f communication with the military posts which must be established along the
Mexican frontier, with a view to the redemption o f the pledges o f our national
good faith under the provisions of the treaty with that country.
This route will, moreover, in a great measure, escape the difficulties that may
be anticipated from Indian violence, as these people only make occasional visits
so far south, their permanent haunts being much further to the north. On the
score o f climate, as your_committee are induced to believe, this route presents
decided advantages over any line that could be selected to the northward o f it,
where the deep snows among the mountains would necessarily form great obsta­
cles to a regular communication, more especially in winter. Added to this is the
fact that timber is much more abundant in the lower than upon what way be
properly called the upper route— a circumstance o f very great importance.
In considering this subject, your committee could not avoid being forcibly
struck with the propriety o f selecting a route which harmonizes so admirably
with other interests connected with the service o f the Government. The stipula­
tions o f the treaty of Guadalupe Hidalgo render it necessary to establish a cordon
o f military posts along the frontier, to protect Mexico from Indian incursions.
The Government must necessarily place a strong force upon the entire extent o f the
frontier, and while this force will protect the wires and stations, those connected with
the telegraphic service will be able to add to the comfort and safety o f the soldiers.
They will be mutual safeguards, and, acting in concert, will be enabled the more
easily to restrain Indian depredations and outrages, the horrors and extent o f
which, far exceed any idea which the imagination can suggest. At the same
time, these joint forces will contribute to the proper execution o f our revenue
laws along the boundary line, upon which custom-houses must be erected at con­
venient intervals, to prevent the smuggling that will otherwise take place. Thus,
as your committee think, an admirable system o f preventive police will be estab­
lished through the co-operation o f the custom-house officers, the soldiers, and
the agents connected with the telegraphic, wires.
In conclusion, it may be stated, in general terms, that no adequate estimate can
be formed o f the advantages to accrue from the undertaking o f the memorialists,
directly and indirectly. The full fruits o f this enterprise can only be displayed
by the lapse of time, attended, as it must be, by increase o f population and
national prosperity and wealth; nor should it be forgotten that, as a bond o f
union among the people o f this great republic, the proposed connection will be
beyond all price.
It may be proper here to notice a work lately published in London, which
shows that the attention o f the British people and government has already been
drawn to the important subject o f an immediate and direct communication
between Canada and the Pacific ocean. The proposition, as set forth in the work
alluded to above, is to construct a line o f communication from Halifax, in Nova
Scotia, to the Pacific, passing through Canada, and keeping close to the American
boundary line until it strikes that ocean. The writer takes an intelligent view o f
the vast bearing which the proposed improvement will have upon the course o f
trade and the Commerce o f the world, which would thus be made to pass through
the British North American possessions. If once thrown into that channel, it
would be difficult, if not impossible, for the United States to repossess themselves
o f the advantages now within their grasp. When the prodigious money resour­
ces of Great Britain are taken into view, the necessity o f priority o f action on
VOL. XXIV.----NO. V.




36

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562

the part o f this country becomes the more evident, as that nation can afford to
form the connection with China, by steamers, at a rate o f return for the invest­
ment entirely inadequate when the smallness o f our means is considered.
The amount o f money for which the memorialists ask is believed to be small,
when compared with the good to be effected and the consideration for which the
aid is to be furnished is well secured. The hill herewith reported provides for
the payment of one-eighth o f the entire sum asked on the successive completion
o f each succeeding eighth o f the structure, with a proviso that, in the event of
the work being completed within eighteen months, the additional sum of $50,000
is to be paid. In return for the support thus extended to the memorialists, they
bind themselves to transmit all communications that may be required between
the Government and its agents, civil and military, free o f charge, for the term o f
ten years. If the cost o f transmitting this information by ordinary channels be
computed, it will be seen that the sum demanded is small, very small, compared
with the service to be rendered.
Under these impressions, your committee do not hesitate to recommend the
passage o f the accompanying bill.

Art. V.— TRADE AND PIRACY OP THE EASTERN ARCHIPELAGO.
PA R T r.

t

I n tracing the intercourse o f nations in ages prior to the Christian era
numerous difficulties will be encountered, principally arising from the igno­
rance displayed by the ancients, and their incorrect geographical data; and
although, here and there, some faint glimmer of a maritime Commerce
between distant lands may be discovered, still all is doubt and uncertainty.
Apart from the cause already given, there are others equally im p o rta n tsuch as changes o f dialect, and different methods o f writing names of foreign
countries, and the power that navigators and travelers from time immemorial
have arrogated to themselves o f designating or distinguishing harbors, capes,
&c., by such names, as their fertile imaginations and individual association
might suggest; as, for example, Capes Danger and Difficulty, Pirate’s Bay
and Bay o f Islands, High, Flat, and Low Island, without once inquiring by
what name the natives styled the locality— in itself the most useful, natural,
and most modest proceeding. Another difficulty in identifying the countries
described, owes its cause to the grandiloquent and verbose style the early
navigators and travelers made use of, the fabulous dangers they surmounted,
and the terrifying sights they witnessed.
Loadstone mountains, that
attracted the unwary navigators to their inhospitable cliffs— abodes o f Jins,
Afreets, Spirits, and Demons— endless deserts, filled with terror-striking
dragons, and flying serpents, that beset the way o f the dismayed traveler.
Their principal motive for inventing these wonderful accounts, most likely,
was to deter other merchants from going, and thus keeping competitors out
o f the field, or particular trade they themselves were engaged in, divulging
the truth only to their own families, the junior members o f which were to
be their successors; together with an inherent proneness o f man to a love
o f the marvellous and supernatural.
From the valuable productions that are found in the Eastern Archipelago,
and its geographical position, our eyes are naturally turned to China for
traces o f the earliest intercourse, more particularly so, from the fact that the




Trade and P iracy o f the Eastern Archipelago.

563

properties of the magnet were known to that most extraordinary o f extra­
ordinary people, the Chinese, during the reign o f Hoang-ti, 2698 B. C . !
and that they were not deficient even in a general knowledge o f arithmetic,
geometry, and the construction o f sailing craft.
The Chinese writers and annalists do not often, in early periods, mention
in direct terms that an extensive trade was carried on with the Islands of
the Eastern Archipelago, nevertheless, the very fact that among the
manj articles brought from Central India by traders, some productions are
only to be found now-a-days in, and indigenous to, the Indian Islands,
clearly proves that ancient navigators, as they passed through those seas,
stopped at different ports for trading purposes. It involves a physical
impossibility to suppose they would sail along the Islands o f Borneo,
Sumatra, or Java, without their curiosity and cupidity being roused to dis­
cover whether these Islands were rich in animal, vegetable, or mineral
wealth. Besides, the nature o f traffic was essentially different in many
points from the modern principle o f small returns but quick passages. The
ancients had to refit their frail barks, and procure supplies far more fre­
quently than navigators o f our times. In proof o f which assertion, see
Herodotus, in his “ Euterpe,” where he states, that in the days o f Pharaoh
Necho, it took three years to circumnavigate Africa, as the sailors landed
every season to sow and reap crops. A nd inasmuch as their profits must
have been immense, one voyage during a lifetime was generally sufficient
for the adventurers to retire with a magnificent fortune, and a fund of
wonderful tales for “ astonishing the natives.”
The following facts, extracted from Pauthiers “ China,” regarding the
ancient maritime trade between China and the other ports of the Asiatic
Coast and Islands, prior to the time o f Vasco di Gama, are nearly all that
can be gathered on the subject, the details relative to epochs prior to that
date must therefore be left to conjecture.
1785. B. C. During the reign of the Chang, the Youe-yeou, a tattooed
race, brought from the Eastward boxes of fish-skins, (Beche la mer ?) short
swords and bucklers, and from the South, pearls, tortoise shell, elephants’
teeth, peacocks’ feathers, birds, and little dogs. (p. 472.) From the list of
these articles it is by no means improbable that adventurers from the Indian
Archipelago found their way to the eastern coast of China (Fou-kien ?) on a
trading voyage, as they are all indigenous to that part o f the globe.
This supposition is borne out by the circumstance that, according to the
earliest Javanese and Malay written annals, the inhabitants o f those parts
have been, from time immemorial, bold and adventurous seamen; their
insular position most likely fostering this inclination or taste for marine
enterprise, which appears to be an especial propensity intuitive in these
races, famous in all times for aquatic pursuits.
1146. B. C. Ambassadors were received at the Court o f the Emperor
Tchang-wang, from Laos and Cochin China. They were taught the use of
the compass, and on their departure were presented with a “ char” that
pointed to the south, (p. 85.)
1134. B. C. Embassy from Ni-li. (Egypt, Euphrates, or Indus ?) (p. 85.)
56. A . D. First notice o f a direct trade between Canton, India, and the
Roman Empire, (p. 267.)
428. A . D. Embassy from the K ing o f Kapila, (India) bringing among
other articles two parrots, one red and one white. (Celebes?) (p. 274.)
5 0 2-5 57. A . D. A most active trade existed during the Liang Dynasty
between China, Ceylon, and India, (p . 276.)




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Trade and P iracy o f the Eastern Archipelago.

618. A . D. Revenue officers appointed in Canton to receive the duties on
goods.
6 6 7-6 92. A . D. Ambassadors arrive from Central India, (p. 300.)
7 1 4 -7 3 1 . A . D. Embassies from Hindostan. (pp. 3 0 9 -3 1 0 .)
742. A . D. Traders arrive by sea from Ceylon, and Arabs from Siraf.
(pp. 312 and 329.)
1282. A . D. The reigning emperor was informed that several kings o f
India had sent ambassadors to pay tribute, (presents) and that one o f them
had come from Kulang (Java?) bearer o f black monkeys.
1286. A . D . The grand mandarins o f the province o f Fou-kien memo­
rialize the Emperor, that vessels from more than ninety-six different nations
had arrived.
1292. A . D . Kublai Khan sends a large naval expedition to Malacca,
consisting o f 1,000 vessels, to avenge an insult offered by the K ing o f
Kouaoua. (p. 362.)
Am ong the very few records o f early intercourse between nations border­
ing on the Persian and Arabian Gulfs, and those to the eastward o f them,
mention is made on Egypt’s time-honored monuments that, in the sixteenth
century before Christ, the Egyptians were acquainted with two valuable
metals indigenous to Southern Asia. These two metals, antimony and tin,
must have been procured either from England or the Indian Archipelago.
To the first locality there is this great stumbling-block— that England, at
that early period, must have been in a very uncivilized state; whereas, the
remains o f temples scattered over the Malay Peninsula and the Indian Isles,
show that the dominant race that existed at the period o f their erection,
were advanced in the arts and sciences. The date o f their erection, and by
whom built, will probably remain an enigma forever. Supposing that
antimony and tin were procured from the East instead o f the W est, the
only locality where the former is found at the present period is in Borneo,
and as regards the latter, the Malay Peninsula has been celebrated for cen­
turies past for it. The discovery of tin in Banca only dates from the year
1711, A . D.
Herodotus, among his other mistatements, says that the Phoenicians were
the sole traders from the Persian and Arabian Gulfs, while the Assyrian
traditions maintain that they also were active in Indian maritime Com­
merce.
The hyperbolical traditions o f the Arabs prior to the Hsegira makes it
difficult to discover any particulars o f their trade with Indian nations.
Delaurier maintains in the “ Journal Asiatique,” that the Arabs frequented
Ceylon at a period coeval with the Per dans, Greeks, and Romans, and if
their adventurous spirit did not lead them further to the east, the Malay
navigators most likely met them there. Colonists from the east coast o f the
Deccan, at the commencement o f our era, had been in the habit o f settling
in Sumatra and Java. Masondi and Hamza o f Ispahan both state that it
was a frequent occurrence to see Chinese Junks arrive at Hira, a city to the
south-west o f Babylon, the first giving the ninth century as the earliest
period, and the second the tenth o f our era. Islamism must have been first
promulgated in the Archipelago shortly after the Prophet’s death, as the
Arabs had a flourishing factory in Canton in the ninth century. The
religion o f Mohammed did not take firm root till five hundred years ago.
Prior and up to the time o f Vasco di Gama, A . D . 1479, the Javanese
Empire o f Majapahit flourished, and, according to Malay annals, in great




Trade and P iracy o f the Eastern Archipelago.

565

magnificence. It held as tributaries, Passe, the Tambelans, Gemaja, (one of
the Anambas,) Bangoran, (the Great Natunas,) Siran, Surabaya, Pulo Laut,
Pulo Timoan, Pulo Tinghi, Caramata, Blitong, Banca, Linga, Rhio, Bentam,
and on the Island o f Borneo, Sambas, Mampava, Sukadana, Kutaringan,
Banjirmassing, Coti, and Pasir. Free trade principles existed, and friendly
intercourse was kept up with the other neighboring kingdoms o f Johore,
Sulo, and Brunai. The last fully equaled Majapaliit in the extent o f its
domains. Not only did it rule over the whole of the north-west and east
coast o f Kalamantan, (Borneo,) but the adjacent Islands o f Palawan and
Mindanao were its tributaries, or, as the Malays express it, they were under
the Government of “ Him who rules it,” the “ Yang de Pertuan ” of Brunai.
The extent and importance of trade was so great in those regions in early
times, that Sultan Mohammed Shah of Malacca promulgated a written
maritime code in the thirteenth century. A ll this magnificence has now
passed away, never to return, and where the blessings o f peace once
flourished, murder, rapine, and the other attendant evils on a disorganized
state o f society reign paramount.
It is a mistaken notion to suppose that the natural character o f the un­
sophisticated Malay is either o f a treacherous or blood-thirsty disposition, and
that the introduction o f Mohammedanism has proved a curse instead o f a
blessing to him. N o one who has lived any time with the Malay, and become
conversant in the language, can but help observing that they are, as far as
the social duties are concerned, far superior to more enlightened nations.
Faithful husbands and wives, fond parents, and free from those brutalizing
vices that are inherent to many Asiatic nations. They have, also, a great
regard for truth, and their word may always be depended upon. The love
o f truth is so inherent in their nature, that those, even, who have become
contaminated, are the most miserable liars in the world— making it an
easy matter for any one who speaks the language to find them out. W hat
has been so often written o f their revengeful spirit is much exaggerated.
Polite in the extreme, they never indulge in abuse, one towards another, the
reply to any infringement o f these rules is, the kreese, for which they will
watch their opportunity, and most certainly not afford to their adversaries
any advantage it is in their power to deprive him of. This is their code o f
honor, and being fully aware o f it among themselves, provocation is seldom
given, and satisfaction as seldom required. W hen goaded to the necessity
they become perfectly reckless, and should discovery attend the deed, they
attempt no refutation, but sell their lives as dearly as possible to their
captors.
A circumstance that occurred in Singapore, about the beginning o f 1850,
will show in some measure the high sense of honor that even yet is to be
found among some who have become debased and spoiled by European in­
tercourse. The parents o f a lovely and beautiful Malay maid, the “ Khor
El Noor” o f Singapore, were bribed by emissaries o f the Rajah o f Linga to
bring her over to him as a concubine; her brother opposed it, as he justly
considered it (an opinion general among the Malays) as a species o f legal
prostitution. The persons sent to fetch her were all ready to start, and all
his arguments had failed to effect his wishes. W atching his opportunity,
when the parents were absent, and with the consent of the maid herself, he
drew his knife and stabbed her to the heart. The alarm being given, the
police officers rushed into the house, and found him seated on the floor sup­
porting in his arms the lifeless body of his sister. He was brought up for




I

566

Trade and P ira cy o f the Eastern Archipelago.

trial before Sir Cliristopber Rawlinson, and pleaded guilty to the indictment.
On liis being questioned by the judge, as to what motive he had in mur­
dering his sister, he gave the sublime and touching answer, “ to save her
from infamy and preserve my own honor.” The judge commuted the sen­
tence to transportation for life to Bombay.
Immediately subsequent to the discovery o f the American continent the
bold and enterprising Portuguese captain Vasco de Gama doubled the Cape
o f Good Hope, and found his way to the western coast o f Hindostan. The
whole o f the Indian trade to Europe had, up to that epoch, pursued two
grand routes. One up the Arabian Gulf to Cossier, near to the site of the
ancient Berenice, from thence transported by land carriage to the banks of the
Nile, and by that stream to Cairo and Rosetta, where the articles were sold to
the Venetian and Genoese merchants. The second, via the Persian Gulf to
Bassora and Bagdad, and there meeting the Asiatic merchants, who conveyed
these treasures by periodical caravans to the shores o f the Hellespont. But
here was a new route discovered, that was to create as great a change in
thought, word, or deed, as ever was effected by the introduction o f Islamism,
or the conquests o f Tamerlane. The piratical and warlike tendencies o f our
northern forefathers was still strong in the generation and times of Vasco
de Gama. They had been accustomed to Hew the treasures o f India as
ever unattainable to them— and here were they in the very center o f the
Eastern W orld. Spices, silks, precious stones, and the other costly com­
modities, that hitherto had been possessed or seen only by sovereigns and
chieftains o f their home, were now perceived in the hand o f all classes of
East Indians. N o wonder, therefore, that the appearance o f the Portuguese
alarmed those traders of the Arabian and Persian Gulfs, for they saw that
this was merely a precursor or forerunner to the complete stoppage of a
Commerce that hitherto had been brimful of profits to them. Cupidity
and jealousy were at once roused, and every attainable means made use of
to gain their ends. On one side to get rid of the interlopers at all costs,
and on the other to extend and turn to profitable account those newly reached
mines o f wealth.
To enter into all the detail villainies committed by the early Portuguese,
Spanish, English, and Dutch East India traders, is a subject o f too lengthy
a nature. The quaint manner they allude to them in their narratives, and
the seeming consolation that it afforded them, that by such acts of spoliation
so many lost souls were recovered from future retribution, tells a melancholy
tale o f their mistaken moralitv, if it does not demonstrate that, even at that
early period, the spread o f Christianity was made a cloak for fraud, oppres­
sion, and other deeds o f violence as much as at the present day.
The Portuguese returned to their country richly ladened with spoil, the
fruits of their spirited enterprise. The envy o f the Spaniards, English, and
Dutch was soon encountered ; they, jealous o f the future benefits that would
accrue to Portugal by these discoveries, joined heart and hand to despoil
them if possible o f part, if not all, their new possessions. Then was begun
that system o f exclusive trade by which piracy was engendered and fostered.
The Spaniards, English, and Dutch made free use o f all means that could
possibly villify the Portuguese, and where success could attend them, openly
attacked their cruizers. They forced the native princes to enter into treaties
with them, whereby they acknowledged their fealty to them. The system of
free trade that had been heretofore pursued became changed to that of rigid
monopoly. The annual traders from India and China, that swarmed the shoi




Trade and P ira cy o f the Eastern Achipelago.

567

o f Sumatra, the Malay Peninsula, Java, and Borneo, soon perceived that no
longer could they exchange their commodities with Tom, Dick, and Harry, but
that the different potentates o f these countries, had become rapacious and
subservient to the will of the interlopers. Disputes began to be of frequent
occurrence among the Spanish, English, and Dutch adventurers. The mas­
sacre o f the English by Dutch instigation in Am boyna and Balanbangan,
and the semi-piratical retaliations of the English on the Dutch, are facts o f
historical notoriety. The kingdoms o f the Eastern Archipelago, convulsed
by these deeds o f bloodshed, soon lost their primitive peaceful characteristics.
Exactions, tines, forced labor, and slavery, were administered by the new
crmers with no light hrtnd; the patriarchal and republican system o f gov­
ernment that had existed prior to their arrival, became changed. The ruling
Bajahs no longer owed their throne to the suffrages of the people, but to
the good will and pleasure o f these strangers, as all those who opposed them,
when such could be effected, were deposed, and others who would be more
subservient to their behests, and less adverse to their exclusive system, put
in their place. N o wonder, therefore, that the Malayan race, hitherto peace­
ful, were driven to desperation and acts o f violence. Nothing that could
extenuate their proceedings was brought forward in justification. N o men­
tion was made o f deceits practiced on them. Hollowed weights for pepper,
to be filled with quicksilver, when the spice was to be received, practice
made use o f by some Europeans even in our modern days o f high morality.
W h at will be said to the massacre o f thousands of inoffensive Chinese colo­
nists in Java by the Dutch, in consequence o f their remonstrating against
their agreement being broken, and receiving for answer discharges o f grape
and canister ?
O f all the nations that have had intercourse with the Europeans, those
who have come off the best are the Japanese. The Portuguese were the
first to open commercial relations with Nangasaki, and the Spaniards fol­
lowed in their train. The rival orders o f Jesuits and Dominicans gained a
footing in the country, and a vast number o f the Japanese joined the Mother
Church. The English and Dutch, like the dog in the manger, jealous o f
their rivals’ success, began sowing seeds of dissension between the Japanese
and the Portuguese and Spaniards— telling the former that they were going
to be absorbed under the rule o f His Most Catholic Majesty, and His
Holiness the P o p e ; the latter denied the assertion, and accused their
calumniators o f being heretics and murderers of kings, (Charles I. and D e
W itt.) The Japanese authorities perceiving that the whole pack and parcel
o f them were alike a set o f “ ne’er-do-wells,” banished them from their
shores, and issued orders that all the inhabitants that had been converted to
Christianity should return to the faith o f their forefathers— many o f them
did, but many preferred death. By some of the old narrators of those
times, it is supposed that 300,000 Christian Japanese were killed. These
bloody deeds, o f course, cannot but be looked upon with horror, but their
stopping all intercourse with outsiders, was a masterly stroke o f political
forethought and judgm ent; had they not done so then, the probabilities are
that the Japanese native government would not have existed in our times.
The English and Dutch, on hearing o f these massacres, thought it probable
that as they were not Bomanists, there was a fine chance for their getting
the ascendancy. The English, by being too particular, failed completely in
their aims, but the Dutch, not having such very tender consciences, were
graciously permitted to trade with a certain number of ships, at present
reduced to one a year, provided they underwent on each arrival the ordeal

\




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Trade and P ira cy o f the Eastern Archipelago.

o f spitting on the Cross and Bible, and denying their faith— all which they
cheerfully fulfilled. Lately, however, Mr. Montgomerie Martin, of erroneous
“ Chinese statistics ” notoriety, discovered in some moldering comer a doubt­
ful old treaty between Japan and Great Britain, and by its talismanic influ­
ence, he proposes to the Exeter Hall proselitizers and the Manchester cotton
spinners, to introduce into Japan the blessings o f Christianity, and the use
o f opium and long-cloths.
Since the last war o f 1815, the Eastern Archipelago has, in a certain
measure, been divided into two shares. A ll to the northward of the Equator
with the exception o f the Philippines, appertains to the English, and is
under their influence, while all to the south, belongs to the Dutch, with the
exception o f part o f Timor, the sole remaining settlement in those seas o f
the Portuguese.
The first to awaken a little to a sense o f her iniquitous system o f m o­
nopoly was Great Britain, by making Singapore and her other Straits set­
tlements free ports. B y so doing she has redeemed somewhat her tarnished
fame. The policy pursued in those places differs totally from many of her
other Colonies. Y ou may import or export everything free o f duty ; you
may plant, raise, and manufacture, and sell, when and how you please; you
may do whatever you please, so long as you infringe no social law, or make
incroachments on the licensing regulations o f Opium Spirits, Bang or Seree.
The success o f these settlements, and the system o f free trade principles, has
done away with piracy, in a great measure, all north o f the Equator. But
the Dutch and Spaniards, who follow in the old track, still suffer severely
from the inroads o f these marauders, for to the continuation o f those exclusive
measures, do they owe them. The aborigines, that anciently were engaged
in the peaceful pursuits o f Commerce, having become ruined by these restric­
tions and imposts, have procured instead the taste o f adventure and war in ex­
change. The Malay prefers trade and the excitement o f profit— stop that
and he takes to what he calls war, but what we style piracy. Let the Dutch
and Spaniards follow the footsteps of their antagonists, the English, and
soon will piracy be as little known in their Colonies as it is in the English
waters. Many a modern act o f bloodshead, that has been designated by us
as piratical, owes its origin to the fault and dishonest proceedings o f the
Europeans and Americans. A case in point was witnessed once by the
writer. In 1847, while living with the Sultan o f Brunai, the English brig
“ Amelia,” commanded by a certain Captain Barclay, arrived from Singapore
for a cargo o f sago. He was sitting talking to the eldest son o f the Sultan
in the outer reception hall, when Captain Barclay and a manumitted “ Sid­
ney cove” were announced. They were politely received, and just as they
were leaving a messenger arrived desiring them to see the Sultan, who wanted
to speak to them ere they went on board. They declined in terms disgust­
ing to ears polite. On hearing these expressions, the hand o f the Sultan’s
son was on the kreese, and had not the writer sprung between him and
Captain Barclay with his accomplished friend, blood would have been spilt.
This same Captain Barclay had, two voyages previous, reported his vessel as
being only of 25 tons burthen instead o f her true registered burthen o f 120
tons, to save a few dollars, there being a duty o f $1 per ton on all arrivals.
How, if the captain had been killed and the brig confiscated, what would
have been the result? W h y at once every paper in England would be
breathing vengeance on this most atrocious act o f piracy; satisfaction would
have been demanded, the city o f Brunai burnt, and hundreds o f innocent
people killed, and no inquiries as to the true state o f the case made.




F ree Trade vs. Protective Tariffs.

569

Art. VI.— FREE TRADE vs. PROTECTIVE TA R IF FS*
F reeman H unt, Esq., E d ito r o f the M erch a n ts’ M a g a zin e :—

D r . S ir :— I have again chosen to address you under the above title, as
being probably the best suited to the nature o f my communication, as I in­
tend to review some o f the propositions and assumptions contained in Mr.
Secretary Corwin's Report upon Finance, for the year 1850. The Secretary,
like bis predecessor, appears to have a great repugnance to ad valorem
duties— sees that they are “ so demoralizing in their effects as to demand
the immediate interposition o f C o n g r e s s b u t the incongruity is, that he
recommends an increase o f duties; not, it is true, in the ad valorem form,
but as specific duties; as though heavy duties o f any kind could be imposed
upon the imports o f a country, while the exports amounted annually to one
hundred and fifty or sixty millions, without producing demoralization. As
well might the Secretary expect to “ gather grapes of thorns, or figs of this­
tles.” This evidence is valuable, in so far as it adds another to the numer­
ous testimonies against the “ protective system.” There is not, at present,
nor ever was, a protective system in the world, that did not produce frauds
and demoralization, and will not eventually drive the more scrupulous indi­
viduals out o f the mercantile profession, or force them to adopt the same
system o f fraud and chicanery which is practiced by their neighbors. The
most severe systems have always produced the most stupendous and system­
atic frauds, as the necessary result, and at length whole communities
have been brought to participate in them. But this circumstance is so
proverbial that it is hardly necessary to say any more upon the subject.
I have known Commissioners o f Customs, who had to sit in judgment upon
others, smuggle for themselves, and favor others without the least hesitation,
when it was considered safe; and otherwise conscientious men participate in
the profits o f smuggling. The fact is, that under an oppressive protective
system, defrauding the revenue soon comes to be considered an act which
does not involve any moral terpitude. To those who are at all acquainted
with the operation o f the “ protective system,” it is well known that even
prohibition does not prevent the importation o f any desirable article. Pre­
vious to the year 1826, foreign silks were prohibited in England, under
severe penalties; and yet it was a notorious fact, that there was not a lady
in the country, with any pretensions to fashion, who did not wear foreign
silks, and hardly a man o f any rank, who did not wear a smuggled silk
handkerchief, either in his pocket, or round his neck. The articles could be
obtained at almost any dry-goods shop in the country, at about 75 per cent
advance upon the original cost, after they had been shipped and reshipped
from the place o f their production. After the importation o f these articles
had been legalized at a duty o f 30 per cent, Mr. Huskisson stated in the
House o f Commons, that he had made inquiries as to the inland seizures o f
these contraband goods, and found that they did not exceed five thousand
* Our correspondent w ill excuse us for delaying the publication o f his criticism o f Mr. Secretary
Corw in’s Report so long. W hile w e cheerfully give place to papers discussing m ooted points in
Political Econom y, w e must b e allow ed to give the preference to articles that em body information o f
m ore general interest to the great majority o f our readers—to the “ facts and figures” w hich have a
m ore direct bearing upon the great com m ercial and industrial interests o f the country, (the w hole o f
it,) and the w orld. On the question discussed in the present paper, w e shall continue, how ever, as
heretofore, to give the advocates o f both—o f all sides— a fair hearing.— Ed. M erchants' M agazine.




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Free Trade vs. Protective Tariffs.

pounds sterling per year, upon an average o f ten years; thus showing that
no party would assist in detecting the smuggler, but the revenue officers.
And he also stated, from inquiries that he had made, that he did not believe
that they imported any material quantity more than they had done previous
to the alteration o f the law. If this took place in Great Britain, with her
very limited coast, and her efficient revenue service, what may be expected
in this country, if the duties should be materially increased? I fear that
instead o f mending the morals o f the people, and increasing the revenue,
both of which objects Mr. Secretary Corwin appears so anxious about, it
would be much more likely to end in an organized system of smuggling,
which would save him, or his officials, the trouble of overhauling the goods,
or o f lingering the duties. For instance, goods might be insured in London,
or in other ports, to be delivered free of duty in any o f the maritime cities
o f the United States, as has been done elsewhere. Only make the duties a
sufficient consideration, and you will, without doubt, have a great part of
them smuggled, in some way or other. But Mr. Secretary Corwin has dis­
covered a peculiarity in ad valorem duties, which apparently does not belong
to any other kind o f duties. H e says that ad valorem duties “ have a ten­
dency to cherish a spirit of overtrading greatly injurious to the industry of
our own country, in all its departments, and in its final results fatal to the
revenue.” From the first part o f this charge, I should infer that Mr. Cor­
win never was a merchant, or he would not so easily have adopted such a
conclusion.
Most people consider that duties o f any kind are a great discouragement
to trade; but it has been reserved for Mr. Secretary Corwin to discover that
a tax o f nearly 30 per cent, can be so arranged as to produce a tendency to
overtrading. It is singular, but some men’s perceptive faculties are so acute
that they can discover things which never existed, except in their brain.
Some years ago, one o f the English judges discovered that the National
Debt was a blessing. This must have been extremely fortunate for the
British people, for most of them, up to that period, had been stupid enough
to consider it a curse. But to return to our subject. Merchants do not
buy goods because they are lightly taxed, or not taxed at all, but because
they have a prospect o f selling th em ; or, in other words, because there is
an effectual demand for them. Therefore, we cannot believe that the mode
o f levying the duties has had anything to do with producing the alleged
heavy importations. W e must, consequently, look in some other direction
for the solution o f this problem. Mr. Corivin has, however, given us a little
information in another place respecting the causes of these large importations,
though he has, by no means, told the whole truth. H e says, “ we cannot
overlook the fact, in our estimates o f future revenue, that the last three or
four years have been exceptional on es; that we are indebted, in part, to the
famine, the revolutions, and the broken-down markets o f Europe.” Here is
an admission. W h at have ad valorem duties to do with these causes ?—
Though the Secretary has endeavored to couple them, it is evident that they
have no connection whatever. D id we not import twenty millions of dollars
in one o f these years; and would not this, at least, be sufficient to initiate a
reaction ? And is it not a notorious fact, that within the last two years, that
the banks, all over the Union, have added 50 per cent, at least, to their cir­
culation?— has not raw cotton advanced 60 or 70 per cent since January,
1849 ?— a sure sign o f speculation. Looking at this state o f things, and con­
sidering the large addition to the currency from the arrivals o f gold from




F ree Trade vs. Protective Tariffs.

sn

California, in connection with the facts stated above, need we be in doubt as
to the causes o f the large importations? I think I stated in,a note appended
to a former article upon this subject, that the production o f gold, and the
production o f manufactures, would not be likely to agree together in the
same country; but with prudence and forethought, the final catastrophe
might have been delayed, though it could not have been indefinitely post­
poned. If, instead o f increasing their issues, the banks o f the various States
had been forced to withdraw their small notes from circulation, as the gold
had increased, time would have been gained, and probably some loss and
inconvenience averted; but as it is, there appears to be a prospect of an
early crisis. I f the States will recklessly coin their debts into money, and,
at the same time, pay interest thereon, we need not be surprised if they
should have to suffer for their folly. If the abrogation o f the ad valorem
system would alter these circumstances, then we might allow that it would
effect some g o o d ; but as it is, we have nothing to expect but falacious prom­
ises, and assumptions which cannot be realized. But suppose this system
to be abolished on account o f the inequality and injustice o f its operation,
what system can be instituted that will operate more equally ? Specific
duties must always be unjust to the consumer, if not to the importer. The
working class o f society must pay as much duty upon a yard o f shilling
calico, as the rich man will pay upon one o f double or treble the value; and
so o f all other articles— the coarse and the fine, the superior and the inferior,
must all pay the same tax. These are objections to specific duties which
cannot be rem oved; therefore, they ought not to be thought o f under a
liberal or republican government. But the keenness of Mr. Secretary Cor­
win’s perception has no lim it; he has found out, also, other objections to
ad valorem duties which do not belong to specific duties, and which prob­
ably would not have been thought of by any other person. H e says, “ under
the present system, duties are highest when the article imported is highest,
and when the purchaser and consumer can least afford to pay the duty ; and
lowest when the price o f the article wanted would allow a heavy additional
duty to be levied on it.” And, “ if applied to articles o f subsistence, it would
operate as a heavy tax upon bread in a year o f famine, increasing with the
intensity of the evil, and gradually disappearing with the return o f abun­
dance.” W e are apparently to infer from this, that some practical hardship
has occurred, or might occur, under the ad valorem system. It is supposing
a case, however, which I think most people will admit is not very likely to
occur in this country, either in respect to manufactures or agricultural pro­
ductions. The prices o f manufactures do not fluctuate from natural and in­
evitable causes, but from artificial on es; such as attempted monopolies, de­
preciations in the value o f money, &c. Therefore, no shortness o f crop is to
be expected in this case, for their production has gone on steadily increasing,
and depreciating in price, to the great benefit o f society in general, in spite
o f the wrong-headed efforts o f would-be statesmen. The Secretary appears
to have a holy horror of foreign d eb t; as though a debt was more a debt
when it was owing to foreigners than to natives; and although so prosper­
ous at present, he is very much afraid that the Treasury will become bank­
rupt, unless these large importotions can be stopped. H e says, “ It becomes
equally the duty o f Congress, and the interests o f the people, (if possible,)
so to regulate imports as to confine the importations into this country to an
amount about equal to such exports of our own as can find a market at re­
munerative prices abroad.”




572

F ree Trade vs. Protective Tariffs.

This is, indeed, a very nice point which the Secretary would undertake
to manage, but I have no doubt that in the end he will find that imports
and exports will set at defiance all calculation and management, and will, as
heretofore, regulate themselves according to necessity, or the law o f supply
and demand, in spite o f any other action o f the American tariff. Mr. Cor­
win appears to be fully aware of the delicacy o f the task he has undertaken,
for he says in the next paragraph, “ W hile importations should be secured
in amount sufficient, at a practical rate o f duties, to supply the wants o f the
Treasury, such duties should be so adjusted in a manner to affect favorably
all industrial pursuits at home.” “ I f duties on the necessary importations
should have the effect to impair the ability o f the people to purchase and
pay for foreign goods, then importations to that extent would cease; and
by consequence, the revenue, to an equivalent amount, would be diminished."
The last sentence contains an admission so contrary to the main proposition
o f the Secretary’s theory, that we are at a loss to account for its insertion.
H ow many finance ministers have tried these schemes before Mr. Secretary
Corwin, under pretence that the tax was paid by foreigners, and, o f course,
was beneficent to the home producer ; but this doctrine is now almost obso­
lete, and will hardly pass muster now-a-days. A n d yet, if we would believe
Mr. Corwin, the protective system is fraught with so many advantages to all
parties, that we are at a loss to know how it is that the statesmen o f other
countries have failed to realize them, and have abandoned the system, or are
about to do so, as being entirely hopeless, and contrary to common sense.
W ou ld it not have been better if Mr. Corwin had, for the satisfaction o f the
people, given us a few instances o f the successful operation o f the “ Pro­
tective System” elsewhere, instead o f expecting us to place implicit reliance
upon his mere dictum, contrary as it is to all experience ? W h at has the
“ Protective System” done for France, Spain, Austria, or Russia ? Has it
made any o f them prosperous or happy ? N o— in any o f these countries,
the state o f the people is most abject. D o not the great majority o f the
people in France (the country that has carried the “ Protective System” to
the greatest extent) live constantly in a style o f semi-starvation, eating such
kind o f food as the Americans would not so much as think o f ; and do they
not wear wooden shoes, cotton caps, and blouses, as their general dress ? No
man can set his foot in France without being conscious o f all this. The
state o f the people may be compared at all times to a slumbering volcano,
ready to pour forth the lava o f discontent at the slightest concussion o f the
political elements. D id not the riots at Lyons and Paris, in the year 1834,
originate in a turn out for wages at sixteen cents a d a y ; and yet we are
told by the advocates o f the “ Protective System” that it will prevent the
decrease o f wages to the European level. The looms for the manufacture
o f silk goods in Lyons decreased in number, between the years 1826 and
’ 30, from 26,000 to 15,000 ; while in Switzerland, under a system o f “ Free
Trade,” they increased in the same ratio.
B ut I may be told that England is an example o f the splendid effects of
the “ Protective System,” as the predecessor of Mr. Corwin infers from his
comparison o f the amount of the foreign trade o f England with that of
America. It is true that England grew opulent in a very short time, in
spite o f her protective p olicy ; but then she was placed in circumstances for
the time which rendered that policy entirely inoperative. The invention o f
her cotton spinning, and other machinery, in the latter part o f the eighteenth
century, gave her great advantags over the rest o f the world, and that ad­




F ree Trade vs. Protective Tariffs.

573

vantage was continued in tact for nearly half a century, owing to the politi­
cal confusion that ensued, and other circumstances. But in this period,
although generally prosperous for the English capitalist, many commercial
convulsions took place, which are, and must ever be, inseparable from the
“ Protective S y s t e m b u t the interests o f the working-clesses were not
equally subserved, as has been lately demonstrated by very minute inquiries.
The Commercial System has, however, run its course in England, as it will
do everywhere.
W h en the late Sir Robert Peel came again into power in 1841, he found
the finances of England in the most deplorable condition; he laid on a prop­
erty and income tax which produced more than five millions sterling, and
yet it did not increase the revenue beyond its former am ount; but the grow­
ing poverty and discontent of the people forced him to repudiate his former
opinions, with respect to the “ Protective System,” and adopt the policy o f
“ Free Trade.” The statistics of exports and imports, since that period, and
the general comparative prosperity o f the people, are sufficient evidence o f
the wisdom o f that policy. Mr. Corwin is, however, o f a different opinion.
H e appears to think that a duty o f 30 or 40 per cent upon imports will
have the effect “ to raise up two markets for the consumer—-the home and
the foreign— each competing with the other, so that he may not be left at
the mercy o f the one, and that the foreign one alone.” A great competition
this— while one man has to pay a tax of 30 or 40 per cent, before he can
come into the market— it would indeed be a dreadful loss to the consumer
to be left to the mercy o f such an individual. England, France, Switzerland,
and Germany, each competing with the other, would be willing to serve
him less by the amount of the tax, than the home producer, if it were not
for the paternal (?) care o f the government. Verily, the consumer ought
to cultivate a due sense of his obligation, for the benefit o f having to pay 30
or 40 per cent more for all the manufactures he consumes, than he could
buy them for without the interference o f the government. But the benefit
of having two markets is not the only benefit arising from this beautiful
system.
Mr. Corwin goes on to say, “ The happy indirect effect of such legislation
upon the labor, and consequently on the permanent prosperity o f our own
country, is not the greatest, by any means, o f the blessings it confers. B y
giving diversity to the occupations and industrial pursuits o f the people,
labor is rewarded; the ability to consume foreign products is attained, and
the wants o f the National Treasury, dependent entirely upon duties collected
upon foreign imports, are amply supplied.” I must confess that I do not
see any o f these beautiful consequences flowing from such measures. If
m y opinion had been asked, though that is somewhat egotistical, I should
have said that the “ indirect effect o f such legislation” would be extremely
injurious and burthensome to the community— that it would direct capital
into pursuits for which there was no natural facility, and would, therefore,
decrease the general rate o f profit, instead of increasing the prosperity o f the
country. Diversity o f occupations is o f little consequence, when there is
plenty o f opportunity to labor more advantageously, and permanently, with­
out the interference o f government. But how “ the ability to consume for­
eign products is attained” by paying a tax upon them, I do not understand.
If I look to the amount o f manufactures exported, they bear no proportion
to the raw produce, and are really insignificant; therefore we cannot obtain
many foreign products from them. And if I look to every-day experience,




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Free Trade vs. Protective Tariffs.

I can hardly suppress a smile, that the Secretary should think that people
are to be so easily gulled at this time o f day. Every one knows that if he
pays more for one article that he consumes, it lessens his means to purchase
others. But the grand idea which the Secretary wishes to impress upon
the minds o f the people is, that “ the wants o f the National Treasury” is
supplied “ entirely by duties collected upon foreign imports.” Just as though
these duties came out o f the pockets o f foreigners, instead o f the pockets o f
the consumers o f these imports. A ll finance ministers know that if taxes
were collected directly from the people, they would not get them so easily,
or so abundantly— they would be obliged to bring their expenses to their
means, and not their means to their expenses.
Mr. Corwin proceeds:— ‘‘ W hile the great end— that o f a competent reve­
nue— is thus surely reached by this policy, a larger amount o f exports is, at
the same time, attained, towards paying for the required importations.
This is just as fallacious as the preceding reasoning. Although the tax,
whatever be the amount, adds just so much to the price o f the imports, the
tax being consumed by the government, adds nothing to the real value o f
those im ports; and though the consumer pays the whole, the foreign mer­
chant obtains no more than the original c o s t; consequently, the amount of
exports cannot be affected by such operation, except indirectly—-they are
decreased to the full amount o f the tax.”
Mr. Corwin exults because the United States is able to export more breadstuffs than any other country, and yet he is afraid that this circumstance
. will not be any great benefit to us after all; because “ N o nation will pur­
chase from us, no matter how prosperous may be her condition, a larger
amount of breadstuff’s than the deficiency o f her own supply will require,
though we buy from her double or treble the amount o f her productions.”
I know not how any reasonable man could expect anything different; but
one thing he may depend upon, that there is no law o f nature better ascer­
tained, than that exports and imports will eventually balance themselves,
without any official interference; all disturbing causes notwithstanding.
Mr. Secretary Corwin wishes to raise the duties so as to increase the revenue
seven millions, upon what he considers a healthy amount o f imports, with­
out the least consideration that the tax must come out o f the pockets o f the
people, without any equivalent whatever.
Most ministers are beginning to find out that the lower the duties, the
better they fill the exchequer; and Mr. Corwin himself says, that high duties
upon raw material have been injurious to the revenue, which appears some­
what paradoxical; and if it be true, which no doubt it is, in some instances,
it should admonish him to take a different course to that which he proposes.
W ith regard to the Secretary’s sorrowful presentiment, that we shall not ex­
port any material quantity o f breadstuff's in 1851 beyond what we did in
1831 and ’41, I think it is somewhat unfounded. H e talks about disturb­
ing causes, but has really taken very few of them into consideration. Like
the Celestials, he appears to have walled himself round within his own sacred
empire, and hardly deigned to look beyond, upon the outside barbarians.
H e has not, in my opinion, given sufficient consideration to the circumstances
in which England has been placed— the chief customer for breadstufls.
Previous to 1846, her tariff had been modified three or four times within
thirty years, for the purpose o f prohibiting those articles, until increased
prices indicated a famine; the duties o f the last tariff increasing as the price
diminished, and decreasing as the price augmented. The trade in bread-




Free Trade vs. Protective Tariffs.

