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HUH T ’ S
MERCHANTS’ MAGAZINE.
N O V E M B E R ,
1847.
Art. I.— COMMERCE AND RESOURCES OF THE STATE OF NEW YORK.
NUMBER I.
INTRODUCTION— EARLY HISTORY OF THE STATE OF
NEW YORK— GEOGRAPHICAL POSITION—
TOPOGRAPHY— RIVERS— LAKES— ISLANDS— PROGRESS OF POPULATION OF THE STATE— TABU
LAR STATEMENT OF THE AGRICULTURAL RESOURCES OF EACH COUNTY IN THE STATE, ETC.
M o re than eight years have elapsed since w e com m enced the publica
tion o f the “ M e r c h a n t s ’ M a g a z i n e a n d C o m m e r c ia l R e v i e w ; ” and,
although w e have furnished, from time to time, in its pages, elaborate a c
counts o f the com m erce and resources o f a majority o f the States, spread
over our great national domain, we have, as yet, presented no connected
view o f N ew York, the most commercial, the most wealthy, and the most
populous State in the North American Union. It is true, w e have em
bodied in the pages o f our journal, at different times, statements o f the
trade and tonnage o f the canals, the movement o f produce and mer
chandise on the lakes and rivers, traffic and transport o f the railroads, b e
sides furnishing annual statements o f the salt trade and manufacture,
and other branches o f commercial industry in N ew Y ork ; but we have
deferred giving any connected account o f the progress o f her population, or
o f the various resources that enrich and impart energy and activity to an
enterprising and industrious people. It has, however, been our design, for
some time, to do this— to prepare a full and comprehensive statistical view
o f the com m erce and resources o f N ew Y ork ; but w e have delayed for the
purpose o f procuring all the requisite materials for perfecting so arduous
an undertaking, and that w e might be enabled to rend 'rth e statements as
thorough and complete as the sources o f information w o ild admit. T h e
completion o f the State Census o f 1845, and the official pub.ioation o f the
information it embraces, touching the industrial interests o f the State, thus
452
Commerce and Resources o f the State o f N ew York.
brought to our hands, places us in a condition that would seem to point to
the present, as the most appropriate period, for fulfilling our original
intention.
It may not be amiss to glance briefly at the early history o f this State.
It seems that before the discovery, by Hudson, the Eastern shores o f North
Am erica had been visited by several European nations ; and, i f credit be
due to Icelandic and Norwegian traditions, the bay and coast o f N ew
Y ork was known to the hardy and enterprising navigators o f Iceland and
Greenland, in the tenth century. Verezano, in the service o f France, in
1623, coasted the continent, from 30° to 50° o f North latitude, and
probably spent sometime in N ew Y ork harbor, as he describes some o f its
features with tolerable accuracy.* H enry Hudson, on the 3d September,
1609, anchored his ship, the H a lf Moon, within Sandy H ook, and on the
12th o f the same month, he entered N ew Y ork Bay, by the Narrows, and
employed the following nine days in exploring the river, ascending with
the yacht to the site o f Albany, and with his boats to the spots on which
Troy, Lansingburgh, and Waterford, now stand.' H e put to sea on the
4th October, and reached England on the 7th November, 1609. In 1621,
the great com m ercial W est India Company was formed, in Holland, and
sustained by the wealth and power o f the States G eneral. “ T he Licensed
Trading C om pan y” was merged in this, to which may be ascribed the
first successful efforts o f the Dutch to plant colonies in North America.
At that time the bay o f N ew York was called Port M e y .f During the
same year, the forts, N ew Amsterdam, and Orange, w ere erected upon
sites o f the now great cities o f N ew Y ork and Albany. In 16 23 -4, the
W est India Company fitted out two ships, in one o f which came Peter
Minnet, the first governor or director o f N ew Netherlands. But it is not
necessary, and, indeed, w e have not the space, to trace farther the early
history o f N ew York.
The position o f the State is peculiarly favorable to the prosecution o f its
commercial and other industrial enterprises, and the development o f its
vast and varied resources. It lies between 40° 30' and 45° North latitude, by 5° 5' East 10'igkude, from the city o f Washington. Its extreme
length, East and W est, including Lon g Island, is 408, and, exclusive o f
that island, 340 miles. Its greatest breadth, North and South, is 310
m iles; and it has an area o f 29,220,936 acres, or 45,658 square miles,
exclusive o f the waters o f the large lakes. It is bounded, on the East, by
Vermont, Massachusetts, and C onnecticut; on the W est, by Pennsylvania,
Lake Erie, and Niagara River ; on the North, by L ow er Canada ; on the
Northwest, by Lake Ontario and St. Law rence R iv e r ; on the South, by
N ew Jersey and Pennsylvania ; and, on the Southeast, by the Atlantic
O cean. The topography o f the State has many interesting and striking
features. T h e great lakes and their outlets on the North and W est— the
line o f water communication, formed by the Hudson River and Lake
Champlain, upon the East— the connected series o f small lakes in the in
terior, with the large streams which rise in the middle o f the State, and
pass through its Southern boundary, give diversity to its surface, and fa
* Gordon’s New York Gaz.
t By Cornelius Jacobs Mey, who examined the coast from Cape Cod to the Dela
ware.
Commerce and Resources o f the State o f New York.
453
cility o f internal navigation, possessed, perhaps, by no other section o f the
country o f equal extent.
The principal rivers in the State are the Hudson, 324 miles long, which
enters the bay o f N ew Y ork City, and is navigable for ships o f the largest
class as far as Hudson, and for steamboats and sloops to Troy, 151 miles ;
the Mohawk, 135 miles long, enters the Hudson a little above T r o y ; the
G enesee, 125 miles long, enters Lake Ontario, with falls at Rochester o f
225 feet in three miles, having three perpendicular falls o f 96, 76, and 20
feet, affording the most valuable water-power for manufacturing purposes ;
Black River, 120 miles long, flows into Lake Ontario ; Saranac, 65 miles
in length, enters Lake Champlain, at Plattsburgh; the Ansabel, after a
course o f 78 miles, enters Lake Champlain ; and the O sw ego proceeds
from Oneida Lake, 40 miles from Lake Ontario.
Lakes Ontario, Erie, and Champlain, lie partly within the State. These
great reservoirs o f fresh water seas cover a vast extent o f country, and
contain an almost incredible quantity o f water. The State geologist o f
M ichigan gives the following statement in regard to the length, breadth,
and area, o f Lakes Erie and Ontario :—
Erie, mean length, 240 m ile s; mean breadth, 40 m iles; area, 9,600
square miles ; mean depth, 84 fe e t; elevation, 560 feet.
Ontario, mean length, 180 m iles; mean breadth, 35 m iles; area, 6,300
square miles ; mean depth, 500 fe e t; elevation, 232 feet.
Lakes George, Oneida, Skaneateles, Owasco, Cayuga, Seneca, Can
andaigua, Chautauque, and Crooked Lake, lie wholly within the State—
varying from 38 to 11 miles in length, and from 1 to 3 miles in breadth.
T here are several important islands in N ew Y ork. Long Island is 120
miles long, from East to West, with an average breadth o f 10 miles, and
contains the counties o f K ings, Queens, and Suffolk ; Staten Island, South
west o f N ew Y ork harbor, is 18 miles long, and 8 wide, and contains the
county o f Richmond ; Manhattan, or N ew York Island, is 15 miles long,
with an average breadth o f 11 miles, and contains the city and county o f
N ew York. At the East end o f Lon g Island, are Fisher’ s Island, Shelter
Island, and R obbins’ Island— all, excepting the first, small. Grand Island,
in Niagara River, is 12 miles long, and from 2 to 7 wide, and extends
within 11 miles o f Niagara Falls.*
The population o f the State forms an important item in estimating its
resources and wealth, especially if it be industrious and intelligent; and
that it is so, in N ew Y ork, w e hope'to show in the course o f the present
paper. It embraces, in its population, the hardy and enterprising.sons o f
N ew England, the steady Dutchmen, and the warm-hearted, hard-working
Irishmen, who possess, in a great measure, all those elements o f character
that go to make up an active, industrious, and thriving community. The
progress o f population, as w ill be seen by the statements which follow,
has been truly remarkable— greater, perhaps, than that o f any one o f the
old thirteen States. In 1701, it was 30,000 ; in 1731,f 5 0 ,3 9 5 ; in 1749,
* Haskell’s Geographical Dictionary.
t At the time of taking the census, in 1731, Albany county contained what was, in
1831, divided into 42 counties, with a population of 1,390,000 ; increase, in 100 years,
over 1,380,000. No more counties were erected from 1731 until 1784, when Clinton,
Washington, and Montgomery, were formed from Albany county. Washington county
then included Warren and Clinton, what is now Essex and Franklin. Montgomery in-
454
Commerce and Resources o f the State o f New York.
1 0 0,00 0; in 1771, 1 6 3,33 9; in 1790, 3 4 0 ,1 2 0 ; in 1800, 5 8 6 ,0 5 0 ; in
1810, 9 5 9 ,0 4 9 ; in 1820, 1 ,3 7 2 ,8 1 2 ; in 1825, 1,616,459; in 1830,
1,9 23,522; in 1835, 2,174,517 ; in 1840, 2,428,921 ; in 1845, 2,601,495.
Increase, from 1790 to 1800, was 2 4 5 ,9 3 0 ; from 1800 to 1810, 3 7 2 ,9 9 9 ;
from 1810 to 1820, 413,763 ; from 1820 to 1830, 545,796 ; from 1830 to
1835, 255,909 ; from 1835 to 1840, 254,404 ; and from 1840 to 1845,
175,574.
T h e State is divided into 59 counties, and 835 towns. T h e annexed
table shows the population o f each county, as given by the official censuses
o f the United States o f 1830 and 1840, and the State censuses o f 1825,
1835, and 1845
POPULATION OF THE STATE OF NEW YOKE.
t®
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COUNTIES.
Albany......................
Allegany...................
Broome.....................
Cattaraugus...............
Cayuga......................
Chautauque......... .
Chemung*.................
Chenango..................
Clinton......................
Columbia...................
Cortland.....................
Delaware..................
Dutchess....................
Erie...........................
Essex........................
Franklin.....................
Fulton*......................
Genesee......................
Greene.......................
Hamilton...................
Herkimer...................
Jefferson.....................
Kings........................
Lewis........................
Livingston.................
Madison.....................
Monroe......................
Montgomeryt ...............
New Y ork...............
Niagara.....................
Oneida.......................
Onondaga...................
Ontario.......................
Orange.......................
Orleans.......................
42,821
18,164
13,893
8,643
42,743
20,639
1830.
53,560
26,218
17,582
16,726
47,947
34,687
34,215
14,486
37,970
20,271
29,565
46,698
24,316
15,993
7,978
37,404
19,344
39,952
23,693
32,933
50,926
35,710
19,387
11.312
40,906
26,229
1,196
33,040
41,650
14,679
11,669
23,860
35,646
39,108
39,706
166,086
14,069
57,847
48,435
37,422
41,732
14,460
51,992
29,525
1,324
35,869
48,515
20,537
14,958
27,719
39,037
49,920
43,594
207,021
18,485
71,326
58,974
40,167
45,372
18,773
1835.
59,762
35,214
20,190
24,986
49,202
44,869
17,465
40,762
20,742
40,746
24,168
34,192
50,704
57,594
20,699
12,501
58,588
30,173
36,201
53,088
32,057
16,093
31,992
41,741
58,085
48,359
270,089
26,490
77,518
60,908
40,870
45,096
22,893
1840.
68,593
40,975
22,338
28,872
50,338
47,975
20,732
40,785
28,151
43,252
24,607
35,396
52,385
62,466
23,634
16.518
18,049
30,043
30,446
1,907
37,477
60,984
47,613
17,830
35,140
40,008
64,902
35,818
312,710
31,132
85,340
67,911
48,501
50,739
25,127
1845.
77,268
40,084
25,808
30,169
49,663
46,548
23,689
39,900
31,278
41,976
25,081
36,990
55,124
78,635
25,102
18,692
18 579
28,845
31,957
1,882
37,424
64,999
78,691
20,218
33,193
40,987
70,899
29,643
371,223
34,550
84,776
70,175
42,592
52,227
25,845
eluded all that part of the State West of Ulster, Albany, Washington, and Clinton coun
ties. Columbia was erected from Albany county, in 1786. Ontario county was consti
tuted in 1789, and included what is now Ontario, Genesee, Monroe, Livingston, Steuben,
Allegany, Cattaraugus, Chnutauque, Erie, Niagara, Orleans, Wayne, Yates, etc., which,
by the State census of 1845, contain 546,331. By the census of 1790, the county of On
tario, comprising the above-named territory, contained only 205 families, or 1,081 souls.
* The counties Chemung and Fulton were created since 1830.
t Including Fulton and Hamilton.
Commerce and Resources o f the State o f New York.
455
TABLE— CONTINUED.
1825.
1810.
1815.
1840.
1845.
Oswego.....................
Otsego.......................
Putnam......... ............
Queens.......................
Rensselaer..................
Richmond..................
Rockland.................
Saratoga.............................
Schenectady.....................
Schoharie...................
Seneca ................................
St. Lawrence.................
Steuben......................
Suffolk.......................
Sullivan......................
Tioga.........................
Tompkins.................
Ulster.........................
Warren......................
Washington....... ..
Wayne.......................
Westchester..............
Wyoming*................
Yates........................ .
17,875
47,898
11.86G
20,331
44,065
5,932
8,016
36,295
12,876
25.926
20,169
27,595
25,004
23,695
10,373
19,951
32,908
32,015
10,906
39,280
26,761
33,131
27,104
51,372
12,701
22,276
49,472
7,084
9,388
38,616
12,334
27,904
21,031
36,352
33,975
26,780
12,372
27,706
36,545
36,559
11,795
42,615
33,555
36,476
38,245
50,428
11,551
25,130
55,515
7,691
9,696
38,012
16,230
28,508
22,627
42,047
41,435
28,274
13,755
16,534
38,008
39,960
12,034
39,326
37,788
38,790
17,455
19,019
19,796
43,619
49,628
12,825
30,324
60,259
10,965
11,965
40,553
17,387
32,358
24,874
56,706
46,138
32,469
15,629
20,527
37,948
45,822
13,422
41,180
42,057
48,687
29,544
20,437
48,441
50,509
13,258
31,849
62,338
13,673
13,741
41,477
16,630
32,488
24,972
62,354
51,679
34,579
18,727
22,456
38,168
48,907
14,908
40,554
42,515
47,578
27,205
20,777
Total.................
1,616,458
1,923,522
2,174,517
2,428,921
2,604,495
COUNTIES.
Passing from a statistical view o f the progress o f the population, it will
be in order to glance at the agricultural resources o f N ew York. The
earth is the fruitful mother o f the other great industrial interests o f a State ;
and the products o f agriculture furnish the manufactures with the raw ma
terial, out o f which the skill and industry o f the artisan produce the “ goods,
wares, and merchandise,” that supply commerce with its commodities o f
traffic and transport.
The official returns o f the marshals, for taking the United States cen
sus, and the statistics o f the State o f N ew York, compiled from returns
made pursuant to an act relative to the census, or enumeration o f the in
habitants o f the State, passed M ay 7 ,1 8 4 5 , furnish the only reliable means
for ascertaining the annual products o f agriculture, as well as o f the other
branches o f industry ; and although these tables cannot, from a variety o f
circumstances, be relied on for their-entire accuracy, yet they may be con
sidered as approaching it nearly enough for all practical purposes. T h e
statements, undoubtedly, rather fall short, than exceed, the actual produc
tion o f the State, as the inquiries o f the marshals are answered by the
persons interested, who suppose that the amount o f their taxes w ill be
graduated by the quantity o f their products.
The tables which follow are compiled, or derived from the State Census
o f 1845, and present a very full view o f the prominent products o f the
farm and the dairy, the live stock, etc., in 1845, distinguishing that o f
each coun ty:—
* The county of Wyoming was created since 1830.
I.—STATISTICS OF WHEAT, RYE, AND OATS.
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Albany....................
Allegany..................
Broome....................
Cattaraugus.............
Cayuga....................
Chautauque.............
Chemung.................
Chenango.................
Clinton....................
Columbia.................
Cortland...................
Delaware.................
Dutchess....... ...........
Erie..........................
Essex.......................
Franklin...................
Fulton......................
Genesee...................
Greene.....................
Hamilton................
Herkimer.................
Jefferson..................
Kings.......................
Lewis.......................
233,295
204,147
144,421
157,442
295,651
252.784
104,762
309,851
125,605
311,767
160,584
307,316
379,459
224.196
206,644
101,995
119,831
194,956
199,096
11,866
255,725
386,789
20,720
114,187
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5,341
26,152
8,738
16,660
48,452
23,499
17,807
8,837
8,064
9,482
8,675
4,305
12,186
22,017
8,117
7,662
1,761
43,389
2,165
50
4,982
35,986
1,420
7,026
6,112
23,600
7,204
15,331
41,783
22,336
15,365
8,313
6,508
11,389
8,111
4,260
* 17,505
20,433
5,900
6,632
1,618
42,960
2,512
41
4,846
32,949
1,411
6,375
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44,149
260,190
81,388
177,927
652,896
268,261
180,095
104,562
114,570
75,065
96,852
50,685
86,863
251,781
84,217
97,999
17,118
695,107
19,713
253
60,700
421,819
26,992
87,406
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16
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174
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12
144
16
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64
124
13
19
14
28,921
22,274
13,945
19,095
21,382
16,979
11,604
21,430
9,969
42,379
15,134
28,950
40,531
27,313
11,028
6,239
14,249
12,308
15,777
940
27,012
26,462
1,799
7,923
55
624,038
503,134
331,425
459,770
652,281
448,834
287,146
597,508
268,258
1,093,850
400,342
648,982
1,283,718
637,513
241,514
148,378
287,221
406,594
347,891
14,625
690,413
709,232
64,786
202,515
22
224
24
21
304
27
26
28
27
274
264
224
30
234
20
24
20
23
22
154
25
27
36
25
15,705
402
4,686
114
588
322
1,537
3,559
3,753
31,044
596
10,616
21,365
1,096
3,077
2,804
4,415
219
11,090
196
2,097
3,989
500
913
163,894
31,144
37,049
934
4,415
3,158
10,780
40,148
37,998
302,508
4,532
113,114
165,782
11,007
32,160
21,746
42,623
2,033
84,380
956
22,367
55,456
9,724
9,278
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10
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53,043
13,915
72,635
7,547
4
43,506
9,010
43,638
58,265
9,010
43,040
9,653
10,645
414
6,449
8,302
764
205
9,853
T o ta l..............
11,737,276
7,888
35,484
22,456
44,737
5,640
315
11,044
35,371
5,065
1,897
7,758
43,925
2,296
23,545
31,733
52,047
13,477
68,383
6,978
3
39,521
8,453
42,899
57,924
9,488
38,731
9,370
8,733
656
8,702
8,276
740
194
9,745
1,918
7,962
32,698
20,536
42,028
6,611
319
10,309
31,352
4,315
1,599
6,296
41,041
2,414
22,564
29,447
821,762
190,364
1,338,585
69,589
60
713,318
115,927
636,177
918,616
82,881
692,127
98,8=0
109,551
4,913
99,374
75,708
10,337
1,705
104,660
19,754
79,175
483,773
264,832
457,304
77,423
3,252
113,165
375,640
39,323
16,469
75,496
587,817
23,612
331,111
403,069
16
14
194
10
20
18
14
15
16
84
18
104
13
74
12
94
15
9
11
104
10
15
13
11
12
10
11
12
9
15
9
144
10
15
14
1,013,665
998,233
13,391,770
14
1,818
11,616
18,510
16,832
34,187
83
10,098
34,233
26,506
16,461
14,646
8,186
15,574
46,145
3,645
12,160
26,942
1,009
2,327
27,373
14,640
33,841
8,224
24,175
24,356
10,583
6,457
10,535
20,385
17,607
5,945
25,525
17,522
11,963
16,852
8,108
351,233
517,789
538,063
717,212
2,135
292,099
971,608
829,002
533,062
417,388
236,743
359,767
1,004,541
81,416
324,218
763,844
27,704
45,120
620,395
254,455
683,560
292,397
646,556
635,304
278,820
150,000
265,922
528,763
429,713
107,112
593,423
476,422
316,156
456,160
224,673
30
28
32
21
26
29
1,026,915
26,323,051
5,200
5,888
3,198
80,962
11
8
10
10
354
27
26
27
25
26
26
25
18
23
28
26
26
28
464
745
326
8,786
10
59
2,096
1,297
1,160
19,896
18
2,039
9,131
3,698
5,802
18,517
514
4,548
16,981
5,252
13,760
596
. 4,491
2,068
6,889
7,260
1,585
1,202
27,371
2,961
12,194
493
9,662
72
1,172
498
19,676
10,107
9,569
191,864
219
1,594
87,925
31,275
61,680
201,314
7,501
26,283
145,777
56,205
120,030
4,094
51,716
16,378
60,376
64,869
9,433
8,493
218,281
32,318
116,834
4,178
100,016
811
4,564
84
9
9
9
10
12
8
94
9
104
li
144
6
9
104
9
7
12
8
9
9
64
7
8
10
94
84
10
11
4
26
317,099
2,966,322
94
284
31
32
28J
294
24
22
264
27
29
27
22
23
184
20
457
214,112
267,812
281,011
190,708
4,034
148,108
362,559
311,872
274,395
302,244
151,711
166,834
389,515
104,538
125,574
278,437
17,067
55,828
295,051
92,459
234,297
140,588
305,555
277,936
157,727
68,525
103.292
223,478
216,707
83.394
310,279
206,900
230,011
180,920
140,689
Commerce and Resources o f the State o f New York.
Livingston............
Madison...............
Monroe..................
Montgomery.........
New York............
Niagara.................
Oneida...................
Onondaga............
Ontario..................
Orange...................
Orleans.................
Oswego..................
Otsego...................
Putnam..................
Queens..................
Rensselaer.............
Richmond.............
Rockland..............
Saratoga................
Schenectady..........
Schoharie.............
Seneca...................
St. Lawrence.......
Steuben.................
Suffolk...................
Sullivan.................
Tioga....................
Tompkins..... ........
Ulster.....................
Warren.................
Washington...........
Wayne..................
Westchester.........
w yoming.............
Yates.....................
&
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COUNTIES.
Z,
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Albany......................
Allegany...................
Broome.............
Cattaraugus...............
Cayuga......................
Chautauque...............
Chemung....... ..........
Chenango.................
Clinton......................
Columbia..................
Cortland....................
Delaware...................
Dutchess...................
Erie............................
Essex.........................
Franklin...................
Fulton.......................
Genesee....................
Greene......................
Hamilton...................
Herkimer..................
Jefferson....................
Kings.........................
Lewis........................
10,251
4,845
6,611
4,558
16,765
12,247
6,461
8,807
3,994
28,350
5,032
3,732
32,391
10,530
3,893
3,078
5,813
8,298
8,946
305
8,073
17,432
3,241
2,291
O
6
£
208,254
101,140
172,713
96,540
479,151
313,121
177,965
241,205
104,830
526,629
123,186
85,128
814,153
238,295
96,429
70,109
105,124
225,615
178,026
4,536
180,340
467,229
124,688
53,180
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21
26
24
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25
27
27
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181
24
23
25
22i
25
23
20
25
20
15
22
27
38i
25
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£
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5,762
5,794
2,979
4,823
5,232
6,118
2,152
5,113
4,520
5,442
3,244
5,903
4,565
8,040
4,712
4,074
2,858
3,221
3,540
380
4,399
8,628
1,630
5,244
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404,594
575,196
182,461
506,919
536,933
686,969
146,901
396,096
620,028
415,035
259,364
467,582
387,124
552,091
515,650
623,844
166,162
380,710
265,977
26,104
263,999
1,235,139
178,434
498,849
£
3
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70
99
63
105
105
112
75
78
137
78
85
75
85
70
125
152
55
125
75
70
60
150
110
95
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3,522
3,260
237
1,294
3,551
1,857
414
409
2,035
260
951
327
116
3,640
2,624
1,431
1,672
4,821
809
47
1,786
10,079
263
1,542
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51,252
48,250
2,929
18,369
56,755
28,746
5,069
5,845
25,823
2,653
12,237
3,782
1,347
51,401
31,885
19,622
22,384
75,966
8,467
357
27,507
153,374
9,345
21,925
si
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a
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6
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16
16
15
15
16
15
12
14
12
12
14
12
12
16
15
15
13
17
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8
15
15
35
14
S
■
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o
a
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9
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6
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492
272
160
161
233
257
118
162
696
141
143
54
70
543
425
186
126
461
497
17
189
659
103
104
1
2
a
m
8
CQ
o
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9
of
4,487
2,378
1,458
1,830
3,523
3,183
1,148
1,896
6,601
1,092
1,276
550
792
4,636
3,144
1,981
942
3,865
3,503
40
1,689
6,974
4,821
678
(m
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104
104
104
11
16
15
10
114
10
8
9
10
10
84
8
11
8
8
7
24
9
11
37
64
Commerce and Resources o f the Slate o f New York.
"
£
o
1
i, AND BEANS.
bushels per acre.
©
458
II.—CORN, POTATOES,
25
25
30
6,122
257,346
230,781
453,463
187,700
6,325
188,166
423,753
516,496
357,747
603,167
213,702
285,366
201,031
120,858
438,661
403,548
64,421
95,698
512,361
103,729
85,173
204,940
304,403
194,063
501,939
62,362
168,160
248,752
356,201
92,746
471,756
441,545
498,019
102,139
135,999
595,134
14,722,114
25
20
40
29
27
27
29
32
30
23
20
27
25
22
35
314
20
20
18
29
25
21
34
15
27
24
22
18
254
26 4
32
25
22
268,161
3,065
4,500
393,989
6,043
667,491
2,802
187,905
138
6,805
3,359
333,658
9,516
665,168
6,335
573,896
3,689
414,090
3,202
173,018
2,458
276,433
5,943
541,737
7,808
620,921
1,326
74,430
2,437
229,876
7,992
604,025
48
44,230
1,162
59,880
7,062
611,919
1,760
112,842
4,532
319,914
1,736
169,081
11,033
1,592,723
6,263
551,723
1,567 •
190,830
1,961
79,786
2,607
167,333
3,600
316,334
3,918
201,064
2,704
236,344
7,892.
969,501
4,459
531,941
7,725
488,534
4,235
388,640
1,858
177,739
255,762
23,653,418
%
86
122
120
2,312
1,155
5,474
444
6,075
3,782
7
5
942
2,680
63
804
3,535
2,982
63
90
98
2,791
492
|33,429
31.312
66,341
70,205
30
84,626
26,469
106,875
50,941
29
45,589
30,647
21,990
62
38,219
9,985
269
33
29,070
16,351
77,946
6,335
101,555
52,949
130
41
9,391
32,406
325.
8,171
37,675
38,553
304
41,771
6,146
90
117,379
1,761,503
88
90
110
92
45
110
75
90
106
56
137
90
60
75
95
75
93
60
85
70
70
97
145
90
120
42
65
85
50
2,039
1,839
4,009
4,850
5,163
1,643
5,709
3,216
2
2,643
2,361
1,916
3
1,618
747
11
2
8
16
17
16
17
17
16
16
194
16
15
194
15
38
22
20
12
322
126
2,370
2,063
4,271
2,665
25
2,186
4,158
4,294
3,772
331
3,001
3,497
2,789
318
20,299
4,552
272
49
2,311
1,432
2,406
895
5,496
2,680
3,302
276
890
2,438
271
1,038
7,400
3,675
479
2,699
1,184
15
16,231
162,187
12
20
20
13
24
17
12
18
15
16
16
16
19
8
10
13
5
10
12
12
244
270
466
488
• 206
455
331
307
32
1,008
463
355
19
305
549
6
4
416
142
352
103
457
290
254
26
108
373
26
176
763
485
10
8
9
5
10
94
13
12
10
3
74
8
12
60
8
45
12
6
10
7
9
12
9
13
10
9
7
10
7
10
8
20
8
9
10
459
Total..............
9,922
9,279
15,270
9,455
153
6,824
16,709
19,688
12,936
18,442
7,783
12,142
9,981
4,440
17,221
17,942
1,894
3,649
24,795
5,279
4,786
7,621
12,341
8,976
15,878
4,587
6,307
11,252
15,937
5,326
19,766
16,614
15,593
4,263
Commerce and Resources o f the Slate o f New York.
Livingston...............
Madison...................
Monroe....................
Montgomery............
New York...............
Niagara...................
Oneida....................
Onondaga................
Ontario....................
Orange.....................
Orleans....................
Oswego...................
Otsego.....................
Putnam....................
Queens....................
Rensselaer...............
Richmond................
Rockland.................
St. Lawrence.........
Saratoga.................
Schenectady...........
Schoharie................
Seneca................... .
Steuben..................
Suffolk....................
Sullivan...................
Tioga......................
Tompkins..............
Ulster....................
Warren.................. .
Washington...........
W ayne...................
Westchester...........
Wyoming..............
Yates......................
1a
COUNTIES.
o
jr
■
CQ
o
Albany......................
Allegany...................
Broome.....................
Cattaraugus..............
Cayuga.....................
Chautauque..............
Chemung./...............
Chenango..................
Clinton......................
Columbia..................
Cortland...................
Delaware..................
Dutchess...................
Erie..........................
Essex........................
Franklin...................
Fulton.......................
Genesee....................
Greene......................
Hamilton..................
Herkimer..................
Jefferson...................
Kings.........................
Lewis........................
s©
a
o
55
7,603
2,098
96
958
8,915
1,855
2,244
1,266
1,915
687
2,273
192
498
3,280
1 10
396
1,828
4,310
926
199
5,255
11,007
11
1,587
III—-BARLEY, BUCKWHEAT, TURNIPS, AND FLAX.
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120,978
16
10,973
183,274
16
173
12,219
17
38,132
4,740
61,995
15
237
32,197
10
1,032
5,318
75,019
15
204
13,349
15
13,671
24,026
12
229
1,968
20,819
143,516
174
4,161
74,069
18
130
22,567
32,833
1,392
22,143
2 0 ,0 0 0
16
212
174
25,265
12
0,613
17
46
104,567
4,957
20,147
17
4,621
70,802
17
309
22,464
21,018
104
3,393
17
239
51,564
29,246
9,270
15
8,933
14
271
129,001
12,812
32,214
18
3,354
50,157
16
197
25,075
2,404
11
9,417
133,235
15
274
30,152
5,671
11
6,505
89,199
15
2,418
84,134
40,485
13
2,592
31,592
15
252
17,899
1,869
2,014
17
10
2
1
1
20,989
25,706
6,517
1,646
24,780
17
14
233
25,459
26,596
4,060
48,694
12
199
144
6,287
60,716
15
1 ,1 1 0
19,713
19
68
7,314
11,209
13
8,359
106,524
13
162
13,932
810
4
616
5,058
8
70
2,423
101,805
44,193
19
2,807
15
67
3,976
159,872
144
2,882
42,128
14
159
18,538
360
33
166
2 991
18
289
57,038
23,119
25,803
15
1,816
14
259
22,340
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421
1,119
242
453
3,814
720
526
647
27
172
667
110
221
<
70
98
65
90
120
104
107
75
122
40
70
146
358
44
108
60
30
502
749
105
85 . 137
35
7
60
1,815
1,105
108
197
480
90
121
3©
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34,984
95,268
32,144
42,886
139,126
129,749
27,163
114,911
4,266
32,182
101,344
30,110
34,633
36,819
7,385
9,250
50,812
19,440
14,647
683
51,179
208,545
85,281
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5
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80
80
132
90
35
180
51
177
150
187
150
135
237
o
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3
p
a
§
p
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5.
P
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1 00
164
150
99
27
107
1 00
28
190
175
8
Queens....................
Rensselaer..............
Richmond...............
Rockland............... .
St. Lawrence.........
Saratoga..................
Schenectady...........
Schoharie................
Seneca................... .
Steuben.................. .
Suffolk.....................
Sullivan.................
Tioga..................... .
Tompkins.............. .
Ulster......................
Warren.................. .
Washington...........
Wayne....................
Westchester...........
Wyoming.............. .
Yates.......................
162
694
130
12
2,200
5,332
8,994
3,G63
3,118
4,087
3C6
14
207
2,137
30
32
666
4,350 '
405
2,942
5,691
192,504
93,959
229,606
57,102
161,396
15*
19
19
15
14
13
2,301
1,557
1,752
7,055
8
1,231
5,105
2,456
2,600
7,112
679
4,172
8,039
2,683
4,420
4,456
170
2,596
8,488
3,800
10,004
2,190
3,470
12,359
7,883
5,289
5,250
8,935
10,404
2,665
4,209
3,412
4,952
1,788
2,531
16
255,495
58,340
162,235
360,421
211,653
1,907
16,872
16,130
112,261
- 19
18
20
19
13
14
11
16
2,600
12,382
3,231
133
30,975
91,451
208,231
50,071
48,100
59,817
13,791
146
2,632
23,873
257
509
9,470
48,236
7,883
42,281
71,144
16
17
25
11
14
18
22
17
16
15
3,108,705
44
10
13
11
8
16
15
11
20
34,148
24,445
31,149
119,843
300
20,101
76,614
51,198
43,690
111,671
8,528
57,926
117,265
37,516
67,571
64,362
3,016
37,289
98,207
54,682
147,708
37,611
47,014
195,165
51,193
67,267
80,767
158,460
151,130
22,473
27,279
57,187
64,944
21,935
35,933
3,634,679
17
14
15
17
37*
17
15
21
21
15
14
14
14
18
16
16
18
14
12
18
15
18
15
16
7
13
16
17
15
11
7
18
16
13
17
14
231
241
633
500
370
53
39
198
48
86
45
420
2 G6
396
238
65
106
489
107
115
150
1,693
125
80
6,742
7,399
38,580
1,841
600
26,464
31,452
22,503
13,967
24,623
11,118
25,529
32,517
24,506
90,710
21,631
7,559
6,207
22.613
5,342
5,177
4,690
56,577
29,880
97,750
13,318
6,148
7,838
19,912
9,761
10,436
21.974
92,837
12,889
5,189
15,322
1,350,332
68
107
213
16
8
170
403
162
94
286
88
99
74
180
107
75
155
78
148
149
85
126
110
135
38
180
60
142
155
74
60
128*
18
440
718
84
4,382
32,510
42,232
10,796
72,191
349
294
1,064
594
92
805
407
884
18
7
1,793
9,411
38,000
107,035
20,240
15,350
13,681
57,034
89,589
2,832
1,416
282,690
150
175
150
100
100
1
8
24
150
100
33
165
17
140
100
90
105
140
115
240
60
95
75
40
95
92
146
55
103
65
287
789
833
5,949
291
547
26
46
291
6,077
339
51
858
1,403
25
1,064
729
863
30,619
19,840
70,672
39,220
40,508
59,413
6,328
6,541
35,575
55,091
56,025
6,952
149,550
98,498
3,491
108,193
11,579
25
80
7
135
108
235
140
118
9
165
139
175
70
140
88
46,089
2,897,062
100
110
110
95
102
110
15
461
Total...............
6,698
12,972
3,668
10,917
5
3,597
9,115
18,770
11,877
141
1,207
1,513
7,333
Commerce and Resources o f the Slate o f New York.
Livingston.............
Madison.................
Monroe...................
Montgomery..........
New York............
Niagara...................
Oneida....................
Onondaga.............. .
Ontario...................
Orange................... .
Orleans....................
Oswego...................
Otsego.....................
i— BU TTER AND CHEESE.
Albany........
Allegany....
Broome.......
CattarauguF.
Cayuga......
Chautauque.
Chemung....
Chenango....
Clinton........
Columbia.....
Cortland.....
Delaware....
Dutchess.....
Erie............
Essex..........
Franklin.....
Fulton.........
Genesee......
Greene........
Hamilton....
Herkimer....
Jefferson.....
Kings.........
Lewis..........
'i
d
S5
26,840
51,900
30,307
45,256
41,584
66,885
22,516
63,745
24,006
35,718
39.068
62,555
47,258
57,506
23,895
20.069
20,311
25,689
27,383
2,133
53,440
85,934
7,449
32,793
°2
o’©
55
3,689
11,597
6,124
9,994
7,548
13,735
4,345
11,308
4,066
5,372
7,889
10,904
4,296
9,401
5,236
4,035
3,454
4,222
4,586
405
5,930
16,497
340
5,176
22,766
40,967
24,130
35,010
34.640
52,756
17,039
52.640
20,027
29,391
31,446
50,803
42,597
44,928
19,291
15,964
16,857
21,048
23,424
1,728
47,606
69,185
6,134
26,915
o
o
o
6
>5
13,939
19,737
12,168
15,582
19,715
25,024
10,056
29,006
10,669
16,963
17,833
30,627
20,152
26.809
9,697
7,962
10,055
11,771
12,540
795
36,255
41,360
6,792
18,024
C 0)
S
:
o j-*
©>bo
<*- .5
a
o-a
55
980,009
1,563,054
1,153,484
1,284,635
1,696,764
2,130,303
724,135
2,816,291
677,348
1,519,610
1,588,696
3,117,649
1,772,770
1,728,021
673,366
554,441
733,958
888,396
1,122,526
63,391
1,480,628
3,080,767
80,059
1,266,933
©
a
a
©
u>
©
Jt
o
■CO
3
a bo
u. ,S
° 3
OC
z;
111,3.39
887,113
148,752
567,867
394,001
974,474
71,553
1,145,057
184,440
246,384
682,201
1.35,562
164,525
1,288,780
212,475
240,415
432,051
313,491
123,718
10,032
8,208,796
2,802,314
606
1,420,368
sio
<oM
6
55
10,780
10,261
4,540
6,908
13,932
10,506
5,085
10,416
6,378
9,814
7,049
8,585
11,342
13,527
5,118
3,878
4,548
10,096
6,258
288
10,053
16,397
4,360
4,570
fto
a
o
d
a
32,807
23,573
15,267
19,844
43,546
32,013
16,800
23,949
13,476
54,477
18,155
24,374
66,828
38,087
12,083
10,343
11,141
27,364
20,606
788
23,578
53,068
9,515
15,813
Commerce and Resources o f the Slate o f New York.
i
COUNTIES.
©
'tS
a
»
a
M
462
IV.— N E A T C ATTLE, HORSES, AND
43,527
34,039
334,456
M
24,130
37,671
33,217
25,064
764
24,043
71,767
39,956
27,848
54,710
18,036
30,992
50,986
13,213
14,831
30,634
3,001
5,744
30,527
9,764
29,674
14,253
62,200
44,261
21,139
16,641
18,904
31,299
29,376
11,091
35,005
28,107
29,705
27,049
16,585
1,709,479
12,391
21,513
19,590
15,218
7,102
11,924
47,713
24,595
15,508
42,256
10,028
19,532
30,022
7,983
9,821
19,295
2,048
3,897
18,304
6.142
17,106
9.142
33,676
22,559
10,511
8,381
10,119
18,003
18,602
5,482
19,654
16,833
18,086
13,906
9,017
999,490
1,027,611
1,531,205
1,504,397
1.263.986
12,080
861,300
3,876,276
2,123,787
1,286,119
4,108,840
781,467
1,532,144
2,436,718
779,780
533,110
1.409,312
81,982
267,178
1.498.986
545,404
1,545,889
816,061
2,529,741
1,838,420
584,281
795,607
822,220
1,785,604
1,556,457
415,496
1,639,416
1,466,124
1,514,242
1,191,615
841,643
79,501,733
265,140
2,022,855
366,782
911,292
50
154,976
3,277.750
749,838
424,742
6,717
216,950
933,922
1,595,407
24,361
10,209
738,841
31
336,085
155,979
123,532
71,781
1,281,972
311,314
22,501
17,307
170,755
142,594
8,946
95,638
312,736
305,067
29,197
763,208
130.187
36,744,976
10,910
11,774
16,811
9,010
13,346
8,614
17,303
16,968
2,625
10,226
7,696
9,008
14,183
2,049
7,395
10,594
1,223
2,495
10,028
3,884
9,512
7,267
13,470
12,310
6,558
2,958
4,746
11,191
8,643
2,734
11,115
12,258
6,935
8,104
6,523
505,155
28,819
28,540
48,493
24,850
8,591
30,968
45,723
52,907
36.986
57,265
10,399
27,736
38,485
12,833
21,148
39,262
3,085
6,242
37,882
10,971
29,625
22,023
38,150
35.987
21,623
9,808
15,764
28,348
42,627
7,549
42,189
35,873
35,609
21,607
18,822
1 ,584,344
463
Total..............................
49,498
32,544
59,712
21,007
41,300
61,706
16,083
16271
34,734
3,669
6,458
36,784
12,043
36,902
17,521
77,979
55,482
24,728
20,507
23,999
38,174
36,513
4,678
7,322
4,861
5,140
48
3,651)
11,750
7,419
4,787
5,018
2,529
7,562
10,893
1,294
1,421
5,020
305
683
6,141
2,068
6,519
2,986
16,122
1,696
3,480
3,913
5,279
7,129
6,419
2,597
7,856
5,570
2,105
6,883
3,153
Commerce and Resources o f the Slate o f New York.
Livingston..........................
Madison...............................
Monroe.................................
Montgomery........................
New York...........................
Niagara................................
Oneida...............................
Onondaga........................... ...............
