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THE MERCHANTS’ MAGAZINE, E stab lish ed J u ly , 1839, BY FREEMAN HUNT, EDITOR AND PROPRIETOR, VOLUM E W T . N O V E M B E R , 1849. NUM BER V . CONTENTS OF NO. V., VOL. XXL ARTICLES. ART. . . . .. PAGE. I. TH E B A N K OF FR AN CE IN 1848-49. Translated from the Report o f the G overnor, M . D ’ A r g o u t ............................................................................................................................................... 483 II. TH E PRODUCTION A N D M A N U F A C T U R E OF CO TTON : W IT H RE FERENCE TO ITS M AN U FAC TU RE IN TH E COT TO N -G R O W IN G STATES. By Gen. C. T. J a m e s , Civil Engineer, o f R h od e Island......................................................................................................... 492 III. TH E STATU TE OF FR A U D S . By F r a n c is B r in l e v , E sq ., o f the Boston Bar.................. 502 I V . B A N K R U P TC Y—B A N K IN G : M U T U A L BA N K OF DISCOUNT A N D D EPO SIT .......... 513 V. C U B A : TH E K E Y OF TH E M E X IC A N G U L F : W ITH R E FE RE N C E TO TH E COAST T R A D E OF TH E UNITED STATE S. By C o r a M o n t g o m e r y ............................................ 519 V I. TH E P R A IR IE S : W H A T H AS CA U SED T H E M ? By J. W . S c o t t , E s q ., o f O h io ........ 522 V II. STOPPAG E IN TR AN SITU . By H on. B e n ja m in F. P o r t e r , o f A labam a............................ 524 V III. CO M M ERCIAL CODE OF SPAIN .—N o. IX .—IN SU R AN CE— CONCERNING IN S U R AN CE OF L A N D TR AN SPO R TATIO N . Translated from the Spanish b y A . N a s h , E sq ., o f the N ew Y o rk Bar............................................ ........................................ . ......... I . . . . . . . . 528 M E R C A N T I L E L A W CASES. Barbour’ s Reports—Liability o f C om m on Carriers—Law o f Representatives in Fire In su ran ce... Bill o f Exchange—Constructive Presence........................................................................................................ Prom issory Notes— Liability o f Endorsers....................................................................................................... N ovation o f a Mandate to Collect a Debt, e tc ................................................................................................. Principal and A gents............................................................................................................................................. 529 530 531 533 535 C O MM E R CI AL CHRO N IC L E AND R E V I E W : EMBRACING A FINANCIAL AND COMMERCIAL R E V IE W OF THE UNITED STATES, ETC., ILLUSTRA TED W IT H TABLES, ETC., AS FOLLOWS : Satisfactory State o f Com m ercial Affairs—Our Predictions R ealized—M oney Plenty—Eastern Railroad Bonds—Corporate Capital and Charters Authorized in Massachusetts from 1835 to 1848 — Boston Bank D ividends from 1847 to 1849—Aggregate Capital and D ividends o f Boston Banks for last seven years—D ividends o f N ew Y o rk Banks from 1845 to 1849— Merchants’ Exchange Bank, Broadway Bank, and Bank o f Com m erce—Increase o f Bank Capital—Produce Market— Im port o f Breadstufls into Boston— Exports to Great Britain and Ireland— Arrivals o f Flour at Boston from 1845 to 1849— Exports o f United States— Ship-building in United States—Rates o f Freights at Liverpool— Influence o f the British Navigation Act, etc., e tc................................. 535-542 VOL. X X I.---- NO. V. 31 482 CONTENTS OF NO. V ., VOL. X X I. PAGE COMMERCIAL REGULATIONS. A c t to A m end the Laws in Force for the Encouragem ent o f British Shipping and N avigation... . O f the Licensing o f Y ach ts: a Treasury Circular........................................................................................ O f the Coasting Trade o f the United States: a Treasury Circular............................................................ Spirits in Bond in England.—Newspaper Postage to California................................................................ Kates o f Foreign Letter Postage : a Circular o f the Post-Master G eneral.............................................. 542 548 549 549 550 NAUTICAL INTELLIGENCE. N otice to the Shipping o f Boston.— Light-house on G ibb’ s H ill............................................................... N ew H arbor o f Refuge near Cape Hatteras.— Cedar Point Light.............................................................. Banks near Graham’ s Shoal Discovered.— Buttermilk Channel, N ew Y o rk H a rb or.......................... W in g’ s N eck and Palmer Island Light-houses.—Light-vessel in Atchafalaya B a y.............................. A pproach to W estern Bar at Oak Island.......................................................................................................... 550 551 552 552 553 COMMERCIAL STATISTICS. Exports o f Cotton and T obacco from N ew Orleans in each year from 1846 to 1848, inclusive.......... Exports o f Flour, Pork, Bacon, Lard, Beef, Lead, W hisky, and Corn, in 1847 and 1848.................. Arrivals (m onthly) o f Shipping and Steamboats at N ew Orleans for 1847 and 1848.......................... T ob acco Inspected at Lynchburg (V a.) in 1848-9........................ ................................................................ Value o f Produce o f the Interior received at N ew Orleans from 1846 to 1849...................................... Receipts and exports o f Cotton and T ob acco at N ew Orleans from 1822 to 1849 ................................ Exports from the Port o f Buenos A yres in 1848 and 1849, w ith a Letter to the Editor...................... Trade and Com m erce o f C h icago...................................................................................................................... Im ports and exports o f Chicago in 1848.......................................... ............................................................... Population, imports, and exports o f Chicago since 1840............................................................................. Exports o f Sugar from Havana and Matanzas from 1844 to 1849............................................................. 553 554 556 556 557 557 558 559 560 560 561 J O U R N A L OF B A N K I N G , C U R R E N C Y , A N D F I N A N C E . N otices o f the several banks located at A lb a n y ............................................................................................ A n illustration o f the Accum ulation o f C a p ita l........................................................................................... Condition o f the Banks o f O hio in August, 1849.......................................................................................... Banks o f Maine, their Location, Capital, and Value o f Shares................................ ............................... D ufrenoy’ s Analysis o f California G o ld ........................................................................................................... The Seven Shilling P ie c e ..................................................................................................................................... Finances o f A ustria............................................................................................................................................... Boston Bank D ividends for first six months o f 1849......................................................................... .......... United States Treasury Notes Outstanding, October 1,1849.—Bank o f England Dividends............. 561 563 564 566 567 568 569 570 570 J O U R N A L OF M I N I N G A N D M A N U F A C T U R E S . Quantity o f G old from the Ural Mountains.— Blake’ s Patent F ire-proof Paint.................................... The Vancluse (S. C.) Cotton Manufacturing C om pany................................................................................ Abstract o f W arren’s Lectures on the Cotton M anufacture....................................................................... Production o f Copper at the Cliff M in e........................................................................................................... Manufacturing Establishments o f M aine......................................................................................................... Manufacture o f W atches and Ribbons.— A new A lloy resem bling G o ld .............................................. T o unite W rought and Cast Iron.— Manufacture o f W o v e n Iron ............................................................... Cincinnati Lard and O il Manufacture.— N ew M ethod o f Manufacturing S hot...................................... Use o f Colored Glass to assist the V ie w in F ogs........................................................................................... Bathing R oom s in the Factories o f Manchester.—British Importations o f G lass................................ 571 572 573 574 575 576 576 577 578 578 R A I L R O A D , C A N A L , A ND S T E A M B O A T S T A T I S T I C S . Statistics, etc., o f the Boston and Maine Railroad in 1849 ......................................................................... Progress o f Railroads in Indiana.......................... ............................................................................................ Railw ay L ife Assurance.......................................................................................................................... ............ The Steam Force in England............................................................................................................................... 579 581 582 583 MERCANTILE MISCELLANIES. The Considerate M erchant: or, Paying an Old D ebt.................................................................................... The T obacco Trade. B y C h a r l e s M. C o n n o l l y , o f the Virginia Tobacco A gency, New Y o r k . . . Gaskill, the Philanthropic W hrecker.— First Vessel from the Lakes to California.............................. “ Georgia, the Massachusetts o f the South.” .................................................................................................. Consum ption o f T ob acco and Snuff.— Linen Cambrics o f Ireland.......................................................... 583 584 585 586 586 T H E BOOK TR A D E. Com prehensive Notices o f N ew W orks or N ew Editions........ .......................................................... 587-592 HUNT’S MEECHANTS’ MAGAZINE AND COMMERCIAL REVIEW. N O V E M B E R , 1 849. Art. I .— T H E B A N K OF F R A N C E I N 1 8 4 8 - 9 . T he report made at the general meeting o f the Stockholders o f the Bank o f France, on the 25th of January, 1849, on behalf o f the General Council, by the Governor, M. D ’Argout, has been sent to us by our esteemed corres pondent in France, M. Rodet. The events o f the last eighteen months, as extraordinary in their financial as in their political aspects, have rendered the position o f the Bank one o f peculiar peril, and give to the present report more than usual interest. In the Merchants' Magazine for June, 1849, we gave a translation from the French, of an article on the condition o f the Bank in 1848. The extracts from the report, which follow, will be interesting and useful, by way o f additional and more authoritative illustration o f the same subject. After noticing the deaths o f several officers o f the Bank, which occurred during the year, the Governor proceeds at once to speak o f— TH E CR ISIS OF 1848. Years follow, but do not resemble each other : their changes affect, more or less deeply, the condition and business o f the Bank. In 1846, the dearness o f food, and the importation o f large supplies of grain, were the chief influences whose reaction affected the Bank. The sud den withdrawing o f 172,000,000 o f specie, for the most part exported, and the purchase o f 45,000,000 o f silver bullion, chiefly in London, were the consequences of these paramount causes. The same year the business of the Bank reached the amout o f 1,726,000,000 francs. In March, 1847, the Bank sold to the Russian Government securities to the amount o f 2,142,000 francs, (income,) for about 50,000,000. They fur nished the means o f discharging the foreign liabilities, incurred by the pur chase o f grain. Commerce, released from this debt, took a fresh start; en terprise and speculations multiply; some symptoms o f an excessive excite ment are exhibited, which the Bank avoids encouraging; discounts and 484 Condition o f the B ank o f France in 1848- 9. advances on various securities, reach, for the first time, the amount o f 1.853.000. 000 francs. On the 24th o f February, 1848, a revolution breaks out in France, and, o f a sudden, changes the constitution o f the State. N o one was prepared for this event; it was necessarily calculated to cause a great disturbance o f all business transactions. Soon the state of things became complicated; doctrines dangerous to the right o f property were preached; under different forms the old assignants are evoked from the grave ; terror seizes the minds o f all, and specie rushes from the bank in torrents, and immediately disappears. The bank had passed through the crises o f 1815* and 1830, without be ing shaken ; no change disturbed the even tenor o f its way. But it is next to impossible for an institution o f credit to stand at once a political revolu tion and the threat o f a social one. Nevertheless, in February last, the amount in the vaults reached 220,000,000 francs; the bank boldly un dertook to meet all calls for specie. After a few days’ lull, the crisis re doubled in intensity. A report, addressed by the Bank to the Minister o f Finances, which was published by the Government, in the Moniteur, thus narrates the efforts o f the Bank to conjure the spirit of the storm :— “ From the 26th o f February, to the 15th o f March, that is to say, in fif teen business days, the Bank discounted at Paris to the amount of 110,000,000 francs. “ O f 125,000,000 francs due the Treasury, it repaid 77,000,000 francs. In this sum are not included the 11,000,000 francs placed at the disposition o f the Treasury at the different offices o f the Bank, to meet the urgent calls o f the public service in fifteen departments.! “ Moreover, the Bank discounted to the amount o f 43,000,000 francs, in fourteen cities where it had offices, and at those places sustained trade and industry. “ By its discounts at Paris, it endeavored to prevent the suspension of payments at the Banks of- Rouen, Havre, Lille, and Orleans, &c. “ From the 26th of February to the 14th o f March, the money in the vaults at Paris diminished •from 140,000,000 to 70,000,000 francs. New desks have been provided, to facilitate business; this day, (15th o f May,) more than 10,000,000 francs have been paid out, in cash : this evening there remains at Paris only the sum o f 59,000,000 francs: to-morrow, the rush will be still greater: a few days more, and the Bank will be entirely stripped o f specie.” It was time to take some measure ; but what ? Ought the Bank to stop, and g o into liquidation ? that were easily and quickly done. The funds in vault represented still, although reduced, 30 per cent of the debt d u e ; 305.000. 000 francs o f commercial paper, having, on an average, 45 days to run, were on the books : the Bank still possessed o f its own, State securi ties, amounting to 1,170,000 francs (in com e;) it had loaned 18,000,000 * In 1814, the Bank, fo r som e months, ceased, so to speak, its fu n ctio n : pillage was apprehended; the bills were b u rn t; those w ho had accounts current were requested to withdraw their deposits. The reserve fund fell to 5,000,000 francs; circulation, to 10,000,000 francs; deposits on account 1,300,000 francs. W hen apprehension d ied away, the circulation soon rose to 70,000,000 francs, and the reserve fund to 93,000,000 francs. t The departments du Var, Bouches-du-Rhone, du Gard, L ’ Herault Haute Garonne, Pyrenees-Orientales, Rhone, Loire, Haute Loire, Isere, Bas Rhin, L a Manche, Cotes d u Nord, Cbarente Inferieure. (It was, above all things, necessary, without the slightest delay, to m eet the calls for the savings banks, and the pay o f the troops.) Condition o f the B ank o f F rance in 1848- 9. 