575

stuffs was, therefore, very uncertain, partaking more o f the nature o f a gam­
bling transaction, than that o f regular Commerce, and graat losses often oc­
curred to importers. It was not to be expected, under these circumstances,
that the trade could be properly developed, or could become equal to the
dem and; and when suddenly thrown open, under the excitement o f high
prices, caused by the previous famine, it was not to be expected that such a
period could pass over without the market being glutted from all quarters;
and I think there can be no reasonable doubt that England, and some other
countries of Europe, will become steadily increasing customers for these arti­
cles ; the Secretary’s doubts notwithstanding. W e come now to the grand
proposition which Mr. Corwin has taken so much trouble to sustain and
fortify. It is as follows :— “ These exports, as already stated, consist princi­
pally of articles of necessity, and nearly all o f them raw materials, in their
crudest state; and if we therefore wish to occupy the place among com­
mercial nations that our advantages o f position and our vast resources war­
rant, we must greatly increase the amount o f those exports. This can only
be done by an increase o f manufactures.” Then follows a number o f statis­
tics, which show some curious results, and if the Secretary had well studied
them, I am inclined to think he would have abandoned his Utopian scheme.
W h ile the value o f raw cotton exported within the last five years has in­
creased about 75 per cent, the value o f cotton manufactures exported have
remained all but stationary. The value o f raw cotton exported to Great
Britain for the same period has increased (in round numbers) from twentyseven millions o f dollars to forty-two, or about CO per cent; while the ex­
ports o f manufactured cotton to the same country have decreased from nine
millions to nothing. This is the common result of all protective systems—
continual fluctuation. W h ile the United States have exported five millions
worth o f manufactured cotton, Great Britain has exported one hundred and
nine, and the United States have received o f that amount (under a duty
from 20 to 30 per cent) fourteen millions.
Mr. Corwin thinks that “ the United States should share in the profits of
manufacturing her own great staples.” Profits, indeed ! I have elsewhere
said that no profit can be derived, unless it be inherent in the circumstances.
Is not the necessity o f protective duties proof enough that no profit can be
derived by the community from manufacturing in the United States, without
reducing the price o f labor, and the profits of capital, to the European stan­
dard ? Cannot the government o f the United States be content in the posi­
tion in which it has pleased God to place us, among the first commercial
and agricultural nations o f the earth, but they mnst be trying to do impossi­
bilities, by endeavoring to make of us a manufacturing nation, when our profits
lie in another direction. In case o f our manufacturing to a considerable ex­
tent, I should like to know where we are to export these manufactures to ?
D o not our statistics show that these things are not to be managed by any
system o f legerdemain put in force by a finance minister ? W e cannot even
monopolize the exportation o f American cotton. It will be seen, by the sta­
tistics above-mentioned, that the exports o f American raw cotton from
Great Britain to several countries o f Europe, exceed those from the United
States to the same countries, and that the value of such exports (of American
raw cotton) from Great Britain to the continent of Europe, exceeds the en­
tire exports of American cotton manufactures to the whole world. W hat
does this prove 2 It proves that if trade be dammed up in one channel, it
will find another to run in. Suppose that the American tariff— say a duty




5 76

F ree Trade vs. Protective Tariffs.

o f 30 or 100 per cent— should prevent some particular article from being
consumed in this country, which is produced in abundance in some o f the
countries in question, and they want American cotton, what will be the con­
sequence ? They must sell their product to some other country for Ameri­
can cotton, who possesses some other commodity that can be profitably sold
in the American market. Thus the profit of a direct trade is lost. The re­
ciprocal exports o f one manufacturing nation to another, must necessarily
be few, and of very little general advantage to the com m unity; depending
chiefly upon the difference of taste, and genius o f the people in different
countries.
The principal profits o f a manufacturing nation must be derived, at all
times, from exchanging manufactured goods for raw produce, because in
those countries where such exchanges can be effected, labor is dear and pro­
duce cheap, which is the exactly opposite condition of the manufacturing
country. The exchange o f luxuries for luxuries, can be o f little consequence;
a few persons may obtain a livelihood by such a trade, but it will add no­
thing to the rate o f profit in either country. W h en Mr. Secretary Corwin
expects that the various countries o f Europe will be in a condition to ex­
change raw material and breadstuff's for American manufactures, I know n o t;
or even when the United States will be able to compete with Great Britain
in the purchase o f raw materials and provisions in other markets common
to b o th ; that I leave for him to determine, as I believe it to be a difficult
problem. These things appear to be better understood in Europe. I per­
ceive, by your November number, that a great change has taken place in
the tariff of the Zollverein— though heretofore being exporters o f agricul­
tural produce, they have reduced the duties upon those articles to the
smallest possible amount, and taken off entirely those upon raw material—
being perfectly satisfied that without importing raw material and agricul­
tural produce, the exportation of manufactures, to any extent, can neither be
profitable nor possible. Having now examined the principal propositions
contained in the Secretary’s Report, upon which he founds his claim for an
advance of duties, and found them fallacious, I propose to take my leave o f
this document with very few other observations.
Mr. Corwin appears to think, that if his views were carried into effect,
that in time we might export at least one hundred millions worth o f manu­
factures, instead o f the present amount. The idea, as I have endeavored to
show, is perfectly Utopian. N o country can export manufactures, or any
thing else, until they can sell at least as cheap as their neighbors, and then
they must he able to take in exchange such other commodities as each cus­
tomer has to sell upon equally advantageous terms. A large export trade
in American manufactures, in the present state o f the world, is entirely out
o f the question; nor can it be expected that the States will be able to man­
ufacture largely for themselves, under any one-side^ system o f protection.
I f the American people should decide that they will manufacture entirely
for themselves, (exportation is, o f course, out o f the question,) they must
prohibit entirely the exportation of raw produce, for if you export you must
import, and you cannot import raw produce, at the same time as you export
i t ; so there is no other way to keep out foreign manufactures. And in ad­
dition to this, you must go to the expense o f many millions a year to pro­
vide an efficient coast guard, to carry these non-intercourse regulations into
effect. The expenses o f government must be collected by a direct tax, and
thirty or forty per cent more must be paid for all the manufactures consum-




The Suffolk Bank System o f N ew England.

5 ll

ed, than they could be bought for elsewhere. These are the only terms
upon which we can become a manufacturing nation. I must now conclude—
hoping that the time is not far distant when nations and governments will
cease their fruitless endeavors to create profits where Nature and Provi­
dence have decreed that they shall not exist.
n. s.

Art. VII.— THE SUFFOLK BANK SYSTEM OF N EW ENGLAND.
I n the articles on “ The Currency of New England and the Suffolk Bank
System,” which appeared in the Merchants' Magazine for March and April,
we were attracted by some new and novel arguments against that system,
as also the revival o f some formerly used, but supposed by us to have been
long since abandoned, even by its opponents on other grounds. The ques­
tion o f adopting some system for the par redemption o f our own country bank
circulation is now engaging our community, and the daily discussion o f the
subject in the various public journals, shows that it is viewed with no ordi­
nary interest.
A s the writer deems many of the objections urged by “ F. O. J. S.” as
entirely untenable, yet liable to mislead the casual reader, he has taken
upon himself to answer a portion o f them. In order to make myself intel­
ligible it will be necessary to quote from the articles referred to, and at times,
perhaps, with some appearance of repetition.
W e presume in this enlightened day that few intelligent merchants would
object to the writer’s views as urging the demoralizing influence o f the usury
laws. It is not, however, confined particularly to New England, which is
specially alluded to. In few or none o f those States is the law as stringent
as in New York ; and the history of none of them records frauds and dis­
honesty approximating to some o f those which have been perpetrated under
shelter of the Usury Laws o f our own State. W e would not argue from
this that the standard of moral honesty is lower here than there, but that
the laws o f this State hold out a larger premium for breaches o f good faith
between the money-borrower and lender. It is to be hoped the present
effort to ameliorate the penalty o f usury will be successfully carried, and be
but a prelude to still more enlightened legislation on that subject.
Our writer observes that “ o f all the giant influences that shrewd finan­
ciers ever devised, above and without law for the purpose o f absolute con­
trol over the industry, trade and business of a large population, extended
over a wide territory so as to direct much the largest share o f all the advan­
tages and profits o f that industry, trade and business to one common center,
this Suffolk Bank System will stand out in history foremost and most comely
to look upon.”
W e deny that the originators o f that system were actuated by such
extended and ambitious motives, or that it has incidentally in its operations
produced such beneficial results to Boston. W e cannot conceive how other
causes which have been enumerated as entirely secondary and minor, should
be viewed as such, when the growth of our own and other large cities is so
undeniably credited to the same causes, viz., natural position for a certain
trade, judicious internal improvements, and an enterprising use o f its accu­
mulating wealth.
31
VOL. xxiv.— no. v.




578

The Suffolk Bank System o f New England.

The Suffolk Bank System originated in an honest and with the single
desire to correct the abuses which existed in the banking system of New
England, and to establish a safe and uniform currency for the whole com­
munity. All classes were suffering under the multifarious evils of an inflated
and depreciated currency. The well conducted banks o f the city and coun­
try claimed protection from its effects. Numerous banks in remote towns
were in existence, whose aim was to flood the country with their paper with­
out even the secondary consideration o f being any advantage to the public
by making judicious loans to the regular trader, or to furnish a uniform and
redeemable currency. The natural flow o f that currency was to Boston,
which was and is now “ the great store-house of New England’s active wealth
— the great center from which radiates much o f New England’s enterprise
— the great market where New England seeks exchanges for much the
largest share o f her agricultural and manufacturing products, and the great
distributing agent of New England’s traffic in merchandise— she is the
Ledger of New England.” W e consider these the causes o f her growth in
wealth and population. The flow o f the currency to that center as the
effect only o f that position and not the cause, as alleged. It has been greatly
aided by her enterprise in railroads radiating from that center to every part
o f New England and other States. W e contend that she does possess com­
manding advantages o f natural position for it. The fact that there are
other good natural locations, in some respects, for large cities, does not pre­
suppose that there should or could be such in all. On the contrary, argu­
ments readily suggest themselves that it is better for States like those
referred to, to have “ one great store-house” for her Commerce and Manu­
factures. Her means o f communication are artificial, but they were judi­
ciously built at moderate cost, and are at all seasons available. Nature does
not give her advantages o f natural highways gratis or free from obstacles.
Many o f our rivers have a dangerous navigation’ from low stages o f water,
snags, &c., to which we pay tribute by losses o f millions. They must be
navigated by expensive steamers, and in our northern States are obstructed
by ice for successive months, which in our own noble Hudson is considered
so serious a drawback that we are availing o f an artificial communication
by railroad, built at great cost, to obviate the evil. Boston has only kept
pace with the general growth o f New England. Her excess o f growth and
prosperity over some other towns named, arises from using her wealth and
enterprise to avail o f her natural advantages.
In view o f the weak and expanded state of the New England banks at
the commencement o f the Suffolk Bank System, it was considered a very
hazardous undertaking by many sincere friends to its success; there was
also much sympathy expressed by others for its stockholders, lest it should
not prove a fortunate enterprise. But it has long since ceased to require
that sympathy. It is a rare circumstance to find a country bank officer or
' director in New England opposed to the system. On the contrary, we have
the frequent testimony in our public journals, and otherwise, of those who
were at first and for many years afterwards prejudiced and strongly opposed
to it, who now give their hearty approval to it, and would not see it abol­
ished. Occasionally a bank cuts loose from the arrangement, with the hopes
of getting up an increased circulation, and the result is they find that by
the natural laws o f trade, their circulation is “ domiciled" at home more
rapidly than under the Suffolk Bank System, and, as a matter o f self-interest,
they are glad to return to the arrangement. The exceptions to this rule




The Suffolk Bank System o f N ew England.

519

are when the bank has, by bad faith and management, become hopelessly
insolvent and unable to redeem their circulation as it returns to them by the
course o f trade. W henever the bills o f a country bank, well managed,
have passed home suddenly from any unexpected contingency, they have,
as many can and will testify, met with the most liberal indulgence from the
Suffolk Bank, and there found, in a good credit, something as substantial to
them and more elastic than a more limited specie deposit would have been.
The idea is preposterous that a few monied men in Boston could by this
system divert the natural course of trade and the currency to that city from
any other natural channel. A ll the banking influence o f this city could
not stop the flow o f the currency to New York and change it to Buffalo.
The writer further observes, that after the establishment o f the Suffolk
Bank System, “ there was no longer circulation left to the notes out o f Bos­
ton, as this ‘ higher law' permits but one direction in which they can flow,
commencing as soon as issued an^ that is towards Boston.” That “ New
England is helplessly dependent for a currency at the feet o f the banks o f
Boston.” Let us examine with how much rigor they have exercised this
power. It appears by the Bank Commissioners for Massachusetts report for
1850 that—
The Capital of the thirty Banks in Boston, in 1850, was.......................
Its Circulation
“
.......................
The Capital of the Maine Banks in 1850 was................................... ..
Its Circulation was.......................................................................................
The Boston Banks, to have the same proportion of Circulation with
the Maine Banks, would be entitled to............................................
Showing a loss to the Boston Banks in Circulation of, as compared
with Maine............................................................................................

821,010,000
6,010,000
3,148,000
2,301,152
15,400,000
9,330,000

The candid reader must admit, with all the “ carrier pigeon” haste to re­
turn, the bankers o f Maine are not indifferent financiers to keep out so large
a proportion more than the Boston banks. W e cannot see the effects of
“ withering influence” in the above statement.
Let us examine its influence upon the country banks o f Massachusetts.
It appears by the Report before referred to that the Capital of the
ninety-nine Country Banks of Massachusetts were.........................
Their Circulation was..............................
Excess over Boston is...................................................................................
The Boston Banks, to have the same Circulation in proportion, would
have...................................................................................
Showing a loss to Boston Banks in Circulation of about.......................

$16,194,850
10,851,881
5,342,969
14,000,000
8,000,000

W e might pursue the statistics further with the same favoiable results to
the country banks. W e will only instance one more.
The Capital of the Vermont Banks in 1847 was...................................
Circulation of about..............................................................

$1,301,000
2,232,000

W e have selected this period accidentally, and not because it illustrates
our argument favorably. W e have not the data before us, or the time to
prepare tables showing the comparative dividends o f the country and Boston
banks; we can find but one recent table, which is for April, 1850, when the
the dividends were a fraction over 3 88-100 for twenty-eight Boston
banks, and 4 9-100 for the ninety country banks. Should it be shown
that is more than the average difference between the country banks
o f Massachusetts or Maine and Boston, it would only argue bad manage­
ment on the part o f the banks o f Maine not to return as good dividends to




580

The Suffolk Bank System o f N ew England.

stockholders when they have so much the advantage. W e believe that for
the past three or four years the Boston banks have paid much larger ave­
rage dividends than for many years previous.
Tit is evident from what has been shown that the banks o f Maine are
benefited by the Suffolk Bank System, for who could doubt that should
they cease to redeem their circulation in Boston it would be diminished
much below the amount of their permanent deposit in Boston, and even if
kept up for a time, it would be at a depreciation from the specie standard
in Boston, and to the injury o f the whole community, except those who
make it a source o f profit to buy it at the greatest depreciation possible to
return it to the bank o f issue.
The country residents o f Massachusetts are always jealous o f city influ­
ence and advantage. They, as a people, after long years o f trial, are satis­
fied with the workings o f the system, and that it gives neither Boston, as a
city, or its banks, any advantage over oth«r cities and towns o f the interior.
They have the power in the Legislature, and would have long since exercised
it to neutralize any such imputed advantage.
The writer again observes, “ were Maine furnished with a system o f cur­
rency that could with as little expense be at par in the city o f New York as
hers now is in the city o f Boston, would not every man see she would have
a double advantage in it.” This would plainly admit that there was an
advantage at “ small expense,” which might perhaps be doubted! ! W e
doubt, however, whether it would benefit either party. The question o f the
proportion o f circulation to capital o f banks is one o f wide difference o f
opinion even with experienced financiers.
Our figures, we think, show
that the circulation o f the Maine banks is sufficiently large for its capital.
W e think, too, the people o f this State claim to furnish their own circu­
lating medium as far as possible. If Boston makes a sacrifice to secure a
uniform currency for New England, it is no argument for us. W hether we
receive the bank notes o f Maine at par or not, our business relations will con­
tinue to increase with them from our superior commercial position. Again, if
the Suffolk Bank exercises such a “ withering influence ” on the circulation o f
the Maine banks, they would not be so unwise as to divide still more their
capital by keeping up a similar permanent deposit here. Certainly nothing
short o f that would make their bills current here. It is only by the im­
mense amount o f business transacted under a consummate method and
economy which enables the Suffolk to do the business so cheaply. The
position has incidentally given her a profitable business formerly, and now
generally avoided, or at least not sought by the other banks generally. I
refer to the discounting and collection o f paper payable at the interior towns
o f New England.
The writer again says: “ If this system tends to make money scarce in
the interior and abundant in Boston, who does not see that the whole ad­
vantage o f it is in favor o f Boston and against other places ?” This is a
supposition that does not exist. In no part o f New England, for several
years past, has money been as scarce or borne as high rates o f average in­
terest as in Boston. It is proverbially true that her merchants have been
largely accommodated by the banks in this city. The loans to Boston by
two banks only is probably several millions per annum.
The writer again observes: “ The extent o f these weekly redemptions o f
the New England banks at the Suffolk, compared with the aggregate capital
o f those banks, is admonishingly daguerreotyped in the following official




The Suffolk Bank System, o f N ew England.

581

statement o f the Bank Commissioners o f Maine for 1848, v iz : 1An amount
equal to the whole circulation o f our banks must be redeemed (in Boston)
at least four times in each y ea r!’ ” The writer should here recollect that
the New England banks concentrate their receipts at Boston in •preference
to having them paid at home, although incidentally they may charge their
customers a little exchange for notes payable where they are most desirable.
They answer the demands for funds on Boston by paying out their own bills
instead o f a draft against their account there. For example, a merchant of
Portland visits Boston for purchases of merchandise, &c. H e has $5,000 in
Portland bank bills which he wishes to distribute to various parties in Bos­
ton. H e demands no specie funds or a draft on Boston, knowing that his
bank bills are at par there. The same business operations by a merchant
o f Boston or Portland, with New York, would be by transmitting his funds
in a bank check or bill o f exchange,— for the reason that the bank bills o f
neither city are bankable here. The amount o f bills paid out by the coun­
try banks, with the knowledge o f their going direct to Boston, is very large,
and if drafts were substituted, a very sensible diminution o f amount of
circulation redeemed would appear. They prefer the chance that a portion
o f their bills, thus paid, will not find its way to the Suffolk for a time, than
to give sight drafts or specie.
That there is at this time a deficiency o f active capital in New England,
is not denied. But we think it fallacious to suppose the permanent remedy
would be in an expansion o f paper currency. The causes o f this scarcity
are not inexplicable. The amount invested within the past five years, in
railroads sums its millions, and the same in manufactures, with a hope o f
future prosperity. The sum invested in the town of Lawrence alone,, within
five years, would, if in active capital, be sufficient to make the money market
easy throughout New England. For the past three years her manufactures
have ceased to afford fair dividends. Her shipping interest has been de­
pressed. Maine, in particular, feels its influence as her freighters have made
but poor returns. But these influences are wearing away, active capital is
again accumulating, and bids fair, in due time, to be sufficiently abundant
f o r a healthy prosperity. The writer seems to take it for granted that the
banks should be able to keep up their circulation to the maximum allowed
by law, and estimates that it “ is now more than half a million less than the
promise which their charters held out to the people o f the State.” W e do
not consider this a fair assumption. Times and circumstances require in­
creased amounts for a circulating medium. A period o f active business,
with high prices for staple products o f export or consumption, require an
increased amount o f currency. Those contingencies do not now exist to its
maximum extent. It is also well understood that nearly all the New
England banks make due preparation for an annual statement o f their
affairs, by curtailing their liabilities and placing themselves in as favorable a
position as practicable. It is fair to suppose that their report of circulation
is below the minimum amount, and at some other times approximates nearer
to the maximum amount allowed by law. W e do not infer that because
the laws o f Maine have fixed a limit to the circulation o f banks, that their
framers intended or supposed it would be kept up to that point at all times.
The banking capital o f Boston has been increased several millions within a
few years without any increase o f circulation.
As regards the comparative increase o f wealth in Boston compared to
other towns in Massachusetts, we refer him to carefully prepared tables




582

Journal o f Mercantile Law.

published in Hunt's Merchants' Magazine for February, 1851.
He
will there find that counties remote from Boston, and the Suffolk Bank
influence, have exceeded Boston in proportionate increase o f wealth. W e
cannot offer comparative tables for Boston and Maine. But we know that
she is rapidly increasing in wealth and population. The reader would sup­
pose, from the tenor o f the articles reviewed, that she was weighed down
by an incubus that paralyzed her energies and greatly retarded her pros­
perity, when we know that her shipping is to be found in every quarter of
the globe, and yearly extending. The timber of her forests are furnishing
shelter not only to the inhabitants o f New England, but also to a new
world on the Pacific. And her yeomanry are annually increasing her agri­
cultural products by an enlightened system o f husbandry.
Let us then divest ourselves o f such obsolete theories and sectional pre­
judices, and generously concede to each the relative position o f trade and
importance which the natural position and course o f trade has established.
T . K . I.

JOURNAL OF M E R C A N TILE LA W .
IMPORTANT COMMERCIAL DECISION.
NAVIGATION L A W S OF THE UNITED ST A TE S— RECIPROCITY, THE
OF T R A D E , AND THE

AMERICAN POLICY

BASIS OF MODERN M ERCANTILE PUBLIC L A W ---- D U T Y ON

COFFEE AND T E A , IMPORTED IN PORTUGUESE VESSELS.

The immediate question discussed in the following opinion o f the Supreme
Court, which was delivered by Mr. Justice Wayne, relates to the construction of
our Treaty o f Navigation with Portugal, in connection with the Tariff act o f
1846. The Court comes to the conclusion, that tea and coffee are not exempt
from duty under our tariff by virtue o f the qualified reciprocal clauses o f that
treaty. After disposing o f the question, the learned judge is naturally led into
discussion o f the principles o f our commercial intercourse with all nations, and a
historical sketch o f the rise and progress o f that great rule o f reciprocity which,
as is fully shown, by this interesting and learned opinion, has been the consistent
rule and purpose o f our Foreign Commercial Policy from the beginning. W e
are glad to find such authentic support for the views expressed in a late article
in the Merchants' Magazine on American Reciprocity and British Free Trade,
which, however, was not editorial, and for many o f the opinions in which, we do
not wish to be answerable.
In the United States Supreme Court, December Term, 1850.— Samuel Old­
field, p fff in error, vs. William H. Marriot— In error to the Circuit Court o f the
United States for the district o f Maryland.
Mr. Justice Wayne delivered the opinion o f the court.
This cause was tried and decided in the Circuit Court, upon a statement of
facts made by the parties.
The question arising from it is, whether or not the vessels o f Portugal are
within that clause o f the act o f the 30th o f July, 1846, to reduce duties on
imports, in which it is said coffee and tea are exempt from duty, when imported
direct from the place o f their growth or production in American vessels, or in
foreign vessels entitled by reciprocal treaties to be exempt from discriminating
duties, tonnage and other charges.
It is contended that Portuguese vessels are within the act, upon a proper
construction o f it in connection with the second article o f the treaty with
Portugal.
It is in these w ords: “ Vessels o f the United States o f America arriving either




Journal o f Mercantile Law.

583

laden or in ballast in the ports o f the Kingdom and possessions o f Portugal,
and reciprocally Portuguese vessels arriving, either laden or in ballast, in the
ports o f the United States o f America, shall be treated on their entrance, during
their stay, and at their departure, upon the same footing as national vessels com­
ing from the same place, with respect to the duties of tonnage, light-house
duties, pilotage, port charges, as well as to the fees o f public officers and all
other duties and charges, o f whatever kind or denomination, levied upon vessels
o f Commerce, in the name or to the profit o f the government, the local authori­
ties, or o f any public or private establishment whatever.” Its meaning is, that
there shall be an entire reciprocity o f duties and charges upon the vessels o f the
two nations in their respective ports : that is, that Portuguese vessels in our
ports shall pay no other charges than American vessels do, and that American
vessels in Portuguese ports shall be charged with the same duties as Portuguese
vessels may be liable to pay. What these duties may be, shall be determined
by each nation for its own ports.
There is not a word in the article relating to the duties upon the cargoes of
the vessels o f either nation. Nor is there a provision in the treaty— as we shall
show there is in other treaties between the United States and other nations—
restricting either nation from levying discriminating duties upon cargoes carried
by the vessels o f either into the ports of the other, when they are made up of
articles, merchandise or manufactures, the growth or production of a different
nation than that to which the vessel carrying it belongs, or when the cargo shall
not be the production either o f Portugal or o f the United States.
This is the view which both nations have taken o f the 2d article, and o f the
other parts o f the treaty relating to the cargoes o f vessels.
The Queen o f Portugal, in October, 1841, in less than six months after the
ratification o f the treaty had been proclaimed b y the United States, promulgated
a decree o f the General Cortes, imposing a discriminating duty upon goods
imported in foreign vessels which were not the production o f the countries to
which such vessels might belong. T he object o f it was to secure to Portuguese
vessels the direct carrying-trade o f such merchandise to the ports o f Portugal.
The United States did the same b y the tenth section o f the act o f the 30th
August, 1842, tw o years after the treaty was made. It placed an additional duty
o f 10 per centum above the rates o f duty fixed in the act, “ upon goods, on the
importation o f which, in American or foreign vessels, a specific discrimination
between them is not made in the act, which shall be imported in ships not o f the
United States.”

This legislation was acted upon by both nations without any complaint or
even suggestion that it was not in conformity with the treaty stipulations
between them. It shows that the views o f both were that the vessels o f both
were to pay in their respective ports the charges their own vessels were subjected
to, and no m ore; and that the duties upon goods, not of American or Portuguese
production, imported into the ports o f either nation by the vessels o f the other,
might be made liable to such discriminating duties as either might think would
give to their own vessels the direct trade o f such articles.
W e will now show that this practice o f both nations was exactly what the
treaty itself had provided for between them.
T he 3d, 4th, 5th, and 6th article o f the treaty relate to the introduction o f
merchandise into the two countries, and are all that do so. The 7th and 8th
exclude from the operation o f those before them the coastwise trade o f both
nations, and such ports and countries in the kingdom and possession o f Portugal
where foreign commerce and navigation were not admitted. And the 13th
article is a mutual undertaking, if either nation shall grant to any other nation a
particular favor in navigation or commerce, that it shall become common to the
other party upon the same terms upon which the grant may be made. The
3d article provides that the productions o f either nation shall be admitted into
their respective ports upon payment o f the same duty as may be payable on the
same merchandise if it were the growth o f any other foreign country. No pro­
hibition can be put upon the importation or exportation o f the produce o f either




584

Journal o f Mercantile Law.

nation which shall not extend to all other foreign nations ; nor shall there be
any higher or other duty in either country, upon the exportation o f articles to
either from the other, than is put upon the like articles exported to any other
foreign country. As yet nothing has been said about the transportation of com­
modities from one nation to the other, or from foreign States. That is providid for in the 4th, 5th and 6th articles. By the 4th, both nations can carry in
their vessels the production o f each into the ports o f the other upon the same
terms— the produce and manufactures of Portugal and the United States, it
must be remembered, not the produce or manufactures o f any foreign country ;
for the stipulation in the 5th article, in respect to the transportation o f these,
permits it only to be done whenever there may be lawfully imported into any
or all o f the ports of either nation, in vessels o f any foreign country, articles
which are the growth, produce or manufacture o f a country other than that to
which the importing vessel shall belong. By the 6th article, the vessels o f both
nations may export and re-export from the ports o f each all kinds o f merchan­
dise which can be lawfully exported or re-exported from the ports o f either
without paying higher or other duties or charges than the same articles pay
when exported or re-exported in the vessels o f either nation.
Prom all this it must be seen that neither nation has a right, by the treaty, to
carry in their vessels, to the ports o f the other the produce o f foreign countries,
except upon the payment o f such duties, discriminating and otherwise, as each
nation may impose.
So stood both nations under the treaty from the time o f its ratification, and
under their respective legislation afterwards relating to duties upon cargoes o f
foreign produce, without any misapprehension by either, or by the merchants o f
either, o f the privileges o f Commerce conferred by the treaty. Indeed there
could have been none. But it was necessary to state particularly what our
treaty stipulations are, that the nature o f the claim now made for her vessels may
be more fully understood.
It is now said that that which the treaty does not permit the vessels o f Portu­
gal to do, our own legislation allows in that part o f the act o f 1846, to reduce
duties on imports, which exempts coffee from any duty.
There was such a misapprehension for some time. It was acted upon, too, for
several months by some o f our merchants and collectors— perhaps until corrected
in this instance.
The error arose from a misapplication o f the act to the treaties which we had
with all those nations, abolishing discriminating duties o f tonnage and port
charges, instead o f confining it to our treaties with such o f them in which the
same thing had been done, with the additional reciprocity, permitting our vessels
and theirs to import into the ports o f either, on payment o f the same duties, the
productions o f other foreign countries, whether they are shipped from the
country in which they are produced, or from any other foreign country.
When the act o f July 30, 1846, was passed, we had commercial treaties with
twenty-four nations. Thirteen o f them— Russia, Austria, Prussia, Sweden,
Denmark, Hanover, Sardinia, the Hanseatic cities, Greece, Venezuela, Brazil,
Central America, and Ecuador— “ had acceded to the most liberal and extended
basis o f maritime and commercial reciprocity.
They admit our vessels to enter their ports, whether coming from the United
States or any other foreign country, laden or in ballast— whether laden with the
produce o f the United States or o f any other foreign country— paying the same
tonnage duties and charges as national vessels. Our vessels may clear out
from their ports, either for the United States or for any foreign country, whether
laden or in ballast— whether laden with national or any other produce? They
admit the produce o f the United States to entry, either for consumption or for
re-exportation on payment o f the same duties and charges as similar articles,
the produce o f any other foreign country, pay, whether imported in American
or national vessels; and the productions o f other foreign countries, likewise, on
payment of the same duties and charges, whether coming from the United States,
the country o f production, or any other foreign country. When re-exported, the
productions o f the United States are allowed the same drawbacks as similar pro­




Journal o f Mercantile Law.

585

ductions o f other countries, whether originally imported in American or national
vessels; and other goods are allowed the same bounties, whether exported in Amer­
ican or national vessels.— (Senate report 80, "26th Congress, 1st session.) These
provisions give to us and to them a direct and indirect carrying trade. Each nation
gets as much o f both as its ability and enterprise can secure, and gathers a
supply o f the produce o f other nations by foreign vessels, which they may not
be able to bring in their own.
Between the treaties o f which we have been just speaking, and our treaty with
Portugal there is nothing in common, except the provision in the latter abolish­
ing discriminating duties o f tonnage and all other port charges upon vessels. In
the negotiation o f our treaty with her, our charge d’affaires, Mr. Kavenaugh, was
instructed to offer and to ask for the same enlarged intercourse which we had
with these nations. But Portugal preferred to keep the direct trade, placing
herself with those nations which had denied to us the indirect trade, or the
transportation o f foreign produce in our vessels from the place o f its growth to
their ports.
Having shown that there are nations which have a right by treaties to bring
into our ports in their vessels the produce o f foreign nations, from the places o f
their production, upon the same terms that our own vessels may import them,
the act exempting coffee from duty, when brought in American vessels, direct
from the place o f its growth, or when brought by foreign vessels, entitled by
reciprocal treaties to be exempt from discriminating duties, tonnage, and other
charges, has a plain intention and certain application. Its terms are no longer
doubtful. No room is left for interpretation. The nations to which it applies
are known. It would, indeed, be a very wide construction to include other
nations under the act, with which the United States has no such reciprocity,
either by mutual legislation or by treaties. If a different application of the act
is made, it opens a trade to our ports in the article o f coffee in foreign vessels,
which those nations deny to the United States. The act itself shows a careful
consideration o f our carrying trade o f that article. Reciprocity is what the
United States had desired in that particular. It cannot be supposed that Congress
meant to disregard it, or that it was inadvertently done, or that for some
unavowed and indiscoverable cause or reason, Congress has permitted foreign
vessels to bring into our ports, from the place o f its growth or manufacture,
merchandise duty free, only because we have treaties with the nations to which
they belong abolishing duties o f tonnage and port charges. Such an interpre­
tation o f the act of July, 1846, involves a departure from a point in our commer­
cial system which has never been yielded to any nation, except when reciprocally
done, or where a compensating advantage has been gained by doing so, which
was supposed to be the case xvith our treaty with France o f 1822. With
'Portugal there was no such inducement. The plaintiff in error relies upon the
second article o f the treaty with Portugal, in connection with the tariff' act o f
July, 1846, and upon nothing else. They do not avail for his purpose. The
suggestion that such an interpretation may be given to the act, because it might
have been the intention to give the consumption o f coffee duty free to the people
o f the United States is not at all probable. It surrenders a principle more
important— one upon which the United States hasinvariably acted— not to grant
an indirect trade to our ports to any nation by which it is not reciprocated.
Our conclusion in this case affirms what has been the unvarying policy o f the
United States since they began as a nation their commercial intercourse with
other nations. Its effects upon our own interests have been beneficial; its influ­
ence upon other nations has been ultimately decisive and successful.
Perhaps it is not too much to say— however much the changed political and
productive condition o f nations, during the last half century, may have aided in
liberalizing navigation between them— that it would not have been what it now
is, if it had not been for the stand taken by the United States, in respect to
navigation and commerce, as early as 1785, which has been kept ever since.
Its basis was to ask for no exclusive privileges, and to grant none— to offer to
all nations and to ask from them that entire reciprocity o f navigation which is




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Journal o f Mercantile Law.

made by each carrying to the other, in their own vessels, their own productions
and those o f all nations, without regard to the places from which they may he
shipped, upon the same terms, both as to vessels and cargoes, as the vessels of
each nation may take them to their own ports. One great object has been to
produce such relations, either by corresponding legislation or by treaties. The
latter being preferred as legislative liberty to trade, is too vague and uncertain to
secure to a nation all the advantages o f its own commercial condition. Thirty
years, however, passed before our proposals made any impression upon the
restricted navigation system o f Europe, and then only partially so. During all
that time, our vessels could only take to the countries with which we traded the
productions o f the United States. Even that could not be done to many of the
ports and colonies o f other nations. Repeated efforts were made to get for
our vessels a larger carrying trade, by offers to all nations of the same reciprocity.
It may be said, as it has been, that our liberal views were forced upon the
United States, by the necessities o f their commercial condition, at the close o f the
revolutionary war. It may be so ; but the remark admits the restraints that were
upon navigation between nations, and it cannot be denied that the application o f
them to the United States brought its appropriate wisdom.
Our views upon commerce and navigation were apart and parcel o f the intellect
and spirit o f our men of that day— made what it was by the great events in
which they had borne their parts, and the difficulties which they saw were to be
overcome before their country would be put upon a commercial equality with
other nations. The trade which the States as colonies had been allowed with the
other colonies of England was cut off by our separation ; that with the mother
country was subjected to the rigid exclusions o f the 3d section of the navigation
act of Charles II., chapter 12. The English system, too, in respect to navigation,
had been adopted by the other nations of Europe, with very slight exceptions,
which can scarcely be said to have been relaxations. Heavy duties were laid
upon our vessels and their cargoes by all o f them. The trade and navigation o f
the United States with all parts o f the world were altogether permissive—-such
as each nation chose to allow upon its own terms. Our treaty stipulations at
that time with France, the Netherlands, and Sweden were not exceptions o f any
value. The only benefit from them was, that the commerce and navigation of
the United States should not be burdened more than that o f any foreign nation.
With Great Britain, Spain, Portugal and Denmark there was not even that reci­
procity. In such a state o f things the United States began their career as a nation.
How changed their condition n ow !
Our views upon Commerce were promulgated in the State papers o f that day.
”■ As early as 1785, Mr. John Adams, then representing the United States in
England, proposed a reciprocation o f trade in the produce and manufacture of
both nations, and in foreign produce in the vessels of each, upon the same terms
and duties, upon the vessels and their cargoes as national vessels might pay. His
proposals were rejected, with a refusal to make any commercial treaty with the
United States. Mr. Adams says, in a letter to Mr. Jay, dated London, October
21, 1785:— “ This being the state o f things, you may depend upon it the
Commerce o f America will have no relief at present, nor, in my opinion, ever, until
the United States shall have generally passed navigation acts. If this measure is
not adopted we shall be derided; and the more we suffer the more will our
calamities be laughed at. My most earnest exhortatiop to the States, then, is,
and ought to be, to lose no time in passing such acts.” The temper o f the times
concerning navigation and commerce generally, and that o f the United States
especially, had been previously shown in Parliament by its rejection o f Mr. Pitt’s
bill, “ to permit vessels belonging to citizens o f the United States to go into the
W est India Islands, with goods or merchandise of American origin, and to export
to the United States any merchandise or goods whatever, subject only to the
same duties and charges as if they had been the property of British natural born
subjects, and had been exported and imported in British vessels.” Afterwards
American vessels were altogether excluded from the British W est Indies, and
the staple productions o f the United States could not be carried there even in
British vessels.




Journal o f Mercantile Law.

581

The exhortation of Mr. Adams had been disregarded by most o f the States.
Some o f them adopted his recommendations, but as others refused to concur, they
were unavailing. The statesmen o f England knew that it would not be gener­
ally done by the States, and thought, rightly too, that as Congress had not the
power by the articles o f confederation to pass national countervailing restrictions,
England might trade with some o f the States directly, and through those, indi­
rectly, with the rest of them upon her own terms. It was also truly said, in reply
to our offers to negotiate, that in a confederacy o f States, without plenary power
to regulate their trade and navigation conjointly, it would be difficult to make and
to exercise treaty commercial arrangements between them. This result awakened
the American people to the full extent o f their actual and prospective commercial
condition. Greater efforts were made to get the States to pass connectively
countervailing restrictions. They were urged to do so by every argument which
could be drawn from these foreign restraints upon commerce, which had already
pressed the known enterprise of the American people almost into inaction— by all
that aggravation o f commercial distress which would inevitably follow from the
legislation o f Great Britain, in respect to American Commerce since 1783, unless
it was resisted. The newspaper essays o f that day upon that subject will amply
compensate a perusal o f them. Without doing so, and a careful attention to the
acts o f Parliament preceding that o f the 28th Geo. I ll, chapter six, in connection
with that act, no one can have a historical idea o f American Commerce, or of
those causes which so much lessened the harmony o f feeling between the two
nations for so many years afterwards, now no longer felt, and lost in the
interest which both have in preserving their present liberal commercial intercourse.
Still, the States did not pass countervailing restrictions. On that account more
than any other those conventions were held which happily terminated in the
present Constitution o f the United States. The first countervailing act under it
attracted the attention o f the nations o f Europe, particularly o f the statesmen o f
Great Britain. The advantages which they had in our former national condition
were lost. An English writer says the acts passed by the first Congress that
met under the new form o f government imposing discriminating tonnage duties,
did not escape the notice of British statesmen. Their injurious effects upon the
navigating interest o f Great Britain were at once perceived by them. They saw
that American Commerce \tas no longer at the mercy of thirteen distinct legisla­
tures, nor subject to the control o f the King and council. As early as September,
1789, therefore, the acts imposing those duties were referred to the lords o f the
Board o f Trade. The same committee was afterwards instructed to consider and
report what were the proposals o f a commercial nature it would be proper to be
made by the government to the United States. In January following the
committee made a report upon the subject o f American duties, and also upon the
general subject o f the commercial relations between the two countries. The
report was drawn up by Mr. Jenkinson, then Baron Hawkesbury, afterwards Lord
Liverpool.
On the subject o f commercial treaty, especially in respect to navigation, it
states :— “ After a full consideration o f all that has been offered on the subject
o f navigation, the committee think that there is but one proposition which it
would be advisable for the ministers of Great Britain to make, on this head, to
the government o f the United States, in a negotiation for a commercial treaty
between the two countries; namely, that British ships, trading to the ports of
the United States, should be treated, with respect to duties upon tonnage and
imports, in like manner as the ships o f the United States shall be treated in the
ports o f Great Britain; and also, if Congress should propose, as it certainly will,
that this principle o f equality should be extended to our colonies and islands, and
that the ships of the United States should be there treated as British ships, it
should be answered that this demand cannot be admitted even as a subject o f ne­
gotiation.”
These extracts from that report show that the statesmen o f Great Britain did
not entertain the liberal notions o f trade and navigation which then prevailed in
the United States. They were brought up under an opposite policy, which had




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Journal o f Mercantile Law.

long prevailed— probably very proper at first, as a war measure, to break up the
carrying trade o f the Dutch, the great rival o f Great Britain; but it had become
with most o f her writers and public men a fixed principle o f the protection which
each nation should give to its trade and navigation, against the competition of
other nations. W e do not intend to enter upon that discussion. But in con­
firmation o f those differences o f opinion concerning trade and navigation which
at the time existed between American and British statesmen, we refer to
Lord Sheffield’s cotemporary strictures on the necessity o f inviolably preserving
the navigation and colonial system o f Great Britain.
Pursuing this point, however, that the stand originally taken by the United
States had contributed to the present extended reciprocity o f navigation between
nations, we remark that the example o f England towards the United States had
directed the commercial policy o f all the other nations o f Europe with which the
United States then traded. The utmost that could be gained from France, Spain,
Portugal, the Netherlands, Denmark, and Sweden, was that our Commerce with
them should be put upon the footing o f thp most favored nation. That, however,
was very short o f what the United States had proposed to Great Britain and the
other nations just mentioned.
Those nations, yielding to the commercial supremacy o f Great Britain, had
not then made an effort to release themselves from it. "Nor were they in a con­
dition to do so. In three years afterwards, the intelligence and enterprise o f the
United States, unsubdued by past failures, induced them to renew their efforts to
gain a more extended trade and navigation. Mr. Jefferson, then Secretary of
State, made a report to Congress upon the subject. It has the ability o f every
paper written by him in his Tong political career. Mr. Forsyth says that it sug­
gested, “ 1st, friendly arrangements with the several nations with whom the re­
strictions existed, or separate acts o f our legislation to counteract these defects.
The end proposed to be attained by the first would have been a free commerce
o f exchange between the different nations in those descriptions of commodities
which nature had best fitted each to produce, subject to such modifications as
purposes of revenue might render necessary; and it was supposed that its ope­
ration would be an exchange o f the raw materials, then produced in the United
States, for either manufactures which had received the last finish of art and in­
dustry o f mere luxuries. Failing this, the alternati*e o f statutory prohibitions,
and countervailing duties and regulations was to be applied.” [Report o f the
Secretary o f State to the Senate, 30th December, 1839.] Upon the earlier State
papers and newspaper essays already mentioned— the report o f Mr. Jefferson,
another by Mr. Hamilton, (which preceded it,) and the proposals o f Mr. Adams
in 1785— we rest our assertion that the United States were in advance o f other
nations in respect to the principles by which Commerce and Navigation should
be conducted between nations. The refusal o f Great Britain to meet our propo­
sals in a corresponding spirit, proves it. From what has been said, it must be
admitted, also, that from the beginning, the countervailing commercial legislation
o f the United States has been strictly retaliatory. If further proof o f both were
wanting, it may be found in the correspondence o f Mr. Jay, connected with his
negotiation o f the.treaty o f 1794 with Great Britain, and in the treaty itself. As
all o f us know, the restrictions which were put upon our Commerce by that
treaty, were offensive to the pride as well as the interests of the American people.
But, being the utmost that England would yield at that time o f her own long
established system, it was thought that the exegencies o f our commercial condi­
tion required its ratification. Results proved it to be so. It did not reciprocate
in any way the liberal views o f Commerce which had been indulged in the
United States. But we now know that it was the most that could be got; and
history not only relieves Mr. Jay from the complaints o f that day, but places his
memory far above them.
Notwithstanding the failure o f every effort to place our navigation and Com­
merce upon a better footing, nothing was done legislatively by the United States
from which it can be said that there was any departure from the liberal policy
which had been proposed to other nations. The natural advantages o f the




