Full text of The Merchants' Magazine and Commercial Review : May 1862, Vol. XLVI, No. V

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T H E

M E R C H A N T S ’ M A G A Z IN E
AND

COMMERCIAL REVIEW,
MAY,

1 86 2.

T HE M I N I N G AND A G R I C U L T U R E

OP M E X I C O .

B y A. K. Shepard.

E v e n in the present difficulties which beset us as a nation, we cannot
but look upon the events which are transpiring in Mexico with the
greatest interest. Aside from the claims upon our attention, originating
from its political condition, its peculiar natural advantages serve to ren­
der it the most attractive of countries.
The traveller by the diligence, within a few hours after leaving the
hot sand-hills o f Vera Cruz, passing through the fertile valleys of Cor^
dova and Orizava, filled with the rich vegetation o f the tropics, upon
approaching the table-lands o f the interior, finds himself in a climate o f
perpetual spring-time. Advancing to the base of the Anahuac Moun­
tains, the cold blasts from the peaks of the “ White Maiden” and the
“ Smoking Mount,” and the surrounding forests o f pine, forcibly remind
him o f our northern latitudes. And this change, from the region o f
palms to that o f pines, has been effected by a journey o f but two hun­
dred miles.
The line o f perpetual snow in the latitude of the valley of Mexico lies
at an elevation o f about 14,000 feet above the level o f the sea ; and there
are three lofty peaks, Popocatepetl, Ixtlacciliuate and Orizava, whose
summits are some 4,000 feet above this line. Orizava, as seen from the
coast, among the broken masses o f the Cordillera, was considered by
H um boldt the noblest peak on the continent. A ll o f them are visible
at once' from portions o f the plain of Puebla, each being higher than
Mont Blanc by some 3,000 feet.
Although at their great altitude the
VOL. X L vi.— no. v.
27




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The Mining and Agriculture o f Mexico.

[May,

atmosphere is so rarified that but few white men have accomplished their
ascent, the Indians of the district are constantly at work in the crater of
Popocatapetl, from which they obtain great quantities o f sulphur. The
hotels of the capital are also supplied with ice from the same source,
though from the outside of the mountain.
The Cordillera mountains traverse the country in a northwesterly di­
rection, and by following the 19th parallel o f latitude from the Gulf of
Mexico to the Pacific, we find not only the greatest general elevation
from coast to coast, but also in its vicinity the highest peaks o f North
America.
To the north o f this line the country gradually becomes even. Near
San Luis Potosi and Monterey large plains intervene between the short
ranges into which the mountains are broken, and these plains decreasing
in elevation, gradually swell into the broad prairies o f Texas.
Towards the south there is also a general descent, though a more
broken country, till we reach the Isthmus of Tehuantepec. It is on the
western slopes of these mountains that, as if in compensation for their
sterility, some of the richest silver mines are found, while on the Atlan­
tic side, with a comparative scarcity of precious metals, the vegetable
products are such as to render it the most prolific region o f North
America.
Here the winds, which prevail from east and northeast, deposit the
moisture which they collect in their passage over the Atlantic and Gulf
of Mexico, enriching the alluvions of the coast, but, being stopped in
their progress by intervening mountains, leave to the table-lands a more
arid climate.
Mexico has always been distinguished, above other countries, by its
mineral wealth. Since the days when C o rtez and P iza r r o plundered
its natives, and those o f Peru, of their treasures, those two countries have
been the greatest silver-producers o f the world.
O f the two, Mexico possesses the advantage of having her mines more
favorably situated, and at lower elevations, which admits of their being
worked with more profit. They yielded, from 1805 to the time o f
H um boldt ’ s visit to the country, according to that author’ s estimates,
$2,027,955,000— o-ver two thousand millions o f dollars ! It is, perhaps,
a little singular, that with all the gold which was found in the country by
the Spanish conquerors, so little should be found at the present time.
That the metal so common among the Aztecs was found nearer their
own valley than California, there is little doubt, and that gold may still
be obtained in such quantities as to well repay the labor o f getting it, is
quite certain. W hile upon the Isthmus o f Tehuantepec, some four years
since, the writer learned, from sources every way reliable, that “ placers”
existed on the Uspanapa River, which has its rise among the mountains
o f Chiapa.
In 1857 a survey of the States o f Guenero and Michoacan was under­
taken, mainly for the purpose of finding coal, which could be taken to
Acapulco for the use o f the Pacific steamers, and thus save a portion of
the immense outlay now necessary to provide those vessels with fuel.
Although not successful in the main object o f the expedition, the party
reported a country rich in precious metals— a region which had never
been thought to possess peculiar advantages. Nor are these the only
accounts of the mineral wealth o f some o f the more sparsely inhabited




1862.]

The Mining and Agriculture o f Mexico.

419

districts, -which are known to possess unopened mines o f surpassing
richness.
The most celebrated mines are those o f Real del Monte, Pachuca and
Catorce, in Central M exico; Zacatecas, Durango and La Candelaria, in
Northern Mexico. The Yalenciana shaft, near Guanaxuato, has been ex­
cavated to a depth o f 1,800 feet, and many others are worked with
profit at depths from 1,000 to 1,500 feet.
In the celebrated Candelaria mine, near Durango, where a depth of
800 feet had been attained, the water was still kept from the shaft by
Indians, who carried it to the surface in raw-hide sacks, climbing up
notched poles. Yet, with such rude management, the mine yielded, for
five years, an annual profit o f from $124,000 to $223,000. The Arevala
mine produced, in seven weeks, in 1811, a clear profit of $200,000.
The greater part of the produce o f the mines near the Pacific coast
finds its way to England; the smuggling operations in bullion being
enormous, often carried on under the protection o f British ships of war.
Quite recently new mines have been discovered in the vicinity o f Mon­
terey and Saltilla, but the ore is generally so impregnated with lead as to
render the extraction o f that metal o f more importance than that of the sil­
ver. Many o f these are in the hands o f Americans, whose smuggling ope­
rations across the Rio Grande rival those o f the English on the Pacific.
Owing to the perpetual revolutionary disturbances, and the general inse­
curity attendant upon them, many mines which were formerly worked
with profit have been abandoned, aud their shafts and galleries are filled
with water. Many mining cities of the north which were, according to
the writings o f the old Spaniards, opulent and important, have now dwin­
dled down to mere villages, whose inhabitants are in constant fear of the
Camanches.
Even those mines which are now being worked are managed in such a
rude and inefficient way as to cause one to wonder at the wealth they
produce. It would be difficult to form an estimate as to what they would
yield if submitted to that energy which has been pouring the treasures
o f California upon the world. The most primitive contrivances are gen­
erally in use for excavating the ore, and afterwards for crushing it pre­
vious to the process o f extracting the silver; but it is this most import­
ant part o f the labor which is usually conducted the most inefficiently.
Ores having a silver produce o f less than 60 ounces to the ton are gen­
erally smelted; those containing 70 to 80 ounces are amalgamated with
mercury, as the best way o f separating the silver from the earth and base
metals with which it is found combined. Several things are to be taken
into consideration before deciding whether a particular ore is best adapted
to smelting or to amalgamation. I f the ore contains large quantities of
lead or copper, it should be smelted, as only the precious metals combine
readily with mercury, and the lead or copper would be lost by the amal­
gamation process. Ores, containing sulphur or iron pyrites, yield de­
cidedly more silver upon being amalgamated, as sulphur is essential to the
success of the process. B y the old Mexican method o f effecting the
amalgamation o f the silver with mercury, the ore and other ingredients
are placed in a “ patio,” or paved court, and exposed to the trampling o f
mules till the combination takes place.
The operation is very tedious, and is sometimes attended by the loss
of all the metal under treatment.




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The Mining and Agriculture o f Mexico.

[May,

It is necessary that the temperature of the mixture in the “ patio”
should be raised to a certain degree in order to effect the combination o f
the mercury with the silver, and if it is exposed too long to the tramp­
ling of the mules, too much heat is engendered, and the metal is conse­
quently lost. It is a matter of great difficulty to determine when the
requisite degree of heat has been attained. Even when the operation is
successful, the yield o f silver is comparatively small, owing to the imper­
fection o f the amalgamation. B y this method the waste o f mercury is
1J to I f pounds to every pound o f silver obtained, a most important
item of expense; moreover, the number of mules lost by the deleterious
action o f the mercury upon their hoofs is immense.
Recently, some o f the foreign companies have introduced the Saxon
method of beneficiating ore, which results in the saving o f 1 pounds of
mercury to each pound o f silver, (over the old way,) besides accomplish­
ing the work in eighteen or twenty hours with little or no risk, and re­
turning at least 15 per cent, more silver from ores o f the same relative
yield. In spite o f the evident advantages o f this system o f beneficiating,
(described at length in U r e ’ s Dictionary of Arts,) the old one is still ad­
hered to by Mexicans with all that tenacity with which they resist every
attempt to introduce modern inventions and improvements.
In addition to mining, the raising o f stock forms an important branch
o f the industrial pursuits of the Mexicans, and few regions are better
adapted to that purpose than the wide plains of the north, and the
open savannas of the south o f the country.
The cattle are left to range at large till they are required for the mar­
ket ; and the horses, till they attain a suitable age for breaking to the
saddle, for which they are used almost exclusively.
Being thus unmolested by man, they acquire a certain wildness of
manner and aspect, which distinguishes them from our northern cattle.
Horses and mules are remarkable for their endurance, which is entirely
disproportioned to their small size. The horses are legitimate descend­
ants of the old Spanish steeds, introduced by the conquerors, and inherit
all the fire and mettle that struck terror to the hearts of the Aztecs.
Each hacienda, er ranch, has its peculiar brand, which is burned upon
:all its stock, and the qualities o f different brands o f horses and cattle are
^discussed in much the same manner as brands o f flour with us. Heavy
penalties are enforced for counterfeiting a brand.
The haciendados, or planters o f Mexico, are, as a class, immensely
wealthy. Their estates are oftener measured by the square mile than by
the acre. The labor is performed by Indians, “ Pcones,” who enjoy the
lot .of slaves in all but the name, being held in bondage for debt. Every
haciendado has upon his plantation a store, where the Indians in his em­
ploy can alone obtain the few necessaries which they require. Here
they are allowed credit to a certain amount, an enormous profit being
charged for every article, and their master is thus enabled to hold them
in his service. A Peon could, previous to the adoption o f the constitu­
tion o f 1857,, be sold by transferring the debt for which he was held.
The price o f labor for field hands varies at from 25 to 37-|- cents per
day.
As is well known, there are three distinct climates in tropical Mexico,
the hot, the temperate and the cold, according to the elevation above the
Jevel of the sea. The most fertile haciendas outside of the “ tierra




The Minina and Aariculture o f Mexico.

421

caliente,” or hot country, are in the valleys o f Puebla and Mexico and
the plains of Apam.
In those districts may be produced, of the finest quality, all the cereals
and most of the fruits and vegetables o f the temperate zone. The great
Mexican staple is Indian corn, o f which two crops a year are raised with
very little labor. The yield is larger than in our most fertile regions.
The modus operandi o f the cultivators of the soil is simple in the ex­
treme, and, it will readily be believed, would fail to produce much but
in the most generous o f soils. The plow is generally made entirely of wood
and has but one handle. The oxen are tied to it by pieces o f hide, a
board, bound upon the horns, answering the purpose o f a yoke.
An Indian brings up the rear, whose attire rivals in simplicity the
shirt collar and spurs o f a Georgia major, consisting merely of a hat and
leather pantaloons, reaching nearly to the knee. And this within so
short a distance of our Yankee civilization, which, however deficient in
some respects, is at least creditable in agricultural implements.
It must be borne in mind, too, that corn which is cultivated in the
primitive way, instead o f being ground by the grist mills, whose pleas­
ant humming is not heard by the water-courses, is mashed by hand by
the patient Indian and half-breed women, and is there made into that re­
lic of Aztec culinary art, the “ tortilla.” When it is stated, that even in
the great city of Mexico, which in many respects rivals the capitals of
Europe, probably seven-eighths o f the inhabitants eat tortillas in prefer­
ence to wheat bread, some idea may be formed of the drudgery imposed
upon women. Next to corn, the most important product of the interior
is the maguey, or American aloe. The expense attending the cultiva­
tion of this plant is small.
It is set out in rows bordering the roads and fields, admirably answer­
ing the purposes o f fences. The leaves being pointed with long sharp
thorns, make a perfectly impassable hedge, requiring no care and present­
ing a much better appearance than the shabby board and rail fences
which mutilate our landscapes.
The juice of the maguey, called “ Pulque,” is drunk in such quanti­
ties, particularly by the lower classes, as to render the cultivation o f the
plant extremely profitable. Tlie glasses used in “ Pulqucrias,” where the
liquor is sold, are of such an enormous size as to positively frighten a
foreigner who essays to “ try” the drink. Besides being highly prized
for its juice, the maguey is also valuable for its fibre, which is made into
a very good quality of rope and cordage, and into sacks for the transport­
ation of sugar and coffee from the plantations o f “ tierra caliente.” The
long hard leaves are used to shingle the adobe, or sun-burned brick
houses of the peasants. The ancient Aztecs manufactured the fibres of
the plant into a coarse kind o f cloth, thus obtaining drink, shelter and
clothing from a single plant.
Before considering the production of those districts, where, owing to
the lower elevation, the climate is purely tropical, the native wine and
brandy of the State of Nueva Leon deserve mention. In this section
the climate and soil are both admirably adapted to the culture of the
grape, and the liquors are of a superior quality. Had the proprietors o f
the vineyards the necessary capital to allow their wines to accumulate
till o f a sufficient age to bear removal, and the enterprise to establish
their brands in the markets of the United States, the wines o f Mexico




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The Mining and Agriculture o f Mexico.

[May,

would soon supplant the spurious articles with which the country is now
overrun; indeed, half a century ago, the wine-growers o f the south of
Spain were greatly alarmed lest the Mexicans should excel the products
o f even that favored region.
In the valley o f Mexico, much of the land is now rendered unfit for
agricultural purposes, from the fact o f its being overflowed by the salt
waters of the lakes. Spasmodic efforts have been made occasionally
towards draining the valley ever since 1829, when the capital was under
water for five years. Should the drainage ever be effected, the valley, with
its fine climate, where frost is unknown, and the thermometer is seldom
higher than 63° in the shade, will indeed be, as the natives call it, the
garden of the world.
But with all the advantages possessed by the high lands, it must be
remembered, that nearly one-half o f the Mexican Bepublic has a purely
tropical climate, and that within a few leagues o f the regions of pines
and firs, grow the palm, the orange and the banana. The lands border­
ing on the Coatzacoalcos, the Alvarado and their tributaries, also
in Tamaulipas and portions o f the western coast, are unequalled in
the excellent quality o f their sugar, cotton, rice, tobacco, coffee and cho­
colate, as well as every species o f tropical fruit, mahogany and other
valuable woods. Here, in the “ tierra caliente,” nature needs no assist­
ance from man. A t the end o f the dry season the agriculturist clears
away, with a “ machete,” or a brush knife, the undergrowth of shrubs
and bushes which spring up with incredible rapidity, and, after exposure
to the sun, burns it, leaving the fields clear. The soil is then ready for
seed. No preparing the land, no manure, no plowing is necessary. The
Indian, in sowing his corn or planting his tobacco, or cane, merely
scratches the soil with the point o f his machete, places his seed, covers
it with a little earth, and leaves the sun and rain to accomplish the work,
only gathering his two bountiful crops. Cotton, which in our Southern
States is an annual, in tropical Mexico is perennial. The sugar-cane
springs year after year from the same root, and upon the Isthmus of
Tehuantepec is of the finest quality, and yields very great quantities of
saccharine matter. Although enormous quantities o f sugar might be ex­
ported, were the country in the hands of an energetic people, the amount
produced is but sufficient for home consumption.
The coffee which is raised in many parts of Mexico is of the best qual­
ity, and the hotels of the large cities are celebrated among travellers for
the peculiar excellence of the beverage they concoct from the native
berry. The following remarks on coffee culture, of a well-kno.wn writer
on Central America, will serve to show the productiveness of a tropical
plantation: “ I f the estimate o f profits should appear large, it must be
remembered that they are the products o f a tropical clime so luxuriant
that people forget the necessity for labor or economy, and in time be­
come too indolent to attend to either the one or the other.”
The following is the estimate of expenses, & c .:
Clearing land, (500 acres,) @ $30 per acre,................................. $ 15,000
Fencing, to enclose,. .........................................................................
2,000
Planting trees, (600,000,) @ $6 per 1,000,...................................
3,600
Seed for trees, living and incidental expenses,.. ........................
1,500
Interest on capital, 7 per cent., two years,...................................
3,094
Total,,




$ 25,194

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The Mining and Agriculture o f Mexico.

423

Now, estimating the profits, allowing the trees to produce but one
pound of coffee each, the third year, 600,000 lbs. coffee @ say 7 cents,
(which is surely low enough, it being equal to the celebrated Mocha,)
$42,000. Deducting expenses, and adding 10 per cent, for labor o f the
last year, leaves a net profit, at the close o f the third year, of $12,606.
This is before the trees have got fully to bearing. It is no uncommon
thing to obtain an aroba, or 25 pounds, from a single tree; but putting
all the trees at an average of 10 pounds a year after the third year,
6,000,000 pounds, at 7 cents, amounts to the snug sum o f $420,000 per
annum. Deduct as much as you please for expenses, and it still leaves a
princely income, which lasts for a lifetime. Is it any wonder that Eng­
land and France are so interested in Spanish American States ? And is
it not a wonder that the United States have failed to see their advan­
tages ?
Chocolate is even more productive than coffee, though it requires
more care. It will plant 500 trees to the acre, and will yield $10 to $30
per tree per annum.
The tobacco which is raised on the Tehuantepec isthmus is said, by
good judges, to rival that of Cuba, and commands, in the capital, equal
prices with the far-famed Havana. It is cultivated by the Indians, whose
fields, or “ milpas,” according to Indian custom, are situated at some
distance from their villages, often in the depths o f the forest. Upon
these little patches they bestow whatever labor is consistent with their
dislike for exertion, leaving the rich soil to accomplish the balance.
The Spaniards and descendants o f Spaniards who reside in the large
cities and own haciendas or plantations in the “ tierra caliente,” derive
immense incomes from their property. In a climate where nature does
so much towards enriching man, organized labor, supervised by intelli­
gence and energy, cannot fail in attaining the most happy results. The
governments and capitalists o f Europe have long had an eye upon the
rich and fertile territories o f Central America and Mexico. The foreign­
ers who are now found in those countries, enriching themselves from the
mines or from the soil, are not, as one would suppose, their near neigh­
bors from the north, but are from monarchical Europe.
W e have, indeed, obtained a foothold upon the isthmus o f Panama,
and we will do well to keep it. W hen the present attempt of England,
France and Spain to thrust a foreign king upon an unfortunate people
has failed, (as it must,) when our own difficulties are settled, and we
have some thousands o f bayonets to spare, would it not be well to lend
them to the constitutionalists o f Mexico, who would readily pay for
them, to aid in maintaining a stable government ? Should this be done,
and the people assisted to take their position among the nations o f the
earth which its natural advantages claim for it, we will find in this, our
natural friend and ally, a market for our manufactures that will amply
repay us'ffor any assistance we may give them.
When we look at the island o f Cuba, and at the revenue it annually
yields, the prosperity attainable by Mexico under a stable government is
by no means problematical.




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Financial Economy.

FINANCIAL

[May,

ECONOMY.

Br C. H. C.
A m ong teachers of political economy there is too much o f hooks and
too little of practical observation.
Truth, in the abstract, passes too
easily and too generally for truth in the concrete, and an abnormal prin­
ciple is supposed to be immediate in its operation and results, which,
like intemperance, requires time to develop its power o f demoralization.
This is conspicuously true o f the doctrine that convertible bank notes
and liabilities, payable on demand, cannot be issued in excess, because of
the reflux upon the banks for specie. In its ultimate effect this is per­
fectly certain; but the effect may be postponed for months and years,
according to circumstances. A vast expansion o f currency, with its de­
preciation of monej', in the issue of notes by banks or government, is
perfectly practicable among a credulous people, or where, from the
popularity o f the issuer, or, in the case o f the government, from patriotic
motives, the public are disposed to grant an easy confidence, and encour­
age the issue, before this inevitable reflux will demonstrate the fact o f the
over-issue and consequent depreciation of the value o f money. Never­
theless, the depreciation is immediate in the rise o f price of something,
however unobserved, by the issue o f the first dollar, and it costs the na­
tion a dollar o f capital in the end infallibly. It is the operation o f a
fixed principle, and not a matter of caprice or of choice on the part of
buyer or seller.
A d am S m ith was the first to discover and announce the truth, that the
currency cannot be permanently increased by the operations o f banking ;
but he did not discover the more important truth, that the temporary in­
crease is a loss o f capital to the community which permits it. On the
contrary, he supposed the paper substitute to be a gain, by saving the
use and cost of gold and silver in the currency. There was never a
greater mistake in any science, and never one so fatal to the stability of
property and the well-being of society. It is simply an exchange of
solid capital for nothing, or for a piece o f paper worth nothing— the
worth being only in the property appropriated to its payment— because
there cannot be two values in the same item of capital; one in the com­
modity, and another in the obligation to deliver i t ; one in money, and
another in the promise to pay it. The paper promise being merely a
memorandum o f an unfulfilled contract, and not the thing promised, must
be an addition to the currency when issued, and therefore a false measure,
unless the money promised is reserved against it, when it is a certificate
o f deposit, useful and desirable for any sum that would be inconveniently
handled in gold or silver.
A dam S m ith says: “ The whole paper money o f every kind which can
easily circulate in any country, never can exceed the value of the gold
and silver, o f which it supplies the place, or which (the commerce being
supposed the same) would circulate there if there was no paper
money.” *
*
*
“ Should the circulating paper at any time exceed that sum, as the




1862.]

Financial Economy.

425

excess could neither be sent abroad nor be employed in the circulation
o f the country, it must immediately return upon the banks to be ex­
changed for gold and silver.”
This statement is utterly delusive, and wrong in its practical applica­
tion to daily business, although true as to the ultimate result. It is sur­
prising that Doctor S m ith should have made it, when he had the example
o f J ohn L a w ’ s banking in France to refer to— sixty years in history, be­
fore he wrote his “ Wealth o f Nations.”
It is a thorough refutation o f
Doctor S m ith ’ s theory, that L a w issued bank notes, almost without
limit, for nearly four years before the reflux of notes put the bank to any
serious inconvenience. They were convertible all this time, o f course,
and specie, in dead loss, was running out of the country in payment for
imported goods, at the fictitious prices created by the fictitious cur­
rency, moderately for a time, as its value gradually declined, but vio­
lently at last, with the accelerated loss o f value, until the bank broke.
It was afterwards ascertained that its notes in circulation amounted to
2,700,000,000 livres, about $540,000,000.
D octor S m ith qualifies his rule with the word easily, otherwise he
makes it absolute. But the truth is, L a w ’ s bank notes did circulate
easily and eagerly, greatly in excess of the gold and silver, o f which
they supplied tjie place. The rise o f prices they occasioned threw all
France, excepting the Chancellor D ’ A u g u e ss e au and the refractory
Parliament, into an ecstasy of delight. A P lutus had come among
them, and enraptured the nation with his skill in creating debt, and con­
verting it into money. Prices rose fourfold in the four years, from May,
1716, to the commencement o f the year 1720. The distinction between
price and value being unknown, this wonderful rise o f prices was sup­
posed to be an increase o f value and of wealth. The bank notes com­
manded gold on presentation at the bank. W ere they not as good as
gold? W h o doubted i t ? Few suspected that this rise of prices was
merely a depreciation of the value o f money, and that the currency of
the kingdom had fallen in value the exact equivalent of the rise o f prices ;
but such was the fa ct; the livre had lost so much of its purchasing
power, and other nations were taking the gold and silver o f France for
nothing. Precisely as many livres as were added to the currency in
paper were added to the price of things, over and above the true money
value ; and neighboring nations poured their commodities into the king­
dom, to be exchanged for the precious metals upon these terms, profit­
able to themselves, but ruinous to France.
Such is the law of the case; consumers make their own prices with
their local currency, and pay them, however much they may exceed the
natural money value; but they cannot put their fictitious prices upon
their own productions, and realize them from other nations. They can
keep their own goods, and buy and sell at home at false prices, and
flatter themselves with the possession o f wealth at the false measure;
but they cannot sell them abroad, unless at prices measured by the
foreign currency, and the means o f foreign consumers. If one should
make a fictitious measure o f price for his own family dealings higher
than that of his neighbor’s, paying ten or fifty per cent, more than
they for all his purchases, and holding his surplus domestic products ten
or fifty per cent, above the market price, until compelled to sell from the
necessity of the case, either to save perishable stock or to procure india-




426

Financial Economy.

[May,

pensable supplies, he would be justly considered a poor economist and a
foolish trader. Yet, with superior soil for cultivation, specially adapted
to the production o f certain valuable commodities in universal demand,
superior shill and hard work in his family, tasking the utmost strength
o f the willing members in peaceful industry, while other families are
wasting time and labor in frivolity and wrangling, his family might save
more than they spend, and accumulate considerable property in spite o f
his preposterous politico-domestic economy. This we believe to be a
plain and proper illustration of the economy and condition o f the United
States in the management of business and the currency. Other nations
get the advantage of us accordingly in the accumulation of capital.
W e have repeatedly augmented the currency b y simply running in
debt, and have inflated the prices o f grain and provisions and other
exportable commodities above the shipping point, with a large surplus
on hand beyond our domestic wants, even crippling our domestic con­
sumption by the unnatural and extravagant prices. Farmers and dealers
are encouraged and accommodated by the banks to hold over large stocks
from year to year, for higher prices, checking reproduction, accumulating
sour flour, with perishable commodities, in general perishing in the hands
o f holders; a great portion o f the trading community meanwhile becom­
ing irretrievably embarrassed, until, at length, shipments o f specie force
a curtailment of bank currency, throwing the hoarded stocks o f merchan­
dise upon a ruined market, and nearly all debtors into insolvency.
Among the later writers upon this subject, Professor B o w e n , o f Har­
vard University, adopts A d am S m ith ’ s theory, without even A dam
S m ith ’ s qualification, and says: “ Those who fear an excessive issue o f
convertible bank bills might as well apprehend that Lake Erie would
overflow its banks and flood the surrounding country, because it is con-'
stantly receiving the surplus waters o f the three upper lakes and o f innu­
merable tributary streams.” I f the professor had taken his metaphor
from the Mississippi River, he would have come nearer the truth. The
periodical swelling o f that mighty stream, with the devastating crevasse,
illustrates the inflation of our currency, with the inevitable revulsion.
But the professor limits his argument, with respect to inflation, to bank
bills. They are but a portion o f the bank debt which mingles with gold
and silver in the currency, and the least important portion. The bills
are but emanations from the inscribed credits called “ deposits.” The
so-called deposits and balances due to banks are the more powerful and
mischievous portions of the currency, because employed in all the heaviest
operations of business. It is in them, or through them, that the fictitious
currency is created, and through them the inflation and contraction take
place. It is not, however, of the least importance what portion o f the debt
o f the bank may be represented in notes or in book credits. The Bank o f
England originally issued notes for all her discounts. It is all the same,
in effect, whether I hold a bank note in my pocket or the same sum in a
bank credit; and the transfer in note or check is equally a transfer o f my
claim upon the bank, and equally an operation with currency. It is the
balance at debit o f the trader’s cash account that comprises the currency
he uses. The power o f money upon prices, and, necessarily, the power
o f the currency upon the value o f money, is exercised by this balance.
It is this with which he buys and measures the price he can pay. In
his mind, it is money, without distinction o f its several parts, and it




1862.]

Financial Economy.

427

occupies precisely the channel of circulation that otherwise would be
filled with money.
W hy it is that the lessons of experience, the practical operations of
business, are so little studied in reference to the currency, it is difficult
to conceive. But so it is ; the inflation o f the currency, high prices and
the high rate o f interest that necessarily attends the increase of debt
which forms the staple o f the debt currency, are uniformly hailed as evi­
dences of national thrift and prosperity, until the moment o f the explo­
sion of the bubble ; and that which is really a loss to the community is
supposed to be a gain. W e are never benefited by high prices from
any cause originating among ourselves. Short crops or short supplies o f
our commodities among wealthy nations who are our customers, or infla­
ted prices proceeding from an expanded currency among them, may be
to our advantage, because we may then sell freely o f our home products
at high prices and large profits; but short crops or short supplies, and an
expanded currency to produce high prices among ourselves, are precisely
what we do not want; they lead in the direction o f poverty and insol­
vency, not o f wealth and prosperity, with infallible certainty.
Were it possible for us to possess but half as much money or currency
as England, for example, in relation to circulating capital, obviously gene­
ral prices here would be only one-half as great as in England. W e
would then manufacture cheaper than England, furnish cargoes at half
the English cost, to all the world, realize double the profit, and sweep
her commerce from the seas. Our imports would necessarily amount to
double the sum o f our exports. W hat then ? Does any one in his
senses deplore the excess of his income over his expenditure ? The
balance o f trade, that has occupied so extensively the thoughts o f politi­
cians, is a chimera. The balance o f profit is in our favor only when our
return cargoes exceed the outward in value; in other words, wdien our
imports exceed our exports. And having supplied our home consump­
tion and customers, all the value that we are induced to create in surplus
products to supply a foreign customer, who returns an equivalent value,
which would not be created but for his acquaintance and the opportunity
o f exchange, is manifestly a clear gain o f national capital, to the full value
o f the amount returned, be it more or less.
Wealth is value, not price. It is a thing, and not a name. It consists
o f utilities, and not the name in money or currency that we exchange
them by. Without a dime o f money, all our gold and silver being
wrought into ornaments or utensils, wc should, it is true, be reduced to
the inconvenience of direct barter, value for value, but we should be in
possession o f value the same as now-— the same capital and the same
wealth. Price would be abolished, the common measure o f value would
be unknown, but its absence would be merely a question o f convenience,
and nothing else. A nd as to a currency that is not money, it is
unmingled evil.
W ith the present war on hand, and enormous government expenditure,
it is o f vast importance that the currency should be restricted to the
lowest possible volume, because the more limited it is, the more we must
produce and export advantageously of merchandise, the more we must
import of money, the greater will bo the supply o f capital, the lower the
rate of interest, the easier will government obtain the means to prosecute
the war, and the less will be the amount and the oppression o f the public




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debt. W e should take no lesson from England upon this subject, except
to avoid her preposterous policy o f creating war loans, and the atrocious
perpetual funding system which that policy inaugurated.
It is a ruinous policy for us to add to the pre-existing mixed currency
the demand notes o f the government. B y this unwise policy the revolt­
ed States are defeating themselves. They are creating price and debt
that they cannot pay. From this cause, and not from a deficiency o f
capital, it begins to be doubtful if they can much longer keep an army
in the field. Let us not follow them in this wretched plan o f financier­
ing. Nevertheless, if we must have a debt currency, let it be the debt
o f the government, and not the debt of the banks. W e can lend our
capital on United States demand notes for government use, without tax­
ation thereon; whereas, to lend it on bank notes or bank credits, kited
into existence against government stock, is simply submitting to needless
taxation on our own capital for the benefit o f the banks. This is the
absurd English system of taxing labor for the benefit of privileged classes,
who lend only promises to pay. The people are the lenders o f capital,
and the interest is paid on government stock to the wrong men.
I propose to Congress, therefore, to tax the bank currency out of ex­
istence, and relieve the banks themselves from the operation o f their
present false system, which does not permit their loans to reach double
the amount of their capital without forcing them to a suspension o f pay­
ment; whereas, freed from the crippling effect o f their debt currency,
they would lend at least tenfold their capital, at a profit of one per cent,
per annum difference o f interest, or ten per cent, per annum in all, on
their deposits, with ease and safety to themselves, and benefit to the
government and the whole people. But this needs further explication,
that must bn postponed to a future opportunity.

QUARANTINE

REFORM.

W e avail ourselves of an able review on the subject o f Q u a r a n t in e ,
in a late number of the British and Foreign Medico- Chirurgical Review,
for a large part o f the following article:
Like every other important subject, quarantine has required to be agi­
tated and ventilated, and few have been more so, or with more need.
That good will result from the inquiry cannot be doubted; at least we
cannot doubt, having full confidence that truth must prevail in the end,
that what is false and delusive can only endure for a time, and that
“ Wisdom is justified of her children.” It has been well said, that “ the
strongest evidence o f human progress is the conquest of science over
error and superstition.” The good we anticipate is, that if quarantine
is not abolished entirely as an unmitigable evil, it will be so modified as
to change its character altogether, rendering it, not as at present, and as
hitherto conducted, vexatious and injurious in the extreme, affording no
real security to the public health, but the very opposite, as little annoy­
ing and hurtful as possible, and as defensive as circumstances will permit
in the way of protection against the spread of infectious diseases.
It is a good omen, we think, that in England, the “ Society for the
Promotion of Social Science” has selected it amongst many more for




1862.]

