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HUN T ’S MERCHANTS’ MAGAZINE. E stab lish ed . J u l y 9 18399 BY FREEMAN HUNT, EDITOR AND PROPRIETOR. VOLUM E X X V I. MAY, C O N T E N T S OF 1 852. N O . V ., NUM BER V . VOL. X X V I. A R T IC L E S . Art. page. I. ASTRONOMY: AND ASTRONOMICAL OBSERVATORIES OF THE UNITED STATES 531 II. MONEY OF ACCOUNT—ITS NATURE AND FUNCTIONS—P a r t i i .— Glances at the causes which introduced the present coinage system of Great Britain—System o f coinage in the United States—Proposed adoption o f a single standard o f gold, as a remedy for scarcity of silver—Reduction in value of silver coins—Foreign exchanges—Of ^relinquish ing the double standard and relying upon silver standard alone, etc. By S. C o l w e l l , Esq., of Pennsylvania................................................................................................................... 550 III. THE COMMERCE OF ST. THOMAS. B y J o h n P . K n o x , o f St. T h o m a s .......................... 563 IV. COMMERCIAL CITIES AND TOWNS OF THE UNITED STATES.—No. x x x i i .— DAYTON, OHIO. By W il l i a m C. B a r t l e t t , Esq., of Ohio............................................... 572 V. THE LAW OF PROGRESS IN THE RELATIONS OF CAPITAL AND LABOR.— P a r t i i . By R i c h a r d S u l l e y , Esq., o f New York................................................................... 578 J O U R N A L OF M E R C A N T I L E L A W . What constitutes bargain and sale.......................................................................................................... Banks and borrowers—Usury.................................................................................................................. What constitutes a sufficient delivery o f goods to recover, etc......................................................... Promissory note—indorser vs. maker—Usury...................................................................................... Liabilities of railroads as common carriers........................................................................................... 588 590 591 592 592 C OMME RCI AL CHRONI CLE AND R E V I E W : EMBRACING A FINANCIAL AND COMMERCIAL R E V IE W OF THE UNITED STATES, E T C .,IL L U ST R A TED W IT H TABLES, ETC., AS FOLLOW S : General aspect o f commercial affairs throughout the country—Spirit o f speculation—Advance in real estate—Decline in the value o f merchandise—Sacrifice o f European goods—Steady mar ket for cotton—Effect of supply and demand upon the price of breadstuffs—Objects to which speculation is directed—Notice o f building associations—Promises o f a rapid accumulation o f fortune generally illusory—Expansion of bank accommodations—Comparative statement o f the condition of the New York banks—Rates of foreign exchange—Deposits and coinage at the Philadelphia and New Orleans Mints—Decline in the general import trade—Imports en tered at New York for March— Do. thrown upon the market— Increased receipts o f free goods —Imports at New York for the quarter— Imports of dry goods for March—Do. for three months—Increase in miscellaneous goods—General increase in the export trade—Exports from New York for March, and for the quarter—Decline in the national revenue—Comparative receipts at New York and Philadelphia—Exports of leading articles o f produce from January 1st—General remarks, & c............................................................................................................ 592-599 VOL. X X V I --N O . V . 34 530 CONTENTS OF NO. V., VOL. XX V I. JOURNAL OF B A N K I N G , CURRENCY, AND F I N A N C E . PAGE. The proposed alteration in our Currency. By Professor C. F. McCay, o f Georgia........................ 600 Prices of silver coin in New York and London in 1851.—The threc-cent coins o f the U. States.. . 603 Condition of the banks o f Pennsylvania, November, 1851......... ..................................................... 603 Condition o f the banks of Detroit, (Michigan,) December 26, 1851................................................. 608 Excise Revenue o f the United Kingdom............................................................................................. 608 Condition o f all the banks o f New Hampshire in 1852........................................................................ 609 Quotations of bank stock at Boston in each month of 1851...............................................................616 Value of property and taxation in California for 1851................................. ..................................... 611 Debt and finances o f St. Louis................................................................................................................ 612 Capital and dividends o f Boston banks in April, 1852....................................................................... 613 Financial statistics of Louisiana, from 1830 to 1851........................................................................... 614 United States Treasurer’s statement for March, 1852........................................................................... 615 A national currency—“ Confidence its Basis.” ................................................................ ...................... 616 The Director o f the Mint on the gold coinage of the United States................................................... 617 Stock securities o f New Jersey free banks.—Debt of the State of Louisiana................................. 618 COMMERCIAL STATISTICS. Commerce and navigation of United States in 1850-51—Part I. Commerce.................... ............. Value o f domestic exports of United States for 1850-51.................................................................... Value o f domestic exports o f United States to each foreign country, 1850-51............................... Foreign merchandise exported from United States to each foreign country in 1850-51................. Value of imports into United States from each foreign country in 1850-51 ................................... Commerce of United States with all nations in 1850-51........... ......................................................... Exports from Martinique and Guadaloupe.—Shipments of oil and bone at the Sandwich Islands Statement o f the Commerce of each State and Territory for the year ending June 30th, 1851----- 619 619 620 621 622 622 625 620 COMMERCIAL REGULATIONS. Brazilian consular regulations, relating to the property o f deceased subjects o f different countries 627 Spanish navigation and port dues.—Passport regulations o f Austria................................................630 Breadstuffs imported into the Zoll-Verein free of duty....................................................................... 630 Postage to Buenos Ayres.—Spanish duty on foreign vessels............................................................... 63ft NAUTICAL INTELLIGENCE. Light-house at Port Mahon and Dragonera.—Port regulations of Shanghae................................... 631 Light-house at the mouth of the River Llobregat................................................................................ 632 Concerning Sable Island........................................................................................................................... 633 S T A T I S T I C S OF P O P U L A T I O N . Population o f cities and towns in the United States, and rates o f increase in 1830 to 1850 ........... 633 Population o f Nicaragu a ........................................................................................................................... 034 Progress of Liverpool in population and Commerce.—Population of San Francisco.................... 635 R A I L R O A D , C A N A L , A ND S T E A M B O A T S T A T I S T I C S . Canals and railroads o f Pennsylvania.................................................................................................... 036 Progress o f railroads in United States from 1828 to 1852 ............................................................ 038-639 Opening and closing o f the Hudson River, and the Erie Canal ai d Lake Erie, in each year from 1814 to 1852................................................................ ..................................................... ............... 640 Railroad speed forty miles an hour.—Consumption of oil on railroads in Massachusetts............... 041 British regulations for steamboats.......................................................................................................... 041 Erie railroad and Erie Canal, Central Railroad.................................................................................... 642 J O U R N A L OF M I N I N G A N D M A N U F A C T U R E S . Consumption o f cotton in manufacturing countries,........................................................................... The Cliff Copper Mine of Lake Superior.—Steel pen making at Birmingham............................... The Dean Cotton o f T exa s..................................................................................................................... Machine for printing calico.—Lake Superior copper mines............................................ ................... The advantages o f modern inventions................................................................................................... Production of cotton from straw.—Profits of mining in England..................................................... 042 043 044 045 045 046 MERCANTILE MISCELLANIES. The fisheries of the United States............................................................................................................ 040 False-packed cotton.................................................................................................................................. 647 Cheap ocean postage.—The merchants’ clerk and the plow boj........................................................... 048 Merchant peddler, or buying cheap.—A curious commercial custom................................................. 049 The London Times on the commercial agencies in the United States.............................................. 05ft A proverb for merchants.—A lady ship-master..................... ........................................................ . 050 T H E BOOK T R A D E . Notices o f 37 new Books, or new Editions...................................... ........................................... 651-656 HUNT’S MERCHANTS’ MAGAZINE AND COMMERCIAL REVIEW. M A Y , 1852. Art. I.—ASTRONOMY: AND ASTRONOMICAL OBSERVATORIES OF THE D. STATES. I n the general advancement o f science, and its adaptation to the useful purposes o f life, which may be considered as the distinguishing feature o f the present age, there have been no developments or discoveries o f greater interest or importance than those made within the last half century in the science o f astronomy. In our own country the progress o f this science, and the estimation in which its cultivation is beginning to be held, have been marked recently by the endowment o f several private observatories, by the commencement o f an Astronomical Journal and Nautical Almanac and as a more worthy expression o f the general sentiment, by the institution of a National Observatory at the seat o f government. This measure would, at no distant day, have become necessary for geographical purposes. One effect o f modern improvement has been almost to annihilate distance, and exactly in proportion as we effect this by the approximation o f remote points, is enhanced the importance o f an accurate determination o f their relative positions. This is at first necessarily done by astronomical observa tion ; the results o f which, to be of general authenticity, should be co-ordi nated in reference to some well-established meridian on our own continent. Our recent acquisitions render us, in relative proportion o f coast and terri tory, somewhat similar to Russia, and at the institution o f her Central Ob servatory, which is now better endowed and appointed than any other in the world, the improvement o f geographical knowledge, was regarded as one o f its most important functions.* In this respect the progress o f astro * Statute ‘2 of the Poulkova Observatory. “ The Central Observatory has for its object to furnish continuous and perfect observations tending to the advancement of astronomy as a science : to make corresponding observations, such as are indispensable to geographic operations in the country, as well as for scientific and ordinary voyages: and in fine to co-operate by all methods for the advance ment of practical astronomy, in its application to geography and navigation, and to furnish individ uals, who shall be disposed to employ themselves in geographic determination, with the means for effecting such purpose.—Struve, Description de VObservatoire de Poulkova. 532 A stronom y: and Astronomical Observatories o f the U. States. nomical science becomes o f interest to the merchant as well as to the stu dent, and it is our purpose in this paper, in connection with a notice o f the National Observatory, its origin, endowment, and administration, to present a brief sketch o f the astronomical movement among ourselves, and as much o f the general history o f the science as we may deem o f interest, or for which the material may be present. Astronomy, in its present improved state, is too apt to he considered as a contemplation merely— a scientific contemplation, indeed, and a devout one also— but separated entirely from this working-day world, and belonging, like music and painting, to that class o f knowledge whose domain is rather in the air than on the earth— in the ideal than the actual world. A t the risk o f being thought superfluous, and as a curative o f this notion, which is too generally prevalent, we will venture to present an historical sketch of this science, considered merely as a practical one. The sciences have all had their origin in some one or other o f the inherent wants o f our species, the subject and domain o f each being only varied by the nature o f the de sideratum which it was intended to supply. Am ong our primeval ancestors, a tempest or a rain o f unusual length would suggest the comfort o f shelter, and ere long produce a class o f rude architects and builders: disease and accidental injury require remedy, hence leech-craft and its fellow s: the growth and decay o f vegetation would by degrees indicate the appliances necessary for its preservation and renewal; while the evident capability and inclination which we possess to injure each other would soon direct attention to the means of defense, hence the shield and spear, the mound and trench, the armourer and engineer. It is neither fanciful nor irreligious to trace in this way the source and division o f all the branches o f human knowledge, or to follow them in their subsequent stages o f development. The simple discoveries making the basis and ground-work o f each separate science, would be transmitted as property among the first races, (our mental, like our physical possessions, increasing at first mainly by inheritance,) until, in process of time, a body o f facts and institutes had been accumulated in the hands o f a distinct class or caste o f the community, who would by this means obtain a powerful influence over their fellows. In the hands o f these primitive doctors science would become connected with education, with gov ernment, and religion; while the emoluments and honors of its votaries would insure them leisure for extending and perfecting their researches. If we trace astronomy to its origin, according to this genealogical hy pothesis, its first office will be found in the supply o f a very primeval and important want, to w it: the determination o f a measure o f time, and the length o f the year. This want has so long disappeared from among us, that we can scarce conceive of a time when it existed at all, or o f the pro cess by which it has been obliterated; yet it required long ages o f observa tion, under the serene and clear skies o f eastern countries, to arrive at the determination o f a period by which the return of the seasons could be pre dicted. Years o f 304, 354, 360, and 365 days preceded at long intervals the establishment o f the Julian year, to the discussion and perfecting of which was brought all the accumulated knowledge o f the E ast; and even that period, fixed with so much care, was so imperfect that in the sixteenth century it required a correction o f ten days, to prevent March from assum ing the skies and influences of April, and pushing all the other months from their rightful place. The first function o f astronomy, therefore, was to furnish a measure o f time, by which the returns o f the seasons might be A stronom y: and Astronomical Observatories o f the U. States. 533 foretold, and the labors o f agriculture regulated. To effect this purpose many and long tentatives were necessary, during which, and as necessary auxiliaries, arose all those attendant sciences which deal with quantity, with space, and their abstract relations. Aided by them astronomy now com prehends all the complications of planetary motion, has resolved them into their simplest forms, and presents to us, in the whole visible universe with which we are surrounded, hut the development, upon an infinite scale, o f the forces, masses, and motions with which, in all stages of our existence, we have been familiar. Its origin, therefore, has been of the most direct and simplest character; its progress has been marked by the creation o f other branches of knowledge o f great use and dignity, while in its present mature state it presents the most extended field for intellectual exertion, and the highest measure o f intellectual power. The greatest pleasure of which our nature is susceptible arises from the acquisition or perception o f new truths, and we can conceive o f no more transcendant exercise of this faculty than is found when we first discover that the circumscribed motions with which we can impress smaller masses o f matter for our own uses, are all but workings o f the same invisible force, and governed by the same laws which obtain in the immensities o f space. That indeed the whole o f this visible universe, so complicated in its appearances, is, like our own m i crocosm, produced by the arrangement of material masses placed in certain relations to each other, and governed by perfect but unseen agencies, whose nature and operation are as inscrutable as the perceptions of our own minds, or the acts o f our own souls. But apart from the exact sciences, whose origin may be traced directly to the cultivation of astronomy, there are other more ethereal influences which have been derived from the same source, and whose effects are still indelibly fixed upon the kindred arts o f our own age. In the infancy o f the world the ever-present heaven was an unfathomable but beloved mystery, the con templation of which awoke both awe and worship, and the simple but earn est fathers o f our race peopled it with their own imaginings. “ The star that bids the shepherd fo ld ” became the home o f some trans lated mortal, and the constellation set to mark the return o f spring was hailed as the benignant power which produced it. Out o f these fervid but solemn dreams arose that world o f myths, which still holds its place among us, though the faiths which created them have long since disappeared. “ The intelligible forms o f ancient poets, The fair humanities o f old religion, The power, the beauty, and the majesty That had their haunt in dale or piny mountain, Or forest, by slow stream or pebbly spring, Or chasm, or wat’ry depth : all these have vanished— Tliev live no longer in the faith o f reason.” * Even after the establishment o f the true faith had obliterated all worship o f these divinities of an earlier age, we see in the almost universal preva lence of judicial astrology, a science which dates from that period, strong proof o f the reluctance with which men yielded up their belief in the celes tial influences. In this science the planets were consulted as indicating the decrees o f destiny. And though some o f its votaries may have been be lievers in its truth, there is but little doubt that the greater number regarded Coleridge, from Schiller’s Wallenstein. 534 A stronom y: and Astronomical Observatories o f the U. States. it only as a shelter and disguise in which, protected by the shadows of the old mythology, and feared for pursuits, deemed both preternatural and pro fane, they found leisure to continue their observations on the heavens; for it is not being either too critical or too credulous to see, in the practice o f this facti tious science, a provision for preserving the germs o f astronomical science through the dark peried of feudal barbarism. Astrology was, then, to as tronomy what alchemy was to chemistry— the husk or rind which preserved the seed for its season.* These relative effects o f astronomy upon the knowledge and belief of a precedent age should not be less appreciated be cause they have no place in our own. On the revival of letters, we find astronomy resuming its pristine office, the adjustment of the measure o f time and the length o f the perfect year, the errors of the previous establishment having already become very appar ent. The Christian era was generally adopted in the year 532, and the preservation o f the calendar, or the office o f keeping the festivals o f the church in accordance with the year of the seasons, necessarily devolved upon the clergy. Am ong rude nations the most important use of any re cord o f time is the apportionment o f religious observances, and the princi pal epochs of any people are always found connected with their established ritual. The methods used by the clergy for preserving the year were kept a profound secret until the middle o f the fifteenth century. It is now ap parent that they had adopted the latest and best authority, to w it: the Ju lian year, intercalating a day every fourth year, and fixing the high festival o f Easter by the full moon immediately following the vernal equinox. The Julian year being, however, too long by a small quantity, its error had in process o f time become so aggrandized, that in the fifteenth century the the Pascal moon, determined by the church, was evidently leaving the sea son to which it belonged. This defect becoming of general notoriety, Sex tus IV., in 1474, invited to Rome the celebrated astronomer Jean Muller, better known notv as Regiomontanus, in order that the aid of science might be had in the matter.f Unfortunately, Regiomontanus died soon after, and things remained as they were until 1582, when Gregory X III. succeed ed in establishing the calendar which has since born his name, and which was introduced into all Catholic countries soon after. Although the divisions o f the new calendar were arranged by the old method of cycles, and the fictitious full moon o f 1he Metonian cycle (which may differ from the real one two days) was retains d,J still the data then furnished by astronomers as to the absolute length o f the year, enabled them to regulate the intercala tions so as to prevent ihe accumulation of error, which had vitiated the former calendar. For scientific aid the Pontiff seems to have relied mainly upon the Calabrian astronomer L u llio; but this was the age of Copernicus, Tycho, Kepler, and Galileo, and the reformation o f the calendar, though carried by the authority' o f the Church, was based upon astronomical deter minations^ *§ * “ Astrology and improvements in the calendar long procured protection for astronomy from the secular and ecclesiastical powers, as chemistry and botany were long esteemed as purely subser vient auxiliaries to the science of medicine.” — Cosmos, vol. ii. t Regiomontanus had previously occupied himself with the calendar, and prepared an almanac in advance for the year 1474. It is the first ephemeris ever published. He died at Rome o f the plague in 1476. X “ It is not generally known that Easter is regulated by a moon fictitious and imaginary, and not by the real one.” —Am go du Calendrier. § Copernicus, in soliciting protection from the Pope for his discoveries, makes the plea, “ that the Church itself would derive advantage from his investigations on the length o f the year and the movements of the moon.” — Cosmos, vol. it. A stronom y: and Astronomical Observatories o f the U. States. 535 The new calendar was not adopted in Protestant countries for a consider able time thereafter. In some parts o f Switzerland it was imposed by force o f arms, and in Poland it occasioned an insurrection. This was the era of religious reformation, and changes o f the most evident utility proposed by one sect were certain to be resisted by the other. In England the change was not made till 1752. In that country it was also necessary to change the commencement of the year, which had previously been counted from the 25th o f March, so that the year 1751 was without January, February, and a great part o f March. The opponents o f the measure in Parliament contended (alas, for the honesty of politicians!) that this change defrauded poor people o f three months’ wages, and Lord Chesterfield, one o f its prin cipal advocates, was attacked by a London mob, with cries o f “ Give us our three months.” Changes in long-established customs are always made with difficulty. In France, up to the second restoration, (1815,) the clocks of Paris had been set by apparent time, (noon being counted from the passage o f the sun over the meridian.) W h en mean time was substituted, an in surrection o f the ouvriers was anticipated though it did not occur. Had the change not been made then, it would have been absolutely necessary n ow ; for in a capital so benetted with railroads the continuation o f the old method must have occasioned numberless and destructive accidents. W e have been thus particular in tracing the history of the calendar, be cause its establishment marks the era at which public observatories were first instituted throughout Christendom; for though the Protestant countries re fused to adopt the reckoning imposed by the Pontiff upon his spiritual sub jects, yet the state o f learning at that time did not permit them to overlook the matter altogether. If they refused to submit to authority, they were obliged to patronize investigation. For the purpose of settling permanently the length o f the year, observatories were first endowed by all the principal nations in Europe. The Observatory o f the Collegio di Komano was the only one existing at the time o f the Gregorian reform, yet that event was followed almost immediately by other more active and better appointed in stitutions. The Observatory o f Copenhagen was founded in 16 3 7 ; Paris in 1 6 6 4 ; Greenwich in 16 7 5 ; Berlin in i 711, and St. Petersburg in 1725 — in all o f which the proper arrangement o f the calendar was recognized as the most important function. A t the same period arose all those national academies which have been continued to our own day, and connected with which are found all the distinguished votaries o f science o f the intervening period. These academies were created as necessary' adjuncts to the observa tories, within whose circuit methods both o f observation and computation might be thoroughly discussed and perfected. For although they have in later times extended their researches to every science, yet the cultivation of astronomy was the original and prime object of their establishment. A t least, to this source they may all be traced, with the exception only o f the Italian academies, which grew up with the revival o f letters, and were at first devoted rather to art than to science. Thus far we have traced the practical uses o f astronomy in reference to time— we must now follow them into the kindred realm o f space. A certain amount o f geographical knowledge is required among all na tions who have affairs either o f Commerce or o f wra r ; but in powerful aud extensive States, more accurate and detailed information o f this kind becomes necessary for the proper apportionment o f taxes, and the general administration o f the revenue; as at a certain stage o f improvement the 536 Astronom y : and Astronomical Observatories o f the U. States. assessments on the value o f land come to depend mainly upon superficial areas. The want o f a correct basis for this purpose began to be felt in France about the year 1GY1, it being found then that seignioral limits had gradually enlarged in estimation as they receded from the capital, until the distances from Paris to any o f the frontiers had increased about one-third, and Brest, with all the contiguous coast, was thrust about thirty leagues into the ocean.'*' A t this time astronomical observations had so far im proved as to be available for the determination o f geographical position. The inaccuracy o f the existing charts o f the kingdom were represented to the king by the members of the academy, and in 1681 the first steps were taken for the construction o f the great map o f France, which was com menced soon after by the elder Cassini. The academy was charged with the execution o f this work, in the progress o f which the modern sciences of geodesie and topography may be said to have originated. The operations directed by the academy for the construction o f the map o f France had incidentally another important effect upon the science of the time. The theory o f the solar system announced by Copernicus was for a long time disputed, one and a principal argument used against it being found in its disagreement with the literal signification o f some passages o f the H oly Scriptures. About the tim,e o f the commencement of the survey for the French map, the discoveries of Newton had been promulgated, one consequence o f his universal principle being that the earth must be a spheroid, flattened at the poles. The basis o f the French survey was a me ridian extending through Paris from the ocean to the Pyrennees, whose length and the position of its extremities had at that time been determined. A comparison o f the lengths o f different portions o f this line, with the differ ences o f latitude, afforded a direct method of testing the truth o f the New tonian hypothesis, so far as it concerned the figure o f the earth, and this comparison was instituted by the most distinguished astronomers o f the time. Unfortunately, the methods used at first in the reduction o f the work were so imperfect that they resulted in a confutation o f the Newtonian system, and proved that the earth was elongated instead of flattened at the poles. On a recomputation by improved methods the contradiction van ished, and the system of the English philosopher received a practical con firmation. But from this circumstance a new direction and impetus was given to scientific investigation, and the determination o f the figure o f the earth, by measurements made on its surface, became the most important problem of the day. Distinguished astronomers were sent to measure arcs o f the meridian in different latitudes in Lapland, Peru, and North America, the result of which not only put the Newtonian principles beyond cavil, but was the source o f innumerable improvements in the construction of instru ments and methods of calculation, and gave afterward to the French their decimal system o f weight and measure, which promises at some day to be come universal. W h ile France had thus been more particularly occupied with the geogra phy of her own domain, England entered upon a more general and wider field of operation. The foundation o f her colonial power and policy, which have since been so immensely developed, had then just been laid, and her Commerce began to show itself in every quarter o f the world. A t such an epoch it was natural that the maritime interest should be held paramount, Montucla, Historic des Mathematiques, vol. ii., p. 520. A stronom y: and Astronomical Observatories o f the U. States. 537 and accordingly we find that even at the first institution o f her observatory, her astronomers are directed to employ themselves mainly in such observa tions as shall tend “ to the perfection o f the art o f navigation.” Astronomy had already furnished a method for determining the latitude, but the longi tude, the other ordinate o f geographical position, was left to uncertain and very gross approximation. Am ong sailors, finding the longitude became a bye-word for impossibility, and among mathematicians the power to do this was more coveted than the magisterium o f the old philosophy. To the more perfect attainment o f this object, the efforts o f the English have been unceasingly directed up to the present time, and no institution was ever more faithfully devoted to its original purpose than the observatory of that nation. If the celestial phenomena from which the longitude can be best determined have not always been first indicated by the English astronomers, they have always been the first to make them practical, and to simplify them byr artifices o f computation. Indeed, (though it should be said in all kind ness,) there is reason to fear that, in this respect, they have carried their la bors beyond the proper mark, until in some instances nautical men, instruct ed by these methods only in the mechanical part o f the computations, and left ignorant o f the principle altogether, may be found who can take a lunar and work out the longitude, (it is indeed working i t !) without being at all conscious o f the nature o f the operation so successfully performed. And here it must be not forgotten that it is to the English we owe the introduction o f the lunar observation. The advantage of this method was first pointed out by La Caille in 1751, but it was not brought into use till 1763, when Maskelyne published his “ Mariners’ Guide.” Upon his recommendation it was adopted by the Board o f Longitude, and to make it effectual the Nau tical Almanac, the first ephemeris containing tables o f lunar distances, was published in 1767.* Previous to this time the great reward offered by the British government, for the best method o f finding the longitude, had ex cited emulation among artisans o f all classes, and the English time-pieces began to approach the perfection for which they have since been so much celebrated. But even these services, done for the improvement o f naviga tion as a science, are far surpassed by the amount o f hydrographical and nau tical information for which the world is indebted to officers o f the British navy. After the peace o f 1815, or indeed for some years previous, a very consider able portion o f the naval force o f that nation had been employed constantly in making surveys, not only o f their own immense colonial possessions, but o f every penetrable region in the world; so that, at the present time there is scarce an existing coast, or harbor, or anchorage for which we have not at British chart o f such accuracy that, under its guidance, a vessel may ap proach with reasonable safety. In this respect her example has been fol lowed by other nations, who have converted armaments, originally used only for destructive purposes, into missions for the increase o f knowledge. The doctrines recently advanced here, that the military professions are incom patible with science, have found no advocates in any country but ours.f * The sum paid to Harrison in 1765 for his chronometer (ten thousand pounds sterling) is, we be lieve, the highest reward ever paid for any invention. In this case it was well earned. It was the price o f 40 years’ labor o f a man o f genius, paid to him after he was 80 years old. f In France the geodetique operations, commenced in 1815, were organized by a commission, o f which M. La Place was president. One object o f this work, as set forth in the report o f the com mission, is to “ render useful the leisure o f peace,” (pour utiliser les loisirs de la paix.) The trian gulation necessary for the survey of the French coast has been executed entirely by the ingenieurs geogrnphes of the navy.—Memorial du Department de la Guerre, tome i., passim. « 538 A stronom y: and Astronomical Observatories o f the U. States. Statesmen throughout Europe seem to have been aware that an army or a navy is as apt as any other set o f people to “ exhibit the cankers o f a calm world and a long peace,” and at an early day transferred the force o f both descriptions to services at once congenial with former pursuits and beneficial to the world. In the preceding sketch we have confined ourselves entirely to the practi cal uses o f astronomy, though, so ample is the subject, it has exceeded our limitation, and is still unexhausted. W e are compelled to leave it now, nor can we think that our review, brief and unfinished as it is, will be found al together devoid o f interest. This is eminently a utilitarian age, and the question o f “ cui bono ” often falls with a very sedative effect upon the most beneficial projects. W e have heard it asked, even in the porticoes of mod ern observatories, what use there is in observing stars which are known to be fixed, or planets whose motions can be predicted for centuries ? Had such questions been common in the days o f Copernicus and Newton, the former might have contented himself with sketching planetary figures in the margin o f his breviary, and the latter would have only eaten the apple which fell to admonish him o f a universal principle. W e now come to details which are more to our purpose, and refer to the history o f astronomy among ourselves. The practical use o f this science for geographical purposes was known among us at an early period. The meas urement o f an arc o f the meridian between Delaware and Maryland in the beginning of the last century must have directed attention to the subject even then. But in addition to this operation, which concerned science in general, there were other more necessary purposes requiring astronomical aid. The boundaries assigned by royal charters to the original proprietors o f the country had, in several instances, been defined by parallels o f latitude, and the same mode o f designation was adopted by the treaty of Utrecht and that o f 1783. These boundaries, unnatural aud unnecessary in older countries, become indispensable in new ones, and are still retained, not only in the limits o f the confederacy, but o f several o f the States which compose it. As long as these air-line boundaries exist among us they give evidence o f similar institutions, manners, and feelings, and long may it be before they give place to the more marked and impassable barriers by which sectional interests have divided other nations. They can, however, only be designat ed on the ground by help of astronomical observation, and several o f these had been fixed in this manner, either before or immediately after the W ar o f Independence. W ith such experience it was natural to suppose that the founders o f the republic would hold a high opinion both o f the use and dignity o f this science, and accordingly we find that during the first three presidencies scientific recommendations were made and discussed, indicating that clear conception o f the present and future interests o f the country for which the statesmen o f that time were all distinguished. There is even some indirect evidence that during the first presidency a national observatory was contemplated as deserving the patronage, if not necessary to the repu tation o f the country.* However this may be, the first direct proposition * The authority for this supposition is not o f the strongest, resting solely upon a passage in Searson’s Poems, a book, we believe, now very scarce. The author was a chaplain in the army of the Revolution, and seems to have combined a large measure of piety and patriotism, which expanded itself into a volume of lyrics not very creditable either to his taste or culture. There can be but little question, however, of any fact which he states, as he was intimate with all the distinguished men of that period. Ills book, published about the same time as Marshall’s “ Life o f Washington,” has nearly the same list of subscribers. It is a theory, assumed by Macaulay, upon which, indeed, he has constructed his “ Lays of Ancient Rome,” that the historians o f all great events are always A stronom y: and Astronomical Observatories o f the TJ. States. 539 for the establishment of an observatory is contained in Mr. Hassler’s project for the survey o f the coast, submitted to the government through Mr. Gal latin in the year 1807. The proposition met with no favor. The original law, authorizing the survey, passed without any provision on the subject, and the law o f 1832 expressly prohibits such an establishment. The next recommendation came from the last President Adams, and was equally un successful. A t this latter period, (1828,) there is no doubt but that a Na tional Observatory would have been eminently popular throughout the country. Subsequent movements have made this sufficiently apparent; but at that time Mr. Adams’ political influence was on the wane, and any meas ure emanating from his councils would have been set aside from party or selfish purposes. In our government there has been no lesson more often or more forcibly taught than that a good measure can never be carried by a powerless politician. In this case the simple comparison by which the pro ject had been recommended became a bye-word and a jest, and the Presi dent’s influence instead o f being beneficial was injurious. But if it be ne cessary for the patrons o f science to await favorable conjunctures in politics, they have this advantage, even when their projects are presented at the wrong time, that they awaken discussion, and are bandied about until they are un derstood. If we have some ultra-Roman notions about our national superi ority, we are at least perfectly right in this, that the power of the government is in the intelligence of the people, and all our history hitherto concurs in show ing that whenever public opinion has settled itself in relation to any subject, it very soon and very quietly carries the government after it. The change is not made during the heat of discussion, but takes place after an interval o f silence. The leaders o f party watch the progress of conflicting opinions as mercenary soldiers do the opening of hostilities, ready to appropriate the name and banner which is most likely to succeed in the conflict. From this effect of party upon public concerns arises a very distinguishing characteristic o f all our public undertakings, which is, that their origin is always masked, and presents for a considerable length o f time no trace of its existence. They do not come out until some one can add to his popu larity by bringing them forward, and show the part which he had taken in their private education. Until this can be done they are kept out of sight. There may be at first a little flourish. Some politician who wants a hobby may try his hand here ; some journalist who has room may adventure a puff; but after that all is secret and still. N o speech or paragraph indi cates the whereabout of the embryo project; no one either attacks or de fends it, and it lies apparently helpless and forgotten. But such lias not been the case; it has all the while been under the surveillance o f some preceded by a race of bards and an era of ballads. If this be so, we must certainly have such a species of minstrelsy belonging to the period of the Revolution, which it might be worth while to collect. From our recollection of Searson (we have not the book at hand) we should think he would hardly answer for the “ silly sooth ” of such legendary lore. There are, however, some songs o f that time which, though not agreeing with the Anglo-American feeling of the present day, might serve well enough for substantiating particular facts. We remember long since to have heard one sung to us, in the neighborhood of Saratoga, which had a stave like the following:— And you, great George the Third, you shall Yet sorely rue the day You sent us to lose our daddies In the North America. It would hardly suit the times when Presidents of the United States are nominated at Liverpool dinners. 540 Astronony : and Astronomical Observatories o f the U. States. watchful and judicious patron, who, toward the end o f a session o f Congress, at the conclusion o f some tiresome and profitless debate, rolls it quietly up in the ambiguous proviso o f a miscellaneous bill. Here it is safe as in a house of proof. The funds necessary for its sustenance can now be absorbed from the mass o f general and constructive appropriations which are jostled through Congress during the Saturnalia* o f the adjournment. In this way it is nourished through the necessary term o f probation, making influ ence and growing in stature, until at length it stands before us in full form and proportion, exclaiming loudly against all who question its legitimacy or its powers. In this respect our practice is altogether different from that of elder countries. There, in important matters, the discussion in the country al ways precedes that among the executive functionaries. Before any new project is set on foot, whether it be a steamship, a tubular bridge, or a crystal palace, there must be much preliminary consultation and flourish; meetings among the capitalists and scientists, and speculative and tentative paragraphs by the journalists before the projectors and the public come fairly to understand the matter in hand. And when at last, after so much manifesto and preparation, the work has been undertaken and achieved, it must at least have the main qualities and functions which are designed for it. The honesty and skill of its authors can be fairly appreciated, and there is some one to answer for its success or its failure. That peculiar quality which is held by the poet to be the distinguishing characteristic of our species— “ That he before can understand A nd trace and fashion in his heart W hat he must labor with his hand,” -)- has here full scope and exercise. But among us the menage is entirely different. The discussion comes after and not before the project, which, like some intrigue m- conspiracy, has been quietly elaborated in the coteries o f silent and skillful politicians. But though these first attempts at an Observatory were as untoward and unsuccessful as those of any other similar project, and the speeches, para graphs, and caricatures excited by the discussions in Congress, were as un* The State ceremonials and observances at Washington are year by year becoming more sumptuous. Any one who has been at two successive inaugurations and witnessed the quantities o f sash and rosette, of triumphal paraphernalia, ornamented chariots, white horses, and black grooms, which find authorized places in the procession, must be aware of the progress we are making in this respect, and can easily fancy that the time is fast coining when the inauguration o f an American President will surpass in pomp and splendor any coronation of which we have ever heard. Hut o f all the governmenial fetes there is none o f such deserved celebrity as the adjournment o f Congress. In the twenty-four hours immediately preceding this momentous epoch, all the important grants o f money necessary for the next fiscal year are disposed of. Appropriations amounting to many thousands o f dollars are made, if not without consideration, at least without time to vote, and depend merely upon the favor in which they are held by the committees o f conference. At a recent adjournment a bill having passed both houses, was lost by being dropped between the Senate and the executive cham ber. At another an important proviso was omitted in the engrossment. Grants o f money which have been voted down during the session are inserted between midnight and daylight o f the last day. Allowances become prospective or retrospective by Mr. Shandy’s process for the increase of knowledge, viz., “ a proper use of the auxiliary verbs.” Judicious insertions o f “ shall be ” and “ may have been,” in the text of a bill are as potent as “ stand,” upon the road, and carry otf thou sands. The large sums are divided into portions ready to tit any crevice in the monstrous bill. At the conclusion of the last session no one knew exactly what was contained in the general appropria tion bill until it had appeared in print. During the whole of the last night the halls and corridors were filled with loiterers of both sexes, and till a late hour, the principle o f “ giff-gaff,” by which the great bill is always passed, was so apparent that allowances of the most irrelevant and discordant character were left as conditional and dependent upon each other. This picture is not at all fanciful, as any one may convince himself by coming to Washington during the week of the adjournment. f Schiller. Song of the Bell. A stron om y: and Astronomical Observatories o f the U. States. 541 reasonable, unjust, and ridiculous, as can be well im agined; still they had the effect o f which we have before spoken, and excited the attention o f the country, particularly o f the scientific and educational interests. About this time also there were some changes just beginning to be perceptible in the scientific world, by which we were especially affected. Hitherto our science, scientific instruction, and scientific instruments, had been o f the English school, and the modern improvements o f other nations were almost un known among us. Yet, more than twenty years before this the thunderings o f Napoleon had awakened and unfettered the industry o f the con tinent, and the English began to feel, what they had not been long in discovering, that not only in linen, muslin, and iron fabrics, they could be rivaled and undersold by the continental manufacturers, but that in the construction of telescopes and mathematical instruments, they were already far surpassed by German and French artists. A s a consequence o f im proved instruments and methods, new planets were discovered, and comets, half-a-dozen in every year, were announced in the scientific journals o f the day, to be wheeling about us, which we had no instruments o f sufficient power to discern. W e were like a short-sighted man at a party, who can scarce distinguish even his friends, and to whom the best avenue o f enjoy ment is closed altogether. The remark of Mr. Adams, that while there were one hundred and thirty observatories in Europe alone, we had not a single one on the whole continent, affected the national pride, which is always a very sensitive and imperious feeling, and began soon after to show symp toms o f disquiet, not only in Washington but in the large commercial cities. The merchant-princes had begun already to tire of unused riches, and were covetous to become the Msecenates and Medici o f the country. The Italian opera and ballet had already been naturalized among us, and all the cost and eclat o f criticising feasting and marrying the signorinas had become familiar. “ Bah ” and “ bravo r were gradually taking the place o f the hiss and yell of the olden time. It was natural, therefore, for wealth to select a new muse, and Astronomy had no trifling claims to favor. Shortly after this time, when the national pride had been aroused by the recommendation o f President Adams, there fortunately grew into existence at Washington, an establishment which, with a little skill and modesty, could easily be converted into a national observatory. In the year 1831, while all the science o f the navy was in charge o f the board o f navy com missioners, it had been found that the amount paid for charts, instruments, and rating chronometers, was a very considerable item o f expense, and that a saving in this respect might be made by the establishment o f a depot o f charts and instruments at the seat of government. T1 is measure had every thing to recommend it. It was of undoubted econom y; woulld afford astronomical practice to at least a few of the junior officers ; and at the same time that it formed a nucleus for the collection o f hydrographical knowledge, gave to the department a more perfect control over sealed orders and secret service, than it could have when it was necessary to purchase in the cities the charts necessary for any particular voyage.* * The advantages of this establishment are set forth at pages 5 and 6 o f the Appendix to the Wash ington Astronomical Observations for 1845. In point of economy, the following is a list o f prices paid by the government before and after its institution: For chronometers.......................................after, $285 00 before, $500 00 180 00 For sextants................................................ 45 00 to 80 00 00 00 For barometers (marine)............................ 10 00 10 00 For thermometers....................................... 2 50 20 00 For steering compasses.............................. 5 00 5 00 For nautical almanacs................................. 137 542 A stron om y: and Astronomical Observatories o f the U. States. The project had found favor, been sanctioned, and put into operation under the charge o f a lieutenant. The officer who first occupied this posi tion (Lieutenant now Commander Goklsborougb) procured a small transit, a block o f granite for its support, inclosed it all in a wooden box, and thus prepared the germ o f a national observatory; though the whole establish ment was not much larger, either in size or in cost, than a middle-sized street organ. The transit and its stone are still in good preservation ; they should be honored by astronomers in times to come, as the stone of the Caaba is by all good Mohammedans. The depot o f charts, aided by the general feeling in favor of Astronomical science, increased by degrees in duties and in favor, and about 1833 came under the superintendence of Lieutenant now Commander W ilkes. Under his auspices the original twofeet-by-four observatory was augmented to twelve feet square by fifteen feet high, and assumed a very conspicuous station in the vicinity o f the Capitol. W hen, in 1838, this officer took command o f the exploring expe dition, ho recommended that a series o f observations should be made in the country during his absence, upon such celestial phenomena as might be available for the better determination o f his longitudes, and their reference to some meridian at home. The government sanctioned the recommenda tion, and the observations were directed to be made, at Cambridge by Mr. W . C. Bond, and by Lieut. J. M. Gillis at the depot o f charts. This series was continued until 1842, or until the return of the expedition. This work, executed at Washington, immediately under the eye o f the government, was a practical exposition o f the uses of an observatory for geo graphical purposes, and did more to recommend it to the favor of the Legis lature, than could have been effected by any given number o f speeches, paragraphs, or pamphlets. The law authorizing the erection o f the Observ atory was passed in 1842, and in 1844 the building had been completed, the instruments set up, and the first observations made. The history o f the origin and progress o f the Observatory will be found, with changes only of names and dates, the history o f any other scientific project ever undertaken by the government. There is first a grand flourish in Congress, official re commendations, speeches, reports, debates, and perhaps a bill. Then fol lows a period o f mystery and silence, at the end o f which the project, in vain attempted to be carried by fair means and demonstrable utility, appears like a vision, having all the properties and functions first claimed for it, un necessarily tainted by the stigma o f an obscure and illegitimate birth. The observations made at Cambridge for the exploring expedition, by Mr. Bond, attracted the attention as well o f the magnates o f Boston as of the direction and faculty o f the University o f Cambridge, and arrangements were made soon after for the establishment o f a regular observatory in con nection with the college. The instruments, however, were small, and most ly if not altogether the private property o f Mr. Bond. In this crisis of affairs the great comet o f 1843 made its appearance, exciting admiration from the length and brilliancy o f its train, and was followed in a few months by another body o f the same class, but which it required instru ments o f high power and delicate arrangement to see at all. The contrast was noticed, and with it came a knowledge of the fact that there was but a single instrument in the country with which to make the necessary observa tions* for determining the places o f these bodies. Soon after a subscription * The Equatorial o f the High School Observatory at Philadelphia, then just set up. A stronom y: and Astronomical Observatories o f ike U. States. 543 w;is made by the learned societies and wealthier citizens o f Boston, for tire purpose both of procuring a large telescope and the erection o f a proper building to receive it. The telescope thus procured is the largest in the country, and perhaps the most powerful in the world. The only one com parable with it being the telescope o f the Central Russian Observatory at Paulkova, which is also the work o f the same artists, (Merz and Mahler, of Munich.) In the hands o f the present astronomer and his assistant it has been very successfully employed, ihe discovery o f the inner ring of Saturn, and the eighth satellite of that planet, connecting it with the most distinguished triumphs o f modern Astronomy. The comet o f 1843 will be referred to hereafter, not so much for having been the precursor o f the annexation o f Texas, the Mexican W ar, or the threats o f disunion and disaster which almost immediately followed, but as serving to mark in this country the commencement o f a new era in astro nomical science. From this period, or near it, (from 1839 to 1844,) we date not only the establishment o f the National Observatory and that of Cambridge, but also o f the observatories o f the high school o f Pennsylva nia and of Cincinnati; at the latter place, also, and about the same time, ap peared in this country the first journal (the Sidereal Messenger) devoted ex clusively to astronomical science. The period from 1843 to the present time has been extremely rich in astronomical science. A n exterior primary planet, ten new asteroids, and four comets o f short period have been added to the large domain inherited from our predecessors; with these, also, have come new aims, methods o f greater reach and compass, more delicate in strumental contrivances and artifices o f computation. In an organization so recent as ours, it could scarce have been expected that we should imme diately compete with the better trained establishments o f the elder coun tries ; yet these observatories have all been noticed for successful exertion, and that at Cambridge has been peculiarly distinguished.*' They have also given new encouragement and impetus to our artists, and we already hear o f both reflecting and refracting telescopes, which compare favorably with those o f Europe. The National Observatory at W ashington (with a brief notice o f which we will close our paper) is situated on the east bank of the Potomac, a short distance from that river on a slight eminence, on one o f the public reserva tions o f the city, which was formerly known as Camp Hill, and is 94 feet above the level o f the sea. The area o f the grounds belonging to it is about seventeen acres. It is in 38° 53' 3 9 " 25 north latitude, and in longi tude 5h. 8m. 14s. 64 west from Greenwich. The view is open nearly to the horizon all around, being shut closest by the hights on the right bank of the Potom ac near Georgetown, and the circle o f slight elevations which sweeps in a receding curve eastward toward the capitol, embracing between it and the river the thickest part o f the city. The nieridian of the obser vatory southward lies for four or five miles over the Potomac, and north ward cuts at short distance the hights above mentioned, passing over the broken valley o f Rock Creek. The main building is o f brick, square, fifty by forty feet, and two stories high. The roof is flat, except in the center, where it is surmounted by a dome twenty feet in diameter, and moveable in any direction upon cannon-shot, running in a grove on the top o f the cir* Mr. Airy, the Astronomer Royal, opens an address before the Astronomical Society in Decem ber, 1849, in the following words:—uThe Americans o f the United States, although late in the field o f astronomical enterprise, have now taken up that science with their characteristic energy, and have already shown their ability to instruct their former masters.” —Astronomical Notices, vol. No. 2. 544 A stronom y: and Astronomical Observatories o f the U. States. cular wall which supports it. This dome covers the large equatorial, a series o f shutters opening outward, enabling the observer within, by help o f the ro tatory motion already mentioned, to command any part of the visible heaven. From the center o f the main building, and running up to the floor o f the dome, rises a circular brick pier, cased with wood, and isolated from the floors, which at the top is surmounted by a block of granite, supporting the equatorial above mentioned. From the main building extend three wings, east, west, and south, one story in hight, in which are placed the fixed in struments o f the observatory, or those placed piermanently in the meridian or prime vertical and the time-pieces and meteorological instruments. A d joining the east wing of the observatory is the residence of the superintend ent, a two-story brick building. This gives to the whole an unfinished ap pearance, which it is intended to remedy by a corresponding building adja cent to the other wing. The instruments of the observatory consist at present o f a transit o f 7.1 feet focal length and 5.3 inches clear aperture, made by Ertel and Sons, of M unich; a meridian circle o f 30 inches diameter, with a telescope o f 4.8 feet focal length and 4.5 inches o f clear aperture, by the same artists; a mural circle o f 5 feet diameter, with a telescope o f 5 feet focal length and 4 inches clear aperture, by Troughton and Simms, o f London; a prime-ver tical transit of 6.5 feet focal length and 4.5 inches clear aperture, by Pistor and Martin, o f Berlin; and a large refracting telescope (the equatorial) of 14.3 feet focal length, with a clear aperture o f 9.6 inches, by Merz and Mahler, o f Munich. O f time-keepers, there is a sidereal-normal clock, by Kessel, of A lton a; three other sidereal clocks, by Parkinson and Frodsham, o f L on don ; and one by Howard and Davis, o f Boston, to which is attached the apparatus, called a chronograph, invented by Dr. Locke, for printing ob servations o f time. There is also a mean-time clock, by Frodsham. All these time-keepers, except the normal clock o f Kessel, have mercurial com pensations. In this clock, and that by Davis, the pendulums are o f a pecu liar construction. Here also are kept the chronometers and nautical instru ments of the navy which are not in actual use. The observatory has now been in operation since the fall o f 1844, and has already published two volumes o f observations o f 500 quarto pages each, comprehending only the work o f 1845 and 1846. For the character and objects of these observations we must refer to the volumes themselves, which will be found to contain abundant evidence o f the skill and activity with which the establishment has been conducted. In addition to the as tronomical duties proper of the observatory, (namely, observations o f the fundamental stars and planets,) a principal object proposed by the superin tendent has been* to complete a catalogue o f all the stars visible in the telescopes o f the observatory, which will include all stars as far south as 41° o f south declination, and go near twenty degress southward o f the limits o f good observation in any o f the well-appointed observatories o f the Old W orld. A plan was early traced for accomplishing this work, and has been prosecuted with vigor. Indeed, apart from the observations indispens able for determining clock-errors, this has been regarded as the principal business o f the observatory. Previous to the time o f Bessel, the catalogues had, for the most part, been limited to stars o f the eighth magnitude, there being comparatively few o f the ninth magnitude in any o f them. This il- “ Astronomical Observations for 1845.” Appendix, page 42. A stron om y: and Astronomical Observatories o f the TJ. States. 