Ontario................................. ...............
Orange................................. ...............
Orleans................................. ...............
Oswego................................ ...............
Otsego.................................. ................
Putnam................................. ...............
Queens............................... ...............
Rensselaer......................... ...............
Richmond........................... ...............
Rockland............................ ...............
St. Lawrence...................... ...............
Saratoga............................ ................
Schenectady......... ............. ................
Schoharie.......................... .................
Seneca................................ ...............
Steuben.............................. ...............
Suffolk.................................. ...............
Sullivan................................ ...............
Tioga.................................... ...............
Tompkins............................ ................
Ulster.................................................
Warren.................................
Washington ........................ ...............
W ayne..................................
Westchester..........................
Wyoming..............................
Yates.....................................
2O
03
V
COUNTIES
i
6.
$
■
8
02
o
Albany....................
Allegany..................
Broome....................
Cattaraugus.............
Cayuga....................
Chautauque..............
Chemung.................
Chenango.................
Clinton.....................
Columbia.................
Dutchess..................
Erie..........................
Essex.......................
Franklin..................
Fulton......................
Genesee...................
Greene.....................
Hamilton.................
Herkimer.................
Jefferson..................
Kinrrs.......................
Lewis.......................
S5
66,536
184,901
66,133
103,780
175,148
235,403
55,498
223,453
63,533
172,579
108,862
135,633
199.993
148,732
90,495
47,790
38.546
156,578
48,541
2.644
75,964
184,526
108
40,657
s
M
02
o
6
£
21,573
56,267
20,425
32,463
50,155
69,220
16,940
62,891
17,866
52,660
31,925
43,749
61,693
46,214
23,969
12,773
11,972
43,750
16,486
883
22,947
58,513
24
11,995
2
*3
5
®
©
>
3
o
a,
©
£
02
6
fc
44,169
133,803
45,880
68,609
130,397
163,495
39,134
161,726
48,739
109,906
77,992
90,651
139,797
102,735
66,770
33,781
26,574
112,424
29,992
1,761
52,317
127,959
70
28,427
*
*
O
o
&
o
■ao
so
o
o
o
43,574
135,154
46,034
68,844
120,559
160,225
39,785
170,392
46,088
117,580
74,419
93,599
147,928
104,058
65,418
34,191
25,267
117,342
29,179
1,744
52,762
123,233
38
28,894
142,747
349,759
127,506
196,903
412,667
485,816
107,559
503,937
135,612
352,739
227,034
272,229
471,096
274,638
198,104
102,830
81,097
360,998
91,318
4,608
158,769
380,633
250
89,229
fc
©
6
©
5
p.
O
TC
3
a
o&
o
©
c
3J
24
24
3
34
3
3
3
3
3
3
3
34
2}
3
3
3
3
3
3
3
3
6
34
_o
ou
o
©
|
*3
&
<
TC
3
cd
©
s
1
©
e£
§ o
o©
£
>
3
0-3
6 •S3
4,558
5,491
3,340
4,615
6,270
6,122
2,635
5,122
3,100
4,530
3,848
5,221
5,618
6,982
3,045
2,883
2,279
3,513
*4,397
311
4,383
1 1 ,0 0 2
829
3,162
464
V.— SHEEP, WOOL, FLEECES— AGRICULTURAL STATISTICS.
'
iS
15,878
8,754
5,814
6,588
11,140
10,159
5,191
9,393
5,306
9,444
5,741
8,190
12,149
14,631
5,286
3,356
4,203
6,509
6,884
0,428
8,552
13,772
12,896
4,287
i
<
8 .
C
o
3
■3
p.
o
Ci
5
H
77,268
40,084
25,808
30,169
49,663
46,548
23,689
39,900
31,278
41,976
25,081
36,990
55,124
78,635
25,102
18,692
18,579
28,845
31,957
1,882
37,424
64,999
78,691
20,218
1)
a
h
Im
O-g
c—
Ch
1 to 9
7
8
6
8
7
ii
8
10
10
g
7
10
13
8
9
9
9
6
9
6
9
6
?
3
2
c*
*
■*
e»
A
3
fa
O
ct>
4
2s
a
ca
s
314,741
571,274
402.926
120,217
3
3
34
34
56,629
136,760
136,866
193,557
37,251
66,677
57,152
187,782
8,483
13,288
135
1,848
69,694
12,531
50,168
53,549
119,241
155,784
35,696
13,144
38,219
95,588
32,497
20,641
202,848
95,443
14,506
115,581
96,441
180,687
409,747
423,863
630,739
120,708
207,960
168,100
548,868
28,980
41,347
375,902
156
5,770
213,463
39,949
122,887
168,400
356,713
424,340
81,271
40,531
100,695
306,240
94,101
66,868
579,056
280,256
54,567
362,015
285,396
31
3
34
34
34
3
3
3
34
24
3
14
3
34
3
24
34
3
3
24
3
3
3
3
3
24
3
4
34
3
6,443,855
1,870,728
4,505,369
4,607,012
13,864,828
22
121,021
3
3,379
5,394
6,112
2,924
275
4,074
9,384
8,196
5,181
4,921
3,541
5,448
7,896
1,119
3,070
6,004
510
1,068
-5,246
1,136
4,036
2,675
8,847
6,820
4,009
2,286
2,938
4,824
4,753
2,238
5,151
5,540
4,369
3,977
2,692
7,300
9,615
14,231
6,592
63,927
6,784
17,435
15,812
9,405
10,590
5,759
10,310
11,745
3,009
6,168
13,437
2,608
2,772
9,582
3,635
7,053
5,459
11,885
11,212
7,767
4,019
4,933
8,668
10,546
3,372
9,203
9,348
9,858
5,767
4,822
33,193
40,987
70,899
29,643
371,233
34,550
84,776
70,175
42,592
52,227
25,845
48,441
50,509
13,258
31,849
62,338
13,673
13,741
41,477
16,630
32,488
24,972
62,354
51,679
34,579
18,727
22,456
38,168
48,907
14,908
40,554
42,515
47,578
27,205
20,777
10
8
11
9
105
8
9
9
8
10
8
9
6
13
11
10
20
13
8
16
8
12
7
8
8
9
7
8
12
7
8
8
11
7
10
253,292
539,379
2,604,495
10
465
Total........
116,408
190,043
125,906
36,490
17
55,810
127,780
136,093
187,608
34,009
65,285
54,771
182,122
10,229
14,727
118,884
130
1,843
69,904
12,588
50,333
53,011
118,498
157,811
36,894
12,596
36,603
96,173
30,023
20,635
199,311
86,751
15,312
117,948
95,715
169,727
187,840
126,116
37,012
80,594
194,589
190,429
257,821
45,819
90,525
76,698
270,564
14,062
21,054
170,552
148
2,830
99,706
19,461
75,131
71,965
168,314
217,658
49,851
19,545
54,293
135,787
46,522
28,831
254,866
130,562
21,567
166,365
130,134
56,850
78,278'
48,391
19,547
5
23,809
56,580
54,118
70,326
12,817
24,982
27,220
75,542
3,791
6,376
45,608
17
795
28,002
7,069
24,554
19,624
51,275
54,554
13,593
6,952
17,326
40,099
17,431
8,701
66,746
36,316
6,136
46,249
33,699
218,258
263,132
173,952
56,260
Commerce and Resources o f the Slate o f New York.
VOL. XVII.— NO
Livingston........
Madison............
Monroe.............
Montgomery.... .
New York.......
Niagara............
Oneida..............
Onondaga.........
Ontario.............
Orange*.............
Orleans.............
Oswego..*..........
Otsego..............
Putnam.,............
Queens............. . ....
Rensselaer........
Richmond.........
Rockland...........
Saratoga,....,...
Schenectady.....
Schoharie.........
Seneca..............
St. Lawrence...
Steuben.............
Suffolk...............
Sullivan............
Tioga................
Tompkins........
Ulster................
Warren..............
Washington.....
Wayne......... .
Westchester......
Wyoming.........
Yates................
466
State Debts.
Art. II.— STATE DEBTS.
T he contraction o f debts by governments, or what is usually called the
“ funding system,” is generally admitted to have commenced with the a c
cession o f the stadtholder o f Holland to the throne o f England, in right o f
his wife Mary, as William III. Since then, it has borne an important part
in the operations o f the various governments o f Europe, and forms now one
o f the ch ief evils that afflict Great Britain, the power which has pushed its
credit to the greatest extent, and for the most questionable objects. T h e
right o f governments to contract debts at all beyond their ability to dis
charge within the life-time o f the generation contracting them, has been
seriously questioned by statesmen o f the republican sch o o l; and from the
universal practice among the States o f America, this opinion may be said
to have become a principle. According to writers on public law— Puffendorf
and Grotius, in particular— all the property in a State belongs to it, and the
duties o f citizens towards the State, are in proportion to their means to
assist i t ; and, therefore, that, “ in cases o f great urgency, the law revives
to use all things as if they w ere common property. ” — D e Jure Belli et
P a d s. H ence, if a nation engage in war, it does so at its own peril, and
that o f all the holders o f property in it. I f this risk were more generally
realized by the people, war would become much less frequent than is now
unfortunately the case. By the funding system, one part o f a nation loans
its funds to the government to stave o ff a present evil, to be repaid by
generations that come after, or rather by the labor o f that portion o f the
succeeding generations who pay the taxes. T h e right to expect a g en e
ration to pay debts, in the contraction o f which they had no hand, has been
disputed, inasmuch as it bears an analogy to taxation without representa
tion. It has been contended, on the other hand, that if the succeeding
generation receives the country and its contents from those gone before,
they are bound for the liabilities incurred; and, “ if any do not like the
terms, they can go elsewhere.” This argument implies, however, the im
probability that those who govern a nation in one generation are infallible,
and have a thorough knowledge o f what is best for those who are to com e
after ; as thus Alison, in the History o f Europe, taking a T ory view, defends
the contraction o f the English debt on ground as follows :—
“ W hen, in consequence o f the fierce attack o f a desperate and reckless
enemy, it has becom e necessary to make extraordinary efforts, it is often
altogether out o f the question to receive supplies in the year adequate to
its expenditure ; nor is it reasonable, in such cases, to lay upon those who,
for the sake o f their children as well as themselves, have engaged in the
struggle, the whole charges o f a contest o f which the more lasting benefits
are probably to occur to those who are to succeed them.”
W hen now w e reflect that the whole struggle o f England then was
through European armies, against the growth o f governmental reform, and o f
popular rights, which have since, in some degree, been forced upon her by
public opinion, w e have some idea o f the benefit which the people derive
now from the struggle o f the war. The greatest debts w ere incurred to
monopolize the sea, and acquire colonies, that are now acknowledged to be
an additional burden. The errors and mistakes, to use no harsher phrase,
committed by an oligarchy, in their effort to retain the control o f affairs,
are to be paid for by a people whose influence in the government was then
not acknowledged. Without entering into this argument, pro cr con, it
Stale Debts.
467
m ay be remarked, that, from the very nature o f debts contracted, in per
petuity, like those o f England and the States o f Europe, and the necessi
ties out o f which they grow, it is evident that repudiation is the inevitable
result.
Nearly all the present immense debts o f Europe are the result o f the
wars that raged throughout Europe at the close o f the last century and the
com mencement o f the present. In the course o f twenty years the debts o f
many o f the countries accumulated beyond their ability to pay. Had public
credit been pushed to the same extent, in previous years, England, at least,
could not have found the means o f so long maintaining the war. Those
wars were undertaken for the suppression o f civil liberty and popular
rights, and the expenses w ere extracted from the people in the most feasi
ble manner, with but little regard to justice.
The Emperor ut' Franco contracted no debts, but fought assembled E u
rope with the means he wrested from the enemies o f France. T h e money,
arms, and munitions, furnished by England to her allies, by means o f her
credit, Buonaparte conquered to his own use ; but that most unholy alli
an ce against the liberties o f France, and the progress o f civil liberty in
Europe, never could have been sustained for twenty years, but for the
facilities afforded by the funding system ; nor even in that case, had not
national repudiation, on several occasions, released Austria from a debt
too largely accumulated ; as thus, after the repeated struggles, in which her
treachery had involved her, with France, through the instigation o f the
English government, which had, while a splendid French army o f 200,000
men was encamped at Boulogne, waiting for an opportunity to cross and
punish her for repeated breaches o f faith, the adroitness to induce Austria to
break faith with France, and draw the resistless columns o f the Emperor
upon herself. T h e sudden march o f the French surrounded Ulm, and the
Austrian, M ack, surrendered, with 50,000 men, without firing a shot. The
means by which Austria sustained those fearful losses were, subsidies from
England and paper issues. She put out enormous masses o f paper, and
occasionally reduced the amount outstanding by forced loans, payable in
paper. In 1811, however, after repeated robberies o f that nature, the
quantity afloat was 1,060,000,000 o f florins, say $500,000,000, and the
amount o f the interest-paying debt was never known, but estimated at
$8 00 ,0 00 ,0 00 ; the whole so depreciated as to threaten exhaustion o f
means. On the 11th February, 1811, the minister, Count W allis, caused
to be printed, at the imperial printing-office, orders which w ere to be
opened by all the governors o f the empire, at the same hour, on the 15th
o f March, 1811. These orders required that each should call in outstand
ing paper, and for every five florins paid in, to issue a “ quittance ” for one
florin, which “ quittance ” was to circulate as money ; the paper not paid
in was forfeited. Thus, $500,000,000 was reduced to $100,000,000, at
a stroke o f the pen, under a solemn pledge o f the Emperor that no more
should be issued. T h e issues, however, immediately recommenced, as
soon as the excitement was o v e r ; and $300,000,000, o f new paper, was
outstanding in 1813, when Count Stadion succeeded Count W allis. ’T h e
new financier evinced his regard for “ public honor,” by reducing the debt
only by one-half the value at w hich it was reduced under W allis ; that is
to say, he issued $100,000,000 for $250,000,000, or 1 for 2 j . By these
two repudiations, the property o f all institutions and capitalists, throughout
the empire, w as reduced from 12J to 2-’- by Wallis, and that
to 1 by
,
468
State D ebts.
Stadion. It w as by such means, by a mere turn o f the pen, that the public
w ere taxed $600,000,000. There was certainly, in this mode, no irrita
ting and vexatious domiciliary visits o f the tax-gatherers; but the word “ re
pudiation” cleared the score. T h e effect o f this xvas to raise the “ means
o f the year within the year,” as was proposed by Mr. Pitt, in 1793, when
the magnitude o f the English debt, even then created, had shaken his
nerves.
Austria thus relieved herself, and it may be doubted whether that
mode was not more honest, and in stricter accordance with sound princi
ples, than the mode adopted by England ; that is to say, France with her
assignats, and Austria with “ zettles,” “ quittances,” and “ anticipationschem es,” obtained the proceeds o f popular industry for state purposes, and
then repudiated the paper, as did also Prussia, and Denmark, to a smaller
extent. By these means, the generation that incurred the expense paid it,
and left the w ay clear for future generations to r e p e ^ the same thing,
should great national exigencies arise.
Buonaparte governed France, and enriched her without contracting
debts, but the present government rules only through debts ; that is to say,
the government is one entirely o f corruption, and exists only through large
expenditures. Under the empire, the average expenditure, per annum, was,
including all war expenditures, 544,000,000 f. ; under the present govern
ment, it is full 1,600,000,000 f., or more than three times that o f the em
pire. The debt, which was about 2,500,000,000 f., in 1815, is now near
5,000,000,000 f.
Notwithstanding the large revenues, the expenditure
exceeds them ; and the deficits, for seven years, ending with 1848, amount
to 705,912,361 f., or $140,796,067. England, during the past year, has
been compelled to contract a debt o f $40,000,000 to aid famishing Ire
land, and the contraction o f the debt was hastened by the announcement
o f the French government o f the intention to offer a loan o f $70,000,000,
to make good half the deficit in peace revenues; and, as the English loan
is called tor in monthly instalments, the French debt will be called for as
soon as that o f England is all paid up, the markets o f the world not being
able to bear both simultaneously. T w o leading nations are competing, in
time o f peace, to make good annual deficits. France, by burdening her
people, is pievyjjiting their progress in manufacturing industry, while
Germany, comparatively lightly taxed, is making rapid strides in rivalry to
both.
T h e English debt is some $4,000,000,000, an incredible sum, and
has been all expended in wars that have taken place since 1688. That is
to say, from 1688 to 1815, one hundred and twenty-seven years elapsed,
o f which seven wars occupied sixty-five years, and there xvas raised, by
loans, for their prosecution, £ 8 3 4 ,2 50 ,0 00 . O f this, there has been
£ 5 9 ,9 3 0 ,0 8 9 discharged, at various times, leaving due, at the close o f
the war, £7 7 4 ,3 1 9 ,9 1 4 . Since the peace, some farther sums have been
paid off, but larger ones contracted, o f xvhich £2 0,000,000, for negro eman
cipation, in 1834 ; several amounts for deficit rex'enue ; and £8,000,000,
this year, for the relief o f Ireland, are the chief; leaving, with the unfunded
debt,‘ more than £8 10 ,0 0 0 ,0 0 0 as the present debt. Nearly all this large
sum has been contracted within seventy years, o f which the last thirty have
been o f profound peace. That is to say, at the commencement o f the
Am erican rexrolution, the amount was £1 28,583,635. The expenses o f
the attempt to subjugate this Union, were £ 1 2 1 ,2 6 7 ,9 9 3 ; consequently,
since 1775, the amount o f debt has been increased £6 81 ,4 16 ,3 65 . The
469
State Debts.
interest and charges, on this vast sum, amount to near £3 0,00 0,00 0, or
three-fifths o f the annual expenditure o f the empire. T h is burden has b e
com e very serious; and w e have, in the last year, the startling fact, that,
so far from being able to discharge any portion o f the debt, after thirty
years o f peace, £ 8 ,000 ,0 00 has been added to it, to avert starvation from
a large portion o f the people. In contemplating these facts, it becom es
evident that what M. de Talleyrand said o f paper money, is equally true
o f State debts, viz : that it is, “ in the beginning, strength ; and, in the end,
weakness.”
The debt o f England increased very rapidly under the war
expenditure ; and the peace expenditure has so far exceeded the ordinary
revenue, that a continued increase o f debt has becom e unavoidable. This,
necessarily, must have an end. The time must com e when the annual
accumulation o f interest must exceed the annual incom e o f the country,
even should peace be preserved. T h e largest proportion o f the English
revenues have been, since the war, raised from indirect taxes, or duties on
consumable goods. During the war large sums were raised by direct
taxes on property.
If we compare the actual taxation o f the year 1815 with 1841, the re
sults are as follows :—
Customs, excise,
and stamp taxes.
L and ta x.
Assessed.
P ost-office.
Property.
T o ta l.
1815.... £45,248,628 £2,578,530 £5,918,534 £2,282,639 £15,109,803 £71,138,134
1841....
46,943,088 1,214,430 4,715,353 1,495,540
repealed.
54,363,411 .
Increase, £1,694,460 ..............................................................................................................
£787,099 £15,109,803 £16,774,723
Decrease, ................. £1,364,100 £1,203,181
T h e taxes upon labor are thus seen to have been increased in time o f
peace, while property becam e exempt.
The blind fury with which twenty years o f war w ere w aged against
France, by the aristocracy o f England, affords matter for a most singular
page o f history. T h e motives which governed the war party cannot w ell
be defined, but were many and various, although not avowed by the gov.
ernment. T h e leading ones were, doubtless, the fear o f the propagation
o f the extreme liberal ideas o f republican France ; the determination to
sustain legitimacy in Europe, at all hazards ; the desire o f destroying, by
continual war— from the actual presence o f which, England was the only
country exempt— the commercial and manufacturing industry o f the con
tinent, with the view to England’ s ocean supremacy, and to seize and hold
the colonies o f European powers. T o persevere in the enormous expen
diture which the w ar entailed upon England, popular excitement w as ne
cessary, and terrorism was practised to an extent as great as in Paris un
der Robespierre. The only road to distinction, or means o f even personal
safety, was, to aid the government in its panic measures, and the fears it
sought to excite in relation to a French invasion. A ll the eminent writers
o f the country w ere in the interest o f the government, striving to further its
views by extending the popular excitement. As a remarkable instance o f
the state o f popular feeling in Great Britain, w e extract from “ A n Inquiry
into the Extent and Stability o f National Resources,” written by the late
Dr. Chalmers, in 1808, the following passage :—
“ If the nation can want wine, it can extend its military establishment, by all
the population employed in working for the purchase of it. If it can want sugar,
it can extend its military establishment, by all the population employed in work
ing for its purchase and conveyance. If it can want an article of home manu
470
Stale Debts.
facture, it can extend its military establishment, by all the population employed
in the fabrication of that article. If it cannot dispense with the use of them al
together, still it may retrench to such a degree as to make the most important ac
cessions to the military defence o f the country. If it can retrench a third part
from its consumption o f tea, sugar, wine, clothes, and household furniture,, it can
withdraw one-third of the population employed in providing these respective arti
cles ; and by giving away the price of these retrenchments in the form of a taxr
it can make them over to the service of government. Let us call forth, if neces
sary, all the energy of our disposable population. Let us withdraw them from
the idle employment of providing us with luxuries. Trade may perish, but it is the
whistling of a name. It is a bugbear framed by mercantile policy, and conjured
up to mislead the eye of the country from its true interests. Let us suspend our
luxuries; let us approve ourselves a nation of patriots; let us withdraw our peo
ple from the walks o f merchandise; let us be an armed country, and from one
end of the island to the other let nothing be heard but the note of preparation.
Let government appropriate to itself the wealth that was formerly expended on
the purchase of imported articles, and it will also appropriate to itself the services
of the discarded manufacturers. They are b o w paid by our inland customers in
return for imported luxuries; they will afterwards be paid by government in re
turn for pubiie services. Buonaparte, by ruining our trade, is, in fact, advancing
the true greatness of the country. He is fitting our armies. Me is giving extent
and prosperity to all our national establishments. He is debarring us from luxu
ries, and pouring the population, employed in providing them, into the business o f
war. He is emptying our shops and our factories, but he is filling our fleets and
battalions. Nor this is net the time to hesitate about trifles. Accommodate the
distribution of your people to the existing necessity. Be prompt, be vigorous, be
unfaltering; for I swear, by the ambition of Buonaparte, that he will soon be
among us at the head of his marauders, if he knows that, instead of meeting thepopulation of the island in warlike and defensive array, he will find them laboring
in their workshops, writing in their counting-houses, balancing their ledgers, antS
persevering in the good old way of their forefathers!”
This is a singular display o f military ardor, and o f fierce contempt for
the “ trading spirit;” and it had a wonderful effect in rousing up the peo<ple, in common with a flood o f other such publications. And yet, at themoment it was written, Buonaparte, having conquered Europe entire, w as
encamped on the hanks o f the Niemen, and negotiating the treaty o f T il
sit, by which peace was restored to all nations, except E n g lan d ; and it
has since transpired* that one condition imposed by that treaty upon Alex
ander, was, to “ mediate between France and England for p ea ce.”
A
principal condition o f the treaty o f Tilsit was, that Russia should mediatewith England for peace, on the basis o f lees-ping most o f the colonies, par
ticularly Malta, w hich she had taken, and otherwise conclude an equitablepeace ; but her rulers would not make peace on any terms with France—
and to keep up the excitement o f the English people, the press was con
tinually employed in terror-making. T h e people were, to an almost in
credible extent, burdened with taxes, from which even property-holders,
w ere not exem pt; and, as w e have seen, one-third o f the whole amount
w as drawn from property, but on condition o f the repeal o f those taxes on
the return o f peace. As soon as that took place, property w as released o f
its burden, and the whole annual expenditure, down to 1842, was borneby the labor o f the country. It is manifest that, had the desire to dis
charge the debt really existed, the taxes imposed upon property ought to
have been continued as a sinking fund to discharge the principal, w hile
labor was groaning under the burden o f the interest. T h e English rulers*
however, including the property-holders, although very anxious to carry o a
Slate Debts.
471
the war, w ere by no means disposed to pay for i t ; and in compliance with
what Lord Castlereagh called an “ ignorant impatience o f taxation,” as
soon as the war closed, the direct taxes were repealed, leaving labor, alone,
to discharge the interest. There are now, in England, but some 788,000
electors— a number much increased since the war— who include the prop
erty-holders and the protective interests, which w ere then strong. These
persons refused to pay any longer a property tax, wherewith to discharge
the debt. It is evident that, had a property tax o f £2 0,00 0,00 0 per an
num, only, been continued after the w ar to discharge the principal, while
industry was paying £3 0,00 0,00 0 per annum on the interest, that the debt
itself would now have been near its extinguishment. Instead o f that,
however, the taxes were repealed; and Europe remaining at peace, the
competition o f the continent and o f the United States in the industrial arts,
has continually reduced the prices o f goods, together with the profits o f
English industry, each year making the burden o f the debt weigh more
heavily upon the labor o f the country, until, in 1842, the new government
■of Sir Robert Peel announced, that taxes upon industry had reached their
maximum, and that their results were inadequate to the ordinary expendi
ture o f the country, which, including the debt, could not be reduced; he
therefore recurred to the “ war,” or income tax, for the means o f meeting
the interest and not the principal o f that enormous debt. In these transac
tions, the “ great fa ct” stands out, that the represented classes o f Great
Britain would not tax themselves for the debt created for the support o f
that war, in the prosecution o f whieh they were guided by their passions,
rather than by reason or interest. T h ey made a boast o f their exertions
to support the national honor, when they put the taxes, neeessary to meet
the interest, upon the unrepresented classes, without contemplating the
ultimate discharge o f the debt. So convinced are her statesmen o f this
fact, that even her T ory historian, Alison, remarks, Vol. IV ., p. 436 :—
“ The majority o f men will never discharge their obligations, i f they can
help it. If Great Britain wishes to shake off its national debt, it has only
to extend the suffrage in any considerable degree, and the burden w ill not
stand three months.”
This was so far true, that the property-holders having refused to tax
themselves for the debt, although they did so for the support o f the war,
the inference was sound, that, if the right o f suffrage is so extended as to
take in the classes that are taxed, they will also refuse any longer to pay.
T h e same historian might with equal truth have added, that, had the right
o f suffrage been extended, England never would have prosecuted the war
■against the liberties o f France ; but it was precisely to avert the example o f
French liberty from influencing suffrage reform in England, that the debt
was incurred. This indisposition o f the property-holders to pay taxes after
the war, was, in fact, a repudiation o f the English national debt; because,
b y refusing ,to pay while England enjoyed manufacturing and commercial
supremacy, they put it out o f their power to pay now, when thirty years o f
peace have raised up successful rivals to her manufactures. Had they
continued the war taxes a few years longer, in discharge o f principal,
there would have been no necessity to demand from them the £5 ,5 0 0 ,0 0 0
■they now pay in discharge o f interest.
It is to be remarked, that the amount o f money derived from the income
tax on dividends o f the national debt, is £9 00 ,0 00 , which represents a
capital o f £3 0,00 0,00 0 sterling, on which they have ceased to pay interest,
472
Stale D ebts.
or have actually repudiated, and for the avowed reason, because o f the in
ability o f the government to raise means enough from the other property
o f the kingdom to pay it. Portions o f the national debt have also been
repudiated at various times since the war, by means o f the operation o f
conversions, as thus : in 1822, £1 42 ,5 1 9 ,2 9 0 o f 5 per cent stock was re
duced to a 4 p e rce n t stock ; and in 1830, the reduced £142 ,5 19 ,2 90 ,
added to another 4 per cent stock o f £7 6,20 6,88 2, making together
£218,726,172, w ere reduced to a 3^ per cent stock, and in 1842, this
whole quantity was reduced to a 3 per cent stock. T h e operations w ere
nearly as follows :—
1822............. £149,627,825 5 p. cts. converted into
J826..................
70,105,403
4“ “
1830................
151,021,728
4“ u
1834..................
10.622,911
4“ “
1842.................
212,503,002
3* “ “
£157,109,218 4 p. cts.
70,105,403 3*
“
150,344,051 3|
“
10,622,911 3 J “
212,503,002 3
“
T o ta l in terest...............................................................................................................
D ecrease o f interest........................................................................ ..............- ...........
O ld interest. N e w interest.
£7,481,391
£6,284,364.
2,804,216
2,453,619
6,040,869
5,285,759*
424,916
371.800
7,437,605
6,375,090
£ 24 ,18 6,9 92
£ 20,770,636
3,416,256
By these means, the stockholders were deprived o f £ 3 ,4 1 6 ,2 5 6 o f
revenue, which, at 34 per cent, equals a capital o f £ 1 00 ,0 00 ,0 00 abso
lutely repudiated, by a barefaced reduction o f interest below what had been
stipulated on the contraction o f the debt. T h e theory o f the conversion
is, that the stock being payable at the option o f the government, w hen,
through abundance o f money, although promoted by the Bank o f England
in collusion with the government, a stock o f a low er denomination is at,
or slightly above par, the government has the right to avail itself o f that
circumstance, and reduce the rate o f interest on the stock at a premium,
although the price paid for the stock originally, was not so high as that
paid for 3 per cent stock. As thus : in 1813, £3 8,94 0,00 0 o f 3 per cent
stock was issued, for £2 1,84 9,30 2 o f money ; consequently, for this amount
o f money, £1 ,168 ,2 00 annual interest was received, which is equal to
5.35 per cent interest. In 1812, £7 ,3 3 2 ,7 9 5 o f 5 per cent stock w as
issued, for £6 ,643 ,3 43 in money ; consequently, the takers received
£3 6 6 ,6 3 9 o f annual interest, or 5.50 per cent, or but very little more in
terest than those who took the 3 per cent stock. Y et this 5 per cent in
terest has been reduced to 3 per cent interest, and in consequence, the
stock realizes but £2 1 9 ,9 8 3 o f annual interest, or 3.31 per cent, while
the 3 per cent stock continues to pay 5.35 on the original investm ent!
Y et this is not all. A number o f these persons refused to take stock o f a
lower denomination, and demanded the money, because they could invest
it in foreign stock to better advantage. It w as found, on the conversion
o f the 4 and 5 per cent stocks, in 1822, that 80,000 persons held quanti
ties that produced an average o f £ 3 0 each, only. As these were widows,
orphans, and poor persons, who could not avail themselves o f other mar
kets, they w ere compelled to submit to the reduction, and take £ 2 1 , in
stead o f £ 3 0 per annum. There w ere 2,619 other persons whose divi
dends averaged each £ 3 ,0 0 0 per annum. That portion o f them that de
manded money, were paid at the rate o f twenty-four ounces o f gold for the
stock they paid ten ounces for, ten years previously ! This money they
w ere enabled to invest in foreign stocks, that would yield them 5 or 6 per
c e n t! This theory o f the conversions is an absurdity. T h e currency o f
England is administered by a national bank, which had the power, after
seasons o f good harvests and favorable state o f the exchanges, to make
money artificially plenty for a season, and to influence the price o f a par
Stale D ebts.
473
ticular stock materially, by loans. T h e government, by seizing such a
moment o f speculation when prices w ere high, could, in collusion with the
bank, carry through its conversions. It is evident, however, that, if all the
holders resisted, it could not be done. W hen the government undertook to
convert £1 49,627,825, in 1822, if all the holders required to be paid off, to
invest in other property, it could not have been done before a turn in the
market would have deprived the government o f the opportunity o f realizing
on the stock o f a lower denomination to pay them. In 1842, the 3 i per
cent stock was worth 1 0 2 ; the same stock, being reduced by the govern- ,
ment availing itself o f the aid o f the bank to produce a temporary infla
tion o f prices, will now not sell for more than 851. Following this reduc
tion o f interest was the income tax, w hich still further reduced the property
o f the government creditor. It has only been through these indirect r e
pudiations, that the British government has, through thirty years o f peace,
been enabled to sustain the burden o f the debt.
T h e United States adopted an entirely different plan. The government,
as a republican confederacy, recognized the danger o f a permanent na
tional debt, which would add to the patronage o f the federal government,
and greatly aid in that centralization o f power which the regular patron
age o f the government would not fail to promote. At the same time it was
evident that the power to contract debts for the commoii defence was in
dispensable, to confer that vigor on the federal government necessary to
the transaction o f its foreign relations, which it never could exercise if
dependent for war contributions upon the several States.
H ence it b e
came imperative to enforce strictly the sound rule that no debt should be
created without the simultaneous appropriation o f ample funds, not only to
meet the interest, but to extinguish the debt.
In 1791, the national debt
was composed o f $12,812,821 92 foreign debt, and $62,650,654 60 do
mestic ; making, together, $75,463,476 52.
Early appropriations were
made to pay the interest and instalments on the foreign debt, and interest
on the domestic debt. On the 4th August, 1790, the proceeds o f the sales
o f the public lands were permanently and exclusively pledged to the re
demption o f the national debt.
In 1792, commissioners were appointed
to purchase the public debt at a price not over par.
In 1795, the “ sink
ing fund ” was established by name, its resources vested in the commis
sioners, and its operations subjected to their management. T h e resources
o f the fund were increased by surplus o f customs duties over regular appropriations, dividends on bank stocks, & c ., proceeds o f excise o f domes
tic spirits, & c. This continued until 1802, when the internal duties were
repealed; and on the 29th o f the same month, a sum o f $7,300,000 annu
ally was appropriated from the revenues to the sinking fund in the hands
o f the commissioners, for the redemption o f the public debt, and to remain
in force until the redemption should be completed.
Under these vigorous
proceedings the foreign debt became extinct in 1810, and the domestic
debt, increased in 1804 by $15,000,000 for the purchase o f Louisiana, (the
act for creating which also increased the sinking fund $700,000 per
annum,) was reduced to $39,135,484 Decem ber, 1815. The breaking out o f
the war, in 1812, increased the charge upon the sinking fund beyond its
capacity, which was $8,000,000, and the annual charge was raised by the
war loans to $14,524,200.
The debt was raised during the war to
$ 1 1 9 ,6 35 ,5 38 ; and as the war had destroyed the principal means o f
revenue, v iz : the customs, direct tax had become the only means o f rove.
474
State Debts.
nue. W ith the return o f peace the customs revived, and the direct taxes
w ere repealed, inasmuch as that the land and customs afforded enough to
keep the sinking fund on a sure footing, and the act o f March, 1817, appro
priated the annual sum o f $ 10,000,000 for paying o ff the public debt. This
fund operated uninterruptedly until 1835, when the last dollar o f the debt
was discharged and paid o f f : thus leaving the nation free from a danger
ous institution, and the federal government with unrivalled credit, and im
pregnable in the strength thus acquired in the ability to contract any debts
to meet future exigencies.
A s the debt approached its extinguishment,
onerous taxes, which had been submitted to cheerfully as a pledge to the
national creditors, w ere repealed.
T h e duties on tea, coffee, cocoa, salt,
and molasses, w ere modified in 1830, and the two former, which had
produced $5,000,000 per annum, w ere abandoned in 1832.
T h e ton
nage duties were repealed in 18 30 ; and in 1832, the compromise tariff act,
providing for the biennial reduction o f high duties, submitted to since the
w ar as war taxes, went into operation, to reduce all imposts to a level o f
20 per cent, in 1842.
The extinguishment o f the debt also released the
public lands from the pledge they had been under since 1790.
In this brief sketch o f the leading features o f the United States funding
system, w e see the reverse o f the conduct o f Great Britain.
She has
contented herself with wringing from unrepresented classes enormous
taxes, for the payment o f interest, only, because it was necessary, as a
com m ercial nation, to support her credit. She has refused, however, to tax
property to constitute a sinking fund ; and she has, as a necessary conse
quence o f that refusal, been obliged to repudiate the debt by conversions,
as it pressed too heavily upon her resou rces; and, finally, she has com
menced, in default o f ability farther to convert the stocks into lower denomi
nations, the process o f repudiation, by withholding from her creditors,for
eigners included, a portion o f the money duo them, under the name o f “ tax.”
T h e importance o f a sinking fund was profoundly impressed on the
mind o f Mr. Pitt, in 1784, when he came into power. The debt was then
£240 ,0 00 ,0 00 , and the existence o f this onerous burden upon the industry
o f the country was rightly viewed by him, in common with Mr. Hume
and Adam Smith, as the germ o f national ruin.
H e therefore earnestly
gave his attention to the means o f redemption, and projected a sinking
fund, based upon the principle o f compound interest. T h e proposition was
to set apart £1 ,000 ,0 00 annually, from the revenue, and invest it in com
missioners, whose duty it should be to purchase stock annually with the
interest derived from stock standing in their name.
W hen Mr. Pitt
brought forward this plan, he made a most impressive speech, dwelling
with great force upon the certain ruin which an unredeemed debt must
ultimately bring about.
“ Y et not only,” said he, “ the public and this
House, but other nations are intent upon i t ; for upon its deliberations, by
the success or failure o f what is now proposed, our rank w ill be decided
among the powers o f Europe.”
T h e sinking fund was established, but
was composed, not o f taxes, the proceeds o f which should be imme
diately pledged to the sinking fund, but o f 1 per cent o f sums borrowed
in the y e a r ; as thus : if £ 1 0 0 ,0 0 0 was borrowed, £ 1 ,0 0 0 out o f that
sum was given to the sinking fu n d towards discharging the debt thus
created.
T h e sinking fund, under the immense loans subsequently
created, becam e o f considerable magnitude, and was evidently a mere
absurdity so long as the debts contracted exceeded the amounts paid o ff;
State Debts.
475
but when, on the termination o f the war, loans having ceased, the
sinking fund amounted to £ 1 5,00 0,00 0, it is evident that its progress
from its own resources, without any additional aid, would have made
an important reduction in the debt in the lapse o f a few years.
This
fund was, however, seized upon, by ministers, for the use o f the treasury,
regardless o f the solemn pledge under which it was created, and simulta
neously taxes were repealed that should have been appropriated to its
augmentation. From that moment British repudiation took its date. The
United States, as w e have seen, appropriated and religiously applied cer
tain funds, in preference to all other objects, to the redemption o f the debt;
and while submitting to grievous impositions for the purpose o f paying
that debt, they refused to tax the debt itself, as the English have done in
their own case, because they recognized in that tax a direct repudiation.
W hen Sir Robert Peel, in 1842, proposed the “ incom e tax,” he remarked :
“ I propose, for I see no ground for exemption, that all funded property,
whether held by natives o f this country or foreign ers, should be subjected
to the same charge as unfunded property.”
This charge was 3 per
cent. In the United States this matter was put at rest, in 1795, in the
luminous report o f Alexander Hamilton, then Secretary o f the Treasury,
on “ public credit,” as follows :—
“ Is there a right in the government to tax its own funds ?
“ The pretence of this right is deduced from the general right of the legisla
tive power to make all the property of the State contributory to its exigencies.
“ But this right is obviously liable to be restricted by the engagements of the gov
ernment; it cannot be justly exercised in contravention of them ; they must form
an exception. It will not be denied that the general right in question could and
would be abridged by an express promise not to tax the funds : but this promise,
indeed, has not been given in words, but it has in substance. When an individual
lends money to the State, the State stipulates to pay him the principal lent, with
a certain interest, or to pay a certain interest indefinitely, until the principal is
reimbursed.
“ To tax the funds, is manifestly either to take, or keep back, a portion of the prin
cipal or interest stipulated to be paid.
“ To do this, on whatever pretext, is not to do what is expressly promised; it is not
to pay that precise principal, or that precise interest, which has been engaged to
be paid : it is, therefore, to violate the promise given to the lender.
“ But is not the stipulation to the lender with the tacit resertation of the general
right of the legislature to raise contributions on the property of the State ?
“ This cannot be supposed, because it involves t\yo contradictory things ; an
obligation to do, and a right not to do ; an obligation ' to pay a certain sum, and a
right to retain it in the shape of a tax. It is against the rules both of law and
reason, to admit by implication, in the construction of a contract, a principle which
goes in destruction of it.
“ Public debt can scarcely, in legal phrase, be defined either property in posses
sion or in action. It is evidently not the first till it be reduced to possession by
payment.
To be the second would suppose a legal power to cause payment by
suit. Does such a power exist ? The true definition of public debt is a properly
existing in the faith of the government. Its essence is promise. Its definite value
depends upon reliance that that promise will be definitely fulfilled. Can the gov
ernment rightfully tax its promises ? Can it put Its faith under contribution ?
Where or what is the value of debt if such a right exists ?”
Through several pages, every possible argument in favor o f this species
o f repudiation was successfully put down by the Am erican statesman, and
his views applied to domestic creditors, citizens o f the indebted State.
W e have seen that the English minister could see no reason w hy this
476
Stale Debts.
repudiation in degree, should not only be applied to domestic creditors, but
foreign also. The United States, under the sound principles which guided
her statesmen, paid off; by taxation, from 1791 to 1835, a period o f forty-four
years, $415,968,503 90, principal and interest, extinguishing the expense
o f two wars, and the purchase o f two territories, Louisiana and Florida,
sufficient for two empires, without infringing the solemn obligations o f a
government to its creditors in any respect.
T h e whole sum stipulated
was paid to the last cent.
The course o f England, in the same time, in
regard to her creditors, may be best understood by taking a stock originally
subscribed, and tracing its fortunes to the present time ; as thus : in 1800
the government issued a 5 per cent stock o f £ 2 0 ,1 2 4 ,8 4 4 for £ 1 7,81 5,95 8
cash : consequently, a person who paid £ 8 ,7 8 8 . received £ 1 0 ,0 0 0 stock,
bearing an annual dividend o f £ 5 0 , which is about 5.68 per cent on his
investment. The amount o f interest, paid on this identical stock, has un
dergone reduction as follows :—
1800.