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429

inquiry, and that a sub-committee has been appointed to carry it out— a
sub-committee, composed of individuals, the majority o f them o f the
medical profession, men o f experience and many o f them eminent, and
we would hope, all of them to be depended on for exercising their ma­
ture judgment, and, as far as that can be, free from bias on a matter so
important.
The history of quarantine, strictly speaking, setting aside what is
vague and in a manner transitory, does not reach back to any very remote
period. W e should in vain consult any o f the ancient historians, or even
the historians o f the middle ages, for traces of it. In ancient times
clean bills of health and passports were equally unknown. The mer­
chant, the traveller, might pass from Rome to Athens and from Athens
to Alexandria, unquestioned. No officer of health, no policeman, stopped
him on the threshold o f the country to which his curiosity or his busi­
ness led him. In the best times o f Greece and Rome, and long before
and after, there were no lazarettos for the imprisonment alike o f the
healthy and diseased. The Mediterranean was truly a mare liberum, not
the mare clausum which it has since been rendered; the intercourse be­
tween its shores was uninterrupted, the intercommunion o f the peoples
inhabiting them was perfect; they enjoyed all the advantages which that
inland sea, that noble high-road o f nations, afforded. So recently even
as the fifteenth century was the first interruption made to this happy
state of things. It was in this century that Europe was subjected to
great calamities ; Constantinople was taken by the Turks, the Greek em­
pire was overthrown, wars o f great barbarity prevailed, and epidemics,
the so frequent accompaniments o f wars, were terribly fatal; and
one especially, that o f Lues, (as at the time it was considered,) broke
out and spread with a rapidity as surprising as it was alarming.
The idea o f contagion had before been gaining ground, and had been
acted on partially in the preceding century in times o f terror, during the
direful visitation o f some o f the most destructive diseases that ever de­
vastated Europe, such as the sweating-sickness, the black-death, and the
plague. This new pest, as it was then held to be, probably more than
any other, attracted public notice, and fixed attention to the subject of
contagion, and helped to make it popular. The notion so initiated, the
writings o f a man o f great ability and of European reputation as a phy­
sician and poet, who flourished shortly after, were well adapted to en­
force and confirm. This man was F r a c a s t o r iu s , “ the heaven-preserved,”
who, as the term implies, was born under circumstances which, in a su­
perstitious age, might well excite a strong feeling in his favor and add to
his influence.
It was in the middle o f this century, viz., 1448, that the first code
o f quarantine regulations was promulgated, and that in the same city in
which a few years before the first lazaretto was established. This city
was Venice, then the great emporium o f trade with the East, and most
in danger consequently o f suffering from an imported contagious dis­
ease.
That code appears to have been the model o f all subsequent ones up
to a very recent period. In it certain things were laid down, viz., that
plague, the Oriental plague, against the introduction o f which quarantine
was first and solely established, is a contagious disease, capable o f being
propagated by contact, and by contact alone, as regards persons, and en­




430

Quarantine Reform.

[May,

gendering a contagious matter, a fomes, capable o f adhering to certain
inanimate substances, and of being retained by them for an almost inde­
finite time, -without losing its activity ; and, on the other hand, incapa­
ble o f attaching itself to other inanimate substances, and which conse­
quently might be handled, not like the preceding, with risk of imparting
the disease, but with absolute impunity, with perfect security. As the
name implies, forty days was the time first fixed— and with as little rea­
son as the other conditions— for the probation o f those coming from
countries where the malady was either existing or suspected of being
amongst the inhabitants.
The question will naturally be asked, how it was that these principles
o f quarantine were established? W e have said they were taken for
granted, or, we would add, were founded on hypothetical views o f the
vaguest kind. This, we believe, is strictly true, being adopted at an ig­
norant time, when medical science was little advanced, when the exact
sciences were little cultivated, and when there was a perfect incompe­
tency to solve the several questions involved in the system— questions,
many o f them still perplexing the inquiring mind. W hat was presumed
and made a rule— the mere dicta o f authority, gaining force with age—
came to be called the results o f experience, and were received as laws
venerable, and almost sacred as such. This at least is the conclusion
we have come to after some research, and not merely in books, but
in quarantine establishments, in one of the oldest and in one o f the
newest, that o f Malta, and o f Constantinople, where, it might be sup­
posed, if anywhere, some satisfactory reasons could be elicited from the
officials respecting their usages. The curious in these matters, we can­
not but think, would draw the same conclusion that we have been com­
pelled to adopt, were they to consult the writers o f the period, and
those o f the highest authority, such as the author already named, F r a c a st o r iu s .
Here, as a specimen, is his definition o f contagion: “ Si
licet aliquo modo contagionis rationem subfigurare, dicemus contagionem
esse consimilem quandam misti secundum substantiam corruptionem, de
uno in aliud transeuntem infectione in particulis insensibilibus primo
facto.” * This may almost suffice regarding the doctrines o f one who
considered so many diseases (amongst them phthisis) variously contagious
as by contact, by fomites at a distance, explaining them all in minute
detail, and exact particularity after the scholastic Aristotelian fashion,
ringing changes on the words hot and cold, dry and moist, and in greatest
difficulty having recourse to stellar influences and occult qualities.
Instituted in the first instance against plague, as already remarked, and
for a long while so limited, in recent times the quarantine system has
been extended to certain other diseases supposed to be contagious or
infectious, especially yellow fever and cholera, on the idea— that, too, a
presumption— that by enforcing the prohibitive system, an exemption
from the infliction o f these diseases may be secured.
The great object now is to collect information respecting the working
o f quarantine; how far it has succeeded, how far it has failed; what
good there is in its rules, what e v il; how far its practices are sound, how
far fallacious.

H. F kacastof.ii : Opera Omnia, p. 77.




Yenet. 1573.

1862.]

Quarantine Reform.

431

W e have alluded to one good omen, and a like auspicious feeling may
be indulged in, from the knowledge o f the fact that the inquiry is excit­
ing interest in various countries, especially in England, the United States
and France.
T o do justice to the subject, ample space would be required; limited
as we are by time and space, all we shall attempt will be to make our
readers acquainted with some o f the principal results that have been
brought to light, so far as they are clear and definite, and admit o f prac­
tical application.
For the sake o f brevity, we shall make two or three observations o f a
preliminary kind. The first is one admitted by all who have given their
attention to the matter, viz., that the classification o f substances into sus­
ceptible and non-susceptible and doubtful— that old classification-—is
altogether worthless, and, as such, may be set aside as, per se, vitiating
the existing system, and altogether requiring supervision and correction.
I f any one entertain doubt regarding the justice o f the sentence passed
on it, we would refer him to the work o f Dr. J ohn D avy on the “ Quar­
antine Classification o f Substances,” in which Dr. D avy passes in review
several classes, (examining the articles composing them,) and showing, it
may be said, con rispetto— to use the apologetic word in the East for a
strong expression— the absurdity o f the distinctions and the folly o f the
divisions, and how in its errors it undermines quarantine, and renders it
altogether delusive. Next, we need barely remark, considering whom
we are addressing in this Review, that the diseases on account o f which
quarantine is enacted, such as plague, cholera and yellow fever, are, as
regards their nature, open to question, whether contagious or infectious,
or neither, there being, as yet, no perfect agreement on the matter, some
o f the profession holding them to be highly contagious, some non-conta­
gious but infectious, and some neither the one nor the other; thus, on
the whole, leaving the public in a state of doubt, and the subject as re­
gards legislation, one o f expediency and compromise, that best founda­
tion, we are told, for good laws. Again, wo would say, that those who
have any difficulty in adopting this statement will, we are pretty certain,
have it removed by consulting the Report o f the Commission, addressed
to the Royal Academy of Medicine in France, on Plague and Quarantine,
of which a summary will be found, accompanied by some able remarks
by Dr. G a v in M il r o y , in the work published by him. Relative to
the other two diseases, cholera and yellow fever, it is scarcely necessary
to make any reference, the want o f accord amongst the profession as
to their nature being so notorious. Should there be any one seeking
for particular information on this matter, we cannot do better than sug­
gest his consulting two articles in the Medico-Chirurgical Review, that
for January, 1848, and that for April o f the same year, and o f the follow­
ing July, on the contagion o f yellow fever, in which he will find carefully
and amply considered the opposite views o f two very competent observers,
both belonging to the same branch o f the public service, the naval, with
similar opportunities, going over the same ground, and taking the same
data. These officers were Dr. M ’ W ill ia m and Dr. K in g , both sent to
examine and report on the fever at Boa Vista, which, according to the
one, was introduced in the island by the steamer E c l a ir , according to
the other, wras not introduced, but was o f indigenous origin. These
articles, ably and elaborately written, will well repay the reader, and are




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[May,

worthy of re-perusal by all interested in the subject, and especially for
the purpose mentioned.
W e shall now bring together such information bearing on quarantine
as we may be able to extract with ordinary brevity from the public
documents— the English Blue Books three in number, for which we
are mainly indebted to the Quarantine Sub-Committee of the National
Association. They embody the answers to the questions proposed by
the committee, and circulated under the authority o f the government.
The answers are chiefly from Her Majesty’s consular agents and other
official persons in foreign countries and English colonies. They are
documents to which we attach great importance, both on account o f
the information they convey, and from their being o f so reliable a kind,
furnished by individuals as little as possible influenced by theoretical
views, and o f large experience, and in no wise connected— in brief, giving
evidence such as in a court of justice would be sure to carry conviction
to the minds o f our countrymen. They have another recommendation :
they are admirably adapted to convey an idea to those who have never
travelled o f what quarantine is in operation, and what are lazarettos; in
short, to give an insight into the whole system, if system that can be
called, which, under the same name, is now so diverse.
For the sake of order, we shall notice each o f these documents apart;
and first, that entitled “ Copy of Abstract o f Begulations in force in
Foreign Countries respecting Quarantine, communicated to the Board of
Trade.” What is most remarkable in the quarantine regulations of
different countries at present, as made manifest by this abstract, is the
fact already alluded to— their want o f accordance, hardly any two being
alike, having been formed at different times, and promulgated with
different intents; some, the earliest, having been directed solely against
plague ; others, later, against this disease and yellow fever and cholera;
others against the two first, omitting the last, from the conviction that
cholera cannot be excluded by any quarantine measures. Another
noticeable peculiarity is, that the more liberal the government o f a
country generally, and the freer its institutions, the fewer and the less
stringent are the quarantine restrictions. In the Baltic States, in Sweden,
Denmark, Prussia, Holland, the regulations formally enacted may be con­
sidered almost as a dead letter; so in Belgium, where, to use the ex­
pression of the informant, they “ are rather nominally than really in force.”
In this country each State of the Union has its own code, all o f them,
according to a resolution arrived at by the Convention o f Delegates held
at Philadelphia in 1857, inefficient, and often prejudicial to the interests
of the community. In Chili and Peru, and along the whole o f the west­
ern coast o f the South American continent, the tendency is to disregard
all quarantine regulations, as interfering with the freedom o f commerce.
In that anarchical country, Mexico, quarantine is under no legislation,
the Board o f Health having unlimited power, which it sometimes exer­
cises most tyrannically. In the south o f Europe, in the old kingdom of
the Two Sicilies, the codes are, or were, most elaborate and rigorous.
In France and Sardinia they have, o f late years, undergone revisal; and
yet, though somewhat improved, they are still open to great objection ;
fortunately, however, they are mildly enforced. In the Ottoman domin­
ions, including Egypt, in which, little before 1840, there were no quaran-




1862.]

Quarantine Reform.

433

tine restrictions, a system has been established as elaborate as could well
be contrived, and as inefficient as can well be imagined, being totally in
opposition to the feelings and habits of the people.
W e must not quit this part o f our subject without giving, by way o f
illustration, an extract or two. The English consul at Malaga, speaking
o f the evils of quarantine, says they are here
“ Still further increased by the absence o f all system or unity o f action
amongst the Provincial Boards o f Health ; the law is interpreted accord­
ing to the fancy o f each junta. The Provincial Boards have repeatedly
acted, each of them, upon their own judgment, and in contradiction o f
the superior junta at Madrid.”
On the authority o f the English consul-general at Havana, it is stated
that
“ All vessels, without exception, leaving that port for Spain, between
the 1st May and the 1st October, must proceed to Vigo, and there per­
form a quarantine, usually o f fourteen days, although no yellow fever
was in Havana at the time o f departure.”
A t New-Orleans there is a regulation similarly irrational:
“ From or about the 15th April, all vessels from Rio Janeiro, the West
Indies and the Gulf o f Mexico are liable to a quarantine o f not less than
ten days, whether the bill o f health from those places be ‘ clean* or ‘ foul.’
This quarantine usually continues to the end o f October or beginning of
November. After that date, and until thb next proclamation by the
governor, all vessels are allowed to enter the port at once, unless there
is actual sickness on board, without reference to their port o f departure,
or whether any contagious disease existed there or not.”
From our own experience, if we may be excused referring to it, we
can speak of the inconsistencies o f quarantine and its abuses. W e shall
mention but a very few of the many. On the same voyage we have been
allowed “ pratique," that is, liberty to land, at one port in Sicily, and
have been refused it at another but little distant, and only two or three
days later; and this, not from any dread of our importing disease, but
under the apprehension, on the part of the civil authorities, o f our bring­
ing Lord C o c h r a n e , who was then in the Mediterranean, and in a
schooner very like that in which we were voyaging.* A t Lipari, on
landing, we were met and welcomed by our vice-consul, and shaken
heartily by the hand, before we had pratique, but in the absence o f the
health officer; as soon as this official appeared our friend drew back,
cautioning others to do the same, till our papers were duly examined and
approved. At Constantinople, at a time when the quarantine authorities
were boasting of the exemption of the city from the plague, in consequence
(as they maintained) o f new regulations, we met at the breakfast-table a
stranger who had landed on the shore of the Bosphorus, and had pre­
ceded his vessel, and who, hearing of her arrival, said he must hasten to
the Parlatorio to join the master, to obtain pratique.
W e will not further task the patience o f our readers with other incon* He was then on his way to Greece to join in the war of independence. The
persuasion of the authorities at Catania, where the incident above mentioned occur­
red, was, that, were he allowed to land in Sicily, the people, in their abhorrence of
B ourbon tyranny, would have risen and proclaimed him king.
V O L . X L V I . --- N O . V .




28

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Quarantine Reform.

[May,

gruities; were only half of them which have come to our knowledge
detailed, they would fill a volume o f no small size. But, in connection
with quarantine, we must not altogether omit mention o f lazarettos.
These buildings, set apart for the reception and close confinement o f
persons under suspicion o f infection, or coming from countries where
the diseases dreaded have prevailed, or in communication even with such
countries, are commonly any thing but what they ought to be ; not only
is comfort disregarded in them, but often the health of their inmates.
Too often, indeed, they are in a state more likely to engender disease
than fitted for the preservation o f health. Medical men recommending
patients to visit Sicily or any part o f the South of Europe, for the bene­
fit of a mild winter climate, would do well to keep this in mind. The
following is well adapted to enforce caution. It is an account o f the
treatment o f passengers arriving in steamers from Marseilles in 1 8 5 3 -5 4 ,
at Nisida, one of the lazarettos o f Naples, and was given by Mr. E w a r t ,
then residing in that city, and addressed to the London 2'imes o f Janu­
ary 10 t h :
“ They (the passengers) were all mingled in one dreary room, without
compartments, and without glass to the windows. In this place they
were all condemned to remain ten days. Among them were several
English ladies. But the discomfort o f their situation was converted into
horror when they discovered that in the same building, and separated
from their place o f exercise by a low wall only, were eight hundred con­
victs of the worst description, who appealed, and not without threats,
for pecuniary assistance. During the stay of our countrymeif in this
quarantine gaol, several o f the convicts escaped.”
The lazaretto at Lisbon, as described, and the treatment experienced
in it, are nearly on a par with the preceding. The account is given by
three remonstrating passengers; it appeared in the public journals at
tthe time, (1854,) but is too long for insertion here; we shall insert only
,a few words of it: “ On entering the lazaretto at 6 P. M., we were dis­
played to find it already full to overflowing, and hence a struggle ensued
for shelter, bedding and provisions, which continued until midnight.”
The next is an account of a Turkish lazaretto at Beyrout, described by
Dr. R o bertso n , deputy inspector-general o f hospitals, as
“ Most wretched and in a most unhealthy position. The neighbor­
hood is low and swampy; the rooms are filthy and damp, being open to
the weather; and it is only wonderful that all who enter do not fall vic­
tims to disease o f some kind, if not to plague. To this state of the
lazaretto I attribute the frequent attacks which the attendants suffered
during the prevalence of plague.” “ A t Damietta,” he adds, “ travelers
have been obliged to perform quarantine in a miserable shed on the sea­
shore.”
Dr. D a vy describes something worse, a lazaretto which he charitably
supposes to be the worst in the Turkish dominions, and it would be diffi­
cult to imagine any thing worse ; “ A low hut, not unlike an Irish cabin,
divided into three small cells, without fire-places or windows, with no
intended passage for air or light, excepting by the door, and with the
naked ground for the floor ;” and this at Costangee, on the northwestern
shore of the Black Sea, with a winter climate .as severe now as that de­
scribed by O v id in his “ T'ristia,” and in all its features as little changed




1862.]

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as possible from what the poet witnessed when it was the scene o f his
banishment. One more description, and we have done with these de­
tails ; it is o f a plague hospital, and is to be found in page 23 o f Dr.
B u r r e l l ’ s very valuable “ Report on the Plague o f Malta in 1813.”
Sir B r o o k F a u l k n e r writes:
“ The result of about half an hour’ s visit to the Maltese pest hospital,
on the 2d o f June, may convey some faint idea o f the sufferings and pri­
vations to which those laboring under this horrible disease were sub­
jected. These miserable creatures lay within a short distance o f each
other, five or six on the floor in the same room ; twenty-eight o f them
were attended by two convicts. They had no change of linen, and were
therefore obliged to lie either without shirts, or in their foul every-day
clothes.”
W e shall now pass on to the other two documents. The one entitled,
“ Papers respecting Quarantine in the Mediterranean,” &c., is very in­
structive in its contents, as descriptive o f the regulations enacted for the
several quarantine establishments, and is very deserving o f being con­
sulted and studied by those who may be desirous o f full information on
the subject. In following its details, they would find almost in every
page confirmation o f the remarks we have made as to the want o f accord
and of efficiency o f the quarantine system in the East. W e shall give a
very few extracts; and, first, as showing the evil o f keeping a crew on
board ship when disease has broken out, and the benefit o f landing
them— an evil and a good that cannot be too strongly insisted upon.
Quarantine was first established in the Principalities bordering on the
Danube, in 1829 or 1830. The Vice-Consul at Galatz states, that “ dur­
ing the whole time the quarantine existed there, about twenty-four or
twenty-five years, no case o f plague occurred in the lazaretto. But it is
on record that the plague was on board o f a vessel, somewhere about
1834, and that all the crew died, or all excepting one man.”
We re­
member, when in the Ionian Islands, hearing of a similar instance at
Zante, and of a like mortality— the crew o f a Turkish vessel, with the
same disease, being kept on board, and this under British rule. And in
the E c l a ir steamer, that ill-fated ship, we have an example of the same
kind, only in a less degree.
On her arrival from the coast o f Africa,
instead o f being allowed to land her sick at Portsmouth, where an offer
was made to receive them into the well-aired wards o f Haslar Hospital,
she was ordered to Stangate Creek, there to perform a lengthened quar­
antine w th some fresh volunteers on board, one of whom, the pilot, con­
tracted the fever and died, as well as many o f the remaining crew. Dr.
M il r o y thus describes the event; we quote from the arrival o f the
steamer :
“ Already upwards o f one-half of the crew had perished since the
commencement o f the sickness in July, and every day added fresh vic­
tims to the list. It is needless to say that the utmost alarm and depres­
sion existed among all on board. The surviving medical officer urged
the immediate landing o f the crew, as the only means o f arresting the
terrible ravages of death; and Sir J. R ic h a r d s o n , the physician o f Has­
lar Hospital, expressed his readiness to receive them into the wards o f
that noble institution ; an advice that was cordially seconded by Sir W .
B urnett . Had this step been taken, much distress would have been




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[May,

spared, a heavy expense avoided, and, what is of far greater consequence,
several valuable lives might have been saved. But, unhappily, the fears
of our quarantine authorities prevailed over their judgment.”
Other instances might be given, and from the documents under con­
sideration, of a like excessive mortality in ships from disease, if, as when
on a long voyage, they were kept at sea from necessity, or, on entering
the port, the crews were prevented from landing by the local authorities.
Examples of the opposite kind, o f which also there are many in these
pages, are equally instructive, and on that account, as well as for the
pleasure of making them better known, we shall notice one or two o f
them ; and for this purpose we must open the third document— “ The
Abstracts o f Returns of Information on the Laws of Quarantine.”
“ Towards the end o f 1852, H. M. S. D au n t l ess , with thirty-three
cases of yellow fever on board, was admitted at once (on her arrival at
Barbadoes) to ■pratique, the sick landed and removed to the military
hospital of St. A nn e ’ s , where they rapidly recovered. They were
mingled with the other inmates in the wards o f the hospital; no in­
stance of the disease being communicated to the latter or to the attend­
ants occurred, and the garrison remained healthy. The disease had
been very fatal in the D au n t l ess before her arrival.” (P. 70.)
In a dispatch from Consul K e r t r ig h t , dated Carthagena, February,
1853, he states : “ The cases o f yellow fever at this port have been ex­
clusively confined to persons landed from the Royal Mail Steam Packet
Company’s ships, and have no way affected the health o f the town.” He
adds:
“ On a late occasion, at the urgent request o f Captain W il s o n , ten
men and two officers of the D ee were landed here, suffering severely
from yellow fever; as the quarantine regulations formerly in force at this
port had been rescinded, owing to the reports of the Board o f Health of
Great Britain, there was no obstacle to their being landed and placed in
the general hospital, and I have the satisfaction to report that, with the
exception of two already in the last stage of black vomit, I sent the
whole, including the two officers, on board the ship convalescent, and
without the disease in any way affecting the general health o f the town.”
It is further stated, “ In the opinion of the medical men in attendance
on board the D e e , and concurred in by the captain and the men them­
selves, that had they not been landed at Carthagena, it is probable that
few, if any, of the ship’ s company would have been saved.” (P. 31.)
The next example we shall give is one o f extremes, o f extreme inhu­
manity and humanity. The details are so interesting that we shall not
abridge them :
“ In the summer of 1855, when the yellow fever raged with the
greatest violence in most o f the ports south of Baltimore, the ports to
the north and east o f Baltimore, without exception, established a most
rigid quarantine upon arrivals from the south. A t Norfolk and Ports­
mouth, (in Virginia,) situated on opposite sides o f the Elizabeth River,
180 miles distant from this city, the fever raged most malignantly. The
inhabitants first sought refuge by flight to the neighboring towns and vil­
lages ; but this was soon prevented by the people there, who turned out with
arms, and drove them back to their own pest-smitten city. All commu­
n ica tion by rail and boat was cut off, and one mode alone remained, viz.,




1862.]

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by the daily line o f steamers from Baltimore to Norfolk, and no impedi­
ment was oifered by the authorities and people o f this city to the arrival
o f the fugitives. Daily did the steamers convey provisions, medicines,
clothing, coffins, &c., and daily did they return laden with fugitives. On
arrival opposite the Marine Hospital, the steamers stopped until they
were boarded by the health officer, who removed any case o f fever that
might exist on board, and then allowed her to proceed and land her pas­
sengers, &c. Several hundreds o f these took up their quarters at once in
the hotels o f the city.
Some sickened with fever shortly after landing.
The number o f deaths thus occurring was about fifty. Not a single in­
stance was known to have arisen from contagion, all being distinctly
traced to those persons alone who had come to this city from the infect­
ed districts. The utmost vigilance was employed all the while by the
health authorities to thoroughly cleanse and purify the city, particularly
all ship-yards, wharves, drains, cellars,” &c. (P. 28.)
The next point we shall advert to is a very important one— that of
the question of the power o f goods to convey the matter of contagion
or infection. From the examination o f the several reports of the con­
suls contained in the abstracts, it would appear that, with one exception,
there is a general agreement amongst them that articles o f merchandise
are incapable o f becoming media of the kind, and founded on the fact
that those whose duty it is to air the goods needing depuration accord­
ing to the regulations, have never contracted disease, neither plague,
yellow fever nor cholera. The late Sir F r e d e r ic k P o n s o n b y , when
governor of Malta, stated, as the result o f his inquiries, that there was
no instance on record in any lazaretto o f a person contracting plague
from handling cotton imported from places where the plague was prevail­
ing. And the testimony o f Sir W . P y m , (he, too, now no more,) after
careful research at the different lazarettos in the Mediterranean, is to the
same effect. The exception alluded to is that o f the acting consul, C al ­
v e r t , at Alexandria, who says,
“ Lorsque pendant des epidemics de peste nous avons eu au lazaret
des merchandises susceptibles, il y a eu des portc-faix qui, eu maniant et
en exposent ces merchandises a l’air, ainsi que cela est prescrit par les
reglements, ont contracts la maladie, et en sont morts. D ’ou l’on est en
droit de conclure que la peste se communiquer par les effets ou merchan­
dises susceptibles.”
This gentleman, in drawing the conclusion, appears to have forgotten
a former remark which he made relative to the infraction o f quaran­
tine :
“ On ne pourrait eviter des infractions meme en augmentant le per­
sonnel. Ce fait est suffisamment prouve par la contrabande qui s’ opere
journellement sur tous les points de l’ Europe ou il existe des lignes formees de nombreux gardiens de la douane, et dont le service est fait
incontestablement avec des elements bien superieurs aux notres.” *
* The following is a striking confirmation of the well-known fact: When a certain
contraband trade, in the time o f W illiam III., was carried on between France and
England on the southeastern coast, all the inhabitants being in the plot, M acaulay
informs us : “ It was a common saying among them, that if a gallows were set up
every quarter of a mile along the coast, the trade would still go on briskly.”— Hist,
o f England, vol. v. p. 52.




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Another remarkable fact that we learn from these documents, is the
many places in the Levant, in the very centre, as it were, of the plagueregion, which have not for a long time, and some never in the memory
of man, been visited by the disease ; and these places under Ottoman
rule, and consequently peculiarly exposed to the introduction of a con­
tagious disease, places such as Rhodes, Cyprus, Mytilene, S c io :
“ Quoiqu’il y ait beaucoup de navires avec des merchandises et des
passagers qui ont subi leur quarantaine a Scio avec patente brute de
cholera, et que beaucoup de ces passagers soient morts de cette maladie
pendant les vingt-cinque derniers annees, aucun des employes du lazaret,
ni des habitants de la ville, n’a etc atteint de cholera ou d’autre mal
contagieux.”
The vice-consul at Mytilene reports:
“ Providence has saved this town, and the other inhabited parts o f the
island, from the various scourges which have decimated many parts of
Europe during the present century.” A d d in g : “ Should, however, My­
tilene unfortunately be visited by what can really be considered an infec­
tious disease, the havoc, owing to the accumulation of putrid filth in the
streets and open spaces, would be awful.”
O f Cyprus it is stated:
“ Les habitants de Pile n’ont jamais ete atteint des maladies pour lesquelles un regime de quarantaine est impose.”
Another important fact afforded by the same documents is, that quar­
antine, even when rigidly enforced, though there has been for a long pe­
riod o f years an absence o f plague, yet has not kept out other diseases
o f the contagious nature of which there is no question, such as small­
pox and other exanthemata. In Malta, for instance, we are assured on
good authority, that in the short space o f seven years, 1829-1835, in
spite of quarantine regulations for their exclusion, that island was twice
invaded by small-pox, one epidemic proving fatal to 1,500 persons out
of a population o f 114,000 ; and also by measles, scarlatina and hoopingcough. And there are other instances recorded of the like kind, which
we need not specify, as none of them are more remarkable than this of
Malta, where the quarantine system has been so regularly enforced, and
under more favorable circumstances, as to efficiency, than almost any­
where else.
W ere we not apprehensive o f overloading our pages with facts, we
might be tempted to give some o f the very many recorded in these docu­
ments in confirmation o f what we have pointed out as remarkable; and
in the instances o f yellow fever and o f cholera, as well as o f plague,
showing very strongly, as regards the former, that whilst quarantine
measures cannot, that is, have not, kept it out, yet when cases o f it have
been landed, the disease has not spread.
Besides the information collected in these abstracts bearing imme­
diately on the question of quarantine, the value o f which it would be diffi­
cult to over-estimate, there are to be found in them many observations
well deserving the attention o f government, and of the English people
generally, respecting our mercantile marine, showing not only the evils
o f over-crowding in the production o f disease, and more especially in the
spread of contagious and infectious diseases, but also of the neglect o f




1862.]

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ordinary sanitary measures in the impairment o f the health and efficiency
of the crews. Dr. S m it h , writing from St. Domingo, states:
“ British vessels frequenting Port-au-Prince are, with rare exceptions,
very filthy and hygienically bad in respect to their internal sanitary ar­
rangements. The forecastles, where the men are lodged, are generally
unwholesome, while the bedding, &c., are dirty and unaired.”
Another extract we must give on account of its importance:
“ The utmost importance is attached by Professor Bo (o f Genoa) to
the necessity of improving the sanitary condition o f mercantile ships
generally, and also o f their crews, most of the sickness o f such vessels,
on arrival, being traceable, in his opinion, to the faulty arrangements on
board. On the important subject of the accommodation for the men, he
alludes to the great superiority, in point o f wholesomeness and comfort
of the deck-houses, in most Dutch and American ships, over the ordi­
nary berths in or under the forecastle. They are more easily kept dry,
and are, of course, much better ventilated. Nor can the space be en­
croached on by the cargo, or be tainted with the foul smells either from
it or from the hold. The men are more promptly at their posts when
suddenly called on d eck ; and the change o f temperature between their
sleeping-places and the outer air, a point o f no small moment for the
preservation of health, is much less considerable. It is a great advan­
tage, also, to have the galley close at hand; their food is better dressed^
and their berths are kept warmer and drier in cold and stormy weather.
The galley in deck-house ships is invariably very superior to the galley
in ordinary merchantmen. There is, too often, says Dr. B o, a marked
contrast between the clean and smart look o f the outside o f many mer­
chant vessels, with the gay and handsome cabins of the officers and
passengers, and the dingy slovenliness and discomfort o f the quarters of
the crew and the foul pollution of the hold. Dr. B o alludes, also, to the
defective clothing of merchant sailors as a frequent cause of sickness
and bad health among them. The state of the provisions and of the
water supply on board is another subject o f great moment for their wel­
fare. He is o f opinion that scorbutic and other cachectic diseases are
often due to the impurity o f the water, which in many cases he has
found to be quite unfit for use.” (P. 18.)
The writer of the article in the Medico- Chirurgical Review, after mak­
ing these extracts, says:
“ There is also, in these abstracts, much that is instructive relative to
the condition of sea-ports, in various parts o f the world, very deserving
o f attention and reflection, and especially o f those intent on the discovery
o f the causes of disease, and too often entering on that most difficult sub­
ject with a confidence founded only on a very limited experience, and
the stronger because so limited.
“ W e cannot quit these documents without expressing our gratitude to
the Committee of the National Association, and more especially to the
Honorary Secretary o f the Sub-committee, to whom we believe we mainly
o w e them. They do infinite credit to the zeal and ability o f Dr. M il r o y ,
and sure we are that nothing but a high sense o f duty and the importance
o f the subject could have moved him to undertake such a task, and could
have stimulated him to persevere in the labor.
“ No candid person reading these documents but must feel convinced




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of the enormous shortcomings o f the old systems of quarantine, and of
the innumerable evils and losses which they entail,* and of the absolute
necessity as regards humanity, as regards the interests o f society, as
regards the interests o f commerce, to have them either entirely put aside,
or if, on due consideration, any quarantine measures be held to be neces­
sary, only such should be attempted as are practicable and efficient, and
which are likely to have the assent o f competent judges o f all nations.
It should always be kept in mind that the mortality from ordinary dis­
eases vastly exceeds that from epidemic diseases, taking the average, as
about 100 to 1 ; f that epidemic diseases themselves are commonly little
felt where due attention is paid to sanitary conditions; and as to faith in
quarantine for the exclusion of disease, how little ought that to be, re­
flecting that no preventive measures, however severe, have ever kept out
the contrabandists, when tempted by high duties. It would, we fear, be
too much to expect that a subject which has been so long under discus­
sion, and on which there have been such opposite views, will soon be
settled in the most satisfactory manner, on absolute truth or unquestion­
able data. W e suppose we must rest satisfied if a compromise be made,
and that, if any quarantine be tolerated, it must be established on that
policy, eliminating from it as much o f the uncertain as possible, and free­
ing it as much as possible from that which is vexatious, and costly, and
inhuman. As England has set the example o f free trade, and is an ex­
ample to the world o f government with rational freedom, should she not
likewise be an example in this matter of quarantine? No nation has the
same power of teaching by example, her colonies being situated in every
climate, as it were expressly for the purpose in question.^ A nd standing*I
* The pecuniary losses are incalculable. Dr. (now Sir J ohn) B ow ring, speaking
in the House of Commons on the subject, in 1841, stated his belief that the losses
from quarantine in the Mediterranean alone were not less than two or three millions
sterling a year. We learn from Dr. W. B urrell’ s able and very instructive Report
on the Plague o f Malta in 1818, which he considered— and we think justly— of indi­
genous origin, to have entailed, b y the rigid and cruel measures enforced to coniine
it, a cost of £232,531.
I It is stated that “ all the deaths by yellow fever which have occurred in NewYork, in Brooklyn and at the quarantine stations combined, within the past fifty
years, amount to only six hundred— the same, in round numbers, as we have been
accustomed of late to lose annually by small-pox alone.”— Third Quarantine and
Sanitary Convention, New-York, 1859, p. 239.
Under the heading of “ Lisbon,” it is stated in the abstracts, that “ the number
of deaths on board vessels at sea, from ordinary casual diseases— chiefly phthisis,
chronic diarrhoea, hepatitis, apoplexy— exceeded, in the proportion of 21 to 12, that
from the diseases against which quarantine is specially directed;” and that “ in all
these cases a quarantine of several days is imposed.” It is added, “ a vessel from
Sunderland and Hamburg, both having clean bills, were detained, for four and six
days respectively, in consequence of a death from apoplexy during the voyage.”
Also, that “ in none of the twenty-five vessels which were quarantined for the cho­
lera, had any sickness occurred during the voyage.” (P. 8.)
J What valuable information might be obtained from these colonies were their go­
vernors required by the Secretary of State to give, in the blue-books annually furnished
by them, a short statement of the chief epidemics which may have prevailed during
the year, and also of any events bearing on quarantine which may have come under
their notice. Information from foreign countries, of the like kind, might be required
from her Majesty’s consuls. Such information together would almost form a sum­
mary of the epidemics of the world. It is sad to think how little has hitherto been
contributed by men in authority, whether governors of colonies, consuls or ambas­
sadors, to the advancement of natural knowledge, especially considering the means




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441

so high, how careful should she be to avoid making any false step.
Never more, we trust, shall we hear o f mistakes like those fallen into in
the treatment of the E c l a ir , befitting more a Neapolitan than a British
hoard o f health.”
The same writer, in speaking o f American works, a d d s:
“ The American works, the ‘ Proceedings and Debates o f the Third
and Fourth National Quarantine and Sanitary Convention,’ held in 1859
and 1860, at New-York and at Boston, are equally worthy o f attention.
They are highly creditable to the medical profession of the United States,
and must be read with interest equally by those who concern themselves
about quarantine and the even more important subject o f internal sanitary
legislation. In the pages o f their proceedings, a great amount o f valua­
ble information will be found, and numerous suggestions opening new
channels for research. Their discussions, their debates carried on with
earnestness, and displaying oratorical power of no mean ability, have not
been unfruitful o f result, especially o f the third convention, ending, as
they did, in the resolution, supported by the votes o f eighty-four dele­
gates against six, that yellow fever is incapable o f being propagated from
person to person, though, in their opinion, it may be by fomites. The
facts adduced in support o f the first part o f the proposition were nume­
rous, and, to our minds, tolerably convincing; but we cannot say so
much o f the arguments used in support of the latter part— that regarding
fom ites: 1things, not persons.’ The arguments used were chiefly de­
rived from experience obtained at New-York, a city decidedly malarious,
where the average yearly mortality is one in every twenty-five or twentysix o f the population, and where solitary stray cases o f yellow fever are
allowed to be o f no rare occurrence. W e apprehend the distinction
made between ‘ persons and things’ will hardly be held to be logical;
but apart from this consideration, is not a wider inference or induction
hostile to the doctrine ? If yellow fever could be introduced, as sup­
posed, by fomites, and these acting at a certain distance and contaminat­
ing the air, how is it that Liverpool has escaped the disease, where, at
all seasons, in the height o f summer as well as in the depth of winter,
cargoes o f cotton are arriving from the Southern ports o f the States,
(would we could call them United,) one or other of which is so often the
seat o f fever ? How is it that, in so many instances— many of them re­
corded in the documents before us— it has not spread in countries on
both sides of the Atlantic, in which little or no effectual attempts have
been made to confine it to the spots where it broke out?”
The answers to these interrogatories are, it appears to us, clearly deducible from the remarks o f Dr. B el l , in the proceedings o f the Third
National Quarantine and Sanitary Convention, held at New-York in
1859. “ A few years ago,” he remarks, “ some British ships, coming
from the coast o f Africa, where they had yellow fever, arrived at the
Island of Ascension, where yellow fever had never been known. They
had been there only two weeks, when it spread like wildfire, and large
numbers died. It was, at the time, strong evidence o f contagion ; but
since then they have demonstrated the fact to consist, not in the con­
st their disposal and the abilities of the individuals, and what has been done b y the
same class o f men in other countries, having had their attention called to matters o f
the kind by the home governments.