545 lustrious astronomer submitted in 1820 a plan for determining the positions o f all telescopic stars, and as director o f the Konigsberg Observatory, be tween 1821 and 1831, in about 500 nights o f observation be covered a zone of the heavens, extending from 45° north to 15° south declination, containing about 64,000 stars, all o f them above the tenth magnitude. A ll this work was done with a single instrument. It is only one o f the many evidences o f the ability, energy, and devotion with which this wonderful man was endowed, and which he so faithfully applied to the improvement o f his favorite science. There are at W ashington about 150 nights o f the year available for astronomical observation, (nearly three times as many as can be used in any, except, perhaps, the Italian, climates o f the Old W orld.) Four o f the instruments are arranged for observations after the Besselian method. Allowing to each instrument 50 stare in a night, (quite a moderate allowance, Bessel’s zones containing usually 120,) we should have in every year an accurate determination of 30,000 stars, a contribution which, in the present state o f astronomy, is o f surpassing value. W e learn from the volumes already referred to, that the work o f this kind already done covers nearly the whole zone o f the heavens between 19° and 40° o f south decli nation, and that its publication has been only delayed from the lack o f cler ical force for its reduction. W e hope, for the sake o f science as well as for the reputation o f the country, that this incapacity may not be o f long con tinuance. In this observatory, also, is used the electric method o f printing the in stants o f time during any series o f observations. This is done upon a fillet running from a Morse register, similar to that used in ordinary telegraphic writing. The seconds are marked upon the fillet at intervals o f about an inch, the circuit (without passing through the clock) being opened and closed by a delicate contrivance called an interrupter, acted upon by the scapement, and the instants of observation noted collaterally by break-cir cuit keys held by the observers. In the arrangement at the observatory the pens o f all the instruments mark upon the same fillet, and the times o f observation are easily read to hundredths o f a second. There is another application o f the same principle in use here, in which the record is made upon a cylinder covered with paper, and making one revolution in a minute, a modification which is found better adapted to the use o f a single instru ment. This arrangement, first introduced by Dr. Locke,* is peculiar to this * There has been considerable discussion and vituperation in regard to who was the inventor o f this arrangement for printing observations by electricity. The discussions will be found at length in the Cincinnati papers for 1849 and 1850, and in Silliman’s Journal for the latter year. They are also collected in a letter addressed by Dr. Locke to Nicholas Longworth, Esq., o f Cincinnati,*and pub lished in a pamphlet form in 1850. The following are the facts collected solely from documents or printed and acknowledged letters of the parties. They are o f interest, and it may be o f service, to put them plainly before the public, without the glozing o f interest or animosity to which they have been hitherto subjected. In the fall of 1848, shortly after the completion o f the telegraphic line to Cincinnati, Mr. S.C. Walker, o f the Coast Survey, was at Cincinnati, employ ed in the determination of its longitude. This operation he was performing in conjunction with Professor O. M. Mitchell, o f that place. In the course of their operations they were joined by Dr. Locke, who, at their request, permission, or connivance, (these three words cover all the discrepancy between the different state ments,) constructed an arrangement on the principle now in use at the observatory for writing regu lar intervals of time upon a moving surface of paper, and marking upon it the instants o f the occur rence of any phenomena. That Dr. Locke was the original contriver o f this adaptation is admitted distinctly in a letter from S. C. Walker to Dr. Locke, beginning with “ Dear Sir,” and dated Novem ber 18, 1848 ; in a letter from the Superintendent o f the Coast Survey, beginning with “ Dear Sir,” and dated December 2, 1848 ; in a report o f the Superintendent of the Coast Survey made to Con gress, (after first having asked in writing Dr. Locke’ s permission to do so,) and dated December 30, 1848, and in an official letter from Lieutenant Maury to the Secretary of the Navy, January G, 1849. In addition to this concurring and uncontradicted testimony in our own country, the invention in December, 1849, was made the subject of an address by the Astronomer Royal to the Astronomical Society of Great Britain, who had at that time all the facts and representations before him, and states at the commencement of his address that “ this first application o f the principle is entirely duo to VOL. X X V I.---- NO. V. 35 546 A stron om y: and Astronomical Observatories o f the U. States. country, not yet having been adopted in any o f the European observatories. It is, with some changes, in use at the observatories both o f Cambridge and Cincinnati, and gives to all observations o f time a delicacy not attainable by any other method. W e have seen that one prime function o f the observatory is nautical and hydrographic. It has not been lost sight o f by the present superintendent, but has, on the contrary, expanded itself and increased in importance. By a judicious concert with the navy and commercial marine, which has now been in operation several years, an immense mass o f meteorological obser vations at sea and observations o f the temperature and direction o f oceanic currents made in every part of the world, has been already collected and is constantly accumulating. A systematic arrangement o f the information thus obtained has enabled him, by the aid o f a few conventional signs, to present the probable direction and force o f the wind and current at any season upon the most frequented parts o f the ocean, enabling the navigator to choose his route through those tracts o f sea where the elements will be most propitious, it being evident that a long distance with fair winds can be sooner accomplished than a short distance where the winds are adverse. In addition to the immediate and practical use of this information, arising from a mere systematic arrangement o f its details, the application of rigor ous analysis to the facts has unfolded new combinations and developed new laws in the system o f fluid and aeriform envelopes of our planet, and their agencies in the distribution of heat, moisture, and electricity. The “ W in d and Current Charts,” already constructed at the observatory, with their auxiliaries, enable the mariner to see at a glance in what direction his motive forces will be acting at any particular season on any part o f the seas. On some o f the sheets are indicated the species o f whale by which each different region is frequented, and the months most propitious for their capture. In this way, also, new facts may be elicited in relation to the habits of this interesting class o f animals. The labor necessary in prepar ing these charts has been very great, and their value is beginning to be ap preciated by the merchants and mariners o f all nations. Indeed, in this eminently practical age, this service o f the observatory is the one upon which, for a time, it must mainly rely for the support and patronage o f the government. The astronomical observations, though valuable to science, do not present to the public such intelligible results as those which are seen to affect directly the safety of transport and travel. A voyage shortened, or a danger avoided, by a change o f route, would be more highly appreciated and acknowledged both in Congress and on ’Change than the discovery of another planet with moons. W hen the observatory has had time to per fect its organization and assume its rank among the scientific institutions o f the world, this will not be s o ; but in the interim, its present superintendent Dr Locke, o f Cincinnati.” —Jstrovomical Xutices^vol. ar.,/>.26. This fact, therefore, is settled bevond all cavil. Some time in the year HMD—about the commencement o f the year--a correspond ence wa9 originated between the Superintendent of the Coast Survey and Dr. Locke, in which it was offered to pay Dr. Locke two hundred dollars for his services as an employee of the survey of the coast and that the contrivance should hereafter inure to the Superintendent o f the Coast Survey, and be held hereafter by him as one of the triumphs of domestic science achieved by him in that very extensive vineyard. This proposition did not suit Dr. Locke, who soon after received from C on fess, as a more substantial acknowledgement for his invention, the sum o f ten thousand dollars for a clock and apparatus of this kind to be furnished by him for the observatory. The correspond ence heretofore spoken of as so peculiarly kind, turned soon into “ king Cambyses’ vein.” The “ Dear Firs” soon vanished, and after that the “ Firs” became hypothetical and cloudy, the conclu sion reminding one strongly of the rite of matrimony in the Old Church, which began with dearly beloved and ended in amazement. We take it, however, as clear that all this does not impeach the evidence to which we have referred. A stron om y: and Astronomical Observatories o f the U. States. 547 has, we think, shown high discretion and talent in putting the more appre ciable function first, even though in so doing some time and labor may be lost to astronomy. The personnel o f the observatory has been furnished, with one or two immaterial exceptions, from the navy, it being provided by law that the su perintendent shall always be a naval officer, not under the rank o f lieutenant. The force generally employed has consisted o f eight lieutenants, seven pro fessors o f mathematics, and the same number o f passed-midshipmen, with the addition o f a clerk or secretary to the superintendent. This force has been about equally divided between the hydrographical and astronomical duties— the lieutenants having in general been assigned to the former and the professors to the latter, with an equal number of midshipmen as assist ants to each. It would naturally be expected that a service where the long vigil o f the night is for nearly half the time to be followed only by a day o f computation would not be congenial to officers accustomed only to the warlike and adventurous part o f their profession. To them the silent and dimly-lighted apparel o f the observingroom must ill repay the loss o f the room y deck, “ The well-reeved guns, the netted canopy,” and all the occurrents o f a combat or a cruise. W ith such predispositions the work at the observatory would not be likely to find many devotees, and changes must be frequent as the result merely o f ennui; while, on the other hand, appointments to this duty would often be solicited for the purpose of spending some time at the capital, and mingling in its dissipations and in trigues. Such a residence is indeed a very necessary part o f the education o f every young officer, and answers the same purpose as the descent to hell in the old epic, as in this way the hero in the poem and the novice in poli tics become acquainted with causes and results, which, without such clue, would have been entirely incomprehensible. But the poet never allows this episode to interfere with the progress of the piece, and this necessary branch o f instruction should not, if possible, be coupled with duty at the observa tory. However, from these two causes the personnel o f the observatory is at present liable to constant and detrimental changes, and if such have not already appeared, it is owing to the comparative novelty o f the service. This defect, it appears to us, would in a great measure be remedied by lengthening and making certain the term o f service. W ith such provision, aided by a skillful and judicious use of the appointing power, in selecting al ways officers best qualified for the duty, and refusing leaves o f absence for capricious reasons, there must, we think, in a few years be formed at the observatory a nucleus o f officers, to whom astronomical and hydrographical duties would be congenial, and who would soon illustrate these sciences by their works and discoveries. This once achieved, it would not be long before a corps du yenie would be formed in the navy as well as the army, who, without any distinction o f name, epaulette, or button, would be universally recognized as those in the service most competent to conduct scientific ope rations. It requires but short experience to have seen that in any military establishment the corps du genie have always been formed as occasion re quired them, by selection from other corps o f the line. Such has been the case in our own army, a notable example o f which is seen in the corps o f topographical engineers, answering to the ingenieur geographe o f the French service, which has grown up and been organized within the last thirty years, 548 A stron om y: and Astronomical Observatories o f the U. States. its appropriate duties having first been performed by officers selected and detailed from other corps in the army. The origin and establishment o f the ingenieurs hydrographes in the French navy will be found exactly similar. In 1799 it was necessary to examine the course o f the Scheldt, for the purpose o f establishing a naval arsenal. Officers for this duty were detailed from the Depot de la Marine, which had been founded in 1721, as a school o f practice in hydrography. In 1804, an examination o f the entire coast was deemed necessary, and for this pur pose the corps o f ingenieurs hydrographes, made by selections from the navy, was instituted, at the head o f which was placed M. Beautemps Beaupres, who had then just returned from a voyage o f discovery under the Contre-Admiral Dentrecasteaux. The corps increased in proportion to the de mands o f the service, and was reorganized in 1814, in order to enable it the better to co-operate with the ingenieurs geogrophcs of the army. The organization was changed in 1848, by putting at its head a member o f the Institute with the title o f Conservator, but in 1849 it returned to the orig inal constitution, under a general officer of the navy. By this corps all the geodetique topographique and hydrographique operations o f the survey o f the French coast have been performed, and their methods and charts have served as models in the execution of all similar works by other nations. The government o f France was too careful of the reputation o f its navy to proclaim that their service could not possibly be amphibious, and that their functions were unalimentes as soon as they crossed the line o f muscle-shells, which marks the beach. In the British navy there is no corps answering to the ingenieurs hydrograq)hes, nor in their army answering to the ingenieurs geographes o f the French service; but in that country the duties o f the one class have been performed as honorably by officers of the navy proper, with out any distinguishing mark other than the titles of honor with which they have been rewarded, while the geodetic and topographic works o f the in terior have been as creditably discharged by officers o f ordnance. From this well-authenticated experience o f the extent to which the judi cious employment of military establishments can be made not only to sub serve the cause of science, but o f the economy it makes o f the public ex penditure, the inference is direct and natural, that a proper administration o f the observatory must, in a short time, gather about this establishment all the astronomical and geopraphieal skill o f the navy. In which case there can be no doubt o f the high position which it would take, as a scientific in stitution, before the country and the world. The certainty o f such result wilt be much enhanced by the operation of the naval school at Annapolis, which must soon produce a class o f officers with scientific attainments largely in advance o f their predecessors. Even without the training o f a scientific school, which has only recently been accorded them, officers o f the navy have already conducted many scientific works, and always with high honor to themselves and to the country. The exploring expedition was command ed by a lieutenant. Its principal results have now for several years been before the public, and have elicited nothing but commendation. O f the su perintendent of the observatory, also a lieutenant, we have already spoken. The Nautical Almanac, the supervision o f which requires scientific know ledge of the highest order, is in the hands o f an officer o f the same rank. The Astronomical Expedition to Chili, the most purely scientific work ever undertaken by the government, is under similar direction ; while within the last two years a naval officer, (Commander Kingold,) without any pub- A stron om y: and Astronomical Observatories o f the U. States. 549 lie patronage, and aided only by the subscriptions o f the individual mer chants and ship-owners who were interested, has given to mariners engaged in the California trade, charts o f parts o f the coast o f the Pacific, o f the bay and environs o f San Francisco, without which the entrance to that harbor would have been extremely perilous.* About sixty naval officers o f all grades are constantly employed in the survey o f the coast, and, though the extra pay o f that service may be some inducement with them, it is to be supposed that the capacity o f service is the principal object with the super intendent. W ith a personnel capable o f such service, aided by the foster ing care o f the government, the high destinies of the Observatory canno admit of any question. Those who have thus far watched its history— from the organ chest of Commander Goldsborough at the depot of charts in 1831, to the sentry-box o f Commander Wilkes in 1833, and at length to the present respectable corps du logis with wings and dome— can have little doubt but that the national character of go-aheadism will attach here also. The present century has been rife with astronomical discoveries. In Europe, particularly in Great Britain, private observatories have been en dowed, and individuals o f wealth have devoted themselves to this science, not only by munificent donations but by observation and study. The clergy have entered the field in great force. Many o f the comets and as teroids have been first discovered in private observatories, or in those o f religious orders, where we may conceive that the novices perform delightful penance by vigils among the stars. A m ong us there has been a similar progress. The Cambridge observa tory commenced with the private instruments o f Mr. Bond, but its principal endowment is derived from the subscriptions of wealthy individuals. The observatory at Cincinnati is supported by similar benefactions, and we hear o f similar institutions in New York, Albany, and other cities. Over such suffragan establishments it will be necessary that the National Observatory be so administered as to preserve its influence and dignity. The important scientific requirements to which it is ministrant will require this, nor will the natural feeling be satisfied until our reputation is as high in this respect as in any other. As the observatory advances in utility and reputation, it may be found necessary to separate it entirely from its hydrographic function, and this will afford an opportunity o f changing its site to a more fitting location. A considerable elevation, a clear atmosphere, and seclusion, are indispensably necessary for astronomical observations, and an observatory within ten miles o f a large city is altogether out o f place. This condition has been held im portant in all modern establishments, and particularly the Russian Central Observatory at Paulkova.f In this view the present location at W ashing * On the Chart of the Pacific coast, published by the Superintendent o f the Coast Survey in 1850> the islands called the Farallones, off the mouth of the Bay of San Francisco, and the most important landmark in making the entrance of the harbor, are six-and-a-half miles out o f their true position —an error fraught with danger to any vessel that should trust to their guidance, and particularly to steamers. Indeed we understand that the safety of more than one vessel has been jeopardized by trusting to them, and that they are now entirely discredited by vessels navigating those seas. The true position of these islands had been laid down on a British chart made in 1827 from a survey made by Captain Beechey of the royal navy. But the error of the coast survey charts was not known gen erally among mariners until after the publication o f Commander Ringold’s work. t Struve thus concludes his description of the Russian Observatory: “ The preceding details will suffice to show that the position of the observatory is one of the most advantgeous which could have been found, and that the hill (coliine) of Paulkova is one of the most charming and healthy places in the vicinity o f the capital. It presents a view vast and varied, and an horizon free in every direc tion. The astronomers here find themselves at a distance from the capital sufficient to prevent their 550 M oney o f Account— its M ature and Functions. ton is quite objectionable. From its proximity to the river it is often (and in the best observing months in the year) enveloped in fog, when the summits o f the neighboring bights are comparatively clear. W hen there is music in the streets or on the river, the beats o f the clocks must be counted in accord ance with the drums and trumpets; and important observations are daily vitiated, or lost, from the tremor occasioned by carriages in the neighboring streets. All these inconveniences, to which the present location is obnox ious, would be avoided by a removal to one o f the neighboring bigh ts; and out o f the low grounds, which are frequently covered with a low, dense mist, the atmosphere is quite favorable; the skies o f summer and autumn being said to resemble those o f Tuscany. W e conclude by expressing the confident hope that our National Observ atory will ere long take high rank among its cotemporaries. Art. II.— MONEY OF ACCOUNT— ITS NATURE AND FUNCTIONS. PART II. GLANCE AT THE CAUSES W H ICH INTRODUCED THE PRESENT COINAGE SYSTEM OF GREAT BRITAIN. Before examining our own system o f coinage in reference to modifications which may seem to be advisable in any aspect o f the subject, it may be profitable to glance at the steps by which Great Britain was led to adopt the gold standard. Previous to that change, the double standard had prevailed, and for more than a century had been a source o f perpetual trouble to individuals and loss to the nation. The mischief began before the commencement of the eighteenth century, by the rapid disappearance of silver from the circulation. This process was due to many causes, but chiefly to the overvaluation o f silver at the mint o f Franco. This carried off all the heavy silver coins, and left those most worn to perform an increased duty in the circulation, whereby they very rapidly became more and more defaced and deficient in weight. The evil became, at last, insufferable, and brought on a discussion in the reign o f W illiam and Mary as to the best remedy. In this discussion the celebrated John Locke took a conspicuous part. The government— very honestly, as its members thought, but very unwisely, as it has since been regarded— undertook, in the face of this foreign demand for silver, to recoin the whole silver currency, and to make it o f full weight, but without due precaution. W hilst this light currency, depreciated in weight from 10 to 25 per cent, passed by tale, it could not be exported, be cause the overvaluation was not equal to this depreciation. The recoinage increased the evil, for it exactly prepared the coins for exportation, by making them full weight without increasing their home value as a legal tender. So being diverted from their occupations by too easy a participation in the distractions which are pre sented by the life in a great city. Nevertheless the distance is not altogether impassable; an hour’s ride brings one to St. Petersburg, and half an hour to Tsarskoie-Selo, over roads which are always in perfect condition. This considerable distance also protects us from the visits o f curious and idle people. Neither does the isolation weigh at all upon the employees at the observatory, who form among themselves a society at once intimate and agreeable, enlivened always by the common in terest inspired by the sublime science which they cidtivate.” —Description de PObservatoire de Paul- M oney o f Account— its Nature and Functions. 551 the mischief continued, in more or less force, throughout the whole o f the eighteenth century. The effect was to introduce gold into circulation in place of the withdrawn silver. The extreme fluctuations o f the gold which was thus drawn so largely into the channels of trade, produced great incon venience, and kept up bitter complaints. So inefficient were the means employed to keep the silver in circulation, all but the worn and light coins being constantly withdrawn and exported, that in 1797 the further coinage o f silver was forbidden. A century o f experience and an immense sum wasted in coinage, had sufficed to show that they could not by mere coin age countervail the laws o f trade in bullion. The sum o f the matter was ttiat they overvalued gold in England and silver in France, and that by con sequence France could not keep gold, and England could not keep silver. In the progress o f the eighteenth century the scarcity of silver, with the in flux o f gold and its variations, the guinea varying in price from thirty to twen ty-one shillings and sixpence, completely unsettled the ancient money o f ac count, and formed a new one upon gold. That is, the plenty o f gold made the people by degrees more familiar with its value than with the value o f silver, and thus a new money o f account began to form upon gold. This was perceived as early as 1774, when silver was declared no longer a tender except by weight beyond £ 2 5 . W hen gold had thus been introduced into general use, it soon presented the difficulty of light coins. It became a regular business with a certain class o f dealers in coins to seize upon the heavy or new coins as fast as they were issued from the mine, by purchasing them at a slight premium, which they recovered with a fair profit by abstracting from the heavy coins as much as they safely could, and in that state restoring them to circulation. They were always receiving heavy coins, and always paying away light ones— the mint was furnished with abundant employment in recoining the same gold, and the clippers had a regular harvest in their business. The pre cautions taken in the recoinage ordered in 1774 in a good degree avoided this e v il; and the Earl o f Liverpool, to whom the nation was indebted for that measure, appears not to have lost sight of the subject until, in 1805, he addressed his well-known letter to the King, since called “ A T r e a t i s e o n t h e C o i n s o f t h e R e a l m .” This is very elaborate in its detail o f the facts on which he founded his proposed measure. H e admits that the change he advocates should not be made upon slight grounds. It was a change from the double standard to one o f gold, with an overvaluation of silver in the coinage, but restricting the amount to be paid in it to forty shillings. Gold coin was to be made a legal tender at the rate o f £ 3 17s. 10-jd. per ounce, and the sovereign, which was to represent the pound, was made to correspond with that rate per ounce. To induce the adoption of this measure, Lord Liverpool drew up his letter, o f 236 quarto pages, in which he reviews the whole history of British coinage, and adds an appen dix, containing an account o f the relative values o f gold and silver among the ancient Persians, Greeks, and Romans. This performance is very relia ble as far as the facts and estimates made in it are concerned ; but its au thority in doctrine has been called in question. lie had, however, chiefly in view the adoption o f the measure : he did not attempt to produce a general and scientific work upon coinage. H e adopts the old notion that the “ money or coin of a country is the standard measure by which the value of all things bought and sold is regulated and ascertained ; and it is in itself, at the same time, the value or equivalent for which goods are exchanged, 552 M oney o f Account— its N ature and Functions. and in which contracts are generally made payable.” This proposition, so far as money is alleged to be a measure o f value, is rejected by McCulloch and other noted authorities. The former says— “ A coin is merely a piece o f metal o f a known weight and fineness.” ------- “ It has been said to be both a sign and a measure o f value ; in truth it is neither.” ------- “ It is equally in correct to call money a measure o f value. Gold and silver do not measure the value o f commodities more than the latter measures the value o f gold and silver. W hen one commodity is exchanged for another, each measures the value o f the other.” — (Encyclo. Britannica, A r t. “ M oney.")— But whatever objections have been raised against the Earl o f Liverpool’s defini tions, it is conceded that since his measure was adopted, no proposition should be entertained of another change. The Earl o f Liverpool having shown that silver was the real or practical standard down to the beginning o f the eighteenth century, alleges that it grad ually ceased to be such, and that gold, during that century, became the actual standard. In his language, “ Gold coins are now become, in the opinion and practice o f the people, the principal measure o f property.” * “ A nd it may therefore be inferred that, in the opinion o f the dealers in these precious metals, (who must be considered the best judges on a subject of this nature,) the gold coin has, in this respect, become the principal measure of property, and, consequently, the instrument o f Commerce.” H e subjoins “ that the foreign nations who have any intercourse with us, and even those who deal in the precious metals of which our coins are made, concur in this opinion.” A t a subsequent page, (170,) he states this position, and illustrates it at large. “ The gold coins have, in fact, become, for almost a century, the mercantile money o f the kingdom.” In answer to the objection “ That by declaring the gold coin to be at present the principal measure o f property, an alteration will be made in all bargains, and in the terms o f all covenants and contracts which were con cluded when the silver coins were understood to be the principal measure o f property,” he admits “ This objection might have some weight if the change had happened o f late years only ; but it has been already shown that it has existed, and that all payments have been regulated in conformity to it for almost a century'. This objection might also have weight, if this change had been brought about by the authority o f government. It has been shown that it was brought about not by the authority o f government, but by the course o f events, with the acquiescence and, I may say, the general consent o f the people.” (p. 173.) H e dwells upon this gradual adoption o f the gold standard by the people, and argues from a great variety o f facts and considerations, that his proposition involved no actual change in the accus tomed use of m on ey; that, consequently, contracts could not be affected, the measure being chiefly a legal recognition o f existing mercantile usage. The Earl o f Liverpool, in support of his plan, lays no small stress upon the fact that Great Britain, being the chief commercial mart of the world, it is especially fitting that, while people less rich should retain silver as their standard, a country so important should adopt gold. This idea is repeated in the course o f his work in a way that shows itw'as a favorite notion. The glory of a gold medium, however, was fraught with mischief which Great Britain, with all her wealth, could neither wholly prevent nor repel. By the adoption o f his plan the Bank of England was compelled to redeem * Treatise on the Coins of the Realm, pp. 139,145, M oney o f Account— its N ature and Functions. 553 their notes in gold— a commodity subject to exceeding irregularity of de mand, and consequent fluctuation in value. Every war and every commer cial crisis on the continent o f Europe brought a demand for gold on that bank. Gold being so much more readily transported than silver, every un favorable balance o f trade among neighboring countries might bring a cir cuitous demand for gold upon an institution which was the only one in Eu rope compelled to pay in gold at a fixed price. Every unfavorable harvest, and consequent large importation o f wheat, entailed a corresponding demand for gold, which could be carried off with facility, when silver might not have been touched. In all such matters o f payment, the party receiving makes choice o f that which suits him best, and certainly no greater facility can be afforded to a foreign creditor than to pay him in gold at a fixed rate, from which it cannot rise, however brisk the demand. Thus was the Bank o f England made the great depository o f gold, to which it flowed from all quarters when not wanted, and from which it was taken to any quarter o f the world where there might be any special demand or occasion for it. There could have been no objection to this ebbing and flowing if the bank had been merely a dealer in gold bullion, buying at a low rate when it was not in demand, and selling at a profit when there was a demand. The bank had no privilege but that o f purchasing all that came at £ 3 17s. 9d., and payingto all that demanded at the rate o f £ 3 17s. lO jd . per ounce; but being the issuer of the princi pal paper currency o f Great Britain they were bound to redeem (after the resumption o f specie payments in 1822) at that price. It was a hazard ous experiment to make the Bank of England the only place at which gold could always be had at a fixed price, and to make gold the basis o f the English bank-note currency, so that every regular and irregular demand for gold at once affected the condition o f the British paper currency, and through it the whole industry and trade o f the country, although neither may have had anything to do with the demand for gold. Those who are familiar with the history of that bank, which has, perhaps, been more wisely man aged than any similar institution, can readily recall instances when the bank, to save their gold, were obliged to restrict their issues until distress, injury, and ruin befell thousands upon thousands o f people who had no share in the cause o f the mischief. For every million o f gold that the bank could thus retain in their coffers, thev would be compelled to withdraw very many mil lions o f currency from the ordinary channels o f business. If this evil is inseparable from a paper currency, it was surely unwise to aggravate it by subjecting the Bank o f England to the payment o f notes and deposits in that metal which is most easily carried off, and most liable to variable and extraordinary demands, and moreover to redeem notes at a fixed rate in an article notoriously fluctuating in its value all over the world. If the bank have been able to struggle through all the commercial storms which have swept over the world since 1822, it is well known at what re peated and immense sacrifices to the nation, and that, upon a recent occa sion, to resort to the Bank o f France for aid, became a matter o f necessity. A very large portion of the evils o f this struggle would have been saved if the bank had been allowed the privilege of paying in silver ; and still more if permitted to pay in gold at a market instead o f a mint price. 554 M oney o f Account— its N ature and Functions. SYSTEM OF COINAGE IN THE UNITED STATES---- DOUBLE STANDARD---- PROPOSED ADOPTION OF SINGLE STANDARD OF GOLD, AS A REMEDY FOR SCARCITY OF SILVER---- REDUCTION IN THE VALUE OF OUR SILVER COINS. W e have already adverted to our adoption o f the dollar for a unit of computation and money o f account, as a measure justified by the necessity o f reconciling the currencies o f the different States, and also by the fact o f its being already familiar to the minds of the people. In fact, although different moneys o f account prevailed in different groups o f the States, they were all about equally familiar with the Spanish coin of a dollar and its parts ; and these were the only coins with which they were familiar. They had long estimated in pounds, shillings, and pence, and, when they employed them at all, paid in Spanish coins. There was, therefore, a very good pre paration in the employment o f these coins for more than a century by the colonists, for the adoption o f the dollar as the money unit. This was done under the confederation, although no mint was established until by the act o f Congress o f April, 1792. B y this statute it was enacted— “ That the money o f account o f the United States shall be expressed in dollars or units, dimes or tenths, cents or hundredths, and mills or thousandths.” * That the “ dollars or units each be o f the value o f a Spanish milled dollar, as the same is now current, and to contain three hundred and seventy-one grains and four-sixteenths parts o f a grain o f pure, or four hundred and six teen grains of standard silver.” ! B y the same law the eagle, then first pro vided for, was to be “ o f the value o f ten dollars or units, and to contain two hundred and forty-seven grains and four-eighths o f a grain of pure, and two hundred and seventy grains o f standard gold.” It is now nearly sixty years since the passage o f this act, and the dollar o f account or unit then estab lished still contains the same quantity o f pure silver— 371 a grains— and so for its value remains unchanged. B y degrees it has expelled the old moneys o f account; it being rather rare at this day to bear o f pounds, shillings, and pence, except in the State o f New York, in which the Spanish eighth o f a dollar corresponds to the shilling, and the hundredth to the penny. The fact of the people there adhering to the terms shilling and penny, against the usages of the rest o f the country, shows with what pertinacity men cling to their money o f account. The only alteration which has taken place in our established dollar coin was by the actof Congress of 1834, which directed that three-and-a-half grains of the alloy be withdrawn, reducing its weight from 410 to 4 J2 j grains. The coins o f both metals were, by the act of 1792, to be a legal tender— the dollars at “ their current value, and gold at the rate o f 24 J grains for a dollar.” As it almost invariably happens where the double standard prevails, one o f the metals was overvalued, or one was under valued, as compared with the current market value in Commerce. In our case the gold was undervalued, for it never circulated concurrently with sil ver until after the act o f 1834, which raised the mint price o f gold over 6J per cent, by rating 23T2/ „ grains of gold at the value o f a dollar, instead of 2 4 J grains, as fixed by the act of 1792. Even after this increase o f Cj per cent in the mint price o f gold, it foiled to become a currency in this country until it began to flow in so rapidly from California that an actual deprecia tion o f several per cent took place. The consequence was, that the silver in our banks began to be rapidly shipped off to Europe— a drain which did Section 20. t Section 9, M oney o f Account— its Nature and Functions. 855 not cease so long as silver could be obtained. It is, in truth, impossible to adjust the relative values o f gold and silver by any legal enactments in such manner as to overcome the influence o f the market rates of those metals. It has long been deemed absurd to fix the prices o f other commodities by law ; perhaps the time is not distant when it will be regarded as absurd to fix an unchangeable price upon an ounce o f gold as upon a bushel o f wheat or a day’s labor. The history o f Commerce certainly discloses that the changes in the value o f gold have been remarkable and frequent in all periods of which we have authentic records, and not the less so in the last half century. W e have already mentioned that between 1802 and 1810 gold rose to 20 per cent above the mint price; but we must add to show the superior steadiness that the variation in the price o f Spanish dollars at the Bank o f England was less than 2 per cent, and in that period the bank purchased to the extent o f seventy millions o f ounces. It has been proposed, for the purpose of remedying the scarcity o f silver, which the recent depreciation of gold has withdrawn from circulation, to re duce the weight o f standard silver in our dollar from from 4 1 2 j grains to 384 grains; that is, to take from it 2 o T\% grains pure silver, thus reducing its intrinsic value 6.91 per cent. It is said this debasement is only to be ap plied to the fractions o f a dollar. It may be that no evil would ensue from such a change, especially if confined to quarters, dimes, and half-dimes, and if they were not made a legal tender beyond five, or, at most, ten dollars. The use o f these small coins could scarcely impair the dollar unit. But the measure does not appear by any means commensurate with the evil. It would still be found that silver was scarce ; and if these debased coins were increased in quantity beyond the mere demand for change, they would de preciate to their bulliou value, and become a nuisance. It appears more natural as well as advantageous to look for the remedy on the side whence the grievance comes. The scarcity o f silver has arisen from the depreciation o f gold, and that by reason o f its abundance and not from any special demand for silver, nor any real increase in its value. In stead, therefore, o f disturbing our silver coinage, so intimately connected with our money o f account, would it not be safer to confine any measure in tended to meet the present difficulty to gold, the fall in value of which has occasioned the exportation o f our silver ? If the matter had been under stood in time, a very simple measure would have prevented the shipment o f silver. Gold had depreciated, but the legal price remained, and the silver was rapidly carried oft' before the banks were supplied with gold, and before they were fully aware o f the depreciation. If, at the moment the silver began to disappear, Congress had intervened, and repealed so much o f the act of 1834 as made gold a legal tender at the rate o f 2 3 -^ \ grains to the dollar, gold which was flowing upon us from the Pacific would have instantly sunk to its market value, and have become the preferable remittance, more especially as Great Britain adheres to a fixed price for gold. A fixed relation between gold and silver, an established legal price for both on the assumption that they will not change in their relation to each other, and that the value of each must remain unchanged, is a policy so mistaken that it should not stand long on any statute-book ; but least of all should it be upheld in the face o f facts which clearly exhibit that one o f the precious metals has actually changed its value materially, and must 556 M oney o f Account— its N ature and Functions. soon, by the inevitable laws o f trade, undergo a more important change. It requires no very strong effort o f thought to perceive that a people who attempt to uphold the price o f a metal which has permanently fallen in value, will be abundantly supplied with the article they continue to over value. This very fact destroys what is called the double standard, and sub stitutes the depreciated single one. If this were the whole mischief, it would be sm all; but the mass o f the people continue to reckon and estimate in the long established money of account, whilst payments, until the proper remedy is applied, continue to be made in the depreciated coin. The dou ble standard may exist for a long time without inflicting any special injury beyond the confusion o f ideas which it creates; but when the fluctuation of either metal commences, injustice is flagrant on every side. It is as if the parties in trade were provided with one measure to make their purchases, and another o f different capacity by which to make their sales, and this not according to a uniform practice, but according to every man’s knowledge, cunning, capacity, and the grade o f his morals. The double standard be comes, upon an occasion like the present, when not an intelligent doubt can be entertained o f an early depreciation o f gold, a positive and impending evil o f a magnitude not easily estimated, but which can scarcely be overrated. As little time as possible should be lost in removing it, be cause in Commerce, as well as in other occupations o f life, “ coming events cast their shadows before and because, while the shrewd and well-informed will “ stand from under ” and avoid the mischief, the unwary and uninformed will be made to suffer and become the prey o f those who can, under cover o f law, make a business o f fraud. The double standard, absurd at all times, and specially objectionable in the anticipation o f a considerable decline in the price o f gold, is, however, immeasurably less objectionable than the adoption of a single standard of gold in our present circumstances, even when we leave out o f view the money o f account and the infinity o f commercial considerations connected with it, and regard the change to be made merely in the light o f a standard. I f it be, as most o f the approved writers on money suppose, that prices are strict comparisons with coins, that sales are only made with reference to coins, what must be pronounced o f the policy which rejects the metal which is unmoved, and takes that for a standard which is in the very act o f going down ? W ith what degree o f accuracy can the masses o f people in the United States keep pace with the decline which may take place in gold ? This decline may, at times, proceed by slow and imper ceptible degrees, and at times, according to the accidents or movements of trade, by jerks. In either case, but a very small number o f men will be able to appreciate its downward progress. The public will only register it by their losses; and their eyes will only open when it is too late. It is more than probable that the dealers in bullion in London would first per ceive and take advantage o f every step in this depreciation. It would be a misfortune o f no small moment if, in place o f the double standard, our past system had been the single gold standard, as it is in Great Britain. W e should now be trembling with apprehension of the de cline o f gold and all the innumerable and injurious results which such a de cline in the value o f a standard metal imposes. That these apprehensions are now felt in an eminent degree in England, is abundantly plain to all who are observant of financial and pecuniary affairs in that country. Many there know that danger is imminent, and rejoice that the demand for gold on the M oney o f Account— its Nature and Functions. 557 continent postponed the expected mischief. But the gold is now returning, and the Bank o f England is now stocked with it beyond all precedent. This influx upon that bank must continue, unless partially interfered with by wars or anticipations o f wars on the continent. So long as the bank con tinues to give, as compelled by law, £ 3 17s. 9d. for gold, it will, under the depreciating process, flow there from all quarters of the world, until the gov ernment repeals this awkward obligation. As this subject is viewed by many o f the ablest men in England, it seems surrounded with insuperable difficulties and impenetrable darkness. And yet, if the [doctrine and functions o f a money o f account were thoroughly studied, the remedy for the whole anticipated evil would be far more simple and easy o f accomplishment than many duties the government has to per form. Let the bank be released from the obligation to take gold, and let the mint price be repealed, that gold may take its value in the market with sil ver. The English money o f account will safely and effectually register all prices and values, preserve unchanged all contracts, salaries, and annuities, and per mit the vast concerns o f the British Treasury and British industry and trade to proceed undisturbed in their accustomed channels. It would be necessary to connect this measure at no distant day with another for the special pro tection of the money o f account. The responsibility of vigilance in regard to the money o f account might be placed upon the Chancellor o f the Ex chequer; constant observation o f the value of silver bullion, and proper restraints upon the quantity o f bank paper circulation, would keep the money of account unchanged. Experience would show whether this system might not be continued indefinitely, and it would at least afford time to devise other appropriate remedies for the evil. If the money o f account could maintain itself unchanged with an almost exclusive paper circulation during the first years o f the suspension o f payments by the bank in 1797, surely the same, and even a much better result could be obtained by a well devised measure now, when the bank is able to pay every demand in gold. A t all events, those who can repose no confidence in such an arrangement, might feel very safe if their bank paper was kept at par with silver bullion until time had pointed out some better plan. This would not be changing, as some may think, from the gold to the silver standard— it would be simply dispensing with any standard, except the mint standard for coinage. And this, as we contend, is what the mental habits o f trading people lead them to do, be the law o f the money standard, or standard o f the currency, what it may. It is difficult to conceive how any one could have thought o f dispensing with our silver standard and adopting the single gold standard in the United States at this moment o f expected depreciation o f that metal, unless the suggestion came from England. That they may want companions in their trouble is not at all im probable; but that we should volunteer that sacrifice is past comprehension. If England continues, in spite o f common sense and commercial prudence, to pay the same price for gold after it begins to depreciate, she will receive it as long as she has anything to give for it, until she is bursting with gold at every pore, and when the plethora can be en dured no longer, and the hour o f depletion arrives, then a heavy loss will accrue, and ruin will overtake multitudes through its effects upon the Bank of England. If the United States should adopt the single gold standard with our pres ent legal or mint price, a portion o f that loss would be thrown upon us. It 558 M oney o f Account— its N ature and Functions. is true, tire laws o f trade very often obviate, for a time, the natural conse quences o f unwise legislation or the most absurd commercial blunders. A t the present moment we are under such heavy indebtedness to England for goods imported in excess o f the value o f our exports, that we have all the advantage of the game in gold. W e are paying in a depreciating m etal; but our merchants who are trading with California are receiving payment in the same falling commodity. If we adopt the gold standard now, we, might not suffer immediate injury, owing to our indebtedness ; but we should enter upon a game o f agiotage and profit and loss with the Bank o f England and the great merchants o f London, in which, according to our past experience, we should come out heavy losers. The retention of our double standard, with a fixed price o f gold, may involve many and serious mischiefs in our domestic trade, but cannot affect us injuriously in our for eign trade so long as we are indebted abroad and our banks retain the priv ilege of paying in gold. In case, however, of a favorable balance with any country in the world, our remittances would all come in the depreciated metal. The further this subject is pursued, the more clearly will it be seen to be the undoubted policy o f both England and the United States to repeal the fixed price o f gold, and make it a tender only at the market price. This is a favorable time to make the change here, because the mar ket price will not only be maintained during the present adverse ex change with England, but if that exchange continues as now, it would in evitably go above our mint price. That is, while, by the natural course of event-, gold would be depreciated from its oversupply, by the state o f our indebtedness to England and the great demand for funds to remit, it might rapidly go to a high premium. It is impossible to say what would have been fhe price of exchange on England during the last year, if the parties remitting had not been permitted to take gold and silver from the banks at par. Now, if the banks were permitted to pay in gold at the market price, or the same price at which, from time to time, it might be declared to be receivable at the sub-treasuries of the United States, we should be receiving a premium on gold at the moment when it might be intrinsically under par. FOREIGN EXCHANGE SHOULD BEAE ITS OWN PAY THE PENALTY OF THEIR OWN BURDENS---- OTHER OVERTRADING---- THE CLASSES OF MERCHANTS FOREIGN MERCHANTS SHOULD ALSO BEAR THEIRS. There is, besides, an element o f commercial justice in such a system, which must commend it to the careful consideration of every statesman. A cer tain class o f merchants, and that not by any means a numerous one, import in the course of their business, under the impulse o f competition among themselves, or the depressed state o f foreign markets, or undue excitement o f our own, a vast amount o f commodities more than our exports will fur nish the means to pay for, creating a heavy balance against the country. The importers soon exhaust their first facility for remittance, the bills of ex change drawn upon the value o f our exports. Their next resort is the pre cious metals furnished to them, under our system o f banking at par, which prevents any rise in exchange beyond the expense and risk of trans mitting gold or silver, I f our system did not furnish this extraordinary protection to the business of importation, and if the importers were obliged to go into the market and purchase the precious metals, the rates would rule in very exact proportion to the degree o f the overtrading and the con sequent demand for means of remittance. The only competition in favor of the M oney o f Account— its N ature and Functions. 559 importers would be that between the sellers o f bullion and thesellers o f exchange. So effectually does this principle o f allowing the exchange free play in the foreign trade operate as a preventive, that overtrading is never carried to such excesses as with us, where subject to this wholesome check. N or does this impose any corresponding burden on the community, for the demand being for the single purpose o f remittance, does not affect general pri ces. It is a parallel case where men overtrade in domestic business and is sue their paper more freely than wisely ; when the time o f payment comes, their notes must be met, and they must pay for money or means o f pay ment whatever the market rate o f interest may be ; and it is well known that a demand for money which raises interest for months to over 12 per cent, has no effect on general prices. So gold might be at a premium for exportation at 10 per cent without any perceivable effect upon the general prices o f the country. It is worthy o f much consideration, too, that as the high prices and brisk domestic trade o f this country are in part sustained by an abundant paper circulation, and a banking system by means o f which our interior balances are adjusted with very little use o f the precious metals, it is quite fair that we should be held strictly to the obligation o f furnishing the precious metals without advance o f price at the pleasure o f parties who are overwhelming the country with goods, and laying the sure foundation o f future revulsions in trade, and ruin to multitudes o f those engaged in it. There are many evils endured with a patience which is, if not uncom plaining, at least attended with little struggle to escape or effort for remedy. A m ong these are contractions o f the currency, or withdrawal o f the usual facilities by banks. It would be an instructive document if the history o f these contractions were written, and an approximation made o f the losses inflicted upon the people o f this country. It would exhibit an incredible sum if these losses during the last ten, or even three years, were thus shown. Nearly all the extra interest which has been paid in that time, and a very great proportion o f all the losses and bankruptcies which have occurred among those who could not pay this extra interest, may be attributed to these contractions o f currency. The evil is very far from being confined to the payment of high interest, for, in seasons o f contraction, business is seri ously checked, money is not to be had by a large class o f industrious and deserving people at any price, and the loss to the country in this way may be even greater than what falls upon those o f more means and better credit. Y et these contractions, under our present system, are really, in the main, un avoidable— the banks are forced to this course to save their bullion. It is impossible for them to measure the extent o f a foreign unfavorable bal ance, and when their vaults are attacked, they are obliged to curtail vigor ously, until they find themselves in a position o f security. In ordinary tirnes a demand for specie, which might not run beyond ten or twenty mil lions o f dollars, would be met by a curtailment o f facilities, commencing at New York, and thence extending, by necessary influences and results, over a large portion o f the United States, until the contraction amounted to many hundred millions, and the losses and injury to an amount several times greater than the whole sum o f specie to be remitted. There is an absurdity and monstrous injustice in this system, which would never be endured if we had not grown up in it, and always looked upon it as one o f the inevitable ills o f life, not to be escaped any more than the storm or the earthquake. The whole o f this enormous injustice is inflicted upon our banks, and through M oney o f Account— its N ature and Functions. 560 them upon the country, that a few hundred merchants may make their re mittances abroad without paying the legitimate commercial penalty o f over trading. This is a simple but irrefutable statement o f one o f the absurd anomalies in our money system. It is seen, known, and experienced, by thousands, and yet no remedy is seriously sou gh t; or when sought, though we are flying from mountains which not only threaten to crush us, but do crush us, we are turned back by a molehill, or the slightest obstacle in our forward path. N o Temedy which any man of sense and experience would propose but must be preferable to this evil, especially if the new measure be adopted with a view of carefully watching its results, and correcting its op eration by actual experience of its effects. An effectual remedy for this great evil would not merely be a benefit to the extent of the injury prevented, but would work out many positive bene fits. The foreign industry which finds a market here cannot find it with equal advantage elsewhere. I f the course o f our exchange prevented the withdrawal of the proceeds o f sales from here in bullion, without great loss, the parties would be compelled to invest them in some other product of our soil or industry, thus increasing our exports, and leading to a gradual ex change o f commodities, which could never be the occasion o f disturbing our money market and internal exchanges. THE PRO PRIETY OF RELINQUISHING THE DOUBLE STANDARD AND RELYING UPON THE SILVER STANDARD ALONE. If there be any emergency in our money system, requiring legislative in tervention at the present juncture, and we think there is, the policy which circumstances exact, is the immediate abandonment o f the gold standard. W e have already lost our silver through disregard of clear indications of the decline of gold, but greater evils await a longer delay. It may be very difficult to abandon this gold standard after some o f its evil effects have fastened upon us. It would be difficult now, but that the state o f the foreign exchange has, for a time, averted the natural results o f a depreciated standard. W h en gold, having depreciated 10 per cent, shall have for a few months only occupied our channels o f circulation, it will be nearly impossi ble for legislation to intervene. Those who hold one hundred millions of gold will insist upon paying at par, while those who are receiving will insist upon the utter injustice o f permitting men to acquit themselves o f their debts in a depreciated currency. The disturbance and confusion of giving up the gold standard, in such circumstances, might exceed the evil that would arise if the people were left to adjust the matter in an endless series o f frauds, litigations, and personal dispute. It is now, therefore, a favorable moment for dropping our gold standard and permitting that metal to find its value in our bullion market as it does in those o f Continental Europe, and as silver does in England. N o interest o f the country can be injuriously affected or even alarmed. This measure should necessarily be accompanied by such regulations as the nature o f the case would require ; such as experienced merchants and bankers could readily dictate, as to the mode o f receiving gold at the SubTreasuries, and as to the mode and extent to which it should be receivable in payment of debts at the market price. It would, of course, be a conse quence of these regulations that the banks could pay in gold at the current p rice; but this could be no ground o f apprehension nor cause of abuse. M oney o f Account— its N ature and Functions. 