Stock................................. £10,000
500
Interest..............................
Int. per ct. on investment..
5.68
1821
1810.
1841
C onversion.
C onversion.
C onversion.
In com e ta x.
£10,000
400
4.78
£10,000
350
3.98
£10,000
300
3.41
£10,000
281
3.20
1844.
T h e successive conversions reduced the rate o f interest 2.27 per cent, and
the tax further reduced it .21 per cent, and )ret that money is and has been
worth to the lender more than seven to eight p e r cent during the whole o f the
past year, and is likely to be still more valuable for some time to com e.
These facts present a strong contrast between the course o f a republican
country in relation to its debt, and a monarchical system.
W hen the debt o f the federal government becam e extinguished, the
spirit o f speculation abroad had taken a direction by which the customs
revenues and the proceeds o f the public lands produced sums far in excess
o f the wants o f the government, and the surplus money in the Treasury,
January 1, 1846, subject to draft, amounted to $42,899,167 49, deposited
in various banks, in all parts o f the Union. This accumulation becam e
naturally an object o f anxiety, inasmuch as it was the means o f aug
menting the patronage o f the federal government, which, however, took
steps to reduce the revenue. The sale o f public lands for bank paper had
produced in one year $24,000,000, and by requiring that specie only should
be received, this revenue was reduced to less than $2,000,000. T h e dis
position to be made o f this surplus was discussed in various quarters. Its
appropriation to the completion o f fortifications and Western improvements
was strenuously u rged; but finally, by an act o f June 13 ,183 6, the surplus
above $5,000,000 was ordered to be distributed among or deposited
with the several States, under the pledge o f State faith to return the
money when it should be required.
Under this law three instalments,
amounting to $28,101,644 97, were paid over to the States.
Meantime
the general speculation which had produced this accumulation exploded, and
ruined the customs revenue, as had the “ specie circu lar” diminished the
land revenue, and the receipts o f the government for 1847 proved insufficient
for its expenses.
Accordingly, by a law o f October, 1837, the payment
o f the fourth instalment to the States was postponed.
In order to meet the deficit in the revenue, an act o f the same month
authorized the issue o f $10,000,000 Treasury notes, not o f a less de
nomination than $5 0, and to bear not more than 6 per cent interest; to be
Slate Debts.
477
.redeemable at the end o f a year, and to be receivable in payment o f taxes
and duties. This mode o f meeting what was considered a temporary de
ficit in revenue, growing out o f a commercial revulsion, was deemed
preferable to a stock debt, inasmuch as the latter would be irredeemable
jfor a certain term o f years, while the former could be absorbed as fast as the
means o f the government exceeded its expenses, and in just proportion to
that excess. For these reasons they recommended themselves to the govternment, while they w ere acceptable to the trading public from their availa
bility as a medium o f exchange. Unfortunately, however, the business o f
the country had been too much interwoven with a paper system, that had
apparently fallen into ruin, or, at least, as far as the late National Bank
and its afiiliations was concerned, had lost its recuperative powers, and from
an extended paper system had to accommodate itself to a cash system, and
revived but slowly under the transition.
An additional issue o f Treasury
notes was authorized in March, 1S40, when the business o f the country
had begun to revive so far as to restore the revenue in some d eg ree; and
in March, 1841, the amount o f notes outstanding had become reduced to
$4,804,412.
T h e year 1840 had been one o f considerable exports o f
farm produce, and the general business o f the Union evinced evident
signs o f recovery in 1841.
Am ong by no means the least important o f
these evidences o f improvement, was an increase in the federal revenues ;
and the prospect o f a recovery o f the national income, so far as to admit o f
the retirement o f the notes, was good. At this moment, however, the
policy o f the government underwent a change, and it was resolved to con
vert the Treasury notes into 6 per cent stock. The act o f July 21, 1841,
authorized a loan o f $12,000,000, redeemable in three years. O f this loan
only $5,672,976 88 was negotiated ; and in April, 1842, Congress passed
a law extending the time o f the redemption, but removed the usual re
strictions which prevented its being sold under par.
N o money was
obtained on this loan till January, 1843, when money had becom e cheap,
by reason o f the depression o f com m erce and the large importations o f
specie.
The change in the policy o f the government, in relation to Treasury notes,
led to a singular anomaly in the finances, inasmuch as that the govern
ment put it out o f its power to discharge the debt, at tha moment when its
means to do so began to increase ; and this resulted in the accumulation
o f near $9,000,000, deposited in th e‘ banks for several years without inlerest, while the government was in all that time paying 6 per cent on an
equal sum which it had borrowed.
In March, 1843, the causes which produced an abundance o f money
generally having been adverse to the improvement o f the revenue, fur
ther aid became necessary, and a law was passed authorizing the re-issue
o f Treasury notes, or, in lieu thereof, the issue o f a stock having ten years
to run, redeemable in ten years. This loan was partly realized in notes,
and partly in the prescribed stock. The revenues o f the government began
now to recover, and a surplus to accumulate in the Treasury, which enabled
ithe department to discharge the $5,672,976 88 o f stock, which, contracted
at three years, in 1841, fell due January, 1845.
By this means the debt,
w hich stood at $23,277,301 D ecem ber, 1844, was reduced to $17,604,324
October, 1845, when the balance o f cask in the Treasury was $8,922,885.
This balance was increased to $11,478,084, when the present war broke
out, and occasioned the necessity for a new loan, which was authorized, to
State Debts.
478
the extent o f $10,000,000, either in the shape o f Treasury notes, or in a
stock not to exceed 6 per cent, and redeemable in ten years.
This Was
realized partly in stocks and partly in notes.
There was also authorized
the issue o f $320,000 5 per cent stock, in payment o f the fourth and fifth
instalments o f the Mexican indemnity. The continuance o f the war made
further loans necessary, and the act o f January, 1647, authorized the issue
o f #23,000,000 o f Treasury notes, o f the same character as those o f
former issues ; and also authorized them to be funded in a 6 per cent stock,
redeemable in twenty years, and pledging the revenues o f the public lands
for the payment o f the interest, and appropriating the surplus to the pur
chase o f the stock at not more than par.
A new loan has also been created, by the act o f February 15, 1847, o f
indefinite amount, consisting o f bounties to men enlisted for service in the
M exican war. T h e law provides, that every person enlisted for twelve
months, and regularly discharged, shall be entitled to a warrant for 160
acres o f land, which may be located by the warrantee or his heirs at any
o f the land offices. Those privates enlisted for less than twelve months,
to be entitled to 40 acres. It was also provided that the twelve month
men might, in lieu o f the land warrant, receive $1 00 o f 6 per cent scrip,
redeemable at the pleasure o f the government, and those serving less than
twelve months, $ 2 5 scrip. These scrips have the interest payable in
January and July, and are transferable on the books o f the Treasury D e
partment, at the Register’ s Office, Washington. From the nature o f this
debt, its amount is not definable. A considerable number o f men will
doubtless locate the land, while some have already drawn the scrip.
Under these several acts, the debt o f the United States is as follow s:—■
UN ITED ST A T E S N A TIO N A L D EBT.
A ct.
R ed eem able.
Rate o f interest.
P ayable.
J u ly
2 1 ,1 84 1. January
1,1 8 45 . 5 2-5 a 6 p. cl.
P aid.
April
15, 1842. January
1 ,1 8 63 .
6 “
Sem i-annual.
M arch
3, 1843. July
1, 1853.
5 “
“
J u ly
2 2 ,1 84 6. N ovem ber 12, 1856.
6 “
“
A ugust
10, 1846. A u g u st
10, 1851.
5 “
“
January
28, 1847. January
1, 1868.
6 “
“
F e b r u a r y 1 1,1 84 7.
A t pleasure.
6 “
“
D enom ination.
...............................
$109 to $10,000
100
10,000
100
5,000
.............................
50
10,000
L and scrip.
T o t a l s to c k ...........................................................................................................................................
L ess stock redeem ed..........................................................................................................................
Present stock d e b t .............................................................................................................................
T reasury notes under acts prior to 1846......................................... 6 per cent.
$252,389 31
“
“
“
J u lv 2 2 . 1846.......................... 6
“
1.329.800 31
«
“
«
January 28, 1847 ................ 6
“
14,226,250 00
-------------- ------T o ta l debt.
A m ount.
$5,072.976 88
8,343,886 03
6,604,231 35
4,888,149 46
320,000 00
4,447,650 00
11,650 00
$30,286,543 72
5,672,976 88
$24,613,566 84
15,808,439 62
$40,422,006 40
T h e amount o f the debt, at the close o f 1840, was #4,443,823, in
Treasury notes. In the following six years and a half, this amount o f
Treasury notes was increased by the sum o f #11,364,614, and a stock
debt o f #24,613,566 created— making a nett increase o f debt #35,978,180.
It appears that the nett deficit in the current revenue for that period, was
#25,873,729, to be supplied from loans ; and that the amount borrowed
was #71,528,452. There was paid on loans, #37,589,163, leaving a nett
amount, derived from debt, equal to #33,939,289, which exceeded the de
ficit in current revenue by #9,052,905, out o f which excess, #6,476,877
was paid for interest, and the balance remains on hand.
T h e progress o f the federal finances for several years, irrespective o f
the debt, has been as follows :—
479
State Debts.
UN ITED S T A T E S RECEIPTS AND EXPE N D ITU R E S.
Receipts.
Custom s.
Lands.
M iscellaneous.
T o t a l.
Current e x pense.
Dollars.
Dollars.
Dollars.
Dollars.
Dollars.
Excess ex pense.
Excess
means.
Dollars.
Dollars.
]P42 ........... 38,187.908 76 1,335,797 52 120,260 12 19,643,966 40 23,921,037 60 4.277,071 20 ......................
1843 G m o. 7,046,843 91 897.818 11 120,663 44 8,065,325 46 10,698,390 83 2,633,065 37 ...................
3844............. 26,183,570 94 2,059,939 80 261,007 94 28,504,518 68 19,960.054 40 ........................ 8,544,454 28
1845 ........ 27.528,112 70 2.007,022 30 163.998 55 29,769,133 56 21,380,049 36 ........................ 8.389,084 20
1846 ........ 26,712.667 87 2,694,452 48 92,126 71 29,499,247 06 26,813.290 90 ........................ 2,685,956 10
1847 ........ 23,164,801 00 2,356.897 00 81,511 00 25,603,209 00 55,924,732 00 30,321,523 02 ......................
T h e current expenditure has been under the following heads :—
C ivil mid foreign
intercourse.
Dollars.
1842 ................
1843, 6mo.......
]844.................
1845 ................
1846
......
1847 ................
3,250,987
1,401,324
2,747,181
1,787,091
2,921,557
6,732,800
A rm y,
N avy.
Dollars.
Dollars.
86
8,924,507 97 8,324,993 70
20 4,158,384 31 3,672,717 79
05 8,231,317 23 6,496,990 65
59
9,533,202 91 6,228,639 09
49 13,579,428 35 6,450,862 70
00 37,299,862 00 7,931,337 00
M iscellaneous.
Dollars.
T o ta l.
Dollars.
3,420,548
1,465,964
2,484,565
2,831,115
3,861,442
3,960,733
07
23,921,03760
53 10,698,390 83
47
19,960,05440
77
21,380,04936
35
26,813,29090
00
55,924,73200
It results from these figures, that the nett excess o f expense over revenue,
in the five years and a h alf embraced in the table, is $17,612,164 99, in
cluding one year and a quarter o f war. The fiscal year was changed in
1 8 4 2 ; for that reason the figures are given for the calendar year, 1842,
and for six months, ending June 30, 1843, when the fiscal year, 1844,
commenced.
T h e operations in regard to the debt, have been as follo w s:—
CURRENT REVEN U E.
P A ID L O A N S .
Excess over D eficit.
B a la n ce on R eceiv ed
P rincipal.
expense.
hand.
on loans.
1841 .....$ .................. $8,261,564
$987,345 $13,264,278 $5,350,180
1842 ..............................
4,277,071
230,483 14,808,735
7,709,840
1843 ..........................
2,633.005
10.434.507 12,479,708
338,012
1844 ......... 8.544,454
7,857,379
1,877,181 11,164,906
1845 ......... 8,389.084
7,658,306
7,548,125
1846 ......... 2,685,956
9,126,439
...
375,100
1847 .................................
30,321,523 3,727,051 29,097,550
5,103,000
T o t a l-. 19,619,494
45,493,223
................
71,528,452
37,589,163
Interest.
$277,894
768,028
142,631
1,833,867
1,040,032
842,723
J,571,702
D E B T O U T S T A N D IN G .
T reasury .
S tock ,
notes.
$7,382,027 $3,229,946
10,093,426
8.799,362
4.165,225
21,016,862
2,256,207 21,021,094
1,727,328 15,348,117
3,143,400 18,732,717
15,808,439 24,613,566
6,476,877
The balance on hand, July, 1843, was the proceeds o f the loan o f 1841, to
be appropriated to the redemption o f the Treasury notes, which took place
in the course o f the year. In three years, 1844—46, inclusive, it is observa
ble that the amount on hand on deposit with banks, without interest, was
near $9,000,000, while the stock debt, w hich was reduced by payment, January 1, remained at $15,348,117. It is obvious, that if the notes had not
been funded, they would have been redeemed with the surplus funds, and
the amount, instead o f being $15,348,117, in 1845, would have been hut
$6,348,117. This made a difference o f the amount o f average interest
paid on an amount o f stock, corresponding to the sum o f money lying un
improved at the command o f the Treasury, which, as we see, was about
$9,000,000, on which the interest paid was $540,000— making, for three
years, $1,020,000 lost to the Treasury by funded stock, instead o f notes
redeemed within the y e a r ! It turned out fortunately, however, that this
expensive operation resulted in a surplus o f $12,035,558, cash on hand,
the day the news o f the invasion o f our territory by M exico reached
W ashington; consequently, there was an important sum on hand where
with to commence the national defence, although it had been accumulated
in a most improvident manner. It has also resulted from this loan opera
tion o f the war, that the public lands, which had been released from pledge
to the national creditor through the extinguishment o f the old debt, in
480
Commercial Formalities o f Havana.
1835, have again becom e pledged, for twenty years, for the redemption of
the §23,000,000 loan o f 1867. By these means those revenues, which
had becom e a bone o f contention between political parties, have again
becom e fixed in their application, for at least twenty years to come, for
the redemption o f the present rapidly accruing debt. It appears from the
above figures, that the amount on hand, when the w ar broke out, was
§12,035,558, and on the 1st October, 1847, §3,727,051 ; a reduction o f
§8,3 08,50 7, which, added to the increase o f the debt, §23,346,560, gives
§31 ,655 ,0 67 as the actual outlay for the present w a r; and if w e add to it
the excess o f ordinary revenue over ordinary expense, in 1846, w e shall
have §34,341,023 as the total expense up to this time. The continuance
o f the war w ill probably require some additional outlay, but it will, no
doubt, to a considerable extent, be drawn from the conquered country, as
is both right and proper. The new tariff is becoming more productive,
and has yielded near §3,500,000 more, in the first nine months o f its operation, than the preceding one in a corresponding time. It w ill doubtless
yield §30,000,000 for the fiscal year, 1848 ; and, with the other sources
o f revenue, will yield §32,500,000, which will be a surplus o f §9,000,000
over the average expenditure o f the four years, ending with 1845— a sum
that w ill discharge the existing debt in four years. The formation o f a
sinking fund, under the charge o f commissioners, ought not, however, to
be neglected for a moment.
t . p. k .
Art. III.— COMMERCIAL FORMALITIES OF HAVANA.*
I t is to be observed that the following invoices and sales are merely
pro-formas, and that the various charges, though taken from actual a c
counts, may vary slightly. Freight has, in all cases, been omitted.
Vessels, on arriving at Havana, are boarded by the health officer, who
takes the bill o f health, which should be certified by the Spanish consul,
i f there is one at the port o f departure, otherwise the vessel is subject to
seven days quarantine ; by the Governor’s Adjutant, who receives the
passports, with which all passengers must be provided ; and by a custom,
house officer, who receives the manifest, on which is noted the captain’s
oath and the hour o f delivery, from which time begin to count the twelve
hours allowed for alterations. This officer is accompanied by an officer
from the post-office, w ho receives the correspondence. It is recommended
to masters'to be very particular with their inward manifests.
The custom o f the port is, that the expense o f lading and unlading
cargo or freight is payable by the vessel, unless stipulated to the contrary
by special agreement.
Vessels touching at this port in ballast or with cargo, to try the market
or procure supplies, w ill be quarantined if the bill o f health is not certified
by the Spanish consul at the port o f departure. I f they do not break
bulk, or take cargo, the charge for tonnage duties will not be incurred.
* For a compend of the Tariff of Cuba, Custom-House Rules and Regulatious for
the government of all vessels arriving at Havana, Harbor Regulations of the port of Ha
vana, Police Regulations, &c., see Merchants’ Magazine for July, 1844, p. 86 to 92,
inclusive. Also, for articles on the “ Commerce of Cuba,” see Merchants’ Magazine for
October, 1842, Vol. VII., No. IV., p. 319 to 337; and for October, 1843, Vol. IX., No.
IV., p. 337 to 351, &c.
481
Commercial Formalities o f Havana.
Vessels in ballast can clear, and remain in port as long as they p lea se;
and, should they then take cargo, the expense o f re-entry is light.
Vessels loading entirely with molasses, are exempt from tonnage dues.
T h e usual rates o f commission are as follows :—
2 } per cent.
5
“
P u rchases,........................................................................
S a le s ,................................... .............................................
Guarantee,........................................................................
Endorsing and negotiating bills on Europe,...........
“
“
“
United States,
C ollecting fr e ig h t ,.......................................................
Procuring
“
..........................................................
Disbursements,................................................................
*2
2*
H
2*
5
S u g a r is the great staple. The grinding usually commences in D e
cem ber, and the sugars are brought to market from January until July,
but in greatest quantities in March, April, and May. There are two
kinds, “ Clayed” and “ M oscavado,” but far the largest quantity is
clayed ; o f which the principal division o f qualities is as follows :— Florete, White, Yellow , Brown, Cogucho. It is packed on the plantations ;
the clayed in boxes, w eighing from 450 to 500 lbs. gross— tare, usually
50 lb s .; and the Moscavado in casks, weighing from 1,200 to 1,500 lbs.
gross— tare, 10 per cent. It is usually sold in lots, assorted half whites
or half yellows or browns, per sample, by licensed brokers, is examined
before received, and that which is not equal to sample, rejected. W hen
it remains long in store, it becomes moist, and loses its grain.
P R O -F O R M A INVOICE OF C L A Y E D SUGAR.
1,200 boxes, weighing, nett, 20,160 arrobes, at 4 rs......
Cases, at $3 25 each,......................................................
Charges.
Export duty, 3 rls. per box,.............................................
Weighing and drayage, 2J rls. per box,.........................
Brokerage, J per cent,.....................................................
$10,080 00
3,900 00
-------------
$13,980 00
$450 00
375 00
69 90
-------------
894 90
Commission, 2J per cent,.........................................................................
Total,....................... ........................................................................
$14,874 90
3 7 1 87
$15,246 77
P R O -F O R M A INVOICE OF MOSCAVADO SU GAR.
100 hhds., weight 4,812 arrs. nett, at 5 rs.,........... ....................................
100 casks, at $ 4 50 each,...........................................................................
$3,007 50
450 00
$3,457 50
Charges.
Export duty, 75 cents per cask..............................
Weighing and drayage, 75 cents per cask............
Brokerage, $ per cent,..........................................
$75 00
75 00
17 28
167 28
Commission, 2J per cent,.............................................................................
$3,624 78
90 62
Total,................................................................................................
$3,715 40
C o f f e e . T h e production o f this article has rapidly decreased during
the last ten years, from the continued low prices, and the much greater
VOL. XVII.--- NO. V.
31
482
Commercial Formalities o f Havana.
profit on the cultivation o f sugar. It begins to ripen in August, when the
planters commence picking, which is continued until Decem ber or Janu
ary, and is brought to market throughout the year, but in greatest quanti
ties in Decem ber, January, and February. It is packed on the plantations
in sacks containing from 6 to 8 arrobes— tare, 2 lbs. per sack— and is
sold per sample by licensed brokers, is examined before received, and that
which is not equal to sample is rejected. It is usually classed as follows :
— Superior, First, Second, Third, Triache. There is a round bean cof
fee called “ Caracolillo,” which is the produce o f the tree in the first
bearing year, when the pods contain but one kernel. After the first year,
the pods contain two kernels. G ood coffee should be o f a fresh green
color, the berries smooth, equal, and unbroken, and free from stones and
any unpleasant odor. W hen it remains long in store, it fades, and loses
its aroma.
P K O -F O R M A INVOICE OF COFFEE.
100 bags, weighing, nett, 16,350 lbs., at 7 cts.,.............
100 bags, 5 rs. each,.........................................................
$1,144 50
62 50
-------------
$1,207 00
Charges.
Export duty, 20 cts. per 100 lbs.,.....................................
Weighing and drayage, 1 rl. per bag,.............................
Brokerage, 4 per cent,......................................................
$32 70
12 50
6 03
------------ 51 23
Commission, 2J per cent,.............................................................................
$1,258 23
31 45
Total,...................................................... .........................................
$1,289 68
But little o f this article is exported to any other country
than the United States. It is carted from the estates to convenient ship
ping points on the coast, and is usually sold receivable there, and vessels
go jrom the open ports to load, returning to clear. T h e earliest shipments
are usually made in the latter part o f Decem ber. T h e price is always
stipulated per keg o f
gallons, and it is never sold without the cask, for
which 5 } cents per gallon is the fixed rate. The. casks are always gauged
with the rod, and the outs taken with an out-stick. This method gives an
excess o f about 7 per cent over the true contents o f the cask.
M o lasses .
P R O -F O R M A INVOICE OF MOLASSES.
100 hhds., gauging 13,750 gallons^or 2,500 kegs, at 2 rs.,......................
Casks, at 5J cents per gallon,......................................................................
$625 00
756 25
$1,381 25
Charges.
Cooperage, 50 cents,..
50 00
Commission, 2J per cent,.............................................................................
$1,431 25
35 78
Total................................ ................................................................
$1,467 03
H o n e y is an article o f considerable export.
It is produced b y domes
ticated bees, but little care is taken in its collection, and it is consequently
full o f impurities. Sales are effected per g allon ; and, like molasses, it is
never sold without the cask. G ood honey should be new, o f a good
transparent body, free from dirt, and have a soft aromatic odor.
Commercial Form alities o f H avana.
483
PR O -F O R M A INVOICE OF H O N EY .
100 tierces, ganging 8,224 gallons, at 2J rs.,..............................................
100 casks, 7 cents per gallon,......................................................................
$2,570 00
575 68
$3,145 68
Charges.
Export duty, $1 36 per 100 gallons,.............................
Cooperage, at 3 rs.,..........................................................
$111 85
37 50
------------------------------- 14935
Commission, 2J per cent,;............................................................................
$3,295 03
82 37
Total,.................................................................................................
$3,377 40
T a f i a , ( Aguardiente, or Spanish B randy.)
This article is obtained
by fermenting and distilling molasses and the refuse o f the sugar works,
many estates having a still for the purpose. It is sold per pipe o f 125
gallons, with or without cask, as may be agreed upon. G ood tafia should
be clear and transparent, o f a light brownish color, and smooth taste, and
not less than 20 degrees.
PRO-FORMA INVOICE OF TAFIA.
50 pipes, (inclusive of cask,) at $30,..........................................................
Charges.
Cooperage, at 50 cents,....................................................
$25 00
Shipping expenses,............................................................
15 00
Brokerage, j per cent,................ .....................................
7 50
-------------
$1,500 00
47 50
Commission, 2J per cent..............................................................................
$1,547 50
38 69
Total,.................................................................................................
$1,586 19
is one o f the staples. T here are many qualities, but it is
usually classed in two classes. That which is raised on the western end
o f the island, and is unequalled for smoking, is called “ vuelta abajo.”
That which is raised east o f Havana is called “ vuelta arriba,” and is far
inferior to the “ vuelta abajo” tobacco. This latter is usually divided
into five classes—
T
o bacco
Calidad, o r ...............................................................................................
Ynjuriado Principal,.............................................................................
Segundas,..................................................................... ...........................
T erceras,.................................................................................................
Cuartas,...................................................................................................
Libra.
Firsts.
Seconds.
Thirds.
Fourths.
Calidad, or Libra, is the best tobacco, selected for its good color, flavor,
elasticity, and entireness o f the leaves. The bales always contain sixty
hands o f four gabillas or fingers o f twenty-five leaves each, and are
marked £ 6 0 .
Ynjuriado Principal, or Firsts, has less flavor, and is usually o f a lighter
color. T h e leaves should be whole, and somewhat elastic. The bales
contain eighty hands o f four gabillas o f thirty leaves each, and are mark
ed B 80.
Segundas, or Seconds, is the most inferior class o f wrapper. There
are many good leaves in it, but the hands are usually made up o f those
which are stained, have a bad color, or have been slightly touched by the
Com mercial Form alities o f H avana.
48 4
worm. The bales contain eighty hands o f four gabillas o f thirty-six to
forty leaves each, and are marked Y 2a 80.
Terceras, or Thirds, is the best filling, and much wrapper can usually
be selected from it when new . T h e bales contain eighty hands o f four
gabillas o f more than forty leaves each, and are marked 3a 80.
Cuartas, or Fourths, is the most inferior class, fit only for filling. The
bales contain eighty hands o f four gabillas o f no determined number o f
leaves, and are marked 4a 80.
T h e “ vuelta arriba” tobacco is prepared in a similar manner, but nei
ther its color or flavor is good, and it does not burn w ell.
The crop is gathered in the spring, and usually begins to appear in
market in July. G ood tobacco should be aromatic, o f a rich brow n color,
without stains, and the lea f thin and elastic. It should burn well, and the
taste should be neither bitter nor biting. The best is grown on the mar
gins o f rivers which are periodically overflowed, and is called u de rio. ”
It is distinguished from other tobacco by a fine sand which is found in
the creases o f the leaves. W h en tobacco is shipped, the bales are usually
covered with crash.
PRO-FORMA INVOICE OF TOBACCO.
6 bales Firsts, at $30,....................................................
$180 00
34 bales Seconds, at $16,................................................
544 00
$724 00
Charges.
Export duty on 3,865 lbs., at $1 50 per qtl.,.......
Baling,....................................................................
Brokerage, 25 cents per bale,.................................
Shipping expenses,..................................................
$57 97
30 00
10 00
10 00
107 97
t
Commission, 2J per cent,.................... ............................
$831 97
20 80
Total,................................... ............................
$852 77
W a x . This article is the produce o f domesticated bees, and is exported
both in a bleached and unbleached state. It is run into cakes about fifteen
inches wide, thirty long, and three thick ; and when shipped, two o f these
cakes are placed together, and covered with crash. Good wax should be
o f a bright yellow hue, soil, yet somewhat brittle, and slightly unctuous to
the touch. W h en bleached, it should be transparent, hard, and brittle ;
less unctuous than the yellow, heavier, and, when broken, have a slight
appearance o f crystallization.
PRO-FORMA INVOICE OF W AX .
10 bales white wax, 1,100 lbs., at $ 3 3 ,......................................................
10 “ yellow “ 1,100 lbs., at 25,......................................................
$363 00
275 00
$638 00
Charges.
Export duty,.............................................................
Baling, at $1 50,...................................................
Shipping expenses,.................................................
Brokerage, j per cent,...........................................
$23 92
30 00
2 50
3 19
-----------
59 61
Commission, 2J per cent,......................................... .................................
$697 61
17 44
Total............................................................................................... .
$715 05
Com mercial Form alities o f H avana.
48 5
S f. g abs are made o f all classes o f tobacco, and o f innumerable sizes
and shapes. Those manufactured from Calidad, or Libra tobacco, are
usually Regalia. T h ey are distinguished from the other classes by the
end, instead o f having the usual twist, being brought to a fine point, and
the wrapper held together by the richness o f its substance, which is somewhat glutinous. Those intended for the American market are packed in
cedar boxes, containing from 50 to 500 segars each ; those for England
in large cedar cases, containing 15, 20, 25, and 30 M.
Purchases should always be made by some intelligent person, who can
detect fraud, as there are many small dealers in this article, w ho prey
upon the unwary.
It is advisable to pack those intended for shipment to the United States
in large pine cases, as the boxes are thus less liable to sustain injury.
PRO-FORMA INVOICE OF SEGARS.
10
10
10
10
10
M.
M.
M.
M.
M.
Regalia, at $ 2 5 ,....................................................
Canones,at $1 5 ,....................................................
1st common size, $12 50,....................................
2d “
«
11 00,....................................
3d “
“
8 50,....................................
$250
150
125
110
85
00
00
00
00
00
$720 00
Charges.
Export duty, 50 cents per M.,..........................................
Cases and packing, 10 cts.,..............................................
Shipping expenses,............................................................
$25 00
5 00
2 00
32 00
Commission, 2 J per cent,............................................................................
$752 00
18 80
Total,...................................................................................... ..........
$770 80
T h e large red apple is always preferred, and will command
from one to three dollars per barrel more than any other kind. Large lots
should not be shipped at once.
A pples.
PRO-FORMA SALES.
50 bbls. apples, at $ 6 ,.............................................................................. .
Charges.
Import duty, $ 3 per b b l,^74 per cent,.........................
$41 25
Balanza duty, 1 per cent...................................................
41
Receiving and delivering,................................................
6 25
Cooperage,.........................................................................
50
Commission, 5 per cent,...................................................
15 00
-------------
$300 00
Total,................................................ ................................................
$236 59
63 41
This article is sold b y weight. The long white bean is m ost
preferred. Barrels are the most eligible packages. T h e beans should
be clean, white, and new.
B eans.
PRO-FORMA SALES.
10 bbls. beans, weighing 90 arrobes, at 12 rs.,...........................................
Charges.
Import duty, at $3 qql., and 334 Per cent,....................
$22 61
Balanza duty, 1 per cent,.................................................
23
Receiving and weighing,..................................................
1 25
Commission, 5 .per cent,.................................................
6 75
------------Total,
$135 00
30 84
Commercial Form alities o f H avana.
486
B e e f . The demand for this article has fallen o ff greatly since the
stopping o f the slave trade, as the greatest consumption was by the
slavers. The quantity used by the navy is small, and merchant ships
usually come provided.
PRO-FORMA SALES.
10 bbls. No. 1 beef, at $11,..........................................................................
Charges.
Import duty, $9 per bbl., at 33J per cent,.....................
$30 15
Balanza duty, 1 per cent,..................................................
30
1 25
Receiving and delivering,................................................
Commission, 5 per cent,....................................................
5 50
-------------
$110 00
Total..................................................................................................
$72 80
37 20
O f white pine lumber, that from Bath is preferred, as it is
longer and wider than that from Portland or Bangor. 5 per cent is de
ducted for splits.
B oards.
PRO-FORMA SALES OF BOARDS.
100 M. feet, at $2 5 ,.....................................................................................
Charges.
Import duty, at $20, and 274 per cent,..........................
$550 00
Balanza duty, at 1 per cent,.............................................
5 50
Commission, 5 per cent,..................................................
175 00
-------------
$2,500 00
730 50
T ota l,................................................................................................
$1,769 50
The duty on pitch pine is the same. On scantling, the valuation is $18 per M. feet.
B r i c k . T h e demand for this article is very light, and mostly for the
inferior quality o f Am erican brick. The large Hamburgh brick is much
used for floors, and generally commands a ready sale.
PRO-FORMA SALES.
10 M. American brick, at $10,....................................................................
Charges.
Import duty, at $12, and 334 per cent,..........................
$40 20
Balanza duty, 1 per cent,..................................................
40
20 00
Launches for discharging,.................................................
Commission, 5 per cent,....................................................
5 00
-------------
$100 00
Total,.................................................................................................
$34 40
65 60
C a n d l e s . O f sperm candles, “ fours” and “ sixes” are the preferred
sizes, but the smaller sizes o f tallow candles meet the readiest sales. They
should be white and hard, otherwise much difference is made in prices.
PRO-FORMA SALES OF CANDLES.
50 boxes sperm, 2,000 lbs., at $36,.............................................................
Charges.
Import duty, at $32 qql., and 274 per cent,...................
$176 00
Balanza duty, 1 per cent,..................................................
1 76
Receiving and weighing,..................................................
1 50
Commission, 5 percent,....................................................
36 00
-------------
$720 00
Total,.................................................................................................
On Tallow Candles.
Import duty, at $12, and 334 percent,...........................
Balanza duty, 1 percent,..................................................
$504 74
215 26
Com mercial Form alities o f H avana.
48 7
On Composition Candles.
Import duty, at $23, and 27J per cent,........................... ...........................
Balanza duty, 1 per cent,..............................................................................
C h e e s e , w hen brought in b ox es, finds a m ore ready sale.
PRO-FORMA SALES OF CHEESE.
50 cheeses, weighing 1,000 lbs., at $1 2 ,....................................................
Charges.
$27 50
Import duty, $10, and 27J per cent,.............................
Balanza duty, 1 percent,.................................................
27
Receiving and weighing,.................................................
1 50
Commission, 5 per cent,..................................................
6 00
-------------
$120 00
Total,................................................................................................
$84 73
35 27
C o d f ish should b e small, w hite, and dry, and are preferred w hen pa ck
e d in sm all drums.
PRO-FORMA SALES OF CODFISH.
100 small drums, 20,000 lbs., at $ 4 ,..........................................................
Charges.
Import duty, $3 50 qql., and 27 J per cent,...................
$192 50
Balanza duty, 1 per cenV................................................
1 92
Receiving and weighing,.................................................
6 50
Commission, 5 per cent,................. ................................
40 00
------------Total,,
$800 00
240 92
$559 08
F lour . N ew Orleans sends the most acceptable brands, but the im
port is light, because o f the onerous duty.
PRO-FORMA SALES OF FLOTJR.
100 bbls., at $15, four and six months,.........................
Discount, 1$ per cent per month,....................................
$1,500 00
88 05
$1,411 95
Charges.
Import duty, at $9 59,...................................................
Receiving and delivering,................................................
Commission, 5 per cent,..................................................
$959 00
6 25
75 00
1,040 25
Total,,
$371 70
H a m s . A small, dry a rticle, is p referred ; and, w h en canvassed, usually
finds ready sale.
PRO-FORMA SALES OF HAMS.
100 hams, weight 1,200 lbs., at $ 1 5 ,.........................................................
Charges.
Import duty, $10 qql., at 33J per cent,.........................
$40 20
Balanza duty, 1 per cent,.................................................
40
Receiving and weighing,.................................................
1 25
Commission, 5 per cent,..................................................
9 00
-------------
$180 00
Total,......... ......................................................................................
$129 15
50 85
L ard should be hard and white, and the kegs clean. L e a f lard is
preferred ; and, when imported in barrels, commands from a half to one
cent more than in kegs.
488
Com mercial Form alities o f H avana.
PRO-FORMA SALES OF LARD.
100 kegs of lard, 4,400 lbs., at $12,.......................................................
$528 09
Charges.
Import duty, at $12, at 33$ per cent,...........................
Balanza duty, 1 per cent,..............................................
Receiving and weighing..............................................
Commission, 5 per cent,..............................................
$176 88
1 77
6 25
26 40
------------
211 30
Total,.........................................................................................
$306 70
P o r k , D r y S a l t e d . That from Philadelphia is preferred before the
N ew Orleans packed, and usually sells for
to 4 cents more, as it is free
from lean, and is packed in fine salt.
PRO-FORMA SALES OF PORK SIDES.
20 boxes pork sides, 2,000 lbs., at $12,..................................................
$240 00
Charges.
Import duty, $9, at 27$ per cent,................................
Balanza duty,...............................................................
Receiving and weighing,..............................................
Commission, 5 per cent,................................................
$49 50
50
1 25
12 00
----------------------------- 6325
Total,.........................................................................................
P o t a t o e s sell most readily when imported in barrels.
white potato is preferred.
$176 75
T h e round
PRO-FORMA SALES OF POTATOES.
100 bbls., at $3,.....................................................................................
$300 00
Charges.
Import duty on $2 50, at 27$ per cent,.......................
Balanza duty, 1 per cent...............................................
Receiving and delivering,............................................
Commission, 5 per cent,...............................................
$68 75
69
6 25
15 00
----------------------------- 9069
Total,.........................................................................................
R ic e should be clean, whole, and white.
$209 31
An assortment o f tierces and
half-tierces facilitates sales.
PRO-FORMA SALES OF RICE.
100 casks, weighing 58,000 lbs., at $6..................................................
$3,480 OO
Charges.
Import duty, at $5 qql., and 33$ per cent,...................
Balanza duty, 1 per cent,..............................................
Receiving and weighing,..............................................
Commission, 5 per cent,...............................................
$971 50
9 71
12 50
174 00
----------------------------- 1,16771
Total,.........................................................................................
S c a n t l in g , o f white pine, is unsaleable.
$2,312 29
O f pitch pine, the following
dimensions are preferred: 5x6, 5x7, 6x7, 7x8, 7x9, 8x9, 9 x 1 0 ,1 0 x 1 2 ,
12x14, steam-sawed, and free from sap, not less than 20 feet long. C ar
goes should be assorted, so as not to contain more than 10 M. feet o f same
dimension. O f plank, 11, 2, and 2-J inches thick, 16 to 20 inches wide,
and 20 or more feet long, are preferred.
Commercial C ities and T oim s o f the United States.
489
PRO-FORMA SALES OF SCANTLING.
$2,500 00
100 M. feet, at $25,.............................................................
Charges.
Import duty, at $18, and 27$ per cent,...............
Balanza duty, 1 percent,.......................................
Commission, 5 per cent,..........................................
$495 00
4 95
125 00
624 95
$1,875 05
Total,.
Art. IV.— COMMERCIAL CITIES AMD TOWNS OF THE UNITED STATES.
NUMBER V .
TH E C IT Y OF TOLEDO, OHIO.
Ohio, is situated on the Northwest bank o f the Maumee River,
4 miles above its mouth. T h e river up to, and a little above the town,
is about two-thirds o f a mile in width. O f this, more than h alf is chan
nel, having a depth o f from 12 to 20 feet. T h e harbor is therefore ample.
It is no less safe and convenient. The Maumee finds its lake level at the
foot o f the rapids, 9 miles above T o le d o ; and running thence in an ample
channel, the river floods never raise the water at this place more than 3
or 4 feet. The entrance to the harbor from Lake Erie, is through the
outer bay o f 4 miles in breadth. In this bay are shoals, on which, in the
lowest stage o f the lake, there are but 8 feet and 6 inches o f water.
The ground on which T oledo is laid out is somewhat uneven, and is
elevated above the harbor, on an average, about 25 feet. T h e front,
which in a state o f nature was 45 feet high, has been graded to an easy
slope, and the grade for the streets has been established with a view to
give a rapid motion to the water which falls upon them. The harbor front
is over a mile long. Water-street, for more than half a mile, has been
made by earth brought from the bank, and so placed along the line o f deep
water as to secure, at the warehouses, a good depth in the lowest stages
o f the river. Swan Creek enters the river, near the upper part o f the
plat, and by its valley, and the ravines connected with it, occasions con
siderable broken ground. Most o f the site has a surface soil o f sand
based on marly clay. The canal enters in the valley o f Swan Creek,
into w hich it is locked down 49 feet, by 6 cut stone locks.
T h e country, on both sides o f the harbor, has a nearly uniform level
above the lake o f about 50 feet, rising gradually as it recedes from the
lake. On the South side, it is heavily timbered with a great variety o f
forest trees. On the North side commences the country o f oak openings,
so widely spread out in Southern Michigan and Northern Indiana.
As Toledo is a point o f interest to commercial men more on account o f
the extraordinary advantages o f its position, and the extent o f navigable
canals terminating there, than for its present condition and business, those
will first be brought under consideration.
The reader w ill note how deeply the waters o f Lake Erie here pene
trate into the country. This gives Toledo great advantages—
1.
By making it the nearest port for a large extent o f territory— as large
as Massachusetts and Connecticut united. This territory, alone, i f under
T
oledo,
490
Com mercial C ities and Towns o f the United States.
good cultivation, would sustain a large to w n ; for it has more than double
the capability o f those two States to furnish food and raw materials.
2. By the necessity it imposes on the people o f much o f the two penin
sulas o f Michigan and Upper Canada to pass through it, in their inter
course with portions o f Ohio, W estern Pennsylvania, and Virginia. These
two sections, though not so unlike in climate and productions as to have a
great trade with each other, are yet so extensive and populous as to make
their future commercial and social intercourse worth noting.
3. B y bringing it nearer than any other town on Lake Erie, to that
great gathering point o f Northwestern com m erce— the South bend o f Lake
Michigan, and Chicago, its ch ief c ity ; and also, nearer than any other
town on the lakes, to the city o f Cincinnati, the ch ief city o f the Ohio
Valley, and probably destined to becom e the ch ief city o f the Mississippi
Valley.