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tagiousness of yellow fever, but in the conditions o f the soil and climate
o f Ascension. It was sowing seed in good ground ; it was a good, ricli
garden soil, filling the atmosphere with food for the fever; and in that
way the inhabitants were supplied with the poison.* W hat did England
do ? She sent her ships to St. Helena, where there was solid rock, and
none o f the soil to favor an epidemic. They took their ships there with
all the filth (fomites) collected for twelve months on the coast o f A frica;
and though the persons sick with the yellow fever were dispersed through­
out the island, the inhabitants did not catch it, because it was not com­
municable. . . . The same thing occurred in Norfolk. . . . W h y
was it, I would ask, in 1848, when the ships came from the Gulf with
cases o f severe epidemic on board, they did not communicate it to
Norfolk ? Simply because there was not (there) that degree o f moisture
and heat necessary to spread it.” But, subsequently, in the summer o f
1855, there had been unsually heavy rains, followed by high temperature
and drought, when the steamer “ B en F ranklin” arrived, containing
fom ites, from St. Thomas, where yellow fever was prevailing when she
left. The first case o f yellow fever in Gosport is said to have been that
o f a laborer employed in breaking out her hold, who, after a short illness,
died on the 8th o f July.f So soon as this case was reported, the vessel
was ordered back to quarantine ; but she had been some time alongside
o f an old wharf, well calculated to become a new source o f fomites.
“ The same thing occurred here in 1856 (at Fort Hamilton and Bay
Ridge, opposite the quarantine anchorage ;) and you find the same con­
catenation o f causes, the same degree o f moisture and heat, and the same
meteorological conditions. I believe that it wTould not be too much to
state, that in proportion as we approach the conditions essential to the
rise and spread o f the yellow fever at the Delta o f the Mississippi, do we
find yeliow fever to prevail.” The reason that Liverpool has escaped the
disease, we apprehend, consists in the circumstance o f meteorological
conditions, equally unfavorable to new sources o f fomites, and favor­
able to the dispersion o f the poison, having the same effect as the
“ Northers” have in the Gulf o f Mexico, from the setting in o f which
fom ites are nullified and yellow fever ceases. The modus operandi o f
these climatic influences are equally incomprehensible, whether in places
where yellow fever frequently prevails, or in those places, like Liverpool,
where it prevails not at all.
For a full notice o f the National Quarantine and Sanitary Conventions,
and o f the C o d e of M a r in e H y g ie n e , adopted by the convention held
in Boston in 1860, the reader is referred to the M e r c h a n t s ’ M a g a z in e ,
vol. xliv., pp. 147— 159.
W e trust the time is not far distant when the “ Code” here referred to
will receive the sanction o f all nations and communities. It has, we are
happy to state, alread}^ been adopted by some o f our cities, while its
spirit, at least, is manifest in several others.
* The soil o f Ascension consists o f a mixture o f loam and volcanic ashes, having
for a basis a hard and rocky foundation; a condition which, when associated with
the beginning of the dry season and high temperature, is in all respects well calcu­
lated to become a bed o f fomites.
| “ The Summer of the Pestilence in Norfolk.” By G eorge A rmstrong, D. D.




1862.]

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ADVANTAGES

443

OF U N I F O R M P O S T A G E .
By P liny Miles.

T he great bulk o f the correspondence, and of the written and other
documents sent by mail, consists o f single letters, circulars, newspapers,
pamphlets and small packages o f printed matter, weighing less than a
quarter of a pound. I f all o f these articles could be charged at the
same rate of postage, that rate being l o w and u n if o r m , without any
“ extra” charges, except for unpaid postages, the trouble and labor of the
people in sending and receiving mail matter, and the toil and expense in
the Post Office, would be reduced to a minimum. Since the introduc­
tion o f low and uniform postage by R o w l a n d H il l , twenty-two years
ago, and the overwhelming success attending that measure in Great
Britain, the principle o f u n if o r m it y has been widely acknowledged as
the only correct basis of a good postal system. W e in the United
States know nothing o f uniform postage, being obliged, by our present
postal laws, to keep two denominations of postage stamps ; and in a large
proportion of the minor as well as the larger articles and packages sent
by mail, we have to attach two or more stamps to the same missive.
Besides the double payment by stamps, ab initio, we have a great num­
ber of “ extra” charges that bring a very moderate sum in the aggregate
to the Post Office, and that have to be paid on the receipt of the articles;
payments that are attended with great trouble and loss of time, both to the
citizen and to the clerks and letter carriers. In whatever light they may be
looked at, these “ extra” charges are indefensible, whether considered as
a means of revenue, (which is most insignificant,) or as a legitimate pay­
ment for a particular service. In framing our postal laws, and adjusting our
rates of postage, we are apt to forget that the Post Office, as a piece o f gov­
ernment machinery, is owned by the people, and that if the rates are
charged with a view to a general average that shall afford the greatest
economy and convenience, both in and out o f the Post Office, the
highest purpose of a good postal system is attained. In the first place,
it is absolutely impossible to know the exact expense, or an approxima­
tion to the expense attending any particular letter or class o f letters that
are carried a certain distance and pass through a certain number of hands.
In the next place, in a business that is made up o f such a multiplicity o f
details as the reception, transportation and delivery o f mail matter, if
certain letters or documents do go through a process— like advertising,
“ forwarding,” or delivery by carriers— that adds something to the cost
of their distribution, the collection o f the insignificant sum that is sup­
posed to represent that extra expense is productive of a larger outlay for
labor to the Post Office than the money produced by the tax. If this
statement is true, and I shall try and demonstrate it clearly, then the whole
process involves a triple loss. The government loses in laying out more
for labor in the collection than the tax produces, while the citizen loses
the time spent in getting his money, adjusting the change and handing it




444

Advantages o f Uniform Postage.

[May,

over, and he also loses the full amount paid, for the only possible object
in levying the tax, is a contribution to the Post Office treasury ; a contri­
bution, as we have seen, (or that I have stated and mean to prove,) which
actually costs the postal department more than it brings.
A proposition is now before Congress and the country, in a bill intro­
duced by the Hon. J ohn H u tch in s , of Ohio, (House Bill, No. 266,
3*lth Congress, 2d Session,) in which a prominent object “ is to equal­
ize the rates of postage,” or establish one u n ifo rm rate for all single let­
ters and minor articles. The numerous rates of postage we pay here in
New-York, on single letters and small packages, comprising forty-nine
fiftieths of all the articles sent by mail, and, in contrast with it, the sim­
ple, convenient and uniform rate proposed in the new postal bill, may be
seen in the following tabular view :
P resent
P ostage.

1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.

Mail letter, under 3,000 miles,..............................................
Local or drop letter................................................................
Transient newspaper, prepaid,.............................................
Pamphlet, one to three ounces in weight,.........................
Book, under 1,500 miles, one ounce in weight................
Circular in blank envelope,..................................................
Two circulars in blank envelope,........................................
Two circulars on one sheet,.............................................. ..
Circular in envelope, with business card printed outside,
Three circulars, in plain or printed envelope..................
Book, under 1,500 miles, three ounces in weight,...........
Book, under 1,500 miles, two ounces in weight,.............
Book, over 1,500 miles, one ounce in weight,.................
Pamphlet, weighing from three to four ounces, .............
Two ordinary newspapers, in one package,.....................
Newspaper, to Great Britain or France,...........................
Letter, returned to writer as “ dead,” ...............................
Letter, when “ forwarded,” ..................................................
Letter, whenjadvertised,......................................................
Mail letter, delivered by carrier,........................................
Mail letter, posted in lamp-post box,.................................
Circular, delivered by carrier.............................................
Newspaper, delivered by carrier,........................................
Pamphlet, delivered b y carrier,..........................................

P roposed
R ate.

3 cents.
1 cent.
1 cent.
1 cent.
1 cent.
1 cent.
2 cents
2 cents.
3 cents.
3 cents.
3 cents.
2 cents.
2 cents.
2 cents.
2 cents.
2 cents.
6 cents extra.
3 cents extra.
1 cent extra.
1 cent extra.
1 cent extra.
i cent extra.
cent extra.
\ cent extra.

2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
2
0
0
0
0
0
0
0
0

cents.
“

(t

ft

“
ti

“
ft

“
“
«
it
ft

“
it
ti
it
tl
it
ti
ft

“
it
ft

It certainly does not require an elaborate argument, supported by sta­
tistics, to prove that if the first sixteen items named alone, were all rated
at two cents, with a two cent postage stamp to pay it, there would bo a
vast convenience and saving of labor both to the public and the Post Office.
Last year there were 2,484,000 newspapers sent by mail to Europe,
nearly every one o f which were charged just two cents postage— none
o f them one or three cents.
This rate is regulated by treaty, and
cannot be altered by our government.
In the mailing of these mil­
lions o f newspapers there has to be the trouble o f putting on two post­
age stamps, when, if we had a two cent uniform rate, one stamp would
suffice.
Then there is a catalogue o f eight different “ extra” charges that have
to be paid by the recipient on the receipt o f the missive from the Post
Office or the letter carrier. Perhaps not twenty-five thousand dollars are
realized from all these “ extra” charges; and if the amount was half a
million, it would be dearly paid for. The utter lack o f economy can be




1862.]

Advantages o f Uniform Postage.

445

seen at one glance, when we reflect that a sum o f money— no matter
whether it is ten thousand or a hundred thousand, the larger the amount
the greater the folly— has to be collected in such sums as a cent and a
half cent, and in some cases three cents and six cents. Most emphati­
cally it dobs not p a y . Are any facts required to prove so simple and
palpable a truism ? I could give many. Let any business man ask him­
self how many more houses he could visit in a city— were he a letter
carrier— if he only had to knock or ring and deliver the letter or paper,
than if he were obliged to collect an insignificant sum for postage. The
servant generally has to return to hunt up her master or mistress, and
then perhaps there is no small change ready. Some carriers may and
do keep an account and charge the postage, collecting it once a m onth;
but that course is open to grave objections. A nd all of this money can
be obtained by having it included in the original charge o f postage, the
payment o f which is made by stamp.
When the British government introduced the penny postage, the law­
makers of that country, with the practical common-sense o f shrewd men
of business, saw that as low a rate as a penny would never “ pay,” unless
all extra trouble and redundant useless labor were thrown aside and dis­
pensed with. They at once abolished all “ extra” charges for carrier’s
fees, returning dead letters, &c., and every sum not included in the origi­
nal payment by stamp, except those postages (and these principally on
matter from foreign countries) that were not fully paid at the time of
mailing. By this means the expense o f handling and manipulation, sort­
ing, doing up, delivering, &c., was reduced more than seventy-five per
cent. In a little work on “ Postal Reform,” published in 1 8 5 5 ,1 showed,
by quoting the official figures, that the expense of handling the letters
— all the postal expenses, except transportation— in Great Britain, in
18S9, before the penny postage was introduced, was three cents a letter,
and in 1854 only seven mills a letter; while in the United States the ex­
pense was, in 1854, two cents one mill per letter. The cost in this
country may have been reduced a little since the above date.
The following are the figures in full, (see u Postal Reform,” section 14,
page 11,) the “ local expenses” being all the national postal expenditures
except the cost of transporting the mails :
Expense
o f each

1,000 letters.
82,470,596 ___ $30
Great Britain,.. . 1839 . . . $2,523,332 . . . .
7
Great Britain,.. . 1854 .., . .
3,233,195 .. . . 443,649,301 ----United States,.. . 1854 .. . . 2,549,422 . . . . 119,634,418 ----21
Country.

D ate.

Local Expenses.

No. o f Letters.

I f pains were taken to multiply labor by every possible form and cere­
mony that red tape and stupidity could suggest, I have no doubt but a
way might be contrived to have the cost o f correspondence to the Post
Office at least two shillings a letter, instead of two cents. Irony and
jesting aside, does any man outside o f an idiot asylum want any better
evidence than the above figures, and the catalogue (non) raisonne on a
previous page to prove that we have heaped blunder upon blunder in
framing our postal laws, until the record shows an enormous amount of
useless labor disgraceful to the nation, and a shame to every one who had
a hand in producing them ? The commonest canons of business affairs
are utterly ignored in the arrangement of the items, charges and details




446

Advantages o f Uniform Postage.

[May,

o f our postal system. Let me name one instance. W hen I was cleric in
the dead letter office at Washington, each dead letter that was returned
to the writer had to go through seventeen distinct separate processes in that
circumlocution office before the writer got his letter. In such a mill for
the grinding of patience and the consumption o f time, it will be readily
credited that a cleric could only return on an average thirty letters a day.
In the London “ Returned Letter Office,” (that office is not one where
common sense is a “ dead letter,” ) each cleric returns 200 letters a day,
and 1,200 a week.
Probably our officials at the seat of government may have so improved
the routine as to return thirty-five or forty letters— perhaps fifty— a day,
and that they probably boast as an “ improvement,” and so it may be called.
The chiefs of the former period (1854) used to abuse and vilify me for
trying to expose their absurd forms and ceremonies. My statements, I
believe, “ still live,” but my detractors o f that day are gone ; the nation is
rid of the incumbrance, and the places that knew them once will know
them no more for ever. I f a clerk returns 200 letters a day, that will be
1,200 a week, or, in a year, or, say fifty weeks, it will be 60,000 letters.
In returning 30 a day, a clerk would return 9,000 in fifty weeks. To re­
turn two million dead letters would require, by the English mode, thirtythree clerks, and by Uncle Sam’ s method it would take two hundred and
twenty-two. A t average salaries o f $1,200 a year, the financial results
would stand as follow s:
Cost of returning 2,000,000 dead letters in England,...............
Cost of returning 2,000,000 dead letters in America,...............

$ 40,000
266,000

But in this country we add to the ordinary official expense the cost
and trouble o f collecting a petty sum as an “ extra” charge on each dead
letter— provided, always, that the writer o f the letter is verdant enough
to pay the same. Nearly all decline these dead missives, and very dead
they are, for few or none reach the writers in less than two or three
months of the time they were originally mailed. In Great Britain there
is no charge on dead letters, provided they were prepaid at the time of
mailing, and they reach the writer in from three to ten days o f the date
they were written and posted. This rapid and punctual return o f dead
letters can only be carried out where there is a free and general delivery
by carriers. To-day we are more than twenty years behind Great Brit­
ain in the management o f our postal affairs. When shall we be nearer ?
A t the rate we are now progressing— or rather at the rate we are stand­
ing still, for our postal progress can scarcely be seen by any eye except
that of a philosopher of the red tape school— we shall not probably over­
take that nation in this branch o f political economy in less than one
thousand years.
I have sometimes been called an “ advocate o f cheap postage.” I wish
I could convince our law-makers that one of the principal faults o f our
postal system is, that the rate o f postage levied on a number o f articles
and documents that go through the P ost is too low. The one cent rate
o f postage is too low to be remunerative, no matter what the piece o f
paper may be on which that sum is paid, how short the distance over
which it is conveyed, or what hands it goes through. There is a distinct
difference between both letters and “ transient” printed matter— the post­
age on which, for the most part, is pre-paid in stamps— and regular news­




1862.]

Advantages o f Uniform Postage.

447

papers and periodicals, the postage o f which is paid quarterly, half yearly,
or yearly in advance. The government has decided, and the people
have ratified the decree, that the distribution o f periodical literature by
mail shall be as unrestricted and as cheap as practicable. The new
postal bill makes no average alteration in the postage rates on this de­
scription of matter, only making greater simplicity and uniformity. But
all “ transient” matter belongs to a different class from the regular news­
paper and periodical. The packages are treated differently, and produce
far more labor and trouble. The stamps have to be cancelled or obliter­
ated, and the postmasters or clerks have to see that they are rated and
paid correctly, and charge or collect any excess that is left unpaid.
Under these circumstances, a transient newspaper, a circular, or a pam­
phlet, costs as much in handling, sorting, stamping, rating and delivery,
as a letter, while in transportation printed matter costs far more. In
framing a postal law, then, and in providing for the rates o f postage, it
should be insisted on that each newspaper, circular, pamphlet, drop
letter or other article, however small, that is paid by stamp, s h a l l
BE CHARGED AT A RATE THAT WILL COMPENSATE THE POSTAL ESTABLISH­
MENT.

W ith many of our statesmen there appears to be a monomania on the
subject o f taxation. They seem to have the idea that we are under some
necessity to put a tax on every productive business in the land, and on
every article produced in a workshop, drawn from the sea, raised from
the earth, or dug from under the earth. J o h n B ull is far wiser. He
says, tax men, tax luxuries and tax property, but keep trade and manu­
factures unfettered. Their system o f taxation, like their postal system,
in all simplicity; ours, all complication.
For the wisest o f reasons, the Post Office and its benefits are made
as cheap as possible, and the greatest facilities are given for the cir­
culation o f letters and business announcements. No people have ever
paid such enormous taxes as the people o f Great Britain, and none have
had so much experience in that branch of political economy, or reduced
it so nearly to an exact science. W e have scarcely paid a tax in this
country, except on property direct, and are we so wise as to imagine
that we can learn nothing from the statesmanship and practice o f Great
Britain ? As well might we claim that the Hon. J o n a t iia n B u n co m be ,
who drank more bad liquor and treated more voters at two elections
than any other man, and, in consequence, elected to Congress, has more
political wisdom, and embodies more knowledge on the most intricate
branch of political economy than we can learn from the speeches and
writings and the vast body of laws brought forth by C o k e , B a c o n , S el d e n , M a n s f ie l d , E ldon , C h a t h a m , E r s k in e , C u rran , B u r k e , “ J u n iu s ,”
W a l p o l e , L y n d h u r st , Fox, P it t , P e e l , I I um e , M a c a u l a y , B r ig h t ,
C o b d e n , B ussell and P a l m e r s t o n . The same may be said o f postal

affairs. A man from a State that produces fewer letters than are written
by the business men of a single ward in New-York or Boston, finds him­
self, by some accident or turn o f the political wheel, in the chair o f the
Postmaster-General, or at the head o f a Postal Committee in Congress.
He at once comes to the conclusion that experience and study are not
essential to appreciate the duties o f his office, and imagines that the
crude ideas of a politician, who has never seen the working of a good
postal system, or the antiquated routine o f an ancient Post Office clerk,




448

Advantages o f Uniform Postage.

[May,

are more available material for the production of a good postal law than
all the inventive genius of Sir R o w l a n d H ill and the postal experience
of the British nation for the last thirty years.
The principal reasons why our postal establishment creates so much
dissatisfaction among the people, and shows so unfavorable a balancesheet, are readily seen.
1. The “ extra” charges on letters and other matter (see a portion
only o f these on the second page o f this article) make a great deal o f an­
noyance and useless trouble.
2. The lack o f u n if o r m it y in our postal rates creates the necessity o f
keeping two sorts of stamps, and requires, in a vast number of cases, two
stamps to be placed on the same document.
3. The want o f every thing like uniformity or system makes the postal
laws difficult to understand and impossible to remember.
4. The almost innumerable rates o f postage on printed matter make
the whole system troublesome to the public, create a vast amount o f use­
less labor in the Post Office, and necessitate frequent appeals to the de­
partment to decide the rate o f postage on ordinary printed documents.
5. The want o f a u n ifo rm rate o f postage for letters and all minor
articles, the numerous rates on printed matter, and the trouble o f collect­
ing the great number o f “ extra” charges; insignificant items of a half
cent, a cent, three cents, &c., entail upon the Post Office an immense
amount o f useless and expensive work.
6. The making out of useless and troublesome way bills— a practice
altogether abolished in England— and the needless ceremony o f putting
wrappers on the packages o f letters that are to go but a few hundred
miles, also abolished in Great Britain, at least doubles the amount of
labor in “ making up” the mails.
7. The vast quantity o f “ franked” matter and free newspapers weigh
down the postal establishment, exhaust a large portion o f its means, and
greatly increase the expense o f transportation.
8. A simplification of the tools and means used in putting on the date
stamp and cancelling the postage stamps on letters, enables the English
postal authorities to perform this labor with at least twice the rapidity
that we do it in our Post Office.
9. The actual expense o f handling, stamping, sorting, doing up, re­
ceiving, sorting again and delivering three millions of letters in Great
Britain is no greater, as 1 have heretofore shown by the official figures
of 1854, than the same processes performed on one million letters in the
"United States ; and this is nearly all the result of a u n if o rm rate of post­
age, and the various means that I have mentioned for simplifying the
postal duties.
10. The one cent rate of postage on drop letters, circulars and transient
newspapers is too low, and should be raised to two cents.
11. A neglect o f the most profitable field o f letter distribution in every
commercial country— the circulation o f letters and mail matter in cities—
deprives our Post Office of a very large income, and the residents o f cities
of much needed postal facilities. In London there were distributed
through the Post Office, last year, 63,221,000 local letters, at two cents
postage, giving a clear profit o f £900,000, while in New-York there were
but 1,570,000 local letters, at one cent, with no profit at all to the Post
Office.




1862.]

Statistics o f Trade and Commerce.

STATISTICS

OF

TRADE

AND

449

COMMERCE.

1. W heat T rade . 2. T he B ritish W ool T rade . 3. A nnua:, E eyiew op T he T rade in
8 altpetre. 4. T rade and Commerce of R io J aneiro . 5. T rade and Commerce of the
R ussian E mpire. 6. N ew -Y ork C attle M arket . 7. B righton Cattle M arket . 8. F oreign
Commerce of the U nited States.

WHEAT

TRADE.

W e have prepared the following valuable table, showing the imports
and exports of wheat into France and England for many years, with the
exports from the United States in a corresponding period. The French
wheat includes flour.
I mport and E xport of W heat into and from F rance and the U nited S tates,
and I mport of W heat and W heat F lour into G reat B ritain .
Great B ritain .

Y ears.
1 8 4 1 ,... . . .
1 8 4 2 ,... . . .
1 8 4 3 ,... . . .
1 8 4 4 , . . . ..H
1 8 4 5 ,... . . .
1 8 4 6 ,. .. . . .
1 8 4 7 ,... . . .
1 8 4 8 ,... . . .
1 8 4 9 ,... . . .
1 8 5 0 ,...
1 8 5 1 ,...
1 85 2 ,. . . . . .
1 8 5 3 ,. . . . . .
1 8 5 4 ,. . . . . .
1 8 5 5 ,. . . . . .
1 8 5 6 ,. . . . . .
1 8 5 7 ,. . . . . .
1 8 5 8 ,. . . . . .
1 8 5 9 ,... . . .
I 8 6 0 ,... . . .
1 8 6 1 ,... . . .

F rance.

I mports.
F lour.
W heat.
Bush.
Cwt.
1 ,263,126
1 ,130,754
436 ,87 8
980 ,64 5
945,864
3,1 9 8,87 6
6,3 2 9,05 8
1,765,475
3,3 4 9,83 0
5 ,3 1 4,41 4
3 ,889,583
4 ,6 4 6 ,4 0 0
3 ,646,505
1 ,904,224
3,9 7 0,10 0
2,1 7 8,14 8
3 ,8 6 0,76 4
3 ,3 3 0 ,7 7 0
5 ,1 3 9,25 3
6,2 3 4,27 9

THE

1 9 ,2 78 ,0 3 2
2 1,7 77 ,4 4 0
7 ,5 2 0,99 0
8 ,7 9 2,61 6
6 ,9 7 3,68 0
1 1,4 60 ,7 2 8
2 1,2 5 1 ,2 3 2
2 0,7 5 2 ,1 0 4
3 2,7 63 ,0 2 4
3 0,0 36 ,7 4 5
4 0 ,4 9 6 ,0 7 2
25,5 51 ,1 3 6
35,5 95 ,5 1 2
2 6,448,816
2 1,342,608
3 2,5 8 2 ,6 6 4
27,5 03 ,6 5 6
37,1 75 ,4 7 1
3 2,0 0 8 ,2 9 8
4 7 ,2 4 9 ,4 4 8
5 5 ,7 34 ,7 6 0

U nited States.

I mports.
W heat.

E xports.
W heat.

Bush.

Bush.

E xports.
W heat.
F lou r.
Bush.

3 ,7 5 4 ,9 8 2
5,0 7 7,23 3
4 ,5 1 4 ,5 4 3
6,4 6 2,94 9
....
9 ,0 9 3 ,6 9 2 3 ,3 8 8 ,2 1 2
311,685
5 ,1 7 2,06 0
5 ,7 6 8,20 7
558 ,91 7
3,6 5 4,58 5
389,716
6 ,9 0 0,23 8
1 6,6 24 ,4 2 2 3,4 6 7,83 3
1,6 1 3,79 5
2 8,7 5 4 ,6 5 8 4 ,1 5 4 ,4 2 7 4,3 9 9,95 1
3 ,576,546
4 ,4 9 4 ,1 9 9
2,0 3 4,70 4
5 ,0 0 2,15 2
1,5 2 7,53 4
1,3 6 4,21 7
6,9 1 9,39 8
608,661
2 ,772,081
6 ,327,735
2,0 0 3,94 3
1,0 2 6,72 5
4 ,1 2 6 ,6 4 0 4 ,0 1 4 ,1 0 7
2 ,6 9 4 ,5 4 0
2 ,1 0 1,20 6
3,8 9 0,14 1
1 0,1 03 ,1 0 7
1,0 5 3,13 2
1 8,9 72 ,9 8 8
8,0 3 6,66 5
1 2,1 6 5 ,0 2 2
822 ,25 6
798 ,84 4
572,168
2 8,7 6 9 ,7 8 2
8,1 5 4,87 7
1
,344,063
14,570,331
1 5,8 65 ,5 7 4
8 ,9 2 7,38 0 1 9,3 36 ,3 2 0 8,926,196
3 ,002,016
4 ,4 2 5 ,2 4 4 2 3,278,601
2 ,0 8 3,05 4 14,466,898 4,1 5 5,15 3
3 9,0 3 3 ,0 7 2 3,2 4 9,09 2 36,7 81 ,2 4 0

BRITISH

WOOL

Bbls.

841 ,47 4
1 ,436,575
1,1 9 5,23 0
2,2 8 9,47 6
4 ,3 8 2 ,4 9 6
2 ,1 1 9,08 3
2,1 0 8,01 3
1,3 8 5,44 8
2,2 0 2,33 5
2,7 9 9,33 9
2 ,920,918
4,0 2 2,38 6
1 ,204,540
3,5 1 0,62 6
3,7 1 2,05 3
3,5 1 2,16 9
2 ,4 3 1,82 8
2 ,6 1 1,59 6
5 ,1 8 1 ,2 3 0

TRADE.

In the London Shipping Gazette we find the statistics o f the wool Lade
of Great Britain during the past year, together with extended comments,
a portion o f which we give below.
The imports of colonial and foreign wool into England in 1861 prove
that the progress of sheep farming in the British colonies has made rapid
strides o f late years. Although there was a slight falling off in the arrivals
VOL. XL vi.— n o . v.
29




Statistics o f Trade and Commerce.

450

o f wool last year from Hobart Town, Launceston, South Australia and
India, the total supply from British possessions amounted to 329,417
bales, against 303,078 bales in 1860, being an increase of 26,339 bales.
Notwithstanding that the export demand for the Continent was mod­
erately active, prices gave way from l) d . to nearly 4d. per lb., leaving,
in January, about 40,000 bales in warehouse, to be offered at the next
public sales. The following statistics show the imports o f wool into
England from British colonies for two years :

Sydney and Moreton B ay,......................
Port Philip,................................................
Portland B ay,............................................
Hobart Town,............................................
Launceston,................................................
South Australia,.......................................
Swan River,................................................
New-Zealand,..............................................
Cape— Algoa Bay and Port Natal,. . . .
“
Port Beaufort and Mossel B ay,.
“
Cape Town,...................................
East Indies,................................................
Total,

1860.

1861.

B ales.

Bales.

46,095
75,332
2,952
9,154
7,574
23,833
1,992
17,870
45,813
622
9,190
62,651

55,229
80,797
3,971
8,871
7,269
27,257
2,072
23,367
50,032

303,078

11,702
58,850
____

329,417

Here we find a large increase in the supply from Sydney, Port Philip
and Portland Bay, (the wool from which quarters, from its superior quality
and length o f staple, may be classed about the most valuable for general
purposes,) and an unusually large quantity from South Australia, NewZealand and the Cape. The want of adequate labor in those colonies,
however, has compelled the growers to continue shipping in the grease,
and in packages which are often liable to damage on the voyage ; hence,
those particular kinds o f wool have sold at comparatively low rates, and
the demand for them has been otherwise than healthy. It will be per­
ceived that there is a deficiency in the importations o f East India wool
o f about 4,000 bales; but this has arisen from the immense quantities
o f cotton shipped from Bombay to England, and at higher freights than
those offered by the growers of wool. Owing to the large supplies pur­
chased at Liverpool by American manufacturers, East India wool has not
fallen in value to the same extent as most other kinds, and the stock on
hand last month was somewhat limited for the time of year.
In the aggregate, the imports from abroad last year were on a very
moderate scale. It is fortunate for the colonial growers that they were
not on the increase, because heavy additions to the English stocks would
have led to a greater decline in the quotations than has been reported.
Not that foreign parcels, however good they may be, can strictly com­
pete with fine colonial samples, but it is evident that a rapid fall in the
former is calculated to bring down the value o f colonial wool, unless, in­
deed, under peculiar circumstances, such as a short supply and an in­
creased demand. The extent o f English imports o f foreign wool in 1860
and 1861 is shown in the annexed table :




1862.]

451

Statistics o f Trade and Commerce.

Germany,....................
Spain and Portugal,.
Russia,........................
South America,.........
Barbary and Turkey,
Syria and E gypt,...
Trieste, Leghorn, &c.
Denmark,.................
China,..........................
Sundry,......................

it
it
u
tc
u
it
tt
tt
tt

1860.
19,681
28,702
22,150
74,233
11,867
5,576
719
2,420
119
12,925

Total,. . .

tt

178,462

..
..
..
..
..

..

1861.
11,075
12,336
31,823
90,058
10,732
4,248
1,497
342
12,634

. . 174,745

This comparison shows a falling off in the supply o f 3,717 bales; and
had it not been for a heavy import from Russia and South America, the
deficiency would have been much greater.
The arrivals from Russia,
exhibiting, as they do, a large excess, must be chiefly attributed to the
depressed state o f the manufacturing industry in that country, and the
closing o f some large establishments from want o f funds to meet the
necessary outgoings; whilst the excess from South America seems to
imply that, at length, the number o f sheep in the various States has largely
increased of late years. Spain and Portugal have, apparently, required
more wool for domestic purposes ; and it is just possible that such may
have been the case in Germany. On this point, however, matters are
not very clear, because we may presume that the German manufacturers
have suffered severely from the high tariff in the United States. Official
returns inform us that the total exports o f English, Irish and Scotch
wrool last year were upwards o f 17,000,000 lbs., against 11,500,000 lbs.
in 1860, and that the increase in the shipments o f foreign and colonial
qualities was about 6,000,000 lbs. France stands first as the great con­
sumer o f British native w ools; and Germany, as well as Belgium, has
imported largely. But even these figures fail to show that the outward
trade in woolen goods has extended itself.
Having commenced the present year with a large quantity o f unsold
wool on hand, some anxiety is now manifested by the British holders as
regards the future course o f the trade, more especially as it is known
that heavy shipments will be shortly commenced in Australia. Fortu­
nately for them, the home demand for manufactured goods is healthy;
but doubt is entertained as to finding a good market in the United
States. On this point the G azette says :
“ W e apprehend that there is no prospect whatever of such a revision
in the American tariff as shall induce more inquiry for woolens. A s the
States grow very little wool for export purposes, it is possible, in the
event of the present struggle in the South being prolonged, that much
o f the low qualities now in this country will be purchased for New-York.
In this way we shall get rid o f a description which might otherwise have
some influence upon good and medium qualities; but, at present, we see
no reason to anticipate a recovery in price from the decline established
at the last colonial sales held in London.”
As to the prospect in the continental markets, it says:
“ H ow far the consuming powers o f the continent may influence prices




452

Statistics o f Trade and Commerce.