561 N o fact in trade would be better known than the price o f gold, and no re spectable bank could take the slightest advantage by charging more than the market price— it would be looked upon as utterly discreditable, and equiva lent to an offer o f payment in half-dimes or a virtual refusal. It would in fact ruin the credit o f a bank to resort to such an expedient. The truth is, that such a system would turn the whole bullion business into the hands o f dealers in bullion, in all seasons o f a high market price, because they would pay higher for the article than the banks, and sell at the same price, besides furnishing facilities in packing, shipping, insuring, &c., which the banks would not do. In all the ordinary transactions o f trade and banking the system proposed would scarcely be regarded, it would only operate effectively upon foreign exchanges, and the foreign import trade, and upon that with the desirable results o f a check upon overtrading, of rendering our foreign Commerce less irregular, and o f keeping it more in the hands o f our own merchants, who best understand the wants o f the country. Whatever inconveniences might be encountered by this system would be trifling, compared with those suf fered now in times o f a high foreign exchange, and which fully justify any measure which offers a fair prospect o f relief. It is bad policy not to let well-enough alone, but it is sheer stupidity to suffer ills without an effort to help ourselves, which a very moderate exercise o f common sense would rectify : there is courage in endurance of that which admits o f no remedy, but shameful cowardice in suffering what we can justly and by our own strength repel. If some remedial measure be not adopted at an early day an embarrass ment will overtake us in regard to our coinage o f gold dollars. These coins are now circulating freely in many parts o f the country where paper dollars are not tolerated, and as they correspond in name and legal value with our dollar o f account, they will exert a mischievous and disturbing tendency as soon as they begin to depreciate. A portion o f the difficulty in regard to the gold coins already issued, and made a legal tender at the present price, might be met by making the present gold coins a legal tender, as now, to the extent o f a hundred dollars, or any less sum. If we should discontinue our present coinage o f gold, and coniine the operations o f the mint, as to gold, to refining, weighing, and stamping ingots o f convenient size, our coins would continue to circulate as now, until the price rose under the operation o f the present unfavorable exchange, and then, being worth more than the legal price, they would cease to circulate. Or when exchanges become fa vorable, and gold falls below par, the coins would be kept in circulation by a provision making them a legal tender to the amount o f a hundred dollars. It would be a strange infatuation to hazard the single gold standard as a measure resulting from, and as a remedy for the scarcity of silver. N o plan o f keeping silver away from the country could be more effectual than over valuing gold ; or, what is the same thing, keeping it up to the same legal value, when it is depreciating in the market on the one hand, and debasing our circulating silver coin on the other. N o silver would come here under such a system, unless expressly imported and paid for at a high price as expressed in gold. I f the measure o f debasing the smaller coins be expe dient at this time, about which there is room for doubt, another regulation should accompany it which would secure us our fair proportion o f silv.er. The debased coins being a legal tender to the amount o f only five dollars, V O L . x xvi.— n o , v. 36 562 M oney o f Account— its N ature and Functions. let all other silver coins and bullion be a legal tender at the market value. This would be a perfect security against that home depreciation o f silver which drives it away, and would be certain to bring us such a supply as we may require, or as our market may demand. Great misapprehension exists as to the importance of legal tender, and more especially the necessity o f fixing the price at which gold or silver must be tendered. It is not probable that o f the money transactions in this country one dol lar in one hundred millions ever takes the form o f a legal tender, or that one person in one hundred thousand has ever seen a transaction in which the parties had the provisions o f that law in view. O f those which do take place under actual contemplation o f the law, a large proportion is made in bank-notes, which the law holds good, if the party to whom they are offered does not object and require tender of the precious metals. The truth is, that the large transactions o f trade which are adjusted by books of account, promissory notes, bills o f exchange, bank-notes, and bank-checks, in which gold or silver are neither employed nor thought o f by those concerned, are so immeasurably greater in amount than those in which coins are em ployed, that it becomes proportionably more important to protect the money o f account in which the values and prices of these operations are expressed, than to have any reference whatever to regulation o f legal tender. It is only necessary to provide coins for the retail trade, and to protect them by a fixed price, at which they shall be a legal tender to a restricted amount. It is a mistake to suppose it would be a great inconvenience to make gold and silver a legal tender in sums over a hundred dollars at the market price. In England, where gold only is the legal tender, sovereigns are in the banks always weighed, in sums even no greater than £ 2 0 . B y this means they keep their coins full weight, as when by friction or otherwise they lose a penny o f their value they are rejected. So iliat while the coin age o f sovereigns is a convenience it does not practically save the necessity of weighing. I f the vigilance of the banks and merchants o f England were relaxed in the least in regard to the weight o f gold coins, they would be immediately assailed by clippers and sweaters and reduced to the lowest point at which the public would take them. This is an inconvenience we have not yet encountered, as our gold coins have not been long enough in circu lation to be much worn, but as soon as the public become familiar with them in that state the new coins will be seized upon, as they come from the mint, and reduced to the ordinary appearance and weight o f those which have been long worn. So that if grid continues to circulate among us, weighing coins will have finally to be resorted to, and a strict rejection o f light coins enforced. If both gold and silver were, however, in sums over one hundred dollars to be treated as bullion it would give no trouble, and be scarcely ever no ticed in the ordinary transactions o f business. Large transactions in coin and bullion are confined to the banks, and a very few dealers in bullion, and they would manage their business in that case exactly as they do now, tak ing mint weights as their guide when it suits them, and weighing when they think it necessary. If they could receive their bullion from the mint in bars or ingots, pure, accurately weighed, and in suitable form for packing, they would be saved immense trouble, and some risk would be saved in regard to coins which come to them from the public in such an infinite variety o f deterioration, as makes it almost impossible to avoid loss. The 56 3 The Commerce o f St. Thomas. very fact that such coins are permitted to circulate at all shows how little regard is paid to the fixed price and legal tender regulations; for a coin which has lost 2 or 3, or 5 per cent o f its weight is no longer the coin con templated by the law, and is not in fact a legal tender. The people will take such light coins just as long as they please, whether they are made a legal tender or not. It is not desirable that they should be current after they have lost even as much sis 1 per cent o f their value, as the increasing depreciation in creases the difficulty o f overcoming the evil at the last. Every one knows what a serious nuisance the light Spanish American coins had become before the disappearance o f the new silver coins restored them to favor again. It is in truth not only the soundest, but in the long run, the most conve nient policy to leave all large transactions in bullion to be adjusted by weight, and at the market value. A sufficient amount should be issued in coins for the retail trade, and these it may be necessary to protect by special legislation, in such manner that they cannot readily be withdrawn from that use. N o coin should be issued o f gold or silver corresponding with the money of account, because it should be defended from every disturbing in fluence with careful vigilance. This system would bring to an end the absurd practice o f coining large quantities o f gold and silver at a heavy expense, blending alloy with the pure metal in such exact proportions as requires the utmost delicacy o f management, and employing the most ex pensive processes o f adjustment in regard to the uniform weight, as well as quality of coins, which are in a few weeks or months to return to the furnace and go through the same process. Our mint has in the last three years issued gold coins to the value o f over a hundred millions of dollars, o f exquisite workmanship and perfect adjust ment, not surpassed in these respects by the productions o f any other mint, at an expense o f several hundred thousand dollars; all of which labor and skill is as entirely lost to the country as if sunk in the se a ; the coins have left us as fast as issued, and the workmanship of other mints has given them another face. This g old could have been refined, and issued in ingots at less than half the expense, and would then have been equally available in payment o f our foreign debt. Art, II.— THE C O M E R C E OF ST. T1I01IAS* D E S C R I P T I O N OF T O W N A N D H A R B O R OF S T . T H O M A S — C U S T O M -H O U S E — D U T IE S — Q U A R A N T IN E — B R I T I S H P O S T -O F F IC E G H E R C O U N C IL — C O U N T R Y T R E A S U R Y , I T S M E N T S OF T H E TH E K IN G ’ S C H E S T — C O M M E R C E E S T A B L I S H M E N T OF T H E D A N IS H AND P O R T CHARGES A G E N C Y — B A N K S — F O R E I G N N A T IO N S R E P R E S E N T E D — B U R IN C O M E OF A N D E X P E N D IT U R E S — R E V E N U E A N D D I S B U R S E ST. T H O M A S — 1T 8 O R I G IN W E S T I N D IA C O M P A N Y T O T H E AND PR O G RE SS FROM PRESEN T DAY. T he Island of St. Thomas lies in latitude 18° 20' 4 2 " N ., and longitude 64° 48' 9 " W . Its length is about thirteen miles east and west, with an average breadth o f three miles. It has St. Croix on the south, distant forty miles, and Porto Rico on the west, distant thirty-six miles. The harbor and town lie about midway o f the island on the south side. The harbor is formed by a branch o f the main range of hills reaching round * A Historical account of St. Thomas, W . I. &c. By Rev. John P. Knox o f St. Thomas. 564 The Commerce o f S t. Thomas. on the east, and a key on the southwest and west, joined to the shore by a low neck o f land. Its shape is nearly that o f a parallelogram, extending east and west 2,472 yards, or about one and a half miles. From the fort at the head o f the harbor across to the extreme east point, it is the same distance. The opening out to sea, or from the east to the west point, (on both o f which are erected small batteries,) is 1,030 yards wide. There is thus anchorage ground for a very large number o f vessels. Owing to the trade,-winds, the swell from the ocean seldom enters the harbor with any force. Vessels there lie easy at anchor, and as there are no wharves to which they can moor, their cargoes are discharged and received with safety by lighters. The town lies around the north side o f the harbor, and is built partly upon the level, and partly upon three hills, which abut down from the high range nearly to the shore, with savannas between. The main street runs parallel with the shore, at the distance o f about one hundred yards. From the center o f the town towards the west, on this street, are located all the commercial houses. The stores are substantial tire-proof buildings, gener ally o f but one story, and often reaching from the street to the wharf, a dis tance o f from 300 to 400 feet. A few other streets to the north run par allel with the main street. The rest cross these at right angles, and reach up into the savannas. A small public garden, tastefully arranged, lies be tween the “ king’s wharf” in the centre o f the town and the fort. There is also a small public square in the east savanna, crossed diagonally by a wide street, and partially planted with cocoa-nut and tamarind trees. The town contains many stores and dwellings o f every description, with a population, according to the census o f 1850, of 12,383 persons. In the country there are on the estates 1,283 persons, making the total population o f the island 13,666. The markets are held in a small square on the main street, and in a nar row alley leading from the main street to the sea-shore. A t the end o f this street are the butchers’ stalls ; vegetables, fruits, and fish, are sold from trays on the ground. The scene presented on entering the harbor is exceedingly picturesque and beautiful. The range o f hills in the background, with their dome sum mits swelling up to the hight o f 700 and 1400 feet; the town giving the appearance as if built entirely on the sides o f the h ill; the bright-colored houses with their red and tiled roofs ; the two old towers, and the harbor covered with its shipping, and boats plying in every direction, give an ex quisite view, unsurpassed in all the W est India Islands. Travelers have awarded it this praise, and some have compared it favorably with the view o f Funchal in the Island of Madeira. The Custom-House is under the charge o f an intendant o f the royal cus toms. It receives all manifests, and only requires the consignees o f goods to present an account and value of their goods, upon which account the oneand-a-quarter per cent customs are collected. It has no power to demand invoices, and therefore has no means o f guarding against fraud, save by com paring the merchants’ accounts with their manifests. The harbor is under the charge of the “ captain of the port.” The charges paid to his department are, for vessels discharging or receiving cargo, $6 40 per 100 tons. There are also paid into the custom-house, as addi tional charges, between 45 and 50 cents per ton on European vessels, and between 19 and 22 cents on vessels from this side o f the Atlantic. An The Commerce o f St. Thomas. 56 5 effort ia now being made by the intendant o f customs to equalize these latter charges, and make a difference in the same according to the amount o f car g o discharged or received. Steamers belonging to the “ Royal Mail Steam-Packet Company ” are ex empt from port charges. Vessels also bringing coal for their use, are nearly altogether exempt. N o vessel e%n leave the harbor without a permit from the fort, for which is paid, for a ship, $2 56, a brig, $1 28, a topsail schoon er, 64 cents— all others 32 cents. Should a vessel attempt to weigh anchor without this permit, or having left debts unpaid, she is at once “ brought to ” by the guns from Christian’s-fort, and afterwards if the first prove insufficient, from the batteries guarding the mouth o f the harbor. The gauntlet is sometimes run, however, to the no small interest and amuse ment o f the residents upon the hills, but not for the vessel, should she ever return to St. Thomas. Captains, on their arrival, must report all passen gers at the police-office. They must see, too, that each passenger they take away is provided with a passport. The charges for these are low, and vary according to the place o f destination. A Quarantine Commission exists connected with the port, consisting of the police master, captain o f the port, intendant o f customs, and the king’s physician. Some port or country is generally under the ban as an infected district. • The British Post-Office has its agent in St. Thomas, Peter Van Vleirden, Esq., for the mails brought by the Royal Mail Steam-Packet Company. N o other post-office exists ; and letters brought to the island by other vessels,, are distributed either through a private letter-office, or by consignees, free of charge. It is deeply to be regretted that no postal arrangements exist in the United States by which letters could be regularly mailed for St. Thomas, by the steamer Merlin. Letters mailed in New York now, only reach the island by the way o f Havana. The Banking institutions o f the island are “ the Bank o f St. Thomas,” and a branch o f the Colonial Bank o f London, both established in 1837. There is also a savings bank in a flourishing condition, opened in 1847. It does not discount. The island also enjoys the advantages o f a united insurance company, organized in 1848, and a marine railway. The following nations only are represented at St. Thomas :— Spain by a consul, France by a vice-consul, the United States by a commercial agent, the Republic o f Venezuela by a commercial agent, and Sardinia by a consul. A Burgher Council, composed o f five members, elected by ballot, have hitherto taken charge o f the municipal affairs of the island. They dis charge their duty without remuneration. Their proceedings are not made public, save in an annual report o f all incomes and expenses. Chosen from among our most worthy citizens, they have always discharged their duty with great faithfulness, efficiency, and economy. The country treasury being under their control, the following condensed report for the year 1850, will show its resources and expenditures. Resources. House and building tax, $12,617 83 ;• store and shop tax, $7,985 3 4 ; bakers’ tax, $306 2 5 ; butchers’ tax, $337 5 0 ; cart tax, $81 5 0 ; burghers’ briefs, $412 8 0 ; passports, $1,200 4 6 ; tavern and ®11iard licenses, $760 8 0 ; vendue sales, $072 87 ; sundries, $1,178 45. Total, $25,553 69. The Commerce o f St. Thomas. 566 Expenditures. Police, $8,685 2 8 ; police connected with the courts, $691 2 0 ; militia, $834 2 8 ; tire department, $755 1 5 ; scavenger carts, $1,539 9 6 ; midwife’s salary, $400 00 ; hospital, $5,900 09 ; scrofula pa tients, $824 59 ; schools in the country, $1,022 14 ; quarantine, $960 00 ; prisoners, $1,779 15 ; sundries, $3,892 54. Total, $27,284 28. The Revenue o f the K ing's Chest, with fh e disbursements for the three islands, is not known. A n approximate idea may be derived from the fol lowing, as extracted from the Budget of the Hom e Government, for the year from 1st April, 1850, to 31st March, 1851. REVENUE. St. Croix. Duties on im ported g oods......... Ground and building ta x ........... 4 per cent tax on bonds............. Stamps,.......................................... Auctions, 4 per cent on sa le s... Rum licenses................................. Various taxes on inheritances.. Fees for commissions.................. Fees, upper court........................ Charges on vessels paid at fort. Various........................................... St. Thomas & St.John’s $ 1 1 5 ,5 7 2 2 3 ,8 3 3 3 ,7 0 0 3 ,6 1 5 1 ,4 3 7 345 6 ,4 7 7 268 2 ,4 4 7 , 1 ,0 5 0 1 0 ,2 0 6 $ 8 5 ,3 0 6 9 ,1 2 4 1 ,4 6 8 $ 1 6 8 ,9 5 0 $ 1 1 7 ,8 3 2 1 6 8 ,9 5 0 Total estimate o f revenues. 6 ,0 8 4 768 7 ,1 5 8 97 1 ,5 8 2 6 ,2 4 5 $ 2 8 6 ,7 8 2 The one-and-a-quarter per cent duty, as above estimated for St. Thomas, is very low, varying from $100,000 to $140,000. DISBURSEMENTS. Governor, civil officers, courts, <fcc., St. Croix................................................ Commandant, civil officers, and office expenses, St. Thomas................... Civil officers, St. John’s ..................................................................................... Churches in St. C roix........... ............................................................................ Churches in St. Thomas and St. John’s........................................................ Public schools, St. C roix................................................................................... Court o f appeal, St. C roix............................................................................... Public buildings and military hospital r e n t ................................................ Garrison, old troops........................................................................................... “ troops sent out in 1848.................................................................... M an-ofw ar brig.................................................................................................. Ammunition, arms, uniforms, <fcc.................................................................... Extra grant from King, secured in 1834, to General von Scholten-----Pensioners for service in W est Indies........................................................... Total estimated disbursements........................................................ $77,853 25,028 2,292 197 1,410 4,288 11,416 25,600 55,000 70,000 29,760 19,500 6,000 6,899 00 00 00 12 53 00 00 00 00 00 00 00 00 60 $335,444 25 It will be seen that there is a large surplus in the revenues o f St. Thomas, which go to the support of the government in St. Croix-. The estimated disbursements exceed the revenue, $48,662 ; but from the economy pur sued during the year, and certain changes which have been effected, we pre sume there has actually been no excess. The king derives a revenue which does not go into the above estimates, from the large number o f estates whfch he holds in the islands. In order to give a general outline o f the origin and history o f the Com merce o f St. Thomas, it will be necessary to recur to the establishment o f The Commerce o f St. Thomas. 567 the Danish W est India and Guinea Company, in the year 1671, and to repeat some o f the circumstances which have been already mentioned. From the title this company assumed, it would appear, that it was to the cultivation o f the soil, rather than to Commerce, that its members looked for the success o f their undertaking; and that this cultivation was to be carried on by the only means then adopted by all nations possessing colonies in these islands, namely, the importation o f slaves from the coast o f Africa. It was not, however, until eight years after the colony in St. Thomas was formed, than an expedition was dispatched, having for its object the impor tation o f negroes. The company monopolized this traffic, as far as their own colonies were concerned, and in time supplied them all with the strength required for their cultivation. From the nature o f the soil, and the present condition o f agriculture in the Island of St. Thomas, it is difficult to imag ine that any great return was obtained for the expense incurred in that island, and it does not appear that the company ever arrived at any great pitch o f prosperity. W e have seen that another privileged association was formed in 1685, called the Brandenburg Company. Notwithstanding its name, the partners in it were almost exclusively Dutch. Commerce was their object, and they were very soon engaged in an extensive and lucrative trade. W e are left very much to conjecture as to the nature o f their Commerce. It does not appear that they were permitted to share with the Danish company in the slave-trade, and it is more than probable they dedicated themselves to the importation o f provisions, and the manufactures o f their native country, as well as other European nations, which they disposed of for the consumption o f St. Thomas, the neighboring Antilles, and the Spanish colonies on the Continent o f South America. This they were enabled to do the more ad vantageously, since from the general neutrality o f Denmark in the wars of Europe, her flag was a protection at sea, and her port an open one to all comers. This neutrality was an especial source o f the prosperity o f St. Thomas, for the prizes o f the different belligerent powers that were captured in the W est Indies were frequently brought to its port for sale ; and thus an extensive entrepot of the productions o f almost every country was establish ed, and the island no doubt soon became the resort o f trading vessels from all points o f the W est Indies and South America, when they dared not, for fear o f capture, venture on more distant voyages. The Charter o f the Brandenburg Company expired in 1716. leaving the trade once more in the hands o f the W est India and Guinea Company, in which his majesty, the king of Denmark, had, from the beginning, been a principal shareholder. This association retained the entire monopoly o f Com merce, excluding all other Danish subjects from any participation in it, yet so completely was it wanting in the energy necessary to command success in such pursuits, that it never went beyond the employing of one vessel of no very great burden in importing slaves into the colony, and carrying thence its products to Denmark. In order that the inhabitants should not altogether starve, or be driven from the island, permission was afforded to the Dutch, and the British colonists of North America, to introduce provis ions and merchandise. W ith this opening the sagacious and enterprising Dutchmen soon made themselves entire masters of the Commerce. The jealousy of the Danes was forthwith excited, and on the accession of several merchants of Copenhagen as partners o f the company, it was once more de cided to annul the new privileges which had been granted to Holland. This 568 The Commerce o f St. Thomas. state o f tilings lasted for several years, during wliicli the company held al most sovereign sway in the island. In one branch of its prerogative, how ever, it was perfectly ready to admit the general body of the colonists to a participation, or even to cede it to them altogether. This was the payment o f the force necessary for its protection. Accordingly we find it stated in an old record o f the year 1726, that after many disputes, the colonists undertook to relieve the company of the charge altogether. In this they were no doubt induced by the hope of improving their own situation, which had become anything but agreeable from the oppressions and exactions of the company. The inhabitants at last, in 1775, succeeded in inducing the king to inter fere in their behalf. His majesty took over the company’s rights, and held the management o f the colonies in his own hands. The policy at first adop ted, however, continued to be o f a restricted nature, ill suited to promote the prosperity o f an island possessed o f but small internal resources, and having little but its excellent harbor and central situation to recommend it. Symptoms of decay became apparent, and to remedy this the king very wisely, in 1764, threw open the port to vessels o f all nations. This was con firmed in 1766, when the duties were so arranged that, though nominally higher, their actual amount was not over one-and-a-half per cent on the value o f the importations. It is somewhat singular, that this freedom o f trade was especially ex tended to St. John’s, and that that island was considered as the fittest to be come the seat o f the flourishing Commerce which was expected to result from the adoption o f this liberal measure. From 1766 to 1792, we have but few records to assist us in describing the commercial progress o f St. Thomas. The absence o f all restrictions on Commerce and navigation in this little island, surrounded as it was by countries where a very different policy prevailed, soon attracted the notice o f enterprising Europeans to it, as a point from which the manufactured goods o f their respective countries could be easily introduced into the islands and continent in its vicinity, whence they would, no doubt, draw a very large profitable return in the valuable products of these places. Thus the pop ulation was considerably increased, and it became of that mixed character which it retains to this d a y ; and possibly about this period were established some o f the old commercial houses whose lineal or indirect successors are, in some instances, still flourishing in the island. During this interval, too, the British colonies in North America had thrown off the yoke o f England ; and we are safe in surmising that the en terprising merchants o f the infant republic were not slow to avail themselves o f this opening for the extension o f their Commerce in the W est Indies. Accordingly we find it stated in an unpretending volume o f memoranda re lating to St. Thomas,* that in 1792, on the author’s arrival, “ the greatest part of the shipping that came into the harbor were American vessels, small Spanish sloops and boats, and large English merchantmen.” But it does not appear that any Americans had as yet settled in the island. By this time, then, the importations o f manufactured goods from Europe, and provisions from the United States, must have reached a respectable amount. The “ Spanish sloops and boats ” mentioned, were no doubt part Nissen’s Reminiscences. The Commerce o f St. Thomas. 56 9 o f the customers who took off these importations, leaving in exchange for them specie, in the shape o f dollars, doubloons, &c. An immensely increased impetus was given to the Commerce o f St. Thomas by the breaking out o f the war in 1792, consequent upon the French revolution. The island then profited by the neutrality maintained by D en mark. It became the only market in the W est Indies for the products o f all the colonies, and the only channel through which they could be conveyed to the countries in the north o f Europe. The resort to it o f mercantile speculators from all quarters, brought a large addition to its population; and the author before quoted informs us, that many stores and houses were built, and that in the year 1793 one hundred and tour persons took out burgher briefs ; that is, paid the tax required to qualify them to begin business in the colony. The war naturally raised the price o f W est India productions in Europe to an enormous degree; and though St. Thomas had but little of these pro ductions o f her own to export, great quantities came pouring in for sale, and were transmitted to Europe and America in neutral vessels, in order to avoid the cruisers o f the nations that were at war with each other. On the other hand, large importations o f merchandise arrived from Europe, and o f flour and other provisions from the United States, which were immediately sold and dispersed among the British, Spanish, and French colonies. This trade was greatly molested by British and French privateers, particularly the for mer, which were by far the more numerous, and the more indefatigable in their vocation. Loud complaints were made o f this state of things; but all who reflected on the subject clearly saw that it was to the very circumstan ces complained of, that they owed the immense profits derived from their adventures, when they managed to steer clear of the dangers by which they were surrounded. A short interruption to this prosperity occurred in 1801, when the island was given up to the British, who held it, however, for only ten months. Early in 1802 it was restored to Denmark, and resumed all its former activ ity. The harbor was again crowded with German, Danish, English, French, and Spanish vessels, besides a few from the Mediterranean ports, and many belonging to the United States. Immense losses in merchandise and other property were sustained by fires in 1804 and 1806, but these losses were speedily surmounted, and the re stored parts o f the town always assumed a much more substantial and reg ular appearance than they had worn before the accidents occurred. The British commissariat department in the W est Indies had frequently recourse to St. Thomas for the purpose o f raising the large amounts o f specie required for the payment and provisions o f its sea and land forces. This was accomplished by the sale o f bills drawn upon the royal treasury in London, which were readily bought up by the English and other mer chants. The rate at which the bills were sold— frequently $4 50 per pound sterling— was, in itself, a source o f considerable gain to the purchasers. Late in the year 1807, St. Thomas was again, by capitulation, transferred to Great Britain, who, however, this time retained it nearly eight years, or until April, ISIS. The first result o f the change o f masters was an increase in the prices of all kinds o f American provisions, timber, &c., and a scarcity, or rather almost total absence, o f all the German, French, Spanish, and Italian commodities, to which the inhabitants had been so long accustomed. The harbor was no longer gay with the flags o f all nations, although there 570 The Commerce o f St. Thomas. or four times a year a sight o f surpassing interest was to bo seen in the assembling o f the numerous homeward bound English ships at St. Thomas, for the purpose o f obtaining the benefit o f the convoy of men-of-war ap pointed to protect them on their voyage. The number of merchant ships varied according to the season of the year. The convoy, which sailed in the month o f August, frequently numbered not fewer than four hundred, while the smallest was composed o f at least a hundred vessels. It must have been a sight o f no common interest to witness the departure of so numerous a fleet, even though composed o f merchant vessels. Many of them were o f a large class, and partly armed, while all no doubt did their utmost to make a respectable appearance under the eyes o f so many ob servers, and to avoid the stigma of laggard, from their proud and majestic conductors— the men-of-war. Trade during these years languished, but was not annihilated. W h at re mained o f it was turned into a different channel. The manufactures of the northern and middle countries o f Europe were imported in British vessels by way o f England, and considerable quantities o f foreign W est India pro duce found its way through St. Thomas to the English market, introduced, no doubt, as the growth o f a British possession. American provisions, and lumber o f all kinds, were received through the small Swedish island o f St. Bartholomew, which had also been made a free p o rt; and from British North America were received the productions o f that country direct. Great Britain, o f course, supplied the island with her manufactures in abundance, and Ireland sent provisions and linens ; but the change from a neutral, to the flag o f a belligerent power, rendered it infinitely more difficult to dis pose of their importations to advantage. In April, 1815, the Danes again became masters o f the island. Foreign vessels speedily arrived laden with the goods that had so long been prohib ited. Numbers o f the smaller class o f vessels, schooners, sloops, &c., were put under Danish colors, and adventures to the other W est India islands and the Spanish main, were resumed with the same activity as in former times. Produce once more poured into the island, and many Danish ships were loaded and dispatched for the European markets. Commerce was again molested by privateers, but this time they sailed under the Columbian and Buenos A y rean flags, and continued to commit depredations during the entire continuance of the war of independence b e tween Spain and her South American Colonies— that is from 180S to 1825. These pretended privateers had, in many cases, no right to the flags they had assumed, and were in fact, nothing better than pirates, who took indis criminately whatever came in their way that was worth capturing and weaker than themselves, adding frequently to their other crimes, the wanton slaugh ter of the crews or passengers they found in their prizes. The South American struggle for independence brought a new addition to the population by the emigration from that country to St. Thomas, of many of its inhabitants, principally natives o f Old Spain. In some cases the fugitives brought with them means sufficient to begin business, and some o f them became afterward among the wealthiest merchants o f the island. W hen it became evident to the European powers that the South Amer icans could succeed in throwing off' the yoke o f the mother country, their enterprising merchants began already to meditate the opening o f a direct trade with these rich and fertile regions, and as early as 1824 direct impor tations were made at various o f the Columbian ports. This, o f course, was The Commerce o f St. Thomas. 571 so much withdrawn from the Commerce o f St. Thomas ; but, in the mean time, the Island o f Porto Rico had so increased in its population and pro ductions, as in a great degree to make up the loss of the South American trade. St. Thomas has gone on prospering up to the present day. Some, how ever, suppose its prosperity has now reached its culminating point, and that it cannot hope long to maintain the important position it has acquired. Those who thus predict its decay, point chiefly to some attempts that are now making in Porto Rico to follow the example o f South America, by estab lishing a direct trade with the manufacturing countries o f Europe and America. But the usual blindness of Spanish commercial policy is too evident in the steps that are taken for that purpose, to admit o f the slightest probability o f their success. The St. Thomas trade with that island has long lost its original character o f a cash business, and for many years the most liberal and ex tended credits have been afforded to the Spanish dealers. These facilities have been the means o f creating a large and respectable class o f shopkeepers in Porto Rico, from whom by far the greatest part o f the custom-house revenues is derived; and indeed, not a few of the sugar plantations of the island have been established by means o f the facilities thus afforded by St. Thomas. And this is the sort of connection which, by a most unreason able scale o f differential duties against importations from St. Thomas, the Porto Rico authorities are doing all they can to put an end to. In the mean time, a few individual traders o f the Spanish island, and possibly some o f the authorities themselves, are reaping large advantages from the present state o f things; while the numerous body of shopkeepers, before mentioned, see the lucrative occupations they have been so long accustomed to, tram meled by the unwise measures o f their own rulers, and only for the pur pose o f enriching a few individuals, principally we believe foreigners, who are there for the sole purpose of acquiring wealth with which to remove as soon as possible to their own countries. The Spanish traders complain, not indeed loudly, but deeply, while they are in St. Thomas, of the injuries they sustain by these measures ; but their dread of expulsion, or other punish ment, deters them from making their complaints known to the Cortes of Spain, the only quarter whence they might possibly hope to receive redress. The result o f the Porto Rico policy will probably bo that which invariably follows unreasonable restrictions on Commerce, namely, the increase of smuggling, and consequently empty coffers in the custom-houses, while its destructive effect on the morality of the population, is perhaps, still more to be deplored. St. Thomas, as the principal rendezvous of the British steam-packets, and from its central situation in the great route from Europe to the rich countries now opening upon the Pacific ocean, will, we hope, still continue to prosper, even should its Spanish neighbors succeed (which, however, does not seem likely) iu dispensing with her connection.* A t present, the value o f goods imported into St. Thomas may be set down at $ 5 ,0 0 0 ,0 0 0 ; probably half of which comes from Europe, about $1,000,000 from the United States and British America, and the rest from * Since the above was written, the Government of Spain, apparently actuated by sounder views of commercial policy than its colonial deputies, has seen tit to order the withdrawal o f the greater part o f the differential duties on importations from St. Thomas, and from the 1st o f November of this year, they will be reduced to per cent. Vessels under the Spanish flag, however, when coming from St. Thomas, will continue to be treated as foreign as far as their cargoes are concerned. 57 2 Commercial Cities and Towns o f the United States. France, Hamburg, Altona, Flensburg, Bremen, and Holland, with Spain, and one or two ports in the Mediterranean. It is estimated that $2,000,000 of these imports go to the Island o f Forto Rico ;* and it is ascertained by a return lately made to a public body in St. Thomas, that her merchants, either for their own or for account o f her European and American corres pondents, take on an average $1,021,114 per annum in Porto Rico produce, and $999,962 in the paper o f its mercantile houses, besides making occa sional remittances o f specie, which in 1849 and 1850 amounted to $216,992. It is true that but little o f the produce thus exported comes to St. Thomas, since its merchants usually send their vessels to load in Porto Rico, whence they sail direct for their ultimate destinations. The absence of any expla nation o f this circumstance, in the official returns to Madrid, is directly cal culated to mislead the Spanish Government as to the nature o f the relations between the two islands. The remaining portions o f the imports of St. Thomas g o t o St. Domingo, Cuba, Venezuela, New Grenada, Curagoa, and the W indward Islands, but it is next to impossible to ascertain what proportion finds its way to each o f these countries respectively. The shipping, as far as regards the number o f vessels entering the port, does not seem to have increased during the last thirty-two years, although there has been a large augmentation in point of tonnage, arising partly from the quantity o f coal imported since 1841, for the use of the Royal Mail Steam-Packet Company’s ships, which amounts to no less than 42,000 tons per annum ; and partly from the increased size o f the vessels employed in the importation of goods from Europe. In 1819, the number o f vessels that arrived was 2,358 ; tonnage, 157,003 tons. In 1850, the vessels numbered only 2,196, while the tonnage came up to 235,843, in which the British mail steamers are not included. The average for the last thirty-two years is found to be 2,512 vessels, measuring 182,038 ton s; and there seems to be no reason to anticipate a decay, so long as the masters o f the islands continue to pursue the liberal system of commercial policy which has conducted it to its present prosperity. Art. IV.— CO.UMERCIAL CITIES AND TOWNS OF THE UNITED STATES. N U M BER X X X II. DAYTON, OHIO. T ub progress o f the commercial and manufacturing cities o f the W est, has been so rapid within the last decennial period, that a frequent recurrence to facts and figures seems necessary in order to a correct estimation o f the rela tive importance o f these new centers of trade and Commerce. Dayton is situated at the confluence o f the Miami and Mad Rivers, in latitude 39° 47', and in longitude W est from Washington, 7° 6'. From its geographical position, the climate is much milder in winter than that of New England, or the State o f New Y ork ; and, indeed, differs materially from the towns and cities in Northern Ohio. Its situation in the great valley McCulloch states it in 1839 at $1,951,617, D ayton , Ohio. a 3 o f the Mississippi, renders its climate subject to the bland winds which prevail up the valley, for a considerable portion o f the year— and thus for several winters (previous to the present) there has been little or no snow, and farmers in the vicinity, have been aole to plow and gather corn in January and February ; while at Cleveland, and other points, upon the lake shore, sub ject to the bleak winds o f the north, the snow is abundant, and extreme cold weather continues for several months. EAR LY SETTLEMENT. The ground on which the city is built was originally purchased by John Clere Symmes, about the year 1795. Subsequently, it appears that Arthur St. Clair, then Governor of the Northwestern Territory, and Jonathan Dayton, late a Senator in Congress, from New Jersey, with several associates, contracted with Symmes, for the purchase and settlement of so much o f the original purchase, as was included in the corporative limits o f the present city. The name o f the late Senator Dayton was given to the embryo town. Symmes being unable to meet his payments, the land reverted to the gov ernment; and afterwards, Daniel C. Cooper, o f Ne.w Jersey, succeeded to the proprietorship o f the town, (in 1799.) The town was then laid out, upon a plan originally furnished by St. Clair, with streets 100 feet wide, crossing each other at right angles. The town plat was divided into 280 lots, 100 feet by 200 in depth. Upwards o f 50 out-lots, of 10 acres each, were laid oft' at the same time. But it was not till within the present century that the town had a tangible existence. E AR LY TRADE AND TRANSPORTATION. A t the settlement o f the town, it does not appear what were the selling prices o f the “ leading articles,” at this poin t; but the buying prices at Cin cinnati were as follows :— s. Imperial T e a ..................per pound Hyson Tea......................................... L oaf sugar......................................... I ’lour..............................per 100 lbs. W heat...................... ....p e r b u s h . d. « 22 6 |R ye 16 101 Corn 4 0 Pork 18 9 Beef 5 ol s. d. . . .per bush. 3 0 .per 100 lbs. 1 10 ............................... 18 9 .............. 22 6 The cost o f transportation, at this period, from Cincinnati to Dayton, a distance o f 50 miles, (on horseback,) was $2 50 per cwt. It also appears that the first flat-boats from Dayton descended the Miami to the Ohio River in 1800. Large quantities o f flour, pork, and bacon, were successfully shipped to New Orleans in that way. In April, 1818, 1,700 barrels of flour were ship ped by flat-boats to New Orleans. This trade continued to some extent, until the opening o f the Miami Canal in 1829. Since which time no boats have passed down the Miami, nor is it now possible, on account o f the numerous obstructions in the river. It is worthy o f remark that some o f our most wealthy and honorable citi zens laid the foundations o f their fortunes by this bold and hazardous Com merce. U p to 1817, but two citizens o f the town were the owners o f pleasure carriages; at the present writing there are in the city not less than------- car riages valued at —— In 1804, there appears to have been a direct post route, from Cincinnati to Detroit, via Dayton, over which route the mail was transported, on horse 574 Commercial Cities and Towns o f the United States. back, once in two weeks. And in 1820, the Eastern mail, via Chillieothe, arrived and departed once in each week. A t this time, there are two daily mails between Dayton and New York, which pass from point to point in 48 hours. PROGRESS OF DAYTON. The town o f Dayton was incorporated by the Legislature in 1805— and the first brick building was erected in 1806. It has therefore, as a town and city, had 47 years o f corporate existence. The progress o f Dayton, seems to have been quite slow, until it was quick ened by the spirit o f internal improvements. In the year 1829, that portion of the Miami Canal extending from Cin cinnati to Dayton was com pleted; and on the 25th day o f January o f that year a canal-boat traversed the whole distance (60 miles) from Cincinnati to Dayton. From this date the prosperity o f Dayton commences. A t a later period the canal was extended to Lake Erie, and immediately became one o f the most extensive artificial channels o f Commerce in the Western States. TABLE EXHIBITING THE AMOUNT OF TOLLS COLLECTED, ON THE CANAL, AT THE FORT OF DAYTON, FROM Tolls.................................... 1841 TO M IAM I 1851, AND LAKE ERIE INCLUSIVE. 1811. 1842 . 1843 . 1844 . 1845. 1846. $27,058 $25,273 $28,275 $35,509 $45,060 $32,330 Tolls........................................... 1847. 1848 . 1849. 1850. $41,041 $40,681 ............ $32,876 24 1851. $37,671 15 The charter for a city government was granted by the Legislature in 1841. The, city is divided for legislative purposes, into six wards; and its affairs are managed by twelve councilmen, representing the several wards in a single body, called the Council. The present revenue of the city for taxes, licenses, &c., amounts to $20,000, one-third o f which is devoted to educational purposes. The population now amounts to 14,000. MCADAM AND R A IL ROADS. There are upwards o f 250 miles o f McAdam, or hard graveled road, (equal to McAdam,) radiating in all directions from the city. The cost o f the construction o f these roads, varies from $1500 to $6,000 per mile. That made o f broken stone being the most expensive; while that made o f clean gravel and pebble stones is cheaper, but quite as smooth and desirable. It is believed, that no city in the Union, has such an extent o f costly and excellent roads, leading to and from it, as Dayton. The city is connected with the following railroads, which give her easy access to the principal points o f the U nion:— Railroads. JVlad Kiver and E r ie ...................... Cincinnati and Dayton................... Little M iam i..................................... Dayton and W e ste r n .................... ......... Greenville and M iam i................... Dayton and Michigan.................... D ayton and X e n ia ........................ Length. Miles. 40 Terminus. Sandusky. Cincinnati. Springfield. State Line. Greenville. Toledo. Xenia. A continuous line o f railroad is under contract, from a point on the Ohio River, connecting with the Baltimore and Ohio Railroad, to Ulinoistown, D ayton, Ohio. 5V o opposite St. Louis. The principal points on this road will be Columbus, Dayton, Indianapolis, Terre Haute, and St. Louis. It is confidently believed that this entire chain o f road will be completed within two years. TABLE SHOWING THE AMOUNT OF SOME OF THE PRINCIPAL ARTICLES OF COMMERCE R E CEIVED AND SHIPPED FROM DAYTON, V IA THE MIAM I CANAL FOR THE YEARS 1 8 49- 50-51. 1849. A le and beer.......... barrels F lo u r................................... Fish, fresh-water................ Oil, lin se e d ........................ Oil, lard............................... P o rk .................................... Salt ................................... W hisky................................ Barley, rye & malt. .bush. Corn..................................... Coal, m in era l.................... C o k e ................................... Oats..................................... Seeds, clover, <fc oth’r grass Seed, flax............................ W h e a t................................. Butter.............................lbs. Burr blocks.......................... Baggage and furniture. . . Bacon and P ork................. C offee.................................. Cotton, raw, in bales......... Cotton yarns...................... Candles, lard, & tallow . . Cut stone............................. Crockery, foreign............... E g g s ................................... Fruit, green........................ Grindstones............... . . . Glass and glassw are........ 1,152 5,099 2,246 704 90 5,519 267 3,000 166,672 8l|057 451,059 644,409 1,107 12,175 123,688 1,500 67,750 27,200 ljl8 0 Hides and sk in s................ -Arrived.—------------ \ 1850. 1851. 31 381 2,047 4 47 87 792 2,662 32 14 9,331 88 1,831 10,765 89,953 18,359 340 8,644 274 7,568 15,819 63,840 31,215 463 9,568 5,014 392 98,053 107,’585 11,022 279,170 294,962 2,056 795 16,387 116,662 11,729 337 62,066 55,395 163,113 11,933 9’l05 1819. 1,826 54,445 5 —Cleared.--------------- 1 1850. 1851. 6,304 1,104 149 36,334 33,278 163,177 1,718 2,013 64,434 208 4,522 580 47‘2 89 36,237 14,789 184,269 938 2,662 123,956 267 4 son 626 162 9,769 18,133 27,037 29,019 67,920 17,149 2,521 11,174 16.377 34,541 5,255 1,137 23,360 19,294 24,244 404,478 723,799 33,939 400,272 573,973 17,537 156,384 11,014 255 499 14,000 126^812 330,442 7,955 1,713,648 441,128 21,048 328,478 8,507 263,076 731 2*311 400 11,650 162,812 9,557 300 138,864 34,495 180,611 99 1,777 51,956 6,526 77,937 166^236 2,098 39,136 8,878 670 78 70S Iron, pig and s c r a p ......... 967,672 1,774^712 3,995,561 Iron, c a s t ............................. 969,208 2,396,715 210,456 8,022 L a r d .................................... 2,833 1,653 40,801 1,111,601 Leather................................ 18,928 111,202 45,776 21,859 Machinery............................ 89,076 89,333 114,299 96,555 M erchandise...................... 1,928,728 1,935,092 1,806,484 418,239 530,658 357,352 649,775 M o la sse s............................ 19,098 Nails and spikes................ 225,296 388,369 443,032 2,607 192,864 28,541 13,126 2,700 53,477 150,632 2 014 676 1 400 8,968 78,433 1 696 000 69,078 43,069 498.805 38,059 106,322 330,744 13,000 8,758 43,053 3,467 96,046 667 24,035 51,920 13,565 73,633 67,586 4 So 5 130 6*958 fi 0 ^ 7 53*872 133,805 647,440 317,928 516 240,824 371,864 20,000 18,620 4 6 0 0 .6 4 9 S 1 6 7 1 7 6 S 7 0 0 9 NR Paper, Ohio........................ Powder, O h io .................... Pot and pearl ashes........... Sugar................................... Tobacco not manufactured Tobacco, manufactured . . W ool.................................... W hite lead.......................... 821,079 350 17,848 89,765 24,111 6,681 7,717 673,448 358 16,311 94,831 44,705 47,394 6,950 54,901 '278,174 360 540 17,761 949,081 69,841 70,781 50,703 111,981 102,816 19,681 6,590 28,567 75,956 1,200 531,536 15,222 38,087 9,562 121,713 27,161 14,209 58,486 1,015 596,267 23,110 27,820 21.708 108 597 447*152 6,089 13,931 3,743 576 Commercial Cities and Towns o f the United States. /----------------Arrived,---------------- % 1849. 1850. 1851. /----------------Cleared. 1849. 1850. Sundries.............................. 906,078 2,066,495 235,276 621,793 1,219,938 H oop p oles........... number 784,582 851,110 672,082 ............ 72,974 H o g s ............................. 115,500 ................................................ 3,497 Staves and H eading............................ 1,657,758 1,221,760 7,500 5,400 Shin gles.............................. 2,180,310 3,420,250 2,870,850 750,000 116,250 L a t h ........................................................ 1,140,200 .............................. 57,000 Lum ber........................ feet 2,216,605 4,395,273 8,957,906 174,142 298,466 T im b er................................ 51,111 117,741 48,958 ............ 4,226 ISST 260.958 3,000 39,000 W ATER POW ER. The several locks of the Erie and Miami Canals, afford considerable m o tive power, within the corporate limits o f the city. In 1845, a few enterprising business men were incorporated as the Dayton Hydraulic Company. This company constructed a hydraulic canal, from a point at Mad River, four miles above the city. By means o f this canal, the waters o f a large and unfailing river are brought through the city, and the surplus water is discharged into the canal, and thence into the Miami River, below the city. It was supposed that this additional water-power, was equal to one hundred run of stones. O f late, it has been found that this estimate was too large. The whole power is leased to manufacturers. This addition to the motive power of the city, is justly ranked as one of the chief sources o f its prosperity. It is thought, by competent judges, that an additional water-power, equal to that of the Hydraulic Company, can be created by conducting the waters o f the Miami River (a still larger stream on the western side of the city) through a canal, and discharging the same into the river below the city. This project is worthy o f the attention o f capitalists. There is no other city in the W est so largely engaged in the manufac ture and export o f linseed oil and oil-cake as Dayton. The crop o f flax, in the Miami Valley, is raised almost entirely for the seed; very little o f the fiber being preserved for any profitable use. It is hoped that in the progress o f recent discoveries, some method will be found, whereby the raising of flax for the fiber, will be a source o f profit to the farmer. AMOUNT OF FLAXSEED PURCHASED, AND OIL MANUFACTURED, AT DAYTON IN 1850-51. 134,000 bushels o f seed purchased, at an averaged cost o f $1 22 per bush. A m ount o f oil produced from same............................................................ galls. A verage value per gallon, 72 cents...................................................................... 2,680 tons o f oil-cake, produced from same, valued at $10 per ton............ $163,848 294,500 $212,040 $26,800 1851— 155,000 bushels o f seed at $1 05 ......................................................... Producing 294,500 gallons o f oil, at 63 c e n t s ...................................... 3,100 tons o f oil-cake, at $10 per to n .................................................... $162,750 185,535 31,000 F lour. The amount o f superfine flour, which is manufactured annually in the city^, is equal to 125,000 barrels. For the two past years, the annual wheat crop of Montgomery County (of which Dayton is the County seat) has been equal to 900,000 bushels. MANUFACTURES GENERALLY. Dayton surpasses all other Western cities o f its size, in the variety and extent o f the manufactures. A m ong the more notable and extensive estab lishments, are those for the manufactures o f freight and passenger cars, on the largest scale. Paper mills for wrapping, news, and book paper, which supply no small part of the Western market. Foundries for stoves, hollow- D ayton , Ohio. 511 ware, &c. The value o f the annual products o f these three branches o f in dustry is h a lf a million o f dollars. BANKS AND CAPITAL. There are three chartered banks in the city. One branch o f the State Bank, one independent bank, and one bank organized under the new Free Banking Law. The aggregate capital stock o f the chartered banks is $350,000. Besides these there are several private banks, which employ a cap ital o f $200,000, making the capital used for banking purposes in the city, as near as can be ascertained, $550,000. This amount o f banking capital is by no means adequate to supply the business interest o f the city. Double the present amount might be safely and profitably used in this department o f business. PUBLIC BUILDINGS. It can hardly be expected that when cities spring out o f the wilderness, as o f yesterday, the public buildings should equal in magnitude and architec tural perfection, the splendid and costly structures o f the old and wealthy cities of the country. The Court House for the county, located in Dayton, is believed to be the most elegant building o f the kind in the Mississippi Valley. Its dimensions are 127 feet in length, by 62 in breadth. It is built o f hewn blocks of coarse but compact white marble, which abounds in the vicinity. The roof is of stone, and the doors of solid iron. The style o f architecture is that o f the Parthenon, with slight modifications. The plan seems to be faultless, and the effect o f the building is chaste and imposing. Its whole cost exceeds somewhat $100,000. MUNICIPAL ADVANTAGES, ETC. The streets, stores, and public buildings are lighted with gas, supplied by a company chartered for the purpose. The gas is made from the bitumin ous coal found about the head-waters o f the Ohio, and affords a cheap and excellent light. Coke and tar are also made from the coal used in supply ing the works. The library association o f the city has laid the foundation for a valuable library, having now upward o f 2,000 volumes o f new-selected books. The library is open to minors, under proper restrictions. A course o f lectures is usually delivered before the association during the winter months, which is free to the citizens generally. . Besides an excellent female academy and several private schools, there are six free schools in the city, which are conducted in the most admirable man ner. Five o f these are “ common s c h o o l s t h e sixth is called the “ high school,” a popular college, into which the pupils from the other schools are admitted, when they have made the prescribed advancement in the usual English studies, and sustain a good character. There are two market buildings in the city. The principal one is 400 feet long, and paved with blocks o f limestone. A part o f the second story of the building is occupied as a City Hall and Council Chamber. The markets of the city exhibit the overflowing abundance o f the valley. Poultry, beef, pork, eggs, butter, &c., are obtained (usually) at 20 per cent less than the prices at Cincinnati, and 35 to 40 per cent less than the same articles command in the Boston market. As the population o f the city in creases, o f course this disproportion in prices will be less. V OL. x x v i.— n o . v. 31 57 8 The Law o f Progress in the Relations o f Capital and Labor. Art. V.— LAW OF PROGRESS IN THE RELATIONS OF CAPITAL AND LABOR. P A R T II. W e have seen,-according to the Professor’s statement, that the opening o f a railroad and a canal, in Illinois, affected the price o f corn sixty per cent; •taxing the consumers o f the neighborhood to that extent, without contrib uting a cent to the ou tlay; thus in this instance capital may be said to have taxed itself. This inexorable principle o f rent is the great reservoir, in all countries, which swallows up the greatest share o f the increased produc tion ; and this must be the case, until society have arrived at that tone o f moral feeling which teaches it the duty of limiting population within the bounds o f a decent maintenance. Whenever that is the case, a check will be given to the rise o f rent, to the decrease in the rate of profit, and the di minution of wages. The principle o f rent, therefore, may be stated to be modified by various circumstances, the extent and variety o f soils, the state o f improvements, the laws and institutions o f a country, and the intelligent and moral condition o f the people— taxes must always diminish the general fund of profit, but cannot reach rent unless a direct tax be laid upon it ac cording to its value. Professor Smith has again quoted from the Edin burgh Eeview o f April last, although I have previously shown from his own words, that he had no reliable information respecting common labor; he has, however, quoted in support o f a general increase o f wages, three or four of the handicraft trades o f the metropolis; and the period, from 1800 to 1836. Many objections might be stated to this, as affording any test o f the general and constant rise o f wages claimed by Professor Sm ith; but the position is in itself so weak, that it appears almost unnecessary. W e will, however, state a few as briefly as possible. First. W h y were not these statistics continued up to 1851? Because, most probably, they would have exhibited a decline since that period; and it was not for the interest o f the reviewer to produce such evidence. The political and economical circumstances o f England ought also to be taken into consideration. Many violent economical changes took place in Eng land within the period of these statistics, certainly in favor o f an increase o f wages. If the absolute amount of money wages had not increased in such necessary callings as carpenters, bricklayers, and plumbers, such arti sans could not have been obtained. Up to the year 1190 England was a grain-exporting country. The French war broke out in 1792 or 1793, and lasted with very little intermission till 1815. In 1797 the Bank o f Eng land suspended specie payments, and the Parliament passed a. law to make the notes o f that corporation a legal tender ; the consequence was a depre ciation of from twenty to thirty per cent. Thus the circumstances o f Eng land became materially altered. A series o f bad harvests commenced, and from the low prices o f an exporting country, a period o f high prices super vened, taking all circumstances together, without a parallel in history. During the war she imported fifteen millions of quarters o f wheat, which in four different years reached the high price of five dollars a bushel. Added to this, she borrowed and expended five or six hundred millions sterling, chiefly in draining the country o f men. Now, if under these circumstances the wages o f skilled labor would not rise, in money price, without the Pro fessor’s natural law of progress, I do not know when they would. There The Law o f Progress in the Relations o f Capital and Labor. 