These advantages o f position, other things being equal, will, at some
future period, place T oledo before all the other lake towns, with the ex
ception, perhaps, o f Chicago. A n attentive study, in 1828, o f the relative
advantages o f the various commercial points in the North American Valley, resulted in the conviction, that the four greatest towns would be Cin
cinnati, St. Louis, (or Alton,) and two places at or near the heads o f Lakes
E rie and M ichigan. Chicago and T oledo did not then exist, even on pa
per ; and, according to the preceding federal enumeration, Cincinnati had
less than 10,000, and St. Louis less than 5,000. Nineteen years have
since passed, and proved, in regard to two, i f not three o f the points, that,
however premature may have appeared the expression o f that conviction,
it w as not entertained on slight grounds, and that its truth may be fairly
expected to becom e established within another period o f nineteen years.
T h e four points named, although each commands, commercially, a great
section, are comparatively at a small distance from each other, and might
all be brought into easy communication. In a straight line, Toledo is but
185 miles from Cincinnati, 220 from Chicago, and 335 from St. Louis.
A line o f railroad that would take in the four cities, need not be over 1,000
miles long. The same extent o f railroad could nowhere, in the States, be
made at less cost, or with better prospects o f rich returns. T o use the
beautiful figure o f Mr. Bates, at the Chicago convention, these towns
would then truly be “ all pearls upon the same string.”
E ach o f the four
is surrounded by a country quite distinct in character from either o f the
others, but with about equal agricultural and mineral advantages in all.
T oled o may be characterized as the canal city.
T h e M iami and E rie Canal, which connects her with Cincinnati, by a
union with the W abash and Erie Canal, near Defiance, has a navigable
extent, including feeders, o f 207 miles.
T h e Wabash and E r ie Canal, as now completed, extends to the mouth
o f Coal Creek, in Indiana, 49 miles below Lafayette. Its length, inclu
ding feeder and side-cuts, is about 280 m iles; o f this, 70 miles, towards
Toledo, is 60 feet wide and 6 feet deep. This forms the common trunk o f
the two canals. From the junction to Fort W ayne, the size is 50 feet by
5 feet. A ll the other portions o f both canals are o f the original size o f
the Erie Canal, o f N ew York, v iz : 40 feet by 4 feet.
T h e length o f the two canals, as now in operation, is 487 miles. A
section o f the W abash and Erie, between Coal Creek and Terre Haute,
has been recently let. From that point, to the Ohio River, at Evansville,
The C ity o f Toledo, Ohio.
491
the canal is to be completed within four years. W h en finished, it will be
456 miles lo n g ; and the extent o f canal, in a good measure tributary to
Toledo, will be 663 miles. Every mile is through a rich soil, very much
o f which, especially within 130 miles from Toledo, is yet unimproved.
Throughout both lines, the settlement o f the land and the augmentation o f
the surplus products will be favorably shown, by the increase o f the busi
ness on the canals. It w ill be seen that the business o f these canals, in
1846, was more than double that o f 1845, as the following table will
prove :—
ARRIVED.
Articles.
Ale and beer..................barrels
Cider..........................................
Corn-meal.................................
Flour.........................................
Fish, (fresh water,)..................
Oil, (linseed,)...........................
Oil, (lard,).................................
Oil, (castor,).............................
Lime, (hydraulic,)....................
Pitch..........................................
Pork..........................................
Rosin.........................................
Salt............................................
Tar............................................
Tallow......................................
Vinegar.....................................
Whiskey....................................
Barley............................bushels
Beans........................................
Corn..........................................
Oats...........................................
Potatoes....................................
Rye............................................
Seeds, (clover,)......................... )
Seeds, (other grass,)................. $
Seed, (flax,)...............................
Wheat.......................................
Shorts.......................................
Agricultural implements. ...lbs.
Anvils........................................
Butter........... ..........................
Baggage, ex. and furniture.......
Broom corn................................
Bacon and pork, in bulk...........
Beeswax...................................
Cheese.......................................
Coffee........................................
Cotton, (raw, in bales).............
Cotton yam................................
Cordage.....................................
Candles, (lard,)..........................
Cut stone...................................
Clocks.......................................
Crockery, (foreign,).................
Coal, (mineral,).........................
Eggs..........................................
Fruit, dried, (U. S.,).................
Fruit, undried, (U. S.,)............
1815.
1846.
20
120
387
86,382
25
332
390
187
35
7,859
1,912
26
30,037
9,741
2,878
33
\
1,887 |
f
2,381'
565,711
797
134,598
64
714
653
75
1845.
136
3
187
CLEARED.
1846.
260
2,186
49
307
5,078
2
166
23
19,333
179
26
2,183
60
1,132
1,156,414
115,402
2,196
1,798
1,592 I
355 (
7,377
753,221
41
35
55,145
69
93
7,367
4
320
300
456
69 |
39
55,153
84
70
69
8,013
69
35
2,000
672,104
15,025
7,847
5,852
787,069
3,171
10,812
3,710
84,991
941,298
18,863
83,461
164,326
335,918
36,977
12,091
12,091
246,578
222,374
97,450
1,963,561
46,963
1,463
39,167
250,519
585
10,339
52,089
17,396
3,710
88,488
122,977
16,200
5,146
36,210
9,857
13,406
82,812
11,971
102,022
2,415
2,786
201,650
359,373
232,956
32,073
141,322
492
Com mercial C ities and Towns o f the United States.
ARRIVED.
Articles.
Feathers.............................lbs.
Furs and peltries......................
Ginseng...................................
Groceries................................
Grease................ ....................
Grindstones..................... .......
Gypsum..................................
Glass and glassware, (O.,).......
Hemp......................................
Hides and skins.......................
Hogs’ hair..............................
Iron, (pig or scrap,)................
Iron........................................
Iron, (cast,).............................
Lard.......................................
Lead......................................
Leather, (unfinished,)..............
Machinery..............................
Merchandise...........................
Marble, (unwrought,)..............
Marble, (wrought,)..................
Molasses.................................
Nails and spikes......................
Oil cake..................................
Potters’ ware..........................
Powder, (Ohio,)......................
Pot and pearl ashes.................
Shot..-.....................................
Soap.......................................
Steel, (American,)..................
Starch, (Ohio,)........................
Saddle-trees............................
Sugar......................................
Tallow....................................
Tobacco..................................
Wool......................................
White lead..............................
Woodenware and W. I. fruit...
Sundries..................................
Animals, (domestic,).........No.
Barrels....................................
Brooms...................................
Brick.......................................
Hoop poles..............................
Passengers..............................
Miles travelled........................
Millstones..........................pair
Shingles..................................
Wagons..................................
Wood..............................cords
Shinglebolts............................
Timber.............................. feet
Lumber...................................
Stone, dressed & rough... perch.
CLEARED.
1845.
1846.
1845.
1846.
95,918
136,188
110,060
654,713
56,736
258,017
94,623
80,507
17,117
12,155
335
10,058
4,847
569,006
149,881
47,381
316
446,312
2,682
1,981,215
45,948
9,717
392,092
4,366
21,296
77,895
134,415
56,204
23,591
162,417
15
128
2,040
27,680
7,085
397,251
148,779
40,177
41,702
5,002,514
44,213
129,123
18,270
422,892
622,334
24,776
69,470
1,317
885
24,000
193,723
359,858
124
72,697
9,818,737
67,406
13,235
207,941
50,115
1,220,067
46,302
48,565
1,760
80
1,290,085
543,630
714,245
80,150
123,722
150
50,791
12
3,588
9,266
24,000
247,694
561,132
169,722
132,078
9,464,989
290,847
18,668
93,574
224,547
67,747
5,356
3,390
2,745
1,270
3,390
120
510
169,516
142,780
184
2,226
24,854
8
12
2,207
12,976
11,410
50,203
21
979
883
2,000
2,000
16,734
1,243,702
18
3,961
21
164,941
37,752
222,200
5,641
297,433
150,624
251,624
5,169
1,535,701
51,628
88
126
13
127
3,415
522,518
3,100
301,243
5,302
539,668
46
2,745,000
249
55
510,480
38
From this table and other official sources, it appears that there arrived
and cleared at Toledo, via c a n a l:—
The C ity o f Toledo, Ohio.
1845.
Arrived—barrels....
“
bushels...
"
pounds...
Cleared—barrels...
“
bushels...
“
pounds...
97,268
602,694
7,165,386
57,946
8,516
2,073,596
1846.
Tons.
)
}
}
)
}
}
493
Arrived—barrels..
35,244
“
bushels.
“
pounds.
Cleared—barrels.
“
bushels.
15,928
“
pounds.
159,009
2,041,537
14,074,777
61,247
8,118
15,049,462
51,172
1
>
76,132
)
)
I
127,960
S
204,092
51,172
Increase, 103 p. ct
152,920
T h e canal business o f the present season, w ill exhibit a larger increase
on that o f 1846.
O wing to an unusually good stage o f water in the Ohio and W abash
Rivers, during the past year, our canals have brought to the lake, and
taken to the rivers, very much less freight than they would under the com
mon condition o f those rivers. T h e high prices o f farming productions in
N ew Orleans, during the winter and spring, also enticed thither immense
quantities before the opening o f our canals. Under ordinary circum
stances, w e think, the business o f the two canals united, might be ex
pected to more than double from year to year— not in each item, but in the
aggregate tonnage. This rate o f increase could not, o f course, be con
tinued many years.
As yet, Toledo has received very little benefit from railroads, although,
w e believe, the first one in operation W est o f Buffalo, or Pittsburgh, was
made by her citizens and owners. T h e E rie and Kalamazoo, which ex
tends to Adrian, 33 miles, and there connects with the Southern Railroad,
was completed in 1836.
The unfavorable legislation o f Michigan, and the litigation o f disputed •
ownership, have prevented it from doing a heavy business. The transport
on this road, last year, was as follows :—
Flour.........................
Merchandise sent
road......................
up
the
35,005 Pot and pearl ashes........
63,146
Wool...............................
1,665,371 Passengers, both ways.... ...N o.
463,391
24,204
8,800
9,660
T h e wagon trade o f Toledo is not large, but it increases about as fast
in proportion as the canal business. The capabilities o f the soil around
it, for the production o f wheat and corn, are g o o d ; but the settlement o f
the lands is not as rapid as their quality, proximity to market, and low
price, would warrant one to expect. T h e bad name o f the Maumee R iver
Valley, as to health, is probably the cause. Allowing the ill name to be
correct, as applied to the immediate borders o f the river, it can have no
possible application to the lands lying a few miles back. A n acquaintance
o f fifteen years enables us to say that no new country in the W est, in the
same latitude, is more healthy.
T h e fame for insalubrity, w hich T oledo has acquired, seems too firmly
established to be called in question. It constitutes one o f those deter
mined beliefs that no evidence is allowed to shake. Some o f the most
improbable stories, got up by some o f its citizens as a burlesque on the
current reports, have been swallowed, and have entered into the general
mind as facts not to be disputed. The testimony o f men who have resided
here in the enjoyment o f good health, for a quarter o f a century, has no
49 4
Com mercial C ities and Towns o f the United States.
weight against the representations o f men who have spent an hour in pass
ing through it.
The substantial truth is told, in saying, that it is neither more nor less
insalubrious than other W estern towns, o f the same age and size, situated
on large streams, in about the same latitude.
A census was taken, under the direction o f the city council, in August
last, showing the following results :—
Total population, 2,774. Males, over 21 years, 949 ; females, over 21
years. 657. Males, under 21 years, 5 5 2 ; females, under 21 years, 616.
There w ere 6 clergymen, 25 lawyers, 7 physicians, 6 school-teachers,
6 machinists, 40 ship-carpenters, 91 carpenters and joiners, 8 painters, 15
cabinet-makers, 24 shoemakers, 12 tailors, 2 gunsmiths, 16 blacksmiths,
11 coopers, 11 brickmakers, 2 millwrights, 12 saddlers, 4 moulders, 5 watch
makers, 7 printers, 2 civil engineers.
T h e buildings w ere— 456 dwellings, 16 warehouses, 46 m echanics’
shops, 10 dry-goods stores, 27 grocery and provision stores, 9 shoe and
clothing, and 5 apothecary and oil stores ; in all 51 stores. T h e number
o f taverns and hotels was 7, and o f retail shops 44. There are 2 large
flouring-mills,* 2 double saw-mills, 5 churches, 3 public school-houses, and
a large distillery. Toledo has 2 banks, branches o f the State Bank, with
a capital o f $150,000 e a c h ; 1 printing-office, from which the T oledo
Blade, a W h ig paper, is issued tri-weekly and w e e k ly ; another, to advo
cate dem ocracy, is about to be established, to be published tri-weekly and
weekly.
T h e lake commerce, since the opening o f the canals, has becom e con
siderable. Last season, the arrivals w ere 427 steamers, 520 sail-vessels ;
total, 947 arrivals. The clearances w ere 426 steamers, 520 sail-vessels :
total, 946 departures.
The arrival o f passengers at T oledo, in 1846, were, by canal, 16,734 ;
by railroad, 6 ,2 4 0 ; stage, 3,650 ; steamers and vessels, 2 7 ,6 2 4 ; other
conveyances, 1,0 00; showing a total o f 55,248. T w o daily lines o f ex
cellent canal packets ply regularly between T oledo and Cincinnati, and
Toledo and Lafayette, both carrying a daily mail.
W e have not been able to ascertain the precise tonnage o f all the ves
sels arrived and departed. It is believed that the steamers averaged 270
tons, and the sail-vessels 150 tons. This estimate would make the ton
nage a fraction under 200,000 tons arriving, and almost precisely the same
departing, together making an aggregate o f nearly 400,000 tons.
A large and increasing portion o f the lake business o f Toledo, passes
through the W elland Canal and O sw ego. Since the opening o f our canals,
no large amount o f Western produce has been shipped to Canadian ports.
It is probable, that, when Great Britain permanently regulates her corn
laws, after the present dearth shall have passed away, she w ill discrim
inate in favor o f produce going through Canada, and thereby draw a co n
siderable share o f wheat, corn, pork, beef, lard, & c., from T oledo and
other leading lake ports. A Q uebec paper states, that 32 ships have been
built in Canada, the present season, intended to ply between the upper
* The canal famishes a water-power, within the city limits, equal to the movement of
about 100 run of stones, with necessary machinery for making flour. Of this, but enough
for 6 run is in use. Mr. Whittlesey, and his associates, are preparing to make its exten
sive use convenient and cheap.
The Com mercial Growth and G reatness o f the W est, etc.
495
lakes and the ocean, through the St. Law rence Canal. A n improvement in
steam-vessels, as great as the last twenty years have produced, might enable
the Canadian route to com e into close rivalry with that through N ew Y ork ;
if, indeed, it should not occasion an entire revolution in the trade o f the
great interior, tributary to the lakes.
The early history o f Toledo will, at some future day, possess a deep in
terest. It has been connected with some stirring events, but it is too early
to do more than to touch on the leading matters.
In 1817, Major W illiam Oliver, and others, bought land at the mouth
o f Swan Creek, laid out a few lots, and encouraged several families to
settle there. This was in a season o f speculation, w hich soon passed
away, and left the few settlers alone in the wilderness, surrounded by In
dians and Indian lands. In 1819, the Northwestern quarter o f Ohio was
purchased o f the Indians, and soon after was brought into market. Major
B. F . Stickney became the purchaser o f several hundred acres, lying on
the river below M ajor Oliver’s purchase, and in 1832 he laid out a plat,
in connection with Samuel Allen, E sq., o f Lockport, N ew York, and
named it Vistula. This plat embraces the low er half o f what is now
T oledo. T h e upper town was named Port Law rence. T h e two plats
were united, in 1836, and received the present name by vote o f the in
habitants. In 1833, very little progress was made towards the settlement
o f the new towns. Stephen B . Comstock, Esq., becam e part owner o f
the Port Law rence plat, and opened an office for the sale o f lots. In
1834, the place began to grow, and continued to go ahead during the years
o f speculation w hich followed, much after the fashion o f most W estern
towns o f that period. The revulsion o f 1837, found it without a cultivated
country around to sustain i t ; and it struggled along, from year to year,
hoping for better times, but finding worse, until the canals were completed.
Since that time, it has gradually revived, and now gives evidence o f a new
vitality.
From 1837 to 1846, the population scarcely increased at all. In 1840,
the census gives it 2,040. In January, 1846, according to the city census,
the number was 2,153. T h e increase, since that time, has been 621.
This is very much less than the increase in business. A t present, every
one who chooses to work can find full and profitable employment, and
many trades and occupations, not now here, might be carried on with
good profits.
T h e foregoing sketch is longer than I intended to make it. I f it serves
no other purpose, it will answer as a foil to some future description, when
com m erce shall have performed for it the high promises which it now
holds forth.
Art. V.— THE COMMERCIAL GROWTH AND GREATNESS OF THE WEST:
A S IL L U S T R A T IN G
W e want
econom y, to
great W est,
salt, but the
T H E D I G N I T Y A N D U S E F U L N E S S O F C O M M E R C E .*
a word, in the vocabulary o f American politics and political
express the maritime— no, not the maritime com m erce o f the
for the waters which it traverses are not oceans, and are not
great inland com m erce, by water, o f the great W est. P er
* Address before the Young Men’s Mercantile Library Association, of Cincinnati, in
celebration of its eleventh anniversary, April 18, 1846. By James Hall.
496
T he Com m ercial Growth and G reatness o f the W e s t:
haps the real difficulty, however, is not so much the want o f a word, as
the want o f a clear recognition, among our politicians and people, o f the
vastness o f the trade o f the W est, and, in fact, o f the whole domestic com
merce between the States; for it is impossible to distinguish, by g eo
graphical designations and limits, the trade o f the different sections o f the
country. Thank heaven ! the soil and climate o f Am erica, and the pur
suits o f the Am erican people, are so various, that the different industrial
interests o f the Union are, and must continue, to grow more and more
united in that harmony, which, in com m erce, can come only from variety
o f resources and products, and from their interchange. The great trade
o f the W est necessarily implies a great trade at the East. W hat makes
wheat and flour the staple o f this trade, but the immense demand for it at
the East, for consumption in the N ew England and Middle States, and for
exportation to South Am erica, and Europe 1 I f N ew England w ere a na
tion by itself, separate from N ew York, with what com placency would the
Boston merchant compute the amount o f his foreign exports o f cotton goods
to this State, and the N ew Y ork merchant the value o f his foreign ship
ments to Boston ! As things are, (may they never be otherw ise!) all this
is but a branch o f domestic trade, hardly to be called com m erce ; and our
Sound steamers, some o f w hich are o f 1,500 tons burthen, a capacity
greater than that o f a frigate— (and there are many European liners o f
less than a thousand, and Canton ships o f nine hundred tons burthen)—
our Sound steamers must take rank with coasters. Superior, with its un
sounded depths, is but a lake ; and voyages o f many thousands o f miles,
on the confluent waters o f the Ohio, the Missouri, and the Mississippi, are
but steamboat trips between Pittsburgh, St. Louis, Council Bluff, 'and
N ew Orleans.
Th ose politicians, who take the well-known distinction between fresh
and salt water, in their reasonings on the subject o f river and harbor im
provements, have no excuse for their want o f appreciation o f the domestic
trade on the canal, at le a s t; for, probably, the waters o f the Atlantic and
the G ulf are salt enough to satisfy the most fastidious stomach o f them a l l;
and, as to the lakes, it was wittily said, at the late Chicago convention,
that there have been ships enough, loaded with salt, wrecked on the dan
gerous waters o f Lake Erie, to neutralize any objection to the freshness
o f the great Mediterranean seas o f the North.
In our slowness to appreciate the importance, and, as it w ere, maritime
dignity o f our inland trade by water, we are not like the English man-ofw ar’s man, who belonged to one o f the vessels operating against Perry,
on Lake Erie, during the war o f 1812, Being out all day, in a boat on
the lake, the poor fellow manfully endured the pangs o f thirst for whole
hours together, without so much as wetting the tip o f his tongue with the
pure fresh water, which lay around him in every direction, spread out in
such ocean-like expanse and volume, that the old salt never once dreamed
o f its being any more drinkable than the water o f any other sea.
W e have nowhere, lately, seen the commercial growth and greatness o f
the W est more vividly depicted than in Judge H all’s able and eloquent
address before the Mercantile Library Association o f Cincinnati. T h e
subject o f the discourse is the “ dignity and usefulness o f com m erce
but
the body o f the address, “ the staple o f the argument,” consists in inter
esting sketches o f western discovery and enterprise, and statistics o f com
mercial progress. The learned judge argues, and justly, too, that the dis-
A s Tlltislrating the D ign ity and U sefulness o f Commerce.
497
eoveries o f the French adventurers, who explored the Lakes and the M is
sissippi, and the enterprise o f the traders who first crossed the Alleghanies, and o f the traders who now swell the trains to Santa Fe, though
their labors result in their exploration o f continents, and the foundation o f
States, are yet, all o f them, to be carried to the credit o f commerce, w hich
was, and is, the immediate and primary motive o f them all.
There is one rather broad assertion in this address, which, as referable
to the enthusiasm o f a W estern orator, is perfectly pardonable ; but which
the coolness o f Eastern criticism, or, perhaps, the jealousy o f Eastern emu
lation, may carp at a little. T h e learned judge, speaking o f the invention
o f the steamboat, after remarking that there was no necessity to “ pause
to inquire whether the honor o f the invention be due to Fitch, to Rumsey,
or to Fulton,” says :— “ Science pointed the way, but she did no more ; it
was the wealth o f the W estern merchant, and the skill o f the W estern
mechanic, that brought out the experiment to a successful issue.” N ow ,
a N ew Yorker cannot easily forget, or allow the world to forget, the first
passage o f Fulton’s “ Clerm ont” from N ew Y ork to Albany, certainly the
first instance o f the practical “ application o f steam-power to purposes o f
navigation.” N or can we consider the splendid and swift steamboats o f
the Hudson, or the strong and large sea-steamers, which ply the Sound,
and along the Atlantic coast to Charleston and N ew Orleans, as slight
proofs o f the services o f the East, in developing this great invention. Nor
can the American people fairly, on the whole, deny to European skill the
credit o f the first practical introduction o f ocean steam navigation, which
w e accord to England, on the same principle on which N ew Y ork claims
the original invention for Fulton. In these controversies about priority o f
invention, much time is wasted, it seems to us, in discussing claims and
apportioning honors among those who may have been the first to broach
a great idea, or even the first to attempt, or grope after its practical de
velopment. Doubtless very many, after the first invention o f the steamengine, thought o f something very like a steam boat; and when their
eyes were shut, may have seen steamers going to and fro on the earth,
“ pillars o f cloud by day, and pillars o f fire by night.”
But it is men who,
like Fulton, are so filled and impelled by a new idea, that it enables them
to stem the heady current o f prejudice and habit, and to compel society to
follow in the wake o f the great thought, who have a true right to the name
o f inventors.
Judge H all’s remark, however, is to be understood, perhaps, as refer
ring more particularly to services o f the W est, in adapting the steamboat
to the purposes and peculiar exigencies o f W estern com m erce; and, thus
qualified, it receives strong confirmation from a remark, or rather pro
phecy o f Fulton’ s, which w e once heard the late Mr. Justice Story repeat
from the great man’s own lips.
Most o f our readers are, probably, familiar with the beautiful narrative
o f Fulton’ s first passage up the Hudson, in one o f Judge Story’ s literary
addresses, published among his miscellaneous writings. After repeating
this narrative, which, he said, is in almost the very words which Fulton
used, in a conversation with himself, in the city o f Washington, Judge
Story said that Fulton, on that occasion, also remarked, that his triumph
had not come yet. “ W ait,” said he, “ till you see steamboats on the
M ississippi; wait till you see them sailing up the stream, against its curvox™ x v n .— no . v.
32
493
The Com mercial Growth and Greatness o f the W es t:
rent, as regularly and rapidly as barges now float down that current; then
will my triumph be, and not before !”
W e want no better illustration o f this prophecy, o f what was to be, than
Judge H all’ s vivid narrative o f what is, which w e take the liberty o f extrading without abridgm ent:—
The French, who first explored our northern frontier, ascended the great chain
of lakes to Huron and Michigan, and afterwards penetrated through Lake Supe
rior, to that remote wilderness, where the head branches of the St. Lawrence in
terlock with those of the Mississippi. Adopting, and probably improving the
bark canoe of the natives, they were enabled to traverse immeasurable wilds,
which nature had seemed to have rendered inaccessible to man, by floods of
water at one season, and masses of iee and snow at another; by the wide
spread lakes and ponds, and morasses, which in every direction intercepted the
journey by land, and by the cataracts and rapids, which cut off the communica
tion by water. All difficulties vanished before the efficiency of this little vessel:
its wonderful buoyancy enabled it, though heavily freighted, to ride safely over
the waves of the lakes, even in boisterous weather; its slender form and lightness
of draught permitted it to navigate the smallest streams, and pass the narrowest
channels ; while its weight was so little, that it was easily carried on the shoul
ders of men from one stream to another. Thus, when these intrepid navigators
found the river channel closed by an impassable barrier, the boat was unloaded ;
the freight, which had previously been formed into suitable packages for that pur
pose, was carried round the obstruction by the boatmen; the boat itself performed
the same journey, and then was again launched into its proper element. So,
also, when a river had been traced up to its sources, and no longer furnished suffi
cient water for navigation, the accommodating bark canoe, like some amphibious
monster, forsook the nearly exhausted channel, and travelled across the land to
the nearest navigable stream. By this simple but admirable contrivance, the fur
trade was secured, the great continent of North America was penetrated to its
centre, through thousands of miles of wilderness, and a valuable staple
brought to the marts of commerce. If we regard that little boat as the means of
bringing to market this great mass of the treasures of the wilderness, we may well
remark, that never was an important object effected by means so insignificant.
But the human labor, and peril, and exposure— the courage, the enterprise, and
the skill employed, were far from insignificant. The results were great. Besides
the vast trade which was developed, the interior of a great continent was explored,
the boundaries between two empires were traced out and incidentally established,
an intercourse with the Indian tribes was opened, and valuable facts were added
to the treasures of science. And all this was accomplished, not by the power of
an empire—not by the march of a conqueror impelled by military ambition or the
lust of conquest—not by a lavish expenditure of money, or the shedding of human
blood—but by the action of humble individuals acting under the great stimulus of
commercial enterprise.
Turning our attention to another part of that great theatre of early adventure,
we see the bold explorers crossing from the Lakes to the Mississippi, passing down
and up that river, tracing its gigantic course from the Gulf of Mexico to the Falls
of St. Anthony— erecting forts, planting settlements, and, in short, establishing a
chain of posts and colonies, extending from the mouth of the Mississippi, west
ward of the British Colonies, to the mouth of the St. Lawrence. The adven
turers to Louisiana sought the precious metals; imaginary mines of gold and sil
ver allured them across the ocean, led them to brave the terrors of the climate
and the wilderness, and sustained them under the greatest extremes of toil and
privation. Though disappointed in the object of their search, they became the
founders of an empire, they explored and developed the resources of the country,
they led the way to that flood of emigration which has been gradually filling up
the land, and scattered the germs of that prosperity which we see blooming around
us, and promising harvests too great to be estimated.
A s Illustrating the D ign ity and Usefulness o f Commerce.
499
When the sagacious eye of Washington first beheld the country lying about
the head waters of the Otiio, he saw and pointed out the military and commercial
advantages which might be secured by its occupation. Had the annexation of
this country to the American Colonies, or, at a later period, to the States, been
made a political question, how various would have been the opinions, how delib
erate the discussion, how slow the action, how uncertain the result! But this
splendid example of national aggrandizement, was not achieved by the wisdom of
statesmen, nor by the valor of armies. No sooner had a few daring pioneers
settled in the wilderness, than the eager spirit of trade, ever on the watch for new
fields of adventure, discovered the rich promise of gain offered by a region so wide
and so fertile. Commerce did not then, nor in any instance, in the settlement of
our country, wait until “ grim-visaged war had smoothed his wrinkled front,” as
is supposed to be her usual custom. However pacific in her tendencies, she did
not shrink from a full participation of the perils of this glorious adventure. Fol
lowing the footsteps of the pioneers, she came with the advance of the army of
population.
The first settlements in the West were made by the backwoodsmen from Vir
ginia and North Carolina, who were soon after followed by those of Pennsylvania
and Maryland. New Jersey came next in the order of population ; and from these
sources originated that gallant band of pioneers who explored the country, drove
back the savage, and opened the way for civilization. They were a daring, a
simple, and an honest people, whose history is full of romance— but it is not with
the romance of history that we have now to do. Simple and frugal as they were
in their habits, they were still civilized men— branches of the great social circle
whose centre glowed with the brightest refinements of life— and they had some
artificial wants beyond the mere fruits of the earth and the products of the chase—
while the country abounded in the crude materials which promised an abundant
su
of articles for barter.
erever there is a prospect of gain, there will the adventurous feet of com
merce thread their way, however dreary the path, however difficult or dangerous
the road. While the whole Alleghany ridge was still an unbroken mass of wil
derness, trains of pack-horses might be seen climbing the mountain sides, by the
winding bridle-path, threading the meanders of the valleys and gorges, trembling
on the brinks of precipices, and sliding down the declivities, which scarcely
afforded a secure footing to man or beast. They were laden with merchandise
for traffic. The conductors were men inured to all the hardships which beset the
traveller in the wilderness— men who united the craft of the hunter to the courage
and discipline of the soldier. For the road they travelled was the war-path of the
Indian— it was the track that had been beaten smooth by the feet of them that
sought the blood of the white man, and who still lurked in the way, bent on
plunder and carnage. There was no resting-place, no accommodation, no shel
ter. Throughout the day they plodded on, through the forest, scaling steep ac
clivities, fording rivers, enduring all the toils of an arduous march, and encamp
ing at night in the wilderness ; observing the precaution and the discipline of a
military party in a hostile country. These were merchants, carrying their wares
to the forts and settlements of the W est; they were the pioneers of that com
merce which now employs the wealth and controls the resources of an empire.
They deserve a high place among the founders of Western settlements, as they
furnished the supplies of arms, ammunition, clothing, and other necessaries, which
enabled the inhabitants of the frontier to sustain themselves against the hostilities
of numerous tribes of Indians, incited to war by British influence, and supplied
with the implements and appliances of savage warfare, by the agents of the same
humane and enlightened people.
The first boats used in the navigation of the Western rivers, were the flat-boat,
the keel, and the barge, the first of which was only used in descending with the
current, while the two latter ascended the streams, propelled laboriously by poles.
Navigating long rivers whose shores were still infested by hostile savages, the
boatmen were armed, and depended for safety upon their caution, and their man
hood. Mike Fink, the last of the boatmen, was an excellent marksman, and was
500
The Commercial Growth and G reatness o f the W es t:
as proud of his ability to defend his boat, as of his skill to conduct it through the
rapids and windings of the navigation. The Indians, lurking along the shore, used
many stratagems to decoy the passengers and crews of the boats to land, and
those who were unsuspicious enough to be thus deceived, fell an easy prey
to the marauder. Under the best circumstances these boats were slow, and dif
ficult to manage; the cost of freight was enormous, and the means of communi
cation uncertain.
The application of steam-power to the purposes of navigation, forms the bright
est era in the history of this country. It is that which has contributed more than
any other event or cause, to the rapid growth of our population, and the almost
miraculous development of our resources. W e need not pause to inquire whether
the honor of the invention be due to Fitch, to Rumsey, or to Fulton— for that in
quiry is not involved in the discussion in which we are now engaged. But if we
seek for the efficient patron of this all-powerful agent— for the power that adopted,
fostered, improved, and developed it— from an unpromising beginning, through
discouragement, failure, disappointment— through peril of life, vast expenditure of
money, and ruinous loss, to the most complete and brilliant success— we are again
referred to the liberal spirit of commercial enterprise. Science pointed the way,
but she did no more ; it was the wealth of the Western merchant, and the skill
of the Western mechanic, that wrought out the experiment to a successful issue.
The first fruits of the enterprise were far from encouraging; failure after failure
attested the numerous and embarrassing difficulties by which it was surrounded.
For, although all the early boats were capable of being propelled through the
water, and although the last was usually better than those which preceded it, it
was long a doubtful question, whether the invention could be made practically
useful upon our Western rivers; and it was not until five years of experiment,
and the building of nine expensive steamboats, that the public mind was con
vinced by the brilliant exploit of the Washington, which made the trip from
Louisville to New Orleans, and back, in forty-five days.
The improvements in this mode of navigation since then have been surprising.
The voyage from New Orleans to Louisville has been made in less than six days.
The trip from Cincinnati to New Orleans, and back, is made easily in two weeks.
During the high water, in the spring of this year, the trip from Pittsburgh to Cin
cinnati was made in twenty-seven hours, and the packet-boats between these
places have now regular days and hours of departure.
Explosions and other destructive casualties have become rare, and the naviga
tion is now safe, except only from obstructions existing in the channels of the
rivers. All that skip, enterprise, and public spirit could do, to bring this naviga
tion to perfection, nas been done by the liberal proprietors of steamboats. The
wealth of individuals has been freely contributed, while that of the government
has been w'thneld with a degree of injustice which has scarcely a parallel in the
annals of civilized legislation. The history of man does not exhibit a spectacle
of such rapid advancement in population, wealth, industry, and refinement— such
energy, perseverance, and enlightened public spirit on the part of individuals, as
is exhibited in the progress of the Western people— nor of so parsimonious and
sluggish a spirit as that evinced towards us by the government. All that we have,
and are, are our own, created by ourselves, unaided by a government to whose
resources and power we are now the largest contributors. W e build and main
tain a fleet of five hundred steamboats, bearing annually a freightage of more
than two hundred millions of dollars— while we are subjected to an immense yearly
loss of life and property, from the narrow and unwise refusal of the government
to make a comparatively small expenditure to remove obstructions from the chan
nels of rivers, over which it has the sole jurisdiction.
By our own unaided exertions, we have now actively employed in the transpor
tation of passengers and merchandise, more than five hundred steamboats, worth
ten millions of dollars, having the capacity of one hundred thousand tons, and
plying upon a connected chain of river navigation of twelve thousand miles in
extent.
The value of the exports and imports floating on the Western waters annually,
Illustrating the D ign ity and Usefulness o f Commerce.
501
has been estimated at two hundred and twenty millions of dollars, consisting of
the products of our soil and manufactures, on the one hand, and of the fabrics of
foreign countries upon the other, all bought with the money of our merchants,
and by them thrown into the channels of trade.
If the mercantile class had rendered no other service to our country, than that
of introducing and fostering the agency of steam in navigation and manufactures,
they would have entitled themselves to more lasting gratitude and honor, than
the most illustrious statesman or hero has ever earned from the justice and en
thusiasm of his country.
Previous to the year 1817, the whole commerce from New Orleans to the upper
country, was carried in about twenty barges, averaging one hundred tons each,
and making but one trip in the year, so that the importations from New Orleans,
in one year, could not have much exceeded the freight brought up by one of our
largest steamboats in the course of the season. On the upper Ohio, there were
about one hundred and fifty keel-boats, of about thirty tons each, which made the
voyage from Pittsburgh to Louisville, and back, in two months, or about three such
trips in the year. That was but thirty years ago, and need I pause to inquire
what would have been the probable condition of our country, at this time, had our
commerce continued to be dependent upon such insufficient means of conveyance ?
The pioneers were a noble race, and well did they discharge the part assigned
them. They led the way into the wilderness. They scaled the ramparts of the
Alleghany mountains, that seemed to have been erected as barriers against the
footsteps of civilized men. They beat back the savage and possessed the country.
Their lives were full of peril and daring; their deeds are replete with romance.
The farmers who have subdued the wilderness, are hardy and laborious men,
who have been well designated as the bone and muscle of the country. They
have cheerfully encountered obstacles from which a less resolute body of men
would have shrunk in despair, and have won the fruitful fields which they possess
through toils and dangers such as rarely fall to the lot of the husbandman.
But without detracting from the merits of either of these classes, what would
this country have been now, without commerce? Suppose its rural population
had been left to struggle with the wilderness without the aid of the numberless
appliances which have been brought to their doors by the spirit of trade, to what
point would their population and their prosperity have risen ? Without money,
without steamboats, canals, railroads, turnpikes, and other facilities for transpor
tation, what would have been the destiny of our broad and fertile plains ? Desert
and blooming, they would have sustained a scattered population, rich in flocks
and herds— a roaming pastoral people, whose numbers would have grown by
the natural increase ; while the country would have remained unimproved, and
its rich resources locked in the bosom of the earth. But commerce came, bring
ing them a market for their products, offering rich rewards to industry, and stim
ulating labor to the highest point of exertion. She brought with her money, and
the various representatives of money, established credit, confidence, commercial
intercourse, united action, and mutuality of interest. Through her influence the
forests were penetrated by roads, bridges were thrown over rivers, and highways
constructed through gloomy morasses. Travelling was rendered easy, and trans
portation cheap. Through this influence the earth was made to yield its mineral
treasures ; iron, lead, copper, coal, salt, saltpetre, and various other products of
the mine, have been taken from our soil, and brought into common use. Our ag
ricultural products have increased, and are daily and hourly increasing, in va
riety and value; while in every village is seen the smoke of the manufactory, and
heard the cheerful sounds of the engine and the hammer.
Such have been the trophies of commerce; and still the same salutary spirit is
abroad in our land. There is no page in the history of our country more sur
prising, or richer in the romance of real life, than that which depicts the adventures
and perils of the traders and trappers in the wilderness beyond our Western frontier.
Leaving St. Louis in large parties, well mounted and armed, they go forth with the
cheerfulness of men in pursuit of pleasure. Yet their whole lives are full of dan
ger, privation, and hardship. Crossing the wide prairies, and directing their steps
to the Rocky mountains, they remain months, and even years, in those savage
502
The Commercial Growth and Greatness o f the W e s t:
wilds, living in the open air, without shelter, with no food but such game as the
wilderness affords, eaten without bread or salt, setting their traps for beaver and
otter in the mountain streams, and fighting continually with the grizzly bear, and
the Indian—their lives are a long series of warfare and watching, of privation and
danger. These daring men secure to us the fur trade, while they explore the
unknown regions beyond our borders, and are the pioneers in the expansion of our
territory.
So, too, of the caravans which annually pass from St. Louis across the great
plains to Santa Fe. Their purpose is trade. They carry large amounts of val
uable merchandise to the Mexican dominions, and bring back rich returns. But,
like the trapper, they go armed for battle, and prepared to encounter all the dan
gers of the wilderness. And here, too, we see the spirit of trade animated by an
intelligent enterprise, and sustained by a daring courage, and an invincible per
severance.
Although I am addressing an association of young men, I see more than one
venerable gentleman present, who bears in his memory the record of the last fifty
years, and has been contemporary with some of those momentous events which
disturbed the repose of the world. The rise of Napoleon, the expansion of that
gigantic military power, which had nearly conquered Europe, the lavish expen
diture of blood and treasure, by that mighty conqueror, that man of brilliant genius
and stubborn will, are still recent events. Within that period, kingdoms were
overrun, nations conquered, crowns transferred ; and who can forget the pomp,
the circumstance, the terror, the dreadful carnage, that attended those great na
tional changes?
Within the same period, the great plain of the Mississippi was a wilderness,
embracing a few feeble and widely-scattered colonies. Here also arose a mighty
conqueror, more powerful than an army with banners. A vast region has been
overrun and subdued. The mountains have been scaled— the hills have been
levelled, and the valleys filled up, and the rough ways made smooth, to admit the
ingress of the invaders. The land has been taken. A broad expanse, extending
over twelve degrees from North to South, and ten degrees from East to West,
has been rescued from the dominion of nature, and from the hand of the savage,
and brought under subjection to the laws of social subordination. A population
of seven millions has been planted upon the soil. Cities have grown up on the
plains, the fields are rich with harvests, and the rivers bear the rich freights of
commerce. This has nearly all been effected without the horrors of war, without
national violence, without the domestic affliction usually attendant on the train
of conquest. The conquests of the warlike Emperor have vanished, and his great
ness perished like an airy fabric ; while a commercial people, using only pacific
means, have gained an empire whose breadth and wealth might satisfy"the am
bition of even a Napoleon. They have gained it by labor, by money, and by
credit—by the muscular exertion of the farmer and mechanic, aided by mercantile
enterprise, and fiscal ability.
The great West has now a commerce within its own limits as valuable as that
which floats on the ocean between the United States and Europe. In that wide
land, where so lately the beaver and honey-bee were the only representatives of
labor, and a painted savage the type of manhood, we manufacture all the neces
saries of life, letters and the fine arts are cultivated, and beauty and fashion bloom
.around us.
W e have, in the West and Southwest, an incorporated banking capital of fifty
millions of dollars, affording, with its circulation of notes, a capital of about one
hundred millions of dollars for business; and however the demagogue may rail
against these institutions, there can be no question, that their capital is so much
actual power, wielded by the commercial class, for the benefit of the whole coun
try. The poor may envy the rich the possession of that of which they feel the
want—the demagogue may decry credit, for the same reason; but the truth is, that
this country has grown rich through the money of banks, and the enterprise of
merchants. The farmer has been the greatest gainer from the general prosperity.
Commerce has supplied money to purchase his products; the building of mills,
the creation of roads, canals, and steamboats, are due to the enterprise of com
A s Illustrating the D ign ity and U sefulness o f Com merce.
50 3
merce, but they bring a market to the farmer. The agricultural products, which
but a few years ago were not worth the labor of production, are now sources of
wealth to the farmer— of vast aggregated wealth to the State.