[May,

is a matter for consideration. That those powers have rapidly increased
o f late, is evident from the most authentic data; but we may observe
that they have tended to cripple our own manufacturers. The working
of the new French and Italian tariffs, and the promised opening o f the
Belgian markets to our woolen goods, may assist in placing the manu­
factures on a more favorable footing ; nevertheless, it is clear that we are
now producing much smaller quantities of woolens than in the ordinary
run of years.”
The Gazette concludes thus:
“ Let it not be supposed that we are surrounded with desponding in­
fluences as regards the wool trade. Our surprise is that, with such enor­
mous importations, prices should have kept up so well, and that there is
not a heavier accumulation in warehouse. Although our manufacturers
have suffered from the high duties levied upon their goods in America, it
is satisfactory to know that that country is the only one which has adopt­
ed such a system; and while army necessities have drawn from England
large quantities of inferior wool, say some 20,000 or 30,000 bales, for
American consumption, we may safely take it for granted, that no great­
er failure was ever concocted by Congress, or, more properly speaking,
b y the L in c o l n cabinet, than that o f laying a high duty upon our woolen
goods, with a view to enrich the treasury.”

SALTPETRE.

The following annual review of the trade in this important article has
been prepared by Messrs. K o bert W il l ia m s & S on , o f B oston :
The import o f saltpetre into this market, the past year, exceeds that
of the preceding year by 1,212 bags, and the imports into the United
States exceed that o f last year by 7,9*93 bags. As usual, the article has
fluctuated considerably through the year, from various causes, the range
o f prices having been from 8 to 17 cents per lb. Early in the year the
market was rather quiet, with moderate sales, at 9^- to 9£ cents per lb.,
six months, and prices gradually declined, with only small sales, through
January and February. In March the demand was larger, but prices
continued to decline, and on the 1st o f April the article had reached its
lowest point for the year, say 8 cents per lb. About the middle o f April,
higher quotations from England, aided by a speculative demand in con­
sequence of the Southern rebellion, and also by a good demand from
consumers, caused large sales, and the article advanced fully 1 cent per
lb., say 9 to 9-J- cents, six months, and closed firm at these rates. The
demand in May was rather small, but prices were well maintained. In
June and July the demand, which was entirely for consumption, fell off
still more, and most o f the small mills had stopjied operations. On the
1st o f August prices had declined again to 8 @
cents per lb., six
months. In August and September the sales were larger, with some
demand for speculation, but at no change in prices. In October the
demand was very large from consumers, and, with large sales, and a
great falling off’ in the shipments from India, prices began again to
advance, and on the first of November were about 9 cents per lb. The
demand through November continued large, for consumption and spccu-




1862.]

Statistics o f Trade and Commerce.

453

lation, and prices still further advanced, and 1st December were 10 to
10^ cents, six months, with small stocks in market, and an upward ten­
dency. Early in December the article was in favor, and by the 12th of
the month had reached 11 cents per lb., cash, with considerable sales on
the spot and to arrive, at this rate. On the 16th o f this month warlike
accounts from England, growing out o f the T rent alfair, and also advices
that the export of the article from Great Britain to the United States had
been prohibited, were received, and the market was greatly excited, and
prices advanced rapidly, with considerable sales on speculation, at 14£
to 17 cents per lb., cash. The article at this time is less active, with
more disposition to sell, and with little demand, and prices are some­
what nominal, and may be quoted at 12 to 14 cents per lb. The stocks
in the country and on the way are moderate, and we think the article
will command high rates for some time to come, even if our affairs with
foreign countries are amicably adjusted.
The imports from India into the United States, for the year, have
been— (not including the 740 bags, per H e r b e r t , arrived at Provincetown, December 20, 1860, and Boston, January 5, 1861, which were
included in the import for 1860 :)
Bags.

36 ships at Boston,...........................................................
13 ships at New-York,......................................................
3 ships at Philadelphia,..................................................

65,073
29,286
5,861

T otal,..........................................................................

100,220

In the above is included 1,525 bags from Bombay, 900 o f which
arrived at Boston, 625 at New-York. In addition to the above, there
has been imported from Europe—
Bags.

Into Boston,........................................................................
Into New-York,.................................................................
Total,......................................................................
Total imports into
Total imports into
Total imports into

Boston,...............................
N ew -Y ork,.........................
Philadelphia,....................

1,253
160
1,413
66,326
29,446
5,861

Total imports into the United States for 1 861,.. 101,633
Stock now in B oston ,.......................................................
Stock now in N ew -Y ork,'................................................
Stock now in Philadelphia,............................................

8,200
600
200

The demand for export, as in the previous year, has been confined to
small lots for Canada, say not over 200 bags through the year. The
exports for the past eight years have been—
Bags.

Bags.

1861,........... .........
1860,........... .........
1859,........... .........
1858,........... ___




200
772
613
10,560

1857,...........
1856,...........
1855,...........
1854,...........

____

49,062

___
___

30,300
18,450

[May,

Statistics o f Trade and Commerce.

454

ST A T E M E N T

C O M P A R A T IV E

OF IM P O R T S TH E

..

63,326

..
.

..

75,771

..
.
.
..
.

..
89,834
. . 110,906
. . 117,900

Total,............. . . 739,864

YEARS.

Total
Bays.

Bags.

Bags.

29,446
21,454
7,952
10,194
20,088
7,522
10,282
8,728

. . 5,681 . .
. . 7,072 .
. . 8,115 . .
. . 4,213 .
. . 2,653 . .
.............
..
. . 10,575 . .
. ..................... .

101,633
93,640
103,594
90,178
149,228
97,356
131,763
126,628

..

894,020

Bags.

1861,......................
1860,......................
1859,......................
1858,......................
1857........................
1856,......................
1855,......................
1854,......................

P A S T E IG H T

P h il a. and
other p orts.

Into
New- York.

In to
Boston.

. . 38,490

. . 115,666

The stock in Boston (January 1, 1862) is 8,200 bags, against 12,000
bags in 1861, 8,286 in 1860, 17,468 in 1859, 25,269 in 1858, 13,100 in
1857, 8,395 in 1856, 15,144 in 1855, 8,000 in 1854.
The quantity on the way, up to last dates, from Calcutta, November 8,
1861, is 14,760 bags, and the quantity loading at the same time was only
2,435 bags. There are also 886 bags on the way from London, bound to
New-York, shipped early in November. A considerable portion of that
to arrive has been sold to or imported by customers, and of the imports
into the United States, this year, over 12,000 bags were on manufac­
turers’ account. The principal manufacturers have had large orders
from government for powder during the past six months, and are still
busy on these contracts. The general powder business has been small
for some time, particularly since our government has prohibited the
export of powder. A fair estimate of the consumption for the year,
taking stock in consumers’ hands into consideration, is 75,000 bags.
The consumption for 1860 was 75,000 bags, 1859, 100,000 bags, 1858,
70,000 bags, 1857, 80,000 bags, 1856, 63,000 bags, and 1855, 105,000
bags.
TRADE

AND

COMMERCE

OF

RI O

JANEIRO.

W e are indebted to L. H. E. D ’A guiar (Brazilian consul at NewY ork) for the following tables :
EXPORTS

YEAR8.

1842,
1843,
1844,
1845,
1846,
1847,
1848,
1849,
1850,
1851,

. ..

...
...

...
...

___
...

...
...
. ..

343,738
536,321
554,382
546,615
727,263
729,742
806,907
638,361
628,417
1,000,983

1842- 51, 6,512,729




OF C O FF E E

FROM

To other Places.

To V.<&

..

..
..
..
..
..

..
..
..
..

808,870
629,310
678,553
645,026
783,833
911,818
903,808
821,607
715,067
1,039,422

. . 7,937,314

R IO

J A N E IR O .

Total.

. ■ 1,152,608
. 1,165,631
. 1,232,935
. 1,191,641
. 1,511,096
. 1,641,560
. 1,710,715
. 1,459,968
. 1,343,484
. 2,040,405
. 14,450,043 bags, 160 lbs. each.

1862.]

e x po rt s of c o f f e e

Y ears.

To TJ. 8.

To other Places.

..
941,809
..
787,315
. . 1,109,486
..1 ,2 6 9 ,7 6 8
. . 1,080,528
. . 1,219,483
. . 697,378
..
879,841
..1 ,1 5 7 ,5 3 2
. . 1,328,475

185 2 -6 1 , 9,724,162

10,472,615

TO T A L E X P O R T S F R O M

Y ears.

Ja n e ir o .— ( Continued.)

f r o m r io

1852,____ 964,663
1853,___
850,895
878,711
1854,___
1855,___ 1,138,488
1856,___ 1,017,784
1857,___
880,297
1858,___ 1,132,060
1859,___ 1,151,425
969,687
1860,___
741,152
1861,___

Total.

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

1,906,472
1,638,210
1,988,197
2,408,256
2,098,312
2,099,780
1,830,438
2,030,266
2,127,219
2,069,627
20,196,777 bags.

1822

E xports.

1822,___
1823,___
1824,____
1825,___
1826,___
1827,
_
_
1828,
1829,___
1830,___
1831,___

1862.

to

Y ears.

152,048
185,000
224,000
183,136
260,000
350,000
364,147
375,107
391,785
448,249

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

••••

•• ••
• • ••

....
....
....
....
....
....
—

E xports.

.
.
.
.
.
.
.
.
.
.

2,933,472 bags..............
1822
1832
1842
1852

478,950
561,692
560,759
647,438
715,893
607,095
766,696
889,324
1,168,418
1,028,368
7,324,633 bags

Y ears.

From
“
“
“

455

Statistics o f Trade and Commerce.

E xports.

to 18 3 1 ,..
“ 1 8 4 1 ,...
“ - 1 8 5 1 ,...
“ 1 8 6 1 ,...

B IL L S

OF E X C H A N C E

2,933,472 bags, o f 160 lbs.
u
7,324,633 u
U
il
14,450,043
u
20,196,777 u
DRAW N

AT

R IO

J A N E IR O

Upon London,..................................................................
“
Paris,.......................................................................
“
Hamburg,...............................................................
Funds sent by government to London,........................
Export o f specie, 1861,...................................................
P U B L IC

D E B T O F B R A Z IL , D E C E M B E R




1861.

£9,920,000
Fes. 24,150,000
M. B. 5,270,000
£ 763,000
£367,904

31, 1861.

Internal,.............................................................................
External,............................................................................
Total,,

IN

£ 7,537,500
7,436,600
£14,974,100

456

[May,

Statistics o f Trade and Commerce.

C U ST O M -H O U SE

REVENUE.

1860.

1861.

Imports,...................................
Exports,...................................

£1,719,143
413,314

____
____

£1,961,835
544,592

T otal,...................................

£2,132,457

____

£2,506,427

FL O U R

AT R IO

J A N E IR O .

1860.

1861.

Imports,............................................
On hand, January 1 ,......................

391,251 bbls.
10,214 “

___
___

305,252 bbls.
75,000 “

Total,............................................

401,465 bbls.

____

380,252 bbls.

Ite-exported,..........
Coastwise,...............
On band, Dec. 31,.

25,441 bbls.
78,482 “
46,950 “

J

•10,613

150,873

10,214 20,827

“

Tot. consumption o f imported flour. 250,592 bbls.

TRADE

AND

COMMERCE

OP

THE

____

“

359,425 bbls.

RUSSIAN

EMPIRE.

Table exhibiting the value o f Imports and Exports (in silver roubles,
one = 75 cents) by each frontier in the years 1853 and 1859.
Value o f E xports.
F rontiers.

1853.

W hite Sea,...............
6,113,782
Finland,...................... 2,287,624
Baltic Sea,............... 67,809,585
European Land,___ 14,123,646
Black Sea.................. 49,359,624

1859.

Value o f Im ports.

1853.

1859.

7,291,078
3,273,932
66,069,602
18,714,811
57,320,472

294,706
530,267
1,056,900 1,742,966
63,406,779 96,186,313
15,597,749 23,897,099
9,931,971 15,573,235

Total Europ. Russia, 139,694,261 152,669,895

90,288,105 137,929,880

Trans.-Caucasian,... .
Caspian Sea,.............
Orenburg & Siberia,.
Kiakta,......................

1,431,474
257,326
3,375,676
2,904,078

Total Asiatic Russia,

7,968,554

1,935,157
354,080
4,910,858
5,794,682
12,994,777

3,887,238
689,152
4,518,195
2,904,078

4,969,992
1,133,794
7,852,681
7,447,819

11,998,663 21,404,286

Grand Total,........... 147,662,815 165,664,672 102,286,768 159,334,166
O f this, from U. S.,.
2,566,260
2,113,399
3,848,591
8,849,071




1862.]

457

Statistics o f Trade and Commerce.

T able exhibitin g the value o f Im p o rts and E x p o r ts a t the p r in c ip a l p o r ts
in 1853 an d 1859.
Value o f Im ports.

Value o f E xports.

^

P ortp.

Archangel,...............
St. Petersburg,. . . .
Narva,......................
Riga,..........................
Revel,........................
Windau,...................
Lebau,......................
Ismail,......................
Odessa,....................
Taganrog, ................

1853.

5,964,402
46,347,104
415,509
16,795,051
579,646
301,348
1,561,921
2,191,474
27,640,259
4,119,571

1859.

'

7,147,354
42,244,787
651,048
19,000,000
535,274
281,851
1,208,588
30,967,911
7,412,315

1853.

1859.

252,692
480,118
53,834,752 83,028,527
1,102,141
540.207
4,063,969
4,727,796
821,545
460,242
52,254
67,969
198,808
179,680
125.208
7,873,428 12,411,009
2,591,628
1,501,507

T able exhibitin g the quantities and valu es o f articles Im p o rte d and E x ­
p o rted f r o m and to fo r e ig n countries, (exclu sive o f F in la n d and Asia,)
in the y ea r 1859, in silver ro u b les :
I mported.

Spices and cocoa,..................
Coffee,..................................
poods, 1
Sugar, raw,..........................
o f 36 lbs. )
U
“
refined,....................
1C
Olive oil,..............................
Spirits, brandy, arrack, &c.,
W ines,...................................
Champagne,...........................
Porter,...................................
Fish,.......................................
poods,
Salt...........................................
T ob a cco,...............................
Fruit,.....................................
Cotton, raw,..........................
poods,
U
“
yarn,........................
D rugs,................................... .
W ood for turners, &c.,
poods,
Dye-stuffs, indigo,................
CC
“
cochineal,.............
U
“
madder,.................
Cl
“
sandal,..................
“
other kinds,........
poods,
Metals, lead,...........................
“
other kinds,.............
Coal,........................................
poods,
Silk, raw,................................
Cl
W ool, raw,.............................
Manufactures o f cotton,___
of linen,..........
o f silk,.............
«
o f w ool,...........




Q uantities.

270,269
957,130
1,408
724,754

7,738,382
115,771
2,794,054
143,936

47,752
11,970
66,609
436,069
405,635

7,318
106,866

Values.

630,300
2,532,783
4,694,496
8,349
4,581,585
594,486
4,014,151
1,856,644
470,443
3,194,712
3,973,414
3,200,354
4,698,675
21,968,394
2,916,298
4,078,901
130,231
4,028,566
639,541
456,020
849,948
2,805,146
1,185,403
2,161,100
2,005,597
1,909,369
3,648,565
5,609,326
2,138,763
5,845,254
4,167,619

t

458

Statistics o f Trade and Commerce.
I mported.

Machinery and models,............................
Metal ware, scythes, & c.,............. poods,
“
other kinds,..........................
Clocks and watches,.................................
Precious stones,.........................................
Printed books,...........................................
Furs,.................................. •........................
Medicines,..................................................

[May,

Quantities.

111,200

Values.

..

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

Total value o f imports,........................

E xported .

Caviar,.............................. . [ poods,
Butter,.............................. . j o f 36 lbs.
Cattle— cows and oxen,. ...................No.
66
“
other kinds,.. . .
Grain— wheat,..............j
chetvert,
“
rye,..................j o f 5-8 bush.
66
“
barley,.............
u
“
oats,...............
u
“
maize,..............
66
“
peas,...............
66
“
meal and flour,
16
“
other kinds,...
W ax,.................................
it
Horse-hair,.......................
a
Isinglass,..........................
a
Hides — Russia leather,..
66
“
tanned,...............
it
“
raw,....................
it
Flax,..................................
61
Codilla,.............................
16
Hemp...............................
66
Tow,.................................
66
Yarn, linen and hemp,..
T im ber,.............................
Oil, linseed and hemp,. .
66
Metals— copper,.............
66
“
iron,...................
66
Potash,.............................
66
Train o il,.........................
66
T allow ,.............................
Seeds— linseed,................
66
“
hemp seed,__ _
P itch ,............................... ................bbls.
W ool — sheep,..................
it
Skins— hare,....................
66
Bristles,............................
66
Cordage,..........................




11,296,612
924,702
3,689,088
1,249,594
716,413
964,297
2,252,776
1,092,132
136,186,914

Values.

Q uantities.

49,748
132,992
17,518
84,968
4,210,256
1,674,705
843,655
2,287,152
411,178
67,437
123,467

.
.
.
.
.
.
.
.
.
.
.

4,770
15,551
2,825
18,447
6,367
95,619
3,322,883
1,046,359
3,489,428
57,824
216,960

.
.
.
.
.
.
.

.
.
.
.

....
36,301
73,131
281,745
463,768
41,281
2,817,778
1,423,924
9,288
96,034
910,073
16,319
94,073
506,301

.
.
.

.
.
.
.
.
.
.
.

.
.

349,412
785,293
752,014
686,834
35,858,028
8,228,914
3,703,778
8,220,570
2,487,762
450,179
823,571
148,258
58,796
95,815
381,681
399,317
116,790
687,705
13,207,740
2,369,510
8,964,479
80,308
779.129
4,876,185
147,278
752,601
540,385
1,157,787
114,155
13,746,259
12,168,083
65.692
295,028
11,867,394
360,377
2,552,351
1,343,796

1862.]

459

Statistics o f Trade and Commerce.

Expobted.
Linen fabrics— sail cloth,............ pieces,
U
“
Flemish,.............
<1
Ravensduck,. . . .
“
it
Damask,.. j archine, )
u
other kds. | of 28 in. )

Values.

Quantities.

Hardware,
Horses,.. . ............................................No.
Furs,........
Pens,. . . .
U
Quills,. . . .
Mats,........ ........................................... No.

30,522
1,083
14,340
385
7,163,682

..
..
..
..
..

6,226

..

8,264
48,994
1,409,671

..
..
..

269,818
10,945
140,397
45
706,222
220,345
292,329
981,019
113,927
385,003
222,501
149,395,963

Total value o f exports,........................
f N. B.— Silver rouble...............
P o o d ,..........................
Chetvert,....................
Archine,......................

NEW-YORK

CATTLE

MARKET

FOR

1861.

T he table given below shows but slight variation in the number of
beef, cattle and sheep brought to this market, but a very large increase
in the number of hogs, the number amounting to 279,000 head; this
being almost entirely attributable to the change caused by the war in the
business relations of the Mississippi valley. The southern trade being
necessarily cut off, the holders of hogs were driven to this market to dis­
pose of their stock, and this may result in making New-York a profitable
market for packing pork.
It will be seen that Illinois supplies this market with more beef cattle
than any other State, notwithstanding the large number furnished direct
to the army. Next comes Ohio, followed by New-York and Indiana,
Iowa standing No. 5. The unsettled condition of Kentucky during the
summer and early autumn caused large numbers to be driven into the
States o f Ohio and Indiana, and they are credited in the report as belong­
ing to those States.
Table showing the receipts o f all hinds o f stock during the years 1859,
I860 and 1861.
1859.

Beeves, New-York,............. 168,859
“
Bergen,..................
37,334
Cows and Calves,.................
9,515
Y eals,..................................... 37,202
Sheep and Lambs,............... 506,961
Swine,..................................... 399,112




1860.

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

192,922
32,951
7,276
39,687
516,790
320,324

1861.

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

206,227
21,202
5,899
33,171
514,587
599,589

460

Statistics o f Trade and Commerce.

[May,

Table showing the routes by which beef cattle have come to this market
during the years 1859 and 1861. To the Erie Rail-Road statement
should be added at least three-fourths o f the cattle received at Bergen.
1859.
Erie Rail-Road,..........................
45,106
12,060
Harlem Rail-Road,.....................
Hudson River Rail-Road,......... 78,140
Camden and Amboy R ail-R oad,.. .
5,598
Hudson River Boats,.................
17,946
New-Jersey Central R ail-Road,... .
523
New-York and New-Haven R. R .,.
72
On foot,.......................................
3,114

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

1860.
43,882
9,257
82,498
11,668
22,330
12,178
72
1,971

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

1861.
51,787
32,822
67,190
6,173
16,367
17,071
261
2,446

Cattle marketed at A llerton’ s Washington drove-yards during the
years 1859, 1860 and 1861, were received from the following States :
1859.
1860.
1861.
New-York,...............
44,039
28,296
29,280
Illin o is ,.................... 34,577
63,420
80,445
Indiana,....................
8,573
12,182
15,142
Io w a ,........................
4,119
11,892
11,597
V irgin ia,..................
2,034
....
1,253
....
1,117
598
....
519
....
805
Connecticut,.............
Massachusetts,.........
45
....
38
....
67
30
....
....
....
....
Kansas,.....................
W isconsin,...............
30
....
146
____
120
O h io ,........................
34,943
36,710
36,470
15,423
13,174
9,058
K en tu ck y,...............
Michigan,..................
4,032
....
3,042
....
4,650
Pennsylvania,...........
3,317
....
2,786
....
1,109
Missouri,...................
1,012
....
7,716
....
3,735
New-Jersey,.............
596
....
366
....
515
Texas,........................
79
....
99
....
59
6
....
....
....
....
Maryland,...............
Minnesota,...............
45
....
....
....
....
Canada,....................
3,201
2,008
1,131
Cherokee Nation,. .
52
....
64
....
100
The increase in the consumption of bullocks in the city since 1854 is
a little over 31 per cent. The increase upon swine is about 55 per cent.,
the number this year having far exceeded the expectations of everybody
connected with the pork trade.

STATEMENT

96,105
16,080
192,720
56,900
29,330




OF

BRIGHTON

MARKET

FOR

1861.

Beef Cattle, estimatedat.................... $2,774,200
Stores,....................................................
402,000
Sheep,....................................................
558,888
Shoats,..................................................
241,825
Fat H ogs,..............................................
249,305
$4,226,218

461

Statistics o f Trade and Commerce.

1862.]

1860.

67,985
18,285
226,790
51,800
20,115

Beef C a ttle,...
Stores,.............
Sheep,.............. ......... [
S h oats,........... .........
Fat Hogs,........

61,885
19,045
221,400
40,090
17,180

B eef C attle,...
S tore s,...........
Sheep...............
Shoats,...........
Fat H ogs,. . . .

... J1
1859.

FOREIGN

►Estimated at $4,803,666
-/

COMMERCE

OF

THE

UNITED

STATES

For the Fiscal Year ending June 30, 1861.
Statement stowing the exports o f domestic produce and manufactures
from the United States to foreign countries for 1860 and 1861.
A rticles.
1860.
1861.
Breadstuff's and provisions,.. $ 101,655,833
___
$48,451,894
10,260,809
Product of the forest,...........
___
13,738,559
4,451,515
“
“
sea,..............
___
4,156,480
13,784,710
T obacco,.................................
____
15,906,547
34,051,483
C otton,...................................
-------191,806,555
36,418,254
Manufactures,........................
-------39,803,080
3,543,695
Raw produce,........................
-------2,279,308
23,799,876
___
56,946,851
Specie and bullion,...............
Total,...................................
Total foreign and domestic,.

$ 227,966,169
248,505,454

-------_____

$ 373,189,274
400,122,296

Statement of imports of leading articles o f foreign merchandise into
the United States, for the years 1860 and 1861.
A rticles.
1861.
1860.
$ 17,477,991
Iron and steel,................................
-------$21,526,394
28,487,166
Manufacture o f w ool,...........
-------37,937,190
“
cotton, ...........
25,042,876
_____
10,139,290
“
silk,...................
22,095,094
_____
30,767,744
“
flax, ..................
7,988,553
_____
10,776,335
607,741
“
hemp,..............
-------769,135
Brandies,.................................
1,859,429
-------3,937,698
Wines,.................................................
3,137,804
-------4,775,119
Sugar,..................................................
30,639,216
-------31,082,005
Textiles, wool, cotton & silk,
1,590,867
-------2,193,376
1,902,542
Embroideries,.................................
-------2,963,616
1,497,781
Clothing,...........................................
-------2,101,958
238,821
Laces.....................................................
----397,542
2,163,107
Trimmings, & c.,....................
----132,927
162,520
Other articles,........................
----49,468
Total....................................
Total importations,...............




$ 144,933,215
334,351,453

---------

$ 160,271,633
362,163,941

462

Railway, Canal and Telegraph Statistics.

[May,

RAILWAY, CANAL AND TELEGRAPH STATISTICS.

I. T he R ailw ays of the W orld. II. A nnual R eport of the I llinois Central R a il -R oad .
III. R eport of M r. N athaniel M arsh , R eceiver of the N. T . & E. R. R. IV . A nnual
E arnings and E xpenses, N. T . & E. R. R., for the T ears 1852—1S61. V . T he L ong D ock
C ompany. V I. R a il -R oads of P ennsylvania .

THE

RAILWAYS

OF

THE

WORLD.

I t is estimated that there are now completed, and in operation through­
out the world, about 70,000 miles o f railway, which cost the sum o f
$5,850,000,000. The London Engineer publishes the following table,
showing where this great length o f railway is, and the cost o f same :
Great Britain and Ireland :
M ilts open.

Cost.

England and W ales,................
Scotland,......................................
Ireland,.......................................

7,583
1,486
1,364

___
___
___

Total,.................................
India,...............................................
Canada,............................................
New-Brunswick,..........................................
Nova Scotia,....................................................
V ictoria, .............................................................
New South W ales, ....................................
Cape o f Good H op e,.....................

10,433
1,408
1,826
175
99
183
125
28

___
___
___
___

_____

£348,140,327
34,396,445
20,648,049
1,050,000
1,000,000
9,878,233
1,750,000
500,000

Total, Great Britain and Colonies,

14,277

_____

£417,353,054

6,147
3,162

_____

£184,440,000
44,080,000

3,165
3,239
1,450
1,350
50
1,2894
262
63
288
955

____
___
____
___
___
___
____
___
___
___

45,243,400
58,302,000
26,000,000
25,000,000
1,000,000
43,185,000
3,000,000
700,000
5,000,000
18,000,000

_____
_____
_____

. . . a

—

C O N T IN E N T A L R A I L W A Y S .

M iles Open.

France,..................................................................
Prussia,............................................
Austria, deducting 300 miles in
Lombardy and Central Italy,
but worked as part of the
South Austrian “ system,” . . ..
Other German States,..................
Spain,...............................................
Italy,................................................
R om e,..............................................
Russia,.............................................
Denmark,.......................................
Norway,...........................................
Sweden,...........................................
Belgium ,..........................................




Cost.

1862.]

Railway, Canal and Telegraph Statistics.
M iles open.

H ollan d,..........................................
Switzerland,....................................
Portugal,.........................................
Turkey,............................................
E gypt,..............................................
T otal,...........................................
N O R TH A N D

308
600
80
80
204
22,692$

463
Cost.

____
....
....
....
____

£ 6,000,000
10,000,000
1,600,000
1,000,000
4,000,000

------

£476,550,460

SO U TH A M E R IC A ,

Exclusive o f British America, the Railways o f which are included with
Great Britain and Colonies.
M iles Open.

United States,................................
Confederate States,.......................
M exico,............................................
C uba,...............................................
New-Granada,.................................
Brazil,..............................................
Paraguay,........................................
Chili,................................................
P eru,................................................

22,384$
8,784
20
500
49$
111$
8
195
50

Cost.

____
....
....
-----....
••••
....
-----....

32,102$
Grand total of all the railways in
the world,...................................

69,072

£193,591,632
48,793,300
200,000
5,500,000
1,600,000
5,000,000
80,000
2,000,000
500,000
£257,264,932

------

£1,151,168,446

ANNUAL REPORT OF THE ILLINOIS CENTRAL RAIL-ROAD.

The annual report of the Illinois Central Bail-Road gives the follow­
ing comparative statement of the earnings o f the road for 1860 and
1861 :
Freight,.............................
Passengers,......................
Extra baggage,................
M ails,................................
Express,.............................
Rents,................................
Rent of property,.............
Rent of property and cars,
Storage and dockage,. . .
Total,.............................

1861.

1860.

Total E arnings.

Total E a rn in g s .

$1,976,136
804,760
1,451
76,300
29,042
5,587
69,792
2,453
236

20
19
28
00
52
11
15
15
27

$2,965,767 87

___
____
____
____
____
___
___
___
___

$1,737,196
846,693
2,002
76,300
29,336
4,594
68,298
13,748
163

___

$2,778,333 49

34
06
59
00
28
44
30
80
68

In the working expenses, as shown in the following comparative state­
ment with those o f 1860, the items o f charter tax, loss on currency, loss
and damage by fire, interest and insurance, are not included.
The reduction in expenses is $193,570 3 8 ; and the proportion o f ex­




464

Railway, Canal and Telegraph Statistics.

[May,

penses to gross earnings in 1861 is 49 1-100 per cent., against 59 35-100
per cent, in 1860.
C O M P A R A T IV E

ST A T E M E N T O F O P E R A T IO N

Salaries,...................................
General expenses,..................
Legal expenses,......................
Claims and damages,............
Station expenses,...................
Train expenses,......................
Maintenance of machinery,..
Maintenance of road,.............
Eepairs o f fencing,...............
Operating St. Charles air line,

E X P E N D IT U R E S F O R

1860.
Total Earning8.
$73,249 90
75,031 89
12,373 10
21,537 10
259,563 76
375,306 15
326,336 85
496,470 19
8,301 13
1,523 90
$1,649,693 03

1860, 1861.

___
___
___
___
____
____
____
___
___
___

1861.
Total Earnings.
$72,168 03
74,729 60
10,043 58
18,602 53
244,315 02
362,636 37
319,592 53
341,444 53
11,904 69
685 77

-----

$1,456,122 65

The total land sales for 1861 were 102,247 acres, for $1,541,041.
The aggregate sales since the formation o f the company have been
1,236,971 acres, for $16,161,203 15.
The unsold acres amount to
1,358,549.
The report o f the superintendent says :
“ The operations o f the Illinois Central Bail-Eoad, for the year 1861,
have been seriously deranged by the service required by the State o f
Illinois and the general government. The demand for trains for troops
and munitions o f war have in all cases had preference over our regular
business, and the necessity to make up large trains for troops, munitions,
&c., has obliged us to sacrifice, at times, our local traffic. The allow­
ance made by the W ar Department is about two-fifths o f our regular tariff
charges for troops, and two-thirds for munitions.”
The president remarks:
“ It would be unjust to the distant owners o f this property to shrink
from an expression o f apprehension in regard to the income o f this year,
especially from passenger traffic, so long as the Southern insurrection
continues. The gross passenger receipts in 1861 were only $361,392 72,
being less than the receipts o f 1855, and $451,009 less than the receipts
o f 1856.
“ The W ar Department has agreed to allow the actual expense o f trans­
porting troops; but the major part o f this service— $207,128 64, per­
formed in 1861— is still unpaid. The first quarter will show a large de­
crease in freight earnings— for there is no way to recover the loss of
business at Cairo-—and while our communications with the South are
cut off, we cannot escape the inevitable consequences o f loss and un­
certainty.
“ The unexpected intervention o f special causes has arrested the pros­
perity o f the company, at the moment when it seemed upon the most
secure footing. It is beyond individual power to re-establish it until the
relations with the South are renewed, or until higher prices for the pro­
duce o f the country place our farmers in better circumstances.”




1862.]

Railway, Canal and Telegraph Statistics.

THE

ERIE

465

RAILWAY.

Mr. N a t h a n ie l M a r sh , in closing the active duties o f receiver of the
above railway, has published the following statement of the present con­
dition of the affairs o f this great road :
The New-York and Erie Rail-Road Company, having previously failed
to pay at maturity the coupons on the first, fourth and fifth mortgage
bonds, and no provision having been made for the payment o f the
coupons o f the second and third mortgage bonds, soon to become due,
and being unable to provide for the payment o f a large amount o f un­
secured bonds, which had become due by reason o f the failure to pay
the interest on them, and having other liabilities which it was not able
to discharge, the trustees o f the fourth mortgage, on the 2d o f August,
1859, at the request o f certain holders, represented to the Supreme Court
that the company was in a condition o f insolvency, and that the mort­
gaged premises were a scanty security for the mortgage debt, and that
the proceeds and profits o f the property were likely to be diverted from
the proper payment o f the interest on the mortgages, and applied to the
court for the appointment o f a receiver o f all the effects, property and
franchises o f the company, with power to run and operate the rail-road
while proceedings for the foreclosure o f the mortgages were pending.
The application was granted, and a receiver appointed, who, having
given the required security, entered upon his duties on the 16th o f
August, 1859. B y subsequent orders o f court, his receivership was
extended to the second, third and fifth mortgages, and he was vested
with the like authority by the courts o f Pennsylvania and New-Jersey,
over the property o f the company lying in those States. These proceed­
ings were concurred in by the board of directors and the representatives
o f the unsecured bonds.
The order o f the Supreme Court appointing the receiver placed him
in possession o f the rail-road, and o f all the real and personal property
of the company, and its powers and franchises.
On taking possession o f his trust, the receiver found the affairs o f the
company greatly embarrassed. The income o f the road, owing to the de­
pressed state o f business generally, and other causes, was barely sufficient
to defray the current expenses, while claims for labor and supplies, and
judgments rendered before his appointment, and rents and unpaid taxes,
were pressing for immediate payment. These claims amounted to more
than seven hundred thousand dollars. The forbearance o f the creditors,
and especially o f the employees, whose pay was some months in arrears,
and the cordial co-operation and aid o f the board o f directors, relieved
the receiver from serious embarrassment; and increased earnings enabled
him, in the course o f four months after his appointment, to discharge all
these claims, and pay the current expenses o f the road. Since that time
all payments for labor have been made regularly as they became due, and
all supplies o f the past year were purchased for cash.
The sums due for supplies purchased and labor performed before the
appointment o f the receiver, with rents and taxes unpaid, and certain
other claims and judgments which he was ordered to pay,
VOL. x l v i .— n o . v.
30




466

Railway, Canal and Telegraph Statistics.