579 are other objections to these wages as a test; they were the wages o f the metropolis, where the operations o f the government were carried on, and where prices were necessarily highest, and where men must be had. These trades also required a portion of time and capital to learn them, and certain ly were not so liable to be overstocked as those requiring little or no educa tion. The same objections apply with equal force to the printers, and also to the cotton-spinners, with a very little variation. But why were not the wages o f the calico weavers and printers, the woolen cloth weavers, the stocking, the lace, and the silk weavers, &c., produced ? They could have been found in the “ Commissioners’ Reports,” no doubt. And why were not the wages o f the spinners stated who wrought the coarser numbers of yarn ? Simply because they did not serve the purpose o f the reviewer; whose business it was to show that wages had increased. The Professor next carries us to Jamaica, and tells us a long story about negroes cutting firewood with an ax like “ the blade o f a sythe stuck in a wooden handle,” and what a great deal more wood they would be able to cut with an American ax. The Professor also introduces us to a gentleman o f the name o f Anderson, who has been lecturing to the negroes upon the advantages o f the plow over the hoe, as though any one doubted such a circumstance. And he also quotes Mr. Bigelow, to show that wages (upon the average) are about twenty-one cents a day, out of which the negroes have to pay their own board at the following prices : flour from sixteen to eighteen dollars a barrel, three shillings a pound for butter, five cents a dozen for eggs, and twenty-five cents a pound for h am s; and then goes on to say: “ Furnish the negro wood-chopper with the American ax, and it is even more evident, that the proportion which his wages while using it, will bear to the total value of his work, will be much greater than at present, than it is that the proportion o f the cloth earned by the Lowell spinners and weavers has increased by the use o f improved machinery. It is more evi dent, because the labor o f a few days will enable the negro to buy an American ax, and earn the highest wages, by working for himself, whereas it requires an extensive combination o f spinners and weavers to command the ownership o f cotton machinery, and enable them to enter into competition with their old employers, if the latter do not consent to give them that in creased proportion o f the cloth spun and woven to which their increased efficiency has entitled them.” For my part I cannot see much difference in the two cases, but the Professor appears to have forgotten that the spinners and weavers were to obtain their extra pay out o f the cheapness caused by their increased ef ficiency ; and the negro must do the same. It is quite nonsense to talk o f compelling their “ old employers, in either case, to double their wages,” when the relative value o f the products o f each must decline. And on the other hand, if the wood cutter wrought by the bulk, he would, like the Low ell spinner, soon find that his wages would fall to the same amount as before he doubled his production— to the amount necessary, in each case, to furnish a mere subsistence. The Professor also makes great parade about the advantages o f the plow over the hoe, but apparently being aware o f the weakness o f his position, he says: “ I might specify a great variety o f improvements in the methods o f cultivation, in drainage, in mauures, in the rotation o f crops, in securing them when gathered, and transporting them to market, which occurring with improved tools, have increased from age to age, as population and cap 580 The Law o f Progress in the Relations o f Capital and Labor. ital have g row n ; the productiveness o f agricultural labor, that is to say, have given so much greater a return per head to the persons employed, as after providing each of these with an increased share o f the crops, thus in creasing their usages and comforts, to yet leave an enlarged quantity to the capitalist or landowner.” That great improvements have taken place in the methods o f cultivation, I am not inclined to deny; but that these improvements have resulted “ in a greater return per head,” I must decidedly object, as being entirely falla cious. W ithout going back to the times o f Herodotus, and the extraordi nary fertility o f the plains of Asia, which for so many centuries allowed the maintenance o f such vast armies, wre may perhaps be able to prove, that Professor Smith and Mr. Carey are both mistaken in this point. The Pro fessor appears to have forgotten, that improved machinery requires iron, and wood, and hands to make it, which must all be paid for out o f the increased production, before any profit can accrue to the community ; and there is a large amount o f labor pertaining to agriculture, in which little or no im provement can be made, beyond the simple hand tool. But I should like to know where this increased productiveness o f agricultural labor is to be found. Not long since, we saw an account o f large numbers of Russian landowners falling into poverty on account o f the decreased fertility o f the soil, and we have plenty o f evidence that the fertility of (he soil o f the United States is rapidly depreciating, in spite of this improved machinery and these improved methods. W e take the following from the W orking Farmer, as quoted by the Tribune o f February 8th : “ The older Stales, with all the best lands in cultivation, do not at this time raise half the quantity o f wheat they raised a few years a g o ; and the consumers in the Atlantic States are paying nearly as much for transportation, on a large portion of their breadstuffs, as the farmers who grow it receive for their grain. The wheat crops o f New York are less than half what they were thirty years ago, and still no effort is made to disseminate the necessary information for arresting the evil.” This is a specimen of what the improved machinery has done, with out the improved methods. H ow does this prove that food naturally in creases faster than population? W e may endeavor to replace the fertility lost, but this must be done by extra labor and materials, and then we have no reason to believe from experience, that the original fertility can ever be reached; it even appears impossible. W h at is the average o f other coun tries ? According to statistics read by Mr. Porter before the statistical sec tion o f the British Association for the Improvement o f Science, it was proved that the Department o f the Eure in France produced upon the average of the English acre, but eighteen bushels o f wheat, seventeen o f barley, and twenty of oats ; but this department appears to have been above the average fertility, as Dr. Bowring afterwards stated in the House of Commons, upon the authority of French statistics, that the average production o f forty de partments east o f Paris, was only fourteen and three-twentieths o f a bushel o f wheat. W h at have improved machinery and improved methods done for France? It is not possible to presume that the original fertility o f France did not exceed its present amount. The average production o f England is said to be twenty-eight bushels per acre; but I think that is too much, and if my memory serves me correctly, I have lately seen it stated at twenty-four. Be that as it may, England has been a large importer o f food and other raw material, for the last half cen tury, and within the last few years those importations have vastly increased; The Law o f Progress in the Relations o f Capital and Labor. 581 until in one year they have amounted to nearly fifty million bushels o f grain, besides large quantities o f pork, lard, tallow, hides, hemp, flax, beef, cheese, butter, <fec. In fact, there is not an item o f raw produce raised on the face o f the habitable globe, but what finds a ready market in England; even cattle, manures, and food for cattle. And yet, with the best methods o f husbandry, and all the appliances o f improved machinery, it does not ap pear that these vast imports will stimulate the production o f food beyond the increase o f population ; the quantity required may now and then fluctu ate, according to good or bad seasons, but there can be no reason to doubt, that they will go on steadily increasing. If it were possible for an unprejudiced person o f ordinary observation to doubt that the increase o f population was superior to that o f food, the his tory o f England for the last fifty years would be sufficient to satisfy him of its truth. The agricultural interest has been pampered by the law-making landowners, by every means in their power, no less than four laws having been made or modified, within that period, for the purposes o f “ protection,” the importing price at one time being as high as $2 5 0 ; at which price more than seventeen millions o f bushels were imported in one y ea r; and when we take into account the vast and increasing emigration, this point appears to require no further observation. Professor Smith still persists in calling the landowner the capitalist, when he is technically only the renter. The farm er is the capitalist, and as such can only obtain the common rate of profit; if he obtains a larger rate than others, it is, according to the “ immortal work ” o f Adam Smith, because he unites the two characters o f landowner and capitalist, in the same person. As to the increased wages and comforts o f the common agricultural laborers, the writer in the Edinburgh Review states them to be, upon the average, about nine and sixpence a week, much the same in amount as they were in Adam Smith’s tim e; with most o f the necessaries o f life at an increased price. But the Professor prefers to offer testimony upon this point, the increased comforts, c£c. W e are therefore introduced to two long pages, containing the assumed statistics o f French agriculture, for the last 150 years; which, however, I think that no person who glances over them with the e)'e o f a critic will consider of the least weight. In the first place we are assured that they have taken M. Jonnes twenty-five years to collect them, “ from historical, economical, and administrative documents,” showing at once that no dependence can be placed upon them. This mere calculation appears to be predicated upon two principal points— the number o f agricul tural families and the average prices o f wheat; the number o f individuals in each family is assumed to be four and a half, and their wages guessed at, and averaged upon the presumption that they were employed without inter mission. It is then assumed, that one pound o f bread or flour per day would be the necessary consumption for each individual; but, according to the statistics, in the three first periods, covering eighty out o f the one hun dred and fifty years, the laborers could not earn bread, much less were they able to obtain fuel, house-rent, clothes, dec. And yet, if we believe these statistics, they not only managed to continue their race, but nearly doubled it in the period. N ow it does not require much penetration to perceive, that, at that period the agricultural population o f France possessed many feudal privileges — perhaps a house rent free, the privilege o f cutting firewood, keeping cow, &e. Therefore these estimates do not represent the actual state of tha 582 The Law o f Progress in the Relations o f Capital and Labor. case, and wages have not really risen, but have only been modified by the change in the institutions o f France. That the population o f France, or o f any other country, could not only exist, but nearly double their numbers in one hundred and fifty years, nearly ninety o f which their wages were not sufficient to purchase a pound o f bread per day, without a single particle o f other food, clothing, or necessaries, is too monstrous a proposition for any thinking individual to believe, backed by whatever authority it may be. It was the opinion o f Adatn Smith, that in his time France was as nearly sta tionary as possible, as to wealth and population, and that population might be considered to double in five hundred years; and it is difficult to believe, considering the history o f the period, that any material progress could be made, until within the last thirty years. That there was plenty of room for the agriculture o f France to improve, no one can doubt who has set foot upon her soil. Improvements may have taken place rapidly, within the last ten or twelve years, since the railroads have been erected, and she has had a little repose from foreign wars, and relaxation from bloody revolutions. N o doubt many forests have disappeared, and much new land been brought into cultivation. In fact, no country in Europe was placed in circumstances so likely to make a sudden start on the road to wealth and population as France. Little more than sixty years ago, she was bound under the most iron despotism in the world, divided into military governments under the feudal system, and yet Professor Smith would have us consider this mere estimation o f M. Jonnes’ entitled to the same deference as though they were veritable statistics. Before we can accord this consideration we should like to see a few more of the particulars. Although France has, no doubt, had some new land to cultivate, and improved methods and machinery, suddenly applied, there appears to be in these statistics, a slight discrepancy fa ta l to the Carey theory. The Professor states that, “ the entire population o f France lacks three millions o f having doubled, while the crop has nearly quadrupled.” N ow I should like to see the proof o f this; o f course we cannot admit the estimates and calculations o f M. Jonnes to have the least weight in the matter, and if we look into the average prices o f grain (probably the only real statistics in the tables) what do we find? W e find that, while the crop has increased relatively to population one hundred per cent, the prices o f grain have also slightly increased; showing that the demand has fully kept pace with the su pply; therefore this quadruple increase o f the crop is a chimera. I must now leave the Professor to get out o f this little dilemma, while I produce a little “ testimony” to show that these statistics t>f M. Jonnes are without foundation. Professor Smith gives me the following, for which I certainly am under great obligation; for very few opponents would have been so liberal, as gratuitously to have contradicted their own theory, by such stubborn facts. The quotation is taken from M. Blanqui’s “ Report to the Academy of Moral and Political Sciences,” on the state o f the rural population. “ Those alone,” he says, “ who have seen it can believe the degree in which the clothing, furniture, and food, o f the rural population, are slender and sorry. There are entire cantons, in which particular articles o f clothing are transmitted fro m fath er to son, in which the domestic utensils are simply wooden spoons, and the furniture a bench and a crazy table. Y ou may count by thousands men who have never knowm bed sheets, others who have never worn shoes, and by millions, those who drink only water, who never eat meat, or very rarely, or even white bread." The Law o f Progress in the Relations o f Capital and Labor. 583 Now, is it possible, for any man in liis sober senses, to take the ridiculous estimates o f M. Jonnes as evidence against these positive and absolute facts. No, we cannot believe, that the wages of the rural population o f France have nearly quadrupled in one hundred and fifty years, or in any given tim e; while there are thousands who have never known bed sheets, or worn shoes; and millions who never eat meat, or very rarely, or even white bread. N o theory o f the natural progressive increase o f wages can stand for a moment in face o f these astounding facts. A nd yet I hope to be excused, as there are still persons in the world so obstinately blind as not to see this, for producing a little more “ testim ony” o f the same kind, and from the same source. I find in the D a ily N ews (London paper) of February 4th, 1851, an extract o f a letter published by M. Blanqui, in the Paris papers o f the same date, occasioned by the public denial o f some statements he had made, by the Minister o f the Interior. The statements relate to Lille, one o f the principal manufacturing cities in France. M. Blanqui says, in reply to this denial: “ Since the Minister o f the In terior, M. Waisse, who has been prefect o f Lille, accuses o f exaggeration the harrowing and true picture which I have given o f the cellars o f this city, let him allow me to tell him, how I became acquainted with those facts, and what the Chamber o f Commerce thought o f them. I visited the greater part o f these cellars one by one, going down into them, and questioning the spectres by which they were tenanted, making an inventory of the indescrib able furniture there, when this furniture was not, as it nearly always was, a hideous litter o f filth. Ah ! if I published these sinister inventories, street by street, cellar by cellar, after my pencil notes, who ivould believe them? The former prefect o f the Nord, M. Durand St. Amand, wished to satisfy his own eyes upon the subject. A general inspection o f the cellars was re solved upon, and undertaken by the prefect and several members o f the Municipal Council, and the Council o f Health, making up a party o f fifteen persons. The visit was long and minute. One of the cellars exhaled so foul a mephitic stench, that the prefect was obliged to make a rapid retreat to the open air, where he nearly fainted. The Chamber of Commerce drew up, in consequence, a Report, which opens with these words : ‘ The degen eracy o f our working population, which strikes so painfully the eye jm d heart, and the principal cause of which is to be traced, in the inhuman and immoral state o f lodgings o f the working men, is a living reproach, from which our city ought to clear itself without delay.’ ” This report o f the condition o f the working people o f Lille is only the counterpart o f what we have seen published o f the cities o f Belgium, Eng land, Scotland, and, need I repeat it, o f some o f the cities o f the United States. Can we, then, for a moment give place to so utter an absurdity as the Carey theory o f natural progression. But the Professor says: “ I have undertaken no such task as to show, that wages advance so regularly, as that the difference shall be perceptible in ten years at Lowell, or anywhere else. * * * The contrast is ex hibited between generations or centuries, not successive years.” N ow as these improvements “ have been going on since the world began,” and the Professor appears very apt at calculation, I propose that he inform us, in his next article, when cotton cloth will be cheap enough, or, in other words, when the wages o f the working classes o f France will be sufficiently in creased, by the increased efficiency o f their labor, to allow them to wear sheets and shirts, as from his statements we make it out, that sheetings, 584 The Law o f Progress in the Relations o f Capital and Labor. tickings, &c., have decreased in value, relative to labor, about 1,600 per cent, since 1814. The Professor’s position strongly reminds me o f an inci dent which occurred in the House o f Commons, shortly after the “ Union.” Upon the proposition o f a tax upon leather, a celebrated Irish member ob jected to it, on the ground that it would injure the barefooted peasantry of Ireland. For m y part I think the Professor’s “ law o f progress” is just as likely to affect the laboring classes o f France f o r good, by the cheapening of calicoes, silks, and velvets, as the leather tax was to afiect the barefooted peasantry o f Ireland for evil. I would now pass rapidly to make a few observations upon Mr. Porter’s statistics, but must be pardoned for quoting one more passage previous to that— it contains such a confusion o f ideas and principles, that I hardly know how to treat it with anything like brevity. It is as follow s: “ Cheap food,” says R. S., “ must be bartered for cheap labor, and in this Mr. Carey and myself agree with him heartily. American labor is the cheapest under the sun. It is the best paid, because it is the cheapest, that is, the most ef fective, and produces the most. The English economists McCulloch and Mill see and rejoice in the fact that the labor o f their countrymen is cheaper than the labor of Ireland or the continent, although paid at so much higher rates. It is plain, that as labor and capital concur in bringing to market everything which reaches it, so the remuneration o f both is derived from a division o f the price for which it sells. If both are found regularly receiving back higher wages and higher profits in one country than another, it is be cause they are more effective in the former ; that is, a given quantity of each make a larger product for sale, and is therefore cheaper to the purchaser. Instead, therefore, o f being deterred from competition with England in manufactures, because wages and profits are high with us and low with her, it is the very reason why we may be assured o f success. They are mistaken who ask for protection against the low wages o f Europe; we want protection against its labor because it is costly and dear, and we want it f o r American labor because it is cheap." Now, I protest against this attempt to change the meaning o f words for no other purpose but confusion. Mr. Carey has attempted to change the meaning o f the terms “ free trade” into that o f protection, and “ protection” into that o f free trade, for no other purpose that I can see but that o f decep tion. W e have now Professor Smith attempting the same piece of jugglery with the terms cheap and dear, as though that were a matter of importance to either argument; for they certainly cannot be applied in the sense as sumed, while they retain their present meaning. Mr. Carey and Professor Smith are said to agree with me most heartily, that cheap food must be bar tered for cheap labor, and yet one party advocates free trade and the other “ protection.” Now if American labor be cheap because it produces most, and obtains more o f the profits, notwithstanding the latter circumstance, it is the very reason, as the Professor says, why it would succeed in a race o f competition with the labor of E urope; but unfortunately the Professor’s lo gic is again at fault, for he wants protection “ for American labor because it is cheap." Now, if the Professor cannot succeed in confusing his readers, there is one thing in which he can succeed— that is, in confusing himself. But to our subject. He says when wages and profits are higher “ in one country than another, it is because they are more effective in the former.” I think we have shown that with regard to agriculture this is not true in this country The Law o f Progress in the Relations o f Capital and Labor. 585 and I think we may assume, the Professor’s assertion notwithstanding, that it is not true in regard to manufactures. W e must therefore look for some other cause for high wages and high profits at the same tim e; but that is pretty well understood by unprejudiced persons. W e may say, however, that the cause o f high wages and high profits in this country is the un limited quantity o f land, and the still unexhausted origin al fertility o f the soil, combined with the immense facilities o f communication and transporta tion, which keep down rent for the time being. W o pass now to Mr. Por ter’s statistics. In support o f Mr. Carey’s theory o f the n atu ral progress of things “ to ward an equalization o f wealth,” the Professor sa ys: “ I referred to the statistics presented by Mr. Porter, an eminent free-trade authority, * * * as containing some evidence, that this tendency had been visible, and could be detected even in England, for the last fifty years. The p r o p o s i t i o n re lated to the n a t u r a l tendency o f things, but this tendency has been sedu lously counteracted by the policy o f the British government, inculcated by the economists of the Malthus school.” Now this appears to be not exactly true. For although neither Malthus nor his school believe that there is any such thing as a n a t u r a l t e n d e n c y “ toward an equalization of wealth,” they have sedulously taught, however, that a tendency toward an equalization o f wealth was highly necessary for the happiness of society, but that it could only be attained by moral and intellectual means, counteracting the natural tendency, which is to an equalization of poverty rather than that o f wealth. A nd if the British government have sedulously counteracted such a ten dency, it has been when they acted contrary to the principles o f the Mal thus school. If, therefore, any tendency should be detected in Mr. Porter’s statistics, “ towards an equalization o f wealth,” it will be claimed as the fruition o f the teachings o f Malthus and his school, counteracting* “ the natural tendency o f things.” The Professor says, in reference to these sta tistics, “ he was well aware that he was tempting a very unfavorable test,” as I showed in my last, that they had no relation to the laboring class, and yet, under the fo r lo r n hope that the length of his article would prevent a reply, he has produced them in his rejoinder. The first part o f these statis tics relate to the gradual increase of deposits in the savings banks, and Pro fessor Smith remarks that “ they are obviously to be regarded as an accu mulation of property by the humbler classes.” I have no disposition to deny that they belong to the humbler classes, but we must remember that the humbler classes are not the hum blest class. There is no denying that England is still increasing in wealth, especially since the repeal o f the corn and provision laws, which confined the energies o f the people, as much as possible, within the limits o f the production o f her own soil. These, and other peculiar circumstances, in which the people o f England have been placed, have produced the phenomena which have attracted the attention of Professor Smith, and which he has mistaken, or rather been obliged to pro duce as data in support o f his theory, for lack o f anything better. The extreme fluctuations in trade caused by the Corn Law, in conjunc tion with the fluctuations o f the currency, had materially endangered the operation of small capitals; and we will assume, in spite o f Mr. Porter’s statistics, that in this state o f pressure, the large capitals had a tendency to swallow the smaller ones. In this state o f things savings banks were insti tuted ; and everything was done to induce the public to patronize them. For the security of the depositors the money was invested in the funds, and 586 The Law o f Progress in the Relations o f Capital and Labor. a larger interest allowed by the savings banks than could be obtained else where ; and the loss, if any, to the institutions, was made good by the commissioners o f the sinking fund. Added to these circumstances, the law o f paitnerships in England is such, that there is no limit to responsibility. Each individual is liable to the extent o f his means, for the debts o f the partnership, however small his share o f the capital. It is not wonderful, therefore, under these circumstances, that the deposits in the savings banks should increase as the institutions became better known. But even if there had not been any o f these extra inducements to deposit in savings banks, the Professor could not have claimed these statistics as supporting his natural law o f progress. The intelligent classes o f England are beginning to bo considerably im bued with Malthusian principles, in spite of the prejudice which has been heaped upon them. Under these circumstances, and the gradual improve ment o f the habits o f the people in general, it is only fair to presume, that a large amount o f money is now deposited in savings banks which used to be spent otherwise, by small tradesmen, clerks, skilled workmen, and servants. So that, instead o f these circumstances being caused by a natural “ law of progress,” they have been caused by the moral superseding the natural law. But we must proceed. The Professor says : “ The next test is found in the accounts furnished to Parliament o f the number o f persons receiving divi dends upon portions o f the public debt. These divide the fundholders into ten classes. Then follow the figures, which show an increase of the small dividends; those not exceeding £ ? , o f a little more than 9 per cent. The next class, not exceeding £ 1 0 , is stationary, and all other intermediate amounts, until they exceed £2 ,0 0 0 , decrease, more or less, and those above that sum have increased nearly 3 per cent. Now, if Professor Smith and Mr. Carey are willing to take this as a test o f the “ natural tendency to an equalization o f wealth,” I certainly can have no objection. The small sums have increased 9 per cent, while the intermediate sums have decreased from 2 to 20 per cent, and the extreme large ones have increased. If Professor Smith can see any tendency toward an equalization o f wealth in this, I can only say that his perceptive faculties are more acute than those o f ordinary men. The fact is, the tendency to the investment o f small sums in savings banks and the funds, are only the effect o f a necessary law o f the circum stances in which England is placed. Large sums can readily be invested in lands, and there is every reason to believe, from what has been elsewhere stated,* that large capitals continually migrate, from the banks to the funds, and from the funds to the land, giving place to smaller sums, which cannot be so invested. The next test which the Professor offers us, is to be found in the tables o f the income tax. H e says: “ The following table, giving the number o f persons assessed in different classes, shows the increase in the number of moderate and a comparative diminution in the number of colossal incomes.” Now, whether this assertion belongs to Professor Smith or to Mr. Porter, is not exactly clear; but, according to these tables, all the classes o f income have increased in numbers; the smallest 196 per cent, and the largest 180, but none o f the intermediate sums have reached the rate o f increase o f the largest class, by more than 30 per cent. If there is any tendency to an equalization here, I can only say I cannot see it. It ap * The land in England, in the latter end of the last century, was in the hands 250,000 proprietors, while at present it is in the hands of about 30,000. The Law o f Progress in the Relations o f Capital and Labor. 587 pears very natural to me that small sums should increase faster than large ones, in a prosperous community, simply because the small sums must have time to grow into large ones. I f the large incomes had decreased while the small ones had increased, there would have been some show o f plausibility in the Professor’s reasoning; but as it is, it is quite absurd. He has again endeavored to enlighten us by a calculation. The Profes sor appears to think that there is some fatality about large incomes, which prevents them from hanging well together. H e has therefore endeavored to make it appear, at least to his own satisfaction, that although the large in comes have increased in number, in nearly as large a ratio as the small ones, that they have decreased in the average amount o f each. Now, if this were actually the case, I do not see that it would at all benefit the Professor’s theory, as, no doubt, some good economical reason could be given for it, if we only knew all the circumstances. I believe that the property and income tax does not reach Ireland, but reaches all sources o f income in England. In that case, the incomes o f many o f the aristocracy would be affected by the depreciation o f property in Ireland, land being at a mere nominal value in that country, from which they used to draw large revenues. The next test offered us of this natural tendency “ to an equalization of wealth” is to be found in the statistics o f the probate duty, between the years 1833 and 1818, but apparently without any nearer approach to an equalization. For instance, the sums under £ 1 ,500 have increased 15 per cent, while those of the third class, between £5 ,000 and £10,000, have increased sixteen per cent; and those above £15,000, 7 per cent; but, “ the amount of duty re ceived on estates o f £3 0,00 0 and upward, has been slowly but steadily de creasing.” I rather suspect that the Professor has made a mistake in the last lin e; instead o f using the adverb steadily, I suspect it ought to have been comparatively ; for I must confess, that I do not clearly see how it is, that, while large fortunes in England are increasing at nearly the rate o f 200 percent in forty years, that tljey do not pay probate duty in descending from parent to child. But if it be as the Professor has stated it, there must be some slight-of-hand trick, which probably the Professor could explain; but if not, I could give a pretty near guess.'* Upon the whole, speaking as a Malthusian, I should say, the results shown by these tables are highly satisfactory; that they have caused sur prise in England I can readily believe; but not because o f any perceptible tendency to an equalization of wealth, but rather that it should have gone on so steadily increasing, while the great mass o f her population were in distress and deteriorating in condition. '1 he opinion that England had been declining in wealth, for the last twenty years, no doubt arose from the nu merous periods o f distress, affecting all classes but the landowners, the enormous amount o f the “ poor’s rate,” and the continued decline o f the revenue previous to the adoption o f “ free trade.” But the most gratifying part o f Mr. Porter’s statistics are those relating to the sav ings banks. Less than thirty years ago it was no disgrace for an Englishman o f any rank, from the prince to the peasant, to be seen drunk after dinner; to drink to excess was the rule, to be sober was the exception. It is therefore gratify ing to have this evidence that the English people are becoming more moral, prudent, and economical. * It is said that the father o f a late celebrated baronet, distributed previous to his death, £000,000 in one week among his family. 588 Journal o f Mercantile Law. After all his long article, the Professor appeared to regret that your space would not allow him to quote the whole history o f the human race, in sup port of his theory, and to show us how mankind had progressed from one state of slavery to another, and finally to freedom. It appears that the Professor wished to change the subject; for we do not want to know how mankind progressed, but the cause of that progression. After all, it does appear to me, to be rather ridiculous, to be seriously discussing this ques tion, at this time, when the point has so long been considered as settled, by all logical thinkers. Machinery can be produced and improved ad infinitum, or at least without any natural limitation, and if it could be applied under the same circumstances to the productions o f the soil, it does not require a Solomon to tell us, that the rate o f profit on capital must continually in crease, instead o f being continually diminished; and no such principle as that o f rent would exist. r ic iia r d s u l l y . JOURNAL OF M E R C A N TILE LA W . WHETHER CERTAIN MEMORANDA TAKEN TOGETHER WITH OTHER CIRCUMSTANCES AMOUNTED TO A BARGAIN AND SALE. In the United States C ircuit C ourt, (B o sto n , M assachusetts,) 1852. Salm on F alls M anufacturing C om pan y vs. W illia m W . Goddard. T h is action was brough t to recover som e $ 1 9 ,0 0 0 for dam ages sustained b y the plaintiffs from the refusal o f defendant to make and deliver to them his note o f that am ount for g o o d s bargained for and sold, and also to recover a similar sum for g o o d s sold and delivered. T h e defendant resisted the demand upon the ground that the plaintiffs cou ld n ot produce any w ritten note or m emorandum o f the contract, as by statute is requ ired ; also, that the plaintiffs w ere bou nd to de liver the g o o d s to him, prior to any right o f recovery, which he averred they had n ot done. It w as in proof, that M ason & L aw ren ce,com m ission merchants, were the factors in B oston , o f the plaintiffs; that Goddard on the 19th Septem ber, 1850, had a negotiation with M ason, fo r the purchase o f som e g o o d s w hich he intended to ship. A m em orandum w as written and signed, in the fo llow in g w ords, n a m e ly :— 19th S eptem ber— W . W . G oddard, 12 mo. 300 bales S. F . Drills. 7£. 100 cases b lu e “ 8|. , Cr. to com m ence when ship sails, n ot later than 1st D ecem ber. D elivered free o f charge fo r truckage. W . W . G. R. M. M. T h e blues i f c o lo r satisfactory to purchaser. A t the time o f this negotiation the 300 bales w ere in the storehouse o f plain tiffs in N ew H am pshire, and M ason so inform ed the defendant, and requested that he w ou ld give notice when he desired the g o o d s, that they m ight be sent for. O n the 11th o f O ctob er, at which time the 100 cases o f blue had been received at the store o f M ason & L aw rence, a clerk in their store made a bill o f parcels, dated Septem ber 30, 1850, which stated that W . W . G oddard had bou gh t o f M ason & L aw rence 300 bales o f S. F. drills at 7£ cents, and 100 cases blue at 8 f cents, carrying out the sums to ta l; and underneath this general bill was writ ten the marks, num bers, and yards o f each bale, and o f each case. T h e terms w ere also stated to be, “ N ote at tw elve m onths to the treasurer o f the Salm on F alls M anufacturing C om pany.” T h is bill o f parcels, on the same day it was made, w as sent through the post-office to the defendant, to which he made no reply. Journal o f Mercantile Law. 589 O n 22d O ctober, defendant said to M ason he w ished him to send fo r the g o o d s at Salm on Falls, so that he m ight receive them by the m iddle o f the then next w eek (w h ich w ou ld be the 30th.) O n the same day, M ason & L aw rence c o m m unicated to the plaintiffs the request o f the defendant. On 25th O ctob er the defendant requested M ason & Law rence to substitute other g o o d s fo r those which he had purchased, with which request they w o u ld n ot com p ly , and declined. T h e 300 bales arrived at the B o sto n and Maine depot, in B oston, on and before the 30th o f O ctober, on which day the defendant was notified that the g o o d s were at the depot, and w ere ready for delivery to him— he replied, “ D on t send them .” On the next day, M ason & Lawrence, by letter delivered to the defendant, notified him that the g o o d s which had been forw arded from Salm on Falls by his direc tion, w ere at the d epot o f the B oston and M aine R ailroad, subject to his risk and charge fo r storage, stating the marks and num bers o f the bales, to which letter he made no reply. On the 2d o f N ovem ber, M ason called at the coun ting-room o f defendant, and not finding him, inquired o f his clerk w hy G oddard did not rem ove his g ood s, and the clerk answ ered that his ship w as fu ll. T h e 300 hales w ere d estroyed by fire at the depot, during the night o f N ovem ber 4th. O n the m orning o f the 5th, the defendant called on M ason & L aw rence, and during the conversation with them, adm itted he had his invoice, had been notified, and spoke o f the g o o d s as his. On the 30th o f Septem ber, M ason & Law rence notified the plaintiffs, at Salm on Falls, that 300 hales had been sold, stating the num bers, w hich corresponded with those upon the bill o f parcels subsequently sent to the defendant, upon w hich notice the plaintiffs coun ted and set them apart, and the overseer w ho had charge o f the g o o d s was inform ed that these 300 bales had been sold, and were n ot to be forw arded till specially ordered. On the m orning o f the 4th o f N ovem ber, the railroad com pany w ere notified by M ason & L aw rence that the 300 bales which w ere pointed ou t had been sold to Goddard. T h e d efen dant was ow n er o f a ship called the Crusader, which on the 19th o f Septem ber w as at sea, w hich arrived at B oston O ctob er 15th, cleared on the 2d N ovem ber, and sailed on the 6th upon a n ew voyage. It was in p r o o f that it was the usage o f M ason & L aw rence upon their sales, to require the note o f the p u rch aser: that the defendant was aware o f such usage, having purchased o f the plain tiffs, through M ason & L aw rence, g o o d s on six occasions prior to the 19th o f S eptem ber, for which purchases he had given his notes. O n the 14th N ovem ber, plaintiffs demanded a note o f defendant, w hich he re fused. S om e other things were in evidence, n ot changing the general aspect o f the case. T h e plaintiffs submitted that the contract betw een the parties was one which th e law regards as a bargain and sa le ; that the title passed from them, and vested in the defendant on the 19th o f S eptem ber, notw ithstanding the plaintiffs agreed to pay the co st o f transportation; that this provision was collateral, and had no such force or effect as w ou ld defeat the vesting o f the title in the defen dant ; that i f the title did not so pass to the defendant, inasmuch as he had direc ted the transportation, w hich had, in pursuance o f such direction, been com m enced, and had declined to direct the place to which it should be trucked from the depot, a delivery at Salm on Falls, to the carrier, m ust be regarded as a de livery to G o d d a rd ; that having directed the transportation to com m ence, he cou ld not, by n eglect to designate the place to which it should be com pleted, or by re fusal to receive the g o o d s , interrupt such transportation, and thereupon avoid the responsibility o f ow n ersh ip; that such interruption at the depot was an exercise o f ownership, and w as in la w to b e regarded as a delivery. T h e plaintiff's re quested the cou rt to instruct the ju ry that the paper o f 19th S eptem ber was a sufficient writing to bind the defendant. T h e y also requested an instruction that the bill o f parcels, w hich represented the defendant as purchaser, by reason o f his alleged recogn ition of, and action under it, m ust bo regarded as a sufficient signature on his part to bind him to the contract therein stated. A ls o , that the tw o papers, taken together, constituted one contract, and, so regarded, w ere suffi cient to answ er the purpose o f the statute, which|requires a n ote o f the contract to be in writing. T h e plaintiffs also subm itted that the acts o f the parties co n stituted a delivery to, and acceptance o f, the property b y the defendant, so as 59 0 Journal o f Mercantile Law. thereby to render a written m emorandum unnecessary. I f n ot so, as m atter o f law, these acts w ere com petent to g o to the ju ry, and w ere sufficient to authorize them to find such delivery and acceptance. T h e y also requested the cou rt to instruct the ju ry that the defendant b y his con d u ct was estopped to say, that the property had not been delivered to and ac cepted by h im ; that he was estopped to say that the property was n ot at his risk ; there was no p r o o f that defendant ever requested a delivery o f the 100 cases, w hich w ere offered to him by letter on the 16th N ov em b er; no p r o o f that he ever said to the plaintiffs or their agents in what ship he intended to send his g o od s, or at w hich he w ished a delivery. T h e defendant resisted all these ground s u pon which the plaintiff sou gh t to recover. T h e cou rt directed the ju ry to return a verdict for the defendant, giving the reasons at length. In substance, the cou rt considered the paper o f the 19th Septem ber as insufficient, because it did not dis clo se who was vendor or vendee, what the price, or the terms. T h at the bill o f parcels was m ade by a clerk o f M ason & L aw rence, and not b y the agent, o f the d e fe n d a n t; that he did not profess to act for the defendant, that the defendant had not by any writing recogn ized the paper; that the acts and declarations o f the defendant in relation thereto did n ot am ount to a legal recognition o f the paper to an extent sufficient to bind him. T h at a paper not signed by a party, or by his agent, m ust be adopted by som e w riting to make it available; that the tw o papers were not to be regarded as a com pliance with the statule, although it w as assum ed they related to the same transaction, because th ey did n ot refer to each o th e r ; they did not call one for the other. T h e court also held that the acts in p r o o f did not, in law, constitute a delivery and acceptance o f the g o o d s — that it was n ot com petent for the ju ry from the facts in p r o o f to infer such delivery and acceptance— that the defendant was not estopped by his con d u ct to say the g o o d s did not b e lo n g to him, and w ere not at his risk at the time they w ere destroyed. T o all these rulings o f the cou rt the plaintiffs excepted. U nder the direction o f the court, the ju ry returned a pro form a verdict fo r the defendant, that “ he did n ot prom ise in manner and form , as set forth in the plaintiffs writ and declaration.” T h e coun sel for the plaintiffs gave notice that they should file exceptions for the purpose o f bringing the case b e fo re the United States Suprem e C ourt, at W ashington. C. G. Loring and C. B. Goodrich for the plaintiffs, and R. Choate and P. O. Watts for the defendant. BANKS AN D BORROWERS— USURY. In the Suprem e C ourt (Cincinnati, O h io,) 1852, Bank o f X en ia vs. G ibson and others. Judge H oadly. T h e defendants claim that the acceptance on w hich this suit is brought is infected with usury, and it n ow b ecom es my duty to point ou t to y o u the legal result, i f such be the case. I may, w ithout objection, state the outlines o f the facts as they are adm itted to exist, in order that y o u m ay fairly appreciate the law as I shall state it, and may properly adapt it to the facts in their detail. It appears that Bennett, V eazey & C o., and P. and T . G ibson all reside in Cin cinnati. B y an agreem ent with the President o f the Bank, B ennett was to have a standing accom m odation o f on e thousand dollars at the X enia Branch o f the State Bank, on paper having the names o f these parties on it. T h e business was done in about the fo llo w in g m anner:— P eter G ibson or P. and T . G ibson w ould draw in favor o f them selves on B ennett, at ninety days date, payable at the C om mercial Bank o f Cincinnati in specie funds. T h e draft, when indorsed by V eazey and C o., and accepted b y B ennett, the latter w ou ld send by mail to X enia and the Bank, after deducting interest at the rate o f six per cent per annum, w ould forw ard the residue in “ cu rre n cy ” to B ennett by express. W h e n the acceptance matured, B ennett had to pay it in g o ld , and then a few days after m aturity he w o u ld procure a n e w am ount o f “ cu rre n cy ” from the Bank, on another instru ment o f the same character, in the same m anner; and this w ou ld b e paid in g old . A n d so these transactions occu rred several tim es, B ennett each time receiving Journal o f Mercantile Law. 591 currency and paying gold. Whether Bennett ever had to pay a premium o f ex change or not, you are to determine from the testimony. It is not one of those admitted facts o f which 1 may speak. “ Specie funds ” are testified to consist o f gold, silver, and the notes o f specie paying city banks, and during the time refer red to seem to have been worth a premium over currency o f from one-quarter to one per cent. By the 61st section o f the charter o f the State Bank and Branches, repealed in 1848 and revived in 1850, every loan or discount in which usurious interest is taken or assessed is forfeited. And by the third section o f the act o f March 19th, 1850, the same provision o f law is repeated. What cannot be done directly, cannot be done indirectly. A mere evasion of the usury laws,— a mere shift, contrivance, or device to evade them, renders the contract void, just as their open and avowed violation does. They who live by the law must live within it. And corporations, those artificial creations o f the legislative power, must never be wanting in loyalty to the spirit as well as the letter o f the law. To the spirit, I say, for though a contract may conform to the letter, as this seems to do, (for every creditor has a right to payment in the constitutional cur rency o f gold and silver,) yet if the intent and meaning o f the law is evaded, the contract is no less void than if in open defiance o f law. Every fraud, or nearly every one, conforms to legal forms, but that honest adherence to law in its spirit is wanting, which alone renders it valid, and therefore fraud avoids all contracts whatever their form. If, then, you are satisfied that the transactions to which I refer resulted in the virtual taking or reservation of usurious interest by the plaintiff, the Xenia Branch, in the purchase or discount (whichever it was) o f this acceptance— if the discount or purchase o f this acceptance was not a bona fide and legitimate dis count or purchase at six per cent, but was a mere contrivance, shift, or device to take or reserve interest at the rate of more than six per cent per annum, the plaintiff cannot recover, but your verdict must be for the defendant. The jury, after being absent an hour and a half, sent in for the charter o f the State Bank, and the law of 1850, which by consent o f counsel the court sent them. The jury returned a verdict for the defendants. ASSIGNMENTS OP ASSETS FOP. BENEFIT OF CREDITORS— WHAT CONSTITUTES A SUFFICIENT DELIVERY OF GOODS TO RECOVER, ETC. In the Supreme Court, (New York,) March 15, 1852. Before Justice Roose velt, Alexander P. Forrest vs. William Boddan and Francis R. Crump. Action to set aside an assignment, made by Bodden to Ciump, o f a slock of goods for the benefit o f preferred creditors, the goods still remaining, as alleged, in the possession of the debtor, and that circumstance being insisted on as an evi dence of fraud. An injunction and receiver had been ordered, and the assignee, Crump, was required to transfer and deliver over to him, pending the litigation, the whole o f the assigned property. The plaintiff alleged that Crump had not complied sufficiently with his order, and asked for commitment. Other facts sufficiently appear in the opinion o f the court. R o o s e v e l t , J.— First. The delivery o f the key o f the room, wdiere the goods in controversy were stowed, to the receiver, and the actual admission o f both him and his two clerks into the room was, as between him and the defendant Crump, under all the circumstance o f this case, a complete delivery of the goods them selves, and, with the aid of the written assignment, vested both the title and posses sion in the receiver. Second. The goods were justly subject to a lien for reasonable storage, which the plaintiff or the receiver was bound to pay before their removal. Third. If a greater amount was claimed than was justly due, it was neverthe less incumbent on the party to have made a tender, at his peril, of what he deemed reasonable; or, he might have paid, under protest, the whole demand, (only twenty-eight dollars,) and have applied to the court, the demandant being Journal o f Mercantile Law. 592 a party to the suit, to ascertain the true amount, and to compel him to refund the excess, if any should be shown. Fourth. If the defendant, Boddan, had no lien on the goods, his resistance to their removal, after the receiver had been put into the actual possession o f the room, was unlawful, and was to be overcome either by superior force, which it appears the receiver had at his disposal in the person o f two able-bodied clerks besides himself, or, as in other like cases, by the aid o f the police, or by an order from this court directed to the sheriff. Fifth. Whether Boddan’s demands were just or unjust, and his threatened resistance rightful or wrongful, Crump was not responsible for either— and hav ing assigned the property to the receiver, and delivered to him all the possession in his power, there is no ground for imposing upon him either fine or imprison ment, as for a contempt in not doing that which, it appears, he has done to the full extent o f his ability and liability. Motion denied. ACTION ON A PROMISSORY NOTE— INDORSER AGAINST MAKER— USURY. In the Common Pleas, (New York city,) February 4,1852, Hugh Kelly vs. John B. Overton. [ Section 399 o f the code to be liberally construed— an indorser o f a note is an assignor within this section— usury must be strictly proved as laid.] This was an action on a promissory note, indorsed against maker. The note in question was for |338 35, the plaintiff claiming principal and interest. The defence was usury, in that the note in question was a renewal o f another note, which other note was given for $335, while the actual principal was only $297 55, and was given for furniture. It was made by Fanner, Whitney, & Co., and in dorsed by Overton, and by him indorsed to Jane McMenomy and Thompson, who transferred it to plaintiff. Overton retired the first note by the note in ques tion, the usury on the first note was 10 per cent, and the interest for 30 days’ re newal was included in the second note, the whole making 12 per cent interest. There was an allegation by plaintiff that there was a mistake in the calculation o f interest, and to show this plaintiff called Mr. Thompson as a witness, who was an indorser on the first note. The defendant, to rebut Mr. Thompson’s testimony, called the defendant as a witness under sec. 399 o f the Code, which provides that when the assignee o f a claim brings suit and calls the assignor as a witness, the defendant may be a witness to testify in his own behalf. Plaintiff objected— but the court held the testimony competent on the ground that the indorser of a note is an assignor to a subsequent indorser or holder within the spirit o f the code, which must be liberally construed. Plaintiff’s counsel then submitted that as the defense was usury, and penal in its nature, the defendant must be held strictly to prove bis case as laid; the alle gation was that the usury was 10 per cent, and his proving a larger rate o f inter est, that is 12 per cent, was a fatal variance. The court sustained this objection— and the court instructed the jury to that effect, and that the testimony was con flicting. Verdict for plaintiff. LIABILITY OF RAILROADS AS COMMON CARRIERS. In the Superior Court, (Concord, New Hampshire,) Feb. 1852. C. P. Moses vs. Boston and Maine Railroad. This was an action on the case commenced in the court o f common pleas in Hillsborough county, at the August term,-1848, against the defendants as com mon carriers, to recover the value o f a large quantity o f paper lost in the de fendant’s depot in Dover, at the time it was destroyed by fire in 1848. A verdict was taken for the.plaintiff in the court o f common pleas, subject to the opinion o f the court above, upon certain questions o f law raised by the defendants. The principal questions w ere: can one carrier who delivers goods to another carrier to be forwarded or further transported, be a competent witness for the owner o f the'goodsin action for tho loss o f them against such other carrier, with- 59 3 Commercial Chronicle and Review. ou t a release ? Can railroad corporations, as co m m o n carriers, lim it their c o m m on law liability b y n otice ? Can the defendants sh o w that the truckm an w ho d elivered the g o o d s to the defendants, at the tim e o f their delivery, gave certain directions in relation to their disposition, in con seq u en ce o f w h ich th ey w ere lo s t ; and are the defendants p rotected b y such instructions, w ith ou t sh ow in g that the truckm an had authority from his em ployers to give them ? Can a party brin g in g an action against another as a com m on carrier, setting out in his d e cla ration the liability o f the defendant as a co m m o n carrier on ly , recover against the defendant as a warehousem an, notw ithstanding he m ight bo liable fo r the lo ss o f the g o o d s intrusted to his care as a warehousem an 1 T h e three first qu estion s, in a very elaborate op in ion d elivered b y Judge P erley , w ere d ecided in the n eg a tiv e; and the last in the affirmative. T h is opin ion settles the law o f this State in relation to railroads as com m on carriers, and one upon w hich claim s to a very considerable am ount have b een depending. T h e result in this case is a ju d g m e n t o n the verdict fo r the plaintiff. COM M ERCIAL CHRONICLE AND R E V IE W . G E N E R A L A S P E C T OP C O M M E R C I A L A F F A I R S T H R O U G H O U T T H E — A D V A N C E IN R E A L E S T A T E — D E C L IN E IN T H E V A L U E OF C O U N T R Y — S P IR IT OF S P E C U L A T IO N M E R C H A N D IS E — S A C R IF IC E OF EURO P E A N G O O D S — S T E A D Y M A R K E T F O R C O T T O N — E F F E C T O F S U P P L Y A N D D E M A N D U P O N T H E P R I C E OF B R E A D S T U F F S — O B JE C TS A T I O N S — P R O M IS E S T O W H IC H S P E C U L A T I O N IS D I R E C T E D — N O T IC E OF A R A P ID A C C U M U L A T IO N OF F O R T U N E O F B A N K A C C O M M O D A T IO N S — C O M P A R A T IV E S T A T E M E N T BANKS— R A T E S NEW OF F O R E IG N E X C H A N G E — D E P O S IT S O R L E A N S M IN T S — D E C L I N E IN T H E Y O R K FO R M A R C H — D IT T O T H R O W N IM P O R T S A T N E W TH REE M O N TH S— IN C RE A SE TRADE— EXPORTS T IO N A L Y O R K FO R T H E FROM he U PON T H E OF AT AT THE DRY TH E YORK A S S O C I NEW YORK P H IL A D E L P H IA T R A D E — IM P O R T S E N T E R E D AT IN C R E A S E IN TH E Q U A R T E R — D E C L IN E AND AND NEW R E C E I P T S OF F R E E G O O D S — GOODS FO R M A R C H — D IT T O GO O D S— G E N E R A L NEW B U IL D IN G C O N D IT IO N O F T H E M A R K E T — IN C R E A S E D N E W Y O R K FO R M A R C H , AND FO R R E C E IP T S TH E C O IN A G E IM P O R T Q U A R T E R — IM P O R T S M IS C E L L A N E O U S R E V E N U E — C O M P A R A T IV E L E A D IN G A R T IC L E S T IN GENERAL OF AND OF G E N E R A L L Y I L L U S O R Y — E X P A N S IO N FO R EXPORT IN T H E NA P H IL A D E L P H IA — E X P O R T S OF OF P R O D U C E F R O M J A N U A R Y 1 S T — G E N E R A L R E M A R K S , E T C . present con d ition o f various section s o f the cou n try affords som e sin gular com parisons. In all o f our A tlantic cities, capital is v ery abundant, and offered at a lo w rate o f interest, and a spirit o f speculation has sprung up which seem s to take h old o f all classes. T h is is particularly true o f N ew Y o rk and its adjacent cities, w here real estate has advanced in nom inal value 10 to 15 per cen t ab ove the ordinary rate o f increase, and w here alm ost ev ery sp ecies o f p rop erty other than perishable com m od ities, have rapidly changed hands for speculative p u rposes. B u t w hile real estate, stock s and bon ds, and fa n cy invest m ents, are thus sellin g at enhanced rates, m ost articles o f m erchandise are sell in g at unusually lo w prices. N early all descriptions o f E uropean continental fa b rics are actually offered b o th b y auction and private sale at a value, n o t o n ly far b e lo w their original co st, b u t also b e lo w the price at w hich they can b o replaced. T h is is true n o t sim ply o f fa n cy g o o d s , the style o f w hich m ay g o o u t o f fash ion, b u t o f staple fabrics, identical w ith those w hich m ust b e reprod u ced fo r next season’ s consu m ption . P lain black silks, which w ill d ou btless be w orn fo r centuries y et to com e, have b e e n sacrificed in the face o f a firm E urop ean mar ket, at p rices b e lo w the rates at w hich any one can hope to land them fo r another season. T h is is equally true o f other staple tissues, w hich have b een crow d ed o f f far b e lo w the c o s t at w hich they can b e replaced. A considerable portion o f these g o o d s have b e e n con sig n ed here b y foreig n o w n e r s ; bu t sales have also VOL. x x v i.— no. v. 38 Commercial Chronicle and Review. 59 4 b e e n m ade b y ou r o w n im porters at similar sacrifices. T h e truth appears to b e, that the p rod u ction th rou gh ou t the w orld, has been in advance o f the con su m p tion , and p roducers in their eagerness, each to clo se his o w n stock , have carried the com p etition so far as to ruin the w h o le trade. T h is sacrifice in the p rices o f g o o d s , w ill g o far to correct the evil, b y stim ulating the consu m p tion . F abrics w hich i f so ld at a profit, w o u ld have been far ab ove the reach o f p erson s in m oderate circum stances, w ill, at the declin e noticed, find n ew channels o f distri b u tion , and b e c o m e m ore rapidly absorbed. T h is falling o ff in prices has n ot been confin ed to the class o f g o o d s n o t ic e d : British fabrics have shared to som e extent, in the sam e general losses. T h is is particularly true o f spring dress g o o d s , fo r w hich the season has b e e n v ery unfavorable, the c o ld w eather having m aterially lim ited the dem and fo r them. C o tto n has con tin u ed very steady in price, the fluctuations fo r the last three m onths having b e e n less than fo r any sim ilar period fo r m any years. T h e crop , it is n o w ascertained, w ill p rove a very large o n e , and y e t with a g o o d dem and b o th at h om e aud abroad, there has b e e n no panic and n o general decline. B readstuffs have b e e n seriou sly depressed ; great h op es w ere entertained o f a spirited dem and from G reat Britain, and there are still indications that b ey on d even the large supplies w h ich have g o n e forw ard from our S outhern cities, there w ill b e room fo r further shipm ents. B u t the interior o f ou r cou n try is fu ll o f cereals, and there is no ou tlet p rom ised o f sufficient capacity to a b sorb the surplus. It is seld om that the su pp ly con tin u es so abundant fo r m any years, and w ith the g re a tly increased con su m p tion p rod u ced b y lo w prices and g o o d w ages, o n e sh o rt crop w o u ld restore the equilibrium . S ince the thirst fo r speculative investm ents has b e co m e so general in our E astern cities, m any have flattered them selves that it w o u ld lead to n o serious lo sse s, b eca u se the schem es p rop osed are less w ild and visionary than those w h ich p rod u ced su ch general disasters during a form er com m ercia l crisis. We are n o t s o sure that this saving d istinction w ill b e fo u n d to exist, upon a careful com p arison o f the favorite schem es at both periods. It is true, fe w are n o w w illin g to b u y to w n lo ts ly in g outside o f lo w w ater m ark, and fa n cy b u b b le s o f the p recise c o lo r o f th ose w hich o n ce ex p lo d e d are n ot likely to b e in v og u e. B u t human nature!is the sam e, and the traps to catch the un w ary are quite as th ickly set as o f old. N o t to m ention other plans fo r secu rin g a g old en fortune in an easy tide, w e m ay instance b u ild in g associations, as affording all the n eces sary m achinery fo r fleecin g the m any fo r the ben efit o f the few . T h e o b je ct is o ste n sib ly a g o o d on e, and m any o f the m od el enterprises have n o d ou b t been started from m otives o f ben ev olen ce, and w isely con d u cted fo r the best g o o d o f th o se fo r w h ose ben efit they w e re intended. T h e re is ju s t en ou gh plausibility in the plan to secure the approbation o f those w h o are heartily desirou s o f d oin g som eth ing to provid e the co m fo rts o f a hom e fo r the m ass o f the lo w e r c la s s e s ; ju s t en ou gh o f a prospect o f extravagant gains to lure on th ose w h o, w ith a small capital, are m aking haste to b e r ic h ; and quite en ou g h o f op portunities fo r the selfish and d e sig n in g to fleece both parties to the exten t o f their investm ents. T h e great difficulty in the w ay o f these societies is n ot in the m anagem ent, bu t in the principle u p on w hich they are fou n d ed. T h ere is n o m od e o f investing the property o f rich or p o o r, with the p rosp ect o f realizin g “ cen t per cen t ” b y a Commercial Chronicle and Review. 595 short process, without a corresponding increase of risk. Royal roads to wealth are always tempting but never safe. This spirit of speculation has been aided by the expansion of bank accommo dations, although this has been confined as yet, within very safe limits. At New York, for the last quarter, the 40 banks have increased their loans and discounts about $8,000,000; but their specie has increased $2,350,000, and their deposits $8,781,000, so that they still stand in a very safe position. We annex a com parison of some of the leading items, which we have compiled from the sepa rate statements of the banks as printed under the order of the controller; the totals will be varied slightly when the official returns are completed. CONDITION OF THE NEW YO RK CITY BANKS AT THE DATES ANNEXED. Loans and discounts. March Dec. Sept. March 2 7 ,’52. 