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580

United States, the value o f our productions, and the wars in Europe aiding the
consumption of them, were constantly overcoming foreign exertions, and kept us
forbearing, if not always in good temper. In fact, except discriminating duties
upon tonnage in favor o f our vessels, to countervail such as all the nations o f
Europe had imposed in favor o f their own ships— several of them intended to
bear particularly upon American Commerce— our legislation was, up to that time,
and for twenty years afterwards, exempt from every interference with a free nav­
igation. In 1812, as a war measure. Congress passed an act doubling all duties
upon goods imported into the United States, with an additional duty of 10 per
cent upon such as might be brought in foreign vessels. The act also increased
the duty upon the tonnage o f foreign ships, $1 50. That it was strictly a war
measure is shown by its limitation to the continuance o f the war with England.
When the war was at an end, and those in Europe had ceased by the over­
throw of Napoleon, the United States took the earliest opportunity to renew
their efforts for a more liberal navigation than had been at any time allowed by
the nations of Europe with each other., or with the United States.
In March, 1815, Congress declared that the discriminating duties laid by the
act o f July, 1812, upon foreign ships and their cargoes, were no longer to be
levied, when the President should be satisfied that the discriminating and counter­
vailing duties of any foreign nation had been abolished, so far as they operated
to the disadvantage of the United States. When that declaration was made, or
shortly after it, our plenipotentiaries, Mr. John Quincy Adams, Mr. Clay, and Mr.
Gallatin, were in London, engaged in negotiating the commercial convention o f
1815 with England. It is not doubted that the act had its influence upon the
result. The convention contains all that the act proposes. It was the first re­
laxation made by Great Britain o f her navigation laws in favor o f free navigation,
and the first step taken to meet the liberal principles of commercial intercourse
which had been proposed to all nations by the United States so early in our his­
tory, as has been already stated. It secured national treatment for our vessels—
equal terms for cargoes, whether imported or exported in United States or
English ships— equal import duties on the produce o f the United States, as on
like articles the produce o f other foreign nations. But it still restricted the in­
tercourse between the two nations to the production of either— in other words,
to the direct trade.
Every effort which had been made by the United States for more than thirty
years, to give and get an indirect trade, had failed. Indeed, the continental
nations were not only unwilling to make any such arrangement, but they refused
to accept— as England had done— the terms offered by the act o f March 3, 1815.
It was then determined to renew the discriminating duties which that act had
modified. It was confidently believed that by doing so some of those nations
which had disregarded that act, would be coerced to accept its terms. It was
done in April, 1816; and in January following another act was passed subjecting
foreign vessels coming from any port or place to which the vessels o f the United
States were not permitted to go and trade, to a duty o f two dollars a ton. The
act was limited to six months; but in two months afterwards, during the same
session, Congress, believing that the indefinite extension of it would effect its
object sooner, passed such a law. Within the year, Prussia, the Netherlands, and
the Hanse Towns, repealed their discriminating duties upon American vessels in
their ports, and their vessels were consequently admitted into the ports o f the
United States upon corresponding terms.
Much was gained, compared with what had been our carrying trade. Still the
great object— to get and to give an indirect trade— had failed. It had been de­
feated by the refusal o f England to relax that clause o f the navigation act o f
Charles II., ch. 12, which prohibited the produce and manufactures o f every
foreign country from being imported into Great Britain except in British ships,
or in such as were the real property o f the people o f the country or place in
which the goods were produced, or from which they could only be, or were, most
usually exported. The tame principle had been adopted by the continental na­
tions to protect their own from the superior mercantile marine o f England. Its




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Journal o f Mercantile Law.

increase, too, o f English tonnage and Commerce, its influence upon both o f the
other nations o f Europe, and the recollection o f its ruinous effects upon the trade
of the Dutch, which it was originally meant to crush, had misled the judgment
o f most o f European statesmen into the conclusion, that it was an essential re­
gulation to protect the navigation o f each nation from the competition o f others.
But the general pacification of 1815 restored the long suspended commercial
intercourse between them, and with it sounder views o f trade. It was believed,
indeed, it had become known, that there were nations in Europe who had become
as anxious as the United States were to rid themselves o f the restrictions imposed
upon their Commerce by the English navigation act. They were not, however,
in a condition to do so immediately in respect to each other, or unitedly against
the supremacy of English navigation. Besides, our overtures to some of them
for an indirect trade had not been met with the promptness or decision which
had been anticipated. The time was favorable for more efficient legislation by
the United States than had been made before. It was a matter o f doubt and
hesitation with many of our public men what could or should be done in such a
crisis.
Fortunately there were those among them who were more decided; and Con­
gress determined to adopt the clause of the English Navigation Act o f which we
had always complained, with this proviso, however, that it should not be ex­
tended to the vessels o f any foreign nation which has not adopted and which
shall not adopt a similar regulation. The proviso explains the purpose o f the
act o f the 1st March, 1817. Before that was passed, the United States had not
had a navigation act. It was not, however, followed for several years with any
coincident result. But about that time an incident occurred in the political
world, which was destined to change, in a great measure, the commercial inter­
course between nations. It was the revolt of the Spanish American Provinces
from Spain, and the recognition o f them, by the United States and by England,
as independent nations. Both were anxious to secure a trade with these new
States. The United States sought it upon terms o f the most extended recipro­
city, both as to vessels and cargoes— England, with more commercial liberality
than her usual policy, without, however, yielding that main point o f it which
prevented foreign vessels from having an indirect trade to her ports. Indeed, so
fixed had that conclusion become with the nations o f Europe, that France, five
years afterwards, would not relinquish, in her treaty with the United States, her
right to impose discriminating duties upon cargoes brought into her ports by
foreign vessels.
•
In 1825, the United States reaped the first fruits o f the act o f March 1, 1817.
Then a treaty was made with Central America, the first known between nations,
establishing that reciprocity in respect to vessels and cargoes, which had been
offered forty years before by the United States to other nations, and which had
for seven years been tendered by the act o f March 1, 1817. That treaty was
followed by others. Russia, Austria, Prussia, Denmark, Sweden, Sardinia,
Greece, the Hanseatic cities, Hanover, Brazil, Ecuador, and Venezuela, made
treaties with the United States upon the same principle. The vessels o f each
o f those nations were permitted to carry into the ports o f the other, without dis­
criminating duties, the productions o f any foreign country, whether they were
shipped from the places o f production or elsewhere. In other words, the vessels
o f the United States, under those treaties, carry on with those nations an indi­
rect trade, which they can do in their vessels to our ports. The act o f 1817
was slow in producing any arrangement o f a like kind with Great Britain. But
it has ultimately done so. The original interpretation o f it by Mr. Secretary
Crawford having been renewed by Mr. Secretary Walker’s circular, after an in­
terruption o f several years, a negotiation was opened with England upon the
subject, which resulted in giving to both nations the full intention and benefit
o f the act o f the 1st March, 1817. Its operation, as we have said, had been sus­
pended for several years, from some official misapprehension o f its import, when
a case occurred in the Circuit Court o f the United Statffs for the southern dis­
trict of New York, in which the learned judge who presided, gave the first judi­




Journal o f Mercantile Law.

591

cial interpretation to the act. 'Judge Betts, in that case reviews the legislative
history o f the act.
The question presented in the case o f the Recorder and her cargo was, whether
an importation into the port o f New York by a British vessel from London, o f a
quantity o f silks, the production o f the British possessions in India, was prohib­
ited by the first section o f the act o f 1st March, 1817. The court decided that
the word “ country” used in the section, comprehended the British possessions in
India, and that, consequently, the importation was lawful. The learned judge
took occasion, also, to give his views as to the effect o f the proviso in the first
section. Upon the publication o f the Court’s opinion the Secretary o f the Trea­
sury availed himself o f its authority, in connection with what had been the first
interpretation o f the act, and issued his circular on the 6th o f November, 1847, to
the collectors and officers o f the customs, directing them that “ where it is satis­
factorily shown that any foreign nation allows American vessels laden with goods,
the growth, produce, or manufacture o f any country out o f the United States, freely
to enter and land such merchandise in any o f the parts o f said country, whether
such goods be carried directly from the place o f origin, or from the ports o f the
United States, or from any other country whatsoever, that the penalties o f the
act o f the 1st March, 1817, are not to be enforced against the vessels o f such
nations bringing like goods either from the country o f production or from the
ports o f the country to which the vessels may belong.” The opinion o f Judge
Betts and Secretary Walker’s circular led to a negotiation which terminated in
Great Britain passing, in 1849, the statute o f 12 and 13 o f Victoria, ch. 49, and
thus accomplished the great purpose o f our policy which had been proposed by
the United States to the nations o f Europe— to England particularly— in 1785,
by Mr. Adams. The circular o f Mr. Meredith, o f the 15th October, 1849, shows
what that policy was, and why it was issued. W e give it at length:

“ In consequence o f questions submitted by merchants and others, asking, in
consideration o f the recent alteration o f the British navigation laws, on what foot­
ing the commercial relations between the United States and Great Britain will be
placed on and after the first day o f January next— the day on which the recent
act o f the British Parliament goes into operation— the department deems it ex­
pedient at this time to issue the following general instructions for the informa­
tion of the officers of the customs and others interested:—
“ First. In consequence o f the alterations o f the British navigation laws, above
referred to, British vessels, from British or other foreign ports, will, under our
existing laws, after the first day o f January next, be allowed to enter our ports
with cargoes of the growth, manufacture, or production o f any part of the world.
“ Second. Such vessels and their cargoes will be admitted, from and after the
date before mentioned, on the same terms as to duties, imposts, and charges, as
vessels o f the United States and their cargoes.”
With such facts to sustain it as have been recited— and they are all official— it
may very truly be said that the reciprocity of navigation now existing between
nations, and particularly between Great Britain and the United States, is in a
great degree owing to the perseverance o f the United States in proposing and
contending for it for more than sixty years. It cannot, therefore, be said, as it
has been by more than one foreign writer, that after the American colonies had
established their independence, they set about to form a code o f navigation on
the model of those o f England. Those writers have mistaken our legislation for
our history, without seeking in the latter the causes o f the former.
Discriminating duties were never laid by Congress, except they were retaliatory,
and for the purpose of coercing other nations to a modification or repeal of their
restrictions upon commerce and navigation. The leading point and constantlyavowed intention of the United States have been to produce that reciprocity o f
trade for the vessels o f different nations which had been denied by the nations o f
Europe for more than two hundred years. It was the American system contra­
distinguished from the European— the last now happily no longer so to the ex­
tent o f its former and long-continued exclusiveness.
The judgment o f the Circuit Court is affirmed.




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Journal o f Mercantile Law.
L IA B ILITY OF SHIP OWNERS.

The following Act in regard to the liabilities o f American ship owners has
passed both branches at the last Session o f the 31st Congress o f the United
States, and has become a law.
S e c . 1. Be it enacted, tf-c., No owner or owners o f any ship or vessel, shall
be subject or liable to answer for or make good to any one or more person or
persons, any loss or damage which may happen to any goods or merchandise
whatsoever, which shall be shipped, taken in, or put on board any such ship or
vessel, by reason or by means o f any fire happening to or on board the said ship
or vessel, unless such fire is caused by design or neglect o f such owner or
owners: Provided, That nothing in this act contained shall prevent the parties
from making such contracts as they please, extending or limiting the liability o f
the ship-owners.
S e c . 2. If any shipper or shippers o f platina, gold, gold dust, silver, bullion,
or other precious metals, coins, jewelry, bills o f any bank or public body,
diamonds or other precious stones, shall lade the same on board any ship or ves­
sel, without, at the time o f lading, giving to the master, agent, owner or owners
o f the ship or vessel recei-ing the same, a note in writing o f the true character
and value thereof, and have the same entered on the bill o f lading therefor, the
master and owner or owners of the said vessel shall not be liable, as carriers
thereof, in any form or manner. Nor shall any such master or owners be liable
for any such valuable goods beyond the value and according to the character
thereof so notified and entered.
S ec . 3. T h e liability o f the ow n er or ow n ers o f any ship or vessel fo r any
em bezzlem en t, loss, or destruction, b y the master, officers, mariners, passengers,
o r any other person or persons, o f any p roperty, g o o d s, or m erchandise, shipped
or put on boa rd o f such ship or vessel, or fo r any loss, dam age, o r injury b y
collision , or fo r any act, matter, or thing, loss, dam age, or forfeiture, d on e, o c ­
casion ed, or incurred, w ithout the privity or k n ow led g e o f such ow n er or ow ners,
shall in no case ex ceed the am ount o r value o f the interest o f such ow n er or
ow n ers, respectively, in such ship or vessel, and her freight then pending.
S e c . 4. If any such embezzlement, loss, or destruction shall be suffered by

several freighters or owners o f goods, wares, or merchandise, or any property
whatever, on the same voyage, and the whole value o f the ship or vessel, and
her freight for the voyage, shall not be sufficient to make compensation to each
o f them, they shall receive compensation from the owner or owners o f the ship
or vessel, in proportion to their respective losses; and for that purpose the said
freighters and owners o f the property, and the owner or owners o f the ship or
vessel, or any o f them, may take the.appropriate proceedings in any court, for
the purpose of apportioning the sum for which the owner or owners o f any ship
or vessel may be liable amongst the parties entitled thereto. And it shall be
deemed a sufficient compliance with the requirements o f this act, on the part o f
such owner or owners, if he or they shall transfer his or their interest in such
vessel and freight, for the benefit o f such claimants to a trustee, to be appointed
by any court o f competent jurisdiction, to act as such trustee for the person or
persons who may prove to be legally entitled thereto, from and after which
transfer all claims and proceedings against the owner or owners shall cease.
S ec . 5. The charterer or charterers o f any ship or vessel, in case he or they
shall man, victual such vessel at his or their own expense, or by his own procure­
ment, shall be deemed the owner or owners o f such vessel, within the meaning
o f this act; and such ship or vessel when so chartered shall be liable in the same
manner as if navigated by the owmer or owners thereof.
S e c . 6. N oth in g in the p reced in g section s shall be construed to take aw ay or
affect the rem edy to w hich any party m ay b e entitled, against the master, officers
o r mariners, for o r o n accou n t o f any em bezzlem en t, injury, loss, or destruction
o f g o o d s , wares, m erchandise, or other prop erty, p ut on board any s h y or vessel,
o r on accou n t o f any n eglig en ce, or fraud or other m alversation o f such master,
officers, or mariners, respectively, n or shall anything herein contained lessen or
take aw ay any responsibility to w h ich any m aster o r m ariner o f any ship or




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Commercial Chronicle and Review.

vessel may now by law be liable, notwithstanding such master or mariner may
be an owner or part owner o f the ship or vessel.
S ec . 7. Any person or persons shipping oil o f vitrol, unslacked lime, inflam­
mable matches or gunpowder, in a ship or vessel taking a cargo for divers persons
on freight, without delivering at the time o f shipment, a note in writing, expres­
sing the nature and character of such merchandise, to the master, mate, officer, or
person in charge o f the lading o f the ship or vessel, shall forfeit to the United
States one thousand dollars. This act shall not apply to the owner or owners of
any canal boat, barge, or lighter, or to any vessel o f any description whatsoever
used in river or inland navigation.

COMM ERCIAL CHRONICLE AND R E V IE W .
CREATION OF BANKS— LEADING FEATURES OF TH E NEW YORK CITY BANKS FOR SEVERAL Y EARS— EX­
PORTS OF PROVISIONS FROM TH E UNITED STATES DURING THE LAST TEN Y EARS— EXPORTS FROM
UNITED ST A T E S TO G R E A T BRITAIN FROM

1836 TO 1850— IMPORT OF FOOD INTO G R E A T BRITAIN—
YORK FROM 1849 TO 1851— BOSTON

INCREASED DEMAND FOR MONEY— BANK DIVIDENDS IN NEW

BANK DIVIDENDS— COINAGE OF DOUBLE EAGLES— COINAGE OF THE UNITED STATES MINT A T PHILA­
DELPHIA— LEADING FEATURES OF BANKS IN TH E UNITED STATES FROM

1837 TO 1851—INCREASE OF

RAILROADS AND SHIPPING— TH E CLOSE OF TH E FIFTH DECADE OF TH E CENTU RY, E TC.

T h e most marked feature o f the financial circles at this moment is the rapidity
with which banks are being formed in New York and Boston. The returns of
the New York city banks up to the close of March are indicative o f the extent
to which the banking credits are being pushed:—
LEADING FEATURES OF THE NEW YORK CITY BANKS.

No.

Feb, 1845 ___ . .
Dec, 1848 . . . . . .
March, 1 8 4 9 ... . .
June, 1 8 4 9 .... . .
Sept, 1 8 4 9 .... . .
Dec, 1849 ___ . .
March, 18 5 0... . .
June, 1 8 5 0 .... . .
Sept., 1 8 5 0 .... . .
D ec, 1850 . . . . . .
March, 1851___ . .

Loans.

26 $32,235,242
26 41,031,247
26 43,521,441
26 48,515,471
26 49,922,265
26 52.877,371
26 56,430,647
27 59,878,038
28 62,466,800
29 65,454,349
81 66,610,268

Specie.

Circulation.

Deposits.

$5,887,446 $5,596,139 $21,745,865
5,850,424 5,783,498 21,443,148
4,523,775 5,460,399 22,928,554
9,586,305 5,539,572 27,227,134
8,022,246 5,990,100 28,482,228
7,169,016 6,013,348 28,S68,488
6,861,501 6,752,688 32,067,937
10,753,682 5,919,363 35,861,139
9,061.703 6,571,153 87,203,202
11,011,104 6,955,829 40,562,762
7,970,259 7,317,958 38,171,656

Balances
due banks.

$5,528,941
5,864,022
9,804,973
8,536,794
8,591,310
11,461,683
12,034,078
13,489,402

From the low point to which the loans reached in 1845, the progress upward
has been uninterrupted until the present time, and the same is true o f the balances
due banks, and o f the deposits until the last quarter, when, for the first time in a
long period, they declined. The large importations o f goods and the amount
borrowed by railroads, as well as that which has gone into the hands o f the
Government, has created a demand for money which, at this season, when more
is invested in goods than is received from the country, caused a withdrawal o f
deposits. This was also greatly aided by the organization o f new banks. In
addition to the thirty-one institutions above enumerated, nine are now being or­
ganized in New York to go immediately into operation, and in the State still a larger
number has been projected. Those will soon compete with each other in the
discount market and effect the rate o f money for the moment, but the inevitable
result is to increase the demand for money. The greater is the amount o f debts
due to the banks the greater w.ll become the average daily payments into them
V O L . x xiv.— n o . v.
38




Commercial Chronicle and Review.
Where these payments are fed by the receipt o f adequate amounts o f produce
from the interior no pressure is discernible; on the other hand, the greater ease
is apparent; but when the supplies o f produce fall short o f the required payments,
the demand for money on the part o f city dealers to meet maturing obligations
becomes oppressive, and when any considerable proportion o f these loans has
has been made on speculation which yield no prompt returns, revulsion is preci­
pitated. The New York canals opened on the 15th o f April, 1851, and the sup­
plies o f produce to come forward are such, and so good prices as to prevent fears
o f any immediate tightness in the market.
The export business, which has become so important in the last few years,
promises during the present to extend itself very considerably. In provisions,
particularly, the amount sent to England has been large, although the prices in
the eastern part o f Europe have been as low as in any previous year o f the pre­
sent century. Those prices are now reacting, and while the operations at the
low level o f the past year here left a profit,the advancing prices maybe expected
to draw on very much larger supplies. The following table shows the manner
in which the provision trade has progressed in the last ten years:—
EXPORTS OF PROVISIONS FROM THE UNITED STATES.

Beef.
Bbls.

1840 . . .
1841 . . .
1 3 4 2 ...
1 8 4 3 ...
1844 . . .
1845 . . .
1846 . . .
1847 . . .
1 8 4 8 ...
1849 . . .
1850. ..

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

19,621
56,537
48,581
37,812
106,174
101,538
149,223
111,979
103,719
103,286

Butter.
Lbs.

1,177,639
3,785,983
2,055,133
3,408,144
3,251,952
3,587,489
3,436,660
4.214,433
2,751,086
3,406,242
3,876,175

Cheese.
Lbs.

Pork.
Bbls.

Ham.
Lbs.

Lard.
Bbls.

723,217
1,748,471
2,456,607
3,440,144
7,343,145
7,941,187
8,675,390
15,637,600
12,913,305
17,433,682
13,020,817

66,281
133,290
180,032
80,310
161,629
161,609
190,422
206,190
218,269
253,486
188,484

1,643,897
2,796,517
2,518,841
2,632,067
3,886,976
2,719,360
3,006,630
17,921,471
33,551,034
56,060,822
41,014,528

7,418,847
10,597,654
20,102,397
24,534,217
25,746,355
20,060,993
21,843,164
37,611,161
49,629,539
37,446,761
54,925,546

Prom 1833 the quantities gradually diminished as the prices rose under the

paper inflation which culminated in 1836-7. The exports had in 1837 fallen off
nearly 72 per cent. In 1838 they began to recover, and assisted by the modified
English tariff o f 1842, have now reached an extent greater than ever. In order
to observe how much o f this marked increase is owing to the extended English
market, we annex a table o f exports to Great Britain:—
EXPORTS FROM THE UNITED STATES TO GREAT BRITAIN.

Oil, sperm ................... galls.
Whalebone................... . ,lbs.
Naval stores................
Ashes...........................
.bbls.
Tallow .......................... . .lbs.
Butter...........................
C heese.........................
P o r k ............................. , bbls.
H am s........................... .lbs.
Lard.............................
Flour............................. .bbls.
Tobacco, manufactured. . .Ibs.
Oom ..............................




1816.

1840.

203

373,530
29,320
191,948

193,618
198

........

183,509

11,861

1,061

161
82,418

167,582
891,706
6,033
519

1841.

1849.

322,030
565,624
187,185
451,466
144,916
317,418
354
693
6,886
72,850
3.65L614
5,598,227
1,059,775
548,557
2,313,643 16,007,402
3,240
111,385
656,328 63,150,465
4,569,404 21,288,265
19,436
958,813
337,951
911,526
1,072,680
5!077l220

1850.
683,970
556,884
366,980
295
60,520
2,254^613
1,642,494
11,603,552
44,631
27,377,769
31,692,591
369,717
1,140,899
316,926
5,947,246

Commercial Chronicle and Review.

595

This very large trade in a year o f very low prices, has grown up in spite o f a
general want o f acquaintance with the market, and in spite o f the losses and mis­
haps which attend experimenting in a new field. The quantities of food imported
into Great Britain are as follow s:—
IMPORTS OF FOOD INTO GREAT BRITAIN.

1843.
Live animals............... ............No.
Grain.........................
Flour .........................
Bacon.........................
B e e f...........................
Pork...........................
Butter.........................
Cheese.......................
Hams.........................
B ice ...........................
Total, cwts..........

1847.

1849.

1830.

5,342
219,679
185,235
217,247
25,379,192 78,384,096 77,837,432 64,610,128
1,146,063
9,119,212
8,534,437
3,873,908
402
90,530
304,325
336,321
7,092
112,683
144,638
123,666
16,374
235,298
347,352
210,948
180,802
314,125
282,501
331,135
354,802
180,829
397,648
347,773
5,105
17,203
12,282
16,268
252,412
1,560,402
975,316
785,692
1,789,163

11,804,755

6,078,502

6,025,712

These have been the supplies o f farm produce required by England in a year
when the prices in England have been a continued and universal cause o f com­
plaint to the farmer’s interest there. Prices are now on the rise, to resume the
natural level which they may be expected to sustain under the increasing wants
o f the manufacturing population o f western Europe.
The general demand for money seems to be on the increase. There is evi­
dently more enterprise abroad and a greater disposition to embark in those under­
takings which require money, and this demand manifests itself more actively,
without, however, as yet, producing any positive advance in rates. On call it is
yet had at 5 per cent, and paper goes 7 and 8 for short, and 8 and 10 for long
dates. 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, been benefited by the improved demand for
money at higher rates in the last half o f the year. The following are the insti­
tutions in the city o f New York, which have declared dividends this year as
compared with last:—
1849.
Banks.

Butchers and Drovers’ . . . .
Leather Manufacturers’ . . .
Tradesmen’s......................
Merchants’ Exchange___
Seventh Ward.................
North River.....................
Bank of America.............
Phoenix............................. . .
Bank of Commerce.. . . .
National............................
Manhattan.......................
Chemical.........................
Ocean...............................

Capital.

600,000
1,233,800
500,000
1,200,000
750,000
2,050,000
300,000
750,000

Total..................... . . §14,345,500

1830.
1831.
1st Am ount. 1st Am ount.
5 §25,000 5 $25,000 5 $25,000
4
24,000 4
24,000 4
24,000
5
20,000 5
20,000 6i
25,000
8
60,000 4
49,352 4
49,352
4
20,000 4
20,000 44
22,500
4
26,200
5
32,760
70,042 n
70,042 4
80,048
34
42,000 Si
42,000 34 42,000
H
4
137,900 4
137,900 4
137,900
4
30,000 4
30,000 4
30,000
Si
71,750 34
71,750 4
82.000
6
18,000 6
18,000 6
18,000
new ........
5
38,500

1 st.

Am ount.

$544,892

$508,044

$606,150

The earnings o f the capital, as indicated by dividends, have been double the
same, viz., 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:—




Commercial Chronicle and Review.

59 5

BOSTON BANK DIVIDENDS.

Years.

18461847184818491850-

Capital.

October.

7...................................
$18,180,000
$603,000
8 .......................................
18,020,000 658,800
9 ......................................
19,280,000 715.550
50 .................................
19,730,000 743,050
1 .......................................
21,760,000 767,950

A pril.

Total.

$620,000
702,800
736,800
766.050
850,798

$1,223,000
1,361,100
1,462,350
1,509,100
1,618,748

The rate o f profit on this increased capital in Boston has been higher, stimu­
lating fresh banking enterprise, and about $3,000,000 will be added this year.
The operations o f the Philadelphia mint continue to be almost entirely in
double eagles or $20 pieces, which are o f very little utility as a currency to the
people at large, although they serve the purpose o f bankers admirably well. The
double eagles being of but little service as coin in the operations o f general
trade, seek the bank vaults, and become the basis on which, at least, twice their
amount o f small bills are issued. The only effect, therefore, instead o f giving
the people a better currency, is to promote the circulation o f promises that
so frequently have proved faithless. Coins over $5 in value each, are o f
very little use for the purposes o f retail trade, yet a large portion o f the gold has
been turned into pieces o f higher denomination. The operations o f the mint are as
follow s:—•
COINAGE AT THE UNITED STATES MINT.

January.
Pieces.
Value.

February.
Pieces.
Value.

March.
Pieces.
Value.

Double eagles.......... 105,801 $2,116,020 228,049 $4,560,980
Half
“ ...............................................................................
Quarters “
101,500
253,900 133,226
333,315
Dollars................... 251,000
251,046 188,702
188,702

234,197 $5,683,940
48,663
243,315
38,104
95,260
263,220
263,220

458,407 $2,620,966

634,184 $6,285,735

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

550,077 $5,082,997

The total value is $12,960,940 in double eagles, $243,815 in half eagles,
$782,476 in quarter eagles, and $702,968 in gold dollars, making a total o f
$13,969,688, against deposits o f $10,800,000.
: It is very evident that unless mints are established in both San Francisco and
New Fork, the country must suffer great inconvenience and disastrous losses
from the stimulous which the present state o f things gives to the bank expan­
sion The question of expense is fully met by a seinorage or tax upon coinage
until the mint shall be paid for.
The increase o f banks throughout the Union is very considerable. The returns
made at Washington to January, 1851, show results as follows:—•
BANKS IN THE UNITED STATES.

Capital.

Loans.

Specie.

Circulation.

1837..................... $290,772,091 $525,115,702 $37,955,340 $149,185,890
313,668,959 386,487,662 34,813,958 107,290.214
1841 ................
1842 ................ 260,171,797 323,957,569 28,440,423
83,734,011
1843 ................ 228,861,948 254,544,737 33,515,806
58,563,608
1844 ................... 210,872,056 264,905,814 49,898,269
75,167,646
1845 ................ 206,045,969 288,617,131 44,241,242
89,608,711
1846 ................ 196,894,309 312,114,404 42,012,095 105,552,427
1 8 4 7 .. ............ 203.070,622 310,282,945 35,132,516 105,519,766
1848................... 204,838,175 344,476,582 46,369,765 128,506,091
1 8 4 9 .. . . ........ 207,809,861 332,323,195 43,619,368
114,743,415
1850 ................ 217,317,211 364,201,078 45,379,345 131,366,626
1851 ................ 227,069,074 411,961,948 48,636,367 154,538,636

Deposits.

$127,397,185
64,890,101
62,408,870
56,1G8,62S
84,550,785
88,020,64G
96,913,070
91,792,533
103,226,177
91,178,623
109,586,595
127,509,984

The hank loans touched the highest point in 1837; but in the two subsequent




597

Commercial Chronicle and Review.

years, during the struggle o f the late National Bank to prevent a general
resumption o f specie payments, the clamor for more bank capital “ to relieve the
wants o f the community” at the west, caused a multiplication o f institutions in
that section, while the Atlantic banks curtailed rapidly. Tims the New
York banks reduced, between 1837 and 1841, their loans from $79,000,000 to
$52,000,000, while the Mississippi banks in precisely the same period, in­
creased their loans from $19,000,000 to $50,000,000. The banks o f the Union, as
a whole, began to expand in 1831, culminated in 1837, reached their lowest point
o f depression in 1843, and have since gone on to expand. These four periods
are as follow s:—
Loans.

Circulation.

Specie.

1830...........................- ...........
$200,451,214
$61,323,898
$22,114,917
1837...........
525,115,702
149,185,890
37,915,340
1843.........................................
254,544,937
58,563.608
33,515,806
1850.........................................
411,961,948
154,538,636
48,636,367
The specie in the banks is withdrawn from circulation and supplanted by bank
paper. In 1830 the excess o f the paper supplied by the banks over the specie
withdrawn by them from speculation, was $39,000,000; in 1837, $111,000,000;
in 1843, $25,000,000, and in 1850, $106,000,000; hence the credit circulation is
now not so large as in 1837, by $5,000,000; but it has increased $81,000,000
since 1843, or at the rate of $11,000,000 per annum.
The bank capital has not followed the same law as the credits. It has raised
as follows:—
1830.........................
$145,192,268
1846........................ . . .
$196,894,309
358,442,692
1851.......................
1840........................
Increase..........
Increase .......... . . .
$213,250,424
$30,174,765
In the six years ending with 1846, $161,548,383 o f bank capital went into liqui­
dation, being for the most part a total loss. In the ten years ending with 1840,
it appears that $213,250,424 was invested in banks and lost. It was loaned to
those who had eaten and drank it up without having produced any equivalent,
and the accounts were mostly wiped out by the bankrupt act o f 1841. In the ten
years which have closed with 1850, an entirely different state o f affairs presented
itself. Comparatively no capital was invested in banks, but very large sums in
the means o f communication. The length and cost o f railways and vessels were
as follows for the United States:—
Railroads.
Length.
Cost.

1840........................................
1851 .......................................

2,738
8,200

$65,230,000
205,182,000

Shipping.
Tons.

Cost.

2,180,764
3,535,454

$109,038,200
176,772,700

Increase...........................
5,462 $139,952,000
1,354,690
$67,734,500
In addition to this, there has been, in round numbers, $60,000,000 expended in
canals and plank-roads, and the aggregate makes $260,686,500, to which add the
$30,174,765 of increased bank capital, and $60,000,000, the cost o f the Mexican
war, and the tables will compare with similar expenditures, in the previous decade
as follow s:—

1810-40.

1840—50..

Railroads......................................................................
Shipping.....................................................................
Canals.........................................................................
Bank capital................................................................
Florida war..................................................................

$65,230,000
45,500,000
35,500,000
213,250,424
42,000,000

$139,952,000
67,734,500
60,000,000
30,174,765
60,000,000

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

$401,480,424

$357,861,265




,

,

Journal o f Banking Currency and Finance.

S98

All the bank capital, and the expense the Florida war incurred, in the previous
decade, were a total loss, amounting to not less than $250,000,000 o f what had
been the accumulated capital o f the country. There remained $100,000,000
spent on canals and railroads, much o f which was lost, as was the six or seven
millions spent on the Erie Railroad for work, very little o f which was available
when the work was resumed. Probably with the shipping, $100,000,000, or 25
per cent of the expenditure o f that decade, for the objects named, remained good
at its close. On the other hand, all the expenditure of the last decade are yield­
ing continually increasing profits. As for instance, the Massachusetts railroads :—
Length.
Miles.

Cost.

Receipts.

433

$ 1 9 ,2 4 1 ,8 5 8

1 ,1 2 0

5 3 ,2 6 4 ,0 0 0

Per c’ t
o f cost.

Expenses.

Net
Earnings.

$ 1 ,9 7 1 ,7 8 7

$ 9 5 9 ,4 0 0

$ 4 ,0 1 2 ,3 8 7

5 .2 6

6 ,9 0 3 ,3 2 8

3 ,4 2 2 ,9 8 1

3 ,4 8 0 ,3 4 7

6 .0 4

An amount equal to $34,000,000 spent in Massachusetts alone gives an
average income o f 6 per cent, against 5£, in 1842. The only apparently
wasteful expenditure in the last ten years, has been the Mexican w ar; and yet
that investment is paying better than all the others. California has supplied the
amount in gold already. All the railroads, plank-roads, and canals, in addition to
the large dividends they yield, impart, by their collateral influence, a sum equal to
their cost, to the property with which they connect. Under these circumstances,
we take our departure, in this sixth decade o f the century, under entirely differ­
ent prospects from those which ushered in the fifth.

JOURNAL OF BANKING, CU RRENCY, AND FIN AN CE.

CONDITION OF THE STATE BANKS IN THE UNITED STATES IN 1850.

In the Merchants’ Magazine for December, 1850, (vol. xxiii., pages 670-614,) we
published several tables compiled from returns made to the Department of the
Treasury at Washington, from 1834 to 1850, inclusive. These returns, which were
made under a resolution of Congress, were printed by order of that body annually
from 1834 to 1841, and between that time and 1845, although made were not printed,
as they were not ordered by Congress. By strenuous exertions, as we learn by an
intelligent correspondent of the Evening Post, the annual report from the Treasury
Department on the condition of the Banks was completed on the 24th of February,
1851, and sent forthwith to the House, on the last day of the session. Then some
member from the State of Hew York rose and opposed the printing, on the ground, as
is said, that as the Government was no longer connected with'the banks, it was
unnecessary to be at the expense of printing this document. There was no time for
discussing this question, and as a consequence, this report, the most complete yet pre­
pared, so far as regards the number of banks from which returns have been received,
i3 lost to all those who take any interest in this important branch of statistics.
The correspondent of the Post, however, has obtained copies of the general table,
and these corrected by adding to them the accounts of one important bank, the returns
from which were obtained after the report was sent to the House, we here subjoin.




599

A GENERAL STATEMENT OF THE CONDITION OF THE BANKS IN THE UNITED STATES, ACCORDING TO RETURNS DATED NEAREST TO JANUARY 1ST, 1 8 5 1 .

St a t e s .

Journal o f Banking, Currency, and Finance.

..

New Hampshire..
Vermont................
Massachusetts. . . .
Rhode Island . . . .
Connecticut. . . . . .
New Y o r k ...........
New J e r s e y ...........
Pennsylvania___
D elaw are.............
M aryland.............
Virginia...............
North Carolina.. .
South Carolina.. .

Date.
1850— O c t . . . .

A u g ....

G e o r g ia .......................

Alabama...............
Louisiana.............

..

1 8 5 0 — D e c .2 8 .

T e n n e s s e e ................
K e n t u c k y ................

Missouri................
Indiana.................
O h io .....................
Michigan................

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

N o. o f N o. o f
banks, br’nch’ s.

29,

22
27
126
63
41
197
26
46
6
23
6
5
12
11
2
5
4
5
1
1
57
5

723

.._

2
1
. . .
5
3
2
31
13
2
10
20
19
21
5
13

1

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

Loans and
discounts.
$ 5 ,8 3 0 ,2 3 0
3 ,8 2 1 ,1 2 0
4 ,4 2 3 ,7 1 9
6 3 ,3 3 0 ,0 2 4
1 5 ,4 9 2 ,5 4 7
1 5 ,6 0 7 ,3 1 5
1 0 7 ,1 3 2 ,3 8 9
7 ,1 5 8 ,9 7 7
3 8 ,4 2 3 ,2 7 4
2 ,2 6 4 ,3 1 3
1 4 ,9 0 0 ,8 1 6
1 9 ,6 4 6 ,7 7 7
6 ,0 5 6 ,7 2 6
2 3 ,3 1 2 ,3 3 0
1 1 ,4 2 1 ,6 2 6
4 ,6 7 0 ,4 5 8
1 9 ,3 0 9 ,1 0 8
1 0 ,9 9 2 ,1 3 9
1 2 ,5 0 6 ,3 0 5
3 ,5 3 3 ,4 6 3
4 ,3 9 5 ,0 9 9
1 7 ,0 5 9 ,5 9 3
1 ,3 1 9 ,3 0 5

Stocks.

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

2 ,2 2 0 ,8 9 1
4 2 0 ,5 2 1

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

Other
Investments.

$ 1 3 ,4 6 1
3 9 6 ,0 3 5
7 3 6 ,1 2 0
1 8 3 ,4 6 8
1 ,2 3 0 ,0 6 4
2 ,0 0 0
768
2 4 0 ,4 9 8
1 8 ,7 8 5
2 6 6 ,2 0 5
2 ,3 7 7 ,7 1 5
8 1 ,0 0 0
2 ,0 4 2 ,1 4 9
4 4 0 ,1 2 7
2 7 3 ,3 1 7
1 0 8 ,4 8 5
4 6 0 ,6 9 2
6 5 ,0 8 3

Due by
other banks.
$ 7 7 8 ,9 5 5
4 4 7 ,4 5 3
1 ,0 0 1 ,7 8 9
5 ,3 3 5 ,0 0 3
4 4 1 ,1 6 4
1 ,6 8 7 ,4 1 1
1 0 ,4 0 6 ,5 0 9
1 ,5 7 8 ,6 6 3
4 ,2 4 4 ,1 7 4
3 0 6 ,5 4 5
1 ,1 7 3 ,2 0 0
1 ,9 2 5 ,6 5 2
1 ,0 7 4 ,7 9 4
5 ,0 2 0 ,9 9 8
3 ,1 1 7 ,4 6 6
9 6 0 ,3 3 4
2 ,2 2 5 ,8 9 6
1 ,5 5 9 ,4 1 8
2 ,4 5 1 ,1 5 5
6 6 ,0 2 8
8 4 5 ,0 6 2
3 ,3 7 3 ,2 7 2
4 0 4 ,6 9 1

N otes o f
other b’ nks$ 1 8 7 ,4 3 5
9 1 ,4 4 4
1 2 7 ,6 3 7
4 ,0 4 8 ,5 2 1
5 3 7 ,7 6 1
2 4 5 ,3 4 9
3 ,0 3 1 ,9 5 7
2 ,5 7 0 ,1 3 9
7 4 ,6 0 0
9 6 5 ,7 9 6
5 5 2 ,1 5 3
4 8 3 ,9 4 7
8 1 0 ,8 3 5
5 3 5 ,5 9 3
6 3 ,8 6 5
7 2 9 ,1 8 6
5 5 0 .8 7 9
3 7 ,5 1 0
2 2 4 ,8 4 2
1 ,1 9 5 ,6 5 5
1 0 9 .0 9 6

148 $227,469,074 $412,607,653 $22,447,708 $20,191,157 $8,935,972 $50,425,632 $17,174,260

A ppendix.

Erie (Penn.) Bank................
Aggregate




1849—Nov... .

1
724

...

86,520

124,351

11,713

4,604

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

13,566

148 $227,555,594 $412,732,004 $22,450,421 $20,195,761 $8,935,972 $50,425,632 $17,187,826

3
1

Journal o f Banking, Currency, and Finance.

GENERAL STATEMENT OF THE CONDITION OF THE BANKS IN THE UNITED STATES— CONTINUED.

States.
Maine..................... .
N e w Hampshire..,
V erm ont................
Massachusetts.......
Rhode Island........
Connecticut............
New York.............
N e w J e r s e y .............. .
Pennsylvania........ .
Delaware.............. .
Maryland...............
Virginia................. .
North Carolina . . .
South Carolina . . . .
Georgia................. .
Alabama................ .
Louisiana............... .
Tennessee............. .
Kentucky..............
Missouri.................
Indiana................. .
Ohio........................
Michigan................ .

Date.

I860--O ct........
D ec___
Aug . . .
S e p t. . .
S e p t. . .
A p r il...
S e p t. . .
1861-- J a n . 1 .. .
1850--N ov . . .
1851-—J a n . 1 . .
Jan. 1 . .
I860-- O c t ___
N o v ....
1851--Jan. 1 ..
1850-- D e c . . . .
1851--Jan. 1 ..
1850-—Dec. 28.
1851-—Jan. 1 ..
Jan. 1 . .
Jan. 1 ..
1850-—N ov. . . .
N o v ... .
1851-—Jan. 1 ..

Specie funds

2,336
103,614
10.498,824
2,787,655
51,022
78,552
306,909
141,300
1,200,000
...............
98,460
195

Specie.

$475,589
129,399
127,325
2,993,178
297,661
640,622
10,045,330
622,885
4,327,394
159,773
2,709,699
2,928,174
1,645,028
2,218,228
2,112,446
1,998,820
5,716,001
1,456,778
2,794,351
1,198,268
1,197,880
2,750,587
125,722

Circulation.

Deposits.

$2,654,208
1,897,111
2,856,027
17,005,826
2,553,865
5,253,884
26,415,556
3,046,658
11,798,996
833,960
3,532,869
10,256,997
4,249,883
11,771,270
9,898,827
3,568,285
5,059,229
6,814,376
7,643,075
2,522,500
3,422,445
11,059,700
897,364

$1,233,671
566,634
546,703
11,176,827
1,488,596
2,395,311
50,774,193
2,411,861
17,689,212
502,755
5,838,766
4,717,732
942,098
3,065,686
2,580,826
1,474,963
8,464,389
1.917,757
2,32.3,657
1,098,981
630,325
5,310,555
416,147

Other
liabilities.

$48,006

$38,285

93,015
9,895

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

45,670

13,146

600

s■

cT*3
c o
*5 h4
^
<1 ^ -

* *5

» 5

a

.2 o

a; D ^ *

S.9

m

-a

ccS £
O

■8

g .2 ^

I.t? oa

£

g

a °-s

£«
o ~
r£ 3

| § a l

-O O
o^f
0
c
a> a

^ ^Po ft o
. o.|*i
« .a
£ q ° - 0 _ fc § e

Is

?3 S i2 g ^ J

o ^ j j s g ,

10,000

343,856
138,930

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

:

1& 2
<d o

a)

— -2

i- oT
rt

•js g -a a e 50-°
g h .22 a s ®
cd ^.t3 ej .5a o - gL * ° . o g

f

Aggregate......................................$15,275,727 $48,671,138 $155,058,581 $127,570,791 $46,362,955 $6,379,464




feq .2

i S

.sf o o 3
S ?

* g
« s

!

C

4,325 ^
^
a „
H
23,260 .S fll
_
c .o 6
1,452,121
bc^
1P-.T
- ^3 g 2 2
660,732
®P
c ^ «, -

Total.............................................. $15,268,90*7 $48,6*71,138 $155,012,911 $127,55*7,645 $46,362,955 $6,379,464
6,820

P

442,084
" g-J
§
138,773
O | jS-g'S -2.2 §
38,961
. ^ 23 A V, = r>. , w
_ o
<11
2,984,727 o 9C
e
.2 ® S rQ

A ppendix.