Amounted
Interest on
Interest on
Interest on
Interest on

to................................................ ............................
4th mortgage, due April,1859, unpaid,.........
1st mortgage, due May, 1859, unpaid,.........
5th mortgage, due June, 1859, unpaid,.........
2d and 3d mortgages, due September 1,1859,

[May,
$ 741,510
62,195
102,270
31,027
350,000

14
00
00
50
00

Amounting, in all, t o .....................................................$ 1,287,002 64
The payment of this large sum out o f the earnings o f the road, and
provision for payment o f the interest in future on the mortgage debt,
would have extended the term of the receiver longer than was contem­
plated at the time o f his appointment; and the uncertainty about the
amount o f the earnings o f the road that could be applied to the payment
o f mortgage interest, and the unwillingness o f some o f the second mort­
gage bondholders, whose bonds were past due, to grant any extension,
led to an arrangement between the stockholders and creditors, for main­
taining the mortgage securities, unsecured bonds and capital stock o f the
company. Messrs. D u d l e y S. G r e g o r y and J. C. B. D a v is were ap­
pointed trustees under this arrangement, and to their zealous discharge
o f the onerous duties o f the trust it is mainly owing that the interests of
all parties have been preserved, and this valuable property saved from
the ruinous effects o f a protracted litigation.
B y contribution o f coupons on mortgage bonds and cash by the bond
and stockholders, the receiver was relieved from the payment o f so much
of the mortgage interest, that he was able, in the course o f a few months,
to pay off all arrears for labor and supplies, and resume regular payment
o f interest on the first and second mortgage bonds, and subsequently to
pay a large amount o f arrears o f interest on the third, fourth and fifth
mortgages, whose holders declined to come into the arrangement, as well
as to pay the current interest on these bonds as it became due. The last
o f these payments was made in December, 1861. On representation o f
this fact to the court, and with the consent o f all parties in interest, the
receiver was authorized to convey all the property in his possession to
the new company, which wras done on the 31st day o f December.
R E C E IP T S

AND

D IS B U R SE M E N TS.

From August 16,1859, to December 31,1861, the cash
receipts from all sources were..................................... $ 19,331,279 14
And the disbursements, including amount deposited for
interest, and not called for to December 3 1 ,.............
18,845,234 46
Leaving a balance o f...................................................
From which deduct expenses for December, paid in
January, and included in the following statement,. .
Leaves an available balance o f.................................
E A R N IN G S

AND

$ 486,044 68
304,592 91
$ 181,451 77

EXPENSES.

The earnings of the road for the same time were......... $ 13,607,132 10
Expenses incurred prior to August 16,
1859, paid since,................................... $741,510 14
Expenses of operating the road to De­
cember 31, 1 8 6 1 ,................................. 8,230,318 92




1862.]

Railway, Canal and Telegraph Statistics.

467

Rents and taxes,....................................... $ 527,343 24
287,794 92
Rent o f Long D ock property,...............
Expenses o f foreclosure, paid by order
o f court,..................................................
64,756 17
Expenses o f receivership, paid by order
o f court,..................................................
55,150 22
Construction expenses,.............................
567,232 12
Interest on mortgage bonds,................... 2,871,115 17
Buffalo branch,.........................................
30,560 81
Pavonia ferry,............................................
8,105 27
Excess o f materials and fuel,..................
41,792 35 $ 13,425,680 33
Balance, as above,......................................................

$ 181,451 77

The expenses o f operating the road, the purchase o f supplies, and all
claims and balances against the receiver to December 31st, as far as
ascertained, are included in the above statement.
The three months ending December 31, 1861, produced a larger
revenue than the road ever earned in the same length o f time. The
gross earnings w ere:
O cto b e r,..................................................................................... $718,925 18
N ovem ber,.................................................................................
734,970 18
Decem ber,...................................................................................
700,794 19
*
*
*
*
*
*
*
*
*
The expenditures for repairs o f the road and machinery have been
large, though somewhat less than the average o f three years preceding.
It has been the aim o f the receiver to put and keep the track and road­
bed in good condition, and he believes he has succeeded in doing so.
During his term, 23,514 tons o f new rails, equal to more than 230 miles,
have been laid, and 956,000 new cross-ties placed in the track. The
machinery and cars have been fully kept up. The efficiency o f the
motive power has been considerably increased, by the rebuilding o f the
older locomotives and extensively repairing others. Twenty have been
adapted to coal burning, with a large saving in the cost o f fuel. The
cars are in better condition than for several years. A large number of
freight cars have been rebuilt, and are now worth more than when
originally put on the road.
The expenses o f operating the road the current year will be less in
proportion to the earnings than they have been the last two years,
though the occurrence o f disastrous floods, one in September, on the
Western Division, and the other in November, on the Eastern Division,
added materially to the expenses o f the first three months.
In comparing the expenses of the last two years, it is seen that the
value o f materials on hand is $41,793 35 more than when the receiver
took possession o f the road, which excess should be fairly credited to
expenses.
The sum o f $567,232 12 has been charged to construction account in
two years four and a half months.
O f this, $59,207 51 was expended on the Cascade embankment. The
work was commenced by the old company, and its completion was re­
quired by considerations o f safety and economy.




468

Railway, Canal and Telegraph Statistics.

[May,

For ferry slips, ferry houses and boats for the Pavonia Ferry, $62,598
has been expended. For new depot buildings and necessary tracks at
Paterson, and grading o f the grounds, $29,861. This expenditure was
necessary, in consequence of the land on which the old depot stood hav­
ing been sold, and there being no proper facilities for the accommodation
o f the large business o f Paterson at the new station. For land and fences
$14,913 75 has been paid. The larger part o f this sum was paid by
order of court, for lands not previously paid for, though occupied by the
road.
The expenditure o f $67,151 12 for machine and work-shops, machinery
in shops, depots and water stations, has mainly been caused by the trans­
fer of the business from Piermont and Jersey City to Long Dock, and
the large increase o f freight traffic. For new side tracks and switches at
Long D ock and at other places on the road, required by the increase of
business and the change o f terminus, about $25,000 have been expended.
A very considerable portion o f the track, particularly on the Delaware
Division, had never been ballasted, mainly on account o f the want of pro­
per material. During the receivership, much o f the unfinished portions
o f the track on that division have been ballasted in the most thorough
manner with broken stone and gravel. "Where this has been done, the
expense o f ballasting has been charged to construction, and the whole
cost o f new iron and relaying the track has been charged in current ex­
penses. Four new locomotives have been added to tbe equipment, and
the cost charged to construction. More than enough to cover deprecia­
tion has been added to the value o f the whole rolling stock, by rebuilding
engines and cars, the whole cost o f which has been charged to expenses.
About seven hundred freight cars have been rebuilt in the best manner,
and made capable o f carrying more tonnage than when new. The track,
rolling stock and structures are believed to be in better condition than
they have been at any time since the opening o f the road.
Any doubts that may have existed as to the wisdom o f the purchase
o f the Long D ock property, and as to the expediency o f the large ex­
penditure required to bring it into use, the experience o f the last few
months has completely dispelled. In May last the works had so far
progressed that some o f the passenger trains were run through the tun­
nel to the new ferry, and in October all the passenger trains commenced
running there. A portion of the freight which had heretofore gone to
Jersey City was transferred to the Long Dock, and as facilities were
furnished the quantity of freight sent there was increased, till about the
last of December, the whole business, freight and passenger, was concen­
trated there, and no trains, except a local passenger train, have since been
run to Piermont. The receiver is not prepared to state in detail the value
o f this terminus, but he has no hesitation in saying that the earnings of
the road since October have been one hundred thousand dollars more
per month than they would have been without it. The expense of
handling and delivering freight arc much less than they were when the
freight trains ran to Piermont, and greater dispatch is given both to
eastward and westward bound freight.
The receiver is not able to make any exhibit, in figures, of the advan­
tages o f the new terminus, as it has been in use for so short a time ; but
he has no hesitation in expressing the opinion, that the saving o f expense
over the cost o f doing the same amount o f business at the old terminus.




1862.]

Railway, Canal and Telegraph Statistics.

469

and the profits o f the ferry, -will pay the interest on the whole outlay on
the Long D ock property.
The charter of the Long Dock Company authorized, so far as the laws
of New-Jersey could do so, the establishment of a ferry from their pro­
perty to New-York; and a lease having been procured from the city of
New-York, the receiver established, about the first of May last, a regular
ferry between the Long Dock property, at the foot of Pavonia Avenue,
and the Erie Railway depot in New-York, at the foot of Chambers-street,
immediately opposite the general office o f the company.
A t first the service was performed by one boat, making trips each half
hour; but soon after another boat was added, and the trips are now made
regularly every fifteen minutes.
The expenses o f the ferry have been comparatively large, on account of
the service being performed, for the first four months, by chartered boats.
Two boats have since been purchased, and a new and very superior boat
has been built, and will soon be placed on the ferry. The earnings o f the
ferry have exceeded the expectations, and have nearly covered the current
expenses. W ith the increase o f population and business on and around
the Long Dock, this ferry cannot fail to become a source o f considerable
revenue, and, at the same time, increase the value o f the real estate of
the Long Dock Company. The convenience and comfort of passengers,
and greater regularity in running the trains, have been secured by the
establishment o f the ferry, and the want of suitable station accommoda­
tion in New-York has been supplied by spacious and well-arranged ticket
offices, passenger and baggage rooms. The cost of these improvements,
and o f the ferry slips and other necessary fixtures in New-York, has been
paid by the receiver, and charged to account o f construction.
The Buffalo Branch, extending from the main line at Hornellsville sixty
miles to Attica, and thirty miles from Buffalo, was purchased at foreclosure
sale by the trustees, Messrs. G r e g o r y and D a v is , at the request o f the di­
rectors o f the Erie Railway Company, and the receiver was authorized to
operate it until the re-organization o f the company was completed. The
road has been put in good repair, with a line o f telegraph and other im­
provements, and arrangements made with the Buffalo, New-York and Erie
Rail-Road Company, owning the road from Attica to Buffalo, to run pas­
senger and freight trains in connection with the main line between NewYork and Buffalo. This enables the trains o f the Erie Railway to make
close connections with the trains o f the Buffalo and Lake Huron, the
Grand Trunk and Great Western Railways o f Canada, and their connec­
tions in the Northwestern States. Through this branch the Erie Railway
controls the shortest line between New-York and Buffalo, and will be able
to command a considerable portion o f the traffic between the two cities.
In the organization and general management of the road no material
changes were made by the receiver. The employees o f the old company
were retained, and the rules and regulations continued in force, modified
only from time to time as circumstances required. The new company
has also retained the employees, and adopted the rules and regulations
of the receiver. In this way the road has suffered none o f the evils
which often follow changes of administration.
In closing the active duties o f his trust, the receiver takes the liberty
of congratulating the stockholders that their property has been returned
to them in as good condition as when it came into his hands; that the




470

Railway, Canal and Telegraph Statistics.

[May,

interest on the whole debt has been provided for and the current interest
punctually paid, and that the directors have assumed the management o f
the road under circumstances more favorable than have ever existed in
its history. The receiver had money on hand to pay all the expenses o f
operating the road, including rents and taxes, to the first of January,
besides a considerable surplus, to be applied, under the direction of the
court, to the payment o f the interest on the mortgage bonds as it becomes
due. W ith the ability to earn more income than ever before, it is hoped
the early return o f peace and prosperity to the country will so increase
the traffic that the road will hereafter earn full interest on the entire
capital and debt o f the company.

NEW-YORK

AND

ERIE

RAIL-ROAD.

From the tables appended to the report of the receiver we compile the
following, showing the annual earnings and expenses o f the road from
1852 to 1861 inclusive, with the cost o f repairs o f track and railway, and
of engines and cars:
Expenses.

Earnings.

Repairs Road.

Rep. Equip.

1852,___ $3,537,766 53 $1,835,168 10 $243,471 29 $378,546 74
398,397 35
434,893 88
1853,____ 4,318,962 36
2,407,373 13
512,584 68
2,742,615 57
560,582 14
1854,___
5,359,958 68
496,171 15
2,625,744 87
386,894 90
1855,___
5,448,993 37
544,383 24
3,101,053 52
631,179 03
6,349,050 15
1856,___
830,473 70
3,844,812 82
882,086 30
5,742,606 51
1857........
3,680,675 76 1,015,627 79
890,274 10
5,151,616 43
1858,___
913,286 02
4,482,149 32
2,974,227 50
609,650 87
1859,___
890,808 20
1860,____ 5,180,321 70
3,276,995 48
718,114 73
903,703 72
3,542,891 91
1861........
5,590,916 60
808,638 14
1859.

I860.

Earnings,.
. . $ 4,482,149
Expenses,.
2,974,227
913,286
Rep’s of track and railway,
“ engines and cars,
609,650

1861.

32 $ 5,180,321 70 $ 5,590,916 60
50 3,276,995 48 3,542,891 91
02
890,808 20
903,703 72
718,114 73
808,638 14
87

No. of miles run,.............
No. o f passengers carried,
Tons o f freight carried,. .

2,862,568
866,840
869,072

3,474,917
941,553
1,113,553

3,817,175
842,659
1,253,418

Cost per mile run, in cts.,
Expenses per cent, o f earn­
ings, ...............................

103.9

94.6

92.8

66.3

63.2

63.3

THE

LONG

DOCK

COMPANY.

The works o f the above company, by which the Erie Railway is pro­
vided with ample accommodation upon the Hudson River, have cost, thus
far, over two and a half millions o f dollars. The tunnel, cut through solid
rock for 4,300 feet, cost $1,000,000 ; it has been in use since last May,
being traversed by some fifty trains daily. The company has thus a con­




1862.]

Railway, Canal and Telegraph Statistics.

471

tinuous track from Lake Erie to the Hudson River, 460 miles, besides
numerous connections. The company has built a passenger house 40 by
460 feet, a freight house 54 by 420 feet, a milk house 37 by 384 feet, an
engine house 60 by 399 feet, besides sheds and shops. There is 17
miles o f track upon the grounds. By these arrangements vessels can
load at once from the cars of the Erie Railway for any port in the
world.

RAILWAYS

OP

PENNSYLVANIA.

The annual State abstract o f the operation o f the various railways of
Pennsylvania, for 1861, gives the following results for the year:
Number o f railways,..................................................................

40

Chartered capital stock,...........................................................
Stock subscribed,......................................................................
Amount paid in,........................................................................
Funded debt,...............................................................................
Floating debt,.............................................................................
Funded and floating debt,.......................................................
Cost o f railways,.........................................................................

$ 83,220,829
52,822,395
84,109,268
61,908,268
7,165,245
69,073,994
123,713,157

Length completed, miles,.........................................................
Number o f engines,....................................................................
Number o f passenger cars,.......................................................
Number of mail and baggage ca rs,........................................
Number o f iron bridges,...........................................................
Number o f wooden bridges,....................................................
Number o f stone b rid ges,.......................................................
Passengers carried,....................................................................
Passengers carried one m ile,...................................................
Tons (2,000 lbs.) o f freight carried,......................................
Tons carried one m ile,..............................................................
Tons o f coal carried,..................................................................
Tons o f ore carried,..................................................................

2,352
846
370
12,277
104
807
161
5,925,501
not given.
12,276,537
526,344,839
7,142,869
2,187,530

Gross earnings,...........................................................................
Expenses,.....................................................................................
Net revenue,...............................................................................

$19,975,655
8,954,508
11,021,147

Per cent, o f expense to incom e,..............................................
Net income per cent, on cost,................................................

44.8
8.9

The accidents have b een :
K ille d .

Passengers,.......................................
Employees..................
Others,....................................................................
Total,




6
54
58
118

Wounded.

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

13
41
34
88

472

Statistics o f Population.

STATISTICS

OF

[May,

POPULATION.

1. F rench Statistics. 2. C ensus of B ritish N orth A merica. 3. Census
K ingdom , 1861. 4. T he B ritish Colonies in 1838 and 1839.

FRENCH

of the

U nited

STATISTICS.

T h e recent quinquennial report o f the census exhibits the population

o f France to be 37,382,225. When the last census was taken, in 1856,
it was 36,039,364. This has not, however, been all natural increase, as,
since that time, the annexation o f Savoy and Nice have added 669,059
new French citizens to the population o f France. The Minister o f France
has just given publicity to the receipts o f the past year. The direct
taxes collected up to the 31st of December, 1861, amounted to
479.327.000 francs, upon a total o f assessments o f 492,936,000 francs.
The indirect taxes yielded, in 1859, 1,094,644,000 francs; in 1860,
1.073.712.000 francs, and in 1861, 1,099,566,000 francs. The augment­
ation o f indirect taxes, gathered from the sale o f wines, liquors and
tobacco, had been considerable. In 1859, the liquor taxes yielded
174.271.000 francs; in 1860, 176,036,000 francs, and in 1861,
195.316.000 francs. The product o f the sale o f tobacco amounted, in
1859, to 176,744,000 francs, and in 1861, to 215,255,000 francs. The
price at which the government sells it has been raised twenty per cent,
since the first-named year. The number o f suicides in France during
the year just passed was 3,899— an average o f more than ten a day, and
one in a little less than every ten thousand inhabitants. O f these, 3,057
were males, and 842 females; 16 were children under 15 years of age;
38 men and 11 women were 90 years o f age and upward, while the ma­
jority were between 40 and 60. Suicides were most frequent in the
months o f April, May, June and July, which in France are usually the
most pleasant of the year. The causes o f death w ere: Hanging and
drowning, 2,833; suffocation by charcoal, 2 71; guns, 2 06; pistols, 189;
cutting instruments, 153 ; jumping from high buildings, 110 ; poison, 93 ;
not specified, 44.
CENSUS

OF

BRITISH

NORTH

AMERICA.

From the official returns o f 1851 and 1861, comparatively.
CANADA W EST, Or U PPER CANADA.

Counties, Ac.

1851.

Addington................... 15,165
Brant,............................ 25,426
Bruce,........................... 2,837
Carlton,......................... 23,637
D undas,.......................... 13,811
Durham,....................... 30,732
E lgin ,....................... . . 2 5 , 4 1 8
Essex,.............................. 16,817
Frontenac........................ 19,150
Glengary....................... 17,596
Grey,................................13,217
Grenville........................ 20,707




1861,

....

19,213
____
30,777
27,499
29,483
18,693
39,137
31,996
25,211
27,347
21,287
37,750
24,191

Increase.

4,048
5,351
24,662
5,846
4,882
8,406
6,578
8,394
8,197
3,691
24,533
3,484

1862.]

473

Statistics o f Population.

Counties, &c.
1851.
Haldemand,........... . . 18,788
Halton,
.................... . . 18,322
Hamilton, (C ity,).. . . 14,112
Hastings,................. . . 31,977
H u ron ,.................... . . 19,198
Kent,........................
Kingston, (C ity,).. . . 11,585
Lam bton,............... . . 10,815
Lanark,.................... . . 2 7 , 3 1 7
Lennox,................... . . 7,955
Leeds,...................... . . 30,280
Lincoln,................... . . 23,868
London, (City,) . . . . . 7,035
Middlesex,............... . . 32,864
N orfolk ,.................. . . 21,281
Northumberland,. . . . 31,229
Ontario,................... . . 30,576
Ottawa, (C ity,). . . .
Oxford,.................... . . 32,638
P eel,........................ . . 24,816
Perth,...................... . . 15,545
Peterboro’ , .............
Prescott,.................. . . 10,487
Prince Edw ard, . . . . . 18,887
Renfrew,.................. . . 9,415
Russell,....................
Sim coe,............................ . . 27,165
Stormont,....................... . . 14,643
Toronto, (C ity,) . . . . 30,775
Victoria,.......................... . . 11,657
W aterloo, ....................... . . 26,537
Welland,......................... . . 20,141
Wellington,................... . . 26,796
W en tw orth, ................ . . 28,507
York,................................... . . 48,944
Algoma, (District,) . . new.
Nipissing,
“
..
new.
Total,............................

.

952,004

1861.
23,708
22,794
19,096
44,970
51,992
31,183
13,743
24,835
31,639
8,772
35,679
27,625
11,555
48,679
28,520
40,592
41,565
14,669
46,180
27,240
38,019
24,631
15,499
20,889
20,325
6,824
44,720
18,325
44,743
22,948
38,696
24,988
48,775
31.799
59,339
4,916
2,149
..

1,395,222

_____

Increase.
4,920
4,472
4,984
12,993
32,794
13,714
2,158
14,020
4,322
817
5,399
3,757
4,520
15,815
6,239
9,263
10,989
14,669
13,552
2,424
12,474
9,394
5,012
2,002
10,910
3,954
17,555
3,682
13,978
11,291
12,159
4,847
21,979
3,292
10,395
4,916
2,149

___

443,218

___
___
___
____
___
___
___
___
___
___
____
___
____
___
___
___
____
_____

____
____
___
___
___
____
____
____
_____
_____
_____
_____
_____
_____
_____
_____
_____
_____

CANADA EAST, Or LOW ER CANADA.
C ounties,

& C.

Argenteuil....................
Arthabaska.............
L’Assomption,. . . .
B a g o t,....................
B eau ce, ..........................
Beauharnois,.............
Bellechasse,................
B erthier, .......................
Bonaventura,.............
B rom e, .............................




P op ., 1861.

............. 12,897
............. 13,473
............. 17,355
............. 18,841
.................... 20,416
....................15,742
....................16,062
.................... 19,608
....................13,092

P op., 1861.

Counties, <fec.

Chambly,..........................
Champlain,........................
Charleroix,........................
Chateaugay,................................
Chicoutimi,................................
Compton,......................................
D orchester, ................................
Drumm ond,................................
G aspe, .............................................
Hochelaga,...................................

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

13,287
20,008
15,223
17,837
10,215
10,210
16,195
12,356
11,426
16,474

474
C ounties, &c.

-P o p .,

1861.

Huntingdon,...........................17,491
Iberville,...................................16,891
L’Islet,..................................... 12,300
Jaques Cartier,........................ 11,218
Joliette,................................... 21,191
Kamouraska,.......................... 21,058
Laprairie,.................................14,475
Laval,....................................... 10,507
Levi,....................................... 22,091
Lotbiniere,.............................. 20,018
Maskinonge,............................ 14,790
Megantic,.................................17,889
Missisquoi,.............................. 18,608
Montcalm,...............................14,724
Montmagny,............................ 13,386
Montmorency.......................... 11,136
Montreal, (C ity,).................. 90,498
Napierville,.............................14,513
N icolet,................................... 21,563
Ottawa,................................... 27,757
X OUUdO,...............

Portneuf,............
Quebec,..............
Quebec, (City,)..
Increase in ten

[May,

Statistics o f Population.

.............. 21,291
.............. 27,893
.............. 51,109
years,..................

Counties, &c.

P ° P ; 1861.

Richelieu,.................................19,070
Richmond,............................ 8,8 84
Rimouski,.............................. 20,854
Rouville,...................................18,327
Saguenay,.............................. 4,687
Shefford....................................17,779
Sherbrooke, (T ow n,)........... 5,899
Soulanges,............................... 12,221
St. Hyacinthe,........................ 18,877
St. John,...................................14,853
St. Maurice,.............................11,100
Stanstead,.................................12,258
Ternisconata,.......................... 18,561
Terrebonne,............................ 19,460
Three Rivers, (City,)..........
6,028
Two Mountains,......................18,408
Yaudreuil,............................... 12,282
Vercheres,............................... 15,485
W o lfe ,................................... 6,548
Yamaska,.................................16,045

Total, 1861,.. ............ 1,106,666
Total, 1851,. .......... *890,261
.............. 216,405

NOVA SCOTIA.
Counties.
Halifax,..............
Colchester,........
Cumberland,. . . .
Pictou,..............
Sidney,..............
Guysboro’, ..........
Inverness,............
Richmond,........
Victoria,............
Cape Breton,.. . .
Hants,..................
Kings,................
Annapolis,..........
Digby,..................
Yarmouth,...........
Shelburne,.............
Queens,.................
Lunenburg,...........
Total,...............

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

1851.
39,112
15,469
14,339
25,593
13,467
10,838
16,917
10,381

' j- 27,580
...
...
...
...

14,330
14,138
14,286
12,252

1861.
49,021
20,045
19,533
28,785
14,871
12,713
19,967
12,607
9,643
20,708
17,460
18,731
16,753

Increase.

___
___
___
___
___
___
___

9,909
4,576
5,194
3,192
1,404
1,875
3,050
2,226
| 2,771

___
___
___

3,130
4,593
2,467

. . . 13,142
. . . 10,622
. . . 7,256
. . . 16,395

14,751
15,446
10,668
9,365
19,632

___
____
___
___
___

2,499
2,304
46
2,109
3,237

. . 276,117

330,699

___

54,582

* The population by counties for 1851 cannot be given, inasmuch as the province
has, since that time, been re-divided, and the thirty-six counties of 1851 have been
multiplied into the sixty-four counties of 1861, none of which correspond in bounda­
ries to the old divisions.




1862.]

475

Statistics o f Population.
P R IN C E

Counties.

EDW ARD

IS L A N D .

1851.

Total,............... ___ 62,678
GENERAL

P olitical D ivisions.

Canada W est,. .
Canada East,. . .

Increase.

1861.

Queens,............... ----- 15,425
Princes,............... ___ 15,142
Kings,................. ___ 32,111

___
___
___

21,379
19,755
39,514

•» ••

____

80,648

....

5,954
4,613
7,403

....
—

17,970

R E C A P IT U L A T IO N .

Census,

Census ,

1851.

1861.

Increase.
Absolute.

P e r cent.

952,004
890,261

..
..

1,395,222
1,106,666

..
..

443,218
216,405

..
..

46.55
24.31

Total Canada, 1,842,265
New-Brunswick,* 193,800
Nova S cotia ,.. .
276,117
62,678
Prince Edward,.
Newfoundland,*
101,600

..
..
..
..
..

2,501,888
233,727
330,699
80,648
124,608

..
..
..
..
..

659,623
39,927
54,582
17,970
23,008

..
..
..
..
..

35.81
20.60
19.77
23.67
22.64

Grand total,.. 2,476,460

..

3,271,570

..

795,110

..

32.10

CENSUS

OF

UNITED

KINGDOM

, 1861.

From the official tables o f the census for 1861 (April 8th) of the United
Kingdom, we have prepared the following:
P opulation .
A r ea
Sq. M iles.

Males.

Fem ales.

Total o f England,.. . 50,922 9,207,837
“ W a les,. . . .
7,396
551,015
“ Scotland, . . 31,324 1,447,015
“ Ireland ,.... 31,870 2,804,961
Isl’ ds in British seas,\ ••
66,394
Army, navy and mer­
chant seamen,.. . .
303,412
..
Total U. Kingdom,.

9,742,093
560,780
1,614,314
2,959,582
77,385

Total,

P op. to
tSq. M ile.

18,949,930
1,111,795
3,061,329
5,764,548
143,779

372.1
150.3
97.8
181.5

..

303,412

14,380,634 14,954,154

..

29,334,788

The population o f the United Kingdom was, in 1801, 16,095,000; in
1851,27,452,262 ; in 1861, 29,334,788. O f Ireland the population was,
in 1851, 6,552,385; in 1861, 5,764,543, showing a decrease in the ten
years o f 787,842.
THE

BRITISH

COLONIES

IN

1 838

AND

1839.

The following interesting facts we have collected from documents issued
by the English colonial office very recently:
In 1839 England had 24 colonies; in 1858 she counted 32.

In the

* The details by counties for New-Brunswick and Newfoundland, according to
the census of 1861, have not been officially published. The totals, however, are
probably sufficiently accurate, and are here given as found in the C a n a d ia n N e w s .




476

Sta tistics o f Popula lion.

[May,

former year the population was 3,859,000 persons; in the latter, 8,149,000,
being equal to an augmentation o f 4,290,000, or 111 per cent. In 1838
the revenue they raised was £2,381,000; in 1858 it was £10,256,000,
which was equal to an increase o f £7,875,000, or 330 per cent. The
value o f the imports in the earlier year was £16,137,000; in the latter,
£50,614,000, showing an increase o f £34,477,000, or 214 per cent. The
exports from the colonies were in 1838 valued at £14,904,000, and this
amount stands against £43,017,000 in 1858, being an increase o f
£28,113,000, or 190 per cent.
The paper from which these figures are taken divides the eolonies into
seven groups: 1. British North America is now constituted o f seven
separate colonies. Omitting British Columbia and Vancouver’s Island,
from which, at the time the paper was prepared, no returns had been re­
ceived, the population in 1858 of the remaining five was 3,388,000 ; rev­
enue, £1,476,814. The imports were, in value, £10,195,000, and the
exports, £8,437,000. In 20 years the former value had nearly doubled,
and the latter much more than doubled. 2. South Africa has two col­
onies. Population in 1858 was 408,000; revenue, £510,000; imports,
£2,688,000; exports, £1,895,000. 3. Australia and New-Zealand, which
in 1858 included six colonies, with Queensland. The latter dependency
has, since that date, been separated from this group.
Population,
1,125,000; revenue, £5,997,000; the imports were valued at £25,552,000,
and the exports at £21,376,000. In relation to the amount o f its popu­
lation this group shows by far the greatest value alike in its revenue, its
imports and in its exports; the first is at the rate o f £ 5 7 s.; the second,
£22 14s.; and the third, £19 per head. 4. W est Indies number seven
colonies, in which, not going beyond the period under review, we observe
some marks o f progress. The population in 1858 was 948,000 persons,
or 253,000 more than in 1838. The revenue is £921,000, which was
nearly 40 per cent, higher than it was 20 years earlier. Imports,
£5,300,000; and the exports, £6,692,000. In the former a small in­
crease is shown, but in the exports there is a large falling off, being now
£1,881,000 less than in 1838. 5. W est Coast o f Africa is divided into
three colonies. Population, 194,000, which appears to have been quite
stationary; revenue, £44,789; imports, £606,945; which shows an in­
crease in 1858, as compared with 1838, o f £299,081, or nearly double in
value. That the European population in this group should not increase
is not surprising, when we consider the nature o f the climate o f Sierra
Leone, Gambia and the Gold Coast. 6. Eastern Colonies are now four,
namely : Ceylon, Mauritius, Hong Kong and Labuan. The population in
1858 was 2,069,000; revenue, £1,272,602; imports, £6,246,000; and
exports, £4,543,000. The imports were £4,424,000, and the exports
£3,482,000 higher than in 1838. The paper concludes with a small
group, called the “ 7th Miscellaneous,” consisting of St. Helena, Bermuda
and the Falklands, the total population being 17,000 in 1858.




1862.]

Commercial Regulations.

COMMERCIAL

477

REGULATIONS.

1. L oan and T reabury N ote B ill . 2. B ill authorizing Certificates of I ndebtedness.
3. S upplemental A ct as to C ertificates of I ndebtedness. 4. Official Order as to
C ertificates of I ndebtedness. 5. T rade on the Cumberland and T ennessee—Order
of the Secretary of the T reasury . 6. Convention between U nited States and China
for the A djustment of Claims. 7. E ights of B elligerents in B ritish P orts—L etter
of I nstructions from E arl B ussell.

LOAN

AND

TREASURY

NOTE

BILL.

T he following is a copy of the Loan and Treasury bill passed by Con­
gress, and approved by the President on the 25th February, 1862 :
AN

ACT

TO

A U T H O R IZ E

TH E

IS S U E

O F U N IT E D

ST A T E S

N O T ES,

AND

FOR

TH E R E D E M P T IO N O R F U N D IN G T H E R E O F , A N D F O R F U N D IN G TH E FL O A T ­
IN G

DEBT

O F TH E

U N ITE D

ST A T E S .

B e it enacted by the S enate and H o u se o f R epresen tatives o f the U nited
S ta tes o f A m erica , in Congress assembled, That the Secretary o f the

Treasury is hereby authorized to issue, on the credit o f the United
States, $150,000,000 o f United States notes, not bearing interest, pay­
able to bearer at the Treasury of the United States, and o f such denomi­
nations as he may deem expedient, not less than $5 each : P ro v id ed ,
however, That fifty millions o f said notes shall be in lieu o f the demand
Treasury notes, authorized to be issued by the act o f July 17, 1861 ;
which said demand notes shall be taken up as rapidly as practicable, and
the notes herein provided for substituted for them ; A n d p rov id ed fu r th e r ,
That the amount o f the two kinds o f notes together shall at no time ex­
ceed the sum o f $150,000,000, and such notes herein authorized shall be
receivable in payment of all taxes, internal duties, excises, debts and de­
mands of every kind due to the United States, except duties on imports,
and o f all claims and demands against the United States of every kind
whatsoever, except for interest upon bonds and notes, which shall be paid
in coin, and shall also be lawful money and a legal tender in payment of
all debts, public and private, within the United States, except duties on
imports and interest as aforesaid. And any holders o f said United States
notes depositing any sum not less than $50, or some multiple o f $50, with
the Treasurer o f the United States, or either o f the Assistant Treasurers,
shall receive in exchange therefor duplicate certificates o f deposit, one of
which may be transmitted to the Secretary o f the Treasury, who shall
thereupon issue to the holder an equal amount o f bonds o f the United
States, coupon or registered, as may by said holder be desired, bearing
interest at the rate o f six per centum per annum, payable semi-annually,
and redeemable at the pleasure o f the United States after five years, and
payable twenty years from the date thereof. And such United States
notes shall be received the same as coin, at their par value, in payment
for any loans that may be hereafter sold or negotiated by the Secretary
o f the Treasury, and may be re-issued from time to time, as the exigen­
cies of the public interests shall require.




478

Commercial Regulations.