20, ’51. 2 0 ,’51. 29, ’51. Deposits. Incor’d Asso. Circulation, b ’oks. b’nks. Specie. $71,945,698 $43,415,125 $9,716,070 $7,671,989 17 64,141,399 34,631,459 7,364,439 7,073,345 17 65,426,353 36,640,617 6,032,463 7,376,113 17 68,106,072 36,500,522 7,955,640 7,048,973 17 Capital. 23 $35,137,870 23 35,133,640 21 34,603,100 14 28,875,855 It will be seen from the above that nine new banks have been formed within the year, and that the banking capital has increased $6,300,000, so that there is now less expansion on the part of these institutions than at the corresponding period of last year. This movement has also been followed in other parts of the Union, but still the banks are prosperous, and doing business on a sound specie basis. In our journal of banking, &c., will be found the March statement of the New Hamp shire Banks. Foreign exchange still keeps below the point at which specie can be shipped, good bills on London fluctuating between 109 and 109f, and on Paris 5,22-J-a 5,18f. At the inside rate noticed there is always a good demand for remittances, and it seems doubtful if a much lower point will be reached at present. We continue our usual statement of the deposits and coinage at the Philadel phia and New Orleans mints, by which it will be seen that the amount has in creased over the total for last month. DEPOSITS FOR MARCH. N E W ORLEANS. From California. G o ld .................................................. S ilv e r ................................................ Total deposits........................ $394,443 2,501 $396,944 Total. $427,205 15,156 $442,361 PHILADELPHIA. From California. $3,760,000 19,000 $3,779,000 Total. $3,890,000 19,650 $3,909,550 GOLD COINAGE. Pieces. Double eagles................................. Eagles............................................... H a lf eagles..................................... Quarter eagles................................. G old d o lla r s................................. Total gold coinage..................... Value. Pieces. Value. 44,750 $895,000 6,000 60,000 .............................. — . ............ .............................. 162,951 14,040 31,257 91,520 102,127 $3,269,020 140,400 156,288 228,800 102,127 50,750 401,895 $3,886,632 ........... 46,400 115,000 1,000,200 1,161,600 ............ $11,600 11,500 30,006 $53,106 239,975 1,803,470 2,399 $3,942,137 $955,000 SILV ER COINAGE. H a lf dollars..................................... Quarter dollars.............................. Dim es................................................ Three-cent pieces........................... Total silver c o in a g e .................. 8,000 .... ....... .... 8,000 $4,000 .... ....... .... $4,000 COPPER COINAGE. C ents................................................ Total coinage.............................. ....... 58,750 ....... $959,000 596 Commercial Chronicle and Review. This makes a total deposit since January 1st of California gold, amounting to $12,600,000. This is an average of $50,000,000 per annum ; and although the total for April may fall a little short of its proportion, there is every reason to believe that the receipts for the following months will make up the deficiency. We noticed in our last a decline in the general imports of foreign goods, and the total falling off in the receipts at the port of New York, amounting to $7,101,742 for the two months ending February 29th. We now annex a com parative statement for the month of March, by which it will appear that this de cline continued up to the 1st of April:— IMPORTS ENTERED AT N E W Y O RK FROM FOREIGN PORTS DURING THE MONTH OF MARCH. Entered direct. Ent’d wareh’ se. Free goods. 1852................. 1851................. 1850................. $9,302,024 10,651,142 7,588,168 $916,519 1,181,925 1,013,485 $1,843,938 982,530 1,364,182 Specie. $525,421 270,505 907,634 Total. $12,587,902 13,086,102 10,873,469 Notwithstanding this decline from last year in the receipts, the amount thrown into the channels of consumption has increased, owing to the drawing down of the stock in warehouse. Our readers will remember that the total receipts at the port are made up of the dutiable goods entered directly for consumption, the stock thrown into warehouse, and the free goods; while to make the total thrown into the channels of trade, the goods withdrawn from warehouse instead of the goods entered , are added to the other items. The following will exhibit the comparative total taken for consumption:— IMPORTS THROW N UPON THE MARKET AT NEW YO RK DURING THE MONTH OF MARCH. Entered direct. 1852................. 1851................. 1850................. $9,302,024 10,651,142 7,588,168 Withdrawn from warehouse. $1,605,849 1,068,437 561,653 Free. $1,843,938 982,530 1,364,182 Specie. $525,421 270,505 907,634 Total. $13,277,232 12,972,614 10,421,637 The decline in the receipts would have been much greater but for the large increase in free goods, the imports of which have been nearly doubled. The entries at the other ports of the United States, exhibit very trifling changes from the business of last year, so that the decline at New York will show about the actual difference in the whole import trade of the country. As this is a very important subject, we annex a comparison for the 1st quarter of the year. IMPORTS ENTERED AT NEW YO RK DURING THE MONTHS OF JANUARY, FEBRUARY, AND MARCH. 1852............. 1851............. 1850............. Entered direct. Ent’ d wareh’se. Free goods. $24,911,287 32,801,667 24,999,503 $3,996,343 3,128,216 2,464,445 $3,201,496 4,034,101 2,681,900 Specie. $740,450 644,991 1,922,878 Total. $32,849,576 40,608,975 32,068,726 This shows a total decline from last year of $7,759,399, or nearly 20 per cent on the entire amount of imports for the quarter. Of this decline $3,577,725 have been in dry goods, extending to nearly every description of fabric, and run ning throughout the entire quarter, although most noticeable in January and February. We subjoin a comparison of the imports for March for three years:— 591 Commercial Chronicle and Review. IMPORTS OF D E Y GOODS AT THE POET OF NEW YOEK DUEING THE MONTH OF MAECH. ENTEEED FOE CONSUMPTION. 1850. 1852. 1851. Manufactures o f w o o l ........................ Manufactures o f cotton....................... Manufactures o f s i l k .......................... Manufactures o f f l a x .......................... Miscellaneous dry g o od s..................... $802,202 946,59*7 1,191,433 754,261 174,563 $1,134,479 1,123,009 1,640,577 873,251 399,988 $1,132,921 1,002,385 1,688,099 701,572 519,964 T o t a l .................................................. $3,869,056 $5,171,304 $5,044,941 W ITHDEAW N FEOM WAEEHOUSE. 1850. 1851. 1852. Manufactures o f w o o l ........................ Manufactures o f cotton........................ Manufactures o f silk............................. Manufactures o f f l a x ........................... Miscellaneous dry goods..................... $57,061 74,746 56,075 35,214 9,518 $84,552 171,836 ;i 19,483 56,204 45,165 $143,427 229.213 193,600 140,042 50,674 T o t a l ................................................... A d d entered for consumption........ $232,614 3,869,056 $477,240 5,171,304 $756,956 5,044,941 Total thrown upon the m arket. $4,101,670 $6,648,544 $5,801,897 ENTEEED FOE WAREHOUSING. 1850. 1851. 1852. Manufactures o f w o o l ........................ Manufactures o f cotton....................... Manufactures o f silk............................ Manufactures o f flax............................ Miscellaneous dry g o o d s .................... $44,481 96,299 112,051 71,685 1,594 $126,591 170,125 211,348 116,799 43,392 $164,179 154,083 132,333 37,520 52,762 T o t a l .................................................. A d d entered for consumption . . . . $326,110 3,869,056 $668,255 5,171,304 $540,877 5,044,941 Total entered at the p o rt........... $4,195,166 $5,839,569 $5,585,818 It w ill b o seen that the am ount throw n upon the m arket fo r M arch is a little in advance o f the total fo r the corresp on d in g m onth o f last year, as the stock in w areh ouse has been draw n d o w n m uch closer, to su pply the d eficiency in the receipts. W e annex also a com p arison fo r the w h ole q u a rter:— IMPOETS OF D E Y GOODS AT THE POET OF NEW YO RK FOR THE MONTHS OF JANUARY, FEBEUARY, AND MAECH. ENTEEED FOE CONSUMPTION. 1851. GO 1850. Manufactures o f w o o l ........................ Manufactures o f c o t t o n ...................... Manufactures o f s i l k ........................... Manufactures o f f l a x .......................... Miscellaneous dry g o o d s .................... $3,654,356 3,827,580 5,114,747 2,495,173 715,965 $4,008,196 4,419,332 8,096,438 2,452,783 1,359,432 $3,429,534 3,249,014 6,638,886 1,775,283 1,320,693 T o t a l................................... ............... $15,807,821 $20,336,181 $16,413,410 W ITHDEAW N FROM WAREHOUSE. 1850. 1851. 1852. Manufactures o f w o o l ......................... Manufactures o f c o t t o n ...................... Manufactures o f s i l k .......................... Manufactures o f flax............................ Miscellaneous dry goods..................... $265,630 464,005 334,683 120,401 54,596 $280,655 629,010 366,577 235,204 141,800 $559,464 821,461 869,684 450,465 136,085 T o t a l ................................................... A d d entered for consumption........ Total thrown upon the market. $1,249,315 15,807,821 $17,057,136 $1,653,146 20,336,181 $21,989,327 $2,837,139 16,413,410 $19,250,549 59 8 Commercial Chronicle and Review. ENTERED FOE WAREHOUSING. 1850. 1851. 1852. Manufactures of wool................... Manufactures of cotton.................. Manufactures of silk..................... Manufactures of flax..................... Miscellaneous dry goods................ $149,214 438,679 289,169 158,249 22,165 $339,093 565,863 613,715 203,556 155,816 $451,782 415,570 1,119,867 113,021 122,849 Total........................................ Add entered for consumption...... $1,057,476 15,807,821 $1,878,043 20,336,181 $2,223,089 16,413,410 Total entered at the port......... $16,865,297 $22,214,224 $18,636,499 The only class o f goods which does not show diminished receipts, are the mis cellaneous dry goods, which item is yearly increased by the invention o f new articles o f dress, or fashion, coming under this head. T h e export trade, w h ich sh ow ed som e evidence o f decline early in the year, has b e e n very active d uring the last tw o m onths, and the shipm ents o f d om estic p rod u ce have largely increased from all the principal ports o f the U nion. The fo llo w in g w ill sh ow the com parative ex ports from N e w Y o r k to foreig n ports fo r the m onth o f M arch, and since the op en in g o f the y e a r :— EXPORTS TO FOREIGN PORTS FROM N EW YO RK FOR MARCU. Domestic produce. 1852.................... 1851 ................. 1850 ................. $4,318,245 3,976,198 2,865,634 Foreign, free. Foreign, dutiable. Specie. $100,557 29,121 23,371 $357,230 316,494 246,939 $611,994 2,368,861 172,087 Total. $5,383,026 6,690,674 3,308,031 EXPORTS FROM N E W YO RK TO FOREIGN POETS FOR THE QUARTER. 1852 ................ 1851 ................ 1850 .............. $10,185,484 9,714,728 8,188,538 $221,182 141,635 152,556 $1,037,746 1,034,456 931,338 $7,032,495 $18,376,907 4,642,831 15,533,650 541,156 9,813,588 T h e returns from other p orts sh o w in the a ggrega te a still greater increase in the ex p orts, w ith the ex cep tion o f the item o f co tto n , w h ich has increased in quantity b u t declin ed in value. T h e revenue has, o f cou rse, som ew hat d eclin ed from the large am ount re ce iv e d last year, alth ou gh the total is in ex ce ss o f any form er year. RECEIPTS FOR CASH DUTIES AT THE PORT OF N E W YORK. For March..................... First quarter................. 1852. 1851. 1850. $2,730,369 61 7,617,887 72 $3,124,811 39 9,295,257 30 $2,028,950 55 6,996,656 48 T h is sh ow s a fa llin g o tf from last year fo r the m onth o f M arch o f $394,441 78 ; and fo r the first three m onths o f the current year, a d ecline o f $1 ,677 ,369 58. It w ill b e seen that, at N e w Y o rk , the p rop ortion o f free g o o d s im ported, par ticu larly o f T e a and C offee, has dim inished the receipts fo r duties, in a greater com parative ratio than the a ggrega te value o f the m erchandise entered w ou ld at first, seem to warrant. T h e receipts fo r duties at Philadelphia have also declin ed fo r the m onth o f M arch, bu t for the quarter still sh o w a slight excess, as com pared w ith last year. 599 Commercial Chronicle and Review. RECEIPTS FOR DUTIES AT PHILADELPHIA. January........................................ February....................................... March.......................................... 1851. 1852. 8426,233 10 329,056 *70 368,994 90 8315,877 55 489,003 00 867,407 70 81,124,284 70 81,172,288 25 1,124,284 70 $48,003 55 Excess in 1852...................................................... The following will show the exports from New York to foreign ports, o f som e o f the leading articles o f produce, from January 1st to April 1 7 th :— Ashes— P ots. . . . bbls. Pearls............. Beeswax................. lbs. Breadstuff's— "Wheat flour. . . bbls. R y e flour................. Corn meal................ R y e .......................... O a ts.......................... B arley...................... C orn.......................... Candles— M ould.. bxs. Sperm ........ C o a l...................... tons. Cotton................. bales. H a y ............................... 1851. 5,407 935 102,734 141,688 1,163 9,884 112,618 757 144,874 14,099 592 708 111,748 742 1 8 5 2 . H o p s................... bales. 20 89,747 3,211 Naval stores__ .bbls. Oils— W h a le .. . .gals. 881,037 156 138,287 S p e rm .... ......... 97,602 168,214 L a rd ____ ......... Linseed... 237,747 4,606 Provisions— Pork................ .bbls. 13,189 13,060 8,117 Beef................ ......... 359,800 Cut m e a ts .. . ..lb s . 1,721,023 87,186 Butter........... .........1,112,319 1,642 294 Cheese.......... .........1,912,202 256,134 Lard............... ......... 639,560 10,861 18,920 R ic e .................... . .tcs. 693 T a llo w ................ . .lbs. 926,498 6,641 11,434 Tobacco— crude . .pks. m anfac.lbs. 1,098,446 154,236 316,684 3,367 W halebon e. . . . ......... 419 113,665 17,995 166,673 17,135 5,246 11,190 16,749 895,810 189,462 260,252 736,293 14,713 256,834 7,302 971,249 66,203 T h e e x p ort o f rye, n oticed ab ove, has been chiefly to Germ any, w here the cro p is short, and w here m any o f the p e o p le are suffering fo r lack o f f o o d ; and, w ith the ex cep tion o f 3,000 bu shels, has all b e e n cleared within the last m onth. U nder another head in this num ber o f the M agazine w ill b e fou n d the c o m m ercial tables accom p an yin g the last report o f the S ecretary o f the T reasury, n o w first published in an official form . F o r the fiscal year, n o w three-quarters g o n e , the C om m erce o f the cou n try w ill present still m ore g ratifyin g statements, althou gh fo r the first five m onths the im ports from fo re ig n ports w ere unusually large. T he recom m endations w hich w ere m ade b y the Secretary o f the T rea su ry in regard to ch an gin g the standard o f value in the cu rren cy o f the cou n try , have b e e n em bodied in a bill, w hich has passed on e branch o f C on g ress, and is n o w b e fo re the other w ith a g o o d p rospect o f success. T h e p rovision s are, w ith on e exception, in accord a n ce with our previous s u g g e s tio n s ; the silver coin s repre senting fractional parts o f a dollar are to b e redu ced in w eig h t a b ou t 7 per cent, and n o t m ade a le g a l tender except fo r a sm all am ount. T h e ex ce p tio n referred to is a p rov ision au th orizing a charge o f o n e-h a lf o f 1 per cen t fo r co in in g all d eposits o f g o ld . T h e insertion o f this clause has delayed the passage o f the bill, it having called o u t nu m erou s rem onstrances, and there can b e no d ou bt bu t that the charge, i f authorized, w o u ld b e very unpopular. w e can see no g o o d reason w h y it should n ot b e made. A t the sam e time, T h ere is, strictly speak ing, n o ju stice in taxin g the nation at large fo r the expen se o f turning the g o ld o f the m iner into currency. T h e actual expen se o f stam ping the m etal ou g h t to b e b orn e b y its ow n er, and thus the principle u p on w h ich the clause w as in serted is un dou btedly correct. B u t the attem pt to authorize it, has raised no little clam or, and m ay b e abandoned. Journal o f Banking, Currency , and Finance. 60 0 JOURNAL OF B AN K IN G , CURRENCY, AND FINANCE. TH E PROPOSED ALTERATION IN OUR CURRENCY. The bill introduced b y Mr. Hunter, from the Committee o f Finance in the Senate, to change the amount o f silver in our standard dollar, is one o f great importance, and de serves most careful deliberation and discussion before it is adopted. Its object is to prevent the exportation o f our silver coin, which for some time past has borne a pre mium o f 2 or 3 per ce n t; and it effects this object by reducing the weight o f the dol lar from 412-J grains to 384, making a depreciation o f nearly 1 percent. A s the weight o f the eagle is 258 grains, and the fineness o f both the same, the former ratio between gold and silver was nearly 16, and the proposed bill reduces it below 15. So great a change in the usual medium o f trade, in the common standard b y which all commercial transactions are measured, in the unit by which our State and general governments have promised to pay millions and hundreds o f millions o f dollars, de mands a thorough investigation and examination. I t is not now proposed to undertake this task, but a few remarks and suggestions w ill be offered, to awaken attention and inquiry in the matter. 1. Some change ought to be made. The exportation o f our silver coin w ill flood the country with small bills o f paper m oney to which there are many grave objections. 2. The recent premium on silver will, in all probability, be fully sustained. Hot that it w ill remain unchanged from time to time, but that it will rise and fall above and below 2£ or 3 per cent, presuming an average depreciation o f at least this amount. A sufficient reason for this is the fact that in all the countries o f Europe, ten o f our silver dollars are worth more than our gold eagle, according to their legal standard value o f these two metals. It is not necessary, therefore, to enter into any abstract discussions on the change o f relative value in gold and silver bullion brought about by the increased production o f gold in Russia, California, and Australia. far m ore simple. ers. The question is W e are large producers o f g o ld ; w e are thus, b y necessity, export I f a merchant has a debt to pay in France, which he can discharge, according to the French laws, either by 100 grains o f gold or 1,550 grains o f silver, and the 100 grains o f gold are worth here, at our mint, the same as 1,600 grains o f silver, the im perative law o f self-interest w ill induce the merchant to send abroad silver rather than gold. In Holland the ratio is the same as in France. tio is still lower. In England and Russia the ra The gain in sending silver to France and Holland is over 3 per cent, and to Russia it is more than 4 per cent. A s gold is the only legal tender in England, the inducement to send silver there is not so great, but the market value o f bullion in London w ill always be near the market value on the continent, especially when the course o f exchange m ay lead to the export o f coin from the British ports to the other countries o f Europe. A s long, therefore, as our present laws remain unchanged, a premium o f 2, 3, or 4 per cent on silver m ay be anticipated with great confidence. W hen the export o f coin was only occasional, and when the foreign gold we had im ported could often be exported in sovereigns, which w ere not recoined abroad, this dif ference in the values o f gold and silver did not make itself sensible. But now our exportations being in American gold, its value is estimated abroad as bullion, and thus the difference becom es manifest. 3. A lthough a change seems desirable, it does not follow that the silver dollar must be depreciated, because an increase in the value o f the eagle w ill produce precisely the same effect. I f the grains o f gold in an eagle be increased 2 or 3 per cent, the Journal o f Banking, Currency, and Finance. 601 premium on silver will disappear as suddenly and com pletely as if the grains o f silver in the dollar be diminished to the same extent. 4. This rem edy w ould be less troublesome and expensive than the o th er; because, in both ways, all that part o f the currency that is altered in value must be recoined, and the amount o f silver in circulation is probably greater, and made up o f twenty times as many pieces as the gold. The cost o f recoining a million o f dollars in ten- cent pieces, quarters, and halves, w ould be far greater than the recoinage o f the same sum in eagles, double eagles, halves and quarters. 5. Silver has always, in times past, been our usual medium o f circulation; before the Revolution, and since, down to the present day. But few gold pieces are ever seen in circulation; and it is objectionable to alter the usual standard. 6. Our Government has hitherto regarded silver as the standard o f value, and at various times, in 1790, 1834, and 1837, altered the gold and never the silver ; except the slight change that was made in 1837, in the fineness o f silver,from 11 oz. 2 dwts. to the pound to 11 1-9 o z .; and this was done m erely for the convenience o f the mint in cal culating the alloy, the change being only the one-fifth o f 1 per cent. The new reme dy is, therefore, contrary to precedent. 7. To have tw o standards, as w e have, and first to depreciate the gold and then the silver, looks much like bad faith to our creditors. Pennsylvania borrowed, between 1830 and 1834, much o f the money she now owes. She promised to pay so many dollars— that is, so many grains o f silver or o f gold. If Congress first depreciates the gold in the dollar, and then the silver, she would thus pay neither o f the things she promised. 8. It is, in some respects, better to keep silver as the invariable standard than gold. There is much more o f it in the world, and it is less liable to fluctuate. The m ode it is obtained, b y working deep and expensive mines, forbids the expecta tion o f any great variation in the amount produced. The world generally em ploys silver; everywhere, except in England, it is the usual medium o f payments. This is true o f Europe, even ; in Asia, in China, and India es pecially, silver is almost the only medium o f comm ercial exchanges. Gold is farther liable to fluctuate in value much more than silver by its dependence on the price o f quicksilver, b y the discovery o f new mines, and by the exhaustion o f existing sources o f supply. 9. There can be but little doubt that the present disturbance in the comparative value o f gold and silver is more likely caused b y a slight depreciation in gold tb»n by an appreciation o f silver. H ow justice says, keep your contracts inviolate— give back the same value as b e fo re ; that is, give more o f the depreciated metal for the same nominal sum. 10. It was well known and avowed, when the eagle was changed in 1834, that w e were rating the value o f gold too high. W e altered the ratio from 15 to 16. too l o w ; but the last was higher than it was reckoned anywhere else. The first was In France and Holland the ratio was, and is, 15.5 ; in England and Russia it was still less. w e not retrace our steps, and rectify the wrong w e then committed ? Ought Ought w e not bring the eagle up to the proper weight, i f w e reduced it too low in 1834 ? W e made the change with the design o f displacing paper m oney : w e have found the effect to be the driving out o f silver. Ought w e not now give back the proper weight to the eagle, rather than reduce the weight o f the dollar ? 11. A depreciation o f our silver w ould make all the imported Mexican and Peruvian dollars articles o f merchandise, and they would have to be recoined, and this would increase the labor and expenses o f our mint. 12. I f w e first alter the gold dollar, then the silver, then again the gold, and then 602 Journal o f Banking, Currency , and Finance. the silver, always depreciating, we will at last, in the course o f time, make the dollar much less in value than it now is, and thus imitate the dishonesty o f those European sovereigns, who at various times have defrauded their subjects b y the adulteration o f the coin, and covered their names with indelible disgrace. 13. The mode proposed o f effecting the change would disturb the currency immense ly. The new dollar, though much lighter than the present one, w ould be a legal ten der. The old silver coins, instead o f their present premium o f 2 or 3 per cent, would be worth 7 per cent more than the new. T hey w ould be withdrawn from circulation much more rapidly than now. The mint, already overworked with the coinage o f Cal - ifornia gold, could not, for a long time, supply the vacancy in the circulation. The dis tribution o f the new coin into the channels o f trade being always a slow process, in volving the outlay o f capital by the merchant, would require time, trouble, and ex pense ; small change w ould thus be scarcer than ever. 14. The banks would stop immediately paying their demands in s ilv er; they would redeem their bills in gold, and use their silver to bu y up the new dollars as they would issue from the mint. The old coin being worth 7 per cent more than the new, would not circulate as a currency, and a bank whose specie should be mainly in silver, would make large gains by its sale as bullion. 15. A n alteration in the gold coin w ould produce less disturbance. Most o f it is held by the banks, and it could be exchanged more readily by them, because in large quantities. Its place can be supplied temporarily b y paper, because, being o f larger denominations, this exchange w ould be less objectionable than the substitution o f paper for silver. 16. The nominal loss causedJsy the recoinage o f the^gold could be made up by a charge o f one-half o f 1 per cent at the mint for the coinage o f bullion. is proposed by Mr. Hunter to p ay the expenses o f the mint. This charge It is a proper charge, because the government is under no m ore obligations to prepare the raw gold o f the mines for the market by assaying it and stamping it, than it is to prepare the iron, or the zinc, or the copper, by smelting and purifying it. 17. A charge o f one-half o f 1 per cent for coinage would, in the course o f five or six years, repay all the expense o f increasing the weight o f the gold pieces now in circulation. The gold in the currency is not over forty or fifty millions. A n increase o f 2^or 3 per cent in its weight would be fully met in the course o f five or six years by ^ per cent on the coinage o f fifty millions per year o f native gold. No loss would thus fall on the Treasury. 18. This change would involve but little i f any loss to the gold digger, because the grains o f gold he m ay have would be fully as valuable in the markets o f the w orld as before, and would buy just as much silk, cotton, coffee and tea, and other articles of consumption, as before. 19. L et Congress, then, direct the mint to issue no more gold eagles o f 258 grains, but to increase their weight to 266 grains o f the present fineness. Let them charge i per cent for the coinage o f bullion, and use this fund to increase the weight o f the gold eagles that m ay be received into the Treasury. A fter the 1st o f January, 1855, or sooner, when probably more than one-half o f the gold pieces now in the country w ould either be recoined or exported, let the present coins o f 258 grains be no longer a legal tender, except in sums o f less than one hundred, and except to the government, allowing, however, government the privilege o f paying them out to all persons when the amount to be paid should exceed one hundred dollars. A fter the 1st o f January, 1858, the old pieces no longer to be a tender except to the government, and that by weight and not by count, 258 grains to the ten dollars. continue till abolished by law. The charge o f % per cent to Journal o f Banking, Currency, and Finance. 20. The ratio between gold and silver w ould then b e very nearly 15.5 to 1. pure gold in an eagle w ould be 239.4 grains. The silver in ten dollars is 3712.5. 603 The The ratio is 15.5075, almost identical with the ratio in France and Holland. 21. This change w ould seem to be preferable to the one proposed b y Mr. Hunter, in its justice and good faith to creditors, in its preserving the usual standard o f value invariable; in its making no greater change than the bullion market indicates to be n e cessary ; in its causing less disturbance in the currency; in its imposing less labor on the m in t; in its repairing an error w e made in 1834, and in its reducing our gold coin to the standard o f France and Holland, rather than to the standard o f England, where silver is used as a token, and not as a legal currency. PRICE OF SILVER C0IYS IY YEW YORK AYD L0YD0Y IY 1851. TABLE SHOWING THE PRICE OF SILVER COINS DURING THE YE AR 1851, IN N E W YO RK AND LONDON, MONTHLY, AND UP TO THIS TIME. ,------------------------------- NEW YORK.-----------------------------v— LONDON.— , Silver Date. Mexican dollars. 1850— January. ............. 1851— January................. February............... M arch.................... A p r il..................... M a y ...................... June....................... J u l y ...................... August................... Septem ber........... October.................. N o v e m b e r ........... December............. 1852— January................ February............... United States half-dollars. i a i 3^- a 3^3 a 34 3 ia 3 f 34 a 34 2§ a 3 24 a 2 f 2 a 24 2 a 24 2 a 24 14 a 2 14 a I j If a 2 24 a 2f 2 a 24 Spanish &. FiveNew bars, Mexican franc dol’s. stan’d. quarters. pieces. d. d. a 4 dis. 95 a 954 584 594 1 a 2 premu 96-1 a 964 5 9 f 614 97 a 974 59# 614 1a2 97 a 974 594 614 1a2 97 a 974 594 614 1 a1 974 a 974 594 61 f a2 97 a 974 594 604 1a 1 97 a 974 694 6 04 1a1 96 a 97 594 604 1a1 604 96 a 97 59 1a1 584 604 954 a 96 1a 1 5 8 f 601 954 a 96 1a 1 964 a 964 594 6 0 f 1 a 14 964 a 97 1 a 24 594 604 96 a 964 584 604 1a 2 TH E -T H R E E CEYT C0IYS OF TH E UYITED STATES. The Treasurer o f the Mint gives notice that he is prepared to exchange three-cent pieces for gold, to all applicants therefore. H e w ill also deliver the same, at the ex pense o f the Mint, to any parties requiring them, at a distance, and who m ay be con veniently accessible on the line o f the expresses. The coins being in parcels o f $30, $60, and $150. The applications should be for either o f those sums, or multiple thereof; and payment in advance will be required in every case. C0YDITI0Y OF TH E BAYKS OF PEYYSYLVAYIA, Y 0V EM BER, 1851. E. B anks , Esq., Auditor General o f Pennsylvania, for an official cop y o f his report, transmitting returns o f the Banks and Savings Institutions o f that W e are indebted to commonwealth, which show their respective conditions on their first discount days, in the months o f February, May, August, and November, 1851. Banks are made to the Auditor General, agreeably to law. The returns o f the From this report we give a condensed summary o f the leading features o f the v a rious Banks o f Pennsylvania, in the month o f N ovember, 1851. W e have omitted in the tw o following tables a fe w o f the less important items, but they are embraced in the general summary which we have subjoined :— * * Cents are omitted for convenience—it does not, however, vary the adding up materially.—E d Mer . Mao. 604 T A B U L A R S T A T E M E N T OF T H E CO N D ITIO N OF T H E V A R IO U S B A N K S OF P E N N S Y L V A N IA , N O V E M B E R , 1852. Resources o f tho Banks. Mechanics’ Bank o f Philadelphia............................ W estern Bank o f Philadelphia................................ Bank o f the Northern L ib e rtie s............................. Bank o f Penn T ow n sh ip .......................................... Manufacturers’ & Mechanics’ Bank o f the N. L . . Kensington B an k......................................................... Tradesmens’ Bank o f Philadelphia......................... Bank o f Germantown................................................ Bank o f Delaware C ou n ty....................................... Bank o f Chester C ounty............................................ Farmers’ Bank o f Bucks C ou n ty............................ D oylestow n Bank o f Bucks County........................ Easton Bank................................................................. Miners’ Bank o f P ottsville........................................ Farmers’ Bank o f Schuylkill C ounty.................... Bank o f Montgomery County................................... Farmers’ Bank o f R e a d in g ...................................... Lancaster Bank............................................................ Lancaster County B ank............................................ Specie and Treasury notes. $ 6 4 0 ,3 3 2 4 1 3 ,3 4 1 5 1 7 ,5 2 6 2 1 3 ,2 3 9 4 2 6 ,8 8 2 4 4 9 ,3 8 4 2 5 6 ,6 7 8 3 3 5 ,7 3 2 4 1 2 ,9 4 9 2 0 5 ,9 8 3 1 7 4 ,3 5 0 2 6 5 ,1 8 7 1 6 9 ,0 5 6 1 0 1 ,9 7 2 1 6 1 ,7 1 8 3 6 ,2 1 4 5 9 ,7 5 0 1 0 4 ,3 5 0 1 3 ,7 7 7 3 3 ,9 1 6 9 3 ,2 2 6 3 0 ,4 8 3 1 5 ,7 1 6 7 2 ,9 0 0 4 5 ,9 1 2 6 8 ,9 6 7 1 0 7 ,7 2 6 7 5 ,2 8 4 « Due by Banks. $ 2 8 2 ,8 9 5 7 0 ,4 9 8 1 3 8 ,9 3 2 6 7 ,2 0 7 1 2 5 ,6 2 1 1 ,1 1 6 ,7 7 1 1 1 ,8 5 2 1 9 ,4 5 8 7 2 ,6 5 7 1 0 4 ,3 1 9 7 6 ,4 9 7 4 8 ,1 5 7 4 5 ,4 6 6 1 2 ,7 0 2 5 ,9 1 1 1 9 ,9 9 1 2 6 ,8 1 7 7 2 ,6 0 4 1 0 ,8 8 5 1 7 ,5 3 1 1 1 ,7 3 8 1 3 0 ,5 8 5 5 8 ,6 5 8 7 ,6 2 5 8 ,5 6 9 2 6 ,6 7 2 2 6 ,8 4 0 4 ,4 3 3 Notes and Real estate Bonds, m ortgages, checks o f & personal and other other Banks. property. Stocks. securities. $ 1 9 6 ,3 5 2 $ 9 0 ,6 2 4 $ 2 0 ,1 5 0 $ 1 2 1 ,6 4 2 2 7 2 ,4 9 2 6 6 ,5 0 0 2 5 ,3 6 0 2 ,0 0 0 2 7 2 ,2 0 9 4 5 ,9 3 2 7 1 ,3 2 5 6 2 8 ,5 0 8 1 5 3 ,7 4 8 1 ,5 0 0 1 0 8 ,5 5 6 5 5 ,6 4 7 5 1 1 ,4 6 5 6 6 ,5 1 9 1 5 1 ,7 8 5 1 3 ,0 5 3 5 1 1 ,4 7 1 1 ,2 4 9 1 5 .0 0 0 2 0 ,2 5 0 1 1 .0 0 0 43^565 1 4 ,6 2 0 2 3 ,8 6 7 2 5 ,0 0 0 1 6 1 ,6 2 4 1 5 ,9 6 0 958 1 5 ,2 1 3 2 1 2 ,9 1 4 1 9 8 ,7 9 9 2 0 ,0 0 2 5 ,3 0 0 6 ,2 4 7 2 6 ,8 5 2 1 ,5 8 3 7 ,9 0 9 5 0 ,3 5 1 1 1 ,7 6 4 8 5 ,0 6 4 1 0 ,3 6 6 1 ,0 4 8 1 7 ,8 5 7 3 6 ,4 8 1 7 ,7 4 5 3 ,5 2 0 2 ,5 0 9 4 ,0 0 0 6 3 ,1 4 5 9 ,9 3 3 2 7 ,3 8 0 2 8 ,2 5 0 4 2 ,9 3 6 7 ,6 0 5 9 ,4 9 4 8 ,0 6 1 8 ,1 4 8 762 300 2 6 ,2 5 5 6 ,7 8 6 2 3 ,6 7 5 5 0 ,6 0 9 2 3 ,2 2 2 5 2 ,6 4 3 5 5 ,6 2 9 1 8 ,2 8 5 1 0 ,5 9 0 713 2 ,8 3 0 3 ,1 3 3 9 ,4 3 3 8 4 ,5 0 6 8 ,0 3 1 6 ,3 0 0 3 4 ,1 7 4 1 ,2 6 9 1 2 3 ,2 1 0 1 8 ,7 2 7 1 3 ,1 4 0 4 2 ,9 5 6 2 9 ,1 5 5 6 7 ,5 1 0 2 2 ,3 2 8 8 ,5 0 3 2 5 ,0 8 8 Total resources. $ 4 ,2 9 2 ,8 0 3 3 ,4 8 2 ,0 4 8 3 ,6 8 6 ,9 4 5 2 ,3 3 8 ,1 4 4 4 ,1 9 3 ,3 0 7 3 ,5 3 9 ,8 8 3 1 ,1 1 6 ,6 3 9 9 7 4 ,0 0 3 2 ,2 5 6 ,5 9 4 1 ,6 5 4 ,6 3 7 1 ,5 3 2 ,9 8 9 1 ,1 3 5 ,9 1 7 9 4 8 ,9 3 6 9 7 7 ,5 8 7 5 2 1 ,4 8 1 5 0 0 ,3 1 6 4 5 9 ,0 3 9 8 5 2 ,0 3 1 2 4 0 ,0 7 4 2 1 1 ,4 0 1 1 ,1 0 0 ,8 2 6 7 7 S ,9 2 0 2 9 2 ,9 7 2 8 5 5 ,5 9 1 2 2 5 ,4 3 7 8 9 6 ,2 8 9 1 ,2 6 2 ,6 6 3 5 8 8 ,3 7 4 Journal o f Banking, Currency, and Finance. Bank o f P enn sylvania.............................................. Philadelphia B a n k ..................................................... Bank o f North A m e rica ............................................ Commercial Bank o f Pennsylvania......................... Farmers’ and Mechanics’ Bank o f Philadelphia . Bills discounted $ 2 ,9 2 5 ,5 2 1 2 ,1 4 1 ,7 8 8 1 ,0 0 2 ,9 0 5 1 ,6 4 8 ,7 0 5 2 ,5 2 8 ,0 8 9 1 ,4 6 2 ,2 5 6 7 0 7 ,1 0 4 600^261 1 ,6 5 3 ,0 3 8 1 ,1 3 2 ,2 7 6 8 4 0 ,5 1 5 7 5 2 ,9 9 4 6 6 1 ,4 1 5 6 4 1 ,1 3 4 3 2 3 ,3 9 3 3 6 6 ,9 2 9 3 0 0 ,4 6 0 5 5 5 ,1 1 7 1 7 0 ,6 5 1 1 4 5 ,7 9 5 7 5 3 ,2 8 6 4 4 4 ,3 4 9 2 0 7 ,3 0 3 6 4 9 ,1 5 4 1 5 6 ,6 2 4 6 1 8 ,2 1 7 9 1 3 ,2 1 1 4 5 2 ,7 2 9 ♦ Total 26,043 15,186 56,541 34,661 70,563 132,219 26,314 10,471 32,278 62,753 157,182 91,512 107,682 92,557 24,419 67,531 24,787 21,582 14,697 3,166 61,471 6,023 19,646 21,691 1,199 ............ 20,978 37,442 9,395 11,232 30,918 190,188 7,218 6,884 10,177 64,677 7,840 182,204 157,983 122,505 56,697 118,768 48.510 22,909 173 9,693 5,511 11,322 13,882 48,226 15,510 6,672 1,649 61,595 13,255 67,562 25,365 14,662 5,880 27,946 16,515 25,566 2,127 44,772 14,728 17,202 55,914 7,415 1,055 13,620 8,300 223,575 12,680 9,425 9,800 37,469 5,534 8,991 2,229 9,215 9,374 30,000 55,548 33,257 4,132 3,251 3,406 5,000 77,937 91,972 72,569 6,500 19,337 55,000 80,880 3,089 14,583 129,954 5,496 6,392 11,574 18,837 29,321 91,719 14,209 7,903 10,000 1,200 2,500 500 10,393 10,000 18,265 2,646 11,281 6,000 4,500 6,686 90,588 57,459 38,070 7,624 3,600 300 $35,706,793 $6,685,729 §3,808,438 82,436,147 8998,970 610,420 260,901 352,586 566,876 1,005,975 555,869 431,196 221,216 349,771 377,225 2,244,151 1,440,974 1,416,612 460,705 424,039 380,204 528^695 283,730 280,806 91,774 917,863 188,532 691,445 385,814 19,995 215,639 ,399,936 $1,501,965 $55,618,886 605 286,122 230,100 163,980 319,316 459,771 371,531 317,314 166,431 121,417 190,154 1,701,973 966,359 998,157 281,452 243,059 239,602 475,987 258,598 231,821 87,029 659,576 119,601 637,347 335,774 18,150 No return. 170,929 Journal o f Banking, Currency, and Finance. Columbia Bank and Bridge Company.................... Y ork County B ank..................................................... Bank o f Gettysburg.................................................... Bank o f Chambersburg.............................................. Harrisburg Bank......................................................... Bank o f M iddletow n.................................................. Bank o f Northumberland.......................................... W yom ing Bank o f W ilkesbarre.............................. Honesdale Bank........................................................... W est Branch Bank....................................................... Bank o f Pittsburg....................................................... Exchange Bank o f Pittsburg.................................... Merchants’ & Manufacturers’ Bank o f Pittsburg. Monongahela Bank o f Brow nsville......................... Farmers’ and Drovers’ Bank o f W ay n esb u rg... . Franklin Bank o f W ashington................................. Dauphin Deposit B an k.............................................. Farmers’ Deposit Bank o f P ittsb u rg .................... Lancaster Savings Institution.................................. Hanover Saving Fund S o c ie t y ............................... Farmers’ Bank o f Lancaster..................................... Carlisle Deposit B a n k ................................. Y ork Bank .................................................................. Bank o f D an ville........................................................ Shrewsbury Savings Institution.............................. Somerset Savings Institution................................... Farmers’ and Mechanics’ Bank o f E aston............. « 606 T A B U L A R S T A T E M E N T OF T H E CO N D ITIO N OF T H E V A R IO U S B A N K S OF P E N N S Y L V A N I A , N O V E M B E R , 1852. Liabilities of the Banks. Circulation. $545,309 486,321 359,394 188,329 535,438 509,630 174,105 178,240 284,266 194,230 209,809 213,465 183,210 175,090 112,795 105,699 100,276 307,158 72,569 79,140 873,010 840,380 135,780 196,649 98,960 403,595 437,007 255,705 Due other Banks. $ 4 9 2 ,1 7 8 2 9 8 ,4 0 3 5 9 9 ,7 5 9 3 3 9 ,1 6 5 5 0 6 ,7 9 4 6 2 8 ,8 0 2 1 0 1 ,5 0 7 2 2 ,1 4 9 2 0 7 ,5 1 5 1 2 9 ,5 0 9 9 4 ,6 9 8 8 0 ,6 2 0 3 4 ,7 0 0 3 5 ,3 4 8 4 2 ,6 2 2 9 ,3 2 1 2 ,0 3 4 8 ,1 8 1 7 ,5 3 5 1 ,9 6 2 9 1 ,7 8 9 4 5 ,8 1 4 3 ,4 3 3 2 4 ,3 2 8 2 ,9 0 0 3 3 ,4 6 2 8 8 ,0 5 5 4 7 ,7 3 3 Due depositors. $ 1 ,0 3 7 ,8 5 0 1 ,1 4 0 ,9 2 8 1 ,3 8 3 ,9 9 0 7 2 3 ,1 8 9 1 ,6 6 4 ,9 5 1 6 2 3 ,5 3 0 5 1 6 ,3 1 1 4 5 1 ,1 9 4 6 0 6 ,9 3 9 7 7 0 ,4 5 0 7 0 9 ,7 6 6 5 0 2 ,7 4 1 3 2 9 ,4 6 0 4 4 0 ,1 9 2 1 8 7 ,0 6 4 1 9 0 ,5 0 6 1 7 0 ,1 6 5 2 7 7 ,7 2 3 3 9 ,9 4 6 5 9 ,0 2 7 1 2 2 ,9 3 7 1 4 4 ,2 6 0 3 0 ,1 5 7 1 7 3 ,2 9 1 3 4 ,8 5 2 1 0 4 ,3 0 7 2 0 8 ,9 1 5 8 2 ,5 9 4 Dividends unpaid. $ 9 ,3 8 9 4 ,7 1 6 3 ,1 4 2 8 ,2 2 8 3 8 ,3 5 5 895 42 3 ,0 2 4 857 2 0 ,5 2 5 6 01 871 1 2 ,8 2 1 4 ,5 6 2 8 ,3 4 5 637 9 ,7 4 2 336 2 ,9 8 2 2 9 ,2 0 2 1 ,0 3 2 1 7 ,0 6 1 4 ,5 5 3 1 ,0 5 8 1 ,3 1 4 1 0 ,5 9 4 Contingent fund. $ 2 9 2 ,9 5 5 1 1 7 ,6 0 0 2 3 2 ,8 9 4 4 0 ,0 2 7 2 0 0 ,0 0 0 8 7 ,0 3 3 5 2 ,7 7 9 4 0 ,9 2 0 5 5 ,5 0 9 2 3 ,0 0 0 2 4 ,1 1 8 Discounts, interest &. exchange. $ 9 2 ,4 9 3 8 7 ,5 4 8 6 1 ,4 2 7 5 9 ,3 9 6 1 ,5 9 6 2 7 ,7 2 5 2 7 ,5 5 2 5 7 ,1 1 3 5 0 ,1 8 9 2 3 ,4 0 6 2 2 ,6 6 9 266 1 1 ,2 7 8 2 1 ,3 9 6 6 ,7 0 6 7 ,5 6 9 6 0 ,0 0 0 2 9 ,7 7 5 1 3 .5 1 6 5 3 ,5 3 8 2 ,5 3 4 3 3 ,9 8 6 1 2 ,4 0 1 1 4 ,4 7 9 259 42 1 8 ,3 8 8 3 3 ,9 4 8 39 Total liabilities. $ 4 ,2 9 2 ,8 0 3 3 ,4 8 2 ,0 4 8 3 ,6 8 6 ,9 4 5 2 ,3 3 8 ,1 4 4 4 ,1 9 3 ,3 0 7 3 ,5 3 9 ,8 8 3 1 ,1 1 6 ,6 3 9 9 7 4 ,0 0 3 2 ,2 5 6 ,5 9 4 1 ,6 5 4 ,6 3 7 1 ,5 3 2 ,9 8 9 1 ,1 3 5 ,9 1 7 9 4 8 ,9 3 6 9 7 7 ,5 8 7 5 2 1 ,4 8 1 5 0 0 ,3 1 6 4 5 9 ,0 3 9 8 5 2 ,0 3 1 2 4 0 ,0 7 4 2 1 1 ,4 0 1 1 ,1 0 0 ,8 2 6 7 7 8 ,9 2 0 2 9 2 ,9 7 2 8 5 5 ,5 9 1 225,4.37 8 9 6 ,2 8 9 1 ,2 6 2 ,6 6 3 5 8 8 ,3 7 4 Journal o f Banking, Currency, and Finance. Bank o f Pennsylvania................................................ Philadelphia B ank....................................................... Bank o f North A m erica.............................................. Commercial Bank o f Pennsylvania.......................... Farmers’ <e Mechanics’ Bank o f P h ilad elp h ia.. . . Girard B ank.................................................................. Southwark B ank................................... Bank o f C om m erce..................................................... Mechanics’ Bank o f Philadelphia............................ W estern Bank o f Philadelphia................................ Bank o f the Northern L iberties............................... Bank o f Penn Tow nship............................................ Manufacturers’ & Mechanics’ Bank o f the N. L . . Kensington B ank......................................................... Tradesmens’ Bank o f Philadelphia........................ Bank o f Germ antown................................................ Bank o f Delaware C ounty........................................ Bank o f Chester C ounty......... .................................. Farmers’ Bank o f Bucks C ounty............................. Doylestown Bank o f Bucks County........................ Easton B an k................................................................. Miners’ Bank o f P ottsville........................................ Farmers’ Bank o f Schuylkill County...................... Bank o f M ontgomery C o u n ty .................................. Lebanon Bank............................................................... Farmers’ Bank o f R eading........................................ Lancaster Bank............................................................. Lancaster County B a n k ............................................ Capital stock. $1,875,000 1,150,000 1,000,000 1,000,000 1,250,000 1,250,000 250,000 250,000 800,000 418,600 380,000 225,000 300,000 250,000 150,000 152,000 155,640 225,000 92,220 60,000 400,000 199,930 100,000 886,865 80,320 300,360 403,900 176,138 * Total 301,300 90,000 123,SIS 205,410 300,000 100,000 160,000 85,185 100,000 100,000 1,142,100 813,495 600,000 200,000 100,000 120,000 50,000 62,500 30,140 36,000 850,000 22,500 250,000 150,000 6,439 N o return. 101,990 129,824 98,130 181,495 203,220 486,386 294,585 110,398 44,435 201,015 134,691 216,161 313,615 523,941 192,890 219,335 113,460 ............ ............ ............ ............ 312,380 ............ 283,260 111,110 ............ ............ 14,885 9,226 465 3,131 4,501 19,869 4,903 11,104 1,519 100 2,051 50,684 40,890 23,311 3,815 2 2,581 5,191 11,510 5,516 19,303 14,530 9,110 10,000 119,212 53,031 28,812 93,088 158,533 81,515 48,518 66,853 25,135 93,110 590,251 144,425 156,935 49,101 10,169 53,925 451,631 185,322 240,191 36,129 154,388 138,661 113,686 24,641 2,642 1,118 22,924 2,103 403 2,133 5,105 165 3,431 3,020 14,000 10,931 4,155 1,195 81 610,420 260,901 352,586 6 6 6 ,8 1 6 — 14,191 518 914 1,005,915 555,869 431,196 221,216 349,111 311,225 2,244,151 1,440,914 1,416,612 460,105 424,039 380,204 528,695 283,130 280,806 91,114 911,863 188,532 691,445 385,814 19,995 — 2,121 215,639 8,526 3,126 288 20,000 10,000 «... 3,064 184 24,455 .... 116 4,361 .... .... 30 1,816 12,964 1,039 155 114,203 29,323 80,623 2,253 ,. . 24,831 26,000 15,116 2,000 21,805 543 4,553 42,118 65,921 9,565 9,449 36 1 9,908 5,036 31 Journal o f Banking, Currency, and Finance. Columbia Bank and Bridge Company..................... Y ork County Bank...................................................... Bank o f Gettysburg.................................................... Bank o f Chambersburg.............................................. Harrisburg Bank........................................................... Bank o f M iddletow n................................................... Bank o f Northumberland.......................................... W yom ing Bank at W ilkesbarre............................... Honesdale B ank........................................................... W est Branch Bank...................................................... Bank o f P ittsburg........................................................ Exchange Bank o f P ittsb u rg .................................... Merchants’ & Manufacturers’ Bank o f P ittsb u rg .. Monongahela Bank o f B row nsville......................... Farmers’ and Drovers’ Bank o f W a y n e sb u rg.. . . Franklin Bank o f W ashington.................................. Dauphin Deposit Bank................................................ Farmers’ Deposit Bank o f P ittsbu rg ...................... Lancaster Savings Institution................................... Hanover Saving Fund S o c ie ty ................................ Farmers’ Bank o f L a n ca ste r................................... Carlisle Deposit B a n k ................................................ Y ork B ank.................................................................... Bank o f D an v ille........................................................ Shrewsbury Savings Institution............................. Somerset Savings Institution..................................... Farmers’ and Mechanics’ Bank o f E aston ............. $18,895,181 $11,933,456 $4,:L4S,640 $15,811,548 $261,201 81,146,424 $196,341 $55,618,886 © © Journal o f Banking , Currency, and Finance . 60 8 SUMMARY V IE W OF THE PRECEDING* TABLES, INCLUDING A FEW ITEMS OMITTED IN THEM. RESOUECES OF THE BANKS. Bills d iscou n ted ........................................................................................ Specie and treasury n o te s...................................................................... Due b y banks............................................................................................ R eal estate and personal property....................................................... Notes and checks o f other banks......................................................... Bonds, mortgages, and other secu rities.............................................. S to c k s ......................................................................................................... Exchange and interest............................................................................. Expenses..................................................................................................... Bills receivable and post n o te s ............................................................. Loans........................................................................................................... Suspended debt....................................................................... M iscellaneous............................................................................................ $35/706/793 6,686,729 3,808,438 998,970 2,436,147 2,399,936 1,501,965 273,854 107,288 656,859 691,453 257,835 93,612 Total resources................................................................................. 96 01 46 66 87 28 41 60 55 33 43 21 88 $55,618,886 44 LIABILITIES OF THE BANKS. Capital Stock.............................................................................................. Circulation.................................................................................................. D ue other banks........................................................................................ Due depositors.......................................................................................... Dividends unpaid...................................................................................... Contingent fund......................................................................................... Discounts, interest and exchange........................................................... Profit and l o s s .......................................................................................... D ue Commonwealth................................................................................. Issues o f 4th o f M ay............................................................................... Miscellaneous........................................ Suspense account...................................................................................... S u rp lu s....................................................................................................... $18,895,187 11,933,456 4,148,640 15,871,548 261,201 1,746,424 796,341 650,138 650,604 45,113 67,671 9,634 427,242 Total liabilities................................................................................... 14 18 19 00 14 06 17 88 19 00 37 59 34 $65,618,886 44 CONDITION OF TH E BANKS OF D ETRO IT, MICHIGAN, DECEMBER 26 , 1851, LIABILITIES. Michigan State B ank........... Farmers’ & Mechanics’ Bank Peninsular Bank.................... Michigan Insurance B a n k .. Total lia b ilitie s........... Capital. $ 1 5 1 ,5 7 8 3 2 7 ,5 8 0 1 0 0 ,0 0 0 1 8 2 ,0 7 0 Deposits. $ 1 7 5 ,6 3 7 1 2 5 ,6 9 1 2 0 6 ,8 5 0 1 9 7 ,5 1 4 Circulation. Due Banks. $ 1 8 9 ,4 3 8 $ 1 ,0 3 7 3 3 ,4 8 0 2 ,5 3 6 9 4 ,0 3 8 1 ,6 3 4 2 9 0 ,6 3 2 1 7 ,6 5 1 $ 7 6 1 ,2 2 8 $ 7 0 5 ,6 9 2 $ 6 0 7 ,5 8 8 $ 2 2 ,8 5 8 Profits. $ 3 1 ,9 0 7 3 1 7 ,5 3 4 9 ,5 5 8 1 6 ,0 8 5 $ 3 7 5 ,0 8 4 RESOUECES. Michigan State Bank......... Farmers’ <fe Mechanics’ Ba’k Peninsular B a n k ................ Michigan Insurance Bank. Total resou rces......... Loans. $ 3 0 7 ,6 6 6 4 4 7 ,2 3 0 1 2 4 ,2 7 4 3 2 3 ,4 7 8 $ 1 ,2 0 2 ,6 4 8 Specie. $ 5 5 ,6 7 0 6 ,7 8 4 2 8 ,9 0 0 5 8 ,8 9 0 $ 1 5 0 ,2 4 4 Bank balances. $ 1 0 1 ,8 1 3 1 7 ,3 0 6 7 7 ,4 5 0 7 9 ,3 6 4 $ 2 7 5 ,9 3 3 Real Stocks, estate. m ortg’s &c. $ 1 ,3 0 4 $ 8 3 ,1 4 5 1 7 0 ,4 6 0 1 6 5 ,0 4 0 3 ,6 5 5 1 7 7 ,8 0 0 1 7 ,6 0 6 2 2 4 ,6 1 5 $ 1 9 3 ,0 2 5 $ 6 5 0 ,6 0 0 EXCISE R EV EN U E OF TH E UNITED KINGDOM, In the year ending the 5th January, 1852, the total revenue o f the excise, including balances, was £15,665,924 4s. 9£d. in the United Kingdom. Three pensions were paid, amounting to £9,987 8s. to the Duke o f Grafton, Earl Cowper, and a m oiety of the Earl o f Bath’s pension. The charges o f collection were £849,475 15s. 2fd. The revenue police cost in the year, £51,658 11s. 2^d. ♦ * CONDITION OF TH E BANKS IN NEW H AM PSHIRE, MARCH, 1852. N am e o f banks and location. A s h u e lo t , K e e n e ........................... A m o s k e a g , M a n c h e s te r............. B e lk n a p C o., M e r e d it h B r id g e C h e s h ir e , K e e n e ............................. C la r e m o n t , C la r e m o n t ............... C o n n e c t i’t R iv e r , C h a r le s t o w n C o c h e c h o . D o v e r .......................... C a r r o ll C o., S a n d w i c h .............. D o v e r , D o v e r .................................. G r a n ite S t a t e , E x e t e r .............. G r e a t F a lls , S o m e r s w o r t h .. . I n d ia n H e a d , N a s h v i l l e ........... L a n c a s te r , L a n c a s t e r ................ L e b a n o n , L e b a n o n ....................... M e c h a n ic s , C o n c o r d ..................... M e r r im a c k C o., C o n c o r d .......... M a n c h e s te r , M a n c h e s te r........... M e e h a n ’ s’ & T r a d 's ’ , P o r t s m ’h. M o n a d n o c k . J a f f r e y ..................... N a s h u a , N a s h u a ............................ N e w I p s w ic h , N e w I p s w ic h .. P is c a t a q u a E x ’ e, P o r t s m o u th . P it t s fie ld , P i t t s f i e l d ................ .. R o c h e s t e r , R o c h e s t e r .................. R o c k in g h a m , P o r t s m o u t h -----S tr a tfo r d . D o v e r .......................... S a lm o n F a lls , R o llin s fo r d . . . W a r n e r , W a r n e r ........................... W in c h e s t e r , W in c h e s t e r ........... 1 0 0 ,0 0 0 2 0 0 ,0 0 0 5 0 ,0 0 0 1 2 0 ,0 0 0 1 6 0 ,0 0 0 1 2 0 ,0 0 0 5 0 ,0 0 0 5 0 ,0 0 0 1 0 0 ,0 0 0 .... .... .... 947 300 4 ,7 8 4 3,2 5 1 2 ,2 0 0 .... 1 .6 0 0 2 ,7 6 1 1 ,5 6 0 400 9 ,6 2 4 3 ,0 0 3 4 ,0 0 0 A ll debts to the bank. $ 1 6 6 ,1 3 3 3 0 6 ,7 6 3 1 4 7 ,5 1 2 1 9 2 ,4 9 6 1*70,516 1 4 9 ,1 9 6 1 6 0 ,0 6 5 7 0 ,5 0 6 1 8 2 ,2 4 4 1 9 6 ,3 6 0 2 2 7 ,4 9 9 1 8 3 ,6 9 8 8 9 ,7 3 5 1 3 8 ,8 0 1 2 0 5 ,3 8 7 1 4 4 ,7 3 4 2 3 4 ,4 1 3 2 7 0 ,2 0 3 9 1 ,9 7 2 2 3 9 ,3 8 3 1 5 4 ,2 0 6 3 2 5 ,7 3 9 8 7 ,6 9 0 1 6 8 ,1 7 6 3 0 9 ,7 1 6 1 8 9 ,5 3 2 7 1 ,9 8 7 8 6 ,2 4 1 1 5 4 ,3 4 3 Debts due from direc's, either Specie as principal or in the vault. sureties. 31 $ 6 ,1 6 3 5 0 $ 4 ,8 9 2 95 96 7 ,5 5 0 0 0 4 ,1 0 5 73 00 1,3 1 1 66 3 ,6 3 2 86 45 4 ,4 5 0 85 10 3 ,1 7 5 19 6 ,6 5 3 45 29 4 ,2 9 1 89 6 ,7 2 5 8 0 01 2 50 00 3 .5 8 5 91 2 .9 5 0 0 0 56 2 ,6 3 4 28 2 ,0 1 0 19 3 ,9 5 4 19 25 12 4 .7 5 1 29 1 7 ,8 8 1 96 3 ,0 9 6 39 13 1 ,5 7 6 29 20 4 ,8 3 0 4 4 2 ,6 6 3 77 1 1 ,9 4 2 0 0 965 30 87 58 1 ,8 5 0 0 0 8 ,4 9 3 5 8 42 6 ,7 5 5 07 9 .8 8 4 29 87 3 ,5 2 3 26 6 ,0 5 8 0 4 71 03 3 ,5 0 9 63 8 ,4 3 3 92 4 2 6 00 3,2 0 1 81 81 58 9 ,4 8 3 41 5 ,2 6 4 09 19 4 ,0 0 0 0 0 1 0 .3 2 8 19 77 2 ,1 8 2 9 0 22 3 ,1 1 1 0 0 05 1 ,0 3 0 0 0 4 ,7 8 9 5 0 6 3 5 68 03 1 2 .3 6 9 23 1 ,5 6 8 96 3 ,7 0 4 5 2 66 4 9 0 00 1 ,7 5 6 7 0 92 08 2 ,4 8 0 8 0 2 ,7 8 2 So 94 2 ,8 2 5 0 0 3 ,9 0 7 11 due $2,966,000 $35,445 $56,916 $5,115,288 11 $87,266 78 $153,574 15 Bills o f other banks on hand. $414 2 ,7 6 4 2 ,0 0 0 4 ,3 8 1 2 ,0 0 0 1,5 1 7 2 ,6 3 2 630 2 ,4 9 5 1 ,1 6 4 3 ,7 1 0 3 ,8 6 8 3 ,4 4 4 6 ,2 9 5 3 ,3 1 5 1 4 ,8 4 4 4 ,6 3 0 3 ,5 8 3 1 ,5 6 0 1 ,1 4 8 365 3 ,9 2 8 3 ,0 4 6 270 4 ,8 4 0 1,941 986 36 525 Deposits in the bank. $ 1 7 ,4 7 2 8 4 1 5 ,1 6 4 07 8 ,8 0 8 5 0 2 3 ,0 4 8 83 7 ,3 3 5 7 4 1 4 ,8 4 1 29 1 7 ,4 0 9 15 1 7 ,2 7 4 2 6 ,3 6 3 3 ,0 3 2 9 ,9 2 8 1 1 ,6 7 2 34 66 03 67 25 1 4 ,4 8 5 5 3 ,3 4 5 2 1 ,1 1 3 4 3 ,0 2 8 5 5 ,5 9 2 9 ,3 8 3 1 6 ,3 8 1 3 ,0 9 0 4 9 ,0 2 6 6 ,2 4 6 4 ,7 0 7 8 9 ,7 7 4 2 2 ,8 9 5 2 ,7 6 0 3 ,3 0 4 4 ,3 9 8 91 37 24 39 07 99 28 33 52 84 00 17 59 33 18 60 Bills o f Deposits in olh’ r banks lor the banks then in the redem ption o f its bills. circulation. $ 6 9 ,4 2 5 $ 5 ,7 4 2 7 4 2 1 ,6 8 6 72 1 4 0 .1 0 0 1 3 ,6 3 9 4 2 7 3 ,3 3 2 1 2 ,3 0 0 65 8 4 ,3 4 5 1 6 ,4 8 7 6 6 8 5 ,8 0 0 1 1 ,0 5 9 78 5 2 ,2 7 3 1 3 ,7 9 0 60 6 3 ,1 1 0 1 2 ,8 3 5 0 0 3 9 ,1 7 5 8 ,4 0 9 29 7 2 ,3 5 1 1 3.1 9S 31 6 3 ,2 5 0 1 0 ,7 3 7 27 8 9 ,7 0 0 1 9 ,3 7 9 9 3 9 7 ,0 7 8 5 ,2 1 3 79 3 5 ,7 8 5 5 7 ,7 3 6 7 4 9 3,8 61 5 0 .1 S 6 5 2 9 7 ,9 4 3 7 8 ,4 1 0 1 4 .2 8 7 18 4 7 ,0 0 8 99 1 1 4 ,2 7 3 2 7 ,5 7 7 57 9 6 ,8 0 7 1 3 ,6 4 3 78 4 9 ,4 8 6 1 2 ,6 1 6 6 0 1 1 1 ,6 3 8 2 9 ,7 8 8 36 8 5 ,4 8 0 4 0 ,5 4 1 08 1 2 6 ,5 6 2 8 ,1 5 7 78 4 6 ,3 1 9 1 4 ,6 3 3 67 6 0 ,9 6 8 6 2 ,8 4 5 26 1 0 6 ,8 6 2 9 ,7 5 0 97 6 1 ,0 9 9 1 2 ,4 9 8 5 7 3 6 ,0 1 0 1 2 ,7 0 6 7 5 4 7 ,3 6 0 7 ,4 6 9 6 3 6 2 ,8 9 9 $82,333 $571,885 18 $585,888 61 $2,231,202 609 Total................................... Capital )e ’ ls due llie Real esstock batik secured tale beactually by pledge o f longing paid in. its siock. to bank. S iu u .o u o $ 2 ,9 9 8 1 5 0 ,0 0 0 .... 8 0 ,0 0 0 $500 1 0 0 ,0 0 0 4 ,0 0 0 1 0 0 ,0 0 0 .... 1 ,4 0 0 9 0 ,0 0 0 .... .... 1 0 0 ,0 0 0 4 ,2 4 4 1 ,5 1 2 5 0 ,0 0 0 1 ,8 8 0 1 0 0 ,0 0 0 3 ,0 7 8 6 ,0 0 0 1 2 5 ,0 0 0 50 3 ,0 0 0 1 5 0 .0 0 0 9 ,6 1 6 2 ,9 1 0 1 0 0 ,0 0 0 5 0 ,0 0 0 2 ,3 6 0 2 ,8 8 8 1 0 0 ,0 0 0 .... 2 ,8 0 0 1 0 0 ,0 0 0 1 ,2 0 0 1 ,2 6 5 8 0 ,0 0 0 2 ,5 2 5 1 2 5 ,0 0 0 . . . 1 4 1 ,0 0 0 3 ,7 0 0 .... 6 0 ,0 0 0 .... .... 1 2 5 ,0 0 0 .... . .. Journal o f Banking, Currency, and Finance. V O L . X X V I . ----- NO A STATEMENT OF THE CONDITION OF THE SEVERAL BANKS IN NEW HAMPSHIRE, AS THEY EXISTED ON THE 1ST MONDAY OF MARCH, 1 8 5 2 . Jan., Jan., Boston Banks, 1851. 100 100 100 100 100 100 100 1 00 100 100 100 100 70 250 100 1 00 100 100 100 60 100 100 1851. March. 1121 103 58 1 09 1 06 104 104 1051 1081 1 09 110 101 591 1 08 104 1021 103 102f 1 06 106 Feb. 1 12 1 03 581 1 09 1041 1 03 1031 1051 1 08 1 08 lio no no 1181 1 05 101 109 84 250 105 113 104 1 05 1 09 851 255 1051 no 1114 n oi 1 13 104 1054 1 09 851 2574 1051 1121 112 1021 1024 108 1131 65 1 35 1061 1 07 1 09 104 1021 1004 106 114 631 132 105 105f 1 09 1011 111 1021 1 02 1051 1131 651 1 35 1051 106 1 09 102 April. 1081 991 554 1044 1 0 l| 100 1001 1001 103 1 05 1054 1 09 1001 102 1051 831 2471 1011 109 1 09 99 99J 1041 no 63 132 102 1031 105 100 June. July. m i m i 1001 56 1081 1 02 100f 102 1011 1 05 1051 1061 1001 in ic n i 561 1091 1031 1021 1 01 1 lO lf 105 1064 1071 111 1 02 4 lO lf 1041 844 250 1011 1091 561 1091 1031 1021 102 1021 1 03 105 1091 111 1021 102 1061 851 250 1021 1104 m i m i 1001 102 1051 1101 63 137 1031 1051 101 1034 1061 111 62f 137 103J 107 n o i n o i 100 102 May. no 101-1 101 1044 841 247-1 1014 109| 1091 1004 101 1041 1104 64 136 1034 1041 1091 1004 August. Sept. in in 1 02 561 1091 1021 1 03 1031 100 1041 104 1094 111 101 1024 105 851 245 1021 1 02 561 1 11 101 1001 1051 85 2471 1 03 n o i n oi 111 1004 103 1061 111 63 111 101 1011 1 07 137 1 02 1064 1104 102 no 1021 103 1021 101 1031 104 no no 63 139 102 106 no 1011 Oct. 1 08 100 55 100 100 99 99 98 1 00 101 1051 1061 99 98 102 82 240 99 1071 106 99 98 104 1 07 614 134 9S1 102 106 98 N ov. 109 981 56 107 1 02 991 991 98f 1 01 1021 106 1071 100 99 104 83 2421 100 1061 1 07 100 100 1054 108 611 135 99| 1044 1071 981 Dec. 1 09 101 56J 107 1011 9S1 1011 100 1031 1 03 1 06 109 100 991 106 831 250 1 02 107 1071 1001 1001 1051 1 08 611 136 99 1051 1061 1001 D iv. i1851, 1852. April. Oct. 108 1011 55-A 1071 1021 98 1001 991 1031 104 1061 1091 101 100 109 844 250 103 1081 1081 1001 lO O f 1051 n o i 621 136 99f 1071 1 08 1001 4 4 3 4 41 31 4 41 31 4 31 5 4 31 4 31 4 41 4 34 4 4 5 3 4 4 4 31 41 4 31 4 31 4 4 5 3 4 4 4 31 4 4 31 31 4 4 31 5 31 5 4 4 4 4 4 4 3 3 Journal o f Banking, Currency, and Fit Atlantic B ank........................................... A tlas Bank.................... ...................... .. . . . Boston Bank.............................................. Boylston Bank........................................... . . . City Bank................................................... . . . Oockituate Bank........................................ Columbian B a n k ................................... . . . Bank o f C om m erce......................... . . . . . . Eagle Bank................................................ . . . Exchange Bank......................................... . . . Freeman’s Bank........................................ . . . Globe Bank .............................................. . . . Granite Bank..................* ....................... . . . Grocers’ Bank........................................... . . . Hamilton B a n k ........................................ . . . Market B an k .......................................... . . . Massachusetts B ank................................ . . . Mechanics’ B a n k ..................................... Merchants’ B a n k ..................................... N ew England B an k .............................. . . . North Bank................................................ . . . Bank o f North A m e r ic a ......................... . . . Shawmut B a n k ........................................ . . . Shoe and Leather Dealers’ Bank......... . . . State Bank................................................ Suffolk B a n k ... . , .................................... Traders’ Bank............................................ . . . Tremont B a n k .......................................... . . . Union Bank............................................... Washington Bank...................................- Par. CIO QUOTATIONS OF BANK STOCK AT TIIE BOSTON STOCK EXCHANGE IN 1851. The table below gives the prices of bank stocks on the first o f each month ; and care h^s been taken to have them as correct as possible, though we d o not claim to have given the exact rate at which every one could be bought or sold, as many o f them are seldom or never publicly quoted. Those stocks which sell more or less every week are, o f course, quoted with precision.—BostonPost. 4 VALUE OF PR O PE R T Y AND TAXATION IN CALIFORNIA. 4BSTRACT OF REAL AND PERSONAL PRO PERTY, W IT H THE TAX ASSESSED ON THE THE CONTROLLER OF STATE BY THE Names of counties. AS RETURNED TO No. acres Val. of lands Value o f lots Val. o f per- Total val. o f State taxes on Int. tax on do. Poll tax State tax, bil’s State taxes o f of land. & improv’ ts. &. improv’ ts. sonal property. property. do. 50c on $100. lo co a 8100. assessed. &. ten pins. each county. 327,725 $137,640 127,700 1,114,513 1,770,722 739,368 $7,330 136,745 151,022 306,159 476,000 M onterey............................. N a p a ................................... 1851, 774,777 218,823 5,100 580,865 505,623 216,000 10,000 San Francisco..................... . San Joaquin.......................... San Luis O bispo.................. Santa Barbara. . . . ........... , . San Diego.............................. Solano................. ................ Sonom a.................................. S u t t e r .................................... Shasta..................................... T u o lu m n e ............................ Santa Cruz ........................... Y o lo ........................................ Y u b a ...................................... 85,274 445,472 1,339,000 511,235 152,810 580,936 361,577 26,664 661 444,163 265,387 106,603 258,277 231,926 350,200 274,790 252,224 711,909 387,354 11,166 7,500 860,942 214,387 226,429 T o t a l ................................. . 7,658,238 7,694,813 381,172 43,085 10,779,137 4,426,541 '767,915 32,000 354,514 769,160 268,771 92,138 300 41,100 469,777 19,026,846 §533,952 §388,982 367,661 239,961 502,390 1,753,648 546,651 697,673 2,187,992 1,142,465 19,770 19,770 756*375 236,475 160*435 160,435 1,638^308 676,271 803,140 254,632 686,080 470,080 ■ 304*192 294,112 7,015,574 17,794^711 6,531,024 1,904 483 1^715,189 688,997 460,530 196,604 821,000 470,800 820,811 191,507 1,178,756 157,392 1,627,572 646,892 741,732 262,240 485,859 497,025 705,025 509,427 1,180,346 319,404 343,856 599,343 1,198,206 1,894,412 19,323,345 46,276,702 $2,669 1,838 8,768 3,488 10,939 98 3,781 996 7,711 4,015 3,430 1*520 80,973 31,655 8,575 2,302 4,078 4,104 5,893 8,137 3,70S 2,685 3,525 5,901 2,996 9,472 76 30 24 36 96 85 87 17 10 70 40 96 00 12 94 65 97 05 78 86 66 12 12 73 72 06 231,070 45 §800 551 2,630 1,047 3,281 29 1,134 237 2,312 1,209 1,029 456 26,692 9,496 2,532 690 1,231 1,231 1,744 1,419 1,112 745 1,057 1,768 899 2,841 92 49 47 50 93 65 56 91 32 71 12 28 06 53 18 79 50 21 71 37 59 50 53 58 01 61 69,219 63 §1,992 202 231 2,424 1,192 96 199 864 568 384 3,980 1,146 1,332 198 00 165 00 1,575 00 1,092 170 52 230 968 1,044 1,588 3,504 530 729 2,400 112 60 26,987 2,260 '60 230 00 §7,175 2,591 21,629 7,156 15,558 224 5,110 2*098 11^552 5,604 8,439 3,123 118,572 41,151 12^240 3,163 5,456 5,387 8,960 11,525 5,865 4,931 8,086 8,200 4,719 14,713 333,138 79 4 611 The returns from the remaining counties (Calaveras, Santa Clara and Trinity) w ill increase the taxable property o f the State to $50,000,000. 