Full text of The Merchants' Magazine and Commercial Review : May 1857, Vol. XXXVI, No. V

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

MERCHANTS’ MAGAZINE
AND

EOMMERCIAL REVIEW.
M A Y ,

1 857.

Art. I.—FINANCES AND DEBTS OP TIIE STATES OF TIIE UNION.
MAINE— MASSACHUSETTS— RHODE I8LAND— N E W Y O RK — N E W JERSEY— PENN SYLVANIA— D ELAW ARE—
NORTH CAROLINA— SOUTH CAROLIN A— LOUISIAN A— ARK A N S A S — OHIO— IN D IA N A — ILLINOIS— MICHI­
GAN— WISCONSIN— IO W A .

I n the previous volumes of the Merchants' Magazine we have from time
to time published a synopsis o f the financial account o f each State, as it
has been laid before that State’s Legislature. In some articles we have
combined these several accounts, thus affording, as far as possible, a col­
lective (if not perfectly complete) view o f the financial system, and of the
indebtedness o f the States o f the Union. There is a similarity in these
accounts, and also a remarkable diversity, arising from the different policy
of the States in their system of expenditures. Most of the State Legis­
latures hold their annual or biennial sessions in the winter season. Owing
to this circumstance, we are enabled to collect facts and figures relative
to the financial condition of those States which refer to nearly the same
period of time. W e have already published, in previous numbers o f this
volume, the treasury accounts o f some of the States as they were laid be­
fore their respective Legislatures in the winter of 1856-57 ; and we now
publish similar accounts o f those other States, the Legislatures o f which
met during the same recent period. The Legislatures of thirteen States
hold annual sessions. Eighteen hold biennial sessions— nine o f them in
the even years, (1856,1858, etc.,) and nine in the odd years, (1855, 1857,
etc.) In the desire o f making this article as complete as possible, we
have prepared a table showing the total receipts and expenditures o f all
of the States during their last fiscal year. It may be remarked here that
it is not an easy task to prepare a correct table o f the State debts under




532

Finances and Debts o f the States o f the Union.

a few headings, since it is necessary to closely examine the original docu­
ments. In some States, the “ public, debt,” spoken of in their treasury
reports, is chiefly funded debt; in others, it is entirely contingent and
floating debt; in some others, the total of the “ public debt” includes
certain “ trust funds,” as those for schools, asylums, etc., and-frequently it
comprises certain “ liabilities,” which the State has assumed by its indorse­
ment of bonds for internal improvement companies, etc. It would ex­
tend the article to too great a length if we should attempt here to give a
detailed account of each State’s finances and debt, and this is also unne­
cessary, as we have in various former volumes treated of these topics sev­
erally. W e append to the present notice o f each State a list o f those
numbers of this Magazine in which the same subjects have been heretofore
examined.
The following table exhibits the total receipts and expenditures of every
State in the Union (except Delaware and California) during its last fiscal
year:—
TREASURY ACCOUNT FOR THE LAST FISCAL YEAR.

States.

Close of
fiscal year.

Balance of
1855.

Total
receipts.

Total
expenditures.

Balance of
1856.

Maine...............December 31 $39,130 37 $593,312 04 $486,165 00 $146,217 41
N. Hampshire. .June
1
21,680 49
196,591 95
199,052 90
19,219 54
31
16,700 69
V erm ont.........August
135,079 38
148,258 51
3.521 46
Massachusetts. .December 31 167,122 28 2.495,676 51 2,607,955 53 144,843 26
Rhode Island...April
30
21,165 00
196,135 00
200,795 00
16,505 00
Connecticut... .March
31
36,401 56
611,478 15
628,147 40
19,732 31
New York....... September 30 3,127,510 98 14,877,190 11 14,563,110 68 3,241,590 41
New J ersey.. .December 31
123 30
181.224 09
180,035 21
1,012 18
Pennsylvania ..November 30 1,243.697 31 5,378,240 33 5,377,142 22 1,244,795 42
Maryland........ September 30 592,922 03 1,230,522 00 1,230,508 00 592,936 03
Virginia............September 30
21,323 85 7,645,799 92 7,581,751 63
85,372 14
North Carolina.October
31 127,343 15
391,901 97
South Carolina-September 30 136,809 64
...................
139,625 66
Alabama..........September 30 1,202,647 96
486,867 62 1,503,788 90
798,008 46
Florida............ October
31
.................
85,365 19 .................
68,365 10
Mississippi.. . January
1
88,934 12
313,248 95 259,407 40
483,722 23
Louisiana........ December 31 632,395 88 2,223,868 67 1,953,849 84 902,414 71
Ohio.................. November 15 703,370 08 3,588,353 81 3,712,206 32 679,517 57
Michigan.........November 30 516,475 15
639,879 00 387,596 15
511.000 00
Missouri............September 30 232,030 58
478,113 98 271,899 94
517,983 34
Wisconsin........ December 31
42,626 06
77,053 53
717,775 71 *650,884 90

The following table is of precisely similar character, except that the
statistics are for the fiscal years ending in 1855, while the preceding sta­
tistics are for the fiscal years ending in 1856 :—
Kentucky..........October
Indiana...............October
' Texas..................October

10 111,720 31
31 963,630 98
31 1,741,062 98

883,707 49
1,204,683 99
123,243 23

739,696 25 255,731 55
1,700,090 82 468,224 15
249,558 07 1,614,748 14

The following table is also of the same character, except that the sta­
tistics of each State are for the period o f two years, viz.:— Georgia and
Tennessee for the years 1853-55 ; and Arkansas, Illinois, and Iowa for
the years 1854-56 :—
G eorgia.......... September
Tennessee ____ September
Arkansas......... September
Illinois..............November
Iowa................ October

30
30
30
30
31

90,703 24 1,112,871
206,431 80 1,035,715
58,771 87
332,287
............... f3 ,629,571
10,006 86
250,399

52
22
57
90
45

946,874
1,154,307
213,832
2,436,542
249,149

* Exclusive o f the deficiency of the late treasurer—$82,358 84.
t This statement of receipts includes the balance of previous year.




97 256,699 79
79
87,839 22
82 177,226 62
47 1,193,029 43
85
11,266 46

Finances and Debts o f the States o f the Union.

533

FINANCED AND DEBT OF MAINE.

From the report of Hon. I saac R eed, Treasurer of Maine, it appears
that the transactions of the State treasury in the year ending December
31, 1856, were as follows:— Balance from 1855, $30,130 3 7 ; receipts
from all sources, $593,312 0 4 ; total resources, $632,442 4 1 ; disburse­
ments, $486,165 0 0 ; balance in treasury, December 31,1856, $146,217 41.
The principal receipts were— State taxes collected, $211,384 6 8 ; State
bonds sold, $180,000; premium on same, $3,668 4 9 ; receipts from land
agent, for use of State, $94,236 30; tax on banks, $75,835 77. The
principal disbursements were— State bonds paid, $ 38,000 ; coupons,
$37,940; pay rolls o f Legislature and Council, $47,517 2 5 ; salaries of
State officers, $28,553 20; roll of accounts, $21,819 2 8 ; costs in crim­
inal prosecutions, $21,189 0 8 ; reform school, $25,162; State prison,
$10,740 8 8 ; insane hospital, $10,004. O f the Trust Funds in the hands
of the treasurer, there is the permanent School Fund, from sale of lands,
now amounting to $136,346 5 4 ; money received for stumpage and grass
on “ reserved lots,” $103,151; Penobscot Indians’ Fund, $53,060 31 ;
Passamaquoddy Indians’ Fund, $21,700; county taxes, $3,803 04.
Governor H amlin, in his message, states that “ the whole amount of
the funded debt o f the State, December 31, 1856, was $699,000; o f that
sum, $30,000 will become due March 1, 1857, which will be paid at that
time, and the current expenses of the year will be discharged, without re­
sorting to any other means than the usual tax imposed by the Legislature.
No legislation will be required to provide for the payment o f the sum.”
On the subject of rechartering the banks in the State, Gov. H amlin
thus remarks:— “ It will be seen, on examination o f the law, that the
charters of all the banks in the State will expire on the 1st day o f Octo­
ber, 1857. The subject o f their recharter will invite your attention. The
system of banking in Maine, as a whole, has proved a safe one for the
public. No losses to the public have taken place, it is believed, which
cannot be traced to a violation of the spirit, or letter, of the law. Such
additional safeguards as time and experience shall have proved to be ne­
cessary for the safety of the community should be added. It may be
deemed expedient to designate some officer, by law, who shall deliver to
each bank blank bills, duly countersigned and registered, which shall con­
stitute the circulation o f the bank; and also to determine by law the
amount o f bills to be thus delivered.”
[The Merchants' Magazine for December, 1847, (vol. xvii., pp. 579-581,) con­
tains a very full statement of the finances, resources, and general condition of
Maine. Subsequent statements were given in April, 1853, (vol. xxviii., p. 484,)
and in October, 1854, (vol. xxxi., p. 420.) The amount of stock issued by Maine
np to 1838, is stated in vol. i., p. 175.]
FINANCES AND DEBT OF MASSACHUSETTS.

Governor G ardiner, in his address to the two branches of the Legis­
lature of Massachusetts, refers to the fact that the financial credit o f the
Commonwealth in the money marts of the world has for many years been
proverbial, and proceeds thus:— “ For a long period her ordinary receipts
were ample to meet the expenditures, without the assessment o f any State
tax, but of late her large disbursements, mainly on account of her legis­
lative, educational, charitable, and reformatory institutions, have greatly
outrun her receipts, till, for some years, a large and increasing annual tax




534

Finances and Debts o f the States o f the Union.

has become necessary. The time has now fully arrived, not only for econ­
omy, but for retrenchment and reform, since without it, an annual State
tax o f some $600,000 to $800,000 cannot be avoided.”
Gov. G ahdiner mentions “ that in every branch of expenditure but two,
a considerable saving has been effected in 1850, as compared with the
year previous, amounting in the aggregate to over $156,000; and that
while the total ordinary expenses of 1855 exceeded the total ordinary re­
ceipts in the sum o f $244,812, the aggregate ordinary receipts o f the past
year exceeded the aggregate ordinary expenses by $110,940. The two
items of expense which are this year increased, are “ Legislative and Ex­
ecutive,” which is about $42,000 larger, owing to the unprecedented length
of the last session o f the Legislature, and the charge for “ interest,” which
is nearly $41,000 in excess over that of the previous year, in consequence
of our added permanent and temporary loans. The excess of these two
items being deducted, there appears to be a net relative gain in the bal­
ance o f the last, as compared with the previous year, of over $288,000.”
The Governor urges economy in every department of the State govern­
ment, and recommends various provisions for the purpose of curtailing
the public expenditures.
From the Stale Treasurer’s report we learn that the State debt is now
$'7,183,555 56, having been increased in 1856 by the sum o f $370,000.
The larger portion of this debt, viz.: $5,049,555 56, has been contract­
ed by aiding various railroads in the State, as follow s:—
Loaned t> Western Railroad, which loan is due in 1868 to 1 8 7 1 ....
Eastern Railroad, due in 1857 .................................................................
“
“
“
1858-9 .............................................................
Norwich and Worcester Railroad, due in 1858......................................
Boston and Maine Railroad.........................................................................
Boston and Portland Railroad, due 1859................................................
Leaving a balance o f .....................................................................

$3,999,555
100,000
400,000
400,000
100,000
50,000

56
00
00
00
00
00

$5,049,555 66
2,133,000 00

There is due from the above roads, during the present year, the sum of
$600,000, and assurances have been received from the management of the
Eastern and Boston and Maine Railroad Companies that the amounts due
from them will be provided for.
On amount of State scrip issued for the Western Railroad Company
and the State Reform School, there is due this year $1,010,000.
The State assets in the hands of the Treasurer are—
Western Railroad Stock Sinking Fund...................................................
Massachusetts School Fund.......................................................................
State. Almshouse Sinking Fund................................................................
Normal School Fund..................................................................................
School Fund for Indians............................................................................
Charles River and Warren Bridge F u u d ..............................................
Western Railroad Loan Sinking Fund ................................................
Western Railroad stock, (7,056 shares at par)......................................

$1,110,064 37
1,638,621 32
16,600 29
11,900 00
162 60
2,301 50
1,142,415 76
705— 600

Total.................................................................................................
Less amount of rights in loan and fu n d ................................................

$4,635,574 74
161,417 52

Balance.............................................................................................

$4,434,157 22

According to the State Auditor’s report, the public property and re­
sources on the 31st day of December, 1856, was $11,963,305, including




Finances and Debts o f the States o f the Union.

the public buildings and interest on the Back Bay Lands.
debt, January I, 185V, was $397,000.

535

The unfunded

[Articles on Massachusetts finances and debt in previous volumes—vol. i., p.
1V5 : vol. viii., pp. 153,180 ; vol. xvi., p. 20!); vol. xvii., pp. 582-587, (very full
article;) vol. xxii., p. 347 ; vol. xxvi., p. 222 ; vol. xxviii., p. 486 ; vol.. xxxi.,
p. 421 ; and vol. xxxiv., p. 210.]
FINANCES OF RHODE ISLAND.

From the report of the State Auditor of Rhode Island it appears that
the expenditures from the 30th c f April, 1856, to October 31st, 1856,
were £73,267 70, and the receipts, £86,831 24— leaving a balance in the
treasury of £13,583 54. The Public School Fund amounts to $73,517 46 ;
the Public Deposit Fund, $382,335 23 ; and the Touro Synagogue Fund,
$17,680 73. From the 31st of October to the 3 st December, the re­
ceipts of the State Treasury, with the balance on hand, amounted to
$91,681 64, and the payments to $03,931 75, leaving a balance on hand
o f $27,749 89. There are loans remaining unpaid amounting to $30,000.
FINANCES AND DEBT OF NEW YORK.

Governor K ing’s message to the Legislature, January 6, 1857, presents
the condition of the various interests of the State with unusual fullness
and detail:—
STATE OF THE TREASURY.

The balance in the treasury at the commencement of the year was.
Receipts of the treasury from all sources during the fiscal year end­
ing September 30, 1856 .....................................................................

$3,127,510 96

Total...............................................................................................
Total o f payments from the treasury during same period................

$17,804 701 09
14,563.110 68

Leaving an aggregate balance, in the treasury on Sept. 30, 18 5 6...

$3,241,590 41

14,677,190 11

COMMON SCHOOL FUND.

The capital of the Common School Fund is.........................................
Showing an increase during the fiscal year of......................................

$2,491,916 14
34,395 25

The income of the fund for the year is................................................
And the amount appropriated from the inerme of the United States
Deposit Fund for Common Schools and School Dividends is........

158.549 17

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

$324,549 17

165,000 00

The payments from the fund on account of revenue received, viz.
Common school dividends..........................................
$310,000 00
Miscellaneous...............................................................
638 98
310,638 98
LITERATURE FUND.

The capital of the Literature Fund is..................................................
The income of this fund for the year is...................
$18,986 56
And the amount appropriated from the income of
the United States Deposit Fund is.......................
28,000 00
The payment from the fund for dividends to the academies, & c... .

$269,452 12

44,985 56
42,701 9*

UNITED STATES DEPOSIT FUND.

C apital......................................................................................................
Revenue this year....................................................................................
Amount paid from the revenue o f the fund........................................




$4,014,520 71
256.549 03
260,401 40

536

Finances and Debts o f the States o f the Union.
G E N E R A L F U N D S TA TE D E B T .

Amount of debt, exclusive of temporary loans to the treasury, to
be paid from revenues of the General Fund is................................

$6,505,654 Si

G E N E R A L FU N D D E B T S IN K IN G FU N D .

The deficiency in this fund to meet the payment, of the interest on
the State debt has increased during the year $6,928 53, showing
a deficiency on September 30, 1856, o f............................................

$23,780 50

G E N E R A L FUN D R E V E N U E .

The deficiency in the revenue of the General Fund is.......................

$88,007 79

C O N T IN G E N T D E B T O F T H E S TA TE .

State stocks issued and loaned to railroad companies.......................

$770,000 00

The books of the Canal Department furnish the following abstract of
the actual debt outstanding at the close of the last fiscal year, as well as
of the revenue and expenditure of the canals :—
CANAL DEBT.

Under article 7, section 1, of the Constitution....................................
Under article 7, section 3, of the Constitution....................................
Interest paid out of the General Fund.......................

$18,223,704 33
8,760,000 00
442,585 49

Total on September 80, 1856....................................................

$22,416,289 82

R E V E N U E S A N D E X P E N D IT U R E S O F T H E F IS C A L Y E A R .
R E C E IP T S .

Tolls from the canals..............................................................................
Rent of surplus water.............................................................................
Interest on current canal revenues, <S:c..................................................

$2,719,925 63
1,815 00
27,392 77

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

$2,749,133 40

PAYM EN TS.

For repairs of canals..................................................
To collectors, weigh-masters, and miscel. expenses.

$669,406 16
117,227 24
-----------------

786,633 40

“ Surplus revenues ” ...................................................................

$1,963,500 00

Amount set apart by article 7 of the Constitution to pay the interest and redeem
the principal of the State debt, viz.:—
For that part of debt called the Canal Debt, sec. 1. $1,700,000 00
For that part of debt called the General Fund Debt,
260,500 00
(three-lourths of $350,000,) sec. 2 .......................
-----------------$1,960,500 00
Tolls received in the fiscal year ending September 30, 1856............
2,719,925 63
Tolls received in the fiscal year ending September 30, 1855............
2,1)31,491 11
Increase..........................................................................................
Received from the treasury on account of taxes, under chapter 835,
section 2, laws of 1855........................................................................
Which has been applied to the Sinking Fund, viz.:—
For the General Fund debt....................... ................
For the Enlargement debt..........................................

$87,500 00
232,500 00
-----------------

A loan (5’s, 1874,) was effected, to supply deficiencies under article
7, section 1, of the Constitution..........................................................
A loan (5’s, 1874,) was effected to supply deficiencies under article
7. section 3, of the Constitution..........................................................
Total, (included in canal debt on September 30, 1 8 5 6 ,).....




$88,434 52
320,000 00

320,000 00
$4,000,000 00
500,000 00
$4,500,000 00

Finances and Debts o f the States o f the Union.

537

Redeemed during the fiscal year :—
Canal stocks— 6’s of 1855..........................................
“
6 i’s o f l 8 5 5 ........................................

$243,083 34
800 00
243,883 34
3,874,383 00

5’s after 1855

$4,118,266 34

Total...
Canal revenue certificates— 6’s of 1861...................
“
“
6’s of 1866...................

$283,500 00
87,500 00
371,000 00

Total amount redeemed and canceled......................................

$4,489,266 34

The entire canal debt as it existed on the 30th September last was
Add to this the amount authorized to be borrowed during the pres­
ent fiscal year, which completes the loans provided for in the late
amendment of the Constitution for the enlargement and comple­
tion of the canals.................................................................................

22,416,289 82

And it makes the sum of....................................................

2,500,000 00
$24,666,289 82

It appears by the annual report o f the State Engineer, made to the Le­
gislature at its last session, that after the amount raised upon these loans
shall have been exhausted, and also the premiums realized from them,
there will still exist a deficiency of over $2,600,000 necessary to finish
the enlargement and completion o f the canals. This deficiency arises
from the circumstance that the estimate upon which the amendments of
the Constitution were based, included only the construction of the work,
and did not include engineering, land, and other damages necessarily con­
sequent upon the construction. The work has generally been contracted
for below the estimate, and on terms advantageous to the State.
The statistics of the trade, tolls, and tonnage of the New York canals
for the year 1856, were published in the Merchants' Magazine for April,
1857, (vol. xxxvi., pp. 502-506.)
[The Merchants’ Magazine for March, 1848, vol. xviii., pp. 243-255, contains
a detailed history of the financial policy of the State of New York. Other no­
tices of the State’s finances and debts may be found in vol. i., p. 176 ; vol. vii.,
p. 365; vol. xv., pp. 175, 419 ; vol. xvi., pp. 118, 305 ; vol. xx., p. 86 ; vol. xxii.,
p. 230; and vol. xxviii., p. 485.]
FINANCES OF NEW JERSEY.

From the annual message o f the Governor of New Jersey it appears
that the total disbursements of the State have been for the past year
$180,035 21, and the total receipts $1S1,347 39, leaving the sum of
$1,012 18 in the treasury on the 31st day o f December, 1856. The fund
for the support o f the free schools has increased $4,362 58, and now
amounts to $479,806 10. The outstanding loans amount to $30,000, and
the unsatisfied appropriations to $62,950. This indebtedness thus nearly
reaches the limit fixed by the Constitution, as the sum which the debt o f
the State shall not exceed, viz.: $100,000. The State holds available as­
sets amounting to $247,674.
[The finances of New Jersey at various periods have been given in the Mer­
chants’ Magazine as follows :—Yol. xvi., p. 209; vol. xviii., p. 202 ; vol. xxii.,
p. 348 ; vol. xxiv., p. 242; vol. xxviii., p. 485 ; and vol. xxxi., p. 422.]




538

Finances and Debts o f the States o f the Union,
FINANCES AND DEBT OF PENNSYLVANIA.

Governor P o l l o c k , in his message to the Legislature o f 18,07, states
that the financial condition o f the Commonwealth is highly satisfactory.
Every demand upon the Treasury has been promptly met and paid, without
the aid of loans. The operations o f this department will be exhibited, in
de tail, in the report of the State Treasurer.
For the fiscal year ending November 30, 1856, the receipts of the
Treasury (including the balance in the Treasury on the first day of De­
cember, 1855, of $1,243,697 37) have been $6,621,937 64. The total
expenditures for the same period, were $5,377,142 22. Balance in the
Treasury, December 1, 1856, $1,244,795 42.
Excluding the balance in the Treasury on the first day o f December,
1855, the receipts, from all sources, were $5,378,240 33. The ordinary
expenditures for the same period, were $4,113,144 77, showing an excess
of receipts over ordinary expenditures of $1,265,095,56.
The extraordinary payments for the same year, were $1,263,997 45, as
follows, viz
To the completion o f the Portage Railroad, and for the
payment o f debts previously contracted on that work, $181,494 11; to
the North Branch Extension, $122,723 5 2 ; to relay the south track of
the Columbia Railroad, $267,000 0 0 ; for motive power in 1855, $118,049 42; to enlarge the Delaware Division of the Pennsylvania Canal,
$13,960; for general repairs in 1853-’5 4 -’55, $63,965 11 ; to domestic
creditors, $151 63; to old claims on the main line, examined by the
commissioners, and paid under the act of May 22, 1856, $130,512 09;
to the redemption of loans, $327,824 47 ; and relief notes cancelled,
$38,217 00.
Interest on the funded debt, which fell due in February and August,
1856, was then paid; and that which would become due in February,
1857, would be paid with equal promptness, out of available means in the
Treasury. The punctuality with which the interest on the public debt
has been paid, and the ability of the Treasury to meet all legitimate de­
mands upon it, have inspired public confidence in the State securities, and
contributed largely to establish and sustain the credit of the Common­
wealth. The Governor reports the canals, railroads, and other public
works, in a prosperous condition. W ith regard to banks, he recommends
that no new banks be incorporated, or old banks revived, unless when
absolutely necessary for the interests of trade and commerce.
The following special statement from the Auditor General’s office, shows
the indebtedness o f the Commonwealth o f Pennsylvania, on the first day
of December, 1856 :—
Funded debt, viz:—
6 per cent loans.........................................................................................
5
“
“
4}
“
“
4
“
“

$511,781
38,866,994
388,200
100,000

00
60
00
00

Total funded debt.............. .................................................................... $39,866,975 50
Unfunded debt, viz:—
Relief notes in circulation............................................
$220,556 00
Interest certificates outstanding..................................
24,691 37
Interest certificates unclaimed ..................................
4,448 88
Domestic creditors.........................................................
1,164 00
---------------- $250,859 75




$40,117,835 25

Finances and Debts o f the States o f the Union.

539

The balance remaining unpaid of temporary loans, is not included in
the above estimate, inasmuch as they are reimbursable as rapidly as the
means of the Treasury will permit, viz :—
Balance o f temporary loan, authorized per act of April 19. 1 8 5 3 ....
Balance in temporary loan, authorized per act of May 9, 1854...........

$400,050 00
184,000 00
1584,000 00

Amount remaining in the State Treasury and Sinking Fund, applica­
ble to the further cancelation of the State stocks, interest certifi­
cates, domestic creditors’ certificates and relief notes.......................

95,25*7 28

[The magnitude of the debt of Pennsylvania, as well as of her resources, and
the general prominence of her position in the Union, have been the subject of
frequent remark in the Merchants’ Magazine. The number for March, 1849,
vol. xx., pp. 256-259,' contains an elaborate analytical account of the finances for
many years, and history of the debt. Other articles are contained in the following
volumes :— Vol. i., pp. 176-179 ; vol. vii„ p. 365 ; vol. xii., pp. 279-280 ; vol. xiv.,
p. 367 ; vol. xv., p. 176 ; vol. xvi.. p. 209 ; vol. xviii., p. 204 ; vol. xix., p. 443 ;
vol. xxii., p. 231 ; vol. xxiii., p. 456 ; vol. xxiv., p. 247 ; vol. xxv., p. 619 ; vol.
xxvii., p. 606 ; vol. xxxi., pp. 422-423 ; and vol. xxxiv., p. 211.]
FINANCES OF DELAW ARE.

The annual expenditures of this State, “ not unhappily confined in terri­
tory,” amount to about |50,000, and the receipts are usually somewhat
more than the expenditures. The receipts are derived from corporation
taxes, dividends, and interest on loans, licenses, etc. The State has no
debt, and possesses productive property (invested capital) amounting to
$350,638, and a school fund o f $435,506— in all, $786,144. Governor
Causey, in his message to the Legislature of 1857, dwells upon the newly
awakened prosperity of Delaware, the application of new fertilizers to long
neglected fields, the introduction o f agiicultural improvements, &c. This
progressive spirit the Governor attributes to the influences of steamboats
and railways. In this connection he speaks approvingly of the policy
inaugurated by the opening o f the Delaware Railroad. An act proposing
an amendment to the Constitution, forbidding lotteries, was passed by the
Legislature, and the Governor has signed it. It now only remains for the
present Legislature to pass the requisite penal law. The growing scarcity
of money in Delaware is spoken o f as owing to the large amounts con­
stantly drawn to the West, from the Atlantic seaboard, for purposes of
speculation. During the past year, $53,000 w’ere expended on the public
schools, in which 12,000 children were taught.
FINANCES AND DEBT OF NORTH CAROLINA.

Governor B ragg , in his message to the Legislature, November 1 8 ,1856i
says that the State of North Carolina is in a prosperous condition; agri'
culture attracts the notice it deserves; internal improvements have no*
been neglected, and her common schools are improving. The receipts o*
the Treasury for the year ending October 31, 1856, were $391,901 97 i
of which the public tax was $341,833 84; tax on bank stock, $14,182 33;
dividends, $34,050. The average annual revenues of the State are $405,113, and the expenses proper o f the government are only about $85,000,
leaving $320,113 applicable to the payment o f the interest on the public
debt. The interest on the debt already contracted is $302,328 15-—less
than the sum applicable to that purpose; but $70,836 additional will be




540

Finances and Debts o f the States o f the Union.

required when all the subscriptions authorized shall have been made. The
Governor recommends additional taxation to meet this liability, and to
form a sinking fund. In the meantime it is anticipated that some of the
works o f improvement, about completed, will commence paying dividends,
and to that extent relieve the State from taxation, and increase its ability
to meet all its engagements.
The public debt o f the State amounts to $5,038,802, principally due in
1883, 1884, 1885 and 1886 The last Legislature directed subscriptions to
certain works of improvement, which will increase this total by the sum of
$1,180,000. The State is further liable for $800,000 on bonds of certain
works o f improvement indorsed by it, the interest on which has been regu­
larly paid by the several companies, the bonds themselves being secured
by mortgages. To meet these liabilities the State owns of railroad stocks,
$4,220,500; of plank-road stocks, $16 0,000; of navigation stocks, $ 1'75,000;
of bonds drawing interest, $60,774— making a total of $4,616,274. A
part of these stocks are productive, the balance unproductive— many of
the works of improvement, in which investments have been made by the
State, being still unfinished.
DEBT, LIABILITY, AND ASSETS OF SOUTH CAROLINA.

From the message o f Governor A d a m s , o f South Carolina, we learn that
since the 1st of October, 1855, the public debt has been increased as fol­
low s:— By issue of bonds to construct new State House, $250,000; by
subscription to Blue Bidge Railroad, $200,000.
The following table
exhibits the debt, liability, and assets of the State:—
ACTUAL

DEBT.

Three and five per cent State stock..........................................................
Fire loan bonds............................................................................................
Bonds new State House.............................................................................
Bonds Blue Ridge Railroad............................... ......... .............................
United States’ Treasury surplus fu n d....................................................

$123,407
1,669,868
500,000
400,000
1,051,422

69
91
00
00
09

$3,744,698 69
L IA B IL IT Y .

Guarantor South Carolina Railroad.................................
Debt and L ia b ility .....................................................................

$2,000,000 00
$5,744,698 69

ASSETS.

Capital o f bank .........................................................
Sinking fund..............................................................................................
Shares in railroads, par value.................................................................
Cash on 1st O ctober...............................................................................

$2,170,802
1,490,886
1,741.300
139,625

53
55
00
66

$6,143,114 74

[Notices of the finances and debt of South Carolina, are contained in the Mer­
chants’ Magazine as follows :—Yol. i., pp. 177-179 ; vol. xxii., p. 97 ; vol. xxiv.,
p. 107 ; vol. xxxi., p. 424; and vol. xxxiv., p. 100.]
FINANCES AND DEBT OF LOUISIANA.

From the report of S. F. M a r k s , Auditor of Public Accounts to the
Legislature of Louisiana, it appears that the fiscal operations of the State
for the year ending December 31,1856, were as follows :— Balance on hand,
January 1,1856, $632,305 88 ; total receipts during 1856,12,223,868 67 ;




541

Finances and Debts o f the States o f the Union.

making the total resources for the year, §2,856,264 55 ; total expenditures,
§1,956,840 84; balance in the Treasury, January 7, 1857,1902,414 71.
The principal receipts were these:— State taxes o f 1855, and arrears of
1864, §549,548 10; mill tax from the ordinary tax, §329,504 3 5 ; inter­
nal improvement tax, §242,559 55 ; sales o f internal improvement lands,
§50,986 36 ; sales of swamp and overflowed lands, §423,503 39 ; licenses
on trades, professions, and occupations, §211,138 7 5 ; poll tax, §46,301 ;
loan from Louisiana State Bank, §200,000.
The principal payments
during 1856, were as follows: — Out of the general fund, reimburse­
ment of loan, §200,000; salaries of State officers and contingent ex­
penses, §163,872 79; expenses of the General Assembly, §99,991 5 7 ;
commissions to collectors and compensation to assessors, §90,881 5 9 ;
interest on State bonds, §86,190; charitable institutions, §89,500. Out
of the Mill and Poll Tax Funds, §307,014 44 were paid for support of
free public schools.
The Public Debt proper o f Louisiana consists o f §3,226,000 in bonds,
maturing between 1857 and 1896, and of $1,154,590 95. The liabilities
of the State amount to §6,322,551 10, consisting o f §6,124,311 10 on its
bonds loaned to the property banks, and of §198,240 for bonds loaned
municipality No. 2.
[Notices of the finances and debt of Louisiana, at former periods, are contained
in the Merchants' Magazine, viz.:— Vol. i., p. 178 ; vol. vii., p. 81 ; vol. xxii., p.
346 ; and vol. xxxi., p. 432.]
FINANCES AND DEBT OF ARKANSAS.

Governor C o n w a y ’ s message to the Legislature of Arkansas, delivered
November 4,1856, is lengthy, and devoted wholly to State affairs. During
the last two years the condition of the State Treasury has much improved,
and a general increase in population and wealth is apparent throughout
the State.
Balance of specie in the treasury, October 1,1854..................................
Receipts in specie, from all sources, during two years...........................

$58,771 87
832,287 57

T o t a l..................................................................................................
Total expenditures for the two years.........................................................

$391,059 44
213,832 82

Balance in treasury October 1,1856..............................................

$177,226 62

Of this balance, §142,154 22 were applicable to State expenditure, the
rest being due certain funds. The receipts are chiefly from taxes. The
principal items of expenditure were—
Legislature...........................................................................................................
Executive and contingencies...............................................................................
Judiciary................................................................................................................
Prosecuting attorneys.........................................................................................
Penitentiary........................................................................................................
Seminary Fund and schools...............................................................................
Interest Improvement Fund .............................................................................

$33,000
30,000
35,000
6,700
18,000
11,500
54,000

A large part of the message is devoted to the exposition of the affairs
of the old banks of Arkansas, and the average o f the liabilities in which
they have involved the State, for bonds issued in their favor. The Bank
of the State of Arkansas belongs wholly to the State, and is managed by
officers elected by the Legislature. Its capital stock was obtained by the
sale of State bonds, of which there remain outstanding the principal




542

Finances and Debts o f the States o f the Union.

amount of $752,000, and an unpaid interest o f $658,468 60. No interest
has been paid for thirteen years,, except that portion which the United
States stopped out of the shares of the State o f Arkansas in the distribution
o f the surplus revenue in 1 841-42, to meet the interest on such bonds as
the United States Treasury held for an investment of Indian funds. The
bank was put into liquidation in 1843, but its affairs are still unadjusted,
and the Governor recommends that they should be taken out of the hands
o f the Commissioners, and the duty o f collecting and keeping the assets
should devolve, by law, on the Treasurer of the State. The Real Estate
Bank of Arkansas was a private stock bank; the State had no share in it,
but she loaned her bonds to the company to raise capital, and took as
security mortgage on the lands of the stockholders. This mortgage from
the one hundred and eighty stockholders is on 141,980 acres o f land,
valued at the time, by commissioners under oath, at $2,603,932 32, and
it is still held by the State. The Governor is of opinion that the lands
mortgaged are sufficient, owing to their increased value, to pay off the
whole debt of the State, and he advises that steps be taken to make it
available for that purpose. On October 1, 1854, the State debt stood
thus:—
Outstanding bonds issued to Real Estate Bank, principal.................
Interest accrued and unpaid, October 1, 1864.....................................

$1,473,389 77
1,134,619 26

Total debt for Real Estate Bank, October 1,1864.................
Outstanding bonds issued to Bank of the S ta te.. .
$939,000 00
Interest accrued and unpaid to October 1,1854...
713,665 01
Total debt for Bunk of the State........................

$2,607,909 02

Total debt on account of both banks.........................................

$4,260,574 03

$1,652,665 01

Between September 30, 1854, and November 1, 1S55, there had been
canceled bonds issued to the Real Estate Bank to the amount, with interest,
o f $794,330, and of those issued to the State Bank, with interest,
$146,647 63. This would make the absolute debt of the State, Novem­
ber 1, 1855, to bo $1,506,017 38, and its contingent liability, $1,813,579.
[Previous notices of the finances of Arkansas are contained in the Merchants
Magazine—vol. i., p. 178 ; vol. xxiv., p. I l l ; and vol. xxviii., p. 100.]
FINANCES AND DEBT OF OHIO.

Governor Chase, o f Ohio, in his message to the Legislature of 1857,
presents an analysis of the current expenditure of the State during the
last two fiscal years, from which it appears that the expenditures actually
chargable to the years 1854-55, amounted to $3,570,255 87, while the
corresponding expenditures chargeable to the years 1855-’56, amounted
to $3,189,600 16— showing that the expenditures of 1 8 5 5 -5 6 were less
than those o f 1854-55, by $380,665 71. The amount of expenditure of
the last year was largely increased by the financial session of the Legisla­
ture in 1856, whereas no session was held in 1855; and when this differ­
ence is taken into account, the balance in favor of 1856 will be better
appreciated. However, the apparent expenditures in the former year were
$3,509,574 23, and in the latter year, $3,706,972 81 ; this difference re­
sulting from the payment of the debts of 1 8 5 4 -5 5 . Balance in treasury
November 15,1855, $703,570 08 ; and November 15,1850, $579,353 81.
The following table affords a comparative view of the “ proceeds o f State




543

Finances and Debts o f the States o f the Union.

taxes, including delinquencies,” for the last two fiscal years, each ending
on November 15 :—

taxes.

Proceeds of State

For
For
For
For

1855-6.

1854—5.

State debt, or Kinking Fund...........................
State expenses, or General Revenue F u nd..
State Common School Fund...........................
District School Library Fund.........................

$1,014,749
566,448
1,209,418
80,639

Total State taxes

$2,871,255 49

$838,234
501,403
1,249,122
83,257

49
04
19
75

82
69
94
20

$2,672,018 45

The principal disbursements in the same periods, were—

1855-6.

1854—5.

Purposes.

Common School Fund.............................................
Interest on public debt...........................................
Redemption of the public debt.............................
Superintendence and repairs of canals.................
Debts on same, incurred prior to Nov. 15, 1855.
New State H o u se ..................................................
Debts on same, incurred prior to Nov. 15, 1855.

$1,232,216 96
961,322 92

$1,218,394 60
977,345 69
466,681 01
290,571 56
........................
111,633 80

331,615
188,090
43,424
249,768

52
18
92
71

The Governor thus speaks o f the “ new loan,” which was authorized
under the act of April 8, 1856, for the payment of the State debt of
$2,423,349 79, payable at the pleasure of the State after January 15,
1857:— “ Proposals for this new loan, fixed by the Commissioners at
$2,400,000, were invited by advertisement to the leading journals of Europe
and America, and, on October 1, 1856, it was awarded to the highest
bidder for the whole amount, at a premium of three-and-a-half per cent.
All the bonds of the old loan, which have been presented for payment,
have been promptly redeemed ; and the debt payable after 1856, will soon
be entirely extinguished.”
In referring to the debt of $6,413,325, which will be payable after 1860,
he says:— “ To raise the whole amount by taxation, during the four years
which will intervene before it can be paid, would impose too serious bur­
dens upon the people. 1 recommend, therefore, the sale o f such stocks
and other property of the State as can be disposed o f for its real value,
and the appropriation of the proceeds o f the sale, together with the pro­
ceeds o f such a rate upon the grand list as will produce the needed sum,
to the payment of least one-half the debt— distributing the remainder
over so many of the following years as will bring its payment within the
reach of moderate taxation. As every bond is payable at the pleasure of
the State after 1860, the right to do this seems unquestionable.”
From the report of the Auditor o f State, F r a n c i s M. W r i g h t , we de­
rive the facts in the following account of the condition o f the foreign and
domestic State debt o f Ohio, on January 1, 1857. Tne foreign debt is
payable in New Y o rk :—
Character of stock.

5 per cent s to c k ...
6

Payable at
pleasure of
State, after

Amount of
principal.

Annual
interest.

1856
1865

$85,350 00
1,025,000 00

$4,267 50
51,250 00

1856
1860
1870
1876

2,423,359
6,413,325
2,183,631
1,600,000

$55,517 50

$1,110,350 00
6

6
6

6

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




145,401
384,799
131,011
96,000

79
27
93
00

69
62
91
00

12,620,216 99

757,213 02

$13,730,566 99

$812,730 52

544

Finances and Debts o f the States o f the Union.

The domestic debt is payable at Columbus, and amounts to $277,707 48,
consisting mainly of two items, v iz:— Faith and credit bonds, $204,800,
and Miami extension land bonds, $70,585, both payable after 1803. Total
amount of foreign and domestic State debt, Jan. 1, 1857, $14,008,274 47.
[In the Merchants' Magazine for October, 1849, vol. xxi., pp. 389-410, we
published a carefully written article on the financial condition of Ohio, presenting,
also, many statistics relative to the general condition and prosperity of the State.
In that article may be found a complete list of the parties to whom the Ohio
State stock was issued, with the dates and amounts of issue; besides tabular
statistics, for a series of years, of the canal tolls, State taxes, valuation, and the
items of State revenue and expenditures. Other articles are contained in vol. xv.,
p. 615 ; in vol. xviii,, p. 203 ; vol. xxii., p. 570 ; vol. xxiv., p. 105 ; vol. xxvi.,
p. 465 ; and vol. xxxi., p. 428.]
FIN AN CIAL CONDITION OF IN DIANA.

Governor W rigiit, of Indiana, in his message, shows the expenses of the
State government for 1855 to have been $147,442 61 ; aud for 1856,
$59,522 68. He recommends the passage of a law for the re-appraisement of
the landed property for taxable purposes. The entire amount of the funded
debt of the State outstanding, of the five per cent stock, is $5,156,560,
and of the two-and-a-half per cent stock, $1,812,517.
The exhibit
of the Common School Fund, including the estimated value o f the Sinking
Fund in the State Bank, to date, amounts to $4,912,012 42. He recom­
mends that the Sinking Fund commissioners should be directed by law to
invest the funds that accumulate in their hands, in the stocks o f the State.
He denounces in severe terms the new bank, and recommends that the
charter be expunged from the statute books, and that all connection
between the bank and the State, either by deposit or otherwise, be pro­
hibited. He recommends the usual appropriation to aid the cause of
African colonization; also an increase o f the compensation of the judges
o f the courts, and says also that the salary o f the Executive is wholly
inadequate.
[In August, 1849, vol. xxi., pp. 147-163, we published a lengthy article on the
financial history of Indiana, presenting a succinct account of the origin and pro­
gress of the State’s public works, and of the proceedings of the State and its
creditors in providing for the public debt; also statistics of the increase of pro­
perty in the State, of taxes, canal tolls, etc. Short articles are contained in vol. i.,
p. 177 ; vol. xii., p. 281 ; vol. xiv., pp. 177-357 ; vol. xxii., p. 98; vol. xxiv., p.
343 ; and vol. xxxi., p. 431.]
THE DEBT OF ILLINOIS.

Governor M a t t e s o n , in his message, thus exhibits the amount o f the
State debt on January 1, 1857 :—
Internal improvment debt, principal. . .
Arrears on interest and interest bonds..

$3,617,452 99
3,807,360 86

Registered canal debt...............................
Unregistered debt....................................
Arrears of interest on unregistered debt

3,000,470 23
1,491,505 61
1,016,866 27

$7,326,303 84

$5,508,841 11
$12,834,144 95

During the last four years the amount o f $4,564,800 40, has been paid
in liquidation of the public debt, besides the payment of the entire interest




545

Finances and Debts o f the States o f the Union.

on the principal of the State debt during that time. The whole accruing
interest for the past six months, upon the debt of the State, was paid on
the first day o f January, 1857, leaving in the treasury $05,200 of interest
fund, and $150,000 surplus revenue, subject to be paid out in liquidation
of interest, as it acrues, July 1, 1857. There is now no doubt about the
State being prepared to pay the interest upon her whole debt as it matures
in future.
The Governor refers to the Illinois Central Railroad Company. By the
terms of its charter, seven per cent of the gross proceeds o f the railroad
are to be paid into the State Treasury for all time to come. Governor
M a t t e s o x thinks that in live years after its completion, it may b e confi­
dently relied on for $350,000 annually.
[The Merchants' Magazine for February, 1857, vol. xxxvi., p. 221, contains a
statement of the receipts and disbursements of the State of Illinois, during the
two years ending November 30, 1856. The number for December, 1852, vol.
xxvii., pp. 659-671, contains very full accounts of the fiuances of the State up to
that period, and of the graut to the Illinois Central Railroad Company. Other
articles are given in vol. i., p. 177 ; vol. viii., p. 561; vol. xii., p. 281 ; vol. xx.,
p. 86 ; vol. xxiv., p. 245 ; vol. xxvii., p. 659 ; vol. xxxi., p. 429 : and vol. xxxiv.,
p. 209.]
FINANCES AND DEBT OF M ICHIGAN.

Governor B i n g h a m ’ s biennial message (and his first after re-inaugu­
ration into office) was delivered January 7, 1857.
The balance in the treasury November 30, 1854, was...............................
Receipts in 1854-5..........................................................................................
Expenditures same year..............................................................................
Balance in treasury November 30, 1855.....................................................
Receipts iu 1855-6..........................................................................................
Expenditures same y e a r.........................................
Total available means for two years.............................................................
Total expenditures, two y e a r s .....................................................................
Balance in treasury December 1, 1856........................................................

$553,000
688,000
324,777
516,000
5 11,000
639,879
2,652,872
1,264.656
888,U00

T he am ou nt o f th e State deb t is $ 2 ,2 7 4 ,9 3 5 , all falling due b y 1863,
and consists as fo llo w s :—
University bonds, principal due July 1, 1858............................................
Pontiac R. R. bonds, “
“
“
“ ..................... ......................
Penitentiary bonds, “
“ January 1, 1859...................................
Penitentiary bonds, “
“ January 1, 1860....................................
Full paid five milliou loan bonds, due January 1, 1863..........................
Adjusted bonds, due January 1, 1863........................................................
The part paid five million loan bonds, outstanding, when funded will
amount t o ..................................................................................................
Outstanding internal improvement warrants............................................
Internal improvement warraut bonds, interest stopped and payable
on demand..................................................................................................

$99,000
97,000
20,0UU
40,000
177,000
1,708,235
,

00
00
00
00
00
00

124,392 55
4,168 35
5,150 00

T o ta l.................................................................................................. $2,274,936 90

[The Merchants’ Magazine for February, 1850, vol. xxii., pp. 131-145, contains
a history of the State’s operations in commencing a great system of internal im­
provements, by which the State debt was formed, and of its provisions for paying
the debt, with many other items relative to the State. Other notices of the
finances and debt of Michigan are contained iu vol. i., p. 178 ; vol. xiv., pp.
179-357 ; vol. xix., p. 23 ; vol. xxvi., p. 353 ; vol. xxviii., p. 484 ; vol. xxxi.,
p. 431.]
V O L . X X X V I .-----N O . V .
35




546

Finances and Debts o f the States o f the Union.
FINANCES OF W ISCONSIN.

From Governor B a s i i f o r d ’ s message, it appears that there was, Decem­
ber 31, 1856, a balance in the State Treasury of ^77,058 03 belonging to
the various funds. The following is a recapitulation of the receipts and
disbursements of the several funds:—
Receipts.

Disbursem’ts.

General Fund..................... .
School Fund....................... .
School Fund in com e.........
University F u n d ...............
University Fund incom e..,
Swamp Land Fund............
Swamp Land Fund income
Deposit account................. .

$388,353
88,090
147,154
19,742
16,085
53,622
1
4,125

Total....................................
Balance January 1,1856...........
Deficiency of the late Treasurer
Amount to balance.....................

$717,775 51
42,526 26

$650,884 90
...................
32,358 64
77,058 53

$760,301 97

$760,301 97

59
28
58
52
58
52
25
30

$349,350
127,138
148,882
11,672
11,943
714

45
41
62
50
19
24

1,238 66

Fifty bonds of $1,000 each, issued by the State, fall due on the first day
of April, 1857, and the Governor urges that provision be made, during the
sitting of the Legislature, for liquidating the same. In view o f the large
number of railroad charters that will be applied for, consequent on the
probable net-work o f railroads that will yet cover the State, he recom­
mends the passage of a general railroad law. During the past year,
patents have been issued from the General Land Office, to the State, for
1,477,551 49-100 acres o f swamp lands. The amount of swamp lands
already selected, is 1,549,918 81-100 acres. The whole amount that will
fall to the State, under the grant, will not fall short o f 2,500,000 acres.
The Governor recommends that in selling these lands, the State give pre­
ference to actual settlers. He also advises the Legislature to induce the
General Government to pursue the same policy with regard to the public
lands. The Fox and Wisconsin River Improvement Company have entered
in earnest upon the work of completing the improvement, and give assur­
ances of its faithful and speedy completion. W hen finished, it will be one
of the most busy thoroughfares of inland commerce in the Northwest.
[The finances of Wisconsin have been noticed in the Merchants’ Magazine, in
vol. xxii., p. 349 ; vol. xxiv., p. 492 ; vol. xxviii., p. 485 ; and vol. xxxi., p. 423.]
finances of

IOWA.

Governor G r i m e s , in his message to the Legislature of Iowa, December
2, 1856, says that the State’s indebtedness, on November 1, 1856, was
about $128,000; the total available revenue, $246,000; receipts during
the year, $250,399 45 ; payments during the year $249,145 85 ; and the
balance in the Treasury, November 1, 1856, was $11,256 46. The items
of indebtedness were— the funded debt of $71,442, payable January 1,
1857 ; debt o f the School Fund of $46,000; and the amount o f unpaid
Auditor’s warrants, $11,567 74. The revenue is derived from taxes upon
real and personal property.
The Governor recommends the appointment of a commission to examine
into all “ transactions o f former Commissioners and Registers of the Des
Moines River Improvement; to report as to the character and validity of




Political Economy.

547

any contracts that may have been made between the State and persons,
or companies, for the improvement of the Des Moines River, and especially
to report with regard to the transactions of the Des Moines River Improve­
ment and Navigation Company. Until such investigation is made and
report submitted, it is recommended that all action on the part of the
State, in connection with the Des Moines Improvement and the Des Moines
River lands, be suspended.”
[The Merchants' Magazine of April, 1853, vol. xxviii., p. 490, contains a state­
ment of the debt and finances of Iowa, made up to date of October 31, 1852.]

Art. II.—P O L I T I C A L

ECONOMY.

CHAPTER I I .

DISADVAN TAGES OF D IVISION OF LABOR— PRODUCTIVE AND UNPRODUCTIVE LABOR— PRODUCTIVE AND
UNPRODUCTIVE CAPITA L— FIX E D A N D CIRCULATING C A PITA L— DIVISIONS OF W EALTH — DIFFERENT
DEPARTMENTS OF PRODUCTION— TRANSMUTATION, TRANSFORMATION, AND TRANSPORTATION— COM­
MERCE FACILITATES A N D STIMULATES PRODUCTION, ETC.

H a v i n g in a previous chapter * enumerated the many and great ad­
vantages of division of labor, we now proceed to notice some o f the dis­
advantages incident to it.
1st. The system does not give full activity and development to all the
functions of the body, and therefore tends to enervate the laborer. When
an individual is employed upon a single operation, and that o f such a
nature as to call for the use of but a small part o f his muscular powers,
and that part necessarily taxed to its ne plus, while all the rest are left with
little or no exercise whatever, the consequence must be that the physical
system generally will be impaired. Those parts of the body disused must
to a considerable extent lose their normal and vigorous action, and sooner
or later, the person so employed will find himself much indisposed and
disqualified to engage in any other effort than that to which he has long
been accustomed.
2d. This system does not give full employment and expansion to all the
powers o f the mind.
This follows from the same course of reasoning we have used in regard
to the body. The mind, in all its faculties, needs active exercise in order
to its complete development and preservation, as much as the body. It
must therefore be true, that when for the greatest portion of life, the mind
has been continuously devoted to a single, minute, unvarying operation,
until that operation has become so monotonous and mechanical, as to de­
mand almost no mental effort whatever, the faculties generally must de­
teriorate.
The difference between a population that had been employed under
this system, and one that had been engaged in diversified occupations,
would, in any great emergency like that of war, or the pioneer settlement
of a new country, be greatly in favor o f the latter; especially would this
be true of a people that had, for several generations, been employed in
this manner.
For chapter 1, see Merchants' Magazine for March, 1857, (vol. xxxvi.)




548

Political Economy.

3d. Division of labor tends to impair health, and shorten life. If what
we have previously stated be true, such is the inevitable result; but as
we propose a more extended examination of the influence of occupations
on health and longevity in another place, than would be pertinent here,
we pass to the last consideration, viz.:—
4th. This system lessens the number of those who do business on their
own account. The person who makes only the tenth part of an article,
must of necessity be in the employ of another who is engaged in manu­
facturing the whole of it. This tends to bring great numbers, often
hundreds, into the employment of a single house, or firm.
Now each of these employees, to a greater or less extent, is dependent
on the person to whom he sells his services. He can have neither the re­
sponsibilities, nor the independence o f position, which attach to one who
is self-employed. As a general fact, too, he will receive only wages, and
have no share in the profit of business. This necessarily tends to create
greater inequalities of wealth, than would otherwise exist.
That this, other things being equal, is a disadvantage to the individual,
and to society, is unquestionable; and to the extent of its effects, what­
ever they may be, is to be regarded as an evil incident to the system, and
in making up our estimate, is, like the other unfavorable circumstances
we have mentioned, to be deducted from the many and great advantages
we have seen to be afforded by division of labor.
"We now pass to the consideration of another topic much dwelt upon
by writers on political economy, viz.:—
PRODUCTIVE AND UNPRODUCTIVE LABOR.

I. Productive labor is that which brings a value, or compensation to
him who performs it.
II. Unproductive labor is that which results in nothing valuable to the
laborer.
I.

PRODUCTIVE LABOR.