[May,

Sec. 2. A n d be it f u r t h e r enacted, That to enable the Secretary o f the
Treasury to fund the Treasury notes and floating debt o f the United
States, he is hereby authorized to issue, on the credit o f the United
States, coupon bonds or registered bonds, to an amount not exceeding
$500,000,000, redeemable at the pleasure o f the United States after five
years, and payable twenty years from date, and bearing interest at the
rate o f six per centum per annum, and payable semi-annually. And the
bonds herein authorized shall be o f such denominations, not less than
$50, as may be determined upon by the Secretary o f the Treasury. And
the Secretary o f the Treasury may dispose o f such bonds, at any time, at
the market value thereof, for the coin o f the United States, or for any o f
the Treasury notes that have been or may hereafter be issued under any
former act o f Congress, or for United States notes that may be issued
under the provisions o f this a c t; and all stocks, bonds and other securi­
ties of the United States held by individuals, corporations or associations,
within the United States, shall be exempt from taxation by or under State
authority.
Sec. 3. A n d be it fu r t h e r enacted, That the United States notes and
the coupon or registered bonds authorized by this act shall be in such
form as the Secretary o f the Treasury may direct, and shall bear the
written or engraved signatures o f the Treasurer of the United States and
the Register o f the Treasury, and also, as evidence o f lawful issue, the
imprint o f a copy o f the seal o f the Treasury Department, which imprint
shall be made under the direction o f the Secretary, after the said notes
or bonds shall be received from the engravers and before they are issued;
or the said notes and bonds shall be signed by the Treasurer o f the United
States, or for the Treasurer by such persons as may be specially appointed
by the Secretary o f the Treasury for that purpose, and shall be counter­
signed by the Register o f the Treasury, or for the Register by such per­
sons as the Secretary o f the Treasury may .specially appoint for that
purpose. And all the provisions o f the act entitled “ An act to authorize
the issue of Treasury notes,” approved the twenty-third day o f December,
eighteen hundred and fifty-seven, so far as they can be applied to this
act, and not inconsistent therewith, are hereby revived and re-enacted ;
and the sum of $300,000 is hereby appropriated, out of any money in
the Treasury not otherwise appropriated, to enable the Secretary o f the
Treasury to carry this act into effect.
S ec . 4. A n d be it fu r t h e r enacted, That the Secretary of the Treasury
may receive from any person or persons, or any corporation, United States
notes on deposit, for not less than thirty days, in sums o f not less than
$100, with any o f the Assistant Treasurers or designated depositories o f
the United States authorized by the Secretary o f the Treasury to receive
them, who shall issue therefor certificates o f deposit, made in such form
as the Secretary of the Treasury shall prescribe, and said certificates of
deposit shall bear interest at the rate o f five per centum per annum ; and
any amount o f United States notes so deposited may be withdrawn from
deposit at any time after ten days’ notice, on the return o f said certifi­
cates : P ro v id ed , That the interest on all such deposits shall cease and
determine at the pleasure o f the Secretary o f the Treasury : A n d 'provided
fu r th e r , That the aggregate o f such deposit shall at no time exceed the
amount o f $25,000,000.
Sec. 5. A n d be it fu r t h e r enacted, That all duties on imported goods




1862.]

Commercial Regulations.

479

shall he paid in coin, or in notes payable on demand heretofore author­
ized to he issued, and by law receivable in payment o f public dues, and
the coin so paid shall be set apart as a special fund, and shall be applied
as follow s:
F ir s t. — To the payment, in coin, o f the interest on the bonds and notes
o f the United States.
Second. — To the purchase or payment o f one per centum o f the entire
debt of the United States, to be made within each fiscal year after the
first day of July, 1862, which is to be set apart as a sinking fund, and the
interest of which shall, in like manner, be applied to the purchase or
payment of the public debt, as the Secretary o f the Treasury shall from
time to time direct.
T h ird . — The residue thereof to be paid into the Treasury of the United
States.
S ecs. 6 and 7 provide simply the penalty for fraud and counterfeiting—
a fine not exceeding $5,000, and imprisonment not exceeding fifteen years.

T H E B I L L A U T H O R I Z I N G C E R T I F I C A T E S OF I N D E B T E D N E S S .

The following is a copy of the bill as passed and approved March 1,
1862 :
A N A C T TO A U T H O R IZ E TH E S E C R E T A R Y
T IF IC A T E S

O F IN D E B T E D N E S S

O F TH E
TO

TREASU RY

P U B L IC

TO

IS S U E

CER­

C R E D IT O R S.

B e i t enacted, dec., That the Secretary o f the Treasury be and he is
hereby authorized to cause to be issued to any public creditor who may
be desirous to receive the same, upon requisition o f the head o f the pro­
per department, in satisfaction o f audited and settled demands against the
United States, certificates for the whole amount due, or parts thereof, not
less than one thousand dollars, signed by the Treasurer o f the United
States, and countersigned as may be directed by the Secretary o f the
Treasury, which certificates shall be payable in one year from date, or
earlier, at the option o f the government, and shall bear interest at the rate
o f six per centum.

SUPPLEMENTAL

TREASURY

ACT.

The following is an official copy o f the act supplemental to the
Treasury act o f March 1st, adopted by Congress, and approved by the
President on the 16th March, 1862 :
B e it enacted hy the S enate an d H o u se o f R epresen tatives o f the U n ited
S ta tes o f A m erica , in Congress assembled, That the Secretary o f the

Treasury may purchase coin with any of the bonds or notes o f the United
States, authorized by law, at such rates and upon such terms as he may
deem most advantageous to the public interest; and may issue, under
such rules and regulations as he may proscribe, certificates o f indebted­
ness, such as are authorized by an act entitled “ An act to authorize the
Secretary o f the Treasury to issue certificates o f indebtedness to public
creditors,” approved March 1, 1862, to such creditors as may desire to




Commercial Regulations.

480

[April,

receive the same, in discharge o f checks drawn by disbursing officers
upon sums placed to their credit on the books o f the Treasurer, upon
requisitions of the proper departments, as well as in discharge o f audited
and settled accounts, as provided by same act.
S ec. 2. And be it further enacted, That the demand notes authorized
by the act of July 17, 1861, and by the act o f February 12, 1862, shall,
in addition to being receivable in payment o f duties on imports, be re­
ceivable, and shall be lawful money and a legal tender, in like manner,
and for the same purpose, and to the same extent, as the notes authorized
by the act entitled “ An act to authorize the issue o f United States notes,
and for the redemption or funding thereof, and for funding the floating
debt of the United States,” approved February 25, 1862.
Sec. 3. And be it further enacted, That the limitation upon temporary
deposits o f the United States notes with any Assistant Treasurers or de­
signated depositaries, authorized by the Secretary of the Treasury to re­
ceive such deposits, at five per cent, interest, to twenty-five millions o f
dollars, shall be so far modified as to authorize the Secretary of the
Treasury to receive such deposits to an amount not exceeding fifty mil­
lions of dollars, and that the rates o f interest shall be prescribed by the
Secretary o f the Treasury, not exceeding the annual rate o f five per
centum.
S ec. 4. And be it further enacted, That in all cases where the Secre­
tary o f the Treasury is authorized by law to re-issue notes, he may re­
place such as are so mutilated or otherwise injured as to be unfit for use,
with others o f the same character and amount; and such mutilated notes,
and all others which by law are required to be taken up and not re-issued,
shall, when so replaced or taken up, be destroyed in such a manner and
under such regulations as the Secretary o f the Treasury may prescribe.

TREASURY

CERTIFICATES — OFFICIAL

ORDER.

Congress having authorized the issue o f certificates of indebtedness by
the Secretary of the Treasury, in payment o f audited and settled demands
against the government, as well as in payment of checks, drafts drawn
by disbursing officers upon amounts placed to their credit with the
Treasurer of the United States, in favor o f creditors who have furnished
supplies, &c., and who are willing to receive such certificates in satisfac­
tion o f their demands, the following regulations are presented, and will
be strictly observed in the execution o f the a ct:
1.
The certificates o f indebtedness will be payable to the claimant or
creditor o f the government, or his order, and in denominations o f one
thousand and five thousand dollars. Certificates o f the larger denomina­
tion will be issued in all cases where the nature of the claim will admit
o f it. A book will be opened by the Treasurer of the United States, in
which shall be kept a record o f each certificate issued under authority of
the act; the name o f the person to whom issued, the date, number and
amount thereof, on what account, if on treasury warrant, the number
thereof, and if on draft or check of a disbursing officer, the name of the
officer by whom drawn, the date and amount of such check or draft,
&c.. &c.




Commercial Regulations.

1 8 6 2 .]

481

2. The certificates shall be signed by the Treasurer, and countersigned
by the Register of the Treasury, who shall also keep a complete record
of said certificates, as required of the Treasurer. I f issued upon a war­
rant, they will bear even date herewith ; or if to a disbursing officer, then
with the date o f the presentation o f his deed or draft on the Treasurer o f
the United States.
3. When the Secretary o f W ar or Navy may desire to leave a credit
on the books o f the Treasury in favor o f a disbursing officer o f his de­
partment, he will draw his requisition on the Secretary of the Treasury in
the usual form for the amount desired to be placed to the credit o f such
disbursing officer, and specify the appropriation properly chargeable.
4. Upon such requisition being received at the Treasury Department, a
warrant will issue to the Treasurer, and he will accordingly place the
amount to the credit o f the disbursing officer named, who will then be
authorized to draw the checks or drafts thereon, to the amount o f such
requisition, in favor of such creditors entitled to payment by him as may
desire to receive such certificates in satisfaction of their respective de­
mands.
The checks or drafts o f disbursing officers will be in the following
form :
$----------

-------------- 1862.
The Treasurer o f the United States will pay t o ---------- or order, on cer­
tificates of indebtedness,---------- dollars, being amount due fo r ----------- , as
will appear by bill and receipt therefor, in my possession, and which will
be rendered as a voucher in my accounts for t h e ---------- quarter o f this
year.
[Signed,]
--------------------To F. E. S p in n e r , Treasurer o f XT. S.
5. As the certificates o f indebtedness are only to be issued in pay­
ment o f creditors, and for amounts liquidated and actually due them, the
disbursing officer, before drawing his check or draft on the Treasurer,
will take the same voucher from the creditor, and will, in all respects, be
subject to the same responsibilities as if making payment in coin or
United States notes.
6. The requisition in favor o f the officer will be charged on the books
of the accounting officer as other requisitions, and vouchers will go into
the general accounts o f the disbursing officer, and be settled with his
other accounts.

TRADE

ON

THE

CUMBERLAND

AND

TENNESSEE.

Treasury Department, March 4, 1862.
First.— A ll licenses shall be issued by the Secretary o f the Treasury,
and all applications therefor must be made in writing to him, stating
specifically the purpose for which the license is desired, and if for gene­
ral or special trade, setting forth the character and aggregate value o f
the merchandise to be transported, the destination thereof, and the pro­
posed route o f transportation, and also the character o f the merchandise,
VOL. x l v i .— no . v.
31




482

Commercial Regulations.

[May,

if any, desired in exchange, with the proposed route o f transit thereof,
and its destination.
Second.— Before the delivery o f any license, the party therein permit­
ted to trade shall execute a bond to the United States, with sufficient
sureties in the penal sum o f at least twice the amount of the trade so
licensed; which bond shall be subject to such approval, and conditioned
in such terms as shall be specified in the license.
Third.— All transportation to be made by virtue o f any license shall
be made under permits to he issued by such duly authorized officer o f
the Treasury Department as shall be designated in the license; which
permits shall specify the number and kind o f packages, with the marks
thereon, and, in general terms, the character thereof.
Fourth.— When application is made for a transportation permit, the
applicant shall file with the officer authorized by the license to grant
such a permit, a copy of the license un^er which application is made ;
which copy shall be compared with the original, and certified by such
officer ; and also correct invoices in duplicate, signed by the consignor,
showing the actual values o f the merchandise at the place o f purchase,
and also a statement, in duplicate, o f routes in transit, and destination
o f the merchandise so to be transported, and the consignee thereof. The
applicant shall also make and file with such officer an affidavit that the
values are correctly stated in the invoices, and that the packages con­
tain nothing except as stated therein ; and the merchandise so permit­
ted to be transported shall not, nor shall any part thereof, be disposed
o f by him, or by his authority or connivance, in violation o f the terms
o f the license.
F ifth .— All transportation should be permitted and exchanges supervised
either at Cincinnati, Louisville, Paducah, St. Louis, or such other place
as may hereafter be specified by the Secretary of the Treasury. Trans­
portation permits shall be granted by the Surveyor o f the port whence
transit commences, or by other officers named in the license, and shall
be approved and countersigned by such other officer as shall he named
in the license for that purpose ; and all exchanges shall be supervised by
such officer as may he designated for that purpose in the license, and
the amount o f each permit shall, at the date o f its issue, be endorsed
upon the original license.
Sixth.— All packages whatsoever, before being permitted to go into
any part o f the United States heretofore declared by the President to be
in insurrection, shall be examined by a duly authorized officer; which
examination shall be certified and approved by such officer as shall be
specified in the license.
Seventh.— For each permit granted under the provisions o f these rules
and regulations, there shall be charged and collected one-half o f one per
cent, upon the value o f the merchandise so permitted at the place o f
purchase, which shall be collected by the officer granting the permit,
before the delivery thereof.
Eighth.— All officers acting under these rules shall keep an accurate
record o f all the transactions under the several licenses granted by the
Secretary o f the Treasury, and shall make weekly reports to him in rela­
tion thereto, as much in detail as practicable, transmitting, with such re­
port, a list o f all permits granted, and one of the duplicate invoices and
statements, on which shall be endorsed the date o f the authority under




1862.]

Commercial Regulations.

483

which such permit is granted. W eekly returns shall be made o f all fees
and emoluments received.
Ninth.— All licenses and permits shall be liable to modification or
revocation by the Secretary o f the Treasury.
(Signed,)

S. P . C h a s e ,
Sec'y o f the Treasury.

CONVENTION BETWEEN THE UNITED STATES AND CHINA FOR THE AD­
JUSTMENT OF CLAIMS.

Shanghai, November 8, 1858.
In order to carry into effect the convention made at Tien-tsin, by the
high commissioners and plenipotentiaries respectively representing the
United States o f America and the Ta-Tsing Empire, for the satisfaction
o f claims o f American citizens, by which it was agreed that one-fifth o f
all tonnage, import and export duties, payable on American ships and
goods shipped in American vessels at the ports of Canton, Shanghai and
Fuh-chau, to an amount not exceeding six hundred thousand taels, should
be applied to that e n d ; and the plenipotentiary o f the United States,
actuated by a friendly feeling towards China, is willing, on behalf o f the
United States, to reduce the amount needed for such claims to an aggre­
gate of five hundred thousand taels, it is now expressly agreed, by the
high contracting parties, in the form o f a supplementary convention, as
follow s:
A

r t ic l e

I.

That on the first day o f the next Chinese year, the collectors o f customs,
at the said three ports, shall issue debentures to the amount o f five hun­
dred thousand taels, to be delivered to such persons as may be named by
the minister or chief diplomatic officer o f the United States in China,
and it is agreed that the amount shall be distributed as follows : Three
hundred thousand taels at Canton, one hundred thousand taels at Shang­
hai, and one hundred thousand taels at Fuh-chau, which shall be received
in payment o f one-fifth of the tonnage, export and import duties on
American ships, or goods in American ships, at the said ports; and it is
agreed that this amount shall be in full liquidation o f all claims o f Ameri­
can citizens, at the various ports, to this date.
In faith thereof, the respective plenipotentiaries o f the United States
of America and o f the Ta-Tsing Empire, that is to say, on the part o f
the United States, W il l ia m B. R e e d , Envoy Extraordinary and Minister
Plenipotentiary, and on the part of the Ta-Tsing Empire :
K w e il ia n g , a member o f the Privy Council, Captain-General o f the
Plain W hite Banner Division o f the Manchu Bannermen, and Superin­
tendent o f the Board o f Punishments, and I I w a s h a n a , Classical Reader
at Banquets, President o f the Board o f Civil Office, Captain-General of
the Bordered Blue Banner Division o f the Chinese Bannermen, both o f
them Plenipotentiaries, with H o -K w e i - t s in g , Governor-General o f the
two Kiang Provinces, President o f the Board o f War, and Guardian o f
the Heir Apparent; M in g s h e n , President o f the Ordnance Office o f the
Imperial Household, with the insignia o f the second grade, and T wan, a




484

Commercial Regulations.

[May,

titular President of the fifth grade, Member o f the Establishment o f the
General Council, and one o f the junior under-secretaries of the Board o f
Punishments, all o f them special Imperial Commissioners, deputed for
the purpose, have signed and sealed these presents.
Done at Shanghai this eighth day o f November, in the year o f our
Lord one thousand eight hundred and fifty-eight, and of the indepen­
dence of the United States the eighty-third, and in the eighth year o f
I I ie n f h n o , the tenth month and third day.
W il l ia m B. R e e d ,
[seal. ]
K w e il ia n g ,
H w ash an a,
H o-K w e i -T s in g ,
M in g s h e n ,
T w an.

RIGHTS

OF

BELLIGERENTS

IN

BRITISH

[ s e a l .]

PORTS.

The following important letter from Earl R ussell to the Lords Com­
missioners o f the Admiralty is published in the London Gazette:
Foreign Office, Jan. 31, 1862.
My Lords,— Her majesty being fully determined to observe the duties
of neutrality during the existing hostilities between the United States
and the States calling themselves “ the Confederate States o f America,”
and being, moreover, resolved to prevent, as far as possible, the use o f
her majesty’s harbors, ports and coasts, and the waters within her
majesty’ s territorial jurisdiction, in aid o f the warlike purposes of either
belligerent, has commanded me to communicate to your lordships, for
your guidance, the following rules, which are to be treated and enforced
as her majesty’s orders and directions.
Her majesty is pleased further to command that these rules shall be
put in force in the United Kingdom and in the Channel Islands on and
after Thursday, the 6th February next, and in her majesty’s territories
and possessions beyond the seas, six days after the day when the gover­
nor or other chief authority o f each o f such territories or possessions
respectively shall have notified and published the same, stating, in such
notification, that the said rules are to be obeyed by all persons within
the same territories and possessions.
I. During the continuance o f the present hostilities between the gov­
ernment of the United States o f North America and the States calling
themselves “ the Confederate States of America,” or until her majesty
shall otherwise order, no ship o f war or privateer belonging to either of
the belligerents shall be permitted to enter or remain in the port o f Nas­
sau, or in any other port, roadstead, or waters of the Bahama islands, ex­
cept by special leave o f the lieutenant-governor o f the Bahama islands,
or in case o f stress o f weather. If any such vessel should enter any
such port, roadstead or waters, by special leave, or under stress of
weather, the authorities of the place shall require her to put to sea as
soon as possible, without permitting her to take in any supplies, beyond
what may be necessary for her immediate use.
If, at the time when this order is first notified in the Bahama islands,




1862.]

Commercial Regulations.

485

there shall be any such vessel already within any port, roadstead or
waters of those islands, the lieutenant-governor shall give notice to such
vessel to depart, and shall require her to put to sea, within such time
as he shall, under the circumstances, consider proper and reasonable.
I f there shall then be ships o f war or privateers belonging to both the
said belligerents within the territorial jurisdiction o f her majesty, in or
near the same port, roadstead or waters, the lieutenant-governor shall fix
the order o f time in which such vessels shall depart. No such vessel of
either belligerent shall be permitted to put to sea until after the expira­
tion o f at least twenty-four hours from the time when the last preceding
vessel o f the other belligerent, (whether the same shall be a ship of war
or privateer, or merchant ship,) which shall have left the same port,
roadstead, or water or waters adjacent thereto, shall have passed beyond
the territorial jurisdiction o f her majesty.
II. During the continuance o f the present hostilities between the gov­
ernment o f the United States of North America and the States calling
themselves “ the Confederate States of America,” all ships o f war and
privateers of either belligerents are prohibited from making use o f any
port or roadstead in the United Kingdom of Great Britain and Ireland,
or in the Channel islands, or in any o f her majesty’s colonies or foreign
possessions or dependencies, or of any waters subject to the territorial
jurisdiction of the British crown, as a station or place of resort for any
warlike purpose, or for the purpose o f obtaining any facilities o f warlike
equipment; and no ship of war or privateer of either belligerent shall
hereafter be permitted to sail out o f or leave any port, roadstead or
waters subject to British jurisdiction, from which any vessel o f the other
belligerent (whether the same shall be a ship of war, a privateer or a
merchant ship) shall have previously departed, until after the expiration
o f at least twenty-four hours from the departure o f such last mentioned
vessel beyond the territorial jurisdiction of her majesty.
III. I f any ship of war or privateer o f either belligerent shall, after
the time when this order shall be first notified and put in force in the
United Kingdom and in the Channel islands, and in the several colonies
and foreign possessions and dependencies o f her majesty respectively,
enter any port, roadstead or waters belonging to her majesty, either in
the United Kingdom or in the Channel islands, or in any o f her majesty’s
colonies or foreign possessions or dependencies, such vessel shall be re­
quired to depart and to put to sea within twenty-four hours after her en­
trance into such port, roadstead or waters, except in case of stress o f
weather, or o f requiring provisions or things necessary for the subsist­
ence of her crew, or repairs in either o f which cases the authorities of
the port, or o f the nearest port, (as the case may be,) shall require her
to put to sea as soon as possible after the expiration of such period
o f twenty-four hours, without permitting her to take in supplies, beyond
what may be necessary for her immediate use; and no such vessel which
may have been allowed to remain within British waters, for the purpose
of repair, shall continue in any such port, roadstead or waters for a
longer period than twenty-four hours after her necessary repairs shall
have been completed ; provided, nevertheless, that in all cases in which
there shall be any vessels (whether ships o f war, privateers or merchant
ships) of both the said belligerent parties in the same port, roadstead or
waters within the territorial jurisdiction o f her majesty, there shall be an




486

Commercial Regulations.

[May,

interval o f not less than twenty-four hours between the departure there­
from of any such vessel (whether a ship of war, privateer or a merchant
ship) of the one belligerent, and the subsequent departure therefrom of
any ship o f war or privateer o f the other belligerent; and the times
hereby limited for the departure of such ships o f war and privateers
respectively shall always, in case o f necessity, he extended, so far as may
be requisite for giving effect to this proviso, but not further or otherwise.
IY . No ship o f war or privateer of either belligerent shall hereafter
be permitted, while in any port, roadstead or waters subject to the terri­
torial jurisdiction o f her majesty, to take in any supplies, except pro­
visions and such other things as may be requisite for the subsistence of
her crew, and except so much coal only as may be sufficient to carry such
vessel to the nearest port o f her own country, or to some nearer desti­
nation ; and no coal shall be again supplied to any such ship o f war or
privateer in the same or any other port, roadstead or waters subject to
the territorial jurisdiction o f her majesty, without special permission,
until after the expiration o f three months from the time when such coal
may have been last supplied to her within British waters as aforesaid. I
have, &c.
B u ssell.

N ote .— A similar letter has been addressed to the

Secretaries of
State for the Home, Colonial, W ar and India Departments, and to the
lords commissioners o f her majesty’s treasury.

MASTERS OF AMERICAN VESSELS— ACT OF CONGRESS REQUIRING OATH
OF ALLEGIANCE.
AN ACT REQUIRING AN OATH OF ALLEGIANCE AND TO SUPPORT THE
CONSTITUTION OF THE UNITED STATES, TO BE ADMINISTERED TO MAS­
TERS OF AMERICAN VESSELS CLEARING FOR FOREIGN OR OTHER PORTS
DURING THE PRESENT REBELLION.

Be it enacted by the Senate and House o f Representatives o f the United
States o f America, in Congress assembled, That it shall be the duty of
the several collectors o f the customs at the ports o f entry within the
United States, during the continuance o f the present rebellion, to cause
to be administered to each and every master o f any American ship or
vessel, steamship or steam vessel, which shall be about to clear for any
foreign port or place, or for any port or place within the United States,
the oath o f allegiance, required by chapter sixty-four o f the acts of the
year eighteen hundred and sixty-one ; which oath shall be duly taken by
such masters before such vessels shall be permitted to clear as aforesaid.
S e c . 2. And be it further enacted, That the oath or affirmation afore­
said may be taken before the collector o f customs at the port from which
such vessel is about to clear, or before any justice o f the peace or notary
public, or other person who is legally authorized to administer an oath in
the State or district where the same may be administered. And that any
violation o f such oath shall subject the offender to all the pains and pen­
alties of wilful and corrupt perjury, who shall be liable to be indicted
and prosecuted to conviction for any such offence before any court hav­
ing competent jurisdiction thereof.
Approved, March 6, 1862.




1862.]

Journal o f Insurance.

JOURNAL

OF

487

INSURANCE.

1. M utual F ire I nsurance Companies—I mportant D ecision. 2. L ife I nsurance—N ew
Scheme of Survivorship A nnuities. 3. A merican Steam F ire -E ngine in L ondon.

MUTUAL FIRE INSURANCE COMPANIES— IMPORTANT DECISION.
T h e Court of Appeals o f this State has just decided the important case
o f H o w l a n d , R e c e iv e r of the N e w - Y o r k P r o t e ct io n I n su ran ce
C o m p a n y v s . E dm onds and al., E x e c u t o r s , & c ., of H ir a m G r e e n m a n ,
deceased.
This decision disposes, at one blow, o f the assets of most
o f the old mutual insurance companies formed under the Insurance A ct
o f 1849 and its amendments.
I f there ever was a legislative blunder made in any State worse than
the passage of this General Insurance A ct of 1849, we have yet to see it.
W e undertake to say, that more mistakes have been made under that act,
causing the loss of more money, and more litigation has been produced
by it, than by all the rest o f the legislation of the State o f New-York.
This, we are aware, is a sweeping assertion, but it admits o f proof. And
in the first place, we have never yet seen a person, lawyer or layman, who
was sure he understood any portion of it. Then again, eight different
districts o f the Supreme Court have always had eight different ways of
interpreting the same provision. And, by way o f climax, our Court of
Appeals— staid and sober, and seldom given to joking— have rendered
several successive decisions under the act, but, strange to say, each de­
cision nullifies the one before it.
During the years from 1849 to 1853, about sixty different mutual fire in­
surance companies came into existence under this same act, infesting the
land like the frogs o f Egypt. The capital o f these companies was made
up of premium notes, each being required to have one hundred thousand
dollars of such notes before it could commence business. They repre­
sented, therefore, a capital of about six millions o f dollars. Being thus
set afloat, for nearly eighteen months they apparently waxed fat, and
every thing went on swimmingly ; but as soon as losses began to happen
the defects o f the system showed themselves. W ith no capital but these
notes, which all then supposed must be assessed, and collected only after
assessment, it became impossible to realize money fast enough to pay
losses; so the alternative was adopted o f disputing and contesting the
claims. This was continued for about a year longer, the companies
struggling out a sickly existence through the twelvemonth, when one
failed, and then fifty-two o f them came tumbling down, like a row of
bricks.
It was about the year 1853 that these failures took place,
and since that time the companies have been in process o f liquidation.
The suits that have been brought, the questions that have been raised
and supposed to be decided, are innumerable.
Each premium note
maker conceived himself to be an aggrieved party, and vigorously con­
tested the payment of his n o te ; while, on the other hand, the hungry
claimants urged forward the collections with the greatest earnestness.




488

Journal o f Insurance.

[May,

Thus the matter has been continued year after year, and so varied have
been the questions raised and decided under the general statute, that no
one could recognise in the charters, as now interpreted by the courts,
the companies as originally organized. In fact, the corporators would
not, at present, be able to recognise their own offspring.
A good illustration o f this last idea is the decision above referred to,
o f H o w l a n d , R e c e iv e r , <fcc., vs. E dm onds and al., E x e c u t o r s , &c.
When these companies were formed no one conceived it possible to col­
lect any portion o f the original one hundred thousand dollars o f notes,
except by first making an assessment on the notes to pay the losses that
had happened during the life o f the policy issued on each note, and then
only the amount of that assessment could be collected. The notes were
given by the makers o f them, and received by the parties organizing the
companies, believing such to be the nature o f the liability assumed. A
short time since, however, the Court o f Appeals decided, that, under this
model statute, each of these original notes was payable without assess­
ment, and that the proceeds must go to pay, not simply the losses which
had happened during the life o f the policy issued on the note, but any
and all losses that might have happened at any time during the existence
o f the company. This decision made a complete change in the contract,
as it was supposed to be by the contracting parties. Still, as the decision
was law, efforts were at once made to collect these obligations, and this
case of H o w l a n d , R e c e iv e r , &c., vs. E dmonds and al., E x e c u t o r s , & c .,
is now decided on one of these contracts, and the court holds that these
notes cannot be collected at all, because the statute o f limitations has run
against them. Thus the whole five or six millions o f capital is wiped out
o f existence, and the poor creditors (in amount over ten millions o f dol­
lars) are left out in the cold. W e do not propose to discuss the merits
o f this decision. It is an adjudication o f the court o f last resort, and
therefore we must accept it as law.
The following is a list o f the mutual companies referred to above as
formed under this act of 1849, and which failed about the year 1853.
This decision disposes o f the capital o f all these companies:
HUtna Insurance Company o f Utica, Utica, Oneida County.
American Insurance Company of Utica, Utica, Oneida County.
American Mutual Insurance Company, Amsterdam.
Columbia Insurance Company, Amsterdam.
Empire State Mutual Insurance Company.
Farmers’ Insurance Company o f Meridian, Meridian, Cayuga County.
Farmers’ Insurance Company o f Oneida County, Utica.
Farmers and Merchants’ Insurance Company o f W . N. Y., Rochester.
Franklin Fire Insurance Company o f New-York, Saratoga Springs.
Globe Insurance Company, Utica, Oneida County.
Granite Insurance Company, Utica, Oneida County.
Hudson River Marine and Fire Insurance Company, Crescent, N. Y.
Hudson River Mutual Insurance Company, Waterford.
Jamestown Farmer Insurance Company, Jamestown.
Knickerbocker Insurance Company, Waterford.
Mohawk Valley Insurance Company, Amsterdam.
Mohawk Valley Farmers’ Insurance Company, Amsterdam.
National Protection Insurance Company, Saratoga Springs.
New-York Central Insurance Company, Cherry Valley.




1862.]

Journal o f Insurance.

489

New-York Indemnity Insurance Company, Broadalbin, Fulton Co.
New-York Protection Insurance Company, Rome.
New-York State Mutual Insurance Company, Newark.
New-York Union Mutual Insurance Company, Johnstown.
North American Mutual Insurance Co., Brasher Falls, St. Lawrence Co.
Northern Protection Insurance Company, Camden, Oneida County.
Orleans Insurance Company, Albion, Orleans County.
People’s Insurance Co. o f the State o f N. Y., Kingston, Ulster Co.
Poughkeepsie Mutual Fire Insurance Company, Poughkeepsie.
Rensselaer County Mutual Insurance Company, Lansingburgh.
Salem Fire Insurance Company, Salem, Washington County.
Schoharie County Mutual Insurance Co., Coblesville, Schoharie Co.
Star Insurance Company, Ogdensburgh, St. Lawrence County.
Steuben Farmers and Merchants’ Insurance Co., Bath, Steuben Co.
Susquehanna Fire Insurance Company, Cooperstown, Otsego County.
Tempest Insurance Company, Meridian, Cayuga County.
Utica Insurance Company, Utica, Oneida County.
United States Fire Insurance Company, at Saratoga Springs.
United States Mutual Insurance Co., W est Potsdam, St. Lawrence Co.
Washington County Mutual Insurance Co., Granville, Washington Co.
Western Insurance Company o f Olean, Olean, Cattaraugus County.

LIFE INSURANCE— NEW

SCHEME OF SURVIVORSHIP ANNUITIES.

W e have been accustomed to think that life insurance had reached the
dignity of a complete science. So much talent has been employed upon
the subject, and tables have been calculated with so much exactness,
based upon the experience of years, that certain facts as to climate, &c.,
o f any particular place being given, the average length o f life in that
locality is a proposition of easy solution. Perhaps the best proof o f the
accuracy o f these calculations, and the care and prudence with which
this important interest in our midst is managed, may be found in the
success that lias attended nearly all the life insurance companies doing
business in this State. Examine, for instance, the reports o f those lead­
ing companies, the Mutual Life o f New-York, the New-York Life and
the New-England Mutual, all o f which show an increase o f accumulated
assets truly remarkable, and, o f course, extremely satisfactory to policy­
holders.
Yet, although the management o f this species o f business has met with
so great success that we have been led to almost believe there could be
nothing new under the sun in the way o f life insurance, it seems that the
prudent and ever-vigilant officers o f the Mutual Life o f New-York have,
within the past year, perfected a new scheme o f survivorship annuities,
which deserves special notice. Heretofore it has been usual for life com­
panies to issue policies, making, for instance, the am ount in sured payable,
on the death o f the insured, to the surviving wife or children. To this
species of insurance there are very serious objections. A man dies, hav­
ing taken out a policy, say o f ten thousand dollars, in favor o f his wife.
This money comes into her possession when she is without experience in
money matters, and totally unacquainted with any way o f investing her
funds. The wisest know so well the hazards they incur in making in­




■490

Journal o f Insurance.

[May,

vestments, that we can readily see how great would be the danger o f a
widow’s losing all she might thus come into possession of. Her position,
too, at such a time, is one in which she might easily be imposed upon b y
injudicious and designing persons, and be thus deprived o f the benefits
o f the insurance. The plan now proposed avoids these and other similar
difficulties, by enabling the insurer to secure a certain and definite pro­
vision, in annual instalments, for the permanent support o f a surviving
nominee. For instance, by paying a premium about the same as required
on a ten thousand dollar policy, a husband can secure for the support o f
his widow on his death one thousand dollars a year during the remainder
o f her life. Thus the danger and expense to which we have referred, as
necessarily involved in the investment o f money by inexperienced persons,
and from dependence upon advisers who may prove injudicious, or per­
haps adversely interested, are avoided, the company virtually retaining
the money, and paying the nominee ten per cent, interest. W e think,
therefore, this can truly be said to be “ the most effective, and, indeed,
the only method o f securing a definite, certain and permanent support”
to a surviving widow or orphan ; and we trust that similar policies will
be issued by all our life insurance companies.

AMERICAN

STEAM

FIRE-ENGINES

IN

ENGLAND.

From the London Engineer o f the 28th March, we learn that a trial o f
an American steam fire-engine, taken to that country by Mr. L e e , of the
Novelty Iron W orks, New-York, recently took place at the distillery o f
Mr. F r e d e r ic H o d g e s , Lambert. Besides several distinguished visitors,
including the Duke o f Sutherland, the Earl o f Caithness, Mr. T. H a n k e y ,
M. P ., &c., a large number o f engineers, among whom were Mr. S cott
R u ssel l , Mr. J. E. M c C on n e ll , Mr. C. E. A m os , Mr. A p p o l d , Mr. S h a n d ,
& c., were present. Mr. H o d g es first exhibited the working o f his two
hand-engines, the largest in London, a detachment o f the Grenadier
Guards, 80 in number, being mustered for manning the handles. The
hand-engines drew their water from a well 6 feet below the suction valve,
and one o f them threw a 1-inch jet about 125 feet high, the chimney o f
the distillery, 140 feet high, forming a good standard of measurement.
The hand-engines were worked by 40 men each. The steam fireengine was then brought out, the fire laid, and the match applied at
3.58 P. M. In five minutes the pointer o f the steam gauge began to
move, in seven minutes the pressure o f steam was 5 pounds, in ten min­
utes 12 pounds, in eleven minutes 15 pounds, and the engine commenced
working at this pressure. A minute afterwards the steam was at 30
pounds, in two minutes 65 pounds, and in three minutes 120 pounds,
whence it gradually rose to 140 pounds. The boiler made steam in the
greatest abundance, and it was some times requisite to check the fire to
keep it below 200 pounds. The engine was worked b y Mr. L e e , the
patentee, assisted by Mr. C h a r l e s B. K in g . The water was taken from
a source a few feet above the engine, and led into the pump under the
moderate pressure thus obtained. A 1-inch jet was thrown at least 5 feet
over the chimney, or 145 feet vertically. The Times' report states the
height to which the jet was thrown as 150 feet. The same sized jet was
afterwards thrown 191 feet horizontally.