Erie (Penn.) B ank.. 1849— N o v ....

?

63 6.13 c

Due to other
banks.

32,984
6,549,929
650,560
468,76S
21,873,928
373,453
5,811,157
170,873
1,928,206
328,841
60,682
3,065,893
483,422
196,911
1,384,232
61,638
1,256,589
76,280
112,175
1,385,839
42,589

fl
c3„ -d
o OJ
P
-*-> <3 OJ — S 3 *

25
3

§

£

35

^ _

-

« ®® w
" fiS

3 _J

.j'O'fl'O
8 -®g Ba 7 ,- s | .J S
.5
o *3=■" O
^ S S ’S g
O.h O M,Q
®h 3
I 2 fi -2 ® ^ ^ O § o | .5 a
c

bog ^To g c .s
-

a ^

a § • * £ . § to > §

03 ~ Q- j2 ‘9 3
^
d
o
"S bp c w o
i M U i> P
S « r ^
8
*
1
3
3-2H
f i M &•§ ® 's_.

j " a 5 8 § ‘3 S . q : 3 8 s s1§^P .C
«>c
a - 2 f Sj3l °
<» c d 4J a bxD,jq 1—1 . _ u>H
6 ^ 5 3 J £ P
§3
!

Journal o f Banking, Currency, and Finance.

601

Missouri, Indiana, Ohio, and Michigan, have been derived from official publications
made by the direction of the authorities of these States. The statement of the con­
dition of the banks in New* Jersey, was supplied by one of the United States officers
at Trenton. The statements of the condition of the banks in Pennsylvania, Delaware,
Maryland, Virginia, North Carolina, South Carolina, Georgia, Alabama, Tennessee,
and Kentucky, have been formed from returns made direct to the Treasury Depart­
ment by the banks in those States. In almost all instances, letters from the Treasury
Department to the authorities of the different States, and to the officers of the banks,
soliciting statements of their condition, have been replied to with great courtesy; and
this year the officers of the different banks were very prompt in making their returns,
thus enabling the Department to complete its tabular view at a much earlier day than
usual.
The banks of Pennsylvania make returns to the Auditor General; but, for some
reason which ought to be explained, the returns which the banks of that State made
of their condition in November last, have not yet been made public. The statement
contained in this table, is the first general statement of the condition of the banks o f
Pennsylvania, for 1850, that has been presented to the banker or the merchant.
Any person who has paid any attention to statistics, will at once see the importance
of a document of this kind, in which the accounts of nearly nine hundred banks, scat­
tered through twenty-three States, are reduced to one form, and regularly tabulated.
First, are given the paid in capitals of the banks, then the investments yielding, or
supposed to yield incomes, namely the “ loans and discounts, stocks, real estates and
other investments.” Then the investments supposed not to yield income, being the
means which the banks have to meet immediate demands on their coffers, namely, the
sums “ due by other banks, notes of other banks, specie funds and specie.” Then,
in direct contrast with “ the immediate means,” follow “ the immediate liabilities,”
namely, “ the circulation, deposits, and sums due to other banks.” Then follow the
“ other liabilities ” of the banks, being amounts they owe, but not due on demand.
The expense account, contingent fund account, <fcc., &c., are omitted, partly because
the sheet on which the documents are printed will ndt admit of their being conveniently
introduced, and partly because these are, as Mr. Gallatin has said, merely “ balancing
accounts.” By presenting only the “ rea l assets” and “ rea l liabilities” of the banks, a
clear view can be given of their condition, even to those who are unacquainted with
the technicalities of book-keeping.
I f we had a set of tables of this kind, embracing each year from the commencement
of the banking system in 1781, it would throw great light on the commercial history of
the country. W e have such a set, extending back as far as the year 1834. But this
for 1851 is, according to present appearances, the best of the series.
A SUMMARY V IE W OF THE CONDITION OF THE BANKS NEAR TO THE
COMPARED W ITH

1ST OF

JANUARY,

1851,

1850.

1850.

1851.

Number of banks from which returns have been re­
ceived)...........................................................................
Number of branches.........................................................

685
139

723
148

Whole number.........................................................
Capital paid in .................................................................

824
1217,317,211

871
$227,469,074

$364,204,078
20,606,759
20,582,166
11,949,548
41,631,855
16,303,289
11,603,245
45,379,345

$412,607,653
22,447,708
20,191,157
8,935,972
50,425,632
17,174,260
15,268,907
48,671,138

$131,366,526
109,586,565
36,714,551
8,835,3U9

$155,012,911
127,557,645
46,362,955
6,2 <y,404

RESOURCES.

Loans and discounts........................................................
Stocks.................................................................................
Real estate........................................................................
Other investments............................................................
Due by other banks.........................................................
Notes of other banks......................................................
Specie funds.....................................................................
S p e cie................. , .............................. .............................
LIABILITIES.

Circulation...........................................................
Deposits............................................................................
Due to other banks..........................................................
Other liabilities.................................................................




602

Journal o f Banking , Currency , and Finance.

A g g r e g a te of current credits, i. e. of circulation and

deposits.........................................................................
•^ggregnte of immediate liabilities, i. e. of circulation,
deposits, and sums due to other banks.............•___
-Aggregate of immediate means, i. e. of specie funds,
specie, notes of other banks, and sums due by other
banks.............................................................................

$240,953,121

$282,510,556

277,679,572

328,933,511

114,917,134

131,539,937

From this, those who have paid attention to the fluctuations of our paper currency,
will perceive that the bank expansion which began in 1843 continues to advance. The
amount of bank paper money now afloat is greater than it was at any previous period,
although, even now, it is not so great, perhaps, considering the circumstances of the
country, as to give cause for immediate alarm.
The increase in the bank note circulation, between January 1,7850, and January 1,
1851, was about twenty-two millions, or at a rate of about 18 per cent; while, at the
same time, the increase in the specie was but little more than three millions, or at a
rate little exceeding 7 per cent.
This small increase of specie in the vaults of the banks is well worthy of note, when
considered in connection with the great influx of gold from California. There was, to
be sure, an increase, in addition, of between three or four millions in the item of “ specie
funds,” bnt there is every reason to believe that a very small amount of the precious
metals is included under this very indifferent heading. “ Specie funds ” consist, for the
most part, o f notes and checks on other banks, and other obligations payable on demand,
which the bank oflicers have not time properly to report at the moment of making up
the accounts.
THE DEBT AND FINANCES OF BOSTON.
The following table, compiled from reliable sources, furnishes a comprehensive view
of the resources and liabilities o f the City of Boston
Whole indebtedness of Boston.................................................................
Available property......................................................
$5,046,750 39
Deduct the public garden...........................................
1,500,000 00

$7,161,360 00

$3,546,750 39
Add the proportion of water-works at the present
income of $200,000 at 6 per cen t.........................

3,333,333 34
6,880,083 73

Indebtedness of the city ............................

$281,276 27

Available property, including public garden..
Proportion of water-works which is productive

$5,046,750 39
3,333,333 34

Deduct the city d e b t ................................................

$8,380,083 73
7,161,360 OO

The city would then have over and above its debt,

$1,218,723 83

Available property, excluding the public garden .
Cost of water-works....................................................

$3,546,750 39
5,000,000 00

Deduct the city d e b t................... ............................ .

$8,546,750 39
7,161,860 00

The city would then have over and above its debt

$1,385,390 39

Available property, including the public garden ..
Cost o f water-works....................................................

$5,046,750 39
5,000,000 00

Deduct the city d e b t.........................

$10,046,750 39
7,161 >360 00

Over and above the city’s liabilities

$2,885,390 39




STATISTICS OF THE BANKS OF MASSACHUSETTS.
TABLE SHOWING THE NUMBER OF SHARES OF BANKS IN EACH

COUNTY OF MASSACHUSETTS HELD BY MEN, WOMEN, TRUSTEES, GUARDIANS, ADMINISTRATORS, (fee. J

SAVINGS, INSURANCE COMPANIES, AND CHARITABLE, L ITERARY, SCIENTIFIC, AND OTHER INSTITUTIONS RESPECTIVELY, W ITH THE NUMBER OF

SUCH SHAREHOLDERS ; ALSO, THE NUMBER OF SHAREHOLDERS OWNING FROM ONE TO FIVE, FROM FIVE TO TEN, FROM TEN TO TWENTY, FROM TW ENTY TO FIFTY,
AND ABOVE FIFTY SHARES.

Counties.

Suffolk*...........
Essex................
M iddlesex___
W orcester___
Hampshire___
Franklin...........
H a m p d e n f....
Berkshire..........
Norfolk............
Bristol..............
PlymouthJ. . . .
B a rn sta b le....
Nantucket___

N o. o f
hanks. Men.

30
26
12
15
3
2
6
5
9
12
4
2
1

Total............ 127
In Boston........
Out o f Boston.




Trustees,
Guardians,
Savings
InsuOther
N o. o f
AdministraInstituranee
instituStockShares. W om en. Shares, tors, & c. Shares, tions. Shares. Co’ s. Shares, tions. Shares, holders,

5,712 101,736 2,625 29,799 1,470 28,662 230
3,051 31,328 1,774 12,477 513 7,219 25
1,358 15,574 448 3,188
131 2,484 19
1,131 12,097 319 2,282
105 1,244 15
261
4,636
68
564
20
442
2
163
2,278
29
432
16
262
1
650 10,012 225 1,873
44
842
2
331
5,018
64
618
16
329
1
842
9,316 327 2,043
72
814
6
1,061 13,433 528 3,719
166 2,972 21
312
2,275 158
981
20
193
9
182
2,011
56
365
29
331
1
68
995
27
207
21
240
1

Total
No. o f
shares.

17,936 271 40,078 368 10,489 10,676 228,700
.3,373 51 5,925 120 1,927 5,534 62,250
1,096 15 1,228 40
930 2,011 24,500
1,423 19
591 40
612 1,629 18,250
65
................
5
293
356
6,000
28 ......................................
209
3,000
31
5
176
5
65
931 13,000
20
................
1
15
413
6,000
388
3
138 23
301 1,273 13,000
2,701 21 4,109 35
566 1,832 27,500
640
5
145 16
266
520
4,500
53
4
76
6
164
278
3,000
83
1
371
1
104
119
2,000

N o. o f Shareholders ow ning from
Over
1 to 5. 5 to 10.10 to 20. 20 to 50. 50.

3,700
2,912
1,022
864
119
93
829
138
665
934
282
147
60

2,716 1893 1539 828
1,240 794 450 138
416 309 198 66
405 203 113 44
99
67
48
23
59
22
24
11
257 196 113 36
133
74 54
14
307 179
92 20
386 266 166 80
137
65
32
4
50
39
33
9
17
19
13 10

15,122 210,709 6,648 58,548 2,623 46,035 333 27,837 395 52,837 660 15,732 25,781 411,700 11,265 6,222 4126 2875 1293

30
5,712 101,736 2,625 29,799 1,470 28,662 230 17,936 271 40,078 368 10,489 10,676 228,700
97 9,410 108,973 4,023 28,749 1,153 17,373 103 9,901 124 12,759 292 5,243 15,105 183,000

3,700 2,716 1893 1539 828
7,565 8,506 2233 1336 465

15,122 210,709 6,648 58,548 2,623 46,035 333 27.837 395 52,837 660 15,732 25,781 411,700 11,265 6,222 4126 2875 1293
* One ,n Chelsea not included.

f Joim H ancock Bank not included.

t A jin g to n Bank not in clu d ed .

I

Journal o f Banking, Currency, and Finance.

INSTITUTIONS FOR

<304

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

Our banks have made their quarterly returns up to March 29th, in obedience to the
requisition of the Controller. As the official summary of these statements will not
appear for some time, we have compiled a summary presenting the principal items,
which will be found of much present interest, and valuable for future reference. Under
the head of “ cash items,” we have included the bills of solvent banks on hand. W e
have also annexed at the foot the total of a similar statement for the last two quarters
for the sake of more convenient comparison. The capital, loans and discounts, and
circulation, exhibit a very steady and corresponding increase, while the specie and
deposits show a marked decrease. The hilling off in the specie is owing, not so much
to the exports o f coin, as to heavy payments into the Sub-Treasury for duties, which
have increased very considerably over the corresponding period of the previous year.
O f the sum thus paid, in addition to the present balance in the Sub-Treasury, about
6even millions of dollars have been loaned by the Government to the Philadelphia
Mint. Besides the banks here noted, seven more, namely, the Irving, People’s,
Hanover, Empire City, Stuyvesant, Metropolis, and Metropolitan, are just going into
operation.
STATEMENT OF THE CONDITION OF THE BANKS IN TIIE CITY OF NEW YORK ON THE 29T H
MARCH,

1850.

Capital and
profits.

Incorporated Banks.

Bank of the State of New York . . . . .
Bank of New Y o rk ...........................
Merchants’ Bank.............................. .. . .
Mechanics’ Bank.................................
Union B a n k ........................................
Phcenix Bank..................................... .
Manhattan Company..........................
City Bank............................................ .
Leather Manufacturers’ Bank...........
National B a n k ....................................
Butchers and Drovers’ Bank..............
Seventh Ward B ank.........................
Tradesmens’ B ank.............................
Mechanics and Traders’ Bank...........
Dry Dock B ank.................................
Greenwich Bank.................................

$2,328,780
1,235,548
1/792^384
2*328*580
1,373,184
3,287*431
901,735
714,724
892,822
674,053
567,273
532*978
267*565
243,380

Loans.

$4,663,735
2,707,846
3,954,174
4,509,314
4,063,420
2,680,912
3,039,455
4,092,871
1,681,764
1,644,002
1,647,162
1,590,859
1,293,521
1,403,351
555,263
202,980
598,387

Bonds and
Stocks, mortgages.

$154,190
137,200
3,750

$5,900
9,267

13,718
2,400

107,125

12,020

...........
25,000

10,950
30,746
2,181
5,521

25,000

Associated Banks.

American Exchange Bank................
Merchants’ Exchange Bank................
Mechanics’ Banking Association.. . . ,
North River B a n k ............................. .
..
Ocean B a n k .........................................
..
Mercantile Bank.................................
Bank o f the Republic........................ .. .
Bowery Bank.........................

..........

4,802,589
1*887*551
692,166
702,809
609,599
742^574
553,413
496*318
445*269
251,802
225*513

7,883,659
5,130,797
2,815,304
1,406,692
1,416,263
1,384,257
1,974,709
L427465
1,081,254
923,043
661*491
126,142
81,564
1,313,894

9,000
641,659
167,500
348,041
426,304
311,009
253,021
186,746
257,731
129,150
15L013
107,612

15,161
7,000

211,851

Total, 31 banks................................. $33,600,602 $67,955,550 $3,573,313 $194,453
29 banks, Dec. 21, 1850 . . .
32,542,772 65,358,017 3,365,934 216,802
28 banks, Sept. 28, 1850 . .
31,792,118 62,886,522 3,152,862 220,427




Journal o f Banking, Currency, and, Finance.
^ Incorporated banks.
.bank of the State of New Y o r k .,.
Bank of New York............................
Merchants’ Bank..............................
Bank of America...............................
Mechanics’ Bank.............................
Union Bank........................................
or nix Bank.....................................
Manhattan Com pany.......................
City B a n k .............
Leather Manufacturers’ B a n k .........
National Bank....................................
Butchers and Drovers’ B ank...........
Seventh Ward Bank.........................
Tradesmens’ Bank.............................
Mechanics and Traders' B a n k ........
Dry Dock Bank.................................
Greenwich Bank...............................

,
.

Specie.
$ 8 2 6 ,8 5 9
1 ,1 1 7 ,9 3 6
8 9 5 ,7 1 6
774 ,79 4 3 7 3 ,2 6 7
6 4 4 ,1 1 9
2 6 9 ,9 2 9
4 0 9 ,2 3 0
1 9 7 ,8 0 1
1 0 2 ,3 0 5
4 6 ,4 2 9
7 8 ,4 6 3
1 2 2 ,7 2 7
6 3 ,2 5 5
4 4 ,2 1 2
1 1 ,3 9 9
1 7 ,3 1 2

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

Bank notes
on hand.
$ 1 6 7 ,9 5 1
2 9 8 ,1 9 8
0 5 6 ,3 8 8
7 3 0 ,4 8 3
2 5 7 ,9 S 9
3 2 2 ,1 7 0
4 3 3 ,7 9 6
2 3 3 ,1 6 0
2 3 8 ,2 9 2
2 1 8 ,4 3 6
6 6 ,4 7 3
4 1 ,1 6 8
7 1 ,7 8 0
1 4 ,2 8 2
6 5 ,1 8 3
1 0 8 ,2 3 0
6 ,1 9 5

C05

Ciiah items.
$ 8 8 6 ,1 1 2
3 7 3 ,7 8 0
1 ,1 4 8 ,4 8 5
8 2 7 ,0 7 5
8 4 3 ,7 1 5
9 9 2 ,9 1 9
8 5 1 ,3 6 4
6 2 6 ,9 1 1
2 8 8 ,2 6 1
2 2 1 ,0 0 3
8 3 9 ,6 7 9
1 5 7 ,2 6 1
9 4 ,2 4 5
6 6 ,1 4 3
4 9 ,3 9 6
1 9,2 57
2 2 ,6 9 2

Associated banks.

Bank of Commerce ...................................
American Exchange Bank...............
Merchants’ Exchange B ank.............
Mechanics’ Banking Association . . . .
North River Bank.............................
Chemical B a n k .................................
Fulton Bank.......................................
Ocean Bank.........................................
Broadway B a n k ...............................
Mercantile B ank...............................
Pacific B a n k ......................................

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

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

625
1 8 1 ,2 3 3
7 1 ,3 5 2
6 8 ,5 8 5
3 2 ,5 3 7
1 4 ,6 7 6
5 2 ,4 2 3
3 0 ,4 4 1
1 6 ,8 9 3
1 7 ,0 7 1
1 6 ,4 8 7

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

Chatham Bank...................................
Bowery Bank.....................................

1 5 ,8 8 7
6 4 ,4 4 3

2 5 ,7 5 9
2 0 4 ,8 4 8

1 5,2 41
6 ,3 0 4

5 3 ,5 4 9
7 0 ,9 6 2

Total,

31
29
28

banks.............................
banks, Dec. 2 1 , 1 8 5 0 . . .
banks, Sept. 2 8 , 1 8 5 0 . .

Incorporated banks.

Bank of the State o f New York
Bank of New Y o rk .................... .
Merchants’ Bank.........................
Bank o f Am erica.......................
Mechanics’ Bank.........................
Union Bank...................................
Phcenix Bank...............................
Manhattan Company..................
City Bank.....................................
Leather Manufacturers’ Bank___
National Bank..............................
Butchers and Drovers’ Bank . . .
Seventh Ward Bank...................
Tradesmens’ Bank....................... .
Mechanics and Traders’ Bank . .
Dry Dock Bank...........................
Greenwich Bank.........................

.
.

$ 7 ,9 8 9 ,8 3 2 $ 7 ,3 4 2 ,7 4 5 $ 4 ,4 5 3 ,5 0 2 $ 1 1 ,9 2 7 ,8 6 8
1 0 ,7 9 7 ,5 5 4
1 1 ,0 0 2 ,8 0 0
6 ,9 5 3 ,9 3 3
1 0 ,1 0 7 ,4 9 0
9 ,0 5 6 ,1 3 5
6 ,6 9 5 ,0 1 0
Due from
banks.
$ 8 6 4 ,9 8 8
1 1 7 ,8 1 5
3 5 9 ,0 3 8
3 3 9 ,4 9 1
3 3 3 .8 3 3
1 1 4 ,7 9 7
1 2 6 ,1 8 3
1 9 6 ,4 9 4
1 4 6 ,3 3 2
1 5 5 ,5 5 2
1 2 3 ,5 2 9
3 6 ,6 8 1
7 0 ,4 6 4
4 4 ,4 2 1 .
1 1 5 ,8 7 9
7 2 ,0 4 2
1 1 8 ,9 8 1

Due to
banks.
$ 2 ,5 5 1 ,1 9 0
3 6 7 ,6 9 0
1 ,8 1 8 ,6 8 0
1 ,9 4 7 ,0 9 0
1 ,1 3 2 ,1 4 9
7 4 5 ,8 4 2
9 0 7 ,2 5 0
6 2 6 ,7 5 7
1 3 9 ,4 2 6
2 8 7 ,2 0 4
1 5 8 ,2 8 2
8 5 ,0 5 2
4 9 ,2 5 9
3 7 ,0 0 3
5 6 ,2 9 0
11
2 4 ,0 8 9

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

Associated banks.

Bank of Commerce.....................
American Exchange Bank.........
Merchants’ Exchange Bank . . . .
Mechanics’ Banking Association
North River Bank.......................
Chemical B a n k .......................... .




9 1 ,3 9 7
2 2 4 ,9 8 3
2 6 6 ,4 8 5
3 1 .5 8 9
4 7 ,9 3 3
6 2 ,6 9 2

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

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

Journal o f Banking , Currency , awe? Finance.

606

Associated banks.
Fulton Bank.. ......................................... .
Ocean Bank............................................. .
Broadway Bank........................................
Mercantile B a n k ..................................... .
Pacific Bank..............................................
Bank of the Republic...............................
Chatham Bank...........................................
Bowery Bank.............................................
Total, 31 banks................................. ..
29 banks, Dec. 21, 1850.........
28 banks, Sept. 28, 1850 . . . .

Due from
banks.
112,178
51,622
50,977
153,956
27,817
270
45,875
26,343

Due to
banks.
744,107
86,403
15,806
326,674
20,674
1,592
25,392
38,183

Deposits.
1,048,281
837,113
834,822
493,543
329,147
90,824
62,443
1,076,223

$4,530,637
5,959,927
4,950,592

$18,182,678
18,462,400
16,412,279

$38,446,133
40,555.091
37,018,218

UNITED STATES TREASURER’S STATEMENT.
t r e a s u r e r ’s

STATEMENT, SHOWING THE AMOUNT AT HIS CREDIT IN T n E TREASURY, W ITH

ASSISTANT TREASURERS AND DESIGNATED DEPOSITARIES, AND IN THE MINT AND BRANCHES,
B Y RETURNS RECEIVED TO MONDAY,

*24tH MARCH, 1851,

THE AMOUNT FOR WHICH DRAFTS

HAVE BEEN ISSUED BUT W ER E THEN UNPAID, AND THE AMOUNT THEN REMAINING SUBJECT
TO DRAFT.

SHOWING, ALSO, THE AMOUNT OF FUTURE TRANSFERS TO AND FROM DEPOSITA-

In what place.
Treasury of U. S., Washington, D. C ..
Assistant Treasurer, Boston, Mass. .. .
Assistant Treasurer, New York, N. Y.
Assistant Treasurer, Philadelphia, Pa,
Assistant Treasurer, Charleston, S. C .
Assistant Treasurer, New Orleans, La.
Assistant Treasurer, St. Louis, Mo___
Depositary at Buffalo, N. Y .................
Depositary at Baltimore, Md...............
Depositary at Richmond, V a ...............
Depositary at Norfolk, V a ...................
Depositary at Wilmington, N. C .........
Depositary at Savannah, Ga................
Depositary at Mobile, A la ...................
Depositary at Nashville, T e n .............
Depositary at Cincinnati, Ohio............
Depositary at Pittsburg, P a .................
Depositary at Cincinnati, (late)...........
Depositary at Little Rock, A rk...........
Depositary at Jeffersonville, l a ...........
Depositary at Chicago, 111....................
Depositary at Detroit, Mich.................
Depositary at Tallahassee, Pa.............
Suspense account...............$2,636 74
United States Mint, Philadelphia, Pa.
Branch Mint, U. S., Charlotte, N. C ...
Branch Mint, U. S., Dahlonega, G a .. .
Branch Mint, U. S., New Orleans, La.

Amount on
deposit.
$138,533 67
1,733,490 29
3,369,333 59
275,069 79
331,893 30
429,612 20
364,994 82
6,691 85
47,473 72
5,189 18
66,924 40
5,897 55
49,467 56
174.931 69
15,109 78
44,202 50
888 54
3,301 37
32,559 17
106,776 73
2,897 71
18,484 63
7,011 07
6,711,150
32,000
26,850
1,100,000

00
00
00
00

Drafts
heretofore drawn
Amount
but not yet paid,
subject
though payable.
to draft.
$17,061 63
$121,472 04
75,150 74
1,658,359 55
292,374 63
3,076,957 96
40,385 65
234,684 11
38,548 06
293,345 24
840,048 84
89,563 36
160,978 08
204,016 74
537 35
6,154 50
6,909 93
40,563 79
962 35
4,226 83
62,719 75
4,204 65
3,269 84
2,627 71
7,379 35
42,088 21
69,404 61
105,527 08
2,633 12
12,476 66
7,872 78
36,329 72
75 00
813 54
8,301 37
16,614 41
15,944 76
37,530 29
69,246 44
1,009 00
1,888 71
17,230 35
1,254 28
4,994 80
2,016 27
2,636 74
6,711,150 00
32,000 00
26,850 00
1,100,000 00

Total..........................................$15,100,734 11 $1,206,327 33 $13,897,043 52
Deduct suspense account.............................................................................
2,636 74
A dd transfers ordered.................................................................................

$13,894,496 78
420,000 00

Net amount subject to d ra ft.......................................................... $14,314,506 78
Transfers ordered to Assistant Treasurer, New Orleans, L a .................
$300,000 00
Transfers ordered to Depositary at Norfolk, V a ......................................
120,000 00




Journal o f Banking , Currency , and Finance .

60 7

GENERAL BANKING LAW OF NEW JERSEY,
A supplementary act to the General Banking Law, authorizing free banking
in the State of New Jersey has been passed, which repeals so much of the original
act as requires that persons associating for the purpose of banking shall be residents of
the State, and provides that any association of persons formed, may deposit, in addition
to the stock mentioned in the original act, the stocks of the States of New York, Ohio,
Kentucky and Pennsylvania, as security for their circulation. It is provided, also, that
the bills issued shall be stamped “ secured by public stocks in the State Treasury,” or
“ secured by public stocks and bbnds and mortgages in the State Treasury,” afc the
case may be. A majority of the Directors must be residents of the State.
REVENUE AND EXPENDITURES OF PENNSYLVANIA.
The Harrisburg correspondent of Cum mings' E v en in g B u lletin , published at Phila­
delphia, furnishes the subjoined statement, from official records, of the revenue and
expenditures o f Pennsylvania for the last three years.
SUMMARY STATEMENT OT THE REVENUES AND EXPENDITURES OF THE COMMONWEALTH OF
PENNSYLVANIA FOR THE FISCAL YEARS,

1848, 1849,

AND

1850.

REVENUES.

1818.
Lands...........................................................
Auction Commissions.................................
Auction D uties............................................
Tax on Bank Dividends.............................
Tax on Corporation Stocks........................
Tax on real and personal estate...............
Tavern licenses............................................
Retailers’ licenses........................................
Pedlars’ licenses...........................................
Brokers’ licenses..........................................
Theater, Circus and Menagerie licenses . .
Distillery and Brewery licenses................
Billiard room, Bowling-room,&c., licenses.
Eating-house, Beer-house, <fcc., licenses . . .
Patent Medicine licenses.............................
Pamphlet Laws............................................
Militia fines..................................................
Foreign insurance agencies.........................
Tax on Writs, Wills, Deeds, &c..............
Tax on certain offices.................................
Collateral inheritance...................................
Canal and Railroad tolls.............................
Canal fines, sale of old material, &c.........
Tax on enrollment of laws..........................
Premiums on Charters................................
Tax on Loans...............................................
- Loans.............................................................
Interest on Loans........................................
Premiums on L oan s....................................
Dividends on Turnpike, <fcc., stocks...........
Sales of Turnpike stock s...........................
Nicholson lands............................................
Accrued interests.......................................
Refunded cash..............................................
Escheats........................................................
Fees of the public offices...........................
Pennsylvania State Lunatic Hospital__ _
Miscellaneous................................................

$21,454
22,500
56,153
118,048
140,359
1,350,129
33,306
131,165
2,184
2,566
557

1849.
91
00
50
55
49
49
61
30
85
00
65

305 54
17,161 73
30,682
19,394
55,359
1,550,555
1,121
1,965

95
26
01
03
58
00

113,431 23
140,000 00
1,950 00
2,808
14,538
905
1,644

17
05
99
24

1,526 69

1850. .

$17,198
21,125
46,980
164,838
151,282
1,293,921
83,660
155,594
3,192
10,882
2,542
385
2,985
5,876
1,944
507
11,112

23
00
79
70
31
23
81
11
34
01
15
00
15
17
67
77
80

35,067
12,821
160,812
1,628,860
6,867
10,365
37,397
121,036
391,628

16
65
07
12
42
00
96
59
81

1,085 80
1,950 00
281
6,263
2,065
7,881
1,809
783
2,167

32
73
23
61
86
62
21

$16,378 58
18,673 75
44,898 22
153,877 14
136,510 14
1,317,821 55
107,427 49
171,062 26
2,525 05
10,228 73
2,384 50
4,203 91
3,045 81
6,530 97
2,923 04
345 68
12,953 73
2,760 83
45,409 47
14,047 21
102,295 07
1,713,848 16
6,953 64
10,270 00
89,262 21
210,356 30
270,000 00
13,721 27
2,460 90
13,685 44
3,678 32
13,278 61
3,687 20
177 00
1,740 33

Total Revenue...................................... $3,831,176 22 $4,433,688 65 $4,438,131 51
Balances in Treasury.................................
680,790 85
577,290 39
926,207 24
Total




$4,512,667 07 $5,010,979 04 $5,364,338 75

608

Currency, and Finance.
NDITURES.

184S.
.
Militia expenses. . ........................................
Pensions and gratuities...............................
Charitable institutions.................................
Common schools.........................................
Commissioners of the Sinking F u n d .........
Loans.............................................................
Interest on Loans....................................... ,
Guarantied interest......................................
Domestic creditors.......................................
Canceled relief notes...................................
Damages on the public w orks...................
Special Commissioners...............................
Revenue Commissioners.............................
State Library...............................................
Public buildings and grounds....................
Eastern Reservoir of Pennsylvania Canal.
Outlet locks, Well’s Falls...........................
Weigli lock at Beach H aven .....................
Use of patent rights....................................
Penitentiaries...............................................
House of Refuge...........................................
Conveying convicts and fugitives...............
Nicholson lands............................................
Amendments to the constitution...............
Escheats........................................................
Philadelphia riots........................................
City of Pittsburg..........................................
Abatement of State ta x .....................
Re-issue of relief notes...............................
Premium on s ilk ..........................................
State Magazines..........................................
Counsel fees and commissions...................
Miscellaneous................................................

$996,592
230,550
36,724
22,706
27,000
176,590

1849.
70
78
32
21
00
62

148,378 15
2,005,740 79
32,500 00
13,246 42
139,000 00
26,453 10
303 61
2,253 02
2,044 15
3,054 43
2,673 71
1,600 00
6,958 37
7,247
4,000
763
190

00
00
97
20

1,275 49
1,641 25
4,480
3,000
23,058
4,000

10
00
13
00

1.000 09
2,002 78
1,947 00
163
3.000
16.283
6.000

00
00
79
00

100 00
267 50

192 75
2,500 00
1,540 53

771 42
39 00

1,334 93

41,522 11

45,508 45

43,525 04
10,940 00

1,000 00
1,909 08
3,259 52

4,738 16
2,665 76

5,984 15
8,180 44

$3,935,379 68 $4,084,771 80 :
577,290 39
926,207 24

Balances in Treasury .

1850.

$951,249 03 $1,488,799 74
292,899 71
237.105 33
19.282 25
23,860 68
19,704 03
17,277 91
55,000 00
92,267 85
213,728 49
179,360 41
318,864 03
100,001 12
8,150 16
279,227 80
2,007,616 99 2,004,714 51
32,500 00
32,590 00
9.315 25
9,387 41
76,000 00
28,068 34
21,257 20
2,554 03
304 20

795,384 81

$4,512,667 07 $5,010,979 04 $5,364,338 75
AGGREGATE REVENUE AND EXPENDITURES FOR SIX YEARS.

1815.

1846.

1847.

1848.

1849.

1850.

$3,529,057 $3,977,029 $3,831,176 $4,433,688 $4,333,131
Revenue............$3,010,062
Bal. in Treasury
663,851
384,8S6
384,678
680,790
577,290
926,207
Expenditures.. 3,280,028 3,529,264 3,980,813 3,935,379 4,084,771 4,569,053
Bal. in Treasury
384,886
384,678
980,861
577,290
926,207
795,284
TAX AND VALUATION OF PROPERTY IN THE STATE OF NEW YORK.
The annexed tabular statement (derived from the Annual Report of the Controller)
shows the assessed valuation of real and personal estate, the number of acres of land
assessed in each county, the amount of town, county, and State taxes, and the rate of
taxation (in mills and fractions) on each dollar of the aggregate valuation for the year
1850. W e have omitted, for the sake of convenience, the cents or fractions of a dollar
in the amounts of State, county, and town taxes, but have added them to the total,
making a difference in the State and county tax of fifty-one cents; town tax, eiglitytwo cents; total taxation, thirty-three cents. The counties marked thus (*) having
failed to forward to the Controller their returns in time for this statement, the amounts
returned for 1849 are adopted. The total number of acres of land in the State of




Journal o f Banicing, Currency , and Finance .

609

New York, according to Burt’s Atlas, is 28,29*7,142, while the total number assessed is
27,912,076.
STATEMENT OF THE VALUATIONS OF REAL AND PERSONAL ESTATE IN THE SEVERAL COUNTIES
OF THIS ST AT E; THE NUMBER OF ACRES OF LAND ASSESSED IN EACH COUNTY ; THE AMOUNT
OF TOWN, COUNTY, AND STATE TAXES, AND THE RATE OF TAXATION ON EACH DOLLAR OF THE
AGGREGATE VALUATION FOR THE YEAR 1 8 5 0 .

§1
e.®
COUNTIES.
• ra
• 22.
D ollars.
316.152 13,109,108
662,594
4.099.478
1 910,431
801,411
3,922,981
9,345,275
646.260
4,549,951
3,367,053
540.714
4,292,432
609,239
2,203,456
6,484,204
306,136
2,093,827
910,467
3,112,209
14,698,375
612,070 15,453.681
1,077,614
1,409,348
1,015,253
1.618,200
324,490
1,026,800
315;560
5,723,708
384,328
2,221,775
805,713
330,290
770,559
6,630,159
733,089
6,724,543
+48,800 39,929,316
739,980
2,195,686
358,124
9,814.897
389,310
5,960,279
391,672 13,834,401
238,046
3,162,346
+13,920 207,142,570
5.167,960
314,123
731,879 10,126,439
454,320 15,889,938
392,491 11,988.566
9,537,313
490,072
4,652.369
235,385
7,226,686
587,543
602,288
4,528,992
132,809
2,566,337
181,069
8,449.500
396,490
9,910,736
5.809,046
21,262
2,085,153
104,099
4,553,386
+ 1.738,500
507,235
5,860,397
2,361,039
115,748
1,527,448
273,698
5.828.808
197,661
4,954,876
399,063
6,063,150
904,000
1,403,968
555,564
1,644,914
308,281
4,665,088
+371,400
4,853,707
666,068
1,019.901
497,427
5,361,158
492,399
6,758,324
369,564
+290,527 12,241,840
4,169,068
368,000
4,217,721
207,042
.

A lbany*............
Alleghany . . ..
B r o o m e ............
Cattaraugus....
Cayuga ............
Chautauque*..
Chemung..........
Chenango ........
C lin to n ............
Colum bia..........
Cortland t .........
Delaware..........
Dutchess..........
Erie....................
E ssex................ . .
F ra n k lin * ........ ..
F u lt o n .............
G enesee............
G re e n e .............
H a m ilto n ........
Herkimer..........
Jefferson..........
K in g s................
L e w is .............
Livingston .
M a d is o n ..........
M o n r o e ..........
M ontgom ery..
New Y o r k ..........
N iag ara................
O n e id a .................
Onondaga............
O n ta r io ................
O ra n g e * ..............
Orleans..................
O s w e g o ................
O tse.ro.................
P u tn a m ...............
Q ueens.................
Rensselaer*.........
R i c h m o n d ........ .
R o c k la n d ..........
St. Law rence___
S a r a io g a .............
S ch oh a rie............
Seneca..................
S u ffo lk .................
S t e u b e n ..............
S u lliv a n ..............
T i o g a ...................
U ls t e r ..........
W arren . . . .
W ashington .
W ayn e..........
Westchester*
W y o m in g . . .
Y a te s ______

CO

ep -*
P
*5
rr.<
jq

^

>
e § 3.

3>
e3
BS
3ȣ 5

53
• ~ p
» 0
E l
• CO
• '< CO
c 7
D ollars.
D ollars. D ollars. Dollars. D ollars. M ills
91.500 190,897 282,396
3,730,467 17,393.366
16.2
22,378
13.590
4,362,183
257,415
35,969
8 .2
2,114,594
15,340
8,969
206,146
24,109
1 1 .4
16,162
4,105,462
16,594
182,481
32,757
8.
35.613
14,398
1,809,384 11,162,522
50.011
4.5
24.172
15.890
631,854
5,324,257
40,062
7.5
15.311
3,887,234
7,676
520,048
22,987
5.9
18,689
646,780
4,939,212
16,493
35,183
7.1
17,202
2,289,868
13,549
84,412
30,751
13.4
39,099
2,534,428
17.867
8,938,632
56,966
6.4
2,289,380
14,959
195,533
7.257
22,217
9.8
22,567
657,319
3,769,528
11.875
34,442
9 .1
49.868
5,172,658 19,871,033
30 092
79,960
4.3
1,585,948 17,319.987 102,010
19,460 121,471
7.
16.323
1,646,831
237,483
13,673
29,996
18.2
8,859
1,773,985
9,382
155,785
18,241
10.3
1,239,189
12,006
212,189
10,769
22,775
18.4
21,040
735,543
6,461,305
13,909
34,949
5.4
13,27G
715,760
2,937,346
14,565
27,841
9.5
2,067
3.817
334.207
6,413
8,480
25.4
35,796
1.078,505
7,708,664
19,022
54,818
7.1
48,207
1,227,117
7,951,660
20.518
68,726
8.6
5,051,550 44,980,866 142,025 326,294 468,319
7 .3
11,406
161.418
2,361 000
13,151
24,557
10.4
29.273
1,411,757 11,226,654
14,626
43,900
3.9
27,334
1,206,773
6,967,032
13,065
40,599
5 .8
64,863
1,931,509 15,566,910
24,804
89,667
5 .7
26.306
437,467
3.599,813
12,698
39,004
10.9
78,919 240 286,001,8 16 3,230,085
11.3
20,547
423,425
5,591,385
10,839
31,386
5.6
63,406
3,020,792 13,147,231
34,252
97,658
4.8
66,014
2,102,068 17,992,066
42,877 108,892
6.1
32,589
2,449,331 14,437,897
12,520
45,109
3.1
3(5,064
2,622,674 12.159,987
19,720
55,784
4.0
17,670
5,203.069
10,631
550,700
28,301
5.5
31.512
30,762
812,092
8,038,778
62.274
7.8
20218
906.96 L 5,435,953
19.383
39,602
7.3
3,289,188
5,821
722.851
4.388
10,209
3.1
20,072
4,033,250 12,484,750
20.861
40,934
3.3
50,040
1,195,713 14,106,476
30,509
80,559
5.7
10,500
5,242
950,414
6,759,459
15,742
2.3
6,370
2,628,101
542,943
5,481
11,851
4.5
34.174
204.293
5,077,177
25.891
60,066
11.8
28,138
1,416,020
7,440.1UI
17,398
45,536
6.1
13,000
751.369
3,112,408
14,470
27,470
8.8
1,826,141
16,366
15.300
298,620
31,666
17.3
804,473
17,425
6.633.281
8,884
2G,310
3.9
6,227,934
9,341
1,273.058
18,565
27,907
4.5
682,462
8,050,689
28,880
18,035
47,515
5.9
145,700
1,548,668
11,732
6.520
18,253
11.8
1,985,496
12,248
340,582
10,256
22,505
11.3
1,048.546
5.631,634
18.613
11.760
30.373
5.4
943.660
5,805,727
31,589
37,837
69,427
11.9
46,015
1,081,003
9,744
5,533
15,278
14.1
6,495,194
1,112,7-29
22,733
19,480
42,213
6.5
19,715
636,367
7,430,575
14,826
34,541
4.7
7,777,124 20,018,964
34,167
31,734
65,901
3.3
328,833
4,497,931
16,835
12,658
29,493
6.6
554,615
4,772,784
12,761)
6,004
18,765
3.9

27,912,076 571,690,807 153,183,486 727,494,583 4,892,051 i1,420,735 6,312,787

+ Acres o f land not returned, and therefore taken from Burr’s Atlas.
* * City covers the w hole county.
X X I V .-----N O . V .




Rates o f tax-

<

39

8.6

,

Journal o f Banking, Currency and Finance.

610

SUMMARY V IE W OF THE ABOVE TABLE, COMPARED W IT H THE PRECEDING TEAK.

1850.
Total valuation of real estate.......................
“
“
personal estate*.............
“ of real and personal.............................
Corrected aggregate valuation.......................
State and county taxes...................................
Town taxes.......................................................
Total taxation..................................................

$571,690,807
153,183,486
724,874,293
727,494,583
4,892,015
1,420,735
6,312,787

1849.
00
00
00
00
51
82
33

$536,162,901
129,926,625
666,089,526
665,850,737
4,174,277
1,374,703
5,548,981

00
00
00
00
54
7-1
28

The aggregate valuation exceeds that of the previous year (1849) by $61,643,846
The method of assessment throughout the State is very defective, especially in relation
to personal property. Probably not more than one-half or two-thirds of the personal
property is reached by the Assessors. The Controller says that “ in the city and county
of New York, the Board of Tax Commissioners have made vigorous and successful
efforts to reach all forms of personal capital, legally subject to taxation; and in asses­
sing the real estate they have approved it at its value, in compliance with the statute.’ ’
This may be correct so far as real estate is concerned, but from facts which have come
to our knowledge, we apprehend that large amounts of personal capital are not reached.
“ In many o f the counties,” says the Controller, “ the prevalent system of undervalua­
tion is too generally continued.” In one county in the above table (Hamilton) we
notice that the assessed value of personal estate is put down at only $3,841 ; a low
mark for an entire county. There is not, we venture to say, a town in that county,
where the personal property would not, under a more equitable system of assessment,
reach a much higher figure. The Controller repeats his conviction that the evil (to
which we have alluded) can be remedied, and a just equity attained, as between indi­
vidual tax-payers, towns, and counties, only by an essential modification of the laws
prescribing the duty of the Assessors. The Controller, in concluding his report, on
this head remarks:—
Some further provisions of law are required to regulate the manner of assessing the
capital of individual bankers, and to prescribe the mode of proceeding to enforce the
collection (if the tax, in cases where its payment is evaded or refused. The act of De­
cember 4,1847, (Sec. 4, Chap. 419,) is vague and indefinite in this respect, and has given
rise to much perplexity, injustice, and litigation. The general provisions of law regu­
lating the recovery of taxes against corporations, should be extended to the capital of
individual bankers by express statute; and all other remedies failing to secure the tax,
legally imposed, it should be made the duty of the Controller to pay it from the ac­
cruing interest on the securities deposited with him under the General Banking Law.
UNITED STATES TREASURY NOTES OUTSTANDING APRIL 1, 1851.
T r e a s u r y D e p a r t m e n t , R e g i s t e r ’ s O f f ic e ,

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 records
of this office...........................................................................................
Total.................' . .........................................................................
Deduct Cancelled Notes in the hands of the accounting officers, of
which $150 is under acts prior to 22d July, 1846, and $100 under
act 28th January, 1847,......................................................................
Balance..........................................................................................




Including capital o f banks and other corporations.

Jlpril 1, 1851.