That the farm er is a productive laborer all will admit. So must the
mechanic be, then, who makes the plow which aids the farmer in pro­
duction, and the merchant or trader, who assists both in obtaining their
materials from different and distant places, or in disposing advantageously
of their products. They are alike joined in production. The farmer
would get on badly without the aid of tools and implements, the mechanic
would not live without the produce of the farmer, nor the merchant have
the means of subsistence, but for the wants of both which he supplies.
The teacher, whose instructions qualify the foregoing producers for the
more intelligent and efficient performance of their labor, must certainly
be entitled to rank with them.
The inventor of useful machines and improvements of every kind, must
be reckoned amongst the most productive of laborers. Whitney, Ark­
wright, Fulton, Morse, and their compeers, have they not contributed as
much to the production of wealth, in proportion to their numbers, as any
other class of men whatever 2
The minister o f religion, if his teachings make men more honest, truth­
ful, temperate, and industrious, more judicious in the application o f their
labor to proper objects, does he not assist in the creation of national
wealth 2




Political Economy.

549

The physician, whose advice and prescriptions preserve the health and
prolong the life of the laborer, is he not o f the same class?
Must not the lawyer, too, be placed in the same category; so far as his
services are needful for the protection o f the rights and interest o f those
engaged in production ?
That the man who makes musical instruments is a producer o f values,
none will probably deny, but if so, where shall we rank the musician,
without whose instructions, the instruments themselves would not be
wanted.
Even the player or opera singer may have credit for stimulating pro­
duction, if, in order to enjoy his performances, others are excited to greater
efforts to create the values wherewith to reward his services. The same
may be said of all similar occupations. The persons engaged in them do
furnish that for which others are willing to give a valuable consideration;
and, although their labors result in nothing material, or permanent, yet
they cannot, on any sound principle that we can discover, be distinguished
from other laborers.
2d. Unproductive labor is always the result of mistake, or misdirection.
No man, no community ever labors for that which they know, from the
outset, will result in no valuable returns. A man may expend many days’
labor on a machine, which, when completed, will have na possible utility,
or desirableness, and will of course exchange for nothing. This is unpro­
ductive labor undoubtedly; but it is in consequence o f miscalculation.
So o f the miner, whose labors are rewarded with no valuable discovery;
so of the State which creates a canal, or other public work, which, when
finished, is of no manner of use, and has no value.
But at this point it will undoubtedly be asked, does it make no differ­
ence to the wealth of a community in what manner its labor is employed,
to what object it is directed, or what proportion of its population are en­
gaged in the different pursuits of industry ? W e answer certainly, the
greatest possible ; for the prosperity of every nation depends upon the
character of the object on which its labor is bestowed ; but this topic, one
o f the most important in the science, comes more properly under another
of its general divisions, viz.: the consumption of wealth. W e shall there
have the fittest occasion to show the great difference to national wealth
arising from the productive or unproductive consumption o f its labor ; or
the wealth that employs labor.
PRODUCTIVE AND UNPRODUCTIVE CAPITAL.

W e have before defined capital as that part of wealth employed in
production.
Productive capital, as the term imports, is that part of wealth actually
employed in the creation o f values. While so employed it is regarded as
productive, whether yielding little or much. When it ceases to yield
anything, it is called—
UNPRODUCTIVE CAPITAL.

Money hoarded, factories unoccupied, ships dismantled, farms unculti­
vated, and all things o f like character, are designed to be used in pro­
duction, are adapted to it, and therefore, when unemployed, are regarded
as unproductive capital— although, as our definition of capital is “ that
part of wealth employed in production,” they might not seem to be strictly




550

Political Economy.

entitled to be considered as capital at all, but only as unemployed wealth.
They are, however, classed as unproductive capital.
All capital, like all labor, is designed to be productive to the owner;
when it is not so, it is owing to some miscalculation or adverse circum­
stance. When this happens, it is changed, as soon as practicable, into
some other form o f wealth— as, for example, if a factory had, from any
cause, become hopelessly useless as such, it would be converted into
dwellings, or warehouses, if that were practicable; or the materials con­
stituting the same would be taken down and used for any purpose of which
they were susceptible.
It may so happen that capital may not only be unproductive, but so
employed as to be destructive o f wealth. For illustration : if a ship should
be sent on a voyage, the whole expenses o f which were $20,000, and at
the end of the voyage it appeared that her earnings were only $10,000,
it would be seen that she had not only not earned or produced anything,
but had actually consumed $10,000 o f capital previously existing. In
such a case the owner will either lay up his ship, or employ her in some
trade that promises to be more successful.
From this view o f the subject we see that there can be no such thing
as permanently unproductive capital— for, as the use of it in whatever
manner necessarily involves a risk, greater or less, no one will long employ
a part of his wealth as capital, unless it yields him a profitable return.
FIXED AND CIRCULATING CAPITAL.

1. Fixed capital consists of every description of property employed in
production, which, from its nature, cannot be advantageously changed to
any other use than that for which it w7as originally designed. The land,
buildings, and tools of the farmer; the ships and warehouses o f the mer­
chant, the machines and implements of the manufacturer, belong to this
class. They must be used for the purposes to which they are particularly
adapted, or they have little value. They are fixed. The ship cannot be
used as a wagon, nor the spinning-jenny as a steam-engine.
2. Circulating capital, on the other hand, consists of those articles or
commodities which may be readily changed from one purpose to another,
connected with production. Of this class are the stock and produce of
the farmer, the money and wares of the merchant, the raw materials, &c., of
the mechanic. These are easily transferred from one business to another,
and used in a great variety of forms. The man, for example, whose money
is employed in the manufacture of furniture, might easily transfer it to
the making of nails.
Fixed is, in its nature, more permanent than circulating capital. The
former lasts from year to year; much o f it, as lands, warehouses, canals,
railroads, and public improvements generally, even from one generation
to another; while the latter, in a progressive state of society, is rapidly
changing into the former. Raw materials, the product o f the present
year, will form a part o f the houses, ships, and machinery o f the next.
In popular language, all wealth is divided into real estate and personal
property. These distinctions, if not scientific, are convenient for occasional
use; but we must bear in mind that, while all real estate is fixed, all per­
sonal property is not circulating capital. Ships, machinery, and other
things not attached to the soil, are personal property, though standing in
the category of fixed capital.




Political Economy.

551

DIFFERENT DEPARTMENTS OF PRODUCTION.

All values are created by modifications o f existing matter. Man cannot
create a particle of matter itself. These modifications are essentially of
three kinds, viz.:—
I. Transmutation.
II. Transformation.
III. Transportation.
1. By transmutation. This is eminently the business o f the agricul­
turist, who, availing himself of the chemical agencies of the earth and
atmosphere, transmutes his seeds into vegetables, fruits, &c.; and again,
by the aid of animal organizations, transmutes his grains, grasses, and the
like, into butter, cheese, beef, pork, wool, hides, and similar products.
This is by far the most extensive department o f human industry. It
forms the base of the great pyramid of production, is that on which all
others depend, and is, moreover, that in which nature affords the largest
proportionate share of gratuitous assistance.
_The chemist is classed with the agriculturist, since he so aids and
directs the powers of nature as to produce objects of value, by changing
the elementary forms of acids and alkalies with salts, <kc. This is the
general character of his labors.
Mining and the fisheries are also ranked in this department of produc­
tion. In the former, wealth is drawn from the bowels of the earth ; in
the latter, from the bosom o f the deep. In their nature they are more
nearly allied to agriculture than to any other branch of industry, and are
classed accordingly.
2. By transformation. This is the business of the manufacturer, the
mechanic, and all similar employments. They create values by changing
the forms of matter. They convert wool and cotton into cloth, cloth into
garments, ore into iron, iron into machines and implements, trees into
lumber, and lumber into houses or furniture.
This is the second most important department o f industry; its ramifica­
tions extend indefinitely, and includes every description of art and handi­
craft, from highest to lowest.
3. By transportation. The merchant, if he does not primarily create
values, enhances those already in existence. lie transports the products
of all classes to those parts of the earth where they are most wanted.
For example, he purchases cotton in New Orleans, where it may be worth
twelve cents, and transports it to Liverpool, where it may be worth fifteen.
By the employment of his ships, capital and skill, he has given an increased
value of twenty-five per cent to a commodity already existing; and is, in
so far, a productive laborer as truly as the planter who raised the cotton.
This principle applies to all traffic, whether great or small. The merchant
forms the connecting link between the agriculturist and manufacturer.
Commerce not only facilitates, but greatly stimulates production by
increasing the demand for products. This is a prominent fact in political
economy, and is illustrated in the history of every people. Where there
is no commerce there is little wealth. Industry stagnates, men have few
desires, and demand but few commodities. Commerce presents new
objects. This causes new efforts to produce values in order to obtain those
objects, and the industry o f society is raised to its highest point. This is
one of the ways in which commerce greatly advances civilization. It is




552

Commercial and Industrial Cities o f the United S tates:

probably a fact, that the civilization o f every community is in proportion
to the extent and variety of its external and internal commerce; and that
whenever a people has ceased to have new and increasing desires for the
objects of commerce, it has passed in its career o f improvement.
Canals and railroads perform services analogous to those of the mer­
chant. They employ capital and labor in transporting merchandise, and
thus add to its value. A railroad agent at Albany receives 1,000 barrels
of flour, and delivers it at Boston. By this operation the value o f the
flour has been raised, we will suppose, 50 cents per barrel, equal to 1500.
So of all carrying trade, by land or water.
Upon these three divisions, then, are founded the three great depart­
ments of human industry— agriculture, manufactures, and commerce. The
first producing the raw materials, the second putting those materials into
desirable forms, and the last enabling both the others to exchange their
products with the greatest possible facility.
But whatever divisions we make in production, and however useful and
proper those divisions may be, it is yet true that no single object is the
product of any one of them exclusively. For example, the fisherman takes
his small vessel, and brings fish from the ocean to market. At first blush,
it might seem that these fish were entirely the exclusive product of the
fisherman’s labor; but not so. In order to carry on his business he had
to be suitably clothed, and the value of every article he wore, from hat to
boots, entered into the production of the fish. So of every part o f his vessel
and its equipment. And if we were to examine the matter clearly, we
should probably find that some fifty or a hundred different trades and
employments had obviously contributed to the production of the fish in
question. So blended, in fact, are the various occupations o f men, that
it would be quite impossible to trace out fully the production of any one
commodity.

Art. III.— COMMERCIAL AND INDUSTRIAL CITIES (IF THE UNITED STATES.
NUMBER X I.V I.

C ITY OF RACINE, W ISCONSIN*
LOCATION OF RACINE— COMMERCIAL FACILITIES— PUBLIC SCHOOLS — H ARBOR — RAILROADS— PL A N K ROADS— WAREHOUSES— LUMBER BUSINESS— MANUFACTURES, ETC.

W i s c o n s i n is one o f the most flourishing States in the West, and it
possesses more than ordinary commercial advantages, being surrounded
on three sides by navigable waters. The city of Racine, in this State, is
situated on the west shore o f Lake Michigan, at the mouth of Root River,
twenty-three miles southeast from Milwaukie, and sixty-two miles north from
Chicago, and is the second city o f the State in population and commerce.
It has one of the best harbors on the lake, formed by the mouth o f the
river, which admits vessels drawing twelve feet o f water. The city is
built on a plain, elevated some forty feet above the surface o f Lake Mich­
* For some of the statements contained in this article we are indebted to Messrs.
of Racine, and also the excellent Gazetteer of Dr. T h o m a s .— Ed. Mcr. J\Iag.

R ow ley,




W it b e c k

&

City o f Racine, Wisconsin.

653

igan. It is laid out in regular blocks, with wide streets, and contains sev­
eral public buildings. Racine was first settled in 1835, and incorporated
as a city in 1848. In 1840, it had a population o f only 33V ; in 1850,
it had increased to 5,107, exclusive of 780 in township o f Racine; and at
this time of writing, the population has increased to nearly 11,000.
The commercial advantages of this port have attracted considerable
capital. The entrance of Root River into the lake at this port forms one
of the most commodious harbors upon the whole chain of lakes. Racine
being a port of entry, and having a lighthouse, appropriations have been
made by the General Government at different times, amounting in all to
the sum of $22,500, for the improvement of the harbor. But the large
amount of shipping making this port, early demanded greater accommodati ns than these appropriations furnished. The citizens, therefore, raised
means for its further improvement, by taxation and voluntary subscription,
to the amount of $43,352. By an act of the Legislature, the city was
authorized to raise by tax the further sum o f $50,000, one-half o f which
was expended in 1850 in additional improvements. Congress, at its last
session, reported a bill recommending a further appropriation of $44,000.
The length o f the harbor within the city boundary is two-and-one-eighth
miles; its greatest width, which is one mile from the lake, is 376 feet;
its average width for the whole distance is 230 feet. The depth in the
channel, for the first five-eighths of a mile, is an average of over ten feet.
For the next mile, it has an average depth o f nine feet, and the remaining
distance may be easily dredged to this depth. The grounds, on either
side of the river, are level and well adapted to the transaction of such
business as naturally centers around a harbor.
Racine has become proverbial for the beauty of its location, and is re­
garded as one of the healthiest cities in the W e st Lying, as it does,
upon a high range of land, w'hich gradually rises for some distance, it
affords, from all parts o f the city, a grand view of the lake. The broad,
shaded avenues, says a resident of Racine, laid out upon the shores for
miles, and numerous public squares, are favorite resorts for pleasure-seek­
ers, both for riding and walking.
Being the county seat of Racine County, it has among its public build­
ings the court-house and offices of record. It has several first-class hotels,
three banks, fifteen churches, one college, four large brick public school
edifices, railroad depots, public hall, &c.
Racine has always been remarkable for the quietness and good order
maintained by its citizens, being entirely free from the riots and public
disturbances so frequent in most cities; and as evidence o f this, we give
the fact, that for years the city has been, and is now, without a police
force.
Surrounded by a rich and thickly-settled country, well wooded and
watered, it commands all the means of wmalth and rapid advancement
that can be desired, inviting all less favored to the enjoyment and emolu­
ments of its advantages.
The public schools of Racine stand high. Nurtured by the fostering
care o f every citizen, they have been kept aloof from every disturbing in­
fluence. Four commodious brick edifices have been erected in different
parts of the city, at a cost (together with the grounds) of some thirty
thousand dollars. The High School building is centrally located, and
easy of access from every part o f the city, It is 50 by 75 feet, three
stories high, has a good bell, and every necessary convenience.




554

Commercial and Industrial Cities o f the United S tates:

The other three buildings are each 40 by 50 feet, two stories high, and
finished in the modern style o f architecture. They are surrounded by
ample grounds, and occupy delightful locations, overlooking the city and
lake.
There are about twenty teachers employed, in the different departments,
which consist o f a primary, intermediate, and high school department.
The annual cost of maintaining these schools is about twelve thousand
dollars. Every aim in these schools is to prepare the pupils for the prac­
tical and responsible duties o f life, and the course o f studies is so thor­
oughly pursued as to prepare the graduates for at once entering college.
The full course of studies embraces the common English branches, phil­
osophy, chemistry, physiology, geography, astronomy, history, the higher
mathematics, Latin, French, and Greek.
The Racine College, under the direction o f the Episcopal Diocese of
Wisconsin, is delightfully situated in a grove near the lake shore, but a
short distance beyond the southern limit of the city— retired from its
bustle, yet affording easy access to students residing in the city. Being
incorporated with full collegiate powers and privileges, the course of study
is complete. It has won a high reputation from the eminent ability of its
faculty, and enjoys a liberal support. The building is in the Gothic style,
34 by 127 feet, three stories, with basement, and is built of the beautiful
pale brick, for which this locality is so justly celebrated, at a cost of over
ten thousand dollars.
The Lake Shore Railroad, running from Chicago to Green Bay, is com­
pleted to Milwaukie, a distance of eighty-five miles, and has been in suc­
cessful operation for more than a year, affording the advantages o f receipt
and shipment of merchandise and produce during the brief suspension of
lake navigation. This road makes a connection at this city with the Ra­
cine and Mississippi Railroad, so that the cars o f either road may run
over the other, thus saving the necessity of breaking bulk in the transpor­
tation o f merchandise from any place on one road to any point on the
other.
The Racine and Mississippi Railroad runs from the city of Racine to
Savanna, on the Mississippi River, thirty miles south of Galena, its whole
length being 136 miles. Having an eastern terminus at Racine, the only
harbor between Chicago and Milwaukie, and a belt of rich and well-set­
tled country, eighteen miles wide, the whole length of the road, wholly
dependent upon it for the transportation o f all products to a good market,
it will at once be seen to command almost every advantage upon which
the success of such projects usually depend.
This road has its main
track upon the harbor for a distance o f three-fourths o f a mile, and large
and convenient buildings have been erected for transacting all business
connected with transportation to the interior, as well as receiving and de­
livering produce and merchandise to and from vessels. This is the first,
and, as yet, the only road in this State connecting the Mississippi with
the lakes.
The population of the several counties through which this road runs is,
in round numbers, as follows :—
ILLINOIS.

WISCONSIN.

Counties.

Racine...................................
W alw orth...........................
R ock .....................................




Populut’n.

25.000
30.000
36.000

Counties.

Winnebago..................
Stephenson.......................
Oarrol................................

Populat'n.

34.000
26.000
20,000

City o f Racine, Wisconsin.

555

This section o f country is rapidly increasing in productiveness and
wealth, and embraces the finest portion o f Rock River Valley. The line
o f this road passes through Burlington, Elkhorn, Delavan, and the city of
Beloit, in this State; Rockton, Freeport, Mt. Carrol, and to Savanna, in
the State of Blinois.
The principal connections with other roads are as follows:— At Elkhorn,
with the Wisconsin Central, running from Chicago to the northern inte­
rior of the State; at Clinton, with the Chicago, St. Paul, and Fond du
Lac Road, running to the Upper Mississippi; at Beloit, with the Beloit
and Madison R oad ; and at Freeport, with the Illinois Central, and with
the Galena and Chicago Road. These several connections place the city
of Racine in direct business communication with every portion o f this
State, and also with Southern Illinois, Iowa, and Minnesota. This road
will also have direct connection by a line o f steamers with the Grand
Haven and Detroit Railroad, now in rapid process of completion. This
route, when completed, will form the shortest and most direct route from
the Mississippi to New York and Boston.
There are also regular lines o f steamers connecting this road with the
Colliugwood Route to the East, and the country on the shore of Lake Su­
perior.
The large and increasing business of the road since its opening has far
exceeded the expectations o f its projectors.
The Racine and Rock River Plank-road, the first work of the kind in
the State, is 47 miles in length, runs west, passing through the flourishing
villages of Ives’ Grove, Rochester, Vienna, Spring Prairie, Elkhorn, and
Delavan. About one-half of the road has been relaid, having become
worn out by the great amount of travel.
The W ilmot Plank-road, 20 miles in length, leads southwest, through a
rich and fertile country, through the western portion o f Kenosha County,
and into the State of Illinois.
The Racine and Raymond Plank-road, 10 miles in length, leads from
Racine to the fine rolling prairies in the northwestern portion o f Racine
County, and the southwestern portion o f Milwaukie County.
There are nine large and commodious warehouses, capable of storing
about 70,000 bushels each, and the most o f them furnished with steam
elevators. Besides these, the railroad companies have ample freight de­
pots for the storage of merchandise which passes over their roads. Not­
withstanding these capacious receptacles, so great is the amount of grain
seeking an outlet at this port, that they have frequently been taxed to
their utmost.
Racine promises to become one o f the largest lumber markets in the
West. The Racine and Mississippi Railroad opens to this market a vast
prairie country, wholly dependent upon the lake ports for its lumber,
which, although now well settled, is not more than half developed, and
the demand for lumber is now, as it must continue to be, large, requiring
the establishment of more yards to meet the demand.
There is scarcely fifty miles o f railroad yet in operation, reaching only
the eastern edge of this vast prairie country, still the shipments o f lum­
ber over the road for the first six months o f 1856, amounted to nearly
nine million feet, and some four-and-a-half million shingles, besides fence
posts, timber, shingle bolts, staves, &c. Add to this the amount used in
the city, for building and manufacturing purposes, and the quantity sent




556

Commercial and Industrial Cities o f the United S tates:

into the surrounding country by teams, and a faint idea may be gained of
the immense quantity which will be sold at that port as the road progresses
towards its terminus on the Mississippi.
The favorable location of the city o f Racine early attracted the atten­
tion of manufacturers, and large and profitable investments have been, and
are still being, made.
This branch of business has recently received a new impetus from the
prospect of soon being able to reach the whole W est from this point by
railroads. This result warrants the almost unlimited extension of the
manufacturing interest, it being at present impossible to supply the de­
mand for every class o f manufactured articles. Persons, we are informed,
prepared to engage in this business, would find good encouragement and
satisfactory returns for their investments.
The easy access from Racine to the copper, iron, and lead mines of
Wisconsin and other States, together with cheapness of rents, city lots,
and fuel, (both wood and coal,) designate the city as offering superior in­
ducements.
The whole country is being filled with an immigration from the Eastern
and Middle States, greatly enlarging, year by year, the demand for every
kind of farming implements, mechanics’ tools, and machinery of all kinds,
as well as extending the market for every quality of cotton, woolen, and
linen fabrics, and other manufactures in common use.
In consequence of delay and liability to damage, in the transportation
from the East, of machinery and other heavy and bulky articles, there is
a preference for articles of home manufacture, thus affording additional
inducements to manufacturers to establish their business there.
A further advantage is found in the very large field o f operations, com­
prising all of Wisconsin, Iowa, and Minnesota, together with the northern
portion of Illinois, and western and northern portion o f Michigan, in which
scarcely a single article is manufactured in quantity equal to the demand.
Racine has already some notoriety as a manufacturing city, having for
years sent her manufactures to the territory above named.
A statistical report, prepared for the Board of Trade of Racine, is sub­
joined, showing some of the principal manufactures for the year 1855 :—
Ale and beer.............................
B rick ..........................................
Boots and shoes.......................
Book-binding..............................
Barrels........................................
Bakeries.....................................
Clothing......................................
Cabinet furniture.....................
Carriages and w agons.............
Confectionery...........................
Caps and fur goods...................
Doors, sash, blinds, <fcc..............
Fanning-miils and corn-sliellers
Flour and meal..........................
Harness and carriage trimming
Iron castings...............................
Brass castings.............................
T o ta l..............................
Showing an increase over

$21,600
16,080
' 63,093
600
89,972
16,900
46,047
22,600
45,116
5,656
3,000
45,675
16,700
159,575
15,800
68,200

Lightning-rods...........................
Marble and stone cutting.........
Printing.......................................
Plows..........................................
Pnmps and cultivators.............
Railroad cars.............................
Steam-engines and boilers.. . .
Sheet-iron, tin <5i copper manuf.
Soap and candles.......................
Ship-building.............................
Stoves and hollow -w are.........
Sail-making...............................
Shingles......................................
Tanneries....................................
Thresh’g m’chin’s <Sr lr’se-pow’rs
Articles not enumerated . . . .

$ 6,000

5,621
10,019
1,550
4,900
35,800
113,200
18,000
32,855
33,285
9.000
2.000
6,850
62,500
83,490
17,066

20,000

the previous year of.

$1,104,650
313,735

Since the above report was prepared, there have been added to the man­
ufactures o f Racine several extensive establishments, among which is one




557

European Commercial Correspondence.

large cabinet and chair shop, one plow and carriage manufactory, one book
bindery, one reaping-machine manufactory, two planing mills, two shin­
gle machines, one stave manufactory, and several smaller shops of differ­
ent kinds, besides the enlargement of the business of most of those here­
tofore established.
During the year 1856, gas works have been erected, and upwards of
three miles of street main pipe laid, at a cost of about fifty thousand dol­
lars ; also one church, three school buildings, two depots, two large ma­
chine shops, one round-house, with stalls for thirteen locomotives, one
warehouse, a number of stores, several fine mansions, and nearly two hun­
dred smaller dwellings and other buildings. Three lumber-yards and one
coal-yard have been established; one monthly journal and one newspaper.

Art. IV.— EUROPEAN COMMERCIAL CORRESPONDENCE.
NUMBER
g r e a t

in.

Br i t a i n ’ s w a r w i t h c h in a — d e f e a t o f t h e B r it i s h m in is t r y — d e b a t e in p a r l ia m e n t —

C R IT IC A L

S T A T E OF A F F A IR S

A T CANTON— F E V E R IS H

C O N D IT IO N O F T H E B O U R S E

C H A N G E — T H E B A N K O F E N G L A N D — D IS C U S S IO N O F T H E

R E N E W A L OF IT S

I T S O R I G IN A N D I N C R E A S E — C O M M E R C I A L R E T R O S P E C T OF T H E
THE

B A N K OF E N G L A N D — T H E

1855,

OF T U B

FRENCH

1795 T O 1855—E F F E C T O F T H E
1850—A N A L Y S IS OF T H E C O N D IT IO N

O P E R A T IO N S
OF

D U R IN G

R E C E I P T S OF G O L D
OF T H E

BANK

THE YEAR

I T S C A P IT A L — C O IN A G E

OF

F R O M C A L IF O R N I A
E N G L A N D — A N D OF

B A N K OF F R A N C E — LO N D O N J O I N T -S T O C K B A N K S A N D P R I V A T E B A N K E R S — F IN A N C IA L C O N D IT IO N

OF T U R K E Y — E S T A B L I S H M E N T O F I T S
of

L E V IA T H A N

M IN T F R O M

OF

L A S T T E N Y E A R S - T H E S Y S T E M OF

A N D D IV ID E N D OF T W E N T Y - F I V E P E R C E N T — P R O P O S E D I N C R E A S E

A N D A U S T R A L I A S IN C E
THE

B A N K OF F R A N C E — I T 8

AND STO CK EX­

C H A R T E R — H IS T O R Y

g r e a t

Br it a in ’ s v ic t o r y

O T H E R E FFE C TS OF T H E

o v e r

C H IN E S E

NEW
c h in a

N A T IO N A L B A N K B Y

E N G L IS H C A P I T A L I S T S — P R O S P E C T *

— advance

, s il k s ,

in

t e a s

and

c h in a

goods— an d

WAR.

P aris , F rance, March 10, 1857,

To F reeman H unt, Editor o f the Merchants’ Magazine : —
My D ear Sir :— Peace with Persia 1 But war, bitter, relentless, revenge­
ful war, with China!
Ferruk Khan, inspired by the Emperor of the French, has negotiated a
treaty for the Eastern Shah, while Sir John Bowring, the man of many
tongues— England’s chief minister east of India— has embarrassed his
government and jeopardized not only the heads of his countrymen but the
lives and property of every European in China!
I know not which will startle you the most, the sudden and unexpected
defeat of the British ministry, or the critical state of the question which
caused it. Both just at this particular time are the bugbears of the mo­
ney market.
Lord Palmerston fought like a lion, but all in vain. It was a pitiful
sight to see the proud old statesman at bay, trying to ward off the blow,
to stem the tide. But the coalition was all powerful— the plot was well
organized, and boldly executed! As the red-hotshot of Admiral Seymour
carried destruction among the houses inside the Canton walls, so the bril­
liant speeches of the opposition went tearing through the ministerial
ranks ! Warren Hastings, with Burke, and Fox, and Sheridan, and Erskine
on his track, fared better, three generations since, than the British chief
at Hong Kong, with such experienced debaters as Derby, Gladstone, D'ls-




558

European Commercial Correspondence.

raeli, Cobden, Roebuck, and Lord John Russell against him ! The walls
o f the English Commons rung with eloquence, but the oratorical display
was all against the premier. He stood his ground bravely to the last, and
when the division came, at half-past two o’clock in the morning, the cheers
of the opposition, repeated by the populace outside, told the minister that
out of the five hundred and ten votes cast, he was in a minority o f sixteen !
England was not prepared for it. The opposition can hardly credit their
success, and never before has Parliament been in greater confusion than
since the vote of M onday! Parliament must be dissolved, said the noble
lord on Friday, and he calls upon the House to pass the mutiny act, and
temporary supplies, before the appeal to the country, where his party feel
confident of success. But o f China, look at the last news. A young friend
of mine left Hong Kong on the 15th o f January, and from him and other
sources, I learn that the state of affairs there is most critical. ’Tis war
to the teeth, and not with Christian weapons. Piracy and poison, incen­
diarism and assassination, are now the Chinese arguments!
The British admiral had lost his foothold in the Factory gardens, and
six hundred war junks were between his fleet and the open sea! The
Celestial emperor confirms the measures o f his minister, and general war
is proclaimed against the “ outside barbarians,” whose heads command
high prizes under royal proclamations! This time the English are fighting
with an enraged people, not with a weak government, as in 1842. Every
house in flames widens the breach, every shot that drops among them
only seems to madden the people ! When the bakers put the arsenic in
the bread, who doubts but that the plot was all arranged to sack the city
and massacre all who escaped the poison ? This is our latest news! Is it
not, then, terrible to contemplate what may now be the position of the
foreigners in those seas ? W hat are a handful o f Europeans against a
populous nation— admit the prowess o f the West, but how far can it go
against such fearful odds ? The Sepoy regiment which the Governor of
Singapore has sent away to their assistance, has occasioned dismay at the
defenseless position of the three hundred Europeans in that colony.
Having protested against it, they are now at the mercy of the 80,000
Chinese and Malays who have already commenced to show their hostility!
Lord Canning can send no troops from India proper, and but a few hun­
dred men from Ceylon, and the Singapore Sepoys. Sir John Bowring
must depend upon the mother country for assistance, and notwithstanding
the governmental defeat, five thousand men have orders to embark from
England forthwith. I hope they may arrive in time, but I can but have
my fears for the safety o f the little band who are cut off from everything
but the ships in the harbor. If they escape poisoning, or assassination,
they may get away from the country in the merchant ships, but they
must move in time. These are the facts; are my fears well grounded ?
Judge for yourself. You can well understand that the Chinese war and the
fall of the ministry are the leading topics on the bourse and the stock ex­
change. Both crowd out all others, both touch the funds. Both seem
to keep the money market in a continual fever, which, coupled with the
discussion on the budget, the removal of the bank charter, the gossip re­
garding the great international credit company, the continual withdrawal
o f gold from England, to pay for continential silver, which in its turn
passes away to India— four million dollars by this mail— the daily an­
nouncement o f extensive failures, eight houses alone among the Greeks,




European Commercial Correspondence.

559

whose credit has stood so high, all tends to unsettle financial affairs, and
keep up the present stringency— six per cent within, but twice that without,
the charmed circle of favored names ! Outside the defeat of ministers— the
disolution of parliament, and the state o f China— the bank charter re­
newal seems to attract the most attention among financial men. The act of
1844 died a natural death during the late war, but ministers were too
busy with Russia to talk finance, hence postponement then, brings up the
question now, and bank directors ask for another ten years’ charter. You
wish me to talk commerce— I w ill; but to do so, I must bring in politics,
and both introduce finance, and when that subject is in hand, one o f its
important features is the position o f the national banks. W ith your per­
mission, then, as I have done in former letters, I propose to take up briefly
some of the figures of the Bank of England, and compare them with those
of the Bank o f France, for these two are the fountains from which all
the others are fed. The bluebooks tell us that some one hundred and
seventy years ago, when England was at war with France, the former
wanted funds, and no better way was suggested than by establishing a
national bank, so in 1694 the act o f incorporation was signed, and the
Bank of England commenced operations upon a paid-up capital of six
million dollars, every penny o f which was lent to the government, for the
sum of five hundred thousand dollars per annum! The original loan was
small, but the system worked well, and whenever the government wanted
help, new amendments were proposed, and from this small begining the
amount lent to government is now seventy-three million dollars, which is
its present amount of stock ! The bank was started as a government aid,
and not for trading purposes, and as it was at first, so is it now— the gov­
ernment’s pet. Before the act can be annulled the above amount must be
paid into the bank. Other acts only give certain privileges, while the
main act stands as it did in the seventeenth century. Therefore, Peel’s act
of 1844, now before Parliament, may be renewed for another ten years, or
not, without affecting its original charter. In 1833, one-fourth of the debt
or capital was paid off, leaving fifty-five million dollars, which is the amount
you always note in the weekly returns. This one-fourth paid by the gov­
ernment was retained by the bank, say eighteen million, as working capital,
but then the “ Rest” amounts to nearly as much, say sixteen-and-a-half
million, which added to the main stock gives an entire sum o f eighty-nine
million, of which fifty-five million is advanced to the government, and thirtyfour million dollars employed in the active business of the bank, all pro­
fits are, however, divided among the holders of the seventy-two million of
stock.
The Economist has lately published some most instructive tables, a most
important reference for parliamentary discussion. They run back to 1778,
just after our Declaration of Independence, when the whole circulation
was but thirty-five million, and the entire deposits were but twenty-five
million, and stop with the bank act o f 1844, when the circulation had reach­
ed one hundred and five million, and the deposits had touched sixty million.
The above returns embrace the period o f the twenty years’ suspension,
(Pennsylvania did better,) and covering a fluctuation in the stock of bullion
from three million to eighty-one million. The lowest depreciation of the
bank note during the bank’s embarrassment was in 1814, just before W el­
lington turned the day against Bonaparte at Waterloo, when the note
dropped twenty-five-and-one-eighth per cent! but in 1821, about the time




5C0

European Commercial Correspondence.

of Napoleon’s death, a resumption of cash payments brought the bank note
to its sovereign value, where it has remained, notwithstanding the fact of
the bank having in the one department but two million two hundred
thousand dollars in bullion, against an active circulation of one hundred
and one million, on the 23d o f October, 1847 ! Had a few of the ten mil­
lion of depositors called upon the bank, they would have had to use their
government letter, and shut down the gate, as they did in 1797!
In 1825-6, the crisis was most severe upon bankers— the panic of 1837
covered all classes— prosperity in 1835— inflation in 1836— crash in 1837.
In 1847 the merchants were the leading sufferers by the crisis, but as is
always the case the general public suffered more or less. Ten years since
twenty-two firms came down, in Calcutta alone, for about forty million
dollars. Following out the view expressed in my first letter, that these
periodical revulsions come round every ten years, what is to prevent the
rule from excepting 1857 ? Certainly some rather astonishing elements
have been introduced since the last break down of credit— among other
things the aid of steam and telegraphs have changed exchanges, and money
markets of different nations are more sympathetic than formerly in con­
sequence. Railroads, industrial enterprises, and commerce have shot ahead
as was never known before, and when, I ask, has the rate of interest ruled
so high on the European side as in 1856 ? When has the world ever dug
out of the mines before, six hundred and twenty-five millions gold in seven
years ? and yet, when has the bullion kept so low throughout the year in
the national banks? No time since 1842, not omitting 1847, has the
bullion department of the Bank of England showed such low figures on
the average as in 1856 ! W hen in five years’ time before, have financiers
seen one hundred and seventy-four million specie, pass by the pyramids
to the East ? When did British exports reach nearly six hundred million
previous to last year? and when has a nation built twenty-six thousand
miles of railway within so brief a period as has the United States ?
These, then, are some of the changes that have come round since the
last severe panic in the money market, and older heads than mine are
puzzled to understand how they are to effect the prosperity of the world.
The doubling of the rate of interest may be accounted for by the simple
fact of the doubling o f trade, the navigation, and the commerce of the
country. Twelve years ago the figures were just half what they are
to-day; and twelve years hence, if the same ration goes on with the one,
what should prevent it from effecting the other— placing the interest twelve
per cent instead of six? Increase o f trade demands increase o f capital;
and more capital, a higher rate o f interest. But to return to the Bank
o f England.
The directors pursue a surer policy than formerly. They regulate rate
of interest and discounts by supply and demand, and not by circulation;
and the true position of the bank may be shown by rating the amount of
the “ public securities” and the bullion in the vaults. Last Saturday’s
return gives a trifle less than one hundred million dollars to the former,
and about fifty-one million to the latter !
The Bank of England has eleven branches, each bank’s notes payable at
place of issue, but all met in coin at the parent establishment in London.
London takes two-thirds o f the entire issue of notes, leaving but one-third
for the provinces— i. e., of a circulation of one hundred and five million,
seventy are issued in London, and thirty-five million at the branch estab­




European Commercial Correspondence.

561

lishments. The bank pays the government, for this privilege o f issue,
about one million dollars per annum, and receives a handsome sum in
return for managing the public debt. The notes are only legal in Eng­
land— the Joint-Stock Bank of 1845 having provided against their legality
in Ireland and Scotland.
From England let us turn to France. Just two centuries from the time
Queen Elizabeth planted the seed of the Indian Empire, and one hundred
and four years after the establishing of the Bank of England, Napoleon
founded the Bank of France— commencing in 1800 with a capital of
eighteen million, and a reserve fund o f two-and-a-half million, in all a
working capital of about twenty million dollars. Just for a moment look
at its leviathan operations in 1855. During that year the bank discounted
nine hundred and forty million dollars. No wonder that tile fortunate
stockholders grew merry over their annual dinner when the president
announces a dividend o f twenty-jive per cent. In 1845, the number of
branch banks were twenty-four, and o f 1855, thirty-eight; but you will
best see the increase of its operations from 1846 to 1856, by making the
figures. Before the fall of the Bourbon dynasty, its discounts were but
three hundred and forty-five million ; under the Napoleonic rule, nine hun­
dred and forty. In 1846, only eighty-six million were discounted at the
branches; in 1855, five hundred and forty-nine million. The business of
the bank of 1852, was even doubled in 1856. In 1855, one hundred
million dollars alone was advanced on railway stock!
The French revolution, it is well-known, deadened trade. In 1847,
the discounts at the bank were some two hundred and sixty-five million ;
during the two succeeding years they were fifty-one million, and sixtyeight million, respectively, showing the effect of revolution on commerce.
But the operations of late years are up to the greatest magnitude. If on
so limited a capital they have done so much, what might we expect if the
government increase it, as has been proposed, to fifty millions ? I doubt
it it is done, for the international banking scheme, on a capital of twentyfive million, seems to meet the sanction of the Emperor. To change it
would take much tim e; ’tis a slow process. First the bank makes the
movement, then Council o f State, then Legislative body, afterwards the
Senate, and then the government has to make it public, all of which creates
delay. A glance at the mint operations tell us that—
From 1798 to 1855, the total amount of gold coined in France w a s..
Amount coined during same time in silver............................................

8578,000,000
917,000,000

Total coined............................................................................................

11,490,000,000

During the last six years, France has coined four hundred million in
gold ; but only, for the same time, forty-five million in silver. But to cut
it finer, take the past two years. W hile the mint has turned out one
hundred and eighty-three million of gold coin, she has made but fifteen
million in silver. It is estimated that over two hundred and fifty million
of silver coin has been displaced by the late gold discoveries 1 The Bank
of France, to-day, has but about half the amount of bullion which was in
her vaults in 1850— then, eighty-five million ; now, forty million. It is
mostly of note, that of the two hundred million specie exported to the
East during the last few years, all the silver went on past Ceylon, while
the gold stopped this side the Red Sea. In round numbers, why not see
how the bank stands to day— what are its obligations ?
VOL.

X X X V I.---- NO.

V.




36

562

European Commercial Correspondence.

Commence, if you please, with paid-up capital.....................................
Take its deposits, private ai>d public, say................................................
Now add circulation.....................................................................................

$20,060,000
45,000,000
120,000,000

On the one hand you have......................................................................
Against: mercantile paper, bearing always three names, a large
amount of which is for small tradesmen, under 100 francs— say for
bills discounted, short date.....................................................................
Government securities, all realizable, save 10,000,000...........................
Bullion in reserve-.......................................................................................

$185,000,000

On the other..............................................................................................

$185,000,000

$105,000,000
40,000,000
40,000,000

Now to mate a rough calculation on the Bank o f England.
compare the two—

W e may

First take stock entries.................................................................................
Add accumulated reserve, or rest.............................................................

$73,000,000
16,500,000

Making a capital o f ...................................................... ..........................
But of this sum, 65,000,000 is government debt— not represented by
stock, not transferable, and consequently not available; therefore
deduct these dead weight securities.....................................................

$89,500,000

And you have, as the actual capital of the bank, but about.............
Deposits, public and private.......................................................................
Notes in circulation, including bank post bills and money orders.........

$34,500,000
85,000,000
105,000,000

Say..............................................................................................................
A dd capital, or governm’t debt, not including reserve of $16,500,000..

$190,000,000
73,000,000

But to get fair comparison, omit government debt.................................

$263,000,000
56,000,000

And add rest, or reserve............................................................................

$208,000,000
16,500,000

Tou have on the one side liabilities amounting to .............................

$224,500,000

55,000,000

Now what has the bank to meet them?—
First: government securities, including dead weight,not available. .
Private securities—notes, bills, &c.............................................................
Bullion, as shown by last Saturday’s return............................................

$75,000,000
97,500,000
52,000,000
$224,500,000

Therefore, throwing out the government debt and the dead weight
securities, the two great banks stand thus: W ith a capital of thirty-fourand-a-half million, the Bank of England has obligations to the public of
one hundred and ninety million dollars ; while the Bank o f France, with a
capital of twenty-million, has obligations amounting to one hundred and
sixty-five million dollars— which, it will be seen, is a trifle in favor of the
English bank.
The capital and obligations of the there prominent national institutions
bear no comparison to the credits o f London joint stock banks. They
possess a capital o f fifteen million dollars, on the strength of which they
have received deposits amounting to one hundred and ninety million,
against forty million in 1844. Under the act of 1844, there were two
hundred and eight private bankers, and seventy-two joint stock banks
established. The authorized issues under the act were twenty-five million
to the private, and seventeen million to the joint stock. Since 1844, the




563

European Commercial Correspondence.

decline of private bankers shows forty-five as having ceased issuing notes,
twenty-two of which having stopped payment, and nine joint stock, six
o f which failed. During the last ten years, seven hundred and thirtyeight million dollars bullion have been imported into England; yet the
average amount held by the Bank of England was three million four hun­
dred thousand dollars less than in 1846— notwithstanding the increase of
exports from two hundred and eighty-eight million in 1846, to some six
hundred million in 1856; while France imported, from 1849 to 1855—
Bullion................................................................................................
And exported same time..........................................................................
Leaving in the country..............................................................................

$512,000,000
300,000,000
$212,000,000

And yet the French bank, at the end of 1856, had about eighteen million
less than in 1846. I wish some Adam Smith or Francis Bacon would
rise up among us, and explain away the inconsistencies and perplexing
questions of the time.
Pardon me for making so many figures— another day I will be less
elaborate. One word on Turkey, and a closing remark on China, and I
have done. I intended to write more at length on the financial position
of the Ottoman Empire, but I find I have not the space. You are aware
that the American and Grecian Bankers have been disgusted by the Sultan
having given the concession for the new National Bank to English capi­
talists. Sixty million is the capital, ten o f which must be paid down in
cash— the bank to commence operations in six months after the signing of
the firman. Two-thirds o f the facilities go to the government, the other
to agriculture and commerce. Capitalists are sanguine o f success, and
English contractors are swarming through Turkey. I must say I was not
impressed with Constantinople, when there last May. Any port but that
for me.
The growth and decay of the Ottoman power, its rise and fall— now
calm, now surging with dissensions, so strangely historical in Mahomet’s
career, the first Emperor, past the Koran, past Solyman the Great, down
to the present effeminate monarch— Turkey is a most interesting study.
Financially, she needs support. This bank is just in time. All the old
coin and worthless paper hawking among the Turks, will disappear before
the new stamp. The “ sick man” needs the doctor, for the harem is suffo­
cated with the extravagant bills of the women. All the Sultan desires is
money— money to keep off the duns at his door.
With a revenue o f from 25 to $30,000,000— say....................................

$30,000,000

See what is done with i t :—
Interest on the national debt...........................................
The Sultan—for his harem, his palaces, and his women
— takes the modest sum o f......................................
Leaving only for the military and civil list, say...........

$5,000,000
'7,500,000
P7,500,000
---------------$30,000,000

In fact this last sum is much cut up, for it is well-known that the Sultan,
for the use of the seraglio, is privileged to issue bonds called shehims, bear­
ing two per cent interest per month— California rates. During the last six
months the Sultan has been short, and has issued five million dollars o f
these bonds, which you will see adds, for the small item of interest, the enor­




564

European Commercial Correspondence.

mous sum of one million two hundred and fifty thousand dollars to the State
debt. To gain the outside sum, put down as revenue, twice that amount
is levied. It first costs at court fifty per cent to get in the taxes, and
then the court alone pockets one-third of all that gets into the treasury— a
system of thieving commencing with the slave, and improving in deceit till
it reaches the palace. English energy and English capital will give new
life to decaying Turkey. As a nation, she is strong in her weakness. The
great powers guaranty her nationality, and will fight over her grave.
Since writing the foregoing, Parliament has been active on the China
question. Lord Palmerston is game even y e t; troops and embassadors
a e getting away with all dispatch. Meanwhile, teas, silks, and all Chinese
“ notions” will advance. Firms may suspend, and European heads be
strung along the Canton walls, but, in the end— when England commences
in earnest, when John Bull is fairly aroused, when “ dear tea” will be the
word to return Lord Palmerston’s party to power, when the fleet walls up
the Chinese waters and stops the machinery o f the Imperial Canal— who
can doubt for a moment the victor ? England must succeed. Opportunely
enough, the Persian affair is put to bed, and a fine army is released for
China purposes. The result will stimulate commerce. Human life, indi­
vidual property, and public treasuries, will not be spared to shake the
Tartar’s dynasty. The East and the West must have an understanding.
England wants more room for trade, and she sees it all along the China
rivers. Those who are familiar with the China trade, will see at once
how embarrassing all this meanwhile will be to China commerce and
European operations. Ships go a begging, for China has nothing now for
them. Commission houses look wishfully at their cotton goods on the
Canton go-downs. By this time they know how much the Chinese owe
them, or how much they owe the Chinamen. Exchange operations stand
still; documentary credits are useless. The East India Company write
home to say, that it is killing the opium trade; and the Parsees, who are
dropping one hundred and fifty dollars on every chest, must fall back on
the India banks; and the Indian Banks have had all they want in the
way of losses, through advances on rice and seeds. All wait now for later
dates. Other nations, in China, are no better placed than the English.
The Americans cannot manage the entire trade as in 1842. That pleasant
dream was dispelled when Admiral Armstrong shelled the forts; but now
he has withdrawn, on the clause to the Rev. Peter Parker in Yeh’s letter,
saying, “ there’s no cause of strife between us”— but no apology was given.
The French and Americans indirectly assist the English ; but their nations
are not so decided what to do. Such is the position of matters in the
East; so— between this China question, the dissolution o f Parliament, the
Russian railways, and the Turkish bank, with a speculative mania com­
mencing again in France, and new operations requiring capital on all
sides— money is in demand and tight.
If I have taxed your pages, and your readers’ patience, in this letter, I
promise to be more agreeable in the next.
Meanwhile I remain, my dear sir, most truly yours,
o. r. t .




565

Chicago in 1856.

Art. V. — C H I C A G O

IN

THE SITUATION OF CHICAGO— ITS HARBOR, STREETS AND

1856. *

BRIDGES— SUCCESSION OF MAYORS— PR O ­

GRESS OF POPULATION— M ORTALITY— COMMERCIAL STATISTICS— TRAD E IN BREADBTUFFS— LUMBER
TRADE— BUILD ING 8 ERECTED— MANUFACTURES— V A LU ATIO N OF PROPERTY— M ILITARY COMPANIES
— FIRE DEPARTMENT— SCHOOLS A N D COLLEGES— CHARITABLE INSTITUTIONS— CRIME— AMUSEMENTS
*— HOTELS— NEW SPAPERS— CHURCHES— THE CLERGY.

T he city of Chicago, lying on both sides of the Chicago River, is sepa­
rated by that stream, and its two branches, into three unequal divisions.
These are called respectively, the North, the South, and the W est Divis­
ions. The North and South Divisions front upon Lake Michigan; the
West Division lies west o f the two branches of the river, which, flowing
nearly north and south, unite their waters at a point nearly a mile west
of the lake shore, and empty into the lake. The idea is entertained by
some that Chicago is a low city, incapable of proper drainage. It is easily
shown how erroneous this idea is. The South Division is elevated from
five to twelve feet above the surface of the lake; the W est Division from
eight to seventeen feet, and the North Division from seven to twelve feet
above the level of the lake. These data are from actual measurements,
recently made by Mr. Harper, late superintendent o f the public works o f
the city.
The main river is about 200 feet wide. It is from twenty to thirty feet
deep, but the current is dull and sluggish. The river, with its branches,
forms a harbor some ten miles long, and is navigable, for about six miles,
for the largest class of lake vessels, and is usually full o f all sorts of craft,
from the splendid steamer down to the humble sloop or schooner.
Communication between different divisions o f the city is effected by
means of eight bridges, so constructed as to swing open in the middle, to
admit the passage of vessels. The city council have authorized the con­
struction of an additional bridge, to be built o f iron, at a cost of $50,000.
The subject of tunneling the river has been much talked of, and a company
has been formed for the purpose. A cast iron model of the tunnel may be
seen on Randolph-street, but the work has not yet been commenced.
The streets of the city cross each other at right angles; they are wide,
and, with three exceptions, they are not paved. During the past year the
grade of some of the streets has been raised to a level, which, it is intended,
shall be uniform. Lake-street and South Water-street, and a part of
Michigan-avenue, are now completed and paved with stone. The other
streets are planked. The sidewalks in front o f buildings, erected within
two years past, are usually made o f large blocks o f stone, many o f which
are ten feet long, three or four feet wide, and six inches thick. These
* Former volnmes of the Merchants' Magazine contain many articles on the subject o f Chicago,
exhibiting its growth and trade in successive years. In the number o f the Magazine for February,
1848, (vol. xviii, p. ]64) we gave a sketch of the history of the city and its commercial statistics to
that time. The number for April, 1852, (vol. xxvi, p.424) contains the “ Annual Review o f the
Commerce of Chicago for the Year 1851,” embracing, also, a summary o f the chief statistics o f the
previous years. Since that time each volume of our Magazine has recorded the principal facts in
the progress of this important commercial emporium. One of the most detailed o f these articles
may be found in the number for June, 1855, (vol. xxxii, p. 6S1.) In the number for February, 1856,
(vol. xxxv, p. 173,) is an article by the author of the present paper, which contains the detailed
statistics for the year 1855.— Ed. Mer. Mag.




Chicago in 1856.

566

pavements are made to correspond with the new grade. Many o f the
streets are adorned by rows of tine forest trees.
The city charter bears the date of March 4, 1837. The following table
exhibits the names of all the mayors of Chicago, and the population of
the city at the corresponding dates:Date.
Mayors.
1837— Wm. B. Ogden..............
1838—
Buckner S. Morris..
1839—
B. W. Raymond......
. 1840— A. Lloyd.........................
1841—
F. C. Sherman.........
1842—
B. W. Raymond......
1843—
A. Garrett...............
1844—
A. S. Sherman.........
1845—
A. Garrett...............
1846— John P. Chapin.............
1847— James Curtis.................

Pop.
4,170
.......
....
4,470
....
....
7,580
8,800
12.08S
14,170
16,860

Date.

Mayors.

Pop.

1848—
JamesH. W oodworth..
1849—
JamesH.AVoodworth..
1850—
James Curtis...........
1851—
Walter S. Gurnee..
1852—
Walter S. Gurnee..
1853—
C. M. Gray...............
1854—
Isaac L. Milliken....
1855—
L. D. Boone.............
1856— Thomas Dyer................
1867— John Wentworth...........

20,035
23,047
28,269
32,000
38,733
66,652
74,500
82,750
.........
.........

It will be seen by this table that, since 1840, the population o f Chicago
has doubled every four years. The number o f deaths in the city, for ten
years past, is stated below. In 1854, the cholera raged here, but since
then it has not visited us. In 1856, the number of deaths was twenty
less than in 1855, while the population was 20,000 more.
Deaths.
Year.
Deaths. Year.
Deaths. Year.
Deaths. Year.
Deaths. Year.
520 1 1849... . 1,519 1 1851... .
1847.. . .
836 1 1853.. . . 1,206 1 1855.. . . 1,970
.
.
1,950
560 | 1850... . 1,335 | 1852... . 1,649 | 1854..... 8,829 | 1856..
1848... .

The following tables show the amount of flour, wheat, and corn, received
at, and exported from, Chicago during the last three years:—
FLOUR, WHEAT, AND CORN, RECEIVED AT CHICAGO FOR THE LAST THREE YEARS.

1854.

1855.

1856.

Flour, reduced to bushels of wheat... .
Wheat, bushels........................................
Corn, bushels..........................................

797,520
8,048,880
7,488,443

1,210,020
7,635,326
8,499,987

2,052,835
8,766,531
11,647,205

Aggregates..........................................

11,334,843

17,344,323

22,466,571

FLOUR, WHEAT, AND CORN, EXPORTED FROM CHICAGO FOR THE LAST THREE YEARS.

1854.

1855.

1856.

Flour, reduced to bushels of wheat... .
Wheat, bushels........................................
Corn, bushels.............................................

539,635
2,102,703
6,822,869

843,950
6,330,553
7,615,407

1,026,405
8,252,475
10,807,736

Aggregates.......................................... .

9,465,207

14,589,910

20,086,616

It is now well established that Chicago is one of the greatest lumber
markets in world. The immense amount o f 456,000,000 feet was received
during the last year; yet so great was the consumption in the city, and
the demand for shipment, that the amount held over at the close of the
year, in the lumber yards, was quite small.
AMOUNT OF LUMBER RECEIVED FOR THE LAST THREE YEARS.