In 1795, when the troops of Wayne triumphed over a numerous Indian force,
the whole territory of Ohio was a wilderness; now we have a population of two
millions, actively engaged in the various pursuits of industry, a country rich in
resources, highly improved, and intersected in every direction by turnpike roads,
railroads, and canals; the aggregate extent of the artificial communications
made by the State being over fifteen hundred miles, and their cost more than four
teen millions of dollars. And these are not military roads, constructed by the
patronage o f1the government— neither are they the highways of a rural people,
required for the purposes of social intercourse— they are the avenues of commerce,
the arteries of our great commercial system, through which wealth and property
circulate throughout the broad land, nourishing its prosperity into healthful and
lusty vigor— created by the wants, the influence, and the wealth o f commerce.
Fifty years ago, the national flag waved over a lone fortress, surrounded by a '
few log huts, on the spot we now occupy. Around it was the unbroken forest,
penetrated only by the war-path of the Indian, and the track of the buffalo. Stand
ing upon the ramparts of that fort, the eye of the beholder would have rested on the
pristine verdure of the luxuriant forest, and on the placid stream of the Ohio, seldom
disturbed even by the light craft which then floated on her bosom— his ear would
have heard at dawn the martial notes of the reveille, and at night the hooting of
the owl, and the savage bay of the prowling wolf. Now we stand upon the same
spot, in the centre of a populous city, surrounded by all the refinements of wealth
and cultivation— a city numbering, with its suburbs, nearly one hundred thousand
souls, and embracing a vast amount of the industry, the energy, and the excite
ment of business. Situated in the midst of a great agricultural region, with nat
ural avenues, and artificial roads tending to it in every direction, it is unsurpassed
as a market, for the products of husbandry. The wonderful statistics of one
of our staples, have obscured the other elements of our prosperity from observa
tion, and we are known chiefly by the fame of the three hundred thousand hogs,
packed annually, at our pork-houses, for exportation. Our exports of beef, flour,
whiskey, butter, and other provisions, are equally abundant, and the aggregate is
eo great, as to make this tire greatest provision market in the world. But even
this is but a part of our business. Among our population, we number ten thou
sand operatives, engaged in manufacturing and the mechanic arts, who make a
great variety of articles of wood, iron, brass, copper, tin, leather, cotton, wool,
and other materials, making in all about one hundred and fifty different and dis
tinct branches of manufacture, and the annual value of whose products is about
twenty millions of dollars. Among these are an average of thirty steamboats,
which are built annually, at a cost of five hundred thousand dollars.
The capital invested in commerce in this city, is said to amount also to twenty
millions of dollars, so that our trade and manufactures bear nearly equal propor
tions to each other.
The citizens of Cincinnati have shown great public spirit in the construction
of railroads, turnpikes, and canals, leading into the. city. There are now no less
than sixteen principal avenues concentrating here, the aggregate length of which
is one thousand one hundred and twenty-five miles, and which will have cost
twelve millions of dollars when completed, a liberal portion of which has been
subscribed by the city in its municipal character, and by public-spirited citizens.
All these were made for the transit of merchandise; they were made by com
mercial enterprise and liberality, for the benefit of commerce.
If I have been successful in showing that our prosperity has resulted from the
enterprise of individuals, it will be readily seen that we owe it chiefly to the com
mercial class. Not that I would claim for them the sole honor, or deny the merits
o f others, for this would be as unreasonable as the fabulous dispute between the
body and the limbs. I only place them in the foremost rank of an active, hardy,
adventurous population, because, by controlling the wealth, the business, and the
resources of the country, they have been the chief agents in its rapid aggran
dizement.
M ercantile Law Cases.
504
MERCANTILE
LAW
CASES.
L E A D IN G C A S E S UPON C O M M E R C IA L L A W *
CONSTRUCTION OF G U A R A N T E E S .
W e extract the following important decision by Chief Justice Catron, and the
accompanying note, from a valuable work just published by D. Appleton & Co.,
of New York— “ A Selection of Leading Cases upon Commercial Law, decided
by the Supreme Court of the United States, with Notes and Illustrations,by James
P. Holcombe.” * In name and plan, it is prepared, we presume, upon the model of
Smith’s standard work, the English Leading Cases. The value of that plan all
lawyers know, and they are equally well aware of the value of the decisions which
have been here collected.
It is no idle, no American boast o f our lawyers, (admitting the national propen
sity,) that the decisions in Admiralty and Commercial Laws of American courts,
and particularly of the United States Courts, are of the very first weight and
character. If we appeal to the authority of names for this, we have Marshall,
Washington, Kent, and Story.
There is everything to favor the growth of American Commercial Laws. It is
no figure of speech to say that the maritime commerce of the United States covers
the globe, if to have ships on every sea, and visiting every port, be such a com
merce. Look, too, at our inland commerce by water— not maritime, indeed, but,
except in the fact that our inland waters are not salt, and are not oceans, differ
ing in nothing from maritime trade. On the Western rivers, voyages of a thou
sand miles can be performed, and all within our borders, as well as on the ocean.
On the Northern lakes, cargoes as rich as were ever sunk in the ocean are con
veyed ; exposed, too, to all the risks of the ocean.
Now, out of this mass of trade, questions of law are continually thrown up.
These questions come up for final decision to the Supreme Court of the United
States, and meet, of course, with the profound and careful consideration due to
matters of such national and general concern. In tl*s point of view, whatever
opinion may be held of the nature and extent of the authority of these decisions
in State Courts, the term, leading cases, is applied to them with propriety. They
are decisions by the judges of a leading court of a leading commercial country.
They, therefore, carry with them that kind of authority which belongs to what is
termed a leading case, by which is generally understood a decision of some age,
laying down for the first time, or at least clearly announcing for the first time,
some important rules of law, which have always thereafter been generally ad
hered* to, however much it may have been modified or qualified in subsequent
cases. It is such decisions that Mr. Holcombe has collected, and classified under
various heads of commercial law— Agency, Bills of Exchange, Partnership, Guar
antee, and the like. In the notes, which are written with clearness and precision,
all the other Supreme Court decisions on the same subjects are reviewed, and
the adjudications of the State Courts examined at length. In short, those who
own Smith’s Leading Cases, will find Holcombe’s selection a valuable American
counterpart to the English work.
The decision we quote (reported I Howard’s Reps., 169, pp. 200, 207, of this
work) involves an important question of construction. The law of guarantee,
and in particular the subject of limited and continuing guarantees, is so impor
tant, that every fresh decision of it, like that in this decision by Justice Catron,
cannot fail to be of interest.
* A Selection of Leading Cases upon Commercial Law, decided by the Supreme Court
of the United States. With Notes and Illustrations, by James P. Holcombe, author of “ An
Introduction to Equity Jurisprudence,” Editor of “ Smith’s Mercantile Law,” etc. 8vo.,
pp. 500. New York: D. Appleton & Co. 1847.
50 5
M ercantile Law C ases.
CONSTRUCTION OF GUARANTEE— ADMISSIBILITY OF EXTRINSIC EVIDENCE TO ASCERTAIN ITS MEANING— CONSIDERATION NECESSARY TO SUPPORT IT-
In the case of Bell & Grant, plaintiffs in error, vs. Matthias Bruen,* Mr. Justice Catron
delivered the opinion of the court.
The original action was founded upon a guarantee given by Matthias Bruen to Bell &
Grant, in favor of Wm. H. Thom, by the following letter:—
New York, 23d April, 1831.
M e s s r s . B e l l & G r a n t , London.— D e a r S i r s :—Our mutual friend, Mr. William H .
Thom, has informed me that he has a credit for .£2,000, given by you in his favor with
Messrs. Archias &. Co., to give facilities to his business at Marseilles. In expressing my
obligations to you for the continuation of your friendship to this gentleman, I take occa
sion to state, that you may consider this, as well as any and every other credit you may
open in his favor, as being under my guarantee.
I am, dear sirs, your friend and servant,
M.
B
ruen.
To this letter the following answer was given by Bell & Grant:—
London, 14th June, 1831.
Esq., New York .— W e are in the receipt of your favor of the 23d
ApVil, guaranteeing the credit opened on behalf of Mr. Wm. H. Thom with Messrs. Ar
chias & Co., of Marseilles, for £2,000, for th6 purpose of facilitating his business with that'
place ; and moreover, desiring us to consider as under your guarantee, also, all credits ex
isting, or that we may hereafter open for said friend, of which we take due note. And
we trust that Mr. Thorn, as well as your good self, will have every reason to be satisfied
with the confidence which we feel a pleasure in assigning to both of you.
M
a t t h ia s
B ruen,
The declaration contains four counts:
1. That the plaintiffs, on the 31st of March, 1836, were requested by Thorn to open a
credit in his favor, authorizing the firm of La Cave & Echicopar, of Cadiz, to draw on
the plaintiffs to the extent of £2,500. That on the 22d November, 1836, La C. &. E.
drew for £385, which was advanced on the 12th February, 1837, by the plaintiffs, ac
cording to Thom’s request.
2. That on the J0th. of October, 1834, at the request of Thom, a credit was opened in
his favor, authorizing R. Anderson & Co., of Gibraltar, to draw for £4,000. On the 16th
December, 1834, Anderson & Co. drew for £318 12s. 6d.; which plaintiffs paid, 19th
March, 1837.
3. That on the 15th August, 1836, the plaintiffs opened a credit in favor of Thom,
authorizing Amac, Zipcey &. Co., of Smyrna, to draw for £3,500. Of this sum, the house
at Smyrna drew £1,640 ; which plaintiffs paid, 8th April, 1837.
4. That on the 8th March, 1837, plaintiffs opened a credit to Thorn himself, for £3,500,
for which amount he drew bills; and which were paid, 17th June, 1837.
Much other correspondence and evidence was given to the jury, that need not at present
be referred to ; but which appears in the statement of the case made out by the reporter,
and presented to us.
The evidence being closed, the defendant prayed the Circuit Court to instruct the jury,
as matter of law, that the letter of guarantee, of April 23, 1831, was confined to credits
to be opened to the house of Archias & Co., or other houses with whom Thorn might
deal at Marseilles; and therefore the plaintiffs could not recover from the defendant the
advances made upon the bills of exchange given in evidence ; being for the sums paid, as
stated in the four counts of the declaration.
Thereupon the court did decide, as matter of law, “ that by the true construction of the
said letter of guarantee, of April 23d, 1831, the same only embraced credits which should
be opened for account of Wm. H. Thorn to the house of Archias & Co., of Marseilles ;
and that the evidence of the other matters in this behalf proved, did not give the said
letter of guarantee a more enlarged application. And therefore, that the jury ought to
find a verdict for the defendant.”
The jury found accordingly; and it is this instruction of the court alone, that we are
called upon to examine, and revise. Does the letter of guarantee extend to, and cover
the debts of Wm. H. Thorn sued for? is the question. It was an engagement to be ex
ecuted in England, and must be construed, and have effect according to the laws of that
country. (Bank of the United States vs. Daniel, 12 Peters, 54, 55.) But it is necessary to
remark that the law governing the agreement is the same in this country and in England:
had it been made between merchants of different States of this Union, and intended to be
* 1 How. Rep., 169.
506
M ercantile Law C ases.
executed at home, the same rules of construction would be adopted, and the same adjudi
cations would apply.
It is insisted for the plaintiffs, that the Circuit Court erred in determining the question
absolutely as a question of law, upon the construction of the letter : that it also erred in
declaring the other circumstances did not allow of an application of the guarantee to the
transactions in question: such other circumstances being admitted, their effect on the ex
tent and application of the guarantee was for the jury; and by deciding on their effect as
matter of law, they were withdrawn from the jury.
The letter of Bruen was an agreement to pay the debt of another on his making default;
by the statute of frauds (29 Chs. 2.) such agreement must be in writing, and signed by
the party to be charged; it cannot be added to by verbal evidence, nor by written either,
if not signed by the guarantor, unless the written evidence is, by a reference in the letter,
adopted as part of it.
But as the statute does not prescribe the form of a binding agreement, it is sufficient
that the natural parts of it appear either expressed, or clearly to be implied; and corres
pondence and other evidence may be used to ascertain the true import and application of
the agreement; by the aid of which extrinsic evidence, the proper construction may be
made. Such is the doctrine of this' court, as will be seen by reference to the cases of
Drummond vs. Prestman, 12 Wheat.; Douglass vs. Reynolds, 7 Peters; Lee vs. Dick,
10 Peters.
In the present instance, the question having arisen, and construction been called for,
the matters referred to in the letter of the defendant were considered (as circumstances
attending the transaction) to aid the court in arriving at a proper understanding of the en
gagement : so soon as it was understood, its construction belonged to the court, and was
“ matter of law” within the general rule applicable to all written instruments. It rested
with the court to decide whether the guarantee extended to, and covered the credits set
forth in the declaration; and wag. the common case of asking the court to instruct the
jury that the plaintiff had not proved enough to entitle him to recover, admitting all his
evidence to be true. In England the same end is attained by moving for a nonsuit.
For the defendant it is contended: That the letter of April 21, 1831, is a contract pre
ceded by a recital, and that the engagement extends no further than the recital.
The recital introduces in direct terms, or by reference, the entire arrangement made
between plaintiffs and Thom, by the letters of the 23d of February, 1831, and March 22,
1831; and the words “ this credit,” in the defendant’s letter of 23d April, 1831, mean
the first .£2,000; and the words “ and any and every other credit,” mean the subsequent
credits to be opened under the same arrangement
The general rule is well settled in controversies arising on the construction of bonds,
with conditions for the performance of duties, preceded by recitals; that where the under
taking is general it shall be restrained, and its obligatory force limited within the recitals.
The leading case is Arlington vs. Merricke, 2 Saund. R., 403. It has been followed by
many others: Liverpool Waterwork Co., vs. Harpley, (6 East, 507;) Wardens, us.
Bostock, (2 Bos. and P. 175;) Leadly vs. Evans, (2 Bingh. R. 32;) Pepin vs. Cooper, (2
Bam. and A. 431,) are some of the principal cases affirming the rule.
Where a mercantile guarantee is preceded by a recital definite in its terms, and to which
the general words obviously refer, the same rule applies, of limiting the liability within
the terms of the recital, in restraint of the general words. W e find the courts constantly
referring to the cases arising on bonds with conditions for the rule of construction, and
applying it to commercial guarantees; the most approved text writers on this subject
do the same. Does the engagement before us fall within the rule? It recites:
“ Our mutual friend, William H. Thorn, has informed me that he has a credit for two
thousand pounds, given by you in his favor with Messrs. Archias & Co., to give facilities
to his business at Marseilles.” The agreement is: “ I take occasion to state, that you may
consider this, as well as any and every other credit you may open in his favor, as being
under my guarantee.”
W e are of opinion that the engagement should be construed as if it read—“ You may con
sider this credit with Archias & Co. as being under my guarantee, as well as any and
every other credit you may open in favor of William H. Thorn with any and every other
person, as also being under my gu a ra n teean d that therefore the first branch of the
undertaking has reference to the recital, and that the latter part is independent of it. To
hold otherwise, would reject the general words—“ as well as any and every other credit”—
as unmeaning and useless, the agreement having the same effect by the construction
claimed for the defendant, if these words were struck out, as if they are left in it.
The general words, it is insisted, related to the character of the credit opened with
Archias & Co., because it was an opening and continuing credit for £2,000. That this
M ercantile Law C ases .
507
appears by the letters of Thom to Bell & Grant, and to Archias & Co., which are suffi
ciently referred to in the recital of the letter to make them part thereof, and to extend it
to the continuing credit with Archias & Co.
That the two letters of Thom were sufficiently referred to, and could be read to estab
lish the nature of the credit, and that it was open, we have no doubt; but their adoption
was just as certain without the general words, as with them. The special reference to
the recital, adopting it as explained by the letters, leaves die general words still without
meaning, unless the guarantee extends beyond the credit opened with Archias & Co.
To make a proper application of the general words, it becomes necessary to lay down
a definite rule of construction applicable to them ; as the authorites are in conflict, and, to
say the least, in considerable confusion, on the subject. The arguments are in direct
conflict.
For the plaintiffs in error, Bell & Grant, it is contended: “ That the guarantee by
letters is to be taken, in case of doubt or ambiguity, on its face or otherwise, in the broad
est sense which its language allows, and in which it has been acted on by the parties.5’
On the part of the defendant, Bruen, it'is insisted, rt That the apparent diversity of terms,
between the recital and the engagement in the defendant’s letter, raises a doubt upon the
face of the guarantee as to its true extent; and upon the doubt, thus raised, the construc
tion will be in favor of the surety.55
The adjudged cases referred to, giving a construction to bonds with conditions, and
contracts made directly between debtor and creditor, afford little aid in arriving at the true
understanding of a commercial guarantee. Bonds, &c., are entered into with caution,
and often after taking legal advice; they contain the entire contract, beyond which the
courts rarely look for circumstances to aid in their construction. And if there be
sureties bound by them, and the meaning is doubtful, the construction is restricted, and
made most favorable to the sureties. Such is the result of the authorities cited for the
defendant.
On the other hand, letters of guarantee are (usually) written by merchants; rarely
with caution, and scarcely ever with precision ; they refer in most cases, as in the present,
to various circumstances, and extensive commercial dealings, in the briefest and most ca
sual manner, without any regard to form ; leaving much to inference, and their meaning
open to ascertainment from extrinsic circumstances, and facts accompanying the transac
tion : without referring to which, they could rarely be properly understood by merchants
or by courts of justice. The attempt, therefore, to bring them to a standard of construc
tion, founded on principles neither known nor regarded by the writers, could not do
otherwise than produce confusion. Such has been the consequence of the attempt to sub
ject this description of commercial engagement to the same rules of interpretation appli
cable to bonds, and similar precise contracts— of the fallacy of which attempt, the inves
tigation of this cause has famished a striking and instructive instance. These are con
siderations applicable to both of the arguments.
The construction contended for as the true one on the part of the plaintiffs, is, that the
letter of the defendant must be taken in the broadest sense which its language allows;
thereby to widen its application. To assert this as a general principle, would so often,
and so surely, violate the intention of the guarantor, that it is rejected. W e think the court
should adopt the construction, which, under all the circumstances of the case, ascribes the
most reasonable, probable, and natural conduct to the parties. In the language of this
court, in Douglass vs. Reynolds, 7 Peters, 122, “ Every instrument of this sort ought to
receive a fair and reasonable interpretation according to the true import of its terms. It
being an engagement for the debt of another, there is certainly no reason for giving it an
expanded signification, or liberal construction beyond the fair import of the terms.5* Or,
it is “ to be construed according to what is fairly to be presumed to have been the under
standing of the parties, without any strict technical nicety
as declared in Dick vs. Lee,
10 Peters, 493. The presumption is of course to be ascertained from the facts and cir
cumstances accompanying the entire transaction. W e hold these to be the proper rules
of interpretation, applicable to the letter before us.
The general words not being restricted by the recital, they fairly import that Matthias
Bruen was bound to Bell &, Grant for the credits they opened in favor of William H.
Thorn with Archias & C o .; and for the credits, also, they opened in favor of Thom, with
any and every other person ; covering those set forth in the three first counts in the decla
ration : and we think that the Circuit Court erred, by instructing the jury to the contrary.
Whether the guarantee covered the credit extended to Thorn himself, directly, it is not
thought necessary to inquire ; as no argument was founded on such an assumption. Thom,
who was introduced as a witness in the Circuit Court by the plaintiffs, on his cross-exam
ination declared, that the £3,500 mentioned in the last count in the declaration, “ had no
503
M ercantile Law C ases.
relation "whatever to the guarantee o f the d e fen d a n tit being under the guarantee of a
different person.
It was insisted, also: That when Thom failed, and the dealings between him and the
plaintiffs ceased, they were bound to notify the guarantor of the existence of the debts due
them by Thorn, and for which Bruen was held liable, in a reasonable time after the deal
ings ceased; that Thom faded April 10th, 1837, and the notice was not given until De
cember 31st, 1838, the debts sued for in the three first counts of the declaration being
then due; therefore the notice was too late, and the defendant discharged.
The record shows that this ground of defence was not brought to the consideration of
the Circuit Court: we do not therefore feel ourselves at liberty to express any opinion upon
the question.
Again it is insisted: The original arrangement made between the plaintiffs and Thorn,
in March, 1831, was subsequently, in the spring of 1834, abandoned and deserted; and
in the autumn following, a new and inconsistent one, enlarging the credits to be given,
and diminishing the security, was made, rendering notice to the defendant necessary, but
to which no notice could have given legal effect to charge the defendant for subsequent
credits.
To this, and all other questions raised here, on which the court below was not called
to express any opinion, we can only give the same answer, given to the next preceding
supposed ground of defence.
It is ordered, that the judgment o f the Circuit Court be reversed, and the cause remand
ed for another trial thereof.
SALVAGE.
In the United States Circuit Court, (Boston, Massachusetts, September, 1847.)
Peter Folger vs. The Ship Robert G. Shaw.
This was a libel for damages for salvage services, brought originally in the
District Court, where the case was tried upon parol evidence only. The court
gave judgment for the libellant, who appealed to the Circuit Court, not being sat
isfied with the amount of his damages. After the entry of the appeal, the libellant
moved that the case be dismissed without prejudice, it being understood that he
intended to bring his action in the State Court.
In this case the parties had made an arrangement of the subject, but wished
the court to deliver its opinion on the points, which had been before raised and
argued.
W oodbcev , J., held, that in cases at law, or in chancery, or admiralty, the
prosecuting party could of right become nonsuit in the original court, on payment
o f costs, at any time before the case was ready and opened for trial, and some per
tinent evidence offered, so that the merits could be ascertained and decided on ;
but after that, he could not become nonsuit, so as not to be barred, unless the op
posite party consented, or the court, for sufficient reason, gave leave ; and such
reason might be surprise, or unexpected absence either of witnesses or counsel.
Formerly, a nonsuit could be of right by the plaintiff at any time before judgment,
and now in some States at any time before verdict, but this gave undue advantages
to the plaintiffs over the defendants, and is not the law now. Nor can this court
order a nonsuit, unless as a penalty for not obeying some rule, if the plaintiff ob
jects, and ha3 offered any evidence proper to be weighed by the jury. The cor
responding test is in each the same. In an appellate court, after a case was en
tered, the original plaintiff, who is appellant, and recovered judgment below, but
not so much as he desired, cannot become nonsuit, without prejudice, on payment
o f eosts, if the defendant objects; but when the appellant declines to prosecute his
appeal farther, the court should give judgment on the merits. This course is
proper in an appeal in admiralty, and in all other appellate courts, when a judg
ment can be rendered in chief on the merits. It is especially proper in such
cases, if the evidence is in writing, and comes up with the case, as the court has
full means to render judgment on the merit, if the court declines to prosecute the
appeal farther. But if the record does not come up in writing, in the record, or
has not yet been filed in the appellate court, the judgment below must be the
guide, and be affirmed. It is prima facie right, till shown to be wrong.
509
Com mercial Chronicle and Review ,
COMMERCIAL CHRONICLE AND REVIEW.
PROSPERITY OF THE UNION— EMPLOYMENT OF CAPITAL— BANE PROFITS— BOSTON BAN E DIVI
DENDS---- NEW YORK BANK DIVIDENDS---- OHIO BANKS---- PRICES OF GOVERNMENT STOCKS---- TREA
SURY NOTES----LAND WARRANTS---- NEW YORK BANKING SYSTEM'— BANK CHARTERS EXPIRE----UNITED STATES AND NEW YORK STOCKS REDEEMABLE---- TEMPORARY NATURE OF THE FREE.
SYSTEM---- INDEPENDENT TREASURY---- DISTRESS IN GREAT BRITAIN---- CONSUMPTION OF F O O D RECEIPTS OF BREADSTUFFS AT TIDE-WATER---- WEEKLY PRICES OF FLOUR---- REVULSION IN ENG
LAND— OPERATING CAUSES— FAILURES IN LONDON— BANK RESTRICTIONS---- CROPS— PRICES.
T h e features which have characterized the markets during the month are the
same, with somewhat fuller development, as those whieh presented themselves at
the date of our last. The commercial affairs o f the Union have prospered steadily
and uninterruptedly to the close of the crop years, and the termination of the
usual fall business. As a whole, sales of goods have been considerable in extent,
closing with low stocks at well-sustained prices. The export trade o f the coun
try for the year was doubtless such as to exhaust, in an unusual degree, the sup
plies of produce on the Atlantic border; and when the revulsion in England caused
a diminution of exports, the considerable supplies that continued to come forward
were taken up for home use at prices much above those which, in the absence of
foreign demand, have ruled in previous year3. The producers throughout the
Union have sold large quantities of produce and received good prices, laying a
broad foundation for a healthy trade. When the government offered for the
$18,000,000 loan last spring, the bids reached near $58,000,000 : and although
that sum did not actually exist, as seeking investment, it was indicative of abun
dance of capital, which has no doubt been gradually finding its way into various
channels of employment, and stimulating the production of those commodities the
interchange of which constitutes the trade of the country. This has progressed
rapidly under the foreign demand for breadstuff's, which has not only maintained
prices here for all sold by producers, but has returned into the country consider
able amounts of cash capital, that has supplied the means of production of goods
to meet the demand in excess of quantities imported, that lucrative sales of pro
duce never fails to stimulate. All branches of industry have been well and satis
factorily employed, and the abundance of capital has kept the rate of interest, un
der a considerable demand, much lower than perhaps it ever ruled in this coun
try for such a length of time. Since January last, a period of nine months, money
has been abundant in the United States, and cheaper than in London ; a circum
stance perhaps unparalleled in the intercourse of the two countries. The profits
of monied institutions are a fair indication of the state of the general industry.
To arrive at this, we may compare the Boston and New York bank dividends for
several periods, as follows:—
BOSTON BANK DIVIDENDS.
O ct ., 1844. O c t ., 1845. A p t., 1846. O ct ., 1846. A p t., 1847. O c t ., 1847.
A tla s,................. .
A tlan tic,...........
B o s to n ,.............
B oylston,...........
L ity..................... .
C olum bian ,—
E a g le ,...............
E xchange,........
Freem an’s,.......
G lo b $ ,,.: s . . . . .
$500,000
500,000
900,000
150.000
1,000,000
500,000
500,000
500,000
200,000
1.000,000
3
25,000
12,500
15,000
3
3
31
30,000
15,000
17,500
3
3
31
30,000
15,000
17,500
3 $15,000
3
15,000
3-1 21,000
5
7,500
3
30,000
3
15,000
3
15,000
34
3
5,250
30,000
34
3
5,250
30,000
4
3
8,000
30,000
4
34
3 $15,000
2i
12,500
3| 21,000
«4
3J
3 $15,000
3
15,000
31 21,000
3 $15,000
3
15,000
34 21,000
8,000
35,000
3 $15,000
15,000
3
34 21.000
4
6,000
30.000
3
15,000
3
3
15,000
4
34
8,000
35,000
34 $17,500
3$ 17,500
34 31,500
4
6,000
3
30,000
3
15,000
3A 17,500
4
34
8,000
35,000
Com m ercial Chronicle and Review ,
510
BOSTON BANK DIVIDENDS— CONTINUED.
B anks .
•Granite,............ .
H a m ilto n ,.. . . .
M a rk et,.............
Massachusetts,..
M echanics’ , . . .
M erchants’ , . . . .
N e w E ngland ,. .
N orth.................
S h a w m u t,. . . . .
S h oe & L ’ r D eal.
S ta te ,................. .
S u ffo lk ,............. .
T raders’ , ...........
T rem on t,...........
U n io n ,...............
W ashington, . .
O c t ., 1844. 1Oc t ., 1845. A p l ., 1846. O c t ., 1846. A p l ., 1847. O c t . ,1 8 4 7
C apital, p.ct. A m ’ t. p.ct. A m ’ t. p.ct. A m ’ t. p.ct. A m ’t. p.ct. A m ’t. p.ct. A m ’ t.
$500,000 3 $15,000 3 $15,000 3* :$17,500 Si $17,500 3 $15,000 Si $17,500
500,000 21 12,500 3
15,000 3^ 17,500 Si 17,500 34 17,500 :n
17,500
560,000 3
16,800 4
22,400 h
25 200 H
25,200 4
28,000
25,200 5
24,000 3
800,000 n
20,000 3
24,000 3
24,000 3
24,000 3
24 000
120,000 3
4,500 n
4,200 4
4,800 4
4,800 4
4,800 4
4,800
60,000 4
87,500 Si 105,000 Si 105,000 3 j 105,000 3 i 105,500
3,000.000 3
30,000 3
30,000 3
30,000 3
30,000 4
1,000,000 3
40,000
40,000 4
18,750 3
22.500 3
22,500 3
22,500
750,000
22,500 3
22,500 3
12,500 3
15,000 Si 17,500 3
35,000 3
20,000
500,000 s l
15,000 4
20,000 4
15,000 :n 17,500 33( 17,500 4
20,000
500,000 3
20,000 4
54,000 3
54,000 3
1,800,000 2 j| 45,000 3
54,000 3
54,000
54,000 3
40.000 5
40,000 4
40,000 4
40,000 4
1,000,000 4
50,000 5
50,000
12,000 3
12,000 3
12,000 3
14,000
400,000 3
12,000 3
12,000
15,000 3
12,500 3
15,000 3.
15,000 3
17,500
500,000 n
15,000 4
24,000
20,000
3
24,000
24,000
28,000
28,000
800,000 2 *
3
3
4
15,000 3
10,000 3
15,000 3
15,000 3
15,000 31
17,500
500,000 o
T o t a l,............. .$18,980,000
$480,800
$561,850
$593,000
$603,000
$658,300
$620,000
The Boylston Bank went into operation in December, 1845, and the Exchange
Bank is but now established, making .$650,000 of new bank capital. The pro
gress of capital and dividends has been as follows :—
A p r il .
Years.
C apital.
O c to be r .
Dividends.
C apital.
Dividends.
D iv . for year.
1843,
.........
$17,010,000
$417,000 $17,010,000 $417,000
$834,000
1844,
.........
17,480,000
426,300
17,480,000
480,800
907,100
1845,
.........
17,480,000
550,250
17,480,000
561,850
1,112,100
1846,
.........
18,180,000
593,000
18,180,000
603,000
1,196,000
1847,
........
18,180,000
623,000
18,980,000
658,300
1,281,300
The capital has increased in this period $1,870,000, and the dividends $447,300.
That is to say, $17,010,000 of bank capital paid, in 1843, 4.9 per cent average
interest; and $18,480,000, which was the working capital of 1847, the Exchange
Bank not having been long in operation, paid 6.8 per cent, being an increase of
2 per cent on the capital, or 50 per cent in the nett profits in 1847 over 1843, in
capital invested in banking in Boston. The New York banks, as far as their
second dividends for 1847 have been declared, show similar results, as follows:—
NEW YORK BANK DIVIDENDS.
Ba nk s.
Butch’s & Drovers’,
Leather Manufac.,.
Tradesmen’s,........
Merchants’ Exch.,.
Seventh W ard,....
North River,.........
Bank of America,.
Phoenix,.................
Bank of Commerce,
National,...............
Capital.
1845.
1st. 2d.
$500,090 H
600,000 3 4
400,000 5
750,000 3 4
500.000 3 4
655.000 34
2 ,0 0 1 ,2 0 0
3
1 ,2 0 0 ,0 0 0
3
3,447,500
750,000
3
Total,............... $10,803,700
34
A m ou n t.
1846.
1st. 2d.
A m ount.
4 $37,500 4 5 $ 4 5 , 0 0 0
42,000
34 42,000 34 3 4
5
40,000 5 5
40,000
34
52,500 34 4
56,250
35,000 34 34
35,000
34
34 45,850 3 4 34 45,850
3 120,072 3 34 130,072
3
72,000 3 3
72,000
3 206,850 3 3 206,850
34
48,750 34 34 48,750
$700,522
$721,772
1847.
1st. 2d.
5
5
34
5
4
34
34
3*
10
4
34
4
34
34
3
34
34
4
34
3
A m ount.
$50,000
42,000
60,000
60,000
35,000
45,125
140,082
72,000
240,082
55,750
$786,828
It is observable that neither the number nor the capital of the city banks of New
York was increased for many years up to the present summer, when the Bowery
Bank, under the general law, with a capital of $300,000, was started. It would
seem, from the more rapid increase of the profits in Boston, that the demand for
business facilities has been more active there than in New York. The banks in
the interior of New York have continued to multiply rapidly under the new law ;
and the demand for New York stocks, to deposit as security with the comptroller,
has been proportionate. In Ohio, also, the expansion progresses in a rapid ratio,
and is now as follows:—
Com mercial Chronicle and Review .
511
BANES OF OHIO.
Years.
Jan., 1835,..,...
“ 1836,.. ...
May, 1837,.. ...
June, 1838,.. ...
Apl., 1839,.. ...
Jan., 1841,......
“ 1844,......
Feb., 1846,......
May, 1847,......
Aug., 1847,......
N o .B ’ ks.
24
31
32
33
33
26
8
31
39
41
Capital.
Loans.
Specie.
Circulation.
Deposits.
$5,819,692 $9,751,973 $1,707,835 $5,221,520 $2,090,065
2,924,906
9,675,644
6,125,914
8,369,744 17,079,714
7,697,261
6,503,360
2,311,614
11,311,613 19,505,662
2,994,955
6,885,263
3,709,869
10,299,165 15,880,908
2,680,604
2,616,814
8,157,871
10,153,806 16,520,360
1,938,682
3,584,341
9,878,328
1,052,767
8,103,243
602,377
2,234,420
2,567,176
2,845,315
778,348
3,848,919
2,682,221
1,374,593
7,791,789
4,505,891
5,078,229 10,936,661
7,281,029
3,356,837
2,026,551
6,430,176 12,130,286
7,771,769
4,170,824
2,323,639
The number of banks in Ohio is now greater than ever, and the circulation
higher, except at the moment of Explosion in 1836. Of these forty-one banks,
thirty-four are what are called branches of the State Bank, and they are by no
means of a class to insure confidence. From the activity of produce, and good
prices it has commanded, the business of agricultural banks has been of a safe
character. Thus far their liabilities have more truly represented the actually ex
isting agricultural wealth, and with its realization they are more promptly reliev
ed. It is perhaps the great feature of present bank operations, as compared with
those of previous years, that their loans are more active. That is to say, being
payable at short dates, they are promptly met; and renewals, which were once
but a matter of course, are now seldom resorted to. The operations of the federal
treasury upon the markets have been far less burdensome than was anticipated.
Indeed, they have scarcely been felt in financial affairs; and, in spite of the gradual
increase of the debt under the loan of February, 1847, and the unpromising state
of the war, peace negotiations having failed, public stocks have been uniformly
at a premium. The following table will show the fluctuation in price of United
States securities. The character and amounts of these several stocks will be
found described in an article under the head of “ State Debts,” in the present
number.
PRICES OF UNITED STATES GOVERNMENT STOCKS.
1867.
December 1,...........
1 5 ...............
1,............
“
15,..............
February 1,............
«
15,..............
March
1, .............
“
15,..............
April
1,.............
“
15,..............
May
1,.............
“
15,..............
June
1,..............
“
15,..............
July
1,.............
“
15,..............
August 1,............. . . . .
“
15,..............
Septemb’r 1,............
“
15,..............
October 1 .............
“
15................
“
January
1041
107*
107*
106*
106§
104*
104}
1861
6’s.
106
1004
101
1004
100
103
103
1024
1034
104
105
106
103
106*
107
106}
106
104
104}
1044
105}
1 02 }
1856.
101
99}
98}
97}
101
101}
1014
101}
101}
1044
105
106
1054
106
1054
105}
102
104
103
104}
103
1851.
5’s.
96*
1850.
Mexican.
5’s.
T reas. N otes.
6’s.
5 2-5ths.
93
91}
90
95
94}
94
944
95
954
95}
94
96
96
99
97}
96
98
98
97
96
93
93
....
92
92
. ...
934
.. . .
92
93
97}
9 6*
99
97
96
95
96
95
95
101
102
102
101}
103
104
105
105}
107
107}
106
106
103}
104
103}
104}
1014
100}
101}
101}
1014
1024
103
104}
105}
106
106}
106
105
103
1034
103}
1034
101
512
Com m ercial Chronicle and R eview .
Treasury notes, floating more directly in the market than do the stock securi*
ties, are more sensible to the effect of news ; and, after running up to 1071 at the
close of June, under hopes of peace, have since given way, by reason of the ad
verse news from the war quarter.
The 6 per cent scrip issued by the government to volunteers, in lieu, when de
manded, of the 160 acres of land, have been sold at 101. The land warrants are,
however, worth 125al30. The law of February 15, 1847, authorized the issue
o f a warrant for 160 acres to every volunteer enlisted for twelve months, and this
warrant to be located on any unoccupied land not subject to pre-emption right,
at any land-office, by the warrantee or his heirs; and, in the event o f the death
of the volunteer, the guardian of his children is authorized to sell the warrant for
the benefit of those concerned.
The system of banking in New York under the new banking law requiring the
deposit of New York or United States 6 per cent stock as security for notes,
simultaneously with the existence of a sinking fund rapidly extinguishing the
debt, and which must complete it in 1862, a period of sixteen years, is seemingly
but a temporary experiment. The basis of the system, namely, the stocks, are
annually going out of existence by payment, and will soon leave it dependent on
the United States stock alone. A bill to admit the United States 5’s as security,
has been before the Legislature and rejected. There are in the State seventy-one
chartered banks, with capitals amounting to $27,941,460, and the charters all
expire with the limitation of the time within which the debt is all payable, under the
constitution. As charters cannot be renewed, these must come under the general
law. The circulation of these banks is now $18,000,000, and rapidly increasing;
and will require, by the time the charters fall in, $20,000,000 of stocks. The
free banks already hold $10,000,000. On these data we may construct a table
showing the operation of the system, giving the time of the expiration of char
ters, and the redemption of New York and of United States stocks :—•
T im e.
1847 to 1850,.........................
1850 to 1856,.........................
1856 to 1862,.........................
1862 to 1866,.........................
Bank charters expire.
N o.
Capital.
5
31
18
18
$2,550,000
12,870,200
4,705,666
7,600,000
N . Y ork stocks
payable.
$5,133,547
7,367,742
10,284,680
615,700
U . States stocks
redeem able.
...
$11,604,231
8,343,886
23,000,000
Total,.................................
72
$27,815,860
$23,401,669
$42,948,117
The circulation of the State of New York is now $25,091,000, with a strong
tendency to increase. The law of 1829, allowed the chartered banks to cir
culate twice the amount of capital. The act of May 16, 1837, authorizing the
suspension of payments, restricted the circulation of the banks, of capitals over
$200,000, to a less amount than that; and those having capitals less than
$200,000, were allowed to exceed it. By these means, the aggregate capital of
$27,815,860 was allowed to circulate $22,790,000. Some of the banks do not
desire to exceed it, and others contend that this restraining clause is of no effect,
having passed by an unconstitutional majority. In that case, the charters are all
forfeit; inasmuch as, if part of the law legalizing the suspension is unconstitu
tional, the whole of it must be so. Under these circumstances, the disposition to
expand the currency will, in the present favorable aspect of the foreign trade,
continue, and give a greater impulse to the business of the coming year. It
would seem, however, that no matter how well the currency works as based on
stocks, it cannot be of a permanent character, inasmuch as that the stocks them-
Com m ercial Chronicle and R eview .
513
selves are not permanent. Mortgages have not been found to answer the purpose
heretofore, by reason of the variable characters they present in seasons of specu
lation. It may ultimately be found, that the best mode of regulating the currency,
is to abandon it entirely td the operation of trade. The present expansion of the
currency, in all sections of the country, is the legitimate effect of the long period
of favorable exchanges, and has reached a point which, in another year, may pro
mote unfavorable exchanges, and produce a revulsion— the more so, that the af
fairs of Europe remain in so unpromising a position.
The transfers of specie that have taken place under the operation of the treas
ury, as now constituted, do not appear, as yet, to have diminished the amount of
coin in the banks, or to have induced any disposition to Curtail, even although the
failures abroad induce the foreign exchanges to assume a threatening aspect for
the moment. The awful distress in which Great Britain is plunged, through the
large railroad expenditure, mainly, will probably affect, in some degree, the value
of cotton for the coming year, inasmuch as that her consumption will be mate
rially diminished ; but the increased abundance of food on the continent will no
doubt promote a consumption that will compensate for the diminished demand in
England, to an extent as great as the small crop will justify. The news of the
fall in breadstuff's has so far checked the receipts from the interior, that it may
well be doubted if, at this late season, sufficient now can reach the seaports to al
low of any considerable exports for the coming winter. To observe the effect of
prices, we will take a table of deliveries, weekly, by the New York canals, on the
Hudson, for four years, as follows :—
RECEIPTS OF WHEAT AND FLOUR AT TIDE-WATER, VIA NEW YORK CANALS, AND WEEKLY PRICE
OF FLOUR IN NEW YORK, FOR
1844.
T o June 1st.............
June— 1st w e e k ..
2d
“
••
3d
“
4th
“ ..
Julv— 1st w e e k . . .
2d
“ ...
3d
“ ...
4th
“ ...
A u g .— 1st w e e k .. .
2d “ . . .
3d
“ ...
4th
“ ...
Sept.— 1st w e e k . •.
2d “ . . .
3d
“ ...