485 francs on deposit o f bullion, or on assignment o f public securities ; in less than two months all its creditors could have been paid. I f it had only had its own interests to think of, perhaps this arrangement would have been pre ferred; but it did not stop to entertain the thought one m om ent; it had other duties to do. In fact, what disastrous consequences to the country would have attended the -winding up o f the Bank ? W h at would have become o f those o f the trading and industrial classes who had kept up, thenceforth deprived o f the resource afforded by discounts ? H ow provide for the pay o f the workmen o f all kinds attached to the thousands o f workshops with which the capital swarm ? W as this multitude o f laborers to be poured into the public squares, already too crowded, while their employers, although at the cost o f most painful sacrifices, were still able to support them ? Still more, the supply o f provisions for Paris renders specie indispensably necessary, and Paris cannot live without meat and bread. Specie was no less necessary, for the pay o f the land and naval forces, the National Guard, the National Workshops, which every day increased, and finally embraced 100,000 persons. Specie was equally necessary to maintain the public works, on the canals, the rivers, the wharves and harbors, to meet a host o f administrative expenses, and the calls o f the municipal services, so numerous, so various, and so im portant, o f the city o f Paris. The slow and uncertain receipt o f taxes poorly answered the exigency o f the tim es; the falling off in the metalic currency was now so great, that o f a sum o f 26,000,000 francs, which fell due a few days later, only 47,000 francs were received in specie. In consequence o f the scarcity o f specie, all departments o f public service were threatened with immediate disorganization. The Bank alone possessed a specie deposit. On the night o f the 15th o f March, at the suggestion o f the General Council o f the Bank, a decree was issued, making the bills a legal tender, and relieving the Bank from liability to redeem, until further order; but bills that cannot be exchanged for specie are liable to fall into discredit; the same decree, therefore, limited their circulation to the maximum o f 350,000,000 francs. It further required a weekly statement o f the condition o f the Bank to be published in the M oniteur ; and finally it authorized the emission of small notes, for 100 francs. The issue o f 50 and 25 franc notes had been called for ; payment o f small debts would have been thereby facilitated, but at the risk o f stimulating the export o f specie, which ought to be kept in France, and forced to reappear. On these grounds the Council refused to accede to this proposition. Let not the object o f this decree be misapprehended. It was not to sub stitute for a metalic currency, a currency with solely a basis o f credit, but instead o f the regular and legal redemption o f the bills o f the Bank, to make a wise and discreet disposition o f its present and future resources in reserve. In other words, the decree relieved the Bank from the obligation, o f specie payments, in order to enable it to furnish specie to the Treasury, and to public industry, to the extent o f its own resources. A d d to this that it was necessary for the maintenance o f its credit that the Bank should al ways keep a large amount of specie in the vaults. The duty was difficult, success uncertain. H ow has the Bank acquitted itself ? Let facts answer the question. But, before entering upon the nar rative o f events so grave, the necessary, but, we must admit, the then un foreseen consequence o f the decree of the 15th o f March, I wish to speak of 486 Condition o f the B ank o f France in 1848- 9.. the union o f the banks o f the departments with the Bank o f France. Some preliminary explanation is necessary, to rightly understanding this transaction. The first law on the subject o f a bank, the law of the 24 Germinal o f the year xi., in regulating the organization o f the institution o f credit, which had existed at Paris since the year viii., allowed the creation of local banks au thorized by Government. The second organic law, that o f the 22d o f April, 1806, and the imperial decree of the 16th o f January, 1808, reducing all the details to one system, allowed but central banks, and central subordinate officers, established in cities where the wants o f commerce rendered them necessary. A t that period, there were, as yet, out o f Paris, neither local banks, nor offices depending on the Bank of France. This last plan was tried during the last years o f the empire, and the at tempt failed. Bank bills could not get acclimated in cities where the mem ory o f assignats still lingered. Depressed by maritime warfare, commerce was in a decaying condition; the offices at Lille, at Rouen, and at Lyons, were closed in 1813 and 1817. Rouen, the same year, asked for a local bank, in place o f a branch office. In 1818, Bordeaux and Nantes were allowed the same accommodation. These establishments at first languished. Seventeen years passed, without any fur ther attempt. In 1835, Lyons and Marseilles seemed disposed to follow an example al most forgotten. The Bank o f France, to keep pace with the progress of commerce, established, in 1836, two offices, one at Rheims, the other at Saint Quentin ; and it established thirteen others in succession. Lille, Toulaise, Havre, and Orleans preferred department banks. Thus the very contrary systems o f the law o f the year xi., and o f the year 1806, traveling together over the country, occupied the principal centers of commerce, a mongrel combination, which gave rise to various inconveniences. Most o f the local banks, feebly organized, tottered at the periods o f crisis, while the Bank o f France felt the rebound o f operations it could not control. The disposition to unite, manifested by it several times, was coldly received; the local banks clung, before all things, to their independence. As soon as the decree o f the 15th o f March, 1848, was published, they demanded the execution o f its provisions ; this demand was complied with by a second decree, o f the 25th o f the same month ; but their bills became a legal tender only within the department where each bank was established. Their circulation was limited to the aggregate o f 102,000,000 francs ; at this period, their money in vault amounted to 19,450,000 francs. A few days were enough to show the insufficiency o f this decree. A paper money, purely local, cannot avail in the liquidation o f transactions which take place between departments, and a fortiori transactions between cities very remote. Business came to a stand-still; soon the state o f things became intolerable. The necessity o f converting the local banks into branch offices o f the Bank, became then evident. But how g o to work to bring about this sub stitution ? Should the affairs o f the local banks be wound up, and they then be replaced by branch offices ? This course would have caused consid erable delays, and the demands for discount would not permit interruption. A n immediate fusion, then, was indispensable ; but on what basis, and ac cording to what rules ? Should the market value, or the intrinsic value o f all these stocks be considered ? Or should they be exchanged at par, nom inal value for nominal value ? The two first arrangements were impractiea- Condition o f the B ank o f F rance in 1848- 9. 487 Lie ; the third seemed unjust, because obviously to the prejudice of the Bank o f France. • ✓ In fact, the market rates o f the stock of the Central Bank, which fell to less than half, after the revolution o f February, fluctuated with surprising rapidity, with the course o f events ; the shares o f certain local banks found but occasional buyers. Could any equitable basis be established for the ex change o f stocks, the quotations for which varied every moment with stocks which were no longer regularly quoted ?* As to intrinsic value, it was then absolutely impossible to calculate i t ; a third o f the capital o f the department banks appeared to be absorbed in the mass o f discounted notes ;f the capital of the Bank o f France was affected in the same way. A t this period, there was no mode o f determining, even approximately, the amount o f certain losses. The plan 'of exchanging at par remained, nominal value for nominal value ; but, as we have said, this basis was liable to the grave objection o f presup posing an equality o f value which did not exist, between all these shares. On the contrary, the past proved that the stock o f the Bank o f France had always maintained a decided superiority over the stock o f the department banks, one only excepted.j; If the union were brought about in January, 1848, the exchange at par o f shares, at the average quotations o f 1847, would have caused a loss to the Bank o f France o f 27,210,000 francs.§ This calculation, perfectly exact in 1847 and the beginning o f 1848, be came, two months later, retrospective and hypothetical; now the Bank saw itself reduced to the painful alternative o f giving up the union, and depriving the commerce o f numerous departments o f all resource, or o f accepting the exchange at par o f values nominally equal, but, in reality, very unequal. If the Bank had desired the union, it was certainly not upon these terms, and at a time when it had to struggle against numberless difficulties. However, when a great public interest is at stake, the General Council never hesitates ; it decided the question in the manner required by the gene ral interest. In fact, the Bank exchanged unknown values for unknown ; but with the conviction that this exchange was very disadvantageous to it self. The Bank will, perhaps, at some future day, be recompensed for a sac rifice o f uncertain amount, but positive and considerable ; it has been already compensated by the increase o f good the union o f the local banks has en abled it to do the country. The decrees o f the 27th o f April, and 2d o f May, by sanctioning the agreement concluded between the Bank o f France and the delegates o f the local banks, increased the capital o f the Central Bank 23,350,000 francs; the extent o f circulation allowed it which was limited to 350,000,000 francs, has * Quotations o f the stock o f the Bank o f France at the beginning o f January, 1848___ francs 3,200 Price, on the 17th o f February............................................................................................................... 3,200 u “ 7th o f March (day the Board re-op ened).................................................................. 3,200 “ “ end o f M arch..................................................................................................................... 1,150 “ “ 10th o f A p ril...................................................................................................................... 960 “ “ end o f A pril............................................................................................................ 1,400 f 7,703,564 notes discounted on a capital o f 23,350,000 francs. $ The Bank o f Lyons. It w ould be necessary to enter into details o f too great length, to explain the cause o f the rise in price o f the stock o f this department bank. § Average quotations o f stock o f the Bank o f France, and Banks o f Department, in 1847:— Bank o f France.................... Bank o f M arseilles............ it tt Bordeaux.............. H avre.................. ....................... 1,300 tt tt Rou en.................... L i l le .................... ...................... 1,700 it tt N an tes.................. T ou louse.............. ...................... 2,400 tt tt L yon s.................... Orleans................ 488 Condition o f the B ank o f France in 1848- 9. been increased 102,000,000 francs, tbe maximum previously allowed to the circulation o f nine department banks. Unity o f direction, uniformity o f circulation, mutual discounts between the branch offices, and the very convenient and prompt transfer o f drafts at sight by the Bank on the offices, and the offices on Paris, will ensure for commerce many undeniable advantages. The movement in bills suffices to give an idea o f this. The total o f drafts in 1847, was only 96,000,000 francs; in 1848, it reached 439,000,000 francs. Let us now review the ordinary and extraordinary operations of the Bank, since the 24th o f February. W e will begin with the— O PE R A T IO N S IN S P E C IE . The Bank, relieved from specie payments, hastened to procure bullion, at any price, in France or abroad; it succeeded, although on very onerous terms, in procuring 40,000,000 francs in silver. It delivered successively, in specie, to the cefitral treasury and the munipal departments o f Paris, 105,318,000 francs. It added to the circulation o f the capital, either to facilitate the supply o f food, and the pay o f workmen, the sum o f 158,363,000 francs in coin. It opened credits in favor o f the Treasury, at its branches, (by telegraph, in urgent cases,) amounting, in all, to 52,650,000 francs, o f which the branches paid in coin to the receivers general, 30,969,000 francs. These branches also furnished commerce and industry in the departments, with 201,630,000 francs in specie. Total, at the close o f March, 506,000,000 crowns. I f we compare the issues o f specie, by the Central Bank in 1847 and 1848, we shall find that the issues o f 1848 were numerically less; but on com parison with the total o f commercial transactions, in the two years, the issues o f 1848 will be found the greater. W e may add, that, at the end o f the second six months, 1848, the Bank might, without inconvenience, have considerably increased its specie pay ments. .The final result has been that the Bank has been able, not without diffi culty, to supply a sufficient metalic circulation. The objects o f the decree o f the 15th o f March, have not been unattained. LO A N S TO TH E TR E A SU R Y . In relation to credit, the Treasury has met with an equally patriotic sup port from the Bank. On the 31st o f March, the Bank loaned the State 50,000,000 francs on a deposit o f Treasury Scrip o f the Republic. From various considerations, the Bank agreed to one unusual stipulation. It was agreed that for one year the loan should be without interest. Meanwhile, the Bank, as we have stated, purchased bullion at great expense, in order to furnish the Treasury with the specie it might demand. On the 5th o f May, a second loan o f 30,000,000 francs, upon a transfer o f stock, granted to the Treasury indirectly. The 3d o f June, a third transaction, heavier than the preceding, took place. The Bank agreed to loan 150,000,000 francs to the Tieasury ; that is, 75,000,000 francs in July, August, and September, 1848, and an equal sum in January, February, and March, 1849, on the security o f a transfer o f stocks for the portion payable in 1848 ; and the mortgage o f certain public Condition o f the B ank o f France in 1848- 9. 489 forests for the other 75,000,000 francs. The Treasury, wisely saving, has as yet used but 50,000,000 francs o f the loan. Other negotiations, having for their object principally the procuring of work for the laboring classes, were concluded with the cities o f Paris and Marseilles, and the department of the Seine. O F TH E O R D IN A R Y AN D E X T R A O R D IN A R Y D ISCO U N TS. The ordinary must be distinguished from the extraordinary discounts. During the first months o f the revolution of February, commerce required relief at once, prompt and great. From the 6th of March to the 24th o f June, the Bank and its old offices discounted nearly half a billion ; and 176,000,000 francs from the 24th o f June to the 31st of July. After that period, the discounts fell off with painful rapidity. However, the situation o f certain manufacturers, and particularly that o f the great metallurgic establishments, required extraordinary assistance. On various securities time was granted, and new advances made. The regular ity o f these transactions might have been criticised, had they not have been justified by the necessity o f supporting numerous bodies o f workmen. This was effected ; 34,000,000 francs employed in this unusual way have, we ven ture to assert, prevented grave disasters. After noticing the discount business o f the Bank during the year, the re port proceeds to speak o f the— N A T IO N A L O F F IC E S A N D W ARRANTS. The Bank likewise came to the aid o f those establishments, the creation o f which was called for by the necessities o f the hour. Decrees o f the 7th and 8th o f May, 1848, established at Paris a National Office, designed to furnish means o f credit to commerce and industry * Commerce, the city o f Paris, and the Treasury, were to contribute each a third to the capital; the office, established for three years, was authorized to discount paper with two names. The Bank wished to figure in the list o f subscribers; and as the establish ment could not give the necessary extent to its operations, except by the re discount o f its notes, the Bank accepted the accounts o f the office at Paris, to the amount of 85,000,000 francs. The temporary National Offices having been established in a great many departments, their paper has been rediscounted to the amoant o f 131,000,000 francs, by the branches o f the Bank in the same places. A t the same period, mechanics, manufacturers, and merchants, were un able either to sell the goods with which their storehouses were loaded down, or to borrow on the pledge o f them. A decree o f the 21st o f March established, “ at Paris, and in other cities, where their necessity should be felt, general storehouses, under the super vision o f Government, in which merchants and manufacturers might deposit their raw materials, their goods, and manufactured articles.” The same decree also provides that “ receipts copied from the register, conveying title to the goods deposited, might be transferred by endorsement ” — a provision calculated to facilitate loans on personal mortgage, by simpli fying the forms prescribed by the code. Although the statutes forbid the making advances on merchandise, the Language o f the Decree. 