1854.

1855.

1856.

By lake.......................................... feet
By other sources..................................

217,120,000
10,912,000

299,291,257
8,085,798

448,000,000
8,711,267

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

228,032,000

308,277,055

456,711,267




567

Chicago in 1856.

The progress of Chicago is, perhaps, as tangibly shown in the buildings
erected here, as in anything else. The amount expended in building in
1854, was $2,438,900; in 1855, $2,521,950; and in 1856, $3,954,700.
The increase for 1856, is $1,432,750. These sums include the amount
expended by the city in paving and building bridges, but do not, of course,
include the price o f ground on which buildings are erected.
Chicago is rather a commercial than a manufacturing city; yet she had
employed in 1856, in various branches of manufactures, over 10,000 per­
sons ; had a capital embarked of over $7,000,000, and produced manu­
factured articles to the value of nearly $14,000,000. Here are the figures
in detail:—
Iron, machinery and cars.
Window sash, doors, <fec..
Agricultural implements
Dressed stone, bricks, marble, ifec.. . .
Malt liquors, vinegar, <fcc....................
Carriages and wagons......................... .
Flour ....................................................
Boots and shoes, hats and caps.......... .
Furniture..............................................
Linseed oil, soap and eandles..............
Leather and m orocco...........................
Brass, tin and c o p p e r .........................
Cooperage, wooden ware and brooms
Stoves and wire work .......................
Saddles, harness and trunks...............
Ship and boat building....................... .
Blank books and book binding...........
Lightning rods and pum ps.................
Lead pipe..............................................
Starch and salaratus ...........................
Furs and gloves....................................
Musical instruments and je w e lr y .. . .
Matches..................................................
G lu e......................................................
White lead............................................
Gas and coke .......................................
Bellows makers....................................
Chemicals..............................................
Confectionery........................................

Men employ’d. Capit’l invest’d. Value Manuf.
$3,456,000
$1,960,000
2,695
1,110,000
425,000
500
1,064,300
615
567,000
1,500,000
2,049
900,000
1,036,800
276
445,000
850,000
850
400,000
612,569
68
300,000
600,000
1,000
100,000
500,000
500
350,000
500,000
100
300,000
432,000
163
307,500
400,000
266
200,000
350,000
150
150,000
260,000
130
200,000
350,000
235
125,000
150,000
100
300,000
25,000
125,000
50
97,500
44,000
41
50,000
20
20,000
50,000
12
20,000
32,500
15
6,000
25,000
6,000
30
30
20,000
6,500
15
21,000
20,000
15
50,000
7,500
ISO
350,000
163,840
4
1,000
12,000
15
15,000
32,000
50
20,000
200,000

Total....................................................
Same in 1855........................................

10,034
6,288

$7,612,000
6,363,400

$18,672,169
10,289,000

Increase in 1856....................................

3,746

$1,248,600

$3,383,169

The value of real estate and personal property in Chicago, in 1856, as
it appears recorded on the assessment rolls in the office o f the county clerk,
is as follows :—
South C h ica g o ......................................
West
“
North
“

Real estate.
$11,639,773
7,986,147
3,479,770

T otal...................................................

$22,106,680

Personal property.
Total.
$4,486,886
$15,847,771
605,296
8,591,443
756,040
4,235,810
$5,848,222

$28,675,024

The valuation of real estate, for county and stale purposes, takes place
but once in two years. The assessed valuation of real and personal estate,
as made by the city assessors for the year 1856, is as follows:—




568

Chicago in 1856.
Real estate.

Personal property.

Total.

South Division......................................
West
“
North
“

$18,413,708
8,295,919
4,061,853

$4,486,886
674,143
656,930

$17,489,595
8,969,762
4,618,784

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

$25,771,181

$5,717,959

$31,489,120

The military force o f the city consists of fourteen independent volunteer
companies. The only occasion on which this force has been called out to
assist the civil power in the maintainance o f the laws, was in the great
German riot of April, 1855, commonly called the “ lager bier war.” There
were four companies on duty on that occasion. The court house square
was guarded by the troops, and cannon kept in position to rake all the
avenues leading thereto, from four o’clock Saturday afternoon, till eight
o’clock on the following Tuesday morning; but, happily, no collision took
place between the military and the mob. The latter dispersed as soon as
the former came upon the ground, and all the firing and bloodshed took
place before the troops were ordered out.
The Fire Department embraces thirteen engine companies with a pro­
portionate number of hose, hook, and ladder companies, and an aggregate
force of over eight hundred men. A look-out for fires is constantly kept
in the belfry o f the court house. The system o f fire alarms is not per­
haps the best that might be devised. If a fire occurs in the 4th ward,
the alarm bell is struck eight times, and then four times, &c. If in the
7th ward, eight times and then seven times, &c. If in the first ward,
eight times and then once, &c. The alarm bell is a very fine one and its
deep tones can be heard all over the city. The total loss by fire during
the year 1856, w’as only $294,925; on which there was an insurance of
$62,600.
The public schools of the city, ten in number, are under the direction
of a superintendant of common schools, appointed by the city council, at
a salary of $2,000 a year. The present superintendant is John C. D ork,
Esq., a gentleman who has proved himself admirably qualified for that im­
portant position. The schools are well classified, after the plan o f those
o f Philadelphia, and pupils pass regularly from the lower to the higher
grades. The course of instruction is thorough, and none but the most
competent teachers are employed. The number of pupils is over 8,000.
A high school was opened in October last, on the plan of that of Phila­
delphia. The edifice, one of the handsomest in the city, is built o f white
Athens stone, and is 88 by 62 feet, and three stories high. There are
several excellent private schools, both for boys and girls, also a female
seminary under the charge of the Presbyterian denomination. There are
two commercial colleges, Judge Bell’s, which has a very high and well
deserved reputation, and Gregory, Bryant & Stratton’s, a newly established
institution, which is also admirably conducted. Lectures on commercial
law are delivered in these colleges respectively by Robert S. Blackwell
and Kobert Rae, Esqs. Another college has been instituted by the Bap­
tist denomination, the buildings for which will be erected in the course of
a year. A theological seminary is attached to it, for the instruction of
candidates for the Baptist ministry. The sum o f $100,000 has been sub­
scribed for the erection of the buildings, and the Hon. Stephen A. Douglas
has conveyed to the trustees ten acres o f land on which they are to be
erected. The institution will bear the name of “ Douglas University;”
and the Rev. J. C. Burroughs, D. D., has been elected as its President.




Chicago in 1856.

569

Rush Medical College is a very flourishing institution, and we ought not to
omit to mention the Jesuit College, in the North Division of the city, the
professors of both o f which are men of eminent learning.
The benevolent and charitable institutions of Chicago will bear favorable
comparison with those o f older and more wealthy cities. There is an
orphan asylum (the directresses o f which are ladies moving in the first
circles in the city) which received and provided for sixty-eight poor chil­
dren, during the last year. The Mercy Hospital, under the charge of the
Sisters of Mercy, opened to persons of all creeds, is a noble example of
the charity of the Roman Catholic denomination. The hospital of St.
James’ (Episcopal) church is supported by the contributions of that con­
gregation, and has been the means of great good to many inmates. Dur­
ing 1856, the Chicago Bible Society’s receipts amounted to $5,645 35, in­
cluding a legacy of $1,000 from the late Jeremiah Price, Esq.
The annals of criminal jurisjjrudence in Chicago are not marked by a
frequency of crimes of great enormity, though unhappily offenses of lesser
degrees are frequent. There have been two recent cases of poisoning
(only one of which resulted fatally) and two of murder, which for cold
blooded atrocity, can scarcely find a parallel. Nocturnal attacks upon
unarmed individuals, for the purpose of plunder, are not unknown though
not frequent. A burglary, accompanied by robbery, takes place perhaps
four times a year; attempts at burglary have been frustrated as often as
once a month. The individuals detected or captured in this business have
in their possession tools for the accomplishment of their nefarious designs,
“ of the latest and most improved patterns,” and are usually found to be
rogues from older cities. Gambling, in all its varieties, is carried on here
to a degree that would astonished those to whom the subject is new'. The
penalties are very severe, yet the professional blackleg too frequently con­
trives to evade the law, and pursues his fiendish sport in defiance of its
injunctions, and totally regardless of the misery that he causes to many
a once happy home. An institution for the reformation of juvenile offend­
ers, was opened on the 30th of November, 1855. It commenced with
seven children, and in Jan., 1857, their number had increased to fifty-six.
The superintendent is Mr. D. B. Nichols.
W ith amusements, Chicago is well supplied. The theater is well pa­
tronized, and its stock company embraces some very good actors. The
house is kept open all the year, and there is always one “ star” present.
A theater, intended expressly for the German population, has been recently
erected in the North Division ; a fine looking building.
Levi J. North has an elegant ampitheater, which will hold twenty-five
hundred people, and in which he nightly delights admiring crowds. Em­
met’s Varieties is also a popular place of resort. Metropolitan Hall and
the new armory of the Chicago Light Guard, both splendid halls, are used
for concerts, lectures, and balls.
The leading hotels of Chicago are equal to the best in the Eastern
States. The Tremont House is the largest, and enjoys a wide reputation.
The Briggs’ House is a new hotel, superbly furnished, and every way com­
plete in its appointments. The Richmond House was built within the
last year, and presents a more imposing appearance than any other
hotel in the city, having a front of white Athens marble. The Revere
House is kept on the European plan. There are about a hundred other
hotels and taverns in the city, but those already mentioned are the most
noteworthy.




570

The Traffic in Coolies.

The newspaper press of Chicago comprises eighteen journals, o f which
eight are dailies. The Tribune, the Democratic Press, the Democrat, and
the Journal are the organs of the party now known as “ Republican.”
The Times is the only Democratic paper in the city, (in the English
language;) it is the official paper of the city, has the government adver­
tising, and publishes the list of advertised letters. The National Demo­
crat is a Democratic paper in the German language. The Staats Zeitung
is a German paper of the same stripe of politics with the first three named.
The Herald, is the penny paper.
The churches o f Chicago are sixty in number, of which seven are Episco­
palian, seven Roman Catholic, six Congregational, eight Presbyterian, five
Baptist, one Unitarian, one Universalist, nine Lutheran, twelve Methodist,
two Swedenborgian, one Spiritualist, and two Jewish synagogues. Many
of these edifices are spacious and elegant structures, which, for architec­
tural effect and taste in interior decoration, will bear comparison with those
in the Eastern cities. The general character o f the clergymen of the city
is deservedly high. There are a few among them whose views are narrow
and whose education was defective, but the great body of them are men
whose liberal and comprehensive views, whose upright walk and conversa­
tion, whose sound learning and large acquaintance with the world, and
whose unaffected piety, adorn their high station, shed luster upon their
sacred office, and make them, in truth, “ living epistles, known and read
of all men.”

Art. VI.—T H E

TRAFFIC

IN COOL I ES.

T he future historian who shall regard the present age, will be aston­
ished at the pharisaical spirit which pervades it. The ancient rabbis of
Palestine did not boast more lengthy phylacteries, nor put deeper borders
on their garments, “ to be seen o f men,” than the boastful philanthropists
of the nineteenth century. W e are still repeating the same old story.
W e still love the uppermost places in the synagogues, and salutations in
the market-places. ’Tis just the fashion, and fashion is as imperative now
as in the days of Herod the tetrarch. It is as blind, too, and its worship­
ers are as blunt o f moral perception. Hence, comes it, we have so much
false philanthropy in vogue just now, and are swayed more by names than
realities. Hence, comes it, that the Duchess of Sutherland, with all the
daughters of John Bull, raise their delicate little hands in such holy hor­
ror at the inhumanity of African slavery, while chaste Britannia receives,
without a blush of shame, the advances of the lecherous Turk, whose se­
raglio is filled with captive white maidens, torn from their native land,
and sold into a slavery far more terrible than that o f mere chains and
stripes. However horrible the facts may be, it is not fashionable to talk
o f bow-strings and the midnight splash into the dull waves o f the Bos­
phorus, as some hapless maid, for having offended her master, is thus
summarily disposed o f ; and, seeing it is not fashionable, the sanctity of
Whitehall has never yet been disturbed with the relation o f such vulgar
horrors. For the same reason, likewise, our good English cousins not
only have not raised a clamor about, but are the originators and support­
ers of, a traffic in human beings as terrible and inhuman as the barbarous




The Traffic in Coolies.

571

slave trade, about which they shed so many pious tears whenever the oc­
casion demands. I refer to the trade in Coolies. W ith a singular per­
versity of moral perception, we on this side of the Atlantic have main­
tained a very inexplicable silence on this most important matter. I hardly
remember to have seen in a single American newspaper any account of
the accompanying cruelties and barbarities o f this inhuman traffic. I call
attention, therefore, to the following from the London Weekly Times, of
February 11, which is only one instance in a thousand:—
“ On Monday, at the Thames Police Court, Captain Seymour, the master of
the ship Duke of Portland, appeared before Mr. Selfe to answer a demand made
upon him by a seaman named Smith, who claimed a balance of £40 for his ser­
vices on a voyage from Iiong Kong to Santa Cruz, Havana, and London. Mr.
Young appeared for the complainant, who shipped for £5 per month, and the
captain resisted payment of the wages on the ground that the seaman became ill,
in consequence of his own indiscretion, and was unable to do any duty during a
great portion of the voyage. The captain had deducted $90 from the wages.
Mr. Young said if there had been proper medicine on board to meet the disease
of the seaman, he would have been cured, and that he had applied for his discharge
three times at Havana, and it was refused. Captain Seymour, in reply to this,
said the yellow fever was raging at Havana when his ship was there, and it would
have been certain death to the complainant if he had sent him on shore.
“ Mr. Selfe, on looking over the official log, said he did not wonder at the doc­
tor not being able to cure the complainant, for it appeared that the passengers
died off like rol'.en sheep. There was an entrance every day of the Chinese taken
on board at Hong Kong dying. He found it stated over and over again, ‘ Died
of fever—died of exhaustion.’ He should like to know what this meant. Cap­
tain Seymour said he was very sorry to state that 132 Chinese died on board of
the Duke of Portland between Hong Kong and Havana.
“ Mr. Y o u n g : It is most horrible! The cupidity of the Spaniards is pro­
verbial. Chinamen are brought from China to work on the plantations, and this
is the result. The English flag is disgraced by such a traffic.
“ Mr. S e l f e : Yes, I see. Departed this life from exhaustion. Those are the
daily entries ?
“ Capt, S eym our : Yes, sir; 132 of them died.
“ Mr. S elfe : I have heard of the horrors of the Middle Passage, when the
odious slave trade was in existence, but I never heard of anything like this.
“ Capt. S eymour : Yes, sir ; I am sorry to say it is so. I have had as many
a3 200 invalids at one time.
“ Mr. S elfe : Yes, the poor Chinese died by wholesale, although it appears
they were taken on board in good health. I hope Her Majesty’s government will
hear of this.
“ Capt. S eymour : It is a dreadful traffic, sir, and quite time it was put an end
to. I can assure you that every Chinaman brought on board underwent two
medical examinations before he was shipped.
“ Mr. S elfe : Then, how came about this dreadful mortality?
“ Capt. S eymour : I don’t know, sir.
“ Mr. Y oung : And I am given to understand that many more of the Chinese
died when they landed in Cuba. The Spanish agents lure the poor Chinamen
from their native country to become slaves in Cuba. It is shocking.”
Here we have the whole matter in a nut shell. A hundred pages of
elaborate writing and argument would not make the matter any plainer
or more conclusive. And yet, most Christian reader, this is done in the
nineteenth century, under the flag, and within sight of the white cliffs, of
Old England— the land of Wilberforce and “ Our Lady ” of Sutherland !
A h ! yes, slaves cannot breathe in England, and it seems the poor Coolies
cannot either— the latter, however, from a want of breath. J ust think of




572

The Traffic in Coolies.

it, one hundred and thirty-two poor Chinese thrown out to the sharks in a
single voyage ! Mr. Selfe, in the honesty of his heart, hoped Her Majesty’s
government would hear o f it. Poor m an! he did not reflect that Her
Majesty’s government has all its charity exercised in protecting the king­
dom of Mosquito, and in staying the spread of the pernicious heresy of
American republicanism.
Her Majesty’s government has been so long
time preaching up the self-righteousness o f the British nation, it prefers
to harp upon the shortcomings of the “ rest of mankind,” rather than
scan its own scarlet offenses. And although these offenses do “ smell so
rank to heaven,” still the subjects of Her Majesty are ever acting on the
Shakspearian precept—
“ And look you, get a prayer-book in your hand,
And stand between two churchmen, good my lord
And thus, with a cloak of piety and most pharisaical devotion, they think
to—
“ Clothe their naked villainy
With old odd ends, stol’n forth of holy writ,
And seem a saint, when most they play the devil.”
Nor have we much to boast over our English cousins. W e are as selfrighteous as they, and thank God with as much earnestness that we are
not like to other men. Here we are, fighting among ourselves, ready to
take one another’s heart’s blood, because we cannot all think alike on cer­
tain measures of domestic policy, while Old England’s ships are triumph­
antly riding the seas, crammed with cargoes o f human freight, and yet
our most blatant philanthropists have never a word to say. Even those
who think it no great thing to denounce the justices o f our Supreme
Court in the choicest billingsgate of a common street scullion, because
they have seen fit to decide a question of constitutional law adverse to
the interests of their friends, never raise their voices to expose the canting
hypocrisy o f England, as shown in her encouragement of this inhuman
traffic in poor Chinamen. Some of them even go so far as to advocate
the practice, upon the principle, I suppose, that it is right to do evil pro­
vided good come of it. And this, too, when the evil is patent to all eyes,
while the future good is very problematical, to say the least. For shame,
my countrymen ! Even granting that in time the Coolie system o f labor
will supplant the African, does it require any very great show of argu­
ment to prove, even to the dullest comprehension, that we will only be
flying from Scylla to Charybdis ? In the one case the master’s interest is
on the side of humanity ; in the other, it is just the contrary. If he use
his slave so unmercifully as to render him worthless, he loses just so much
m oney; but he may goad the poor Coolie until, like Captain Seymour’s
one hundred and thirty-two, he dies of “ exhaustion,” as the amiable cap­
tain expresses i t ; and yet the master lines his pockets while there is breath
in the poor fellow’s body, and loses nothing when he becomes “ exhausted ”
— in other words, dies.
This will be the inevitable result after the Coolies have supplanted the
slaves; but before we have imported Coolies enough to till the lands now
cultivated by the negro, what a fearful hecatomb o f lives will have been
sacrificed to the Moloch of modern Cant and H ypocrisy! Supposing the
average deaths on each voyage be only one hundred, we must be horrified
to think what a terrible number will perish before our philanthropic aims




Chapters on California Fisheries.

573

are accomplished. And, besides, since only men are imported, the only
increase we can ever expect is from fresh importations, so that once begin
this abominable traffic on a large scale, and the enormity of the wicked­
ness will only become greater with every advance. The idea is too shock­
ing to be entertained for a moment. Indeed, I have not written this arti­
cle because I anticipated such a result. I only desire to call the attention
of all good men to the fact that such a traffic is now existing; that it is
carried on by the most self-righteous nation on the g lob e; that Americans
wink at it in no disguised manner— the South favoring it because it will
pay, the North encouraging it in hopes it will result in the disuse of ne­
gro slavery. Our Congress have just resolved that the slave trade is in­
famous, and a disgrace to this or any age. Let our people resolve that
between the slave trade and the Coolie trade there is no difference; and
let our government use its influence to put a stop to the latter. It can
perform no more honorable work, or one more conducive to the interests
of humanity.
d. r. h.

Art. VII.— CHAPTERS ON CALIFORNIA FISHERIES.
CHAPTER I.
WHALING---- THE HUM PBACK

A N D FIN BACK— W H A LE

CATCHING A T M AG D ALEN A B A T , LOW ER CALI­

FORNIA, A ND A T MONTEREY— ABUN DANCE OF W H A LE 8 OFF THE HEADS OF THE GOLDEN GATE.

T he whales o f this coast consist principally of the humpback and fin­
back, and they abound in the greatest numbers in the immediate vicinity
of our harbor. Their oil is of a better quality than that of the right or
polar whale; but from the fact of the animals sinking as soon as they are
dead, comparatively little o f their oil is obtained. An occasional whaler
will follow them into bays, and there capture them. The method pursued
in such cases is as follows:— so soon as the whale sinks, an anchor, with a
buoy rope and buoy attached, is made fast to the end of the whale-line,
and thrown overboard. In two or three days, when decomposition begins
to take place, the body rises to the surface, and is kept from drifting away
by the anchor. The captors, who are generally on watch, then tow it to
the ship or shore, where the blubber is stripped off and tried out. This
method cannot be practiced at sea, for there they never rise to the surface
again, owing to the great depth o f water, and also to their being eaten by
sharks, and other submarine animals.
A great place of resort for this species of whale, is Magdalena Bay,
Lower California. The entrance is situated in about 24° 38' N. It is un­
doubtedly one of the best harbors on the western coast of America. There
are many small farms near the south end, where fruit and vegetables can
be obtained. The best season for whaling there is from the end of Octo­
ber to the latter part o f March. During the last five or six years, a great
many ships have visited this bay, and most of them were very successful.
Over twenty ships were anchored there at one time last year, and the
chasing, cutting in and trying out, presented a very animated scene. Bpt
as usual, many of the whales that were killed were lost.
On a recent visit to Monterey, I became possessed of the following facts,
in relation to the whaling company who commenced their operations about




574

Chapters on California Fisheries.

two years ago at that place:— From November 10th, 1854, to November
10th, 1855, the number o f whales killed was twenty. O f these, six were
lost. They also captured four “ killers.” The whole yielded three hundred
barrels of oil, which sold at an average of 65 cents per gallon. The whole
amounted to $6,142 50. This divided amongst the company, which con­
sisted of fourteen men, would give $438 and a fraction to each man. As
this was the first year o f any regular attempt to make a special business
of whaling from the ports of California, and everything had to be done at
a great disadvantage, and a great expense, it may be taken as reasonably
good data for future long-shore operations in this business.
A t present there are no whales so numerous as the humpback and fin­
back, from the fact of their not having been pursued so unrelentingly as
the right whale and the sperm. They are found in every latitude, and
upon every coast, where they roam about with the greatest audacity in
search of their prey. They even venture into harbors, where they fre­
quently gambol about for hours amongst the shipping. Any person who
will take the trouble to visit the clifls that overhang the ocean, can see
them spouting in the distance, and see their black sides glisten in the rays
of the sun, as they turn flukes. Frequently within a few miles of the en­
trance to this port, dozens of them can he seen, inviting us, apparently, to
come out and take them. That could be done very easily, and, too, by a
method used by the Indians centuries before he had seen the shadow of
the pale-face.
CHAPTER II.
FORM ER A ND PRESENT PRICES OF OIL A N D BONE CONTRASTED — LA C K

OF IMPROVEMENT IN TIIB

W IIA L E FISHING ART— GROW ING SCARCITY OF W HALES— OLD FISHING-GROUNDS EXHAUSTED AND
DE SE R TE D ; N E W ONES REMOTE— MEANS MUST BE TA K E N TO CATCH THE HUM PBACK AND FINBACK,
OK THE W H A L E FISHERY W IL L SOON END— THE AUTHOR’ S P L A N PROMISED.

No longer ago than 1846, sperm oil was worth only 95 cents per gal­
lon, and right whale but 25 and 30 cents, whilst whalebone brought but
30 and 32 cents per pound. Now, sperm oil is worth from $1 50 to $1 75
per gallon, and hut little to be obtained for burning at that— most o f it
being bought for machinery, and the remainder being used in lighthouses.
I will venture to say that not one man in five hundred who buys sperm
oil in the various towns and cities of the United States, ever gets the pure
article, but receives either blackfish, humpback, or bleached right whale
oil instead. As but few comparatively know the difference, perhaps they
are just as well satisfied.
Right whale oil now brings from 60 to 70 cents per gallon. Bone be­
ing applied to many new uses, is worth from 50 to 60 cents per pound.
Although wonderful improvements have been made in agriculture, the
arts, and manufactures, within the last ten years, none o f any importance
has been made in the whaling business, with the exception of the bomblance ; and even that is not so effective as could be desired. W ith but a
few unimportant exceptions, the means used at the present time are ex­
actly the same as were practiced forty years ago. Formerly, it was not
an uncommon thing for ships to return home with 2,500 or 3,000 barrels
of oil, after an absence of but twelve or fifteen months; now, if that quan­
tity is obtained in three years, it is considered a good voyage.
The old whaling-grounds of the Crozetts, Brazil, and Chili, and the
coasts of New Holland and New Zealand, are now hardly worth visiting.
In miners’ parlance, those diggings are worked out. Not one ship in ten




Journal of Mercantile L a w .,

575

is now able to do a profitable season’s work there. The only grounds
which are really valuable at the present day are the coast o f Kamschatka,
the Ochotska Sea, Arctic Ocean, and the Northwest coast of America;
and there the whales are becoming scarcer every year, and more difficult
to catch. Any person can perceive this who will take the trouble to ex­
amine the reports of the whalers that have arrived at the Sandwich Islands
within the last five years.
Unless some method is adopted by which we can catch the humpback
and finback, whaling will cease to be the principal business of the cities
of New Bedford, Nantucket, and other large places that have been built
up and supported by it. This is a stubborn fact that must be acknowl­
edged, if we draw our inference from the past. It is but little more than
seventy years ago that whaling was commenced by the inhabitants of
Nantucket and New Bedford. Whales were then so numerous on the
shores and in the bays of New England, that the business was carried on
in small boats, which, having succeeded in taking their noble prey, towed
it back to the beach, where it was flinched on top at low water, and then
turned over with tackles at high tide, so as to get at the under side. But
a short time sufficed to thin off these visitors to our Eastern shores. Then
sloops and schooners were fitted out and dispatched for the purpose,
which, after taking a whale, would either tow the prize into port, if the
wind was fair, or cut it in along-side, and then carry the blubber into
port to be tried out. This did not last lo n g ; the whales became scarcer
and scarcer, until at the present day our ships do not stop short of the in­
hospitable regions of the Arctic Ocean, and their voyages are often pro­
longed four, five, and even six years. During these long trips, it frequently
occurs that their crews do not put their feet on terra jirma for six or
seven months. There is no necessity for this.

JOURNAL OF MERCANTILE LAW.
COLLISION----LIGHTS---- CLOUDY WEATHER— DUTY OF STEAMERS.

United States Circuit Court, September 1856.
Steamer Pacific.

Otis P. Rumball vs. The

N e l s o n , C. J.—This is a libel filed by the owner of the brig Alfaretta against
the steamer for a collision occuring on the night of the 16th of August, 1853,
some fifteen or twenty miles off the south side of Long Island, in which the brig
was run down and lost. The brig was loaded with lumber, and on her way to the
port of New York ; the steamer had left this port, and was pursuing one of her
usual trips, with her passengers and freight, to Liverpool. The wind was about
southwest-by-west with a four or five-knot breeze, the night cloudy, and sky over­
cast, though not unusually dark, as some stars were visible. The brig was head­
ing northwesterly, close hauled to the wind, and moving at the rate of three or
four knots an hour, the steamer on a course east-half-south at the rate of twelve
or thirteen miles an hour. The lights of the steamer were seen, according to the
testimony of the hands on board the brig, some fifteen minutes before the collision,
and as soon as discovered, a bright light was hoisted, and kept in her fore rigging.
This light of the brig was seen by the hands on the steamer when the two vessels
were some three miles apart. The steamer saw the light of the approaching ves­
sel some two points and a half off its starboard bow, when first discovered, and
the hands on the brig saw the steamer’s lights about the same number of points
off their larboard bow. The starboard bow of the steamer came in contact with




576

Journal o f Mercantile Law.

the larboard bow of the brig, carrying away her jibs and foremast, and cutting
her down to the water’s edge.
It is insisted, on the part of the brig, that she kept her course, which wa3 north­
westerly close hauled to the wind, and which course she had taken several hours
before, she being then on her larboard tack, down to the moment of the collision;
and, that from the course of the steamer, the hands onboard of her had no reason
to apprehend the danger, and, that it was not in their power to have avoided it.
On the part of the steamer, it is insisted in the answer, and upon the proofs,
that the brig, when first discovered, was steering to the westward, or northwest­
erly, and close hauled to the wind, and in a course nearly opposite to the steamer;
but, that instead of keeping her course, as she should and might have done, she
suddenly and unexpectedly put her helm hard up, changed her course, and came
bows on against the steamer, and thus produced the disaster.
These two positions, the one presented by the brig, and the other by the
steamer, raise the only material and important question in the case.
The brig had on board at the time six hands, beside the master, who is the
libelant. Four of them have been examined in the case—the mate and three of
the hands—the other two were not found so as to be examined, after search on
the part of the libelant. They all concur in support of the position that the
course of the brig was not changed after discovering the lights of the steamer,
and, indeed, had not been from the time the vessel was put on her larboard tack.
All of them witnessed the collision, and the approach of the vessels toward each
other from the time the steamer’s lights were discovered. They cannot well be
mistaken; if they have misstated the facts it must have been a willful perversion
of the truth. They appear to be intelligent witnesses, and to comprehend what
they were testifying to, and there is nothing in their account of the transaction
that would lead us to distrust it.
Several of the witnesses on behalf of the steamer testify to a change of the
course of the brig, which in their judgment led to the disaster. But, it is to be
observed that none of them discovered her course till the danger was impending;
and it is quite apparent from their evidence that they rather inferred the change
from the fact of the meeting of the vessels under the circumstances, they having
previously seen the brig off their starboard quarter, and therefore to the south
and east of them ; and, also, for the further reason that the steamer had star­
boarded her helm for the purpose of giving the brig a wider berth to pass. The
first officer, Woodfine, whose watch it was, and to whom the light of the brig
was first reported, and who had charge of the navigation of the steamer, has
given a very detailed and full account of the transaction, and is beyond all doubt
the most to be relied on from his position and duties upon the vessel. He says
that he saw the brig change just or immediately before the collision ; that he did
not see her change her course before this, and that her light had been under his
eye from the time she was first seen on the steamer.
In another part of his examination he says “ that before he saw any change
of the course of the brig she was heading west or northerly of west.” This
course substantially agrees with that testified to by the hands on the brig. The
starboard lookout, Ashbridge, who first saw the light, and reported it to the first
officer, also concurs that when he first made out the course of the brig she was
heading to the westward.
Now, taking the account of the transaction as given by the first officer of the
steamer,*it is quite clear that no change took place in the course of the brig in
any sense that goes to contradict the hands on board of her. In the confusion of
the impending peril, when all on board must have expected their vessel to be
instantly crushed by the overwhelming weight and force of the steamer, it is not
surprising if the brig was left to the direction of the winds and waves, the hands
instead of continuing to guide her, looking out for the safety of their lives. The
helm was probably abandoned. But if it was not, and an unskillful movement
of the vessel made at the moment, it cannot be attributed as a fault. The fault
lay upon the steamer for bringing upon the vessel the peril.
It is not claimed in the answer, nor by the witnesses on the part of the steamer,




Journal o f Mercantile Law.

5 11

that the night was so dark that the utmost vigilance by those on board of her
could not descry the brig with her light in time to have taken the proper meas­
ures to avoid her. The defense is put exclusively upon the fact that she changed
her course under circumstances that produced the disaster.
If the other ground had been taken, the obvious answer would be that the rate
of the speed of the steamer was too great for a night so dark that a vessel with
a bright light could not be seen in time to take care and avoid her. Indeed, the
first officer says he could see an object from the steamer that night a mile without
any light upon it.
Upon the whole, after the fullest consideration of the facts in the case, I am
constrained to reverse the decree below, and to condemn the steamer for the
damages sustained by the collision.
BIGHTS OF COLORED PASSENGERS AND COMMON CARRIERS.

of the City of New York, December 19,1856. Before Judge
Samuel Pennington vs. Sixth Avenue Railroad Company.

S u p e r io r C ourt

Slosson.

The plantiff is a colored clergyman, and brought this action to recover dam­
ages for being forcibly expelled from the defendants’ car in .May last. On enter­
ing the cars he was told by the conductor that it was contrary to the regulations
of the company to permit persons of color to travel in that car, and he was re­
quested to leave it, which he refused to do, and he was forcibly put out of the
car by the defendants’ agents. For the defense, it was shown that the defend­
ants had made a rule that colored people should not ride inside the cars with
white people, but that they were not prevented from riding on the platform of
the same cars. It was also shown that the defendants run cars for the special
accommodation of colored people, and that their not going in the same cars with
white people could cause them little or no inconvenience or loss of time, and that
notice of this regulation was posted up where they could see it.
The Court charged the jury as follows : The question is, whether these de­
fendants, as common carriers of passengers, admitting their general obligations
to transport on the route all who apply for that purpose, if they have the accom­
modation, on being paid the usual fare, mayor not consistently with such obliga­
tion, exclude by a general rule or regulation the colored people, as a distinct class,
from the privilege of seats in certain of their cars, while they appropriate espe­
cially to their use other cars of the same description, and give them standing ac­
commodation in all their cars. In other words, whether these defendants, as com­
mon carriers of passengers, are justified in adopting and acting upon the rule or
regulation by which they exclude colored people from all portions of their cars
except the front platform, while they at the same time provide other cars of the
same description in which, and in all parts of which, they have by the same regu­
lation an equal right with the whites.
It is a question involving a principle, upon which I believe there has as yet
been no adjudication. As an abstract proposition it is one of great nicety and
difficulty. The general rule of obligation before adverted to is not denied by the
defendants. Nor is it denied by the plaintiff that the common carrier may law­
fully exclude from his conveyance disorderly persons, and such as would by their
couduct, and perhaps, such as would by their notoriously bad character, give
offense and discomfort to the other passengers. That is not the present case.
For aught that appears, this plantiff is a man of the highest respectability. If
it be true that this company is obliged, by force of law, to admit colored people
into their cars indiscriminately with the whites, I see no reason why a hotel-keep­
er is not equally bound to give any unoccupied room in his house to a colored
man who may apply for it, or to admit colored people to seats at the public table
indiscriminately with the whites—of this latter, however, there may well be a
doubt, though the former consequence may be indisputable.
A common carrier has unquestionably a right to prescribe reasonable rules and
regulations for the management of his business, having reference to the general
VOL. XX X V I.-----NO. V .




3?

578

Commercial Chronicle and Review.

accomodation and to his own interests. The right of citizen to be carried is not
absolute. It is subject to such reasonable regulations as the carrier may prescribe,
as above stated ; and a passenger who refuses to submit to a reasonable regula­
tion and rule, may be required to leave the conveyance, and, if he resists, be com­
pelled to leave it. A common carrier is not obliged to carry a person as a pas­
senger, (though he may, so far as his general deportment is concerned, be unex­
ceptionable, and he may tender his fare,) if the object and design of the person
is to interfere with and prejudice their interests. It has been said by one of the
most distinguished jurists, that an innkeeper is not bound to entertain and lodge
the agent of a rival house, whose business there is to decoy away his customers.
There must be some limitation to the general right of the citizen, and the general
obligation of the carrier. The carrier is not obliged, by reason of the general
obliger, to receive every person, when by so doing he may seriously damage his
business.
It is proper further to say that the plaintiff can have no claim for damages for
any violence which may have been used to prevent his re-entering the car after he
was actually put outside and beyond it. His legal rights do not depend on any
such attempt to redress himself. If he had peaceably left the car when ordered
by the conductor to leave it, his legal right to this action would have been as
perfect as it now is after all his resistance. If you shall find that this was not
a reasonable and proper regulation, then the plaintiff is entitled to a verdict at
your hands, and the only question will be as to damages. In law, his expulsion
would be an unjustifiable trespass and assault on the person of the plaintiff, and
for which you have a right to give such damages as you may deem reasonable,
having reference to the nature and publicity of the assault, and the injury to the
plaintiff’s feelings, reputation, and person. But it is proper to remind you of
what the plaintiff’s counsel himself admits, that the object of this action is not
so much damages as to test the question in dispute, and the amount of damage
either one way or the other can have no effect on that question. I do not, how­
ever, by this remark, intend to limit your discretion in the matter. Yerdict for
defendants.

COMMERCIAL CHRONICLE AND REVIEW.
HIGH BATES OF INTEKEST— THE U8UBY LAW S— SPECULATION IN PU BLIC LANDS A T THE W EST NOT THE
SOLE CAUSE OF THE 8CABC1TY OF FLOATING CAPITAL— THE CURP.ENT TRADE— SALES B Y AUCTION—
RECEIPTS A N D COINAGE OF GOLD— THE B A N K MOVEMENT— IMPORTS A N D EXPORTS A T N E W YORK—
GASH REVENU E A T N E W Y O R K , PH ILA D E LPH IA , AND N E W ORLEANS— THE DECLINE IN STOCKS, ETC.

T he demand for money is steady and active, and rates of interest are far above
the average of past years in all parts of the world. The general impression now
is, that capital will command an increased rate of usance for some time to come.
In the light of such an expectation, the tenacity with which many of the country
people, living remote from the principal commercial centers, cling to the letter of
the usury laws, is perfectly astonishing. The operation of these laws is directly
adverse to their interests, and yet they still fondly cling to the notion that, by
force of legislation, they can oblige capitalists to loan money in the rural districts
at less than its market value. The people of the far West are wiser, because
their experience has been less restricted. A farmer in Illinois can borrow the
means to put in a crop of corn into a field which would otherwise lie waste, and
can clear enough on the crop to pay 20 per cent per annum for the money, and




Commercial Chronicle and Review.

579

still “ make a good thing of it.” He expects to borrow the money at the lowest
rate he can get it, on the same principle that he makes the buyer pay him the
highest price for his corn, and he does not find it any hardship to be left to make
his own bargain. But in some States, New York for instance, the farmer insists
that the capitalist shall lend him his money at 7 per cent or not lend it at all, as
if a fair rate could be fixed by law 1 The result is, that when money is worth
more than that rate, the rural districts are drained of their surplus capital. The
money goes to the city; part is invested in “ business paper,” or in contracts
more openly usurious; while part is spent in the purchase of bonds or stocks,
which the high value of money has so depressed that for $750 or $800 the buyer
may possess that which gives the legal interest on $1,000. The countrymen al­
ways possess the means of borrowing the cheapest, and if they would not stand
in their own light, but would allow money to bring what it is worth, the rate
would always be in their favor. City borrowers may be the most prompt in pay­
ing, but their circumstances are less easily ascertained, and their fortunes fluctu­
ate more rapidly. In the country credit is more wisely given, and landed security
is always at hand. In England, where the lower classes and the poor have no
advantages in general, comparable to those enjoyed in this country, and where
the want of usury laws would soonest result in oppression, if this was the tend­
ency of such freedom, there is no such restraint, and for loans payable within
twelve months the law of demand and supply regulates the rate. Even if the
repeal of the usury laws should lead to higher rates of interest, such an advance
would be only temporary, as the high price would attract capital to the locality,
and the proper level would soon be reached. We trust that the day is not far
distant when all such restraints will be removed, and the value of money be reg­
ulated like that of any other commodity, in open market.
We noticed in our last the difficulty of making collections at the West and
Northwest, and this has increased, rather than diminished, during the last mouth.
The reason assigned by the local newspapers is, that the fever of land speculation
has raged so wildly that the money has all been drained for that purpose, and the
people are without the means of paying their debts to the East. There is doubt­
less something in this, and it may also be noted that all kinds of speculation have
been started, owing to the thirst for the easy acquisition of riches, kindled by the
instances of fortunes suddenly acquired which have been reported on every side.
But there is a deeper cause at work, and this will not be cured in a single season.
It is, that floating capital at the West is scarce, and would be so under any cir­
cumstances, now that the large expenditures for railroad purposes have been cur­
tailed. Two or three years ago capitalists in the large cities, and even in Eng­
land, were sending out their millions to build up these railroads, and the stream
enriched all the W est; merchants found it easy to sell goods and collect the pay;
farmers had a ready and liberal market at their own doors for all their produce ;
and prosperity seemed to roll in like a golden flood. Now comes the first reac­
tion of the tide; it will leave high and dry many a bark which has ventured too
far from the main channel, but its good effects will be felt in restraining the ex­
travagance of speculation, and inducing a more sober estimate of the risks of
aiming at sudden wealth.
The trade of the country has been somewhat interrupted by the passage of the
new tariff, which induces many importers to place their goods in bond, to await




580

Commercial Chronicle and Review.

the reduction of duty, and holders of merchandise have wisely preferred to sell
off the old stock before investing in new.
A t the large marts of commerce on the Atlantic seaboard there has been much
complaint of the backwardness of the spring trade. The importers of dry goods
have become impatient of the demand at private sale, and for several weeks the
bulk of the business has been done through the auction-room. The facility with
which immense quantities of the most valuable goods can be sold by aution in
this country is quite astonishing to a foreigner. There are regular public sales
of certain articles in each of the principal European markets, but the habit of
throwing all descriptions of wares and merchandise into auction, the moment the
demand slackens at private sale, is peculiarly American. It is probable that du­
ring the current season nearly half of the foreign dry goods imported for sale by
the package in New York, have been knocked down to the highest bidder by the
hammer of the autioneer. Most of these sales have resulted in a loss to the im­
porter, and the general summing up of the season’s business in dry goods will
afford but little satisfaction to those who held large stocks of foreign fabrics on
their own account.
The receipts of gold from California continue on a moderate scale, but there is
now a prospect of increased shipments, as the rainy season has produced an
abundance of water. The following will show the business at the Assay Office,
in New York, during the month of March :—
DEPOSITS AT THE ASSAV OFFICE, N E W YO EK , FOK THE MONTH OF MAKCH.

Gold.

Foreign coins.....................................
Foreign b u llio n ................................
Domestic bullion..............................

$7,000 00
7,000 00
1,316,000 00

Total deposits.......................

$1,330,000 00

Silver.

Total.

$29,000 00
12,000 00
11,000 00

$36,000 00
19,000 00
1,327,000 00

$52,000 00

Deposits payable in bars.................................................................. . . . . .
Deposits payable in coin...........................................................................
Gold bars stam ped....................................................................................
Transmitted to Philadelphia for coinage................................................

$1,382,000 00
750,000
632,000
1,354,232
1,453,158

00
00
98
85

STATEMENT OF THE DEPOSITS AND COINAGE AT THE MINT OF THE UNITED STATES
AT PHILADELPHIA, DURING THE MONTH OF MARCH, 1857 :—
GOLD DEPOSITS.

California gold.................................................................
Cold from other sources................................................

$1,428,617 60
40,332 60

Total gold deposits............................................................................... $1,463,850 00
SILV E R DEPOSITS.

Silver, including purchases...........................................................................
Total gold and silver deposits...................

138,530 00
$1,607,480 00

The coinage executed was :—
GOLD.

Double eagles..
H alf eagles . . ,
Quarter eagles

No. of pieces.
71,365
42,110
64,816

$1,427,300 00
210,550 00
162,040 00

Total..,

178,291

$1,799,890 00




Value.

Commercial Chronicle and Review.

581

We append the following statement of the operations of the United States
Branch Mint, in San Francisco, for February, 1857 :—
COINAGE.

DEPOSITS.

Gold................................ozs.
Silver....................................

103,727.60
5,607.30

G o ld ......................................
S ilv e r....................................

$1,900,000
5,000
$1,905,000

Total.

The total export of treasure from San Francisco to all parts of the world, by
steam and sail vessels, for February, amounted to $3,809,614, which, added to the
January shipment of $3,182,690, makes $6,992,304 for the first two months of
the present year.
The following is a statement of the deposits and coinage at the Branch Mint of
the United States, at New Orleans, during March, 1857 :—
GOLD.

California gold....................
Gold from other sources....

S IL V E R .

$19,545 62 Silver parted from Cal. gold
2,230 21 Silver from other sources..

$121 85
935,299 92
$935,421 77

$21,775 89
Total gold and silver deposits................................................ .
There was no coinage during the past month.

$957,197 66

The total deposits of gold, of domestic production, since the the establishment
of the Mint of the United States, and branches, amounts to $378,880,713, and
the entire coinage of the metals during the same time, that is since 1793, to
$563,433,908*
The bank expansion in New York has gone on, since our last, as rapidly as
ever; but the loans have been shortened very much in time, so that the banks
have it in their power, at any time, to make a very rapid contraction. We annex
a comparison of the weekly averages since the opening of the year :—
W E E K L Y AVERAG ES N E W Y O R K CITY BANKS.

Date.

Jau. 3, 1857
Jan. 1 0 ...
Jan. 1 7 ...
Jan. 2 4 ...
Jan. 3 1 . . .
Feb.
7 ...
Feb. 1 4 ...
Feb. 2 1 ...
Feb. 2 8 . . .
March 7 . . .
March 1 4 ...
March 2 1 . . .
March 2 8 ...
April 4 . . .
April 1 1 ...
April 1 8 ...

Capital.

55,235,068
55,235.068
55,235,068
55,235,068
59,266,434
59,266,434
59,266,434
69,266,434
59,266,434
69,266,434
59,266,434
59,296,434
59,296,434
69,513,330
59,513,330
59,513,330

Loans and
Discounts.

109,149,153
110,150,234
110,860,401
111,094,415
111,785,333
112,876,713
112,722,799
111,773,572
111,137,717
111,899,649
113,250,980
113,448,692
112,884,025
114,833,902
115,374,717
114,398,174

Specie.

11,172,244
11,090,108
11,955,154
11,633,924
12,191,825
11,143,894
10,497,382
10,432,158
10,645,254
11,707,346
11,077,732
11,291,373
11,325,733
11,538,732
10,884,490
12,061,372

Circulation.

8,602,113
8,328,395
8,047,065
7,879,027
8,024,948
8,426,817
8,151,799
8,106,074
8,169,275
8,465,697
8,452,541
8,494,238
8,473,829
8,812,328
8,787,344
8,770,828

Deposits.

95,846,216
90,709,710
93,035,766
88,644,576
92,466,236
96,029,439
91,917,188
92,448,944
92,173,280
95,858,222
94,231,267
96,406,450
92,614,560
97,340,914
96,518,908
96,461,417

The expansion of the New York city banks has been the theme of much com­
ment, but it has been as great, in proportion to the capital, as in most former
* W e shall publish full and carefully prepared tables of the coinage o f the United States in the
June number o f the Merchants' Magazine.— Ed.




582

Commercial Chronicle and Review,

years. Few realize that the bank capital of this city has far more than doubled
in the last ten years, yet such is the case:—
NEW YORK

Year.
1848___
1849___
1850___
1851___
1852___

Capital.
$23,652,630
24,657,860
27,440,070
34.603,100
36,791,750

C IT Y

BANKS.

Loans & Dis. Year.
$41,993,453 1853___ . .
52,391 234 1854___
62,886,522 1856___
65,426 353 1856
88,815,464 1857___

Capital.
$44,196,793
47,454,400
47,885,665
51,113,025
59,513,330

Loans & Dis,
$97,889,616
91,636.274
94,140,399
107,840,435
115,374,717

There is a variation in the different dates given in the above statement, but
we have given the nearest dates preserved in our record. For 1853, the date is
the beginning of the Clearing House statement, (Aug. 6th,) and each year since
is for the week in April corresponding precisely with the last weekly average.
From the above it will be seen that the loans are usually more than two dollars
for every one of capital, and that the present is not a period of “ unusual expan­
sion.” In this connection we present a brief comparison of the loans, specie,
circulation, and nominal deposits, on the 6th of August, 1853, when the Clearing
House was opened, (June 3, 1854,) when the country bank balances were first
included in the deposits, and in the corresponding week in April in each of the
last three years :—
Aug.
6.
June
8,
April 14,
April 12,
April 11,

1853........
1854........
1855........
1856........
1857........

Loans and Bis.

Specie.

Circulation.

Deposits.

$97,889,617
91,916,710
94,140,399
107,840,435
115,374,717

$9,746,452
10,281,969
14,890,979
12,626,094
10,884,490

$9,510,465
9,381,714
7,523,528
8,281,525
8,787,344

$58,418,756
71,702,290
77,282,242
91,081,975
96,518,908

We continue our weekly statement of the averages of the Boston banks :—
W E E K L Y AVERAG ES AT BOSTON.

March 23.

March 30.

April 6.

April 13.

C apital............................................ $31,960,000 $31,960,000 $31,960,000 $31,960,000
Loans and discounts......................
52,715,000 52,872,282 63,244,780 53,574,600
Specie................................................
3,239,000
3,329,139
3,572,982
6,387,000
Due from other banks.....................
6,838,700
6,862,771
7,847,429 7,589,000
Due to other banks.........................
4,958,700
5,078,888
5,047,720
5,658,700
D eposits........................................... 15,587,800 15,856,890 17,154,617 17,116,000
Circulation........................................
6,578,000
6,423,018
7,011,561
7,263,000
W e also annex a comparative statement o f the H ew Orleans banks :—
Specie...............................
Circulation.....................
D eposits.........................
Short loans........ .............
E xchange.......................
Due distant banks..........

March 21.

March 28.

April 4.

April 11.

$9,496,623
10,810,789
14,422,647
21,125,201
6,214,708
1,353,594

$9,378,104
10,900,894
14,004,034
20,698,684
6,601,847
1,444,592

$9,143,791
11,245,339
13,854,426
20,748,742
6,950,599
1,420,269

$8,951,975
11,225,029
13,082,332
20,008,762
7,026,439
1,411,549

The quarterly statement of the New Jersey banks, as rendered to the Secretary
of State, April, 1857, compare with the January statement as follows:—
April.

Capital stock.....................
Circulation..........................
Deposits..............................
Due other banks...............
Surplus ..............................
Discounts............................
Specie..................................
Due by other banks.........




$6,822,748
6.681,019
5,914,658
760,531
1,192,538
15,281,711
795,669
3,549,641

January.
$6,602,770
4,759,855
4,891,971
1,438,658
1,173,100
13,380,085
849,926
2,947,277

Increase.
$219,978
1,921,164
1,022,682

Decrease-

$678,127
19,438
1,901,262
64,257
602,364

583

Commercial Chronicle and Review.

The imports of foreign goods, for March, were not much affected by the change
in the tariff—the shipments having been made before the action of Congress was
known abroad. The total at New York exceeded §21,000,000, being §878,546
larger than for March of last year; §10,962,447 larger than for March, 1855, and
§4.578,430 larger than for March, 1854, as will appear from the annexed com­
parative summary:—
FOR EIGN IM PO RTS AT N E W YO RK IN M ARCH.

1854.

' 1857.

1856.

1855.

Entered for consumption. . . . . $12,9l\,744
Entered for warehousing.........
1,306,688
Free goods................................
1,344,627
Specie and bullion...................
444,015

86,765,687
1,865,633
1,458,578
83,159

815,781,297
2,222,655
2,141,661
111,345

812,350,457
5,384,835
2,338,379
1,061,838

Total entered at the p o r t .. . . 816,557,074
Withdrawn from warehouse..
1,701,203

810,173,057
2,718,093

820,256,958
1,852,396

$21,135,504
2,639,223

The great increase in goods entered for warehousing is owing, of course, to the
prospective reduction in the tariff of duties.
The total foreign imports at New York, for the quarter ending March 31st,
1857, are §13,795,423 greater than for the corresponding period of last year;
§30,466,362 greater than for the same period of 1855, and §18,406,255 greater
than that of 1854. It will be seen that, in comparison with 1855, (two years ago,)
the imports for the last month have more than doubled, and the increase for the
whole quarter is nearly in the same proportion.
FOR EIGN IM PO RTS AT N E W Y O RK FOR TH REE MONTHS, FROM JANUARY 1ST.

1854.

1855.

1856.

Entered for consumption___
Entered for w a reh ou sin g....
Free goods...............................
Specie and bullion.................

$37,989,365
5,052,144
3,206,196
1,012,768

$23,451,214
7,357,681
4,150,673
240,79S

Total entered at the^port___
Withdrawn from warehouse.

$47,260,473
6,544,729

$35,200,366
7,339,298

1857.

$40,859,557 $46,159,430
5,334,168 10,898,097
5,439,624
5,637,141
237,956
2,972,060
$51,871,305
6,246,071

$65,666,728
7,814,674

As the month of March closes the third quarter of the present fiscal year, we
have compiled our usual summary of the imports from the first of July. This
shows that the aggregate at New York, for nine months, is §29,137,354 greater
than for the same time of the preceding fiscal year; §19,163,005 greater than for
the nine months ending March 31, 1855, and §27,399,866 greater thun for the
nine months ending March 31,1854:—
FOREIGN IMPORTS AT NEW Y O RK FOR NINE MONTHS, ENDING MARCH

1854.
Sixmonths, ending Jan. 1
January...........................
February________
March...............................
Total for 9 months.. .

$96,261,129
19,607,819
11,095,580
16,557,074
$143,521,602

1855.
$86,558,097
12,945,827
12,081,482
10,173,057
$121,758,463

1856.

31.

1857.