4th “ . . .
O ct.— 1st w e e k .. . .
2d “ . . . .
3d
“ ....
4th “ . . . .
1845.
1847.
1846.
1847.
F lour.
W h e a t.
F lou r.
W h e a t.
F lou r.
W h e a t.
F lou r.
Bbls.
Bush.
Bbls.
Bush.
Bbls.
Bush.
Bbls.
402,422
83,235
58,964
72,618
64,454
50,946
48,071
59,945
67,119
50,327
48,927
52,259
70,276
69,093
75,491
7J,514
98,172
76,964
79,687
89.320
120,836
159,491
23,210
38,077
7,552
21,195
482,426
109,033
136,296
119,765
128,644
129,744
63,530
59,122
32,970
33,229
61,342
68,717
87,948
79,363
31,247
36,554
85,826
75,094
80,170
137,118
159,425
156,090
135,125
193,127
269,205
123,034
609,935
179,417
188,281
147,600
234,831
218,106
129,560
146,132
151,016
104,201
79,953
99,271
104,250
74,766
68,095
69,740
90,628
98,152
103,584
21,110
10,565
19,939
67,885
15,643
35,295
66,176
58,355
64,786
57,438
55,773
50,913
103,679
82,536
78,716
43,013
466,677 71.347
62,272 14,278
54,871 14,433
55,964 19,185
46,777 27,582
39,774 28,233
36,391 12,869
50,789 27,152
59,382 21,573
46,463
549
41,137
7,402
42,943 15,421
53,909 29,080
49,458 21,032
75,819 34,825
77,070 70,871
82,289 85,797
89,412 75,572
81,322 82,600
127,599 141,945
146,858 182,156
88,202
83,828
183,722
65,490
50,520
52,738
65,175
73,218
51,235
69,009
79,157
115,630
106,026
98,032
120,682
65,166
W h ea t.
Bush.
318,540 S9.25
250,658 8.75
240,652 8.81
313,204 8.00
438,004 7.121
262,089 7.25
159,991 6.50
95,123 6.121
143,618 5.25
106,594 6.25
55,912 6.00
69,821 5.871
83,517 5.87|
81,300 5.871
61,171 5.62|
76,145 5.62£
69,335 5.871
61,i 20 5.871
50,286 5.87 a
6.62
T o t a l............. 1,811,840 1,081,947 1,789,176 983,902 2,243,894 2,001,380 2,897,518 3,037,680
These figures show a very considerable decline in receipts, as the season ad
vanced, as compared with last year, when the foreign demand was active. Un
der diminished exports to Great Britain, and towards the middle of October, the
prices advanced, through the influence of an active home demand, and, to some
considerable extent,from those agricultural sections that usually furnish supplies,
or have stocks on hand at the close of the season. This evinces an extraordinary
health of the market. In former years of large exports, there has been a dispoV O L . X V I I . ----- N O . V .
33
514
Com m ercial Chronicle and R eview .
sition to hold for extravagant prices, which has uniformly resulted disastrously to
all concerned. This year, the purchases appear to have been made on foreign
account, and to an extent which, when they ceased, left domestic competition suffi
cient to sustain the rates.
The foundation of the prosperity of the past year, has undoubtedly been the
state of the foreign markets for produce. Those have presented combinations
that may seldom again be brought within one year, and have of themselves
wrought, in some degree, their own cure. There is no doubt but that the floating
capital of England, which has long been at the command of commerce and manu
facture, has been swallowed by a competition on a gigantic scale. The railroad
interest, in a succession of weeks, by demanding $5,000,000, has come seriously
to endanger the stability of other interests, and has disclosed the fact, that the
capital of England is not altogether limitless, as many of her leading men have
been induced to believe. During the wars of Europe, the chief ambition of Eng
land was to control the seas, and not only be the first commercial power, but to
seek, in a monopoly of colonies, to give permanency to that control; to build up
distant colonies as a nursery for her shipping, and at the same time provide mar
kets for her growing manufactures, to be paid for in tropical productions from her
own colonies— thus making her independent of the world for all goods and pro
duce. The idea was a grand one, but it has failed entirely. Could it have been
done without the encumbrance of the huge debt contracted in carrying out the
scheme, and which has weighed with crushing effect upon her industry at home,
the result might have been more successful.
On the return of peace, the capital of England, freed from the oppression of
the war, flowed freely into colonial enterprise ; and her leading merchants sought
each to guide the currents of business from.the colonies into his own warehouse,
by outlay of capital in distant plantations. This capital, for the most part, be
came dead; and scores of houses, involved by the outlay, have been sustained
only by high credit, which brought to their aid the floating capital of England, in
the shape of deposits and loans, when needed. The colonial scheme has not an
swered the expectations entertained of it ; and the rigid monopoly they so long
enjoyed of the British market, has, of late years, been greatly relaxed in favor of
foreign tropical productions, while the huge speculation in railroads lias called for
all the available capital of England, taking from the embarrassed houses those
means that they so long enjoyed. The heavy corn dealers could not obtain means
to sustain the stocks when the markets became less active; and they went down,
dragging others with them, until distrust has finished the work which scarcity of
capital commenced. Some sixty houses failed, between July and September 15,
to the extent of some £15,000,000, or more than $1,250,000 average, followed
by thirty more, between September 19 and October 4. Yet the railway expendi
tures, the groundwork of all the disasters, are not relaxed. The “ calls ” for
September and October are near the average, v iz : £1,000,000 per week, and the
companies seem determined to press the lines to completion. The practicability
of it is much doubted; but when we reflect on the enormous sums raised by
Great Britain for the war, it maybe supposed that similar amounts could be raised
by the railroad interest, not, however, without serious injury to other interests ;
and as it was only through the use of an irredeemable paper money that the war
expenditures were pushed through, it is by no means impossible that the railroad
interest, connected with that large party embracing the Birmingham school
Commercial Chronicle and Review.
51 5
of finance, which has steadily opposed the resumption, or “ Peel’s bill,” of 1819,
and its sequence, the bank charter bill of 1844, may bring about a repeal of those
bills, and leave the currency where it stood during the war, v iz : under the sole
control of the bank, to issue as it pleases, without being required to pay in gold.
This has long been contended for, as the only means of relief from the debt, or a
quasi repudiation. An intermediate party contend, that the bank should have re
stored to it power to issue as much as it can, and which power was taken from
it by the charter bill of 1844, but still be required to pay in specie. None of
these are, however, any remedy against exhaustion of capital, which does not
consist in paper promises, nor altogether in gold and silver. The precious metals,
with what surplus commodities, produce, and goods, England may have, consti
tute alone her floating capital. Her enormous quantities of stock are not avail
able abroad, more particularly since the high denominations have been reduced.
When the crop fails, and inordinate and unwonted quantities of produce and la
bor are put into railroads, and the quantities of goods made, as now, diminished
for want of money, which has been exported for unusual quantities of foreign
produce, it is not by the substitution of paper for specie that the evil is to be over
come. If her currency becomes paper, that paper is not food, nor will it procure
it beyond the amount of gold that it may displace from circulation. What is
wanted for the coming year, is food and goods in abundance to put into railroads.
The crops are reported somewhat better, but good estimates do not make the
whole supply from that quarter much greater than last year. Specie has run
very low, and stocks of goods for export, small. Under these circumstances the
railroads must be abandoned to a considerable extent, and allow industry and
capital to resume their usual occupations. The prices of grain in England, have
been weekly as follows, for three years, bringing the table down from the June
num ber:—
PRICES OF GRAIN IN ENGLAND.
1845.
W h ea t.
April 17.......
If 24.......
ft
30.......
May 8 .......
Cl 15.......
<( 22.......,
It 29.......
June 5 ........
tc 12.......,
U 19.......
(( 26.......
3.......,
July
It 10.......
tc
17.......
cc
24.......
cc 24........
31........
Aug. 7...... ,
tc 14........
cc 21.......
cc 28........
Sept. 4...... .
CC 11...... .
ct 18...... .
«
25...... .
B arley.
45 11
45 11
s. d.
31 11
31 6
46
45
45
45
46
47
48
47
47
47
48
50
51
53
55
57
57
56
55
54
52
53
31
30
30
30
39
30
30
29
29
29
29
29
29
29
29
29
29
30
31
31
30
30
s.
d.
0
10
9
9
3
7
2
10
11
11
10
0
7
3
3
0
0
6
10
1
6
2
2
5
0
1
5
2
3
9
7
10
0
6
2
8
7
4
9
0
8
0
9
2
1846.
Oats.
s.
d.
W h e a t.
s.
d.
B a rley.
s.
21 4
20 11
55 10 30
55 6 30
21
21
21
21
22
22
22
22
22
22
22
22
22
22
22
22
22
22
22
22
21
22
56
56
57
55
53
52
52
51
52
52
52
50
49
47
45
45
45
47
48
50
51
53
4
6
9
11
5
2
8
7
2
8
6
4
5
5
8
2
8
4
10
3
7
2
5
8
0
5
4
10
0
5
2
10
3
10
11
5
2
1
11
10
4
1
3
1
29
29
29
28
29
27
27
27
27
27
27
27
27
26
26
27
27
29
30
33
36
36
d.
1847.
Oats,
s. d.
5 22 9
1 23 4
... .
8 23 7
7 23 9
4 24 1
10 23 8
4 23 9
8 23 4
1 23 8
3 23 4
4 23 6
6 23 8
7 24 3
10 33 0
3 23 5
11 23 5
9 24 0
3 23 3
5 23 3
1 23 0
1 23 1
4 23 4
1 23 7
10 23 7
W h ea t,
s.
74
75
79
81
85
94
102
99
88
91
91
87
82
74
75
75
77
75
66
62
60
56
51
49
53
Barley.
Oats.
d.
s.
d.
s.
d.
1
10
0
10
2
10
5
10
10
7
4
1
3
0
6
6
3
5
10
6
4
8
4
6
6
48
48
49
51
52
55
56
55
52
52
52
51
48
46
45
45
45
43
40
38
37
36
33
32
31
4
5
1
0
7
10
5
3
0
1
4
11
8
11
8
8
3
11
9
11
9
3
1
1
10
29
29
30
31
32
34
36
35
34
33
32
32
31
29
30
30
31
31
29
28
27
25
24
22
23
7
7
3
6
11
3
3
11
1
9
11
10
11
7
5
5
1
8
1
9
4
5
7
5
0
Commercial Statistics.
51 6
The week ending August 15, was the lowest point, last year; prices then ral
lied, and continued to increase. The lowest price, this year, was reached in
the third week in September, when they rallied, and a new year commenced under
singular circumstances.
C O M M E R C I A L
STATISTICS.
VIRGINIA TOBACCO INSPECTIONS.
T o the E d itor o f the M erch a n ts’ M a g a z in e , e tc . :—
S i r , — W e have scarcely anything to add to the annexed statements, as they embrace
nearly all the data in our possession relating to the crops of tobacco in the United States.
We have ascertained the number of hogsheads of stemmed tobacco shipped this year
from Virginia to be about 3,300, being 2,200 less than last year; and, from the West, we
are advised that the number of hogsheads of strips made there this year is about 11,000,
against 15,000 last year.
From the best information we can obtain, we do not think the crop of tobacco in Vir
ginia, now matured and maturing, will exceed 42,000 hogsheads; and, in the West, the
growing crop is generally estimated at 50,000 hogsheads. The crops of Maryland and
Ohio, we believe, are reduced in a greater ratio, especially that of the latter State. The
crops are all late and backward, and we can form no opinion as to what their quality
may be.
From this State there has been exported to foreign countries about 125,000 barrels flour,
42,000 barrels com meal, and 1,600,000 bushels com.
W e take no note of our shipments coastwise, (which are always large,) either in our
statements or tables.
W e have average crops of wheat, and an abundant crop o f Indian com throughout the
Union.
The crop of cotton in the United States we do not think will exceed 2,000,000 bales,
under any circumstances.
Tobacco is in good demand. W e quote lugs, $ 2 to $ 3 ; common leaf, $ 3 50 to
$ 4 50 ; middling, $ 4 25 to .$5 50; good, $ 6 to $ 8 , per 100 pounds.
Flour is dull at $ 5 50 per barrel; wheat, $1 10 to $1 20 per bushel of 60 pounds ;
com, 60 cents per bushel of 56 pounds.
Freights to Liverpool 32s. 6 d. per hogshead, 3s. 6d. per barrel, and 12d. per bushel.
Exchange on London, 9 per cent premium; on New York, 4 to f per cent premium.
Yours, respectfully,
B ichm ond, October 9, 1847.
Charles F. Osborne.
A
STATEMENT SHOWING THE QUANTITY OF TOBACCO INSPECTEB IN VIRGINIA FROM 1838 TO
TO WHICH IT WAS SHIPPED;
THE STOCK LEFT ON HAND ON THE 1ST OF OCTOBER OF EACH YEAR ; LIKEWISE, THE QUANTI
TY OF STEMS SHIPPED DURING THESAMEPERIOD, AND THE FOREIGN MARKETS TO WHICH THEY
WERE SHIPPED.
1847, THE QUANTITY EXPORTED, AND THE FOREIGN MARKETS
U . K in g dom . C ow es and a market.
Years.
Tobacco.
Tobacco.
1838... ...
1839... ...
1840... ...
1841... ...
1842... ...
1843... ...
1844... ...
1845.......
1846... ...
1847... ...
12,321
13,350
12,228
16,563
10,655
11,424
6,961
6,525
11,045
5,453
1,170
2,463
1,064
2,785
2,818
5,400
1,075
Stems.
738
....
556
750
. . .
France.
Bremen.
Tobacco.
Tobacco.
Stems.
Tobacco.
4,743
1,115
5,268
7,395
3,747
4,098
605
4,542
1,623
5,333
616
236
1,158
1,504
4,573
3,013
5,168
1,422
1,0554
844
1,908
2,317
876
3,843
2,294
1,543
1,935
2,622
2,458
5,407
319
1,236
3,828
2,497
7,637
6,975
3,810
1,842
2,092
627
128
919
1,177
2,013
395
321
689
560
222
81
Commercial Statistics.
517
S t a t e m e n t —Continued.
Yean.
1 838......
1 83 9 ......
1 840......
1 84 1 ......
1 84 2 ......
1 843......
1 84 4 ......
1 8 4 5 ......
1 846......
1 847......
Antwerp.
Tobacco. Stems.
925
329
57
2,028
136
2,026
218
1,820
4 ,8 1 4
1.817
1,019
1,698
774
Italy, Spain, etc.
Tobacco. Stems.
734
1,621
1,672
1,515
512
1,061
2 ,354
2,782
3,529
Total shipped.
Tobacco.
Stems.
20,828
2,036
18,729
4,031
27,195
2,189
34,442
6,074
32,765
3,245
36,236
2,000
20,4 94
2,687
17,704
3,182
21,045
2,680
16,560
5,488
136
63
....
Stock.
Tobacco.
12,397
4 ,896
13,829
8,719
11,100
13,420
14,363
22,050
19,060
18,127
Inspected.
Tobacco.
44,845
28,502
58,186
56,141
52,156
56,788
45,886
51,113
42,679
51,726
COMPARATIVE RECEIPTS, EXPORTS TO FOREIGN PORTS, AND STOCK OF THE MARYLAND AND OHIO
TOBACCO CROP, AND ALSO THE KENTUCKY, MISSOURI, AND TENNESSEE CROPS, FOR THE YEARS
1846 AND 1847.
Y ea rs.
M aryland and O h io.
Receipts.
E xported.
S tock .
1 84 6 ......
1 8 4 7 ......
Hhds.
55,461
37,600
Hhds.
36,777
37,6 78
Hhds.
34,029
32,596
Years.
Receipts.
K en tu ck y, etc.
E xported.
Stoek.
1 84 6 ......
1 84 7 .......
Hhds.
72,896
55,588
Hhds.
62,045
50,376
Hhds.
17,046
22,336
PRICES OF CERTAIN ARTICLES A T N E W ORLEANS.
COMPARATIVE PRICES OF MIDDLING AND FAIR COTTON, AT NEW ORLEANS, ON THE FIRST OF EACH
MONTH, DURING A PERIOD OF FIVE YEARS---- TOGETHER W ITH THE TOTAL RECEIPTS AT NEW
ORLEANS, AND THE TOTAL CROPS OF THE UNITED STATES.
1 84 6-7 .
M on th s.
September,.........
October,-...........
November,.........
December,.........
January,.............
February,...........
March,...............
April,.................
May...................
June...................
July,...................
August,..............
74
Hi
9
9
10
114
94
10ft
lOfi
94
91
104
a
a
a
a
a
a
a
a
a
a
a
a
1844- -5.
Cents!.
9
10
104
104
111
13
11
I lf
121
111
lOf
12
1 8 4 6 -7 .
Rec’pts at N. O.,
Crop of U.States,
1 8 4 5 -6 .
C ents.
71 a 81
6| a 8ft
7 a 8
64 a 7ft
6£ a 74
7 i a 74
6£ a 81
6§ a 8*
6$ a 84
64 a 8
a 8
7 a 84
C ents.
6
5J
4ft
4f
4f
5
5f
5f
5|
6ft
61
a
a
a
a
a
a
a
a
a
a
a
a
74
74
04
61
«1
64
64
74
71
71
74
74
1844-
1845-6.
1843 - 4 .
a
a
a
a
a
a
a
a
a
a
64 a
64 a
C ents.
8
81
8
8ft
101
6
61
5£
51
54
10
9ft
91
81
81
81
8
44
4|
54
5f
51
51
1841i-4.
B ales.
B ales
B ales.
707',324
1,80C1,000
1,053,633
2,100,537
979,238
2,400,1100
1842- 4 .
Cents.
5^
2
6J
74
81
81
81
74
6}
7
.
8
7
71
7f
71
74
7
7ft
81
8
8
1842--3.
B ales.
910,,854
2,400,,000
a
a
a
a
a
a
a
a
a
a
a
a
B a les.
1,089, 642
2,378,879
COMPARATIVE PRICE OF SUGAR ON THE LEVEE, AT NEW ORLEANS, ON THE 1 s t OF EACH MONTH,
FOR FIVE YEARS.
Months.
September,....... •
October,.............
November,........
December,........
January,...........
February,-.........
March,.............. ■
A pril,............... .
May,.................
June,..................
July..................
August,............ .
1 8 4 6 - 7.
1 84 5-6 .
1844-- 5 .
1843-4.
Cents,
44 a 71
Cents.
Cents.
Cents
54 a 61
61 a
54 a
44 a
5 a
5 a
51 a
51 a
5 a
5 a
5 a
51 a
9
7
7
74
74
74
74
74
74
71
8
6
6
5
4
41
4
4
a
a
a
a
a
a
a
4 a
44 a
4 a
4 a
44 a
61
74
7
64
64
64
61
61
61
61
6ft
H
5
5
4
4
21
21
3
5
5
44
44
54
a
a
a
a
a
a
a
a
a
a
a
a
61
61
51
51
51
51
54
61
61
64
64
7
6
5
44
41
5
5
54
54
4}
41
44
a
a
a
a
a
a
a
a
a
a
a
7
64
61
74
71
71
71
71
6ft
61
61
1842- - 3 .
Cents.
2
4
3
31
3
34
31
34
31
41
44
5
a
a
a
a
a
a
a
a
a
a
a
a
41
61
6
41
41
5
5
5
54
51
6
61
Commercial Statistics,
51 8
COMPARATIVE PRICES OF MOLASSES ON THE LEVEE, AT NEW ORLEANS, ON THE
1ST OF
EACH
MONTH, FOR FIVE YEARS.
1 84 6-7 .
Months.
September,.
October, ...
November,.
December,..
January,....
February,..
March,......
April,........
M ay,......
June,.........
July,..........
August,......
15
1845—6.
Cents.
a 22
a 25
26 a 264
23 a 234
244 a 25
27 a
29 a 294
25 a 29
26 a 30
26 a 30
26 a 30
28 a 31
a
a
a
a
a
a
a
a
a
a
a
a
26
24
20
204
I 64
144
204
25
24
18
20
26
1 8 4 2 -1 .
1 8 4 1 -4 .
Cents.
a 27
21 a 24
21 a 22
20 a
21 a 2 1 4
21 a 2 1 4
224 a 23
25 a 254
23 a 234
18 a 22
15 a 20
15 a 21
20
COMPARATIVE
1 8 4 4 -5 .
Cents.
24
Cents.
Cents.
18
23
14
20
28
26
21
20}
174
16
27
26
27
27
27
28
a
a
a
a
a
a
21
24
204
21
224
23
22
23
23 a 24
23 a 25
25 a 264
24 a 25
24 a 26
254 a 264
a
a
a
14 a
12 a
13 a
11 a
15 a
154 a
174 a
19 a
20 a
12
11
10
9
11
17
154
134
14
124
16
16
19
22
22
PRICES OF FLOUR, ON THE FIRST OF EACH MONTH, FOR FIVE YEARS.
1 8 4 6 -7 .
1 8 4 5 -6 .
Dollars.
4
Months.
5
a
41
4|
6
54
6
54
a
a
a
a
a
a
64 a
6 a
4 a
1 8 4 4 -5 .
1 8 4 3 -4 .
Dollars.
Dollars.
4J a 44
Dollars.
a H
34 a
4 a
September,........
October,.............
November,........
December,.......
January,............
February,..........
March................
April,................
May,....... .........
June,.................
July,..................
August,..............
34
3f
44
74
5|
5
4}
a 44
a 54
a 84
a 7
a 64
a 54
4| a 5
4 a 44
3| a 44
3 a 4
34 a 4
54
54
5}
64
64
64
64
74
7“
54
k
4
4
4f
34
4
3i
3i
3*
34
4
a
a
a
a
a
a
a
a
a
a
a
a
6
4§
44
4|
54
44
44
4i
34
3|
4f
44
4
4
44
4|
4J
44
44
44
a
a
a
a
a
a
a
a
34 a
34 a
4 a
COMPARATIVE PRICES OF MESS AND PRIME PORK, AT NEW ORLEANS, ON THE
1 8 4 2 -3 .
Dollars.
44
34
34
44
4
3|
34
34
31
44
44
4
4f
44
44
44
4f
44
44
3|
44
54
1ST OF
a 44
a 3f
a 4
a
a
a 34
a 34
a 4
a 34
a 5
a 54
a 44
EACH MONTH,
FOR TWO YE
1846-7.
Dollars.
84 a
84
Months.
September,........
October,.............
November,........
December,.........
9| a
84 a
J a n u a ry ,...........
94
14
15
15
16
February,............
M arch,...............
April,..................
M a y,..................
June...................
July.....................
August,...............
a
a
a
a
a
164 a
16 a
84
91
9
94
144
64 a
64
7
7|
8
74
84
12
124
124
124
154
154
164
16}
164
Dollars.
Dollars.
12*
13*
13
a
a
a
a
a
a
a
a
a
a
a
84
84
13
12}
124
12}
12}
134
17
16
14}
154
154
104
10}
11
10}
9}
9
8}
a
a
a
a
a
a
a
a
a
a
a
a
1 8 4 5 -6 .
174
144
16
154
11
11
114
105
10
94
9
Dollars.
13 a
114 a
104 a
134 a
134 a
94 a
94 a
9 a
84 a
74 a
7 a
64 a
134
124
11
14
10
10
84
8
n
7
COMPARATIVE PRICES OF CORN, IN SACKS, AT NEW ORLEANS, ON THE FIRST OF EACH MONTH,
FOR FIVE YEARS.
1 8 4 6 -7 .
1 84 5-6 .
1 8 4 4 -5 .
1 8 4 1 -4 .
Cents.
Cents.
Cents.
Cents.
Months.
September,..
October,......
November,..
December,...
January,......
February, ...
March,........
April,...........
M ay,...........
June,...........
July..............
August,.......
36
60
58
60
55
80
75
80
55
65
65
40
a
a
a
a
a
a
a
a
a
a
a
a
40
65
75
70
67
90
90
95
70
80
75
50
40
35
45
80
55
40
47
42
40
35
25
30
a 42 '
a 38
a 50
a 82
a 63
a 50
a 52
a 50
a 50
a 40
a 32
a 35
43
40
43
34
37
38
40
35
35
28
30
34
a 44
a
a 45
a 37
a 38
a 40
a 41
a 36
a 38
a 32
a 34
a 36
42
37
34
43
36
32
35
40
40
33
40
40
a
a
a
a
a
a
a
a
a
a
a
a
1 8 4 2 -1 .
Cents.
43
40
35
45
38
33
35
42
41
35
43
45
33
32
30
45
34
26
28
35
35
34
42
40
a
a
a
a
a
a
a
a
a
a
a
a
34
33
31
47
35
28
30
36
40
35
42
Commercial Statistics.
519
TRADE AND COMMERCE OF HAVANA.
The following particulars of the commerce of Havana, for the first six months of 1847,
as compared with the same time in 1846, is derived from “ Diario de la Marina,” of
July 16th, 1847:—
The number of vessels en tered Havana, during the first six months of 1846, was 824.
Of these, 316 were Spanish, and 508 foreign ; during the same time, this year, the num
ber was 1,085, of which 272 were Spanish, and 813 foreign. The number of vessels
cleared the first six months of 1846, was 821, of which 307 were Spanish, and 514 for
eign; same period, this year, 1,085, of which 267 were Spanish, and 828 foreign. Of
this increase in foreign vessels, the American flag had the largest number, in consequence
of the great importation this year of the productions of the United States.
From the table giving a comparative statement of products registered for exportation
from the port of Havana during the first six months of the last twelve years, we take the
articles of sugar, coffee, and tobacco, and compile the following table for only the last
five years:—
Sugar.......
Coffee.......
Tobacco... ..-manufac.
<(
1841.
1844.
1845.
310,788
575,070
68,673
899,349
390,110
523,321
84,451
866,949
157,389
140,383
63,840
572,662
1846.
1847.
319,960|
101,025
80,602$
2,003,450.
426,873
294,166
94,048
754,503
Another table gives a comparative statement of the exportation from Havana to dif
ferent ports, during the first six months of 1846 and 1847. W e take only the articles of
sugar, coffee, and tobacco:—
COMPARATIVE STATEMENT OF THE EXPORTS OF SUGAR, COFFEE, AND TOBACCO, FROM HAVANA,
FOR THE FIRST SIX MONTHS OF
Ports.
Hamb. &, Brem...
Holland...............
Belgium...............
France.................
Trieste & Venice..
Italy.....................
Other ports.........
AND
1847.
C offee.
T oba cco.
Arrobas.
Manufactured.
1846.
Spain....................
United States.......
England...............
Cowes.................
1846
Sugar.
Boxes.
1847.
1846.
1847.
1846. 1847.
74,969 50,466 21,598 23,087 4,654
52,960 110,532 36,633 68,323 23,483
2,369 57,911
465
1,298 11,103
48
2,836
83,303 62,489
630
6,825 24,710
2 1,356
41,954 30,586 5,944 21,286 5,801
5,956 15,569
12
146
766
8,840 17,370
6
16 1,278
15,973 13,437 13,944 97,764 19,981
8,796 14,821 47,830
8,464
360
6,883
3,947
800
8,282 1,588
5,131
6,489 1,559 11,331 2,620
17,652
15,044
12,511
1,804
T oba cco.
L ea f.
1846.
1847.
474,314 144,402
407,152 163,191
104,172 16,625
6,933
181
9.971
1,350
1,779
19,588
5,513
653
2,162
877,021 249,408
25,100
9,500
7,875
50,872 131,000
1,102
9,358
51,644
6,690
Total........ 513,318 401,302 95,530 282,201 75,620 88,208 2,016,066 720,293
W e give the substance of the Diario’s article, which refers to the above exports:—
“ From the first statement, it appears that, in the six months ending the 30th of June,
sugar has increased 106,912$ boxes over the same period, last year, and 36,763 boxes over
that o f 1844, which was the year of greatest production and exportation, thus proving that
the crop ought to be abundant. The exportation of this product, as appears from the to
tals in the second statement, conforms with the entry, 87,984 boxes more having been
shipped, than in the first six months of last year. In the distribution of the exports, we
see that an excess over those of last year, of 57,572 boxes, has gone to the United States:
of 55,542 to England; of 18,185 to the Baltic; of 9,613 to Holland ; of 7,530 to Bel
gium ; of 332 to Trieste and Venice ; of 1,358 to various ports. The exports to Spain
have fallen off 24,494 boxes ; to Cowes, 20,814; to Hamburgh and Bremen, 11,368 ; to
France, 2,536; and to Italy, 2,936. The diminution in the exports of sugars to the pe
ninsula, is not to be wondered at, since the same thing is observable in the maritime move
ments of our national vessels, and the causes, of which we have before spoken, are known.
The falling oft' at Cowes, is made up in the very considerable increase of direct shipments
to England and the Baltic. Besides, the peculiar circumstances in which, until now, Eu
rope has been placed, must have had an influence on trade in general, and we could not
hope to be an exception, although, in truth, we cannot complain, since, fortunately, the
United States, by the modification of the tariff, and on account of the diminution of the
520
Commercial Statistics,
crop of Louisiana, have taken from us much, while we have imported more of their pro
ductions. Recurring, however, to the total exportation, we will add to those of Havana
the sugars which have been shipped in the same six months from Matanzas and Trinidad.
From Havana, the number of boxes was 401,302; from Matanzas, 269,325|; from Trini
dad, 34,534$—in all, 705,162$ boxes. Although we have the returns of only the first
three months from Cienfuegos, we may yet add to the above, the 17,540 boxes sliipped
thence in that time, making the exportation, so far as we have information, to this time,
already reach 722,702 boxes.
“ As with sugars, so with coffee exported hence; the increase of the latter over the first
six months of last year, being 186,671 arrobas. Tobacco, in the leaf, appears to have had
an extraordinary falling off in exportation—being no less than ] ,295,773 pounds, while in
the manufactured article there has been an increase.”
COMMERCE OF BELGIUM.
W e published in the Merchants’ Magazine for July, 1847, some account of the export
and import trade of that country, for the years 1844, ’45, and ’46, derived from an official
document of the Belgian Minister of Commerce. The American steamer Washington,
which arrived at the port of New York on the 30th July, brings us an abstract of a later
official document of that government, from which we derive the following interesting com
mercial facts:—
IMPORTS OF GRAIN, IN KILOGRAMMES, TO MAY 31.
1846.
1847.
1846.
1847.
3,119,076
7,299,033
.... 57,543,254 25,671,917
E y e ............ .... 13,565,377 20,215,903
5,755,632
Barley.......... ... 12,397,260
Total...... .. 90,804,924 54,762,528
Showing a reduction in the present year of more than 35 per cent.
4,899,235 W ool............. ..
1,365,430
1,262,319
Sugar..........
468,190
1,118,674
2,169,372 Flax...............
476,613
Tobacco..... ....
2,158,601
2,660,195
Cotton wool. ....
With regard to the exports, there appears a decline in all the chief branches of manu
factures, with the exception of woollen cloths, of which the increase is no less than 5,000
kilos. This branch of trade appears to thrive very much. On the other hand, the linen
and cotton trades are both very much depressed, and which is most prejudicially felt, as
regards the former, on account of the great number of people dependent upon it.
COMMERCE OF RUSSIA W IT H CHINA.
The principal seat of the Russian trade with China is at Kiachta, and the Mongolian
frontier establishment at Maimaichin. Second in importance to that emporium is the
commerce maintained at Kokand, by caravans from Orenburg. The Chinese and Usbeck
merchants, from Turkistan and Hanse, assemble there to meet the Russian traders, who
carry on a valuable traffic. From these regions, as well as from Northwestern China,
small parties of native merchants start for Semipalatinsk and Troizk, in Siberia, where a
similar, but not such an extensive, traffic takes place. A great deal of illicit bartering has
existed to the East of Kiachta, between the nomades of the respective frontiers, and often
indirectly by European merchants.
The commerce carried on at Kiachta is a mere barter trade. In 1830, the whole im
portation of woollens, at that place, amounted to 154,552 yards; in 1839, to 1,297,230 ;
in 1840, it rose to 1,328,912. These were two years of a more or less suspended trade
with England, but the quantity is still very large. Tea, the principal export, has increased
in a similar manner. In 1838, there were brought 43,070 boxes, each of 100 lbs., and
71,940 pieces o f brick tea; in 1839, 47,950 boxes, and 60,340 pieces. On this article,
the greatest profits are realized. One account states that what was bought in 1839, at
Kiachta, for $7,000,000, realized $18,000,000 at the fair of Nischengorod. All the no
madic tribes of Western Asia use the brick tea (which often passes as a circulating me
dium) in profusion; hence the large gain of the Russians, (who may be said to possess the
monopoly,) and at the same time the readiness with which they incur a loss upon their
imports to pay for this article. The declared amount of imports to Northern Asia, in
1840, was 3,615,130, in Russian dollars, and of exports, 6,892,952. About ll-12ths of
this are absorbed, either directly or indirectly, in the Chinese trade. The native state
ments on this subject are very vague, and as the Chinese merchants find ways and means
to smuggle a great deal, the custom-house returns cannot be fully relied on.
521
Commercial Statistics .
BRITISH SHIPPING, IMPORTS, AND EXPORTS.
Returns made to the British Parliament, show that in the year 1846, 7,881 British
vessels, o f 1,224,214 tons, entered outwards. The number of foreign vessels that entered
inwards, amounted to 9,720, of 1,444,738 tons, and the number of foreign vessels that
cleared outwards, to 11,002, of 1,559,721 tons. The number of British ships employed
between the United Kingdom and the British colonies, amounted, in 1846, to about 6,238,
and the number of foreign vessels to an average of 62. The declared value of the British
and Irish produce and manufactures exported from the United Kingdom to various foreign
countries, (including Scandinavia, the Hanse Towns, Prussia, Austria, France, Portugal,
Rio de la Plata, Brazil, Mexico, and the United States,) amounted, in 1839, to .£22,937.550;
in 1840, to £19,442,987; in 1841, to £22,178,376 ; in 1842, to £18,619,186; in 1843,
to £20,246,460 ; in 1844, to £23,514,141; and in 1845, to £23,332,487. The declared
value of the said produce, &c., exported to Russia, other parts of Germany, Holland,
Belgium, Spain, Italy, Turkey, Greece, Syria, and Palestine, Egypt, Tripoli, Barbary,
Morocco, the North of Africa, Arabia, Sumatra and Java, China, Cuba, the foreign West
Indies, Guatemala, Chili, and Peru, amounted, in 1839, to £13,952,261; in 1840, to
£14,505,136; in 1841, to £14,182,004; in 1842, to £14,940,170; in 1843, to £16,394,998;
in 1844, to £18,114,355; and in 1845, to £19,530,371. The value of the British and
Irish produce and manufactures exported from the United Kingdom to the English colonies,
amounted, in 1839, to £16,343,769 ; in 1840, to £17,458,307 ; in 1841, to £15,274,153;
in 1842, to £13,821,667; in 1843, to £15,688,251; in 1844, to £16,955,296; and in
1845, to £17,348,224.
EXPORTS FROM LIVERPOOL TO THE UNITED STATES.
The following comparative view of the exports from Liverpool to the United States, for
the first three months of the present year, (1847,) compared with 1846, is derived from a
statement of Mr. Charles Wilmer, of Liverpool. It exhibits an amazing increase in all
important items:—
1846#
M anufac. g o o d s.p a c k .
H a r d w a r e .....................
E a r th e n w a r e ... crates
“
h a lf “
“
. . ..c a s k s
C o a l...........................tons
I r o n ................................
T in p la t e s .............boxes
A p ril.
3,812
2,821
2,677
1,002
177
1,045
3,372
30,623
M ay.
7.908
2.840
3,066
1,182
128
1,327
6,175
25,034
June.
10,379
4,468
2,540
1,207
342
965
3.139
16,762
1847.
T o ta l.
A p ril.
M ay. June.
22,099 11,183 18,572 23,201
10,129
4,316
5,171
4,683
8,283
2,782
2,747
2,591
3,391
1,245
1,087
1,243
647
351
227
241
3,337
2,504
2,485
1,030
12,686
7,367
7,395
6,224
72,419 15,473 12,491 14,117
D IF F E R E N C E .
T otal.
In c.
D ec.
52,956 30,857 ...........
14.170
4,041 ...........
8,120
163
3,575
184 ..........
819
172
............
6,019
2,682
....
20,986
8,300 ...........
42,081
30,338
STATISTICS OF THE FRENCH NAVY.
The inscription m aritim e , which, in 1837, comprised only 92,930 men, amounted to
112,235, in 1846, and 118,403, in 1847. The latter number is composed of 11,289 cap
tains, masters, and pilots; 5,440 petty officers; 61,507 sailors; 23,437 midshipmen, and
16,794 boys. There are besides, in 1847,11,238 workmen, and 1,931 apprentices. The
composition of the fleet, for 1848, is 6 ships of the line, 9 frigates, 22 corvettes, 30 brigs
and advice ships, 29 light vessels, 24 transports—in all, 120 sailing-vessels, which, with
66 steam-vessels of 14,570 horse-power, give a total of 186 armed vessels. There are
besides 4 ships of the line, 4 frigates, and 4 corvettes, in what is called com m ission d e
r a d e ; and 18 ships, of which 4 are of the line, and 4 frigates, in com m ission de port. The
general total is 216 vessels, with 29,998 sailors. The orders given, or to be given, in
1847, to private establishments, are, for 13 vessels, in iron, for machines of 2,780 horse
power ; 12 corvettes of different classes, in wood and iron ; 24 machines, of from 120 to
170 horse-power— amounting altogether to 7,470 horse-power.
LUMBER BUSINESS OF MICHIGAN.
The shingle trade of Detroit amounts to $200,000 annually. Upwards of 8,500,000
feet of lumber are made at the steam-mills of that city, and 1,700,000 lath. There are
800 mills in the State of Michigan, which make annually 172,000,000 feet of lumber ;
which, at $ 5 the thousand, the average price, is worth $1,362,600. Immense capital is
invested in pine lands. The mills in St. Clair county, alone, which mak» 30,000,000 feet
per annum, own about 30,000 acres. The money invested in this business, is full $500,000,
and the hands employed number 8,000.
522
Commercial Regulations.
COMMERCIAL
REGULATIONS.
COMMERCIAL REGULATIONS OF BOMBAY.
IMPORT GOODS— DUTY FREE.
clothing, i f imported for the East India Company; bullion and coins; books,
printed in the United Kingdom or any British possession, if on British bottoms ; baggage,
personal apparel of a passenger, or cabin furniture in use ; coal, coke, bricks, chalks, and
stones, (marble and wrought stones excepted); copper, (old) from ships coppered in Bombay; eggs and poultry; fish, fresh and salted, (excepting shark-fins and fish-maws,) when
the produce of Bombay, Bengal, or Madras; grain and pulse; horses, and other living
animals; ice ; marine stores, as old anchors, chain cables, kentledge, rigging, sails, masts,
yards, water-casks, &c., if originally shipped for use ; paper, for the Bible Society’s edition
o f the scriptures; precious stones and pearls, (unset); printing papers for the American
mission; naval and military stores, for H. M. and the H. C. government; ship and mess
stores, which have not claimed or received drawbacks; seeds, (cotton and coffee except
ed,) for scientific societies; vegetables.
A
rmy
DUTIES ON GOODS IMPORTED B Y SEA INTO BOMBAY.
Invoice D u ty .— With advance of 10 per cent charged upon agricultural implements—
haberdashery, jewelry and watches, machinery, mathematical and musical instruments,
military appointments, millinery, oilman’s stores, painting, perfumery, plate and plated
ware, saddlery and harness, stationery, the produce and manufacture of British and foreign
States, imported on British bottoms, pay three and a half per cent; if on foreign bottoms,
seven per cent.
On B ritish Bottom s.
Foreign books; marine stores (British); metals, wrought and unwrought, (British), three
per cent.
Woollens (British), two per cent.
Piece goods, cotton and silk, (British); cotton and wool, mixed, (British); snuff; twist
and yam (British), three and a half per cent.
Woollens (foreign), four per cent.
Marine stores (foreign); metals (foreign, excepting tin), six per cent.
Piece goods (foreign); twist and yarn (foreign); cotton and wool, mixed, (foreign),
seven per cent.
Coffee, rattans, seven and a half per cent.
Alum, c a m p h o r , c a s s ia , c l o v e s , c o r a l , m a c e , n u t m e g s , p e p p e r , t e a , t in (British), V e r m il
l i o n , w in e s a n d liq u o r s , t e n p e r c e n t .
Cotton, without certificate of export duty, nine annas per Indian maund.
Opium, not covered by a pass, twenty-four rs. per seer of eighty tolas.
Salt, not covered by a pass, twelve annas per Indian maund.
Spirits, nine annas per imperial gallon.
Tobacco, nine rupees per Indian maund.
Three and a half per cent is charged upon all articles not enumerated above.
On F o re ig n Bottom s.
Snuff (foreign—British), three and a half per cent.
Woollens (British), four per cent.
Books (foreign); marine stores (British); metals, wrought or unwrought, (British), six
per cent.
Piece goods (British); twist and cotton yarn (British); cotton and wool, mixed, (Brit
ish), seven per cent.
Woollens (foreign), eight per cent.
Marine stores (foreign); metals (foreign, except tin), twelve per cent.
Piece goods (foreign); twist and yarn (foreign): cotton and wool, mixed, (foreign),
fourteen per cent.
Coffee, rattans, fifteen per cent.