490 Condition o f the B an k o f France in 1848- 9. General Council were prompt in admitting tliese receipts for discount. It opened various credits, amounting, in all, to 18,000,000 francs, in favor o f the trade o f Havre, which was then suffering from the failing demand for colonial produce ; at Paris, the Bank discounted 14,000,000 francs in war rants. Adding the amount o f similar operations l>y several branches, we have a total o f 60,000,000 francs.* Another subject which occupied the attention o f the Bank, was the large number o f buildings then remaining unfinished at Paris ; the decree o f the 4th o f July, passed to further the interests o f those engaged in building, provided that the sub-office o f the contractors o f construction be authorized to loan on real and personal securities, and that the securities furnished this sub-office, should avail in fa v or o f the National Office and the Bank o f France, and be passed to them, simply by endorsement. B y the same decree, the Minister o f Finance was authorized to lend to the sub-office 500,000 francs, and guarantee its .operations to the amount o f 4,500,000 francs. The General Council immediately appropriated to this object, 5,000,000 francs. Finally, the National Assembly, taking into consideration the situation o f the traders, contractors o f supplies, and other creditors o f the private domain, and the old civil list, provided a mode o f liquidation by a decree o f October last. A few days after, the Bank agreed to discount drafts on account o f the cuttings o f the forests, endorsed by the liquidating parties, to the amount o f 4,500,000 francs, in order to accelerate the payment o f an instalment to these same creditors. Thus, either by opening its vaults, or by discounts, ordinary and extraor dinary, or by rediscount o f the paper from the National offices, or by advan ces to industry, or by accepting warrants and securities sent to the sub-office o f construction, or by loans granted to the Treasury, to the Office o f Deposits, to the cities o f Paris, Marseilles, etc., the Bank, to the extent o f its power, made every exertion to come to the relief o f the most urgent necessities o f the State, and o f society. A ll the officers o f finance, witnesses of its efforts, appreciated its zeal, and two o f them rendered public testimony to those efforts. Notwithstanding a considerable rise in the rate o f interest for money, the Bank kept up the usual rate in its transactions. It even reduced to 4 per cent the rate on certain transactions conluded at 6 per cent, by several de partment banks, before the period o f union. The debtors o f the Bank were counted by thousands, and their debts enor mous ; the Bank pursued the most considerate course toward houses shaken by late events. It confined itself to measures o f precaution; it instituted proceedings in bankruptcy against but a very few, whose bad faith was evi dent ; it opposed no compromise, but favored them on all occasions. The report made to the new Tribunal o f Commerce, 30th o f December last, at its first session, fully attests this fact. This report states the number o f bankruptcies declared in the statement o f 1848, at 1,219. In the preceding statement (this document adds) there were 1,139 failures. The increase is not very great, if compared to the number o f suspensions o f payment. The causes o f this may be looked for in the moderation o f creditors, and especially in the conduct o f the Bank, * These advances were principally upon the following g o o d s :— Bonnets, com m on shawls, brass, cotton, hair, leathers, colonial produce, drugs and dye stuffs, brandy, iron, clover and lucerne, o il, T ory, French and foreign w ools, flax, table linen, lace, shell-work, silk goods, acids, varnish, paper, iad , silk, m etalic salts, tallow, cotton, linen, and w oolen fabrics, carpets, and com m on wines. Condition o f the B ank o f France in 1848- 9. 491 which has manifested toward its debtors a liberality worthy of praise, and has been eager to facilitate amicable settlements. F A L L IN G O FF IN BU SIN ESS A N D D ISCO U N TS. Iii this way, many evils have been avoided, many misfortunes softened ; but, as we have already hinted, since July, discounts have continually dimin ished. This successive falling off in the monthly operations, the decrease of presentments at the end o f the month, and the comparative condition o f the discount books o f the Bank, prove, unhappily, but too well the stagnation o f mercantile affairs. The monthly discounts o f the Central Bank had exceeded 100,000,000, and 150,000,000 francs, in January and M arch; they fell, in November and in December, to about 20,000,000 francs. The discounts o f the last two days in November and December, 1847, rose to 25,000,000 and 30,000,000 francs; the discounts o f the corres ponding days in 1848, fell to 5,400,000 francs, and to 2,800,000 francs. The discounts o f 31st o f December last, fell to 1,371,000 francs, in paper on Paris, and 363,000 francs in paper on the Offices. On the 16th o f March, 1848, the amount on the books o f the Bank, and its fifteen branches, amounted to 305,000,000 francs. On the 25th o f December, the amount on the books o f the Central Bank, its sixteen branches, and o f the nine department banks converted into branches, fell to 165,000,000 francs; and o f this but 42,000,000 francs were on account o f the Bank o f France. P R E S E N T C O N D IT IO N O F TH E B A N K . The position o f the Bank became stronger, in the last half o f the year 1848, as is proved by the movement of its funds in reserve. On the 25th o f May, 1848, the aggregate funds o f the Central Bank, of its old offices, and new branches, fell to 115,000,000 francs; the present amount is 280,000,000 francs. A great improvement has likewise been manifested with respect to paper overdue. The amount o f notes and drafts unpaid at the Central Bank, reached the frightful sum o f 57,000,000 francs ; at the branches, 20,700,000 francs ; total, 77,700,000 francs. This day, 25th o f January, the amount o f paper overdue, according to the statement which will be published in the M oniteur, is only 14,340,000 francs ; difference, 63,360,000 francs. W h at will be the amount o f definite loss ? The committee has endeav ored to calculate its amount. A conscientious estimate o f the probable amount o f what will be recovered, leads to the conviction that this loss will not exceed 4,000,000 francs, unless one o f those unforseen events come to disturb the course o f settlement. This amount had been passed to the ac count o f profit and loss, at the time the semi-annual dividends o f 1848 were declared. Their loss may therefore be considered as already cancelled. CO N C LU SIO N . Gentlemen, the year which has just ended has been a hard and toilsome one. During the first months o f the revolution, the General Council was, so to speak, in permanent session. Every day, and from every side, arose unexpected events, and new complications. H ow many obstacles and diffi culties had to be overcome, in order to manufacture, in ten days, the bills 492 The P roduction and M anufacture o f Cotton. o f 100 francs, and to effect an emission o f 80,000,000 francs, which was still too slow for public impatience. W h at embarrassments arising from the gigantic increase o f doubtful claims ! 57,000,000 of paper becoming due, and unpaid, suddenly, and requiring a simultaneous, at all points in France, o f over 60,000 legal processes, the sudden union o f nine department banks, and the necessity o f immediately harmonizing their operations with those o f the Bank o f France. These difficulties, and many others, we never could have succeeded in overcoming, if the activity, the zeal, and the devotion o f all employed, had not grown with events. The enlightened, loyal, and active cooperation o f the directors, inspectors, and managers o f the old and new branches, deserve great praise. W e pay them here the just tribute o f our gratitude. Art. II.— THE PRODUCTION AND MANUFACTURE OF COTTON : W IT H R E F E R E N C E TO ITS M A N U FA C TU R E IN CO TTON G R O W IN G ST A TE S. N a t i o n a l wealth, the aggregate o f individual wealth, together with its creation and accumulation, is a subject on which much has been written ; yet thousands o f persons, otherwise well informed, appear to understand but little about it, or neglect the principles o f true economy, and seem to regard it as matter o f slight importance. It is not m y intention to portray the science o f political economy, but to give a few practical hints, applicable to a single branch o f business. To point out how to accumulate individual wealth, is, to show how that o f a nation is increased. In the distribution o f wealth, as the production o f its elements, to confer the greatest benefit, it is essential that, while the capitalist and employer are enriched, the industrial classes re ceive a just compensation. W ithout that result, no nation, however rich, can be happy as a people ; for, while rich in the aggregate, as a nation, the mass o f the people may be miserably poor. For example— Great Britain is immensely r ic h ; the masses o f her people are poor and indigent. If, in that empire, the enormous sums paid by means o f taxes which eventually fall on labor, over and above what would be the expense of- such a govern ment as the welfare o f the people require, were remitted, or properly distri buted, as the reward o f industry, the evils o f poverty would be much miti gated, if not removed. Labor, skill, and materials, are the elements o f wealth. W ithout combi nation and application, they are valueless. Their value depends entirely on their modification into such forms as to supply the wants and wishes o f man kind. This alone gives value to anything in a commercial sense. This alone gives value to money ; that being, not wealth, essentially, but its ac credited representative. For instance— A . has cotton, but cannot convert it to cloth. In his hands, it has no value, except what B. imparts to it. H e pays $20 for it, to A., and makes it into cloth. The clotb he sells to C. for $80. W ealth is thus created by the combination o f the labor, skill, and materials, o f A . and B., and paid for by the money o f C., derived from some other combinations. Thus the cotton becomes valuable, because converted to a useful purpose, and A ., B., and C. are each benefitted by the operation. The money which has passed between the parties, would also have been valueless to them, un A nd its M anufacture in the Cotton-Growing States. 493 less each could have purchased with it what he wanted. Such operations alone stamp money with value, which is not really an element of wealth, but a means to facilitate the combination of its elements, and the more ready and convenient exchange o f their products. Hence, where the elements o f wealth, together with capital, are most equally and judiciously distributed and combined, their operation will prove the most effective, and will best subserve public and individual good. To command a price and a profit, production must be limited by demand. The market value o f anything will, at all times, bear relation to the demand for it, and prices will fluctuate, as the supply may be comparatively large or small. A s a general rule, all excess o f supply beyond the demand, will re duce prices in about the same ratio. In the long run, what has been ex pended in the production o f such excess will be, generally, lost to the pro ducers, if the oversupply be long continued. Even money is not exempt from the operations o f this la w ; and a great and permanent increase or diminution o f the precious metals, diminish or increase their exchangeable value. To make business most productive, we should, if possible, ballance the distribution and application o f the elements o f wealth, so that the de mand and supply should be reciprocal. Because one man accumulates wealth by the culture o f 6otton, or its man ufacture, it does not follow that all should engage in either pursuit. The innumerable wants o f mankind require the products o f a vast number and variety o f trades ; and the great secret o f wealth, prosperity, comfort, and contentment, consists in a perfectly adequate supply o f those wants, on mod erate, though remunerating terms, to the consumer, that afford a just com pensation to all concerned in the production. To meet promptly every de mand, at the proper cost to the consumer, while we secure remunerating prices and profits to the producer, a proper share o f labor, skill, and materi als, should be appropriated to each branch o f business. The immense wealth o f Great Britain, as a nation, is the consequence o f the application o f her labor, skill, and materials to branches o f business most productive of wealth. But the great disparity between the conditions of her employers and capitalists, and her poor laboring classes, is the result o f an improper distribution o f her labor and skill, as a people, and the enormous expenses of her government. These expenses are $260,000,000 per annum, the whole o f which eventually falls, as a tax, on labor. W ere a proper dis tribution o f the land made, and the government administered on economical principles, the result would bo different. The excess o f mechanics, operatives, &c., would be required in the business o f agriculture, and its concomitant branches. The factories and workshops would be relieved o f their redun dancy o f labor, and the poor-houses o f their inmates. A n d labor would be relieved o f its intolerable burden o f direct and indirect taxation, now im posed for the support of the pomp, mummery, puerilties o f royalty, and a useless aristocracy. There would ensue an increased value to labor and skill, and a more ample supply of the necessaries and comforts o f life, as the reward o f industry : or, what amounts to the same tiling, though the prices o f labor might undergo little or no change, all would find employment, and the increase o f agricultural products would so reduce their prices, that much more of the means of living might be obtained, than is now within the reach o f the working classes. As it is, though the British capitalist so applies the elements o f wealth as to create the greatest aggregate product, the American, by their more general distribution, makes them more subservient to the pub lic good. 494 The P roduction and M anufacture o f Cotton. The government o f the United States, fashioned on strictly economical principles, is controlled by the people. A large majority labor with their hands; yet they possess, in common with others, all prerogatives, and tax themselves for all necessary governmental purposes. W e have no laws o f entail and primogeniture ; and hence, we have, and can have, no landed aris tocracy. Our institutions and laws encourage and facilitate such a distribu tion of lands, as enables almost all who choose, to till farms o f their own, and to enjoy the use and profits o f the products o f their