JOURNAL OF BANKING, CURRENCY AND FINANCE.

1. City W eekly B ank R eturns, N ew -Y ork City B anks, P hiladelphia B anks, B oston
B anks , P rovidence B anks. 2. W eekly S tatement B ank of E ngland . 3. Savings B anks
State of N ew -Y ork . 4. B ank of M aine .

CITY
N e w - Y ork B anks .

D ate.

WEEKLY

BANK

RETURNS.

( Capital, Jan., 1862, $69,493,577; Jan., 1861, $69,890,475.)

lo a n s .

Specie.

C irculation.

N et D eposits.

W eekly
C learings.

January 4,. ..$154,415,826 $23,983,878 $8,586,186 $ 111,789,233 $ 100,642,429
8,121,512
113,889,762 105,634,811
11,. . . 152,088,012 25,373,070
tt
18,. .. 149,081,433
113,327,160 107,732,780
26,120,859
7,369,028
“
25,. . , 145,767,680 26,698,728
110,874,786
6,828,017
100,001,959
February 1,. . . 144,675,778
27,479,583
6,404,951
112,057,003
93,791,629
6,077,417 110,637,557
113,216,297
“
8,- . . 143,803,890 28,196,666
tt
15,. .. 141,994,192 28,114,148 5,762,506
110,430,475 105,102,177
22,. . . 139,950,958 28,875,992 5,489,496
109,079,076 111,346,066
March
107,974,499
109,854,823
1,. .. 137,674,238 29,826,959 5,363,944
n
8,. . . 133,055,148 30,436,644 5,869,206
103,715,728
113,512,576
tt
15,. . . 130,622,776
100,296,704 118,957,978
30,773,050 5,904,866
a
22,. . . 127,615,306
32,023,390 6,260,309
97,601,279
115,376,381
tt
29,. . . 125,021,630 32,841,802 6,758,313
106,973,432
94,428,071
April
5,. . . 124,477,484 33,764,382 7,699,641
94,082,625
111,336,384
tt
12,. . . 123,412,491
34,594,668
8,004,843
93,759,063
114,738,013
tt
19,. .. 123,070,263 34,671,528
8,064,663
95,179,340
113,529,377

P d ii .adex.ph ia B anks .

D ate.

Loans.

Specie.

(Capital, Jan., 1862, $11,970,130.)
C irculation.

D eposits.

Due to
Banks.

D ue f r o m
Banks.

Jan. 6,. $31,046,537 !$5,688,728 $2,145,219 !$21,396,014 ;$3,645,956 $ 1,796,805
“ 13,,. 31,145,938
5,692,123 2,162,152
21,324,510 3,992,952 1,702,716
“ 20,,, 30,601,160 5,733,450 2,120,756
20,698,496 4,120,261
1,575,116
“ 27, . 30,385,606 5,821,323 2,121,146
20,058,098 4,209,006
1,858,688
Feb. 3,,. 30,385,319 5,884,011
2,144,398 20,068,890 4,572,872
1,707,136
tt 10, . 29,974,700 5,923,874
19,032,535 4,890,288
1,587,481
2,191,547
a
2,052,031
17, . 29,388,544 5,849,354 2,191,512 18,692,182 4,661,442
“ 24, . 29,280,049
18,777,300 5,205,203
5,867,686 2,230,605
1,935,414
Mar. 3, . 29,393,356 5,881,108
18,541,190 5,218,383
2,343,493
1,828,383
a 10, . 28,083,499 5,869,730 2,575,503 17,375,771
5,131,834
1,733,169
tt 17, . 28,723,835 5,897,891
5,342,876
1,649,137
2,632,627 17,253,461
a 24, . 28,350,615 5,915,535 2,707,804 17,066,267 5,210,365
1,774,162
it 31, . 27,831,333 5,884,314 2,904,542
17,024,198 5,100,186 2,134,392
2,231,889
April 7, . 28,037,691
5,886,424 3,378,970 16,636,538
5,607,488
“ 14, . 28,076,717 5,912,870
18,112,446
3,496,420
4,868,842 2,634,171
tt 21,,. 28,246,733 6,046,260 3,525,400
19,011,833 4,548,327 2,504,147




492

Journal o f Banking, Currency and Finance.

B oston B anks .
D ate.

( Capital, Jan., 1862, $ 3 8 , 2 3 1 , 1 0 0 ; Jan., 1861, $38 ,23 1 ,7 0 0.)

Loans.

Specie.

C irculation.

ft

13,
20,
27.
Feb. 3,
<< 10,
“ 17.
24,
Har 3,
10,
17.
24,
n
31,
Apr 7,
14,
21,
ft

P r o v id e n c e B a n k s .

Date.

Loans.

Jan. 11,.
tt
18,
<t
25,
Feb. 1 ,
“
8,
“
15,
tt
22,
Mar 1,
tt
8,.
“
15,
tt
22,
<t
29,
A pr 5,
12,
19,

Specie.

lO

$65,612,997 $ 8,920,486 $
64,704,039
6,612,512
8,580,607
64 409,585
8,585,277
6,549,871
63,025,191
8,562,175
6,284,268
62,628,793
8,529,483
6,260,299
62.340,600
8,514,600
6,616,000
62,587,788
8,410,890
6,469,309
62,053,640 8,341,588
6,580,205
61,678,500 8,364,500
6,31S,700
61,834,500 8,409,535
6,693,139
61,747,000 8,471,000
6,364,800
61,655,420 8,441,058
6,219,512
61,360,789
8,441,196
5,908,272
61,208,974 8,674,170
6,557,152
61,058,969
8,688,573
6,170,383
61,019,787 8,679,356
5,924,906

6,

tt

C irculation

Deposits.

19,356,800 $408,700 $ 1,889,600 $ 3,054,600
19,238,700 402,900
1,890,300 2,899,200
19,160,600 394,700
1,756,500 2,899,600
19,160,600 394,700
1,811,100 2,950,500
19,087,700 395,900
1,814,300 2,915,200
19,109,400 394,800
1,784,000 2,762,200
18,869,800 396,800
1,879,100
2,792,700
18,920,500 407,500
1,791,200
2,924,400
. . .
18,953,900 405,100
1,978,500
3,030,600
. . . 18,998,600 408,500
1,848,100 2,946,800
. . . 19,148,400 408,300
1,879,200 3,060,900
. . . 19,360,500 411,300
1,857,100 3,078,800
. . . 19,641,000 417,500
2,102,000 3,124,000
. . . 19,719,200 416,600
2,036,300 3,017,700
. . . 19,644,500 408,600
1,953,400 3,015,900

OF

W EEKLY

C irculation.

D ue f r o m
Banks.

[Capital, Jan., 1862, $15, 454,600.)

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

P ublic
D eposits.

Due to
Banks.

Deposits.

27,093,839 $9,187,924 $ 8,701,873
25,642,994 9,634,227 8,805,255
9,018,388
25,441,327 9,547,319
24,030,776
9,593,545
8,727,348
8,766,415
23,500,321
9,727,783
22,784,700 9,892.600 8,965,500
22,034,974 9,653,725
8,315,887
21,515,228
9,625,869 8,644,360
21,208,500 9,681,500 8,982,600
20,740,208 9,906,110 8,450,721
20,554,000 9,790,000
7,981,000
7,669,531
20,326,087 9,715,256
19,975,018
9,434,782 6,978,527
8,133,124
21,014,000 9,245,088
7,173,374
21,009,010 8,949,259
21,570,017 8,529,277 6,946,164

. . . $

BANK

D ate.

00

1C5
T*

<©

Jan.

[May,

$

D ue to
Banks.

D ue f r o m
Banks.

1,099,800
1,071,500
959,400
871,800
900,400
911,100
893,900
953,900
1,131,500
1,103,200
1,085,000
1,021,000
1,115,500
1,081,000
1,020,400

$ 915,400
898,500
1,057,400
925,500
934,700
1,081,000
1,180,000
1,283,000
1,598,800
1,484,300
1,407,700
1,165,400
1,063,200
894,800
845,400

Coin and
B u llion .

R a te o f
Discount.

ENGLAND.
ST A TE M E N T.

P r iv a te
D eposits.

Securities.

Jan. 1, £20,818,190 £ 7,345,833 £ 15,036,062 £30,419,730 £ 15,961,439 3 pr. ct.
4,542,974
18,206,488
31,022,505
16,046,017 21 “
“
8, 21,086,675
16,291,626 21 f t
“ 15, 21,460,925
4,583,353
16,480,452
29,509,864
16,350,939 21 “
“ 22, 21,697,928
5,467,340
29,464,720
15,366,081
“ 29, 21,183,376
5,753,063
14,751,486
16,280,369 21 t t
28,696,456
15,956,903 21 i t
Feb. 5, 21,427,554
28,834,352
5,788,441
14,179,917
16,042,949 2* t t
“ 12, 21,236,312
4,884,989
15,526,334
29,010,241
15,894,405 2* t t
“ 19, 20,772,726
28,771,812
5,397,144
15,085,843
15,749,065 2J “
“ 26, 20,736,715
5,762,849
14,939,742 29,024,962
15,673,898 2* t t
Mar. 5, 21,217,246
13,737,507 29,692,441
6,755,287
29,489,795
16,027,111 2* “
“ 12, 20,013,685
7,527,911
13,763,718
28,953,089
16,548,586 21 f t
“ 19, 20,483,509
8,011,694
13,340,928
16,812,798 21 f t
“ 26, 20,814,655
13,154,258
29,140,207
8,413,275




Journal o f Banking, Currency and Finance.

1862.]

THE

SAVINGS

BANKS

OF

493

NEW* YORK.

The official returns made to the legislature, by H . H. V a n D y c k , Esq.,
Superintendent o f the Banking Department, has just been issued, from
which we compile the following tables :
V I E W OP TH E SAVINGS BANKS OP TH E C IT Y AND
OP N E W -Y O R K , ON TH E 1 S T J A N U A R Y , 1 8 6 1 - 1 8 6 2 . *

C O M P A R A T IV E

Am ount d eposits ,

New-York City.
Atlantic Savings Bank,...............
Bank for Savings,..........................
Bloomingdale Savings B a n k ,....
Bowery Savings Bank,...............
Broadway Savings Bank,.............
Citizens’ Savings Bank,...............
Dry Dock Savings Bank,.............
East River Savings Bank,...........
Emigrant Industrial Savings Bk.,
Franklin Savings Bank,...............
German Savings Bank,.................
Greenwich Savings Bank,...........
Irving Savings Bank,...................
Manhattan Savings Bank,...........
Mariners’ Savings Bank,.............
Mechanics and Traders’ Sav. Bk.,
Merchants’ Clerks Savings Bank,
Rose Hill Savings Bank,.............
Seamen’s Savings Bank,.............
Sixpenny Savings Bank,.............
Third Avenue Savings Bank,. . .
Union Dime Savings Bank.........

New-York City,.........................
Brooklyn Savings Bank,.............
Kings County Savings Bank,. . .
Williamsburgh Savings Bank,.. .
South Brooklyn Savings Bank,..
East Brooklyn Savings Bank,.. .
Brooklyn Dime Savings B a n k ,..

e/c/tl., 1861.

Am ount deposits ,

/an., 1862.

S T A TE

No. d ep o sito r s ,

cTan., 1862.

$ 8 0 ,3 7 4

$ 1 2 3 ,2 1 6

841

1 0 ,0 6 2 ,6 1 6

8 ,8 2 1 ,7 5 0

4 7 ,3 9 1

1 0 ,2 9 4 ,9 9 5

9 ,1 7 3 ,0 3 3

3 9 ,6 0 1

1 ,1 0 2 ,7 9 4

1 ,1 1 0 ,7 2 7

3 ,7 5 9

2 7 ,7 6 7

5 5 ,1 6 6

735

1 ,9 7 6 ,0 6 4

2 ,1 1 0 ,8 9 0

7 ,2 9 5

....

1 ,0 0 5

1 ,1 6 1 ,2 3 4

1 ,0 6 8 ,2 4 3

5 ,0 7 5

2 ,5 6 3 ,4 7 5

2 ,4 2 5 ,1 6 9

9 ,2 8 0

6 ,1 4 0

113

7 5 9 ,3 6 7

8 8 9 ,0 4 2

5 ,0 8 5

3 ,8 9 8 ,3 3 9

3 ,4 0 2 ,4 0 9

1 5 ,7 7 1

1 ,0 8 6 ,5 4 7

1 ,0 6 4 ,2 0 8

4 ,4 1 2

2 ,7 9 4 ,9 3 4

2 ,6 7 6 ,9 0 7

1 1 ,1 4 8

7 6 8 ,8 0 5

7 3 1 ,5 8 5

3 ,2 3 1

5 3 2 ,9 3 3

4 5 2 ,0 3 1

2 ,4 7 5

2 ,1 0 3 ,2 8 5

1 ,8 9 6 ,2 4 7

7 ,7 3 6

1 1 9 ,0 1 9

1 1 1 ,2 8 5

541

8 ,9 2 2 ,6 3 4

8 ,2 1 5 ,6 8 6

2 5 ,8 6 1
8 ,6 5 7

1 7 6 ,3 2 2

1 6 7 ,4 5 1

3 0 2 ,0 7 3

3 6 3 ,8 2 6

1 ,6 0 6

2 5 4 ,2 4 4

3 2 0 ,0 0 6

4 ,5 5 6

$ 4 8 ,9 8 8 ,8 2 6

$ 4 5 ,1 8 4 ,0 1 7

2 0 5 ,1 6 9

3 ,6 8 1 ,3 3 9

3 ,5 1 3 ,2 5 0

1 4 ,4 1 1

....

5 5 ,6 9 8

461

1 ,9 0 5 ,7 6 1

1 ,9 1 6 ,0 4 1

1 0 ,2 8 7

9 2 8 ,9 5 3

9 2 0 ,7 7 4

5 ,3 3 8

1 4 ,1 8 2

374

2 7 5 ,6 9 3

3 5 5 ,6 7 6

6 ,9 0 5

New-York and B rooklyn ,.. . .
Interior cities and towns,. . . .

$ 5 5 ,7 8 0 ,5 7 2

$ 5 1 ,9 6 0 ,6 3 8

2 4 2 ,9 4 5

1 1 ,6 6 9 ,8 2 5

1 2 ,1 2 2 ,4 8 1

5 7 ,5 6 6

Total State o f N ew -Y ork,.. . .

$ 6 7 ,4 5 0 ,3 9 7

$ 6 4 ,0 8 3 ,1 1 9

3 0 0 ,5 1 1

It will be seen, on comparing the above returns, that during the year
1861 the deposits in New-York and Brooklyn
Decreased,............................................................ $3,819,934
Interior cities and towns increased,..................
452,656
Net decrease in the State,.............................. $ 3,367,278
* For statement o f Savings Banks, years 1857-1861, see M ircuants’ M agazine,
Volume xlvi. p. 33.




494

Journal o f Banking, Currency and Finance.

[May,

The table given below shows a large annual increase in the amount o f
deposits since 1858 until the last year, but the exhibit is more favorable
than we could have anticipated, in view o f the prostration o f business
during the first six months o f 1861, and the amounts withdrawn to assist
the earlier volunteers:
D eposits 18t Jan.

Am ount.

1858, __
1859, __
1860........
1861,___
1862,___

$ 41,222,672
48,194,847
58,178,160
67,450,390
64,083,119

One peculiarity o f the returns is, that the average amount due each
depositor in the Seamen’ s Savings Bank is over S318, which exceeds
that of any other ; the average sum due each depositor in the two cities
being $213, and in the interior towns and cities, $212. The dispropor­
tion of deposits in this city compared with the country towns shows the
greater concentration and accumulation o f labor and capital in the former,
v iz.:
Population.

Savings Deposits.

N ew -Y ork,......................... 813,000
Kings County,.................. 280,000
All others,........................ 2,794,000

..
..
..

$ 3,887,000

..

$ 45,085,000
6,766,000
12,222,000

Average.

..
..
..

$ 55 00
24 00
4 30

$ 64,082,000

These results present curious matter for consideration on the part of
political economists. It is correctly observed, we think demonstrably
shown in a recent report, “ that the ability o f a people to pay taxes is in
ratio to the density o f their number.” As an instance : New-York city,
with its population of 813,000, can bear a burden o f taxation equal to
that of the whole State. W e pay ten millions o f taxes annually in
this city, which is probably double what is paid by the five millions of
whites in the seceded States.
C O M P A R A T IV E

C O N D IT IO N

E esources.

O F S A V IN G S

BAN KS,

1ST

J A N .,

*Tan. 1, 1861.

1 8 6 1 -1 8 6 2 .

Jan. 1, 1862.

Bonds and mortgages,..................................... $26,455,007
Stock investments,.......................................... 33,550,918
Amount loaned thereon,...............................
1,429,153
Amount loaned on personal securities,.. . .
49,177
Amount invested in real estate,....................
1,042,305
Cash on deposit in banks,.............................
6,485,130
Cash on hand not deposited in banks,........
1,197,169
Amount loaned or deposited, not included
in above heads,............................................
152,256
Miscellaneous resources,.................................
48,541
A dd for cents,..................................................
96

$ 25,643,014
30,821,821
1,073,899
135,718
1,010,295
6,251,410
1,937,385

$ 70,409,752

$ 67,144,233




177,155
93,428
108

1862.]

Journal o f Banking, Currency and Finance.
L iabilities .

Jan. 1,1861.

495
Jan. 1,1862.

Amount due depositors,................................. $ 67,445,397
Miscellaneous,..................................................
20,095
Excess of assets over liabilities,....................
2,949,195
A dd for cents,..................................................
65

$ 64,083,119
4,986
3,056,066
31

$ 70,409,752

$ 67,144,233

71

74

Number o f open accounts,............................
300,693
Total deposited during calendar year,........ $ 34,934,271
Total withdrawn during calendar year,. . . .
28,308,414
Total interest received during calendar year,.
3,682,158
Total interest credited depositors during
calendar year,..............................................
2,834,249

300,511
$27,439,855
33,678,073
3,954,724

Number o f institutions in operation,...........

BANKS

OF

3,088,921

MAINE.

The report o f Messrs. A. C. R o bin s , o f Brunswick, and F r a n c is K.
S w a n , of Calais, the bank commissioners o f Maine, has been presented
to the legislature. There are 79 banks in the State, with an aggregate
capital of $7,968,850. These banks have a circulation o f $4,075,433, a
liability o f $7,338,846, a loan o f $12,540,367, and $724,036 specie in
their vaults. There are also in the State 14 savings institutions, which
have an aggregate deposit o f $1,620,270. The banking capital has been
increased $135,472 since the last report, the circulation has decreased
$694,314, and the loans have decreased $1,030,080. The report shows
that all the banks are in good condition.

TOOLS

FOR

WORKING

IN

IRON.

Twenty years ago it was difficult to find a good American lathe, planer
or gear-cutter. Our best tools then had to be imported from England.
But all this is changed. American iron tools, as now manufactured, are
o f a very superior character. Some o f the English tools are a little bet­
ter than ours, and some o f ours are better than theirs, so that we stand
about equal; but as our inventors are never to be beaten in any thing,
and as our country is more extensive than England, and our wants more
numerous, we shall soon shoot further ahead. A s the accurate, superior,
and rapid construction o f machinery is dependent upon good tools, we
have hailed with the utmost gratification our progress in tool-making ; it
is a sure sign o f excellence and advancement in the arts.— American
Railway Times.




496

National Armory, Peoria, Illinois.

NATIONAL ARMORY,

[May,

PEORIA, ILLINOIS.

T h e question o f a national armory in the W est is one that is at present
exciting much interest. W e have been too forcibly reminded the past
year of the unprotected condition in which we have heretofore left our
vast Western commercial interests, to permit us to wait until another
foreign war threatens before we malce the necessary preparations for
defence. The Chamber o f Commerce o f New-York have taken a very
proper step in calling attention to the enlargement o f the State canals,
so as to admit o f the passage o f armed vessels through to the lakes ; and
the legislature have passed an act removing all obstacles in the way o f
Congress, should they see fit to take any action. Yet even this would
not remove the necessity o f a national armory in the West. Our atten­
tion has been called to this matter by the receipt o f the following printed
circular, setting forth the advantages of Peoria as a place for the situation
o f this Western armory. W e give the circular in full, deeming the facts
stated o f importance in the discussion and decision o f a question involv­
ing so great interests:
Peoria, III., October, 1861.
Dear Sir,— In view o f the contemplation on the part o f Congress to
establish a national armory west of the Alleglianies, to supply the place
o f the one vacated at Harper’ s Ferry, and supposing a scientific com­
mission will be appointed to locate said armory in such Western city or
town as affords the best facilities for manufacture and storage o f arms, in
all particulars relating to cheapness of manufacture, safety from riots and
invasion, facility o f transportation, beauty o f location, its contiguity to all
other sections of the Great West, &c., a meeting o f the business gentle­
men of this city was convened, and the undersigned were appointed a
committee to present the peculiar claims o f this city over any other, for
the consideration o f Congress. The committee, in doing so, have pro­
cured the publication o f a map, showing, according to a correct scale, that
portion o f the Northwest embracing all the loyal States west o f Colum­
bus, Ohio, (which is on the dividing line between eastern Massachusetts
and Kansas,) and the cities o f Kansas and Nebraska on the west, the
southern boundary of Kentucky and Missouri on the south, and St. Paul
on the north; embracing a section o f country about nine hundred and
twenty miles square, and containing a population o f over 12,000,000
souls. It is, without controversy, the richest agricultural region of
equal extent to be found in any country, possessing greater resources
within itself than any other section of country o f equal extent to be
found on the American continent. The city of Peoria, in Illinois, is
located precisely in the geographical centre o f this vast section. It is
situated on the west bank o f Peoria Lake, a beautiful body o f water,
about twenty miles in length and one to two miles wide, being an ex­
pansion of the Illinois River.
Its elevation from the river is by a fine
levee, about two miles in length, rising gradually about twenty-five feet
to Water-street, then a gradual rise for three blocks to Jefferson-street,
then a level plateau extending up and down the river about four miles,




1862.]

National Armory, Peoria, Illinois.

491

then from Jefferson-street back to the bluff about one-half mile, then an
abrupt bluff, rising about one hundred feet, extending about four miles
up and down the river, and touching it at both points, forming a crescent.
The country, after ascending the bluff, is mostly a level prairie. From
this bluff a magnificent view is obtained o f the country and river for
many miles, and on it are situated some o f the finest residences in Peoria.
The site o f Peoria was one o f the earliest trodden by the whites west
of the mountains, it being explored in 1673. Six years later was erected
the Fort o f Creve Coeure. This was for a long time the halting place for
the French between the Canadas and the Mexican Gulf. In 1779 a
colony o f French settled here, and named it La Ville d’Mailleit. In
1813 an expedition was planned against the Indians of the territory, the
result o f which was the expulsion o f them from the Peoria country, and
the erection o f Fort Clark, by which name the village was afterwards
known. In 1819 a colony o f Americans located here, and in 1826 the
present city was laid off, and received the name it now bears. In 1832
a panic was created by the ravages o f B l a c k H a w k in Northern Illinois,
and the settlers in the north fled in dismay; but the inhabitants o f Peoria
formed themselves into a company, called the Peoria Guards, and resolved
to defend the place, which they did, and a treaty was made in September
o f the same year.
The value of manufactured articles per year, including agricultural im­
plements, flour, etc., as shown by carefully prepared statistics, exceeds
15,000,000.
Boat-building is an important branch of manufacture. The first steam­
boat that arrived at Peoria was in 1820; the first built in Peoria was in
1848.
The American pottery manufactory, established b y a gentleman from
Vermont, was located in this city (after examining various sites through­
out the W est) as the one affording the best facilities for manufacturing.
The works are in operation, manufacturing porcelain and stone china o f
the finest quality. The completion o f the buildings alone will involve an
expenditure o f $300,000.
The number of brick manufactured at the several yards in and near the
city is not less than 14,000,000.
Besides the immense amount of grain consumed in the manufactories,
the annual export, as per last report, was 3,326,236 bushels.
The amount of bituminous coal consumed by the various manufacturing
establishments in the city, per year, will exceed 3,000,000 bushels, or
120,000 tons.
There are a great number o f other manufactories, too numerous to give
the details, but which are not the less important to the social welfare of
the city.
The Peoria County fair grounds, o f 22£ acres, are tastefully laid out
and conveniently arranged for the accommodation of exhibiters and
spectators. The avenues to the same are numerous, and disposed in the
most approved style.
The pork-packing business is very important, and has steadily increased
from year to year; the number o f hogs packed per year is about 80,000.
The lumber business is also an important branch o f trade. The amount
sold is not less than 28,000,000 feet in round numbers, the precise amount,
as per last report, being 27,463,539 feet.
VOL. XLvi.— no. v.
32




498

National A rm ory, Peoria, Illinois.

[May,

In population Peoria is the second city in Illinois, and fourth in size
west o f the lakes. There are six public school-houses, all large and fine
structures, some, indeed, elegant; the schools o f Peoria, which are all
free, are not excelled by any city. There are twenty-three churches, re­
presenting twelve different denominations, most o f them commodious
houses of worship, many fine and costly structures. There is a public
library, containing some 5,000 carefully selected volumes. In times of
peace Peoria supported five military companies, and, since the rebellion,
has furnished more men for the war than any other city of its size within
our knowledge.
W e can say with truth, that Peoria has suffered as little, if not less
than any other city in the Union, from the financial revulsions o f our
country. There is no place where less property is owned by foreign
capitalists, and no place where the property holders are so free from
embarrassment from foreign creditors. Having never been the recipients
o f special government favors, or of private capitalists from abroad, as has
Chicago and many other Western cities, Peoria has depended upon her
own resources; consequently her growth has been slow, but continued
and permanent.
Since the opening o f the various rail-roads leading out o f the city, the
importance o f the Illinois Eiver, as a channel of communication, has
somewhat diminished. Still, the river and canal business is very heavy.
There are regular lines o f steamers and canal boats plying between this
port and Pittsburgh, St. Louis, Pekin and Chicago. The rail-roads, as
shown by the map, afford easy communication with all parts o f the
country. In this particular it surpasses any other city in the West.
Peoria is immediately surrounded by immense and inexhaustible mines
of bituminous coal o f the very best quality, which can be furnished to
such an establishment as the national armory, or any other requiring a
large amount, for from $1 25 to $1 50 per ton, delivered at the manu­
factory. There are favorable localities in this city for such an establish­
ment as the national armory, underlaid with coal, and the works could
be supplied for the bare expense of sinking a shaft upon their own
grounds. In this particular Peoria offers facilities for manufacture that
cannot be furnished by any other city, East or West. For the erection
of buildings Peoria can furnish as readily, and as cheaply, any required
amount of building materials as can any other city. For healthfulness
o f climate, for beauty o f location, diversity o f scenery and fruitfulness o f
soil, it is not surpassed by any city within our knowledge.
And one other very important requisite, as we conceive, in the selection
o f a locality for the national armory, is a dry atmosphere. In this particu­
lar Peoria is exceedingly favored, which is the result of the following :
First, the city is considerably elevated above the river, and its gradual
slope affords sufficient drainage to prevent the accumulation of the least
surface water. Second, the soil, being a sand loam, bedded on a deep
gravelly sub-soil, readily absorbs light rains, thus preventing those heavy
fogs that occur almost every morning through the year in localities of
clay soil and different altitudes.
The following also are among the peculiar advantages Peoria offers
over many other places for the establishment o f the national armory : It
is an inland city, free from danger of invasion from a foreign enemy
by way of the lakes, and cut off by free territory from domestic foes.




1862.]

National Arm ory, Peoria, Illinois.

499

Situated, as it is, on the best navigable stream in the section embraced
within the map, heavy freights can be obtained, at cheap rates, and the
best quality o f iron can be furnished as cheaply as at any other point in
free territory.
W e feel confident, that should a commission be appointed by Congress
to examine sites from which to select a location for the establishment of
a national armory, they will find, upon careful examination, that Peoria
presents claims greatly superior to any other city.
Very respectfully yours,
C h a r l e s H o l l an d ,

E. C. I n g e r s o l l ,
H e r y e y L ig h t n e r ,

I s a a c U n d e r h il l ,
E noch E m ory,
A . P. B a r t l e t t ;

Citizens' Com m ittee o f P e o r ia , Illin o is.

The above circular has been presented to Congress in the form o f a
memorial, addressed to “ The Honorable the Senate and House o f Re­
presentatives of the United States.” W e trust the advantages o f Peoria
will not be overlooked in the decision o f this question. Whether it or
some other place combines all the necessary requisites, we cannot, of
course, undertake to say. A t least one consideration, however, we con­
sider o f special importance, and that is the fact o f its being an inland
city, away from the lakes and away from the sea-coast, and yet having
excellent connections. In case, therefore, the control o f the lakes is lost,
or our sea-coast became untenable, in any war, the armory would still be
retained.

GUNNY

BAGS.

The London M echanics' M a ga zin e , in answering the question, What is
a gunny bag ? says : It is a bag made from the coarse spun fibres o f a
plant which grows in India, o f which there are many varieties. On the
Coromandel coast this plant is called G oni, and “ gunny” is a corruption
of this name. The cultivation o f the cku ti, ju te , or “ gunny,” has been
carried on for centuries in Bengal, and gives employment to tens of
thousands of inhabitants. “ Men, women and children,” says Mr. H en ­
l e y , “ find occupation there.
Boatmen, in their spare moments, palan­
keen carriers and domestic servants— everybody, being Hindoos, for
Musselmen spin cotton only— pass their leisure moments, distaff in hand,
spinning gunny twist.” The patient and despised Hindoo widow earns
her bread in this way. It is said that 300,000 tons o f jute are grown
in India, o f which 100,000 tons are exported as gunny bags, besides
100,000 tons in a raw state. A London company has established a manu­
factory in Calcutta, at an expense o f £300,000.
The gunny bag is used for a great variety o f purposes. Sugar, coffee,
spices, cotton, drugs, indeed, almost every article which we pack in dry
casks and in boxes is, in the East, packed in gunny bags. It is also
made into mats, carpets, ropes and various other articles. It is related
that the old gunny bags which contained sugar are sold to the beer
makers, who sweeten their beer by boiling the sugar out o f the bags,
and then selling them to the mat-makers.




500

Commercial Chronicle and Review.

COMMERCIAL

CHRONICLE

AND

[May,

REVIEW.

N o D epreciation of P aper —Quantity not I ncreased—G old D emonetised—L ost its Cur­
rency F aculty —Small amount of Currency —Government slow to pay —Specie M ovement
—I ncrease of E xports —Comes from the I nterior faster than exported —P aper to I n­
crease—Small B ank N otes—P ayment of interest due B anks in coin—T he future de­
mand for Coin defined — $80,000,000 per annum—Control of Specie—H olders of Stocks
profit by it —T a x -payers lose—Slow issues of Government P aper— S ix per cent. Cer­
tificates —I ssues of P ape r —P rices of U. S. Securities—D uties received —E ffect of
T ariff —I mports and E xports—Cash duties—E xchange —D ecline in F lour—Kates of E x ­
change—R ates M oney—B ank L oans—D eposits—B anks borrow more than they lend—
P ennsylvania L egislature—N ew -Y ork City Stocks—N ew -Y ork Canals.

T ub finances o f the government and city have been quiet during the
month, and the anticipated depreciation of paper, as compared with gold,
has not taken place, mostly for the reason that although the banks nomi­
nally suspended, and the government refused to pay its demand notes in
specie, according to their face, there has been no increase in the supply
of the paper. The mere fact that persons and corporations are released
from the obligation to pay specie for their obligations, does not, of itself,
make specie more valuable or paper less valuable. In fact, paper merely
assumed the functions o f gold in paying debts. It had an additional value
conferred upon it, since it is now the medium o f settling contracts as well
as of circulation. Gold, on the other hand, if it did not lose this faculty,
was dispensed with as a means o f payment. Hence it suddenly lost one
of its most important attributes, that o f being the common object of de­
mand for all who owe debts. Under such a state o f affairs, supposing
the foreign trade did not exist, there wrould be no demand for gold at all
except to work up in the arts, and that demand would depend upon the
general prosperity. Under such circumstances, supposing the quantity
o f legal tender paper afloat to be no greater than that o f gold, there would
be rather a depreciation than an appreciation of gold ; at any rate, there
would be no reason for its commanding a premium. This is exactly
what has occurred. The supply o f paper is a great deal less than before
the suspension; it has, therefore, not depreciated. The government has,
indeed, the right to increase the currency, but it has not done it. It
owes vast sums o f money, and has, apparently, refrained from paying, to
prevent that depreciation which must inevitably take place when it uses
its power to pay its army and creditors with the authorized paper. There
has been a growing demand for specie for export, but this has not been
greatly in excess o f what has come in from California. Hence there has
been no effective demand for specie, beyond what has been supplied
without disturbing the stock on hand. The specie movement, with the
price of gold, has been as follow s:




1862.]

501

Commercial Chronicle and Review.
S pecie and P eice of G old.
1861.
Received.

E xported .

1862.
R eceived.

E xp orted .

Jan.

G old in bank.