50 79 71 86 89 40 43 08 05 41 52 24 06 65 72 44 32 26 49 23 25 12 65 81 73 67 Journal o f Banking, Currency, and Finance. Butte..................................... C olusi. ............................... Contra Costa...................... E l D orado........................... Los Angelos........................ . SAME, AND POLL TAX ASSESSED FOR THE YE AR SEVERAL COUNTY AUDITORS. 612 Journal o f Banking ,■ Currency , and Finance. TAXES OF EACH COUNTY IN CALIFORNIA. STATEMENT OF THE AMOUNT OF TAXES CHARGEABLE TO EACH COUNTY, AND THE FAYMENTS MADE ON THE SAME, Names of counties. Butte.......................... Colusi......................... Contra Costa............ Calaveras.................. E l Dorado................. Los A n g e lo s............. K lam ath ................... M arin ........... ............. M ariposa.................. M onterey.................. N a p a ........................ N e v a d a .................... Placer ...................... San F rancisco......... S acram ento.............. San J o a q u in ........... Santa Clara.............. San Luis Obispo. . . Santa Barbara......... San D ie g o ................ S o la n o ...................... Sonoma .................. S u t t e r ...................... S h a sta ......... ............. Tuolumne ................ T rin ity ...................... Santa Cruz ............. Y o lo .......................... Y u b a ............ ............ Total FOR THE YEAR State taxes chargeable to Auction each county at and gaming (He. on Slim, tax reported. $7,175 50 2,591 79 11,629 71 no returns. 7,156 86 15,558 89 224 40 5,110 43 2,098 08 11,552 05 5,604 41 8,439 52 8,123 24 118.672 06 41,151 65 12,240 72 3,163 44 5,456 32 5,387 26 8.960 40 11,525 23 5,865 25 4,931 12 8;086 65 no returns. 333,138 97 Delinquent Total taxes Payments made list of due State, by each county, each county. $7,175 50 2,591 79 11,629 71 2,711 96 38 05 407 76 1,481 28,199 14,770 2,849 29 00 69 96 1,803 40 8,200 31 4,619 73 14,713 67 1851-52. 9,868 15,576 224 5,110 2,098 11,690 5.604 8,439 4.604 146,771 55,922 15,135 82 94 40 43 08 81 41 52 56 06 94 68 3,163 5,456 5,387 8,960 11.525 5,865 3,734 8,086 44 32 26 40 23 25 52 65 $3,084 85 $3,683 15 ......................................... 9,690 04 1,514 89 5,841 84 10,593 32 ................ 3,086 75 4,402 03 557 25 9,135 4,790 6,626 3,518 103,460 30,694 11,224 10,597 23 70 00 66 80 59 68 60 1,801 79 2,454 47 765 57 3,326 55 3,621 26 1,296 00 4,000 00 1,000 00 3,338 43 7,085 36 2,701 60 7,676 94 743 61 1,462 70 8,200 31 4,619 73 16,175 37 53,770 81 385,909 60 245,359 97 15,934 01 DEBT AND FINANCES OF ST. LOUIS. The total debt o f the city amounts to $1,536,096 10. A considerable portion o f this has been incurred for river and harbor and for various city improvements, and ha3 been judiciously expended. The above sum includes $75,000 o f stock issued to the Pacific Railroad. The following is from the Controller’s R e p o rt:— THE FOLLOWING STATEMENT SHOW'S THE AMOUNT OF DEBT FALLING DUE IN EACH TEAR. In 1 8 5 2 ...................... 1853...................... 1854...................... 1855...................... 1856...................... 1857...................... 18 58...................... 1859...................... 1860...................... 1862...................... 1863...................... 1864...................... ............... ................ ................ ................ ................ In 1865 ....................... 1866........................ 1867........................ 43,000 1868........................ 1870........................ 1871........................ 1872........................ 34,000 1876........................ 22,000 1890...... ................. 90,000 1895.................... .. $1,400 at various dates from 1853 to 1861. 43,600 For the payment o f harbor bonds, (117,000.) and the common sewer bonds, (42,000,) with the interest on the same, there is a fund provided by special tax. The total amount o f receipts into the Treasury for the past year were $714,195 80. O f this sum, $348,275 81 were received from merchant and harbor taxes, $273,443 27 Journal o f Banking , Currency , and Finance. 613 from loans, and the balance from various sources o f permanent revenue, making the aggregate income, independent o f loans, $440,752 63. The expenditures for the same period were $470,791 44. O f this sum over $100,000 have been expended for works o f permanent improvement, such as the new W ater Works, City Hall, Market House, etc., which will yield a handsome revenue when completed. The city will soon incur further contingent liabilities to the amount o f about $1,000,000, being the. aggregate o f the loans voted to the Pacific Railroad, which is now in progress from St. Louis to the west line o f the State, and to the Ohio and Mississippi Railroad, from Cincinnati to the former city. Both o f these works will be o f great utility to the c ity ; vastly more so than the amount o f aid to be extended to them. But as there is good reason to believe that both projects will prove good in vestments, the stock taken in them by the city will not, in reality, be any additional burden upon its finances. CAPITAL AND DIVIDENDS OF BOSTON BANKS, APRIL, 1S52, The following table shows the capital of the several banks in Boston, and the semiannual dividends declared and payable in that city on the 5th o f April, 1852:— Banks. Atlantic.................................................... A tla s......................................................... Blackstone, for 5£ months.................... Boston....................................................... B oylston.................................................. Bank o f Comm erce............................... City........................................................... C ochituate.............................................. Columbian............................................... E iig le ....................................................... Exchange................................................. Freeman’s ............................................... Faneuil Hall, for 7 months.................. G l o b e ...................................................... Granite........................................ ............ Grocers’ .................................................. Hamilton................................................. M a rk e t.................................................... M assachusetts....................................... Mechanics’, S. B ..................................... Merchants’ .............................................. N ew England.......................................... N o r t h ...................................................... North A m e r ic a ..................................... Shawinut................................................. Shoe and Leather D ealers'.................. S ta te.................................................... .... S u ffo lk .................................................... T rem on t.................................................. Union........................................................ Washington............................................. Capital. $500,000 500,000 250,000 900,000 250,000 1,500,000 1,000,000 150,000 600,000 500,000 1,000,000 250,000 500,000 1,000,000 650,000 300,000 500,000 560,000 800,000 150,000 3,000,000 1,000,000 750,000 600,000 500,000 1,000,000 1,800,000 1,000,000 1,000,000 600,000 1,000,000 600,000 T otal................................................ $24,410,000 T r a d e r s ’ ............................................................ 5 3 4 4 4 31 4 4 4 31 Total Dividend. $20,000 17,500 7,500 36,000 11,250 60,000 35,000 6,000 17,500 17,500 40,000 11,250 15,000 40,000 26,000 12,000 20,000 28,000 24,000 6,000 120,000 40,000 26,000 20,000 20,000 40,000 63,000 4 4 4 31 40,000 24,000 40,000 17,500 Dividend. Per cent. 4 31 3 4 4 4 31 4 31 31 4 41 3 4 4 4 4 B y reference to a similar table, published in the Merchants’ Magazine for November, 1851, (vol. xxv., page 314,) it appears that the amount o f bank capital in October, 1851. was $23,660,060. The amount as above is $24,410,000, showing an increase of 'banking capital in Boston o f $750,000, since October 1851. The Cochituate Bank pay on $150,000 on old capital— have increased $50,000 more since last dividend. The Faneuil Hall Bank went into operation September 1, 1851, on $250,000 paid in. Second assessment paid in October 1, 1851, $250,000. The above include all the divi dends with the exception o f the Suffolk Bank, which has not as y e t been able to make up its accounts. (514 Journal o f Banking , Currency, and Finance. FINANCIAL STATISTICS OF LOUISIANA, L ouis B o u r d e l o n , Auditor o f the State o f Louisiana, in compliance •with a resolu tion o f the Senate, reports the amount o f liabilities o f the State in each o f the years 1830, 1835, 1840, 1845, and 1850— also the amount o f the annual receipts and expen ditures from 1830 to 1852, as follow s:— STATEMENT SHOWING THE AMOUNT OF THE THE YEARS ANNUAL 1830 TO EECEIPTS Receipts. 1830................................. 1S31................................. 1832................................. 1S33............................... 1834................................. 1835................................. 1836................................. 1837................................. 18.38................................. 1839................................. 1840................................. 1811................................. 1842................................. 1843................................. 1844................................. 1845................................. 1846................................. 1847................................. 1848................................. 1849................................. 1850................................. 1851................................. 507,291 603,168 467,353 482,377 682,254 456,099 564,825 852,316 1,047,802 899,604 778,224 758,599 588,716 648,599 972,177 3,662,889 1,245,715 1,418,856 1,351,265 628,965 1,016,040 1,161,673 STATEMENT SHOWING THE AMOUNT SCRIPTION, AT THE SEVERAL OF THE Balance, Expenses. 71 67 66 99 82 34 36 75 44 2CL 24 83 65 64 61 72 94 63 17 91 66 91 PERIODS AND EXPENDITURES, FOE 1852. 340,056 364,848 372,343 394,659 500,867 396,394 501,530 858,984 986,032 814,121 642,000 700,822 501,591 560,961 616,684 3,510,818 995,813 675,082 872,702 329,758 990,869 852,787 LIABILITIES OF 1830 TO 1850. $153,200 88 $2,400,000 10,000 2,500,000 583,138 99 125,000 7,000,000 150,000 $7,275,000 Debts proper o f the State in 1840............................................................. Liability on bonds as follows :— 10,000,000 T o Citizens’ B ank............................................................... T o New Orleans Draining Company.............................. 50,000 N ew Orleans and Nashville Railroad Company.......... 500,000 T o Charity H ospital........................................................... 100,000 Clinton and Port Hudson Railroad Company............... 498,000 Mexican G ulf Railroad Company................................... 100,000 Municipality No. 2 ............................................................. 499,680 Debts proper o f the State in 1845. Liability on bonds as fo llo w s:— T o Municipality No. 1 .................... T o Municipality No. 3 .................... 33 27 28 69 67 64 99 84 12 57 22 05 42 21 63 33 61 69 67 92 47 37 THE STATE, OF EVERY D E- NAMED , SAY FROM Debts proper o f the State in 1830 ............................. Liabilities on bonds issued, as follows :— T o Bank o f L ouisian a............. To Heirs o f Thomas Jefferson Consolidated Bank..................... Debts proper o f the State in 1835............................... Liability on Bonds as follow s :— T o Charity H ospital.................. T o Union Bank.......................... To Mechanics’ and Traders’ Bank................................. 167,235 138,320 95,010 87,718 81,387 59,704 63,294 493,331 61,770 85,482 136,224 57,777 87,125 94,237 355,492 352,071 391,785 293,115 478,562 299,206 325,426 308,886 38 40 38 30 15 70 37 91 32 63 02 78 23 54 98 39 28 98 50 99 39 54 $11,747,680 .................... 1,164,886 43 4,663,715 OS 600,000 30,240 $630,240 Debts proper o f the State in 1850 1,918,397 57 Journal o f Banking, Currency, and Finance . THE LIABILITY OF THE STATE, OF EVE RY 61 5 DESCRIPTION, ON THE 1ST OF JANUARY, 1 8 5 0 . $2,668,000 Bonds to Union B a n k ....................................................... Bonds to Consolidated B a n k .............................................. 1,376,000 Bonds to Citizens’ Bank................................................... 6,468,000 For interest ................................................................................................... 5 7 7 ,8 8 8 Second Municipality........................................................................................ Third M unicipality......................................................................................... T o ta l.............................................................. 7 ,0 4 5 , 8 8 7 399,364 30,240 $11,519,492 UNITED STATES TR E A SU R E R ’S STA TEM EN T, MARCH 2 2 , 1352. t r e a s u r e r ’s STATEMENT, SHOWING THE AMOUNT AT HIS CREDIT IN THE TREASURY, W IT H ASSISTANT TREASURERS AND DESIGNATED DEPOSITARIES, AND IN THE MINT AND BRANCHES, BY RETURNS RECEIVED TO MONDAY, MARCH 2 2 , 1 8 5 2 , TIIE AMOUNT FOR W HICH DRAFTS HAVE BEEN ISSUED BUT W ERE THEN UNPAID, AND THE AMOUNT THEN REMAINING SUBJECT TO DRAFT. SHOWING, ALSO, THE AMOUNT OF FUTURE TRANSFERS TO AND FROM DEPOSITA RIES, AS ORBERED BY THE SECRETARY OF THE TREASURY. Amount on deposit. Drafts heretofore drawn but not yet paid, Amount though payable, suhj.to draft $114,928 70 Treasury o f United States, W ashin gton .. . $1,806 72 434,429 20 13,263 55 Assistant Treasurer, Boston, M ass................ 2,147,323 51 237,813 68 Assistant Treasurer, N ew York, N. Y ......... 75,866 00 958,434 31 Assistant Treasurer, Philadelphia, P a ......... 92,973 56 17,595 58 Assistant Treasurer, Charleston, S. C........... 680,744 58 557,887 85 Assistant Treasurer, N ew Orleans, La. . . . 610,704 11 107,469 40 Assistant Treasurer, St. Louis, Mo................ 104,074 18 7,220 35 Depositary at Buffalo, N ew Y ork................. 48,681 68 5,447 53 Depositary at Baltimore, Maryland.............. 17,327 14 200 33 Depositary at Richmond, Virginia....... . Depositary at Norfolk, V irginia.................... 40,152 97 2,866 66 2,419 39 Depositary at Wilmington, North Carolina. 6,087 95 79,454 47 12,902 38 Depositary at Savannah, Georgia................. Depositary at Mobile, A labam a.................... 43,995 99 34,693 69 49,776 24 Depositary at Nashville, T e n n e sse e ........... 44,011 58 20,986 87 Depositary at Cincinnati, Ohio.................... .. 1,233 41 476 56 Depositary at Pittsburg, P ennsylvania.. . . 3,301 37 Depositary at Cincinnati, (late)...................... 564,387 96 399,755 78 Depositary at San F ra n cisco........................ 67,384 04 35,705 30 Depositary at Little Rock, Arkansas........... Depositary at Jeffersonville, Indiana........... 48,163 39 10,633 17 83,595 45 16,885 33 Depositary at Chicago, Illinois...................... 27,124 96 Depositary at Detroit, M ich igan .................. 19,526 18 Depositary at Tallahassee, Florida............... 15,731 76 2,542 52 2,486 66 Suspense account............................$2,486 66 ............ Mint o f the U. S., Philadelphia, Penn......... 5,649,900 00 32,000 00 ............ Branch Mint o f U. S., Charlotte, N. C ......... 26,850 00 ............ Branch Mint o f U. S., Dahlonega, Ga........... 960,000 00 100,000 00 Branch Mint o f U. S., N ew Orleans, L a . . . . T o ta l.......................................................... 12,928,090 95 1,710,233 04 Deduct suspense account........................ .................................................. A d d difference in transfers...................................................................... $113,121 421,165 1,909,509 882,568 75,377 122,856 503,234 96,853 43,234 17,126 37,286 3,668 66,552 8,402 5,764 19,753 476 3,301 164,632 31,678 37,530 66,710 7,698 13,189 98 65 S3 31 98 73 71 83 15 SI 31 56 09 30 66 46 56 37 18 74 22 12 78 24 5,649,900 32,000 26,850 860,000 11,220,344 2,486 00 00 00 00 57 66 $11,217,857 91 1,555,540 00 N et amount subject to d ra ft.................................................................... $12,773,397 91 $460,000 00 Transfers ordered to Treasury o f the United States, Washington. 975,000 00 Transfers ordered to Assistant Treasurer, N ew Orleans, Louisiana. Transfers ordered to Assistant Treasurer, St. Louis, Missouri........ Transfers ordered to Depositary at Norfolk, V irginia........................ 120,000 00 540 00 Transfers ordered from Assistant Treasurer, Pittsburg, Pa.............. $ 1 ,5 5 5 ,5 4 0 00 Journal of Banking, Currency, awe? Finance. 616 “ F reem an H unt, A NATIONAL C U R R E N C Y C O N F ID E N C E IT S BASIS, E s q ., Editor o f the Merchants' Magazine, etc :— - S ir :— A llow a constant reader o f your valuable journal to offer some reflections upon the above subject. Though much debated, y et the many opposing theories thereon show how little it is understood. Some insist upon “ a metallic basis,” some upon “ credit as a basis,” while a late writer, N. F. C., in your journal, vigorously pushes forward his own favorite theory o f “ A National Currency : Real Estate its Basis ” The first o f these is no doubt a substantial basis, the second, with perhaps some sup port, is a very essential one, while the last, contradictory as it may seem, is not a real one. The views o f Dr. Hall on this subject are well worthy o f the attention o f your readers, being clearly laid down, his elucidations being much to the point. The theory now offered is not proposed as a new one, but merely as the placing o f the ideas o f others in a tangible form, for in it nothing absolutely new is asserted, nor will it dis agree with the ideas or opinions o f any. N. F. C., in his paper, first pours a broad side into the banks, (w ell merited,) to whose parlors he traces the late panic in the money market, which appeared without notice and without apparent cause, for the country was everywhere prosperous, and the panic chiefly confined to the city and its immediate dependencies. N. F. C. then proposes that the money-making power should be taken from the banks and put with the State, that the basis o f these issues should be the real values, or real estate o f the country, that the State should give the owner o f productive real estate money in “ State n otes” equal to a certain valuation on the real estate, taking a mortgage as security, without interest— the valuation to be made by “ a board o f value,” and the sum loaned should never exceed the policy o f insurance, the amount o f which policy should be the touchstone o f value. N ow we have to inquire, W ill these State issues have any more substantial basis, though it may be real estate, than “ bank-notes”— is not real estate as fluctuating as other values ? Can real estate sustain a value put upon it (against reverses) by this board o f value and insurance policy ? or is it the indorsement o f the State “ bearing the proud name o f Pennsylvania, N ew York,” or Missouri, that is to sustain it against deprecia tion ! ( P e n n s y l v a n i a credit once fe ll to 37.) Real estate is valuable like everything else, only in proportion to the uses to which it may be applied, and like everything else depreciates in times o f panic. W ho is there who does not know o f real estate which has depreciated 75 per cent, and o f insurance policies on which, after a loss by fire, payment even o f 50 percent, on a just and bona fide valuation o f damage, has been stoutly disputed, and that too by the most r e s p e c t a b l e companies ? There is a specu lation in real estate as well as stocks, and a much greater uncertainty in its value. See what vast changes have taken place in value o f real estate even in this city o f N ew York in the last few years ; depreciation in some situations, increase in others. W ho has forgotten the condition o f real estate in 1888 and 1840 ? houses vacant, and stores to let. V alue o f real estate and business prosperity rise and fall together. I f this is so, and that it is so no one can deny, upon what must these State notes depend for their value but State credit ? and what is that worth in hard times ? Then the notes will certainly com e back for redemption. Redemption in what ? real estate— or gold ? Whether they are backed by real estate or not, the only w ay to give value to these State notes is to induce the community, and the world at large, to believe they have equal value to gold, or to beget confidence in them, for without confidence, in a commercial point o f view, there is no real value in anything, except such things as are absolutely necessary to our existence. W ater and air exist everywhere, and can be g ot without labor, therefore they may be said to be without value. Bread to eat ar.d clothing such as is necessary to keep us warm cannot be had without labor, therefore they are o f value, they have intrinsic values. Bread may increase greatly in value, but does not depreciate greatly in value. One country being at peace while the rest o f the world was at war, would o f course alter the relative value o f things very much. But in a state o f general peace, if there should be once established a gen eral confidence in the commercial circles, there would be a great increase o f value both in commercial things and real estate ; but once destroy that confidence, and real estate will fall as rapidly as other things o f value, and the absolute necessaries o f life would fall less than real estate. In fact, the value o f real estate depends on the general prosperity o f the country, and the foundation o f t h i s can always be traced to confidence. Upon this also depends a merchant’s credit, for let his wealth be what it may, if the commercial world have no confidence in his business ability, his industry, and integrity, he can get no credit, and so with corporations and communities o f all , 617 J o u r n a l o f B a n k in g , C u rren cy a n d F in a n ce. kinds. Upon this is founded the progress and prosperity o f the great city o f New Y o r k ; the promptness, ability, punctuality in meeting engagements, fear o f dishonor, and great energy o f this business community are known all over the commercial world. B y these means N ew York might gain so reliable a basis for its currency, that if it only so restricts its issues as to keep within bounds, and not get to overtrading, she may becom e before many years the regulator o f the money markets o f the world. The misfortune, however, with this theory is, that when once a community has acquired such a basis for its currency, if it should be without restrictions, credit becomes so ex panded, and there is such a vast issue o f promises to pay, that overtrading follows, which brings about, at the will o f the banks, a curtailment o f credits, panic, and col lapse. This is an evil, but it is an evil which belongs to every currency. It is one, however, which can be guarded against, and here the State may do some service, not by making issues, but by passing laws which will prevent them. Until the State does step in w e never can have a secure basis, not even if that should be real estate or gold. Establish confidence, but not unlimited credit and issues. Now this, it ap pears to me, can only be done b y putting in force the old fashioned Democratic doc trine, responsibility o f Bank Directors, by requiring security, or making them individu ally liable, or some such restraint; and in place o f overtrading and panic we will beget CONFIDENCE. TH E DIRECTOR OF TH E M INT ON TH E GOLD COINAGE OF TH E UNITED STATES. The following letter from the Director o f the Mint at Philadelphia to the Treasury Department explains itself, and fully disproves the complaints which have occasion ally been put forward from Europe o f a want o f uniformity in the value and fineness o f the gold coinage o f the United S ta tes:— M in t of t h e U n it e d S t a t e s , P h i l a d e l p h ia , April 2, 1852. S i r :— In the A ppendix to a Report relative to coinage lately made to the Senate by the Hon. Mr. Hunter, Chairman o f the Committee o f Finance, I find tw o letters from the Hon. A bbott Lawrence, our minister to England, one dated December 13, 1851, the other dated February 19, 1852, in which assertions are made tending to discredit the accuracy o f the assay o f the gold coins issued from this Mint and its branches. The statements made are so injurious to this department o f the government, and in directly to the government itself— and are, moreover, so entirely at variance with the facts as officially ascertained by me, and heretofore communicated to the department— that it becomes a matter o f great regret that they should have found publicity and ap parent countenance, in a document o f such authority and importance. I feel it to be m y duty to seize the first opportunity to make a concise statement o f facts bearing on the subject, from which you will perceive that the highest credit is given to our assays in London and Paris. 1st. In a statement prepared at the French mint, it appears that there were depos ited there, for coinage, in the year 1851, over seven millions o f dollars in American gold, o f every denomination, which were received at the standard o f assay required by our laws, viz., 900 thousandths. 2d. B y a circular o f the Bank o f England, dated February 4th last, American, French, and Dutch gold coins, are purchased by weight at the same fixed price. The standards o f fineness in the gold coins o f those countries being the same, it follows that the assay o f American coin is held in the same esteem as that of France and the Neth erlands. 3d. Dr. Joseph W . Farnum, o f the United States, now in London, w hopossseses un usual facilities to obtain information on the subject, in a letter o f April 7,1851, writes as follow s: “ A few days since I had an interview with Mr. Hazzard, the chief o f the bullion office o f the Bank o f England, who informed me that the results o f the assays o f United States coin were more uniform than those o f any other coin received by the bank, not excepting even their own. H e showed me the reports o f more than one hundred assays o f United States coin, giving one uniform result o f W . 1$-.” This is the fraction by which coins o f 900 thousandths fine would be reported by the bank as says. 4th. The same correspondent, in a letter o f November 26th last, states that Messrs. Sharps <fc Wilkins, and Messrs. Butt, Son, &. Co., bullion dealers, o f London, report, that the assays made for them o f American gold coin averaged W . I f , corresponding to our standard. H e ad d s: “ These latter gentlemen, Butt, Son, & Co., to-day inform 618 J o u r n a l o f B a n k in g , C u r r e n c y , a n d F in a n c e . ed me that they believed the American gold coin to be more uniform than any other, with the single exception o f the Russian.” 5th. In consequence o f the large fraction used in reporting assays for the Bank o f England, (namely, the eighth o f a carat grain or 1 3-10 thousandths,) a very minute variation from our standard o f 3-10thsof a thousandth, causes a report a fraction below W . 1£-, viz., W . I f ; which could not be the case if a small subdivision o f assay were made use of, say one-sixteenth o f a carat grain. From the same cause we, on the other hand, gain no advantage if our coins are slightly better than standard. I had occasion, a short time since, to make some remarks upon this point, which were submitted to Messrs. Mocatta <fc Goldsmid, melters to the Bank o f England. In their reply they concede that, by the present custom o f assay for the bank, a va riation from the true quality might be reported; and they add that, if a more minute subdivision o f parts were made in reporting assays o f gold, they “ think it most prob able that the average quality o f United States coin would be found quite up to the legal standard.” I think no further evidence can be necessary to show the entire credit given to the assay o f the coins issued from the mints o f the United States. Other statements could be furnished corroborating this fact, but they are withheld. V ery respectfully, your obedient servant, GEO. N. ECKERT, Director. Hon. T h o m a s C o r w i n , Secretary o f the Treasury. STOCK SECURITIES OF NEW JE R SE Y BANKS. A STATEMENT OF THE SECURITIES HELD BY THE STATE OF THE BANKS ESTABLISHED UN DER THE GENERAL BANKING LAW OF N EW JERSEY. Banks. O c e a n ....................................... , D e la w a r e a n d H u d s o n . . United States. 1 7 2 ,0 0 0 1 5 ,0 0 0 A t l a n t i c ................................ 1 0 ,0 0 0 43^900 4 ,0 0 0 7 ,0 0 0 60^000 A m e r ic a n E x c h a n g e ____ N ew Y ork. Ohio. $ 5 ,7 0 0 9 3 ,6 8 5 1 9 ,0 0 0 3 1 ,5 0 0 1 1 ,4 0 0 7 ,0 0 0 1 ,0 0 0 3 3 ,0 0 0 2 2 ,0 0 0 Pennsylva. $ 1 0 ,0 0 0 4 0 ,0 0 0 4 8 ,9 9 0 2 0 ,0 0 0 4 9 ,0 0 0 1 5 ,0 0 0 41^000 2 0 ,0 0 0 3 ,0 0 0 Kentucky. $ 2 6 ,0 0 0 2 2 ,0 0 0 2 ,0 0 0 1 5 j0 0 0 1 0 ,2 0 0 7 ,0 0 0 . T o t a l .................................. 6 ,0 0 0 5 ,0 0 0 •21,000 2 ,0 0 0 2 3 9 ,9 0 0 4 6 ,4 0 0 1 3 1 ,8 8 5 1 8 0 ,0 0 0 2 0 1 ,1 9 0 DEBT OF TH E STATE OF LOUISIANA. Mr. Bourdelon, State Auditor, in his report on the receipts and disbursements o f the revenue during the years 1850 and 1851, gives the details o f the State debt as fo llo w s:— Liabilities for the property banks..................................................... “ for 2d Municipality, N ew Orleans.................................. “ fo f 3d “ “ “ “ classed as State debt proper.......................................... Trust funds................................. .......................................................... Total............................................................................................. §9,225,888 356,160 30,240 1,225,000 7 5 6,4 41 §11,593,629 O f the trust funds the largest item is oue o f §479,919 14, due the Government o f the United States, it being received by Louisiana under the deposit act. The seminary funds in the hands o f the State amount to §120,038 14. Of the trust funds, §756,411 are due on demand, and the rest of these fall due at different dates between 1855 and 1872. 019 C om m ercia l S ta tistics. COMMERCIAL STATISTICS. COMMERCE AND NAVIGATION OF THE UNITED STATES IN 1 8 5 0 -5 1 , P A R T I . — C O M M E R C E .* The Annual Report o f the Secretary o f the Treasury, transmitting the Report o f the Register o f the Treasury, o f the Commerce and Navigation o f the United States for the year ending June 30, 1851, has just been published (March 27th, 1852). Pri or to 1850, this document did not appear till some year after the expiration o f the fiscal or commercial year, as it was not printed until after it had been laid before C on gress at its opening in December o f each year. v is , A t our instance, the Hon. J ohn D a United States Senator from Massachusetts, introduced a bill (see Merchants' Magazine for 1851, vol. xxiv., page 355,) requiring this document to “ be printed and ready for delivery on or before the first day o f January next ensuing the close o f the fiscal year to which the report relates.” In 1850 it was printed aud laid before Con gress but a few days after the period specified by the act referred t o ; but this year it has been delayed nearly two months beyond the required time. There is, as we have before stated, no necessity for delaying the priuting o f the report to even the first Monday in January, as there is abundance o f time from the close o f the fiscal year on the 30th o f June, to the first Monday in December, to prepare and print it. W e now proceed to record, in the pages o f the Merchants' Magazine, the tabular statements o f the report, which it has been our habit o f publishing from year to year. VALUE OF D O M E S T IC EXPORTS SUMMARY STATEMENT OF THE VALUE OF THE MANUFACTURE OF THE UNITED STATES, OF THE U N IT E D STATES. EXPORTS OF THE GROWTH, PRODUCE, AND DURING THE YEAR COMMENCING ON THE 1ST DAY OF JULY, 1 8 5 0 , AND ENDING ON THE 30TH OF JUNE, 1 8 5 1 . THE SEA. Fisheries— W hale and other fish o i l . Spermaceti o i l .................. W halebone.......................... Spermaceti candles.......... Dried fish or cod fisheries Pickled fish, or river fish eries (herring, shad, sal mon, m ackerel).............. THE FOREST. Product o f wood— Staves, shingles, boards, scantling, hewn timber. Other lu m b er.................... Masts and spars................ Oak bark and other dye.. A ll nunufucturesof w ood Naval stores, tar, pitch, rosin, turpentine........... Ashes, pot and p e a r l.. . . Ginseng........... Skins and furs $882,485 1,044,967 689,662 AGRICULTURE. 195,916 Product o f animals— 367,729 Beef, tallow, hides, horned cattle............................... Butter and ch eese........... 113,932 ' Pork, (pickled,) bac’n, l’rd, live hogs........................ $3,294,691 Horses and m u le s ........... S h e e p ................................. 100,549 977,762 $7,847,022 1 ,6 8 9 ,9 5 8 1 ,1 2 4 ,6 5 2 4 ,3 6 8 ,0 1 5 1 9 8 ,1 5 5 1 8 ,8 7 5 $ 7 ,3 9 9 ,6 5 5 $2,348,621 Vegetable food— 205,190 W heat................................. Flour.................................... 70,095 Indian corn........................ 355,477 2,076,395 Indian m e a l...................... R ye m e a l........................... 1,063,842 R ye, oats, and other small 649,091 grain and pulse.............. 1,025,732 10,524,331 1,762,549 622,866 145,802 120,670 * The crowd of valuable matter prepared for the present number o f the M e rc h a n ts ' M a g a z in e , compels us to defer the publication o f the usual tables relating to the “ Navigation of the United States” until June. 620 C om m ercia l S ta tistics. Biscuit or ship b r e a d .. . . 354,286 Cotton piece goods— P o ta to e s............................. 79.314 A p p le s ................................ 71.367 U ncolored........................ R ice..................................... 2,170,927 Twist, yarn, and thread. Indigo....................... 2,803 Other manufactures o f . . Cotton.............................. 112,315,317 Hemp and flax— T obacco............................... 9,219,251 Cloth and th rea d ........... H e m p ..................................... 29,114 Bags <fc.all manufac. o f . . A ll other agricultural products— Wearing a p p a r e l................ T lax seed ............................ 18.9S8 Earthen and stonew are... . Brown sugar...................... 29,170 H ops.................................... 11,636 Billiard tables & apparatus $138,504,123 Umbrellas, parasols, and Refined sugar...................... C h ocola te............................. Spirits from g r a in .. . . Spirits from m olasses......... M olasses.................... V in egar................................. Beer, ale, porter, c id e r .. . . Lins’d oil <fc spts. turpent’e. Household furniture........... Coaches & other carriages. H a ts.............. S a d d le rv .................... Tallow candles and s o a p .. Snuff and tobacco................ Leather, boots and shoes. . G unpow der.......................... Salt..................................... L e a d ..................................... Iron— pig, bar, and n ails... C astin g s.................. A ll manufactures of C opper and brass................ Medicinal drugs................... VALUE OF D O M E S T IC 122,835 219.58S 3,255 36,084 239,622 16,830 16,915 57,975 1 4 5 ,4 1 0 362,830 1 9 9 ,42 1 Leather and morocco skins (not sold per p o u n d ).. . . Fire engines <fc apparatus.. Printing presses and typ e. Musical instruments........... Books and m aps.................. Paper and stationery......... Paints and varnish............. Manufactures o f glass........ T in .......................................... Pewter and lead .................. Marble and stone................ Gold and silver & gold leaf Gold and silver coin........... Artificial flowers tfe jew elry Trunks................................... Brick and lime..................... 103.76S 30,100 609,732 1,143,547 458,838 52,054 154,257 61,424 C oal........................................ 11,774 Ice........................................... 215,652 Articles not enumerated— M anufactured.................. 164,425 1,875,621 R aw p ro d u c e .................. 91,871 Grand total.................. 351,585 EXPORTS TO EACH F O R E IG N VALUE OF THE DOMESTIC EXPORTS OF THE UNITED STATES TO EACH AND TO DOMINIONS OF EACH FOREIGN In American R u s s ia ................................... Prussia........................ . . . . Sweden and N o r w a y ......... Swedish W est Indies.......... Denmark................................ Danish W est Indies............. Hanse T o w n s ...................... Holland................................... Dutch East Indies................ Dutch W est Indies............... . Dutch Guiana........................ B elgium ................................. E n glan d ................................. Scotland................................. Ireland................................... 13,309 9,488 71,401 55,700 153,912 155,664 109,834 185,436 27,823 1 6 ,4 2 6 41.449 68,639 18,069,580 121,013 12,207 22,045 $34,413,206 163,977 106,805 3,793,341 1,166,898 $196,689,718 COUNTRY. FOREIGN COUNTRY, POW ER, DISTINGUISHING THE AMOUNT SHIPPED IN AM ERICAN AND FOREIGN VESSELS, FOR YEAR ENDING JUNE Whither exported. 1,647 6,376 1,211,894 23,096 27,334 8,257 1,798 12,260 MANUFACTURES. W ax ....................................... 1,003,561 5,571,576 37,260 625,808 vessels. $1,187,116 5,152 198,269 58,924 2,913 804.909 550.512 711,724 168,226 341,397 85,491 2,335,077 72,200,571 2,004,306 203,335 In foreign vessels. $278,588 75,317 562,531 2,233 89,344 97,778 4,855,414 1,199,391 36,204 25,501 374,316 32,921,350 1,806,697 395,353 30, 1851. To each country. $1,464,704 80,469 760,800 61,157 92,257 902,687 5,405,956 1,911,115] 204,430 366,898 85,491 2,709,393 105,121,9211 3,811,003 598,688 To the do minions of each power. $1,465,704 80,469 821,957 994,944 5,405,956 2,567,934 2,709,393 621 C om m ercia l S ta tistics. Whither exported. G ibraltar................................. M a lta ....................................... British East Indies................. Cape o f G ood H o p e ............. Mauritius................................. Honduras................................. British Guiana........................ British W est In d ie s............. Canada..................................... British American C olon ie^ .. France on the A tlantic......... France on the Mediterranean French W est Indies............... Miquelon oth. French fish’s. French Guiana........................ Bourbon ................................... Spain on the A tlantic........... Spain on the Mediterranean. Teneriffe and other Canaries. Manilla Philippine Islands C uba.......................................... Other Spanish West Indies.. P ortugal................................... Madeira.................................... Fayal and other A z o r e s .. . . Cape de V erd Islands........... Italy generally....................... S ic ily ........................................ Sardinia................................... Trieste <fcother Austrian p’rts Turkey, Levant, <fec.............. H a y t i........................................ M e x ico..................................... Central Republic o f America. N ew G re n a d a ........................ V e n e z u e la ............................... B ra zil....................................... Cisplatine R e p u b lic .............. Argentine R e p u b lic ............. C h ili.......................................... P e r u .......................................... China......................................... West indies generally.......... South America g e n e ra lly .. . A sia generally........................ Africa generally..................... South Seas & Pacific Ocean. . T o ta l................................ F O R E IG N In American vessels. 91,616 60,261 454,670 158,606 190,507 384,266 2,292,928 3,585,571 492,627 23,864,292 588,172 217,819 3,715 45,693 16,607 '759,853 87,638 8,765 125,544 5,039,718 861.285 83,945 68,474 15,411 57,476 906,791 3,305 136,361 1,465,822 162,204 1,380,447 916,173 217,691 2,413,568 757,003 2,841,983 25,804 463,535 1,581,798 186,320 2,111,029 68,761 36,196 70,586 1,175,049 601,146 137,934,539 M E R C H A N D IS E EXPORTED In foreign vessels. 86,288 3,800 58,236 3,225 16,882 23,299 156,288 1,650,637 2,250.263 2,731,926 702,775 146,846 72,260 3,246 198,860 4,369,693 4,775 199,558 100,124 83,397 26,115 4,829 830,043 38,438 174,527 799,751 298,925 98,517 5,611 94,133 97,776 286,973 6,907 196,317 27,079 63,440 44,916 8,175 70,312 58,755,179 TO VALUE OF FOREIGN MERCHANDISE EXPORTED FROM To the do To each minions of country. each power. 177,904 64,061 512,906 161,891 124,223,563 16,882 213,806 540,554 3,943,560 5,835,834 8,224,553 24,567,067 785,018 289,579 25,660,925 3,715 45.693 19,853 j 958,713 4,457,331 13,540 125,544 ► 11,755,814 5,239,276 961,410 167,342 94,589 339,647 20,240 57,476 1,736,834 1,736,834 41,743 41.743 310,888 310,888 2,265,573 2,265,573 162,204 162,204 1,679,372 1,679,372 1,014,690 1,014,690 223,302 228,302 2,507,701 2,507,701 854,779 854,779 3,128,956 3,128,956 32,7 11 32,711 659,852 659,852 1,608,877 1,808,877 249,760 249,760 2,155,945 2,155,945 76.936 76,936 36,196 36,196 70,586 70,586 1,245,361 1,245,361 601,146 601,146 196,689,718 EACH F O R E IG N UNITED STATES 196,689,718 CO U N T R Y *. TO EACH FOREIGN COUNTRY, (F R E E OF DUTY, AND PAYIN G DUTIES,) DISTINGUISHING THE AMOUNT SHIPPED IN AMERICAN AND FOREIGN VESSELS, FOR THE YE AR ENDING JUNE Whither exported. R u ss ia ............................. Prussia............................. Sweden and N o r w a y .. Swedish W est In d ie s.. D en m ark........................ Danish W est Indies.. . . Free of duty. $2,131 544 11,104 96,643 Paying duties ad valorem. Total. $145,987 3,313 21,022 745 S,436 28,959 $145,987 5,444 21,566 745 19,540 125*602 30, 1851. In American vessels. $122,247 5,178 745 9,905 115,941 In foreign vessels. $23,740 266 21,566 9,635 9,661 622 C om m ercia l S ta tistic s. Whither exported. Hanse T o w n s ................ Holland............................ Dutch East Indies ____ Dutch W est In d ie s.. . . Dutch Guiana................ B elgium .......................... England........................... S c o tla n d ......................... Gibraltar.......................... Malta................................ British East Indies........ British West In d ie s.. . . British Honduras . . . . . British G u ia n a .;........... Canada............................. Brit. American Colonies France on the Atlantic. France on the M’diter’an French W est In d ies... . French G u ia n a .............. Bourbon.......................... Spain on the A tla n tic.. Spain on the Mediter’an Teneriffe & oth. Canaries Manilla & Fhilippine Is. Cuba ............................... Other Spanish W . Indies P o r tu g a l......................... Fayal cfc other A z o r e s .. Cape de V e ld Islands.. Italy generally............. S icily................................ Sardinia........................... Trieste, <fcc...................... Turkey, Levant, <fcc.. . . H a y t i............................... M e x ic o ............................. Central Republic, S. A . N ew Grenada................. Venezuela....................... B razil............................... Cisplatine K ep u blic... . Argentine R e p u b lic... . Chili................................. Peru................................. China............................... S. America g e n e ra lly .. A sia g e n e ra lly .............. A frica g en erally........... South Seas, <fcc.............. Sandwich Islands......... Total ........................ Entitled to d ra w b a ck .. N ot entitled to drawba’k From warehouse........... Free of Paying duties duty. ad valorem. 306,269 335,222 13,635 270,419 31,500 11,640 122,031 16,058 131 5,451 5,620 136,999 2,321,449 5,829,817 261,937 1,200 24^555 27,974 6,793 5,445 2 976 93,101 82|3S3 44,628 115,421 7,545 15,817 33 3.701 999,974 1,093,332* 199,048 662,182 2,606,805 207,863 19,636 115,757 6,683 14,019 34 617 501 2,374 .... 1,075 106,543 30,929 6,639 4,500 2,500 1,017,137 267,710 14,189 43,020 4,996 7,176 150 895 1,286 1,161 90,788 36,618 3,383 4,810 1,003 18,398 58,473 172,421 20,782 44,747 266 167,652 8,337 558,756 741 3S,348 12,113 521,008 144,155 45,591 485,633 138,327 12,931 147 349,278 65,638 24,555 261,873 1,662 20,676 146,802 183,040 35,698 5,017 1,375 69,629 35,654 58,445 7,387 381 .... Total. 641,491 284,054 43,140 138,089 5,5S2 142,619 8,151,266 261,937 1,200 52^529 12,238 2,97b 175.484 159,949 23,362 3,734 2,093,306 861,230 2,814,668 135,393 20,702 651 2,875 1,075 137,472 5,639 7,000 1,284,847 67,209 4,996 7 176 1,045 2,437 127.406 8,193 19,401 230,894 65,529 167,918 567,093 39,089 533,121 189,746 623,960 13,078 414,916 286,428 22,338 329,342 40,715 1,375 95,283 65,832 381 In American In foreign Vessels. vessels. 375,825 265,666 196,321 87,733 6,348 36,792 2,290 135,799 1,502 4,080 38,538 104,081 4,414,687 S,736,679 118,570 143,367 1,200 1,176 51,353 555 11,683 2,976 175,484 64,826 95,123 3,472 19,890 1,794 1,940 945,163 1,148,143 82,703 778,527 118,529 2,696,139 82,942 52,451 4,202 16,500 651 2,875 1,075 106,543 30,929 5,638 7,000 1,279,244 5,603 52,579 4,630 672 4,324 7,176 l ’045 2,437 106,889 20,517 3,000 5,193 2,635 16,766 105,885 125,009 65,529 152,906 15,012 519,370 47,723 38,143 946 509,205 23,916 182,332 7,414 561,395 62,565 12,500 578 384,085 30,831 2S5.664 764 18,831 3,507 321,814 7,528 40,714 1,375 94,182 1,101 65,832 381 13,145,326 8,552,967 21,698,293 14,522,150 7,176,143 13,145,326 1,574,269 1.311,992 5,666,706 1,574,269 14,457,318 6,666,706 888,195 9,731,679 3,902,276 686,074 4,725,639 1,764,430 * Includes Koods amounting to *202,119; the respective value o f each kind could not be tained, the returns being informal. 623 C om m ercia l S ta tistics. VALU E OF IM PO RTS FROM E A C H F O R E IG N CO U N TRY. VALUE OF MERCHANDISE IMPORTED INTO UNITED STATES FROM EACH FOREIGN COUNTRY, FREE OF DUTY AND PAYING DUTIES, DISTINGUISHING TIIE AMOUNT IMPORTED IN FOR EIGN AND AMERICAN VESSELS, FOR THE YEAR ENDING JUNE 3 0 , 1 8 5 1 . Free o f Paying In Am erican In foreign W hen ce im ported. duty. duties. Total. vessels. vessels. R u s s ia .................................... $ 3 6 ,3 4 4 $ 1 ,3 5 6 ,4 3 3 $ 1 ,8 9 2 ,7 8 2 $ 1 ,0 0 7 ,9 8 1 $ 3 8 4 ,8 0 1 P r u s s i a .......................................................... 2 0 ,5 4 2 2 0 ,5 4 2 1 5 ,3 9 2 5 ,1 5 0 S w eden and N o rw a y . . 581 9 6 6 ,6 5 6 9 6 7 ,2 3 7 1 6 1 ,0 6 9 8 0 6 ,1 6 8 S w e d is h W e s t I n d i e s . . 1 9 ,5 8 7 9 ,4 1 4 2 9 ,0 0 1 2 8 ,6 5 4 347 D a n is h W e s t I n d i e s . . . 1 6 ,0 9 6 2 1 9 ,7 9 8 2 3 5 ,8 9 4 2 0 3 ,0 5 5 3 2 ,8 3 9 3 8 ,8 8 7 3 8 ,8 8 7 ................. 3 8 ,8 8 7 D e n m a r k ....................................................... H a n s e T o w n s ..................... 2 9 7 .9 4 9 9 ,7 1 0 ,4 1 5 1 0 ,0 0 8 ,3 6 4 5 ,0 9 8 ,9 1 5 4 ,9 0 9 ,4 4 9 H o l l a n d ................................ 3 8 3 ,9 1 7 1 ,6 6 8 ,7 8 9 2 ,0 5 2 ,7 0 6 7 7 1 ,7 6 1 1 ,2 8 0 ,9 4 5 D u t c h E a s t I n d ie s .......... 2 0 8 ,3 5 6 2 0 1 ,7 9 2 4 1 0 ,1 4 8 4 1 0 ,1 4 8 ... D u t c h W e s t I n d ie s .......... 3 8 ,9 7 0 5 3 3 ,5 0 0 5 7 2 ,4 7 0 5 3 9 ,5 0 1 3 2 ,9 6 9 D u t c h G u ia n a ............................................. 8 9 ,6 7 3 8 9 ,6 7 3 8 9 ,6 7 3 .................... B e l g i u m ............................... 5 ,8 4 0 2 ,3 7 1 ,7 9 0 2 ,3 7 7 ,6 3 0 1 ,8 4 0 ,0 3 1 5 3 7 ,5 9 9 E n g l a n d ............ ................. 2 ,2 8 3 ,4 5 2 8 8 ,3 2 8 ,7 8 6 9 0 ,6 1 2 ,2 3 8 6 5 ,9 8 4 ,1 2 2 2 4 ,6 2 8 ,1 1 6 S c o t l a n d ............................. 3 ,0 9 7 2 ,9 9 6 ,6 1 3 2 ,9 9 9 ,7 1 0 1 ,7 4 5 ,3 6 8 1 ,2 5 4 ,3 4 2 I r e l a n d ................................ 1 ,1 0 4 2 3 4 ,8 3 4 2 3 5 ,9 3 8 2 6 ,5 8 9 2 0 9 ,3 4 9 G ib r a l t a r ............................. 466 7 3 ,1 3 9 7 3 ,6 0 4 1 3 ,2 9 2 6 0 ,3 1 2 M a l t a ..................................... 248 2 5 ,9 1 9 2 6 ,1 6 7 1 2 ,8 0 5 1 3 ,3 6 2 B r it is h E a s t I n d i e s ____ 5 4 ,6 7 7 3 ,2 8 1 ,6 5 8 3 ,3 3 6 ,3 3 5 3 ,3 0 9 ,9 6 7 2 6 ,3 6 8 Cape o f G ood H ope . . 1 ,3 0 0 1 2 1 ,9 2 3 1 2 3 ,2 2 3 1 2 1 ,6 6 3 1 ,6 6 0 1 8 ,2 5 8 1 5 6 ,2 6 8 1 7 4 ,5 2 6 1 4 3 ,7 5 1 3 0 ,7 7 5 B r itis h H o n d u r a s ............. B r it is h G u i a n a ................ 2 5 ,9 0 4 1 8 ,3 0 9 4 4 ,2 1 3 4 0 ,5 1 7 3 .6 9 6 B r it is h W e s t I n d i e s . . . 3 0 2 ,2 8 0 7 0 1 ,5 9 1 1 ,0 0 3 ,8 7 1 5 3 3 ,0 4 3 4 7 0 ,8 2 8 B r it. A m e r ic a n C o lo n ie s . 1 6 0 ,3 6 7 1 ,5 7 6 ,2 8 4 1 ,7 3 6 ,6 5 1 2 1 0 ,2 7 0 1 ,5 2 6 ,3 8 1 O th e r B ritis h C o l o n i e s .......................... 132 132 132 ................... C a n a d a ................................ 1 ,5 2 9 ,6 8 5 3 ,4 2 6 ,7 8 6 4 ,9 5 6 ,4 7 1 2 ,3 6 0 ,1 7 4 2 ,5 9 6 ,2 9 7 P ra n ce on th e A t la n t ic . 3 9 7 ,1 6 4 2 9 ,3 9 1 ,9 6 0 2 9 ,7 8 9 ,1 2 4 2 8 ,1 5 3 ,2 6 1 1 ,6 3 5 ,8 6 3 F r a n c e o n M ’ d it e r r a n e ’n . 3 ,5 3 8 1 ,9 2 2 ,8 9 1 1 ,9 2 6 ,4 2 9 7 7 5 ,3 0 8 1 ,1 5 1 ,1 2 1 F r e n c h G u ia n a .................. 1 1 ,0 0 0 1 7 ,9 4 8 2 8 ,9 4 8 2 8 ,9 4 8 ... F ren ch W est I n d ie s ... 1 8 .9 1 4 3 ,9 9 5 2 2 ,9 0 9 1 4 ,1 4 6 8 ,7 6 3 S p a in on th e A t l a n t i c . . 4 ,8 0 7 4 4 6 ,9 9 0 4 5 1 ,7 9 7 2 2 9 ,2 6 9 2 2 2 ,5 2 8 S p a in on M e d ite r r a n e a n 1 0 ,3 8 3 1 ,7 0 0 ,3 9 3 1 ,7 1 0 ,7 7 6 1 ,0 7 1 ,0 7 6 6 3 9 ,7 0 0 T e n e r iffe A oth . C a n a rie s .............. 2 7 ,7 1 8 2 7 ,7 1 8 1 1 ,3 0 1 1 6 ,4 1 7 M a n illa & P h ilip p in e I s . 2 0 ,5 8 2 1 ,2 3 4 ,1 0 6 1 ,2 5 4 ,6 8 8 1 ,1 8 1 ,2 2 5 7 3 ,4 6 3 C u b a ..................................... 6 6 1 ,1 7 2 1 6 ,3 8 5 ,7 5 9 1 7 ,0 4 6 ,9 3 1 1 5 ,6 1 5 ,9 5 7 l,4 3 o i9 7 4 O th e r S p a n is h W . In d ie s 1 7 5 ,0 8 7 2 ,3 0 5 ,2 4 2 2 ,4 8 0 ,3 2 9 2 ,2 2 0 ,1 3 2 2 6 0 ,1 9 7 P o r t u g a l .............................. 150 3 6 7 ,3 9 8 3 6 7 ,5 4 8 2 6 .4 8 0 3 4 1 ,0 6 8 29 1 0 2 ,4 1 9 1 0 2 ,4 4 8 8 8 ,8 4 6 1 3 ,6 0 2 M a d e i r a ................................ F a y a l A o th e r A z o r e s .. 2 2 ,7 9 3 1 0 ,0 5 9 3 2 ,8 5 2 3 2 ,1 2 2 730 C a p e d e V e r d s ................ 681 1 ,1 6 9 1 ,8 5 0 1 ,8 5 0 ... I t a l y ..................................... 2 3 ,0 3 2 2 ,0 2 8 ,8 6 5 2 ,0 5 1 ,8 9 7 1 ,1 4 8 ,2 9 8 9 0 3 ,5 9 9 S i c i l y ..................................... 3 ,8 6 6 8 2 2 ,0 5 8 8 2 5 ,9 2 4 4 2 3 ,9 0 7 4 0 2 ,0 1 7 S a r d i n i a ............................... 250 2 ,5 5 2 2 ,8 0 2 121 2 ,6 8 1 T r ie s t e , A c ........................... 9 ,8 6 2 7 2 0 ,9 2 6 7 3 0 ,7 8 8 4 7 ,2 1 0 6 8 3 ,5 7 8 T u r k e y ................................ 1 0 ,1 9 5 8 9 1 ,0 4 1 9 0 1 ,2 3 6 7 1 8 ,3 9 2 1 8 2 ,8 4 4 H a y t i ..................................... 1 ,3 1 5 ,6 8 9 5 7 4 ,2 7 9 1 ,8 8 9 ,9 6 8 1 ,6 6 4 ,5 9 1 2 2 b ,3 7 7 M e x i c o .................................. 1 ,1 1 1 ,6 5 9 6 9 3 ,1 2 0 1 ,8 0 4 ,7 7 9 1 ,4 4 6 ,0 9 5 3 5 8 ,6 8 4 C e n tr a l R e p u b l ic , S . A . 2 6 ,6 2 1 1 2 3 ,3 3 5 1 4 9 ,8 5 6 1 3 7 ,4 2 4 1 2 ,4 3 2 N e w G r e n a d a ................... 5 1 8 ,5 2 3 1 7 7 ,0 8 3 6 9 5 ,6 0 6 6 6 7 ,2 8 4 2 8 ,3 2 2 V e n e z u e l a ........................... 1 ,4 8 1 ,9 4 6 8 9 8 ,3 4 9 2 ,3 8 0 ,2 9 5 2 ,0 3 7 ,5 7 6 3 4 2 .7 1 9 B r a z i l ..................................... 8 ,8 8 9 ,1 3 1 2 ,6 3 6 ,1 7 3 1 1 ,5 2 5 ,3 0 4 8 ,8 9 1 ,5 8 2 2 ,6 3 3 ,7 2 2 C is p la t in e R e p u b l i c . . . 1 ,5 6 0 1 7 ,5 5 4 1 9 ,1 1 4 ...................... 1 9 ,1 1 4 A r g e n tin e R e p u b l ic .. . 101 3 ,2 6 5 ,2 8 1 3 ,2 6 5 ,3 8 2 1 ,9 1 5 ,2 8 9 1 ,3 5 0 ,0 9 3 ................... C h i l i ........................................ 7 6 ,8 2 1 2 ,6 5 7 ,9 2 5 2 ,7 3 4 ,7 4 6 2 ,7 3 4 ,7 4 6 P e r u ....................................... 4 8 ,0 8 5 4 6 ,6 4 8 9 4 ,7 3 3 6 3 ,5 7 4 3 1 ,1 5 9 E q u a d o r ............................. 806 7 5 ,8 8 6 7 6 ,6 9 2 7 0 ,6 9 2 .... S . A m e r ic a g e n e r a lly .. 3 9 ,7 0 0 129 3 9 ,8 2 9 1 0 ,2 0 0 2 9 ,6 2 9 C h in a ..................................... 4 ,6 3 8 ,1 7 0 2 ,4 2 6 ,9 7 4 7 ,0 6 5 ,1 4 4 6 ,4 1 3 ,2 0 6 6 5 1 ,9 3 8 62 4 C om m ercia l S ta tistics. Free o f duty. Whence imported. A frica generally........... 184,384 W est Indies generally...................... S. Seas & Pacific Ocean. 1,172 Sandwich Islan ds......... 10,337 T o ta l.......................... COM M ERCE Paying duties. In American vessels. Total. 978,792 25,751 1,126 6,515 1,163,176 25,751 2,298 16,852 In foreign vessels. 1,091,661 71,515 25,751 ................ 2,298 ................... 16,852 ................. 25,106,587 191,118,345 216,224,932 163,650,543 52,574,389 OF THE U N IT E D STATES W IT H ALL N A T IO N S . STATISTICAL V IE W OF THE COMMERCE OF THE UNITED STATES, EXHIBITING THE VALUE OF EXPORTS TO, AND IMPORTS FROM, EACH FOREIGN COUNTRY, DURING THE YEAR ENDING Ju n e 30, 1851. Value o f exports. Domestic Countries. produce. R u ssia................................................... §1,465,704 80,469 Prussia........ ..................................... Sweden and N orway.......................... 760,800 Swedish West I n d ie s ....................... 61,157 Denm ark......... .................................... 92,257 Danish W est Indies.......................... 902,687 Hanse Towns....................................... 5,405,956 H o lla n d ............................................... 1,811,115 Dutch East Indies.............................. 204,430 Dutch West Indies............................. 366,898 Dutch G u ia n a..................................... 85,491 B elgium ................................................ 2,709,393 E n g la n d .............................................. 105,121,921 S c o tla n d .............................................. 3,811,003 I r e la n d ................................................ 598,688 Gibraltar.............................................. 177,904 M alta.................... ................................ 64,061 British East Indies............................. 512,906 Cape o f Good H o p e .......................... 161,891 10,882 British Honduras................................ ' 213’S06 British G u ia n a................................... 540,554 British W est Indies.......................... 3,943,560 Canada ................................................ 5,835,S34 British American C o lo n ie s............. 3,224,553 Other British Colonies...................... France on the A tla n t ic .................... 24,567,067 France on the Mediterranean......... 735,018 French W est Indies.......................... 289,579 Miquelon and French F isheries.. . . 3,715 French Guiana..................................... 45,693 Bourbon................................................ 19,853 French Possessions in A f r i c a ......... Spain on the Atlantic........................ 958,713 Spain on the Mediterranean............ 4,457,331 13,540 Teneriffe and other Canaries........... 125,544 Manilla and Philippine Islands____ 5,239,276 C u b a ..................................................... 961,410 Porto Rico & other Span. W . Indies. Portugal . . . . ................................... 167,342 M adeira................................................ 94,589 20,240 Fayal and other A zores.................... 67,476 Cape de V erd Islands...................... 1,736,834 Italy generally................................... S icily ..................................................... Sardinia................................................ Pontifical States................................. Trieste and other Austrian p o rts... Foreign Total. produce. §145,987 §1,611,691 5,444 85,913 782,366 21,566 61,902 745 19,540 111,797 125,602 1,028,289 641,491 6,047,447 2,195,169 284,054 43,140 247.570 138,089 504.987 5,582 91,073 142,619 2,852,012 8,151,266 113,273,187 4,072,940 261,937 1,200 699,888 52,529 230,433 76,299 12,238 175,484 688,390 161,891 2.976 19,858 23^362 237^168 3,734 544,288 4,103,509 159,949 2,093,306 7,929,140 861,230 4,085,783 2,814,668 135,393 20,702 Value of imports. §1,392,782 20,542 967,237 29,001 38,887 235,894 10,008,364 2,052,706 410,148 572,470 89,673 2,377,630 90,612,238 2,999,710 235,938 73,604 26,167 3,336,335 123,223 174,526 44,213 1,003,871 4,956,471 1,736,651 132 29,789,124 1,926,429 22,909 651 2,875 27,381,735 870,411 310,281 3,715 46,344 22,728 1,075 137,472 5,639 7,000 1,284,847 57,209 4,996 7,176 1,045 2,437 127,406 959,788 4,594,803 19,179 , 132,544 6,524,123 1,018,619 172,338 101,765 21,285 69,913 1,864,240 451,797 1,710,776 27,718 1,254,688 17,046,931 2,480,329 367,548 102,448 32,852 1,850 2,051,897 41,743 310, S88 8,193 19,401 49.936 330,289 825,924 2,802 2,265,573 230,894 2,496,467 730,788 28,948 Commercial Statistics. Value o f exports. Dom estic Foreign produce. produce. 1 6 2 ,2 0 4 6 5 ,5 2 9 Countries. ............................... Turkey, Levant, c Hayti........................................ Mexico....................................... Central America......................... New Grenada............................ . Venezuela.................................. 1 ,6 7 9 ,3 7 2 1 ,0 1 4 ,6 9 0 2 2 3 ,3 0 2 2 ,5 0 7 ,7 0 1 Brazil........................................ Argentine Republic.................... Cisplatine Republic................... Chili.......................................... Peru......................................... China........................................ West Indies generally........................ Equador..................................................... South America generally................ Africa generally......................... Asia generally............................ South Seas and Pacific Ocean. . . . Sandwich Islands....................... 625 1 ,8 8 9 ,9 6 8 1 ,8 0 4 ,7 7 9 1 4 9 ,8 5 6 6 9 5 ,6 0 6 2 ,3 8 0 ,2 9 5 1 6 7 ,9 1 8 5 6 7 ,0 9 3 3 9 ,0 8 9 5 3 3 ,1 2 1 1 8 9 ,7 4 6 1 ,8 4 7 ,2 9 0 1 ,5 8 1 ,7 8 3 3 ,1 2 8 ,9 5 6 6 5 9 ,8 5 2 3 2 ,7 1 1 1 ,6 0 8 ,8 7 7 2 4 9 ,7 6 0 2 ,1 5 5 ,9 4 5 7 6 ,9 3 6 6 2 3 ,9 6 0 4 1 4 ,9 1 6 1 3 ,0 7 8 2 8 6 ,4 2 8 2 2 ,3 3 8 3 2 9 ,3 4 2 3 ,7 5 2 ,9 1 6 1 ,0 7 4 ,7 6 8 4 5 ,7 8 9 1 ,8 9 5 ,3 0 5 2 7 2 ,0 9 8 2 ,4 8 5 ,2 8 7 7 6 ,9 3 6 3 6 ,1 9 6 4 0 ,7 1 5 7 6 ,9 1 1 1 ,2 4 5 ,3 6 1 1 0 ,5 8 6 6 0 1 ,1 4 6 9 5 ,2 8 3 1 ,3 7 5 6 5 ,8 3 2 381 .................... 1 ,3 4 0 ,6 4 4 1 1 ,9 6 1 6 6 6 ,9 7 8 381 I : .................... 1 ,1 6 3 ,1 7 6 ... ............. .......... 8 5 4 ,1 7 9 . Value o f imports. 9 0 1 ,2 3 6 Total. 2 2 7 ,7 3 3 2 6 2 ,3 9 1 3 ,0 4 0 ,8 2 2 1 ,0 4 4 ,5 2 5 1 1 ,5 2 5 ,3 0 4 3 ,2 6 5 .3 8 2 1 9 ,1 1 4 2 ,7 3 4 ,7 4 6 9 4 ,7 3 3 7 ,0 6 5 ,1 4 4 2 5 ,7 5 1 7 6 ,6 9 2 3 9 ,8 2 9 2 ,2 9 8 1 6 ,8 5 2 Atlantic Ocean........................... Indian Ocean............................ Uncertain places....................... Total............................................. 196,689,118 21,698,293 218,388,011 216,224,982 EX PORTS FROM MARTINIQUE AND GUADALOUPE. W e give below a statement o f the exports o f W est India products from Martinique and Guadaloupe during the year 18 51:— Sugar, M uscovado. . . . . .kii. M olasses...................... Rum............................... C offee........................... . ..k il. C o tto n .......................... Cocoa........................... L og w ood ...................... Martinique. 23,466,696 807 33,754 206,511 110,933 Sugar, M u scovad o... . Guadaloupe. 20,048,888 Molasses...................... R u m ............................. C o ffe e.......................... ...k i l . C otton........................... 149,033 C ocoa............................ 163,580 50,260 L o g w o o d ...................... 13,879 142,139 221,218 20,443 11,452 165 SH IPM EN TS OF OIL AND BONE AT TH E SANDWICH ISLANDS, The amount o f shipments o f Oil and W halebone from the Sandwich Islands the past fall, as near as can be ascertained, was 3,587 bbls. o f Sperm, 25,566 bbls. o f W hale Oil, and 803,000 lbs. o f W halebone— o f which 2,246 bbls. Sperm, 12,480 bbls. W hale Oil, and 517,000 lbs. Bone for N ew B edford; 1 8 0 bbls. Sperm, 3,550bbls. W hale Oil. and 44,000 lbs. Bone for Fairhaven; 120 bbls. Sperm, 300 bbls. W hale Oil, and 8,000 lb9. Bone for Nantucket; 6 0 bbls. Sperm, 86 bbls. W hale Oil, and 800 lbs. Bone for Edgartow n; 23,000lbs. Bone for W arren; 1 0 0 b b ls.S p e rm ,700 bbls. W hale Oil, and 10,000 lbs. Bone for Holmes’s H o le ; 250 bbls. Sperm, 1,000 bbls. W hale Oil, and 73,000 lbs. Bone for Stonington; 40 lbs. Sperm, 500 bbls. W hale Oil, and 4,000 lbs. Bone for Greenport ; 75 bbls. Sperm, 1,650 bbls. W hale Oil, and 37,000 lbs. Bone for Sag H a rb or; 510 bbls. Sperm, 5,300 bbls. W hale Oil, and 86,000 lbs. Bone for N ew London. V O L . X X V I .----- NO. V . 40 -VALUE OF EXPORTS.— ■VALUE 626 S T A T E M E N T OF T H E COM M ERCE OF E A C H S T A T E A N D T E R R IT O R Y , FROM J U L Y 1, 1850, TO JU N E 30, 1851. OF IMPORTS.- T otat o f States. ......... 9 2 ,8 1 6 2 0 7 ,9 6 7 3 9 5 ,1 2 5 9 0 ,6 3 2 1 6 ,0 8 7 7 5 ,4 2 2 1 8 3 ,4 4 8 1 1 4 ,3 3 6 7 5 ,4 2 2 5 ,8 9 4 2 ,0 8 4 7 ,9 7 8 A m erican In A m erican & foreign In foreign vessels. vessels. Total. produce. $ 2 0 8 ,5 2 9 $ 1 ,1 7 6 ,5 9 0 $ 1 ,5 5 1 ,4 3 8 $ 9 6 8 ,0 6 1 4 4 ,6 8 2 1 3 ,3 4 6 5 8 ,0 2 8 4 ,9 4 9 6 9 1 .2 6 8 6 9 1 ,2 6 8 7 6 2 016 2 3 ,1 1 7 ,8 3 4 9 ,5 9 7 ,4 9 3 3 2 ,7 1 5 *3 2 7 1 2 ,3 5 2 ,6 8 2 2 9 5 ,2 0 9 1 5 ,4 2 1 3 1 0 ,6 3 0 2 3 7 ,7 7 7 4 3 4 ,0 7 8 2 2 ,1 3 6 3 4 2 ,9 9 4 3 2 0 ,8 5 8 8 6 ,0 0 7 ,0 1 9 1 0 6 ,5 6 8 ,6 3 5 3 4 ,9 7 7 ,9 0 3 1 4 1 ,5 4 6 ,5 3 8 1 ,1 1 1 1,1 1 1 139 1 4 ,1 6 8 ,7 6 1 5 ,3 5 6 ,0 3 6 1 1 ,5 4 1 ,2 1 2 2 ,6 2 7 ,5 4 9 9 8 8 ,5 7 9 6 ,6 5 0 ,6 4 5 5 ,6 3 5 ,7 S 6 5 ,6 6 2 ,0 6 6 286 8 0 ,8 1 3 7 2 ,5 6 0 8 0 ,5 2 7 3 ,0 9 0 ,0 6 8 2 2 7 ,3 3 9 3 2 5 ,5 9 4 5 5 2 ,9 3 3 4 3 1 ,0 9 5 1 2 5 ,9 7 8 8 0 ,9 5 3 2 0 6 ,9 3 1 2 ,0 8 1 ,3 1 2 1 5 ,3 1 6 ,5 7 8 1 ,6 4 6 ,9 1 5 4 3 4 ,3 9 7 3 1 7 ,0 7 0 9 ,1 5 9 ,9 8 9 4 0 4 ,4 7 7 7 2 1 ,5 4 7 3 8 ,8 7 5 5 6 ,1 2 2 9 4 ,9 9 7 3 ,9 4 0 ,1 7 2 1 8 ,5 2 8 ,8 2 4 4 3 ,7 3 6 3 6 9 ,7 1 0 . 4 1 3 ,4 4 6 2 ,3 9 3 ,9 9 5 1 2 ,5 2 8 ,4 6 0 1 0 ,1 3 4 ,4 6 5 5 4 ,4 1 3 ,9 6 3 845 845 6 4 ,7 6 1 6 4 ,7 6 1 6 2 2 ,0 3 9 6 2 2 ,0 3 9 5 8 6 ,4 6 0 6 8 6 ,3 3 1 3 9 5 ,1 2 5 9 9 ,8 7 1 2 1 3 ,5 7 6 2 1 3 ,5 7 6 1 8 2 ,1 4 6 1 9 1 ,4 2 6 1 8 2 ,1 4 6 1 ,0 4 8 3 ,6 0 9 1 1 4 ,3 3 6 4 ,6 5 7 3 1 ,9 7 0 6 2 ,7 4 5 7 5 ,4 2 2 9 4 ,7 1 5 1 1 ,3 0 6 2 ,2 2 5 1 3 ,5 3 1 T o ta l............................... 137,934.539 58,755,179 196,689,718 14,205,617 7,176,143 21,381,760 218,071,478 163,650,543 52,574,389 216,224,932 Commercial Statistics. Maine....................... New Hampshire....... Y ermont.....................____ Massachusetts............ Rhode Island............. ____ Connecticut............... ____ N e w York................ . . . . New Jersey............... Pennsylvania.............. ____ Maryland.................. District of Columbia.. Virginia.................... N o r t h Carolina........... South Carolina........... Georgia..................... ____ Florida..................... Alabama.................... ____ Louisiana.................. . . . Mississippi................ 