labor and skill, diminished only by taxes scarcely more than nominal. The sons o f our agriculturalists, placed above the reach o f penury and want, act, not from necessity, but from ch oice; and continue in the field, or enter the various trades, only as inclination may dictate. The son o f the British peasant must do as he can. And, as every- industrial department is overstocked, it too frequently happens, that his only choice, at last, is the parish poor-house, or starvation, which is but a single remove from it. The policy o f Great Britain, to prosecute a branch o f business where the greatest facilities for it exist, should be adopted by our own countrymen. She has every facility for the manufacture o f cotton, except the cotton itself. This she obtains from abroad, at an expense which would destroy the profits in a great measure, were it not for the cheapness o f her labor, the conse quence o f its redundancy. Our cotton States have all the facilities for manufacturing purposes, except, perhaps, skill. That can be readily obtained, at a cost quite trifling, when compared with that o f the importation o f cotton by the manufacturer o f Great Britain. In that country, the manufacture o f cotton gives employ ment to about 1,500,000 persons. Together with the business it creates, it makes up nearly one-half the external trade o f the kingdom. More than four-fifths o f its profits is so much wealth created there, and thrown away by the American people, who, having the raw material, might as well manu facture it at home, as to send it abroad. According to British statistics, o f 592,965,504 lbs. o f cotton imported into the kinkdom in 1840, the United States furnished four-fifths. Suppose the quantity imported to have com prised all the cotton raised in the w7orld— Great Britain must have curtailed her business o f manufacturing by four-fifths, had we manufactured all our own cotton. The wealth thus created, would then have been added to that o f our own country. But there are other cotton-growing countries, and there are manufacturing countries beside Great Britian ; therefore it will be be said we would not monopolize the market o f the world, and that Great Britain, obtaining supplies from other countries, would still control the mar kets. But that would not be an easy matter. B y official estimates, the quantity o f cotton grown in the world, in 1834, was 900,000,000 lbs. O f this, the United States produced 460,000,000 lbs. A ll other countries, 440.000. 000 lbs. Since that period, in the aggregate, while the culture o f cotton has much increased in the United States, there has been very little increase elsewhere. W e can produce cotton cheaper than any other country ; and, adopting what is generally a poor policy, increasing the product, in order to make up for the decline in market value, it is estimated that the American crop o f 1848 reached the amount o f 1,000,000,000 lbs., or 100.000. 000 lbs. more than the crops o f all the world, in 1834. Increasing the consumption for the year 1848, in Great Britain, by 10 per cent over that o f 1840, and the quantity will be 652,261,590 lbs., and which will be some 200,000,000 lbs. more than is produced in all the world, the United A nd its M anufacture in the Cotton-Groioing States. 495 States excepted. A s much o f the cotton produced is manufactured in other European countries, there would be, were the supply from the United States withheld, a deficit o f some three or four hundred millions o f pounds, and perhaps more, a large portion of which would be experienced by the British manufacturer. To withhold this supply, would enhance the price in Europe; and though our labor costs something more than theirs, our cotton would cost so much less, that no European manufacturer could successfully compete with us. W ith all the advantages we possess, the United States should be, emphatically, the cotton manufacturers o f the world ; and the cotton-grow ing States should be the great seat o f cotton manufactures o f the Union. How is all this to be done ? My reply is— manufacture your own cotton, instead of allowing it to be done by others. If you wish for more labor and skill, they can readily be procured, to any amount. There is too much pro duced. True, a great deal too much. Make, then, a proper distribution o f labor and skill— produce no more cotton than can be manufactured at home. Cast not yourselves in a foreign market, with a great redundancy o f the ar ticle, begging for purchasers, on the mercy o f brokers, speculators, and shavers. As we have seen, the United States supplied to Great Britain, in 1840, four-fifths o f the cotton consumed there. Reckoning, according to the En cyclopedia o f Commerce, (British,) the increase o f British consumption to 1847, was about 15 per cent. O f this, in the former proportion o f fourfifths, the United States must have furnished 448,701,846 lbs., worth to the planter about §29,000,000, which amount being swelled by expenses to the amount o f §10,174,036, would make the aggregate sum o f §39,096,147, as the cost to the British manufacturer. As the best cotton lands yield no more than about 300 lbs. to the acre, the average yield does not probably exceed 200 lbs. But allowing 250 lbs., it will require, to produce the above quantity, 1,794,807 acres; which, at a cost o f §25 per acre, is worth §44,870,175. A d d §97,740,000 as the value o f 195,480 hands, (slaves,) at §500 each, and other necessary appendages, and you have a capital em ployed o f about §150,000,000. To make the estimate high enough for the planter, allow 6 cents per pound for his cotton, and you return him §28,000,000 net proceeds. The value o f British manufactured cotton, in 1847, was estimated at £40,000,000. A t the estimated ratio of increase from 1833 to 1840, which was 331 per cent, the amount in 1848 would have been £42,000,000. The capital invested was §149,600,000. In the ratio o f capital, therefore, the planter should have received at least §150,000,000, but he received really less than §30,000,000. Deduct §40,000,000 as the cost o f cotton to the British manufacturer, and you leave more than §98,000,000 as the value added to the cotton, for which the planter receives something less than §30,000,000. Let the planter now take a view o f the principal manufacturing States in the Union. H e will find the balance against him there, in about the same ratio as in Great Britain ; although here labor is higher than in that country. W e remark, by the way, it is evident that, did the planter apply labor, skill, and materials, to a business as lucrative as that o f the manufacture of cotton, and employ the capital he now does, the product would be worth some §120,000,000, instead o f §30,000,000, or less, the market value o f his cot ton. There would be some additional expenses to diminish this difference, o f which, more hereafter. 496 The Production and M anufacture o f Cotton. Assuming an increase o f 25 per cent in the cotton crop in 1840, the quantity in 1848 was 998,009,093 lbs., which, at 6 cents per pound, w’ould return the planter §59,285,945 58 on his capital o f $300,000,000, in lands, negroes, &c. In the five following States, Maine, New Hampshire, Massa chusetts, Rhode Island, and Connecticut, 57,000 operatives, with a capital o f $42,000,000, produced, in 1839, cotton fabrics estimated in value at $40,918,143. From this, deduct $13,639,381 for materials, &c., including cotton, and we leave $27,278,762 as the net proceeds o f labor performed by 57,000 operatives; but little less than the southern planters received for their entire crop o f cotton in 1839 ; and in the production o f which he em ployed a capital of $150,000,000. The difference in the interest per annum, on these two capitals, is $6,420,000 ; a very desirable item to the credit o f the New England manufacturer. Ten o f the best plantations would not produce more than 1,800,000 lbs. o f cotton. One mill, o f 10,000 spindles, -would work the whole into cloth, No. 15, in the year. These plantations, including slaves, &c., would be worth at least $738,000. The mill, with a working capital o f $50,000, would be worth, capital and all, $250,000. The cotton, at 6 cents per pound, would be worth $108,000. The cloth, 4,500,000 yards, at 7£ cents, (yard wide,) would be worth $337,500. Deduct from the amount paid the planter for cotton, wages o f overseers, interest o f money, &e., say $28,000, and you leave him $80,000. Deduct from the above market value o f cloth, the cost o f cotton, steampower, labor, &c., &c., $247,000, including interest on capi tal and you leave the manufacturer a clear ballance o f $90,500. It is evi dent, then, that a man owning such a cotton mill, would suffer a very con siderable loss, by exchanging it for cotton plantations, negroes, &c., nominal ly worth three times as much. The value o f all productive property is in the ratio o f its productiveness, independent o f its actual cost. Hence, the mill, with its working capital, at an outlay o f $250,000, is about as valuable to its owner, as cotton lands, fixtures, negroes, &c., would be, which cost a million. The cotton spinning jenny o f Hargreaves was brought into use between the years 1767, and 1769, and was followed by the spinning frame o f Arkwright. Previously, not a pound o f cotton had been spun by any ma chinery but the common hand wheel. Great Britain possessed neither skill nor labor trained to the business, nor men skilled in the fabrication o f the requisite machinery ; and the raw cotton was a scarce and dear article. But, with the energy, perseverance, and ingenuity, so characteristic o f the race, attempting everything from which others turn in despair, British enterprise put its hand to the work, and all obstacles vanished. In the course o f four years, the business now creating such an astonishing amount of wealth, and clothing and feeding millions, was in successful operation ; and in little more than twenty years, the celebrated S l ater , the father o f our cotton manufac tures, had established the business in Rhode Island. From that early day, we have seen no want o f manufacturing skill and labor. In fact, open a productive field, and labor and skill will always be at hand to cultivate it. Should the number o f mills in the United States be doubled in twelve months, probably no- one would be compelled to suspend operations for a day, because o f a defiency o f labor and skill. W ithout calling for aid from Europe, a supply may at all times be found in New England, to manage the affairs o f the cotton-m ill; and there are thousands o f persons at the South, who would gladly accept such employment, to earn a comfortable livelihood. Experience has proved this true to the letter. A n d its M anufacture in the Cotton-Growing States. 497 Economy dictates, all other things being equal, in order to make the most valuable return, to work all raw materials, especially those of a bulky char acter, on the spot where they are found. There may be some exceptions to this rule, but cotton is not one of them. Labor and skill will, like all other commodities, seek the best market. In a comparatively short time, hundreds o f factories might be erected at the South, and fully supplied with opera tives and managers, and which, even were these to be imported from Europe at the manufacturer’s expense, would be the source of gain to him. The expense accruing in transitu, on 1,800,000 lbs. of cotton, delivered at the northern mill, is about $18,000. To import 275 operatives from Europe, would cost $13,750. These would be sufficient for the mill. This item, when compared with the expenses o f the transportation o f the cotton, would make a saving o f $4,250 ; and as but one such importation, if even that, would be required, there would afterward be saved annually, the entire amount of $ 18,000 to the planter, by the manufacture of his own cotton. Again : interest on the planter’s capital, $43,000, together with 600 hands, and 300 horses and mules, necessary to the production o f 1,800,000 lbs. of cotton, would complete and operate three mills to manufacture the cotton, returning a gross income o f many thousand dollars per annum more than is realized from its culture. Considering the more rapid increase of wealth in manufacturing, than in the cotton-growing States, there must be an adequate cause. That cause will be sought for in vain, except in the greater productiveness o f the manu facture o f cotton, than of its culture. In confirmation of this statement, see what is said relative to a mill o f 10,000 spindles, referred to below. The results were realized last year, one o f the worst for manufacturers ever known in this country, since the first introduction o f the business. The account stands as follow s:— Cotton, (1,800,000 lbs.,) at 7 cents...................................................................... Cost o f steam -pow er............................................................................................ “ carding......................................................................................................... “ spinning....................................................................................................... “ dressing and starch................................................................................... “ weaving, including all expenses............................................................. “ repairs, wear and tear, machinists, & c.................................................. “ general expenses, officers’ salaries, transportation, <fcc..................... “ interest on capital o f $250,000.................. $126,000 4,500 13,266 14,734 9,306 26,598 17,002 20,642 15,000 Making a total o f .................................................................... Against this total cost, w e have 4,500,000 yards o f cloth (No. 14) sheet ing, worth, then, 7J- cents per y ard ................................................................ From this amount, deduct cost as above........................................................... $237,048 $326,250 237,048 A nd w e find a balance o f.................................................................................... $89,202 in favor o f manufacturing. O f the other mill alluded to, the account is similar. This is the gross profit of the manufacturer, on 1,800,000 lbs. of cotton. The planter who produced the cotton, received $108,000 for it, at 6 cents per pound, only $18,888 more than the profits on its manufacture ; and yet, from that sum, he had to pay the entire cost o f production, together with all incidental expenses, to say nothing o f the interest on his capital. Such facts should fix his attention, and induce him to become the manufac turer, at least to some extent, of the product of his field. Instead o f this, he extends his agricultural operations, and increases his product from year to year, when he already produces too much. V O L . X X I .-----N O . V . 