$89,912,809 $105,254,740
15,578,064
19,006,732
16,036,283
25,524,492
20,256,958
21,135,504
$141,784,114

$170,921,468

The imports of dry goods at New York, for March, (included in the summary
of general imports,) are §1,545,519 less than for March, 1856 ; but §4,290,4(15
greater than for March, 1855, and §319,804 more than for the same period of
1854, as will appear from the annexed comparison :—




384

Commercial Chronicle and Review.
IM PORTS OF FOR EIGN

D OT GOODS AT N E W YO RK FOB THE MONTH OF MAKCH.
EN TERED FOB CONSUMPTION.

Manufactures o f w o o l...................
Manufactures of co tton .................
Manufactures o f s ilk .....................
Manufactures of flax......................
Miscellaneous d ry g o o d s ...............

r*\
**

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

1855.

1864.
$1,744,565
2,033,792
2,667,715
826.485
653,656
$7,986,113

$788,838
685,0o8
1,737,871
390,839
569,462

1856.

1857.

$2,654,973 $2,668,033
1,529.208
1,738,760
2,631,033
3,997,377
692,556
962,509
911,678
1,039,287

$4,061,068 $10,183,354

$7,641,960

W IT H D R A W N FROM W AREHOUSE.

Manufactures o f w ool.....................
Manufactures o f c o tto n .................
Manufactures of s i l k .....................
Manufactures o f flax................
Miscellaneous dry goods................

1854.

1855.

$280,999
344,386
222,472
101,847
66,765

$316,914
533,451
431,141
258,724
168,034

1856.
$191,788
431,076
269,847
195,485
66,559

1857.
$245,496
407,219
308,531
207,037
124,412

T o t a l........................................ .. $1,005,469 $1,698,264 $1,144,755 $1,292,695
Add entered for consumption . . . .
7/41,960
7,985,113 4,061.068 10,188,854
Total thrown on the m a rk et.., $8,990,582 $5,759,332 $11,328,109 $8,934,655
ENTERED FOR W AREHOUSIN G.

1857.

1854.

1855.

1856.

Manufactures o f w o o l ................... .
Manufactures o f co tto n .................
Manufactures o f silk.........................
Manufactures o f f l a x ......................
Miscellaneous dry g o o d s ...............

$304,050
217.413
194,159
65,792
32,634

$115,803
65,704
357,728
89,327
138,930

$94,238
44,073
221,219
69,277
62,323

T o ta l..........................................
Add entered for consumption . . . .

$814,048
7,985,113

$481,130 $1,477,005
$767,492
4,061,068 10,183,354 7.641,960

$459,542
238,158
499,715
185,881
93,709

Total entered at the port....... . $8,799,161 $4,828,560110,664,484 $9,118,965

The total imports of foreign goods at New York, since January 1st, 1857, are
53,264,193 larger than for the same period of last year, $15,655,337 more than
for the same period of 1855, and $4,925,432 more than for 1854 :—
IM PORTS OF FOR EIGN D R Y GOODS AT THE PORT OF NEW YO RK , FOR TH REE MONTHS,
FROM JANUARY 1ST.
EN TERED FOR CONSUMPTION.

Manufactures o f w o o l...................
Manufactures o f cotton .................
Manufactures o f silk......................
Manufactures o f flax.......................
MiscellaDeous dry good s...............

1854.

1855.

$4,906,014
6,110,686
8,918,981
2,410,232
1,492,213

$3,037,222
2,606,035
4,398,403
1,384,682
1,482,401

1856.

1857.

$6,253,084 $5,957,801
7,317,607
5,754,030
9,802,850
9,534,346
2,553,602
2,626,436
2,708,490
2,340,758

Total............................................. $24,288,126 $12,908,643 $26,508,654 $28,340,350
W IT H D R A W N FROM WAREHOUSE.

1854.
Manufactures o f w ool....................
Manufactures o f cotton................. .
Manufactures of silk....................... .
Manufactures o f flax.......................
Miscellaneous dry go od s...............

$843,657
1,249,399
1,060,073
413,983
146,222

1855.
$811,718
1,306,369
1,159,408
660,848
373,441

1856.
$558,882
1,266,177
823,140
662,382
166,468

1857.
$641,948
1,640,957
900,677
543.017
278,092

Total withdrawn......................... .
Add entered for consum ption... . .

$3,712,334 $4,211,784 $3,376,549 $3,904,681
24,288,126 12,908,643 26,508,654 28,340,350

Total thrown upon the market. .

28,000,460 17,120,427 29,885,203 32,245,031




585

Commercial Chronicle and Heview.
EN TERED FOE W AR EH O U SIN G.

Manufactures o f w o ol................
Manufactures o f cotton .................
Manufactures o f silk.......................
Manufactures o f flax.......................
Miscellaneous dry goods..............

1861.

1866.

1866.

1857.

$665,882
949,065
842,279
370,259
71,009

$624,484
820,750
1,141,482
477.532
383,824

$438,324
726,635
649,251
297,656
146,339

$840,504
1,012,296
1,067,628
627,874
223,400

T otal.........................
. $2,798,494 $3,448,072 $2,257,205 $3,671,702
A dd entered forconsumption . . . . . 24,288,126 12,908,643 26,508,654 28,340,350
Total entered at the port. .. . .

27,086,620 16,356,715 28,765,859 32,012,052

The exports from New York to foreign ports, for the month of March, (exclu­
sive of specie,) were §312,647 greater than for March, 1856 ; §2,673,956 greater
than for March, 1855, and §2,978,622 greater than for March, 1854, as will appear
from the following comparative summary:—•
E X PO R T S FRO M NEW T O R E TO F O R EIG N PO R TS FOR THE MONTH OF MARCH.

1856.

1857.

Domestic produce.................
Foreign merchandise (free)......
Foreign merchandise (dutiable).
Specie and bullion.................

1861.

1865.

$5,662,810
98,191
376,26S
1,466,127

$4,807,833
941,212
592.890
2,298,697

Total exports....................
Total, exclusive of specie . . . .

$7,503,396
6,037,269

$8,640,632 !$11,287,640 $11,190,856
9,015,891
8,703,244
6,341,935

$8,044,122
190,842
468,280
2,584,396

$7,304,481
483,330
628,080
2,174,965

The exports since January 1st have been larger in specie, but in foreign and
domestic merchandsie the total is very close to that of last year. Thus, exclusive
of specie, the aggregate for three months is only §18,164 in advance of last year,
but is §3,036,304 in excess of the total for the same period of 1855, and §1,998,686
in excess for the corresponding total for 1854 :—E X P O R T S F R O H t fE W T O R E TO FOREIGN PORTS F O R THREE MONTHS, FROM JANUARY 1 ST.

1851.

1855.

1856.

1857.

Domestic produce............................$16,267,937 $12,958,884 $18,710,798 $17,847,525
Foreign merchandise (free)........
326.149
2,211,529
285.422
810,956
Foreign merchandise (dutiable).
1,246,075
1,632,130
824,463
1,180,366
Specie and bullion.......................
3,891,533
4,578,803
3,893,673
5,314,637
Total exports............................. $21,731,694 $21,381,346 $23,714,256 $25,153,484
Total, exclusive o f specie........ 17,840,161 16,802,543 19,820,683 19,838,847

We have also compiled a statement for the expired portion of the fiscal year,
showing the exports exclusive of specie, at the foot of which we have added the
exports of specie. The total exports from New York to foreign ports, for the
last nine months, are §16,519,461 in excess of the corresponding period of 1856,
showing a far greater percentage of increase than is shown in the imports :—
EXPORTS, EXCLUSIVE OF SPECIE, FROM NEW YORK TO FOREIGN PORTS, FOR NINE
MONTHS, ENDING MARCH 31.

1854.

1855.

1856.

1857.

Six months, ending Jan. 1 . . .
January....................................
February..................................
March.......................................

$37,975,895 $29,892,747 $39,915,729 $43,596,501
5,844,795
5,895,617
5,611,230
4,884,170
5,958,097
4,565,091
5,606,209
5,938,786
6,037,269
6,341,935
8,703,244
9,015,891

Total, 9 months..............
Specie.......................................
Total exports, 9 months.

$55,816,056
21,989,907
$77,805,963




$46,695,290 $59,736,412
25,562,342 14,444,518
$72,257,632 $74,180,930

$63,435,348
27,265,043
$90,700,391

586

Commercial Chronicle and Review.

The revenue at the same port has fallen off very much, owing to the large
amount of goods which have been placed in warehouse, and the few articles paying
a high rate which have been withdrawn:—
CASH DUTIES RECEIVED AT THE PORT OF NEW YORK,

1854.

1855.

1856.

1857.

Six months................$21,920,896 33 $18,358,927 32 $20,087,362 28 $22,978,124 43
January.....................
4,379,285 32
2,560,038 32
3,683,654 85
4,537,37843
February.................
2,867,294 50
2,665,164 94
3,576,919 14
5,117,24985
M arch........................
3,627,119 49
2,363,084 95
4,382,107 47
3,752,18498
Total, 9 months.... $32,794,595 64 $25,947,215 53 $31,730,043 74 $36,384,937 69

The revenue will continue to decrease until after the new tariff goes into operatian on the first of July, after which there will probably be an enormous business
for several weeks.
The cash receipts for the duties oh importations through the New Orleans
Custom House, for the month of March, shows a large increase over any corres­
ponding month of March, being as follows
March, 1857 ............................
March, 1856 ............................

$362,668 [ March, 1855 ...........................
317,000 |March, 1854 ...........................

$171,147
245,023

The following is a comparative table of the business at the port of Philadelphia
for the month of March, and also the comparative receipts for cash duties during
the first quarter of the year :—

1856.

March.

Value o f merchandise in ■warehouse, first o f month.
Entered for warehouse from foreign p o rts ...............
Entered for warehouse from other districts.............
Entered for consumption from foreign ports..............
Free merchandise entered............................................
Withdrawn from warehouse for consumption...........
Withdrawn from warehouse for transportation . . . .
se last o f

m o n t h .....................

$434,776
225,053
22,630
2,460,602
258,816
182,418
8,998
5,752
485,291

1857.
$935,947
141,401
30,531
745,820
224,398
185,936
5,806
3,263
1,012,924

DUTIES RECEIVED .

1856.

1857.

$316,334
1,064,491

$340,917
617,794

$673,002
279,753

$253,801
771,009

$1,380,725

$658,711

$952,755

$1,024,810

1854.
March...........................
Previous two months..

1855.

It will be seen that the duties, for the quarter just closed, is in excess of recipts
of the corresponding quarter of either of the two years next preceding.
We look for an increased demand abroad for American produce, and especially
for breadstuff's, during the next two months. Thus far there has been much dis­
appointment in the trade, and heavy losses have been made by many who have
shipped from this side. W e look for a sufficient export demand to take all the
surplus produce that reaches the seaboard before the next harvest. We have
compiled a comparative table, giving the shipments from New York of certain
leading articles of produce since the opening of the year. This shows a gain in
wheat and corn, but a large falling off in flour, rye, pork, and b e e f -




587

Commercial Chronicle and Review.
EXPORTS OF CERTAIN ARTICLES OK DOMESTIC PRODUCE. FROM N E W Y O R K
P O R T S, FROM

Ashes— p o t s .. . .bbls
p ea rls...........
Breadstuff's—
Wheat flour . .bbls
Rye flour...............
Corn m e a l.............
W h e a t...........bush

JA N U A R Y

1856.

1857.

2,507
600

3,930
1,320

389,815 272,081
7,611
1,228
17,332
14,486
499,175 744,032
R y e ................. 534,262 80,442
Corn.........................1,081,902 1,278,881
Candles— mold..box’s
15,080
19,351
sperm.........
1,061
1,716
C oa l..................... tons
967
2,563
Cotton................ bales
69,544
66,631
H ops...........................
798
1,373
Naval stores—
Turpentine . ..bbls. ]
21,628
Spirits of turp........
6,510
[ 88,569
Rosin....................... |
72,090
T a r ......................... j
4,390

1st

to

Ap r i l

14t

h

TO FOR EIGN

:—

Oils— w lia le .. . .galls
sperm ...........
la r d .................
lin s e e d ...........

1856.

1857.

10,347
75,682
25,921
2,982

6,628
256,083
9,354
8,435

Provisions—
74,206
16,571
P o r k ................ bbls.
Beef.........................
35,981
9,548
Cutm eats.lbs.... 13,011,725 10,947,962
B u tte r.................... 154,889 177,870
Cheese.................... 635,644 420,655
L a r d .........................6,103.597 9,090,743
10,577
9,810
B ice .......................trcs.
T a llo w .................. lbs. 1,012,633 825,830
Tobacco, crude .pkgs
14,888
7,352
Do.,manufact’ed...lbs 1,389,452 896,867
Whalebone................. 174,582 452,932

The stock market has fluctuated during the past month, but the general ten­
dency, especially in the early part of it, was downward, and the quotations have
materially declined. The cause appears to be two-fold—first, the comparative
dearness of money, and the great demand for it in trade, which has limited specu­
lations in stocks ; and, secondly, the method of managing most stock companies,
which has disgusted a large number of capitalists. No sooner does a railroad
become prosperous than its managers appear to have an itching to connect its
prosperity to some dead-weight in which they have a greater personal interest,
in order to aid a project that will not stand alone. The result generally is, that,
instead of raising the weak to strength, they only pull the strong down nearer
the level of the former. Whether the new scheme be an “ extension,” or a
“ branch,” or a line of boats, or a consolidation, or a new plan of action, there
is almost always some ax to grind apart from the legitimate interests of the
company. We do not wish to join in the constant “ hammering” of stocks by
those who profess to believe that there is no value in any of them; but we do
hope to see the day when the selfishness of those who manage most these com­
panies will receive a signal rebuke from the suffering stockholders.
NEW YORK COTTON MARKET FOR THE MONTH ENDING APRIL 24.
PRE P A R E D FOR THE MERCHANTS’ M AG AZIN E B Y CHARLES W . FREDERICKSON, BROKER, N EW YORK.

Our market during the four weeks succeeding the date of our last report
(March 20th) was active at advancing prices, the improvement in rates being
equal to } a f c. per pound on all grades. The rapid decrease in receipts (being
over 200,000 bales for the month, as compared with last year,) caused holders to
be firm in their demands, and indifferent about meeting the views of buyers. The
general backwardness of the season throughout the cotton districts, caused by
heavy frosts and copious rains, limits the expectations formed for a large crop for
the present year, and tends to delay the forwarding to market of what balances
of old crop that may still be in the hands of planters. The foreign advices re­
ceived during the latter part of the month were more favorable than looked for,
and tended to allay the buoyancy of the general feeling which existed in favor of




588

Commercial Chronicle and Review.

the giant staple. Consumption abroad is much diminished, and the increased
value of money imparts a cautiousness to operators, which the present value of
the article may well demand.
The transactions for the week ending March 27th were large, and at improved
rates. The sales, full one-half in transitu, were 16,000 bales, the market closing
firm at the following P R IC E S AD O PTED MARCH 2 7 t h

FOE THE F O L L O W IN G

O rdinary...........................................
M iddling...........................................
Middling fair.....................................
Fair....................................................

Upland.

Florida.

12$
14
14$
14$

12$
14
14$
14$

Q U A L IT IE S :—

Mobile. N. O. & Texas.

12$
14$
14$
15

12$
14$
15
15$

For.the week ensuing, our own spinners bought freely, and the demand for par­
cels in transitu was large, the total sales being 17,000 bales, at a further advance,
in sympathy with the improved state of the Southern markets. A t the annexed,
the market closed firm—
PRICES ADOPTED A P R IL 3 D

FOR THE FOLLOW ING

Upland.

Ordinary..............................................
M iddling.............................................
Middling f a ir ......................................
F a ir......................................................

12$
14$
14$
15

QUALITIES :----

Florida.

12$
14$
14$
16

Mobile. N. O. & Texas.

12$
14$
15
15$

12$
14$
15$
15$

A good demand continued throughout the week ending April 10th, the sales
being 15,000 bales, mostly from Sjuthern ports to Europe, the annexed rates
being demanded for the following grades from store :—
P R IC E S ADOPTED APRIL 10T H FOR THE FO LLO W IN G q u a l i t i e s ::—
Upland.
Florida.
Mobile. N. 0. & Texas.
Ordinary.....................................
12$
13
12$
12$
Middling.....................................
14$
14$
14$
14$
15
15$
Middling fair...............................
14$
14$
16
Fair.............................................
15$
15
15$
Sales for the week ending April 1'7th were estimated at 9,000 bales, the market closing dull under unfavorable foreign advices. Holders were, however, sustained in their views by reports of unseasonable weather at the South, and the
smallness of receipts. The following quotations must be considered nominal:—
P R IC E S AD O PTED A P R IL 1 7 t H FOR THE FO LLO W IN G QUALITIES :—
Upland.
Florida.
Mobile. N. O. & Texas.
Ordinary.....................................
13
12$
12$
19$
Middling.....................................
14$
14$
14$
H $
Middling fair...............................
15
15$
14$
14$
15$
15$
Fair.............................................
15
15
For the week closing at date the sales were viewed at 6,000 bales, prices being
a shade in favor of buyers. The quantity on sale was not excessive, holders, in
the absence of demand, declined offering. The market closed heavy at the fol­
lowing :—
P R IC E S AD O PTED A P R IL 2 4 T H

FOR

THE FOLLO W IN G Q U A L IT IE S :—

Upland.

Florida.

O rdinary............................................
12$
12$
Middling.............................................
13$
13$
Middling fair....................................
14$
14$
F a ir ....................................................
14$
15
Keceipts to date................................bales 2,711,000
Export to Great Britain...........................
1,109,000
Export to France......................................
832,000
Stock on hand........................
473,000




M obile.

N .O .& Texas.

12$
12$
14$
14$
14$
16
15$
15$
Decrease 859,000
Decrease 236,000
Decrease 64,000
Decrease 129,000

Journal o f Banking, Currency, and Finance.

589

, JOURNAL OF BANKING, CURRENCY, AND FINANCE.
METHODS OF COMPUTING INTEREST.
F eeeman H unt,

Esq., Editor of the Merchants’ Magazine, etc:—

Sin :—A method of computing interest, now in almost universal use, is to
multiply the principal by the number of days, divide the product by 6, and cut
off the three right-hand figures of the quotient; the remaining figures will ex­
press the interest at six per cent.
Adding one-sixth of this interest to itself will give the interest at 7 per cent,
adding one-third will give the interest at 8 per cent, adding one-half will give the
interest at 9 per cent, &c.
It is proposed to investigate this rule, deduce from it another, shorter in its
operation, and to estimate the error involved in both.
The old rule for computing interest, when the time is expressed in years, reads
thus:—
“ Multiply the principal by the rate per cent, and that product by the number
of years; the last product will give the interest.”
If we represent the principal by p, the rate by r, the time by t, the interest by i,
this rule, put into the form of an equation, will read thus :—i = p rt; and if,
when the time is expressed in days, we represent the number of days by y, we
shall have, by assuming 360 days to be equal to one year,
t= y
360
Substituting this value of t in the first equation,
i = prt,
we have
i = pry
360
Now, when the interest to be computed is at 6 per cent,
6

r = .06 = ---100
substituting this value of r in the last equation, we have
6 py
i = --------36,000
py
i - = -------------

6 x 1,000
which is the rule for computing interest by days at 6 per cent, as given above,
expressed in the form of an equation. Adding one-sixth, one-third, one-half, &c.,
gives the interest at 7 per cent, 8 per cent, 9 per cent, &c.
Now, when the rate is a divisor of 360, we may find the interest directly from
the equation
pry




360

590

Journal o f Banking, Currency, and Finance.

Thus : let r = .08

8 py
36,000
•_

Py
4,500
py

If r = .09,

9 py
i = ----------36,000

9 X 5 X 100
I fr = .10,
10 py
36,000

4,000
py
------------

12 py
i — -----------36,000
py

py

py

i =

If r = .12,

i = -----------3 x 1,000

3,600
py
i = -------------

4 X 1,000
6X6X100
Hence, we have the following rule:—
Multiply the principal by the number of days, and for 8 per cent, divide the
product, first by 9 and then by 5, and cut off two right-hand figures.
For 9 per cent, divide the same product by 4, and cut off three right-hand
figures.
For 10 per cent, divide the same product, first by 6 and then by 6, and cut off
two right-hand figures.
For 12 per cent, divide the same product by 3, and cut off three right-hand
figures.
Observe, when there are two divisors, as at 8 and 10 per cent, we cut off two
right-hand figures; but when there is but one, as at 9 and 12 per cent, we cut off
three right-hand figures.
It is obvious that the divisor or divisors for any rate which is a factor of 360,
may be found in a similar manner.
Example : What is the interest on $210 for 50 days, at 8 per cent?
By the first, or usual method.
210

Add i,

By the last method.
210

50

50

6)10,600

9)10,500

1,750
583

5)11,666
$2,333

$2,333
Bequiring 22 figures.

Requiring 21 figures.

Example: What is the interest on $1,000 for 181 days, at 10 per cent?

,,, ,
Add i,

First method.
6)181,000

Second method.
6)181,000

30,166
( 10,055
| 10 055

6)30,166

$50,276
Requiring 27 figures.




$50,276
Requiring 18 figures.

Jou rn a l o f B a n k in g

,

Currency

,

and Finance.

591

Example : What is the interest of 8630 for 81 days, at 9 per cent ?
First method.
630
81

Second method.
630
81

630
5,040

630
5,040

6)51,030

4)51,030

8,505
4,252

812,757

A d d },

812,757
Requiring 31 figures.

Requiring 23 figures.

These examples serve to show the application of the rule here enunciated, and
that it involves less labor in computation.
We will now estimate the exactness of these methods. As 360 days has been
assumed as the value of one year, there is a loss of 5 days in each year; hence,
we conclude that computations by these rules involve a loss to the borrower of
— $1 in each 873 interest he pays. This may be shown analytically
as follows :—
Let y represent the given number of days; then for the true value of t, we
have
y
i = -----365
and for the exact interest,

pry
i = -----365

6
or, as r = ---100

6 py
i = --------36,500

Hence,

6 py

6 py

36,000
36,500
will give us the amount of the error sought.
This expression, reduced to its least common denominator, becomes

py

438,000
From a previous equation, we find
Hence,

py
438,000

py = 6,000 i
6,000 i
438,000

1
73

As this expression for the error sought does not depend upon r for its value,
it will be the same for any other rate than six per cent.
b . s. o .




592

,

Jou rn a l o f B a n kin g, Currency and Finance.

THE THREE ERAS OF BANKING IN NEW YORK.
C O N D E N S E D F O R T H E M E R C H A N T S M A G A Z I N E , F R O M T H E R E P O R T O F T H E S U P E R I N T E N D E N T O F TH E
B A N K IN G

DEPARTM ENT.

The first era in the history of banking in the State of New York, as the term
is now understood, commenced with the charter of the Bank of New York, in
the year 1791. This charter was the first successful attempt to consolidate mo­
ney for the purpose of pursuing the business of banking by an actual paid up
capital, to be managed by trustees under the name of directors. This charter
contained but little restraint upon the corporators, and was apparently created
solely for the purpose of exempting those parties from personal liability for the
debts and contracts of the institution. The only restrictions placed upon that
charter were, the capital to be employed was a fixed and definite sum. It
could hold no real estate except that occupied by the bank, and such as was taken
by it as security or in satisfaction for indebtedness to the same; and that the
debts due the corporation should not exceed three times their actual amount of
capital, to which amount could be added a debt equal to the money deposited in
their vaults. Their business was confined (or rather their operations of discount
and deposit) to the place designated in the charter and not elsewhere. These
were the main conditions upon which charters for banking purposes were granted,
with slight modifications and improvements, until 1829. This system contained
the elements of its own destruction ; and its evils became so apparant that the
Legislature, bending to the popular will in 1829, passed the law entitled “ An
act to create a fund for the benefit of the condition of certain moneyed corpo­
rations and for other purposes,” commonly denominated the Safety Fund Act.
This was creating a second era in the business of banking, and it acknowledged
the great principle of securing the bill holders under any and all circumstances
from the fraud or misfortune of the banker. At the same session of the Legis­
lature which created the “ safety fund,” nearly thirty bank charters were granted
or renewed.
It is but just to say, that this system fully sustained the wisdom and hopes of
its founders; and the unfaltering faith of the public in it, aided largely in carrying
out banks safely through the monetary revulsion of 1837. The addition of a
single section to that act, now in force under the act of 1843, requiring the coun­
tersigning and registering of their notes, as now practiced in the banking depart­
ment, would have perfected it and prevented the frauds by which the fund was
for a time exhausted, through the over issue of bank notes for which it was liable,
by several fraudulent and insolvent institutions.
The third era commenced with the enactment of the “ Act to authorise the
business of banking,” in 1838, commonly known as the General Bank Law. The
causes that produced that act, were not lack of faith then existing in the public
mind as to the security of the circulating notes of the chartered banks under the
Safety Fund system. Their engagements had been met, they had just passed
through a suspension of specie payments, covering the whole United States, and
manfully resumed and sustained a resumption of those payments in a single year,
and in advance of other portions of the Union, and stood before the world with
unimpaired credit. Two things combined, each in itself alone sufficient to estab­
lish the general bank law of 1838. The first was a growing feeling among the
mass of our citizens against any exclusive grant of powers or privileges to any
association of men whatever. In fact the value of a bank charter could be cal­
culated to a dollar; the business of bauking yielded large profits, and it became
the favorite investment of capitalists. To the parties controlling a special charter
containing banking privileges, the profit as an investment or upon the sale of
the stock, was certain. The Legislature granting such a privilege was literally
voting money into the pockets of the parties who controlled the franchise. The
capitalist, under this state of things, either turned politician, or calle 1 to his aid
more needy men than himself, occupying or supposed to occupy a prominent place
in their party, to operate upon the hopes, fears, or cupidity of the representative.'
The Legislature was besieged each session with applicants for banking privil­




Jou rn a l o f B a n k in g , Currency, and Finance.

593

eges ; and the people soon saw that the plea of granting business facilities to them,
amounted merely to granting pecuniary advantages to a favored few.
Another and more fearful result began to show itself in connection with thi*
state of things. The dominant party soon learned, that an element of power ex­
isted under the idea (I had almost used the word pretence) of aiding the business
men of the State. The minority also ascertained that (under the two-third rule,
it requiring 88 votes in the House and 22 in the Senate actually voting aye to
pass a charter,) men could be rewarded for political services. The granting of a
charter for banking purposes became a subsidy to the then two great political
parties of the day, just in proportion as their leaders, in their respective localities,
had the strength or skill to use their respective forces. Mistrust and doubt of
legislation if not legislators themselves, soon became prominent among the think­
ing and reflecting men of the State; and the downfall of special charters for
banking purposes was looked upon as removing a great source of political and
party corruption from out the halls of legislation. T..at this feeling was preva­
lent in our State, you only need be reminded that the constitutional convention
of 1846, by an unusually large vote, took in express terms the power of granting
special charters for banking purposes from all future Legislatures.
The law of 1838, authorizing the business of banking, although defective in
some of its details, is an imperishable monument of the wisdom of the framer*
of it, as well as to the Legislature that enacted it.
Time and experience have remedied most of its defects, and for the first time
since its creation, it has survived in unimpaired usefulness a year without an
amendment or an alteration. While the Superintendent in the performance of
his duty, is required by statute “ to suggest any amendment to the law relative to
banking, by which the system may be improved ; and the security of the billholders ami depositors increased,” he feels it an imperative duty to say, that no
subject of legislation should be entered upon with greater care and deliberation
than changing our laws in regard to banking.
We have two systems of banking in this State, both of which the Superin­
tendent of the Bank Department considers, as now conducted, sound. The re­
maining chartered banks must of necessity soon come under the provisions of the
general law, as their charters expire, or discontinue their business. They have
been by legislation in a measure interwoven with each other. In their contact
with this department, with the single exception of placing security for their cir­
culating notes in the hands of the Superintendent, they have been assimilated as
far as it is apparently possible.
The great principle of the general bank law is security to th> bill-holder. We
all are, from the necessity of our position and business, compelled to receive bank
notes as money. There is no exception—it rests alike upon the poorest, as well
as the wealthiest citizen of this State.
To protect and guard in the most stringent manner the involuntary creditor of
the banks, should be one of the most grateful duties of the Legislature. When
that is done, every facility for the employment of capital should be rendered to
those desirous to engage in the business of banking. No complaint can be made
of exclusive privileges being held by any portion of our citizens, and the law of
1838 can never become odious from the possession and enjoyment of a franchise
granted to a special locality, and to particular individuals.
Under the operations of the general bank law, the demand and supply of bank
capital will keep pace with the wants of the business community of the State.
A liability to excessive banking, although there may be institutions badly located,
and in advance of the necessities of particular vicinities, in which they are placed,
need not be feared, as the touchstone of profit and loss to the proprietors, will in­
evitably correct either a plethora or famine of bank facilities for the business in­
terest of the State.
The creation of banks under the provisions of the present law, from the re­
quirements of it in their tormation, never can or will add to our paper currency
more radidly than will be sufficient to meet the ever-swelling tide of the trade
and commerce of our citizens.
VOL. x x x v i . — n o . v .
38




594

Jou rn a l o f B a n k in g, Currency, and Finance.

The formation of a free bank upon a stock basis alone, absolutely (for a time)
reduces the volume of currency in its vicinity, as it had paid, or rather returned
for redemption, to other banks SI 16, at least, for every §100 it has received from
the department. The only facility it can offer the business men of the community
where it is located, is in concentrating a capital above the amount deposited in
this office, and in its attempts to fill the vacuum in the currency the purchase of
its stocks has created, and also by drawing to itself deposits that would have re­
mained comparatively idle in the hands of parties who from interest in, or good
will towards, the new bank, deposit their surplus moneys therein. This concen­
tration of deposits, again tends directly to reduce the volume of currency, as the
most reliable circulation of a bank is in notes laid aside for future use.
It will be readily seen that during the last fiscal year, while capital has aggre­
gate! itself to the amount of §j.2,216,711 for the purpose of engaging in the
business of banking, the volume of currency has increased only §2.322,691.
It is a matter of interest to the bankers of this State to note that under the
operations of the free bank law, whose provisions permit capital for banking
purposes to seek its own location and amount, how swiftly its employment de­
velops the great source of its profits, i. e.. deposits. From 1843 to 1848, the
capital employed in banking in this State neither increased nor diminished a
million of dollars, and deposits remained nearly as stationary. In 1849, capital
began to seek investment in the business of banking, and with the exception of
1855, increased with astonishing rapidity, compared with the previous five years.
Bank capital, whether increasing rapidly or sluggishly, seems to possess ths
magic power of producing depositors to an equal amount of that capital, seldom
varying more than 2 or 3 per cent. When left to individual enterprise and choice
of locality, it steadily and surely creates the elements that sustain and cherish its
profits and prosperity.
It would seem that human ingenuity would rest content with a system, as safe
mid perfect as the present method of banking now pursued in this State. No
failure of any incorporated bank, banking association, or individual banker, has
taken place during the past two years, except an individual banker, doing business
under the name of the State Bank, at Sackett’s Harbor. His securities, deposit­
ed in the office of the Banking Department have been sold by the present Super­
intendent, and the notes are now being redeemed at par. Every other institution,
or individual banker, doing business in this State, as far as the knowledge of this
department extends, has faithfully discharged its obligations to the public.
As before remarked, the two systems of banking pursued in this State, are
intimately interwoven together by past legislation. The incorporated banks are,
as shown by the quarterly returns, in a sound and healthy condition. They must
and will gradually disappear, or come under the provisions of the act of 1838,
before that clause of the Constitution which prohibits the Legislature from grant­
ing special charters for banking purposes in this State. Heretofore, with two
exceptions, they have filed their certificates of associations in this department,
and continued their business under the general bank law. It would be unjust in
me not to remind the Legislature that, as far as their circulation is concerned, it
is now greatly strengthened by the personal responsibility resting upon each of
their stockholders.
The entire combined system of banking in the State of New York, the Super­
intendent believes to be, in as sound and safe a condition, as it has ever been
since its inception.
The banks have adapted themselves, in their books and method of doing busi­
ness, to the law as it exists; and in the opinion of the present Superintendent it
would be far better to leave the system as it now stands, untouched, than to taka
the risk of disturbing it for some fancied improvement, based upon a theory in­
stead of a practical knowledge of the real working of the present method of
banking as pursued in this State.
There is no subject upon which exists so great a diversity of opinion, as the
manner in which banking should be restrained or facilitated. Each locality, and
it would seem almost, that each individual business man has some theory or prac-




J ou rn a l o f B a n k in g

,

,

595

C u rren cy and F inance.

tice which is deemed desirable to meet his peculiar business necessities or his in­
dividual location. On the one hand, you meet individual capital with its demands
for restriction and a limited currency, while the active business man calls aloud
for increased bank facilities.
Banking, the child of individual credit, obeys the inevitable law of its creation,
in futile and endless attempts to settle the evcr-vi brating balance between com­
merce and capital. That balance must and will preponderate to the one side or
the other, from the ever-changing, increasing, and diminishing of value among us.
That capital at times overtakes commerce in this ever-continuing race, is oc­
casionally, but seldom evident; but she, stimulated by individual enterprise, fos­
tered by the very nature of the government as well as the social relations under
which we live, slips from its grasp only to renewed effort and success in the
struggle. Capital calls currency to its aid, and with what success at present, the
price of business paper in our commercial emporium distinctly shows.
It is the firm belief of the present Superintendent that the legitimate currency
of the State is far short of the necessities of the business of the State; and that
as long as banking is pursued upon its present basis it will so remain. As an
evidence of the fact that our present paper currency is far short of what would
be fairly supposed to be its legitimate use, the exchanges made between the banks
in the clearing house in New York, if those exchanges existed in the notes of the
banks themselves, would bring into daily use and maintain it there, seventy-five
per cent of the entire circulation of the banks in the State. The circulation of
bank notes or rather the notes themselves, form but a small element in the busi­
ness transactions of our citizens. To the banks in the city of New York they
are merely, or very nearly so, a convenience ; the element of their profit lies main­
ly in their deposits, and must so remain while the present bank law is maintained.
The people of New York now enjoy a paper currency unequaled in these
United States. With this fact it would seem that no impediment in the way of
restriction, or additional and onerous requirements, should be made by legislation
upon the employment of capital in the business of banking.
MERCANTILE FAILURES IN IS56.

The following statement of failures in the United States during the year 1856,
is represented to have emanated from the “ Mercantile Agency ” of the city of
New Y ork ;—
M E R C A N T IL E F A IL U R E S IN T H E U N IT E D 8 T A T E 8 F O R T H E Y E A R

Sta t e s .

New York...................
O hio...........................
Pennsylvania.............
Massachusetts............
Illinois.........................
Michigan.....................
Wisconsin. ...............
Maine...........................
British Provinces... .
Io w a ...........................
Connecticut ...................
North Carolina..........
G eorgia .....................
Maryland & Delaware
Kentucky...................

c*
©
w
708
241
284
179
169
146
92
81
68
67
57
58
53
47
44
38

c Q
5
£
©
“*
l era
31
10
7
7
15
6
6
6
10
6
7

5
3
5

t—
l
2.3
CP
g-o
©
oS3©
©
P
l iy
13
6
6
4
31
23
14
10
18
5
14
31
lu

8
4

S ta t e s .

New Jersey................
Vermont....................
South Carolina . . . . .
Tennessee......... . . . .
New Hampshire........
Rhode Inland.. . . . . .
Minnesota...................
Alabam a...................
Territ’ies <6 California
Texas .........................
Florida.................... ..
Arkansas ...................
T otal................ ..

1856.
B.
P
a

85
82
82
31
28
24
23
22
21
18
17

16
12
8

EL■»*

©
®3
. era
2
i
2
1
4

15
©
o©
m
p?
21
6
16
3
6
5
3
10

2
3

2
7
4

,,

2,705

The weekly reports of failures, published originally in the Imlependent, are
made up at the “ Mercantile Agency,” and we have no doubt are correct. The




596

Jou rn a l o f B a n k in g, C u rrency, and Finance.

facilities 'which that institution has at command keep it well posted. The failures
reported last year (1856) amount to more than twenty-seven hundred in number,
and it would not be extravagant to put them down at an average of $20,000
each, which would give an aggregate of $54,100,000. The probabili'y is that
the creditors of these failures have not received, on an average, more than 25 per
cent of their claims, which involves a loss of §40,000,000.
DIVIDENDS PAID BY BOSTON BANKS FOR FIVE YEARS.

The following table was originally prepared by G eorge A. F oxcroft , Esq.,
for the Boston Courier. It exhibits the rate and amount of dividends paid by
the Boston banks during the last five years. The banks in operation in April,
1852, had an aggregate capital of §23,960,000; April, 1853, §24,110,000;
April, 1854, §29,410,000 ; April, 1855, §31,105,000 ; April, 1856, §31,960,000.
DIVIDENDS.

Banks.
Atlantic...........................per cent
A tla s.............................................
Blackstone ....................................
Boston............................................
Boylston.........................................
Broadway........... ........................
City................................................
Columbian....................................
Commerce............ .....................
Eagle..............................................
E lio t..............................................
Exchange.......................................
Faneuil H all.................................
Freeman’s ......................................
G lo b e ............................................
Granite...........................................
Hamilton.......................................
Howard.........................................
M arket..........................................
Massachusetts..............................
Maverick........................................
Mechanics’ .....................................
Merchants’ .....................................
National........................................
New E n gla n d ..............................
North.............................................
North America.............................
Shawm ut......................................
Shoe and Leather Dealers’ .........
State...............................................
Suffolk............................................
Traders’ .........................................
Trem ont........................................
Union..............................................
Washington...................................
W ebster.........................................

1852.

1851.

1854.

1855.

1856.

8
7
7
8
9

8
7
8
8
94
new.
7
64
8
74
new.
8
8
9
8
8
8
new.

8
74
8
8

7
8
8
8
9
8
7
7
8
8
8
8
8

6
8
8
8
9
74
7
7
7
8
7

7
6$
8
7
.
8
7
9
8
8
8

10

10

.
8
8
.
8

6
.
8
8
new.
8

7

7

8
8
8
64

74
8
8
7

6

10

74

8
8
64
.

8

8

8

Avcr’g.e.
7.4
7.5
7.8
8
9.3
...
7
6.8
7.8
7.7
...
8.4
7.8
9.6
8

74

7

7

7 .5

8
8

74

8

7.9
..•

10

6
7
7
8
8
7
8
8

10

10

6 .4
new.
8
8
8
8
8
8
8
8
7

10

8

10

10
8

10

7

10

6 .4

6 .4

64

64

8
8
74
8
8
74
8
8
7

8
8

10

10

10

8
8
8
64
new.

8

8

8
8
8
7

8
8
7
7

7

8
7
7

8
9
74
10
74
8
8
7
7

10

6.24
..•
8
8
..•
8
7.4
7 .6

8
8 .2
7

10

7 .8
8
8
7

...

The total amount of dividends paid in the five years was as follows:—

1852.

1853.

$1,863,250

$1,891,750

1854.
$2,341,200

1855.

1856.

$2,491,500

$2,464,100

Showing a grand total of dividends paid to stockholders in the five years of
811,057,800.




,

J ou rn a l o f B a n k in g C urren cy, and Finance.

59?

BRITISH IMPORT OF SPECIE AND BULLION IN 1856.

We condense from the London Daily News the subjoined statement of the im­
port of specie and bullion into England during the year commencing in January
and ending December 27,1856 :—
From
Australia.

From
United States.

From
W. Indies,
Mexico, «fcc.

Total
from all
quarters*

£1,884,800
1,943,200
1,831,000
1,159,600

£4,194,000
8,029,000
7,597,000
5,818,000

First quarter...........................
Second quarter.......................
Third quarter. .......................
Fourth quarter.......................

£l,651,9U0
4,070,000
2,525,700
1,999,800

£565,100
2,050,300
3,471,000
2,506,500

Total................................
First six months.......................
Last six months.......................

£10,247,400
5,721,900
4,525,500

£8,592,900
2,615.400
6,977,500

£6,818,500 £25,633,000
3,828,000
12,223,000
2,990,500
13,410,000

Throughout the year, the value of money varied with the imports of bullion.
During the first quarter, when the aggregate imports were only £4,194,000, mo­
ney ruled at 6 to 7 per cent. In the second quarter, the supplies of bullion were
the largest of the year, amounting to £8,029,000, or nearly double those of the
first quarter, and accordingly, by the 26th of June, the Bank of England was
compelled to lower its charge to 4i per cent. During the third quarter, when
the supplies of the precious metals were still very large, viz.: £7,597,000, the
rates of discount remained at this reduced range. In the last quarter, the im­
ports of bullion declined to £5,813,000, and, the demand on the continent being
urgent, the value of money quickly reascended to 6 and 7 per cent.
A comparison of the bullion imports of 1856 with those of 1855 may be use­
ful. The aggregate receipts in 1856 were £25,633,000, against £24,268,000 in
1855, showing an increase of £1,365,000. The receipts from Australia were, in
1856, £10,247,400, and in 1855, £10,883,000 ; from the United States, in 1856,
£8,592,900, and in 1855, £6,380,000; from the West Indies and Mexico, in 1856,
£6,818,500, and in 1855, £5,042,000. The fact that the imports from Australia
last year were only £635,600 less than in 1855, furnishes satisfactory evidence as
to the general reliability and steadiness of this source of supply, despite the
monthly or quarterly variations. The increase of £1,776,533 from the West In­
dies and Mexico, consisting chiefly of silver, was of course occasioned by the
augmented demand for silver in Europe. The increase of £2,212,900 from the
United States attests the intimacy of the relations between the American and
European markets. The monetary pressure which prevailed in Europe during
three-fourths of the past year evidently attracted increased supplies of gold from
the United States. Of these supplies a very considerable proportion was directly
on French account.
VALUE OF THE COINAGE OF THE UNITED STATES AND THE UNITED KINGDOM,
AND

A

U N IF O R M

CURRENCY.

The following resolution to provide for ascertaining the relative value of the
coinage of the United States and Great Britain, and fixing the relative value of
the unitary coins of the two countries, passed both branches of Congress at it*
last session, and was approved by the executive, February 26,1857 :—
Resolved by the Senate and House of Representatives of the United Stales of
America in Congress assembled, That the Secretary of the Treasury be, and h*
s hereby authorise! and directed to appoint some suitable person as agent or




598

Jou rn a l o f B a n kin g, Currency, and Finance.

commissioner to confer with the proper functionaries in Great Britain in relation
to some plan or plans of so mutually arranging: on the decimal basis the coinage
of the two countries as that the respective units shall be thereafter easily and ex­
actly commensurable, and to embody the result of such conference in a statement
and report, to be laid before Congress as early as practicable; and that the com­
pensation of said agent or commissioner shall not exceed five thousand dollars in
full for his services and expenses.
The following remarks were made in the House of Representatives on the 24th
February, 1857, by the Hon. J. R. T yson , of Pennsylvania, on the above
resolution
of

Mr. T yson said : I am in favor of the resolution, but wish to amend it by in­
serting the words “ on the decimal basis.” The object of the resolution, Mr.
Speaker, is to appoint an agent to confer with European commissions, and report
upon the subject of an international coinage. The amendment proposes a further
object. It requires that the units should not only approximate in relative value,
but that the whole should be on the decimal system.
The standards of value in the coins of England and the United States are so
different that we are obliged to express this variance by the invention of a fig­
ment—the par of exchange. This is the commercial phrase to express that
equality which is attained by adding 91 per cent to our money. One object of
the commission is to neutralize this inequality in such a way as by mutual con­
cession to make the units of the two countries exactly commensurable. The
adoption of a common standard would make five of our dollars amount to a
pound sterling, and put an end to the existing inequalities in silver as well as
gold coins. The English currency has at present ninety-two-and a-half metal to
the hundred of silver, or seven-and-a-half alloy; and ninety-one-and-two-thirds of
gold, or an alloy of nine-and-one third per cent. The American coinage has a
little more alloy, having, like the French, the proportion of ninety to the hun­
dred, or 10 per cent alloy. One chief duty of the agent appointed under this
resolution will be to confer with the English commission now in existence, for
the purpose of devising some plan which may be mutually satisfactory to equalize
the respective standards of the two countries.
But another duty remains, and that is, to induce England to abandon her an­
tiquated divisions of units and adopt the decimal system. The English duodeci­
mal and vicesimal modes of computation are inconvenient in practice, and too
complex and troublesome in the transactions of international commerce. The
practical inconveniences of the present system were shown by evidence adduced
before a committee of the English House of Commons in the year 1853. The
committee reported in favor of its abandonment, and the substitution of the de­
cimal basis of coinage.
The decimal system was one of the few good fruits of the French revolution.
Our country followed. The first movement was made by Mr. Jefferson in Janu­
ary, 1790, who recommended the adoption of the French decimals in the division
of coins. No coinage has been made in this country since the year 1800 except
upon this basis; but the Spanish and Mexican units are, by acquiescence, still in
common circulation. The decimal system now prevails, by law, in nearly every
part of Europe, except in England, Germany, and Russia. Iu the two former
countries a favorable impression prevails in regard to it. It is also in force in
Chili, Colombia, and New Granada, in South America, and a feeling exists in
favor of it in Mexico.
This Congress was petitioned several years ago, by the Society of Geography
and Statistics, in favor of uniform standards of weights and measures. It was
one of the subjects which engaged the attention of the Scientific Congress which
was held at Brussels in 1853. More recently the same body assembled at Paris
in 1855, and strongly recommended the adoption of some uniform system of cal­
culation, as well as uniformity of weights and measures. They appointed a com­
mittee to confer with reluctant or ill-judging interests in other countries. "With
this committee, as well as with the British commission, the agent to be appointed




599

Com m ercial Regulations.

under the resolution now before the House will no doubt put himself in commu­
nication, and pive to the country every light which science, experience, and the
general interests of commerce over the world will require.
The whole subject of an international coinage in facilitating exchanges, and
subserving the interests of commerce, is well worthy of the American Congress.
Next to a universal language, everywhere spoken and everywhere understood, it
will as eminently conduce to general peace and general good understanding among
nations as any other measure which can be devised.
The resolution was passed as amended.

COMMERCIAL REGULATIONS
UNITED STATES TARIFF OF 1S57,
C O M P A R E D

W I T H

T H E

T A R I F F

OF

1 8 4 6 .*

The following analysis of the new tariff act, approved March 3d, 1857, and
which will go into effect July 1st, 1857, presents a clear view of the substance of
its provisions. The first column of figures designates the duty under the tariff of
1846, and the second column designates the duty under the tariff of 1857
AN

ACT

R E D U C IN G

THE

DUTY

ON

IM P O R T S , A N D

FOR

OTH ER

PURPOSES.

Be it enacted by the Senate and House of Representatives of the United Stales
of America in Congress assembled. That on and after the first day of July, eigh­
teen hundred and fifty-seven, ad valorem duties shall be imposed in lieu of those
now imposed upon goods, wares, and merchandise imported from abroad into the
United States, as follows, viz. : Upon the articles enumerated in schedules A and
B of the tariff act of eighteen hundred and forty-six, a duty of thirty per centum,
and upon those enumerated in schedules 0, D, E, P, 0 , and H of said act, the
duties of twenty-four per centum, nineteen per centum, fifteen per centum, twelvs
per centum, eight per centum, and four per centum, respectively, with such ex­
ceptions as are hereinafter made; and all articles so imported as aforesaid, and
not enumerated in the said schedules, shall pay a duty of fifteen per centum.
SCHEDULE

A , B .— T H I R T Y P E R C E N T .

GO

Alabaster and spar ornaments.. 40
Anchovies, sardines, and all other
fish preserved in o il................ 40
Brandy and other spirits distilled
from grain or other materials. 100
Camphor, refined
40
Composition tops for tables or
other articles of furniture - .. 40
Comfits, sweetn eats, or fruits
preserved in sugar, brandy or
molasses..................................... 40
Cordials, absynthe, arrack, curacoa, kirschenwasser, liquors,
maraschino, ratafia, and all oth­
er spirituous beverages of a
similar character....................... 100

GC

30 Glass, cut.
40
Manufact, of cedar wood, grana80
dilla, ebony, mahogany, rose*
wood, and satin wood
40
80 Prepared vegetab^s, meats, poul30
try, & game, sealednir enclosed
in cans or otherwise.;
40
30 Scagliola tops for tables, or other
articles of furniture
40
Cigars, snuff, paper cigar/; and all
30
other manufactures of tobacco. 40
Wines— Burgundy, Champagne,
claret, Madeira, port, sherry,
and all other wines and imita­
tions of wines ......................... 40
30

* The Merchants' Magazine of September, 1846, (vol.
•opy of the tariff of 1846.




X T .,

80
30

30
30
30

80

pages 300-307,) contains an authentic

600

Com m ercial R egu lation s

.

S C H E D U L E C .— T W E N T Y - F O U R P E R C E N T A D V A L O R E M .

Ale, beer, and porter, in casks or
bottles........................................
Argentine, albata, or German sil­
ver, manufactured or unmanuf.
Articles embroidered with gold,
silver, or other metals.............
Articles worn by men, women, or
children, of whatsoever mate­
rial c’mp’sed, made up, or made
wholly or in part by hand... .
Asses’ skins...................................
Balsams, cosmetics, essences, ex­
tracts, pastes, perfumes, and
tinctures, used either for the
toilet or for medicinal purposes
Baskets, and all other articles
composed of grass, oziers, palm
leaf, straw, whalebone, or wil­
low, not otherwise provided for
Bay rum, Bologna sausages........
Beads of amber, composition, or
wax, and all other beads . . . .
Bracelets, braids, chains, curls, or
ringlets, composed of hair, or
of which hair is a component
part............................................
Braces, suspenders, webbing, or
other fabrics, composed wholly
or in part of India-rubber, not
otherwise provided f o r ...........
Combs and brushes of all kinds.
Cameos, real and imitation, and
mosaics, real and imitation,
when set in gold, silver, or other
m e ta l........................................
Canes and sticks for walking, fin­
ished or unfinished.................
Capers, pickles, and sauces of all
kinds, not otherwise provided
for...............................................
Caps, hats, muffs, an I tippets of
fur, and all other manulactures
of fur, or of which fur shall be
a component material..............
Caps, gloves, leggings, mits, socks,
stockings, wove shirts tfc draw­
ers, all similar articles made
on frames, worn by men, wo­
men, or children, and not oth­
erwise provided for..................
Card cases, pocket-books, shell
boxes, souvenirs, <fe all similar
articles, of whatever material
composed...................................
Carpets, carpeting, hearth rugs,
bedsides, and other portions of
carpeting, being either Aubuseon, Brussels, ingrain, Saxony,
Turkey, Venetian, Wilton, or
any other similar fabrics.........
Carriages, and parts of carriages
Cheese, clocks, & parts of clocks.




°0

24

30

24

30

24

30
30

24
24

30

24

30
30

24
24

30

24

30

24

30
30

24
24

30

24

30

24

30

24

30

24

30

24

30

24

30
30
30

24
24
24

Clothing, ready made, and wear­
ing apparel of every descripti’n,
of whatever material composed,
made up or manufact’d wholly
or in part by the tailor, seam­
stress, or manufacturer............
Coach and harness furniture of all
kinds..........................................
Coal, coke, and culm of coal . . .
Combs of all kinds.......................
Compositions of glass or paste,
when set....................................
Confectionery of all kinds, not
otherwise provided for............
Coral, cut or unmanufact’d, corks
Cotton cords, gimps, <fc galloons.
Courtplaster, crayons of all kinds
Cutlery of all kin d s...................
Diamonds, gems, pearls, rubies,
and other precious stones, and
imitations of precious stones,
when set in gold, silver, or oth­
er m etal....................................
Dolls, and toys of all kinds........
Earthen, china, and stone ware,
and all other wares, composed
of earthy and mineral substan­
ces, not otherwise provided for
Epaulets, galloons, laces, knots,
stars, tassels, tresses, & wings,
of gold, silver, or other metal.
Fans and fire screens of every de­
scription, of whatever material
composed...................................
Feathers and flowers, artificial or
ornamental, and parts thereof,
of whatever material compVd
Fire crackers................
Flats, braids, plaids, sparterre &
willow squares, used for making
hats or bonnets........................
Frames and sticks for umbrellas,
parasols, & sunshades, finished
or unfinished...........................
Furniture, cabiuet tfc household .
Glass, colored, stained, or painted
Glass crystals for w atches.........
Glass, or pebbles for spectacles.
Glass tumblers, plain, molded, or
pressed, not cut or painted.. .
Paintings on glass, porcelain glass
Hair penotis, hat bodies of cotton
Hats and bonnets, for men, w o­
men, and children, composed of
straw, satin straw, chip, grass,
palm-leaf, willow, or any other
vegetable substance, or of hair,
whalebone, or other material,
not otherwise provided fo r .. .
Hemp unmanufactured, honey. .
Human hair, cleansed or prepar’d
for use........................................