Alum, camphor, cassia, cloves, coral, mace, nutmegs, pepper, tea, tin (foreign), vermillion, wines and liquors, twenty per cent.
Cotton, withojit certificate, one rupee two as. per Indian maund.
Opium, not covered by a pass, twenty-four rs. per seer of eighty tolas.
Salt, not covered by a pass, twelve annas per Indian maund.
Commercial Regulations,
523
Spirits, one rupee per imperial gallon.
Tobacco, nine rupees per Indian maund.
Seven per cent is charged upon all articles not enumerated above.
N. B.— British signifies the produce or manufacture of the United Kingdom, or of any
British possession ; and foreign, the produce and manufacture o f other countries.
•
EXPORT DUTIES AND REGULATIONS.
Duties.—All goods the produce or manufacture of India, exported on British bottoms,
are subject to a duty of three per cent ad valorem, or tariff valuation, except cotton, on
which duty is levied at nine annas per Indian maund.
The duties on exports on foreign bottoms are double those on British; but bullion and
coins, precious stones and pearls, books printed in India, horses and other live animals,
and opium purchased under a Company’s pass, are entirely free, whether exported on
British or foreign bottoms.
Re-export Drawback.—When goods imported into Bombay are re-exported to places
within the East India Company’s territories, the import duty paid at Bombay will, at such
places, be deducted from the amount of duty to which they may be liable; but, upon re
export (except opium, salt, and all goods the produce of British India) from Bombay to
any other country, provided such re-export be made on British bottoms within two years
from the date of import, seven-eighths (f ths) of the amount of duty levied will be refunded
as drawback. On raw cotton, the whole of the duty levied will be refunded as drawback
when shipped to Europe, the United States of America, or any British colonial possession.
I f shipped to China, no drawback is allowed. On tobacco, the drawback is allowed only
’when re-exported to Great Britain. On Cashmere shawls no drawback is allowed, these
being considered the manufacture of the continent of India.
Weights and Measures.— In all custom-house transactions, the Indian maund (100 lbs.
Troy) is used. For liquids, the imperial gallon is used. Merchants use the Bombay
gallon.
Value o f Coins.— The rupee is divided into four quarters, and each quarter is estimated
at one hundred reas. The rupee is also divided into sixteen annas, each anna containing
twelve pies.
Sales and purchases are made at two months’ credit, or, for cash, with a discount of
five-eighths of a rupee, or twelve annas per cent per month.
RATES OF POSTAGE TO EUROPE,
ON NEWSPAPERS AND LETTERS, B Y STEAM AND PACKET SHIPS.
American Line.— Steamship Wishington.
For each letter and package not exceeding £ ounce,......... ............................. 24 cents.
Over and not exceeding 1 ounce,...................................................................... 48 “
For every additional £ ounce, or fraction,............................................................. 15 “
On each newspaper, pamphlet, or prices current,................................................
3 “
Mail matter to Bremen, either for delivery or distribution, may be sent either with or
without the postage being previously paid.
British Line.— Steamship Sarah Sands.
For each letter weighing £ ounce or less,............................................................. 25 cents.
Every additional ^ ounce,..................................................................................... 25 14
French Line.— Steamships Union, Philadelphia, New York, Missouri , fyc.
[It must be borne in mind that the rates by the French Line refer to letters weighing
only i of an ounce.]
Postage at the New York post-office,....................................................................
1 cent.
Postage to cross the Atlantic,..............................................................................
20 “
Postage from Havre to Paris,................................
10 “
Postage o f a letter from New York to England, via Havre.
Postage at the New York post-office,..............................................................
Postage across the Atlantic,...................................................................................
Postage from Havre to English shore,.................................................................
English taxation from the shore to the letter’s destination,...............................
1 cent.
20 “
2 “
10 “
Packet Ships for Liverpool, London, and Havre.
On each letter weighing £ ounce,........................................................................
Newspapers,...........................................................................................................
12£ cts.
2
Nautical Intelligence .
524
UNITED STATES TRADE W ITH BRAZIL.
/
CIRCULAR TO COLLECTORS, AND OTHER OFFICERS OF THE CUSTOMS.
T r e a s u r y D e p a r t m e n t , October 11, 1847.
fieing apprized by the Department of State of its belief, that, since the termination of
the Treaty of the 12th December, 1828, between the United States and Brazil, which ex
pired on the 12th December, 1841, the government of Brazil has acted in the same man
ner, in regard to our commerce and navigation, as though the Treaty still continued to
exist, and no representations to the contrary having come to the knowledge of the Depart
ment of State, it is deemed expedient that the same course should, for the present, be
pursued on the part of the government of the United States.
You are consequently instructed to admit, f r e e o f d u ty, under the provisions of Sched
ule I. of the Tariff of 30th July, 1846, coffee of the growth of Brazil, imported directly
from that country in vessels belonging to that nation ; and will also exempt said vessels
and cargoes from the charge of discriminating duties of impost or tonnage of any descrip,
tion whatsoever.
R. J. W a l k e r , Secretary of the Treasury.
NAUTICAL
INTELLIGENCE.
MARINE RISKS FOR G ALVESTON, TEXAS.
Galveston Civilian has an article on this subject, to prove that the rates of pre
mium charged for insurance to and from that place are quite disproportionate to the risk.
From a list, kept by the pilots for three years and ten months, it appears that, from Octo
ber, 1843, to October, 1844, 97 American and 54 Foreign vessels arrived ; from October,
1844, to October, 1845, 174 American, 32 Foreign; from October, 1845, to October,
1846, 283 American, 55 Foreign ; from October, 1846, to August, 1847, ten months, 237
American, 37 Foreign. This list does not include a large number bound to other ports,
which have touched at Galveston. The Civilian adds:—
T
he
During the year 1843-4 there was but one vessel lost. The Bremen brig Union, bound
out, struck on the South Shoal, and, being an old vessel, sprung a leak, put back into
port, and was condemned and sold; making a loss of one vessel out of one hundred and
fifty-one, or the rate o f risk for that year three-fourths of one per cent.
In 1844-5 the Italian brig Camilia, bound to this port, ran ashore on San Luis Island,
sprung a leak, was brought to Galveston, and condemned— one vessel lost out of two
hundred and six for the yesr, making the loss for that year less than the half of one per
cent.
For the year 1845-6 the only loss was the Bremen bark Carl Wilhelm, which ran
ashore in good weather and daylight, struck, and was lost—one vessel in three hundred
and thirty-eight, or a loss of a little more than one-fourth of one per cent
In 1846-7 the Bremen brig Gerhard Herman ran ashore on San Luis and was wrecked.
This is also a loss of a little over one-third of one per cent.
W e should, perhaps, also mention the loss of the steamer New York, which foundered
at her anchors fifty miles east of this port, bound hence to New Orleans.
But one of the vessels mentioned above struck with a pilot on board. Many of the
vessels included in the above table have lain at anchor, for considerable periods, outside
the bar. They have rode at anchor there in all seasons and in all weather, during the
long period embraced in this account; and not a solitary instance has occurred of a vessel
having dragged her anchor, or been lost at it, with the exception of the New York, which
was fifty miles at sea.
There is no coast in the world where the water shoals more uniformly and gradually,
in approaching the land, than it does on this. The least attention to the soundings will
enable mariners to ascertain their proximity to shoal water, and the anchor never fails to
secure vessels in a safe position when lowered in time. Three of the wrecks we have
named occurred simply, according to the best accounts we have been able to obtain, from
running directly upon the land, without any precaution or effort to avoid it.
Out of one thousand and sixty-nine arrivals, embraced in this account, the whole num
ber o f wrecks is five, or less than one in two hundred; and the total loss of vessels but
two, or a little less than one in five hundred.
Nautical Intelligence .
525
KINGSTOW N HARBOR LIGH TS, E A ST COAST OF IRELAND.
The corporation for preserving and improving the port of Dublin, hereby give notice
that, on and after the 1st of October, the light hitherto shown from the timber building,
on the E. pier of Kingstown Harbor, Dublin Bay, will be discontinued, and a light exhib
ited from the tower built on the pier-head, which will thenceforth be illuminated every
night from sunset to sunrise.
Specification given of the position and appearance of the tower, &c., by Mr. Halpin,
inspector of light-houses:—
The new tower is in lat. 53° 18' 10" N., and Ion. 6° V 45" W., and bears from N. end
of Kish Bank N. W . by W . \ W., distant 6| sea miles ; from S. end of Burford Bank
W . by N. £ N., distant 3| sea miles; from Poolbeg Light-House S. £ W ., distant 2$
sea miles.
The tower is erected in the centre of the Eastern pier-head. It is of circular form, as
also the lower building around; the outer walling granite.
The light will be at an elevation of thirty-seven feet above the level of high water
springs, and will, in appearance, be similar to the present light, v iz: a revolving light,
presenting white and red faces alternately, attaining their greatest brilliancy at equal in
tervals of thirty seconds. The light will be shown in all directions in which the present
light has heretofore been visible ; kept open, it will lead clear of the Muglins Rocks.
Until the erection of a light on the West pier-head, the small fixed red light in the tem
porary timber shed on that pier will be continued as before.
Bearings stated as magnetic—Var. 27° W.
M ARKS ON THE SHOALS AND SANDBANKS BETW EEN THE KOHL
(COAL) AND HELSINGBURGH.
The Swedish government has, under the 31st August this year, made known that the
following marks (black painted poles with white wifts at the top) have been laid down,
and will be taken away some time in November this year. They will, in future, be laid
out in May, and taken away in November every year. All the below-mentioned bear
ings are magnetic:—
1 . O f f t h e S e a r s o r N o r r s k a r s b a d e n .— To the S. W. of Nyhamn, in
fathoms
water, about
cable’s length from the shoal. Kohl Light bearing N. by W ., and Wasby Church S. E.
2. N e a r t h e M o l l e g r o u n d o f f H o g a n a s s .— To the W. S. W . of the shoal, in 5 fath
oms water, at about two cables’ length off. Kohl Light bearing N., and Wasby Church
E. by S.
3. N e a r t h e J u n g n a s s b a d e n o f f L e r b e r g .— W . N. W. of the shoal, in 5 fathoms,
and about 2 cables’ length off. Wiken Church bearing S. S. E., and Wasby Church E.
by N.
4 . N e a r t h e S v i n e b a d e n , ( S w i n e b o t t o m s .) —N. of Wiken, W . by N. from the r e e f ,
at about 2 cables’ length, or 4£ fathoms water. Wiken Church bearing S. E., and Wasby
Church N. E. by E.
5. N e a r t h e G r o l l e g r u n d e n .— N. W . of Kulla Gunnarstorp, W . N. W. of the shoal,
at about half a cable length from the same, in 4^ fathoms. Kohl Light bearing due N.,
and Kulla Gunnarstorp S. E. by S.
FLOATING LIGHT, BAH AM A BANK, ISLE OF MAN.
Notice is hereby given, that, in compliance with the request of the ship-owners, masters
of vessels, and other persons interested in the navigation between the Isle of Man and
the coast of Cumberland, a floating light vessel will be moored off the Eastern part of the
shoal, called the Bahama Bank, off Ramsay Bay.
Mariners will observe, that on board this vessel, two fixed lights will be exhibited on
separate masts, and that it will be thereby readily distinguishable from the neighboring
shore lights on the Isle of Man, and on the English and Scottish coasts.
Notice of the night on which the lights on board this vessel will be first exhibited, to
gether with all needful particulars in respect of the exact position of the latter, will be
hereafter published.
526
Railroad, Canal, and Steamboat Statistics.
RAILROAD, CANAL, AND STEAMBOAT STATISTICS.
ENGINES AND CARS ON TH E R A IL W A Y S OF N E W YORK.
following tabular statement of the names and length of the railways in the State
of New York, together with the number of locomotives and cars employed on them, Janu
ary 1st, 1847, is derived from the “ American Railroad Journal,” now published in Phila
delphia, by D. K. Minor. It was furnished for publication by C. B. Stuart, the chief
engineer of the “ Great Western (Canada) Railway,” in compliance with a request for
similar statements of all the roads irt the United States. It is to be hoped that some
one will give those in other States, as it would be interesting to know the whole number.
T
he
Length
of
Road.
Names o f Railways.
Mohawk and Hudson,........................
Utica and Schenectady,.....................
Syracuse and Utica,...........................
Auburn and Syracuse,........................
Auburn and Rochester,......................
Tonawanda,........................................
Attica and Buffalo,.............................
Buffalo and Niagara Falls,.................
Saratoga and Schenectady,................
Schenectady and Troy,.....................
Rensselaer and Saratoga,...................
Long Island,...................t..................
Cayuga and Susquehannah,...............
Albany and West Stockbridge,...........
Hudson & Berkshire,.........................
Troy and Greenbush,.........................
New York and Erie,...........................
New York and Harlem,....................
Lockport and Niagara Falls,.............
Lewiston,.............................................
Skeneateles,........................................
♦Undivided int’st of 5 roads in 70 cars,
•Total,...........................................
*17
*78
*53
*26
*78
434
314
22
22
No. o f
No. of
No. of
No. o f
Jocomo- passeng’ r freight mail cars,
tives.
cars.
cars.
4-c.
6
i
36
15
9
4
10
6
4
3
3
3
2
15
204
25
96
30
384
31
6
62
42
none.
4
3
9
8
22
2
6
5
1
none.
none.
107
37
.
100
100
9
40
22
28
40
32
4
8
40
49
22
28
56
42
18
14
50
28
5G
19
none.
45
22
135
.
8
6
21
8
5
2
2
1
l
18
18
13
3
70
542
139
893
4
7
15
22
4
none.
3
3
9
42
8
6
11
10
13
none.
40
17
66
1
212
8
4
2
2
3
2
24
2
none.
2
. 2
60
5
12
52
7544
Total
No.
cars.
68
N E W YORK CAN AL NAVIGATION.
OPENING AND CLOSING OF THE CANAL FOR THE LAST TWENTY-FOUR Y'EARS.
The annexed table exhibits the time of commencement, and close of each navigable
season of the canal, from 1824 to 1846, inclusive, and the number of days the same was
navigable in each of the said years; and also the commencement in 1847:—
Years.
1824......
1825.......
1826......
1827.....
1828.......
1829......
1830.......
1831.......
1832.......
1833......
1834.......
1835.......
O pened.
Closed.
April 30
April 12
April 20
April 22
Mar. 27
May 2
April 20
April 16
April 25
April 19
April 17
April 15
l)ec. 4
Dec. 5
Dec. 18
Dec. 18
Dec. 20
Dec. 17
Dec. 17
Dec. 1
Dec. 21
Dec. 12
Dec. 12
Nov. 30
D ays op.
219
238
243
24 L
269
230
242
230
241
238
240
230
Years.
1836......
1837.......
1838......
1839......
1840.......
1841......
1842......
1843......
1844.......
1845.......
1846.......
1847.......
Opened.
April 25
April 20
April 12
April 20
April 20
April 26
April 20
May 1
April 18
April 15
April 16
May
1
Closed.
Nov. 26
Dec. 9
Nov. 25
Dec. 16
Dec. 3
Nov.29
Nov. 23
Dec. 1
Nov. 26
Nov.29
Nov. 25
D ays op.
216
234
228
228
227
218
218
214
223
228
224
....
Railroad, Canal, and Steamboat Statistics.
52 7
COMPARATIVE STA TE M E N T OF EXPENSES
OF STEAM NAVIGATION ON THE MISSISSIPPI.
Comparative statement of the expenses of a boat on the Upper Mississippi, and one on
the Lower Mississippi, derived from the report of Thos. Allen, Esq., Chairman of the
delegates to the Chicago Convention of July 5th, 1847:—
Steamboat I--------- , of 249 tons, from St. Louis to New Orleans, from 29th May to 16th
June, 1847, inclusive, (18 days.)
To wood..................................................................................
$856 62
“ wages................................................................................
1,017 61
“ stores.................................................................................
467 76
“ expenses............................................................................
223 10
Total.........................................................................
$2,565 09
Being an average of $142 50 per day.
Down cargo, 520 tons.
Steamboat F--------- , of 120 tons, from St. Loui3 to the Upper Mississippi, from March
27th to June 8th, being 73 days:—
To wood.....
$1,313 89
3,650 00
“ wages....
2,251 85
“ expenses
“ lighting...
676 45
Total.........................................................................
$7,892 19
Being an average of $108 11 per day.
But the average expense of the M----------, of 886 tons, is $355 per day, trading between
St. Louis and New Orleans.
The average daily expense o f the W --------- , of 498 tons, engaged in the same trade, is
$325.
The expense of the D----------, of 132 tons, running on the Illinois River, is $70 per day-
HISTORY OF STEAM N AVIG ATIO N ON LAKE ONTARIO.
The editors of the “ Commercial Times,” published at Oswego, one of the principal
ports on Lake Ontario, furnish us with the following brief history of the progress of steam
navigation on that Lake:—
The rapid increase and general improvement in the commercial marine of the Lakes,
impart a high degree of interest to everything relating to the early history and progress of
our steam navigation. W e have therefore collected the facts and compiled the following
table, showing the names, tonnage and captains of all the American steamers which have
navigated Lake Ontario since the first introduction of steam here, in 1816. In that year
the first steamboat, tHe Ontario, was built at Sackett’s Harbor, and commenced running
in the spring of 1817. She was the first steamer built on the Western Lakes, and run
from Ogdensburgh to Lewiston, making the trip in ten days, charging $15 for cabin
passage, and continued to run until the year 1831. Her engine was made by Mr. J. P.
Allaire, of the city of New York. Gen. Jacob Brown, Com. M. T. Woolsey, Hooker &.
Crane, Charles Smyth, Erie Lusher, and Elisha Camp, were the proprietors of the On
tario. Her construction as the first vessel propelled by steam built West of the Hudson,
and the first sea vessel of the kind we believe ever built in this country, was considered an
experiment and an enterprise, at the time, of the first magnitude. She left Sackett’s Har
bor early in the spring of 1817 on her first trip, and reached Oswego the same day, where
she was received by the people with extravagant demonstrations—such as the firing of
cannon and most enthusiastic greetings. Many of the people o f Oswego continued their
rejoicings all night and till the boat left the next day. It was a wonderful occasion, one
that commanded the admiration and engrossed the attention of the people.
On the morning of the second day of her trip the Ontario left Oswego and reached
Genesee river in the evening, where she remained till the next day, when she proceeded
on her way up the Lake. Soon after leaving the river, she encountered a Northeast blow,
which raised a considerable sea. Like all steamers previously built, her shaft, on which
the wheels revolved, was confined to the boxes in which it run by its own weight, only.
The action of the sea upon her wheels soon lifted the shaft from its bed, so that the wheel-
I
Railroad, Canal, and Steamboat Statistics.
528
houses were instantly tom to pieces, utterly demolished by the wheels, with a tremendous
crash, doing considerable damage to the wheels. Upon this disaster, the steamer put about;
and, with the aid of canvass, returned to Sackett’s Harbor to repair damages and secure
her shaft.
The next steamer on Lake Ontario was built by the Canadians in 1817, and was called
the Frontinac. She was a vessel of 700 tons, and had her engine imported from England.
The Sophia, of 75 tons, was built at Sackett’s Harbor in 1818, to run between that place
and Kingston. In the same year the first steamer on Lake Erie, the Walk-in-the-Water,
was built. In 1823 the Martha Ogden was built at Sackett’s Harbor, under the direction
and control of the late Albert Crane, Esq., of Oswego, which, in connection with the On
tario, formed the line of American steamers for many years, down to 1830, to which time
lake steamers were considered an experiment. They had no regular day for leaving port,
but made their trips conform to the appearance of the weather. The boat building at
French Creek for the Ontario Company, nearly ready to launch, will be much superior in
dimensions and style of fitting up to any boat on the lake.
List of American steamboats built and running on Lake Ontario, since their first introd u c tio n in
Built.
1816:—
N a m es.
1816 Ontario.....................
1818 Sophia.......................
1823 Martha Ogden...........
1830 Brownville.................
1831 Cha’a Carroll.............
1831 Paul Pry....................
1832 United States.............
1833 Black Hawk..............
1833 Wm. Avery...............
1834 Oswego......................
1836 Oneida......................
1837 Telegraph.................
1838 lohn Marshall...........
1839 St. Lawrence.............
1839 Express.....................
1841 George Clinton..........
1841 President....................
1842 Lady of the Lake.......
1843 Rochester...................
1845 Niagara.....................
1817 Cataract.....................
1847 New steamer build’g..
Tons.
400
75
150
150
100
50
450
100
200
400
300
200
60
450
150
100
60
425
400
476
620
800
Commanders.
J. Mallaby.
S. Thurston.
D. Ricd.
N. Johnson.
D. Howe.
E. Lusher.
Jos. Whitney.
Vaughn.
Capt. Evans.
« Child.
“ Mason.
J. F. Tyler.
J. Van Cleve.
H. N. Throop.
Chapman.
Isaac Green.
S. H. Hoag.
H. N. Throop.
R. F. Child.
J. Van Cleve.
R em arks.
Broken up.
do.
Lost in 1832.
Broken up.
do.
do.
do.
Changed to Dolphin.
Broken up.
do.
do.
Lewiston to Hampton.
Lost in 1844.
Laid up.
Tow-boat.
Oswego to Kingston.
Lost in 1844.
Lewiston to Ogdensburgh.
do.
do.
do.
do.
do.
do.
H ARTFORD AND N E W HAVEN RAILROAD.
This road extends from New Haven to Hartford, passing through North Haven, Wal
lingford, Meriden, Berlin, and New Britain, and is thirty-six miles in length. The re
ceipts and expenditures for the year ending September 1, 1847, have been, as we learn
from the Directors’ Annual Report, as follows:—
For passengers,............................................................................................
For freight,..................................................................................................
Rents, storage, steamboats, expresses, mails, and other sources,...........
$177,133 00
90,681 32
56,910 96
Total receipts,.............................................. .....................................
Deduct expenses and interest,.................................................................
$321,725 28
167,251 46
Balance,..............................................................................................
Cash on hand September 1, 1847,............... ............................................
$157,473 82
65,824 44
The amount received for passengers in 1846 was $155,061 01—increase in 1847,
$22,071 99, or 14 1-5 per cent.
The amount received for freight in 1846 was $61,250 73—increase in 1847, $29,430 69,
or 46^ per cent.
The number of persons transported between all the stations on the road the past year
is 226,595— the previous year, 191,270 ; showing an increase of 35,325.
Railroad , Canal, an d Steamboat Statistics.
529
MICHIGAN CENTRAL RA IL W A Y .
The Michigan Central Railway terminates at Detroit, 146 miles of which is now in
operation through populous and well-cultivated portions of the State ; and it has already
become the channel of conveyance for a large amount of products and merchandise. This
railway has been recently purchased by Eastern capitalists, and is now being re-laid with
heavy iron, and the Western portion is under contract to be completed to Lake Michigan
by the fall of 1848. The earnings of this work, since its purchase in September, 1846,
to the 1st of May, 1847, as appears by the company’s report, were—
Freight..............................
Passengers......................................................................................................
Miscellaneous..................................................................................................
$146,952 55
60,759 89
1,587 66
Total........................................................................................................
It cost to work the road and pay for repairs, during the same time...........
$209,300 10
83,473 49
Nett earnings in less than nine months................................................
$125,826 51
The receipts of this railway for the last three years, in the month of May, were :—
1845.
1846.
1847.
$15,624 55
$32,819 85
$41,011 76
showing an increase of nearly 200 per cent in two years.
The number of passengers carried over that road in 1846, as stated by the superintend
ent, J. W . Brookes, Esq., wa9 63,228 ; while, in 1841, the number was less than 25,000.
The nett earnings are now 15 per cent, of which, however, but 7 per cent is divided, the
balance going to new construction account. This company are now making docks of great
extent, and a freight depot, 800 feet in length, and 100 feet in width, at Detroit, for the
accommodation of produce from the West.
The importance of these results will be appreciated by those who are conversant with
the position and character of this work, which can only be regarded as a future tributary
of the Great Western (Canada West) Railway, since it is the d irect Western continua
tion of the line, which will throw off this arm towards the Mississippi, while, at the same
time, maintaining its connection with the upper lakes, by means of steamboats from De
troit and Port Sarnia. This Central Road is an extension already formed, and waiting
only for the completion of the Great Western Railway, to pour its treasures through that
channel; while another road, already chartered and surveyed, is projected from Port
Huron to the mouth of Grand River—crossing the most fertile and highly-cultivated por
tion of the State, abounding in water-power and mineral wealth, and terminating on the
shore of Lake Michigan, directly opposite Milwaukee, the most flourishing town in the
State of Wisconsin, which, at no distant day, will be an equally important tributary to the
Port Sarnia branch.
There are railways likewise projected and authorized by law, intended to connect the
Central Railway with Chicago, Galena, and St. Louis, and there can be little doubt that
ere many years these links will also be completed.
N E W SIGNAL LIGHT FOR STEAMBOATS.
Mr. D. B. Guion, of Cincinnati, has invented a new signal light for steamboats, which,
it is thought, will ultimately supersede all others. It is triangular, presenting the point of
an acute angle in front, on each side of which is a colored light, so that a boat approach
ing in a straight line, will show both lights, and a change of course will be indicated by
the disappearance of one light and the increase of the other, as it presents a larger face.
Mr. G. has received great encouragement from river men, who are sanguine in believing
this invention will prove invaluable in escaping dangerous collisions, which, from the un
certainty of the common light, it is impossible sometimes to avoid.
VOL.
X V I I . ----- N O . V .
34
530
Journal o f Banking , Currency , and Finance .
JOURNAL OF BANKING, CURRENCY AND FINANCE.
THE BANKS OF GERMANY.
Bank Royal of Prussia was founded at Berlin in 1765, upon the model of that of
Hamburg. So it existed until 1846, when it was reorganized under a new charter, by
which more extension was given to its operations. In accordance with this new consti
tution, which has been in force since 1st January last, the issue of notes has been carried
to fifteen millions of thalers, (the thaler equal to 2s. 10|(Z. sterling.) In 1850 this issue
is to be raised to twenty-one millions of thalers. The capital of the bank is always to be,
in proportion with the notes in circulation, two-sixths in silver, three-sixths in bills dis
counted, and the rest in loans on securities. The bank notes are from twenty-five to fifty
thalers each. The share of the government in the bank amounts, at most, to 500,000
thalers. The shareholders are entitled to an annual interest of 3$ per cent upon the capi
tal, and, after deduction of the sum set apart for the reserve or rest, which is not to exceed
30 per cent of the capital, one moiety of the surplus profits is apportioned to them in addi
tion, and the other goes to the treasury. The bank has branches in a great number of
cities, as Breslau, Koningsberg, Dantzic, Stettin, Magdeburg, Munster, Cologne, Memel,
Posen, Stolpe, Elberfeld, Treves, Aix-la-Chapelle, Dusseldorf, Coblentz, Minden, Erfurt,
Frankfort-sur-Oder, Stralsund, Kostin, Liegnitz, and Oppeln, and thus forms a vast net
work of financial operations through all the kingdom.
The private bank of the noblesse of Pomerania was founded at Stettin, in 1824, by an
association of noble proprietors, with a capital of 1,000,000 of thalers. After the crisis
of 1830, this capital was carried to 1,534,500 thalers. The operations of this bank em
brace discount, loans upon lodgments of merchandise, loans upon public and private secu
rities, current accounts, and deposits with interest. Formerly, it issued promissory notes
to bearer; but this privilege was withdrawn from it in 1835. There is a circulation of
about ninety millions of thalers of mortgage notes in Prussia, (these are, in fact, for one
hundred and five millions.) They have been issued, at different periods, by associations
of proprietary nobles in various parts of the kingdom, and carry interest at 3£ per cent.
The National Bank of Vienna was founded in 1815, to re-establish order in the finances
of Austria, and more particularly for the re-purchase or the conversion of the paper money
in circulation, the value of which was become almost nominal. The different creations
o f shares have raised its capital to about 89,000,000 of florins. This capital is divided
into 50,621 shares of 1,500 florins each. The actual operations of the bank are discount,
the issue of bank notes, a privilege which it enjoys exclusively throughout the Austrian
empire ; loans upon deposits, and negotiations of loans. The bank pays an annual inte
rest of 6 per cent upon the primitive capital, and a dividend, after deduction, of the reserve
fund. Its privilege, or charter, extends to the year 1866. It has branches at Prague,
Brunn, Troppau, Ogen, Tameswar, Kashan, Lemberg, Trieste, Inspruck, Goritz, Linz,
and Hermanstadt.
The Bank of Extraordinary Credit of Vienna, was constituted in 1846 by imperial de
cree, and has for object to devote a part of the sums, destined for the redemption of the
national debt, to the purchase of certain shares in railway and other enterprises, in order
to sustain useful undertakings, and communicate a greater impulse to them.
The Loan and Exchange Bank of Bavaria was founded at Munich, in 1835, by shares,
under the surveillance and control of the government. It is privileged for ninety-nine
years. The original capital was 10,000,000 florins, with liberty of increase to 20,000,000.
In 1846, there was a new emission of shares of 500 florins. The nett profits are divided
as follows:— Three per cent as dividend to the shareholders, and, of the surplus, threefourths as extra dividend, and the remaining fourth carried to the reserve, until it shall
reach to one-tenth of the capital. Three-filths of the capital are employed in loans on
mortgage. The other operations are discounts, loans on securities and ingots; the issue
of bank notes, whose amount is limited to four-tenths of the capital, and three-fourths of
it to be covered by a value of double the sum in mortgage credits, or in silver. The bank
has a branch at Augsburg.
The Royal Bank of Bavaria, first established at Ansbach, and now at Nuraberg, is one
of the oldest establishments of the kind. Its operations are discount, deposits, loans upon
personal and other securities. The government is entitled to half the profits. It has
branches at Ansbach and Bamberg.
The Royal Bank of the Court of Wurtemberg, founded in 1802 at Stutgardt, limits its
operations to discounts and loans.
T
he
Journal o f B anking , Currency , and Finance .
531
The Bank of Leipsic was founded in 1839, under the auspices of the government, with
a capital of 1,500,000 thalers, divided into shares of 250 thalers, receiving 3 per cent in
terest. Its operations are deposits, loans, and discounts. It has the right of issuing notes
of 20 and 100 thalers each, of which the two-thirds should be guaranteed by values to the
amount in specie or ingots.
There exists, besides, at Dresden, a loan bank, which makes advances to land proprie
tors and farmers for the payment of taxes, tithes, &c. Leipsic has also an institution of
this kind under the name of “ Union of Credit for the hereditary lands of the Saxon
nobility.”
It was in agitation, in 1846, to found at Dessau a great central establishment, to an
swer the purpose of a vast banking system for the north of Germany. It was proposed to
endow it with an accumulation of capitals to the extent of from 50,000,000 to 100,000,000
thalers. But this gigantic project has resolved itself into a private enterprise, established,
in the beginning of 1847, under the title of the Provisional Bank of Anhalt-Dessau, with
a capital of 2,500,000 thalers, divided in shares of 200 thalers. This establishment issues
notes of 1, 5, 10, 20, 50, 100, 500, and 1,000 thalers each. One-fourth the value of the
bank notes in circulation should be covered by an equivalent sum in specie.
The Bank of Hamburg was founded in 1619. The minimum deposit of a member de
siring to open an account, is 100 marcs banco in bar silver, or in a bill for the same sum
of one of the members of the bank, which is then transferred from the account of the latter
to that of the former. Transfers cannot take place for a less sum than 100 marcs, except
some days before Christmas, or the middle of July. Until now, for each marc of fine sil
ver of Cologne, the depositor was accredited with 27£ marcs banco; while, in withdraw
ing his money for a similar sum, he was debited with 27| marcs banco, so that the simple
usage of the operation brought a cost of 9.20 per cent. A new regulation, which is to
come into force on the 15th of next August, imports that the marc of fine silver of Cologne
shall be credited 27f marcs banco, and debited at a similar rate after deduction of 1 per
mille. Independently of this sort of business, the bank lends upon Spanish and American
dollars, and sometimes also on copper. These are its only operations.
The association of the new loan, established equally at Hamburg in 1839, possesses a
capital of 100,000 marcs banco, and does business prohibited to the bank, principally loans
on securities, public funds, &c.
REVENUE OF TH E CROTON AQUEDUCT.
The Croton Aqueduct Board, on the 6th of September, made their annual and quar
terly reports from May 1st, 1847, to August 31st, 1847.
The receipts from May 1st, 1846, to April 30th, 1847, were $194,551 34, exceeding
those of the year previous $30,018 81 ; and the expenditures of the Department for all
purposes during the same time have been $54,403 04, which is less than the previous
year by $4,030 63.
The receipts for the quarter from May 1st, 1847, to August 31st, 1847, were $175,050 05,
exceeding those of the corresponding quarter of last year $25,039 83 ; and the expendi
tures for the same time have been $16,765 39, being a difference of $1,472 56, as com
pared with the same quarter of 1846.
The following statement shows the revenue received since the organization of the
Department in October, 1842:—
From October 3d, 1842, to May 1st, 1843....................................................
“ May 1st, 1843, to May 1st, 1844........................................................
“ May 1st, 1844, to May 1st, 1845........................................................
“ May 1st, 1845, to May 1st, 1846........................................................
“ May 1st, 1846, to May 1st, 1847........................................................
And for the quarter from May 1st to August 31st, 1847.............................
$17,838
91,790
1181582
164,532
194,551
175,050
67
60
74
53
34
05
The expenditures were—
From May
“ May
“ May
“ May
1st,
1st,
1st,
1st,
1843, to
1844, to
1845, to
1846, to
May
May
May
May
1st, 1844........................................................ $233,198 76
1st, 1845....................................................
73,411 78
1st, 1846........................................................
58,433 67
1st, 1847........................................................
53,403 04
The tax to defray the interest on the Croton Water debt was further reduced, during
the past year, to a fraction over twelve cents on the hundred dollars.
From May 1st, 1846, to August 31st, 1847, water pipes were laid of the length of
532
Journal o f Banking, Currency, and Finance.
39,892 feet, or 7 miles and 2,932 feet. O f this 1 mile and 3,320 feet was 12 inches in
diameter; 310 feet were 4 inches in diameter; and the remainder, 5 miles and 4,582 feet,
was 6 inches in diameter.
The total length of pipes now laid and in use is 171 miles.
The number o f permits issued to May, 1847, was 15,961, representing over 16,000
water-takers.
BOSTON BANK DIVIDENDS.
The following semi-annual dividends were payable at the banks in Boston on Monday,
October 4, 1847:—
Banks.
Atlas...............................................
Atlantic.......................................
Boston.........................................
Boylston......................................
City..............................................
Columbian....................................
Eagle...........................................
Freeman’s....................................
Globe...........................................
Granite........................................
Hamilton.........................................
Market...........................................
Massachusetts................................
Mechanics’, (South Boston).........
Merchants’,..................................
New England..............................
North...........................................
Shawmut......................................
Shoe and Leather Dealers’ ....... .
State................................................
Suffolk.........................................
Tremont.......................................
Traders’........................................
Union..........................................
Washington..................................
Total....................................
Amount last April,...............
Capital.
$500,000
500,000
900,000
150,000
1,000,000
500,000
500,000
500,000
200j000
1,000,000
500,000
500,000
560,000
800,000
120,000
3,000,000
1,000,000
750,000
500,000
500,000
1,800,000
1,000,000
Dividend.
A m ou n t.
3* per cent.
3J it
$17,500
17,500
31,500
6,000
30,000
15,000
17,500
34
4
3
3
34
it
it
it
it
it
4 per cent.
34
34
34
5
3
4
34
4
3
4
4
3
5
500,000
34
400,000
800,000
34
34
500,000
34
8,000
35,000
17,500
17,500
28,000
24,000
4,800
105,000
40,000
22,500
20,000
20,000
54,000
50,000
17,500
14,000
28,000
17,500
it
it
it
it
ii
it
it
H
it
it
it
it
it
it
it
it
tt
$18,980,000
$658,300
623,000
Excess from last April,.........
$35,300
REVENUE OF PEN N SYLVAN IA ST A TE WORKS.
The total tolls this year will not fall short of $1,600,000, and the increase will not be
less than $500,000, when compared with the receipts of 1846.
STATEMENT OF TOLLS COLLECTED ON THE STATE CANALS AND RAILROADS FOR
1847.
In August, 1847,............................................................................................
In August, 1846,.............................................................................................
$191,739 11
136,313 20
Increase in August, 1847,......................................................................
$55,425 91
Total amount of tolls received from Dec. 1, 1846, to Sept., 1847,........... $1,211,373 09
Same period last year,...................................................................................
847,201 58
H
Increase in 1847,............................................. ......................................
$364,171 51
T. L. WILSON,
a r r i s b u r g , Sept. 10, 1847.
Secretary o f Board of Canal Commissioners.
533
Journal o f Banking, Currency, and Finance.
MOVEMENT OF THE BANKS OF OHIO.
CONDITION OF T H E OHIO BAN KS (F O R T Y -O N E IN N U M BER) ON T H E
1ST M O N D A Y
IN AU G U ST ,
1847.
R esou rces.
8 O ld Banks.
$4,709,234
779,496
539,281
324,097
974,374
24 State Banks.
9 Independent Banks.
Loans.................................
Specie-..............................
Notes of other banks..........
Bank balances.....................
Eastern funds.....................
Miscellaneous.................... .
$1,126,435
224,255
269,387
179,230
398,180
810,314
165^452
$4,660,670
1,319,888
798,025
328,655
1,023,789
435,398
114,354
Total resources...........
$3,173,253
$8,680,779
$8,045,863
24 State Banks.
8 O ld Banks.
$2,560,676
2,854,693
479,571
1,467,483
719,380
•
Liabilities.
Capital................................
Circulation.........................
Bank balances.....................
Deposits.............................
Bonds.................................
Surplus................................
Miscellaneous....................
9 Independent Banks.
$2,361,583
4,179,407
127,345
1,743,836
62,684
31,708
174,215
737,570
761,688
26,298
72,927
Total liabilities.......... .
176,610
506,830
$8,680,779
$8,045,802
T otal L ia b ilities or A ssets.
M a y 1, 18 4 7 .
9 Independent Banks........
24 Branches State Bank...
8 Old Banks.......................
Total.
$2,800,678 9 Independent Banks........
7,537,608 24 Branches State Bank...
7,818,917 8 Old Banks......................
$18,157,203
Total.
/\ugusi lent.
$3,173,253
8,680,779
8,045,863
$19,899,895
The returns of August, 1847, contain the exhibits of two recently established branches
of the State Bank ; namely, Norwalk Branch, Norwalk, Huron county; Piqua Branch,
Piqua.
COINAGE OF THE N E W ORLEANS BRANCH MINT.
The following is a statement of the coinage of the United States Branch Mint, in the
city of New Orleans, for the months of July and August, 1847:—
JU LY .
AU G U ST.
208.000 eagles in gold, being. $2,080,000
8,000 eagles in gold, being...
8,000 quarter eagles........
20,000 152,000 half dollars (silver).......
100.000 half dollars (silver)...
50,000 36,000 quarter dollars..............
Total.
$2,150,000
Total,
$80,000
76,000
9,000
$165,000
UNPRODUCTIVE TREASURE.
The circulation of gold in England, amounts to £35,000,000; of which it is com
puted that £5,000,000 consists of half sovereigns, and £30,000,000 of sovereigns. It is
supposed that £20,000,000 may be liberated from an unproductive use by lawfully sub
stituting, in place of an equal amount of gold coins, £1 notes, lower denomination than
£ 5 notes being forbidden by act of parliament. This important proposition has emanated
from the London E con om ist , a high authority on such subjects, and has excited consider
able interest among monied and commercial men in that city and throughout the king
dom. The liberation of £20,000,000 sterling, and its application to the purchase of food
and the raw materials of manufacture, at a time when the heavy importations of grain
have required a considerable export of coin, and the government expenditure is so large,
53 4
Journal o f M ining and Manufactures.
to relieve distress in Ireland, would convert unproductive into productive capital. Thi#
would be attended by no increase of circulation, while the principles of Sir Robert Peel’s
act would not be departed from. The paper, according to the E conom ist , could not ba
got out as the gold came in, and therefore the change would be gradual; but the greatest)
part would be accomplished within a year, and a large portion within a few weeks, thq
convertibility of the paper issued, being secured in part by a sufficient reserve of gold,
and the remainder in government securities.
JOURNAL OF MINING AND MANUFACTURES.
MORFIT ON TH E MANUFACTURE OF SOAP AND CAN D LES*
No one, we imagine, who examines this work, with half the care that we have, wil(
be disposed to doubt the explicit statements made in the title, which we have placed a{
the foot of this page, as to its being a “ thorough exposition,” embracing all the “ mirnu
tiae ” of the soap and candle manufacture and trade. It is, we are informed, the only book
in English, relative to the manufacture of soap, excepting a few pages in the Cyclopedias
o f Art and Science, and a small book, of remote date, by an Edinburgh operative, embra
cing observation and practical experience, with theoretical knowledge. Mr. Morfit, in
presenting older facts, worthy of repetition, and a greater amount of new precepts, has
adopted such arrangements and language in their elucidation, as will be clearly intelli
gible to any workman of ordinary comprehension. Explanations accompany every pro
cess, and though the work embraces the newest improvements, nothing the author deemed
useful has been left out, because of its antiquity. The work is, moreover, so classified as
to make it applicable to the thorough instruction of the soap and candle manufacturer. As
the introductory chapter gives some interesting sketches of the history and philosophy of
this important branch of industry, we extract from it a few passages for the benefit of our
readers:—
There are perhaps no other two articles bearing so importantly upon the household
economy as those of soap and candles: they are truly materials of necessity, and as such
are indispensable to the wants of both the wealthier and poorer classes of the community.