32 498 The Production and M anufacture o f Cotton. In 1839, New England had in operation 1,590,140 cotton spindles. A l lowing an increase of 20 per cent, there are now not less than 2,000,000. Assuming that in 1810, when the business had become important, there were 50,000 spindles in operation, the average number for the term o f 40 years, up to 1849, would be about 900,000. Distribute these in 90 mills, o f 10,000 spindles each, and each mill creating wealth by adding to the value o f materials, at the rate o f $100,000 per annum, and we shall have $360,000,000 added to the wealth o f New England, in 40 years, by the com bined operation o f labor, skill, and materials, aided by capital and credit. It is presumed that the actual result has been fully equal to this estimate. But the South can do, if so disposed, a great deal more in 40 years to come, than New England has done in 40 years past. Nothing is wanting but enter prise. Alleged deficiency o f capital is no sufficient apology. New England did not hesitate on that account. She saw an opportunity to enrich herself, and improved it. A lucrative business will always command capital, and create more. Planters, with property o f the value o f half a million o f dollars, would readily command an available capital o f one-half that amount, to in vest in a business known to yield a net profit o f 25 per cent, or more, and which would be certain to return an increase o f wealth o f more than 100 per cent to the community, in the short space o f two years ; and especially when known, as it is by practical experience, that it would enhance the value o f property at least an hundred per cent. Motives of philanthropy and humanity also enter into the calculation. A great deal of poverty and destitution exist among certain classes at the South. The white man will endure the pinchings o f poverty, rather than devote himself to servile labor, even were employment offered him. And even should he do this, he must compete with slave labor, and his earnings must be very small. True, this is the result of hitherto unavoidable circum stances, for which we have no disposition to reproach the wealthy. But when an opportunity presents itself to remedy this evil, the wealthy should embrace it, and especially when, b y so doing, they can benefit themselves. Factory labor would be, and is, deemed respectable, and will raise the poor, destitute, and degraded, to comparative independence, and moral and social respectability. In proof o f this, where manufactories are established at the South, applications are made for employment, far beyond the demand, and persons employed soon assume the industrious habits, and the decency o f ap pearance o f the operatives o f the North. Thousands o f such, collected in manufacturing villages, as in New England, might be educated in a degree, at small expense, instead o f growing up, as they now do, in profound igno rance. The interests o f planters and capitalists, and the interest o f the com munity, and a love for their species, should induce them to enter and culti vate this field o f enterprise, with the determination not to be outdone. They must succeed. In a political point of view, manufactures are important to the South. B y their aid, the North increases, and will continue to increase, in population, far beyond the increase at the South, as long as the South refuses to follow the example o f the North. The difficulty increases, when we reflect that at least 331 per cent o f the increase o f the southern population, is among the slaves. O f course, the increase o f representation in the councils of the na tion is in favor of the North, and so must continue, till the South shall cancel the difference in the only practicable way, the extensive prosecution o f vari ous branches o f manufactures, among which, that o f cotton, as the most A nd its M anufacture in the Cotton-Growing States. 499 important to Southern interests, must take the lead. The South can never compete with the North, while she persists in her impolitic course of sending abroad for every manufactured article she may want, from a yard of shirting, to a cargo o f ready-made clothing— from a penny jewsharp, to a steam-engine. To manufacture almost any material, is more profitable to individuals and the community, than to produce it, and this is especially true o f cotton. Manufacturing business, therefore, affords the best pay for labor. Labor seeks the best market. Hence, manufacturing districts increase in population much more rapidly than others. The manufacturing business, then in its infancy in our country, received a severe shock from the termination o f the war of 1812. But, in 1820, it had rallied again ; and then, the population o f Massachusetts was 523,287. During the next succeeding ten years, the business of cotton manufactures made a somewhat rapid progress, though it met with serious revulsions in 1828 and 1829. In 1830, the population o f Massachusetts was 610,408— showing an increase o f about 14 per cent. But the business continued to be extended, notwithstanding the disastrous crisis of 1836 and 1 8 3 7 ; and in 1840, the population numbered 737,699, showing an increase o f 21 per cent. The increase in the population o f Rhode Island, from 1820 to 1830, was in about the same ratio o f that o f Massachusetts. From the latter pe riod it has been somewhat less, owing to the facts that in Rhode Island the water power has been almost entirely appropriated, and that little has been been done by steam-power; whereas Massachusetts, with all her numerous manufactories, has almost any extent o f water-power still unoccupied. Massa chusetts also presents a much larger and better field for agriculture than Rhode Island, in the ratio o f the areas o f the two States ; and manufactories have so strong a tendency to enhance the value o f agricultural products, that this alone helps very much to swell the mass of population. In fact, every interest in the State is promoted by it. Manufactories very much en hance the demand for the products of every branch of mechanical, as well as agricultural industry, and which therefore bear remunerating prices. Thus manufactures furnish employment, increase the wealth o f communities, and encourage, and in great measure pay for, public improvements, and pre vent the evils o f extreme poverty, by furnishing the poor with the means o f procuring the necessaries o f life by their own industrial efforts. Most cer tainly all these benefits are well worthy o f attention. The South produces cotton in abundance. She need but say the word, and labor and skill will offer themselves, to convert it into cloth on the spot, as readily as ships do to transport it to other regions. One of the objections urged against the location o f cotton manufactories in the South, is the deficiency o f water-power. Suppose you have no mo tive power— make it. Y ou have plenty o f means. In many Southern pla ces, steam has been long and extensively used as the driving power for saw mills, and those who use it would hardly accept water-power as a gift. Still longer, and more extensively, the British manufacturer has used steam-power, to work up the cotton o f the American planter, carried near four thousand miles to find a market. And his steam has cost him twice as much as it would cost any southern State. In the interior o f New England, with our high prices for coal and wood, the manufacturer might hesitate to adopt steampower, before the modern improvements had reduced the quantity o f fuel required, more than 50 per cent. But even in New England, many mills are now driven by steam, at as great profit, to say the least, as water-mills. 500 The Production and M anufacture o f Cotton. The two mills already referred to, are driven by steam. The coal used in them costs $5 per ton— equivalent to about 16 per cord for wood. One o f these mills makes cloth No. 30, averaging about one yard wide, 3 f yards to the pound ; and the cost o f steam for the purpose is but 1-J mills per yard. The other mill makes cloth (No. 14,) sheeting, yards to the pou nd ; and the cost o f steam is but a fraction more than 2 mills per yard. These cloths cammand ready sales in market, at prices so much higher than those manufactured by water-power, o f similar fineness, that the difference will twice pay the entire cost of the steam-power to manufacture them. Ma chinery can be driven by steam with a more equable and uniform motion than by water. The cloth, therefore, is o f a more uniform texture. By the use o f steam, also, the humidity and temperature of the atmosphere in the mill can be so regulated, as to give to the goods a more smooth and even surface, and a more beautiful finish. During the past year, these two mills have made more money, in propor tion to their number o f spindles, than any two in the North driven by wa ter. The cost o f steam-power varies with the cost o f fuel. Water-power is diminished in value, in proportion as it is taxed with cost o f transportation. In fact, it would be much better to pay for steam-power contiguous to navi gable waters, than to have water-power gratis, if taxed with twenty miles o f land transportation. In the cotton-growing States, the cost of wood to generate steam-power, would not be one-tenth part as much as that of coal in New England. W h y, then, should not the South, even if entirely desti tute o f water-power, manufacture at least a considerable portion o f the cot ton grown in her own fields ? The bare saving in the transportation o f cot ton goods to a distant market, commissions, fuel, &c., compared with the cost to the New England manufacturer, would twice covep the cost o f steampower at the South, including steam-engine, repairs, fuel, engineer, and all incidental expenses. There are many things in favor o f steam-power, compared with water power. Y ou can have steam where you please; and you can have, as you choose, much or little. However inconvenient, you must take the water where it is ; and, at sometimes have much more than you want, and at other times, not near as much as you want— perhaps none at all. W ith steampower you may go into a city, town, or village, where dwellings for opera tives, and other requisites, are at hand ; and thus avoid a heavy outlay for them. W ith water-power you will have a village to build, and roads to make, and dams, race-ways, flumes, wheels, and wheel-pits, to construct, and heavy foundations to lay, before you can apply the water to use. Thus you will have to divert a large amount o f capital from the business o f manufac turing, in making preparation for i t ; and, when capital is not abundant, it is desirable to make the best use o f it. In many Southern towns and villages, now languishing from the want of business, cotton-mills might be erected, and run by steam-power to great advantage. A first rate mill, well managed, would, in eighteen months, return to the community an increase of wealth equal to its cost— wealth cre ated by labor and skill. Suppose the members o f a community to invest $250,000 in such a mill. The product we have seen to be 4,500,000 yards o f cloth in a year, worth $315,000. The cotton required is 1,800,000 lbs. Cost, $108,000. W e here reckon 6 cents per pound for the cotton, and 7 cents per yard for the cloth. The entire cost o f manufacturing, including every item o f expense except labor, will be $118,000. Thus, you leave, after having paid for cotton, and every contingent cost, $197,000, as the result o f A nd its M anufacture in the Cotton-Growing States. 501 labor alone, less the interest on the capital. You thereby add, in one year, $182,000 to the wealth of the place. This operation, in five years, would increase the capital of $250,000, to $1,235,000. This would be added to the wealth of the place, and distributed as profits on capital, pay for labor, &c., <fec. But, to cite another example. In 1847, it has been seen, the estimated value o f British cotton manufac tures, was £40,000,000. The capital invested was about the same amount. Deduct 34 per cent for cost of cotton, and all other expenses, and we leave 66 per cent of the amount of value. In other words, the entire amount o f capital, £ 10,000,000, and 2 per cent over and above, is returned in eighteen months, as the fruits o f labor. But, to come nearer home. B y the official tables of 1840, with the increase we have allowed since, the value of manu factured cottons in the five States already named, would have been, in 1848, about $41,000,000, and the capital invested, about $43,000,000. Taking the above rate o f cost, the value o f product, less cost, would not quite re turn the amount o f capital in eighteen months. But the tables for 1840 embrace all cotton-mills, good, bad, and indifferent. Since that time, many valuable improvements have been made ; a mill can be constructed and run at much less expense, and manufacture more and better goods in the same length o f time, and with less capital, o f course. To the planters and capitalists o f the South-west, in particular, who may make a safe experiment in the business, an excellent opportunity now offers, and which, it is hoped, hundreds may embrace, and satisfy themselves o f the vast practical utility of manufacturing operations, to the interests o f the South. One hundred and thirty miles below Louisville, Kentucky, on the bank o f the Ohio, just within the borders o f Indiana, is a tract o f land, which seems as though designed by nature as the site o f a great manufacturing city. It contains one of the most valuable beds of bituminous coal in the world, in inexhaustible abundance, situated in the midst o f a rich agricultural district, with all materials for building, in close proximity with the cotton-growing regions, with the navigable waters of the Ohio laving its entire front, and the great valley o f the Mississippi for a market. It belongs to a company of capitalists, has been surveyed and laid out as a town, and already contains over 600 inhabitants. Mining operations are prosecuted to considerable ex tent. The Legislature o f Indiana has granted liberal charters for manufac turing companies. Under one of these, a company has been organized, with a capital stock of $250,000, who have a cotton-mill of 10,000 spindles under contract, and in rapid progress towards its completion. In one year from this time, at Cannelton, the name o f this new town, the passenger on the Ohio will be saluted with the hum o f the spindle, and the clatter of the loom. In a few years, Cannelton will out-rival even Lowell itself. Lowell, possessing no particular advantages except her water-power, has, within little more than twenty years, risen from a barren waste, to a rich and populous city. W h at plausible reason, then, can be assigned, why Can nelton, the finest site in the Union for manufacturing purposes, with a better motive power, and more of it, and with a thousand advantages that Lowell never possessed, should not advance with equally rapid strides ? Such will be the fa c t; and if Cannelton, in thirty years, does not outstrip the present Manchester o f the United States, it will be because the people on the Ohio and the Mississippi had rather advance the interests of others, than their own. A good cotton manufactory at this place will serve as a beacon light to the people o f the South and the South-west; and more especially will a large 502 The Statute o f Frauds. manufacturing city, on this spot, serve as a neucleus for Southern enterprise, and a vigorous plant to extend its ramifications to all parts o f the Southern country. It will become a school for managers and operatives, ready, at all times, to furnish labor and skill to aid new enterprises. c. t . j . Art. III.— T H E S T A T U T E OF F R A U D S . T he laws o f England, on which our own are founded, are divided into four branches ; the Common, Civil, Canon, and Statute Law. T he C ommon L a w consists o f a collection of customs and maxims, which derive their binding power and the force o f laws, from long and immemorial usage, coupled with the express sanction, or the tacit consent o f the Legisla ture. It acquired the name o f Common Law, L ex Communis, because it was the municipal law, or rule o f justice in the kingdom ; no other than pure and true reason, or, in the language of Coke, “ the perfection o f reason.” T he C iv il L a w , is the civil and municipal law o f the Roman Empire, and which is recognized as a branch o f English jurisprudence, though not adopted in any of the United States, except Louisiana. This venerable code, exceptionable in some respects, particularly as regards the right of personal liberty, but full o f wisdom, and wondrously adapted to the circumstances o f man, in the business relations o f life, though not obligatory upon our legal tribunals, with the exception alluded to, is frequently invoked to sustain the general principles o f jurisprudence, or for the purpose o f illustrating or en forcing an argument. T he C ivil L aw consists o f the Lnstitutes, which contain the elements o f Roman L a w ; the Paondects, or Digests, which embody the opinions and writings o f eminent lawyers ; the Code, or Collection o f Lmperial Constitu tions, containing the decrees o f the emperors who succeeded Theodosius ; and, lastly, the JVovellce, or N ew Constitutions, posterior to the former, and forming a supplement to the Code. T he C anon L a w is a body o f Ecclesiastical Law, compiled from the decrees o f councils, bulls, and decretal epistles o f the H oly See, and the opinions o f the ancient fathers, which were digested by Gratian ; to these were added the decretalia and extravagantes o f several Popes. The greater part o f the Canon Law was introduced into England, simultaneously with the Civil Law. In the courts o f this country, it is rarely cited, unless before those o f an ecclesiastical character. T he S tatute L aw enters largely into the composition o f English juris prudence, and it constitutes, as all know, a very large element in that o f the United States. A statute is anything statutum, decreed by the Legislature, and which becomes a rule for the conduct o f the community. Statutes are declaratory or confirmatory o f the Common Law ; they abridge, enlarge it, or introduce a new law altogether. The old acts were generally confirmatory o f the Common L a w ; modern ones, are chiefly introductory o f some new regulation. W e design to notice, in a plain and popular way, (and therefore shall but rarely cite authorities, or acknowledge the language o f legal writers when adopted,) some o f the provisions o f a statute, not very well understood by the community at large, though its application is o f such frequent occurrence. The Statute o f Frauds. 