30

24

30
30
30

24
24
24

30

24

30
30
30
30
30

24
24
24
24
24

30
30

24
24

30

24

30

24

30

24

30
80

24
24

30

24

30
30
30
30
30

24
24
24
24
24

30
30
30

24
24
24

30
30

24
24

30

24

Commercial R egulations

Ink and ink p ow d er................... 80
Iron, in burs, bloom, bolts, loops,
pigs, rods, slabs, or other form,
not otherwise provided for... . 80
Castings of iron, old or scrap iron 80
Vessels of cast ir o n ................... 80
Japanned ware of all kinds, not
otherwise provided for............ 80
Jewelry, real or imitation..........
30
Jet and manufactures of jet, and
imitations thereof....................
30
Lead pencils................................. 30
Maccaroni, vermicelli, gelatine,
jellies, and all similar prepara­
tions .........................................
30
Manufictures of the bark of the
cork tree, except co rk s........... 30
Manufactures of bone, shell, horn,
pearl, ivory, or vegetable ivory 30
Manufactures, articles, vessels, &,
wares, not otherwise provided
for, of brass, copper, gold, iron,
lead, pewter, platina, silver, tin,
or other metal, or of which
either of those metals or any
other metal shall be the com­
ponent material of chief value. 30
Manufactures of co< ton, linen, silk,
wool, or worsted, if embroider’d
or tamboured in the loom or
otherwise, by machinery or
with the needle or other pro­
cess............................................. 30
Manufactures composed wholly
of cotton, which are bleached,
printed, painted, or dyed, anil
de laines..............................
25
Manufactures, articles, vessels, &
wares of grass, or of which
grass shall be a component ma­
terial, not otherwise provided
for......................................
Manufactures & articles of leath­
er, or of which leather shall be
a component part, not otnerwise provided f o r .............. 30
Manufactures and articles of marb'e, marble paving tiles, and
all other marble more advanc’d
in manufacture than in slabs
or blocks in the rough........ 30
Manufact. of paper, or of which
paper is a component material,
not otherwise provided f o r .. . 30
Manufact’s of wool, or of which
wool shall be the component
material o f chie»f, value, not
otherwise provided for............ 30
Medicinal preparations, not othwise provided for................ 30




0

601

24 Manufact. of wood, or of which
wood is a component part, not
otherwise provided f o r ...........
24 Metallic pens, mineral waters,
molasses.....................................
24
24 Muskets, rifles, other fire arms
Nuts, not otherwise provided f<»r
24 Ochres and ochrey earths, used
in the composition of painters’
24
colors, whether dry or ground
in oil, not otherwise provided
24
f»r..................................... ..........
24
Oilcloth of every description, of
whatever material composed..
24 Oils, volatile, essential, or ex­
pressed, and not otherwise pro­
24
vided for....................................
Olive oil in casks, other than sal­
24
ad oil ........................................
Olive salad oil, and all other olive
oil, not otherwise provided for.
Olives.............................................
Paper, antiquarian, demy, draw­
ing, elephant, foolscap, impe­
rial, letter, and all other paper
not otherwise provided fo r .. .
24 Paper boxes, and all other fancy
b o x e s ........................................
Paper envelops...........................
Parasols and sunshades, parch­
ment...........................
Plated and gilt ware of all kinds
24 Playing cards, potatoes, red chalk
pen cils......................................
Saddlery of all kinds, not other­
wise provided f o r ...................
24 Salmon preserved, sealing-wax..
Sewiug silks, in the gum or pu­
rified...........................................
Shoes, composed wholly of Indiarubber........................................
30
24 arms of every description..
Side
Silk twist, and twist composed of
silk and mohair.......................
Silver-plated metal, in sheets or
24
other form.................................
Soap. Castile, perfumed, Windsor
and all other k in ds.................
Sugar of all kinds, sirup of sugar
Tobacco, unmanufactured...........
24 Twines and pack-thread, of what­
ever material composed..........
Umbrellas, vellum, vinegar........
24 Wafers, water-colors....................
Wood, unmanufactured, not oth­
erwise provided for, and fire­
wood ..........................................
24 Wool, unmanufactured, not other­
wise provided for .................
24

D .N IN E T E E N

*E R

-

SCH ED U LE

Borax or tinctal, not otherwise
provided for..........................
25

.

19

CENTUM

AD

30

24

30
30
30

24
24
24

30

24

30

24

30

24

30

24

30
30

24
24

30

24

30
30

24
24

30
30

24
24

30

24

80
30

24
24

30

24

30
30

24
24

30

24

30

24

30
30
30

24
24
24

30
80
30

24
24
24

30

24

30

24

25

19

VALOREM .

Buttons and button molds of all
kinds..........................................

602

Commercial R egulations.

Baizes, bookings, flannels & floor
cl«»ths, o f -whatever material
composed, not otherwise pro*
viiled for .................................
25
Cable? and cordage, tarred or untarred...................................
25
Calomel and all other mercurial
preparations.............................
25
Cotton laces, cotton inserting?,
cotton trimming laces, cotton
lace and braids......................... 25
Floss silks, feather beds, feathers
for beds, and downs of all kinds 25
Grass cloth.................................... 25
Hair cloth, hair seating, and all
other manufactures of hair, not
otherwise provided for............
25
Japanned leather or skins of all
kinds .....................
20
Jute, manila, and sisal grass, coir
other vegetable substances,
unmanufact’d, not otherwise
........... 25
provided lor..........

19
19
19
19
19
19
19
19

Manufactures, composed wholly
of cotton, not otherwise provi25
ded f o r .....................................
Manufactures of goats’ hair nr
mohair, or of which goats’ hair
or mohair shall be a component
material, not otherwise provi25
ded f o r .....................................
Manufactures and articles of silk,
or of which silk shall be a component material, not otherwise
25
provided for.............................
Manufactures of worsted, or of
which worsted shall be a component material, not otherwise
25
provided for.............................
Matting, China and other floor
matting and mats, made of
flags, jute or grass................... 25
Roofing slates, and slates other
than roofing slates................... 25
Woolen and worsted yarn........... 25

19

19

19

19
19
19
19

19

SCHEDULE E.--- FIFTEEN PER CENTUM AD VALOREM.
A lu m ....................................
Angora, Thibet, and other goats’
hair or mohair, unmanufact’d,
not otherwise provided fo r ...
Arrow root, bacon, barley, beef,
beeswax........................
Berries, vegetables and flowers,
not otherwise provided fo r ...
Blankets o f all kinds....................
Blank books, hound or unbound.
(See periodicals).......................
Blue or Homan vitriol,or sulphate
of co p p e r .....................
Boards, planks, staves, laths,
scantling, spars, hewn and
sawed timber, and timber to
be used in building wharves..
Brencia, bronze liquor, bronze
powder......................................
Butter, cadmium..........................
Calamine......................................
Caps, gloves, leggins, mits, socks,
stockings, wove shirts, and
drawers, made on frames, composed wholly of cotton, worn
by men, women and children.
Cassia buds, castor oil, castorum,
chocolate...................................
Coromate o f lead.........................
Chromate, bichromate, hydriodate and prusdate of potash..
Cooalt, coculus indicus.................
Copperas or green vitriol, or sub
phate o f ir o n ...........................
Copper, in sheets or plates, called
braziers’ copper, and other
sheets of copper, not otherwise
provided for.............................




15 Copper rods, bolts, nails and
spikes.........................................
Copper bottoms...........................
15
Cubebs,
dried pulp, ether, felds20
par, fig blue.............................
20 15 Fish, foreign, whether fresh, salted, smoked, dried, or pickled,
not otherwise provided f o r .. .
20 15
20 15 Fish glue or isinglass, fish skins,
flaxseed......................................
20 15 Flour of sulphur, Frankfort black
French chalk, fulminates or fulmioating powders, furs dress’d
20 15
on the skin................................
G am boge......................................
Ginger, green, ripe, dried, pre20 15
served or pickled.. . . . . . .40 A
Glue, green turtle, gunny cloth,
gunpowder....................... . . .
20 15
20 15 Hair, curled, moss, sea weed, and
all other vegetable substances
20
used for beds or mattresses...
Hams, hats of w’ o o l.....................
Hat bodies made of wool, or of
which wool shall be a compo20 15
nent material of chief valu e..
Hatters’ plush, composed of silk
20 15
and cotton, but of which cotton
20 15
is the component material of
chief value.................................
20 15 Hempseed, or linseed, and rapeseed oil, and all other oils used
20 15
in painting................................
20 15
Ipecacuanha, iridura, isis or orris
root............................................
Iron liquor, jalap, juniper berries,
20 15 Lampblack, lard...........................

20

20
20

15
15

20

15

20

15

20
20

16
15

20
20

15
15

30

15

20

15

♦

20
20

15
15

20

15

20

15

20
20

15
15

20
20
20

15
15
15

603

Com m ercial Regulations.

Leather, tanned, bend, or sole,
not otherwise provided fo r ...
Leather, upper of all kiuds, not
otherwise provided for.........
Lead, in pigs, bar9 or sheets.. . .
Lead pipes, lead shot, leeches..
Liquorice paste, juice or root,
litharge......................................
Malt, manganese, manna.............
Manufactures of flax, not otherwise provided f o r ...................
Manufactures of hemp, not otherwise provided for ...............
Marble in the rough, slab or block
unmanufact’d.............................
Marine coral, unmanufact’d . . . .
Medicinal roots, leaves, gums and
rosins, in a crude state, not
otherwise provided for. .30 25
Metals, Dutch and bronze, in leaf
Metals, unmanufact’d, not otherwise provided for.....................
Mineral and bituminous substances. in a crude state, not otherwise provided for.....................
Musical instruments of all kinds,
and strings for musical instruments o f whipgut or catgut, &
all other strings of the same
material....................................
Needles of all kiuds, for sewing,
darning or knitting.................
Nitrate o f lead.............................
Oats and oatm eal.......................
Ochres and ochrey earths, d r y ..
Oils—neatsfoot and other animal
oil, spermaceti, whale & other
fish oil, the produce of foreign
fisheries......................................
Opium, orange and lemon p e e l..
Ozier or willow, prepared for

20
20
20
20
20
20
20
20
20
20
20
20
20
20
20

20
20
20
20
20

20
20

20
Patent mordant................... 20
Paint?, dry or ground in oil, not
otherwise provided for............ 20
Paper hangings and paper for
screens or tireboards................
20
Paving stones...............................
20
Paving and roofing tiles bricks 20
Pearl or hulled b a rley ............... 20
Periodicals and other works in
course of printing and republication in the U. S ............... 20
Pitch ................................
20
Plumbago, pork, pumpkins, potassiurn, putty........................... 20
SCH EDULE

F.

-- T W E L V E

Borate of lime...............................
Brazil paste, conilla or tow of
hemp and flax...........................
Diamonds, glaziers’, set or not set




Plaster of Paris, when ground. -.
15 Quicksilver, quill?, red chalk,
rhubarb......................................
15 Rice or paddy, roll brimstone . .
16 Rnman cement, rye and rye flour
15 Saddlery, common, trinned or
15
Saffron aud saffron cake, sago. .
15 Sal soda and all carbonates of
soda, by whatever names de15
signated, not otherwise provided for ...................................
15
Salts— Epsom, glauber, Rochtlle,
and all other salts and prepa15
rations of salts, not otherwise
15
provided for.............................
15 Sarsaparilla, seppia, sheathing
paper ........................................
Skins, tanned and dressed, of all
kinds, not otherwise provi’d for
15
15 Skins of all kinds, not otherwise
provided for ...........................
15 Slate pencils, smalts...................
Spermaceti candles and tapers..
Spirits turpentine, spunk, squills,
starch.........................................
15
Stearine candle? and taper?----Steel, not otherwise provided for
Stereotype plates, still bottoms.
Sulphate of barytes, crude or re15
fined........ ...............................
Sulphate of quinine, tallow candies, tapioca.............................
15
15 Tar, thread laces and inserting?,
type metal.................................
15
15 Types, new or old, vanilla beans,
verdigris...................................
Velvet in the piece, composed
wholly of cotton.......................
15 Velvet in the piece, composed of
cotton
and silk, but of which
15
cotton i? the component mate15
15 Vermilion......................................
Wares, chemical, earthen, or pottery, of a capacity exceeding
15
ten gallons................................
15 1 Wax candles and tapers.............
15 Whalebone, the produce of for15
eign fisheries...........................
15 ! Wheat and wheat flour, white
and red lead.............................
I Whiting or Paris white ..........
15 White vitriol or sulphate of zinc
15 j Window glass, broid, crown or
cylinder ........................
15 SWoolen listings...........................

20
15
15

PER

CENTUM

AD

20

15

20
20
20

15
15
15

20
20

15
15

20

15

20

15

20

15

20

15

20
20
20

15
15
15

20
20
20
20

15
15
15
15

20

15

20

15

20

15

20

15

20

15

20
20

15
15

20
20

15
15

20

15

20
20
20

15
15
15

20
20

15
15

15

12

15

12

VALOREM .

12 Silk, raw, Dot otherwise provided f o r ......................................
12 Steel, in bars, cast, shear or
German......................................
12

604

Com m ercial R egu lation s.

Gold & silver leaf, mineral kerms
Terne tin plates, tin foil..............
SCH EDULE

16
15

G .— E I G H T

12 j Zinc, spelter or teutenegue, in
12 j sheets........................................




10

8

10
10

8
8

30

8

10
10

8
8

10
10

8
8

10
20
10

8
8
8

10
10

8
8

15
10

8
8

20

8

5
10

4
4

; 10
15
Cream of tartar............................. 20
Extracts of indigo......................... 20
Extracts & decoctions of logwood
and other dyewoods, not other­
20
wise provided for.....................
20
5
Gutta percha, unmanufactured. . 20
Horn, horn tips, bone, bone tips
5
India rubber in bottles, slabs or
sheets, unmanufact’d ............... 10
20
Ivory nuts or vegetable ivory,
5
20
Lastings, cut in strips or patterns
of the size and shape for Bhoes,
slippers, boots, bootees, gaiters
or buttons, exclusively, not
5
combined with India rubber..

4
4
4
4

H .— F O U R

Acids— ncetto, benzoic, boracic,
critic, muriatic, white and yel­
low, nitric,oxalic, pyroligenous,
and tartaric, and all other acids
of every description, used for
chemical, medical, or manufacprovided for..............................
Alcornoque...................................
Aloes, amber, ambergris, anniseed............................................
Annatto, roucou, Orleans...........
Arsenic..........................................
Articles not in a crude state, used
in dyeing or tanning, not other­
wise provided for....................
Asafoetida, asphaltum.................
Barilla, bleach’g powder or chloride of lime...............................
Borax, cru d e ................................
Boucho le a v e s.............................
Brimstone, crude, in bulk...........
Bristles..........................................
Cameos, mosaics, diamon’s, gems,
pearls, rubies, and other preci
ous stones, not set....................

12

CENTU M

AD

VALOREM .

Goldbeaters’ skins.........................
Hair of all kinds, uncleaned and
unmanufactured........................
Kelp, lemon and lime juice, lime
Machinery, exclusively designed
and expressly imported for
the manufacture of flax and
linen goods................................
Music paper with lines, bound or
unbound ....................................
Natroo, nux vomica, orpiment...
Polishing stones, pumice it pum­
ice stones...................................
Rotten stone, sal ammonia.........
Saltpeter, (or nitrate of soda or
potash) refined or partially re­
fined ..........................................
S p on ges........................................
Sulphuric acid or oil of vitriol..
Tallow, marrow, and all other
grease and soap, stocks and
soap stuffs, not otherwise pro­
vided for....................................
Terra joponica or catechu..........
Tin, in plates or sheets, galvaniz’d
or ungalvanized.......................
W atches........................................
Woods—namely : cedar, lignumvitffi, ebony, box, granadilla,
mahogany, rosewood, satinwood, and all cabinet w oods..

Am monia...................................... 10
Antimony, crude, or regulus o f . . 20
Barks of all kinds, not otherwise
provided for....................... 20 and 15
Books printed, magazines, pam­
phlets, periodicals and illustra­
ted newspapers, bound or un­
bound, not otherwise provided
for..............................................
10
Building stones............................ 10
Camphor, cru de............................ 25
Cantharides, carbonate o f sod a .. 20
Chronometers, box or ships’, and
parts th e re o f...........................
10
Compositions of glass or paste,
......................................
10
not set
Cudbear........................................ 10
Emery, in lump or pulverized.. 20
Engravings or plates, bound or
unbound.................................... 10
Fruits, green, ripe or dried. . 40, 30, 20
Gums— Arabic, B irbary, copal,
East India, Jeddo, Senegal,
substitute, tragacanth, and all
other gums and rosins in a
crude state................................ 10
Hempseed and rapseed, fuller’s
earth..........................................
10
Furs, hatters’, dres’d or undres’d,
not on the sk in .. . . ............... 10
Furs, undres’d, when on the skin 10
SCHEDULE

15

PER

PER

CENTU M .

Chalk, clay....................................
Cochineal.......................................
Cocoa, cocoa nuts, and cocoa

20
5

4
4

20
10
15

4
4
4

20
20

4
4

10
25
20
15
6

4
4
4
4
4

10

4
4
4
4
4
4
4
4
4

4

605

Commercial Regulations.
I n d i g o ........................................................
M a n u fa c tu r e s o f m o h a ir c l o t h ,
s ilk t w is t , o r o t h e r m a n u fa c ­
tu r e s o f c lo t h s u ita b le fo r th e
m a n u fa c t u r e o f s h o e s , c u t in
s tr ip s o r p a tte r n s o f th e s ize
an d s h a p e f o r s h o e s , s lip p e r s ,
b o o ts , b o o te e s , g a it e r s , o r b u t ­
tons, e x c lu s iv e ly , n ot c o m b in e d
w it h I n d ia r u b b e r ..........................
M u sic, p r in te d w it h lin e s, b o u n d
o r u n b o u n d .........................................
N ic k e l, n u t g a l l s ...................................
O ils, c o c o a n u t, p a lm & t e a l . . 2 0 ct
P e a r l, m o t h e r o f ...................................
P e w t e r , w h e n o ld a n d fit o n ly t o
b e r e m a n u fa c t ’d ..............................
P ru ssia n b l u e ........................................
R a g s o f w o o l ........... ............................

10

4

5

4

10
5
10
5

4
4
4
4

5
20
5

4
4
4

R a w h id e s a n d sk in s o f a ll k in d s,
w h e th e r d r ie d , s a lte d , o r p ic k le d , n o t o t h e r w is e p r o v id e d fo r
S a lt p e t e r , o r n itra te o f s o d a , o r
p o ta s h , w h e n c r u d e ..........................
S a fflo w e r , r e e d la c , s h e lla c ..............
S o d a a s h ..................................................
S p ic e s o f a ll k in d s ....................... 4 0 &
S u m a c ............................................................
T o r t o is e & o t h e r s h e lls , u n m a n u f.
T u r m e r ic , w a s te o r s h o d d y ...........
W a t c h m a te r ia ls a n d u n fin is h e d
p a r ts o f w a t c h e s ..............................
W e l d . ..........................................
W o a d o r p a s t e l ...................................
Z in c , s p e lt e r , o r t e u t e n e g u e , unm a n u fa c t 'd , n o t o t h e r w is e p r o ­
v id e d f o r .............................................

5

4
5

4
4
4
4
5 4
5
4
5
4

5
10
SO

10

4

10

4

54

54

S ec. 3. And be it further enacted, That on and after the first day of July,
eighteen hundred and fifty-seven, the goods, wares and merchandise mentioned in
schedule I, made part hereof, shall bo exempt from duty and entitled to free
entry:—
SCHEDULE i.
A l l b o o k s , m a p s , c h a r ts , m a t h e ­
m a t ic a l, n a u tic a l in s tr u m rn ts,
p h ilo s o p h ic a l a p p a r a t u s , an d
a ll o t h e r a r t ic le s w h a t e v e r im ­
p o r t e d fo r th e u s e o f t h e U . S . . fr e e fr e e
A l l p h ilo s o p h ic a l a p p a r a t u s , in ­
s tr u m e n ts, b o o k s , m a p s a n d
c h a r t s ; s ta t u e s , s ta t u a r y , b u s ts
an d c a s ts o f m a r b le , b ro n z e ,
a la b a s t e r o r p la s t e r o f P a r i s ;
p a in tin g s a n d d r a w in g s , e t c h ­
in g s ; s p e c im e n s o f s c u lp t u r e ;
c a b in e ts o f c o in s , m e d a ls , g e m s
an d a ll c o lle c t io n s o f a n t iq u i­
ties : P r o v id e d th e s a m e b e s p e ­
c ia lly im p o r t e d in g o o d fa ith
fo r th e u se o f a n y s o c ie t y in ­
c o r p o r a t e d o r e s t a b lis h e d fo r
p h ilo s o p h ic a l o r lit e r a r y p u r p o ­
s es, o r fo r th e e n c o u r a g e m e n t
o f th e fin e a r t s ; o r fo r t h e use
o r b y th e o r d e r o f a n y c o l l e g e ,
a c a d e m y , s c h o o l o r s e m in a ry o f
le a r n in g in th e U . S ......................f r e e fr e e
A n im a l c a r b o n , b o n e b l a c k ...........
20
“
A n im a ls , liv in g , a l l k i n d s . . . 2 0 <& fr e e
“
A r g o l o r c r u d e t a r t a r ........................
5
“
A r t ic le s , in a c r u d e s ta te , u s e d in
d y e i n g o r t a n n in g , n o t o t h e r ­
w is e p r o v id e d f o r ...........................
5
“
B a r k , P e r u v i a n ......................................
15
“
B e lle , w h e n o ld , o r b e l l m e ta l, fit
o n ly t o b e r e m a n u fa c t ’ d ..............
5
“
B e r r ie s , n u ts , flo w e r s , p la n t s a n d
v e g e t a b le s u s e d e x c l u s i v e ly in
d y e in g o r in c o m p o s in g d y e s ,
b u t n o a r t ic le s h a ll b e c la s s e d
a s su ch th a t h a s u n d e r g o n e a n y
m a n u fa c t u r e ......................................
5
“




B is m u t h , b itt e r a p p le s ...................
2 0 fre e
B o lt in g c l o t h s ........................................
25
“
B o n e s , b u rn t, a n d b o n e d u s t . . . .
20
“
B o o k s , m a p s a n d c h a r ts im p o r t e d
b y a u t h o r it y o f th e J o in t L i ­
b r a r y o f C o n g r e s s fo r t h e u se
o f th e lib r a r y o f C o n g r e s s : p ro v r d e d th a t if, in a n y c a s e , a c o n ­
t r a c t s h a ll h a v e b e e n m a d e
w it h a n y b o o k s e lle r , i m p o r t e r
o r o t h e r p e r s o n a fo r e s a id s h a ll
h a v e p a id t h e d u t y o r in c lu d e d
t h e d u t y in s a id c o n tr a c t, in
s u c h c a s e t h e d u t y s h a ll n o t b e
r e m i t t e d ............................................... fr e e
“
B ra ss, in b a r s a n d p ig s .....................
5
“
B ra ss, w h e n o ld , a n d fit o n ly t o
b e r e m a n u fa c t ’d ..............................
5
“
B r a z il w o o d , b r a z ile t to , a n d a ll
o t h e r d y e w o o d s in s t i c k s . . . .
5
“
B u llio n , g o l d a n d s il v e r .....................fr e e
“
B u r r s to n e s , w r o u g h t o r u n w r o ’ t,
b u t u n m a n u fa c’ t ..............................
10
“
C a b in e t s o f co in s , m e d a ls A o t h e r
c o lle c t io n s o f a n t i q u i t i e s ............. fr e e
“
C o ffe e a n d t e a , w h e n im p o r t e d
d ir e c t fr o m t h e p la c e o f t h e ir
g r o w t h o r p r o d u c t io n in A m e r ­
ica n v e s s e ls o r in fo r e i’n v e s s e ls
e n t it le d b y r e c ip r o c a l t r e a tie s
t o b e e x e m p t fr o m d is c r im in a
t in g d u t ie s , t o n n a g e a n d o t h e r
c h a r g e s .................................................. “
“
C o ffe e , th e g r o w t h o r p r o d u c t io n
o f th e p o s s e s s io n s o f t h e N e t h e r ­
la n d s, im p o r t e d fr o m th e N e t h ­
e r la n d s in th e s a m e m a n n e r . ..
“
“
C o in s , g o l d , s ilv e r a n d c o p p e r ,
c o p p e r o r e ........................................... “
“

606

Commercial Regulations.

C o p p e r , w h e n im p o r t e d fo r th e
U n it e d S ta t e s M in t............................. f r e e fr e e
C o p p e r in p ig s o r b a r s .......................
5 “
C o p p e r , w h e n o ld a n d fit o n l y to
b e r e m a n u fa c t ’d ..............................
5
“
C o t t o n ...........................................................f r e e “
C u t c h ........................................................
20 “
D r a g o n ’ s b l o o d .....................................
15
“
F e lt , a d h e s iv e , fo r s h e a th in g v e s ­
“
s e ls ........................................................ fr e e
F la x , u n m a n u fa c t’ d ................................
15 “

Garden seeds and all other seeds
for agricultural, horticultural,
medicinal and manufacturing
purposes, not otherwise provi­
ded for............................. 20 tfc free
Glass, when old and fit only to
be remanufactured___ 40, 30 &20
Goods, wares and merchandise,
the growth, produce or manu­
facture of the U. S., exported
to a foreign country and bro’t
back to the U. S. in the same
condition as when exported,
upon which no drawback or
bounty has been allowed : pro­
vided that all regulations to
ascertain the identity thereof,
prescribed by existing laws, or
which may be prescribed by
the Secretary of the Treasury,
shall be complied with........... free
Guano............................................. “
Household effects, old and in use,
of persons or families from for­
eign countries, if used abroad
by them and not intended for
any other person or persons, or
for s a le ...................................... “
Ice.................................................. 20
Ivory, manufact’d.........................
5
Junk, o ld .......................................free
Linseed, but not embracing flax­
seed___ 1 .................................. 10
Madder root, madder ground or
prepared....................................
5
Maps and charts...........................
10
Models of inventions and other
improvements in the a its: pro­
vided that no article or articles
shall be deemed a model or im­
provement which can be fitted
for use........................................ free
O akum .......................................... “
Oil, spermaceti, whale, and other
fish of American fisheries, and
all other articles the produce
of such fisheries....................... “
Paintings and statuary.........20 & “
Palm leaf, unmanufact’d ............. 10
Personal and household effects
(not merchandise) of citizens of
the U.S. dying abroad.............free

“
“

“
“

“
“
“
“
“
“
“

“
“

“
“
“

P la s t e r o f P a r is o r s u lp h a te o f
lim e , u n g r o u n d ...................................fr e e fr e e
P la tin a , u n m a n u fa c t’ d . . . . . . . .
“
**
R a g s o f w h a t e v e r m a t e r ia l e x ­
c e p t w o o l ...........................................
5
“
R a t a n s an d re e d s , u n m a n u fa c t’d .
10
"
S h e a t h in g c o p p e r , b u t n o c o p p e r
t o b e c o n s id e r e d s u c h a n d a d ­
m it t e d fr e e e x c e p t in s h e e ts o f
fo r t y e ig h t in ch e s l o n g <fc fo u r ­
te e n in ch e s w id e , a n d w e ig h in g
fr o m fo u r te e n t o t h ir t y -fo u r
"
o u n c e s the s q u a r e f o o t ................f r e e
S h e a th in g m e ta l, n o t w h o lly o r in
p a r t o f iro n , u n g a lv a n iz e d . . . .
“
"
S h in g le b o lts a n d s t a v e b o l t s . . .
20
M
S il k , raw*, o r a s r e e le d fr o m th e
c o c o o n , n o t b e in g d o u b le d ,
t w is t e d , o r a d v a n c e d in uianfa c t u r e in a n y w a y ........................
16 “
S p e c im e n s o f n a tu ra l h is to r y ,
u
m in e r a lo g y o r b o t a n y ................ fr e e
S u b s t a n c e s e x p r e s s ly u s e d fo r
m a n u r e s .............................................
20
M
T in , in p ig s , b a r s o r b lo c k s ............
6 *
T r e e s , s h ru b s, b u lb s , plantR a n d
r o o ts , n o t o t h e r w is e p r o v ’d f o r . f r e e
“
W e a r i n g a p p a r e l in a c t u a l u se &
o t h e r p e r s o n a l e ffe c t s (n o t m e r ­
c h a n d is e ), p r o fe s s io n a l b o o k s ,
im p le m e n t s , in s tr u m e n ts , a n d
t o o ls o f t r a d e , o c c u p a t io n o r
e m p lo y m ’ t o f p e r s o n s a r r iv in g
in th e U .S .: p r o v id e d th a t this
e x e m p t io n s h a ll n o t b e c o n ­
s tr u e d t o in c lu d e m a c h in e r y o r
o t h e r a r t ic le s im p o r t e d fo r use
in a n y m a n u fa c t u r in g e s t a b ­
“
lis h m e n t o r f o r s a le .......................
S h e e p ’ s w o o l , u n m a n u fa c t ’d , o f
th e v a lu e a t th e p o r t o f e x p o r t ­
a tio n o f t w e n t y c e n ts p e r lb . o r
le s s , an d h a ir o f t h e a lp a c a , th e
g o a t , a n d o t h e r lik e a n im a ls ,
u n m a n u fa c t ’d : p r o v id e d th a t
a n y w o o l o f th e s h e e p o r h a ir
o f th e a lp a c a , g o a t , a n d o t h e r
lik e a n im a ls w h ic h s h a ll b e
im p o r t e d in a n y o t h e r th a n th e
o r d in a r y c o n d it io n a s n o w a n d
h e r e t o fo r e p r a c t ic e d , o r w h ic h
s h a ll b e c h a n g e d in its c h a r a c ­
t e r fo r th e p u r p o s e o f e v a d in g
th e d u ly , o r w h ic h s h a ll b e r e ­
d u c e d in v a lu e b y t h e in te n ­
tio n a l a d m ix tu r e o f d ir t o r a n y
fo r e ig n s u b s t a n c e t o t w e n t y
c e n ts p e r lb . o r le s s , s h a ll b e
s u b je c t t o a d u t y o f t w e n t y fo u r p e r c e n tu m ad valorem,
a n y t h in g in th is a c t t o th e c o n ­
t r a r y n o t w i t h s t a n d i n g ... . * 3 0
20

“

* Sheep's wool, thirty per centum; hair of the alpaca, the goat, and other like animals, twenty
per centum.




Commercial Regulations.

607

S e c . 4. And be it further enacted. That all goods, wares and merchandise
which shall be imported from foreign countries after the passage of this act, and
be in the public stores on the first day of July aforesaid, shall be subjection
entry thereof for consumption, to no other duty than if the same had been im­
ported, respectively, after that day.
S ec . 0. And be it further enacted, That on the entry of any goods, wares and
merchandise imported on and after the first day of July aforesaid, the decision of
the Collector of the customs at the port of importation and entry, as to their
liability to duty or exemption therefrom, shall be final and conclusive against the
owner, importer, consignee, or agent of any such goods, wares and merchandise,
unless the owner, importer, or consignee, or agent, shall, within ten days after
such entry, give notice to the Collector, in writing, of his dissatisfaction with
such decision, setting forth therein distinctly and specifically his grounds ot objec­
tion thereto, and shall, within thirty days after the date of such decision, appeal
therefrom to the Secretary of the Treasury, whose decision on such appeal shall
be final and conclusive ; and the said goods, wares and merchandise shall be liable
to duty or exempted therefrom accordingly, any act of Congress to the contrary
notwithstanding, unless suit shall be brought within thirty days after such de­
cision for any duties that may have been paid or may therefore be paid on said
goods, or within thirty days after the duties shall have been paid in cases where
such goods shall be in bond.

TARIFF ACTS AMD TREASURY REGULATIONS.

We give below from an official copy, (No. 1, General Regulations,) addressed
to Collectors and other officers of the customs, together with the amendatory acts
of March, 1857, referred to in the circular of the Secretary of the Treasury, as
follows:—
T reasu ry D epartm ent,

March 7, 1857.

The attention of collectors and other officers of the customs is called to the
subjoined acts of Congress, approved the 2d and 3d inst, amendatory of the 28th
section of the tariff act of 30th August, 18-.2, and the 8th section of the tariff
act of 30th July, 1846, and which go into effect immediately.
In the act first mentioned, it will be perceived that the prohibition of the im­
portation of certain articles is made so comprehensive as to embrace descriptions
of imports not affected by the law as it originally stood, but whose importation,
never heless, was believed to be within the principle of that enactment. The
amended act is precise and definite in its terms, and obviates all doubt as to its
scope and intent.
The act amending the 8th section of the tariff act of 30th July, 1846, it will
be seen, makes no change in existing laws as construed by the Department, except
to place dutiable imports, however procured, by purchase or otherwise, on the
same footing as to the privilege of adding in the entry to the cost or value given
in the invoice, and their liability to additional duty for undervaluation.
H OW ELL COBB, Secretary o f the Treasury.

A n A ct to amend the twenty-eight section o f the act o f Congress, approved the thir­
tieth o f August, one thousand eight hundred and forty-two, entitled " A n act to pro­
vide revenue from imports, and to change and modify existing laws imposing duties
on imports, and f o r other purposes? prohibiting the importation o f obscene and in­
decent articles, so as more effectually to accomplish the purposes f o r which that pro­
vision was enacted.

Be it enacted by the Senate and House of Representatives of the United
State of America in Congress assembled, That the twenty eighth section of the
act of Congress, approved the thirtieth of August, one thousand eight hundred
and forty-two, and entitled “ An act to provide revenue from imports, and to
change and m . dify existing laws imposing duties on imports, and for other pur­
poses,” be amended as follows :—The importation of all indecent or obscene ar-




608

Statistics o f Trade and Commerce.

tides, prints, paintings, lithographs, engravings, images, figures, daguerreotypes,
photographs, and transparencies, is hereby prohibited ; and no invoice or package
whatever, or any part thereof, in which any such articles are contained, shall be
admitted to entry ; and all invoices and packages whereof any such articles shall
compose a part, are hereby declared to be liabl" to be proceeded agairst, seized,
and forfeited by due course of law, and the said articles shall be forthwith de­
stroyed. Approved March 2, 1857.
A n Act to amend the act reducing the duty on imports, and f o r other purposes,
passed July 30, 1816.

Be it enacted by the Senate and House of Representatives of the United
States of America in Congress assembled, That the 8th section of the act ap­
proved July 30, 1846, and entitled “ An act reducing the duty on imports, and
lor other purposes,” be amended as follows:—S ec . 2. And be it further enacted, That it shall be lawful for the owner, con­
signee, or agent of imports which have been actually purchased, or procured
otherwise than by purchase, on en'ry of the same, to make such addition in the
entry to the cost or value given in the invoice as, in his opinion, may raise the
same to the true market value of such imp rts in the principal markets of the
country whence the importations shall have betn made; and to add thereto all
costs and charges which, under existing laws, would torm part of the true value
at the port where the same may be entered, upon which the duties should be as­
sessed. And it shall be the duty of the collector within whose district the same
may bo imported or entered, to cause the dutiable value of such imports to be
appraised, estimated, and ascertained in accordance with the provisions of exist­
ing laws; and if the appraised value thereof shall exceed, by ten per centum or
more, the value so declared on the. entry, then, in addition to the duties imposed
by law' on the same, there shall be levied, collected, and paid, a duty of twenty per
centum ad valorem on such appraised value : Provided nevertheless. That under
no circumstances shall the duty be assessed upon an amount less than the in­
voice or entered value, any law of Congress to the contrary notwithstanding.
Approved March 3,1857.

STATISTICS OF TRADE AND COMMERCE.
COMMERCE AND NAVIGATION OF THE UNITED STATES.

We continue the publication of the statements of the commerce and navigation
of the United States for the year ending June 30,1856, derived from the official
accounts of the Treasury Department. In the number for March, 1857, (vol.
xxxvi., pp. 355-359,) we gave, first, the exports of the domestic produce of the
United States; second, the value of exports (distinguishing those of domestic and
foreign produce) to, and imports from, each foreign country; third, a statistical
view of the tonnage, American and foreign, of vessels arriving from, and departing
to, each foreign country. In the number for April, 1857, (vol. xxxvi., pp. 472—477,)
we gave extracts from the report on navigation—first, the statistics of the regis­
tered, enrolled, and licensed tonnage of the United States, showing the amount
and kinds of tonnage employed in the foreign and coasting trade, and the different
fisheries, (cod, mackerel, and whale;) second, a condensed view of the tonnage of
the several districts of the United States, on June 30,1856 ; third, a statement
of the domestic exports of the United States, showing the exports to each foreign
country, and to the dominions of each power, also the value exported iu American
and foreign vessels.




609

Statistics o f Trade and Commerce.
SU M M A R Y ST A T E M E N T

OF TH E

C H A N D IS E . IM P O R T E D

IN T O

Q U A N T IT Y A N D
THE

V E SSE L S, D U R IN G T H E F IS C A L

U N IT E D

V A L U E O F G O O D S, W A R E S , A N D M E R­
ST A T E S

Y E A R E N D IN G

IN

A M E R IC A N

AND

F O R E IO N

JU N E 3 0 , 1 8 5 6 .

FREE OF DUTY.

Species o f Merchandise.

Quantity.

A n im a ls f o r b r e e d .............................................................................
Bullion — G o l d .....................................................................................
S i l v e r .......................................................................................................................................
Specie— G o l d .......................................................................................
S il v e r .........................................................................................................................................
C a b in e ts o f co in s , m e d a ls , a n d o t h e r c o lle c t io n s o f a n ­
........................
t iq u it ie s ...............................................................................................
M o d e ls o f in v e n t io n s a n d i m p r o v e m e n t s in t h e a r t s . . .
.........................
T e a s , lb s ...................................................................................................
2 2 ,7 7 8 ,9 7 5
C o f f e e .......................................................................................................
2 3 5 ,2 4 1 ,3 6 2
C o p p e r , in p la t e s , s u it e d t o t h e s h e a th in g o f v e s s e ls ..........................................
C o p p e r o r e .............................................................................................
.........................
C o tto n , u n m a n u fa c tu r e d .........................................................
1 ,0 9 6 ,8 4 1
A d h e s i v e fe lt f o r s h e a th in g v e s s e ls ..........................................
P a in tin g s a n d s t a t u a r y o f A m e r ic a n a r t is t s ........................
.........................
S p e c im e n s o f n a tu r a l h is to r y , A c . .............................................
.........................
S h e a th in g m e t a l ..................................................................................
.........................
P la tin a , u n m a n u fa c t u r e d ................................................................
.........................
P la s te r , u n g r o u n d ........................................ .......................................
.........................
W e a r in g a p p a r e l a n d o t h e r p e r s o n a l e ffe c t s o f e m i ­
g r a n ts a n d c itiz e n s d y i n g a b r o a d ..........................................
.........................
O ld ju n k a n d o a k u m ..........................................................................
.........................
G a r d e n s e e d s , t r e e s , s h r u b s , p la n ts , A c ..................................
A r t ic le s , t h e p r o d u c e o f t h e U . S ., b r o u g h t b a c k ..............
.........................
G u a n o , t o n s .............................................................................................
5 6 ,7 4 6
A r t ic le s s p e c ia lly im p o r t e d f o r p h ilo s o p h ic a l s o c ie tie s ,
c o lle g e s , s e m in a r ie s o f le a r n in g , s c h o o ls , A c ..................
A l l o t h e r a r t ic le s n o t s u b je c t t o d u t y ...................................
.........................

Dollars.
9 9 ,2 6 3
1 1 4 ,2 8 9
1 0 3 ,9 5 1
8 7 6 ,0 1 6
3 ,1 1 3 ,3 7 6
127
1 ,9 5 3
6 ,8 9 3 ,8 9 1
2 1 ,5 1 4 ,1 9 6
3 7 7 ,6 5 5
6 9 5 ,7 4 0
7 1 ,3 3 5
9 ,2 0 6
9 4 ,3 8 5
3 ,8 0 1
6 4 6 ,9 8 4
5 1 ,4 6 5
1 1 5 ,1 6 5
3 6 2 ,8 7 2
3 7 ,0 1 2
3 7 1 ,2 6 4
1 ,2 8 7 ,8 3 1
3 3 1 ,5 7 6
5 1 ,4 6 2
1 9 ,7 3 0 ,8 9 1

PAYING DUTIES AD VALOREM .

Manufactures o f wool—

P i e c e g o o d s , in c lu d in g w o o l
a n d c o t t o n .....................................................................................
S h a w ls o f w o o l , w o o l A c o t t o n , s ilk , a n d s ilk A c o t t o n .
.........................
B la n k e ts ....................................................................................................................................
H o s ie r y a n d a r t ic le s m a d e o n fr a m e s ................................
.........................
W o r s t e d p ie c e g o o d s , in c lu d in g c o t t o n a n d w o r s t e d .
........................
W o o l e n a n d w o r s t e d y a r n ..................................................... ..
.........................
M a n u fa c tu r e s o f, n o t s p e c i f i e d ..............................................
F la n n e ls , r u n n in g y a r d s .............................................................
3 6 0 ,9 9 1
B a iz e s a n d b o o k i n g s .....................................................................
5 0 2 ,2 4 4
Carpeting— W ilt o n , S a x o n y , A u b u s s o n , B r u s s e ls , T u r ­
k e y , t r e b le -in g r a in e d , V e n e t ia n , A o t h e r in g r a in e d
2 ,0 0 0 ,5 8 6
N o t s p e c i f i e d ...................................................................................
Manufactures o f cotton— P i e c e g o o d s ...................................
V e l v e t s .......................................................................................................................................
C o r d s , g im p s , a n d g a l l o o n s .......................................................
H o s ie r y a n d a r t ic le s m a d e o n f r a m e s ..............................
.........................
T w is t y a r n a n d t h r e a d ..............................................................
.........................
H a t t e r s ’ p lu s h , o f s ilk a n d c o t t o n .........................................
M a n u fa c tu r e s o f, n o t s p e c i f i e d ............................................
Silk, and Manufactures o f silk — P i e c e g o o d s ...................
.........................
H o s ie r y a n d a r t ic le s m a d e o n f r a m e s ..............................
S e w i n g s i l k .............................................................................................................................
H a t s a n d b o n n e t s ...........................................................................
M a n u fa c tu r e s n o t s p e c ifie d . ...................................................
F lo s s ............................................................................................................................................
V O L . X X X V I . ----- N O . V .




39

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

610

Statistics o f Trade and Commerce.
Species o f M erchandise.

R a w .......................................................................................................
B o lt in g c l o t h s ..................................................................................
S il k a n d w o r s t e d p i e c e g o o d s .....................................................
G o a t s ’ h a ir o r m o h a ir p i e c e g o o d s .............................................
Manufactures o f flax — L in e n s , b le a c h ’ d o r u n b le a c h ’ d.
H o s ie r y a n d a r t ic le s m a d e o n f r a m e B ..............................
M a n u fa c tu r e s n o t s p e c ifie d . ..................................................
Manufactures o f hemp— T ic k le n b u r g s , o s n a b u r g s , a n d
b u r l a p s ..........................................................................................
A r t ic le s n o t s p e c i f i e d ..................................................................
S a il d u c k , R u s s ia , H o lla n d , a n d R a v e n s , p i e c e s ..........
C o t t o n b a g g in g , r u n n in g y a r d s .............................................
Clothing— R e a d y - m a d e ..................................................................
A r t ic le s o f w e a r .............................................................................
Laces— T h r e a d a n d in s e r t in g s .....................................................
C o tt o n in s e r tin g s , tr im m in g s , la c e s , b r a id s , etc.............
E m b r o id e r ie s o f w o o l , c o t t o n , s ilk , a n d l in e n ......................
F l o o r c lo t h , p a te n t, p a in te d , A c ., r u n n in g y a r d s ..............
O il c lo t h o f a ll k i n d s .................................................................. ..
L a s t in g s a n d m o h a ir c lo t h fo r s h o e s a n d b u t t o n s ...........
G u n n y c lo t h a n d g u n n y b a g s .....................................................
M a t tin g , C h in e s e , a n d o t h e r o f fla g s , A c ................................
Hats, caps, and bonnets, flats, braids, and plaits, tie.—
O f le g h o r n , s tr a w , c h ip , o r g r a s s , A c . ................................
Manufactures o f iron and steel— M u s k e t s a n d rifle s,
n u m b e r ..........................................................................................
F ir e -a r m s , n o t s p e c i f i e d .............................................................
S i d e - a r m s ..........................................................................................
N e e d l e s ...............................................................................................
C u t le r y .................................................................................................
O t h e r m a n u fa c t u r e s a n d w a r e s o f, n o t s p e c ifie d ..........
C a p o r b o n n e t w ir e , l b 3 .............................................................
N a ils , s p ik e s , t a c k s , A c . .............................................................
C h a in c a b le s ................................................................................
M i l l s a w s , cr o s s -c u t, a n d p it-s a w s , n u m b e r ......................
A n c h o r s a n d p a r t s t h e r e o f, l b s .............................................
A n v i l s a n d p a r ts t h e r e o f ..........................................................
Iron — B a r , c w t .....................................................................................
R o d .......................................................................................................
H o o p , l b s ..........................................................................................
S h e e t ....................................................................................................
P i g , c w t .............................................................................................
O ld a n d s c r a p ..................................................................................
R a i l r o a d ...............................................................................................
Bteel— C a s t , s h ea r, a n d G e r m a n ................................................
A l l o t h e r .............................................................................................
Copper and manufactures o f copper— P ig s , b a r s, A o ld

Braziers’ ...............................................................
Copper bottoms.................... .............................
Manufactures of, not specified...............................
Nails and spikes, lbs.............................................
Brass and Manufactures o f brass—In pigs, bars, A old
Wire.................... ...............................................
Sheet and rolled....................................................
Manufactures of, not specified ...............................
Tin, and manufactures o f tin —In pigs and bars.......
In plates and sheets.............................................
Foil.......................................................................
Manufactures of, not specified................................
Lead, and manufactures o f lead—Pig, bar, sheet, and
old,lbs .............................................................




Quantity.

Dollars.

991,234
70,146
1,335,247
307,328
9,849,600
4,921
1,334,942

2,831
132,989

13,647
78,772

88,051
124,833
12,850
27,996
404,133
1,574,211
410,591
1,191,019
4,664,353
8,091
30,050
106,618
1,249,167
221,795
1,935,254

7,778

155,376
2,292,696
15,850,788
20,843
921,123
960,809
2,163,449
193,820
13,223,639
31,387,353
1,180,239
247,769
3,109,916
165,894
105,185

3,217

65,294,256

40,964
676,435
3,015
246,060
1,698,094
4,191,147
4,892
127,879
485,568
54,988
39,866
46,828
5,352,786
478,523
345,094
814,342
1,171,085
185,112
6,179,280
1,698,355
839,968
1,388,812
130
1,350
2,356
235,762
808
26,887
4,369
71
192,802
1,163,736
4,469,839
25,778
24,176
2,528,014

Statistics o f Trade and Commerce.
Species o f M erchandise.

Q uantity.

S h o t .......................................................................................................
4 4 3 ,1 0 6
P i p e s .....................................................................................................
5 ,6 7 9
M a n u fa c tu r e s o f, n o t s p e c ifie d .............................................
......................
Pewter— O l d ..........................................................................................
M a n u fa c tu re s o f ............................................................................
Zinc, and manufactures o f zinc— I n p ig s .............................
......................
S h e e t s ............................................................................
N a ils ...........................................................................................................................................
S p e l t e r ........................................................................................... ............................................
Manufactures o f gold and silver- -E p a u le t s , w in g s ,
la c e s , g a llo o n s , t r e s s e s , ta s s e ls , <fec..................................
G o ld a u d s ilv e r l e a f ............................................. ...................
......................
J e w e l r y , r e a l o r im ita tio n s o f . ............................................
......................
G e m s , s e t ............................................................................................
o t h e r w i s e ..........................................................................
M a n u fa c tu r e s o f, n o t s p e c i f i e d ....... .......................................
G la c ie r s ’ d i a m o n d s ............................................................. . . . . .
.............. ..
C lo c k s .............................................................................................................................................
......................
C h r o n o m e t e r s ........................................................................................
W a t c h e s , a n d p a rts o f .....................................................................
......................
M e t a llic p e n s .......................................................................................
......................
P in s, in p a c k s a u d o t h e r w is e ........................................................
B u tto n s , m e t a l .....................................................................................
......................
a ll o t h e r a n d b u t to n m o l d s ..........................
......................
Glass, and manufactures o f glass— S i l v e r e d ...................
P a in tin g s o n g la s s , p o r c e la in , a n d c o l o r e d ...................
......................
P o lis h e d p la t e ..................................................................................
......................
M a n u fa c tu r e s o f, n o t s p e c i f i e d ..............................................
G la s s w a r e , c u t ..................................................................................
p l a i n .............................................................................
......................
W a t c h c r y s t a ls , g r o s s ..........................
1 6 ,1 0 4
B o t t l e s ..................................................................................................
1 8 ,9 0 2
D e m ijo h n s , n u m b e r .....................................................................
8 7 ,1 8 9
W i n d o w g la s s , b r o a d , c r o w n ,
c y lin d e r , s q u a r e f ’ t .
1 5 ,4 6 7 ,9 0 4
......................
Paper, and manufactures o f paper — W r it in g p a p e r . .
S h e a th in g p a p e r .............................................................................
......................
P la y in g c a r d s , p a c k s ....................................................................
1 2 0 ,2 3 8
P a p ie r m a c h e , a r t ic le s a n d w a r e s o f ..................................
P a p e r h a n g i n g s .............................................................................
......................
P a p e r b o x e s , a n d f a n c y b o x e s ................................................
......................
P a p e r a n d m a n u fa c t u r e s o f p a p e r , n o t s p e c i f i e d . . . .
......................
B la n k b o o k s , . .................................................................................
......................
P a r c h m e n t .............................................................................................
......................
Printed books, magazines, dec.— I n E n g l i s h .........................
I n o t h e r l a n g u a g e s ........................................................................
......................
P e r io d ic a ls a n d illu s t r a t e d n e w s p a p e r s ...........................
...................
P e r io d ic a ls , a n d o t h e r w o r k s in c o u r s e o f r e p u b lic a t io n
......................
E n g r a v in g s ........................................................................................ ..
......................
M a th e m a tic a l in s t r u m e n t s .............................................................
......................
M u sica l in s t r u m e n t s ................ .. .......................................................
D a g u e r r e o t y p e p l a t e s .....................................................................
......................
I n k a n d in k p o w d e r s ........................................................................
.. ... ... .
Leather, and manufactures o f leather— T a n n e d , b e n d ,
s o le , a n d u p p e r , lb s .................................................................
4 ,5 1 9 ,6 5 1
S k in s , ta n n e d a n d d r e s s e d , d o z . . . . ..........................
9 9 ,5 6 1
S k iv e r s .............................................................................................
1 3 ,5 9 9
B o o t s a n d s h o e s , p a i r ...................................................................
6 6 ,8 2 1
G l o v e s , fo r m e n , w o m e n , a n d c h ild r e n , d o z e n ................
2 7 9 ,3 4 9
M a n u fa c tu re s o f, n o t s p e c i f i e d ................................................
Wares— t h in a, p o r c e la in , e a r t h e n , a n d s t o n e ...................
P l a t e d o r g i l t . ..................................
J a p a n n e d ...............................




611
Dollars.
2 4 ,0 5 6
330
1 ,8 3 4
7 ,7 3 9
1 35
1 0 .1 5 8
3 5 7 ,5 3 6
4 ,5 9 7
5 2 7 ,0 2 4
5 4 ,7 8 4
1 6 ,4 0 2
4 7 5 ,6 8 5
7 ,2 6 3
3 6 8 ,9 5 5
7 7 ,7 4 3
1,2 5 1
5 2 ,0 3 6
2 0 ,2 4 6
3 ,8 0 0 ,7 5 4
1 1 6 ,1 5 5
4 0 ,2 5 5
2 4 ,6 7 2
8 1 6 ,3 8 3
3 3 0 ,7 2 0
4 3 ,5 7 8
4 7 3 ,2 0 5
1 0 8 ,4 1 6
8 0 ,9 7 8
7 4 ,9 7 6
3 0 ,0 3 6
9 5 ,2 9 2
1 9 ,4 1 4
4 8 8 ,4 3 7
2 7 2 ,0 1 0
5 ,5 3 0
1 0 ,5 7 7
2 5 ,0 5 1
2 2 8 ,5 7 7
3 6 ,7 0 0
1 3 5 ,1 6 7
1 2 ,9 4 0
6 ,0 4 9
5 6 0 ,1 4 7
1 8 0 ,7 5 5
2 6 ,2 6 3
1 43
1 6 2 ,4 3 9
3 8 ,8 2 6
4 3 1 ,6 8 4
1 0 4 ,0 5 7
2 6 ,7 9 3
1 ,9 1 3 ,9 8 7
7 5 8 ,7 5 8
6 9 ,2 1 2
1 3 8 ,3 7 2
1 ,3 4 4 ,5 5 0
3 1 0 ,2 4 8
3 ,3 4 7 ,8 8 4
1 6 0 ,1 9 8
3 9 ,6 0 5

612

Statistics o f Trade and Commerce.
Species o f McrehaiMlia®.

Q uantity.