.. $442,147 . $23,983,878 .
A
25,373,070 .
11,. .. $1,445,385
$885,923 .. 1,035,025 .
18,. . . 1,446,219
..
547,703 .
26,120,859 .
25,. . . 1,246,029 .. $22,855 .
322,918
26,698,728 .
627,767 ..
Feb.
1,. . . 1,514,154 . . 289,669 .
..
310,484 .
27,479,533 .
9,. . . 1,052,313 . . 115,698 . .
854,000 ..
976,235 ..
28,196,666 .
15,. . . 1,056,426 . . 117,101 .
614,146 .. 1,156,154 .
28,114,148 .
44
22,.
734,512 .
28,875,992 .
.. 187,253 .
759,247 ..
M arch 1,.
855,755 .. 176,161 .
741,109 . .
510,774 .
29,826,959 .
it
5S5,236 .
30,436,644 .
679,075 . .
8,tt
15,.
815,524 . . 123,316 .
677,058 ..
477,335 .
30,773,050 .
22,.
..
540,968 .
32,023,390 .
..
91,161 .
tt
29,.
699,597
6,088 .
490,368 ..
779,564 .
32,841,862 .
A pril 5,.
996,445 .. 628,708 .
33,764,382 .
581,292 ..
673,826 .
12,. . . 1,110,231 .. 323,906 .
34,594,668 .
.. 1,505,728 .
tt
19,
617,279 ..
693,432 .
34,671,528 .

44
44
44

44
44

44

44

T o t a l,... . $ 12,232,078

$ 2,081,917

P r ic e o f gold
2
4

@ 4
© 5

prem
“

4
2
SX
8X
4
3
2

@
@
@
@
©
©
@

4X
3X
8X
3X
4X
SX
2X

“
“
“
“
“
“
“

2
IX
IX
IX

©
©
©
@

2X
IX
IX
lx
1

“
“
“
“
“

1X @ 2X
2 @ IX

“
“

$ 7,533,264 $11,809,786

Since the suspension of the hanks there has been exported $4,300,000
more than was received from California, and the city banks have
gained nearly $11,000,000, because the current sets towards New-York
in larger amounts than it goes to Europe. On the outbreak o f the war,
large sums at the South and W est were hoarded, and are known to be
held by merchants who, as the armies progress, come forward and pay
in gold within a margin. It, so to speak, “ banks up” here. It will not
be, until the sums in the interior are all paid into New-York, that the
supply here will suffer from the continued export. Last year $40,000,000
were imported, but did not much increase the amount in bank; because
it passed into the interior. The process is now reversed. It is coming
from the interior, to go abroad, and will soon affect the supplies here.
The real rise in gold will take place only when the government paper
is paid out to creditors and troops. The money due them will then
circulate and improve business, swelling the imports, and giving a new
impulse to the export demand for gold. The government paper will
become the basis of bank issues of small denomination, and trade gene­
rally become active. Then a positive demand for gold for export, in
payment o f goods, will be felt, and also a demand to pay the interest on
the government stocks and States’ debts, nearly all of which have de­
termined to pay in specie; which, not being currency, must be bought,
and every purchase will enhance the price. The payment o f the April
interest in coin was notified as follows :
Treasury Department, March 21, 1862.
Holders of bonds o f the United States, dated Oct. 1, 1861, and pay­
able three years from date, are hereby notified that provision has Seen
made for the payment, in coin, o f the coupons o f semi-annual interest,
which will become due on the 1st April, proximo, agreeably to their
tenor, by the Treasurer o f the United States, at W ashington; by the
Assistant Treasurer, at Boston, New-York and Philadelphia; and by the
depositary of the United States at Cincinnati, Ohio.
All such coupons, together with schedules showing the number of




• 502

Commercial Chronicle and Review.

[May,

each coupon, and the aggregate sum o f each parcel, must be presented
for examination and verification at least three full business days before
payment.
S. P. C h a s e , S ecreta ry o f the T reasu ry.
The amount then payable was $1,825,000 ; and, to complete this, gov­
ernment bought a sum o f the banks at 1^ premium, which was’paid back
to the banks, at par, for the interest on the stocks they held. The pur­
chases of coin, for the payment o f interest, will hereafter be regular and
large, since most o f the States that have debts will follow the example o f
the federal government. The plan is, no doubt, in the highest degree
praiseworthy, to keep the specie foundation for obligations; but when
all business transactions are put afloat upon paper, the difficulty becomes
very great.
When every person has the right to demand specie for what is due
him, the metals are mainly circulated; as soon, however, as paper is
made the circulation, and specie only a commodity, in demand for a
special purpose, it is then only a subject of speculation, and its value is
governed by demand and supply. The demand is certain and fixed.
Thus the federal and State governments must have, with the present
amount o f outstanding debts, $60,000,000 specie per annum. In the
present condition o f the foreign trade the exports will exceed the Cali­
fornia supplies by $20,000,000. There is, then, a positive future de­
mand for $80,000,000 o f specie— an amount not much less than the exist­
ing available stock in the country, in excess o f the silver fractions o f the
dollar. Under the export demand, this amount will gradually waste, and
the whole available amount be soon controlled by those who sell to the
government at a premium, and again re-collect it when the holders of
stocks, having received it at par for interest, re-sell it for a profit. It
follows that, as long as this system continues, whatever premium the
creditor receives for specie, will swell the rate o f interest he enjoys from
his money. Thus the holder o f the 7.30 Treasury notes, drawing $73 in
gold, will receive $1 82 premium at to-day’s rates, or nearly 7-J- per cent,
interest, and this rate o f interest will rise with the advance in gold. The
government annuities will thus be exempt from the influences o f paper
m oney; because the income they afford will rise exactly in proportion to
the prices of commodities, as measured by the paper money afloat. This,
however, is to the government a most costly system, and one which would
soon exhaust the tax-paying ability o f any nation, if it contemplated a
long suspension o f specie payments.
The amount o f the government paper has not increased; because,
among other reasons, the demand notes were required to be printed,
and were then issued in large denominations of $1,000, to a considerable
extent, to contractors, from whose hands they poured into the banks, for
deposits and maturing obligations. The demands at bank for discount
became smaller with the diminished business, and the strictness with
which that business was confined to cash, and the large notes not being
useful as currency, were deposited with the government for five per cent,
certificates o f deposit, payable at ten days’ notice. The sum of these de­
posits has reached $50,000,000, the legal limit. The army is largely in
arrears for pay, and cannot get it until the small notes are ready. The
department issued the certificates o f indebtedness, bearing 6 per cent.,




1862.]

Commercial Chronicle and Review.

503

and one year to run, to some extent, and the price fell to 95f, -which
would give the buyer 10J per cent, for his money. The department then
issued a notice, explained as follow s:
Washington, A pril 15, 1862.
Dear Sirs,— The Secretary of the Treasury has decided to pay twenty
per cent, to the original holders of certificates o f indebtedness, in the
following manner:
If one hundred thousand has been issued to you, he will redeem
twenty thousand in toto. It does not require the production o f the bal­
ance, eighty thousand, issued you. If you have parted with them, it
makes no difference. Y ou are entitled to twenty per cent, of the amount
of certificates issued in your name. The other four-fifths, in the hands
of a third party, cannot, o f course, be redeemed until the pleasure of the
Secretary.
This decision does not apply to parties who have already received
twenty per cent, on checks, or to certificates issued subsequent to
7th inst.
This caused a rally in the price o f the certificates to 99|> which would
give 6 per cent, interest to holders. The course o f the department seems
to be, to withhold payment from creditors as long as possible, and then
feed them gradually with different descriptions o f paper, alternately, as
the market will bear them, holding up as soon as the price droops.
Thus, last year, the goods purchased for cash in May were not paid for
until November. The army was greatly in arrears, and, when the de­
mand notes were ready, in September, General S cott , in a general order,
congratulated the troops on the immense distress that was to be relieved
by their issue. In December, the $150,000,000 advanced by the banks
being nearly exhausted, the Secretary said he could get along until Janu­
ary 15. He then paid out 7 3-10 Treasury notes to creditors, and the
price fell to 96. The 6 per cent stock was then at 90, and this attracted
buyers, until the rate rose to 95. The issue was then stopped, and 6 per
cent, certificates of indebtedness issued to creditors. These soon fell to
95f. This price attracted the public, and investments became large, at
99. The department had got out $80,000,000, and then, to stiffen the
price, has paid 20 per cent, of those in first hands. Meantime the de­
mand notes have been printed to the extent o f $50,000,000, but a very
small amount only was issued. These were of large denominations, and
were deposited with the Treasury for 5 per cent, certificates of deposit,
which the government has received to the amount o f $22,000,000.
The movement may be summed up nearly as follows :
7 3-10 notes issued,..................................................................
Certificates of indebtedness, 6 per cent.,...............................
“
deposit, 5 per c e n t.,.......................................
Demand n otes,..........................................................................

$ 20,000,000
80,000,000
50,000,000
25,000,000

T otal,...................................................................................$ 175,000,000
The arrears o f debt are now about as much more. A t the close of
April the Secretary gave notice that he would pay 40 per cent, o f the
debts due prior to February, 30 per cent, o f those due in February, and
20 per cent, of those subsequent. The prices are nearly as follows :




504

Commercial Chronicle and Review.

[M a y ,

P ricks U nited S tates P aper .
61881.
,----------*---------- ,

B eg.

Feb.
5.......
“
1 9 ,.... ..
March 1....... . .
it
1 3 ,.... . .
“
19....... . .
it
2 6 ,... . . .
April 1....... . .
ft
5,.. . . .
if
V............. . .
1 0 ,.... . .
30,___ ..

90
93J
93
94
941
93
921
931
931
971

5’ s, 1874.

89
90
921
93
94
94*
93
921
93*
931
981

781
79
851
86
88
87*
87
86
87
87
89*

.
•
.
•

6 p .c .C e r ti f .
1 y ea r.

7 8-10,
8 years.

Coup.

.

99
991
100
100
100
99*
99*
100
100
1021

•

.
•.

Gold.

.
97
96|
96*
97
961
99*

2*

•

ii

•
•

H
H
2
H
11
2*

•
••
•

The effort of the department was, no doubt, to get the 6’s to par ; and
the payment o f 20 per cent, to original holders o f the certificates tempted
many to hold, thus stiffening the price. Nevertheless, the amount o f
capital seeking investment is large, and government paper, due within a
year, that will pay 7 per cent, to the holder, is a temptation.
The revenues o f the government have been large under the new tariff.
For the total nine months o f the fiscal year they were as follow s:
R E C E IV E D

FOR

D U T IE S

A T TH E

1859^60.

PORT

OF

N E W -T O R K .

1860-61.

Six months,.. . $ 19,322,060 96 . . $ 17,637,802
January,.........
3,899,166 17 . .
2,059,202
February,----3,378,043 28 . .
2,528,736
3,477,545 74 . .
2,489,926
M a rch ,...........

1861-62.

21 . . $ 11,129,646 35
33 . .
3,351,657 22
83 . .
3,565,063 83
25 . .
4,626,862 86

Total, 9 mos.,. $ 30,076,816 15 . . $ 24,715,667 62 . . $ 22,673,230 26
The duties of this year, for March, are quite large, being nearly two
and a quarter millions more than for March last year, when the old tariff
ceased to act. The new tariff came into operation April 1st, and was
again raised in August, with some additional duties in December. If
we take the quantity o f duties paid in March, this year and last, the
result shows that the average rate o f duty then was 19£ per cent., and
now 34 per cent.— a very heavy tax. The whole amount was, how­
ever, paid in Treasury and demand notes, not re-issuable; hence the
customs give no resources whatever to the government, until all the
notes, amounting to about eighty millions, receivable for dues, shall have
been absorbed. The business o f the port for three months has been as
olio w s :
I mports , P ort of N ew -Y ork .
E ntered

F ree

Specie.

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

Goods.

fob

,---------------- *---------------- ,
Consum ption.

Warehouse.

Total.

$ 163,658 $2,552,050 $6,763,396 $3,141,725 $ 12,620,829
62,007 3,381,473
7,058,174
3,370,486 13,872,140
89,327 3,476,004 10,312,689
4,841,846 18,719,866

Total, 3m os.,......... $314,992 $9,409,527 $24,134,259 $11,354,057 $45,212,835
“
“
1861, 15,802,702 9,011,925 21,882,297 15.396,545 61.373,469




1862.]

505

Commercial Chronicle and Review.

E xports , P ort of N ew -Y ork .
F oreign.
Specie.

F ree.

Dutiable.

Dom estic.

Total.

January,..................... $ 2,658,374
February..................... 3,776,919
March,......................... 2,471,233

$27,193
49,066
65,388

$ 149,493 !$ 12,053,477 $ 14,948,437
208,757 10,078,101 14,112,843
8,985,176 11,980,714
458,917

Total, 3 m os.,......... $8,906,426
“
“
1861, 1,463,622

$141,647
647,160

$817,167 $31,161,754 $40,981,994
1,734,930 31,095,652 34,941,364

The operation o f the present laws is much against the trade o f the
country, there being, in the absence o f cotton and tobacco shipments to
England, no large credits there to draw against in favor o f the East India
and China trade. Specie shipments are required, and when the goods
land here cash duties must he paid, at high rates. W hile these are paid
in demand notes the difficulty is not so great; but when these are ab­
sorbed gold must be paid. On general importations, also, the exchanges
are adverse. A t this time last year exchange was 4 per cen t.; it is
now 131 per cent, to the importer, to say nothing o f higher duties.
This is a serious difference to encounter, and it is not, therefore, sur­
prising that the imports show less in amount. It does not much mend
the matter to remit gold, because, although the large banting-houses
can remit at 9£, an individual cannot do it under 11^ ; and if he is re­
quired to give 2 per cent, premium on the specie, it will cost him 13|>
or more than the bills.
The continued decline in prices abroad for produce has given a great
check to the exports, and has involved the shippers in considerable loss.
The exports o f breadstuffs have consequently become small from the
port. The exports o f flour, wheat and corn have been as follows :
E X PO R T S FROM

N E W -T O R K .

F lo u r .
W heat.
Bbls.

December,...........
January,.............
February,
.............
March,..................
April to 15th,. . .

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

391,731
301,946
253,894
219,605
62,229

Prices.
$

5
5
5
5
4

80
65
40
15
75

Corn.
Bush.

Bush.

..
..
..
..
..

3,315,359
1,220,860
615,908
301,238
91,843

..
..
..
..

1,263,204
1,114,184
1,088,297
1,445,988
445,327

The decline has been regular and large in the shipment o f these articles,
following the decline of prices abroad, notwithstanding that the price has
declined here in the ratio of $1 per bbl. The trade o f the port is now
so nearly confined to Northern produce, that the sum o f the exports must
be the guide for the amount o f the imports, since there are no bills drawn
against produce shipped from other sections, to make good what the pro­
ceeds o f the produce falls short o f the sum requisite to pay for goods re­
ceived. The deficit makes itself seen in the increasing exports o f specie
and the firm rates for bills, which have ruled as follows :




Commercial Chronicle and Review.

506

[May,

R ates of E xchange.

London.
109 @ 1 0 9 }
110} @ 110}
110} @ 113
1131 @ 114
113 @ 1 1 3 4
115 @ 1 1 5 }
112 @ 1 1 3

Dec. 1,
“ 15,
Jan. 1,
“ 15,
Feb. 1,
“ 15,
Mar. 1,
“ 15, 112} @ 1124
“

22, 111 @ 112}

“ 29,
Apr. 5,
“ 12,
“ 19,

111 @ 1 1 2

111} @ 112}
l l l t @ 112}

111} @ 112}

Paris.
5.25 @ 5 .1 5
5.15 @ 5 .1 0
5.12} @ 5.05
5.05 @ 4 .9 0
5.10 @ 4 .9 5
4.91} @ 4 .9 0
5.05 @ 5.00
5.07} @ 5.03}
5.08} @ 5.00}
5.10 @ 5 .0 5
5.07} @ 5.02}
5.10 @ 5 .0 3 }
5.10 @ 5 .0 3 }

Amsterdam.
40} @ 40f
41} @ 4 1 }
42 @ 4 2 }
42} @ 43}
4 2 } @ 43}
42} @ 4 3 }
4 2 } @ 43
4 2 } @ 43
42 @ 4 2 }
42 @ 4 2 }
42} @ 42}
42 @ 4 2 }
41} @ 42}

Frankfort.
41 @ 4 1 }
4 1 } @ 42
4 2 } @ 43
43} @ 43}
4 3 } @ 43}
4 3 } @ 44
4 2 } @ 43
4 2 } @ 43}
42} @ 42}
42} @ 42}
42} @ 42}
4 2 } @ 42}
42} @ 42}

Hamburg.
35} @ 36
36} @ 37
31 i @ 38
3 1 } @ 38}
31 @ 38}
37 f @ 38}
31 @ 37}
3 6 } @ 37}
36} @ 37}
36} @ 37}
36} @ 37}
36} @ 37}
36} @ 37}

Berlin.
73} @ 74
74 @ 7 4 }
744 @ 75
7 5 } @ 76}
7 5 } @ 76
764 @ 77
75} @ 75}
74} @ 75
74 @ 74}
74 @ 7 4 }
74} @ 75
74} @ 74}
74 @ 7 4 }

The moderate amount o f business done, and the firmness with which
dealers adhere to cash and short time, tend, as the season progresses, to
enhance the amount of money seeking investment, since paper matures
and is paid faster than it is created.
O n Call .
D ate.
O ctober 1 , . . .
N o v e m b e r 1,.
D e c e m b e r 1,..
J a n u a r y 1,. . .
February 1, . .
“
1 5,..
M a r c h 1,.........
“
“
“
April
“
“

15, ..........
22,..........
29,..........
5...........
12, ...........
19, ...........

Stocks.
. ..6
. . .6
...6
..6
...6
...5
. . .5
. ..5
. .5
. .5
..5

@
@
@
@
@
@
@
@
@
@
@

7
7
7
7
7
6
6
6
6
6
6

E ndorsed.

Other.
..
..
. •
.•
..
. .
..
. •
..
..
. ■

6 @
6 @
- @
7 @
7 @
6 @
7 @
7 @
7 @
7 @
7 @
. 7 @
• 7 @

7
7
7
7
-

4 @ 6 mos.

60 days.
. .
.•
..
..
. .
. .
.
..
. .
.
.
.
.

.
.
.
.

6 }@ 7
5} @ 7
— @ 7
5 }@ 7
5} @ 7 .
5 @ 7
6 @ 7
6 @ 7
6 @ 7
6 @ 7
6 @ 7
6 @ 7
6 @ 7

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

8
8
8
8
6
6
8
8
8
8
8
8
8

@ 12 .
@ 10 .
@
9 .
@
9 .
@
7 .
@
7 .
@
9 .
@
9 .
@
9 .
@
9 .
@
9 .
@
9 .
@
9 .

X o t icell
known.

Other
Good.
12
10
12
10
8
7
7

@
@
@
@
@
@
@

15
12
15
12
12
9
—

7 @ —

7@ —
7 @ —
7 @ —
7 @ —

. . 24 @ 36
. . 18 @ 24
.. — @ —
. . 12 @ 2 4
.. - @
—
—
.. - @
—
.. - @
—
•• - @
.. - @
—
..
..
..
..

_ @

—

- @
- @

—
—
—

_ @

The bank returns, on another page, show to what an extent specie has
risen in the bank vaults since the suspension. But the amount lost in
December has not been recovered, and how much o f that held by the
banks belongs to special depositors cannot readily be determined. It is,
however, not large, in view o f the facts disclosed above, viz., that each
succeeding month shows an increase in the excess o f imports over exports,
and that the value o f the present staple export is rapidly falling. The
increase o f the paper currency, now going on through the banks, based
not upon specie, but upon government legal tender notes, will give a
new impulse to the outward current o f the metals. The commercial loans
o f the banks, as distinct from the loans to the government, are about
$82,000,000, nearly $40,000,000 less than for the corresponding period
last year. The deposits, on the other hand, are large, although they
have run down under investments in government stocks. This return
presents the singular fact, which has been conspicuous since the com­
mencement of hostilities, that the public have loaned the banks
$10,000,000 more than the banks have loaned the public. There are no
means of investing in business paper, and the banks have loaned the
government $40,000,000 on five per cent, certificates at ten days call.
The government loans now held by the banks are $41,247,000, being a
decline o f $35,000,000, which represents the net sales o f stocks above




1862.]

Commercial Chronicle and Review.

507

the deposits for five per cent, certificates. The circulation o f the banks
has increased some $2,500,000 since the issue of the government demand
notes, and the country banks are procuring large amounts o f currency.
There have been efforts to bring about a resumption o f specie payments,
in view of the low price o f specie, and the hope that the progress of the
armies would not only set free gold hoarded at the South, but also re­
open the supply o f exportable produce to promote the requisite exchange.
The legislature of Pennsylvania has passed “ an act requiring the re­
sumption of specie payments by the banks.” It exempts them from all
the penalties o f suspension until the first Tuesday in February, 1863,
and gives them immunity from all penalties, by reason o f suspension, in­
curred in the past. The notes o f all solvent banks in the State, and the
legal tender notes of the general government, are to be deemed and taken
as “ currency,” “ for all purposes, as the notes and balances due from the
specie-paying banks.” Privilege is given to the banks to issue small
notes to the amount o f thirty per cent, o f their capital actually paid in,
which is an increase o f ten per cent, on their present privileges in this
respect.
The provision of the act o f 1850, which prohibits the hanks from hold­
ing stocks to an excess o f one-third of their capital, is so modified as not
to apply to the loans, stocks or notes o f the United States, or of the
State of Pennsylvania. That the State interest on the funded debt o f
the Commonwealth may be continued to be paid in specie or its equiva­
lent, the treasurer is authorized to call on all banks in suspension to pay
into the State treasury in proportion to their capital stock, within thirty
days after the State shall have paid such interest, their ratable propor­
tion of such premium for gold or its equivalent, as shall have been paid
by the State, and, in default, to sue for and recover the same.
When the rebellion broke out last year, the Common Council o f NewYork authorized a loan of $1,000,000 to aid the troops. The issue was
entirely illegal, but justified by common consent at the great Union meet­
ing. The bonds were placed at the disposal o f the Union Defence Com­
mittee, and were mostly expended in the purchase o f arms. September
16, Mayor W ood addressed the Auditor at Washington to obtain reim­
bursement for the money so expended under the law o f Congress, but it
was replied that the law only provided for the reimbursement o f States,
and did not cover the case of the city. That loan falls due May 1, 1862,
and by a law o f April 12, 1862, the legislature empowered the corpora­
tion to issue a new stock for $1,000,000 six per cent., payable November
1, 1864. That stock the Comptroller now offers in discharge of that
which falls due.
The annual returns at the Canal Department at Albany, gives the num­
ber o f tons carried on the canals and rail-roads o f the State. They are
as follow s:
Tons.

Value.

Canals,........................................
Rail-roads,..................................

4,507,635
5,460,407

....
____

$ 130,115,893
191,101,101

T otal,..................................

7,968,044

____

$ 521,216,994

O f this large amount one-third in tonnage was veritable food, and in
value it was $130,000,000, which large amount was mostly destined for




508

Commercial Chronicle and Review.

[May,

New-York city. The total mileage on canals and rail-roads has been
comparatively as follows :
Canals.

Rail-Roads.

1 8 6 0 , .................... 809,534,476
1 8 6 1 , .................. 863,623,507

..
..

664,050,505
660,556,875

Total.

..
..

1,373,575,001
1,524,180,382

Increase,........... 54,094,011
..
96,506,370 . .
150,605,381
The increase o f mileage is mostly on food coming by the rail-road.
There has been a considerable decrease in the amount o f merchandise
sent West, growing out o f the diminished business o f the year.
EUROPEAN

ARMIES

AND

NAVIES.

The following, according to the Almanack de Gotha, was the state of
the disposable land and sea forces o f the great powers o f Europe in 1861 :
France: army on war footing, 767,770 men, 130,000 horses; peace
footing, 414,000 men, 72,850 horses. Navy, 600 vessels afloat, building
and under transformation, carrying together 13,353 guns. Out o f that
number there are 373 steamers, o f which 56 are iron cased. The crews
o f the fleet, who on a peace footing amount to 38,373 men, may, in case
o f war, be increased to 60,000 men. The seamen forming part o f the
maritime inscription are 170,000 in number. The effective strength of
the marines is 22,400 men in peace, and 26,879 in war. Custom-house
officers or coast guard, 25,591 men.
Great Britain : army, 212,773
men, 21,904 horses. Navy, 893 vessels, carrying 16,411 guns. The
crews number 78,200 men, of whom 18,000 are marines, and 8,550 coast­
guard men. Russia: army, 577,859 men regular troops, and 136 regi­
ments o f cavalry, 31 battalions, and 31 batteries o f irregulars. Navy,
313 vessels, of which 242 are steamers, carrying together 3,851 guns.
The Russian government has also 474 vessels acting as guardships at dif­
ferent places and for transports. Austria: army, 587,695 men. Navy,
53 steamers, 79 sailing vessels, carrying together 895 guns. Prussia:
army, peace footing, 212,649 m en; war footing, 622,366 men. Navy,
34 vessels, of which 26 are steamers. Italy: official effective strength
o f the army on the 10th of June, 1861, 327,290 men, divided into 68
regiments of infantry, 26 battalions o f bersaglieri, 17 regiments o f cavalry,
9 o f artillery, 2 o f engineers, and 3 wagon trains. Navy, 106 vessels,
carrying 1,036 guns and 18,000 men.
A

NEW

TRICK.

The Gironde, o f Bordeaux, states that a respectable tradesman of that
city was cheated last week by the following trick : lie had set a lookingglass outside the shop-door for sale, when a fashionably dressed man
stopped to look at himself in it. As he stood thus occupied, with his
walking-stick under his arm, a person passing behind him came in con­
tact with the stick and drove it with such violence against the glass as to
shiver it to atoms. The apparently innocent cause o f this accident imme­
diately offered to pay the value of the glass, worth 50 francs, and handed
the tradesman a 1,000 franc note. After receiving the change he took
his departure, and soon afterwards the tradesman made the unpleasant
discovery that the note was a forged one.




1862.]

The Book Trade.

THE

509

BOOK T R A D E .

Cadet Life at West Point. By an Officer o f the United States Army. With a De­
scriptive Sketch o f West Point, by B enson J. L ossing. Boston: Published by T. O.
H. P. B urnham.
This volume fills a niche in our national literature, which has long stood empty,
inviting notice, and only now receiving it. The experience of Mr. B ichard R ankanfile in our great military academy, will be read with enthusiasm by all those
junior members o f society whose mind’s eye is fixed with fervor on their own pros­
pective drill and discipline, and ultimate military prowess; by the graduates whose
memories go back gladly to the old times long gone b y ; and b y non-military people
in general, to whom a new page of boy life is laid open. The book is pleasantly
written, and full of those initiatory excitements which come alike to “ P lebe” or
“ F resh ,” wretched to endure, but amusing to recite, and which, like the music of
O ssian, are pleasant, yet mournful to the soul of the reader.
The Old Lieutenant and his Son. B y B

orman

M acleod .

Boston: T. 0 . II. P.

B urnham .

There is something rather aside from the usual style o f story telling in the “ Old
Lieutenant.” The author writes as if he were narrating the history of friends who
were very dear to him, and could not, therefore, help being extremely interesting to
the world. He describes their looks, gestures and remarks, upon various little un­
important occasions, with such fervent admiration, recounts their virtues, and ex­
plains away their faults with such blind devotion, that in some o f the earlier chapters
one cannot help smiling at his hero-worship, while, at the same time, forgiving it.,
as a very amiable weakness. But such enthusiasm is contagious, and long before the
story is half through, the coolest reader will find himself thoroughly enlisted on the
side of N ed F leming, and ready to battle for him to the last.
It is, perhaps, more of a sea than a land story. The hardships and temptations
of a sailor’s life are often very strongly pictured, and none can read it without an in­
creased interest in and sympathy for the sturdy mariners whose experiences it chiefly
deals with. It is remarkable for being a thoroughly religious book— hearty in its
commendations o f all that is good, and fearless in its denunciations of evil, without
being sectarian, stilted or dogmatical.
Aids to Faith. A series o f Theological Essays. B y several writers. Being a reply
to “ Essays and Reviews." Edited b y W illiam T homson, D. D., Lord Bishop of
Gloucester and Bristol. New-York: 1). A ppleton <fc Co.
When the writers of the “ Essays and Reviews” sent their book out upon the world,
they threw an apple of discord into the heart of the community that stirred it up
from its depths. It has given rise, therefore, to a vast amount of argument, discus­
sion and disapproval, and now there appear simultaneously two books in answer to
it. The " Facts for Priests and People” being the broad church view of the con­
troversy, and “ Aids to Faith,” which comprises a series of essays b y men who ad­




510

The Book Trade.

[May, 1862.

here more exclusively to strict Church of England doctrines. No justice could be
done in so brief a notice as this must necessarily be, to the various subjects treated,
and the manner of treatment; but the names which appear among the list of con­
tributors are a sufficient guarantee for the solidity and worth of its contents. It is
decidedly superior in all points to the volume which prompted it, and, as an answer
to it, quite sufficient, although leaving untouched many of the more abstruse and
learned arguments which might have been adduced in support of it3 assertions.
Yet, whether skeptical arguments are answered or unanswered, men, afraid of the
truth, will always be found, trying to silence their fears in the writing and publish­
ing of books similar to “ Essays and Reviews.” The reverend editor, in the last
clause of his excellent preface to “ Aids to Faith,” very truthfully says: “ While
the world lasts, skeptical books will be written and answered, and the books, per­
haps, and the answers, alike forgotten. But the Rock of Ages shall stand unchange­
able ; and men, worn with a sense o f sin, shall still find rest under the shadow o f a
great rock in a weary land.”
Constitution o f the United States— Declaration o f Independence— Washington's Fare­
well Address. Boston: T. 0 . II. P. B urnham, 143 Wasliington-street. Price 10
cents.
The little book containing these valuable documents is issued b y the publishers in
a very neat form, and of a convenient size. It will be sent by mail, post paid, on
receipt of the price at the office of publication.

DOCUMENTS RECEIVED.
W e are indebted to E lizur W eight, Esq., Insurance Commissioner, o f Mass., for
a copy of the last Annual Report to the Legislature.

H. H. V an D tck , Esq., Supt. Banking Department of New-York, has kindly fur­
nished us with the Report on the Savings Banks.




THE

MERCHANTS’ MAGAZINE
AND

COMMERCIAL

REVIEW.

E stab lish ed J u ly , 1 S 3 9 .

EDITED BT
W I L L I A M

VOLUME X L V I.

MAY,

CONTENTS

OF

B.

D A N A .

1 8 6 2.

No.

V.,

NUM BER V.

YOL.

XLYI.

A rt .
I.
II.

page

T H E M IN IN G A N D A G R IC U L T U R E O F M E X IC O ,............................................ ..
F IN A N C IA L E C O N O M Y .

417

B y C. H . C .,.....................................................................................424

I I I . Q U A R A N T IN E R E F O R M ,................................................................................................................ 428
I V . A D V A N T A G E S O F U N IF O R M PO ST A G E .

B y P liny M iles, ................................... 443

V . N A T IO N A L A R M O R Y , P E O R IA , I L L IN O IS ,..........................................................................

496

STATISTICS OF TRADE AND COMMERCE.
1. W heat Trade. 2. The British W o o l Trade. 3. Annual R ev iew o f the T rade in Saltpetre.
4. Trade and Com m erce o f R io Janeiro. 5. Trade and Com m erce o f the Russian Em pire.
6.
N e w -Y o r k Cattle M arket. 7. B righton Cattle M arket. 8. Foreign Com m erce o f the
U nited States,................................................................................................................................................ 449

RAI LWAY,

CANAL AND TELEGRAPH STATI STI CS.

1. T h e Railw ays o f the W orld . 2. Annual R eport o f the Illinois Central R a il-R oad. 3. Report
o f Mr. N athaniel M arsh , R eceiver o f the N e w -Y o r k and E rie R a il-R oad. 4. Annual
Earnings and E xpenses, N e w -Y o rk and E rie R ail-R oad, for the Y e a rs 1852—1861. 5. The
L o n g D ock Com pany. 6. R ail-R oads o f P en nsylvania,...................................................................462

STATI STI CS
1. French Statistics.
1861.

OF POPULATION.

2 . Census o f British North Am erica.

3. Census o f the U nited K ingdom ,

4. T h e British Colonies in 1838 and 1839,................................................................................. 472




512

Contents o f M ay N o., 1862.

C O MME R C I A L

REGULATI ONS.

1. Loan and Treasury N ote Bill. 2. B ill authorizing Certificates o f Indebtedness. 3. Supplem ental A ct as to Certificates o f Indebtedness. 4. Official order as to Certificates o f In­
debtedness. 5. T rade on the Cum berland and Tennessee —Order o f the Secretary o f the
Treasury. 6. Convention betw een U nited States and China for the A djustm ent o f Claims.
7. R ights o f B elligerents in British Ports— L etter o f Instructions from Earl R ussell.
8. M asters o f Am erican V essels— A ct o f Congress requiring Oath o f A lle g ia n c e ,.................. 477

JOURNAL OF INSURANCE.
1. M utual Fire Insurance Com panies—Im portant D ecision. 2. L ife Insurance— N ew Schem e
o f Survivorship Annuities. 8. A m erican Steam Fire-E ngine in L o n d o n ,................................ 487

JOURNAL OF BANKING, CURRENCY AND FINANCE.
1. City W eek ly Bank Returns, N e w -Y o r k City Banks, Philadelphia Banks, B oston Banks,
P roviden ce Banks. 2. W eek ly Statem ent Bank o f England. 3, Savings Banks State o f
N ew -Y ork . 4. Bank o f M aine,............................ ................................................................................... 491

COMMERCIAL

CIIRONICLE AND REVIEAV.

N o D epreciation o f Paper— Quantity not Increased— G old D em onetised— L ost its Currency
F a cu lty—Small am ount o f Currency— G overnm ent slow to pay— Specie M ovem ent— In­
crease o f Exports— C om es from the Interior faster than E xported— Paper to Increase—
Small Bank N o te s —Paym ent o f interest due Banks in co in —T h e future dem and for Coin
defined— $80,000,000 per annum— Control o f Specie—H olders o f Stocks Profit by it— T a x ­
payers lose— Slow issues o f G overnm ent Paper— Six per cent. Certificates—Issues o f Pa­
per— Prices o f U. S. Securities— D uties received— Effect o f Tariff— Im ports and Exports—
Cash duties— E xchange— D ecline in F lour— R ates o f E xch ange— Rates M oney— Bank
loans— D ep osits—Banks borrow m ore than they lend—Pennsylvania Legislature— N ew Y o r k City Stocks—N e w -Y o r k C anals,.................................................................................................. 500

THE

BOOK

N otices o f N ew Publications in the U nited States,




T RA DE .
511