1 eanessee.................. Missouri.................... Ohio......................... Kentucky.................. Michigan.................... ____ Illinois...................... Texas ....................... California . , .............. D om estic Produce. Foreign Produce. In Am erican In Am eriIn foreign In foreign vessels. vessels. Total. can vessels. vessels. Total. § 2 6 6 .0 9 6 $ 1 ,5 1 7 ,4 8 7 $ 2 6 ,9 5 9 $ 6 ,9 9 2 $ 3 3 ,9 5 1 1 ,2 8 7 3 ,6 6 2 4 ,9 4 9 7 6 1 ,7 1 2 7 6 1 ,7 1 2 304 304 2 ,1 4 9 ,5 4 2 1 ,9 3 1 ,6 6 4 5 6 3 ,4 8 1 9 ,857*537 2 ,4 9 5 ,1 4 5 2 2 2 ,5 6 7 2 2 3 ,4 0 4 1 4 ,3 7 3 837 1 4 ,8 7 3 4 1 9 ,9 2 4 4 3 3 ,8 9 4 1 3 ,9 7 0 184 185 5 1 ,6 9 8 ,2 4 5 1 6 ,4 0 6 ,2 9 7 6 8 ,1 0 4 ,5 4 2 1 1 ,4 0 3 ,6 7 6 6 ,4 9 8 ,8 0 1 1 7 ,9 0 2 ,4 7 7 139 139 4 ,1 3 8 ,2 6 1 9 6 3 ,7 0 8 5 ,1 0 1 ,9 6 9 2 2 8 ,8 3 0 2 5 ,2 3 7 2 5 4 ,0 6 7 8 ,7 3 2 ,3 1 5 1 ,6 8 4 ,4 8 3 5 ,4 1 6 ,7 9 8 2 0 ,8 5 1 2 1 8 ,9 8 8 1 9 8 ,1 3 7 7 2 ,5 6 0 1 ,5 3 6 ,7 0 6 2 ,6 2 4 2 ,6 2 4 3 ,0 8 7 ,4 4 4 1 9 0 ,2 6 6 4 2 6 ,7 4 8 4 ,3 4 7 4 ,3 4 7 6 ,9 6 1 ,8 8 0 1 5 ,3 1 6 ,5 7 8 5 ,2 2 4 ,5 1 8 3 ,9 3 4 ,3 6 1 360 750 1 ,1 1 0 9 ,1 5 8 ,8 7 9 1 ,4 2 0 ,5 9 1 262 3 ,9 3 9 ,9 1 0 262 6 ,8 8 7 ,1 2 9 1 8 ,5 2 8 ,8 2 4 1 1 ,6 4 1 ,6 9 5 8 8 ,0 2 2 ,6 0 9 1 5 ,9 4 5 ,4 0 4 3 8 8 ,2 6 5 5 7 ,6 8 5 4 4 5 ,9 5 0 5 3 ,9 6 8 ,0 1 3 Commercial Regulations. 627 COMM ERCIAL REGULATIONS. BRAZILIAN CONSULAR REGULATIONS. The Emperor o f Brazil has ordered the execution o f the following regulations, de fining the exemptions and functions o f foreign consular agents in the empire, and the formalities to be observed in taking possession of, and in administering to, the property o f deceased subjects o f their respective nations, in case o f reciprocity. A bt . 1. Consular agents— that is to say, foreign consuls and vice consuls in the em pire, having obtained the imperial exequatur for their nominations— shall freely exer cise the functions o f an administrative character proper to their charge, which, without detriment to the laws o f the country, m ay have been imposed upon them b y their governments. They are free to favor and promote the lawful navigation and Commerce o f their fellow-countrym en; to protect the same against illegal measures; to assist them in their just pretensions before the local authorities; to appeal, in case o f justice being denied on the part o f the latter, to the imperial government through the medium o f the diplomatic agent o f their nation, or directly, i f there should not be a n y ; to set forth, by said means, the measures that have been adopted which m ay affect or tend to injure the Commerce and navigation o f their coun try; and, finally, to perform other administrative acts— such as to receive the declarations, protests, written affidavits, and other documents which m ay be presented to them by the captains o f vessels be longing to their nation; to authenticate the sam e; to issue certificates; to draw up maritime and marriage contracts between their own countrymen; and other acts o f this character, according to the regulations o f instructions o f their governments. A rt . 2. A s soon as a foreigner, domiciled in Brazil, dies intestate, having no wife in the land, nor heirs recognized as such present, to whom would belong the right o f taking possession, as head o f the family, in order to take an inventory and portion out the estate, or even w ith a will, if the heirs should be foreigners and happen to be absent likewise, the ju dge o f probate for deceased persons and absentees shall p ro ceed, with the respective consular agent, to take possession o f the estate, the custody o f which to be intrusted to said agen t; the above mentioned ju dge causing at first an ex-officio inventory to be taken, which proceeding must take place in the presence o f the consular agent aforesaid. This intervention on the part o f consular agents shall not take place when any heir recognized as such happens to be a Brazilian citizen, even though he should be absent. A k t . 3. The inventory being concluded, the effects belonging to the estate shall be intrusted to the administration and liquidation o f the consular agent, who will not be at liberty to dispose o f the same or the proceeds thereof, nor to deliver them to the legitimate heirs, until it is ascertained— preceding notices having been published in the newspapers immediately after taking possession— that no creditor to said estate has appeared within the period o f one year, nor any judicial question been pending in the meanwhile in regard to it, nor the duties to which said estate was subject by the laws o f the empire been left unpaid. In order to ascertain whether the payment o f duties is required or not, it w ill be necessary for the consular agent to show, by satisfactory documents duly authenticated, what is the degree o f kindred between the deceased and his heir or heirs. A kt. 4. A t the expiration o f the year mentioned in the foregoing articles, there b e ing no judicial question pending in regard to the estate— the fiscal duties having been paid, or it being ascertained that the payment o f such is not required— the consular agent shall be at liberty to dispose o f said estate, and transmit the proceeds o f the same to those who have a right to it, according to his instructions, being then consid ered by the tribunals o f the country as the representative o f the heir or heirs, to whom he will be alone responsible. A kt. 5. I f there be evidence o f debts, or questions pending affecting only a portion o f the estate, the provision o f the preceding article may, at the expiration o f one year, and on the fulfillment o f the requisitions o f the 3d article, be carried out in regard to that portion which is unincumbered and free, a public deposit being previously made o f a sum o f money covering the amount o f the debt or question pending, or a reserva tion made for the object embraced in said question. 628 Commercial Regulations. A r t . 6. I f any foreigner domiciled in Brazil die under tlie circumstances mentioned in the 2d article o f this regulation, in a place were there is no consular agent o f his nation, the ju dge o f probate for deceased persons and absentees shall proceed to take possession and make an inventory o f the estate, in presence o f two trustworthy wit nesses belonging to the nation o f the deceased, and, for want o f such, in the presence o f two merchants or property-holders o f respectability, either o f whom becoming ad ministrators for the settlement o f the estate until some provision shall have been made in regard to the disposition o f the clear and undisputed proceeds accruing from it. A rt . 7. In the case alluded to in the forgoing article, it shall be the duty of the judge o f probate to transmit, within the period o f fifteen days after having been noti fied o f the death o f any foreigner in his district under the circumstances mentioned in the 3d article, to the Minister o f Foreign Affairs, accompanied by a certificate o f the death, an account o f the age, residence, place o f birth, profession, and what has been ascertained in regard to the propel ty and relatives o f said foreigner, in order that the minister aforesaid may communicate with the respective legation or consular agent in regard to disposing o f the unincumbered portion o f the estate. A rt. 8. In the case alluded to in the 6th article, neither the consular agent nor the administrators shall have power to discharge any o f the debts o f the deceased without the authority o f the ju dge o f probate, who is not to order payment of the same with out consulting the consular agent or the administrators. Exception to be made for the expenses o f the funeral, which shall at once be authorized by the aforesaid consul, if possible, or by the competent authorities o f the district, with a regard to the capabilities o f the estate. A rt . 9. W hen a deceased foreigner has been a partner in any mercantile firm, or is indebted to merchants for considerable sums o f money, it w ill be necessary to proceed according to the provisions o f the 309th and 310th articles o f the commercial code. To the judge o f probate for absentees, and to the respective consular agent, w ill alone belong the right o f taking possession o f the unincumbered portion still appertaining to the estate. The consular agent, however, may, in the terms o f the article aforesaid, require whatever m ay fall to the benefit o f the same. A rt . 10. In those cases when, according to the 6th article o f these regulations, administrators to the unclaimed, estates o f foreigners are appointed, they shall receive, if they require it, the per centage established by the laws of the empire for the cura tors o f such estates, and the emoluments o f the ju d ge o f probate shall be determined in the same way. A rt . 11. W hen a foreign consular agent dies, his estate shall be taken possession of in the same manner as it is customary with members o f the diplomatic corps, unless the consular agent has been engaged in some kind o f business in the coun try; because in this case it w ill be necessary to proceed according to the general rule. A rt . 12. W hen a foreign vessel is wrecked on the coast o f Brazil, and at a place where there is consular agent o f the respective nation, the latter m ay take whatever measures he shall deem proper for the safety o f such vessel, her cargo, and appurte nances, withoht interfering with the local authorities in their right to succor those who have been shipwrecked; to preserve order; to secure the interests o f the owners of the vessel and cargo, as w ell as those o f the public treasury; to authenticate the inven tory ; to identify the effects which were on board the wreck, and have the same deposi ted in the custom-house; and to intervene in all such circumstances that may attach suspicion to the proceedings o f the captain, pilot, or any other person who may have had charge o f the wrecked vessel. A rt. 13. Foreign consular agents shall exercise the authority o f judges and arbiters in all questions relating to the wages o f the crews, and in all civil questions which may arise between their own countrymen composing said crew s; between the captains of different vessels belonging to their nation; and in suits o f a commercial character between their fellow-citizens, when the latter do not prefer to have recourse to the au thorities o f the empire, and there are not found involved in such questions the rights of any inhabitants o f the empire belonging to a different nation. A r t . 14. It is incumbent upon consular agents to take cognizance, according to their regulations, o f such crimes as are committed on board vessels belonging to iheir nation, by members o f the crew against one another during the voyage, provided that neither the offender nor the injured party are subjects o f the em pire; because in such case, although they may constitute part o f said crew, the local authorities will have the exclusive right o f taking cognizance o f such crime. A rt. 15. When foreign merchant vessels find themselves in any o f the ports of Brazil, the criminal and competent jurisdiction o f their respective consular agents shall Commercial Regulations. 629 not extend to criminal offences o f a serious character, or which m ay in any w ay dis turb public tranquillity, or affect in a particular manner any o f the inhabitants o f the country. A r t . 16. Foreign consular agents shall be assisted, on making a requisition to that effect, by the competent local authorities, not only when they are in need o f their in tervention and support in the exercise o f their functions on board said vessels, but also when they require the imprisonment and surrender o f sailors and soldiers who may have deserted from them or from ships-of-war, said consular agents being responsible for the expenses which such individuals may incur in prison. A r t . 17. In civil transactions, and such offences as they may individually commit, foreign consular agents are subject to the authorities o f the empire, whether the mat ter at issue affect them directly, or whether it relate to a third party, and their inter vention as private individuals be rendered necessary— said consular agents being treated, however, with all the attentions which are customary in court, when the sum mons and declarations are addressed to persons holding public offices o f an elevated char acter, and being accommodated, when not indicted for a criminal offence, with a seat by the side o f the person in authority, or president o f the court before whom they have to appear, except when they happen to be merchants, or have been engaged in any kind o f business in the country, and the question turns upon matters affecting their trade or business; because in this case the same treatment must be observed towards them as in the case o f any other private individual. A r t . 18. It is only with regard to such offences which they may have committed as merchants, or which may be o f such serious character as not to admit o f bail, that con sular agents can be imprisoned without the authorization of the imperial governm ent; which, on being apprized that, either on account o f the circumstauces attending the commission o f the offence, or for some powerful reason, said agent ought not to be de livered to the government o f which he is the subject for trial, or that it is not sufficient to expel him from the empire, or to deprive him o f his exequatur, shall cause him to be tried by the competent tribunal. A r t . 19. The archives, documents, and official correspondence o f foreign consuls and vice consuls, are exempted from search, and o f all and any examination and inves tigation whatever on the part o f the authorities o f the empire. In case o f a consular agent being imprisoned or expelled without any one being substituted in his place, the aforesaid archives, documents, and correspondence must be carefully preserved, being stamped and sealed up by said agent, and by the first judiciary authority within the jurisdiction o f the district. A r t . 20. Brazilians exercising the functions o f foreign consuls and vice consuls in Brazil, shall not on that account be exonerated from entire subjection to the ordinary jurisdiction o f the country, and w ill be tried and punished by their own tribunals whenever they commit any crime, no matter o f what character. In the same manner such functions shall not exempt them from performing public duties, and from serving in the national guard, when for some special reason, they have not obtained an exem p tion or dispensation from the same. A r t . 21 . The houses in which foreign consular agents reside shall not enjoy th e rights o f asylum, notwithstanding the summons, imprisonments, and the execution of any judicial mandate o f the country, due attention having been paid to the guaranties and formalities established b y law. A r t . 22. A decree o f the government will designate the points in the empire where consular agents are or may be received. A r t . 23. The provisions o f the 1st, 13th, 14th, 16th, 18th, and 19th articles o f these regulations shall not be o f any avail to the consular agents and subjects o f those na tions among whom the consular agents and subjects o f Brazil do not find any reciproc ity— the imperial government declaring which o f those provisions shall not, for the reasons specified above, be executed. A r t . 24. The 2d, 3d, 4th, 5th, 6th, 7th, 8tb, and 11th articles shall not go in force in regard to the consular agents and subjects o f a nation after that, in virtue o f agree ment, a reciprocrity shall have been established b y means o f an exchange o f notes, said articles being consequently ordered to be executed in regard to said nation by a decree o f the government. P A U L IN O JOSE SO A RE S D E SOU SA. P alace ok R io dk J a n e ir o , N ovem ber 8,1851. Commercial Regulations. 930 SPANISH NAVIGATION AND PORT DUES. T reasu ry D epartm en t, March, 25,1852. The subjoined decree of the Government of Spain, communicated to this depart ment by the Department of State, is published for the information of the ship-masters of the United States and others interested :— L e g a t i o n o f U n i t e d S t a t e s a t M a d r id . > F i r s t D e p a r t m e n t of t h e O f f ic e o f S t a t e . i ROYAL DECREE. Conforming myself to what has been proposed by my minister of finance in agree ment with the counsel of ministers, I assent to and decree the following:— A r t . 1. In the peninsular and island adjacent, there shall be put upon the same footing o f Spanish vessels— for the exaction o f navigation and port duties; or, that is to say, for those o f light-houses, anchorage, and o f loading and unloading cargo, estab lished in the law o f the eleventh o f April, 1849, and in m y royal decree o f the six teenth o f December last— the vessels o f all nations, who may concede a like benefit in their respective territories to the vessels o f the Spanish marine. A r t . 2. The government w ill give account o f this order to the cortes. Given at the palace, on the third of January, one thousand eight hundred and fiftytwo. It is signed by the royal hand. The minister of finance. JUAN BRAVO MURILLO. BREADSTUFFS IM PO RTED INTO TH E ZOLL-VEREIN FR E E OF DUTY. D epartm en t of St a t e , W a s h in g t o n , March, 23, 1852. Information has been received from Charles Graebe, Esq., United States Consul for Hesse Cassel, Hesse Darmstadt, and Hanover, that in consequence o f the general d e ficiency o f the last crop o f grain, and the high price occasioned thereby, the States composing the Zoll-Verein o f Germany have passed a decree, that from the first o f the present month to the first o f September next, grains, legumus, and flour, can be imported into the Zoll-Verein free o f duty. The import duty on grain previous to the said decree was about seven cents a bushel, and that on flour amounted to a prohibition, being two dollars and fifty cents per barrel. REDUCTION OF POSTAGE TO BUENOS AYRES. Information has been received at the United States Post-Office Department in W ash ington, o f the reduction o f the British packet rate o f postage on letters conveyed between England and Buenos Ayres, or any other part o f the Argentine Republic, from 2s. 7d. to Is., for a letter not exceeding the weight o f half an ounce; the rate (which must be prepaid) hereafter to be charged on a letter o f half an ounce or under, from any office in the United States to any part o f the Argentine Republic, is fortyfive cents, instead o f eighty-tliree cents as heretofore. In is to be borne in mind that this reduction applies only to letters to and from the Argentine Republic, which is subdivided into the following departments, viz.:— Buenos A yres,Santa Fe,Entre Rios, Corrientes, Missiones, Cordova, Santiago, Tucumen, Salta, Catamarca, L a Rioga, San Juan, San Luis, and Mendoza. T o Brazil and Montevideo the postage remains un changed. NEW SPANISH DUTY ON FOREIGN VESSELS. A l ic a n t , December 31. B y a decree o f the Spanish Government, dated 17th iust., all foreign vessels entering Spanish ports on or after the 1st o f February next, will be subject to a new duty o f two reals, (about 5d. sterling,) per ton, in lieu o f the present mole or harbor dues, and in addition to one quarter o f a real on each quintal o f merchandise landed or shipped in Spain or the adjacent Islands. PASSPORT REGULATIONS OF AUSTRIA. Information has been received at the Department o f State at Washington, that new instructions have lately been given by the Austrian government to all their police offi cers and gens d’armes not to permit any foreigner to enter their dominions unless his passport bears the vise o f an Austrian legation or consulate. 631 Nautical Intelligence. This new regulation extends to every place at which an Austrian garrison exists, and will, as is stated, be strictly enforced against English and American travelers. It is, therefore, advisable that those o f our countrymen who intend to travel in the in terior o f Germany or into Italy, should have their passports vised at the Austrian le gation at Washington, or at Paris or London. NAUTICAL IN TE LLIG E N C E . LIGHT-HOUSES AT PO RT AIAIION AND DRAGONERA, D epartm en t of St a t e , W a s h in g t o n , April 7, 1852. F re em an H unt, E sq ., Conductor Merchants' Magazine, New Y ork :— S ir :— I transmit to you, inclosed, a translation o f two notices, relative to the erec tion o f Light-Houses, recently established by the Spanish Government, at the Port of Mahon, and on the Island o f Dragonera, for such use as you may choose to make of them. I am, sir, respectfully, your obedient servant, DANIEL WEBSTER. LIGHT-HOUSE OF THE ISLAND OF DRAGONERA. G e n e r a l D ir e c t io n of P u b l ic W o rks. From the 20th March, 1852, a light will be kindled every night, from the setting to the rising o f the sun, in a new. light-house established upon the central summit o f the Island o f Dragonera, called Single de Ginavera, on the same site where there stood an old watch-tower. Its situation, according to the meridian o f Cadiz, is o f 8 ° 37' 20 " E. longitude, and 39° 37' 50 " o f N. latitude. Its apparatus is a catadioptrical, large model, with scin tillations at intervals o f tw o minutes. The light is raised 360 m. 19 above the level of the sea; it produces a tangent o f 18 m iles; but it m ay be descried from a greater or lesser distance, according to the state o f the atmosphere and the elevated position of the observer. LIGHT-HOUSE OF THE FORT OF MAHON. From the 20th March, 1852, a light will be kindled every night, from the setting to the rising o f the sun, in a new light-house established at the extremity o f San Felipe and S. E. angle o f the entrance o f Port Mahon, upon the remains o f an ancient castle of that name. Its distance in a level line from the waters o f the sea is o f 126 m., and the rocky banks, which produce visible breakers, extend to a distance o f nearly 200 feet. The situation of the light-house, in regard to the meridian o f Cadiz, is o f 10° 40' 8 " o f E. longitude, and o f 39° 50' 28 " N. latitude. Its apparatus is catadioptrical o f the sixth order o f fixed and luminous light, 270° horizontally. The light is raised 22 m. 66 above the level o f the sea; it produces a tangent o f 6 miles, but may be descried at a greater or lesser distance, according to the state o f the atmosphere and the position o f the observer. PORT REGULATIONS OF SHANGHAE. The following regulations went into operation on the 24th Septem ber, 1851:— Buoys will be placed at the northern and southern extremities o f the anchorage, in order to establish the line o f boundary, and it w ill be obligatory upon all vessels to anchor within the defined limits. The harbor-master shall berth all foreign vessels arriving at the anchorage at Slianghae, superintend their mooring and unmooring, and take them safely out when ready to depart, for which he receives ten dollars on all vessels above 150 tons. Ho vessel under any foreign flag, having gunpowder or other combustibles on board, shall be permitted to anchor among the foreign vessels or in their near vicinity. N o sailor from a foreign vessel can be discharged or left behind at this port without the express sanction o f the consul reporting the vessel. N autical Intelligence. 63 2 LIGHT-HOUSE AT TH E MOUTH OF TH E R IV ER LLOBREGAT. D epartm en t of St a t e , W a s h in g t o n , March 23, 1852. F reem an H bnt , Esq., Conductor o f the Merchants’ Magazine, etc. S ir :— The inclosed intelligence, respecting a new light-house, erected at the mouth o f the river Llobregat, near the city o f Barcelona, is transmitted to you for such use as you may think proper to make thereof. I am, sir, respectfully, your obedient servant, W. HUNTER, Acting Secretary. B ureau of L i g h t -H o u s e s — G e n e r a l D i r e c t i o n of P u b l ic W ork s. From the 1st o f March, 1852, a light will bum every night, from the setting to the rising o f the sun, in a light-house, which has been established on the projecting point formed by the river Llobregat, where it empties itself into the sea. The light-house is situated on the left bank o f the river, and lias been constructed upon an old battery, which is put down in the maps and marine charts by the name o f Torre de la punta del rio. Its location, in regard to the actual conformation o f the shore, is as follow s:— distance from the mouth 2,520 Castillian feet; distance from the coast 1,803 Castillian feet. The geographical position o f the light house is the fo llo w in g la t it u d e 4 1 ° 19' 12" N., longitude 8 ° 26' 30",E ast o f Cadiz. Its apparatus is o f the second calioptric order, Fresnel, composed of a revolving light with obscurations at every thirty seconds’ interval, the whole revolution being performed in six minutes. The light is o f a natural color, it is placed at an elevation o f 116 Castillian feet above the level o f the sea, producing a tangent o f 10.5 miles, but may be descried from a greater distance, according to the state o f the atmosphere and the elevation o f the observer. A s a guide to those navigators who may approach the port o f Barcelona from the west, it is necessary to remark, that all vessels that may find themselves two miles south o f Punta lirrosa, on the coasts o f Garraf, must shape their course 12° to the south o f the light o f the light-house, as much to avoid the shores on the left bank of the river Llobregat, as to keep watch for a shoal on said bank, situated 0.8 mile west ward o f the mouth o f the river, which stretches out for a distance of 1.5 miles S. S. E. o f the light-house. Following the above-mentioned course, said vessels may steer for the port o f Barcelona, when the light-house bears 85° west o f them. M a d r id , December 11, 1852. [Signed] REINOSO. [True copy.] CONCERNING SABLE ISLAND, The information contained in the subjoined extract from a letter o f H. W . B a yfield Captain Surveying the G ulf o f St. Lawrence, is important to our navigation, to Great Britain, France, and the North o f E urop e; the more so as the English charts, according to G. W . Blunt, with the exception o f the admiralty, place Sable Island from fourteen to twenty-two miles too far to the westward, and six miles too far north. EXTRACTS FROM CAPTAIN BAYFIELD S REPORT ON SABLE ISLAND --- SEPT., 1851. The western flagstaff at the principal establishment in Sable Island is in latitude 4 3 ° 56' 83 " N , Ion. 60 ° 3' 16.7" W. The eastern extreme o f the Grassy Sand Hills is in lat. 4 3 ° 59' 0.6" N., Ion. 59 ° 45' 59" W. The east extreme o f the Sand Hills alone remains unchanged from comparison with the observations o f A dm iral Ogle’s officers. N o reason to find fault W’ith their determination o f latitude and longitude. T w o miles o f the west end o f the island -washed away since they were observed in 1828. This reduction and consequent addition to the western bar is reported to have been in operation since 1811, and seems almost certain to continue. A n opinion exists that the island is insensibly becom ing narrower. It is agreed by all that there has been no material change in the east end o f the island within the m emory o f any one acquainted with it. The western bar can be safely approached by the lead, from any direction, with common precaution. The length o f the N. E. bar has been greatly exaggerated, but it is still a most for midable danger; it extends 14 miles from the island to 10 fathoms, and is 13 miles to 633 Statistics o f Population , etc. 6 fathoms; all within the last named depth being a line o f heavy breakers in bad weather. N ot far from the extremity o f the bar the depth is 170 fathoms, so that a vessel going m oderately fast, might be on the bar in a few minutes after in vain trying for soundings. This bar, moreover, is very steep all along its north side, and is on these accounts exceedingly dangerous. The reduction o f this bar from its reported length o f 28 miles to its real length of 14 miles, greatly lessons one o f the objections to a light on the east end o f the island. The j>eople of the island frequently see the mail steamers passing, as well as other vessels, which from their distance were probably unaware of their proximity. STATISTICS OF POPULATION, & c. POPULATION OF CITIES AND TOWNS IN THE UNITED STATES. POPULATION OF THE PRINCIPAL CITIES AND TOWNS IN THE UNITED STATES, W ITH THEIR DE CENNIAL INCREASE PER CENT, FROM 1 8 3 0 TO 185 0 . Ratio of in- Ratio o f in- Cities and Towns. Bangor, Me............................. Portland................................. Augusta.................................. Bath......................................... Manchester, N. II................. Boston, Mass.......................... L o w e ll.................................... Salem ..................................... Roxbury.................................. Charlestown........................... W o rc e s te r ............................. New Bedford......................... C am bridge............................. Lynn........................................ Springfield............................. T aunton................................. Providence, It. I .................. New Haven, Conn................ Norwich.................................. H a rtford ............................... N ew Y ork City, N. Y ......... B r o o k ly n ............................... A lban y .................................... Buffalo.................................... Rochester............................... W illiamsburg........................ T roy......................................... S y ra cu s e ............................... U t ic a ...................................... Poughkeepsie........................ L o c k p o r t............................... Oswego................................... Newburg................................ K ingston................................ Newark, N. J ................. Paterson................................ N ew Brunswick.................... Philadelphia City, P a ......... Phila. Co., exclu’e o f the city Pittsburg................................ A lle g h a n y ............................. Reading.................................. Lancaster............................... Population Population Population crease Ir’ m crease f ’m of 1830. o f 1840. ol 1850. 1830 to 1840. 1840 to ’50. 2,867 6 7 .2 8 8,6 2 7 1 4 ,4 3 2 2 0 0 .0 9 12,598 1 5 ,2 1 8 2 0 ,8 1 5 2 0 .7 9 3 6 .7 7 3,980 5 ,3 1 4 8 ,2 2 5 5 4 .7 7 3 3 ,5 1 3,773 5,141 3 6 .2 5 5 6 .0 0 8 ,0 2 0 3 ,2 3 5 877 1 3 ,9 3 2 3 3 0 .6 7 2 « 8 .8 7 4 6 .5 6 61,392 9 3 ,3 8 3 5 2 .0 1 1 3 6 ,87 1 6,474 2 0 ,7 9 6 6 0 .5 2 2 2 1 .2 2 S3 .*83 13,895 1 5 ,0 8 2 8 .5 4 3 4 .3 5 0,2 64 5,247 9 ,0 8 9 1 0 2 .0 4 7 3 .2 2 1 8 .:.i',4 8,783 1 1 ,4 8 4 3 U .7 5 4 9 .9 1 1 7 , - 10 1 2 7 .4 1 4,173 7 9 .6 5 7 ,4 9 7 1 7 ,0 1 9 5 9 . 0 2 3 6 .0 3 7,592 1 2,0 87 16,4 13 6,072 8 ,4 0 9 38 48 8 0 .9 3 15,1*15 6,138 52 06 5 2 .0 2 9 ,3 6 7 1 4 ,2 5 0 6,784 7 .0 1 1 0 ,9 8 5 61 92 l i , ; t.6 6,042 26 53 7 ,6 4 5 io ta S 6 .5 7 16,833 2 3 ,1 7 1 3 7 .6 5 7 9 .1 5 4 1 .5 1 2 10,678 1 2 ,9 6 0 5 6 .9 8 2 0 ,:., 5 2 1 .3 7 5,161 7 ,2 3 9 4 1 .0 8 1 0 ,2 6 5 4 0 .2 6 7,074 9 ,4 6 8 3 3 .8 4 4 3 .1 6 I 3 ,5 v 5 197,112 3 1 2 ,7 1 0 515,507 5 S . 64 6 4 .8 5 15,394 3 6 ,2 3 3 3 5 .3 7 1 6 7 .2 6 9 6 ,8 3 8 24,209 3 3 ,7 2 1 5 0 .5 3 50,7 0 3 3 9 .2 9 8,668 1 8 ,2 1 3 1 3 2 .0 3 4 2 ,2 6 1 1 1 0 .0 1 8 0 .2 9 9,207 2 0 ,1 9 1 3 6 ,4 0 3 1 1 9 .0 3 1,117 5 ,0 9 4 5 0 4 .2 4 3 0 ,7 8 0 3 5 6 .0 4 11,556 1 9 ,3 3 4 2 8 ,7 8 5 4 8 .8 8 67 03 ............ 2 2 ,2 7 1 8,323 1 2 ,7 8 2 3 7 .4 1 1 7 ,5 6 5 5 3 .5 7 7,222 1 0 ,0 0 6 3 9 .3 5 3 8 .5 4 1 3 ,9 4 4 3,823 9 ,1 0 5 35. 0 1 2 ,3 2 3 1 3 8 .6 8 2,703 4 ,6 6 5 1 6 1 .6 2 1 2,2 05 7 2 .5 8 6,424 8 ,9 3 3 1 1,4 15 3 9 .0 5 2 7 .7 8 4,170 5 ,8 2 4 1 0 ,2 3 3 3 9 .6 6 7 5 .0 7 10,953 1 7 ,2 9 0 3 8 ,8 9 1 5 7 .8 5 1 2 4 .9 5 ............ 7 ,5 9 6 1 1 ,3 3 8 4 9 .2 6 7,831 8 ,6 6 3 13,3 87 1 0 .6 2 5 4 .6 3 80,462 9 3 ,6 6 5 1 2 1 ,3 7 6 1 6 .0 4 2 9 58 108,335 1 6 4 ,3 7 2 2 8 7 ,3 8 6 5 1 .7 2 7 4 .8 3 12,568 2 1 ,1 1 5 4 6 ,6 0 1 6 8 .0 0 1 2 0 .0 7 2,801 1 0 ,0 8 9 2 1 ,2 6 1 2 6 0 .1 9 1 1 0 .7 3 5,856 8 ,4 1 0 1 5 ,7 4 8 4 3 .6 1 8 7 .2 5 7,704 8 ,4 1 7 1 2 ,3 6 5 9 .2 5 4 6 .0 9 63 4 Statistics o f Population, etc. Cities and Towns. Wilmington, Del............... Baltimore, Md................... Washington, D. C.............. Richmond, Va................... Norfolk............................ Petersburg........................ Wheeling......................... Charleston, S. O............... Savannah, Ga.................. Mobile, Ala...................... New Orleans, La.............. Lafayette........................ Memphis, Term................. Nashville......................... Louisville, Ky................... Cincinnati, Ohio................ Columbus......................... Cleveland........................ Dayton............................ Chillicothe....................... Zanesville......................... Madison, la...................... Chicago 111..................... Detroit Mich.................... St. Louis, Mo.................... Milwaukee, Wis................ Population o f 1830. ......... 80,620 18,826 0,055 9,814 8,322 5,276 30,289 7,302 3,194 49,826 ......... ......... 5,566 10,341 24,831 2,435 1,076 2,950 2,846 3,094 2,222 4,977 ......... Population of 1840. 8,367 102,313 23,364 20,153 10,920 11,136 7,8S5 29,261 11,214 12,672 102,193 3,207 2,026 6,929 21,210 46,338 6,048 6,071 6,067 3,977 4,760 3,798 4.470 9,102 16,469 1,712 Patio o f in- Ratio ofinPopulation crease fr’m crease f ’m o f 1850. :L830 to 1810. 1840 to ’50. 13,979 169,054 40,001 27,482 14,326 14,010 11,391 42,985 16,060 20,513 119,460 14,190 8,839 10,478 43,196 15,436 17,883 17,034 10,977 7,100 7,929 8,005 29,963 21,019 77,860 20,061 26..09 24. 01 232. 83 11. .26 33. 81 49..45 53. 57 296. 74 105.,09 24..48 105 .01 86 .61 148 .37 464 .21 105 .66 39 .74 64 .04 309 .63 230 .09 67. 07 65. 23 71. 02 36.,36 31. 19 25. 08 44. 46 46. 90 43..21 61..87 16. 89 342,.46 336.,27 51,,21 103,.65 149 .11 195 .68 180 .57 80 .92 78 .52 66 .36 110 .76 570 .31 130 .92 372 .76 1,071 .78 P0P U L A T I0N OF NICARAGUA. The population o f Nicaragua may be estimated at 250,000. The civilized Indians, and those o f Spanish and negro stocks crossed with them, constitute the mass o f the population. The pure individuals o f pure European stock constitute but a small part o f the whole, and are more than equaled in number b y those o f pure negro blood. The entire population m ay be divided as fo llo w s:— W hites . Negroes Indians . M ix e d . . T otal.......................................................................................... 20,000 15.000 80.000 130,000 250,000 Most o f these live in towns, many o f them going two, four, and six miles daily to labor in the fields, starting before day and returning at night. The plantations, “ ha ciendas,” “ hattos,” “ ranchos,” and “ chacras ” are scattered pretty equally over the country, and are reached by paths so obscure as almost wholly to escape the notice of travelers who, passing through what appears to be a continual forest from one town to the other, are liable to fall into the error o f supposing the country almost wholly unin habited. Their dwellings are usually o f canes, thatched with palm, m any o f them open at the sides, and with no other floor but the bare earth, the occupation o f which is stoutly contested b y pigs, calves, fowls, and children. These fragile structures, so equable and mild is the climate, are adequate to such protection as the natives are ac customed to consider necessary. Some o f them are more pretending, and have the canes plastered ever and whitewashed, with tile roofs and other im provem ents; and there are a few, belonging to large proprietors, which are exceedingly neat and com fortable, approaching nearer our ideas o f habitations for human beings. A large part o f the dwellings in the towns are much o f the same character; the residences o f the better classes, however, are built o f adobes, are o f one story, and inclose large courts, which are entered under archways often constructed with great beauty. The court-yard has generally a number of shade trees, usually orange, mak ing the corridors, upon which all the rooms open, exceedingly pleasant. 635 Statistics o f Population, etc. The State is divided into five Departments, each o f which has several Judicial Dis tricts, as follow s:— Departments. Districts. Population. 1. Meridional............................... 20,000 2. Oriental................................... 95.000 3. Occidental.............................. 4. Septentrional o f Matagalpa. 5. Septentrional o f Segovia . 90.000 40.000 Total. 12.000 Rivas or Nicaragua. A cayopa or Choutales, Grenada, Masaga, and Managua. Leon and Chinandega. Matagalpa. Segovia. 247,000 The population here given is the result arrived at, in round numbers, by a census attempted in 1846. It was only partially successful, as the people supposed it pre liminary to some military conscription, or new tax. The principal towns o f the State, with their estimated population, are as follow s:— Leon, (the capital,) including S u b tia v a ................................... Chinandega................................... Chinandega V ie jo ........................ Realejo............................................ Chichigalpa................................... Posulcega....................................... T elica.............................................. Somotillo......................................... V illa N ueva.................................. 25.000 11.000 3,000 1,000 2,800 900 1,000 2.000 1,000 Puebla Nueva................................ Nagorote......................................... M anagua....................................... Grenada.......................................... N icaragua..................................... S e g o v ia .......................................... M atagalpa...................................... 2,900 1,800 2,500 12,000 15,090 10,000 8,000 8,000 2,000 It is a singular fact that the females greatly exceed the males in number. In the Department Occidental, according to the census, the proportions were as three to two ! PROGRESS OF LIVERPOOL IN POPULATION AND COMMERCE, The model o f Liverpool, forwarded to the Great Exhibition in London, is accompa nied with the following tabular statement, illustrative o f the population o f Liverpool under three Queens, namely, Elizabeth, Anne, and Victoria :— RISE AND PROGRESS OF LIVERPOOL. Under Queen Elizabeth. Under Queen Anne. 1570. 1711). Population...................... ............... Tonnage............................. ................ Number o f V e s s e ls .. . . . 800 268 Town dues......................... ................ Amount o f customs......................... Income o f the Corporation........... £2 0 £2 72 3s. 0d. £ 2 0 4 s. 8d. Under Queen Victoria. 1851. 1,168 12,636 334 400,000 3,536,337 23,000 £600 £211,743 £378 19s. l i d . £91,000 £70,000 £3,366,284 £1,115 Is. OJd. £189,152 7s. 4d. POPULATION OF SAN FRANCISCO. This great metropolis o f the western seas, built upon more hills than Rome was, and, unlike her, built almost in a “ day,” contains a population o f twenty-three thous and, who, attracted by the sparkling o f gold, have come hither from every quarter o f the habitable globe. From the sunny climes o f Spain and Italy, from the fairy lands o f Persia and Arabia, from the regions o f snow and ice in Norway and Russia, from the corn and vine lands o f pleasant France, from the British isles and colonies, from the green South America, from the imperial dominions o f the near relative o f the Sun and Moon, and from the golden islands o f the Pacific, have they come in myriads to California. In our streets the fair European jostles with the swarthy Kanaka or the darker H indoo; the pious Mussulman says his daily prayers, as he passes the churches o f the Chris tian, the calculating German drives hard bargains with the volatile Frenchman, and the stiff-made Yankee daily deals with the long-tailed Chinaman. Such an omnium gatherum o f humanity was never before witnessed in the world’s history. The golden charm has spoken the “ open sesame ” to the brazen gates and lofty walls that have 63 6 Railroad, Canal, and Steamboat Statistics. heretofore inclosed a nation o f millions, and the whole w orld has sent her representa tives in great convention to a little spot that four years ago was known only as a resort for whalers or merchant vessels who were on the Pacific coast. N o man can accurately calculate the result o f this union, but its effects must be grand and lasting. The southron o f Europe w ill return to his home, the fur-clad northerner will again visit the cold land o f his childhood; the light-limbed oriental will go back to his fairy land, the long tailed child o f the sun will enter again his noble wall, the bearded Turk will once more listen to the muezzim as it is sounded from the miuerets, and the unsophisticated children o f the sea w ill return to their flowery islands. But all will carry back with them a knowledge o f the English language, an idea o f the American institutions and liberties, a portion o f the energy and ardor o f the great Anglo-Saxon race, and an understanding o f the blessed principles o f Him whose precepts will yet spread peace among the nations, and make the “ wilderness bud and blossom as the rose tree.” The discovery o f gold in California has done more to advance the cause o f civiliza tion and the spread o f enlightened and Christian institutions, than any other one fact brought to light within the last century'.— Alta California. R AILROAD, CANAL, AND STEAMBOAT STATISTICS. CANALS AND RAILROADS OF PENNSYLVANIA. The following statement o f the canals and railroads o f Pennsylvania is derived from the report o f the Canal Commissioners. It only includes the public works owned by the S ta te :— The commonwealth o f Pennsylvania has completed and in operation 65 2£ miles of canal and railroad, independent o f feeders not navigable, as follows :— Delaware division, from Bristol to Easton......................................................miles 59£ Columbia Railroad, from Philadelphia to the basin at Columbia....................... 82 Eastern division, from Columbia to the junction o f the Juniata and Susque hanna divisions at the head o f Duncan Isla n d .................................................. 45J Juniata division, from the junction at Duncan’s Island to the basin at Hollidaysburg...................................................................................................................... 127£ Portage Railroad,from Iiollidaysburg to Joh nstow n.................................................. 36 W estern division, from Johnstown to the Monongahela River at P ittsbu rg... 104£ Susquehanna division, from the junction at Duncan’s Island to Northumber land .............................................................................................................................. 40-g W est Branch division,from Northumberland to Farrandsville.................................. 76 72£ North Branch division, from Northumberland to the Lackawanna................... Bald Eagle side cut, from the pool o f Dunstown Dam, on the W est Branch division, to Bald Eagle Creek.................................................................. ........... 3£ Lewisburg side cut, from Lewisburg to the W est Branch d ivision .................. £ Lackawanna feeder, at the termination o f the North Branch division............. £ Alleghany Branch o f the Western division in Alleghany City........................... £ Feeder at Johnstown on the W estern division........................................................ 1£ Feeder at the mouth o f the Rayston branch o f the J u n ia ta ............................. 1 Total m ile s ............................................................................................................. 652£ Upon the completion o f the North Branch Canal, from the mouth o f the Lackawanna to the N ew Y ork State Line, 94£ miles more o f navigation w ill be added to the above. The Erie extension, consisting o f the Beaver division, the Shenango and Conneaut lines, and the French Creek feeder, 163 miles in length, and the Wisconisco Canal, 12£ miles in length, which were nearly completed, have been transferred to private com panies. The receipts from tolls have been nearly doubled within the last ten years, as the following table sh ow s:— 69 1 8 4 6 ... . . $1,295,494 76 1 8 4 9 ... . . $1,633,277 72 1842____ 1,581,575 87 1 8 5 0 ... . . 1,768,209 46 1,017,841 12 1 8 4 7 ... . . 1843____ . . 1,793,624 01 1,533,344 00 1 8 5 1 ... . . . 1,167,603 42 1 8 4 8 ... . . 1844____ . . 43 1845____ Railroad , Canal, and Steamboat Statistics. 631 The gross receipts on the several lines o f canal and railroad for the fiscal year end ing November 30, 1851, amounted to $1,793,624 82, being an increase over 1850 of $25,417 36. The expenditures for the same period amounted to $1,054,893 99. Included in these expenditures are the follow in g:— For repairs o f breaches...................... „ ............................................................ Purchase o f new locom otives.......................................................................... Maintaining ferry at Duncan’s Island............................................................. Rebuilding weigh-lock at Easton.................................................................... T o ta l............................................................................................................ $71,249 58,717 10,000 18,000 72 00 00 00 $152,966 72 The rebuilding o f the Conestoga Bridge, $17,854 6 0 ; the rebuilding o f the Clark’s Ferry Bridge, $21,922 3 0 ; the rebuilding o f the Shamokin Shute, $4,678 5 0 ; the ex traordinary repairs to the planes on the Alleghany Portage railroad, per act of 1850, $15,420 0 6 ; the building o f an addition to the w harf at Bristol, $1,500; the repair o f road and farm bridges, $25,000 ; and new depot at Parkersburg, $10,000— not being fairly chargeable to the repair account o f the year, are not included in the statement o f expenditures. Receipts for all purposes on the Columbia Railroad............................. Portage Railroad........................................................................................... Main line o f canal, from Columbia to P ittsb u rg................................... Delaware division o f canal.......................................................................... North and west branch, and Susquehanna divisions............................. T o ta l........................................................................................................ Deduct drawbacks paid at Philadelphia..................................... $698,982 249,088 375,204 253,873 239,941 53 88 75 43 05 $1,817,090 64 23,465 82 Total gross receipts Total gross on all receipts the lines.......................................... on all the lines.......................................... $1,793,624 82 $1,793,624 82 The amount o f anthracite and bituminous coal shipped from the several offices on the line o f the State improvements for the year 1851, is as fo llo w s:— Easton.............. . . . ......... tons Beach H a ve n ........ .................. Harrisburg............. .................. L iv e r p o o l............. .................. N ewport.................. .................. 707,702 Northum berland___ 334,007 P ittsburg.................... 60,158 F reeport................... 14,793 Holiday sburg............. 450 Total.................. 2,879 The main line— Philadelphia and Columbia— is 82 miles in length, extending from the city o f Philadelphia to the borough o f Columbia. This division o f the im prove ments has been in successful operation during the year. The freight passed over the road in 1851 amounted to 260,860 tons, being an in crease over 1850 o f 6,805 tons, exclusive o f the tonnage from Reading Railroad in that year. The number o f cars passed over the road was 146,226, o f which 17,066 were pas senger cars. Increase over 1850, 9,271 cars. Number o f trips made by locomotive engines, 8,280. Number o f miles run by locomotive engines, 678,960. Number o f section boats passed over the road, 238. Number o f miles traveled by passengers, 9,83S,287— equal to 119,979 through pas sengers. Amount o f toll received on passengers and passenger cars, $216,719 61. The motive power department is now in good condition, and fully equal to the business o f the next year. Five first class locomotive engines were purchased during the past year. There are forty-six engines o f all classes upon the road. Seven o f these are undergoing repairs, and w ill bo ready for service in the spring. There are twelve sets o f trucks for section boats in order. A s the transportation o f boats over the road appears to be on the decrease, this number will be sufficient for present use. The Alleghany Portage Railroad is thirty-six miles in length, and extends from Holisdaysburg to Johnstown. Transportation was resumed on this road on the 25 th o f February. There are twenty locomotive engines on this ro a d ; seven o f these are o f the first class, ten are adapted to short levels with light grades, and three are nearly worn out and o f but little service. T w o o f the first class engines were purchased during the year. N ew ropes were placed on planes 2, 5, 6, 7, 8, and 10, at a cost o f $18,624 94 638 PROGRESS OF RAILWAYS IN' TH E UNITED STATES. PREPARED FOR THE MERCHANTS’ MAGAZINE BY DAVID M. BALFOUR, ESQ., OF MASSACHUSETTS. The Quincy R ailway was chartered March 4th, 1826, and was opened in A pril, 1827. Its operations are not included in the annual report to the Legislature o f Massachusetts, as the law requiring returns had not been passed until a period subsequent to its charter. The figures in the columns 1828. 1829. w E? P O § CD at Y M aine............ M assachusetts.. . R hode Island . . . Connecticut.......... N ew Y o r k ........... N ew J e r s e y ____ Pennsylvania. . . . D elaw are............. M a ry la n d ........... V irginia .................... North C arolin a. . South C arolin a. . G eorg ia .................... A la b a m a ................. Louisiana ................ K e n tu c k y ........... T o t a l................ i 3 o Sa 1 i g CD at 1810. g S o U 3 3 25 1 1 1812. 1811. g w p w p P CD at o g P CD at o l . , s 2 28 2 49 5 126 i 5 12 126 . . i 17 39 34 212 16 80 12 2 1 13 1 2 2 39 34 311 16 88 2 2 13 1 2 33 3 39 77 318 16 88 93 3 2 13 1 2 . . 2 1 11 1 2 i 3 74 77 343 16 128 93 7 3 17 1 2 4 230 108 424 16 128 125 33 i 88 i 137 1 137 1 137 . . i i 1 3 46 40 137 7 46 40 1 1 46 40 15 1 3 46 40 15 1 1 1 1 22 28 762 83 918 85 1 13 i 13 2 20 . . . l 0 . . . 1 6 1 46 40 6 9 131 25 576 i 54 3 3 1,102 3 1 47 22 1,421 1 5 i i 12 3 20 1 2 4 1 2 1 3 1 58 g CD 8 P ? 00 4 1840. 1819. g p p g. 3 52 53 g CD CO 1 3 4 CD CO p at at 1818. p a p p 3 32 41 1817. S3 g 1 2 8 g $ 3 p 3 •• i at g 8 i 8 25 . . 1816. 1815. S’ CD © p co" CO . . 1811. g w p CD o at 3 1811. g 12 126 50 86 325 108 562 16 181 125 137 57 46 40 at i 7 1 1 12 4 20 1 2 4 1 2 1 3 22 1 1,843 61 12 144 50 36 325 124 562 16 181 125 137 100 46 40 22 1,920 1 12 144 50 36 404 148 562 16 181 125 53 137 185 46 40 28 65 2 ,1 6 7 l 7 1 1 14 4 20 1 2 4 1 1 3 1 3 Railroad, Canal, and Steamboat' Statistics. denote the number o f railways, and also the number o f miles in operation on the 1st o f January in each year. PROGRESS OF RAILWAYS 1ST THE UNITED STATES— CONTINUED. T-H 1844. er? 1845, 1846. 1847. 1848. 1849. 1 1 4 28 36 138 1 2 4 28 84 138 1 2 4 28 84 174 1 2 4 28 84 206 o 4 28 84 238 22 1 22 1 22 1 22 1 22 1 1 2 4 1 1 28 84 238 30 22 1 3 4 1 1 28 129 270 30 22 1 3 4 1 1 28 274 270 42 22 1 3 4 1 1 28 274 270 86 22 1850. 1851. T ota l...................... 95 8,S19 102 3,877 106 4,174 107 4,311 109 4,511 117 4,870 127 5,336 130 5,682 149 6,350 171 7,355 210 9,090 253 Miles. 283 463 369 1,153 50 570 1,946 290 1,326 16 355 648 249 383 804 54 135 100 117 134 93 890 474 538 271 20 11,681 639 1852. R. R. Miles. R. R. Miles. R. R. 7 224 9 7 175 11 309 15 414 15 4 302 6 3 243 33 1,095 37 1,145 37 1 1 50 1 50 9 549 11 7 434 27 11,070 27 1,404 32 9 267 10 7 231 36 981 39 :1,133 42 1 1 1 16 16 3 324 3 3 324 7 303 10 413 14 Ct 2 2 249 u 302 2 263 6 1 241 6 665 11 5 609 2 2 2 54 34 2 113 2 113 2 i 60 i 60 3 66 6 117 6 4 2 55 2 28 2 1 4 299 9 531 13 4 4 379 4 344 86 6 215 11 1 22 6 148 1 7 1 Railroad, Canal, and Steamboat Statistics. M a in e...................... N ew Hampshire . . V erm on t.................. Massachusetts . . . . . Khode Island......... . C onnecticut........... . N ew Y ork............... . N ew Jersey............. . Pennsylvania......... . D elaw a re................ . Maryland................. . Virginia................... North C arolina.. . . . South C arolina.. . , . G eorgia................... Florida..................... A la b a m a ................ . Mississippi............... . Louisiana............... . Tennessee......... . -. K en tu ck y ............... .. O h io ........................ .. M ichigan............... . Indiana.................... I llin o is.................... W isconsin............... 1.842. GO 1841. R. R., Miles., R. R. Miles. R.R . Miles. R. R. Miles. R. R. Miles. R. R, Miles. R .R . Miles. R. R. Miles. R.R:. Miles. 2 12 2 2 64 2 64 2 64 2 64 2 64 64 4 37 87 2 19 2 1 3 1 3 38 2 38 5 134 2 93 9 219 11 435 13 465 13 465 13 467 17 626 19 718 22 790 28 948 50 1 1 50 1 50 1 50 1 1 60 1 50 1 50 50 1 50 3 238 3 238 3 238 3 238 5 326 3 212 3 238 3 238 3 238 496 722 722 590 19 19 873 23 878 23 902 25 953 15 17 20 796 22 5 186 5 186 5 195 5 186 5 186 5 186 5 186 5 195 5 186 34 893 34 893 34 893 34 893 34 893 34 893 36 946 36 981 36 981 1 16 1 16 16 16 1 16 16 1 1 16 1 16 1 1 16 1 3 223 3 238 3 256 3 324 3 324 3 324 3 202 3 268 3 285 6 223 6 223 6 223 147 6 223 6 223 7 270 7 303 7 303 2 154 1 1 87 87 1 1 1 87 1 87 87 1 1 87 87 87 1 204 1 204 1 204 1 204 1 204 1 204 1 204 1 204 i 204 4 323 271 4 368 4 452 5 609 5 609 5 516 5 609 5 576 2 38 1 54 2 54 o 1 1 46 46 91 91 1 46 1 46 1 1 46 2 2 113 46 1 60 1 14 14 26 1 i 60 1 60 1 26 1 1 42 1 42 40 3 40 3 3 40 40 3 40 4 66 3 40 3 3 40 3 40 ■ 640 OPENING AND CLOSING OF TH E HUDSON R IV ER AND TH E E R IE CANAL AND LAKE E R IE . THE FOLLOWING TABLE EXHIBITS THE DATE OF THE OPENING AND CLOSING OF THE HUDSON E IV E R , AND THE NUMBER OF DAYS OPEN— ALSO THE TIME OF COM MENCEMENT AND CLOSE OF EACH NAVIGABLE SEASON OF OPENING OF LAKE ERIE SINCE THE NUMBER OF DAYS OF NAVIGATION SINCE 1824— ALSO THE DATE OF THE Winters. 1824-25 1825-26 1826-27 1829-30 1832-33 1834-35 1837-38 1839-40 1841-42 1848-49 River closed. January Decem ber Decem ber November December January December Decem ber December Decem ber December November December December N ovem ber D ecem ber Decem ber Decem ber Novem ber D ecem ber D ecem ber December December Decem ber Decem ber Decem ber Decem ber December 5, 1825 13, 1825 24, 1826 25, 1827 23, 1828 11,1830 25, 1830 5, 1831 21, 1832 13, 1833 15, 1834 30, 1835 7, 1836 14, 1S37 25, 1838 18, 1839 5, 1840 19, 1841 28, 1842 10, 1843 17, 1844 3, 1845 14, 1846 25, 1847 27, 1848 26, 1849 17, 1850 14, 1851 Days open. 309 283 302 251 320 286 283 263 289 277 291 268 248 285 257 286 285 286 308 242 278 283 275 263 292 286 282 293 Canal open. 1824, A p r'l 1825, April 1826, April 1827, April 1828, March 1829, May 1830, April 1831, A pril 1832, A p ril 1833, A pril 1884, A pril 1835, A pril 1836, A pril 1837, A pril 1838, A pril 1839, April 1840, A pril 1841, April 1842, April 1843, May 1844, A p ril 1845, A pril 1846, A p ril 1847, M ay 1848, May 1849, May 1850, April 1851, A p ril Canal closed, 30 12 20 22 27 2 20 16 25 19 17 15 25 20 12 20 20 24 20 1 18 15 16 1 1 1 22 15 December 4 December 5 December 18 December 18 December 20 December 17 December 17 Decem ber 1 December 21 December 12 Decem ber 12 Novem ber 30 Novem ber 26 Decem ber 9 Novem ber 25 December 16 Decem ber 3 N ovem ber 30 November 28 Novem ber 30 November 26 Novem ber 29 N ovem ber 25 Novem ber 30 Decem ber 9 Decem ber 5 December 11 December 5 navigation. 219 238 243 241 269 230 242 230 241 238 240 230 216 234 228 241 228 221 222 214 222 228 224 214 223 219 234 235 lake. 1827, April 1S28, A pril 1829, May 1830, May 1831, May 1832, A pril 1833, A pril 1«34, A p ril 1835, May 1836, A pril 1837, M ay 1838, March 1839, A pril 1840, A pril 1841, A p ril 1842, March 1843, May 1844, March 1845, A p ril 1846, A pril 1847, A p ril 1848, A p ril 1849, March 1850, March 1851, A pril 21 1 10 5 8 27 23 6 8 27 16 31 11 27 14 7 6 14 3 11 23 9 25 25 1 Railroad, Canal, and Steamboat Statistics. River opened. 3, 1824 ......................... ____ March March 6, 1825 ......................... ___ Febr’arv 26, 1826 ..........................____ March 20, 1827 ......................... Febr’arv 8, 1828 ......................... A pril 1,1829 ...................... ____ March 15, 1830 ......................... March 15, 1 8 3 1 ......................... March 25, 1832 ......................... ____ March 21, 1833 ......................... Febr’ary29, 1834 ......................... ____ March 25, 1835 ......................... A pril 4, 1836 ......................... March 28, 1837 ......................... ____ March 19, 1838 ......................... March 25, 1839 ......................... ____ Febr’a ry25, 1840 ......................... March 24, 1841 ......................... ____ Febr’ary 4, 1842 ......................... A pril 13, 1843 ......................... March 18, 1844 ......................... Febr’ary 24. 1845 ......................... March 18, 1846 ......................... A p ril 7 ,1 8 4 7 ......................... March 22, 1848 ......................... ____ March 19, 1849 ......................... March 10, 1850 ........................ Febr’ary 25, 1851 ......................... CANALS, AND 1827. Railroad, Canal, and Steamboat Statistics. 641 RAILROAD SPEED FORTY M ILES AN HOUR. A correspondent o f the Albany Journal, in an article under the title o f “ Railroad Accidents and Legislation thereon,” gives the following statistical analysis o f speed on railroads, at forty miles an hour. H e sa y s:— Men who are used to the railroad, and to the working o f the rolling stock, know what such a rate o f speed is and how wonderful is the operation. Let us examine it. An engine, tender, and train o f four passenger cars and one baggage car, when prop erly loaded will not be much less than eighty tons weight. This body, at the rate of forty miles an hour, moves about sixty feet in a second. That is, between tw o beats o f a clock, it flies across a common street. The driving-wheels, if six feet in diameter, revolve three times in a second. The common wheels o f the cars revolve about eight times in a second. The revolutions o f the driving-wheels are produced by the motion o f the piston in the cylinder. T o each revolution o f this wheel there are tw o motions o f the piston. Thus there are six motions o f the piston to the second, and at each of these motions a valve is opened or closed, for the taking or exhausting steam from the cylinder. This must be a complete and perfect operation, each time, to produce the speed. But there are two cylinders, working at opposite sides o f the engine, and at different points on the crank o f the wheel, or axle, as may be, and they do not m ove at the same instant, or, rather, they alternate, and thus, each performing the same office, they divide a second into twelve equal parts or periods, in each o f which the perfect and complete operation o f taking or exhausting steam is performed, and at the end o f each motion the piston actually stops and turns the other way. Now, the eye could not count or comprehend these motions. The ear could not distinguish the exhausts though each is as perfect and distinct as when the engine is drawing a heavy load four or five miles an hour, when it seems to labor and to cough as if struggling with its load. This is a speed o f forty miles an hour analyzed. N ow must there not be very greatly increased liability to accident at such a rate o f speed ? W ho can see the strains upon parts o f machinery that may result in a fracture when moving at this rate ? CONSUMPTION OF OIL ON RAILROADS IN MASSACHUSETTS. The subjoined table, furnished by a writer in the N ew Bedford Mercury, gives the cost o f sperm oil used on several railroads in 1851, as fo llo w s:— Railroads. Railroads. Boston & L ow ell.................. . Boston cfc Maine.................... Boston & Providence.......... . Boston W orcester........... Cape Cod Branch................. Cheshire................................. Connecticut R iver............... E a ste r n ................................. Fall River.............................. F itchburg.............................. Fitchburg & W orcester . . . L ow ell & L a w re n ce ........... Nashua & Low ell .............. $2,641 7/787 2,832 9,725 923 2,223 2,101 4,367 2,839 5,702 311 299 699 41 83 41 88 93 12 09 61 14 53 55 92 75 N ew bu ryport.......................... Norfolk C ounty...................... Norwich & W orcester........... Old C o lo n y ............................. Pittsfield d' North A d a m s .. Providence A Worcester . . . South Reading B ranch........ Vermont & Massachusetts. . W estern ................................... W orcester & N ash u a........... T ota l................................. $422 915 4,888 4,167 650 1,580 958 2,823 16,636 1,795 00 54 34 13 00 00 73 89 87 07 $77,293 80 The total length o f the roads enumerated is 1,012 miles, and the total cost o f oil used by them in 1851, $77,293 80. The number o f miles o f railroad in operation in in the United States, is 10,814. Reckoning the cost o f oil on all the roads in the same ratio as that paid by the Massachusetts railroads, we have the snug little sum of $825,943 82, as the amount paid t)y all the railroads in the United States for oil in 1851. BRITISH REGULATIONS FOR STEAMBOATS. The British Board o f Trade have issued a notice that the provisions o f the amended Steam Navigation Act, 14 and 15 Vic., c. 79, would be strictly enforced on and after the 31st inst. On the 31st inst. all steamers will be required to display in a con spicuous part o f the vessel their certificate to run, and the number o f passengers they VOL. X X V I.---- NO. V. 41 Journal of Mining and Manufactures. 642 are allowed to carry ; each vessel will now be furnished with a safety valve, free from the control o f the engineer. Penalties w ill be enforced on masters and owners for car rying more than their number, and on passengers for forcing their w ay on board, or traveling beyond the distance for which they have paid. The customs’ officers, on and after the 31st inst., w ill not grant transire or permit any vessels to put to sea unless they are properly found in life-boats, fire-engines, signal lights, and the other require ments for the preservation o f life at sea. TH E W E S T E R S ROUTES OF NEW YORK. The business o f three o f the great routes o f western travel in 1850 and 1851, wa» as fo llo w s:— 1850. Erie Canal........................ Erie R a ilro a d .................. Central Line R a ilroad ... Total.......................... Length. Cost. 350 321 464 $20,168,240 23,380,000 16,120,230 1,141 1851. Earnings. $2,933,125 1,063,950 2,896,042 $60,268,444 $3,001,488 2,116,919 3,151,696 $6,893,111 $8,936,093 This is a remarkable result, showing gross earnings o f 15 per cent on the aggregate cost o f the works. Within ten years the increase o f traffic upon the leading public works o f this country has been immense, no less than $8,410,214. The revenues of the Northern Line, Erie Canal, Pennsylvania Canal, and Baltimore and Ohio Railroad were $3,924,981, in 1841. The revenues o f the same routes o f travel, together with the Erie Railroad, were $12,335,001 in 1851. JOURNAL OF MINING AND MANUFACTURES. CONSUMPTION OF COTTON IN MANUFACTURING COUNTRIES, COMPARATIVE ESTIMATE OF THE QUANTITIES OF R A W COTTON CONSUMED MANUFACTURING COUNTRIES, FROM 1836 W EIG H T ,) AS DERIVED FROM DU FAY Countries. & TO 1851, IN TnE CHIEF INCLUSIVE, (iN M ILLION8 OF POUNDS CO’ S CIRCULAR. 