B r it a n n ia ..................................................................................... ..
. : ................
S il v e r p la t e d m e t a l.................
S il v e r o r p la t e d w i r e ........................................................................
. . . . . . . . .
Saddlery— C o m m o n , t in n e d , o r j a p a n n e d . . . . . . . . . . . .
.....................
P la t e d , b ra ss , o r p o lis h e d s t e e l .............................................
.............. ...
......................
Furs — U n d r e s s e d on th e s k in .....................................................
H a t t e r s ’ fu r s , d r e s s e d o r u n d r e s s e d , n o t o n t h e s k in .
......................
D r e s s e d o n t h e s k in .....................................................................
M a n u fa c tu r e s o f fu r ......................................................................
Wood, manufactures o f — C a b in e t & h o u s e li'd fu r n itu r e
. . ... ... .
. . . . . . . . .
C e d a r , m a h o g a n y , r o s e , a n d s a tin w o o d ..........................
W i l l o w ....................................................................................................................................
O t h e r m a n u fa c tu r e s o f ................................................................
.. ..
Wood, unmanufactured— C e d a r , g r a n a d illa , m a h o g a n y ,
r o s e , a n d s a t i n .........................................
W i l l o w .....................................................................................................................................
................... ...
F ir e w o o d , a n d o t h e r , n o t s p e c i f i e d ................... .. .............
D y e - w o o d , in s t i c k ..............................................................
Bark o f the cork tree— C o r k s ......................................................
U n m a n u f a c t u r e d .................................................................
Ivory — M a n u fa c tu r e s o f ................................................................
. . . . . . . . .
U n m a n u f a c t u r e d ...............................
Marble— M a n u fa c tu r e s o f . .............................................................
U n m a n u f a c t u r e d .............................
B u r r -s t o n e s .............................................................................................
Q u i c k s i l v e r ....................................................................................
B r u s h e s a n d B r o o m s ........................................................................
B la c k - le a d p e n c i l s .......................................................
. . . . . . . . .
S la t e s o f a ll k i n d s .............................................................................
R a w h id e s a u d s k i n s ........................................................................
B o o t s a n d s h o e s ,o t h e r th a n le a t h e r , p a i r ......................
8 1 ,1 1 6
India rubber— M a n u fa c tu r e s o f ................................................
U n m a n u f a c t u r e d ....................
Hair — M a n u fa c tu r e d ......... ...............................................................
U n m a n u f a c t u r e d ..........................................................................
G r a s s c l o t h .............................................................................................
U m b r e lla s , p a r a s o ls , a n d s u n s h a d e s , o f s ilk a n d o t h e r .
......................
Unmanufactured articles— F l a x s e e d o r lin s e e d , b u s h .
1 ,6 9 6 ,2 9 4
A n g o r a , T h ib e t , a n d o t h e r g o a t s ’ h a ir , o r m o h a ir , lb s .
4 1 ,1 0 3
W o o l ...........................................................................................................
1 4 ,1 3 1 ,3 9 3
Wines in casks— B u r g u n d y , g a l l s .............................................
1 ,8 2 2
M a d e i r a ................................................................................................
4 4 ,3 9 3
S h e r r y a n d S t. L u c a r ................................................................
3 9 8 ,3 9 2
P o r t ........................................................................................................
2 6 4 ,8 1 6
C l a r e t ..................................................................................................
1 ,5 1 6 ,0 1 8
T e n e r iffe a n d o t h e r C a n a r y ......................................................
9 ,6 8 2
F a y a l a n d o t h e r A z o r e s ..............................................................
1 6 ,6 4 6
S ic il y a n d o t h e r M e d i t e r r a n e a n ...........................................
1 8 4 ,1 9 4
A u s t r ia a n d o t h e r o f G e r m a n y .............................................
4 2 ,9 6 2
R e d w in e s , n o t e n u m e r a t e d .....................................................
6 8 9 ,5 1 2
W h i t e w in e s , n o t e n u m e r a t e d ................................................
4 4 1 ,8 4 5
Wine, in bottles— B u r g u n d y , d o z .............................................
1 ,4 1 2
C h a m p a g n e . . . ................................................................................
1 1 9 ,0 6 4
M a d e i r a ...............................................................................................
1 ,0 5 3
S h e r r y .................................................................................................
3 ,1 1 3
P o r t .........................................................................................................
1 ,8 1 6
C l a r e t ...................................................................................................
4 1 3 ,6 1 1
A l l o t h e r .............................................................................................
1 1 6 ,2 4 0
Spirits, foreign distilled— B r a n d y , g a l l s ..............................
1 ,1 1 5 ,1 1 1
F r o m g r a in .........................................................................................
1 ,5 8 2 ,1 2 6
F r o m o t h e r m a t e r i a l s ..................................................................
1 1 1 ,6 0 4
C o r d i a l s .......................................................
5 4 ,6 0 5




D ollars.
8 ,1 9 8
2 ,2 1 8
1 ,0 8 4
6 5 ,3 6 9
1 5 4 ,0 5 4
6 6 5 ,6 0 1
1 ,1 5 5 ,1 0 4
1 5 1 ,2 0 0
4 1 ,9 2 4
4 6 ,1 8 1
2 2 ,3 0 1
1 2 5 ,8 0 8
4 2 9 ,9 1 5
4 4 0 ,2 4 6
3 6 ,5 5 4
2 5 ,1 5 1
1 9 6 ,8 0 2
2 0 2 ,5 6 1
9 ,1 3 0
1 8 ,5 2 0
3 2 0 ,1 0 0
3 8 ,0 5 4
3 1 1 ,9 6 1
8 6 ,9 1 9
3,6 2 5
2 5 2 ,6 4 3
1 2 ,6 8 1
8 6 ,2 4 8
8 ,0 8 3 ,2 9 2
3 2 ,1 4 2
9 1 ,1 9 6
1 ,0 4 5 ,5 1 6
1 2 9 ,8 6 0
4 2 1 ,8 1 0
2 9 ,3 8 1
6 9 ,2 1 4
1 ,1 4 1 ,2 6 0
1 3 ,1 8 4
1 ,6 6 5 ,0 6 4
5 ,8 6 $
3 2,0 31
2 1 0 ,3 1 1
1 5 8 ,1 2 9
5 6 1 ,4 4 0
3 ,3 8 0
1 ,1 9 5
6 1 ,9 5 4
1 9 ,1 4 9
2 1 9 ,2 4 8
1 5 8 ,6 1 5
5 ,1 1 5
9 1 0 ,1 0 6
3,5 9 1
1 6 ,8 9 3
9 ,5 9 0
3 0 5 ,9 1 2
2 9 2 ,9 4 6
2 ,8 5 9 ,3 4 2
1 1 2 ,2 1 6
2 8 8 ,4 9 4
8 1 ,4 6 $

Statistics o f Trade and Commerce.

613

Quantity.

Dollars,

4 4 2 ,1 0 3
*152,229
4 2 8 ,5 3 6
2 3 ,6 1 7 ,6 7 4
41
1 8 ,3 8 9
1 ,7 1 9
1 1 9 ,4 5 1
1 5 4 ,2 3 5
1 4 3 ,6 8 1
1 ,7 1 2 ,2 0 8
5 3 ,4 2 9
1 ,1 4 9 ,5 4 7
285
.... ....

190,554
520,343
169,643
4,334,668
73
7,971
610
94,163
376,356
96,371
1,063,771
26,156
416,817
276
119,438

— T e a s , lb s .................................................................................
C o f f e e ..................................................................................................
C o c o a .........................................................................................................
Sugar— B r o w n .....................................................................................

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

W h it e , c l a y e d o r p o w d e r e d ...................................................
L o a f a n d o t h e r r e f i n e d ...............................................................
C a n d y ...................................................................................
S ir u p o f s u g a r c a n e ..................
Fruits — A l m o n d s . . . . . ...................................................................
C u r r a n t s .............................................................................................
P r u n e s ...................................................................................................
P I n m s ..................................................................................................
F ig s .........................................................................................................
H a t e s .....................................................................................................
R a is in s .................................................
O r a n g e s , le m o n s , a n d l i m e s ....................................................
O t h e r g r e e n fr u it ............................................................................
P r e s e r v e d f r u i t ....................................
N u ts, l b s .............................................................................................
Spices— M a o e .......................................................................... ..
N u t m e g s ...............................................
C i n n a m o n ..........................................................................................
C l o v e s ...................................................................................................
P e p p e r , b l a c k ..................................................................................
P e p p e r , r e d ........................................................................................
P i m e n t o ...............................................................................................
C a s s ia ....................................................................................................
G in g e r , in r o o t .................................................................................
Camphor— C r u d e ..................
R e fin e d .................................................................................................
Candles— W a x a n d s p e r m a c e t i ...................................................
S t e a r i n e ............................................................
C h e e s e ..................................................
Soap— P e r f u m e d .......................................................................
O t h e r th a n p e r f u m e d .........................................................
T a l l o w ........................................................................................................
S t a r c h ........................................................................................................
A r r o w r o o t ....................................................................
B u t t e r .........................................................................................................
L a r d ............................................................................................................
B e e f a n d p o r k ........... ............................................................................
H a m s a n d o t h e r b a c o n ..................................................................
B r i s t l e s .....................................................................................................
Saltpeter— C r u d e ................................................................................
R e fin e d o r p a r t ly r e f i n e d ..........................................................

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

39,323
59,362
116,076
22,400,353
61,504
68,109
4,239
4,448
334,529
127,089
56,494
84,873
233,181
21,399
864,219
640,670
117,889
124,480
157,801
23,909
826,133
21,145
53,077
313,552
6,849
352,022
169,705
22,713
50,611
694
8,388
50,811
141,169
42,177
221,778
3,022
1,655
17,490
16,443
109
622
9.551
243 964
1,199,243
27,499

S pecies o f Merchandise.

Beer, ale, and porter —

I n c a s k s ......................... ..................... ..
I n b o t t l e s ...............................................
H o n e y .......................................................................................................
M o la s s e s ....................................................................................................
Oil and hone, o f foreign fishing — S p e r m a c e t i ................
W h a l e a n d o t h e r f i s h ..................................................................
W h a le b o n e , l b s .........................................................
Oil— O liv e , in c a s k s , g a l l s ............................................................
in b o t t le s , d a z . . ; ....................................................
C a s to r, g a l l s .....................................................
L in s e e d .................................................................................................
R a p e s e e d a n d h e m p s e e d ..........................................................
P a l m .................................... ..............................................................
N e a ts fo o t a n d o t h e r a n i m a l .........................
E ss e n tia l o i l s ..................................................................................

Tea and coffee, from places other than those o f their
production, and not excepted by treaty stipulations




614

Statistics o f Trade and Commerce.
Species o f Merchandise.

Quantity.

Dollars.

I n d i g o .........................................................................................................
W o a d o r p a s t e l .................................................................
C o c h in e a l..................................................................................................
M a d d e r ......................................................................................................
Gums— A r a b i c , S e n e g a l , A c ........................................................
O t h e r g u m s ........................................................................................
B o r a x ..........................................................................................................
C o p p e r a s ..................................................................................................
V e r d i g r i s ..................................................................................................
Brimstone— C r u d e .............................................................................
R o i l e d ..................................................................................................
C h lo r id e o f l im e o r b le a c h in g p o w d e r ...................................
S o d a , a s h ............................................................................................
S o d a , s a l ..................................................
S o d a , c a r b ................................................................................................
B a r illa ........................................................
S u lp h a t e o f b a r y t e s ..........................................................................
A c i d s , a c e t ic , &c ...................................................................................
Vitriol — B lu e o r R o m a n , lb s ........................................................
O il o f .....................................................................................................
S u lp h a t e o f q u in in e , o z s ....................... .........................................
Liquorice— R o o t , l b s . ..................................
B a s t e ......................................................................................................
Bark — P e r u v ia n a n d Q u i l l a . . .....................................................
O t h e r ...............................................................................................
I v o r y a n d b o n e b la c k .........................................................................
O p i u m ........................................................................................................
G l u e .............................................................................................................
G u n p o w d e r .............................................................................................
A l u m ..........................................................................................................
Tobacco— U n m a n u fa c t u r e d ...........................................................
S n u f f .....................................................................................................
C ig a r s , M ......................................................
M a n u fa c tu r e d , o t h e r th a n s n u ff a n d c ig a r s , l b s ...........
Paints — D r y o c h r e ...........................................................................
R e d a n d w h it e l e a d ..................
W h it iD g a n d P a r is w h i t e ...........................................................
L i t h a r g e ..................................................................................................
S u g a r o f l e a d ..........................................................................................
Cordage— T a r r e d a n d c a b l e s ........................................................
U n t a r r e d ..............................................................................................
T w i n e a n d s e in e s .................................................................................
H e m p , u n m a n u fa c tu r e d , c w t ........................................................
M a n illa , s u n , a n d o t h e r h e m p o f I n d i a ...................................
J u t e , S is a l g r a s s , c o ir , A c ...............................................................
C o d illa , o r t o w o f h e m p o r f l a x ...................................................
F l a x , u n m a n u fa c tu r e d .......................................................................
R a g s o f a l l k in d s , l b s ........................................................................
S a lt , b u s h .................................................................................................
C o a l, t o n s ...................
C o k e o r c u lm , b u s h ..........................................................................
Breadstuff's— W h e a t ,.........................................................................
R y e .........................................................................................................
O a t s .......................................................................................................
W h e a t flo u r , c w t ............................................................................
O a t m e a l ................................................................................ . . . .
P o t a t o e s , b u s h .......................................................
Fish, dried, smoked, or pickled — D r ie d o r s m o k e d , c w t .
S a lm o n , b b l s ...............................................................
M a c k e r e l .............................................................................................
H e r r in g a n d s h a d ..........................................................................
A l l o t h e r ...............................................................

1 ,7 3 2 ,2 9 0
2 9 ,7 1 9
3 0 8 ,6 1 6
2 0 ,8 4 7 ,4 7 2
3 ,8 9 3 .4 5 4
2 ,4 8 2 ,0 7 7
8 0 7 ,4 3 1
2 9 6 ,3 7 9
2 2 5 ,8 2 5
1 8 ,7 5 0 ,9 5 9
4 6 1 ,5 6 0
9 ,7 2 5 ,1 4 2
5 2 ,7 7 5 ,3 6 8
1 3 ,0 2 1 ,8 9 4
1 2 ,2 9 6 ,4 0 0
1 ,2 5 1 ,3 5 9
1 2 ,3 1 2 ,8 9 6
6 5 4 ,3 4 8
1 2 ,7 5 9
130
1 2 9 ,2 1 5
4 0 1 ,2 7 7
2 ,9 5 8 .2 4 6
1 ,8 5 2 ,6 8 8
1 ,5 3 9 ,7 3 5
1 7 ,1 6 0
1 5 7 ,8 1 4
3 4 0 ,2 5 2
3 7 ,8 2 5
1 ,6 3 5 ,2 1 2
6 ,8 4 4 ,0 5 2
2 0 ,3 0 3
3 9 5 ,9 5 9
3 0 2 ,9 0 7
3 ,2 0 9 ,0 2 4
3 ,5 4 8 ,4 0 9
4 ,8 2 1 ,1 5 5
3 2 3 ,7 3 0
6 1 8 ,0 2 3
1 ,0 8 9 ,0 3 8
6 0 4 ,3 3 5
5 5 6 ,8 6 5
6 ,3 4 8
2 9 3 ,5 5 0
7 8 ,1 7 0
1 ,5 5 9
1 5 ,3 3 4
3 8 ,7 2 7 ,0 1 7
1 5 ,4 0 5 ,8 6 4
1 7 3 ,0 5 5
4 4 ,4 4 4
1 ,3 1 2
1 ,7 7 0
682
1 ,1 6 1
372
1 2 0 ,6 2 9
6 5 ,9 6 8
685
81
3 ,5 8 7
454

1 ,0 6 3 ,7 4 3
682
2 4 9 ,0 5 7
1 ,6 7 1 ,8 0 5
2 9 5 ,5 1 6
2 3 3 ,0 1 6
1 5 3 ,2 7 6
2 ,6 2 8
5 7 ,9 3 9
1 6 3 ,5 0 0
6 ,1 0 0
2 1 0 ,8 7 7
9 9 7 ,3 0 9
1 4 3 ,9 3 6
3 1 8 ,3 8 7
1 4 ,5 7 5
8 6 ,1 9 3
1 9 0 ,0 4 9
934
39
2 5 3 ,7 7 1
9 ,9 7 4
3 0 1 ,4 2 5
4 0 2 ,9 2 5
2 2 7 ,0 0 7
145
4 8 5 ,8 4 6
3 0 ,7 4 5
5 ,0 4 3
2 9 ,8 4 9
1 ,0 9 9 ,0 4 4
4 ,0 7 8
3 ,7 4 1 ,4 6 0
3 5 ,9 6 2
2 1 ,0 3 3
1 7 4 ,1 2 6
2 3 ,8 2 3
1 7 ,0 5 8
4 5 ,3 1 2
7 9 ,1 2 2
5 3 ,0 5 0
5 3,8 21
5 7 ,6 7 6
1 ,9 4 5 ,0 4 4
2 0 5 ,8 8 9
11,271
1 3 2 ,46 1
1 ,2 3 9 ,1 6 8
1 ,9 9 1 ,0 6 5
6 0 4 ,1 8 7
2 ,5 3 5
2 ,5 4 6
2 ,0 5 4
538
3 ,7 7 2
900
7 1 ,2 1 8
1 5 8 ,2 3 3
3 ,1 0 6
138
2 2 ,8 0 8
2 ,6 5 8




615

Statistics o f Trade and Commerce.

The value of merchandise not enumerated in the preceding abstract is classified
in respect to the rate of duty, under the tariff of 1846, and the mode of importa­
tion, as follows:—
Am ’n ves’ls.

Am ’n ves’ls. For. vcs’ls.

For'n ves’ls.

A t 5 p e r c e n t ___
$ 1 ,2 0 3 ,1 9 4
$ 2 1 2 ,9 9 6
A t 10
3 5 8 ,6 9 6
9 1 ,2 5 6
A t 15
“
...
6 ,1 5 0
554
A t 20
“
...
2 ,7 3 3 ,2 2 8
8 7 1 ,6 3 5
T o t a l ____
M a k in g t h e c o m b in e d t o t a l o f th e s e ite m s
V a l u e o f m e r c h a n d is e e n u m e r a t e d ...........

A t 25 p e r c e n t . . .
A t 30
“
...
A t 40
“
...

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

$ 1 3 ,4 3 3
6 6 0 ,3 3 4
1 0 1 ,1 0 4

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

T o t a l im p o r t s in y e a r e n d in g J u n e 3 0 , 1 8 5 6
C L A S S IF IC A T IO N O F V E S S E L S B R IN G IN G T H E I M P O R T S .

P a y in g d u tie s.
F ree o f d u t y .

T otal.

Imports in
Amer’n vessels.

Imports in
foreign vessels.

Total value
o f imports.

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

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

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

$ 2 4 9 ,9 7 2 ,5 1 2

$ 6 4 ,6 6 7 ,4 3 0

$ 3 1 4 ,6 3 9 ,9 4 2

SHIPPING BUILT IN THE UNITED STATES, 1855-6.

The following table, derived from the report of the Register of the Treasury
Department, shows the number, class, and tonnage of vessels built in the several
States for the year ending June 30th, 1856 :—■
,--------------------------CLASS OF VESSELS.-------------------------- ,

States and Territories.
M a in e .............................
N e w H a m p s h ir e ....
V e r m o n t ......................
M a s sa ch u se tts ............
R h o d e I s l a n d ...........
C o n n e c tic u t .................
N e w Y o r k ...................
N e w J e r s e y ................
P e n n s y lv a n ia ............
D e l a w a r e .....................
M a r y l a n d .....................
D is tr ic t o f C o lu m b ia
V ir g i n i a ........................
N o r t h C arolin a ____ _
S o u th C a r o lin a ..........
G e o r g ia ....................... ..
F l o r i d a ..........................
A la b a m a .......................
M is s is s ip p i..................
L o u is ia n a .....................
T e n n e s s e e ...................
M is s o u r i.........................
K e n t u c k y .....................
Illin o is ............................
O h io .................................
In d ia n a
...................
W i s c o n s i n ...................
M ic h ig a n ........................
T e x a s ..............................
C a l i f o r n i a ...................
T o t a l ...................




Ships
and
barks.

Total
No. of
Sloops
vessels
and canal
Brigs. Schooners. boats. Steamers, built.

1 55
9
, .

70
. .

83
1

84
5
5
24
. .

10
3
1
7
. .

4
1
12
. .

2
1
8

35
5
22
87
51
15
18
110

1
. .
, .

9
22
2
1
2
5
5
9

1
. .
1
. .

4
..

4
. .

2
1

1
4

10
1 61
20
208
9
3
23
13
4
1

2
27
4
63
2
. .

1
2

5
..

.,
. .

. .
1

1
2
1
••
306

1 03

13
56

7
7

n

.,

6
2
1
4
, .

10
4
7
19
. ,
33
5

..

316
10
3
134
13
40
306
75
292
31
123
23
29
28
4
6
o
12
7
19
4
7
19
21
97
5
14
43
8

24
3
4

1
d. «

17

2

1

7

594

479

221

1 ,7 0 3

.m

Total
tonnage,
tons & 95ths.
1 4 9 ,9 0 7
1 0 ,3 9 5
501
8 0 ,8 3 4
4 ,3 3 1
7 ,5 0 4
7 6 ,3 0 1
9 ,5 4 3
3 7 ,3 2 8
4 ,3 5 8
1 9 ,9 1 7
1 ,4 4 2
3 ,1 4 7
2 ,2 7 8
265
1,4 2 6
47
2 ,6 4 2
239
1 ,8 1 5
796
2 ,0 3 7
5 ,1 2 0
4 ,4 0 4
2 9 ,6 3 6
1 ,7 3 2
2 ,4 4 2
8 ,5 2 9
99
362

88
08
82
83
44
90
12
47
91
45
74
29
11
60
05
77
05
87
40
53
82
84
80
47
63
64
93
01
40
09

4 6 9 ,3 9 3 7 3

616

Statistics- o f Trade and Commerce.
MACKEREL AMD OTHER FISHERIES OF MASSACHUSETTS,

We compile from the returns of the inspectors a statement of the number of
barrels of mackerel and other pickled fish inspected in Massachusetts for the year
ending December 31, 1856 :—
IN S P E C T IO N O F M A C K E R E L IN M A S SA C H U SE T T S IN

N o . 1.
B o s t o n ................................
B a r n s t a b l e ........................
B e v e r l y ................................
C h a t h a m .............................
C o h a s s e t ...............................
D e n n i s ...................................
G lo u c e s t e r ...........................
H a r w i c h ...............................
H i n g h a m .............................
N e w b u r y p o r t ...................
P l y m o u t h .................. . . .
P r o v i n c e t o w n ...................
R o c k p o r t .............................
T r u r o .....................................
W e l l f l e e t .............................
Y a r m o u t h ...........................

N o. 2.
21 , 8864 *
1944

110
8 60 4

____
____

2 ,0 5 3 4

____

4 4 ,9 3 0 f

____

1,882-4

____
_____

2 ,9 4 8 4
1,985-|

102

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

1,384*4
4 ,0 8 6 4
2 ,3 6 0 4
6 ,8 4 9 4
2 ,2 5 6
8 .5 4 1 4
2 ,3 9 9 4
15
2 ,7 8 1 4
1 ,3 0 3 4
607
5 ,3 9 1

4 ,6 9 3 4
3 ,5 9 1 4
8 ,9 2 7 4
54
3 .7 6 7 4
3 ,2 2 4 4
1 ,1 9 6

7 6 ,8 1 9 4

N o . 4.
73
15

..
..
..
..
174
..
..
1
..
304
..

Total.
6 4 ,1 4 0 4
4 47
2544
4 ,4 1 2 4
7 ,9 6 4
8 ,3 6 5 f
6 8 ,0 9 3 |

10,0204

3 04

••

9,014*|*
1 2 ,1 3 0 4
1 04
9 ,5 2 8
6 ,5 1 3 f
2 ,3 3 9
2 0 ,5 9 5 4
399

4 7 ,9 8 1 4

178

2 1 4 ,3 1 2 4

9,733*4
1744

T o t a l .............................

1856.

N o. 3.
1 4 ,8 4 5 4
78

41

The comparative inspection for a number of years has been as follows :—

1856,
No.

1855.

1851.

1 ............................ b b ls .
2
..................
3 ......................................
4 ......................................

89,883*|
7 6 ,8 1 9 4
4 7 ,9 8 1 1
178

2 9 ,1 8 7 f
9 1 ,1 2 5 4
90,301*4
1 ,3 3 8 4

3 0 ,5 9 5 4
46,242*4
5 5 ,1 3 3 f
3 ,3 7 8 4

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

1851.

9 3 ,6 1 6 J
7 3 ,7 9 3 1
4 7 ,9 6 6 4
2 ,1 6 4

1852.

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

214,3124

211,952f

135,3494

183,34C4

217,540|

The other kinds of pickled fish inspected during the year 1856 were as follows:
Alewives.......................... .bbls.
Blue-fish..........................
Cod...................................
Haddock.........................
Halibut fins.....................
Herring...........................
Menhaden.......................
Total....................

2,7404 Pollock......................
Salmon......................
Salmon-trout...........
Shad..........................
Sword-fish...............
Tongues and sounds

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

424
265
2D 4
7564

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

7,650§

The Merchants' Magazine of March, 1856, (vol. xxxiv., pp. 362-363,) contains
the inspector’s statement for the year 1855. The Magazine for February, 1855,
(vol. xxxii., pp. 237-238,) contains the inspector’s statement for 1854, and the
totals of inspection from 1825 to 1854.
PORK TRADE AT CINCINNATI.

From a number of the Cincinnati Price Current we take the following items :—
The whole number of houses engaged in the pork packing business at Cincinnati
during the last season was 37, being five houses less than in the previous season
of 1855-6. The whole number packed, as reported by each house, was, in 1855-6,
405,396; in 1856-7, 344,512, showing a deficiency in the last season of 60,884.
The total number received, as published in the Price Current from week to week
during the season, was 343,817, while the number reported by packers was 344,512,
showing a difference of only 695. The average weight of the hogs packed in




617

Statistics o f Trade and Commerce.

1856-7, slightly exceeded the corresponding weight of the previous season, ac­
cording to the returns of 21 houses. In 1855-6, the average per hog was 204
pounds ; in 1856-7, it was 205-J pounds. This shows but a very slight increase,
and, says our cotemporary, “ if wo had been able to obtain the comparison from
all the houses, we are inclined to think it would have shown that the average
weight for both seasons was about the same.” The yield of lard was not as good
as that of the previous season by from two to three pounds per hog. The shrink­
age in curing the meat the last season was also above the average percentage.
The extreme prices for hogs were—$5 70 per 100 pounds in November; §7 80
in January; average of the year, $6 23f. Average of 1855-6, $6 04J; of
1854D5, §4 45f ; and of 1853-4, $4 44U The following table shows the whole
number of hogs packed in Cincinnati each season since 1834
Years.
1834...
1836...
1836..
1837...
1838..
1839...
1840.. .
1841...

No.
Years.
123,000 1842.. ...........
162,000 1843..
123,000 1844.. ...........
1 0 3 (0 0 0
1845.. ...........
182,000 1846...
190,000 1847...
95,000 1848..
1849..

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

No.
2 2 0 ,0 0 0

240,000
196,000

No.
393,000
334,000
352.000
361.000
421,000
355,786
405,396
344,512

Years.
I860 ...............
1 8 6 1 ...............
1862 ...............
1853 ...............
1854 ...............
1855 ...............
1856 ...............
1857 ...............

PROBABLE LOSS OF THE REVENUE BY THE TARIFF OF 1857.

The Union publishes a statement, furnished, we presume, by one of the func­
tionaries of the Treasury Department, showing the changes from one rate of duty
to another, as made by the tariff act of 1857, (published in another part of this
M a g a z i n e ,) w h e n a p p l i e d t o

th e im p o r ta t io n s o f th e y e a r e n d in g J u n e 3 0 , 1 8 5 6 .

I t is a s f o l l o w s —

Kate of Kate of
1846.
1857.

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

fr o m .
fr o m .
fr o m .
fr o m .
fro m .
fr o m .
fr o m .
fr o m .
fr o m .

____ p . c t .
...................

40
30

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

30
25

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

20

15
15

8
8
8
8
8
4
4

Kate o f Kate of
lc46.
1S57.

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

fr o m .. .
fr o m ...
fr o m .. .
fr o m .. .
f r o m ...
fr o m . .
fr o m ...
fr o m ...

. .p . c t .
_______
..............
..............
..............
..............
..............
..............

T h e lo s s o f r e v e n u e by a d d it io n s t o th e fr e e lis t i s ........................
L o s s o f r e v e n u e by tr a n s fe r s t o s c h e d u le H, o r 4 p e r c e n t . . . .
“
G, o r 8
“
...........
t(
a
(
<t
E o r 15
...........
“

15
10
30
25
20
15
10
5

4
4
fr e e .

“

2 6 3 ,2 4 7 41
4 ,9 2 2 8 0

Subjoined is a statement exhibiting the revenue which the importations into
the United States in the year ending June, 1856, would produce under the tariff
act of 1857
*
* This includes an approximation to all the changes made by the new tariff, except bleached,
printed, painted, and dyed manufactures of cotton, and of de laines, transferred from schedule D to
C, (or 25 to 24 per cent,) and of japanned leather or skins, transferred from schedule E to D, (or 20
to 19.) These changes, raising from a lower to a higher schedule, would increase the aggregate
above given, equal to the difference made by the transfer, and in proportion to the amount o f such
importations, which are not returned in such a manner as to be separated from other similar goods.




618

Schedule
“
“
“
“
“
“
“

Nautical Intelligence.

A ..................
B..................
C..................
D ..................
E ;................

Value
of imports.

y

Rate
of duty.
30 per cent.
30
24
“
19
15

12
8
4

G ..................
H ..................

Amount
of duties.
$1,200,472 50
2,598,656 40
22,598,219 76
13,504,110 35
5,293,334 55
707,081 24
492,833 76
942,122 00

“

$248,791,993

$47,386,830 56

FOREIGN EXPORTS OF PHILADELPHIA IN 1855 AND 1856.

According to an official statement, the exports from the port of Philadelphia
to foreign countries amounted, in the year 1855, to -36,935,359, and in 1856, to
87,899,920, showing a difference in favor of 1856 of $964,570.

NAUTICAL INTELLIGENCE.
PORT OF LIVERPOOL,— ALL BEARINGS BY COMPASS.

Official information has been received at this office, that the Trustees of the
Liverpool Docks and Harbour have given notice that the following changes in the
buoying and lighting of the northern approaches to the port were carried into
effect on Monday, the 6th of October last:—
C r o s b y L ig h t h o u s e .— A light was exhibited at Crosby Lighthouse at sunset
of the above date, and continued every night from sunset to sunrise. The light
is stationary, of a red color, elevated 96 feet above the level of the sea at half­
tide, and visible between the bearings of S. S. E. £ E., and east, whwh limits
will indicate respectively when a ship is westward of Formby Spit, or to the
southward of the Crosby Light-ship.
F o r m b y O l d L ig h t h o u s e .— The light in this tower was discontinued on the
evening of the above date.
Formby Light-ship was moved from her former berth, S. E. by S. S., £ a mi ie,
into 33 feet at low water. Crosby Lighthouse bearing E. by S. f S. southerly;
N . W. mark N. E. by E. £ E. Crosby Light-ship S. E., distance I f mile.
Crosby Light-ship was moved from her former berth, N. by W . £ W ., 330 fathoms,
into 46 feet at low water. Crosby Lighthouse E. £ S ; N. W . mark N. E. £ N.
The Bell Beacon was moved from her former berth, north, 200 fathoms, into
25 feet at low water. N. W . Light-ship S. W. £ W., distance 3£ miles. Formby
Light-ship, E. by S. £ S. southerly, 3£ miles. K. 1. Black Nun Buoy was moved
N. E. by N., £ mile, into 18 feet at low water. N. W . Light-ship, W. £ N., 2£
miles. Bell Beacon, N. by E., 2£ miles. Y. 1. Red Can Buoy was moved N. W. by
W ., 180 fathoms, into 12 feet at low water. Y . 1. Black Nun Buoy, N. by E.,
f mile nearly. Bell Beacon, N. W. by W., f of a mile. V . 2. Black Nun Buoy was
moved south, 45 fathoms, into 20 feet at low water. Y . 2. Red Can Buoy, S. E. by
S., £ mile nearly. Formby Lighthouse, E. S. E., 1£ mile. Zebra Fairway Bnoy was
moved N. E. £ E., 325 fathoms, into 12 feet at low water. Formby Light-ship,
S. S.E., 2£ miles nearly. Bell Beacon, S. W . by W. £ W ., 2£ miles. Crosby
Lighthouse, S. E. £ E. Z. 1. Black and White (striped vertically) Nun Buoy
was moved N. £ E., 140 fathoms, into 8 feet at low wrater. Formby Light-ship,
S. by E. £ E., 1£ mile. Crosby Lighthouse S. E. by E. Z. 1. Black and White
(striped horizontally) Nun Buoy was moved N. | E., £ a mile nearly, into 7 feet
at low water, on the N. E. edge of Zebra Bank. Formby Light-ship, 3. S. E. £
E., 1£ mile. Crosby Lighthouse, S. E. by E. Q. 1. Black and White (check­




Nautical Intelligence.

619

ered) Can Buoy was moved 100 fathoms N. N. E., into 10 feet at low water.
Formby Light-ship, S. E. 4 S., I f mile. Bell Beacon, W . by S., 1} mile. Q. 1.
Bed and White, S. W . 4 W., -§ of a mile.
New Buoys were placed as follows, viz.:—
Q u e e n ’ s C h a n n e l F a i r w a y . A Black Nun Buoy, with perch and ball,
marked Q. Fy. In 27 feet at low water. Y . 1. Black, S. S. W . f W., f a mile.
Bell Beacon, S. W. by W . I W., 1 mile. Formby Light-ship, S. E. 4 E., 21miles. Crosby Lighthouse, S. E. by E. 4 E. V ic t o r i a C h a n n e l . On each
side of the bight in the West Middle Shoal, supplementary buoys were placed.
S. V. 1. Bed and White (striped horizontally) Small Nun Buoy, on the north
side. In 12 feet at low water. Formby Light-ship, S. E. by E. 4 E., f mile. 0.
1. Black, N. E. by E. 4 E., f of a mile. Y . 3. Bed, with perch, N. AY. by N.
S. V . 1. Can Buoy, S. by E., f mile. S. V . 1. Bed and white (striped horizon­
tally) Small Can Buoy, on the south side. In 12 feet at low water. Formby
Light-ship, E. S. E., } mile nearly. C. 1. Black, N. E. 4 E., f of a mile. Y. 3.
Bed, with perch, N. N. W. 4 W., 4 a mile.
SAILING DIRECTIONS.

Y ic t o r i a C h a n n e l . A ship coming from seaward, by bringing the Formby
Floating Light to bear E. by S. f S., southerly, will have that object, the Bell
Beacon, and the Crosby Shore Light in one; and after passing the Bell Beacon,
by keeping the lights in one, may steer on that bearing up the Victoria Channel
until abreast of V . 3. Black, or until Leasowe Light bears S. I AY., and Bock
Light bears S. S. E. 4 E., then haul up N. E., until the Crosby Light-ship opens
eastward of the Formby Light-ship, when you will be in the Fairway, and may
steer for the Crosby Light-ship. Should there be sufficient water, instead of haul­
ing up as above, she may continue her course with the Formby Light-ship and
Crosby Shore Light in one, and so pass in the best water (eight feet at low water,
the same as in the Queen’s Channel,) over the West Middle into the Crosby
Channel. The navigation of this part of the channel by day will be facilitated
by the placing of the Nun and Can Buoys, S. Y . 1., before described, by passing
between which the shoal parts of the AVest Middle will be avoided.
Q u e e n ’ s C h a n n e l . Having sighted the Bell Beacon, a course from it N. E.
by E. 4 E., 1 mile, will bring you to the Fairway Buoy of the Queen’s Channel,
(Black, with perch and ball,) from which Crosby Lighthouse bears S. E. by E.
4 E ; with this bearing for a course, steer till the Crosby Light-ship comes well
open eastward of the Formby Ship, when you may shape your course for the
Crosby Ship, observing to keep well to eastward of the Formby Ship, to give a
wide berth to the shoal elbow of the West Middle.
Z e b r a C h a n n e l . A course from the Bell Beacon N. E. by E. 4 E., 24 miles,
brings you to the Zebra Fairway Buoy, from which a S. S. E. course will carry
you in the deepest water through this channel to the Formby Ship. This chan­
nel is very narrow.
O b s e r v e — That in sailing upon any of the bearings above named, the set of
the tide must be considered, and due allowance be made in the course steered.
N. B.—A chart of the Northern Channels, from the survey of 1856, exhibit­
ing the Light-ships, Buoys, &c., in the positions above described, is in course of
publication, and will shortly appear. By order of the Lighthouse Board,
THOBNTON A. JENKINS, Secretary.
T reasury D epartment, Office LioirrnouSE B oard, |
■Washington, March 12,185T.
J

REGULATIONS OF BUOYS AND BEACONS ON THE COAST OF ENGLAND.
T rinity -house, L ondon, E. C., February 7th, 1857.

Whereas the buoys and beacons placed by the Corporation of Trinity-house
for the guidance of shipping navigation on various parts of the coast of Eng­
land, and especially in the channels leading to the port of London, have in re­
peated instances been negligently or wilfully broken away, or otherwise damaged




620

Nautical Intelligence.

and rendered unserviceable, by vessels running foul, of or making fast to, and
riding by the same. And the light-vessels moored off different parts of the
coast, have also been frequently run on board of, and much damaged, with im­
minent risk of being broken from their moorings and lost. And whereas the
safety of shipping, and of the lives and property embarked therein, requires that
the said light-vessels, buoys, and beacons, should uninterruptedly preserve their
respective stations, masters and other persons having charge of vessels are
hereby cautioned against the commission of such offenses, and are desired to take
notice that by “ the merchant shipping act, 1854,” sect. 414, it is enacted as fol­
lows, viz.:—
“ D amage to L ights, B uoys, and B eacons.” — “ If any person wilfully or
negligently commits any of the following offenses,” (that is to say,) 1. Injures
any lighthouse or the lights exhibited therein, or any buoy or beacon ; 2. Re­
moves, alters, or destroys any light-ship, buoy, or beacon; 3 Rides by, makes
fast to, or runs foul of, any light-ship or buoy; he shall, in addition to the ex­
penses ol making good any damage so occasioned, incur a penalty not exceeding
fifty pounds. By order,
P. H. BERTHON, Secretary.
CHANGE OF LIGHTS AT SANDY POINT AND EXECUTION ROCKS LIGHTHOUSES.
RESTORATION OF BARTLETT’S REEF LIGHT-VESSEL, NEW YORE.

In accordance with previous notice, a fixed white light of the 4th order Fresnel
system has been substituted for the fixed red light heretofore in use at the Exe­
cution Rocks Lighthouse, New York. It was lighted for the first time on the
evening of the 6th inst., and will be exhibited nightly hereafter from sunset to
sunrise. A t the same time the fixed white light of the 5th order Fresnel system,
heretofore in use at Sand’s Point Lighthouse, New York, was discontinued, and
a revolving light of the 4th order Fresnel, showing a flashing light every thirty
(30) seconds, substituted for it. The Bartlett’s Reef Light-vessel has been re­
turned to her station in Long Island Sound, New York, and will exhibit her lights
as heretofore. The buoys marking the rocks and reefs at the entrance of Narragansett Bay, and the channels and obstructions in it and Providence River,
Rhode Island, have been replaced in their proper positions.
By order of the Lighthouse Board,
N ew Y ork , March 7,1857.

A. LUDLOW CASE, Lighthouse Inspector.

REVOLVING LIGHT ON CAPE SPATHI, CERIGO— MEDITERRANEAN— IONIAN SEA.

Official information has been received at this office, that the Lords Commission­
ers of the Admiralty of Great Britain have given notice, that on and after the
1st day of March, 1857, a light would be established on a tower recently erected
on Cape Spathi, at the northern extremity of the Island of Ccrigo, for lighting
the Cervi Channel. The light will be a revolving white light, showing a bright
face every half-minute. The illuminating apparatus is catoptric, or by reflectors,
of the first order. The light will be placed at a height of 363 feet above the
mean level of the sea, and should be visible in clear weather from the deck of a
ship at a distance of 24 nautic miles. The portion of the horizon intercepted by
the land of Cerigo is 105°, the light will therefore only be visible through an arc
of 258°, or from W. S. W . i W., (S. 72° W.,) rouud northerly to S. S. E. } B.
(S. 30° E.) The light-tower is circular, of stone, surmounted by a lantern paint­
ed white, and is 83 feet high from base to vane. The keepers’ dwellings are a
low white building, a short distance to the southward. The light-tower stands
573 yards south of the extreme pitch of Cape Spathi, in lat. 36° 22' 50" N.,
long. 22° 57' 30" east from Greenwich, nearly. [All bearings are magnetic.
Variation 9° 45' W . in 1857.] By order of the Lighthouse Board,
THORNTON A. JENKINS, Secretary.
T reasury D epartment, Office L ighthouse B oard, )
W ashington, March 5,1857.
f




Nautical Intelligence.

621

CHINA SEA— YANG-TSE KIANG—BEACON TOWER AT KIU T ’OAN.

Official information has been received at this office that the Chinese authorities
at Shanghae have given notice, that in order to facilitate the navigation of the
channel leading up the river Wu-sung, a beacon tower has been erected on the
south shore of the Yang-tse Kiang, at Kiu T ’oan, near a spot known as the
Three Trees. The tower is a plain structure of brick, painted red and white, and
70 feet high. It bears from the light-vessel N. 63° W., distance about 16 miles,
and the trees upon Blockhouse Island bear from it N. 16° W., distant 8 miles.
It stands in lat. 31° 14' N .; long. 121° 43' east from Greenwich, nearly. The
light-vessel, painted red, with two masts and balls, is moored in 44 fathoms at
low water, and bears N. by W. f W. from Gutzlaff Island, from which she is
distant 23 miles, and one mile from the southern edge of the north Tung-sha
bank. [This position differs from that made public in a former notice.] Ships
leaving Gutzlaff Isle, bearingS. by E., 16 miles, should steer a northwesterly
course. On making the light-vessel, bearing N. W ., they should steer for her so
as to pass her as most convenient, taking care when to the eastward of her not
to bring her to the southward of west, and when to the westward, not to bring
her to the southward of E. S. E 4 S., making due allowance for the setting of
the tides over the North Bank. When about dipping the hull of the light-vessel,
the beacon tower will be seen, and the usual course pointed out in the sailing
directions can then be followed. When a vessel is observed running into danger
a gun is fired from the light-vessel to attract attention, and the signal by Marryat's
Code, of the course that should be steered is then exhibited. A ship’s signal
lamp is shown on board the light-vessel from sunset to sunrise. [All courses and
bearings are magnetic. Yar. 0° 30' W . in 1856.]
By order of the Lighthouse Board,
THORNTON A. JENKINS, Secretary.
T reasury D epartment, Office L ighthouse B oard, }
W ashington, D. C., Mar. 27, 1857.
)

FIXED LIGHT ON CAPE CABALLERIA.— MEDITERRANEAN SEA— MINORCA.

Official information has been received at this office that the Minister of Marine
at Madrid has given notice that on and after the 1st day of March next, a light
would be established on Cape Caballeria, on the north coast of Minorca, one of
the Balearic Islands. The light is a fixed white light. The illuminating appar­
atus is a catadioptric lens of the second order. The light is placed at an eleva­
tion of 308 English feet above the level of the sea, and should be visible from the
deck of a ship in clear weather at a distance of 20 miles. The height of the
light-tower, its construction, appearance from seaward, and color, are not stated.
It stands in lat. 40° 5 40" N . ; long. 4° 9' 22" east from Greenwich.
By order of the Lighthouse Board,
THOENTON A. JENKINS, Secretary.
T reasury D epartment, Office L ighthouse B oard, )
W ashington, Mar. 27,1857.
J

BAY OF NEW YORK— LONG ISLAND SOUND, ETC.

The “ E e l G r a s s S iio a l L ig h t -v e s s e l ” — Has been replaced upon her station,
and will exhibit her light as heretofore. The spindles on “ Latimer’s,” “ Ellis’,”
“ Turner’s,” and “ Watch Hill” Reefs, Fisher’s Island Sound, N. Y., have been
carried away by the ice. The positions will be marked by spar buoys as soon as
possible. The iron pile beacon, marking the “ South West Ledge,” at the en­
trance to New Haven Harbor, has also been swept away; its position will be
marked by a can buoy of the second class, painted red. The buoys marking the
channels across the bars and through the lower bay of New York are in their
proper positions. A spar buoy, painted red, has been placed in 19 feet water op­
posite the site of the iron beacon on the Romer Shoal, and a spar buoy, painted
with black and white perpendicular stripes, to mark the entrance to Gedney’s
Channel. By order of Lighthouse Board,
A. LUDLOW CASE, Lighthouse Inspector, Third District,
N bw Y ork , Eebrurary 2T, 185T.




622

Postal Department.

POSTAL DEPARTMENT.
POSTAL TREATY BETWEEN THE UNITED STATES AND FRANCE.

A postal convention has been concluded between the United States and
France, having been signed on the 2d of March, 1857, by J a m e s C ampbexju ,
(then) Postmaster-General on the part of the government of the United States,
and by C o u n t d e S a k t ig e s , Minister, &c., on the part of France. This arrange­
ment went into effect on the 1st of April, 1857.
The rate for a letter of the weight of one-quarter of an ounce, or under, is
fifteen cents, and fifteen cents for each additional quarter of an ounce, or fraction
of a quarter of an ounce, from any part of the United States to any part of
France or Algeria; prepayment optional. The postage is the same whether the
letter passes through England or direct to or from France.
The rates on letters of a quarter of an ounce, or under, for countries beyond
France, will be as follows, viz.:—
Great Britain, Belgium, the Low Countries, the Grand Duchy of Luxemburg,
the Swiss Cantons, the Sardinian States, and the German States, (except the
Empire of Austria,) 21 cents to destination ; prepayment optional.
Denmark, Empire of Austria, Servia, Tuscany, States of the Church, and
Duchies of Parma and Modena, 27 cents to destination ; prepayment optional.
Russia, Poland, the Two Sicilies, Malta, the Kingdom of Greece, Alexandria,
Jaffa, Beyrout, Tripoli in Syria, Lattakia, Alexandretta, Masina, Rhodes, Smyrna,
Mitylene, the Dardanelles, Gallipolis, Constantinople, Tunis, Tangiers, Pondi­
cherry, Karikal, Yanoan, Mahe, and Chandernager, 30 cents to destination; pre­
payment optional.
Kingdoms of Sweden and Norway, 33 cents to destination; prepayment
optional.
Spain, Portugal, and Gibraltar, 21 cents to Behobia; prepayment required.
Ionian Islands, 27 cents to Trieste; prepayment required.
Aden, East Indies, Ceylon, Mauritius, Isle of Reunion, Penang, Singapore,
Hong Kong, Shanghae, China, Batavia, and other countries whose correspond­
ence can advantageously be sent by Suez, 30 cents to seaport of the Indies or
sea of China to which the British packets ply ; prepayment required.
Countries beyond seas other than those designated, 30 cents to port of arrival
in the country of destination ; prepayment required.
As the balances now in use in our post-offices are adjusted to no weight below
the half-ounce, the quarter-ounce may bo ascertained by placing a die (a new
quarter of a dollar will answer) of the weight of a quarter of an ounce upon the
plate of the balance with the letter.
The previous arrangement for printed matter, on which each country collects
its own postage, remains unchanged. The United States postage on newspapers
is two cents each, and on periodicals and pamplets one cent an ounce, or fraction
of an ounce; prepayment required. Books and all other kinds of printed matter
are chargeable with the United States domestic rates; prepayment also required.
THE WORK OF THE BRITISH POSTAL SYSTEM.

The London Morning Chronicle makes some interesting statements in regard
to the growth of the London postal system. It says :—
Of all the branches of the civil service the Post-office performs the greatest
amount of work, possesses the most perfect organization, and obtains the largest
share of public interest. Some idea of the work may be formed from the cir­
cumstance that it gives employment to 22,000 persons—and that the letters car­




Postal Department.

623

ried during the past year amounted to 456,000,000. The work, too, is annually
increasing in magnitude ; last year it was 13,080,000 more than in 1854,
46,000,000 more than in the year before that, and 374,000,000 more than in 1839,
when the old system of postage was in force.
London has grown so vast that it has at length become necessary to break it
up into several towns, each with its own post-offices. It is to be divided into ten
districts, each of which will collect and distribute its own letters. This will not
only insure an early delivery of letters, but also a better supervision of the lettercarriers. For the carrying out of this scheme the Postmaster-General appeals
to the public for co-operation. The assistance he expects from them is in getting
their letters properly directed. It seems that in the first morning delivery there
are not less than 481 letter-carriers, each with a separate walk. As it is impos­
sible to divide the letters at once among the 481 carriers, the practice has long
been to sort them first according to districts, and to subdivide these again ac­
cording to the walks. Now, what is wanted is, that the public should assist the
Post-office to assort the letters according to the ten districts into which the me­
tropolis is to be divided, so that, for example, a letter intended for Hill-street,
Berkley Square, shall be directed simply “ Hill-street, W .” (Westernly district.)
In this way an immense amount of time may be saved. In carrying out this ob­
ject, however, the Post-office authorities expect the co-operation of the Board of
Works as well as of the public. The Board of Works has power to change the
name of streets when there is more than one of the same name in the metropolis,
and the Postmaster-General is anxious that it should act up to its powers. It is
rather perplexing to choose out of thirty-seven King streets and twenty-seven
Queen streets.
The increasing expenses of the postal system the authorities are anxious to di­
minish by lowering the rates given to railways. Complaints have been made
that railway companies are underpaid for conveyance of the mails. The InspectorGeneral of Mails declares that they are overpaid, and so very much overpaid that
the sums disbursed by the Post-office for the use of only a fraction of the train
exceed the whole cost of running by from 60 to 260 per cent. The expenses of
the Great Northern are 2s. 2d. per mile ; of the London and Brighton, 2s. lOd ;
of the South Eastern, 3s. 4d—on which last line the Post-office pays for the car­
riage of the mails 2s. 3d. a mile, the average rate which is charged to it on all
the railways being only lOd. Parliament had the foresight to stipulate for cer­
tain moderate charges for passenger conveyance, while no such provision was
made for postal carriage, and the result is that, even when a hundred weight of
mail has been forwarded in charge of the companies’—not the Post-office—guards,
and by an ordinary train, the rate demanded has been as much as 7d. a miie.
THE GALVANIC TELEGRAPH IN PRUSSIA.

The sign apparatus now generally employed for the galvanic telegraph in Prus­
sia is the index apparatus of Siemens and Halske. It is of an eminently inge­
nious construction. The electro-magnet, when attracting, carries along another
lever, and thereby simultaneously interrupts the circuit, so that the current passes
through the conductor only during the time of the motion necessary for the dis­
placement of the index. The exterior of the apparatus presents a horizontal
cylinder of three inches high and twelve inches diameter, encompassed by a me­
tallic ring. The disk is divided into thirty-two keys, and the keys are marked
with letters and figures. On pressing upon a key, the hand or index in the center
goes on all stations to the same key in very swift but very regular darts, eight
per second. The apparatus, when in working order, is faultless. The dispatch
is announced by an alarm bell. A magnetic needle under the multiplier shows
constantly the tension of the current.




624

Journal o f Insurance.
PERFORATED POSTAGE STAMPS.

Hon. J a m e s C a m p b e l l , the Postmaster-General, before he retired from the
Department, introduced an improvement in the postage stamps, which adds great­
ly to their public convenience. He had them prepared on sheets with perfora­
tions around the borders of each stamp, so that they can be separated, one from
the other, without using a knife or pair of scissors. Besides the saving of time
in this improvement, there is greater security that the stamp will adhere to the
letter, for the points or rough edge left by the perforations will stick better to
the letter, there being none of the risk of the edge turning up when it is con­
tinuous. The amount of letter writing in the United States may be inferred from
the number of postage stamps used. The number sold by the government last
year reached nearly one hundred and fifty millions of stamps !

JOURNAL

OF

INSURANCE.

« A PRACTICAL QUESTION OF FIRE INSURANCE.”
We published in the Merchants' Magazine, for March, 1857, (vol. xxxvi., page
345,) under our “ J o u r n a l o f I n s u r a n c e ,” a communication from A d o l p h u s
M e i e r & Co., relative to the settlement of loss in a case of fire insurance between
the firm alluded to above, and the Delaware Mutual Fire Insurance Company, of
Philadelphia. Our attention has been called to the statements by a letter from
W i l l i a m M a r t i n , Esq., the President of the Delaware Company and the Phila­
delphia Insurance Intelligencer, of March 16th, 1857. The Intelligencer pub­
lishes the article of our correspondent in St. Louis, and add3 some “ facts and
comments,” and as it is in accordance with our custom of permitting both sides to
be heard, we copy it entire from the columns of our cotemporary.
“ FACTS AND COMMENTS.”