The consequent extent of its trade should long since have procured a more liberal effort in
furthering the improvement of the quality of soap, but as that proper spirit of emulation
and enterprise, promotive of such desirable ends, has as a general thing been lacking
among savonniers of this country7, the consumer has realized but little from the ingenuity
and skill of the native manufacturer, and scarcely more from the adoption of foreign im
provements. The fact may be ascribed partially to the apathetic indifference of operatives
to a knowledge of the principles upon which their art is founded, or perhaps an inability
to apply that knowledge ; and in a measure to the meagre sources whence information
can be derived. In either case the ignorance is lamentable, and in these enlightened days,
when the rapid strides of improvement are overtaking every branch of manufacture, is a
sad comment upon the culpable inactivity of those practising an art positively scientific,
being truly chemical in its nature, and which, by well-directed observation, some skill, and
a slight modicum of intelligence, could long since have been made to emerge from the
darkness in which it has slumbered for years, and been raised to an eminent state of im-<
provement. But there is not that commendable strife for superiority among the artisansf
of the United States which animates the exertions of the tradesmen of Europe, else tha
savonnier, instead of continuing merely a “ soap-boiler,” would become an enlightened
man in regard to his occupation; and the trade which he follows would assume, by the
superior excellence and elegance of its products, an exalted position, in lieu of the degra* Chemistry Applied to the Manufacture of Soap and Candles. A thorough Exposition
o f the Principles and Practice of the Trade, in all their minutiae, based upon the most re
cent Discoveries in Science, and Improvements in Art. By Campbell Morfit, Practical
and Analytical Chemist. Illustrated with one hundred and seventy engravings on wood.
8vo., pp. 544. Philadelphia : Carey & Hart.
Journal o f M ining and Manufactures .
53 5
elation which, through the illiteracy of its followers, has until lately adhered to it. The
dawn of a new era in the arts and manufactures of this country, impressively admonishes
the intelligent craftsman, of the necessity of a speedy and energetic compliance with those
requisites tending to a perfect mastery of his trade in its present state of perfection, and of
an ability not only to keep pace with, t^t to give an impetus to its progressive advance.
A select few have caught the inspiration of the times, and by their active intelligence, have
already contributed a Herculean assistance in resuscitating their profession, which, so
lately as five years since, was, comparatively speaking, in a most deplorable slough of stag
nancy. To lend a share of aid in dissolving this cloud of ignorance which still mystifies
the majority of a worthy class of manufacturers, is the author’s desire ; and this book is
written with a view of qualifying the reader to become not only a practical operative, but
an accomplished artisan, thoroughly initiated in the intricacies of his trade, able to explain
the rationale of its processes, and competent to carry them into practical operation.
The first mention of the use of soap is by Pliny, who attributes its discovery to the an
cient Gauls, from whom a knowledge of its manufacture passed to the Romans,* and
thence to other nations. In the United States at the present day, the commerce in soap
is immense, there being, independent of the very extensive home consumption, an export
trade of nearly a half million of dollars. Bat the great mart for this article is France,
where the skilful ingenuity of the educated savonniers has done what is a natural conse
quence of education, promoted the trade to a dignified position among the arts, and pro
cured for its products a preferred consumption throughout the civilized world. In toilet
soaps especially, she is far in advance of any other nation, whilst the commoner species
have maintained a superiority at least one grade higher than the same sorts made else
where. The reason is obvious. A French workman is not a mere automaton. He ap
plies his mind as well as his hands to his occupation, and having previously fortified him
self with a thorough knowledge of its principles, can ply the art with every success, and
feels himself not only competent to imitate any improvement of an ambitious competitor,
but to return the compliment by an equally valuable evidence of skill. So it is in this
country, and to a few such individuals is solely attributable the recent melioration in the
quality of Eastern-made soaps; that of the Western factories, through the incompetency
of their directors, still possessing the characteristics of inferior soap.
The professional ability of such men as Hull, of New York, and Hyde, of Baltimore,
the evidence of whose competency is in the excellent quality of their soaps; of I. D.
Brown, who contributed his judgment and experience in the arrangement of that elegant
noqpareil of soap laboratories, owned by Coffin & Landed, in Philadelphia; of J. R.
Graves, the successful competitor for the medals of the Franklin Institute, in 1844 and
1845, and of E. Roussel, and Jules Haul, the manufacturers pre-eminent in this country
of toilet soap, has not only advanced this art to a high degree of perfection, but enhanced
its importance and increased its usefulness; whilst their success serves as an encouraging
example to their more tardy and uninformed co-savonniers.
All soaps, whether of the soft or hard, toilet or domestic species, owe their cleansing in
fluence to what is termed a d eterg en cy , or, in other words, a power of rendering soluble,
in water, the dirt of the clothes and the skin, for washing which, it is almost exclusively
used. Both of the alkalies, potash and soda, are detersive in their action, and the former,
used by the Hebrews, Egyptians, and Greeks, hastened the cleansing as well as the de
struction of their clothes; whilst the Hindoos, taking the Ganges for a wash-tub, made up
for the absence of alkali and soap by an extra exertion, much labor, and loss of time. But,
as the corrosive action of free alkali injures the fibre of stuffs, an effect experienced even
in our day, when soda is thrown into the wash-water, this action must be remedied by
substituting soap, which, by its slight excess of alkali, rendering soluble in, and miscible
with water, all the dirty grease of the clothes and oily exudations from the pores of the
skin, is at the same time detersive itself; for, though composed of oil and alkali definitely
united, it still possesses the influence of the latter without any of its hurtfulness. The
slight excess of alkali in the soap uniting with the grease, causes its solubility in water, and
also the suspension therein of all the dusty particles which, through its agency, were adhe
rent to the clothes and skin. The application of fullers’ earth and magnesia is based upon
a different principle, viz: that of absorption, by which the greasy spots are abstracted, and
thus rendered more easily removable by mere mechanical rubbing, there being no chemical
effect produced through their agency.
The quality of the water, too, is quite important to a perfect cleansing of clothes; for
* Miss Starke, in her letters from Italy, records the discovery of a complete soap-making
shop in the ruins of Pompeii, destroyed by the eruption of Vesu vius, in the 79th year of the
Christian era.
53 6
Journal o f M ining and Manufactures.
those called “ hard ” waters, by decomposing the soap, or rendering it insoluble, impair its
efficacy. For these waters the “ marine soap” is most appropriate, but much the better
way would be to use rain water, which is very pure ; or, still more preferable, distilled wa
ter, which can be caught from the exhausting pipes of neighboring steam-engines.
The quantity of soap consumed by a nation, says Liebig, would be no inaccurate mea
sure whereby to estimate its wealth and civilization. Of two countries with an equal
amount of population, the wealthiest and most highly civilized will consume the greatest
weight of soap. Thi3 consumption does not subserve sensual gratification nor depend upon
fashion, but upon the feeling of the beauty, comfort, and welfare attendant upon cleanli
ness ; and a regard to this feeling is coincident with wealth and civilization. The
rich in the middle ages concealed a want of cleanliness in their clothes and persons under
a profusion of costly scents and essences, while they were more luxurious in eating and
drinking, in apparel and houses. With us, a want of cleanliness is equivalent to insup
portable misery and misfortune.
“ Soap is one of those articles, few in number, which are entirely consumed by use,
leaving no residue of worth, as soap-suds have not as yet been profitably applied to any
practical purposes ; therefore, as its money value is continually disappearing from circu
lation, it requires a constant renewal,” and hence the importance of the trade which em
braces its manufacture, and the necessity of propelling it as fast as possible to perfection,
both for the good of mankind and the influence its advance will occasion to the progress
of other similar arts.
IRON: A SHORT SKETCH OF ITS PRODUCTION.
BY DR. L . FECCHTWANGER.
To the E d itor o f the M erchan ts' M a g a z in e , tyc.
This metal occupies at the present day a more important rank than any other metal.
While we can exist without the use of the precious metals, iron is as indispensable to the
comforts of man, as nourishment is to the support of life. With the increase of the popu
lation, and civilization of the inhabitants of the world, the consumption and application
of iron must increase in proportion; so also its uses will be more accessible, according to
the advancement of science and improved knowledge of simplifying the process of its
easy and economical extraction from the ore. Already the quantity of iron which is an
nually consumed in the United States, goes beyond conception. The quantity of pig iron
produced in the United States, in 1810, was 53,908 tons; while, in 1847, the quantity of
pig iron made here exceeds 500,000 tons. The latest improvements, by the hot blast and
other contrivances, have increased the product of pig metal 50 per cent, so that we may
reasonably expect the product of pig iron to be about 700,000 tons, which, at the average
price of $>35 per ton of No. 1 pig iron, would be a revenue to the States where it is pro
duced of $17,500,000, the principal part of which goes to the States of Pennsylvania,
New York, and Tennessee. The State of Missouri, with its inexhaustible deposits of
superior iron, has as yet not produced any pig iron, although the city of St. Louis, con
taining twelve of the largest foundries in the Western country for the construction of ma
chinery, steamboats, &c., has been obliged to import its pig iron from great distances on
the Ohio, Tennessee, and Cumberland Rivers. The Iron Mountains, which are capable
of furnishing 600,000,000 tons, are beginning to supply, in a small measure, the demand ;
but the freight of transportation from the interior, nearly 50 miles, enhances its expense.
Within a few months, however, a company of some enterprising St. Louis merchants have
opened an immense deposit of rich iron ore, contiguous to the Mississippi River, which
bids fair to supply the demands for pig iron in St. Louis, and the Missouri and Upper Mis
sissippi Valleys. I allude to the St. Louis and Birmingham Iron Company, a distance of
two miles from the town of Birmingham, and 120 miles below St. Louis. The iron ore
which I have seen, and of which I possess specimens, is, I should judge, 60 per cent, and
is easy to flux. The coal beds on the opposite shore, in Illinois, yield the most inex
haustible supply of superior bituminous coal. Charcoal, as well as stone coal, can be had
at the furnace for about three cents per bushel; and there is no reason why the company
should not produce 100 tons of pig iron per week, by each furnace, and why they cannot
erect four furnaces, so as to produce 400 tons of pig iron, worth in St. Louis $40 per ton.
The location of the town of Birmingham offers, perhaps, the most encouraging induce
ments for the establishment of a United States armory, which will sooner or later be re
quired by the government in the Western country for the manufacture of ammunition and
other war implements. The Mississippi River offers there the best channel for the landing
of steamboats, at all seasons; and the St. Louis and Birmingham Iron Company will, I
trust, be capable of furnishing all the varieties of iron required in the Western country,
such as bar, bloom, and railroad iron.
Journal o f M ining and M anufactures.
53 7
GOLD MINES vs. COAL MINES, e t c .
The value of mines producing the precious metals is well contrasted in the following
paragraph, which we cut from an exchange paper. The view is by no means new, but
it is so well and so briefly put by the writer, and withal so abounds in that valuable
com m odity , common sense, that we cannot resist the temptation of giving it a permanent
record in the pages of the “ Merchants’ Magazine.” W e hear a good deal of the gold
and silver mines of Mexico, but few, however, recollect how insignificant their value, and
indeed the whole produce of the precious metals, when compared with the mineral mines
of the United States.
The produce of all the mines of Mexico is not equal to the value of the produce of the
coal mines of Pennsylvania, the working o f which latter is yet in its infancy, and is
yearly augmenting in a most rapid ratio.
The iron mines of that State are still more
valuable than those of coal; and then, when we come to compare the value of the pro
duce of our soil to all the gold and silver annually produced in the world, how does the
latter sink into comparative insignificance ! Gold and silver mines are, in fact, the worst
mines that a country can possess. Lead, iron, coal, tin, copper, are all more useful, more
valuable, and more desirable in every point of view. But supposing the mines of New
Mexico to be as rich as the politician or speculator would imagine them, of what possi
ble account would they be to us, the possessors of all the solid wealth o f the continent ?
W e know the superior wealth of the coal pits, of even clay pits and gravel pits. It was
the fortune of the Spaniards to dig poverty and national misery out of their mines: it is
ours to plough gold and silver out of the soil. What are all the metals of Mexico to the
cotton of the United States, considering both merely as products for exportation ? A
single year’s surplus of our com and wheat, estimated at twenty-eight millions of bushels,
exported to feed the starving people of Europe, is of higher value than all the gold and
silver that can be raised in all Mexico. Our tobacco is of more account than her gold ;
and the very rice raised in our vilest swamps, nay, the ashes of our cleared forest land,
brings us more wealth than can be extracted from all the mines of New Mexico. “ Let
the Tarentines keep their angry gods,” and the Mexicans their gold mines. Let us pre
serve our fertile fields and our art3 of civilization. The soil and the sea are our mines,
and mines which our industry will always find inexhaustible.
N EW JERSEY COPPER MINES.
The editor of the “ A m erican M in in g Jou rnal ” recently visited the property of the
“ New Jersey Mining Company,” in the vicinity of New York city. He says:—
But few of our readers are probably aware that, wiihin the sound of the church-bells
of this metropolis, extensive mining operations for copper are carried on, and with every
prospect of great success. The property of this company will perhaps be better known,
when named as the “ Old Schuyler Mines,” located but about six and one-half miles from
Jersey City, or Hoboken, on the Belleville turnpike. W e found there some thirty or for'.y
hands, employed variously, from the experienced miner, with his blasting tools, to the
mere boy, with his trimming-hammer. The company have only, for the last two or three
months, made any serious attempts at getting ore, having hitherto been almost entirely
upon what is termed “ dead work,” or clearing out and timbering, erecting a horse-whim,
&c., &c. They have, nevertheless, taken out from two to three hundred tons of ore, of
an average yield (as near as we could judge) of about 10 per cent. This, we believe,
is about what a fair sample of a few tons has produced.
The ore, in this extensive mining property, occurs on the out-crop, in irregular veins
through the shale, having doubtless come up with the trap dikes that are evidently exten
sive on that part of the mountain, and appearing in many places as grass. The ores are
various, and some very beautiful and rich— the gray sulphuret predominating. With the
exception of the sandstone ore, they are all more or less accompanied by, and intermixed
with, lime spar, forming sometimes beautiful crystals. The lime is abundant—sufficiently
so, we should judge, to preclude the necessity of going abroad for that flux.
The company are about erecting a powerful engine at the termination of the old work
ings, at which point the vein was concentrated, and yielded an ore of unrivalled richness.
Of this vein it is said, that “ it was never more promising than when its working was
suspended, just before the Revolution.” The shaft at present yielding the best ore, is
an entire new opening by the present company. The ore appears to be a gray sulphuret,
cementing fragments of trap, and forming what we believe is called a “ trap breccia.”
538
Journal o f M ining and Manufactures.
ASSAYIN G METALS.
This process is very often spoken of in the papers, but many persons, perhaps, who d«
not know yet, would like to know how it is managed. A correspondent of the Boston
Post, writing from Charlotte, North Carolina, gives an account of the process, as he ob
tained it from one of the officers of the mint there. He says:—
The miners have to grind the gold rock fine, keeping it wet constantly; and as it be
comes fine, it washes off. They have a kind of hard stone for grinding. They then mix
quicksilver with it, and that collects the gold dust. It is washed out, dried, and goes
through some heating process. The gold dust is then usually sold to the superintendent of
the mint. Sometimes the miners melt the dust and cast it into a bar before offering it at
the mint. To find the value, each parcel has to be assayed. The assaying is the most
curious and scientific of all the business of the mint. The melters take the gold dust,
melt it, and cast it into a bar, when it is weighed accurately, and a piece cut off for the
assayer. He takes it, melts it with twice its weight of silver, and several times its weight
o f lead. It is melted in small cups made of bone-ashes, which absorb all the lead ; a large
part of the silver is extracted by another process, and the sample is then rolled out to a
thin shaving, coiled up and put in a sort of glass vial, called a mattrass, with some nitric
acid.
The mattrasses are put on a furnace, and the acid is boiled some time, poured off, a
new supply put in, and boiled again. This is done several times, till the acid has extract
ed all the silver and other mineral substances, leaving the sample pure gold. The sample
is then weighed, and by the difference between the weight before assaying and after, the
true value is formed. All the silver over and above five pennyweights for each lot, is paid
for by the mint at its real value. The miner calls at the mint after his lot of gold has
been assayed, and gets its full value in gold coin, the government charging nothing for
coining. That is what one of the officers of the mint here told me, though I had always
understood that the government got 5 per cent for coining. The gold, after it has been
assayed, is melted, refined, and, being mixed with its due proportion of alloy, (equal parts
o f silver and copper,) is drawn into long strips, in shape not unlike an iron hoop for a
cask ; the round pieces cut out with a sort of punch, each piece weighed, and brought to
the right size by a file, if too heavy— when it is m illed , or the edge raised, it is put into a
stamping press, whence it comes forth a perfect coin, bearing the endorsement of that re
spectable old gentleman, “ Uncle Sam.”
VALUABLE ALLOYS.
The Paris Scientific Review has published for the benefit of the industrious workers in
metals, the best receipts for composing all the various factitious metals used in the arts.
The following are a few :—
Statuary bronze—Darcet has discovered that this is composed of copper, 91’4 ; zinc, 5*5 ;
lead, 1 7 ; tin, 1*4. Pinchbeck— copper, 5 ; zinc, 1. Bronze for cannon of large calibre
— copper, 90 ; tin, 10. Bronze for cannon of small calibre—copper, 93 ; tin, 7. Bronze
for medals— copper, 100 ; tin, 8. Alloy for cymbals—copper, 80; tin, 20. Metal for the
mirrors of reflecting telescopes—copper, 100 ; tin, 50. White argentan—copper, 8 ; nickel,
3 ; zinc, 3 i —this beautiful composition is an imitation of silver to the degree of 7504000.
Chinese silver— Mons. Meurer discovered the following proportions:—silver, 2*5; copper,
€5*24; zinc, 1952; nickel, 14; cobalt of iron, 012. Tutenague—copper, 8 ; nickel, 3 ;
zinc, 5. Printing characters—lead, 4 ; antimony, 1. For small types and for stereotype
plates— lead, 9 ; antimony, 2 ; bismuth, 2.
MANUFACTURE OF PEPPERMINT OIL.
A correspondent of the “ Syracuse Journal,” says there is more peppermint manufac
tured in Wayne county, New York, than in all other parts o f the United States. The
writer states that a company of manufacturers of the oil, from New York, have
recently purchased the manufacturing establishments at Palmyra, with all the mint nowgrowing, and have also bound those engaged in the business not to grow the mint, or
make the oil for a certain number of years; for which they have paid $200,000.
M ercantile Miscellanies,
MERCANTILE
530
MISCELLANIES.
THE MERCH ANT vs. THE W ARRIO R.
are induced to take one more passage from Mr. Parker’s excellent **S e r m o n o f
M e r c h a n t s .”
W e do it with less compunctious visitings of conscience, o n the score o f
copyright or copywrong, as we are informed by the New York bookseller, that the d e
m and, since we commenced the publication of our extracts, has been greater than the
s u p p ly :—
“ The calling of the Merchant acquires a new importance in modern times. Once Na
tions were cooped up, each in its own climate and language. Then, W a r was the only
mediator between them. They met but in the Battlefield, or in solemn embassies to treat
for peace. Now, T r a d e is the Mediator. They meet on the Exchange. To the Mer
chant, no man who can trade is a foreigner. His wares prove him a citizen. Gold and
Silver are cosmopolitan. Once, in some of the old governments, the magistrates swore,
‘ I will be evil-minded towards the P eo p le, and will devise against them the worst thing
I can.’ Now, they swear to keep the laws which the People have made. Once, the great
question was, How large is the standing army? Now, What is the 'amount of the na
tional earnings? Statesmen ask less for the Ships of the Line, than for the Ships ot
Trade. They fear an over-importation oftener than a war, and settle their difficulties in
Gold and Silver, not as before, with Iron. All ancient States were military ; the modern,
mercantile. War is getting out of favor as property increases and men get their eyes
open. Once, every man feared Death, Captivity, or at least Robbery, in War ; now, the
worst fear is of Bankruptcy and Pauperism. This is a wonderful change. Look at some
of the signs thereof. Once, Castles and Forts were the finest buildings; now, Exchanges,
Shops, Custom-Houses, and Banks. Once, men built a Chinese Wall to keep out the
strangers— for stranger and foe were the same ; now, men build Railroads and SteamShips to bring them in. England was once a strong-hold of Robbers—her four seas but
so many castle-moats; now, she is a great Harbor, with four Ship-Channels. Once, her chief
must be a bold, cunning Fighter ; now, a good Steward and Financier. Not to strike a
hard blow, but to make a good bargain, is the thing. Formerly, the most enterprising and
hopeful young men sought fame and fortune in deeds of arms; now, an army is only a
common sewer, and most of those who go to the war, if they never return, ‘ have left their
country for their country’s good.’ In days gone by, constructive Art could build nothing
better than Hanging Gardens, and the Pyramids—foolishly sublime ; now, it makes docks,
canals, iron roads, and magnetic telegraphs. Saint Louis, in his old age, got up a cmsade,
and saw his soldiers die of the fever at Tunis; now, the King of the French sets up a
Factory, and will clothe his people in cottons and woollens. The old Douglas and Percy
were clad in iron, and harried the land on both sides of the Tw eed; their descendants
now are civil-suited men who keep the peace. No girl trembles though ‘ all the blue bon
nets are over the border.’ The warrior has become a Shopkeeper.
W
e
“ ‘ Lord Stafford mines for coal and salt;
The Duke of Norfolk deals in malt,
The Douglas in red herrings;
And noble name and cultured land,
Palace, and park, and vassal band,
Are powerless to the notes of hand
Of Rothschild or the Barings.’ ”
A W O R T H Y SON OF A BOSTON MERCHANT.
A pleasing incident has recently been communicated to the editors of the Boston Atlas,
by one of the grammar-masters of that city. The facts are thus given in the Atlas:—
“ Two years since, a son of one of our merchants graduated from a grammar-school,
one of its first scholars, and a recipient of a Franklin medal. A younger brother has just
finished his studies at the same school, leaving it at the close of the last month, and fol
lowing in the footsteps of his elder brother, graduating from the school the first, and, of
course, a Franklin medal scholar. Among his class-mates was a boy of poor and Irish
540
Mercantile Miscellanies.
parentage. They were competitors for the highest rank, and the son of the merchant was
the successful one—though both were medal scholars. Although placed in different social
positions, and not likely to meet after leaving the school, the boys have evinced much in
terest in each other’s welfare, and have ever been on friendly term3, as is shown by the
generous and thoughtful interest evinced by the merchant’s son in his less favored rival.
Since the exhibition, the master of the school has received a letter, signed by the boy and
his elder brother, enclosing $50, with the request that it may be expended in such a man
ner as may be most likely to be useful and advantageous to the Irish lad. The kindness
of the act, the delicate and modest manner in which it is done, and the evident and
thoughtful solicitude of these boys to aid, without offending the feelings of their less fa
vored school-mate, combine to make this one of those bright spots— one of those gratify
ing, however trivial, incidents— that, in spite of ourselves, compel us to think less unfavor
ably, after all, of human nature; and to admit, amid all the less pleasing scenes we are
daily compelled to witness, there is still some good left in the human heart.”
TURPENTINE TRADE OF NORTH CAROLINA.
Few persons, perhaps, unconnected with the commercial transactions now carried on in
North Carolina, in the single article of turpentine, can form an idea of the quantity made
annually in its limits, the amount of labor employed in its manufacture, the large capital
invested, the numbers supported by it, and the various uses to which it is appropriated.
The editor of the North Carolina Newbemian has gathered, from reliable sources, some
particulars of this branch of productive industry, which will not be uninteresting to the
readers of the Merchants’ Magazine:—
W e find the impression to be, that about 800,000 barrels of turpentine are now annually
made in this State. Not more than 200,000 barrels, if that, were shipped to New York
and other ports, the past year, in its crude state, the largest portion of the whole being dis
tilled in the State. The estimated value to the makers is about $1,700,000 annually, and
may be $2,000,000. About four or five thousand laborers are engaged in making it, and,
perhaps, three times as many more human beings are supported mainly from the proceeds
of its first sale. The distillation of turpentine in this State is now carried on very exten
sively, which will render the shipment of it in its crude state very small in future. It is
supposed that there are now in operation about 150 stills, which, at an average cost of
$1,500 with fixtures, show that there is an expenditure of $225,000 to begin with, in
the distilling of spirits of turpentine. This number of stills, to have steady work, would
require 600,000 barrels annually—more*than is now made ; which, to us, is an indication
that the distilling business is overdone. Should the makers of the article continue to mul
tiply stills, and thus monopolize the distilling as well as the making, it will be necessary
for those now engaged in it to invest their capital in other pursuits. The cost of distilling
is very great, and when we reckon the cost of transportation, the profits of distillers, of
ship-owners, commission merchants, and the venders of the article abroad, it will be seen
that the capital and labor employed is not only immense, but the number who are sup
ported by the manufacture and sale of the article, is astonishing. Perhaps there is no one
article produced in this country by the same number of laborers, which contributes so much
to the commerce and prosperity of the country, as the article of turpentine.
FRENCH COTTON WOOL TRADE.
The total imports of cotton into France, during the year 1846, amounted to 378,035
bales. Of these, 325,935 were imported into Havre ; 37,400 into Marseilles; and 14,700
into other ports. The distribution of the cotton imported into France has been nearly in
the same proportions for the last six years. The number of bales imported into all France
was 458,854 in 1841; 442,470 in 1842; 399,165 in 1843; 351,451 in 1844; 410,537 in
1845; and, as stated above, 378,035 in 1846. The stocks in hand, on the 31st December,
amounted to 99,300 bales in 1840 ; to 135,500 in 1841; to 138,000 in 1842; to 125,500
in 1843; to 78,000 in 1844; to 67,500 in 1845; and to 55,800 in 1846. The average
annual import for the last six years is 406,783 bales; for the last four, 384,802. The ac
tual import of last year is only 5,767 bales short, if we take the average of the last four
years; but it is 28,748 bales short, if we take the average of the last six. But although
the imports have been less for the last four years, (we might say the last five, for less was
imported in 1842 than in 1841,) the consumption lias steadily increased. For the last five
years, the stocks on hand, on the 31st of December of each succeeding year, have been
lower than they were at the same date on that which preceded it.
The Book Trade.
THE
541
BOOK T R A D E .
1. — H isto r y o f the G iron d ists; or, P erson a l M em oirs o f the P a trio ts o f the F rench
R evolution. F rom Unpublished Sources. By A l p h o n s e D e L ax\t a r t i n e , author o£
“ Travels in the Holy Land,” etc. 12mo., pp. 495. New York: Harper & Brothers.
This appears to be an easy and graceful translation of a new work, by De Lamartine,
relating to the history of a small party of men, who, cast by Providence into the very
centre of the greatest drama of modern times, comprise in themselves the ideas, the pas
sions, the faults, the virtues of their epoch, and whose life and political acts formed the
nucleus of the French revolution, and who finally perished by the same blow that crushed
the destinies of their country. The work has none of the pretensions of history, and
therefore does not affect its gravity. It is, as says the author, an intermediate labor be
tween history and memoirs. Events do not here occupy so much space as men and ideas.
It is full of private details, “ and details are the physiognomy of characters, and by them
they engrave themselves on the imagination.”
It is an interesting and instructive
work—a study of the times—and, like everything that passes through the French mind,
is philosophical.
2. — The P o w e r o f the Soul over the B od y, Considered in R ela tio n to H ea lth and M o
rals. By G e o r g e M o o r e , M. D., Member of the Royal College of Physicians, London,
etc., etc. 18mo., pp. 270. New York: Harper & Brothers.
This treatise of the influence of the mind on the body, was commenced and continued,
says the author, with the feeling that the soul is the true object of affection, and that all
its interests are essentially religious. The subject, at this time, when the public mind is
unusually roused to the observation of mental influences in the production of remarkable
phenomena under Mesmerism and disease, is one of deep interest, and will find, among
those who th ink , many earnest students. Dr. Moore regards the power of the soul, as
manifested in the senses, in attention, and in memory, and in the influence of mental de
termination and emotion over the vital functions of the body. It is the twenty-fifth num
ber of the Harpers’ “ New Miscellany,” a collection of recent publications of the most
solid and instructive character.
3. — F resh G lea n in g s ; or, a N ew S h ea f fr o m the O ld F ield s o f Continental E urope.
By I k . M a r v e l . 12mo., pp. 336. New York : Harper & Brothers.
What may be the real cognomen of Ik. Marvel, we know not; but he certainly had
no reason, that we can discover, for concealing or throwing a veil over it. The sheaves,
which he has gleaned from the old fields of continental Europe, really possess a freshness
that affords conclusive evidence of the skill of the harvester. Written in a racy, and
somewhat unique style, his descriptions appear to be graphic, and his off-hand reflections
natural, such as would suggest themselves to a mind capable of appreciating “ things new
and old.” On the whole, it is an interesting book, well adapted for summer reading, on
the lakes or rivers, or even in the winter, by the fire-side.
— Cam paign Sketches o f the W a r w ith M exico. By Captain W . S. H e n r y , United
States Army. With Engravings. l2mo., pp. 15S. New York: Harper & Brothers.
The journal of Captain Henry commences with the first movement of the “ Army of
Observationand the author’s personal knowledge extends to the time when General
Taylor was deprived of his regulars at Victoria, prior to his return to Monterey, and to
his own departure from the army subsequent to the fall of Vera Cruz. The remaining
incidents of the campaign of General Taylor are compiled from his official despatches,
and from graphic letters written by gentlemen associated with the army. The memoirs
and descriptions appear to be faithfully drawn ; and as there arc few persons who have
not had some friend or relative engaged in the stirring scenes herein described, aside from
the general interest of these sketches, it will be read with interest.
4.
542
The Boole Trade .
5. — W a sh in gton , and the Generals o f the R evolu tion . Complete in Tw o Volumes.
W ith S ixteen P ortra its on Steel. 2 vols., 12mo., pp. 660. Philadelphia: Carey &
Hart.
A work with a similar title and design was published some months since, and noticed
in the pages of this Magazine ; and when we saw in the papers the announcement of the
present volumes, it seemed to us that there was some clashing in the “ trade.” It now
appears, from a note appended to the first volume of this work, that Carey & Hart were
the projectors of the design, and wrote to the Rev. J. T. Headley, requesting to know his
terms for the preparation of such a work. Mr. Headley, in reply, expressed his fears in
regard not only to the want of the requisite materials, but whether it would be well for
him as an author to write the work. The next that we hear, is the announcement of it
by Mr. Headley, who, it seems, arranged with Messrs. Baker & Scribner for its publica
tion, and that, too, without communicating any further with Messrs. Carey & Hart, the
originators of the plan. This is the statement, in substance, as we find it in the present
volume, and it appears to be substantiated by the letters of Mr. Headley and the Phila
delphia publishers. It seems to us, that Mr. Headley owes it to himself, as an honorable
man, to clear himself of a course of conduct which, to say the least, seems quite uncleri
cal. The present work is evidently prepared with care, and the only difficulty we should
think the author experienced, was, in knowing how to select and condense from materials
so abundant. He has, however, gathered up the scattered facts, and worked them up into
an exceedingly interesting collection of memoirs of the prominent circumstances and men
of the American revolution. W e consider it a most valuable contribution to the literature
o f the revolution, and as such commend it to those who take an interest in, or desire a
better acquaintance with, its men and its events.
6.
— The B oy's T rea su ry o f Sports , P a stim es , and R ecreations.
W ith nearly F o u r
H u n d red E n gra vin g s. Designed by W i l l i a m s , and Engraved by G i l b e r t .
First
American edition. 18mo., pp. 472. Philadelphia: Carey & Hart.
This is emphatically the “ boy’s own book,”—a manual of “ sports, pastimes, and re
creations,” adapted to the tastes and capacities of boys of all ages, and prepared, as such
works should be, with special regard to the health, exercise, and rational enjoyment of the
young readers to whom it is addressed. It has little toys for the nursery, tops and mar
bles for the play-ground, and balls for the play-room, or the smooth lawn. It contains in
door and out-door sports—cricket, gymnastics, swimming, skating, archery, fencing, riding,
angling, etc.— all of which are clearly described, and, by anecdotes, rendered attractive to
the young reader. It furnishes sports for the body, and exercise for the intellectual and
moral faculties: for, although it is a book of amusement, science is not excluded from
its pages. Indeed, it is a complete cyclopedia of innocent, instructive, and useful amuse
ments. It contains many new games, and the old ones are described afresh. It is, doubt
less, the most comprehensive work of the kind extant, and we heartily commend it to the
whole family of boys in the land.
7. — The A n cien t W o r l d ; or , P ictu resq u e Sketches o f Creation. By D. T. A n s t e a d ,
M. A., F. R. S., F. G. S., Professor of Geology in King’s College, London. 12mo.,
pp. 382. Philadelphia : Lea & Blanchard.
The object of this work, as appears from the author’s preface and an examination of its
pages, is to communicate, in a simple and attractive form, to the general reader, the chief
results o f geological investigation. The mere technicalities of the science are, therefore,
as far as practicable, avoided. Detailed accounts of particular districts, and minute state
ments with regard to peculiarities of structure exhibited in various formations, or in fossil
contents, are, of course, omitted. The work is divided into three parts, viz: The First,
or Ancient Epoch ; The Second, or Middle Epoch; The Third, or Modern Epoch ; and
commences with the period antecedent to the introduction of life, closing with some gen
eral considerations concerning the results of geological investigation. It is written in a
popular style, and well calculated to interest the general reader.
The Book Trade.
8.
54 3
— A n E ssa y on the L i f e and W r itin g s o f E dm und Spenser , w ith a Special E x p o si
tion o f the F a iry Queen. By J o h n S. H a r t , A. M., Principal of the Philadelphia
High School. 8vo., pp. 514. New York: Wiley & Putnam.
Mr. Hart seems to have studied Spenser with diligence, and to understand and duly ap
preciate him as one of the great store-houses of moral and intellectual truth. The aim o f
the essayist is not so much to advance opinions about that great work of art, the “ Fairy
Queen,” as to show the work itself; to put the reader in possession of some of those en
nobling ideas which the work contains. These ideas he presents, partly in prose, in his
own language, and partly by extracts from the poem, with the spelling modernized, so far
as the rhythm and rhyme of the verse would permit. The extracts are not introduced as
mere isolated specimens, but are mixed with the tissue of the argument, so as to form one
connected and continuous story. He contemplates the legendary exploits and scenes of
the Fairy Queen, through a medium that brings their truths home to the men and women
of the present day. In other words, the essayist re-produces, rather than describes the
ideas o f which he treats. Those who have not read Spenser’s great poem, should read
this essay ; and those who have, will doubtless better understand and appreciate it by so
doing.
9. — Irela n d’s W elcom e to the S tr a n g er ; or, an E xcu rsion through Irela n d , in 1844
and 1845, f o r the P u rp ose o f P erson a lly In v estig a tin g the Condition o f the P o o r .
By A . N ic h o l s o n . 12mo., pp. 456. New York: Baker & Scribner.
Most travellers visit Europe to witness its regal pomp and power, to view its timehonored reiics, and tread a ground rendered memorable by historic associations. Not so
with Mrs. Nicholson, the writer of the present work. She went, as she informs us, to
breathe the mountain air of the sea-girt coast of Ireland; to sit down in their cabins, and
there learn what toil has nurtured, what hardships have disciplined, so hardy a race— so
patient and so impetuous, so revengeful and so forgiving, so proud and so humble, so ob
stinate and so docile, so witty and so simple a people. And well and truly has the enthu
siastic, benevolent-souled woman, fulfilled her mission. She penetrated, in her wander
ings, not aimless, over Ireland, the inmost reqesses of poverty, visiting the poor peasant
by wayside and in bog, in the field and by his peat fire—walking “ over mountain and
bog, for twenty miles; resting upon a wall, by the side of a lake, or upon her basket,
reading a chafer in the sweet word of life to some listening laborer.” Her descriptions
present to the reader, Ireland and the Irish as they are— the seemly and the unseemly, the
beautiful and the deformed, the consistent and the inconsistent; and, in a vein of hearty
sympathy, she mixes awhile with the heterogeneous jumble of Irish sadness and Irish
mirth, frankly confessing that to be grave at all times, “ exceeds all power of face.” W e
have seldom, if ever, noticed, in the pages o f this Magazine, a more interesting or readable
book of travel, and we can heartily commend it to all who desire to know more of the
character and condition of the Irish people.
10. — H a l f H ou rs w ith the P es t A u thors. Selected and A ir a n g e d , w ith Short B io
gra p h ica l and C ritical N otices. By C h a r l e s K n i g h t . New Y ork: Wiley & Putnam’s
*£Library of Choice Reading.”
Somewhat similar in design, although not on so extensive a plan as Chambers’ Cyclo
pedia of English Literature, this volume comprises some of the choicest pieces from wri
ters of well-established reputation. The subjects are as various as the writers ; and those
who have not the works of nearly a hundred different authors to spend “ half hours” with,
will find in this collection much that is pleasant and profitable. Works of this class should
be included in every family library.
11.
— The B ottle. I n E ig h t P la tes . New York: Wiley & Putnam.
The progress of intemperance, in some of its aspects, is depicted to the life in these
eight plates, which, to say the least, equal many of the similar designs of Hogarth.
544
The Booh Trade.
f, 1/
12. — The R ough and R ea d y A n n u a l; or, M ilita r y Souvenir. Illu stra ted w ith T w en ty
P o rtra its and P la tes. l2mo., pp. 262. New York: D. Appleton & Co. Philadel
phia : G. S. Appleton.
W e have no great taste for military exploits, or the pomp and circumstance of war;
and it would give us far more pleasure to speak of the heroes in the moral world, that too
often pass unnoticed, and almost unknown. Nevertheless, the annals of war do not fur
nish more brilliant examples of courage, than those brought to light in the unfortunate
contest between the two great North American republics. The present volume, beautiful
in all that pertains to its typography, illustrations, and binding, is designed to record the
most thrilling events of that contest, and to exhibit the many instances of personal cour
age and daring, which the numerous battles and sieges have brought to light. Besides a
great number of pictorial illustrations of battles and scenes, we have portraits of Generals
Scott, Worth, Taylor, Twiggs, Shields, Wool, Colonel May, and Commodore Conner;
and we have no doubt but that the volume will find a large and ready sale.
13. — The Bible in Spain , and the G yp sies in Spain. By G e o r g e B o r r o w , late Agent
of the British and Foreign Bible Society, in Spain. 8vo., pp. 380. New York : Ro
bert Carter.
These two works have already passed through several large editions in this country, but
this is the first bound volume that embraces both in a convenient form for the library.
Their author, a clergyman, wrote from personal travel and observation; and both possess
all the interest of a romance, proving the oft-repeated saying, that truth is sometimes
stranger than fiction.
14— W a ter-D rop s. By Mrs. L. H. S i g o u r n e y , pp. 273. New York: R. Carter.
This little volume, a very handsome one, by-the-way, consists of tales, poems, and
sketches, all designed to illustrate and enforce the principles of the temperance move
ments of the times. Aside from the philanthropic spirit that pervades the work, we need
not say, that every page and paragraph bears the impress of a refined and cultivated taste ;
and the genius of the author gives a charm to her agreeable “ essays to do good,” that
cannot well be resisted.
15. — E w bank's H ydrau lics and M echa nics. 8vo., Part I. New York: Greeley &
McElrath.
W e have already noticed this really instructive work in the pages of tSe Merchants*
Magazine, and we are gratified to find that the present publishers are issuing it in a cheap
and popular form, as in that way it wall be likely to obtain, what it so richly deserves—a
wide and extensive circulation. It is a perfect cyclopedia on the subjects to which it is
devoted, and one o f the most unique works of the kind that we have yet seen.
16. — P lea sa n t Tales f o r Y o u n g P eop le. By the author of “ Old Humphrey’s Observa
tions,” “ Addresses,” “ Thoughts for the Thoughtful,” “ Old Sea Captain,” “ Country
Strolls,” “ Walks in London,” “ Grand-Parents,” “ Homely Hints,” “ Petty Papers,”
“ Isle of Wight,” etc., etc. 18mo., pp. 239. New York : Robert Carter.
Our opinion of the merits of “ Old Humphrey,” as a writer and teacher of truth and
goodness, has been frequently expressed in the pages of this Magazine, in noticing the
several works designated above. The works of Old Humphrey are the gems of “ Carter’s
Cabinet Library,”— less sectarian, perhaps, than any of the series, but on that account the
more generally popular.
17. — The A rch itect. By W i l l i a m H. R a n l e t t . New York: W. H. Graham.
The tenth number of this beautiful work embraces designs of a villa, and a cottage in
the French style, with front and side elevations, and drawings of the different stories and
other details. Design XX., in this number, is for a villa in a style peculiar to the French,
in the construction of their suburban chateaux, and partakes of the details of some of
their chief features. It is well adapted to the vicinities of cities and large commercial
towns. W e have never before seen a work on architecture, so well adapted to the wants
o f the American people. It is at once scientific and practical.
@FedFRASER