$136,911 64
22,600 00
23,450 00
$182,961 64

250 50
$182,711 64

.

Journal o f Banking, Currency, and Finance

611

BANKING CAPITAL, ETC., IN PENNSYLVANIA.
STATEMENT SHOWING THE. AMOUNT OF BANKING CAPITAL EMPLOYED IN THE COMMONWEALTH
OF PENNSYLVANIA, AND THE AMOUNT OF TAX ON DIVIDENDS AND ON CORPORATION STOCKS
DERIVABLE THEREFROM, FOR THE SEVERAL YEARS THEREIN DESIGNATED, TOGETHER W ITH
THE RATIO OF SAID TAX.

Banking
Capital.

Years.

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

$25,294,456
19,127,677
16,868,555
15,577,459
16,154,600
20,994,724
21,585.760
21,462,870
18,478,382
18,675,484

Tax on
Dividends.
$ 9 6 ,9 2 1 61
4 4 ,9 5 0 58
2 5 ,5 2 9 7 6
4 6 ,7 0 5 55
8 6 ,6 7 5 88
7 5 ,3 8 4 8 2
1 2 8 ,3 0 7 13
1 1 8 ,0 4 8 5 5
1 6 4 ,8 3 8 7 0
1 5 3 ,8 7 7 14

Tax on Corporation stocks.
$ 2 3 ,6 4 7 15
2 1 ,1 8 4 4 5
1 2 ,9 0 2 18
3 1 ,1 1 1 59
5 7 ,4 1 6 62
6 3 ,4 5 3 88
6 9 ,1 3 9 28
6 6 ,8 0 9 11
9 3 ,0 4 0 3 4
7 0 ,0 0 8 86

$ 9 4 1 ,2 3 9 6 4

$ 5 0 8 ,7 1 8 4 6

08
50
25
50
62
72
39
10
39
14

Ratio.
4f

H
2i
5
9
6i
9
8i
14
12

n

COINAGE OF TH E UNITED STATES M INT.

It appears from a statement prepared by E. C. Dale, Esq., Treasurer of the United
States Mint in Philadelphia, that the goinage during the month of March reached the
sum of $6,298,672 ; and that the total coinage for the year thus far (months of Janu­
ary, February, and March, 1851,) amounted to $14,119,213. The subjoined table shows
the coinage for each of the three first months of the present year:—
Gold.

Silver.

Copper.

Total.

January.........................................
February........................................
March.............................................

$2,620,966
5.082,987
6,285,735

$76,950
15,500
6,400

$7,217
16,861
6,537

$2,705,193
5,115,348
6,298,672

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

$13,989,688

$98,850

$30,675

$14,119,213

The deposits, during the same period, of the precious metals were $10,687,100, of
which $10,671,000 was in gold, and 16,100 in silver. Of the gold, California contrib­
uted $10,434,000, as will be seen by the annexed table:—
G old.
California.
Other places.

January..................................................................
February.................................................................
M a r c h .,................................................................

$4,940,000
2,860,000
2,634,000

$60,000
140,000
37,000

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

$10,434,000

$237,000

Silver.

..
$7/700
8,400
$16,100

The coinage for March, 1851, has been as follows:—
D ouble eagles.
Pieces.
Value.

284,197

$5,683,440

H alf eagles.
Pieces.
Value.

Quarter eagles.
Pieces.
Value.

48,663

38,104

$243,315

$95,260

Dollars.
Pieces.
Value.

263,220

$263,220

Showing a total coinage of gold of 634,184 pieces, amounting in value to $6,285,735.
The silver coinage during the same month consisted of 128,000 half dimes, of the
value of $6,400. There was also coined 653,799 cents, of the value of $6,537 99
cents. When will our government abolish the coinage of copper cents ?
The N o r th A m e r ic a n states, on the authority of the Treasurer, that all deposits
made at the Mint since March 11th have been paid promptly on the ascertainment of
their value, and a large surplus of coin has been accumulated in the Treasury; the
amount now on hand, available for payments, is over $2,000,000. Deducting $500,000
for old deposits payable but undrawn, and $200,000 for deposits not ascertained, and
we have a surplus beyond all demands of $1,300,000.




,

Journal o f Banking, Currency and Finance.

612

Preparations are making for a large issue of three cent pieces from the Mint at an
early day. By authority from the Treasury Department, a great part of the Silver
Bullion Fund will be converted into these pieces; and after receiving a sufficient sup­
ply for the various Government offices, the balance will be exchanged for deposits of
foreign silver coins or bullion, and also f o r A m e r ic a n g o ld o r silver coins. A fond is
likewise provided for procuring future supplies of silver bullion for this coinage, so
that all the public demands may be promptly satisfied. To prevent undue accumula­
tions of these coins in single hands, a discretion is allowed to decline selling more
than $ 150 worth at a time to one applicant. The least amount to be sold is $30 worth.
Authority is also given to deliver the coins in distant cities, at the cost of the Mint for
transportations, as is now the case in distributing the copper coinage. Notices will
hereafter be given of the time at which applications for the new coin will be received.
DAILY EARNINGS OF TH E WORKING POPULATION OF BELGIUM.

A “ New Englander,” in a letter to the Editors of the Tribune, gives the following
“ Official statistics” of the wages of the working population of Belgium, that magnifi­
cent country whose beauty delights every eye, and warms every heart, save the eye
and the heart of those who have created its beauty ;—
MEN.

5,342 men earn from 58 to 78 cents per day.
180,440 men earn from 30 to 40 cents per day.
113,950 men earn from 20 to 30 cents per day.
WOMEN.

162 women earn 40 cents and upwards per day.
27,121 women earn from 30 to 40 cents per day.
29,620 women earn from 10 to 20 cents per day.
13,612 women earn less than 10 cents per day.
BOYS.

6,890 boys earn from 20 to 30 cents per day.
12,459 boys earn from 10 to 20 cents per day.
17,531 boys earn less than 10 cents per day.
GIR LS.

1,385 girls earn from 20 to 30 cents per day.
6,346 girls earn from 10 to 20 cents per day.
22,538 girls earn less than 10 cents per day.
The above figures do not represent the whole working population in Belgium, of
course ; in fact, they exclude the whole agricultural class, which would have made the
statistics still more melancholy ; but they represent, without doubt, a fair average
estimate of town wages throughout the Kingdom. Such a statement requires no
comment. It is only necessary to publish it. What an epitome it presents of an
inverted civilization 1
SAVINGS BANK OF BALTIMORE.

This Bank seems to be conducted in a manner highly creditable to its Directors, and
equally gratifying to the depositors. It is stated in the B a ltim o re S un, that this
institution has declared an extra dividend of 1-i per cent on all sums on deposit a
period of three years; 5 per cent for sums on deposit two years; and H per cent for
those on deposit one year— amounting in all to $93,000. This dividend, added to the
regular annual interest of 4 per cent, which is carried to the credit of each depositor
on the 1st of April in each year, makes for the last three years 6 J per cent per annum,
without computing the profit of compound interest on the undrawn annual interest




Commercial Statistics.

613

COMMERCIAL STATISTICS.
COMMERCE OF NE1V YORK.

The business of the Port of New York continues to increase beyond all precedent,
and some are seriously alarmed as each month's returns swell the aggregate expansion
There is less cause to fear, however, in this flow of prosperity when we consider that
nearly all branches o f business have received a corresponding impulse. The buoyancy
has not been confined to real estate or to stocks alone; the imports of merchandise,
about which many are so fearful, have not increased in proportion to the exports; and
the expansion of the currency has been, not for speculative purposes, but to meet the
wants of increased regular business, and has been based on a large increase of specie
capital. The increased imports, either for the last month, or the quarter ending 1st of
April, are not made up, as many seem to suppose, chiefly of dry goods, the increase in
other merchandise being full as large in proportion, as will be seen by the following
comparative statement:—
IMPORTS AT NEW YO RK IN MARCH.

1851.

1850.

1819.

Dutiable merchandise.................................
Free merchandise........................................
Specie, including California gold du st.. . .

$11,719,679
982,530
2,241,348

$8,149,821
1,394,182
907,634

$7,928,470
591,849
130,895

Total.....................................................
Of which were dry goods...........................

$14,943,457
5,648,544

$10,421,637
4,101,670

$8,651,214
3,990,802

Deduct, now, the specie, of which the receipts for the last month include $1,970,843
from California, and we have an increase in all the other imports over the correspond­
ing month of last year of $3,188,106, of which only $1,546,874 were in dry goods, and
the remainder, $1,641,232, in general merchandise, showing the imports to be as
equally divided as possible. A similar state of things is found by examining the
exhibit for the quarter:—
IMPORTS AT N E W YORK FOR JANUARY, FEBRUARY, AND MARCH.

Dutiable.

Free.

Specie.

Total.

Total, exclusive O f w hich were
o f specie.
dry goods.

1 851........... $35,793,788 $3,128,216 $5,875,501 $44,797,505 $38,922,004 $21,989,327
1850 ......... 27,320,278
2,464,445 1,922,878 31,707,601 29,784,723 17,057,136
1849. . . . 24,019,966 1,402,500
209,918 25,632,884 25,422,466 15,095,102
This shows that the increase is regularly and nearly equally divided between foreign
fabrics and general merchandise.
The exports for the month show a marked, increase over the corresponding period of
previous years:—
EXPORTS AT N E W YO RK FOR MARCH.

Dom estic
produce.

1 8 5 1 ............................................
1850 ............................................
1849 .............................................
1848.............................................
1847.............................................
1846.............................................

$3,976,198
2,865,634
2,687,803
2,184,194
3,768,574
1,463,529

Foreign.

$345,615
270,310
339,691
316,129
134,437
188,288

Specie.

Total.

$2,368,861
172,087
86,506
452,507
243,887
257,781

$6,690,674
3,308,031
3,104,900
2,952,830
4,146,898
1,909,598

The shipments for the last month of domestic produce show an increase of more
than 30 per cent over the same period of last year. The exports for the quarter are




Commercial Statistics.

614

also larger in the same particular than for any previous year if we except the year of
“ famine ” abroad:—
EXPOETS FOE JANUARY, FEBRUARY, AND MARCH.

1851......................................
1 850.....................................
1849 .....................................
1848......................................
1 8 4 7 . . . . .............................
1846 .....................................

Dom estic
produce.

Foreign.

$9,714,728
8,188,538
6,987,547
6,620,237
10,196,859
5,076,183

$1,176,091
1,083,894
834,559
991,763
292,057
522,323

Specie.

$4,642,831
541,156
315,939
2,069,250
321,615
406,243

Total.

$15,533,650
9,813,588
8,138,045
9,681,250
10,810,531
6,004,749

These statements of the imports and exports would convey an erroneous impression
in regard to the actual state of our foreign trade but for some exDlanatory remarks.
The figures represent the value and not the q u a n tity of the receipts and shipmentsAlmost every description of foreign dry goods has advanced abroad, since this time
last year, nearly enough to account for the difference in the total entries, without
implying an excess of quantity. This is partially true, also, of the exports, as many of
our staples have been entered at a higher rate. It may not be uninteresting, in this
connection, to exhibit the comparative q u a n tity of some of the principal articles of
produce which have left this port during the first quarter of this and the previous
year:—
Ashes— Pots ................................................................
Pearls..............................................................
Breadstufts— Corn ........................................................
Flour........................................................ . . . bbls.
W heat....................................................
Provisions— B e e f.......................................................... . . .bbls.
Pork..........................................................
Lard..........................................................
Cotton...................................................................

1851.

1850.

4,783
881
96,565
115,869
72,814
6,281
8,935
9,090
83,837

4,547
967
1,083,230
116,490
55,380
16,967
18,056
64,043
57,972

The exports of specie have been large, but bear no comparison with the actual
receipts. In the latter item our entries at the Custom-house are seriously at fault, as
the larger portion of the California gold dust is brought in the hands of passengers.
This statement was at first received with incredulity, and the large capitals displayed
in the newspaper extras on the arrival of each steamer from the Isthmus, were looked
upon by the more cautious as mere traps to encourage emigration. But the returns
from the Mint not only confirm these reports, but actually go beyond them; the
deposits for the quarter being double the nominal imports. Te following will exhibit
the movement in specie for the quarter:—
Exports from this port......................... $1,266,281 $1,007,689 $2,368,861
Imports from abroad.............................
210,455
164,031
270,505
Nominal imports from California......... 2,478,239
781,428 1,970,843
Receipts of gold dust at the Mint___
4,940,000 2,860,000 2,634,000
Receipts of other bullion.....................
60,000
147,700
45,400

$4,642,831
644,991
5,230,510
10,434,000
253,100

Here we have in our nominal imports from California but $5,230,510, while the
actual receipts at the Mint, acknowledged from that source, amount to $10,434,000. Con­
siderable amounts in gold dust have also been included in our exports, so that the
quarter’s receipts from California at this port alone are upwards of ten and a half
millions.
IM PORTANT TO CHEESEMONGERS.

The Government of the Two Sicilies has issued a decree, allowing the importation of
cheese, free of duty, into the Island of Sicily, for one year, from the 1st of January last
to 31st December, 1851.




ST A TEM EN T OF TH E COMM RCE OF EACH STATE AND TERRITO RY, FROM JULY 1, 1849, TO JU N E 80, 1850.
VA
In American
vessels.
$ 1 ,1 3 5 ,9 9 8
2 ,8 3 5
4 0 4 ,7 4 9
7 ,0 0 0 ,1 0 3
2 0 5 ,9 6 9
2 4 1 ,2 6 2
3 3 ,9 3 4 ,4 0 9

In Foreign
vessels.
$ 4 0 0 ,8 2 0
5 ,8 8 7
1 ,2 5 3 ,3 7 0
330

3 ,4 2 8 ,1 5 0

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

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

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

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

VALUE OF IM PO R TS.

In Am erican
vessels.
$ 1 4 ,5 6 4
*26,157
1 ,8 9 8 ,4 9 7
9 ,9 6 6

668

1 1 ,2 0 9 ,9 8 9

3 6 3 ,2 2 5

*8*8,917

*4*52',1 42

3 7 ,6 9 8 ,2 7 7

3 2 8 ,9 3 0

2 1 7 ,5 3 2

5 7 ,2 3 2
1 ,2 3 2

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

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

668
4 ,1 2 3 ,3 0 2

' 2*50,861

9 9 ,5 4 3

*529*793

Total.
$ 2 9 ,0 9 4
205
2 6 ,1 5 7
2 ,4 2 8 ,2 9 0
9 ,9 6 6

7 ,0 8 6 ,6 8 7

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

1 1 7 ,9 8 9

In Foreign
vessels.
$ 5 ,5 3 0
205

*1*27*6i i

* *877*872

200

200

2 ,4 8 8

2 ,4 8 8

400

508

1 6 ,6 5 6

908
1 5 ,6 5 6

7 8 ,1 4 3

100

*407,073

100

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

In Am erican
vessels.
$ 6 0 9 ,1 5 5
1 9 ,9 6 2
4 6 3 ,0 9 2
2 2 ,1 0 6 ,0 1 1
2 5 1 ,7 0 8
3 1 1 ,9 2 7
8 8 ,1 4 7 ,7 2 1

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

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

In Foreign
vessels.
$ 2 4 7 ,2 5 6
2 9 ,1 1 7

1 0 ,7 9 5 ,4 6 2

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

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

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

5 9 4 ,5 1 9
600
2 5 3 ,7 2 1
1 4 4 ,4 4 3
6 2 0 ,1 2 7
3 3 0 ,0 8 1
6 5 ,4 6 8
7 6 7 ,2 2 8
2 ,6 5 2 ,5 7 0

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

2 7 ,9 6 6
359’643
398^999
1 9 0 ,9 8 7
144J02
7 ,7 8 3
1 4 ,6 5 2

1 8 3 ,5 0 5

7 ,9 2 2
1 0 ,9 9 8

2 7 ,9 6 6
369^643
5 9 2 ,5 0 4
1 9 0 ,9 8 7
144‘ l0 2
1 5 ,7 0 5
2 1 ,6 5 0

615

T ota l............. $89,616,742 $47,330,170 $136,946,912 $9,998,299 $4,953,509 $14,951,808 $151,898,720 $139,657,043 $38,481,275 $178,138,318




Commercial Statistics.

States.
Maine. . . ...............
New Hampshire..
Y ermont...............
Massachusetts.. . .
Rhode Island........
Connecticut............
New Y ork ............
New Jersey........
Pennsylvania........
Delaware..............
Maryland..............
D ist of Columbia.
Virginia................
North Carolina . . .
South Carolina . . .
Georgia.................
Florida..................
Alabama...............
Louisiana..............
Mississippi............
Tennessee.............
Missouri................
Ohio.......................
K entucky.............
Michigan...............
Illinois....................
Texas....................
California..........
Oregon..................

Commercial Statistics.

61 6

TH E COMMERCE OF LAKE AND R IV ER P O R T S :
WITH REFERENCE TO TRADE ON THE PUBLIC WORKS OF OHIO, AND ITS COMPARATIVE MOVE­
MENT.

The C in cin n a ti P r i c e C urren t , one o f the best and most valuable journals of its
class published in the United States, availing itself of the annual report of the Ohio
Board of Public Works for 1849, which, says the Current, “ is a year later (in its pub­
lication) than it ought to be,” furnishes some interesting comparisons of a portion of
our inland trade. As the statements of our Cincinnati cotemporary are made up with
care from the most reliable official data, and as it is our object to exhibit in the pnge3
of the M erchants' M aga zin e the commercial resources and the industrial progress of
every section of the Union, we here subjoin the remarks and conclusions of the P r i c e
C urrent, together with the figures brought from the official document in illustration.
“ In the first place, we must remark, that the exports of domestic products must, of
course, depend on our own production, and must be modified by seasons and crops. In
1849, the wheat crop was less than one-half, and consequently our export of wheat and
corn fell off. But it is not of that we speak. It is of the gradually increasing trade of
Cincinnati, Portsmouth, tfcc., in groceries and merchandise sent to the North. Take the
following tables, which we have compiled from the Report of the Board of Public
Works, as proof o f our position:—
1 . MOVEMENT OF SUGAR.

1848.
Cleared
“
“
“
“

at
“
“
“
“

1849.

Cleveland........................................................ lbs.
Toledo.....................................................................
Cincinnati...............................................................
Portsmouth............................................................
Harmer...................................................................

388.388
175,645
4,602,661
2,942,265
1,016,202

590,639
192,761
5,332,633
2,269,029
1,041,024

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

9,125,361

9,356,076

“ These are all clearances from the outer ports to the interior. Let us see, now,
what is the proportion in the clearances between the Northern ports and the Southern
ports.
Cleared at the two lake p o rts ................. ........................ lbs.
Cleared at the three river ports............................................

1818.

1849.

564,033
8,561,128

783,390
8,612,686

“ We find, thus, that more than n ine-tenths of all the sugar shipped on the Public
Works of Ohio are shipped from the ports on the Ohio River.
“ Now let us reverse the tables, and see how much sugar has arrived at the lake
ports:—

1848.

1849.

Arrived at Cleveland........................................................lbs.
Arrived at Toledo....................................................................

645,649
2,408,019

256,909
1,732,341

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

3,053,728

1,989,250

“ These tables prove, absolutely, that not only is nine-tenths of the sugar shipped
from the Ohio River, but that a large quantity of it was received at the lake ports, and
some portion of it actually shipped on the lakes for other States.
“ Now, if we deduct from the anlount o f sugar cleared at the river ports, the amount
arriv ed at the lake ports, we shall have the amount shipped at the river ports, and
le ft in the interior of Ohio for consumption. Thus:—

1848.

1849.

Cleared, as above, at river ports...................................... lbs.
Arrived, as above, at the lake p orts......................................

8,561,128
3,053,728

8,642,686
1,989,250

Left for consumption........................................................

5,507,400

6,653,436

“ W e thus see that the movement in sugar from the river ports, for the domestic
consumption of Ohio, increased, in 1849,1,146,000 lbs., or .0 per cent on the consump­
tion in 1848.




617

Commercial Statistics.
2. MOVEMENT IN COFFEE.
Cleared at C lev ela n d ...........
“
“ T o le d o .................
“
“ Cincinnati...........
“
“ Portsmouth..........
“
“ Harmer................

.............................................. lbs.
....................................................
....................................................
....................................................
...................................................

1848.

1849.

2,070,729
1,183,903
1,081,572
848,306
519,857

1,604,119
1,057,967
1,123.249
838,935
553,455
5,177,725

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

11Now, on

comparing the river ports aud the lake ports, w e find the following
results, v iz :—
GO
^9*

GO

Cleared at the lake ports . . . .............................................. lbs.
Cleared at the river ports . . .....................................................

3,254,632
2,499.725

1849.
2,662,086
2,575,639

“ Here we find that the trade in coffee has been about equally divided between the
lake and the river ports, but we find a very great difference in the rela tive m ovement.
Thus, the clearances from the lake ports have dim inished about 20 per cent, and those
from the river ports have in creased 5 per cent. The tendency is to make the Southern
Ohio towns the sole dealers in coffee for consumption.
3.

MOVEMENT OF MERCHANDISE.

Cleared at Cleveland.................................................... lbs.
“ T o le d o ......................... ....................................
“ Cincinnati..........................................................
“ Portsmouth................................................ .
“ Harmer..............................................................
Total..............................................................

1848.

1849.

10,728,742
10,890,414
1,164,096
3,247.849
2,507,047

10.395,235
10,843,045
4,001,447
3,023,522
3,580,611

28,538,152

31,743,860

stransported on the Public
,205,708 lbs. Now, let us

Aggregate cleared at lake ports................................. lbs.
Aggregate arrived at river ports.......................................
Lake ports diminished..........................................................
River ports increased............................................................

1848.

1849.

21,619,160
6,918,992

21.238,180
10,605,580
619,120
8,786,588

“ While the clearance of merchandise from the lake ports diminished, that from the
river ports has increased 50 per cent.
“ We have now shown by these tables, digested from the actual returns:—
“ 1st. That the trade in sugar is almost altogether from Cincinnati and Portsmouth.
“ 2d. The trade in coffee is increasing at Cincinnati and Portsmouth while it i3
diminishing from the North.
“ 3d. That the trade in m erchandise is diminishing from the Northern ports, and
rapidly increasing from Cincinnati and Portsmouth.
“ The conclusion from this review is, that not only is the commerce of Cincinnati
rapidly increasing, but that the time is near at hand when it must com m and the en tire
trade o f Ohio and Indiana, notwithstanding the great efforts to maintain the ascendancy
of the Atlantic cities.”
O H IO : TH E LAND OF W HEAT AND COEN,

The C in cin n a ti G azettee furnishes some interesting statistics as to the productive­
ness of the State of Ohio in those important articles of Commerce and consumption
Wheat and C om :—
W e shall not anticipate the statistics of the census, nor enter into any great detailAn example or two will render our proposition manifest. In the United States, Wheat
and Indian Corn are the great articles of human sustenance, and the latter of ani­
mals also. A State which stands at the head in both these articles, may fairly claim




Commercial Statistics.

618

to stand highest as a land of bread. In 1840, Ohio was first as a Wheat State, and
third as a Corn State. Taking the two together, she was first as a bread producing
State. Whether she will be now, or not, w e do not know. But let us take what we
do know of one year’s supply.
1. O f W heat.— It is now well known that two or three counties in this State have
produced upwards of a million of bushels each of wheat, and that others half a mil­
lion each. Now there are in Ohio eighty-seven counties, and we shall be within bounds
to say they have produced 30,000,000 of bushels in 1850. This crop does not appear
in the census returns; but it is nevertheless a reality. Now, there are, in round num­
bers, 2,000,000 of people, and six bushels each is an abundant allowance for consump­
tion. We have, then, this result:—
Wheat crop o f 1850................................................. bushels
“
consumed......................................................

30,000,000
12,000,000

Surplus for exp ort....................................................
A t 75 cents per bushel, is worth..........................................

18,000,000
$ 13,500,000

This is the money value; but look at it in another view, as a food supplying State,
for people who cannot supply themselves. Then the problem stands thus:—
30.000. 000 bushels feed......................................
12.000. 000 bushels feed......................................
18.000. 000 bushels surplus feed ........................

5,000,000 people.
2,000,000 at home.
3,000,000 abroad.

Thus, we find Ohio giving fine wheat flour to three millions of people out of her
own domain!
2. O f I ndian C orn.— No grain is as much the agricultural glory of our country as
Indian Corn. Its value as an article of commerce is hardly greater than its beauty as
a plant. I f our field of Corn, tasselling out in the bright sunshine of July, and growing
greener with the strength of the heat were not a common place affair, they would be
thought among the most beautiful things in nature! But the reader must consider that
remark as an aside. W e are speaking of Bread. W e happen to have the return of
Indian Corn (in 1850) for two counties— one (Pickaway) a fi r s t class county for Corn,
and the other (Greene) only a second class one. The comparison of these, with the
return of the same counties in 1840, may serve to give an idea of p ro g ress in C o r n :—

1840.
Pickaway County................................bushels
Greene County................................................
Total

1,322,889
65,226
1,398,185

Increase...................................................................
Amount for each person......................................

1850.
3,423,000
1,161,082
4,584,082
125 per cent.
100 bushels.

The increase and result seem almost incredible, and yet there can be no doubt of its
truth. Let 8s suppose, however, that the increase for the entire State is but threefourths the increase of these counties, namely, 93 per cent, and look at the result. In
1840, the States producing the most Indian Corn, in order, were— Tennessee, 44,986,184;
Kentucky, 39,847,120, and Ohio, 33,668,144. If Ohio, as the returns indicate, has in­
creased the Corn production 93 per cent, then the crop of 1850 is 64,000,000 of bushels 1
Looking to the consumption of this vast crop, the surplus is chiefly used in fattening
cattle and hogs for exportation, and an export of Corn and Meal. Both these we know
very nearly, and the result is :—
C o rn ........................................................................... bushels
Consumed for stock ........................................................ ..
Exported in fat animals........................................................
Exported in b u lk ................................................ ..................

64.000.
000
42.000.
000
20. 000.
000
2, 000,000

The last two items give an exported surplus of 22,000,000 of bushels. If we add
to the value of this Corn, the labor of packing, cooperage, commissions, <fcc., on the
export of animal products, we have at least $10,000,000 for this surplus! Thus, we
find, that the surplus food of Ohio, in two leading articles, will come to $25,000,000—
and in raw material is enough to feed another population equal to her ow a




Commercial Statistics.

619

PRICES OF BREADSTUFFS AT PHILADELPHIA IN 1850.

The following tabular statement o f the prices of flour, wheat, com, oats, &c., in each
week of 1850, is derived from the P h ila d elp h ia P r i c e C u rren t :—
COMPARATIVE PRICES OF FLOUR, R Y E FLOUR, AND CORN MEAL.

Flour.

January

5 ..........
12..........
“
19..........
“
26..........
February
2 ..........
9 ..........
«
16..........
tt
23..........
March
2 ..........
“
9 ..........
((
16..........
«
23..........
«(
30..........
6 ..........
April
«
13...........
((
20..........
tl
27..........
May
4 ..........
it
11..........
«
18..........
ti
25...........
Jime
1..........
“
8 ...........
it
15..........
ft
22..........
u
29 ..........
July
6 ..........
it
13..........
“
20..........
“
27 ..........
August
3 ...........
U
10..........
it
17...........
it
24...........
a
31...........
September 7 ..........
“
14...........
“
21..........
it
28...........
October
5 ..........
“
12...........
it
19..........
“
26..........
November 2 ...........
((
9 ..........
it
16...........
it
23...........
It
SO..........
December 7 ...........
tl
14..........
*
21..........
it
28..........




5
5
4
4
4
4
4
4
4
4
4
4
4
4
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
4
4
4
4
4
4
4
4
4
4
4
4
4
4

00 a
00 a
00 a
87} a
81 a
75 a
75 a
75 a
75 a
75 a
75 a
81} a
76 a
81} a
94 a
00 a
18} a
25 a
121 a
00 a
18 a
25 a
25 a
25 a
25 a
19 a
121 a
00 a
00 a
00 a
121 a
121 a
121 a
25 a
19 a
00 a
94 a
871 a
871 a
75 a
811 a
811 a
811 a
871 a
97 a
871 a
871 a
811 a
75 a
621 a
621 a
621 a

R ye flour.

$5
5
5
5
4
4
4
4
4
4
4
4
4
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
4
4
4
4
5
5
4
4
4
4
4
4
.

061
121
121
00
871
811
811
811
811
811
871
871
811
871
00
121
25
311
25
19
25
311
371
371
311
25
18f
121
121
25
371
371
371
371
311
121
121
00
00
871
871
871
871
00
00
94
94
871
811
75
75
. .

$2
2
2
2

8 71a
871a
94 a
871a
.. a
2 871a
.. a
.. a
.. a
.. a
.. a
.. a
.. a
2 811a
2 811a
2 871 a
2 871a
2 871a
2 871a
2 871a
2 871a
2 94 a
. .. a
. .. a
. .. a
2 94 a
2 871a
2 75 a
2 75 a
2 811 a
2 871 a
2 871 a
3 00 a
2 94 a
2 94 a
/ 2 94 a
.
.. a
. .. a
. .. a
. .. a
3 121a
3 061a
. ... a
. .. a
. .. a
. . .
a
3 621 a
. .. a
. .. a
3 50 a
3 50 a
3 50 a

$3
.
3
2
2
2
2
2
o
2
2
2
2
2
.
.
.
.
3
3
2
3
8
3
3
3

.

C o m meal.

00
..
00
94
94
94
94
871
871
871
871
871
871
871
..
00
00
94
00
00
00
00
00

2 811
2 78
2 94

. .,

3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3
3

00
00
00
00
00
00
00
18f
121
121
25
25
50
75
75
75
561

.

. .

$2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
.
3

2
2
2
2
2

,

2
2
2
2
2
3

.

75 a
75 a
75 a
75 a
75 a
68} a
68} a
68} a
621 a .
621 a
621 a .
56} a
50 a
45 a ,
56} a
62} a
62} a
75 a
75 a 2 811
a 2 87}
00 a 2 87}
a 3 00
a 3 00
a 3 00
97 a 3 00
87} a 3 00
81} a 2 87}
..
811 a
75 a 2 81}
a 2 87}
87} a 3 00
87} a 3 00
97 a 3 00
97 a 3 00
a 3 00
97 a 3 00
00 a
a 3 00
a 3 00
a 3 00
a 3 00
a 3 00
a 3 00
a 3 00
a 3 00
a 3 00
a 2 75
a 2 75
a 2 75
a 2 75
a 2 75
a
2 75

Commercial Statistics.

620

COMPARATIVE PRICES O F "WHEAT, CORN, AND OATS.

January

5 ........ . .
12........
II
19........
it
26..........
February
2 ...........
II
9 ........
16...........
It
23.........
March
2 ...........
((
9 ...........
16...........
23...........
30...........
April
6 ...........
13..........
“
20........
27...........
May
4 .........
11...........
18...........
It
25...........
June
1...........
“
8 ...........
It
15...........
II
'?9
It
2 9 ........
July
6 ...........
“
13...........
It
20...........
It
27...........
August
3 ...........
II
10........
ll
17...........
It
14........
II
31........
September 7 ........
M
14........
<1
21........
It
28........
October
5 ........
“
12____
“
19........
II
26........
November o
“
9 ........
“
16........
a
23.........
a
3 0 ........
December 7 .........
It
14........
It
21........
It
28........

Red
$1 04 a $1
1 04 a i
1 04 a i
04 a i
1 04 a i
04 a i
04 a i
04 a i
04 a i
04 a i
1 03 a i
1 03 a i
1 03 a i
1 03 a i
05 a i
1 07 a i
12 a i
1 13 a i
1 12 a i
12 a i
1 18 a i
1 20 a i
1 20 a i
1 18 a i
1 16 a i
1 16 a i
1 16 a i
1 15 a i
1 15 a i
14 a i
1 14 a i
1 11 a i
1 in a i
1 10 a i
1 04 a i
02 a i
1 00 a i
1 00 a i
1 00 a i
98 a i
0 98 a i
0 98 a i
0 98 a i
1 02 a i
02 a i
1 00 a i
1 01 a i
1 01 a i
1 02 a i
1 02 a i
95 a i
0 95 a i

W heat.

07
07
08
07
06
06
05
06
06
06
05
07
05
07
09
11
16
17
14
13
19
25
28
22
21
21
22
20
20
18
18
14
13
16
07
06
05
05
06
07
05
05
05
08
08
05
06
05
05
05
05
04

81
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1

White.
10 .1 §1
10 a i
111 a i
10 a i
10 a i
10 a i
10 a i
08 a i
08 a i
08 a i
08 a i
09 a i
08 a i
08 a i
10 a i
13 a i
16 a i
17 a i
15 a i
15 a i
21 a i
26 a i
26 a i
26 a i
26 a i
25 a i
25 a i
24 a i
23 a i
23 a i
23 a i
10 a i
10 a i
13 a i
07 a i
06 a i
06 a i
06 a i
06 a i
03 a i
03 a i
04 a i
01 a i
10 a i
10 a i
06 a i
07 a i
06 a i
06 a i
06 a i
02 a i
01 a i

15
15
15
15
14
14
12
12
13
15
12
14
11
10
13
17
22
22
20
18
25
30
29
30
30
30
29
26
25
25
26
16
17
21
11
10
10
11
11
10
10
12
12
15
15
12
13
11
Hi
Hi
13
12

Yellow corn.
59 a 60
63 a 65
63 a 64
61 a 62
60 a 61
60 a 61
57 a 59
55 a 57
53 a 54
53 a
53 a
54* a 54*
53 a
53* a 54 i
54* a 00~
56 a 57
59* a 60
60 a
60 a
61 a
61 a
67* a
66 a 67
62 a 63
62* a 63
63* a
62 a 62*
62* a
62* a 63
64* a 65
65 a 66
66 a 67
67 a 68
65 a 66
65 a
65 a
65 a
64 a 64
63 a 64
64 a 64
63* a 64
64 a 65
65 a 66
67 a 68*
68 a 69
68 a 68*
65 a 66
54 a 66
55 a 63
57 a 63
58 a 63
60 a 64

So. & Penn.

0 sits.
31 a 35
32 a 35
32 a 35
32 a 35
32 a 35
32 a 35
32 a 35
30 a 35
30 a 35
30 a 35
31 a 34
32 a 35
32 a 35
32 a 35
33 a 36
34 a 40
38 a 41
38 a 40
36 a 40
37 a 41
39 a 42
40 a 43
40 a 43
40 a 44
40 a 44
41 a 43
40 a 44
40 a 44
40 a 45
43 a 48
45 a 50
40 a 49
30 a 47
29 a 44
35 a 45
38 a 46
36 a 42
36 a 42
36 a 43
37 a 43
36 a l l
36 a 43
37 a 42
35 a 42
35 a 42
35 a 42
35 a 42
37 a 42
38 a 42
40 a 42
41 a 43
41 a 43

FOREIGN TRADE W ITH CADIZ, SPAIN.

It appears from an official return from the Board of Health at Cadiz, that 625
foreign merchant vessels, with a crew of 6,379 men, and a tonnage of 124,720 tons,
entered the port of Cadiz during the last year. Of these, 817 vessels, with a crew of
2,889 men, and a tonnage of 52,403 tons, were English; 66, with 727 men, and 10,867
tons, French; 51, with 701 men, and 15,282 tons, Russian; and 48, with 564 men, and
17,341 tons, American.




Commercial Sta tistics.

621

COMMERCE OF RIO JANEIRO.

W e published In the M ercha nts ’ M a g a zin e for April, 1851, (vol. xxiv., pages 474475,) some interesting tables relating to the Commerce and Navigation of Rio Janeiro,
which were prepared by our esteemed correspondent L. F. D’A g u i a r , Esq., the
Brazilian Consul General to the United States, residing at the port of New York. These
tables exhibited the arrivals and clearances at Rio Janeiro, and the leading articles of
import and export during the year 1S50, and also the export of Hides, Rice, Tapioca,
Tobacco, Rum, Rosewood, Sugar, and Coffee, in each year, from 1836 to 1850 inclusive,
together with the revenue collected on exports and imports, during the same series of
years. We now subjoin from the circular of Messrs. Maxwell, Wright <fc Co. state­
ments of the flour imported into Rio Janeiro in different years, from 1837 to 1850,
together^ with the exports of produce to different parts of the United States, and to
Europe, ect., as follows:—
FLOUR IMTORTED, «tC., IN DIFFERENT YEARS.

Years.
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 84 7 ........................
1 8 4 8 ........................
1 8 4 9 ........................
1 8 5 0 ........................

From
From
Total
u . s. elsewhere. im ported.
5 2 ,6 6 2
7 3 ,9 1 8
1 2 6 ,5 8 0
9 7 ,6 0 6
6 8 ,1 0 3
1 6 5 ,7 0 6
1 3 7 ,1 3 7
1 0 ,1 0 5
1 4 7 ,2 1 2
1 7 5 ,4 8 0
1 6 2 ,7 8 3
1 2,6 97
2 1 7 ,46 1
2 4 2 ,3 7 6
2 4 ,9 1 5
1 4 9 .4 4 8
1 9,7 72
1 6 9 ,3 2 0
2 0 7 ,5 2 8
8 ,8 2 6
2 1 6 ,3 5 4
1 6 5 ,4 0 1
8 ,5 9 3
1 7 3 ,9 9 4
1 6 6 ,7 5 9
20 404
1 8 7 ,1 6 3
1 6,8 23
2 1 4 ,5 8 0
1 9 7 ,7 5 7
1 8 0 .8 4 8
1 9 0 ,8 7 5
1 0,0 27
2 2 6 ,6 1 3
2 4 4 ,9 1 1
1 8 .2 9 8
1 8 8 ,0 7 8
8 ,7 7 7
1 9 6 ,8 5 5
1 8 0 ,6 0 9
2 6 ,3 0 9
2 0 6 ,9 1 8

Stock
hand,
Jan. 1.
9 ,5 0 0
3 ,9 7 0
1 4 ,4 0 0
4 ,1 0 0
2 ,2 6 0
4 2 ,4 5 7
4 9 ,7 4 2
6 1 ,0 1 4
5 8 ,0 0 0
5 4 ,5 0 0
4 1 ,6 7 9
3 2 ,0 0 0
7 9 ,8 0 9
0 7 ,0 0 0

R c-exported.
1 5 ,9 8 7
3 1 ,4 6 3
5 0 ,0 2 6
4 ,5 0 0
7 1 ,1 9 1
6 5 .0 5 8
7 3 ,3 1 4
5 4 ,2 6 8
4 6 ,7 7 0
8 4 ,8 1 2
6 4 ,1 2 3
5 7 ,8 6 0
5 4 ,7 1 3
4 8 ,1 8 1

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

Prices
1st quality,
Jan. 1.
2 2 1| a 2 4 1
1 9 1| a 22 §
1 9 1|0 0 0
20|000
1 9 1|0 0 0
14 |j0 0 0
1 6 1|6 0 0
1 5 1|0 0 0
1 5 1|5 0 0
1 9 1| a 20|
2 1 1| a 2 2 1
20| a 2 1 |
1 7 1| a 1 8 1
1U || a 1 5 1|

EXPORTS OF PRODUCE IN 1 8 5 0 .

Coffee.
Bags.

United States.

Baltimore.........
Boston.............
Charleston. . . .
M obile.............
New Y o rk . . . .
New Orleans. .
Philadelphia ..
Savannah.........

Sugar.
Bbls, & c.
____

Cases.

_
1 6 3 ,3 9 4

>

....

Hides.
Pieces.
8 8 ,2 9 8
2 ,8 9 3
1 ,0 0 0

....

8 0 ,4 9 1

....

....

....

Total. . . .

....

...

Europe............
Elsewhere . . . .

6 ,3 1 3
431

1 7 ,7 2 2
3 5 ,2 7 5

1 2 2 ,6 8 2
1 8 7 ,1 7 2

EXPORTS OF COFFEE IN 1 8 4 8 , 1 8 4 9 , AND 1 8 5 0 .

Europe.
Itags.

Elsewhere.
Bags.

1848 .......................................................................
1849 .......................................................................

United States.
Hags

806,919
631,297

867,0*28
811,315

24,121
11,463

1850 .............................................................................

639,265

692,298

15,374

Years.

EXPORTS OF SUGAR AND HIDES IN SAME YEARS.

Sugar.
Bbls, & c.

Hides.
Pieces.

Years.

Cases.

1848 ...........................................................................
1849 ...........................................................................

2,136
3,199

16,511
19,259

724,115
606,463

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

6,744

62,997

309.854




Commercial Statistics.

622

AVERAGE PRICE OF HOGS US CINCINNATI, 1 8 4 8 -1 8 5 0 .

The editor of the C in cin n a ti P r i c e C urrent, in order to show the extent of the
advance in prices for the past season, compiles the following daily average for the
last three years, which will be found interesting for present and future reference:—
D AILY AVERAGE PRICE OF HOGS FOR THREE SEASONS.

1848-9. ’49-50. ’50-51.
Nov. 9 .......... ........ $3
ii
10............ ........ 3
it
12............ ......... 3
ii
1 3 ........... ......... 3
« 1 4 ........... ........ 3
« 15............
(( 16............ ........ 3
<( 17............ ........ 3
it
18........... ........ 3
(« 19............ ........ 3
ii
20............ ......... 3
u
21............ ......... 3
it
22............
ii
23............ ......... 3
it
24............ ......... 3
“ 25............ ........ 3
« 26............ ........ 3
u
27............ ......... 3
« 28............ ........ 3
<« 29............ ........ 3
<« 30............ ........ 3
Dec. 1................ ........ 3
“
3
3............ ____
«
4........... ......... 3
ii
3
5............ ........
“
6............ ......... 3
7............ ........ 3
«
8................. ............ 3
ii
9........... ........ 3
ii
10................. ............ 3
it

11................

25 $2 75
30 2 65
25 2 65
25 2 65
25 2 65
25 2 57
27 2 65
33 2 65
35 2 70
33 2 75
25 2 75
20 2 70
10 2 70
10 2 70
20 2 70
25 2 70
30 2 70
30 2 70
30 2 70
30 2 70
31 2 70
25 2 75
37 2 75
35 2 75
30 2 73
30 2 75
30 2 85
40 2 95
37 2 95
45 2 95
2 90
..

....
....
....
3 50
3
3
3
3
4
4
4

50
60
75
75
00
00
00

4
4
4
4
3
3
3
3
3
3
3

00
00
00
00
95
83
75
75
85
80
90

4 00
4 07
4 10

1848-9. ’49-50. ’50-51.
Dec. 12.......
ii
13.......
ii
14.......
ii
15.......
ii
17.......
“ 18.......
“ 19.......
ii
20.......
“
21.......
ii
22.......
ii
23.......
ii
24.......
ii
26.......
ii
27.......
ii
28.......
it
29.......
ii
30.......
0
ii
3.......
“
4.......
it
5.......
“
7.......
ii
8.......
Ii
9.......
ii
10... .
“ 11...........
“
13.......
ii
14.......
“
15..........
ii
16...........

U
ii

21.................

27................
Dec. 4...........
it
10................

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

3 19
31
35

2 65
2 70
2 70
2 724
2 86

3 62
4 00
3 89
3 93

3
3
3
3
3
3
3

.

3

.
.
.
.
.
.

3
3
3
3
3
3

.
.

3
3

.

3

.

3

.

3

.

3

.

3 56

.

3 75
3 53

85 $4 10
80 4 10
85 4 10
75
90 4 08
90 4 10
90 4 10
95 4 05
95 4 10
85 . . .
00 4 05
95 4 10
95 4 05
00 4 10
05 4 05
20 , . .
25 4 15
30 4 20
30 4 20
30 4 20
33 4 20
33 4 25
35 4 25
30 4 20
4 20
4 15
4 20
4 25
4 25
4 35

V

W E E K L Y AVERAGE.

25
29

Nov. 15................