“ Above we have given the entire article from Messrs. Meier & Co., in reference
to what they term a “ Practical Question of Fire Insurance,” in which the im­
pression evidently sought to be conveyed is, that in the adjustment of their claim,
the Delaware Mutual Insurance Company have not acted justly. Feeling an in­
terest in all questions of this character, and believing from the standing of the
Delaware Mutual Insurance Company that they would not intentionally wrong any
one, we called at their office and requested their views of the facts in this case,
which we find to be as follows :—
That the stock o f merchandize in the store at the time of the fire, as
per statement, w as....................................................................................
Amount insured..............................................................
$10,000 00
Uninsured,.........................................................................
5,636 27

$15,636 27
$15,636 27

O f the above amount there was a total loss, of which there appears
to be no dispute.......................................................................................
The estimate value of cotton saved was..............................................
O f the amount of cotton thus saved, Messrs. Meier & Co. present a
statement of expenses for saving and protecting the same o f...........

8,669 45
6,966 82
1,388 79

Which expense they divide as follows:—
They charge the underwriters $1,330 65 to save....................................
And they charge themselves $58 24 to save............................................




1,330 55
6,636 27

Journal o f Insurance.

625

“ In reference to their charges the company take the following view of the
ease:—
“ That if the insured has any legal right to charge the underwriters with even
a pro rata share of the expenses to save and protect the goods from fire, and pre­
serve them after the fire, it can only be founded on the principle of a contribu ­
tion to protect a mutual interest, and on no other ground. The expenses incurred
by the owners to save and protect goods for themsehes and for the underwriters
forms no part of the contract between the insured and insurers.
“ The risk they assume, and the loss they pr mise to pay by their policies, is the
damage. The right, therefore, to charge the underwriters with all the expense of
saving and protecting goods insured and not insured, must exist, if it exist at all,
independent of he contract of insurance; and there can be no such right, be­
cause it would be a violation of every rule of law and justice. The only princi­
ple, therefore, which justifies a pro-rata share to be charged to the underwriters,
of expenses incurred without their consent, is that referred to, viz., a contribution
to protect a mutual interest.
“ To say that the underwriters shall pay all the expenses for saving that part
of the stock which is uninsured is simply an absurdity.
“ The loss and damage to the goods insured in this case was $8,669 45, and
the underwriters’ proportion of the expenses of saving, protecting, storing, &c.,
was in the proportion of §1,330 55 to $6,966 82—although the company pro­
posed a still more liberal adjustment, viz., to pay as $L0,000 was to $15,636 27,
being the same principle upon w'hich a loss at Nashville was settled, which was
approved by the insured, and by seven Philadelphia Insurance Companies involv­
ing some $72,000.
“ This basis as a settlement made the pro-rata of the Delaware Mutual Com­
pany’s loss amount to $4,778 82, with an additional loss on starch, &c., not re­
ported in first claim, of $154 66— which was allowed, making their total loss under
the policy of $5000—$4,933 48, which was the amount paid by the company.
The insurers, therefore, did not contend that they were not liable for the damage
by fire to the extent of their policies, nor that the expense incurred to save, pro­
tect, and take care of the goods after or even before a fire, insured and not in­
sured, should be borne and paid pro-rata by the parties interested therein. This
question was not involved in the principle of a pro-rata contribution as regards
the damage done ihe goods insured, as was asserted. If this was the case, and
the loss should be adjusted in conformity with that principle, the uninsured portion
of the goods, $5,636 27, would bear the same pro-rata share of the loss, as the in­
surers’ portion, $10,000, would.
“ The company, however, did not assert any such right, neither did they ask
that the I033 should be so adjusted, but they did contend that agreeably to equity
and the law, as well as usage, they were not bound to pay all the expenses incured
to save and take care of the goods, insured and not insured, after a fire, or even
at or before it happened ; that if the company was bound to pay a part of these
expenses, it was only a pro-rata proportion by reason of a common interest.
Upon this ground alone, therefore, the company took their position. The amount
of the difference, some $60, was not of comparative importance, but the pre­
cedent was one of vital interest to the principles of insurance.
“ Messrs. Meier & Co.’s reference to arbitrators in this case was not applicable,
as the disputed point was not as to the amount of loss, but simply a question of
law ; hence it did not come within the range of this form of settlement, as con­
templated by such a mode of adjustment. A case in point may be found in
Pickering’s Reports, vol. 6, page 182, which is as follows:—
“ ‘Insurance against fire was made on a stock in trade, consisting of cutlery
and jewelry, contained in a store in Court-street, Boston. A fire happening in
the neighborhood, the insured, with the approbation of the insurer, procured
blankets and spread them on the outside of the store, whereby the building and
its contents were preserved, but the blankets were rendered worthless. Held, that,
this loss was not covered by the policy, but that it was a subject of general aver
VOL. X X X V I.-----N O . V .
40




626

Journal o f Insurance.

age, to which the insurer and insured should contribute in proportion to the
amount which they respectively had at risk in the store and its contents.’
“ As this question involves an important principle as to insurance interests, as
well as its application to this particular company, it is presumed that the editor
of the Merchants' Magazine will feel a pleasure in correcting any misapprehension
that might otherwise exist in connection with this case.”

A® ASSWER TO “ A PRACTICAL QUESTION OF LVSURA5CE.”
C a l e b L a m s o n , Esq., Attorney and Counselor-at-Law, of Newburyport, Mass.,
sends us the following communication in regard to the case of Meier & Co., of
St. Louis, whose statement we published in the March number of the Merchants’
Magazine:—
F r e e m a n H u n t , Editor o f the Merchants' Magazine:—
D ear S ir :—In answer to the inquiry of Adolphus Meier & Co., in the March
number of your journal, I have to say that the general rule given by the most ap­
proved writers on fire insurance is, that “ the assured recovers the whole loss, if
within the amount insured, without regard to the proportion between the amount
insured or the value of the property at risk.”
In the case of Nicolet vs. Insurance Co., (3 Louisanu Bep., page 371,) it ap­
peared that twenty thousand dollars was insured on cotton that might be located
in seven named places, and that cotton to the value of seventeen thousand dollars
was burned in one of those places, at the same time that cotton belonging to the
assured was stored in one of the other places named, making, with that which was
burned, an aggregate value of more than twenty thousand dollars; and it was
held, that the assured was entitled to receive the full sum lost, and not an average
sum proportioned to the sum which they had insured as compared with the whole
property at risk.
In the case of Hoffman vs. M. & F. Insurance Co., (1 Louisiana Bep., page
216,) the insurer was held to pay the value of the goods at the time of the loss,
and of the damaged goods, the difference between their value in their sound and
damaged state.
In "the case of Trull ts. B. M. F. Insurance Co., (3 Cush. Mass. Bep., page
263,) where was a loss of buildings by fire, the rule laid down by the court was,
that the insured is entitled to the whole actual loss sustained on the whole proper­
ty at risk, not exceeding the sum insured, without regard to any apportionment
between the sum insured and the property at risk, or to any abandonment, or
technical or constructive total loss or salvage.
It would seem from the above authorities, and others whieh might be adduced,
that Adolphus Meier & Co. would have been entitled to the entire actual loss
on their cotton caused by the fire, upon an estimate properly made after the fire.
But it seems that they claim for labor and expenses upon the damaged cotton
after the fire, according to an agreement stated by them in your journal as follows,
to w it:—“ After the fire, we consulted with the president of the former, (meaning
the St. Louis Insurance Co.,) and the agent of the latter company (meaning the
Del. M. Safety Insurance Co.,) and it was agreed that we should have the unburnt
cotton taken out, have it dried and assorted, and then allow the highest market
price for it.”
If Adolphus Meier & Co. agreed with all parties concerned to this mode of
adjusting the loss, and in consideration thereof furnish labor in fulfillment and pur­
suance of the agreement, why should the other parties pay expenses which, by the
terms of the agreement, they were not required to pay ?
If Adolphus Meier & Co. agreed to this mode of adjusting the loss in pre­
ference to that fixed upon in the policy, and in consideration thereof furnished
labor, although the other parties made no objection to the labor furnished, (and
why should they if this was understood by them to be a part of the agreement ?)
it would seem that they did what they might rightfully do, namely, waive their




627

R a ilroa d , Canal, and Steam boat Statistics.

right to have an estimate made of the loss on the damaged cotton as left by the
fire, and should not claim of the other parties renumeration for expenses not
anticipated by them. But if, on the other hand, the agreement was that the in­
surers should have the unburnt cotton taken out, dried, and assorted, and when
dried and assorted the assured should allow the highest market price for it, and
that, with the knowledge and consent of the insurers or their agents, the assured
furnished the labor for taking out, drying, and assorting the damaged cotton, there
would seem to be no just and equitable reason why the assured should not be al­
lowed their reasonable expenses for those services.
N ew buryport,

C. LAM80N.

March 20, 1S57.

RAILROAD, CANAL, AND STEAMBOAT "STATISTICS.
STEAM TONNAGE OF THE PRINCIPAL CITIES IN THE UNITED STATES.

By the Annual Report on Commerce and Navigation, for the year ending
June 30th last, it appears that the enrolled steam tonnage of the principal cities
in the United States, in 1856, was as follows :—
New Y ork..................................
New Orleans.
St. Louis .
Pittsburg.
Buffalo. . .
Detroit. . .
Louisville

107,820
51,751
88,745
87,504
35,423
33,148
31,924

Ciucinuati
Cleveland . . . .
San Francisco..
Mobile..............
Philadelphia...
Baltimore........
Wheeling........

24,654
14,478
14,369
18,471
19,052
15.854
9,335

Showing a total steam tonnage in the fourteen, out of the seventy-eight, dis­
tricts, of 452,528. The entire steam marine of the Union is put down at 583,362
tons, so it will be observed the above fourteen cities have four-fifths of the entire
amount.
OPERATIONS OF T nE MASSACHUSETTS RAILROADS.

The following table, from the American Railway Times, gives the aggregate
figures of the Massachusetts roads for the last three years :—

1854.
Number o f com panies......................
Length of roads in m iles...................
Aggregate capital................................
Amount paid in...................................
The aggregate c o s t ...........................
The total earnings.............................
Funded and floating d e b ts ...............
Surplus earnings on hand..................

53
1,453.27
$61,505,100
50,235,277
65,601,756
9,973,377
21,246,349
1,406,256

1855.

1856.

54
1,517.31
$63,117,600
60,416,182
69,094,390
10,100,914
22,598,406
1,785,299

66
1,518.28
$63,654,800
50,776,744
71,026,038
10,884,667
22,678,328
2,538,394

We give below a comparative view of the business of the Massachusetts rail­
roads fr.om 1849, including that year. It will be perceived that this State is
gradually recovering from the pull-back of 1854, though the roads carry fewer
passengers than in 1853. England has somewhat less length of railway, to the
square mile, than Massachusetts, and about three times the population. Her
insular position tends less to railway traffic than the latter’s continental one. The
average gross receipts per mile on the English railways, is about $13,000 to
$7,216 on ours, not quite double ; but her net receipts are about $7,500 per mile,




Railroad,, Canal

628

,

and Steam boat Statistics.

while that of Massachusetts is but about S3,000. Hence, as the property and
population of the latter, and of the continent at large, increases, her railway
interest must become more valuable—unless it is grossly mismanaged, or some
new unimagined mode of transportation is introduced to supersede i t :—
M A S SA C H U SE T T S

R A IL R O A D S

FOR TH E

1849.
31
Number o f railw ays.......................
1,130
Miles o f road and branches...........
Mile9 of double track and sidings..
373
Gross cost......................................... :$851,801,126
Average cost per mile....................
45,600
6,161,014
Gross receipts..........# ....................
Gross expenses................................
3,100,649
3,061,320
Net income.......................................
Average net income pr. ct. on cost.
6 09
4,271,935
Gross number of miles run.............
Average receipts per mile run... .
1 41
Average expenses per mile run . .
0 71
Average net income per mile run.
0 70
Gross receipts per mile of railway
5,452 11
Number o f passengers carried. . . .
8,788,589
Ditto, carried one m ile ................. 144,305,281
Tons o f merchandise carried.........
2,167,754
Ditto, carried one m ile ................. 70,848,225
Total weight of passenger trains,
in tons, hauled one mile, not ineluding passengers..................... 114,962,615
Total weight of freight trains, in
tons, hauled one mile, not including freight................................. 135,285,503
Total number of tons, not including
passengers, hauled one mile . . . 321,078,871

1831.

LAST

E IG H T

1830.

YEARS.

1851.

100,383,950

98,766,749 101,746,153

130,571,531 118,695,509 131,077,550
303,528,761 287,667,568 310,461,860

1854.

1855.

40
39
43
Number o f railways.........................
1,192
1,262
1,343
Miles of road and branches...........
526
Miles o f double track and sidings.
439
431
Gross c o s t........................................ 155,348,652 $59,030,450 $61,708,118
46,433
46,783
45,949
Average cost per mile............. ..
Gross receipts.................................
7,994,033
8.696,251
9,098,492
Gross expenses........................< . . .
4,332,759
5,666,320
5,435,757
3,260,494
Net income.......................................
3,661,277
3,436,172
Average net income pr. ct. on cost.
6 61
5 25
5 67
Gross number of miles run............
5,250,392
5,531,014
5,3S5,416
1
69
Average receipts per mile run... .
1 52
1 67
Average expenses per mile run . .
0 82
0 97
1 05
Average net income per mile run.
0 70
0 59
0 64
6,774 75
Gross receipts per mile of railway
6,706 40
6,890 85
Number of passengers carried.. . .
11,568,992 12,392,703 11,339,850
Ditto, carried one mile................... 186,215,713 194,158,082 185,160,127
Tons of merchandise carried.........
3,041,782
3,757,630
3,062,251
Ditto, carried one mile................... 95,985,832 104,683,043 103,676,163
Total weight o f passenger trains,
in tons, hauled one mile, not ineluding passengers..................... 106,208,467 122,063,281 116,689,219
Total weight of freight trains, in
tons, hauled one mile, not including freight.................................. 148,804,441 171,667,254 165,260,745
Total number of tons, not including
passengers, hauled one mile.. . . 850,998,740 898,825,578 886,626,127




1852.

36
36
40
1,142
1,150
1,150
375
384
407
$51,873,985 $52,595,288 $53,076,013
45,424
45,556
46,153
6,466,872
6,590,570
6,885,517
3,142,945
3,338,905
3.073,410
3,323,902
3,360,671
3,212,107
6 41
6 20
6 05
4,278,230
4,398,370
4,785,783
1 51
1 50
1 44
0 73
0 76
0 77
0 78
0 74
0 67
5,661 76
5,730 07
5,987 32
8,856,656
9,510,858
9,810,056
147,888,656 152,916,183 161,694,555
2,219,050
2,260,346
2,563,277
72,573,280 70,205,310 77,639,247

1856.
43
1,351
434
$62,794,422
46,480
9,749,918
5,756,144
4,003,404
6 38
5,320,137
1 83.
1 08
0 75
7,216 82
11,543,173
191,942,542
3,254,796
109,307,461
113,689,219

161,666,344
384,342,265

R a ilro a d

,

,

629

Canal and Steam boat Statistics.

RUSSIAN RAILWAYS AND THE CREDIT MOBILIER,

In the sitting of the 23d (October) the conditions of the concession to the
Society of the Credit Mobilier were signed. The latter undertakes the construc­
tion of about 3,800 versts of railways, the routes of which are as follows :— The
first, and at this moment the chief one, is that from St. Petersburgh to Warsaw.
The government having already finished, at its own expense, a portion of the
line—about 300 versts—and having prepared works for constructing the
whole, the company engages to reimburse the outlay, which amounts to nearly
80,000,000f. The second line is from Moscow to Theodosia. The distance be­
tween these two cities by the ordinary road is 1,856 versts, and many considerable
towns are connected by this line. The surprise is that it should terminate at
Theodosia instead of Odessa. 1 am ignorant of the cause of the exclusion of
the richest city in the south of Russia; I suppose, however, that it will not be
long before a branch of the principal line will make it enter the general network.
The third line is from Moscow to IsijnINovgorod, (390 versts.) The fourth will
commence at Koursk, the capital of a province, and centre of commercial activity
in the interior of Russia, and will terminate at the port of Libau. This line will
cross, at Dunaburg, the line between St. Petersburg and Warsaw. The company
undertake to finish these lines before the expiration of ten years. The Warsaw
route will naturally be first open for circulation, and that of Nijni-Novgorod will
immediately follow. The concession is for 85 years; the capital of the company
is about 270,000,000 silver roubles, (or 1,080,000,000f.,) that is to say, the shares
to be issued are not to exceed that amount. A third of shares are to be allotted
in Russia. The shares will not be quoted on the Bourse. The government guaranties a minimum of 5 per cent.

MARINE AND STEAM DISASTERS ON THE LAKES.

Prom a carefully-prepared statement published in the Buffalo Republic, it ap­
pears that twenty-nine steamers and seventy-seven sailing vessels have been en­
tirely destroyed by disasters during the past season, besides a much greater num­
ber that have suffered more or less partial injury. The total loss of property by
these disasters was—
Steamers.

Sailing vessels.

$1,378,100

$1,660,774

Total.

$3,038,874

Compared with preceding years this shows a steady and large increase, thus—

1SS0.
$544,440

1851.
$730,515

1852.

1853.

$991,015

$854,350

1854.
$2,187,825

1855.
$2,797,839

1856.
$8,038,874

The loss of life has also increased nearly in the same proportion, as will be
seen:—
1854.......................

119 I 1855.......................

11S | 1856.......................

407

These results are partly to be attributed to the increased amount of commerce
on the lakes; but they are so much greater than they need be, that they call
loudly for more efficient means of saving vessels in distress. The total number
of sail and steam vessels is 1,256 ; tonnage, 339,736 ; valued at $12,944,300.




630

R a ilroad , Canal, and Steam boat Statistics.

LAKE ERIE AND MICHIGAN TRANSIT SHIP CANAL,

The advantages and practicability of a ship canal across the base of the penin­
sula of Michigan, connecting the waters of lakes Michigan and Brie, are thus
briefly set forth by the Buffalo Commercial Advertiser:—
It would shorten the distance to Chicago and Milwankie several hundred miles,
and the time consumed in making the trip from those ports to Buffalo by about
three days; or in other words, the trip rouud, for propellers, by at least a week,
and for sail vessels two weeks, and perhaps more. Of course, all the tonnage
going to, or returning from, the southern ports of Lake Michigan, would pass
through the canal; the difference in time, and consequently in expense, being
largely in its favor. Besides, the dangers of navigation among the islands, at
the north end of the lake, a region always more dreaded by seamen in the spring
and fall, with the exception of Lake Huron, than any other, would be avoided,
and the cost of insurance, either upon the cargo or the vessel, would be reduced
at least 50 per cent. The upper and lower lakes would also communicate with
each other sooner in the spring and later in the fall than they do now, for the rea­
son that there would be no -waiting for the straits of Mackinac to clear of ice,
nor comparatively no such tempestuous weather to encounter. Against these
advantages no ship canal from Lake Huron to Lake Ontario, through Canada,
could contend. Our own commerce would be retained upon our own waters, and
carried in our own vessels.
Of the practicability of its construction, there seems to be not the slightest
doubt among those who have examined the subject. The country through which
it would pass has few hills, and those small, so that the average depth of excava­
tion for twelve feet water, would be less than twenty feet; and as the waters of
Lake Michigan are only about 15 feet higher than those of Erie, the canal would
be fed all the way (160 miles) from the former, and only two or three locks would
be necessary. The Michigan Central Railroad would, perhaps, not cross it more
than once, and no difficulties could arise in this particular, nor that of any other
of a similar nature. In fact, so far as cost of building, and ease of excavation
and embankment are concerned, the enterprise must be, from the nature of the
country, without a parallel.
The regions of country, the surplus products of which this canal would drain,
comprehend Wisconsin, Minnesota, Illinois, Iowa, Missouri, Nebraska, parts of
Indiana, Kentucky, Kansas, and all future States and Territories lying directly
west of it, between the Mississippi and the Rocky Mountains. What the full ex­
tent of the trade of these regions with the seaboard is to be, of course no one
can imagine, but that it will be, and is already, immense, no one doubts. During
the past year, some 27,000.000 bushels of grain came from Lake Michigan ; and
this is only a part of the down freight. Even if the tolls and expense of towing
through the canal were equal to the expense of the passage via the Straits, it
would yet be an object for shipping to pass through it on account of the time
that would be saved, enabling vessels to make several more trips during the seaeon. This consideration affords a view of the margin there would be in fixing
the rates of toll, in order to derive a revenue which would pay a good dividend
upon the investment. No more practicable and important scheme for the im­
provement of inland navigation has ever been broached, nor one more fraught
with beneficial results to the State and city of New York.
FRENCH RAILROAD CLOCKS,

Time is telegraphed along the railway lines of France, to each station, from
the Paris Observatory. A plan has lately been adopted of having two minute
hands on each station clock—one red and one black. The black one show3 the
railroad time, the red the local time, differing from a minute to half an hour.
Thus, at Paris, the two hands are identical. A hundred and fifty miles east, the
red hand is ten minutes in advance of the black one. A hundred and fifty miles
west, the red hand is ten minutes behind the black one. By this simple plan
common mistakes and confusion are prevented.




Journal o f M in in g and M anufactures.

631

JOURNAL OF MINING AND MANUFACTURES.
GOLD MINIMA IN CALIFORNIA.

The San Francisco Bulletin furnishes an extended account of mining operations
in that State for the year 1856, procured by correspondence with miners in the
several counties. Some of the statements, going to show the enormous extent of
canals already finished or in progress, designed to irrigate the dry portions of the
country, and the amount of capital invested, are almost incredible. In Columbia
County, for instance, there are five water companies, each of which has a capital
of at least $250,000—the largest having $550,000— and the length of canal
varies from twenty-seven to sixty miles. Beside these, there are in the county
some ten or twelve other companies, with ditches varying from two to fifteen
miles in length. In Shasta Couuty, there are at least eighty in operation, some
of which cost $70,000, and are dependent upon snows in the mountains for their
supply of water. In Nevada, there are now over 700 miles of canals and ditches,
costing not less than five million dollars, and more are being added. Still, there
is a large area of rich ground in that part of the State, upon which nothing is
doing, for want of the needful supplies of water. In Sacramento County, there
are seven principal canals, with an aggregate of one hundred and eighteen miles,
which originally cost $330,000, and are said to yield an annual net income of
$270,000. In Placer County, there are twenty-four canals, the actual cost of
which is represented to have been $1,228,000 ; but these are comparatively un­
productive. The value of all the canals and ditches in the State has been esti­
mated at $11,000,000, and these works are wholly owned by the miners them­
selves, or persons residing in their immediate vicinity. The importance of these
works to the dry diggings is very great, and from the improvements recently
made, the prospect of an increased yield of gold from this source is spoken of as
very flattering.
But the leading object of interest now, among miners, is the quartz rock,
which, although it very early attracted the attention of European miners and
capitalists, yielded unsatisfactory results—attributed chiefly to their inadequate
machinery, their defective organization, and the unexpected expenses incident to
their operations, in the early days of the State. More recently, however, practi­
cal and experienced miners have entered vigorously into the business, all with
some degree of success, and many of them obtaining a remuneration beyond their
expectations. It appears to be the general belief, that according as the “ science”
of quartz mining becomes better understood, this process will be the most popu­
lar and efficacious. The Bulletin says :—
“ The most extensive operations in quartz are conducted in Grass Valley, where
also is to be found the ‘ Alison Ranch’ lead, supposed to be the richest in the
world, yielding from $250 to $500 per ton. It is the property of six men only,
who purchased the ground for a comparatively small sum, and are now reaping
unheard-of profits. Since their mill started, on the 1st of October, they have
taken out from $30,000 to $50,000 per week, and there is no apparent falling off
in the richness of the ore.
“ There are altogether eleven steam and two water power quartz mills in Grass
Valley, exclusive of the one of the Alison Ranch, which yieid at the lowest, $5,




632

J ou rn a l o f M in in g and M a nufactures.

and at the highest, §200 per ton. The whole country around contains quartz
rock, and we are assured that capital, experience, and judicious management are
alone necessary to make all these mineral riches of tangible value. A gentleman
of superior intelligence, and possessing the best opportunities for observation,
remarks that the present existing mills and machinery would not crush out the
rock known to exist in the valley in a century.”
The quartz mills are said to be generally paying handsomely, and in some in­
stances largely above their expenses. Nearly all, at least in Grass Valley, have
paid the cost of erection, amounting to from $10,000 to $20,000.

THE MINERAL WEALTH OF GEORGIA.

is confessedly among the first in commercial enterprise among the
Southern States, or, as an esteemed correspondent from that State wrote us some
years since, she is in that respect the “ Massachusetts of the South.” But her
natural resources transcend the Old Bay State, as every one knows. Hear what
the New Orleans Commercial Bulletin says in regard to the mineral wealth of
that State
G

e o r g ia

Georgia, as the whole world knows, is a great State. In the development of
her multifarious resources, and their application to purposes of utility and profit,
she is not surpassed by any State in the Union. Her people are famous for their
habits of thrift and industry, and the peculiar aptitude with which they convert
their natural advantages to sources of practical and profitable use. Her grand
and extensive system of internal improvements is every day opening new sources
of wealth, and making every branch of industry tributary to the individual and
collective prosperity of her people. We have at hand an illustration of this pro­
gressive spirit which animates the citizens generally of this prosperous common­
wealth. As every one knows, who is at all familiar with the physical character
of this State, Georgia is rich, incalculably rich, in mineral wealth. Gold, iron,
and coal exist in an abundant measure in the upper part of the State, and mining
in these metals has been made a profitable branch of business.
Recent explorations have elicited other discoveries of metals equally useful,
and which, beyond peradventure, will become permanent sources of wealth. In
what is known as the Cherokee country, the fact has been ascertained, that cop­
per, lead, and its usual concomitant, silver, exist; and to an extent which urgent­
ly invites the employment of enterprise and capital. This section of the State
presents a belt of country of metamorphic formation, that geological formation,
above all others, peculiarly mineral-bearing. The particular locality to which
we now allude, comprises four lots of ground, of one hundred and sixty acres
each, situated in Cherokee County, oue-and-a-kalf miles from the town of Canton,
and about fourteen miles from the State Railroad. It is known as the Canton
Mine, and is recognized as a rich, prolific copper, lead, and silver mine. The
company owning and working the mine is composed of some of the most respect­
able and influential citizens of the State. They were incorporated as a chartered
company in December, 1855, under the name and style of the “ Canton Mining
Company of Georgia,” for the purposes of exploring for copper, silver, gold, and
all other minerals and metals whatsoever. The principal vein of the mine is a
full mile in length, running on the best-situated ground for mining to be found
anywhere. Besides this main vein, there are three others running parallel with it,
with the indication of being equally rich. A shaft has been sunk to the depth
of two hundred feet, and this shaft intercepted by tunnels at different depths, and
by what is called an adit level, some hundred feet long, and which pierces the
shaft at the depth of 123 feet. This conduit was constructed for the two-fold
purpose of ventilation and drainage, and is admirably adapted for the purposes
designed. The work and labor so expended by the company have been of an ex­
plorative character, with the view of finding the ore-bearing portion of the vein,




J ou rn a l o f M in in g and M anufactures.

633

and to follow it down to a level, where the influence of the atmosphere has not
readied, and the mining ground has become settled, rather than with the object
of extracting the ore, and realizing at once upon the sale of it. This course of
management was a wise and judicious one, and the result has fully vindicated the
good practical sense of the directors. The vein of ore has been satisfactorily as­
certained, and the products in large quantities submitted to the severest tests of
the most eminent geologists and chemists in the country.
Among a great many others of less note and value, the following principal ores
and minerals have been found at the Canton Mine :—
Copper Ores.— (Copper Pyrites.)—This is the most abundant copper ore of
the mine, and one of its most esteemed products. Its specific gravity is 4.2, and
it contains, upon an average, 30 per cent of metallic copper.
Hnrrisite.— A new mineral named after the discoverer of the mine. In appear­
ance this ore resembles that of galena. In composition it is identical with that
of the highly-prized vitreous copper, viz: copper 79.84, sulphur 20.16 in 100.00
parts. Its specific gravity is 5.4. It will be a rich and lasting source of copper
to the mine.
Ore of Lead.— Galena.—This is the most common, and at the same time, the
most valuable ore of lead. It consists of lead 86.5 to sulphur 13.5 in the hun­
dred parts. Its value is much enhanced by the silver it carries, which varies
from 30 to 56 ounces for the ton of 2,000 pounds of the galena.
Besides the above, the components of the mine are ores of iron, ores of zinc,
ores of manganese, and a variety of earthy minerals.
As we have before said, the mine has been thoroughly explored, critically ex­
amined, tested, and analyzed by competent judges, among them Professors Daley,
Gaussoin, and Shepard. These accomplished mineralogists and chemists have
given it their imprimatur,and experienced miners and practical business men have
pronounced the Canton Mine of Georgia to be one of the richest, and with the
promise of being one of the most profitable, in the Old or New World.
THE MANUFACTURE OF TOBACCO AT LOUISVILLE,

The Commercial Renew, published at Louisville, Kentucky, by L. W . F iske
and B e x . O a s s e d a y , members of the Chamber of Commerce in that city, describes
the tobacco interest as one of the largest, most thrifty and important in the city ;
and it sees no reason why Louisville, like Richmond and Lynchburg, should not
boast of eighty to one hundred tobacco factories. W e quote from the Review
the following statement in regard to a single establishment, and the evidence of
prosperity to our commercial friends in that section of the country :—
“ The factory of Messrs. S. P. Dick & Co. will probably afford a fair example
of its class. This establishment was commenced in 1851 by Messrs. Musselman
& Co., who still continue to manufacture elsewhere in the city, and passed into
the hands of its present proprietors about two years ago. When in full operation
about one hundred to one hundred and ten hands are employed in working the
fifty presses. Thirty-five boxes of the manufactured article are produced daily,
averaging one hundred pounds each. This consumes six hundred to seven hun­
dred hogsheads of leaf per annum, which, at an average of $9 per one hundred
pounds, makes about §65,000 worth of the raw material. In addition to this,
other articles used in the manufacture, together with the indispensables furnished
by other manufacturers, make the factory valuable to its proprietors and to the
city at large. Every factory of this or of any other class goes to aid other
branches of producers, and contributes to the general good. The manufacturers
of Louisville tobacco have an enviable reputation abroad, and the day is not dis­
tant when they will be numbered by scores and not by dozens, and when their




634

J o u rn a l o f M in in g and M a nufactures.

brands will have as world-wide a reputation as those of Virginia. The trade
with the Northwest, which has been brought to this market by tobacco dealers,
is among the most valuable of our new avenues of commerce, and cannot fail to
result in the great increase of our prosperity.”
MANUFACTURES OF PITTSBURG.

We published, some year or two since, two articles, under our “ C om m ercial
a n d I n d u s tr ia l C it ie s of th e U n ite d S t a t e s ,” on the commerce and resources
of Pittsburg, Pennsylvania, prepared expressly for the Merchants’ Magazine by
Mr. K n ig h t , of that city. The following table, furnished by Mr. L aw ren ce
E g a n , who visited in person all the principal manufactories, can be relied on as
being substantially correct. It exhibits the product (value) of manufactures for
one year:—
m a n u f a c t u r in g

I r o n a n d n a i l s ..............................

$ 9 ,6 3 7 ,0 0 0

Castings and stoves.............
Flint, window, and vial glass
White aud red lead.............
Cotton yarn and sheeting...
Carriages, wagons
plows.
Soda ash................................
Springs,shovels, and a xes..
Lumber .............................

1,250,000
2,330,000
684,000
1,050,000
850,000
300,000
1,320,000
1,200,000

b u s in e s s .

Sundries................................
Steam-engines.......................
Steamers built, ( 6 9 ) ..........
Coal boats, barges & freight
boats..................................
C o a l......................................
Flour......................................
Furniture and chairs............
Clothing................................

Manufaclurers’ sales

$1,450,000
950,000
1,620,000
365,000
3,500,000
1,209,000
600,000
550,000
$28,656,000

There are employed at the iron business 3,500 hands—their wages per month
will average $100,000. In the glass business not more than 1,000 hands are en­
gaged, and their monthly wages will reach $27,000.
THE MANUFACTURE OF GOODS FROM OLD WOOLENS.

The little town of Dewsberry, in Yorkshire, England, is chiefly responsible for
whatever of merit or demerit attaches to the utilizing of cast-off woolens, which
generally passes in England by the name of the Dewsberry trade. Immense
warehouses are filled with old stockings, worth $35 to $50 a ton ; white flannels,
worth $50 to $100 ; and carefully-assorted black cloth, worth $100 to $150 ;
while all the rubbish, consisting of seams, linseys, and nondescripts, are worth $10
to $15 per ton for manufacturing prussiate of potash. All the better materials
are ground or “ pulled up” into a loose mass, resembling the original fibers. Gen­
erally speaking, this material is far inferior to new wool, and its admixture into
almost every species of cloths, now extensively practiced, while it detracts but
little from their appearance, has a serious effect upon their durability. The pecu­
liar stitch or bend of the worsted fibers in knit work, and the hot water and wash­
ing to which they are subjected during their stocking existence, has the effect of
producing a permanent elasticity in the product, which no new wool can be found
to equal; and this fact may be of value to those who manufacture blankets for
printing-presses, and the like permanently elastic sheets. By this trade Dewsberry
has increased from a little village to a city of 30,000 inhabitants. Garments
from all parts of Great Britain, Europe, and even America, are there torn up and
assorted.




,

S tatistics o f A g ric u ltu re etc.

635

THE IRON ORES OF ONEIDA COUNTY, NEW YORK.

A correspondent of the Utica Observer says the Clinton Furnace in Oneida
County makes from twelve to fifteen tons of iron per day. The ores found in this
county are also used in furnaces at Norwich, Chenango County, at the Scranton
Works in Pennsylvania, and at Poughkeepsie. It may safely be estimated that
at all theses works one hundred tons of Oneida County ores are smelted daily.
These ores belong to the class that can be worked without burning, and the
manipulations required to work most of the other ores ; and though there is no
doubt that the quality of iron would be improved by its being mixed with other
ore, still the admixture, is not a matter of necessity. This is shown by the fact
that iron produced from them alone makes good castings, and is also used in our
bloomeries and rolling mills.

STATISTICS OF AGRICULTURE, &c.
THE WINE GRAPE IN AMERICA.

However diverse may be the opinions entertained in regard to the enactment
of sumptuary laws for the suppression of intemperance, no one, we presume, can
view with displeasure the perceptible decrease in the use of ardent liquors, and
the substitution of beverages of a less intoxicating and more invigorating nature.
The fire-water, which, more than all the other inventions of civilization, demoral­
ized and decimated the red men, in all its villanous adulterations, has been the
curse of thousands among their dispossessors, after being banished from the once
popular side-board to the bar-room, has of late been crowded into still narrower
limits by a popular rival—lager-beer, a mild German ale.
Another rival for the suffrages of the thirsty, has already gained a foothold in
the West, and is likely soon to form an important item in the products and in­
dustry of the country. We allude, of course, to the American wines, which are
now raised in the West in quantities sufficient to merit attention.
Concerning the wine-culture in this country, which is yet in its infancy, we
find in a recent German publication some interesting facts from the pen of Dr.
Gumprecht. The author explains the causes of the failure of the manifold at­
tempts to domesticate the European grapes in the Uni'ed States by comparative
thermometrical and hygrometrical statements, from which it appears that the illsuccess is attributable to the greater proportion of moisture to which the vine is
subjected hero, while the temperature is more favorable in Philadelphia, Cincin­
nati, or St. Louis, than in Paris, Dresden, or Prague. The Catawba grape, an
indigenous variety, is now extensively cultivated in the West and Southwest, and
the Catawba wine bids fair to become an important article of commerce. In
1854, the vineyards comprised less than three thousand acres, the greater propor­
tion of which was in the vicinity of Cincinnati, from whence the grape-culture
has since spread, along both banks of the Ohio, to Pittsburg and Cairo, and in a
southerly direction through Kentucky and Tennessee to Alabama, and westwardly
into Missouri.
On the Ohio an acre yields on an average 500 gallons of wine— an immense




636

Statistics o f A gricu ltu re, etc.

yield, compared with the average of France, which is only 200 gallons. In 1853,
however, which was the most fruitful year since 1848, the yield was most extra­
ordinary, averaging along the Ohio 650 gallons to the acre— some vineyards even
producing from 800 to 900 gallons. The wine-growers of Ohio, are mainly Ger­
mans and their descendants.
In 1852, notwithstanding the comparatively small area devoted to wine-grow­
ing, the produce of wine in the United States was estimated at 500,000 gallons ;
and in 1854, the mammoth cellar of Messrs. Longsworth & Zimmerman, at Cin­
cinnati, contained 80,000 gallons. In a few years the product will doubtless be
doubled and trebled, since the present high prices of wine pay the producer a
fair profit, and the demand is so great that the Cincinnati wine dealers are scarce­
ly able to keep a stock on hand.
The juice of the grape is manufactured either into still wine or sparkling wine.
The latter, in the preparation of which, as in that of Champagne, liquor is added,
is the most sought after, and its production has already increased to such an ex­
tent that Buchanan estimated the value of sparkling wines raised in Ohio at
$175,000 per annum.
The wine produced in the United States is mostly of the description known as
the white wine, but little of it being red. The value of the wine depends, as in
Europe, on the character of the soil, the mode of treatment, and the weather.
The years 1846, 1848,and 1851, produced the best wines both here and in Europe;
the vintage of 1853 was also a good one. In general, the product of the Catawba
grape has the finest flavor, and the greatest durability—it improves in quality
for thirty years. According to an analysis made in 1846, the American wines
contain from seven to eleven per cent of alcohol. A sample of Catawba hock
from Longsworth’s cellar, seven years of age, was proved by an analysis to con­
tain from eleven to eleven-and-five-tenths per cent of alcohol, and a sample of
red wine, of the Cape species, was found to contain nino-and-one-eighth per cent.
Buchanan states that the proportion of alcohol in the American wines is about
the same as in the wines of France and Germany ; Brande, however, contends
that the French Graves wine contains 18.94 ; Barsac, 13.86 ; Sauterne, 14.22 ;
Rudesheimer of 1800,12.22 ; and Hock, 14.37 per cent of alcohol.
The prices of American wines may be considered high. Ten or twelvo'bottles
of stored still wine cost from five to eight dollars, and sparkling wine brought
twelve dollars in 1854. New wine ranges from forty cents to one dollar ten cents.
Of the recent territorial acquisitions of the United States, California and
Florida will, probably, ere long, be ranked among the wine-producing States.
In California, the efforts of the old Catholic missionaries to cultivate the grape
resulted satisfactorily, and the manufacture of wine from the domestic grape of
Florida was also attended with success. Sir John Hawkins reports, that in
1694, the early settlers in Florida realized twenty hogsheads of palatable wine
from the native grape. The good results which were anticipated from this dis­
covery were, thanks to the political disturbances in which that colony became
involved, never realized.
In Canada West, where certain species of wild grapes are very abundant,
the manufacture of wine, recently introduced, has been attended with the most
signal success. .Buchanan’s Journal pronounces it superior to the imported port
wine.




Statistics o f A g ric u ltu re

,

etc.

G3 7

A SUGAR HOUSE, AND SUGAR PLANTATION IN CUBA.

A correspondent of the Syracuse Courier gives the following interesting de­
scription of the largest sugar plantation in Cuba :—
This estate is very properly called the “ Flor de Cubas (Flower of Cuba.”)
There are other estates as large and larger, but none that have such perfect
machinery, and which have laid out so much money for that, and on buildings.
There are about 1,000 acres of land, nearly three-quarters of which are under
cultivation with sugar-cane, the balance being- devoted to grazing and plantain
fields. The product of this estate, of course, varies with different years ; thus,
last year, owing to the rains, they could not cut all their cane, and it fell short,
but its present average crop is 10,000 boxes and 1,000 hogsheads of sugar, and
its gross income at present prices will be from $320,000 to $350,000. Of this
enormous sum about one-halt' is absorbed by interest on its debt, and by its an­
nual expenses. There are G30 hands— 380 negroes and 250 Chinese. The rest
are overseers, cartinen, coopers, engineers, &c. There are 8 0 ox-carts for drawing
the cane to the mill, and 600 oxen, four being used for every cart, and they are re­
lieved twice a day. There are many buildings in this village, for it is almost like
one. Besides the sugar house, there are the dwelling houses for the owner, and
for the overseers, the drying houses, the hospital, the baracoons for the slaves,
and even a nursery for the children of the slaves.
The sugar house here is the principal attraction, and it is an enormous affair.
It is all one floor and covered by a single roof, and its interior is somewhat simi­
lar to that of some of our large sugar refineries in New York. There are two
large rolling mills for crushing the cane, each with three rollers six feet long, and
placed on the top of two, the cane feeding itself, and passing under one and over
the other two rollers, it comes out almost squeezed dry, and as flat as a sheet of
paper ; the juice runs down into troughs. These rollers are set very close within
an eighth of an inch of each other, and the pressure is enormous. To drive these
rollers there is an engine of fifty horse power. The juice, then, is carried by
pumps to a set of fourteen kettles, where by steam it is condensed, and then it
runs through a body of carbon or burnt bone in another set of cisterns; it is
then carried to a vacuum pan, where it is evaporated, then over a set of copper
pipes for condensation, again through the charcoal for decoloring, then into an­
other vacuum pan, where it is boiled to a crystalizing point. It is then carried
off' to another part of the building, and by copper ladles is emptied into the sugar
molds, holding about sixty pounds each, where in another day it is ready for
claying.
This process is only followed where it is intended to make box sugar, which is
always clayed, while that packed in hogsheads is called Muscovado, and is packed
into the casks in a green state, where it is then allowed to purge itself for fifteen
or twenty days, and is then ready for shipment. On this estate they make mostly
clayed or box sugar, and the process of claying is this. The molds containing
the green sugar are placed on a long floor in a room holding from 800 to 1,000
molds; the point of the mold is below the level of the floor, which is made
with square holes for their support; after the sugar is set in the molds the plug
at the bottom is taken out, and on the base, or upper flat surface of the sugar, is
placed a quantity of black pasty clay which has the property of distributing the
water very equally through it. This clay is wet, and the water filters slowly
through the body of the sugar, carrying with it all color, and leaving the base of
the cone perfectly white. The process is repeated several times, and the sugar is
kept in this house for about twenty days. It is then turned out of the molds
into large open, flat wooden trays, and the different layers of strata of sugar is
divided by a negro with a large cleaver into white, brown and yellow; that near­
est the point is still colored with molasses and not very dry. These several class­
es are all kept by themselves, and the sugar is dried either by the sun or by ovens,
and then packed into boxes holding about 400 lbs. each. These are then nailed
and strapped by pieces of green cowhide in narrow strips, the boxes weighed,
branded, and ready for transport to market.




Statistics o f A gric u ltu re

638

,

etc.

SIXTY-FIVE ESTIMATES OF THE COTTON CROP OF 185G-7:
AS

M ADE

BY

F A C T O R S , E T C .,

IN

NEW ORLEANS,

FEBRUARY,

ON

THE

Nos.

Bales.

Nos.

Bales.

1.

3.100.000
3,000,000
3.050.000
3.075.000
3.150.000
3.110.000
3.025.000
3.099.000
3.076.000
2,999,500
3.125.000
3,086,300
3.064,105
2,989,997
3.060.000
3.015.000
3,101,100
3.001.000
3.020.000
3.112.000
3.059.000
3,111,011

23.
24.
25.
26.
27.
28.
29.
30.
31.
32.
33.

3,071,000
3,112,001
3.061.800
3.027.000
3.000.
2.950.000
3,033,333
3.010.000
3,075,100
3.155.000
3.000.
3,047,683
3.000.
3,159,991
3.225.000
2,999,999
3,075,600
3.018.000
3.201.000
3.018.800
3,013,000
3,075,963

2.
3.
4.

6.
6.

7.
8.
9.
10 .

11 .
12.
13.
14.
15.
16

17.
18.
19.
20 .

21 .
22 .

84.

35.
36.
37.
38.
39.
40.
41.
42.
43.
44.

LAST

THREE

DAYS

OF

1857.
Nos.

45
46
47
48
49
670
50
51
52
53
54
005
55
56
001
57
58
59
60,
61
62,
63
64
65

Bales,

3.170.000
3.226.000
3.101.000
3.000.500
3,100,800
3,036,179
8,019,500
8.081.000
2,949,990
3.270.000
3,031,850
3.000.
100
3,178,955
3.228.000
2,999,995
3,047,627
2,914,887
3,049,900
3,051,600
3,050,999
3,088,976

The highest estimate is 3,270,000; the lowest, 2,949,990 ; and the average,
3,067,043 bales. The Mobile Tribune published a list of seventy-four estimates,
received from South Carolina, Georgia, Alabama, Mississippi, and Louisiana,
the highest of which was 3,249,000 ; the lowest, 2,699,996 ; and the average,
___________________
2,966,210 bales.
GUANO— ITS HISTORY.

Guano, as most people understand, is imported from the islands of the Pacific,
mostly of the Chincha group, off the coast of Peru, and under the dominion of
that government.
Its sale is made a monopoly, and the avails, to a great extent, go to pay the
British holders of Peruvian Government bonds, giving them, to all intents and
purposes, lien upon the profits of a treasure intrinsically more valuable than the
gold mines of California. There are deposits of this unsurpassed fertilizer in
some places to the depth of sixty or seventy feet, and over large extents of sur­
face. The guano fields are generally conceded to be the excrement of aquatic
fowls, which live and nestle Jin great numbers around the islands. They seem
designated by nature to rescue, at least in part, that untold amount of fertilizing
material which every river and brooklet is rolling into the sea. The wash of al­
luvial soils, the floating refuse of the field and forest, and, above all, the wasted
materials of great cities are constantly being carried by the tidal currents out to
sea. These, to a certain extent, at least, go to nourish, directly or indirectly,
sub-marine vegetable and animal life, which in turn goes to feed the birds, whose
excrements at our day are brought away by the shipload from the Chincha
Islands.
The bird is a beautifully-arranged chemical laboratory, fitted up to perform a
single operation, viz. : to take the fish as food, burn out the carbon by means of
its respiratory functions, and deposit the remainder in the shape of an incompar­
able fertilizer. But how many ages have these depositions of seventy feet in
thickness been accumulating!
There are at the present day countless numbers of the birds resting upon the
islands at night; but, according to Baron Humboldt, the excrements of the birds




639

Statistics o f P op u la tio n , etc.

for the apace of three centuries, would not form a stratum over one-third of an
inch in thickness. By an easy mathematical calculation, it will be seen that at
this rate of deposition, it would take seven thousand five hundred and sixty cen­
turies, or seven hundred and fifty-six thousand years to form the deepest guano
bed ! Such a calculation carries us back well on towards a former geological
period, and proves one, and perhaps both, of two things—first, that in past ages
an infinitely greater number of these birds hovered over the islands ; and second­
ly, that the material world existed at a period long anterior to its fitness as the
abode of man. The length of man’s existence is infinitesimal, compared with
such a cycle of years; and the facts recorded on every leaf of the material uni­
verse ought, if it does not, to teach us humility. That a little bird whose individ­
ual existence is as nothing, should, in its united action, produce the means of
bringing back to an active fertility whole provinces of waste and barren lands,
is one of a thousand facts to show how apparently insignificant agencies in the
economy of nature produce momentous results.—London Farmers’ Magazine.

STATISTICS OF POPULATION, &c.
DECLINE IJV THE POPULATION OF IRELAND.
[From Thom's Almanac for 1857.]

The population of Ireland in 1851, proved to be 1,622,739 less numerous than
that of 1841—a diminution commonly attributed to the famine consequent on
the potato failure iu 1845, and subsequent years. The mortality of that period
having been concentrated in workhouses and temporary hospitals, and having
ravaged some portions of the country in which disease prevailed with an extraor­
dinary virulence, the great loss of population has been usually accounted for by
estimating the deaths generally, according to their extent, in the severally visited
localities ; but the mortality returns, founded on the census of 1851, show that
the deaths from 1841 were not, in the aggregate, excessive. Iu the emigration
to America and Great Britain, and the decrease of births, the causes of decline
are to be found.
Of the children living in 1841 and 1851, the census of each period supplies the
following totals of the number born within twelve months preceding:—
L E IN S T E R .

1841.

1851.

46,345 34,431

M U N STER.

1841.

ULSTER.

1851.

CO N N A U G H T.

1841. 1851.

61,389 34,653 67,466

1841.

42,875

TOTAL.

1851.

1841.

37,263 20,613

1851.

202,466 182,502

The decrease of children living in 1851, aged from one month to a year, was,
as compared with the enumeration of 1841, so much as 69,874, and the decline
on the number of births was operating from 1841.
Of the children living in 1841 and 1851, aged from one to nine years, the census
report contains the following enumerations:—

1841.
Born in
1 8 4 0 ...
1 8 3 9 ...
1 8 3 8 ...
1 8 3 7 ...
1 8 3 6 ...

158,958
239,801
211,149
219,148
216,888

Total.
Showing a decrease




Born in
1835..
1834..
1833..
1832..

of.

.
.
.
.

218,688
221,712
222,504
196,413

. 1,903,264

Born in
1 8 5 0 ...
1 8 4 9 ...
1 8 4 8 ...
1 8 4 7 ...
1 8 4 6 ...

1851.
106,192
141,683
118,271
145,678
150,206

Born in
1845..
1844.. .
1843..
1842.. .

Total.

161,803
165,426
170,081
156,647
1,317,94?

.

585,222

640

,

S tatistics o f P o p u la tio n etc.

Until 1847, emigration did not materially reduce tlie population. In that year,
215,444 persons emigrated to America and the colonies, being more than double
the number of emigrants in 1846. In the ten years, from June, 1841, to March,
1851, there emigrated 1,240,737 persons, ■which materially lessened the number of
children to be enumerated in 1851; but this only in part accounts for the great
diminution of births after 1841.
The census report for 1851, contains a table, showing that if births had taken
place in the ratio of one to thirty-one of the population, annually, as in England,
(without an emigration) the number of children born in Ireland, from 1841 to
1851, would hare been 2,711,814, and the population in the latter year would
have been 9,010,799, instead of 6,552,385. In the calculation, allowance is made
for 1,868,139 deaths, estimating the mortality in the ratio of one to forty-five of
the population in each year, and the births would have thus exceeded the deaths
by 848,675.
The actual number of deaths from 1841 to 1851, as ascertained in making the
census, amounted to 1,361,051, and the deaths from extraordinary causes did not
amount to one-third of this total, thus:—
Deaths from fever................
222,029 Starvation............................
21,770
Cholera...............................
35,989
----------Dysentery and diarrhcea.......
134,565
Total...............................
414,342
A large proportion of the deaths from such causes occurred in the years of
of famine, and the mortality in those years was, therefore, excessive ; but the total
for ten years is not in excess of the ordinary ratio of deaths, even in a declining
population, taking the mean of the numbers of the people in 1841 and 1851.
The causes for declind must be sought for in the consequences of the transitions
which have been undergone by the laboring population employed in agriculture,
manufactures, and common trades. Spread over the surface of the country, this
population multiplied rapidly; but removed from their own locations, and de­
pendent for subsistence almost wholly on the demand for labor, their circumstances
have become unfavorable to the growth of the population.
It appears that the greatest diminution in the number of the laboring people
has taken place as follows :—
Decline to
Beeline to
Counties.
square mile.
Counties.
sqarc mile.
Monaghan...................
22
D on egal....................... ...................
Cavan......................... .....................
93 Wexford........................ ....................
24
Roscommon...............
29
Kildare.......................... ...................
Longford.................... .....................
78 K erry ........................... ...................
30
S lig o...........................
D o w n ........................... ...................
34
C o rk ........................... .....................
34
71 Wicklow....................... .....................
A rm agh ..................... .....................
37
70 Londonderry................. ...................
Leitrim.......................
Westmeath................ ...................
42
Antrim.........................
Average.

The other counties lost population in the proportion of 45 to 65 for each
square mile.
CHINESE POPULATION OF CALIFORNIA,

The Oriental population of California is organized into five great companies,
each of which has its hotels,- agents, and all the arrangements of an American
corporation. These companies embrace all the Chinese emigrants, except about




641

M ercantile M iscellanies.

one thousand. The following authentic statement shows the number of arrivals
in, and departures from, the State of members of these companies, the deaths and
present strength:—
Companies.

Young-Wa......................................................
S a m -T a p .,....................................................
Yan-W o................................................................
Oze-Yap..........................................................
Ning-Young..........................................................
Total........................................................

Arrivals.

Departures.

Died.

Present

1 6 ,0 0 0

8,409
2,160
16,650
4,899

2,500
1,300
160
8,700
1,259

400
300
160
300
172

14,000
6,800
1,780
9,200
6,907

43,940

8,929

1,332

36,687

This is a peculiar feature of Chinese civilization, as. yet imperfectly understood
in the United States. The companies are admirable arrangements—serving to
look after the safety, property, health, and morals of large numbers of persons.
No one who belongs to a company of this kind can be without friends in Cali­
fornia. The company looks after him wherever he may be.