503 W e mean the statute o f 29 Charles ll., Chap, iii., which has acquired the name o f “ The Statute o f Frauds'' because its provisions have been held to be most efficacious in preventing fraudulent conveyances or contracts, and which Blackstone described as “ a great and necessary security to private property.” It introduced no new principle into the la w ; it was new in England, only in the mode o f p r o o f which it required. Some protective regulations of the same nature may be found in the early codes o f the Northern Nations, as well as in the laws o f the Anglo-Saxons; the prevention o f frauds and per juries being sought, agreeably to the simplicity of those unlettered times, by requiring a certain number o f witnesses, to a v|ilid sale, and sometimes by restricting such sales to particular places. The Roman Law required written evidence, in a great variety o f cases, and among others, all those mentioned in the Statute o f Frauds. The rules o f evidence contained in it are calculated for the exclusion of peijury, by requiring, in the cases therein mentioned, some more satisfactory and convincing testimony than mere oral evidence affords. The English Statute dispenses with no proof o f consideration, which was previously re quired, and gives no efficacy to contracts in writing, which they did not pre viously possess. Its policy is, to impose such requisites upon private trans fers of property, as, without being hindrances to fair transactions, may be either totally inconsistent with dishonest projects, or tend to multiply the chances o f detection. This Statute, and the acts of Elizabeth in reference to fraudulent convey ances, have been considered but as confirmatory o f the principles o f the Common Law, which are strong against fraud in every shape. “ The genius o f the Common Law opposes itself to every species of fraud, so that nothing can have legal validity which has apparent fraud in its composition ; but as the Common Law is tender of presuming fraud from circumstances, and ex pects that it be manifest or plainly inferable, statutes have been framed of preventive efficacy, whose object it has been to embarrass deceitful contrivan ces, by requiring, as the characteristics o f honesty and truth, certain badges and distinctions, which it is impossible or difficult for fraud to assume, grounded upon an opinion, as may be supposed, that, though honorable dealing may be sometimes exposed by these tests to inconvenience and misconstruc tion, yet the weight o f the inconvenience presses upon all the contrivers of the fraud who are called upon for those signs and credentials, which virtu ally involve the destruction o f their schemes.” “ N o statutes,” says Roberts, “ can make that fraudulent which was not fraudulent before ; in this view, all statutes against fraud are simply declar atory o f the Common Law ; but they appear to have been all framed either with the design of multiplying the difficulties o f fraud, by insisting on those signs o f innocence which are the least reconcilable with fraudulent purposes, or o f supplying, by artificial tests, the antiquated ceremonies o f authentification which, in the simple ages of the law, accredited the ordinary transfer o f property.” Lord Ellenborough characterized this statute as “ one o f the wisest laws in our Statute Book,” and declared it to have been drawn by Lord Chief Justice Hale, one o f the greatest Judges who ever sat in Westminster Hall, “ who was as competent to express, as he was able to conceive, the provis ions best calculated for carrying into effect the purposes of that law.” W ain vs. Walters, 5. East, at Page 17. 504 The Statute o f Frauds. O f Lord Hale, Sir Samuel Shepherd said, “ that he was the most learned Judge that ever adorned the Bench ; the most even man that ever blessed domestic life; the most eminent man that ever adorned the progress o f sci ence ; and also one o f the best and most purely religious men that ever lived.” An eulogium rather highly wrought, but perhaps not much exaggerated in reference to the period of Lord Hale’s judicial career. But however competent to the conception or construction o f this Statute, it is susceptible of proof that he was not its framer. In the first place, we have the authority of Lord Mansfield, who remarks, “ it has been said, that this act, 29 Charles II. Chap, iii., was drawn by Lord Chief Justice Hale. But this is scarce probable. It was not passed till after his death, and it was brought in in the common way, and not upon any reference to the Judges.” W yndham vs. Chetwyne. 1 Burrows, p. 418. Secondly, we have the conclusive testimony o f Lord Nottingham to the contrary ; indeed, to that eminent person the authorship must be ascribed. In the case o f Ash vs. Abdy, 3 Swanton’s Reports, 664, Lord Nottingham said, in the course o f the opinion he was delivering, “ I had some reason to know the meaning o f this law, for it had its first rise from me, who brought in the bill into the Lord’s House, though it afterwards received some addi tions and improvements from the Judges and Civilians.” The ability o f Lord Nottingham may be gathered from the estimate which Blackstone had of his intellectual and moral excellence, who thus notices that eminent Chancellor. “ Sir Heneage Finch, who succeeded to the Great Seal in 1673, and became afterward Earl o f Nottingham, was a person of the greatest abilities, and most incorruptible integrity; a thorough master and defender of the laws and constitution o f his country, and endued with a pervading genius that enabled him to discover and to pursue the true spirit o f justice, notwithstanding the embarrassments raised by the narrow and technical notions which then prevailed in the Courts of Law, and the imper fect ideas which had possessed the Courts of Equity. The reasons and ne cessities o f mankind, arising from the great change in property, by the ex tension o f trade, and the abolition of military tenures, cooperated in estab lishing his plan, and enabled him, in the course o f nine years, to build a system o f jurisprudence and jurisdiction upon wide and rational foundations, which have also been extended and improved by many great men, who have since presided in Chancery.” 3 Bl. Com. 56. Dryden testifies to the profound learning o f Finch, in these lines :— “ Our laws, that did a boundless ocean seem, W ere coasted all, and fathomed all by him.” The English Statute o f Frauds carries its influence through the whole body o f our civil jurisprudence, and is, in many respects, the most compre hensive, salutary, and important legislative regulation on record, affecting the security of private rights. It seems to have been intended to embrace within its provisions the subject matter o f all contracts.— Kent. It will not be necessary to copy its provisions at length, yet a sketch o f its essential parts may facilitate a knowledge and study o f it, and tend to illus trate and make clear the views which may be hereafter introduced. The F irst Section provides that parol leases, estates, interests o f freehold, or terms of years in land, shall have the effect o f estates at will only. The Second Section excepts leases not exceeding three years, and where the rent received shall be at least two-thirds of the imposed value. The Statute o f Frauds. 505 • The Third Section provides that no leases, or interests o f freehold, or terms for years, shall be assigned, granted, or surrendered, except by deed or note in writing, signed, &c. The Fourth Section provides that no action to charge an executor or addministrator upon any special promise to answer out of his own estate, nor to discharge the defendant upon any special promise for the debt, default, or miscarriage o f another, nor to charge any person upon an agreement made in consideration of marriage, or upon any contract or sale o f lands, or any in terest in, or concerning them, or upon any agreement not to be performed within a year, unless the agreement, or some note thereof, be in writing, signed, &c. The F ifth and Sixth Sections apply to devises o f lands. The Seventh, Eighth, and N in th Sections apply to declarations and as signments o f trusts, which are required to be in writing, except implied trusts. The Tenth Section gives a remedy against the lands o f cestui que trust. The Eleventh Section relieves heirs from liability out o f their own estates. The Twelfth Section regulates estates, per auter vie. The Thirteenth, Fourteenth, Fifteenth, and Sixteenth Sections apply to judgments and executions. Lastly, the Seventeenth Section enacts that no contract for the sale o f goods o f £ 1 0 and upwards, shall be good, unless the buyer accepts part of the goods sold, and actually receives the same, or gives something in earnest, to bind the bargain, or in part payment, or some note or memorandum in writing, o f the bargain, be made, signed, <fcc. The intention was to comprehend, within the fourth and the seventeenth sections, the subject matter o f every parol contract, o f which uncertainty in the terms was likely to produce perjury. It is not a source o f surprise, that a statute o f so many sections, each one o f them of peculiar provisions, and full o f nice distinctions, should be the fruitful cause o f numberless arguments, glosses, and decisions, notwithstand ing the inference to be drawn in favor o f a facile understanding o f it, from the avowed belief o f its author, Lord Nottingham, that he knew its mean ing. “ For,” in the words o f Kent, “ it would be quite visionary to expect, in any code o f Statute Law, such precision o f thought, and perspicuity o f language, as to preclude all uncertainty as to the meaning, and exempt the community from the evils o f vexatious doubts, and litigious interpretations.” 1 Kent’s Com. 463. It was said in the last century, at Westminster Hall, that the Statute o f Frauds o f 29 Charles II., had not been explained at a less expense than one hundred thousand pounds sterling. “ I should suppose,” says Kent, “ from the numerous questions and decisions which have since arisen upon it, that we might put down the sum at a million and upwards. H ow hazardous it would now seem to be, to recast the Statute in new language, or to disturb the order and style o f its composition, considering how costly its judicial li quidation has been, and how applicable its provisions are to the daily con tracts and practical affairs of mankind. It has been affirmed in England, that every line o f it was worth a subsidy ; and uniform experience shows how difficult it is, by new provisions, to meet every contingency, and silence the tone of sharp, piercing criticims, and the restless and reckless spirit o f liti gation.” 2 Kent’s Com. 512, in note. The provisions o f this Statute, illustrated by numerous judicial expositions, 506 The Statute o f Frauds. have been, in the main, adopted, and generally in the same words, in each o f the United States, with the exception of Louisiana, where the Civil Law prevails. Even her code declares, generally, that all verbal sales of immo vable property, or slaves, shall be void. The codes o f the several States trace their descent from the same stock, and a striking family resemblance is preserved in their features, modified by various causes, but still similar; “ Facies non omnibus una, Nec diversa tam en; qualem decet esse sororum.” For these reasons, the comments we propose to make on the Statute of Massachusetts, (which we shall in part extract,) will be applicable to other jurisdictions where a Statute of Frauds, in some form or other, nearly ap proaching to the English prototype, is in force. Previous to the adoption o f the “ Revised Statutes ” in Massachusetts, the Statute Book contair ed an act passed on the 19th o f June, 1788, entitled, " “ A n act to prevent fraud and perjury,” which was, as far as it went, nearly a transcript of the act o f Charles. The “ Revised Code ” contains a chapter entitled, “ O f preventing frauds and perjuries in contracts and in actions founded thereon, (Part 2, Title vi., Chap, lxxiv.,) which embraces the principles o f the English Statute, together with several verbal and other improvements, the results of experience. The First Section provides that “ no action shall be brought in any o f the following cases, that is to say :— F irst, To charge an executor or administrator upon any special promise to answer damages out o f his own estate ; or “ Secondly, To charge any person, upon any special promise, to answer for the debt, default, or misdoings o f another; or “ Thirdly, To charge any person, upon an agreement made upon consid eration o f marriage; or “ Fourthly, Upon any contract for the sale o f lands, tenements, or heredit aments, or o f any interest in, or concerning th em ; or “ F ifthly, Upon any agreement that is not to be performed within one year from the making thereof: “ Unless the promise, contract, or agreement, upon which such action shall be brought, or some memorandum or note thereof, shall be in writing, and signed by the party to be charged therewith, or by some person thereunto by him lawfully authorized. Section 2. The consideration o f any such promise, contract, or agreement, need not be set forth or expressed in the writing, signed by the party to be charged therewith, but may be proved by any other legal evidence. “ Section 3. N o action shall be brought to charge any person, upon or by reason o f any representation, or assurance made, concerning the character, conduct, credit, ability, trade, or dealings o f any other person, unless such representation or assurance be made in writing, and signed by the party to be charged thereby, or by some person thereunto by him lawfully authorized. “ Section 4. N o contract for the sale o f any goods, wares, or merchandise, for the price o f fift y dollars, or more, shall be good or valid, unless the pur chaser shall accept and receive part o f the goods so sold, or shall give some thing in earnest to bind the bargain, or in part payment; or unless some note or memorandum in writing, o f the bargain, be made and signed bv the party to be charged therewith, or by some person thereunto by lnm lawfully authorized.” The Statute o f Frauds. 