55 $2
55 2
50 2
60 2
60 2
70 2
75 2
65 2
80 2
76 2
85 3
80 2
80 2
80 3
45 3
25 3
124 3
30 3
25 3
15 3
10 3
12 3
40 3
40 3
30 .
40 .
30 .
30
35 .
30 .

.
.
.
.
.
.
.

Dec. 17...........
“
23...........
ii
30...........
Jam 8.......
i “ 15..........

.
.
.

' 3 22
3 34

2 84
2 94
3 07
3 32
3 30

4 10
4

US

4 09
4

22

4

21

AVERAGE PRICE OF W HEAT A1SD BREAD IN FRANCE,
IN EACH YE AR FROM

1800

TO

1850,

INCLUSIVE.

W e are indebted to the Paris correspondent of the N a tio n a l In tellig en cer, for
statistics of wheat and bread during the last half century.
“ The price of bread in Paris is fixed the 1st and 15th of every month by the police'
This price is regulated by the sales effected at the corn market. At present, (and
during the months of December and January last it was the same,) the price of bread
o f the first quality is 26 centimes the kilogramme. The centime is a trifle less than
the fifth part of our cent, and the French kilogramme is equal to 2.10 avoirdupois.
This makes the bread about 2J cents per pound. It is of most excellent quality, much
better than bakers’ bread generaUy is in the United States, and as good as any man
need wish to have upon his table for common use.
The average for 1850, (14 francs and 26 centimes the hectolitre,) is equal in our
measure to 94 cents per bushel, the hectolitre being equivalent to 2.838 bushels. This




Commercial Statistics

.

623

is the lowest price since the opening of the present century. The highest was in 1817,
being 36 francs and 16 centimes per hectolitre, ($2 38£ per bushel.) The general
average for the fifty years ending with December last, is 20 francs and 20 centimes
per hectolitre, ($1 33£ per bushel.)
AVERAGE PRICE OF WHEAT IN PRANCE FOR EACH YE AR OF THE FIRST HALF OF THE NINE­
TEENTH CENTURY.
AVERAGE

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

Fr. C.
21 5 0

18 81
2 0 18
2 0 19

16 67
1 5 18
2 6 13
34 34
17 50
19 5 3
2 8 31

P R IC E

P E R H E C T O L IT R E .

Years.
1 8 1 7 ................
1 8 1 8 ................
1 8 1 9 ................
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 8 3 2 ................
1 8 3 3 ..............

Fr. C.
3 6 16
2 4 65

17 8 0
1 5 89
16
15
14
18
22
22

52
74
81
31
03
59

2 2 33

Years.
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 84 5 ................
1 8 4 6 ................
1847
1848
1849
1850

Fr.

C.

22 49

18 93
4 3 86

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

TH E TOBACCO TRADE OF BALTIMORE.

W e are indebted to C h a r l e s D. F o r d & Co. for a copy of their circular on the
Tobacco Trade of Baltimore. W e regret that we have not space to publish it entire.
W e subjoin its leading figures.
STATEMENT OF LEAF TOBACCO.

Stocks of Leaf Tobacco in Europe, December 31st, 1850.....................
“
“
“ United States
“
“ .....................
Total stock on hand, December 31st, 1850.................................
Estimate for the crop to come in 1851, as follows, v iz :—
Maryland and Ohio............................................
38,000 hhds.
35,000 “
Virginia...............................................................
Kentucky and other Western States...............
55,000 “
Total crop.

'70,000 hhds.
40,000 “
110,000

“

128,000 hhds.

Total stock for 1851.........................................................................
Consumption of Europe for 1851..............................................................
Consumption of the United States—Maryland and Ohio 5,000 hhds.
Virginia................. 25,000 “
Kentucky.............. 15,000 “

238.000

45,000

“

Total consumption for the year....................................................

165,000

“

Stock in Europe, and in the United States, January 1, 1852................

'73,000

“

“

120.000 hhds.

TABLE OF TOBACCO INSPECTIONS FOR THE LAST TEN YEARS.

Years.
1850
1849
1848
1847
1846

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




Virginia and
Ohio. other kinds.
783
1 3 ,9 6 5
1 ,2 4 8
1 3 ,6 6 4
9 ,7 0 2
703
1 5 ,2 1 9
772
754
2 9 ,6 2 6

Total.
4 1 ,8 3 3
4 5 ,6 0 1
3 3 ,9 0 6
5 0 ,5 7 1
7 1 ,8 9 6

Years.
1£45
1844
1843
1842
1 84 1

Maryland.
3 9 ,5 3 8
3 2 ,2 4 9
2 9 ,3 5 4
3 3 ,7 5 9
2 9 ,9 8 0

Virginia and
Ohio. other kinds.
2 6 ,6 9 6
1 ,7 5 5
1 5 ,4 6 4
1 ,2 4 4
1 3 ,4 6 5
4 ,8 7 7
1 1 ,2 7 8
1 ,4 3 9
7 ,6 9 2
1 ,4 7 9

Total.
6 7 ,9 8 9
4 8 ,9 5 7
4 7 ,6 9 6
4 6 ,4 7 6
3 9 ,1 5 1

Commercial Regulations.

624

EXPORTS OF TOBACCO FROM THE PO ST OF BALTIMORE, FOR THE LAST TEN TEARS.

Years.
1850.................
1S49.................
1848.................____
1847.................____
1846.................____
1845.................
1844................. ___
1843................. ___
1842................. ___
1841.................____

Bremen.

12,787
22,967
24,404
17.139
16,990
17,719
16,373

Rotterdam.

Amsterdam.

7,814
13,783
7,910
7,819
9,498
18,171
11,864
6,525
10,374
7,918

5.973
8,725
3,103
11,388
6,181
10,044
7.095
7.325
8,109
5,169

France. All other places

8,177
9,562
4,959
9,413
6,371
7,183
7.212
7,932
4,082

6,022

b,54U
1,033
131
1,895
3,037
2,880
1,594
3,822
2,379
2,519

Total*

44,368
5 1,924
38,390
63,482
49,491

66,010
44,904
42.594
4 3,763
39,801

COMMERCIAL REGULATIONS.
TH E APPRAISEM ENT OF MERCHANDISE IN TIIE UNITED STATES.

In the Merchants’ Magazine for April, 1851, (yol. xxiv. page 479,) we published “ an
act regulating the appraisement of Merchandise.” It passed during die second session of
the 3lst Congress, and was approved by the President of the Uuited States, March 3d,
1851. This act took effect on and after the 17th of April last. Under date of the
27th of March, the acting Secretary of the Treasury issued the following circular to the
Collectors, and other officers of the Customs, explanatory of the law referred to above.
FREIGHT CHARGES NOT ALLOWED ON THE INSPECTION OF FOREIGN GOODS, ETC.
T r e a s u r y D e p a r t m e n t , W ashington, March 27, 1851.

The following instructions are issued for the strict observance and government o f
the respective officers of the customs, in carrying into effect the provisions of the
annexed act of Congress, approved 3d March, loot, entitled “ An act to amend the act
regulating the appraisement of imported merchandise, and for other purposes,” which
takes effect on and alter the 1st day of April next*
It will be perceived on examination of mis act, that it fixes the period of exportation
to the United States, as the time when the actual market value or wholesale price of
any goods, wares or merchandise, in the principal markets of thu country from which
the same shall have been imported into the United States, is to he appraised, estima­
ted and ascertained. This pi ovi.-iou consequently supercedes and abrogates so much of
the provisions of the sixteenth section of thu tariff Act of 30th August, 1842, as
requires the market value, or wholesale price, to be appraised, estimated, and ascer­
tained at the time when the goods were purchased.
The exportation contemplated in the act is not deemed to apply exclusively to goods
laden on board a vessel at a shipping port in the country of winch the goods may be
the growth, production or manufacture, but likewise applies to any goods exported
from an interior country remote from the seaboard, having no shipping port, being bona
fid e destined in the regular course of trade, lor shipment to some owner, consignee, or
agent, residing in the Uuited States, of which satisiactory proof must be produced at
the time of entry.
For example, goods thus exported from Switzerland, being of the origin of that
country, which can only be, or most usually are, exported through the seaports of
France, or goods from Saxony or other interior German possessions, which must be, or
most usually are, conveyed to a seaport for exportation to the Uuited States— in these
and analogous cases, the exportation to the United States may be deemed to commence
at the period when the goods leave the country of their production or origin, and the
true market value in the principal markets o f said country is to be ascertained and
appraised; to which is to be added, as dutiable charges, the cost of transportation to
the port of shipment, with the expenses thereat until the goods are actually laden on
board the vessel in which they may be shipped to the Uuited Slates.
* For this act, see u Com m ercial Regulations,” in M erchants' M agazine, for April 1851, vol. xxiv.,
page 479.




Commercial Regulations .

62 5

Where goods are shipped directly from the country of their origin, the bill of lading
will ordinarily establish the period of exportation, and in the other cases referred to,
the authenticity of the invoice by consular certificate, or in the absence of such proof,
other evidence satisfactory to the United States appraisers, may be taken to fix said
period. Where goods have not been actually purchased, the invoice must exhibit the
actual market value, or wholesale price, at the period of exportation, with all charges
included, in lieu of such value at the time and place of procurement or manufacture,
as required by the 8th section of the act of March 1st, 1828, and the oath required to
be taken on entry may be so modified as to meet the case.
When goods have been actually purchased, the invoice must, as heretofore, exhibit the
true cost of the goods; and the owner, consignee, or agent, will still retain the
privilege allowed by the eighth section of the tariff act of the 30th July, 1846, of adding
to the entry so as to raise the cost or value given in the invoice to the true market
value or wholesale price of the goods at the period of exportation, and will moreover
become subject to the other provisions of said section. The actual market value or
wholesale price at the period of exportation to the United States having been appraised,
estimated, and ascertained, upon the principles before stated, it becomes requisite to
determine and fix the true dutiable value at the port where the goods may be entered
and upon which the duties are to be assessed. The law enjoins that there shall be
added thereto all costs and charges except insurance, and including, in every case, a
charge for commissions at the usual rates. These charges are as follows, to w it:—
First— They must include purchasing, carriage, bleaching, dyeing, dressing, finishing,
putting up, and packing together, with the value of the sack, package, box, crate,
hogshead, barrel, bale, cask, case, and covering, of all kinds, bottles, jars, vessels and
demijohns.
Second— Commissions at the usual rate ; but in no case less than 2£ per cent, and
where there is a distinct brokerage, or where brokerage is a usual charge at the place of
shipment or purchase, that to be added likewise.
Third— Export duties,, cost of placing cargoes on board ship, including drayage,
labor, bill of lading, lighterage, town dues, and shipping charges, dock or wharf dues,
and all charges to place the article on shipboard, and fire insurance, if effected for a
periotl prior to the shipment of the goods to the United States. Discounts are never
to be allowed in any case, except on articles win re it has been the uniform and estab­
lished usage heretofore, and never more than the actual discount positively known to
the appraiser: but in no case to be allowed, unless it is exhibited on the face of the
invoice. Special attention is called to this item of discounts, as from information
recently received by the department, it is believed that numerous frauds have been
practiced on the revenue by excessive and unusual discounts being deducted on the
invoices produced at the time of entry, and in no case are they to be allowed, except
such per centage as may be ascertained to be customary on the different articles
respectively, at the places of purchase or shipment. Marine insurance is exempted
by law.
Inquiry having been made whether freight from the country or place of exportation
to the United States is to be embraced among the dutiable charges, it becomes proper
to remark that under no former revenue or tariff act has such freight ever been deem­
ed a dutiable charge; but on the contrary, it has uniformly been decided by the
department to be exempt therefrom. If the Department were now called upon to give
a construction to the phraseology of the present law, as regards this point, without
reference to the wording of previous tariff acts, or to the uniform practice of the
Department on the subject, it might come to a different conclusion ; but the language
of the act of 30th August, 1812, as regards the items of charges which are to form a
portion of the dutiable value of goods, is precisely similar to that of theq)resent law,
and the construction put upon the former having been, that freight from the port of
shipment to the port of importation, does not form a charge subject to duty, the
Department after very full and mature consideration, does not feel authorized now to
change that construction, especially in the absence of any explicit legal designation of
freight as a dutiable item ; presuming that as Congress was, of course, aware of the
long practice of the Department on the subject, its views -would have been clearly
expressed respecting it, had the legislature intended that the change should be intro­
duced of including freight as one of the charges on which duty was to be levied. In
addition to the construction thus put upon the taritf act of 1842, and uniformly acted
upon since that time, the records of the Department show that the question has been
frequently brought to its attention, as far back as 1799, under statutes of similar
VOL. XXIV.---- NO. V.




40

Commercial Regulations.

626

import to the present one, and extending through all the subsequent years, down to the
present time ; and its invariable decision has been, that freight to the port of importa­
tion was not an item subject to duty.
It will be seen that the second section of the act gives full force and validity to the
certificate of any one of the United States Appraisers, to establish the appraisemeut
of any goods, wares, and merchandise, required by existing laws, at ports where there
are United States Appraisers ; and at ports where no such Appraisers exist, similar
Validity is given to the certificate of appraisement issued by the revenue officer to
whom is committed the estimating and collection of duties as enjoined by the twentysecond section of the tariff of 30th August, 1812. The law is deemed to refer to the
certificate o f a principal Appraiser, or o f one of the Appraisers at large, appointed
under the third section of the act herein annexed and not of an assistant Appraiser.
Although the certificate before referred to is made conclusive evidence of an
appraisement, yet it is to be distinctly understood that the law does not contemplate
any relaxation or change in respect to the due inspection, examination, and other
necessary acts required of the appraisers in making appraisements in pursuance of
existing laws and regulations.
The regulations respecting the duties o f the appraisers at large appointed under the
third section of this act, will form the subject of a separate circular of instructions.
W M , L . H ODGE, Acting Secretary o f the Treasury.

N EW ORLEANS TA R IFF OF INSURANCE ON COTTON.

The following is the latest revision of the Tariff of Insurance, by the Hew Orleans
offices, on cotton shipped from the interior for Hew Orleans, on good steamboats:—
MISSISSIPPI RIVER .

Per cent.

From places not above Bayou Sara..........................................................
above Lafourche...................................................... . ............
From places above Bayou Sara and not above Waterproof..................
Waterproof, not above Milliken’s Bend...................
MilUken’s Bend, not above mouth of White River.
Mouth of White River..............................................

.

i

•

*

.40
.50
.60
.75

EASTERN TRIBUTARIES OF THE MISSISSIPPI.

From places on Big Black River................................................................................
I
Yazoo River, not above Yazoo City.......................................................60
Yazoo River, above Yazoo City, not above the junction of the
1
Tallahatchie and Yallabusha River................................._____
Yallabusha River.............................................................................
1J
1jTallahatchie.River, not above mouth of Cold Water..................
Tallahatchie River, above mouth of Cold Water, not above
Belmont........................... ..............................................................
2
Tallahatchie River, above Belmont................................................
2J
Cold Water River.............................................................................
Hatchee River................................. ............................. ................
1£
Obion and Forked Deer....................................................................
14
Other tributaries of Mississippi, Eastside.....................................
ARKANSAS RIVER.

From places not above Post o f Arkansas..................................................................
above Post of Arkansas, and not above Little Rock........................
above Little Rock, and not above Spadra Bluffs...............................
above Spadra Bluffs, and not above Fort Smith.................................
above Fort Smith....................................................................................

j.
1
1£
2
3

W H ITE R IV E R AND TRIBUTARIES.

From places on White not above Black River..........................................................
White River, above mouth of Black River and not above
Batesville........................................................................................
White River, above Batesville........................................................
Black River, a tributary of White River.........................................




1
1^
2
li

Commercial Regulations .

\

62 7

W ASHITA RIVER.

From places on the Washita—
not above Harrisonburg...................................................................................................40
above Harrisonburg, not above Monroe.................................................................
£
above Monroe, not above Alabama Landing......................... ..............................
$above Alabama Landing, not above Camden.......................................................
£
above Camden, not above Ross’ Landing..............................................................
1£
2
above Ross’ Landing, not above Arkadelphia.......................................................
From places on—
Bayou Darbone, not above Farmersville.......................... ....................................
£
Bayou Darbone, above Farmers ville......................................................................
1
Bayou Bartholomew, not above Point Pleasant...................................................
1
Bayou Barthelomew, above Point Pleasant, not above Moore’s Landing. . . .
1
Bayou Bartholomew, above Moore’s Landing.......................................................
1£
Saline River...............................................................................................................
2£
Bayou Mucon...........................................................................................
£
BLACK R IV E R , LOUISIANA.

From all places not above the junction of Tensas and Washita....................................40
RED RIVER.

From places not above Cotile Landing...............................................................................40
above Cotile Landing, not above Natchitoches and Grand Ecore...
£
above Natchitoches and Grand Ecore, not above Shreveport, and
from places on L&ke Bisteneau........................................................
1
above Shreveport, not above the foot of the Raft, and from Lake
C add o............................... ................................................. .............
1£
above the Raft, and not above White Oak Shoals, and places on
Little River.........................................................................................
3
above White Oak Shoals on Red River...............................................
4
PLACES IN LOUISIANA, WEST OF THE MISSISSIPPI AND SOUTH OF RED RIVER.

From places in Opelousas, and bayous in Parish of Rapides, south of Red River
the Attakapas, Terre Bonne, &c., (inland and sea navigation,) by
steamboats or sail vessels............................................................

£
£

PEARL RIVER , AND PLACES EAST OF NEW ORLEANS.

From places on Pearl River—
not above Gainesville...............................................................................................
above Gainesville, with privilege of re-shipping by sail vessels.........................
From places on Lake Ponchartrain, Maurepas, and Borgne, and tributaries, ex­
cept the Pearl River, above Pearlington and Pascagoula River........................
From Mobile and Pensacola........................................................................................
places on Pascagoula and Chickasawha Rivers, with liberty of re-shipping
on sail vessels and steamboats....................................................................
St. Joseph’s, Apalachicola and St. Marks, by steamboats or sail vessels..

£
2
£
f1£
£

GULF PORTS W EST OF NEW ORLEANS.

From mouth of Sabine River, by steamboats or sail vessels..................................
places on the Neches and Angelina Rivers, with liberty of re-shipping by
sail vessels.......................................................................................................
places on Sabine River..................................................................................... ..
Galveston, by steam packets.............................................................................
Galveston, by sailing vessels.............................................................................
Brasos River.......................................................................................................
Trinity River.............................................................
Matagorda Bay, by steam packets................................................................ ..
Matagorda Bay, by sailing vessels...................................................................

1
2£
8
£
1
3
2£
1
1£

TENNESSEE RIVER.

From places not above Eastport.......................................................... .'....................
above Eastport, and not above Tuscumbia, with liberty of lighter­
ing over Colbert’s Shoals......................................................... ..
above Florence by lighter, to be re-shipped by steamboats........ ....




£
1
1£

628

Commercial Regulations .

/

CUMBERLAND RIVER.

From places not above Nashville................................................................................

£

ALABAMA RIVER.

From places not above Selma....................................................................................
above Selma, and not above Montgomery and Wetumpka..............

f
£

TOMBECKBEE RIVER.

From places not above Demopolis..............................................................................
above Demopolis, not above Gainesville.............................................
above Gainesville, not above Columbus........................................... ..
above Columbus, not above Cotton-Gin Port.....................................
above Cotton Gin Port, not above Smithville.....................................
above Smithville............................... .....................................................

f
£
1
1£
1£
2£

W A R R IO R RIVER.

From places not above Tuscaloosa.............................................................................

1

CHATTAHOOCHE RIVER .

From places not above Columbus..............................................................................

1£

Any cotton, by steamboats, not embraced in the preceding sections, shall nevertheless
be covered at proportionable rates of premium, according to the rssk.
CONDITIONS.

The cotton to be valued at — dollars per bale, with liberty to change the valuation
from time to time, as may be agreed on, having reference to the market value. And
each mark, or every ten bales, successive numbers of same mark, or each entire mark
or parcel, if of less than ten bales, to be entitled to partial loss, as if separately
insured, provided it amounts to 10 per cent, or upwards, exclusive of alt charges and
expenses incurred in ascertaining and proving the loss ; and provided further, that no
loss be claimed under fifteen dollars upon any mark or parcel, or series of ten bales,
successive numbers. All partial losses that may happen under this policy, shall be
adjusted by a comparison of sound and damaged market value, when the cotton arrives
at place of destination; and in case of settlement for a total loss, the freight shall be
deducted from the insured value.
This insurance shall not cover cotton shipped after the 1st of October, 1850, on board
of any steamboat, on any of the tributaries of the Mississippi River, or tributaries of
such tributaries, or bayous connected therewith, which boat shall not hold the certificate
of one of the Inspectors of Hulls, employed by the underwriters of New Orleans, dated
within the twelve months preceding the shipment— of her fitness to carry cargo in the
trade in which she is engaged.
And it is a condition of this insurance, that the assured shall make monthly returns
of all cotton on which the risk may have terminated, and the premium that shall have
accrued thereon, shall be paid in cash at the beginning of every month, and in case the
assured should neglect or refuse to make such return, or neglect or refuse to boy the
premium in cash, that may have accrued, at the beginning of every month, this in­
surance may be declared void, and of no effect by the insurer.
THE GENERAL INCORPORATION LAW OF IOWA.

We are indebted to Messrs M organ & M cK ennv, of the B u rlin g to n (Iowa) Telegraph ,
for a copy of the General Incorporation Law of the State of Iowa, which passed at
the last session of the Legislature of that State. We publish it entire:—
OF CORPORATIONS FOR

PECUNIARY PROFIT.

S ec. 1. Any number of persons may associate themselves and become incorporated
for the transaction of any lawful business; including the establishment of firms, the
construction of canals, railways, bridges, or other works of internal improvements ; but
such incorporation confers no power or privileges not possessed by natural persons, ex­
cept as hereinafter provided.
S ec. 2. Among the powers of such body corporate, are the following:—
F ir st, To have perpetual succession.




Commercial Regulations.

629

Second. To sue and be sued by its corporate name.
T h ird . To have a common seal, which it may alter at pleasure.
F ou rth . To render the interests of the stockholds transferable.
F ifth . To exempt the private property of its members from liability for corporate

debts, except as herein otherwise declared.
S ixth. To make contracts, acquire and transfer property, possessing the same powers
in such respects as private individuals now enjoy.
Seventh. To establish by-laws, and make all rules and regulations deemed expedient
for the management of their affairs, in accordance with law, and not incompatible with
an honest purpose.
S ec. 3. Previous to commencing any business except that of their own organization,
they must adopt articles o f "incorporation, which must be recorded in the office of Re­
corder of Deeds of the county where the principal place of business is to be, in the
books kept for recording limited partnerships.
S ec. 4. Corporations for the construction of any work of internal improvement must,
in addition, also file a copy of such articles in the office of Secretary of State, and
have the same recorded by him in a book kept for such purposes. Such articles of in­
corporation must fix the highest amount of indebtedness or liability to which the cor­
poration is at any one time to be subject; which must in no case, except in that of the
risks of insurance companies, exceed two-thirds of its capital stock.
S ec. 5. A notice must also be published for four weeks in succession, in some news­
paper, as convenient as practicable to the principal place of business.
S ec. 6. Such notice must contain—
F ir st. The name of the incorporation, and its principal place of transacting business.
Second. The general nature of the business to be transacted.
T h ird . The amount of capital and stock authorized, and the times and conditions on

which it is to be paid in.
F ou rth . The time of the commencement and termination of the corporation.
F ifth . By what officers or persons the affairs of the company are to be conducted,
and the times at which they will be elected.
S ixth. The highest amount of indebtedness or liability to which the corporation is
at any time to subject itself.
Seventh. Whether private property is to be exempted from the corporate debts.
S ec. 7. The corporation may commence business as soon as the articles are filed in
the office of Recorder ofT)eeds, and their doings shall be valid if the publication in a
newspaper is made, and the copy filed in the office of Secretary of State, (where such
filing is necessary,) within three months from such filing in the Recorder’s office.
S ec. 8. No change in any o f the above matters shall be valid, unless recorded and
published as the original articles are required to be.
S ec. 9. Corporations for the construction of any work of internal improvement may

be formed to endure fifty years. Those formed for other purposes cannot exceed twenty
years in duration; but in either case they may be renewed from time to time, for
periods not greater respectively than was at first permissable. P ro v id ed , three-fourths
the votes cast at any regular election for that purpose, be in favor of such renewal;
and p rov id ed also , that those thus wishing a renewal, will purchase the stock of those
opposed to the renewal, at its fair current value.
S ec. 10. The corporation cannot be dissolved prior to the period fixed upon in the
articles of incorporation, except by unanimous consent, unless a different rule has been
adopted in their articles.
S ec. 11. The same period of newspaper publication must precede any such prema­
ture dissolution of a corporation as is required at its creation.
S ec. 12. A copy o f the by-laws o f the corporation, with the names o f all its officers
appended thereto, must be posted in the principal places o f business, and subject to
public inspection.
S ec. 13. A statement o f the amount o f the capital stock subscribed, the amount of
capital actually paid in, and the amount o f indebtedness o f the company, in a general
way, must also be kept posted up in like manner, which statement must be corrected
as often as any material change takes place in relation to any part o f the subject matter
o f such statement.
S ec. 14. Intentional fraud in failing to comply substantially with the articles of in

corporation, or in deceiving the public or individuals in relation to their means or lia­
bilities, shall subject those guilty thereof to fine and imprisonment, or both, at the dis­
cretion of the Court. Any person who has sustained injury from such fraud may also
recover damages therefor against those guilty of participating in such fraud.




630

Commercial Regulations.

S ec. 15. The diversion of the funds of the corporation to other objects than those
mentioned in their articles, and in the notices published as aforesaid, (provided any
person be thereby injured,) and the payment of dividends, -which leave insufficient
funds to meet the liabilities of the corporation, shall be deemed such frauds as will
subject those therein concerned to the penalties of the preceding section, and such div­
idends or their equivalents in the hands of individual stockholders shall be subject to
said liabilities.
S ec. 16. Dividends by insurance companies made in good faith, before their know­
ledge of the happening of actual losses, are not intended to be prevented or punished
by the provisions of the preceding section.
S ec. 17. A failure to comply substantially with the foregoing requisitions in relation
to organization and publicity, shall render the individual property of all the stockholders
liable for the corporate debts.
S ec. 18. Either such failure or the practice of fraud in the manner hereinbefore men­
tioned, shall cause a forfeiture of all the privileges hereby conferred, and the courts
may proceed to wind up the business of the corporation by an information in the manner
prescribed by law.
S ec. 19. The intentional keeping of false books or accounts by any corporation
whereby any one is injured, is a misdemeanor on the part of those concerned therein,
and any person shall be presumed to be concerned therein whose duty it was to see
that the books and accounts were correctly kept.
S ec. 20. The transfer of shares is not valid except between the parties thereto, until
it is regularly entered on the books of the company so far as to show the names of the
persons by and to whom transferred, the number or other designation of the shares and
the date of the transfer; but such transfer shall not, in any way, exempt the person or
persons making such transfer from any liability or liabilities of said corporation which
were created prior to such transfer. The books of the company must be so kept as to
show intelligibly the original stockholders, their respective interest, the amount which
has been paid on their shares, and all transfers thereof, and such books or a correct
copy thereof, so far as the items mentioned in this section are concerned, shall be subject
to the inspection o f any person desiring the same.
^
S ec. 21. Any corporation organized, or attempted to be organized, in accordance
with the provisions of this chapter, shall cease to exist by the non-user of its franchises
for two years at any one time, but such body shall not forfeit its franchises by reason
of its omission to elect officers, or to hold meetings at any time prescribed by the b y­
laws, provid ed , such act be done within two years of the time appointed therefor.
S ec. 22. Corporations whose charters expire by their own limitation, or by the vol­
untary act of the stockholders, may nevertheless continue to act for the purpose of
winding up the concerns, but for no other purpose.
S ec. 28. Nothing herein contained exempts the stockholders o f any corporation from
individual liability to the amount o f the unpaid instalments on the stock owned by
them for the purpose o f defrauding creditors, and an execution against the company
m ay to that extent be levied upon such private property o f any individual.

S ec. 24. In none of the cases contemplated in this chapter can the private property
of the stockholders be levied upon for the payment of corporate debts while corporate
property can be found with which to satisfy the same, but it will be sufficient proof
that no property can be found if an execution has issued on a judgment against the
corporation, and a demand thereon made of some one of the last acting officers of the
body for property on which to levy, and if he neglects to point out any such property.
S ec. 25. The defendant in any stage of a cause may point out corporate property
subject to levy, and upon his satisfying the court of the existence of such property by
affidavit or otherwise, the cause may be continued or execution against the defendant,
and stayed until the property can be levied upon and sold, and the court may subse­
quently render judgment and order execution for any balance which there may be after
disposing of the corporate property according to the stage of the cause ; but if a de­
mand of property has been made as contemplated in the preceding section, the costs of
such proceedings shall in any event be paid by the company or by the defendant.
S ec. 26. When the private property of a stockholder is taken for a corporate debt,
he may mention an action against the corporation for indemnity, and against any of the
other stockholders for contribution.
S ec. 27. For the purpose of repairs, rebuilding, or enlarging, or to meet contingencies,
or for the purpose of a sinking fund, the corporation may establish a fund which they
ma}r loan, and in relation to which they may take the proper securities.
S ec. 28. When the franchise of a corporation has been levied upon under an execu­




631

Commercial Regulations.

tion, and sold, the corporators shall not have power to dissolve the corporation so as to
destroy the franchise ; and if they neglect to keep up an organization sufficient to ena­
ble the business to proceed, the purchaser thereupon becomes vested with all the
powers of the corporation requisite therefor. And when it becomes impracticable for
an individual so to conduct them, or in cases where doubts or difficulties not herein
provided for arise, the purchaser may apply by petition to the District Court, which is
hereby vested with authority to make any orders requisite for carrying into effect the
intent of this chapter in this respect.
S ec. 29. In any proceeding by or against a corporation, or against a stockholder, to
change the private property to the dividends received by him, the court is invested
with power to compel the officers to produce the books of the corporation on the mo­
tion of either party, upon a proper cause being shown for that purpose.
S ec. 30. A single individual may entitle himself to all the advantages of this chapter,
provided he complies substantially with all its requirements, omitting those which,
from the nature of the case, are inapplicable.
S ec. 31. Persons acting as a corporation under the provisions of this chapter, will be
presumed to be legally incorporated until the contrary is shown. And no such fran­
chise shall be declared actually null or forfeited, except in a regular proceeding brought
for that purpose.
S ec. 32. N o body o f men acting as a corporation under the provisions o f this chapter,
shall be permitted to set up the want o f a legal organization as a defense to an action
against them as a corporation ; nor shall any person sued on a contract made with such
a corporation, or sued for an injury to its property, or a wrong done to its interests, be
permitted to set up a want o f such legal organization in his defense.
S ec. 33. Corporations regularly organized under the general law heretofore in force,

may, by adopting their articles of association to the provisions of this chapter, and by
making the required publication of the change, as well as of their intention to act under
the foregoing provisions, be entitled to all the advantages, and subjected to all the lia­
bilities above provided fo r ; but the change in their articles of association must be
made in accordance with these articles, or by the unanimous consent of the stockholders.
S e c . 34. Mutual insurance companies organized under the provisions of this chapter,
may render their premium notes a lien upon the whole or any part of the real estate
upon which the property insured is selected, whether such real estate is or is not ex­
empt from other liabilities as a homestead; but such lien will not attach until the pre­
mium note— stating the property on which it is a lien— is filed for record, and treated
in the same manner as though it were a mortgage from the maker thereof to the com­
pany, except that it need not be acknowledged.
S ec. 35. Nothing herein contained is intended to affect the interests o f companies
already organized, further than is above expressed in Section 33.

SAN FRANCISCO COMMERCIAL REGULATIONS.
LIST OF RATES AND CHARGES AT THE PORT
OF

COMMISSION ON

FOREIGN

AND

HOME

OF

SAN

FRANCISCO, (CALIFORNIA.)

TRADE, AS

ADOPTED

RATES

BY THE CHAMBER OF

COMMERCE.

SC H E D U LE I.

R a tes o f com m issions on business with F o re ig n C oun tries , a n d w ith the A tla n tic
S ta tes, when n o specia l a rrangem ents exist.

Commission on the sale of merchandise, with or without a guarantee..
Commisson on purchase and shipment of merchandise, with funds in
hand......................................................................... .......... ....................
Commission on purchase and shipment of merchandise without funds
in hand..................... .............................................................................
Commission on goods received on consignment, and afterwards with­
drawn— on invoice cost.........................................................................
Commission for endorsing bills.............................................................. ..
Commission for purchase or sale of vessels..............................................
Commission for procuring freight for vessels............................................
Commission for collecting.............................................................................
Commission for collecting general average claims........................




10 per cent.
5
10
5
2|5
5
5
5

“
“
“
“
“
“
“

Commercial Regulations.

632

Commission for entering, clearing, and transacting ship’s business, on
vessels with cargo from Foreign ports...............................................
Commission for entering, clearing, and transacting ship’s business on
vessels with cargoes from United States ports.................................
Commission for entering, clearing, and transacting ship’s business on
vessels in ballast.................................. . ............................................
Commission for collecting and remitting moneys, on sums over $ 5 0 0 ,...
“
“
“
“
“ less than $500
Commission for collecting and remitting delayed or litigated accounts.
Commission for receiving and paying or remitting moneys from which
no other commission is derived............................................................
Commission for landing and re-shipping goods from vessels in distress
— on invoice value, or in its absence, on market value....................
Commission for receiving, entering at Custom-House, and forwarding
goods, on invoice amount.....................................................................
Commission for effecting marine insurance, on amount insured.............
Rate of interest and discount......................................................

f 200
$100
$100
5 per cent,
10
“
10
“
2£

lc

5
2£
1
3

**

“
“

SC H E D U LE 2.
RATES OF COMMISSIONS ON BUSINESS W ITHIN THE STATE, W H E RE NO SPECIAL AGREEMENT
EXISTS.

Commission on the sale of merchandise, with or without quarantine..
Commission on purchase and shipment of goods, with funds or security
in hand...................................................................................................
Commission on purchase and shipment of goods, without funds or
security in hand..........................................
Commission on purchase or sale of specie, gold dust or bullion............
Commission on bills of exchange, with endorsement...............................
Commission on selling bills of exchange...................................................
Commission on sale or purchase of vessels...............................................
Commission on chartering of vessels, or procuring freight....................
Commission on procuring or collecting freight..........................................
Commission on outfits of vessels or disbursements..................................
Commission on collecting moneys, when no other commission is earned
Commission on receiving and forwarding goods....................... ................
Commission on bills protested or delayed litigated accounts.................
Brokerage....................................... ............................................ ................

10 per cent

5

u

10
1
3£
1

“
“
“

5

“

tc

5

5
5
5
2£
10
2£

“
tc
44
“
“
tc

SCH EDU LE 3.
RATES OF STOREAGE ON MERCHANDISE.

Measurement goods, per month, $4 per ton of 40 cubic feet. Heavy goods, $3 per
ton o f 2,240 lbs. The consignee to have the option of charging by weight or measurment.
SC H E D U LE 4.
CONCERNING DELIVERY OF MERCHANDISE, PAYMENT OF FREIGHT, ETC.

When no express stipulation exists, per bill o f lading, goods are to be considered as
deliverable on shore.
Freight on all goods to be paid or secured to the satisfaction of the captain or con­
signee of the vessel, prior to the delivery of goods.
That the custom of this port, for the time within which goods must be received by
the consignee, after notice being given of the ship’s readiness to discharge, be fixed at
fifteen days, when not otherwise stipulated in the bill of lading.
That after the delivery to the purchaser of merchandise sold, no claims for damage,
deficiency or other cause shall be admissible, unless made within three days, and that
no such claim shall be admissible after goods sold and delivered have once left this
city.
SCH EDU LE 5.
CONCERNING RATES OF TARE.

To be as allowed by custom in New York.




633

N autical Intelligence.

NAUTICAL IN TE LLIG E N C E .
LIGHT AT TH E ENTRANCE OF TH E
D epartm en t

BAY OF CIENFUEGOS.
of

St a t e , W

a s h in g t o n ,

A pril 37, 1851.

Official information has reached this Department, that a Caladioptric light of the
third magnitude (Fresnel) has been placed in the light-house, at the entrance of the
Bay of C ienfuegos , at the extremity of the C olor ados, in latitude N. 22° 01' 00", and
in longitude W. of Cadiz, 74° 22' 40". The above is a fixed light, varied by flashes,
raised eighty-eight feet and a half (Burgos) above the level of the sea; it may be seen
at a distance of twelve marine miles, and sometimes further, according to the state of
the atmosphere and the position of the observer. The light aforesaid was ordered to
be exhibited from dusk to sunrise, beginning from the night of the 19th of last month,
and to continue so for the future.
TELEGRAPH SIGNAL FOR LIGHT-HOUSES.

The N a tio n a l In tellig en cer , thus notices the invention of a new Telegraph for Light­
houses, which we understand some of our scientific officers of the Government have al­
ready pronounced upon its utility:—
“ An invention for telegraphing by sound, to be used in light-houses in cases of fogs,
is about being introduced to the notice of the Government by Messrs. Wilder & Wilson,
the former of whom (who is proprietor of an iron foundry at Detroit) is a gentleman of
great ingenuity in inventing aids to the difficult and dangerous navigation of the great
Northern Lakes; the latter was late superintendent of light-houses, and is now in the
employ of Government.
The telegraphing of the name of the light-house to a vessel in the offing enveloped
in an impenetrable fog, is effected by means of an immense steam whistle, which can be
heard at a great distance on the water. By means of a simple chart containing an al­
phabet of the sounds to be used, the navigator is enabled to ascertain beyond the pos­
sibility of mistake, what light-house he is near; and the sound will enable him, with his
knowledge of the geography of the coast, to find a roadstead, or at least dispose him­
self in safety from the storm which usually succeeds the clearing up of the fog.
This invention is a great desideratum which has long been sought for. To ship-own­
ers, commercial men, and navigators, its importance can scarcely be estimated. The
accidents which yearly occur all along the Atlantic coast, involving immense losses of
property, in consequence of fogs, not to say any thing of the delays which occur to ocean
steamers, as well as all other kinds of craft on the coast, has induced many attempts at
arriving at some means of preventation, but none have seemed to succeed.
That this plan of telegraphing is feasible can scarcely admit of a doubt, when we con­
sider the extraordinary uses to which telegraphing has been and is undoubtedly destined
to be put. Its simplicity, too, is such that one can easily understand how the thing is
to be done. Some of our scientific officers of the Government, we understand, have al­
ready pronounced upon its utility.”
LATITUDE AND LONGITUDE AT POINT CONCEPTION, CALIFORNIA.

From the report of the Superintendent of the United States Coast Survey to the
Secretary of the Treasury, dated Coast Survey Office, March 22d, 1851, we learn that
“ the latitude of the Coast Survey Station at Point Conception, California, has beendetermined from observations by Assistant G eo. D avidson to be 34° 26' 56" north,
and the longitude 120° 25' 6", or iij time 8h. 01m. 43s. west of Greenwich Obser­
vatory.”
PILOTAGE— VAN D IEM EN ’S LAND.

His Excellency the Lieutenant-Governor of Van Diemen’s Land having communi­
cated to the Corporation of Trinity House, London, that, on the 1st of January, 1852,
the Pilot at present stationed at Recherche Bay will be withdrawn, the same is hereby
certified, for the general information of mariners.




634

Nautical Intelligence,
SIGNAL TO VESSELS ABOUT TO E N T E R MOGADOR PORT.

In consequence of the continued arrivals at this port of vessels much too large, and
drawing more water than a safe anchorage affords, and also in consequence of the
continued crowded state of the bay, it has been deemed advisable by the Consuls and
Agents of the European nations to exhibit a signal to warn masters of vessels o f the
danger of entering a port from which they cannot at all times find egress.
Masters of vessels arriving off the port will therefore please to observe that a White
and Red Flag, hoisted under the national colors at the respective Consulates, will
henceforth be the signal that there is danger attending their entering the bay, either
from its crowded state or from the fact o f their vessels requiring a greater depth of
water than their anchorage affords.
A SHOAL IN BANCA STRAITS, AND ONE NEAR TH E BROTHERS’ ISLANDS.
S t . H e l e n a , January 18.

Captain Beazley, of the ship Clifton, from Manilla, reports a Shoal with 10 feet of
water on it in Banca Straits.
Bearings— From the 1st point in Banca Straits............................................ N. W. £ W.
From Lucepera Island......................................................................................... S. S .E. £ E.
Also a Shoal bearing—
From the Brothers’ Island............................................................ N. W. about 4 leagues.
A hill on Sumatra................................................................................................. S. W. £ W .
The above not laid down in any chart.
EXTENSION OF MAPLIN SAND.

The Maplin Sand having extended itself to the S. E., between the Blacktail Split
and Maplin Buoys, a Black Buoy, marked “ S. E. Maplin,” has been placed in four
fathoms low water spring tides, midway between the above-named buoys, with the
following marks, and compass bearings, viz :—
Canewdon Church, on with a Barn.................. ............................................. N. W.
Foulness Church.............................................................................................. N. by W. £ W.
Maplin Buoy....................................................................................................E. by N. N.
Maplin Light-house well open to the Eastward of the Maplin Buoy___ E. by N. £ N. "
Mouse Light-Vessel........................................................................................S.E. by S.
Blacktail Spit Buoy........................................................................................ W. by S.
MARK FOR VESSELS ENTERING TH E QUARANTINE HARBOR, MALTA.

The Government, at the request of the Chamber of Commerce, has caused a Mark
to be fixed, at the depth of four fathoms, upon the Spit of Rock on the West side of
the Quarantine Harbor, opposite Fort Tigne, stretching to the Eastward, as a guide to
vessels entering the Quarantine Harbor from the Westward, which should pass
outside thereof. The Mark is a Wooden Buoy, painted Black, and showing seven feet
above water.
MARINE INSURANCE AT NEW ORLEANS.

The board of Underwriters of New Orleans, have passsed a resolution, of which the
following is a cop y:—
“ Whereas, some vessels from eastern ports in the United States, and especially from
Boston, carry many tons of stone, and other heavy property on the decks, which cause
the decks to open and leak, and thereby damaging the cargoes, without arising from
bad weather or perils of the sea ; therefore be it—
“ Resolved, That from and after the 1st day of February, 1851, no cargoes will be
considered as insured by the companies and agencies composing this board, subject to
partial loss or particular average, by any vessel which carries stone or heavy deck loads
from any port in the United States to New Orleans.”
M A RIN ER’S COMPASS.

The “ fleur de lis ” was made the ornament of the northern radius of the mariner’s
compass in compliment to Charles of Anjou, (whose device it was,) the reigning King
of Sicily, at the time when Flavio Gioja, the Neapolitan, first employed that instrument
in navigation.— N otes a n d Q ueries .




Railroad, Canal, and Steamboat Statistics.

635

R A ILR O A D , CANAL, AND STEAMBOAT STATISTICS.
TH E PENNSYLVANIA RAILROAD.