MERCANTILE MISCELLANIES.
BROTHER

JONATHAN’S SHI PS.

BY GEORGE GRENVILLE.
Hurrah for our ships! our merchant ships!
Let’s raise for them the song;
That safely glide o'er the foaming tide,
With timbers stout and strong;
That to and fro on the mountains go,
And borne on the rushing breeze.
Like birds they fly, ’neath every sky,
From South to Northern seas!

Hurrah for our ships! our stout steamships!
That float in strength and grace;
By fire and air their course they bear,
As giants in the race;
That bind the hands o f kindred lands
In close and friendly grasp;
God grant no feud by death and blood
May e'er unloose the clasp.

Hurrah for our ships! our battle ships!
Our glory and our boast;
That earry death in their bellowing breath
To invaders o f our coast
In glory and pride, whatever betide,
May they sail around our shore;
But long be the day, ere in battle's fray,
W e shall hear their cannon roar.

Hurrah for them all, both great and small,
That float our waters free;
May they safely sail in calm or gale,
In home or foreign sea;
Hurrah again for our merchantmen,
Hurrah for our men-of-war!
Ring out the shout for our steamships stout,
Hurrah for them all!—Hurrah!

WILLIAM

WALLACE

LELAND.

[W IT H A PO R T R A IT .]

The hills of New England, like the mountains of ancient Greece, seem to have
been the home of heroes. They have given birth to men who have had no small
agency in shaping the fortunes of the Republic, and deciding the destinies of our
people. Fired by deep enthusiasm, sustained by unfaltering energy, and guided
by keen intelligence, the men who have come from the New England hills have
been seldom distanced in the race of life. Like the eagles of their native moun­
tains, they early leave their nests—but when they spread their wings, it is for a
long flight.
There is hardly a district, even in the vital regions of the Pilgrim States, to
which all this may with more emphasis be applied than to VViudsor County,
Vermont. Variegated by hills, crowned with verdure, and vallies standing thick
with corn, enlivened by refreshing breezes, and irrigated by a thousand sparkling
trout streams, the people of those regions seem born to found Republics and build
States. Nor, among the names which come to the memory when we speak of
the Green Mountains, is there a single family which better illustrates what we
vol.

x x x v i.— n o . v .




41

642

M ercan tile M iscellanies.

have said of the native vigor, the rare intelligence, and the indomitable energy of
the Vermont men, than the name and the family of the Lelands. For many years
the fortunes of this family had flowed on, like those of a thousand others around
them. Pioneer ancestry had cut their way through the forests, and the smoke of
the early log cabins had curled up over the frozen hills, along the extremest verge
of civilized life. They went through the perils of the Revolution by the side of
such men as Ethan Allen, and when the struggle was over, erected the noble
edifice of Civil Government on the broad basis of Republican Liberty.
Simeon Leland, (the father of the Brothers Leland,” more universally known,)
was the first man who established a line of mail coaches across the Green Moun­
tains. He was a man of intrepid courage, bold conception, and steady nerve.
He inculcated in his sons the same lessons of economy, and he had practiced and
inspired them with the same sentiments of honor aDd virtue.
W i l l i a m W a l l a c e L e l a n d , the subject of this brief sketch, was born iu
Chester, Windsor County, Vermont, in the year 1821. Gifted with quick
perception and an irrepressible love for intelligence, he turned every faculty for
education to the best advantage, and at the age of sixteen, when he could no
longer restrain his longings for adventure, he left his father’s house to seek the
smiles of fortune, with a resolute purpose of achieving eminence in the world.
With a few dollars in his pocket, he started for New York in the summer of 1838.
On his arrival, he presented himself to Coleman & Stetson, of the Astor House,
and requested employment. He knew that he must begin at the bottom of the
hill, and he was not disappointed when he was put to hard and responsible work.
But laborious as it was, he caught, through the future, images of prosperity ; and
not doubting that he was on the high road to fortune, he wrote, a few weeks
after, a letter to his elder brother Simeon, also to visit the metropolis. Simeon
came, and at once went into the employment of Preston Hodges, the well-known
host of the Clinton Hotel, -where he was joined a year after by his brother Wil­
liam, and together they soon acquired the entire management of the hotel, more
than sustaining its former high reputation.
In the spring of 1843, alter having formed many acquaintances among the
leading men of the West, William went to Cleveland, Ohio, where, with the means
he had saved from his close application in New York, he established himself in
mercantile business, and in the purchase and sale of real estate ; and in a short
time, besides many other edifices, he erected a superb block of eight dwellings,
which constituted, at the time, one of the most beautiful structures that had been
raised in the West. Here he extended his business relations along the shores of
the great lakes, built vessels for passengers and transportation, and traded exten­
sively in the great products of that immense region.
In 1849, he made a sale of all his property, and, in December of that year,
sailed for California in the Crescent City, to join his brother Warren, who had
already gone before him to the Golden Land. It was indicative of William's
taste for intelligence, and his shrewdness of calculation, that he took with him
one of Hoe’s steam printing presses. On his arrival, he purchased a share of the
Pacific News, then a weekly journal, which, with the aid of his capital and energy,
was soon established as a daily paper. The role of expense attending its publi­
cation would have intimidated almost any other man. Two editors were paid
$12,000 a year, and thirty printers $300, each, per month ; but the enterprise was
entirely successful, and, in a short time, he received the tempting offer of nearly
$100,000 for his interest. He accepted it, and at once established himself on the
spot where the city of Marysville now stands, where he began the publication of
the Marysville Herald. He laid out the city of Marysville, and also the city of
Trinidad, and conceived and exeeuted bold speculations. Having now reaped a
golden harvest in these fields of fortune and adventure, he returned from California
in the fall of 1851, visited Ohio, and then made his preparations to sail for Europe,
to attend the opening of the World’s Fair. He again accomplished his purpose
with the promptness, the energy, and the decision which had always*characterized
him, and, after a thorough exploration of England and its circumjacent islands,
he made the tour of the continent. During his absence abroad, he maintained




M ercantile Miscellanies.

6+3

the habit, which he had practiced from the beginning, of writing frequent letters
to the American journals, descriptive of whatever he saw that seemed worthy of
narration. These letters indicate the keenest observation, with an instructive
knowledge of human character, and they are pervaded by the fervid spirit of our
own times, and the warmest love of country.
During his absence, his three brothers had undertaken the boldest enterprise
they had ever been engaged in, and one which the public did not hesitate to
prophesy would end in complete failure. They had leased and furnished at an
enormous expense, and with unrivaled splendor, the Metropolitan Hotel. On
his return, William joined them, and, under the direction of the four brothers,
that great temple of hospitality, luxury, and taste, acquired a reputation which
had never been equaled by any hotel in the world, and which will hardly be sur­
passed by any in time to come. One familiar with the history of Mr. Leland,
thus portrays briefly his character and pursuits :—
“ A brief survey of Mr. Lelaud’s career show him to be a man of indomitable
energy, activity, and perseverance, Few young men have traveled as many thou­
sand miles a year, and accomplished so much in so short a space of time. Within
the last fourteen years we find him, first, a rotunda-boy in 1838, then, in rapid
succession, bar-tender, office-clerk, drygoods-clerk, merchant, house and ship
builder, ship captain on the great Western lakes, and general speculator in wheat,
lands, <fcc. We next find him laying out cities and building up towns in Cali­
fornia, establishing and editing newspapers, digging gold in the gulches and moun­
tains of the Sierra Nevada, traveling through the half-civilized wilds of Central
and South America, braving the bands of guerrillas, plunging into the silver
mines of Mexico, and tasting the fruits of the West India Islands; then—after
crossing the Atlantic, crossing the British Channel, crossing the Pyrenees, and
taking a general survey of Europe—-we at last find him, at. the youthful age of
thirty-one, connected with one of the most successful and gigantic enterprises of
the age, the Metropolitan Hotel.”
The last great enterprise in which Mr. Leland has embarked, is the railroad to
the Pacific. He visited the extreme Southwest, surveying the route, which has
been adopted by the directors, and, on his return, was elected secretary of the
company. His labors and his influence in behalf of that magnificent scheme, have
contributed, in no small degree, to its now brilliant prospects. No doubt can any
longer be entertained that the two earth-encircling oceans are soon to be linked
by iron, electricity, and steam. Hoarded millions will be circulated through all
the channels of trade, industry will rejoice in its toil, and genius exult over its
creations. There will be the broadest and the noblest field ever yet opened by a
nation for the talent of her sons. It will be a university for the education of a
whole generation of civil engineers. The North, the South, the East, the West,
and the center, will be brought together. Political asperities and sectional ani­
mosities will be laid aside, and we shall witness, what hitherto only optimists
have dreamed of, a universal brotherhood.*
l.
COMMERCIAL

ARCHITECTURE,

T H E G R I G G B U I L D I N G , W A L N U T -S T R E E T , P H I L A D E L P H I A , A N D T H E U S E O P I R O N I N B U I L D I N G .

The use of iron in domestic and marine architecture is attracting a constantly
growing attention, and is a matter of the deepest interest, at once to capitalists
and men of business, the insurer and the insured. Since Bogardus put up his
iron building in Center-street, New York, a year or two before the London Crystal
Palace was thought of—and published his plans for the necessary castings f r
iron houses, and his system of coupling and fastening—then the use of iron, either
* Another chapter in the life o f our enterprising friend, connected with raising the Russian war­
ships, remains to be written. Mr. Leland recently sailed for Europe, having invested a large sum
in that enterprise. May success reward the efforts of the enterprising contractors with the Emperor
of Russia.— Ed. Mer. Mag.




644

M ercantile M iscellanies.

for the main superstructure, or for beams and staircases, has made rapid progress.
The great advantages it secures are durability, ornament, safety against fire, and
a comparative cheap material.
The Philadelphia papers are full of the praises of a new building which has
lately been erected on Walnut-street, in that city, which is not only an ornament
to the city, but is a model for study and imitation for its convenience of arrange­
ment and solidity, and the liberality and skill with which the latest improvements
in heating, plumbing, and ventilation have been introduced, and is especially worthy
of attention as an illustration of the great advantage with which iron may be
largely used in architecture.
The descriptions given in the Philadelphia papers are very full and detailed,
and present many points which will interest, in various ways, the readers of the
Merchants’ Magazine.
The building fronts on Walnut-street, below Third, and opposite to the Ex­
change. With the exception of the interior doors, it is constructed exclusively
of incombustible materials—stone, brick, iron, cement, and encaustic tiles. Its
width in front is twenty-nine feet nine inches, and it runs back one hundred and
twenty-eight feet to Pear-street, in the rear. There is a front and a rear building.
The main building, which is three stories high, with basement, contains eight
rooms, each twenty-two by twenty-eight feet, and sixteen feet high, with large
communicating doors—so that, if desired, two rooms can be thrown into one, and
used as a single office. In the other, or rear building, there are four rooms, each
twenty-two by thirty feet, with similar communicating doors. There are also
wash-rooms, water-closets, and a fire-room attached to each suite, making each
complete by itself.
The front is of brown stone, marked by great elegance and simplicity of design,
not, however, to the exclusion of much elaborate ornament in the details. One
critic pronounces it “ chaste, classical, and elegantanother tells us it is “ elabo­
rately carved and beautifully m od eled a n d a third, that it is a “ remarkable
building, perfectly sui generis, whether as regards ventilation, light, dryness, and
imperviousness to fire.”
The most practically important point about this building, is the construction
of the interior. We have mentioned the careful and studied exclusion of wood,
which is used for nothing except the inside doors. Instead of wooden rafters,
iron beams have been used throughout, placed at intervals of four feet, which are
filled-in with brick-work, arched so as to form what has not improperly been
called a “ corrugated ceiling.” The arches are plastered, and, the stile of each
arch being furnished with an ornamental bracket, the effect of the whole is pleasing
as well as novel. The floors are laid throughout with English encaustic tiles, of
various designs.
Mr. Samuel Sloan, the architect, is spoken of as a gentleman who unites, in a
high degree, a science and a practical skill worthy the magnificent liberality of
the capitalist who has given him this opportunity to fully display them.
“ The building,” one of the papers informs us, “ will speedily be entirely occu­
pied. The lower floor, front, has been rented by the Independent Mutual Insur­
ance Company ; the third floor, front, is to be occupied by Mr. Sloan, the archi­
tect ; while the second story of the back building is devoted to the offices of Mr.
Grigg (the owner) himself, and very beautiful they are.”




M ercantile M iscellanies.

045

The “ Grigg Building,” as it has been appropriately named, is designed for
banking and insurance offices—to which purposes it has been carefully and studi­
ously adapted, and for which it has been pronounced the most complete and best
arranged building in the city ; and we can imagine no more appropriate building
for the business of fire insurance than one which, like this, is a standing protest
against that flimsiness of construction which prevails too generally, and embodies
in itself a practical assurance against fire.
The Philadelphia critics hardly seem to know which most to admire—the
building or the builder, the edifice which is to “ inaugurate a new style of building,” or the capitalist, who, wdtile not neglecting ornament, (too often deemed
the main point in our modern pasteboard structures,) has set an example to others
by studying the health, comfort, and safety of his tenants as the weightier matter
to be secured, by a wise liberality in the first cost, by thorough lighting and
ventilation, and, above all, by the substitution of iron for all other materials.
The readers of the Merchants' Magazine will remember the interesting biograph­
ical sketch of John Grigg, published in our pages several years since. Something
of the same pioneer spirit which marked his career are there presented—which
led him to strike out new paths in the book-selling business, and open a
new era in the trade of the South and West particularly—we think we see in
this new enterprise of his. To do whatever you do best—to lead others to do
well by doing well—are principles which may be illustrated in building, preached
in stones as well as from pulpits. There is no example more needed than that of
thoroughness in the construction of buildings—no improvement more desirable
than the general substitution of iron for wood. Philadelphia is destined to see
many other structures adorning, like the Grigg Building, her business streets;
and it must be borne in mind that Philadelphia has a two-fold interest in this
matter. We do not see what there is to prevent that city becoming the great
center of our manufactures of iron, and ultimately of cotton and woolens—holding
the same pre-eminence here that New York must continue to hold as the commer­
cial center of the country.
THE « ALMIGHTY DOLLAR ” —JUSTICE TO CANADA,

The Canadian Times is down upon our correspondent, A. B. J o h n s o n , Esq.,
the author of the article upon “ The Almighty Dollar,” published in the Mer­
chants' Magazine, for January, 1857, (vol. xxxvi., pages 48-52.) The Times,
after giving the contents of that number, goes on to say:—■
“ We are always profited by reading this multum inparvo, because we are sure
of gaining valuable information from its pages. We have been in the habit of
placing great reliance upon its statements, which are generally very correct; but
must confess that in reading the article, ‘ The Almighty Dollar,’ our confidence
has been somewhat shaken. We think the writer has allowed his national preju­
dices to carry him to excess. He has looked at his own land by means of a
microscope, and at others—especially Canada—by means of an inverted telescope.
He says, ‘ In Canada, money pursuits are inferior in dignity to officialism— civil,
ecclesiastical, military, and naval—consequently the toiling masses stagnate from
conscious inferiority; from the sad feeling that Dr. Johnson designated as scoundrelism, and are active to only the degree necessitated by their animal wants.
Population hardly keeps from diminution, and immigrants arrive there only to
comprehend that the palsy which afflicted the land they left, afflicts Canada also,




646

M ercantile M iscellanies.

and to pass through it to the States, where they at once become vigorously active
in a scramble lor a common object.’
“ Now we are always willing to pardon a little egotism in our neighbors of the
States, in consideration of the many good qualities they possess, and of their
natural predeliction for boasting ; but the above statement is too unfair and in­
correct to be passed unnoticed.
“ We suppose the writer, like Rip Van Winkle, must have slept for a quarter
of a century, and not being fully awake when he began to write, he bases his
calculations of the population of Canada on data which were venerable by age,
even when somnolency prostrated his faculties; hence his assertion, ‘ population
hardly keeps from diminution.’ To suppose otherwise, is to give him little credit
for veracity or research. As to our ‘ toiling masses stagnating from conscious in­
feriority,’ we think the writer, in his half-conscious state, must have been musing
over the Southern States of the Union, when he penned that phrase, and unwit­
tingly applied it to Canada. If the writer has ever crossed the lake, so near his
residence, he must have seen that the toiling masses of Canada were in no respect
inferior to the same classes on his own side of the lake, though they may not wor­
ship the ‘ Almighty Dollar ’ with that degrading prostration so common to his
countrymen ; and as to a consciousness of inferiority, if he saw it evinced by any
class, it would be by those poor unfortunate refugees who have, at great peril,
fled to Canada, that they may enjoy those rights their native country denied them
— the rights of manhood.”
We are inclined to believe that the strictures of our Canadian cotemporary
are well founded, and that our correspondent, Mr. Johnson, is liable to the charge
of not being “ posted up” on the progress of Canada West. Within the brief
period of twenty years Canada West has made most rapid advance in population,
in wealth, and in all the various arts which can minister to man’s material enjoy­
ments, with a nearly corresponding progress in the moral condition and the gen­
eral tone of society. Land is so cheap and easily attainable that every industri­
ous person may, in a short time, become a freeholder. And perhaps there is no
class in America who really live more comfortably than those men in Canada
West who have cleared farms, and know how to make a proper use of them.
Still, more striking signs of the progress of the province are seen in the rapidity
with which its cities and towns have been built up. In fact, we consider that
the progress of our neighbor is satisfactory from every point of view, and yet
this should not be credited wholly to Canadian exertions, since it has been in
great part owing to the infusion of vitality by the influx of an excellent class of
settlers from the United States, and by a still greater (in number) influx of de­
sirable immigrants from England and Ireland.
BRIEF BIOGRAPHY OF A BOSTON MERCHANT.

The Boston Transcript of March 7, 1857, announced the death of W i l l i a m
W o r t h i n g t o n , one of the oldest and most respectable merchants of Boston. He
died at his residence in Dorchester, on Friday, the 6th of March, of hemorrhage
Of the lungs, in the 73d year of his age.
Mr. Worthington was a native of Colchester, Conn. He came to Boston
when a lad, and has been known in business circles for more than half a century,
lie occupied a store on Central wharf for a longer period than any merchant
thereon. He was a director of the New England Bank for some thirty-three
years, and during the last quarter of a century he has been an active member and
wise counselor of most of the well established benevolent organizations of




M ercantile Misecellanies.

647

Boston. He was a life member of the American Unitarian Association, and for
more than thirty years served as deacon of the New South Church in Boston.
In all the relations of life, the deceased was known as a man of sterling integrity,
whose actions were based upon the deepest Christian principles.
It is the lot of but few men engaged in active business to reach the age of
more than three score and ten years, with so pure a reputation, so upright and
honorable a character, as is universally awarded to Mr. W . Such men serve to
redeem the mercantile profession from the stain it oftentimes receives by the ac­
tions of selfish, mean, or unprincipled merchants. A t the death of William Par­
sons, some years ago, the late Rev. Dr. Alexander Young preached a discourse,
which was published in the Merchants' Magazine, .on the “ Good Merchant,” and
sketched with great fidelity his ideal of that character. Some of those who
heard the sermon, and others who have perused it on the printed page, have thought
the preacher was portraying the life and character of W o r t h i n g t o n , at the time
he was ofiering a tribute to the memory of an esteemed parishioner.
As we contemplate the useful life and noble example of the deceased, says our
cotemporary of the Transcript, the following lines from an anonymous poet
seems to have almost been written for the comfort of his relatives and friends :—
I looked upon the righteous man,
And heard the holy prayer
Which rose above that breathless form,
To soothe the mourners’ care,
And felt how precious was the gift
He to his loved ones gave,—
The stainless memory of the just,
The wealth beyond the grave.

INDORSING

NOTES.

A Philadelphia merchant and millionaire sends us the following article from
the Keokuk 'Times. Our correspondent, who has had forty years’ experience in
mercantile life, thinks it worthy of a place in the pages of the Merchants' Maga­
zine, and further, that it should be “ inscribed” on every counting-house desk, on
every work-bench, and on every professional man’s writing-table, and made
a golden rule of conduct for every one entering the battle of business com­
petition. The opinion of our veteran friend needs no indorsement. His paper
is good, and his notes are entitled to a wide circulation.
In a city of the commercial importance of Keokuk, it may not be amiss to
make a few suggestions, however homely they may be, upon the practice of in­
dorsing notes. We are aware that many have made themselves independently
rich by the use of accommodation paper, and will deride anything that may be said
against indorsing. We are also aware that many of these same men who are
able to dress “ in purple and gold, and in fine linen, and fare sumptuously every
day,” do so while they who made their notes negotiable are living in poverty
through their misguided friendship.
It has been well said that there are many things in this world which every man
has to learn for himself, and it seems to us that the folly of indorsing is one of
them. Although tens of thousands have been brought from affluence to at least
comparative poverty, yet tens of thousands, with all these examples before them,
continue in the practice of indorsing for others merely because in business life
the accommodation is reciprocal. Many who indorse paper with impunity for
years, oftentimes find themselves brought to bankruptcy in the end, and are com­




618

M ercantile M iscellanies.

pelled to devote that portion of their lives which should be passed in quiet seclu­
sion from the turmoil of a business life, not in carrying- out their ambitious day­
dreams, but in liquidating the debts contracted by their misguided folly. Sir
Walter Scott, who had yearly added acre upon acre to his extensive domain,
awakened one morning to find himself ruined to utter bankruptcy ihrough in­
dorsing. Even Barnum, who never failed in the world of humbug, and who was
looked upon as the personification of shrewdness, was ruined by this delusive
habit. The whole world is full of bankrupts, who can trace their present con­
dition to the too liberal use of their names upon accommodation paper. Yet the
balance of mankind appear to be no more cautious, with all these examples be­
fore them. No one should ever indorse an accommodation note, for the financier­
ing which raises money in this way is radically wrong. Although it is generally
regarded as the cheapest, it is really the very dearest method; for the person who
indorses for you is sure, at some time or other, to want you to indorse in return;
by accommodating your friends in this way, you put your fortune at the hazard
of many casualties, entirely beyond your control. Hard times come on, and of
course bankruptcy follows.
If so much can be said against this practice when there is a mutual consider
tion, an exchange of indorsements, how much can be urged against it when a
man indorses from motives of private friendship, and not as a business courtesy ?
There are hundreds of men who will indorse for another, to whom they would not
sell a bill of goods on credit, merely because they lack the moral courage to say
no. In such cases, it would be wiser to give the applicant at once the amount of
money you could afford to throw away—for then you know just exactly where
you are ; if you indorse for him he may involve you to a greater amount than
you can pay, and when you pay, as most likely you will, it will bo at the very
time that any draw upon your finances may sadly injure and inconvenience you.
Private friendship, no matter how close, has no claims upon one person to indorse
for another ; and any one who takes offense at a refusal to do so. is not worthy
the name of friend, for you may rely that he is profoundly ignorant of that where­
in true friendship consists—that relation giving no man a right to ruin another.

A QUAKER

BARGAIN.

The Boston Post relates an anecdote of a mercantile transaction, which is
hardly in keeping with the general character of that broadbrimmed, drab-colored
portion of the human race. We have heretofore had occasion to record in the
pages of the Merchants’ Magazine some noble examples of Quaker honor and in­
tegrity. W e give, however, the story of the Post, although we are not prepared
to vouch for its accuracy. Here it is :—
Some few years since a merchant, who lived upon the eastern seaboard, bar­
gained with an honest Quaker for a lot of cider. It was delivered upon the wharf
in due time, neatly barrelled, the bungs carefully covered with tins nicely and
strongly nailed down. The buyer being a shrewed and a careful man, always,
right after his business, took a notion that he would try the wares before he sent
them off. Accordingly, he ripped up one tin, and knocked out the bung of a bar­
rel, inserted his proof-glass, and found the liquor was very far from being what
the Quaker had showed him, and what he bargained for. He tried another, and
another—it was all the same—a villainous mixture of hard, musty cider, with
molasses and water. He sought out the sanctified seller, and demanded an explan­
ation. Old Broadbrim was cornered, but not nonplussed, or in the least abashed;
he owned up. for he could not do otherwise; but with the blandest and smoothest
manner possible excused himself by saying, “ Friend Jennings, I thought that thee
was to ship it into a far-off country.”




The B ook

TH E

T rade.

649

BOOK TR A D E.

1. — The Architectural Instructor: containing a History of Architecture from
the Earliest Ages to the Present Time ; illustrated with nearly Two Hundred
and Fifty Engravings of Ancient, Medieval, and Modern Cities, Temples,
Palaces, Cathedrals, and Monuments; also, the Greek and early Roman Classic
Orders, their Principles and Beauties; with a large number of Original De­
signs of Cottages, Villas, and Mansions of different sizes, accompanied with
Practical Observations on Construction, with all the important Details, on a
Scale sufficiently large and definite to enable the Builder to execute with ac­
curacy ; and further Designs of Churches, Monuments, and Public Buildings;
together with a Glossary of Architectural Terms : the whole being the result
of more than Thirty Years' Professional Business. By M inard L afever ,
Architect. 4to., pp. 526. New York : G. P. Putnam & Co.
This is a complete cyclopedia of architecture, being a perfect storehouse of in­
formation about every department of the art. Each chapter bears evidence of
the most careful study and sound judgment of the author, who, sparing no efforts
in his researches, has brought toge’ her everything that could be desired relative
to the science of construction ; and at the same time, has so successfully and in­
telligibly written out his treatise, that it is adapted not only for professional, but
also for popular, use. For the man who is about to build, as well as for the
working architect, Mr. Lafever's work wid be of the highest utility. At the
present time, a better knowledge of architecture is very generally sought after,
and a spirit for building well is rapidly increasing throughout our country. This
volume will contribute much to the improvement of the national taste. Its au­
thor was architect of many of the elegant structures which adorn New York
and its vicinity. In Brooklyn, he was the architect of the Church of the Holy
Trinity, which will lose nothing by comparison with Trinity Church, New York,
and by many is considered to be its superior; of the Packer Collegiate Institute,
which is the best building in the United States devoted to education ; and of the
Brooklyn Savings Bank. Prescott, the historian, says that “ the surest test of a
civilization of a people is to be found in their architecture, which presents so
noble a field for the display of the grand and the beautiful, and which, at the
same time, is so intimately connected with the essential comforts of life.” Mr.
Lafever’s great work presents a full history of the styles of architecture of an­
cient and modern nations, and shows how our nation may successfully adopt all
those features in them which are really advantageous. In his own original de­
signs he has made use of many combinations of styles, with a view of allowing
free scope to individual taste. Our position is unfavorable to a speedy develop­
ment of national taste, but with such books as this for the guidance of our citi­
zens, we may confidently expect that if its instructions are followed, the structures
henceforth erected will at least correspond to our general advancement in civiliz­
ation and our prosperity.
2. — Incidents on Land and Water; or Four Years on the Pacific Coast, being
a Narrative of the Burning of the ships Noriantum, Hurnayoon, and Fanchon,
together with many Startling and Interesting Adventures on Sea and Land.
By Mrs. D. B. B ates. 12mo., pp. 334. Boston : Janies French & Co.
The occupation of California by the American branch of the Anglo-Saxon
race has not only developed the riches of that El Dorado, but a host of authors,
who have found a rich field on which to exercise their genius, and if not to coin
gold from the mines, they may, perchance, from their brains. Mrs. Bates, be­
sides giving a simple, unembellished history of portions of her “ life’s experience,”
and many interesting incidents on “ land and water,” has furnished some clever
descriptions of matters and things in general, that will interest those who may
entertain the idea of seeking their fortunes on the Pacific side of the United
States. It is, on the whole, a clever book, printed on typo large enough for weak
or age-dimmed eyes.




650

The Book Trade.

3. — The New England Business Directory; in which the Mercantile, Profes­
sional. Manufacturing', and Mechanical Departments are Compiled and Alpha­
betically Arranged under their respective Headings; also, Information respect­
ing Banks, Insurance, Railroad, and other Companies, with a variety of useful
Information. By G e o r g e A d a m s , 1856.
This is a large octaco volume of nearly eight hundred pages, with an appendix
of more than one hundred, which are devoted to advertisements of the best houses
in almost every branch of business. Besides its completeness as a directory for
the entire commercial and industrial community of the New England States, it
contains a vast amount of statistical and other information, constituting it a val­
uable book of reference for all classes. It gives, for instance, a tabular stat ment
of the population of every town and county in these States for 1850, and of Mas­
sachusetts for 1850 and 1855. There are also tables of the manufacturing com­
panies in New England, exhibiting their location, officers, the capital invested,
and a description of the kind of goods produced by each establishment, &c. The
commercial and industrial community are under many obligations to the enter­
prising publisher for his untiring labors in a literature so eminently practical in
all its bearings.
4. — The Massachusetts Register; containing a Record of the Government and
Institutions of the State, together with a Variety of Useful Information. For
the Year 1857. By G e o r g e A d a m s .
The Register of Mr. Adams for 1857 contains, besides the usual variety of in­
formation respecting the government and institutions of the Commonwealth, com­
plete lists of the professional classes, the Legislature, State and county officers,
the municipal organizations of the several cities in the State for the year, courts,
commissioners and justices of the peace, banks, insurance and manufacturing
companies, colleges, academies, &c. It is, on the whole, the most complete local
reference-book for business and professional men published in this country. We
would suggest to Mr. Adams the idea of extending his labors into the great State
of New York, where he will find an ample field for his enterprise and industry,
and probably without meeting with any successful competition.
5. — Hale’s Debates and Proceedings in the Massachusetts Legislature, at the
Session which was begun at the State House in Boston on Wednesday, the 2d
day of January, and was prorogued on Friday, the 6th day of June, 1856.
This volume, covering four hundred and twenty-four royal octavo, double-col­
umned pages, contains the debates, proceedings, &c., as reported, with some ad­
ditions and corrections, for the Boston Daily Advertiser. Mr. Charles Hale, the
editor and publisher of the volume, was a member of the Legislature during the
session of 1856, and we are gratified to notice his return for the present year.
Irrespective of all party considerations, his education, intelligence, and industry,
fit him well for the position of a legislator. We trust he will be retained for
many years in that position, and that he will continue the yearly publication of
the debates and proceedings of Massachusetts. The Legislature of that State
should encourage the enterprise by ordering copies enough, at least, to supply ihe
members of both houses and the public libraries of the State, and the historical
societies in every State of the Union. The Boston Daily Advertiser is the only
journal in Massachusetts that gives the yeas and nays on all important questions,
and these are, of course, incorporated in this volume of. legislative proceedings.
6. — Daisy's Necklace; and What Came of It. (A Literary Episode.) By T.
B. A i .drich . 12mo., pp. 225. New York : Derby & Jackson.
In this little extravaganza, Mr. Aldrich has described, in an autobiographical
sort of way, a well-meaning, but somewhat vain, young gentleman, who, having
flirted desperately with the magazines, takes it into his silly head to write a novel.
This novel, according to the author, is “ such a one as a young man with fine
taste and crude talent might p rod u ceb u t, according to our opinion, it is skill­
fully elaborated. By this charming book, Mr. Aldrich has permanently secured
a high rank among our popular authors of delightful fiction.




T h e B o o k T rade,

651

7. — An Analytical Concordance to the Sacred Scriptures ; or the Bible presented
under Distinct and Classified Heads or Topics. Edited by J o it n E a d i e , D. D.,
LL. I)., Professor of Biblical Literature to the United Presbyterian Church,
author of “ Biblical Cyclopedia,” etc., etc. Royal 8vo., pp. 776. Boston:
Gould & Lincoln.
This work, which we have examined with more than ordinary interest, is unique
in its character. It is a concordance, not of words, but of subjects, and possesses
an essentially original and distinctive character. It is the whole Bible, so dis­
tributed as to bring together all those passages of Scripture which relate to one
subject under one general head, and then assorted under many subordinate heads.
The purchaser, we quote from the American edition, gets not only a concordance,
but also a complete Bible in this volume. The superior convenience arising out
of this fact—saving, as it does, the necessity of having two books at hand, and
of making two references, instead of one— will be readily apparent. To clergy­
men, theological students, Sabbath-school superintendents and teachers, it will be
found exceedingly convenient To authors and literary men, who would interlard
their compositions with the sublime and beautiful language of that extraordinary
book, it will be found almost equally useful. Another feature of the work, to
which our attention has been called, and whic:. deserves special notice, is the
synopsis, which presents, in brief compass, the contents of the whole work. In
addition to the synopsis, we have an index, embracing some two thousand leading
words, arranged in alphabetical order. The work is, in short, the books of the
Old and New Testaments printed under classified heads. For instance, take the
first article - Agriculture—and the reader will find all that is said in Scripture
as to the land and farms of Canaan, the processes of husbandry, such as plowing,
sowing, reaping, &e., and the allusions to them contained in the prophets and in
the parables of Christ, with much more of similar import.
8. —Annual of Scientific Discovery; or Year-Book of Facts in Science and
Art, exhibiting the most important Discoveries and Improvements, &c , &c.
Edited by D a v i d A. W e l l s , A. M., editor of the “ Year-Book of Agricul­
ture,” &c. 12mo., pp. 406. Boston : Gould & Lincoln. New York : G. P.
Putnam.
The eighth annual issue of this valuable book will compare favorably with pre­
vious volumes, and it is more complete than the English Year-Book of so many
years’ standing. It embraces, in its well arranged and classified pages, all the
most important discoveries and improvements in mechanics, useful arts, natural
philosophy, chemistry, astronomy, meteorology, zoology, botany, mineralogy, ge­
ology, geography, and antiquities, together with a list of recent scientific publi­
cations, a classified list of patents, obituaries oi eminent scientific men, notes on
the progress of science in the United States during the year 1856. It is inter­
esting as a record of the world’s progress in natural philosophy, science, and the
industrial arts, and valuable as a book for present and future reference. Mr.
Wells, the compiler of this and works of a kindred character, deserves the thanks
of the public for his careful gleanings and gatherings in the fields of useful knowl­
edge. The annual continuance of the work is placed beyond the reach of chance.
As a commercial enterprise, it has been eminently successful.
9. — Whistler; or the Manly Boy. By W a l t e r A i m w e l l , author of “ Oscar,”
“ Clinton,” “ Ella,” etc. With Illustrations. 16mo., pp. 308. Boston:
Gould & Lincoln.
This is the fourth of “ the Aimwell Stories,” which are designed for boys and
girls. They are illustrative of youthful character, and while they happily com­
bine instruction with amusement, they also have an excellent moral tendency.
The object of the present volume is to show that a youth may still be a real boy
in his tastes, pursuits, and feelings, and yet exhibit something of true manliness
in his spirit and deportment.




652

The B ook

Trade.

10. — Brittany and La Vendee. Tales and Sketches. With a notice of the Life
and Literary Character of Emile Souvestre. 16mo., pp. 301. New York:
Dix, Edwards & Co.
>
M. Emile Souvestre, whose brilliant career was terminated by sudden death in
1854, was one of the most distinguished modern authors of Prance. He was a
novelist, with a philosophic bias; his heart beat quick with pity, love, and sym­
pathy for the lower classes ; and he sought by his works to better their condition
and prospects. He exhibited humanity in its more cheering phases, believing
that the domain of goodness is more extended on the face of the earth than that
of wickedness, and that it is progressively expanding. A t his death, the
Aeademie Francaise voted to his widow the testimonial founded by M. Lambert
for the recognition of the writer who had been most useful to his country. The
tales and sketches in this volume are all spirited, natural, and of a high order of
merit; and have for us the additional charm of novelty, as embodying the man­
ners and customs of a people of whom we know but little. They are preceded
by a biographical sketch of the author, which narrates many affecting incidents
in his life, and portrays the features of his character.
11. —A Journey through Texas; or a Saddle Trip on the Southwestern Frontier.
With a Statistical Appendix. By F r e d e r i c k L a w O l m s t e d , author of “ A
Journey in the Seaboard Slave States.” “ Walks and Talks of an American
Farmer in England,” etc., etc. 12mo., pp. 516. New Y ork: Dix, Edwards
& Co.
This is a work of considerable interest, and has been in preparation for a long
time. By his previous volume on the “ Seaboard Slave States,” noticed in a
former number of this Magazine, and other works, Mr. Olmsted has established
his reputation as a careful observer and candid reporter of whatever facts of na­
ture and science he has met with in his travels. The great extent and capacities
of Texas, as well as its distinct position and history, induced the author to devote
a separate volume to this rapidly-growing State. His narrative is full of facts
relative to the sections visited, and interesting incidents of his trip. Tables of
such statistics as are most useful for reference arc grouped in an appendix.
12. —Manual of United Stales History, from 1492 to 1850. By S a m u e l E l i o t ,
author of a “ History of Liberty,” and Professor of History and Literature in
Trinity College. 8vo., pp. 483. Boston : Hickling, Swan & Brewer.
This work supplies a want in the historical literature of the country. The
scholarly author has been eminently successful in his design of providing a work,
“ in which the leading principles and the leading facts of our history are set forth
side by side.” The work is of moderate extent, and space is given to transactions
in proportion to their magnitude and importance—a few days in some parts of
the history cover as many pages as a long series of less-eventful years in others.
It is, on the whole, a concise, admirably-arranged outline of history, well calcu­
lated to “ suggest comprehensive conceptions of the whole, rather than complete
views of any part.” Although the author has, in its preparation, relied princi­
pally upon original authorities, he cheerfully acknowledges his obligations to such
works as Irving’s Columbus, O’Callaghan’s and Broadhead's histories of New
York under the Dutch, Spark’s Appendixes to the Writings of Washington,
Lossing’s Field-Book of the Revolution, and last, but not least, Hildreth’s His­
tory of the United States.
13. — Stories of the Island World. By C h a r l e s N o r d h o f f , author of Man-ofwar Life,” “ The Merchant Vessel,” “ Whaling and Fishing,” etc. lGmo.,
pp. 315. New Y ork : Harper & Brothers.
W e have commended the several volumes of this author as they have appeared,
and now we have another, which also appears to be a model in its way. The sub­
jects of this volume are—Madagascar, Java, Iceland, Ceylon, and New Zealand.
The narration is professedly given to children by a youth, their brother, who has
visited these distant portions of the world, having passed several years as a sailor.
Each of these large islands is described, with all desirable detail, and in an un­
usually entertaining and instructive style.




T h e B o o k T rade.

653

14. — Lectures on the British Poets. By H e n r y R e e d , late Professor of Eng­
lish Literature in the University of Pennsylvania. In two volumes. 12mo.,
pp. 328, 312. Philadelphia : Parry & McMillan.
The great success of the two volumes of the late Henry Reed’s lectures—the
first on “ English Literature,” and the second on “ History as illustrated by
Shakspeare’s plays,” induced his brother, Wm. B. Reed, to publish the
present series, still more complete, on the “ British Poets.” These lectures,
which were delivered in 1841, are now printed from the author’s manuscript,
with no other alteration, as we are informed, than the omission of passages
which he had used in his second course. The present volumes, we regret to
learn, are the last that will be published. The two volumes contain fifteen
lectures, with the addition of twrn pages on kindred subjects—one on English
Sonnets, and another on Hartly Coleridge, and includes the names of Chaucer,
Spencer, Shakspeare, Milton, Burns, Coleridge, Southey, Byron, Wordsworth,
&c. The publication of these volumes is well timed, since they will be highly
prized by all who are adding to their libraries, Little, Brown & Co.'s unrivaled
edition of the “ British Poets.”

(

15. — Sylvia; or, the Lost Shepherd. An Eclogue. And other Poems. By
T hom as B u ch an an R e a d .
12mo., pp. 158. Philadelphia: Parry & Mc­
Millan.
Mr. Read is a painter and a poet.
He was born in 1822, and in 1847
published his first volume of poems, which was followed by a second, “ Lays
and Ballads,” in 1848. A volume of his poems has been published in London,
and another in Philadelphia, during the author’s residence in Italy, The New
Paslorial. The present volume contains some of the latest productions of his
pen. “ Sylvia, or the Lost Shepherd,” which, with the shorter pieces, exhibit
“ a steady progress and development in the confidence of the writer, in plain and
simple objects, and in strength of fancy and poetic culture.”
16. — The Poetical Works of Thomas Hood. In two volumes, pp. 448 and 453.
Boston : Little, Brown & Co.
We noticed in a former number of this Magazine the publication of the
poems of Longfellow complete, in two volumes, and Tennyson’s, in one, (in size
about five-and a-half inches long by three-and a-half wide,) by Ticknor & Fields.
The two poets were done up in blue cloth and gold, forming, materially, the com­
mencement of a series of as chaste and beautiful volumes as the most fastidious
taste could desire. Now we have before us the poetical works of Hood, in two
volumes, a perfect match for the series so auspiciously commenced by the pub­
lishers of Longfellow and Tennyson. Indeed, we have never before seen such a
perfect fac simile in the outward appearance of books emanating from different
houses. Were there not a good understanding between both of the honorable
publishing houses, we would recommend one or the other to commence an action
for “ counterfeiting ” the other’s “ trade-marks.”
17. —Arctic Adventure by Sea and Land, from the Earliest Date to the Last Ex­
peditions in search of Sir John Franklin. Edited by E p e s S a r g e n t . With
Maps and Illustrations. 12mo., pp. 480. Boston : Phillips, Sampson & Co.
This timely publication is designed to present a synopsis of what has been done
by the explorers of the Arctic Ocean, and more especially to be used in connec­
tion with the narratives of Dr. Kane. The editor has accordingly prepared a
continuous account of Arctic Explorations from the time of the Cabots, the Cortereals, and Sir Hugh Willoughby, and condensed the narratives of Ross, Parry,
Franklin, Beechey, Back, and others, including also that of Lt. Sherard Osborn,
the latest Arctic historian, who, in his account of M’Clure’s expedition, and of
the discovery of a northwest passage, has given us the record of some of the
greatest achievements in the Arctic regions. The volume is illustrated with many
excellent engravings and a valuable map of the countries around the North Pole.
The frontispiece is a likeness of Dr. Kane, whose heroic career will ever be promi­
nent in the memory and annals of mankind.




654

The B o o k

Trade.

18. — Life of Mary Jemison, (Deh-he-wa-mis.) By J a m e s S e a v e r . Fourth
Edition, with Geographical and Explanatory Notes. 12mo., pp. 312. Roch­
ester : I). M. Dewey. New York : Miller, Orton & Mulligan.
Mary Jemison, “ the white Indian woman of the Genesee,” was taken captive
at Marsh Creek, Pennsylvania, in the year 1755, at the age of thirteen, by a band
of Shawnees. She continued to live among the Six Nations, or Iroquois, for a
period of seventy-eight years, or until her death, in 1833. She was twice mar­
ried to Indian husbands, and raised a large family of Indian children. When the
Indian lands in Western New York were sold, she was granted a reservation of
nineteen thousand acres on the Genesee River, near the present site of Cuylerville,
upon which she resided until 1831, when she removed to Buffalo Creek Reserva­
tion, where she died. From the manner in which she lived, and the circumstances
under which she was placed, no white person ever enjoyed greater advantages for
giving authentic accounts of what transpired among the Indians of New York.
This work was prepared in 1823 from the recitals of Mary Jemison herself, and
was first published in 1824. As now issued, it will be generally welcomed as an
important record of events connected with the settlement of Western New York.
19. — Arctic Exploration, and Discoveries during the Nineteenth Century ; being
detailed Accounts of the several Expeditions to the North Seas, both English
and American, conducted by Ross, Parry, Back, Franklin, McClure, and other;
including the First Grinnell Expedition under Lieutenant De Haven, and the
final Effort of Dr. E. K. Kane in Search of Sir John Franklin. Edited and
Completed by S a m u e l M. S m u c k e r , A. M., author of ‘ Court and Reign of
Catherine II.,” “ Nicholas I.,” “ Memorable Scenes in French History.” '• His­
tory of the Mormons,” etc. 12mo., pp. 517. New York: Miller, Orton &
Mulligan.
The above copious title will explain the design of this work, which is well
adapted for popular reading.
20. —Man-of- War L ife: A Boy's Experience in the United States Navy, during
a Voyage around the World, in a Ship-of-the-Line. By C h a r l e s N o r d h o f f ,
author of the “ Merchant Vessel,” “ Whaling and Fishing.” 16mo., pp. 286.
Cincinnati: Moore, Wilstach, Keys & Co. New York : Miller, Orton & Mul­
ligan.
This is evidently an interesting work, and one which should be read by all boys
and young men who ma: have an inclination to go to sea, especially aboard of a
government vessel. It also conveys considerable information relative to the ports
and countries visited during the cruise, particularly China and Japan, with illus­
trative engravings.
21. — The Poetical Works of Horace Smith and James Smith, Authors of the
“ Rejected Addresses,” with Portraits and a Biographical Sketch. Edited by
E pes S a rg en t.
12mo., pp. 414. New York: Mason Brothers.
The present is the first American edition of the collected poems of Horace
Smith. Many of them have been printed in our newspapers and magazines, and
not a few' are favorites, familiar to all true lovers of poetry. About one-third of
his poems are humorous pieces, which are mainly neat and lively versifications of
anecdotes that usually carry with them a point, if not a moral. The poems by
James Smith form the smaller part of the volume, and though of a different char­
acter, are equally as entertaining as the former, being so many daguerreotypes of
London society in the first half of the nineteenth century. But it is to the “ Re­
jected Addresses ” that these ingenious brothers are mainly indebted for their
celebrity, and this work still retains its popularity undiminished.
— Henry Lyle, or Life and Existence. By E m i l i a M a r r y a t t , daughter of the
late Captain Marryatt. Authoress of “ Temper,” etc. 12mo., pp. 400. New
York : Garrett, Dick & Fitzgerald.
A captivating work of fiction, embodying the most effective arguments against
the infidel tendencies of the present day, and without the spirit of bigotry or
religious controversy.
22.




T h e B o o k T rade.

655

23. — Adventures in the Wilds of the United States and British American Prov­
inces. By C h a r l e s B a u m a n , author of “ Essays for Summer Hours,” “ Private
Life of Daniel Webster,” etc., etc. Illustrated by the author and O s c a r B e s s a u .
With an Appendix by Lieut. C a m p b e l l H a r d y . In 2 vols., 8vo., pp. 514,
517. Philadelphia: John W. Moore.
These elegant volumes are composed of materials gathered by the author within
the last ten years, while performing occasional tours into almost every nook and
corner of the United States, and the neighboring British Provinces. It is a kind
of cyclopedia of American scenery and personal adventure, and of traveling inci­
dents, calculated to exhibit the manners and customs of our people, and interest
the lovers of natural history. The several parts of the work have been pre­
viously published in small, distinct volumes, and were favorably received by
the public. The author’s preface contains highly commendatory letters from
Washington Irving and Edward Everett. Each volume is embellished with
six superior engravings ; while the type, paper, and binding, leave nothing
to be desired in perusing its fascinating pages. The first volume contains—
1. A Summer in the Wilderness (of the upper Mississippi;) 2. A Tour to the
River Saguenay; 3. Letters from the Alleghany Mountains; and, 4. The
Sources of the Potomac. The second volume contains— 1. A Tour to the River
Restigouche; 2. A Winter in the South; 3. Occasional Records; and, 4. The
Appendix— which consists of extracts from Lieut. Hardy’s work on “ Sporting
Adventures in the New World,” relative to angling and moose-hunting in Nova
Scotia. Every part of each volume contains delightful reading, and our belief
readily coincides with that of Washington Irving— “ that the work will be well
received, and meet with the wide circulation which it assuredly merits.”
24. — The Fraserian Papers of the late William Maginn, LL.D. Annotated,
with a Life of the Author, by R. S h e l t o n M a c k e n z i e , D. C.L., editor of
“ Noctes Ambrosian®,” “ Shiel’s Sketches of the Irish Bar,” “ Lady Morgan’s
Historical Romances,” etc. 12mo., pp. 358. New York : Redfield.
This is the fifth and concluding volume of the series of Maginu’s Miscellanies,
published in uniform and handsome style by Redfield, and which, as we are in­
formed, have met with much success. The writings of Dr. Maginn abound with
wit and humor, and deserve to be handed down to posterity in an enduring form,
despite of the blemishes. He was a man of great learning, and some of his articles
are sound and earnest. The present volume contains his contributions to Fraser’s
Magazine, with which he was connected from its commencement. The first of
these is, what purports to be, an account of the election of the editor of the maga­
zine—in which Dr. Maginn describes very accurately the literati whom he intro­
duces, and hits off, with considerable spirit and much truth, their peculiarities
of manner and language. Dr. Mackenzie’s memoir of Dr. Maginn occupies a
hundred pages, and appears to have been prepared with rigid fidelity to the facts.
He says of his labor, that “ it will not have been executed in vain, if it show to
living aspirants for literary distinction, that genius is of little worth, in that ex­
citing struggle, unless it be accompanied and supported by solidity of character
and discretion of conduct.”
25. — Words for the Hour. By the author of “ Passion Flowers.”
165. Boston : Ticknor & Fields.

16mo., pp.

Strength of thought and nobility of sentiment are the leading characteristics
of this volume of poetry. The intensely poetic nature of the author’s mind is
manifest in the eloquent and majestic strains found upon every page. In many
of the poems there is a degree of obscurity in the quaintness and crudeness of
expression, which is not unfrequently combined with a want of musical harmony.
Throughout the greater part of the volume there is an undertone of sadness, which
affects unfavorably its adaptation to the firesides of the reading public, but will
make it more dear to those whose hearts have been tinged with sorrow ; yet there
are portions of it which afford unmixed pleasure, wherein agreeable conceptions
are delightfully expressed.




656

T h e B o o k T rade.

26. — Usury, Fuads, Banking, Monopoly, Forestalling, Traffic, G-allican Liberties,
Graves, Anatomy, etc. By J e r e m i a h O ’ C a l l a g h a n , Catholic priest. New
Tork : D. & J. Sadlier & Co.
The author of this work, a Catholic priest, maintains that usury and banking,
and the taking any interest for money loaned, are against the law of God. We
believe that he has been “ persecuted,” by some of the brethren of “ the Church,”
for entertaining or advocating views so opposed to the commercial spirit of the
age; and he gives, in the opening part of his work, a “ narrative of his trials and
travels in regard to usury.” He goes further than our friend Edward Kellogg,
sometime a merchant in New York, who has written a book, entitled “ Labor
and other Capital,” to show that one per cent per annum is all that should be
taken on loans, and who would have that rate established by law. Now Mr.
Kellogg is a good and honest man, but not, perhaps, as consistent as Mr. O’Cal­
laghan— for the former gives and receives a much higher rate for money or its
equivalent, while the latter, we are told, has refused the “ elements” of the Church
to the receivers of usury. Besides the usury question, several other matters, as
forestalling, monopoly, traffic, banking, &c., are treated by the learned author.
Whatever may be thought of the soundness of his views in regard to some of these
topics, few will, we presume, be disposed to question his entire conscientiousness
in their declaration and advocacy.
27. — The Sultan and his People. By C . O s c a n y a n , of Constantinople. Illus­
trated by a Native of Turkey. 12mo., pp. 456. New York : Derby & Jackson.
The author presents himself to the public a native of Constantinople, and of
American parentage, with the hope that he may unfold some new phases of Tur­
key and Orientalism, which may tend to remove any unfounded prejudices, and
enlighten their minds with regard to the real and existing state of his country.
He refers to the many previous attempts to portray the actual and past condition
of this Oriental empire, and the various lights and shadows in which it has been
pictured, and says that nothing but actual nativity and education among the peo­
ple, with the enlarged views which are acquired by a residence in European coun­
tries, can enable an individual to judge and appreciate the peculiar institutions
of Turkey. He commences his work with an historical sketch of the origin of the
Turks, and then notices their religion, government, civil laws, social conditions,
and domestic relations. Illustrations add to the attractiveness of the volume.
28. — Principles of Government; or Meditations in Exile. By W i l l i a m S m it h
O ’B r i e n .
With Notes to the American Edition. 12mo. Boston • Patrick
Donahoe.
The greater part of this work was composed during the author’s exile in Yan
Diemen’s Land, between the years 1850 and 1854. Owing to the scantiness of
literary resources, he was compelled to generalize his ideas, and to write as a cit­
izen of the world, rather than as an Irish patriot. His work is intended to be
suggestive, not dogmatical. The editor of the American edition has appended
to Mr. O’Brien’s text “ such notes as American experience, or Catholic principles,
would seem to call for.” The publisher has issued the work with the hope that
the author’s attractive name will induce many of his countrymen by birth who
are, or may become, citizens of this republic, to enter with ardor into the study
of political principles.
29. — The Golden Legacy: a story of Life’s Phases.
382. New York : D. Appleton & Co.

By a Lady. 12mo., pp.

The phases of life delineated in this volume readily awakens the interest of
the reader. The author’s pictures of society will be recognized, as being
for the most part true to life, although there appears to be a desparitv between
the boldness of some of the outlines and the tameness of others. The drift of
the moral will be seen from the motto on the title-page—" Therefore all things
whatsoever ye would that men should do to you, do ye even so to them.”