1886. 1817. 1818. 1839.1810.1841. 1812.1813. Great Britain............................................. Russia, Germany, Holland, & Belgium. France and adjacent countries.............. S p a in ......................................................... Mediterranean............................................ Countries bocdering on A driatic........... United S ta tes........................................... Sundries..................................................... 350 51 118 86 32 82 26 92 26 103 28 111 29 1 15 38 105 44 131 T o ta l................................................... 639 662 141 649 8 41 185 846 9 40 Countries. Great Gritain............................................ Russia, Germany, Holland, cfc Belgium. France and adjacent countries............. Spain........................................................... Mediterranean........................................... Countries bordering on A driatic........... United States............................................ Sundries Total..................... .............................. 369 58 112 435 61 133 362 48 110 413 12 151 422 65 154 462 18 163 ... ... 28 131 82 162 ... ... 1844.1845. 1846.1847. 1848, 1849. 1850. 1851. 146 591 96 1 58 604 91 1 59 26 1 43 38 1 58 39 1 15 513 86 944 1,041 1,014 425 1 05 126 591 ... ... 31 29 209 1 15 112 121 621 160 186 584 133 1 42 29 648 118 1 49 34 41 205 45 1 88 45 158 11 12 862 1,068 1,225 1,132 1,115 Notwithstanding the high price o f cotton during the first half o f the past year, Great Britain worked up 55 per cent o f all cotton consumed in the chief manufactur ing countries o f the w o rld ; while the United States o f A merica consumed considerably Journal o f Mining and Manufactures. 643 less in 1851 than in any one o f the preceding four y e a r s ; the quantity consumed amounting to only ISJ per cent on the total consumption o f 1,175 millions o f pounds. Although the number o f spindles at work in Great Britain has been increased by several hundred thousands since 1850, and is estimated now at 21,400,000, a dispro portion still exists between the spinning and the weaving power, which, however, will speedily be rectified if the former continue to offer a so much m ore profitable invest ment than the latter. The reverse has been the case, if a number o f years be taken as a criterion, and hence the disinclination to build new spinning mills, notwithstanding the present abundance o f capital. TH E C U FF COPPER M IN E OF LAKE SU PERIO R. A correspondent o f the Lake Superior Journal furnishes the following statistical view o f the Cliff Mine for the year commencing Decem ber 1st, 1850, and ending with November 30th, 1 8 5 1 :— Months. December . . . January......... F ebruary. __ M a r ch ........... A p ril............... M a y ................ J u n e ............... J u ly ................ August........... Septem ber . . O c to b e r ......... Novem ber----- Mineral rock stamped. 1 8 3 ,0 0 0 4 2 3 ,0 0 0 4 5 9 ,0 0 0 4 8 3 ,0 0 0 6 5 0 ,0 0 0 4 8 3 ,0 0 0 5 4 9 ,0 0 0 5 3 4 ,0 0 0 5 0 4 ,0 0 0 5 1 0 ,0 0 0 6 1 5 ,0 0 0 4 2 0 ,0 0 0 Yield o f No. of stamps 1 1 ,2 4 9 5 ,0 1 6 8 ,6 0 2 8 ,4 1 7 1 7 ,8 7 8 5 7 ,0 1 4 6 9 ,6 4 0 5 1 ,5 4 4 4 9 ,1 3 9 4 5 ,6 5 0 2 8 ,7 1 4 1 1 ,3 9 1 masses. 46 44 42 53 47 53 24 53 51 41 50 30 W eight of masses. 5 5 ,7 2 4 5 2 ,4 8 6 4 8 ,5 0 2 7 5 ,1 8 7 6 1 ,0 2 7 1 0 3 ,6 1 2 9 5 ,2 0 3 8 4 ,4 4 1 8 0 ,5 0 7 7 2 ,0 6 9 7 0 ,0 8 9 3 7 ,5 6 5 No. of W eight o f barrels, bbls. w ork’d. 43 2 4 ,9 1 1 24 1 3 ,6 6 5 3 5 ,4 2 1 37 89 5 2 ,9 6 0 82 4 6 ,6 7 5 54 2 8 ,8 4 1 80 4 2 ,4 0 8 81 4 7 ,7 1 1 84 4 6 ,1 6 5 96 5 1 ,0 6 2 1 35 1 8 ,8 6 8 115 6 6 ,7 7 5 Whole A m ou’ t. 9 1 ,8 8 4 8 2 ,6 5 1 9 0 ,5 2 5 1 3 6 ,5 6 4 1 2 5 ,5 7 9 1 8 8 ,4 6 7 2 0 7 ,2 5 1 1 8 3 ,3 9 6 1 7 5 ,8 1 1 1 6 8 ,7 8 1 1 1 7 ,6 7 1 1 0 5 ,7 3 1 Number o f men em ployed 220, o f which 90 are miners, and the remainder surface men, number o f stump heads 12. ST EE L PE N MAKING AT BIRMINGHAM. The special correspondent o f the Morning Chronicle, whose w ell considered and judiciously prepared sketches o f various commercial and industrial operations, we have on several occasions transferred to the pages o f the Merchants' Magazine, fu r nishes us with the subjoined sketch o f Gillott's celebrated steel pen manufactory at Birmingham:— Mr. Gillott, o f Birmingham, who has done so much to im prove it, considers the manufacture to be yet in its infancy. The first operations are performed by steam power. The sheets o f steel, after they are received from Sheffield, are reduced to the requisite tenuity by successive transits through the rolling mill— operations which are tended b y men and boys. W hen reduced in this manner to the thinness o f a steel pen, and to the length o f about tw o feet, and the breadth o f two inches and a half or three inches, the sheets o f steel are ready for the next processes, which are entirely performed b y women and girls. Describing the rooms according to the order o f the processes, and not according to the arrangement o f the building, the first to be entered is that where the “ blanks” are punched out. Ranged in double rows along a large and roomy workshop, with windows at both sides, and scrupulously white and clean in floor, roof, and walls, are seated from fifty to a hundred girls and women, from the age o f fourteen to that o f forty and upwards. The only sounds to be heard are, the working o f the hand-press, and the clinking o f the small pieces o f metal as they fall from the block into the receptacle prepared for them. This process is performed with great rapidity, one girl, o f average industry and dextei ity, being able to punch or cut out about a hundred gross per day. Each division o f the workshop is superintended by a tool-maker, whose business it is to keep the punches and presses in good working con dition, to superintend the w ork generally, and to keep order among the workpeople. The next operation is to place the blank in a concave die, on which a slight touch from a convex punch produces the requisite shape— that o f a semi-tube. The slits and apertures, which increase the elasticity o f the pen, and the maker’s or vendor’s 644 Journal of Mining and Manufactures. Dame or mark, are produced b y a similar tool. The last operation is that o f slitting, ■which is also performed by girls and women. Previously to this, however, the pen undergoes a variety o f processes in a different part o f the factory, and under the hands o f a different class o f workpeople. W hen complete all but the slit, the pen is soft and pliable, and may be bent or twisted in the hand like a piece o f thin lead. Being collected in “ grosses” or “ great grosses”— the former containing 144, and the great gross tw elve times that number— the pens are thrown into little iron square boxes by men, who perform all the work in this department, and they are placed in a furnace, where they remain till box and pens are o f a white heat. They are then taken out, and thrown hissing hot in pails or tanks o f oil— a process which cures them o f their softness by making them brittle. When taken out o f the oil, they may be broken by the fingers with as much ease as if they were so many wafers. A s a great deal of oil adheres to them, they are put into a seivc to drain. There they remain until no more oil w ill run from them ; but, notwithstanding all the draining which they have received, the oil is not effectually removed. To cleanse them thoroughly, they were form erly thrown into pits or heaps o f sawdust, and stirred about; but as, by this pro cess, the sawdust became clotted into oil-cakes, and was rendered unserviceable, the ingenuity o f Mr. Gillott was taxed to discover some means b y which a saving both of oil and sawdust could be effected. H e was not long before the thought struck him, that, if the pens w ere made to revolve in a perforated cylinder, the last drop o f oil m ight be forced out o f them— in fact, that the oil might be twirled from the pens like moisture from a mop. The experiment was tried, and succeeded admirably. The pens, after being allowed to drain in the seive until no more oil would run off them, were placed, apparently drv, but greasy looking, in the cylinder, and twirled round with great rapidity, until the oil ran off in a copious stream. The mingled oil and sawdust formerly constituted a nuisance, and it was necessary to change the sawdust and burn it three or four times a day. It now lasts for a week. B y this means— a remarkable instance o f the econ om y o f manufacturers— Mr. Gillott has diminished his oil account about £200 to £300 per annum. This operation once completed, the pens are once more placed in re volving cylinders, where their friction against each other produces the necessary polish. Each pen is thus made to clean and polish its neighbor. The next process is to roast or anneal these brittle articles, and give them the flexibility o f the quill, and produce upon them, at the same time, the color which m ay be desired, whether bronze or blue. The flexibility and color are both produced by heat, and it becomes a deli cate matter so to arrange and regulate it as to attain the exact results desired. From this department they are once more consigned to the female part o f the establishment, where, by the operation o f the cutting tool, each pen receives the required slit. One girl, with a quick and practiced finger, can slit by this means as many as two hundred gross, or twenty-eight thousand in a day. They are now ready for counting and pack ing, in boxes or grosses, for the wholesale market. This last stage o f the business is wholly performed by young girls. TH E DEAN COTTON OF TEXAS, The Galveston (Texas) News mentions this extraordinary description o f cotton, re marking that among the sales for the previous week were seven bales o f this cotton at ten and a-lialf cents. A ll w ho have tried this cotton find it to possess such supe rior advantages that they now plant no other. In July last, a letter from a merchant in Boston says this cotton was then worth eighteen cents a pound in that market.— Last year, when cotton commanded a higher price, sixty bales o f this were sold in Boston for twenty-four cents a pound. A manufacturing house o f Massachusetts, by whom this cotton has been thoroughly tested, has sent an agent to the State, who is now in the interior, endeavoring to buy all he can find. The staple o f this cotton is said to resemble that o f Sea Island, and the fabric made o f it is probably often mis taken for Sea Island. This cotton possesses the following advantages in addition to its superior quality :— The product per acre is full as much or m ore; the bolls are larger, each boll having five divisions, while other cotton has but fo u r; the quantity o f cotton in each boll is more in proportion to its superior size ; a hand can pick about one-third more o f it in the same time. This last advantage is one o f great importance, and has been fully established, as we learn, from experiment. This is owing to the large amount o f cotton to the boll, and to the greater length o f the staple, making it quicker to be handled by the picker. There is a great demand for the seed o f this cotton, which will probably supersede the ordinary kind throughout Texas. Journal of Mining and Manufactures. 645 MACHINE FOR PRINTING CALICO. W e learn from the Boston A tlas that a new calico machine has been invented which will print on calico twelve different colors at one operation, and has been built at the extensive machine works o f Messrs. Goddard, Rice & Co., o f Worcester, for one o f the largest print works in this country. The model was designed by Dr. R. L. Hawes, o f Worcester, the inventor o f an ingenious letter envelope machine. The Boston Trans cript says :— “ I t was but quite recently— within live years, we believe— that it was not thought practicable to print calico with the use o f more than six colors at one operation. I f additional colors were required to complete the design, they were given by hand blocks. Latterly, however, the English inventors have pro duced machines that w ill print eight and ten colors, but it lias remained for an American to outstrip them all in this important branch o f mechanic art.— The principal improvements introduced into this machine (for which application for a patent has been m ade) consists in the mode o f applying pressure to the print rollers, by which a yielding pressure o f several tons may be.given to each roller with great ease ; also in the construction o f the frame work in a peculiar manner, so that either print roller may be removed from the mt chine without disturbing the others. By means o f these improvements, this machine is made to operate with nearly the same facility and ease as any six-color machines hitherto constructed. The weight o f the machine is eight or ten tons, standing some nine or ten feet high, and as a specimen o f workmanship reflects great credit to the manufacturers, Messrs. God dard,'Rice & Co., for it will readily be perceived that it must not only have great strength, but a very nice adjustment o f its parts to enable the operator to print twelve colors on the cloth, so that each shall be exactly in its place, and this, too, when cloth is passing through the machine at the rate o f a mile p e r hour.” LAKE SUPERIOR COPPER MINES. The N ational Intelligencer publishes a few facts to show the advantage o f a judi cious prosecution o f the copper milling business. The Intelligencer s a y s :— The mine which has thus far been the most productive is called the Boston and Pittsburg Mining Company. W ork was commenced in 1848. A capital o f $110,000 was paid in, or about $18 50 per share on 0,000 shares. In 1849, $00,000 was divided among the shareholders; in 1850, $84,000; in 1851, $60,000, and in 1852, $00,000 more will be divided. In another view, shares which cost $1 8A have received back in dividends $84, and are worth $100 in the market. The Northwest Mining Company ranks next in value. Mining was here commenced in earnest in 1849. A bout $80,000 have been paid in. In 1849 the net proceeds from the sale o f copper amounted to some $5,000; in 1850 to about $32,000 ; and in 1851 to something over $50,000. This company owns a large tract o f mineral territory, upon which two valuable veins have been opened, and a number o f others discovered. The property owned by this company is o f immense value, and magnificent fortunes will in a few years doubtless be realized from it. The Minnesota Mining Company is located near the Ontonogon River, some forty miles westward o f the tw o preceding. Immense blocks o f pure copper are taken from this mine. It commenced in the autumn o f 1848, and has a capital paid in o f some $90,000, or $30 on a share— there being but three thousand shares. They com mand $150 in the market. A large dividend will, we think, be paid from the earn ings this year. The gain reaped from the workings o f a successful mine is frequently 500 per cent. Shares in the Boston and Pittsburg Company, which cost $18 50, sell for $100. In the Minnesota for $30 the owner can now receive $150. The Northwest shares w ill probably increase 100 per cent in value in a year. THE ADVANTAGES OF 3I0DERN INVENTIONS. T h e H on . H o r a c e M an n thus sums up a few o f the advantages o f modern inven tions: “ One boy with a Foudrinier machine will make more paper in a twelvemonth than all E gypt could have made in a hundred years during the reign o f the Ptolemies. One girl with a power-press w ill strike off books faster than a million scribes could copy them before the invention o f printing. One man with an iron foundry will turn out more utensils than Tubal Cain could have forged had he worked diligently to this time.” Mercantile Miscellanies. 646 PRODUCTION OF COTTON FROM STRAW. A Nottingham (English) paper sa y s :— “A circumstance extrem ely interesting to all engaged in textile manufactures, indeed to the -whole community, has this w eek been communicated to us. A n amateur chemist o f this town, while engaged recently in testing the Chevalier Claussen’s chemical process o f making cotton, not having any flax straw at hand, tried it upon oat straw. To his astonishment, after the silica and gums, which enter into the composition o f oat straw in greater proportions than in flax, had been dissolved, he obtained a large quantity o f good cotton. The opinion he formed from this and subsequent experiments is, that the common straws o f this country may be profitably converted into cotton, thereby adding to the certainty and abundance o f our future supplies. A t any rate, the experiment is one which is worth testing to the fullest extent, and the hint here thrown out will no doubt induce per sons most favorably situated for pursuing an investigation with advantage at once to undertake the task.” PR O FITS OF MINING IN ENGLAND, From twenty o f the principal mines, on which there has been an outlay o f £181,219. the proprietors have received back, in the shape o f dividend, £985,481, and their property is now saleable in the Mining Exchange for £718,690, making in dividends and value o f the shares £1,699,111 upon the outlay above named. MERCANTILE MISCELLANIES. « TH E FISH E R IE S OF TH E UNITED STA TES.” To F reem an H unt, Esq., Editor o f the Merchants’ Magazine, etc. :— S i r :— I have read with much interest and instruction the article, in your Magazine on the “ Fisheries o f the United States.” Merchants’ I believe, however, that the second chapter on that subject is based mainly on an historical error; namely, “ that the arguments o f the American Peace Commissioners o f 1814, ‘ that, w e held our right in the fisheries by the same tenure by which we held our independence as a nation,’ prevailed, and the right was left standing on the basis o f 1783.” I f they “ prevailed,” it is not in any manner manifest. The right is not mentioned in the treaty, nor was it recognized by the British Government immediately after the treaty went into operation, which seems to prove that it was not admitted by them as alleged, but left an open question. The fact is the Commissioners o f Peace agreed about little or nothing excepting to stop the war immediately. It was almost “ a con clusion where nothing was concluded.” I f this was so, o f course most o f the dispar aging remarks about the treaty o f Messrs. Gallatin and Rush are unjust, and can be applied with more propriety to the Peace Commissioners o f 1814, whose negligence or strong desire for peace caused them to leave unsettled or unexpressed our rights in that, as well as many other matters o f great importance, even those about which the war was ostensibly made. Sir Hugh Murray, in his work on British America, published by the Harpers in 1841, vol. ii., p. 132, says:— “ A t the peace o f 1814 a singular and total silence was ob served on the subject, (o f the American fishing rights,) but on the attempt made by the Americans to resume operations, a discussion arose, when it was contended, on the part o f the English ministry, that the war had canceled the stipulations o f 1783, and that they had no longer any rights o f fishery. The Americans, however, maintained that those terms formed a permanent arrangement, connected with the separation of the States from Britain, and must remain until expressly abrogated. “ A fter much reasoning on the point, a convention was concluded in 1818, by which they were allowed both to catch and dry on the unoccupied parts in the southern and western coasts o f Newfoundland and on that o f Labrador, but their vessels were not to approach nearer than three miles to any o f the other British settlements. A singu lar feature in reg. rd to the former colony is, that England, on this occasion, gave what she herself was supposed to have renounced, and the Americans are said to have car ried their point, though Captain Sweetland was told ‘ that the French would resist any attempt they might make.’ ” The very fact that the Commissioners, Gallatin and Rush, were sent to make a Mercantile Miscellanies. 647 treaty about the fisheries, proves that our government did not regard our former rights as perfectly secure to us by the treaty o f 1814. It is not probable they were sent to merely make a new definition, because Mr. Hale himself admits that “ he does not see that language could w ell be more clear and distinct ” than that very old treaty of 1783. What, then, were they sent to do? W hy manifestly to modify our claims to former rights; in other words, to make a new treaty by compromise. I do not say that the American Peace Commissioners’ claims were wrong, or that Messrs. Gallatin and Rush were not overreached; but I do say that the latter were authorized, under the circumstances, to m odify in some way our ancient fishing rights, and therefore it is only fair to say that, if there has been wrong done to our fishing interest in that way, the Peace Commissioners and the United States Government are more to blame than Messrs. Gallatin and Rush. R espectfully yours, C h a r l e s to w n , Massac h u se tts, April, 1852. W . B. 8. FALSE-PACKED COTTON. The London Chronicle has an article on the subject o f false-packed cotton, from which w e extract as fo llo w s:— The subject o f false-packed cotton has recently attracted considerable attention, and a partial change in the system may be expected, but we think the matter still worthy o f further consideration. A t present, at any time during tw elve months after sale, any cotton may be returned to the merchant, i f it is considered to be “ false-packed,” that is, if the quality o f cotton through the bale be shown to be inferior or dissimilar to the sample. It is not, however, returned to the merchant to be replaced by cotton equal to the sample, but is returned absolutely, and the invoice cost must be repaid, with charges. It is material to observe that cotton bought at low rotes is seldom, if ever, returned when the markets have risen, and that cotton bought at high prices often comes back when there is some difficulty in proving the “ false-packing.” This is the natural result o f such a system ; and while the range o f prices extends over twelve months, a considerable amount o f injustice is incurred. It is now proposed to limit the time for the return o f “ false-packed” cotton to three months after sale ; but we do not think that even this position entirely meet3 the justice o f the case. W e think it would be either more advisable to have no returns made after cotton has once passed the scale, or that, if returned, it be replaced by cotton o f similar quality to the origi nal sample, and not by a return o f the invoice cost. It is argued that to have no returns o f “ false-packed” cotton allowed, would lead to confusion, b y encouraging a fraudulent system. But on looking closer into the matter, it w ill be found that this would not be probable. In the first place, the principal cause o f “ false-packed” cotton is not fraud. Whenever weather is variable, and especially if the alternations o f sun shine and rain be sudden and frequent, the cotton picked under these different circum stances passes through the same gins, and is often unavoidably baled without any proper separation o f qualities, and in many lists which come to market, hardly a bale can be found that runs the same throughout; but this does not arise from any wish to defraud, but simply from a pressure o f adverse circumstances. A nd yet, under the present system, the whole might be returned twelve months after s a le ; and instances have occurred recently, where large lots have been so returned at a considerable dif ference o f price, by no means Commeusurate with the inconsiderable difference in quality. The system o f allowing no returns after the cotton has passed the scale has been tried at Havre, and no inconvenience has resulted from it. But supposing that manu facturers object to buy one quality, and run a risk o f receiving portions o f another and inferior quality, still the returns may be arranged on a fairer principle. I f cotton bought at 8d. is to be returned when the value o f the original sample has fallen to 4^d., it is evident that a return o f the invoice cost is unjust. I f the prices had been the reverse; if the so-called “ false-packed” cotton had cost 4^d., and was worth in the market, falsely packed as it was, something over 7d.; with all due regard for the ten der consciences o f our manufacturers, we do not think the cotton would be returned. Under any circumstances it would surely sufficiently meet the justice o f the case to give the buyer what he did buy, and take back the inferior bales d elivered; the seller would thus only lose the difference between the qualities, and spinners would not be tempted by the bonus occasionally held out to them in a falling market to get rid of as much as they can o f an injudicious purchase. Mercantile Miscellanies. 648 CHEAP OCEAN POSTAGE, The Hon. C h a r l e s S u m n e r recently made a motion in the Senate o f the United States to the effect that the N aval Committee report on the subject o f a reduced rate o f postage across the ocean. A t present the postage is so high as to act in a great measure as a prohibition o f correspondence. est profit to the carriers. said :— It is altogether above the point o f high Mr. Sumner’s remarks were very much to the point. He A letter can be carried three thousand miles in the United States for three cents; but the reasons for cheap postage on land are equally applicable to the ocean. In point o f fact, the conveyance o f letters by sailing or steam packets m ay be carried out for less cost than the conveyance by railways. Besides, cheap ocean postage w ould tend to supersede the clandestine or illicit conveyance o f letters, and to draw into the mail all mailable matter, which is now often entrusted to the pockets o f pas sengers, or the boxes and bales o f merchants. With every new facility of correspond ence, there is naturally a new expansion o f human intercourse; and there is reason to believe— indeed, w ell founded reason to believe— that with the increased number of letters, cheap ocean postage would be self-supported. Further cheap postal communication with foreign countries w’ ould be o f incalculable importance to the Commerce o f the United States. A nd again, by promoting the intercourse o f families and friends, now separated by the ocean, cheap postage would add to the sum o f human happiness. The present high rates o f ocean postage— namely, twenty-four cents on a letter weighing half an ounce, forty-eight cents on one weighing an ounce, and ninety-six cents on one weighing a fraction more than an ounce— are a severe tax upon all, burdensome especially upon the poor, amounting in many cases to absolute prohibition o f all foreign correspondence. This should not be. It particularly becom es our country, by the removal o f all unnecessary restraints upon foreign correspondence, to advance the comfort o f European emigrants now making a home among us, and to destroy, as far as practicable, every barrier to free intercourse between the Old W orld and the New. And, lastly, cheap postage will be a new bond o f peace among nations, and w ill ex tend good w ill among men. Such, sir, in brief, seem to me to be the reasons for which this measure is commend able. Much as I rejoice in the American steamers, which now vindicate for us a peaceful supremacy o f the seas, and help to weave a golden tissue between the two hemispheres, I cannot consider these, with all their unquestionable advantages, an equivalent for cheap ocean postage. But, sir, I do not regard one as inconsistent with the other, and I hope both may happily prosper together. I hope the resolution, which is one simply o f inquiry, m ay be adopted. E l ih u B u r r i t t , the learned blacksmith, has been laboring with zeal and energy in Great Britain to secure the boon o f ocean penny postage. England, through the in fluence and efforts o f her R o l a n d H i l l , first gave to the world the idea and the fact of a system of cheap postage on la n d ; and is doubtless ready to co-operate with the United States in the grand project o f cheap postage on the ocean. TH E MERCHANT’S CLERK AND TH E PLOWBOY. The young man w ho leaves the farm-field for the merchant’s desk or the lawyer’s or doctor’s office, thinking to dignify or ennoble his toil, makes a sad mistake. He passes, by that step, from independence to vassalage. H e barters a natural for an artificial pursuit, and he must be the slave o f the caprice o f customers and the chicane o f trade, either to support himself or to acquire fortune. The more artificial a man’s pursuit, the more debasing is it morally and physically. To test it, contrast the mer chant’s clerk with the plowboy. The former may have the most exterior polish, but the latter, under his rough outside, possesses the truer stamina. H e is the freer, franker, happier, and nobler man. W ould that young men might ju dge o f the dignity of labor b y its usefulness and manliness, rather than by the superficial glosses it wears. Therefore, w e never see a man’s nobility in his kid gloves and toilet adornments, but in that sinewy arm, whose outlines, browned by tne sun, betoken a hardy, honest toiler, under whose farmer’s or mechanic’s vest a kingliest heart may beat. Mercantile Miscellanies. G49 THE MERCHANT PEDDLER. OR BUYING CHEAP. Perhaps the reader m ay have a penchant, as a friend o f ours has, for buying things cheap. W e say perhaps— for it is a weakness with which many are troubled, and it is a most expensive one. There are many who have been tempted to lay up goods where moth and rust doth corrupt, m erely because they were obtained cheap, but it is a poor policy, and patronizing peddlers is a still poorer one. One o f these wandering Jews stept into a counting room a few days since, and, after warming his hands, turned to the gentleman occupying the seat o f authority, just then busily engaged in weighing the evidence regarding the true cause o f the recent W hig defeat, so admi rably and differently attributed by the A tla s, the D a ily Advertiser, and the Courier, and politely inquired if he would like to look at a vest pattern ? “ No, no ! Don’t bother me. V ery busy just now.” “ It is the best article and the neatest pattern that you ever saw.” “ Don’t want any vest patterns.” “ But just look, sir,”— and the pedler had a piece o f vesting unfolded, which was really quite neat, and the cogitator, unable to unravel the political web, determined to unravel* the w eb o f the fabric. “ A ll silk, sir ; warranted, and sufficient for two doublebreasted vests, or three with rolling collars.” “ W hat do you ask for it ?” “ Twelve dollars. I bought it in Liverpool, and brought it over with me, and if you want it you shall have it for just what it cost m e— twelve dollars.” “ It is too much, slia’nt give any such a price— but will give you six dollars.” “ O, m y gracious,” exclaimed the peddler, as if astonished at such an offer, “ I can’t think o f i t o f f he walked. In ten minutes the door was opeued, and the peddler thrust in his head : “ Y ou may have it for ten dollars.” “ N o,” was all the reply he got. “ I will say eight, as the very lowest.” :Z “ No, s i r ”— and away went the peddler a second time. The gentleman was about relapsing into his revery upon the disputed question already mentioned, when the peddler re-entered boldly, and laid the vesting on the desk, exclaiming, “ W ell, give us six dollars, and it is yours.” The money was paid, and the peddler was about leaving the door, when he turned round and took from his pocket another roll, and, undoing it, exposed to view a piece o f vesting as far preferable to the other as the new build ing on the corner o f State-street exceeds in height all its neighbors. The gentleman at once made a proposal to exchange. The peddler could’nt think o f such a th in g ; he did’nt mean to sell it on any accoun t; he intended to keep it till he was able to have it made up for himself—but, after considerable trading anil talking, he gave it up, received his first piece and $2, and walked off— making eight dollars for his piece o f vesting. The gentleman, quite satisfied with the exchange, walked up to his tailor’s at noon, threw down the piece, ordering him to cut off sufficient for one vest. “ H ow many vests do you expect it w ill make ?” inquired the tailor. “ Three, o f course,” was the reply. The yard stick went down, and looking up, he informed the purchaser that it would make two, by piecing out the collar with black silk. The idea o f measuring the article had not occurred to him before, but at this piece o f news, he felt a kind o f film spread over his eyes, a lightness o f pocket .troubling his ribs, while the letters s-o-l-d, by a delusion o f his optical nerves, appeared to be written on the outer walls o f all adja cent buildings. H e then inquired the probable worth, and was informed that such vesting could be purchased at about tw o and a quarter per yard. This was sufficient. He has resolved never to patronize a pedler, but to extend his patronage to those good tax-paying citizens w ho have a local habitation and a name.— Evening Gazette. A CURIOUS COMMERCIAL CUSTOM. ; On the 10th o f March, 1852, a singular old custom was revived in Hamburg. When the Exchange was thronged at high noon, tw o o f the city drummers appeared in uni form before the entrance and beat a roll ten minutes long. Then over the great door o f the Exchange they suspended a black tablet inscribed with the name of a bankrupt merchant who had absconded. W hen this was done the bell in one o f the towers— the bell o f shame— rang for twro hours. The tablet remains for three months and a day. In many German cities the bankrupt, as a sign o f his condition, is compelled to wear a straw hat for a year and a day. Mercantile Miscellanies. 65 0 THE LONDON TIM E S ON COMMERCIAL AGENCIES. A late number o f the London Times, under the head o f “ Novel Commercial Inquirer ,” has the following remarks on the American system o f ascertaining the character and standing o f merchants and business men throughout the coun try:— There appeared recently in the Times, an article giving an account o f the steam communication in the United States, o f its vast extent, and rapid increase within the last few years. Connected with the subject o f commercial enterprise, which steam navigation has tended to develop in an extraordinary degree, we have heard o f a novel system o f protection, which has arisen out o f the peculiar position o f the traders in the Union, their go-ahead spirit o f speculation, and the wide extent o f their commer cial transactions. There exists now in N ew Y ork an office where, b y the payment o f an annual subscription, any person m ay obtain correct information as to the character, business habits, respectability, and responsibility o f any commercial man in the Union. The establishment employs a manager and a number o f clerks. Should a stranger come to N ew Y ork or any other city for business purposes, and seek to open a credit account with any mercantile house, (as the Yankees do not always come provided with letters o f introduction,) the party so applied to send the name and address o f the ap plicant to the office o f reference, where he is directly furnished with full particulars respecting him. Should the office not be at the moment in full possession o f the ne cessary facts, the inquirer w ill be requested to call again in a few hours or the follow ing morning. In the mean time, by the help o f the electric telegraph, and their cor respondents in all the principal towns o f the Union, they are almost in every case enabled to obtain the required information in a few hours. They have books o f refer ence for the several States regularly tabulated and indexed, so that on applying to the clerk o f any particular State the required information can be furnished almost instantaneously. The importance o f such a system in an extensive country, where commercial transactions must be carried on to a great extent upon the credit and char acter o f the parties concerned, is manifest, and is another remarkable p roof o f the smartness o f Brother Jonathan in accommodating him self to all the exigencies o f his situation. A PROVERB FOR MERCHANTS, “A bird in the hand is worth two in the bush.” The extreme caution ridiculed by this proverb is o f a kind which one would hardly have expected to be popular in a comm ercial country. I f this were acted upon, there w ould be an end o f trade and Commerce, and all capital would lie dead at the banker’s— as a bird who was held safe. The truth is, our whole practice is o f a directly opposite kind. W e regard a bird in the hand as worth only a bird ; and w e know there is no chance o f making it worth tw o birds— not to speak o f the hop,e o f a dozen— without letting it out o f the hand. Inasmuch, however, as the proverb also means to exhort us not to give up a good certainty for a tempting uncertainty, w e do most fully coincide in its prudence and sound sense. It is identical with the French, " M ieux vaut un ‘ tiens’ quo deux ‘ tu l’auras,’ ”— one “ take this” is better than two “ thou shalt have it ;” identical also with the Italian ; “ E meglio un uovo oggi, che una gallina d o m a n i an egg to-day is better than a hen to-morrow. It owes its origin to the A rabic— “ A thousand cranes in the air, are not worth one sparrow in the fist.” A LADY SHIP-M A STER, Am ongst the fleet lately wind-bound in Lamlash, not the least, but perhaps the greatest wonder, was the good old brig Cleotus, o f Saltcoats, which for more than tw enty years has been commanded by an heroic and exceedingly clever young lady, Miss Betsy Miller, daughter o f the late Mr. W . Miller, ship-owner and wood-merchant o f that town. H e was concerned with several vesssls, both in the American and coasting trade. Miss Betsy, before she went to sea, acted as “ ship’s husband ” to her father, and seeing how the captains in many cases behaved, her romantic and adventurous spirit im pelled her to go to sea herself. Her father gratified her caprice, and gave her the command o f the Cleotus, which she holds to the present day, and she has weathered the storms o f the deep when many commanders o f the other sex have been driven on the rocks. The Cleotus is well known in the ports o f Belfast, Dublin, Cork, etc. The Book Trade. 651 THE BOOK TRADE. 1. — A Compendium o f the Law and Practice o f Injunctions and o f Interlocutory Orders in the nature o f Injunctions. B y the Hon. R o b e r t H e n r y E d e n , o f Lin coln’s Inn, Barrister at Law. W ith copious notes and references to the American and English decisions. A lso an Introduction and an A ppen dix o f Practical Forms, b y Thomas W . Waterman, Counsellor at Law. Third Edition. 2 vols., 8vo. N ew Y o rk : Banks, Gould, & Co. That this is the only work o f any moment covering the same ground, is accounted for in the fact that the elegant, lucid, and profound treatise o f Mr. Eden is so complete as to render any other book on the same subject a work o f supererogation. In a style so beautiful for its simplicity, the author o f the present work goes over the entire ground o f injunctions, so concisely and plainly, ana yet so learnedly, that the student and experienced lawyer are alike instructed. The first edition o f this work was pub lished by Gould, Banks, & Co., in 1839, since which two large editions o f the work have been sold in this country. It is referred to and quoted in the writings o f Chan cellor Kent and Judge Story, and it is doubted whether there has ever been a law book that commanded more universal and implicit deference in the higher walks o f the profession. Mr. Waterman, the American editor, has greatly improved the pres ent edition, by accompanying the English text with American notes and references, so ample as to make a com plete American work. The reports o f every State in the Union have been carefully and thoroughly examined, and every important decision has not only been cited, but has formed in the hands o f the learned editor the subject o f elaborate comment. Besides an able introduction, in which are discussed the lead ing principles o f law relative to injunctions, Mr. Waterman has added copious notes, containing full citations from English as w ell as American cases, an appendix o f prac tical forms, a full index to the notes, and greatly enlarged tables o f contents. The publishers deserve great credit for the style in which this, and indeed all the law lit erature that emanates from their press, is produced. 2. — The Lesser W ritings o f Samuel Hahnemann. Collected and translated by R. E. W ith a preface, by E. E. M a r c y , M. D.. author o f the “ H o m e o pathic Theory o f Practice.” 8vo., pp. 784. N ew Y o r k W illia m Radde. D udgeon , M. D. A s the present volume comprises many cleverly expressed views o f general interest to all classes, it certainly commends itself to the attention o f all who feel an interest in the advancement o f the healing art. Several o f the papers were written while the illustrious founder o f Hom eopathy belonged to the old school, and several years pre vious to the discovery o f the new principle o f cure. The opinions o f Hahnemann have stood the test o f half a century, and his great law o f cure, similia similibus curantur, stands forth before the world, and will, we doubt not, ever continue to stand, an immutable and glorious truth. 3. —H r. Caspari's Homeopathic Homestic Physician. Edited by F. Hartman, M. D., author o f “ The A cute and Chronic Diseases.” 4 vols. N ew Y o rk : W illiam Radde. The present edition o f this work was translated from the eighth German edition, and is enriched by a treatise on Anatom y and Physiology by Dr. Esrey, an eminent practitioner o f the homeopathic school. It contains also a chapter on Mesmerism and Magnetism, together with directions to enable patients living at a distance from a homeopathic physician to describe their symptoms. It is introduced to the American public by a preface from Dr. Herring o f Philadelphia, who has made some valuable additions, the result o f a large and extensive practice. A copy o f this work should find a place in every family adopting the system o f Hahnemann, the learned and scientific founder o f Homeopathy. 4. — L ife o f the A postle P eter , in a Series o f P ractical Discourses. B y A Bishop o f Delaware. 16mo., pp. 351. N ew Y o rk : Stanford & Swords. lfred L ee, The contents o f this work are composed o f a series o f discourses prepared by the author in the course o f his parochial duty. They contain many allusions to questions o f interest at the present day, and are composed in an agreeable style, and with an elevated and devotional spirit. 652 5. The Book Trade. — The Works o f Shakspeare: t h e t e x t carefully r e s t o r e d a c c o r d in g t o t h e fir s t editions; with introductions, notes, original and selected, a n d a life o f the poet by Rev. H. N. Hudson; in eleven volumes. Vols. 2, 8 ,4 . 12mo., pp. 474, 504, a n d 465. Boston: Munroe &. Co. This m ay ju stly be regarded as the best edition o f Shakespeare which has made its appearance in recent years. There have been a few others which in some r e je c t s would compare with it, but no one has been prepared under similar views on the part o f the editor. Mr. Hudson is one o f the most familiar and accomplished scholars in English literature, and more especially in every thing relating to the writings of Shakspeare. The approbation with which his lectures on Shakespeare, in former years, were received by American scholars, is well known. His aim in this edition is to restore the text as far as possible to the language o f the original, and to strip it o f the thousands o f verbal alterations which have been made in it, to suit the fancies o f modern commentators. Each play is prefaced by an admirably written introduction, which is full in all points o f interest to the most intelligent readers. Each one is also accompanied with foot notes, relating to every word or point in the text which may be a matter o f criticism. The discrimination and judgm ent manifested in their prepa ration is truly vast. The three volumes before us contain the following p la y s : “ Measure for Measure,” “ Much A d o about Nothing,” “ A Midsummer Night’s Dream,” “ Love's Labor Lost,” “ The Merchant o f Venice,” “ A s Y ou Like It,” “ A ll’s W ell that Ends W ell,” “ The Taming o f the Shrew,” “ Winter’s Tale,” “ The Com edy o f Errors,” “ Macbeth,” and “ King John.” 6. — The Massachusetts Register: a State Record for the Year 1852, containing a Business Directory o f the State, with a variety o f Useful Information. By G eorge A daxM s . A w ork bearing a similar title has been published iu Boston for more than eighty y ears; but up to 1847 it possessed little value or interest; at that time it passed into the hands o f J a m e s F r e n c h , as publisher, and N a h u m C a p e n , a gentleman o f consider able statistical tact and talent, and, from 1847 to 1851, it made not only a respectable appearance, but contained a large amount o f information to business men generally. The volume before us (1852) comes out under the auspices o f Mr. George Adams, to whom the citizens o f Boston have for several years past been indebted for the annual publication o f a directory o f their city, which is altogether unequaled by that o f any other in the United States, in accuracy, in the amount o f information it embraces, and in its general arrangement. This year, under the editorial conduct o f Mr. Adams, it appears in an enlarged form, and greatly improved in every other respect. 7. — The Hydropathic Encyclopedia; a System o f Hydropathy and Hygiene. Designed as a Guide to Families and Students, and a Text-Book f o r Physicians. By R. T. T r all , M. D. With numerous Illustrations. 2 vols., large 12mo., p p. 460 and 504. N ew Y ork : Fowlers and W ells. These two volumes present as neat and tasteful an appearance as any medical work which has recently been issued from the press. Their contents embrace an entire system o f the theory and practice o f water-cure; or, in other words, they explain the application o f the water-cure to every department o f medical practice, such as surgery, midwifery, diseases, <fcc. In addition, they contain a concise and complete work on anatomy, illustrated with very distinct and well executed cuts. The volumes are justly called an encyclopedia, from the fullness and completeness o f their contents. They have been prepared with a complete intelligence o f the subject, and with discrimina tion and correctness. They furnish all the information that can be desired by any who are desirous to understand or practice the system. — Harper's New Monthly Magazine. V ol. 3, June to November, 1851. Large Svo., pp. 864. New Y o rk : Harper & Brothers. Harper’s Magazine is so well known and such a universal favorite, that it would in dicate a want o f good taste vo speak o f its merits, and a want o f intelligence to pre sume that any readers are not familiar with its contents. The idea o f such a publi cation was for some time bandied back and forth among the publishers until it was taken up by the Harpers, and at once sprang into life as an unparalleled enterprise A s a representation o f the lighter literature o f the day, as a publication for universal entertainment, it is without an equal in the civilized world. Nor is its value transitory, it must hold a permanent place in libraries for the excellence o f its contents, the pol ished thought, fine writing, and genial spirit which it represents. 8. The Book Trade. 653 9 .— The Isthmus o f Tehuantepec: Being the Results o f a Survey fo r a Railroad to Connect the Atlantic and Pacific Oceans, made by the Scientific Commission under the Direction o f Major J. G. diamond, JJ. S. Engineers, with a Resume o f the Geology, Climate, local Geography, Productive Industry, Fauna and Flora, o f that Re gion. Illustrated with Numerous Maps and Engravings, Arranged and Prepared fo r the Tehuantepec Railroad Company o f New Orleans. B y J. J. W i l l i a m s , prin cipal Assistant Engineer. 8vo., pp. 295. N ew Y ork : D. A ppleton & Co. The contents o f this work furnish the most complete and reliable information re specting the facilities for a railroad across the Isthmus o f Tehuantepec. There ap pears to be no point o f interest or importance connected with the route, which has been overlooked in the compilation o f the work. It is profusely embellished with en gravings and accompanied with numerous maps o f the route. Not only those who feel an interest in this enterprise, but the general reader w ill be greatly interested in the contents o f these pages. 00.— Cousin's Course o f the History o f Modern Philosophy. W i g h t . 2 vols. N ew Y o rk : D. Appleton & Co. Translated by 0 . W . W e have compared this translation with other translations o f parts o f the same great work, and our friends have compared it with the original, and the verdict is the same. Mr. W ight, who is a self-educated young clergym an o f great promise, has done himself lasting credit and rendered the student o f philosophy an immense service by his faithful, spirited, and entirely successful rendition into our good mother tongue o f this master-piece o f the orator-philosopher o f France. W e trust that, neither the spirited publishers nor their energetic scholar w ill fail o f being gen erously appreciated by a public which gives such kind welcom e to works not to be named in the same day with this. 11. — Four Lectures on the Offices" and Ceremonies o f Holy Week, as Performed in the Papal Chapels. Delivered in Rome in the Lent o f 1837. B y Cardinal W is e m a n . 12mo., pp. 204. Baltimore : J. Murphy Co. These discourses, although pretending m erely to explain the ceremonies and offices o f holy week, contain many features which impart to them far more than ordinary interest. T hey develop the manner in which architecture, music, poetry, paiuting, and sculpture, have all been consecrated by the genius o f catholicity to devotional pur poses. Its pages, therefore, possess an artistic and historical value independent of their great interest to the strictly religious reader. — Lectures on Mental Science According to the Philosophy o f Phrenology. Deliv ered before the Anthropological Society o f the Western Liberal lntsitute. B y llev. 12. G-. S. W eaver. Illustrated with engravings. 12mo., pp. 225. New Y o r k : Fowlers & W ells. The champions o f phrenology are among the most industrious o f men. N o science at the present day is more examined, investigated, and pushed to its highest develop ment with the vigor which belongs to these truths. The volum e before us is an im portant addition to this field o f knowledge. It is an able and scientific view o f the philosophy o f the mind on phrenological principles. 31 .— The Constitutions o f the Several States o f the Union, and United States, In cluding the Declaration o f Independence, and Articles o f Confederation. Taken from Authentic Documents. 8vo., pp. 556. N ew Y ork : A . S. Barnes & Co. The title page, which w e have quoted above, clearly and succinctly describes the character and contents o f this v olu m e; and however much the constitutions o f the Union, or o f the thirty-one States o f our “ great and glorious R ep u blic” are open to criticism, the book itself is entirely above it, as it is just what, and no more than it purports to be, namely, a faithful repository o f the different constitutions of the thirtyone “ sovereign and independent S tates” o f the United States of North America. 14 .— The First Book o f Etymology : Designed to Promote Precision in the Use and Facilitate the Acquisition o f the Knowledge o f the English Language, for Beginners : on the Basis o f “ the First Book o f Etymology ” by James Lynd. B y J. T homas. 12mo., pp. 261. Philadelphia: E. 0 . <£ J. Biddle. The suffixes and prefixes o f our language are explained in the first part of thfelittle volume, in such a manner as greatly to aid the youth in their apprehension. In: Sub sequent pages their combination with the root is also explained. # The Book Trade. 65 4 15. — M adeleine: a Tale o f Auvergne, foun ded on fa ct. N ew Y o r k : D. A ppleton <Sc Co. B y J u l ia K a v a n a g h . 12mo. F ew authors possess more pow er in the delineation o f the deep or w ild emotions and feelings o f the female heart than this accomplished writer. The scenes o f this tale are described with unusual energy, pathos, and beauty. 16. — M ay M artin, and other Tales o f the Green Mountains. B y the author o f “ The Green Mountain Boys.” A new edition. 12mo., pp. 380. Boston: B. B. Mussey. The first o f these tales has had quite an extensive sale in this country and Europe. It is now presented in a revised form with many others, which are very pleasant and agreeable stories. The author possesses a rich and chastened imagination, and wields a smooth and flowing pen. 17. — Home N a rratives; or Stories fr o m Household Words. Edited b y C h a r l e s N o . Y I . Putnam’s Semi-Monthly Library. 12mo., pp. 238. N ew Y o r k : G. P. Putnam. Selections from Dickens, like this volume, should be extrem ely entertaining and good. Such the reader will find these pages. Although the articles have previously appeared in the “ Household W ords,” they are w ell worthy o f the m ore permanent form which they receive in this excellent and popular series. D ic k e n s . 18. — Uncle Tonis Log, or L ife A m ong the Lowly. 2 vols. 12mo., pp. B oston: John P. Jewett. Mrs. H a r b ie t B e e c h e r S t o w . It has been the unusual fortune o f this work to obtain a sale o f ten thousand copies in two weeks, and twenty thousand in less than a month. The publishers cannot sup p ly the demand for it. The hero is a negro sla v e ; and the object o f the work is to dlustrate slave life in its best and worst aspects. It is free from bitterness or anything that can offend the prejudices o f any. But it is a most graphic and pow erfully writ ten story, and will convulse with laughter and bathe in tears those who read its pages. It is unquestionably the greatest tale o f the day for popular readers. 19. — The B ook o f Ballads. Edited b y B on G u a l t ie r . pp. 215. N ew Y ork : J. S. Redfield. W ith Illustrations. 12mo., Many o f these ballads are written in the burlesque style, and they caricature, more especially the art o f pulling. But they are quite clever and agreeable. 20. —Gleanings and Groupings fr o m a P astor’ s P ortfolio. 12m o, pp. 360. N ew Y ork : A . S. Barnes. B y R ev. J. N. D a n fo r th . These sketches possess many attractive points for a general reader. They are care fully written, with smoothness and finish o f style, thoughtful, placid, portraying true feeling, and with much interesting narrative; they will beguile many an h ur very pleasantly. 21. —Margaret 316. Cecil, or ‘ I Can Because I Ought." N ew Y o r k : D. A ppleton & Co. B y C o u s in K ate. 12mo., pp. This is an exceedingly attractive tale, delineating that strength and force o f charac ter which is required to do right because it is one’s duty. It is w ell written, and can not fail to please all readers. 22. —A Faggot o f French S ticks; or P a ris in 1851. B y S i r F r a n c is H e a d . volumes in one. 12mo., pp. 495. N ew Y o r k : G. P. Putnam. Two This will prove an exceedingly entertaining volume to all those who are curious to know what sights m ay be seen in the streets o f Paris. The author, who writes in a lively and vigorous style, spent some months in Paris in 1851, and took special care to see whatever could be seen that might interest a stranger. A reader could hardly know more o f the city by a visit to it than m ay be learned from these pages. 23. —“ A s Good as a Comedy,” or the Tennessean’s Story. 251. Philadelphia : A . Hart. By an E d i t o r . 12mo. p p . ’ Full o f humor, and literally “ A s Good as a Comedy.” 24. —Marcus l in e W a rla n d ; or the Long M oss Spring. A Tale o f the South. 12mo., pp. 287. Philadelphia: A . Hart. B y Caro L ee H entz. The scenes o f this tale are laid in the Southern States. drawn with a glowing pen. They are entertaining, and The Book Trade, 655 25. — The A m erican M uck B ook ; Treating o f the N ature, P roperties, Sources, H is tory, and Operations b f all the P rin cip al Fertilizers and Manures in Common Use. with Specific D irections f o r their Preparation, Preservation, and A pplication to the Soil, and to Crops, as Combined with the Leading P rinciples o f P ractical and Scientific Tarminq. Illustrated with Enqravinqs. By D. J. B rowne . 12mo., pp. 422. N ew Y ork : C. M. Saxton. Little need be said regarding the subject o f a volume which the title so fully ex plains. It presents rather the practical chemistry o f the article o f which it treats, and w ill unquestionably prove a valuable auxiliary, in connection with other works, on the manner o f applying manures. 26. — R ural Architecture. B eing a Complete D escription o f Farm-houses, Cottages, and Outbuildings, Comprising Wood-houses, Workshops, Tool-houses, Carriage and W agon houses, Stables, Smoke and A sh houses, Ice-houses, A p ia r y or Bee houses, Poultry-houses, A c .; with Lawns, Pleasure-grounds, and P a r k s ; Flower, Fruit, and Vegetable G ardens; and the Best Method o f Conducting W ater to Cattleyards, Ac. B y L. F. A llen . Beautifully Illustrated. 12mo., pp. 384. N ew Y ork : C. M. Saxton. F ew subjects are more important to the farmer than that o f which this book treats. It is very full and complete in its information, although chiefly a compilation from the best works on the subject. 27. — A Journey Through Tartary, Thibet, and China. B y M. Hue. 12mo., pp. 245 and 248. N ew Y o r k : D. A ppleton & Co. In 2 vols., These volumes form a part o f Appletons’ Library o f Readable Books. They are full o f nozelty, danger and excitement, although they consist o f an abridged narrative o f travels through the above mentioned countries in 1 8 44-5 -6, by a French Catholic Missionary and his assistant. 28. — T he Glory o f C h rist; Illustrated in H is Character and History, Including the Last 'Things o f H is Mediatorial Government. B y G a r d in e r S p r in g . 2 vols., 8vo., pp. 301 and 308. N ew Y o r k : M. W . Dodd. This writer is already well-known to the public, both as a preacher and as an author. The contents o f these volumes consist o f twenty chapters, each o f which con eiders the glory o f the Savior in some one o f his offices or characteristics. The style and manner o f the author are striking and energetic; but we can scarcely discern anything particularly new or important in relation to the volumes, unless it be the name o f the author. To his friends the volumes will, o f course, be invaluable, but as contributions to theological science, or literature, or as appeals to mankind in behalf o f anything more than the special views o f a religious denomination, they are d e ficient in interest 29. — The Household o f S ir Thomas M ore. New Y o rk : Charles Scribner. B y M aruareta M ore . 12mo., pp. 174. This charming little volume ha9 been issued in a very tastful style. The daughter o f Sir Thomas was as accomplished as a woman, as her father wa3 great and eminent as a man. There are few small works in the English language that can compare in merit with these pages. The orthography o f the old time has been preserved, which adds much to its effect. 30. — The Desert H o m e; or, the Adventures o f a Lost Fam ily in the Wilderness. By W ith T w elve Illustrations. 12mo., pp. 411. B oston: Ticknor, Reed & Fields. O apt . M ayne R eid . This work is designed chiefly for youthful readers, although there is sufficient inter est in the narrative to entertain the more grave and serious. It is written by a pen that is always lively, and often sparkling and brilliant, and delineates the adventures o f a family lost in the Great American Desert o f which, in this tale, New M exico, as well as Utah, i3 regarded as a portion. 31. — Lyra, and other Poems. B y A lice C a r e y . 12mo., pp. 175. New York : J. S Redfield. W hatever this writer produces is smooth, graceful, and polished. Such is the merit o f these poems. But she does not appear to possess an unusual talent for poetry although there are here many striking and pleasing passages. 050 The Book Trade. 32. — W esley and Methodism. per A Brothers. B y I saac T a y l o r . 12mo., pp. 328. N ew Y o r k : Har Isaac Taylor has long been held in high repute b y the public. A n y work from his pen is certain to be something more than ordinary, and to make an impression. In these pages he regards Methodism as a new phase o f modern days— as the startingpoint o f the religious movement o f the present time, and as now about to enter upon a full development o f its peculiar character, or “ mission,” as some w ould term it. This is the leading topic o f the w o r k ; and “ the next coming developm ent o f the power o f the Gospel ” is contemplated with great force and eloquence, and with a compass o f thought which will awaken a strong interest in the mind. 33. — Tallis's Scripture N atural H istory f o r Youth. Parts 11 and 12. 16mo. Hew Y o r k : J. Tallis A Co. W e have often had occasion to speak o f the taste and elegance with which the plates o f all the various classes o f animals and birds mentioned in Scripture are exe cuted in this work. The accompanying text explains all that m ay strictly be regarded as their natural history, and, as a specimen o f letter-press, is quite neat. 34. — The B ritish Colonies. B y R. M. M a r t ix . Part 37. N ew Y o r k : J. Tallis A Co. In this part, the history o f the settlement o f the Cape o f G ood H ope is com menced. I t contains, likewise, a m ap o f Africa. 35. — Illustrated A tla s and Modern H istory o f the World. Part 46. N ew Y ork : J. Tallis & Co. The contents o f this part are a m ap o f N ew Y ork city, with many elegant views engraved in the margin, and some additional pages o f the index. 36. — The Phonographic T eacher: Being an Inductive Exposition o f Phonography, Intended as a School Booh, and to A fford thorough Instruction to those who have not the Assistance o f an Oral Teacher. B y E. W ebster . 18ino., pp. 103. N ew Y ork : Fowlers and W ells. Phonography m ay now be regarded as “ a fixed fact.” The success with which the speeches and proceedings o f public meetings are reported by its aid, is greater than with any other method. The little manual before us w ill be found very useful to any one who attempts to acquire this art b y his own exertions. 37. — H ungary in 1 8 5 1 ; W ith an Experience o f the A ustrian P olice. 12mo., pp. 419. N ew Y ork : Charles Scribner. B y C h arles L orin g B ra c e . Mr. Brace, it must be admitted on all hands, had unusual advantages for observing thoroughly the condition and feelings o f the masses o f the Hungarian people ; and he has succeeded in presenting what bears on its face a faithful and accurate picture of the feelings and condition o f the Hungarian people. There is a freshness and force in the author’s style, and a glow o f sym pathy for the heroic and unfortunate Hungari ans, that w ill find a response in every republican heart. In the appendix there are some interesting statistics o f the population and trade o f Hungary, which w e shall have occasion to refer to hereafter. The work is illustrated with six fine engravings. ERRATA FOR TilE APRIL AND MAY NUMBERS, In the article on the “ L aw o f Progress in the relations o f Capital and Labor,” by Richard Sulley, published in the A p ril number o f this Magazine, page 449, 30th line from the top, for “ Coiner to his friend ” read “ Corner to his friend,” and in 25th line on page 452, same number, for “ 27,000,000 yards p e r w eek" read “ 27,000,000 yards per annum ” In the article entitled “ A National Currency: Confidence its Basis,” on page 616 o f the present number o f the Merchants' Magazine, tenth line from the top, for “ The views o f H a ll” read “ The views o f Dr. R obert H a r e .”
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