In 1836 there was but one great public work, connecting the seaboard with the
West— the Erie Canal. Now we have, besides the Erie Canal, the Pennsylvania Canal,
the Maryland Canal, the Northern line of Railroad from Albany to Buffalo, the NewYork and Erie Railroad, which the Company are in a manner under penalty to com­
plete by this month (May) to Dunkirk, or Lake Erie, and the Baltimore and Ohio Rail­
road, which is completed to Cumberland, and which is being pushed forward with
energy west of Cumberland, the whole route to the Ohio being under contract and
5,000 men employed. There are six thorough fares, where there was only one fifteen
years ago, six channels of trade through which the products of the West are pouring
upon the seaboard, and imports from abroad are flowing back to the interior in a vol­
ume and aggregate of business probably eight or ten times as great as it was in 1836.
The Pennsylvania Railroad will soon add another to this list of great Western
routes, forming the companion route to the Pennsylvania Canal, as the Baltimore and
Ohio does to the Maryland, and the Buffalo and Albany to the Erie Canal. It
seems a little singular that these great thoroughfares should thus occur in pairs. But
the same advantages and necessities of grade which favor a canal favor a railroad.
And experience thus far seems to show that multiplying means of communication,
even by the same route, multiplies business, so that each has more than any one would
have if there were no others to compete with it- In fact, the great answer to all
objections to new routes to the West, founded upon the notion that we have enough
already, is that the internal trade of the country grows faster than the means to
accommodate it Moreover, a great public thoroughfare like the Erie or Pennsylvania
Railroad, creates a local traffic almost sufficient of itself, probably, to pay in time a fair
interest of itself.
A comparison of distances by the New York and Erie Road and the Pennsylvania
roads from the seaboard to the commercial centers of the West, presents some results
rather startling to New Yorkers, and were we not confident of the truth that there is
room enough and business enough for all these great works, we are not sure that a little
feeling of State jealousy and emulation would not be excited by the comparison.
The distance from New York to Cleveland, Ohio, by the Erie and the proposed Lake
shore roads, is 633 miles : the distance from Philadelphia to Cleveland by the Penn­
sylvania Railroad, is 488 miles, or 145 miles less : and even to New York, the distance
by the way of Philadelphia, is 50 miles less than by the Erie Railroad. The difference
between the two routes in the distance to Cincinnati, is still more striking ; we have not
the exact figures at hand, but it must be at least 200 miles.
It is no wonder that the people of Pennsylvania are anxious for the early comple­
tion, in a thorough manner, of a work promising such advantages, both for the Western
trade and local traffic, in the wealthy and populous State which it traverses through
its entire length. The main line of the Pennsylvania Railroad is 247 miles long; of
which the Eastern division is 130 miles, the middle or mountain division 31 £ miles, and
the Western division terminating at Pittsburg, is 85^ miles in length.
Of the Eastern division, the work between Philadelphia and the Lynn Forges has been
completed in a thorough manner, and a single track had been laid as far as Lewistown,
60 miles from Philadelphia, before January, 1850. By the following September it
was extended 78 miles beyond Lewistown, to the Alleghany Portage Railroad. This
road bv which the only great obstacle to Pennsylvania internal improvement is sur­
mounted by a succession of inclined planes, is a State work, a sort of highway railroad,
open to trains of cars of different owners. By connecting with the Portage Road, com­
munication by continuous railroad from Pliiladelphia to Johnstown, west of the mountains,
a distance of 279 miles, was effected.
But the Portage Railroad does not afford the kind of accommodation which the
trains demand, and competition renders necessary. To cross the ten inclined planes
which occur within the space of 36 miles, takes as much time as would suffice for a
passage from Pittsburg to Philadelphia on a good road. It is this portion of the
road which is embraced within the mountain division, which extends from Altoona,
where the heavy grade cuts begin, to Stone Viaduct, about eight miles east of Johnstown,
where they end. These obstacles can be overcome without the aid of the inclined
planes of the Portage R oad; and the Pennsylvania company propose to overcome




536

Railroad , Canal, and Steamboat Statistics.

them. A route has been surveyed over the mountains, by which the whole ascent to
be overcome is 984 feet. It is proposed to cut a tunnel 3,750 feet long at the Sugarrun Summit, and this work can be completed if the means to begin it are forthcoming
early in the season, within two years, by which time the whole line might be made
ready for the rails.
The cost of the Mountain Division, is estimated at present, as follows:—
Graduation, <fcc., from Altoona to Laurel Swamp Summit, 15£ miles . .
Graduation, (fee., from Laurel Swamp Summit to Stone Viaduct, lfij
m ile s.................................................................................................... ..

$1,065,000
430,000

$1,495,000
Engineering...........................................................................
Land damages.......................................................................
Superstructure...........................................

$45,000
35,000
350,000
-----------

430,000
$1,925,000

The worst positions of the route might be avoided by a road from Altoona to Plane
No. 2 of the Division, the cost of which is estimated at only $1,500,000. But this would
be a half way measure out of proportion to the scope and object of the great underta­
king, as a thoroughfare between the East and West, a national channel of trade. The
Directors are, therefore, doubtless consulting the true ultimate interests of stockholders
in recommending in the last Annual Report of the Board, made February, 1851, that
the capital stock of the Company be filled up to its full amount. The amount sub­
scribed is $0,835,800. To this, add $100,000 of stock to be delivered, and the amount
remaining to be raised is $3,000,000, which will be required to complete the Moun­
tain and Western Divisions.
The Western Division, extending from Pittsburg to the Big Viaduct, is now all
under contract, much of it is in a state of forwardness, and the position between John­
stown and Bolivar, will be ready for the rails in April. The location of the route on
this Division, lias been materially altered in many points, with a saving of some miles
of distance, and a number of degrees of curvature. Each mile is valued at $53,000,
and each degree of curvature at $50, and as the distance saved between is 3£ miles,
and there is a reduction of curvature amounting to 2,781 degrees, the total of savings
amounts to $308,650. Thus far the sum of $659,998,20 has been expended on this
division of the road.
The entire cost of the Pennsylvania Railroad, including a branch to Hollidaysburg,
and a branch to Blairsville, is estimated as follows :—
Eastern Division...
Mountain Division.
Western Division. .
Main Line.....................
Hollidaysburg Branch..
Blairsville.....................
Interest Account.....................
Total cost, including interest.

Miles.
130
31*
88*
246f
6*

n

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

The only great natural obstacle in the way of the Pennsylvania Railroad is the
Alleghany Mountains; the only artificial one, is the State tolls, which are imposed
upon freight conveyed upon the road by way of protection to the State canals and
railroads. The Alleghanies will be tunneled, and, moreover, the obstacles they pre­
sent is partly compensated, by the exclusion of all rivalry from the vicinity, which the
unbroken mountain barrier running south of the Potomac, and north to the Susque­
hanna, secures.
The burden of State tolls, is one under which the Albany and Buffalo lines of this
State also labor, ai d a bill is now before the Legislature, if it has not already become
a law, imposing like restriction upon the Erie Road. But the Pennsylvania Road is in
one important ar.d material respect, more fortunate than ours. The tolls imposed




Railroad, Canal, and Steamboat Statistics.

637

apply only to portions of the route, being designed for the protection of local works.
The through freight will be entirely exempt, and this exemption will, in connection,
with the shortness of the route, be apt to secure a great advantage for that road.
This great work, we hope, will now be prosecuted with vigor to completion;
this is not the'time for such a work to stand still. The best inti rests of Pennsylvania,
the trade of the whole country demands, and the state of the money market earnestly
favors its immediate completion.
We shall endeavor, in a future number of our magazine, to enter more fully into the
merits of this important channel of communication and trade.
*

PROGRESS OF RAILROADS IN TH E SOUTHERN STATES.

M obile and O hio R ailroad .— The agent appointed by the Governor of Alabama

to select and locate the lands in that State appropriated for the Mobile and Ohio Rail­
road, has co npleted that duty. About two hundred and fifty-three thousand four hundred
and forty acres, or three hundred and ninety-six sections, have been selected. Most of
the selected lands lie contiguously to the waters of Mobile Bay. The lands are said to
be worth an average o f $3 per acre. The amount which they will yield, it is estimated,
will be sufficient to build that section of the road which runs through Alabama. The
grant to the road in Alabama, and other States through which the road will pass,
amounts to two millions of acres.
S outhern R ailroad , G eorgia.— At a recent public meeting of the citizens of
Savannah, at which the Mayor presided, the question of the subscription of $100,000
towards aiding the construction of 21 miles of road from Fort Valley, to form a con­
nection with the South-western and Muscogee Railroads, it was unanimously voted that
the Mayor and Aldermen of the c;ty of Savannah, be requested to subscribe $100,000,
in city 7 per cent bonds, towards the construction of this railroad.
M emphis and C harleston R ailroad.— The estimated cost of this road is
$2?800,000, the whole amount now subscribed towrards the same is $2,300,000, leaving
only $500,000 to be provided for.
M acon and W estern R ailroad, G eorgia .— From the fifth annual report of the
directors of this company, submitted to the stockholders on the second day of Decem­
ber last, it appears that the cost of the road up to December 1st, 1850. amounted to
$630,000. The income of the road for the past year was $208,666 13, and its expenses,
$108,234 69. The amounts of assets of the company on hand are stated at
$103,030 9 3 ; or deducting $4,488 03 for liabilities, $98,543 90. Of the earnings of
this road $96,506 92 have accrued from freight, and $100,433 79 from passengers. The
available balance on hand is $38,803 90. The dividends, No. 7 and 8, amounted to
$67,500. On the 5th of June last, the stockholders authorized the President of the
company to contract for the iron, <fcc., for the relaying of the track, the cost of
which was estimated at $388,500. This includes iron rails, spikes and plates, and
expenses of relaying. This sum is to be raised by issuing 4,625 new shares of stock,
at $84 per share, the par value of the original shares. Books have been opened for
this purpose, and up to date of report all the new shares have been taken, with the
exception of 1,300. These, it is anticipated, will speedily be disposed of. The earn­
ings of the road upon completion of all the connecting lines, now in course of construc­
tion, is estimated at $250,000, or a net income of $150,000, after deducting expenses,
or about 14f per cent on the whole capital.
A tlanta and W est P oint R ailroad , G eorgia .— The work upon this road is pro­
gressing rapidly. The cars have commenced running regularly from Atlanta to Pal­
metto, a distance of 25 miles. The cars, it is expected, will reach Newman in the
early part of the present summer. It is, says the Macon Journal, one of the best
structures of the kind in the State.
S eaboard and R oanoke R ailroad , V irginia .— We learn from the Norfolk papers,
that the stockholders for this company have unanimously adopted resolutions for an
early survey of the line from some point on their road between Meherriu River and
Weldon, to some point on the Roanoke at or near Halifax, N. C. The board of direc­
tors were invested with full power to take such course in regard to the termination of
the road in North Caroliua as the best interests of the company may demand.
K ings M ountain R ailroad , S outh C arolina.— We learn that the Kings Mountain
Railroad, (says the Yorkville Miscellany,) is progressing as rapidly as can reasonably
be hoped for. The grading contracts are all let with the exception of about a mile and
a third. Many of the timber contracts are also made, and persons are almost
daily applying for these sections not under contract.
P acific R ailway , M issouri.-—The directors of this company have determined to




,

,

Railroad Canal and Steamboat Statistics.

C38

put 45 miles of the road immediately under contract, leaving the remainder to be
located after the next Congress have time to decide upon the proposed grant of lands
in aid of the work. There being three lines surveyed, as we understand it, either of
which, may be well adopted, from a point about 45 miles west of St. Louis.
Missouri has agreed to loan the credit of the Statevto the Pacific railroad, extending
from St. Louis to the Kansas river, to the amount of $2,000,000 ; and to the Hannibal
and St. Joseph railroad, to the amount of $1,500,000. The loans are to be secured by
mortgage of the roads as they progress. Whenever 850,000 of private means shall
be expended, the State is then to issue and deliver its bonds to the railroad companies
to an equal amount. The aid extended by the State will, we presume, be increased so
as to furnish one-half of the whole sum necessary to complete both lines.
*
MASSACHUSETTS RAILROADS IN 1650.

In the following tables, “ interest” and “ amount paid other companies for tolls,
passengers, or freight,” are not considered as running expenses, and in all cases are
deducted from the total expenses; and the “ amount paid other companies for tolls,
<fcc.” “ amount received for interest,” and “ amount received from sales of bonds,” are
deducted from the total receipts.
For an obvious reason the Norwich and Worcester, the Cheshire, the Hartford and
New Haven, and the New London, Willimantie, and Palmer Railroads are not included :
Length o f
d o u b le

Name o f road.
1
2
3
4
5

9
10
11
12
13
14
15

W orcester....................................
W estern.a ..................................
Providence and W o rce ste r...
W orcester and N ash u a..........
Fitchburg and W orcester.b . .
Connecticut River....................
Pittsfield and North A d a m s ..
B e r k s h ir e .c ...............................
Stockbridge and Pittsfield .</..
W est Stockbridge. e ................
P r o v id e n c e ................................
Taunton B ra n ch .......................
New B edford............................
Norfolk County........................
Stoughton Branch. / ................

17
18
19
20
21
22
23
24
25
26
27
28

N ashua............... ........................
Lawrence....................................
Salem and L ow ell. g ................
Stony B rook.A ..........................
Boston and M aine....................
South Reading Branch.?'........
F itchburg....................................
Verm ont and Massachusetts .j
Harvard Branch.k ....................
Lexington & W . C am bridge./
Peterboro’ and Shirley. m ----Eastern. n .....................................

30
31
32
33
34
35
36

N e w b u ry p o rt.^ .........................
Old C olon y..................................
Dorchester ana M ilton.q ..........
South Shore. r ............................
Fall R iv er....................................
Cape C od B ra n ch ......................
Grand Jun ction..........................

6
7

8

R ECEIPTS.

main bran- t’ck
Mails,
road. ch’s. & s’ ngs. Cost. Passengers. Freight, rents, & c.
Total.
D ollars. D ollars. D ollars. D ollars. D ollars.
45 24 58
4,882,648
397,249
330,781
21,497
749,527
156
62
9,963,709
590,743
747,521
31,250 1,369,514
43
12
114,552
83,399
1,824,797
4,800
202,751
4
46
51,127
1,410,198
86,218
7,094
144,439
14
1
259,074
11,599
7,438
122
19,159
o
50
71,597
1,798,825
112,918
7,073
191,587
18
443,678
16,643
15,872
90
32,605
21
600,000
42,000
22
448,700
31,409
3
41,516
1,824
41 i 2 23
3,416,233
232,321
127,705
10,701
370,727
1
307,136
34,129
11
1
27,730
1,114
62,973
20
1
498,752
1
47,429
38,189
8,425
94,043
26
1
1,060,990
28,006
14,669
1,367
44,042
4
1
93,433
3,788
6,456
175
10,419
2 38
26
1,945,647
177,372
2 2 1,2 11
7,838
406,421
17
651,215
62,578
15
54,584
12,218
129,390
12
1
333,254
7,136
29,593
2,029
38,758
316.943
17
1
5,587
9,918
15.505
265,527
13
1
16,189
9 42
74
4,021,607
387,682
187,915
16,846
592,443
8
1
231,691
7,685
1,385
54
9,124
51 i s 63
3,552,283
252,850
270,568
28,180
551,607
8 5 3.406,244
69
69,842
94,513
5.984
170,339
26,213
6,610
1
6,610
242,161
7
14
272,647
16,359
2,613,475
55 20 n
385,608
57,574
85,894
539,076
537,869
20
1 1
25,156
22,228
47,384
9
106,825
3,551
8 i 6 2,293,535
190,896
37
63,491
34,308
288,689
128,172
3
420,434
11
5
1,068,167
121,294
42
80,767
8,020
210,081
2
626,543
28
36,794
i
18,407
1,655
56,856
763,844
6
1,481
—

T otal......................................... 1,038 104 375

51,873,895 3,429,819 2,627,507

296,733

6,466,872

a Including the Albany and W est Stockbridge R oad, 38£ miles in length, w hich is ow ned and
operated by the Western Railroad Corporation.
b Opened February 11, 1850.
c Operated by
the llousaton ic Railroad Company.
d Opened January 1, 1850—operated by the Housatonic
Railroad Com pany.
e Operated by the Berkshire Railroad Company, and the Hudson and Berk­
shire Railroad Com pany.
/ Operated by the Boston and Providence Railroad Company.
S Opened August 5, 1850.
h Operated by the Nashua and Low ell Railroad Com pany.
i Opened
Septem ber 1, 1850. j The cost o f Greenfield Branch is included in am ount stated,
k Operated by
the Fitchburg Railroad Company.
I Operated b y the Fitchburg Railroad Com pany.
m O pe­
rated by the Fitchburg Railroad Company.
n Including the Eastern (N ew Hampshire) Railroad,
w hich is operated by the Eastern (Massachusetts) Railroad Company.
o Expenses estimated the
same as last year,
p Unfinished—opened to Georgetown May 23. 1850.
q Operated b y the Old
Colony Railroad Corporation.
r Operated by the Old Colony Railroad Corporation.




,

,

Railroad Canal and Steamboat Statistics.

639

Net

1 .. .
2 ...
3 ...
4 ...
5 ...
6. . .
7 ...

8 .. .
9 ...
10 . . .
1 1 ...
12 ...
1 3 ...
1 4 . ..
1 5 ...
1 6 ...
1 7 ...
1 8 ...
1 9 ...
20 . . .
2 1 ...
2 2 ...
2 3 ...
2 4 ....
2 5 ..
2 6 ..
2 7 ..
2 8 .. .
2 9 ..
3 0 ..
3 1 .. .
3 2 ..
3 3 ..
3 4 .. .
3 5 ..
3 6 ..

M otive MiscellaRoad-bed. pow er. neons.
71,481
63,410
242,150
121.656 114,651
371,242
19,034
10,312
65,834
10,491
13,164
51,409
1,883
318
8.881
14,060
19,558
70,531
4,297
1,060
8,100

27,480
4,926
12,041

18,010
7,608
8,568
2,520

56,028
15,808
4,554

48,797
18,192
3,806

66,449
1,237
34,663
26,008

45,008
505
33,884
10,732

178,021
4,463
182,427
67,190

32,486

22,165

130,567

32,089

26,267

132,645

18,331
6,790

14.272
3,778

71,911
17,722

581,792
*0 8
2 O

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

289,748
6,205
250,974
103,930
7,276
400
13,050
185^218
13,347
1,550
191,001
104.514
28,290
18,083

!

§ g
• CD

Freight
trains.
145.485
453,111
30,896
30,870
5.889
36,872
6,310
20,968
21,347
2,953
61,120
6,914
13.420
17,500

Other
trains.
25,101
58,895
3,992
7,934
1,898
8,682

66,989
28,210
2,250
3,375

17,292
4,126

235,955
65,399
34,908
17,996

77,083
1,556
107,613
48,419

47,127
1,230
10.952
21,166

468,590
10,654
375,424
164,121

37,433
6,806

32,033
5,840

38,036

2 5,6il

3J 1,004
53,402
10,206
216,879

49,038
17,403

481

138,072
52,690

2,110
1,256
1,327
179
94
50
6,920

Total.
436,199
768,764
117,810
127,170
23,559
152,549
25,240
41,696
42,843
5,914
251,950
21,939
40,710
66,557

1 21

3,309
353^858
34,037
1,992
97,688

9 79
6 53
4 26

241,538
40,756
10,206
153,232

105,567
28,566

9 88
4 56

89,034
34,806

6 41 2,656,078 1,337,866 284,296 4,278,240

2 M
CD z
W E I G H T OF P A S S E N G E R & F R E IG H T

i "

3S
g 2•

26
159,279
36,408
50,330
26,914
4,273
256,508
79,347
21,148
11,304

486,585 2,020,267 3,142,945 3,341,595

’O 8
CD O
a

113,789
23,874
29,721
24,394
4,273
151,684
45,347
12,788
11,304

Total.
377,041
607,549
95,180
75,064
11,082
104,149
13,457
560

Net p.ct.on Pass’ ger
trains.
incom e. cost.
372,486 7 66
265,613
761.965 7 65
556,758
82,922
107,571 5 89
69,375 4 92
88,366
15,772
8,077 3 12
106,995
87.438 4 86
16,820
19,148 4 32
19,472
41,440 7 00
20,169
31,409 7 00
2,782
1,798 4 33
190,830
211,448 6 19
14.931
26.565 8 65
27,240
43,713 8 76
42,137
17,128 l 61
6,145 6 58
149,913 7 71
151,714
50,033 7 68
33.063
17,610 5 28
32,658
4,201
14,621
16,189 6 io
302,965 7 53
344,380
2,919
7,868
300,633 8 46
256,859
66,409 1 95
91,536

§ 3
• CD

D ollars.
72 0 87 0
78 0 78 0
72 0 81 0
14 0 59 0
82 0 47 0
25 0 68 0
29 0 53 0

85
99
91
55
35
57
76

8 ..

9 ..

10 ..
1 1 .. .. 1 47 0 63 0 84
1 2 .. . . 2 87 1 66 1 21

PASSEN G ERS

Carried.
Carried
in cars.
1 m ile.
No.
No.
1,001,989 19,551,021
467,086 21,941,398
4,765.040
305,938
186,723
2,871,123
421,424
41,528
3,688,900
305,900
53,992
28,485
48,931
714,000
34,167
65,943
9,176
4,693
591,949
8,412,205
106,886
1,134,491
104,591
1,734.974
64,592
1,427,418

13.. .. 2 3 1 1 24 1 07
14.. . . 0 66 0 40 0 26
15..
1 6 .. . . 1 72 1 09 0 63 558,993
9.706,190
1 7 .. . . 1 98 l 21 0 77 261,459
2,779,128
18.. . . 1 11 0 61 0 50
99,202
1,206,859
1 9 .. . . 0 86 0 63 0 23
11,687
187,190
2 0 ..
2 1 .. . . i 26 0 62 0 64 1,231,071 19,788,934
2 2 ..
. . 0 86 0 58 028 36,624
273,100
14,299,205
2 3 ..
.. 1 47 0 670HO1,080,286
2 4 ..
.. 1 04 0630 41168,054 2,882,612
2 8 ..
. . 1 73 0591141,006,552
14,656,349
831,992
2 9 ..
. . 0 89 02506476,294
3 0 ..
. . 0 35 01502015,445
119,550
3 1 ..
.. 1 33 0 88045684,263 8,103,246
3 4 ..
.. 1 52 076076273,957 5,137,456
3 5 ..
. . 1 08 05405469,311 1,125,381
36.......................................................

F R E IG H T .

T R A I N S , (E X C L U D I N G P A S S E N G E R S
AND F R E IG H T ' H A U LE D ONE M IL E .

Carried Passenger
Freight
Carried
trains.
trains.
in cars.
1 m ile.
Total.
Tons.
Tons.
Tons.
Tons.
Tons.
252,253 9,663,386 14,218,938 13,887,916 37,770,240
261,269 25.206,308 19,772,960 46,000.500 90,979,768
5,406.800
49,231 1.271,179
2,487.660
9,165,639
2,500,224
3,429,359
57,547 1,558,136
7,487,719
229,264
13,467
158,401
158,688
546,353
71,824 1,492,308
4,460,280
2,764,830
8,717,418
15,699
259,806
548,500
1,014,000
1,822,306
16,541
272,911
272,910
269,568
815,389
1,376,482
19,138
294,765
685,625
2,356,872
2,617
28,476
89,456
159,843
277,775
8,500,000 21,222,150
104.203 2,222,150 10,500.000
39.003
400,038
824.212
903.465
2,127,715
32,718
463,575
1,747,840
982.900
3,194,315
17,527
435,036
516,736
792,797
1,744,569
231,874
161,803
7,229
10,384

5,863,416
2,246,557
90,362
233,640

5,259,924
1,379,458
357,212
94,376

143,673 4,465,801
4,729
31,916
328,258 8,284,617
106,287 1.900,753
71,586 1,829,530
18,373
388,955
1,622
14,061
87,465 1,268,089
71,949 1,978,164
250,944
20,781

13,968,659
94,416
6,678,334
1,913,257
3,623,616
784.316
114,278
3,300,000
3,304,512
730,905

6,223,278
1,994,237
318.780
111,968

17,346.618
5,620,252
766,354
439,984

12,881,700 31,316,i60
24,667
150,999
13,128,786 28,091,737
2,398,614
6,212,624
2,806,132
8,259,278
165,357
1,338,628
8,246
136,585
2 , 000,000
6,568,089
2,438,700
7,721,376
350,000
1,331,849

1 51 0 73 0 78 8,856,656 147,888,327 2,219,050 72,573,280 100,383,950 130,571,531 303,528,761




,

,

Railroad Canal and Steamboat Statistics.

640

STATISTICS OF TH E PROGRESS OF RAILROADS IN OHIO.

W e are indebted to our cotemporary of the C in cin n a ti P r i c e C u rren t , etc., for the
subjoined statements and statistics of the railroad movements in the State of Ohio.
The whole is prepared with the accustomed care and ability of the editor of that
valuable commercial sheet, and exhibits a clear and comprehensive view of the rail­
roads in Ohio:—
The State of Ohio is at present the theater of a most active, and in magnitude, un­
precedented railroad competition. The immediate cause of this will be found in the
local situation of the State, by which it is made the G ate, or passage way, between
the Eastern Atlantic States and the Valley of the Mississippi By examining the
map, it will be seen that the long ranges of mountains and hills which lie in Western
Virginia and Eastern Kentucky render the passage of a railroad in that direction diffi­
cult, if not impossible. On the other hand, with the exception of the easy valleys and
groves of rivers and streams, Ohio presents but a great plain, admirably adapted, in
all particulars, to the construction of railroads. Experience proves that the cost per
mile of railroads in Ohio is but little more than one-third, the average cost of railroads
in New England.
In consequence of Ohio having this gatew a y to the West, and also this facility for
construction, this State contains the tru est lines, either constructing or planned, of the
great highways from Boston, New York, Philadelphia and Baltimore, to the Mississippi
River. Accordingly, we have f o u r lines in construction East and West through the
State. The immense commerce of the lakes and the Ohio river require connections at
different points; and we have f o u r l i n e s , also, completed or completing, from North
to South. In addition to these are several independent, lateral, or branch lines. The
main lines are thus described:—
1st. The C in cin n a ti a nd S an du sky lin e is completed. It is composed of two links
-—the M ad R iv e r R a ilroa d , from Sandusky to Springfield, and the L ittle M ia m i R a il­
road, from Springfield to Cincinnati. This is 218 miles in length, and is iu full
operation.
2d. The C in cin n a ti , C leveland a n d Colnmhus line. This is also complete, and con­
sists o f three links, viz: The Little Miami Railroad, before mentioned, to Xenia, then
the Colum bus a nd X e n ia to Columbus; the Cleveland a n d Columbus to Cleveland.
This line is, in all, 268 miles, viz:—
From Cincinnati to Xenia....................................................................................... 65 miles.
“ Xenia to Columbus...........*.............................. . ......................................... 54 “
“ Columbus to Cleveland.............................................................................. 149 “
Aggregate......................................................................................................... 268 miles.
Of this, however, the 203 miles from Xenia to Cleveland only is independent of the
Sandusky line.
3d. The S andusky, M ansfield, N ew a rk and P ortsm ou th line. This is completed
from Sandusky to Newark Thence to Portsmouth it will be completed by the ‘‘ Scioto
and Hocking Valley Railroad Company.” This line is from Sandusky to Mansfield,
66 miles. From Mansfield to Newark, about 55 miles. From Portsmouth to Newark,
this road will go to Jackson, and thence by Logan and Lancaster to Newark— say 110
miles— making the whole line from Sandusky to Portsmouth about 221 miles; but
little more than the line from Sandusky to Cincinnati.
4th. The C leveland a n d WeUs vi.lle line. This consists of two links, viz : The Cleve­
la n d a n d P ittsb u rg lin e , to Alliance, and then the W ellsville roa d to WellsviUe—
making, in all, 88 miles.
5th. The C in cin n a ti a n d Bc/pre line. This is the Southern, East and West route,
and is composed, in Ohio, o f f o u r links, viz : The L ittle M iam i for 22 miles, the H ills­
borough 37 miles, the C in cin n a ti and Be/pre about 125 miles, and the O hio and M is­
sissip p i to the Indiana line, about 20 miles
The entire distance through the State
will be about 204 miles.
6th. The O hio Central line. This will be composed, also, of f o u r links, viz: The
C en tral R a ilro a d from Wheeling to Columbus, 137 miles; the Columbus a n d X en ia ,
64 miles ; the X e n ia and D a y to n , 15 miles, and the W estern, from Dayton to the In­
diana line, 37 miles. This will make 243 miles through the State.
7tli. The third East and West line is the P en n sy lv a n ia and O hio R a ilro a d , and its
continuation, the B ellefo n ta in e and In d ia n a R a ilroa d , which passes through Canton,




,

Railroad Canal, and Steamboat Statistics.

64 1

Wooster, Mansfield, Gallion, Marion and Bellefontaine, to the Indiana line—making, in
the State of Ohio, 263 miles.
8th. The fourth and most Northern (East and West) line is the L a k e S hore line.
This passes from Coneaut through Cleveland, Elysia, Sandusky and Toledo. A part
of this line is in course of construction.
By examining the map of Ohio it will be seen that railroads are either constructed
or constructing, with the strongest probability of completion, in no less than f i f t y
c o u n t ie s of the eighty-seven in the State !
No equal surface of the American Union
is likely to be so well traversed and connected with a net-work of railroads.

The following table will give a complete view of all the railroads of Ohio, and their
present condition:—
TABLE OF RAILROADS AND T H EIR CONDITION IN THE STATE OF OHIO.

Names.
Mad River Railroad..........................................
Findlay Branch................................................
Little Miami......................................................
Xenia and Columbus........................................ ____
Columbus and Cleveland.................................
Sandusky and Mansfield...................................
Mansfield and Newark.....................................
Scioto and Hocking Valley............................
Cleveland and Pittsburg.................................
Cleveland and W ellsville.................. .. ............
Cincinnati and Hillsborough............. ! ............
Cincinnati and Belpre.......................................
Ohio and Mississippi..........................................
Pennsylvania and Ohio..................................... ___
Bellefontaine and Indiana................................
Central Railroad...............................................
Xenia and Dayton............................................
Western Railroad.............................................. ___
Lake Shore Railroad........................................ _____
Dayton and Springfield...................................
Cincinnati, Hamilton and Dayton...................
Hamilton and Eaton.........................................
Greenville and Miami.......................................
23

lines......................................................

Length.

84
54

Complete.
134
16
84
54
1 49
56
55

110
98

Constr’g.

35
98
37
40

1 45
1 1 8 .2
137

1 1 8 .2
23

37
1 65

37
115

145

24
60
20
20
1 ,7 0 5 .2

672

7 4 8 .2

N ote.— In the above list we have not given the technical title in all cases, but have

indicated the line by the names of places, where we had not the corporate name.
There are numerous other chartered companies, but the above,we believe, are all that
are actually under way. In two or three instances, above, where the line is not actually
in course o f construction, such preparations are made as make it certain that work
will be be very soon commenced ; and a ll the above works will, we have reason to
believe, be completed in the course of two or three years. F ive hundred and seventytwo miles are completed, and nearly eigh t hundred more under contract. It will be
observed that the entire line of the P en n s y lv a n ia grid O hio line, extending through
the heaviest wheat counties from Pennsylvania to Indiana, is un der contract. The
C in cin n a ti a nd B elp re lin e it is also morally certain will be completed at an early
day. That part of it which lies between Hillsborough and Cincinnati, (including a
part of the Little Miami,) 68 miles, will be completed this year. Forty miles more
to a point 11 miles East of Chillicothe, is just put under contract. The C entral line,
between Zanesville and Columbus, is also progressing.
The C in cin n a ti, H a m ilton and D a y to n R a ilroa d , will be completed in about six
months.
The very favorable term8 on which the Ohio railroads have been able to obtain
money on their bonds will attract the commercial men. Their loans have been quite
as favorable as the best Eastern roads have been able to get. The C in cin n a ti, H a m il­
ton and D a y to n have a loan of 1600,000, in New York, at p a r ; which, if we mistake
not, has not been done by any Eastern companies. The Dayton and Greenville com­
panies also obtained loans at rates averaging about 90. The C entral R a ilr o a d also
obtained 1250,000 at about the same rates. Altogether, the four companies have got
V O L . X X I V .-----N O . V .




41

642

Railroad, Canal, and Steamboat Statistics.

about $1,150,000 on bonds, averaging between 90 and 100, a higher rate than the
N ew Y o rk and E r ie oblained.
This proves that the capitalists of the East already see the superior advantages of
Ohio railroads.
NEW YORK CANAL TOLLS FOR 1851.

The following table shows the rates of tolls which the canal board have fixed upon
for the present, with the amount of reduction from the past year:—
Beef salted....................................................................................... cents.
On passenger boats who elect to commute....................... . . . .
Chsese...............................................................................................
Copper Ore......................................................................................
Drain tile, (new article,)............................................. ..................
Hide, raw, U. S.................................................................................
Railroad Iron...................................................................................
Oysters in shell going from tide water.........................................
In can or keg, (new class)..............................................................
Shingles per M. pds., instead of per M. ehi’ls...........................
Tin in boxes.....................................................................................
Square and round timber transported in raft, except dock
sticks, if transported between 15th June and loth August
When transported prior or subsequent to date above specified,
the toll is..................................................................................
Wheat................................................................................................
Flour..................................................................................................

From
0
4
4
0
0
4
0
1

.,.,
0
0
0

4
4
5

0
8
0
0
0

To
3
0
3
0*
2

. ,i ••

• • ••

0
0
0
0
0

2i
4
4
4
5

. . ••

0

1

o'
0

1
0
0

4
3

,,,.

4
4

0

STEAM NAVIGATION IN ENGLAND.

Mr. Labouchere has brought forward a bill in the House of Commons, which has
been presented, to consolidate and amend the laws relating to the regulation of steam
navigation, and to the boats and lights to be carried by sea going vessels. There are
forty-nine clauses in the bill. Some new regulations are to be made respecting steam­
boats which will prevent their being over crowded. Steam-vessels are to be surveyed
twice a year, and the owners are to transmit the declarations to the naval department
of the Board of Trade, which board will grant certificates, which certificates are to be
placed in conspicuous parts of vessels. T he number of passengers is to be limited by
a certificate, and a penalty of 5s. to be enforced for every passenger beyond the num­
ber allowed. Persons forcing their way on board when vessels are full will be liable
to a penalty of 40s., and 5s penalty on persons who refuse to pay their fare or to
quit a vessel. The Board of Trade are to appoint surveyors, and they are to be al­
lowed to go on board and inspect vessels— parties obstructing them to be liable to
penalties. Iron steamers are to be divided by water-tight partitions. The measure
is to be called “ The Steam Navigation Act, 1851.”
NECESSITY FOR RAILROADS IN INDIA.

At present it is calculated by Mr. Chapman that one million eight hundred thousand
bullocks traverse the few routes practicable across the Ghauts, in carrying the traffic
between the interior and Bombay, of which one hundred and eighty thousand convey
cotton. These animals travel in single file, at the rate of three miles an hour, over
tracks worn by the feet of their predecessors, depending for food and water on what
can be picked up on the way, sometimes delayed by torrents swelled with the melting
of the mountain snow, sometimes struggling through morasses, sometimes driven mad
by heat and drought, sometimes struck down in thousands by an epidemic, and left to
rot on the roadside, polluting the air and poisoning the water, to the grievous damage
of the drovers that follow in their track. Under such opposing circumstances, it is not
extraordinary that our commerce with India makes slow progress. Reforms of laws
and of rules, improvements of docks and piers on the coast, will do little towards es­
tablishing a steady commercial barter of raw material for manufactured goods between
England and India, until we have tapned the interior, where the great agricultural
districts lie.— “ D ick en s's H ousehold W ords."




Journal o f M ining and Manufactures.

643

TH E LOCOMOTIVE STEAM PO W ER OF FRANCE.

The latest returns of the number of steam engines emjfloyed in France in factories,
steamers, and on railways, give the following results:—'There are in France, 5,601
establishments o f various kinds at which steam engines are used. This machinery is
■worked by means of 9,288 boilers, of which 8,716 have been made in France. The
whole represent 65,120 horse power. The number of boilers employed the preceding
year was 8,023; the number of establishments at which steam engines were employed
being then 4,033. The length of the railways now open is 2,171 kilometres (1,350
English miles,) and the number of locomotives on them is 125, or 58 more than the
preceding year. The number of steam-vessels is 279, set in movement by machinery
of 22,893 horse power. The quantity of goods carried in them during the year was
730,948 tons, whilst that of the year before was 696,666 tons. It is calculated that
all the steam machinery now at work in France represents 110,178 horse power.
EFFECTS OF TH E WORLD’S EXHIBITION ON RAILWAYS.

Mr. Thomas Miller, of Edinburgh, in a short pamphlet on the probable effects o f the
Exhibition on railways, puts forward some calculations, which are the first of the kind.
He says the visitors will be— foreign and colonial, 2,000,000; English, Welsh, High­
landers', and Irish, 5,00,000. The total, 7,000,000 must, he says, alt be travelers twice,
coming and going ; but he says they will be rated as separate passengers for each line
over which they pass, by which the aggregate of the year will be still further nomi­
nally increased. He takes the nominal total as £42,000,000. The average fare from
the Board of Trade returns he takes at 2s. per passenger per head, and the gross re­
ceipts at £3,400,00. Mr. Miller takes the increase of goods traffic at 60 per cent on
that of the half-year ending Dec. 31, 1850, which gives £1,500,000. His total esti­
mate for exhibition receipts is £4,100,000, and this, he affirms, will have a great effect
on the price of shares.

JOURNAL OF MINING AND MANUFACTURES.
TH E MANUFACTURE OF ANTIMONY IN TH E UNITED STATES,

While in Philadelphia during the last month we became acquainted with W i l l i a m
A. G l i d d o n , Esq., who was for some time employed as superintendent at the Antimony
Factory at Sarawack, Borneo. From statements made by that gentleman, it occurred
to us that the manufacture of Antimony could be advantageously introduced into the
United States ; we accordingly requested him to furnish us with such information as he
possessed as to the probable results of such an experiment. He accordingly prepared
the following proforma of cost, together with a statement of the consumption of anti­
mony in this country, which, together with his note, we here subjoin :—
P hiladelphia , JijrrWl, 1851.

F reeman H unt, E sq., E d ito r o f M erch a n ts' M agazine.
D ear S i r ,— Agreeably to the conversation I had the pleasure of having with y o u
yesterday, enclosed you will find two statements, one showing the price that Crude and
Kegulus of Antimony could be manufactured here, by a process that I am acquainted
with, and the other, the yearly average quantity consumed in this country.
Believe me, dear Sir, yours most truly,
WM. A. ULIDDON.
PROFORMA COST OF REDUCING ONE HUNDRED TONS OF ANTIMONY ORE INTO CRUDE AND
REGULUS OF ANTIMONY.

Cost of fixtures, furnaces, <Lc................................................................................
One year’s rent, $300—one month......................................................................

$1,000
25

One Hundred tons Antimony ore, last London quotation, £11 per ton........
Charges, duty, freight, commission and smelting expenses..............................

$5,500
3,066




$8,565

Journal o f M ining and Manufactures.

044

W ill yield seventy-five tons of Crude Antimony.
Seventy-five tons of Crude Antimony, costing..................................................
A ll other expenses..................................................................................................

$8,565
2,240

W ill yield fifty tons of Regulus of Antimony, costing. ..................................

$10,805

STATEMENT

OF THE

CONSUMPTION OF

KEGUIXS

OF

ANTIMONY

IN

THE UNfTED

STATES,

PER YEAR.

Seventeen Type Manufacturers........................................................................ lbs.
Stereotype
“
.........................................................................
Britannia ware
“
.........................................................................

564,720
188,240
130,000

lbs. 882,960
N -B .— B u b b it a n d o th e r m ix e d w h ite m e ta ls n o t in c lu d e d .
LINEN AS A SUBSTITUTE FOR COTTON.

The substitution of flax for cotton in the manufacture of cloth, continues to excite a
great deal of interest and discussion in Europe and America ; and experiments are now
making in both quarters of the globe, with that view. A correspondent in Kentucky,
has sent us a copy of the “ P o s t B o y ” of March 12, 1851, published at Maysville, in
that State, the leading editorial of which, is devoted to the subject. As the writer
appeal's to take, in the main, a correct view of the movement, and furnishes some infor­
mation in regard to its progress, we transfer his remarks and statements to the pages
of the M erch a n ts’ M aga zin e, as follows:—
Some of the English writers seem to think that it will not be long before they will
be able to do without American Cotton. Some of the American press have already
taken the alarm, and are endeavoring to solve the question, “ What will become of the
Cotton growing States ?” in case flax shall be found to answer as a substitute for Cotton.
W e are satisfied that the flax will take precedence of cotton, and displace it to a
large extent, but we do not forsee as some do, destruction to the cotton States. The
fact is, flax grows well at the South as well as the North, and by introducing manufac­
tures there, when they change from cotton to flax, general prosperity will prevail there
in place of that fluctuation and uncertainty they now have between those years of high
prices, as the present, and those when they are compelled to sell their cotton for less
than it really can be grown for, as a regular, permanent business. W e do not see that
the South can be loser by the change, but on the contraiy, will be greatly benefited.
W e reasonably suppose that the manufactured products of flax would bear as great an
advance in price over the raw material as cotton fabrics usually do, from three to five
times the price of the raw material, and if so, the sales of Southern products will be
equal to what they now are, if only from one-fifth as much flax or hemp is grown there,
as is now grown o f cotton, but linen at present bears an advance of from ten to
twenty-five times the first cost of the raw, unrotted flax, which it is understood is used
by the new methods, so that the chances are, for many years to come, the South will be
able to double, or, perhaps quadruple, the amount of her exports, unless she neglects
to embrace the golden opportunity of uniting manufactories to her agriculture. The
great error of the South has been her too exclusive reliance upon agriculture alone,
which now she will be compelled to correct, should this expected revolution take place.
It is true the North and West will come in for a goodly share of this expected pros­
perity, and certainly there can be no objection to this. The advantages this country
o f cheap lands must have over all others in supplying the world with linen and cotton
fabrics are so great that no one portion could possibly do the business. If it is true
that linens from unrotted flax can be made cheaper than cotton goods of the same fine­
ness, when cotton is at the lowest paying price, it follows, as an inevitable’ consequence,
that this counrry, and the other new countries with good governments and cheap lands,
m ust furnish, not only Europe, but the rest o f mankind, with nearly all thin fabrics o f
flax and cotton.
The British press must soon cease boasting of their promised independence of
American cotton growers. When we produce our own $6,000,000 worth of linen,
which we have been annually importing, very foolishly, from them— when we export
to other countries the $6,000,000 worth which she now exports to them, (besides the




Journal o f M ining and Manufactures.

645

same amount to us) and export full $12,000,000 worth thither for English consumption,
to say nothing of the untold quantities which will take the place of cotton, both to
England and other countries, which England can no longer supply, why— the English
song will be changed to something in the nature of “ Hark, from the tombs.”
W e have a sample before us of “ Elax cotton,” which is as white, and soft and fine
as any cotton, but of a richer and more glossy, silk-like appearance, and which evi­
dently can be spun into very fine yarns as cheaply as cotton. Now this material can
be produced from unrotted flax for seven cents per pound ! And we know that un­
rotted flax can be procured so that the lint shall stand at one and a half cents a pound,
leaving a pretty wide margin for the preparation, to bring the material to seven cents.
It is known that there is no object in growing cotton for a less sum, so that it is far
from being an impossibility that linen may yet be produced as cheap as cotton.
W e understand that the inventor, Dr. L eavitt, and his associates are making their
arrangements to bring out their inventions promptly and vigorously— that they are
to throw them wide open to the public, and afford every facility possible for the es­
tablishment of linen factories, by contracting to furnish the machinery as expeditiously
as possible at fair prices and with such guaranties as the safety of the manufacturers
will require. They propose to put out different parts of this work in different machine
shops, throughout the country, East or West, near where the factories are to be built,
as is frequently done with cotton factories, so that as little delay as possible may be
occasioned in getting factories into operation.
We also understand that they are now in negotiation with several companies, who
are preparing to go into the business.

EX TEN SIV E FOUNDRY AND MACHINE SHOP IN NEW 0R IEA N S.