507 The remaining thirteen sections we do not propose to consider, but shall limit our remarks to the fou rth section, which relates to contracts for the sale o f goods, wares, and merchandise, or, in other words, moveable or personal property, in regard to which the transactions of men are o f such endless va riety and increasing occurrence. It was formerly supposed that executory contracts (that is, where time is given for the delivery o f goods) were not within this section ; but that it only related to executed contracts, or where the goods were to be delivered im mediately after the sale. But this distinction does not now exist, for it is set tled, that where the goods bargained for are complete, and really exist, ready for delivery at the time of the contract, it is within the statute; but that where they are not complete and ready for delivery, but are either to be made, or work and labor are required to be done, and materials found, in order to put them into the state in which they are contracted to be sold, such a contract is out o f the statute, and need not be in writing. Thus it was held that a contract by the plaintiffs, who were millers, for the sale o f flour, which was not at the time prepared so as to be capable o f immediate delivery, was within the statute. But where the contract was not for the sale of goods, but for work and labor, and materials found, as in that case, the subject matter o f the contract did not exist in rerum naturae, and was incapable o f delivery and o f part acceptance, it was held not to be within the statute. Thus a contract for a quantity o f oak pins, which were not then made, but were to be cut out o f slabs, was held not to be within the statute. But difficulties o f this sort are now obviated in England, by the act o f 9 George IV., Chap, xiv., Sec. 7, called Lord Tenterden’s act, which does away with the distinction o f executed and executory contracts as affected by the Statute o f Frauds. The phrase, “ goods, wares, and merchandise,” is restricted to such as are in esse, and capable o f delivery at the time o f sale; therefore, although nothing be required to be done by the vendor, yet if a change o f condition be required, before delivery can be made, the sale will not come within the statute. Thus, if the contract be to sell and buy a crop o f growing grass, when it shall be full grown ; or, all the fruit in an orchard, when it shall have ripened, the sale will not be within the statute, although all the change, which is to occur, is spontaneous. It does not appear to be settled in England, whether shares o f a company, or public stock, are comprehended under the words “ goods, wares, and mer chandise,” and that the provisions o f the statute must be observed in sales o f such property. Treasury checks are there held not to be included. But in Massachusetts, a contract for the sale o f manufacturing stock is within the statute. If the contract be for the sale o f articles o f the value o f fifty dollars, or more, it is not valid, unless, according to one o f the provisos, the purchaser shall accept and receive a part of the goods so sold. There must be an acceptance, for a delivery without an ultimate accep tance, and such as completely affirms the contract, is not sufficient. The circumstances which ought to be held equivalent to an actual delivery, ought, however, to be so strong and unequivocal, as to leave no doubt of the intent o f he parties. The delivery may be actual or symbolical, as by handing the key o f a warehouse in which the goods are, or the muniments of a ship. W hen the goods are ponderous, or from some other circumstance, incapable o f being 508 The S tatute o f Frauds. immediately handed over from one to another, there need not be an actual acceptance of the goods by the vendee, but a symbolical delivery will be sufficient to dispense with a written agreement signed by the parties. Thus, in the sale of a ship or goods at sea, the delivery is always symbolical. If the purchasher deals with the commodity as if it were in his actual posses sion, it is an acceptance. It is no objection to a constructive delivery of goods, that it is made by words, parcel of the parol contract of sale. If, therefore, a person bargain for the purchase o f goods, and desire the vendor to keep them in possession for a special purpose for the vendee, and the ven dor accept the order, it is a sufficient delivery. But the delivery o f a sam ple, if it be considered as no part o f the bulk, is not a delivery within the statute; but if the sample be delivered as part of the bulk, it binds the contract. If there be not an actual or symbolical delivery, another provision in re gard to the contracts o f which we have been speaking, is, that if something be given in earnest to bind the bargain, it shall avail for the purpose. It was an old custom in England, when the Statute o f Frauds passed, for a purchaser to pay a small portion o f the purchase money, in token o f the ratification o f the sale. Indeed, some such usage appears to have prevailed in all countries, and in all ages ; that is, some ceremonious act, which was performed as a token o f the conclusion o f a bargain. In the Civil Law there are two kinds o f earnest, symbolical and pecuniary ; the former is the transfer o f something by way o f pledge ; the latter is a payment o f part o f the purchase money. W here a person purchased a horse, and drew a shil ling across the hand o f the seller’s servant, and then returned it to his own pocket, it was held, that this mode o f striking a bargain, as usual in the north o f England, was not sufficient to satisfy the statute. The rule is, that there must be an actual payment o f a portion o f the price, and not a mere ceremony. Earnest is but a ratification o f the contract, and therefore cannot give to either party any rights independent o f their agreement. The buyer has a right to take the goods, only upon condition that he pays the agreed price. The seller can only claim the purchase money, upon tendering the goods sold. If the purchaser do not, within a reasonable time after the sale, pay for and take them away, the vendor may resell them to another person. So if a particular time and place be appointed for payment, and the purchaser or seller do not appear, it is at the option o f the party not in fault to aban don the contract, or to sue the other party for non-performance. In such case, the seller might sell on behalf of the purchaser, and compel him to make up any deficit between the sum received and the price agreed ; and if he be prejudiced by any unwarrantable delay on the part of the buyer to fulfil his part o f the engagement, he may recover damages therefor. W h en earnest is given, the old rule was, that the buyer might withdraw from the bargain, by forfeiting to the seller the whole money deposited. But if the seller failed to comply with the contract, the rule was, that he was bound to make a twofold restitution to the vendee, that is, to pay double the amount of the earnest money. This rule was, however, strictly confined to the advance o f earnest money, and did not extend to cases o f part payment. Earnest is a token or pledge passing between the parties, by way o f evi dence or ratification o f the sale. Its efficacy was recognized by the Civil Law, (Inst. 3— 24,) and it was in use in the early ages o f the English Law, as a means o f binding the parties, and completing the sale. (Glanville 1. 10, The Statute o f Frauds. 509 C. 14. Bracton, 1. 2, C. 27.) It is mentioned, in the Statute o f Frauds, as an efficient a c t; but it has fallen into very general disuse in modern times, and seems rather to be suited to the manners of simple and unlettered ages, before the introduction o f writing, than to the more precise and accurate habits o f dealing at the present day. It has been omitted in the Revised Statutes o f New York. A vendee cannot take the goods, notwithstanding earnest be given, without payment. Earnest is only one mode o f binding the bargain, and giving to the buyer a right to the goods, upon paym ent; and if he does not come in a reasonable time, after request, and pay for and take the goods, the contract is dissolved, and the vendor is at liberty to sell the goods to another person. “ Unless some note or memorandum o f the bargain be made and signed,” is another clause o f the section upon which we are now commenting. It was formerly held that an agreement included the consideration upon which the promise was founded, and therefore it was necessary that the con sideration should be expressed upon the face o f the written memorandum. But whatever may be the present impression in regard to that point, which has received most ample and learned discussion in times past, it is only ne cessary to say, in reference to the English Statute, that the same strictness of construction is not applied to a contract for a sale o f goods, as to “ bargains,” or contracts for the sale o f lands, according to the present English decisions. The consideration, then, need not appear on the face o f the memorandum in writing ; nor need the engagements appear on it, on the part o f the per son to whom the promise is made, to do that which is the consideration for the other party’s promise. In other words, the mutuality o f the contract need not appear on the face o f the memorandum. It is sufficient that the party to whom the promise is made, in point o f fact, does that which is the consideration for the other party’s undertaking. The question whether the consideration o f the promise must be expressed in the writing, is settled in Massachusetts, by the second section of the act, which provides that it “ need not he set fo r th or expressed.” A letter in writing, or printed, or written with a lead pencil, by whomso ever written, or to whomsoever addressed, if written by the assent o f one party, for the purpose of being communicated, and actually communicated to the other, is a sufficient note or memorandum in writing. Not so o f a letter not written to be communicated to the other party, nor actually com municated to him. But it is otherwise, if the letter set forth the terms of the agreement, and recognize it as already actually concluded by the party, although not written to the other party, or with a view of being communica ted to him. If the letter does not state the terms o f the agreement, but refers to another paper that does, and the letter is signed by the party to be charged, it is sufficient. It is immaterial whether or not the party, in writing the let ter, intended to recognize the previous agreement; it is enough if he in fact recognizes it as a past transaction. Such previous agreement must be con tained, in its very terms, either in the letter, or the paper referred t o ; for it is not sufficient that they merely recognize that there was some agreement. There must, however, be such reference to the letter or other paper signed, to the one containing the contract, as to show the latter to be the contract referred to, without the interposition o f parol evidence, except merely as to the identity o f the paper. And, o f course, parol evidence cannot be admit ted to contradict, add to, or substantially vary, the note or memorandum in writing. 510 The Statute o f Frauds. Unless the essential terms o f the sale can be ascertained from the writing itself, or by a reference contained in it, to something else, the writing is not a compliance with the statute ; and if the agreement be thus defective, it cannot be supplied by parol proof, for that would at once introduce all the mischiefs which it was intended to prevent. If a bill o f parcels be delivered to, and accepted by, the purchaser, with his name in it, from the commission merchant, it is a sufficient memorandum o f the sale of the goods. The form of the memorandum is not material, but it must state the contract with reasonable certainty. Thus the price must be stated. As already intimated, the whole terms of the contract need not appear on one paper. Thus, where an agreement was made for the sale of an estate, and it was reduced to writing, preparatory to signing, but was never signed, but the defendant admitted himself to be bound by it, in a letter written to the plaintiff, it was held, that it was a sufficient compliance with the statute. So, also, where the purchaser at auction signed a memorandum of the con tract, which was endorsed on the particulars and conditions o f sale, and re ferred to them, and afterwards wrote to the seller, complaining o f a defect o f title, and the seller wrote in return letters containing some o f the conditions o f the sale, and the name of the parties, and specifying the property sold, it was held, that these letters might be connected with the particulars and con ditions o f sale signed by the purchaser, so as to make a sufficient memoran dum. Wherever a letter or letters pass between the parties, referring to their agreement, if the whole terms o f the sale can be collected therefrom, the object of the statute is answered, and the statement o f the terms therein contained, is considered as a sufficient memoradum. It is sufficient if the con tract can be plainly made out, in all its terms, from any writings of the party, or even from his correspondence. But it must all be collected from the writings, verbal testimony not being admissible to supply any defects or omissions in the written evidence. For the policy o f the law is to prevent fraud and perjury, by taking all the enumerated transactions entirely out of the reach of any verbal testimony whatever. The memorandum, by the requirement o f the statute, must be “ signed by the party to be charged thereby, or by some person by him lawfully au thorized.” It need only be signed by the party to be charged ; and if his name ap pear in the memorandum, and is applicable to the whole substance o f the writing, and is put there by him, or by his authority, it is immaterial at what part o f the instrument the name appears, whether at the top, in the middle, or at the bottom. If in a bill o f parcels, printed with the name of the vendor, he insert the name o f the vendee, that is a sufficient signing and recognition o f the printed signature to bind the vendor. It is not suffi cient that the party sought to be charged, perused and altered the draft of an agreement, or that it was reduced into writing in his presence. I f signed by one party alone, it will bind the party who signs. He is estopped by his signature from denying the contract was validly executed, though the paper be not signed by the other party, who sues for a performance. The word “ p a r ty " is not to be construed party as to a deed, but person in general. Therefore, where a party, or principal, or person to be charged, signs as a witness, he shall be hound. This, however, is true only where such person is conusant o f the contents o f the agreement, and it would be a fraud on the other party not to be bound by it. The Statute o f Frauds. 511 I f a person properly authorized as an agent to sign an agreement, sign it as a witness, it is sufficient to bind his principal, if it appear that he knew the contents o f the instrument and signed it, recognizing it as an agreement binding on his principal, as if he say “ witness A. B. agent for the sellers,” and the paper be signed by the purchaser or his agent. The doctrine is, that where either the party himself, or his agent, ascertains the agreement by a signature, but in the form o f an addition to it, that signature, though not a signing as an agreement, yet sufficiently ascertains the agreement, and is sufficient within the statute. The agent who is authorized to sign, need not be constituted in writing. A broker employed by one person to sell goods, who agrees with another person for the sale o f them, and makes out and signs a sale note, containing the substance o f the contract, and delivers one to each party, is a sufficient agent for both parties. W here a broker had been employed by one party to sell, and by another party to buy, goods, and had entered and signed the terms o f the contract in his book, such entry and signature was considered a contract binding upon both parties. A n auctioneer who writes down the name o f the purchaser at a public sale, is the agent for both parties. Inde pendently o f his being an agent for both parties, it was held by Lord Mans field that sales at auction were not within the Statute o f Frauds, on account o f the peculiar solemnity of that mode o f sale, precluding the danger of perjury ! W e apprehend it would puzzle our respected friends o f the little red flag and ivory hammer, to detect any solemnity at their sales by auction. In England, the phraseology o f the sections o f the act in reference to lands and goods, was the ground of a distinction, by which the position that an auctioneer was the agent of both parties, though true as to the sale o f goods, was not correct as to the sale o f lands. But the agent must be some third person, for one o f the contracting par ties cannot be agent for the other. A s where the plaintiff made a note of the bargain, and the defendant overlooking him while he was writing it, desired him to make an alteration in the price, which he accordingly did, it was con tended, that the defendant, who was the party sought to be charged, had made the plaintiff' his agent for the purpose o f signing the memorandum. But Lord Ellenborough was o f opinion that the agent must be some third person, and could not be either o f the contracting parties. Thus, if the action be brought by an auctioneer himself, the signing o f the defendant’s name, by the auctioner, will not be sufficient to satisfy the statute in case o f sale o f lands. Though where the act is done by procuration, it is not necessary that the agent’s authority should be in writing, generally speaking, yet there are cases where, as in the first section o f the Statute of Charles, it is so expressly re quired. These excepted cases are those o f an actual conveyance, and not of a contract to convey ; and it is accordingly held, that, though the agent, to make a deed, must be authorized by deed, yet the agent, to enter in an agreement to convey, is sufficiently authorized by