We learn from the C om m ercial B u lletin , that John Leeds & Co’s Foundry, etc., em­
ploys one hundred and seventy-five men in the finishing shops, the pattern shops, the
moulding shop, at the furnaces, and in every department of this complete establish­
ment, from four to five tons of metal are daily melted down by it, and run off into the
thousand and one things for which iron or brass may be used. Any desired article can
be furnished, from a steam engine, or a complete sugar mill, down to a nut and screw.
The iron used is Scotch and Tennessee— the former costing $22, the latter $28 per
ton, delivered at New Orleans ; rather a curious contrast, when one reflects that
Scotland is distant some thousands of miles, and Tennessee only some hundreds from
New Orleans.
Looking over the patterns for the endless list of things which may be made out of
iron, says the Bulletin, we were particularly struck with some window sash and columed doorways, o f an exceedingly tasteful design in the Gothic style. House-builders,
and others interested, would do well to examine the manufactures.
This establishment has grown up from a little shop owned by the father of the pres­
ent principals, many years since. It is a good illustration of what, from small begin­
nings, American energy, perseverance and enterprise can accomplish, when from a
small shop, which twenty odd years ago employed three men, has grown up to the
largest foundry and machine shop in the Southwest, employing 175 men, exclusive of
the proprietors and office attaches.

MANUFACTURE OF JEW ELRY IN NEW JE R SE Y .

“ A recent estimate,” says the N ew a rk A d v ertiser, “ puts the number of manufacto­
ries at eighteen, employing 600 hands, whose average wages, including boys, amount
to $12 a week. The weekly product of manufactured articles is about $35,000, or
$1,820,000 a year. In the manufacture of watch cases alone, about fifty hands are
employed. In some manufactories Vliains are made, in others principally rings, while
in others almost every article yet invented for the adornment of the persons of both
sexes are manufactured. The gold used for the year past has been mostly the product
of California, brought here assayed and in bars; the precious stones forming a part of
the ornaments are brought here from Europe ready cut for use. An erroneous idea,
we understand, is prevalent in relation to the increase of value of all the gold manu­
factured into jewelry. A large number of articles prove to be unsaleable and out of
fashion, and when that occurs, they are re-melted and sent to the mint for coinage.”




Journal o f M ining and Manufactures.

646

COST OF TRANSPORTING COAL FROM PENNSYLVNAIA.

We are indebted to the R eg ister, published at Pottsville, Pennsylvania, for the sub­
joined estimates of the comparative cost of transporting a ton of coal from the Lehigh
and Schuylkill mines, to Philadelphia and New York, in 1850. We are assured by the
R eg ister that the figures may be relied upon:—
COMPARATIVE COST OF TRANSPORTING A TON OF COAL FROM THE LEHIGH AND THE SCHUYL­
K ILL MINES TO PHILADELPHIA AND NEW YORK, IN

1850.

Cost o f tra n sp orta tion o f C oal fr o m the L eh ig h R eg ion , a n d o f shipm ent a t P h i l a ­
delphia.
FROM MAUCH CHUNK.

FROM ROCK PORT.

Freight to Philadelphia..................... $0
Lehigh to ll........................................ 0
Delaware toll................................... 0
Steam towing from Bristol............. 0
Unloading and putting into vessels 0

78
40 From Mauch Chunk, as above . . . . $1 80
31 Additional freight and tolls............ 0 25
06
Cost on board vessels................. 12 05
25

Cost on board vessels.................8 1 80

FROM W H ITE HAVEN.

From Mauch Chunk, as above . . . . $1 80
From Maucli Chunk, as above . . . . $1 80 Additional freight and t o ll............. 0 40
Additional freight and t o l l............. 0 13
Cost on board vessels.................. $2 20
Cost on board vessels................. $1 93
FROM PENN HAVEN.

Cost f r o m the S ch u y lk ill R eg ion .

Cost on board vessels at Richmond......................................................................
Dumpage, and 5 per cent allowance pay for shipment......................................

$1 70
....

Cost o f tran sportation , p e r ton o f 2,240 lbs., o f C oal f r o m the L eh ig h and S ch u y lk ill
R eg ion s to N ew Y ork.

Additional toll........................ ..

FROM MAUCH CHUNK.

Freight...............................................
Toll on Lehigh.................................
Toll on Delaware Division.............
Toll on Outlet L ock ........................
Toll on Delaware & Raritan feeder
Steam towing from New Brunswick
Unloading.........................................

05
T otal.............................................. $2 67
40
FROM W H ITE HAVEN.
31
04 Cost as above.................................... 82 42
35 Additional freight........................... 0 20
Additional toll.................................. 0 15
0 17
0 10
Total.............................................. 82 77

Total............................................... $2 42
FROM PENN HAVEN.

Cost as above...................................
Additional freight...........................
Total..............................................
FROM ROCK PORT.

Cost as above....................................
Additional freight...........................

0 10

$1
0
0
0
0

FROM MOUNT CARBON.

Freight, including tolls on the Dela­
ware and Raritan Canal, steam
$2 42
towing, and unloading................. $1 70
0 08 Toll on Schuylkill Canal................. 0 71
0 05
82 41
$2 5o Deduct for hire of cars and rent of
chutes furnished by Schuylkill
Navigation Company.................. 0 10
82 42
Total............................................... $2 31
0 15

TH E PA TEN T CORDAGE MACHINE.

In noticing this machine in the January number of the M erchants' M agazine, we
committed an error in the location of the Patentees, Messrs. F. & J. W. S l a u g h t e r .
■who reside at Fredericksburg, Virginia, and not at Petersburg, as stated in a descrip­
tion of this valuable invention. As the mistake has caused a number of letters to be
sent to the last named place instead of the former, we cheerfully correct the error, in
Compliance with the request of the Patentees.




Journal o f M ining and Manufactures.

647

CALIFORNIA M IN ES AND MINING,
C ount W ass, one of the best scientific and practical miners in California, who was

born and bred in a mining country, Hungary, makes some statements and observations
in a letter to the editors of the A lt a C a lifo rn ia , which are worthy of notice. In regard
to the origin of the rich gold deposits in the so-called placers, he says:—
“ The more I make observations about their origin I am more and more confirmed
in the opinion that they are the results of one or more eruptions by which not only
gold, but some other metals also, especially a Iarsre quantity of iron, was thrown out
and spread over the gold region. Every piece of gold in the diggings has the shape
o f a drop, as if flattened by rolling, by pressure, or other circumstances. Still it wears
the indication of a state of fusion, and being found frequently joined with quartz, and
generally in connection with broken quartz, instead o f thinking that the gold deposits
came from the neighboring quartz veins, I come to the probable mineralogical con­
clusion : that the gold bearing formation in California chiefly must be the quartz.
Although I am not thoroughly convinced yet that only the quartz veins should con­
tain the precious metals, but being certainly the principal formation, attention must be
particularly paid to this: the diggings are only a temporary benefit to this country,
and although new ones will be discovered hereafter, yet in a couple of years they will
be exhausted surely, and the real riches o f this country and its future prosperity must
be based upon the great many gold bearing veins which are intersecting the gold re­
gions in all directions.
It is astonishing to see the quantity of this rich natured rock in pure white forma­
tion : the quartz rock is generally known as a principal formation, bearing precious
metal, but no country has it in such abundance as California. The white formation is
prominent, and particularly so in this country. IIow far will this superabundant for­
mation satisfy the expectations of mining enterprisers ? Nobody can tell yet, and
and although a great many of them are showing and promising extraordinary riches,
their real value will be proved only in the course of some years.”
MANUFACTURE

OF OIL FROM PO PPY SEED.

D r . J. V. C. S mith, an eminent practical writer, in his editorial correspondence to

the Boston M edical J ou rn a l , in a recent letter from Switzerland, speaking of the
products of that and the adjoining country, says:—
“ Immense crops are raised here of articles wholly unknown to American farmers,
and perhaps the kinds best fitted to particular localities, where grain and potatoes yield
poorly under the best efforts. One of these is p op p ies. Thousands of acres are at
this moment ready for harvest—which the traveler takes for granted, as he hurries
by, are to be manufactured into opium. They are not, however, intended for medical
use at all, but for a widely different purpose,— from the poppy seed a beautiful, trans­
parent oil is made, which is extensively used in house painting. It is almost as color­
less as water, and possesses so many advantages over flax seed oil that it may
ultimately supersede that article. Where flax cannot be grown poppies often can be,
even in sandy poor soil. Linseed is becoming dearer, and the demand for paint is in­
creasing. With white lead, poppy oil leaves a beautiful surface, which does not after­
wards change by the action of light into a dirty yellow. In short this oil is destined
to bring about a revolution in domestic economy. Another season some one should
make a beginning at home in this important branch of industry. The oil may be
used for other purposes and even put in the cruet for salads/’
CALIFORNIA NATIVE LEAF GOLD.

Among the most remarkable discoveries of native gold in the California regions are
Borne specimens of native gold from “ Woods Diggins.” The A l t a C a liforn ia, published
at San Francisco, (and the editor of that journal has seen them) says, “ they consisted
in leaves of gold rolled up and twisted in various convolutions, imbedded in the quartz,
in some instances connected with the crystals, in others apparently having been rolled
or flattened out by immense pressure, then twisted and beat up, and the quartz formed
around these golden plates. One of them— the only one we examined with a micros­
cope, showed well defined lines, and angles as correct and uniform, as if done by a cun­




Mercantile Miscellanies.

648

ning workman. Some persons pronounced it real, artificial chased work, others said it
was from Solomon’s Temple. It is our opinion that it was pressed originally between
masses of crystalized matter, and then embedded in quartz as the deposits were
formed.”

MERCANTILE MISCELLANIES.
INTEG RITY TH E FOUNDATION OF MERCANTILE CHARACTER.

Our cotemporary of Gum m ing’$ E v en in g B u lletin , (a neutral and independent jour­
nal,) occasionally turns aside from the passing news of the day and treats his readers
to an essay on some topic connected with the morals and manners of man and society.
These essays are necessarily brief, and the better for that, because they are more likely
to be read and remembered. As the subjoined editorial from a late number of the
B u lletin touches upon a subject that should interest a part, at least, of our particular
“ parish,’’and as it embraces a homily too good to be lost, we take the liberty of giving
it a more permanent record among our “ Mercantile Miscellanies” :—
Faith and trustfulness lies at the foundation of trade and commercial intercourse,
and business transactions of every kind. A community of known swindlers and knaves
would try, in vain, to avail themselves of the advantages of traffic, or to gain access
to those circles where honor and honesty are indispensable passports. The reason why
savage hordes are suspected and shunned, is because they are deceitful and treacherous.
W e have no faith in their promises. If they manifest kindness and friendship, we ap­
prehend it is for the sake of more successfully accomplishing their selfish and mali­
cious purposes. So of cheats and knaves under whatever circumstances we may meet
them. However fair may be their exterior, we know they are black at heart and we
shrink from them as from the most deadly poison. Hence the value which is attached,
by all right-minded men, to purity of purpose and integrity of character. A man
may be unfortunate, he may be poor and penniless, but if he is known to possess un­
bending integrity, an unwavering purpose to do what is honest and just, he will have
friends and patrons whatever may be the embarrassments and exigencies into which
he is thrown. The poor man may thus possess a capital of which none of the misfor­
tunes and calamities of life can deprive him. W e have known men who have sud­
denly been reduced from affluence to penury from some dispensation of Providence
which they could neither foresee nor prevent. A fire has swept away the accumula­
tion of years, or misplaced confidence, or a flood, or some of the thousand casualties
to which we are exposed, has stripped them of their possessions. To day, they are
prosperous; to-morrow, every earthly prospect is blighted, and everything in its aspect
is dark and dismal. Their business is gone, their property is gone, and they feel that
all is gone. But they have a rich treasure which the fire cannot consume, which the
flood cannot carry away. They have integrity of character, and this gives them influ­
ence, and raises up friends, and furnishes them with pecuniary aid.
Young men, especially, should be deeply impressed with the vast importance of
cherishing those principles, and of cultivating those habits which will secure for them
the confidence and the esteem of the wise and the good. Let it be borne in mind, that
no brilliancy of genius, no tact or talent in business, and no amount of success wiH
compensate for duplicity, shuffling and trickery. There may be apparent advantage
in the art o f dissimulation, and in violating those great principles which lie at the
foundation of truth and duty. But it will at length be seen, that a pound was lost
where a penny was gained ; that present successes are outweighed, a thousand fold,
by the pains and penalties which result from loss of confidence and loss of character.
It cannot be too strongly impressed upon our young men to abstain from every course,
from every act, which shocks their moral sensibilities, wounds their consciences, and
has a tendency to weaken that nice sense of honor and integrity so indispensable to
character. The habit of concealment, of dissimulation, of telling “ white lies,” as Mrs.
Opie calls them, is most disastrous in all its influences and issues. How many have
become confirmed liars, and been consigned to dishonor and infamy, who began their
career in this way 1 Language is utterly inadequate to describe the amazing, the infi­
nite importance to our young men of forming their characters by the right models, and




Mercantile Miscellanies.

649

in accordance with the unchanging principles of truth. Who has not read with deep
interest the incident in the life of Washington, who, when he had injured a favorite
tree of his father’s, frankly confessed his offense, because he “ could not tell a lie.”
Here was manifest one of those essential elements of character which made Washington “ first in war, first in peace, and first in the heart’s of his countrymen.”
I ntegrity of character ! who ever possessed it, that did not derive untold advan­
tages from it ? It is better than the gold of Ophir; it is of more value than diamonds
“ and all precious stones.” And yet every man may possess it. The poorest may
have it, and no power can rest it from them. To young men, we say with earnestness
and emphasis, look at integrity of character with the blessings it confers, and imbibe
such principles and pursue such a course, that its benefits may be yours. It is a prize
so rich, that it repays every sacrifice and every toil, necessary to secure it. Suppose a
mercantile community could be found whose every individual was known and acknow­
ledged to possess strict and uncompromising integrity; the representations of each
one were in strict accordance with truth; “ his word as good as his bond !” Such a
community would have a monopoly of the trade, so far as they had the means of sup­
plying the demand. “ The tricks of trade,” whatever be their apparent advantages,
impair confidence, and in the end, injure those who practice them far more than they
benefit them. It is a short-sighted, as well as a guilty policy, to swerve, under any
circumstances, from those great principles which are of universal and everlasting ob­
ligation. Let a man maintain his integrity at all times, and he will be satisfied
there is a blessing in it, and a blessing flowing frofh it, and a blessing all around it.
TH E MARKET FOR COTTON IN INDIA.

The local native demand for cotton is always greater than for export, except in a
very few districts. In Guzerat, apparently, the growth must be chiefly for export; so
to some extent must it be in some parts of the South Mahratta country, but I think
hardly in any other parts of India. What we receive, therefore, is merely a fraction
of that produced for another and a very different market; and as our demand for
Indian cotton, always fluctuating and uncertain, from its subordination to the chances
o f the American supply, becomes extremely fitful and capricious by the time it has
reached the cultivator in the interior of India, nobody is there induced to lay out his
means in providing for it. The native consumption of cotton has been estimated at
quantities varying from little under 1,000,000,000 lbs. to 3,00,000,000 lbs. per annum,
while the demand for Britain has been but 60,000,000 lbs.; and the total export from
India, including that to England, China, and all other places, has not been much more
than 150,000,000 lbs., or from one-eighth to a twentieth of the whole growth ; and this,
being drawn from particular districts, favorably situated for the purpose, has left the
greater part of the country wholly unaffected by the demand, and other parts only
fitfully affected by it, and that in slight degrees. Under these circumstances, it seems
more surprising that we should obtain any cotton from India than we should obtain so
much less than we want; and we may be little astonished that that which we do ob­
tain conforms in quality and cleanness rather to the more slovenly requirements of its
greater and nearer market than to the higher and more precise conditions of our own.
— C hapm an's C otton a n d Com m erce in India.
COMMERCE AND CONSCIENCE.

The following passage occurs, (as we find it reported in the newspapers,) in a lecture
on Character, delivered by H enry W ard B eecher, first before the Mercantile Library
Association of Boston, and afterwards at the Tabernacle in New York, at the instance
of a number of conscientious merchants, who “ like to be preached to” :—
“ Commercial men do not lose conscience. I speak of them not as men, but as com­
mercial men. Practical commerce, at best, is as cold as a stone. B u sin ess is business.
On Sunday, the exemplary merchant hears from the pulpit, “ Look not every man on
his own things, but every man also on the things of others,” and he says amen to that.
On Monday he hears the genius of Commerce say, “ Every man for himself,” and he
says amen to that. He has one conscience for Sunday, and another conscience for
Monday. If I wished to send consternation along the exchange, and panic to the ta­
bles of the money-changers, I would not send war nor pestilence, but I would bring
down love’s brightest angel, Benevolence, before the sweet splendor of whose face the




650

Mercantile Miscellanies.

financial men would flee away. W hy 1 the Lord’s Prayer would bring down fire from
heaven if answered. “ T h y w ill be done o n earth as it is in heaven ,” would be the
death-knell of banks and offices; the caucus would vomit, out its impurity; the slave
go u p ; the master would go down ; the crooked places would be made straight, and
the rough places smooth. If every brick in every wall that had been laid in trans­
gression, and every nail driven in sin, and every bale and box brought forth in iniquity,
were to groan and sigh, how many articles around us would remain silent ? How men
would shriek and cry out, “ Art thou come to torment us before the time ?” If every
article of trade in a n y store, that was there through wrong, were to fly through the
air to the rightful ownership, what a flight of bales and boxes and sugar casks should
we see ! The Lord’s prayer would be a very unsafe prayer to pray, i f it were an­
swered. But is not the wrong as much here, as if it were thus demonstrated before
our eyes ?”

TH E BRAZILIAN SLAVE TRADE.

Private advices from Rio Janeiro say— “ The Government is periling its very exist­
ence in its efforts to suppress the slave trade. The once notorious slave steamer the
Serpente, (now the Golfinho of the Brazilian navy,) has made several captures. Last
week she carried off 200 newly-imported negroes from the island of Marambaia. They
are supposed to have belonged to Joaquim Breves, the well-known and opulent slavedealer. This man is the owner of ten large farendas, and the master of some 2,500
slaves. His large possessions give him great political influence, and this seizure of
his slaves shows plainly the energy and determination of the Government, It is to
be hoped, now that the Brazilian authorities have given such substantial proofs of
their good faith, and sincere determination to put an end to the traffic, that the officers
o f our cruisers will abstain from interfering, and confine their operations to the high
seas. Irritating the people will be merely throwing new difficulties in the way of the
Government, whose task is already sufficiently arduous.”

DECLINE OF TH E AFRICAN SLAVE TRADE.

The U n ited S ervice .Journal s a y s -.— Our private accounts from the coast of Africa
state that the slave trade is on its last legs, and nearly all the slave-dealers on the
South Coast are bankrupt. Such was the vigilance of the cruizers that there were
8,000 slaves in the barraeoons at Ambriz which they would not run the risk of ship­
ping. The Phoenix, screw sloop, Commander Lysaught, was stationed off that place.
The prize captured by the Cyclops, steam frigate, Captain the Hon. G. F. Hastings, on
the 19th November, 1850, had been waiting four months for the chance of slipping
away with her cargo. She had actually passed under the flag-ship’s stern, at Loando,
without suspicion, but was fortunately pounced upon by the Cyclops. She was of
100 tons burthen, but had no less than 620 slaves. She shipped her cargo one morn­
ing twenty-five miles north of Loando, at three o’clock, and at eight, P. M., she was
under the guns of the steamer. She had no slave deck, and was so crowded that
the Cyclops, for humanity sake, took out 300 of the poor wretches and conveyed
them to St. Helena. The health of the squadron was fully as good as that on the
Mediterranean or Pacific stations.
FFFECTS OF LIGHTNING ON COTTON.

While the John Bryant, Capt. Dyer, was midway across the Atlantic, on her
voyage to England very recently, laden with cotton, she was struck by lightning.
The electric fluid passed down the mainmast, and after causing some damage to
the woodwork of the vessel, ignited the cotton in the hold. It continued smoul­
dering for eight days, at the end of which time the vessel had been brought to
Dublin where she was scuttled. A large portion of the cotton was destroyed, but
some of it which was only charred, presents a very peculiar appearance, being in
fact, more like sheep’s wool dyed black than partially burnt cotton. Its tenuity is
not destroyed, though considerably weakened by the heat which it has undergone.
Some of the men upon the vessel were injured by the lightning, but not seriously.




The B ook Trade.

65 1

THE BOOK TRADE.
1. — W illia m P e n n : a n h istorica l B io g r a p h y f r o m N ew S ources, w ith art ex tra ch a p ­
ter on the “ M aca u la y charges .” By W illiam H epworth D ixon . Philadelphia:
Blanchard & Co., 1851.
Every American and every “ Friend” owes a double debt of gratitude to Mr. Dixon
for this admirable biography of the founder of Pennsylvania. He has not only brought
out into fuller relief and clearer light than ever was done before, the features of a
character which, though world-renowned, the world knew very little, but he has also
completely relieved it of the dark reputation lately cast upon it. In Mr. Dixon’s
pages, Penn ceases to be what the author justly complains he has always been here­
tofore, in history— a myth, and stands out a man in all the reality of his public and
private walk and conversation. Mr. Dixon’s style is animated and picturesque. The
book abounds in those personal and familiar details which give life to historical narra­
tive. The author has had access to many new and original sources, of which he gives
a list of over thirty. Penn’s life forms no unimportant part of the history of the times
in which he lived, and this work is truly what it purports to be, a h istorica l b iogra p h y ,
throwing much light, or rather placing in a true light, many events of the reign of
James II. Mr. Dixon's refutation of the Macaulay calumnies is about as complete
and searching a criticism as we have lately seen. It is so quiet and cool, too, but it cuts
like cold steel. These charges of Macaulay were pointed with all the spite^ of a po­
litical partizan, and with all his own love of paradox. Here was a great'and good
character to be demolished, which all the world had always admired, and Macaulay
set about it with all the gusto of twenty village gossips in one. Mr. Dixon’s refuta­
tion is complete and humiliating in proportion to the violence of the attack; humilia­
ting, not so much to Macaulay, who seems to care less to tell the truth than to turn a
period, but to the student of historic truth. If the passages relating to Penn are any
test of Macaulay’s average accuracy, what reliance can be placed on his history; on
any history, unless the student is to follow his teacher with the original authorities as
you would track a thief? The reader rises from the perusal of Mr. Dixon’s volume
deeply impressed with Penn’s greatness as a historical character, as the Friend of
Sydney, the Friend of religious liberty, the lawgiver whose forethought anticipated
(not in the closet) universal suffrage, vote by ballot, abolition of imprisonment for
debt, an elective judiciary, and inculcated liberty of conscience.
2. — Travels in S ib e r ia ; in clu d in g E x c u r sio n s N orth w a rd down the O bi to the P o l a r
C ircle , a n d Southw ard to the C hinese F r o n tie r. By A dolph E rman. Translated
from the German by W. D. C ooley. 2 vols., 12mo., pp. 371 and 400. Philadelphia :
Lea & Blanchard.
The author of this work, in 1844, was presented with the medal of the Royal Geo­
graphical Society, as more deserving of it than any other individual after the Great
Humboldt. In the present narrative, he spreads before our view a counterpart and
indispensable supplement to the account of the equatorial regions of America, in a
philosophical survey of the oldest quarter of the earth, and of a portion of the Old
World, whence many European nations may trace their origin. He entered into the
spirit of .the people by whom he was surrounded, and gives us some most charming
pictures of what he saw. He exhibits, in bright and lively colors, the life of the roam­
ing Samogade, under the polar circle; the opulence and comfort of the Gukuts, in a
climate, which, at first view, seems hardly compatible with human existence. The
scientific portion of this work was noticed by us in £n article entitled “ German notices
o f California,” in the May number of the present year. Of these important matters, it
will be sufficient here to point out the statements of the existence of a Siberian mag­
netic pole; the perpetual congealation of the ground to a great depth at Yakutsk, and
the decrease of the atmospheric pressure towards Okhatsk. Much information will
also be found in these pages respecting the trade carried on from the frontiers of Si­
beria to Bukhara and Taskend; the fisheries of Obi; the mineral riches of Ural; the
fossil ivory in the valley of the Lena; and generally respecting the face of nature and
vegetable life throughout the northern half of the Old World. On the whole, we must
regard this as one of the most interesting and valuable works which has lately issued
from the press, whether we consider its scientific or general information.




652

The Book Trade.

3. — P ic to r ia l F ield -B o o k o f the R evolu tion . By B. J. .L ossing. Yol. 1. 8vo., pp.
676. New York: Harper & Brothers.
This is a work which deserves to be highly prized, not so much for any rare and
surpassing merits which it possesses, as for the peculiar character of its contents. It is
stored with events and incidents connected with the battles of the Revolutionary War,
which are of not sufficient importance to obtain a prominent place in general history,
but which are no less valuable as a part of these striking scenes. Many of them have
been gathered in the neighborhood of the battle-fields, and often from actors in those
tragedies. These are interwoven with the general current of events of more import­
ance, and illustrated with an incalculable mass of the popular information of those
days Added to all these particulars, the work will be found to be embellished with
cuts and drawings of great merit, which represent battle-fields, noted spots, dwellings,
and, we had almost said, everything singular or striking connected with those days.
It is written in a plain, easy, and often colloquial style, and over its pages the general
reader will repeatedly and long delight to linger.
— T h e Irish C onfederates, a n d the R ebellion o f 17 9 8 . By H enry M. F ie l d . 12m o.,
pp. 369. New York: Harper<fc Brothers.
The struggle for Irish independence—which began during the American war, and
closed with the Union in 1S00—is one of the most remarkable passages of modern
history. The events which occurred, and the characters which were developed, are
among the most striking of modern days. The wild extravagance and the horrors of
the French Revolution, which took place about the same period, attracted more of the
attention of mankind, but it brought to light no such patriots as the Emmets, Sampson,
Tone, McNevin. The author of this work has undertaken his task with genuine
enthusiasm, and many of its pages possess much of that sparkling and genial spirit
which is so peculiar to the Irish character. The historical sketch is quite full and
connected, and the calmness and sobriety of the narrative is enlivened by those inci­
dents and occurrences which make up the pleasure and the excitement of human
existence.
5. — T h e A u to b io g ra p h y a n d M em oria ls o f C a pta in O badiah C o n g a r ; f o r f i f t y y ea rs
M a r in er a n d S hip m aster f r o m the P o r t o f F e w Y ork. By Rev. H enry B. C heevek .
16mo., pp. 266. New Y ork : Harper & Brothers.
This little volume, partly narrative and partly autobiographical, is a sketch of a
plain, sensible, industrious, and religiously inclined sailor and shipmaster. He experi­
enced many vicissitudes and trials, but bravely surmounted them all, and died at an
extreme old age. It is a pleasant and agreeable book.
4.

6. — W a lla c e : A F ra n con ia n S tory. By the Author of the Rollo Books. 12mo., pp.
203. New Y o rk : Harper & Brothers.
This is the second of this series of pleasant stories. It presents quiet and peaceful
pictures of happy domestic life, which the author designs permanently to impress
upon the minds of youth, that their influence may be felt in the formation of charac­
ter.
7. — E lem en ts o f A n a ly tic a l G eom etry, a n d o f the D iffe re n tia l a nd In teg ra l Calculus.
By E lias L oomis, A. M. 8vo., pp. 278. New York : Harper <&Brothers.
This appears to be one of the best treatises on the subject, for the use of schools and
colleges, which we have recently seen. Abstruse as the subject naturally is, the au­
thor has aimed to render it as clear and simple to students as it could advantageously
be made. A t the same time, he has sufficiently preserved the scientific character due
to such a treatise, as will render it acceptable even to accomplished scholars.
— N a th a lie : A Tale. By J ulia 'K avanagh , author of “ Women in France.” 12 m o .
pp. 518. New Y o rk : D. Appleton & Co.
This is a tale of more than ordinary interest. It is written with spirit and vigor.
The scene is laid in Normandy, and the characters are possessors of strong minds and
powerful passions. The heroine, a native of Provence in France, partakes all the love­
liness, sensibility and exquisite beauty peculiar to the inhabitants of that district,
whilst she is likewise under the control of pride and love. This love is reciprocated
by a spirit equally sensitive and haughty, controlled by the coolness and force of
manly reason. The conflict of these varied passions, the high wrought and intenge
effect produced by their action, is delineated in a masterly manner, and with a beauty
o f thought and language and a richness and almost gorgeousness of scenery, and
character such as is met with in the w orks of few writers of romance.
8.




The Boole Trade .
9. — Second L ove.
nam.

By M artha M artell.

12 mo., pp. 356.

65 3

New Y ork: G. P. Put­

The distinction between tenderness and weakness, between gentleness and want of
character, is the object which this entertaining tale is designed to illustrate. Tender­
ness and gentleness, apart from weakness, constitute the most exquisite features of
perfection in character; these traits are not only consistent with some of its highest
and strongest elements, but are never found separated from them. Weakness, however,
and vacancy of character produce often the same physical demonstrations, and are
thus readily confounded with tenderness and gentleness. These points have been
justly apprehended by the writer of this work, and illustrated with much beauty and
attractiveness.
10. — The C onquest o f F lo r id a by H ern a n d o B e Soto. By T heodore I rving . 12mo.,
pp. 457. New York : G. P. Putnam.
This narrative of the early invasion and conquest of Florida by the Spaniards is
taken from the most authentic records, and is clear, connected, and characteristic of
this singular expedition of De Soto. The author has evidently bestowed much labor
upon the preparation of his materials, and hi*s work possesses a charm and a fascination
peculiar to the' best written narratives of the almost romantic adventures of the
Spaniards on this continent. The present volume is a second edition.
11. — W in g a nd W i n g ; o r L e F eu F ollet. A Tale. By J. F enimore C ooper. 12mo.,
pp. 486. New Y ork : G. P. Putnam.
This is another volume of the elegant edition of Cooper’s works in course of republi­
cation by Mr. Putnam. It is revised and corrected by the author, and furnished with
a new introduction and notes. The paper on which it is printed is fine, and the letterpress very clear, neat, and legible, thu9 rendering this the most valuable edition of
these interesting tales that has yet appeared.
12. — The R a n g ers ; o r the T o ry ’s D a ughter.

A Tale illu stra tiv e o f the R ev o lu tio n a ry
H isto r y o f V erm ont a n d the N o r th e rn C am paign o f 1777. By the Author of “ The

Green Mountain Boys.”

12mo., pp. 230.

Boston: B. B. Mussey.

New Y ork: G.

f P. Putnam.
This tale represents the scenes and events that took place in the southern part of
Vermont during the Revolutionary War, and although confined in its incidents to that
State, it will be found to be an exceedingly interesting and graphic story by every one
who possesses a sympathy for the patriots of ’76.
13. — T h e G irlh ood o f S ha kspea re’s H eroines. By M ary C. C l a r k e . Parts 3 and 4.
18mo., pp. 110 and 80. New York: G. P. Putnam.
Helena and Desdemona are the heroines of which we have a sketch in these parts.
Of course the characters delineated at an earlier period than they are represented in
Shakspeare are imaginary; but they are drawn with great skill and talent, and much
truthfulness of conception. The style is pleasing and polished.
14. — L on d on L a b o r and the L on d on P o o r . By H enry M ayhew . 8 vo. N os. 2, 3,
and 4. New Y o rk : Harper & Brothers.
The merit of this republication consists in the vast amount of information which it
contains, in relation to the poor of London— their various pursuits and means of ob­
taining a livelihood. The statements which it furnishes are almost incredible, and the
depth of misery in which a large portion of the population of London is plunged is
truly horrible. No one should omit to peruse these papers who desires to obtain a
just and truthful conception of the condition of society in large cities.
15. — M am j B ell. 18mo., pp. 204. And B eechn ut. 18mo., pp. 211. By the author
of “ Rollo Books.” New York : Harper & Brothers.
Both these little volumes belong to the Franconia Stories by Abbot. They are
written in a lively and interesting manner, such as will secure the attention of youth ;
at the same time that they inculcate most excellent sentiments and principles, and are
worthy of a place in every family.
16. — The Com plete F lo r is t, o r F lo w er G ardener. 16mo., pp. 102. Philadelphia: T.
B. Peterson.
This is a reprint of an English work, which has been revised and altered to suit the
climate of this country. In its present form it is quite a complete and useful guide to
the successful cultivation of flowers.




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17. — T h e H ou se o f the S even G a b le s : A R om ance. By N athaniel H awthorne.
12mo., pp. 344. Boston: Ticknor, Reed <fc Fields. New Y o rk : D. Appleton & Co.
This is one of Hawthorne’s most agreeable tales. Its object, as a moral, is to show
that the wrong-doing of one generation lives into the successive ones, and divesting
itself of every temporary advantage, becomes a pure and uncontrollable mischief
The manners and sentiments of the Eastern States are those chiefly delineated in its
pages, which abound in incidents of an interesting class. It is written in au easy and
and flowing style, and contains many excellent passages.
18. — W a rren ia n a : w ith notes critica l a n d exp la n a tory. By the editor of a Quar­
terly Review. 16uio., pp. 191. Boston: Ticknor, Reed & Fields. New Y ork : D.
Appleton & Co.
To speak of this work as its merits demand is not an easy task. Its contents were
in imitation o f some of the most eminent literary men of the last half century, such
as Colerioge, Walter Scott, Macintosh, Moore, Southey, &c., <te. The subject of the
articles is the once famous London blacking of Warren, for which even Lord Byron
said that he had been accused of writing puffs. These sparkling pages will afford
great entertainment in their perusal, whilst they are probably the best specimens of
puffs extant.
19. — T h e Com plete w orks o f S h a k s p e a re ; revised fro m , o rig in a l ed ition s w ith notes,
dec. By J. O. H a l l i w e l l . Illustrated with steel engravings from original designs
by eminent artists. Part 9. New York : Tallis, Willoughby it Co.
The merits of this edition consist in its neat and tasteful appearance, the excellence
of its illustrations, and the variety of the notes which are added. The present number
contains the play of “ Love’s Labor Lost.” It is embellished with a fine engraving of
Henry VI., and another of King Lear. Both of them exhibit more than usual skill
in their execution.
20. — Illu stra ted A tla s a n d M odern H isto r y o f the W o r l d : G eogra p h ica l, P o litic a l,
C om m ercial and S ta tistical. Edited by R. M. M artin . N os. 37 aud 38. N ew
Y o rk : John Tallis & Co.
These are the most beautiful maps that have been issued in this country. They are
drawn and engraved on steel from sources in possession of the English government,
and they include all the new boundaries, discoveries, and lines of railways. The illus­
trations, which are quite numerous, are very beautifully executed from original draw­
ings. The maps contained in these numbers are “ Natal and Kaffraria,” “ Cape Colony,”
“ British Possessions in the Mediterranean,” and “ Islands in the Atlantic ocean.”
21. — Tallis's S crip tu re N a tu ra l H isto ry f o r Youth. Part 3, 18mo. New York :
John Tallis & Co.
This little work is designed to contain a distinct notice of every beast, bird, fish,
reptile, tree and flower mentioned in the Bible. It will likewise be a complete, conse­
cutive and general Natural History, arranged according to the most approved -system
o f modern science,
22. — T h e B r itis h C o lo n ie s ; th eir h istory, extent, con d ition , resources, A c. Part 29By R. M. M artin . New York: John Tallis & Co.
This great work, the best upon the subject to which it relates, has now reached the
twenty-ninth number : the contents of which relate to the New Zealand colony. It is
embellished with a finely engraved portrait of Admiral Lord Howe, who died in
1781.
23. — T h e A rt-J o u rn a l. March, 1851. New York : George Virtue.
This number contains five very finely executed illustrations entitled, “ Etbekali at
the Well,” “ The Meadow,” “ Early Sorrow,” “ Examples of the Artists o f Germany,”
and “ The Cardinal Virtues.” The high artistic merit of this publication is widely
known and justly appreciated It is of the first order in its illustrations, and its con­
tents are devoted as well to the useful as the agreeable in art.
24. — T h e C om m issioner, o r H e L u n a tico E n q u iren d o . By G. P. R. J ames. 8 vo., pp'
212. New York: Harper <fe"Brothers.
The author says in the course of this work that “ it is a most extraordinary and
comprehensive book,” and such it appears to be, in whatever light it is viewed. It is
one of the “ Library of Select Novels,” o f the Messrs. Harper, and will afford much
entertainment in its perusal.




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25. — H u rry-gra p h s : or, Sketches o f S cen ery , C elebrities a n d S ociety, tak en f r o m life .
By N. P arker W illis . 12mo., pp. 864. New Y ork: Charles Scribner.
Thi9 is one of those charming volumes that drop, every now and then, from the pen
of Willis. It will entertain and delight all those readers who can appreciate elegance,
beauty and uncommon artistic skill in the use of language when it is adopted to
thoughts and sentiments of exquisite refinement and naivete. Its contents have for­
merly appeared in the journal with which the author is connected as “ editorials.” The
subjects have been chosen from “ nearness at hand,” or from their occupancy of public
attention at the moment. They possess far more than a passing interest, not only
from the beauty of composition with which they are presented, but from the originality
of thought and philosophic view of life’s incidents that mark them. There is no editor
in the country from whose sheet such an agreeable volume as this could be selected.
As a specimen of the elegance and accomplishment of either the daily or weekly press
of America, it is a production worthy of the highest praise.
26. — Shakspcare's D ra m a tic W ork s. W ith In trod u ctory R em a rk s, and N o tes O rig in a l
a n d Selected. Nos. 35 and 36. Boston: Philips, Sampson & Co.
These two numbers contain the plays of King Lear and Romeo and Juliet. The
paper, letter-press, and execution of this edition is very neat and tasteful, and in all
respects it is unsurpassed in its appearance by any one that has previously appeared
in this country.
27. — T h e F a rm er a n d M e c h a n ic ; D evoted to A g r ic u ltu r e, M ech a n ics, M an u fa ctu res,
S cience, a n d A r ts . W. H. S t a r r , Editor and Proprietor. New Series, VoL 4.
Quarto, pp. 624. New York: 1850.
#
This publication is issued weekly, at two dollars, and forms, in a year, a quarto
volume of six hundred pages. Its design is to afford its readers an accurate and relia­
ble record of the progress of agriculture, manufactures, and arts, and to promote the
best interests o f all classes engaged in those pursuits. For this purpose it is stored
with new and valuable information relating to these subjects, and is embellished with
engravings of machines, mechanical implements, and inventions. For the mechanic,
the farmer, the manufacturer, and the scientific man, this will be found to be one of
the cheapest, most instruct ive, and valuable publications o f the day, as it is, in reality,
already one of the largest circulation.
28. — P o em s . By H e n r y T h e o d o r e T uckerman. 16mo., pp. 173. Boston: Ticknor,
Reed & Fields.
The poems in this volume are chiefly sonnets, with a few others of considerable
length. They possess all that grace of diction, beauty of thought, and richness of
imagery, which have won for their accomplished author a high place among the
distinguished poets of America, This volume, has more merits, even, than the author’s
former productions. There is a maturity of thought, a charming simplicity in these
pages, which display high attainment in the more serene and purer graces of poesy. t
29. — M ou n t H o p e ; o r P h il ip , k in g o f the W am panoags. An historical Romance.
By G. H. H ollister . 12mo., pp. 280. New Y ork: Harper <k Brothers.
The war of King Philip, as it is called, which took place in the early days of New
England, was one of the most serious for the time, in which the people of the Eastern
States were engaged. In its consequences, it humbled the New England tribes, and
secured a permanent triumph to the settlers. It is the object of this work to retrace
some of the faded and now scarcely visible features of those exterminating wars.
The tale is written in quite an agreeable and entertaining style, and shows an intimate
knowledge of the history of the times to which it relates.
SO.— L e o t a r d N orm a nd ale , o r the T h ree B roth ers. 8vo., pp. 128. New York: H.
Long & Brothers.
This work possesses much freshness of conception and vigor of style, with more than
ordinary interest and attraction.
31.— S election s fr o m the W ritin g s o f F en elon : w ith a M em o ir o f his L ife . By M rs.
F allon . Sixth edition. 12mo., pp. 360 Boston : Munroe & . Co.
This volume of selections contains, probably, the best representation of the religious
opinions of Fenelon, of any translation that has appeared. It is the peculiarity of these
opinions that has given to him most pre-eminent fame. The translations are admira­
bly rendered, and they preserve tliat simplicity and beauty of style, which is a chief
characteristic of the original.




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\

32. — T h e E d u ca tion a l System s o f the P iir ita n s a n d Jesuits Compared. A Premium
Essay. Written for the Society for the Promotion of Collegiate and Theological
Education at the West. By N. P orter . 18mo., pp. 95. New York: M. W. D odd .
The author of this essay is an intelligent and able writer, and his production will be
read with interest by all who entertain similar views with himself.
33. — Jane B o u v e r ie ; O r P r o s p e r ity a n d A d versity. By C atharine S inclair .
pp. 23.4. New York: Harper & Brothers.

12 mo.,

The more serious and thoughtful readers will find this quite an agreeable volume*
It is a novelty of its kind, inasmuch as it does not rely for approbation so much upon
dramatic incident, and the positions in which its personages are placed, as upon the ex­
cellent features of character developed. The heroine is a “ single sister,” in which happy
condition the author permits her to remain.
34. — The F a rm er's G uide to S cien tific a n d P r a c tic a l A g r ic u ltu r e. By H enry S te ­
phens and J ohn P. N orton. No. 16. New York : Leonard Scott & Co.
This is the best edition of one of the most practical works on agriculture, which
has, as yet, been offered to the farmers of this country.
35. — D ic ta tio n E x ercises ; C on ta in in g m a n y icords o f com m on use whose o rth o g ra p h y
is difficult , intended f o r reviews in sp ellin g , and to be w ritten by the p u p il. By
C harles N orthend. 12mo., pp. 84. New York: A. S. Barnes.
A useful book for pupils who are defective in correct orthography.
36. — T h e C ity M erch a n t , o r the M y steriou s F a ilu re. With numerous Illustrations.
By T. B. J ones. Illustrated with Ten Engravings. 12mo., pp. 235. Philadelphia :
Lippincott, Grambo & Co.
A stirring, animated, and spirited tale.
37. — W r itin g w ithout a M aster.

S ix L esson s on W r itin g , w ith P la te s , b y which P e r ­
sons m a y in struct them selves in a b ea u tifu l a n d easy style o f H a n d w ritin g. By

G eo . N. C omer, Accountant.

Boston.

This little book-ds certainly worthy of commendation. Its directions are so simple
and so clear, and so fully illustrated, that no ordinary writer can fail to derive benefit
from its use.
38. — W a v erly P o e t r y : being the P o em s sca ttered through the W a v erly N ovels. Attrib­
uted to anonymous sources, but presumed to be S ir W alter S cott’s. 12mo.,pp. 268.
Boston: Munroe & Francis.
The contents of this volume are doubtless familiar to all readers. This is the first
time that all the poetry of Scott’s novels has been collected and published. It forms
a very handsome volume, and cannot come amiss to the admirers of those elegant
works of fiction.
39. — T h e G olden S ands o f M e x i c o : A M o r a l a n d R eligio u s Tale. T o which is added,
T rue R ich es , o r the R ew a rd o f S elf-S a crifice. With Illustrations. By W. Croome.
l2mo., pp. 211. Philadelphia : Lindsay <fe Blakistone.
These are pleasant stories, the object o f which is to correct a very common error of
the day— which consists in the eager and unscrupulous pursuit of wealth at the risk of
all moral culture, all domestic happiness, and often of life itself. Its merits are suf­
ficient to entitle it to a place among some of the best works of the kind.
— P a rn a ssu s in P ill o r y . A S atire. By M otley M anners, Esquire. 12mo„ pp.
95. New York : Adriance, Sherman & Co.
This is one o f the best of those little satirical volumes which have recently issued
from the press. It leads forth to execution all the poets of the day without mercy,
and what is worse still closes by leaving them “ hanging.”

40.

4 1 . — R eb els

a n d T ories ; o r the B lo o d o f the M ohaw k.

L awrence L abree , Esq.

8vo.

New York: Dewitt

A R ev o lu tio n a ry L egend .

A tale of the Revolutionary days is the subject of this volume.
animated style, and contains many passages of thrilling interest




By

Davenport.
It is written in an