parol only. The fifth clause o f the first section of our statute, as does a corresponding provision in that o f Charles, restrains its application to agreements which, by express stipulation, are not to be “ performed within one year from the making thereof.” It does not apply to cases in which the performance o f the agreement de pends upon a contingency which may or may not happen within the year. A n inchoate performance within the year, under a parol agreement, is not 512 The S tatute o f Frauds. sufficient to take the case out o f the statute. It exempts agreements only that are to be performed, that is, completed, within the year. N or does it apply to the case o f goods sold and delivered within the year, but where the price was not to be paid until after the expiration o f the year. W h en the performance is dependent upon a contingency, which is expected to happen within a year, a verbal agreement is sufficient; although the con tingency do not actually happen until the year has elapsed; as, if the agreement should be to pay a certain sum o f money on the return o f a cer tain ship, expected to arrive within a year, but which did not arrive. But a complete performance o f the agreement within the year must be within the expectation o f the parties, and be possible according to the terms o f the con tract, in order to take such a case out of the statute. I f the parties contem plate merely a partial performance within such tim e ; or, if the terms of the contract manifest an intention not to complete it within such time, the statute applies, and a memorandum in writing is requisite. Thus, where A . proposed to publish, by subscription, a series of prints from Shakspeare’s plays, to be issued in numbers, at the price o f three guineas, being payable at the time o f subscribing, and one guinea on the delivery o f each num ber; and A . agreed, that one number, at least, should be issued every year, it was held, that as the complete performance o f the contract was neither possible, nor contemplated by the parties, it should have been in writing. W e have already adverted to the provision in regard to the value o f the articles, to wit, fifty dollars, or more. It may be added, that the statute ap plies not only to cases where the price paid for a single article amounts to fifty dollars, but to sales where several goods are bought at once, provided that their total cost amounts to fifty dollars, although the contract be for dis tinct articles, with a distinct price to each. The whole transaction that takes place at one time, is to be considered. But it is time to conclude our comments. W e have gathered principles from the numerous sources accessible to the lawyer who has patience to col lect the disjecta membra o f the vast body of learning relative to the subject, and no merit is claimed beyond the attempt to arrange and reduce them into form. To discuss the other sections o f the statute at equal length with this article, would lead to an exploration demanding more time than we can spare, and impose upon the patience o f the reader, already, perhaps, overtaxed. If our comments shall be the means o f protecting any one from the grasp o f the “ Iron Race,” who, in the language o f Cowper, “ Ensnare the wretched in the toils o f Law, Fomenting discord and perplexing truth,” we shall be adequately rewarded for our labor in preparing an article, which, to the non-professional understanding, necessarily becomes dry, in proportion as it may be thorough. B ankruptcy — Banking. 513 Art. I V . — B A N K R U P T C Y — B A N K I N G : MUTUAL BANK OF DISCOUNT AND DEPOSIT. F reem an H unt, E sq ., E d itor o f the M erchants' M agazine, etc. D e a r S i r :— I wish to call your attention, and that o f your readers, to the connection existing between certain interesting and highly important facts, in the hope that the manifestation o f such connection will lead to se rious reflection and decided action. It is asserted that but one eminent merchant (and his death is still recent and lamented) has ever continued in active business in the city o f New York, to the close o f a long life, without undergoing bankruptcy, or a sus pension o f payments, in some one o f the various crises through which the country has necessarily passed. I have no means o f determining the truth o f this assertion, but it must have some foundation, and I think it would be difficult for either o f us to add to the number. It is also asserted, by reliable authority, from records kept during periods o f twenty to forty years, that, o f every hundred persons who commence bu siness in Boston, ninety-five, at least, die p o o r ; that, o f the same number, in New York, not two ultimately acquire wrealth, after passing through the intermediate process o f bankruptcy, while, in Philadelphia, the proportion is still smaller. B y the statistics o f bankruptcy, as collected under the uniform bankrupt law in 1841— The The The The number o f applicants for relief under that law w ere...................... number o f creditors returned................................................................. amount o f debts stated............................................................................ valuation o f property surrendered....................................................... 38,739 1,049,603 440,934,615 43,697,307 I f this valuation were correct, nearly ten cents would have been paid on every dollar due ; but what was the fact ? In the southern district of New York, one cent was paid, on an average, for each dollar d u e ; in the northern district, 13| cents, being by far the largest dividend. In Connecticut, the average dividend was somewhat over half a cent on each dollar. In Mississippi it w a s........................................................................... In Maine................................................................................................ In Michigan and I o w a ....................................................................... In Massachusetts................................................................................. In N ew J e r s e y .................................................................................... In Tennessee........................................................................................ In M aryland......................................................................................... In K en tu cky......................................................................................... In Illinois................................................................................. ............. In Pennsylvania, East Virginia, South Alabama, W ashington. 6 cents to “ “ . 4 “ 1 “ 4£ “ 1 dollar to 8 “ 1 “ Nothing. i i $1,000 100 100 100 100 100 100 1,000 1,600 [ Palm er's A lm anac, 1849. After making every possible allowance for the enhancement o f this enor mous amount o f debt by inflation o f values, speculative prices, &e., the pro portion o f the $400,000,000 lost by those of the 1,049,603 creditors who were engaged in proper and legitimate business, must still have been im mense, and may justly be charged against the profits o f our regular com merce. These things being so, our system o f trade should be characterized, not as V O L . X X I .----- N O . V . 33 B ankruptcy — Banking. 514 a system of exchange, but as a system o f bankruptcy, tending to the ruin o f all who engage in it, the exceptions being only numerous enough to prove the rule. The exchange o f products, which is meant by “ trade,” is a neces sary and perfectly legitimate operation, and those who undertake it should, all will allow, receive a proper support, and a just remuneration for their time and labor. W hen a long life has been passed in a meritorious pursuit, and the result to the individual is not competence, but poverty, it is evident that there must be some great and fundamental error at the basis of the sys tem, which it behoves those who are interested to ascertain and remedy, or counteract. I know that plentiful reasons for bankruptcy, such as accusa tions of extravagance, imprudence, speculation, &c., are always adduced in individual cases ; but the effect being general, not individual, the cause must also be general, and adequate to produce the effect. There is such a cause, constantly, though silently, at work, draining the life-blood of trade, but manifesting its general and ■wide-spread operations only at those periods which are known as crises in the money-market. This cause is the too high rate, o f interest. If it can be shown that this is of itself sufficient to produce the effect, there will be no need o f searching further. The statement o f a few facts will prove it to be so, beyond dispute. The States o f New York and Massachusetts are both deemed very pros perous, and to be rapidly increasing in wealth by their industry and enter prise. Let us ascertain the annual increase o f value in each. According to the State Register for 1846, the aggregate valuation o f real and personal estate in the State o f New York, in 1835, was $530,653,524 ; in 1845, it was 1605,646,095. The people o f New York had, therefore, in ten years, added to their wealth, $74,992,571 ; equal to $7,499,257 each year; or a fraction over one and four-tenths per cent on the capital, without compounding the interest. It is therefore evident that if the people o f New York had, in 1835, rented the State o f a foreign nation, they could, during the ten following years, have afforded to pay only one and four-tenths per cent per annum on the capital employed, reserving to themselves, from the proceeds of their industry o every kind, only a bare support. If they had agreed to pay 7 per cent, and had compounded the interest at the end o f every six months, they would have added to the principal at the end o f the ten years, more than $524,000,000 — a sum seven times greater than all they earned above their support. It is evident that they could not have done this, and must, consequently, have failed to meet their engagements, and have become bankrupt. Again : the average yearly loans o f the banks in the State o f New York, according to their own returns— Am ount to ......................................................................................................... In 1846, the debt o f the State w as............................................................ In 1845, that o f the city o f N ew Y o rk ..................................................... “ “ “ Brooklyn......................................................... “ “ “ A lb a n y ............................................................ “ “ “ T ro y ................................................................. “ “ “ R ochester....................................................... “ “ “ B uffalo............................................................. $70,000,000 24,734,080 14,476,986 545,000 500,000 772,000 108,000 57,131 T otal............................................................................................. $111,193,197 Interest on this sum at 7 per cent per annum......................................... Y early average o f surplus earnings........................................................... $7,783,523 7,499,257 M utu al B ank o f D iscount and D eposit. 515 So that the interest on these debts would amount to $284,366 more than the surplus earnings o f all the people o f the State. To the amount of these State and city debts must be added all debts con tracted by purchase o f land, agricultural produce, and merchandise, and all money borrowed by individuals on bond and mortgage. As these debts amount to several hundred millions annually, (o f which a large proportion draws interest,) all cannot be included in the reported loans o f the banks, but a corresponding addition must be made to the sum on which the people of the State o f New York are required to pay interest, if they can. In Massachusetts, according to the State returns, made at intervals of ten years each, the assessor’s valuation of property in 1790, was $44,024,349 ; in 1840, it was $299,880,338. Increase in fifty years, $255,855,989. The legal rate o f interest in that State is 6 per cent. If, in 1790, the people o f Massachusetts had rented their property o f a foreign nation, and had agreed to pay interest upon it at the rate o f 6 per cent per annum, com pounding the interest every six months, the amount of the interest due at the end of the fifty years, would have been $885,524,246 ; or about three and a half times more than they actually earned, over and above their own support. It is manifest that this also must have been a bad debt, for they could not by any possibility have paid it. The above statistics and calculations have been copied from “ K ellogg on Labor and other Capital,” a work well worthy attentive perusal and study. The figures given can be easily verified, in an approximative degree, without going into minute and labored details, by an estimate o f the time in which capital will double itself at the different rates o f interest, the interest being paid and reloaned half-yearly. A t 7 per cent this operation will require a little more than ten years ; at 6 per cent, a little less than twelve. These rates have been used because they are the legal rates in the States mentioned; the figures would have been much more astounding, had they been extended at what are usually the actual rates. Now, without stating inferences or conclusions which every one may draw for himself, I think that the position taken is fully proved, and that no one, with these data before him, can resist the conviction that the too high rate o f interest is, o f itself, sufficient to produce the effect referred to, and is, therefore, the fundamental error o f our system, the general, ever-acting, and adequate cause o f the periodical and constant bankruptcy, under the curse o f which commerce suffers, and consequently o f all the evils which follow in its train. The fact that most o f our debts are due to our own citizens, is no allevia tion, but serves only to cover up the fatal wound. I f we were obliged to pay to foreign nations the interest required on our debts, we should soon see all our property pass into their hands, and should know how and where it had g o n e ; but now we flatter ourselves that the rate o f interest makes no real difference, because what is taken from one goes to another o f our citi zens, and no change is made in absolute, but only in relative wealth, and yet we have the results first mentioned always before us. I could show that too high a rate o f interest impedes production, manufactures, and trade; but this, though not foreign to the subject, would require too much time and space. The debts we owe are debts o f money, not o f land, or labor, or labor-sa ving machinery. Money does not produce, does not increase, of itself. A ny sum may lie, in specie to the end o f time, and there will be no accumula 516 B ankruptcy — Banking. tion, except o f rust. The burden o f the interest upon our debts must be borne by production. If we cannot produce, or by manufacturing, increase value to an amount sufficient to meet the requirements of interest, the only remedy is bankruptcy, a constant system o f bankruptcy, varied solely by a periodical general aggravation, which excites universal attention and dismay, is attributed to over-trading, or some such fallacy, and is soon forgotten by all but the immediate victims, and even by them, in the hope that it may be avoided in future. A vain hope ; for, with our present legal rates o f in terest, to say nothing o f the actual, it is as certain, as inevitable, as the rise and setting of the sun, as the flow and ebb o f the sea. W h en we have discovered the cause and the source o f any evil, our next object is to find and apply a remedy. The too high rate o f interest having been demonstrated to be the fundamental error o f our system, what course shall be taken to counteract it 2 It is useless, we all know, to pass laws reducing the rate o f interest; they would be evaded, and o f no effect; as we also know, to our cost, is the case with our present laws, which, as regards efficiency, might almost, without detriment to the interests o f trade, be blotted from the statute-book. A full and sufficient remedy for the too high rate of interest is, I believe, to be found in a true banking system, b:ised on the mutual principle. This would afford an immediate alleviation, and would ultimately remove the evil entirely. It is in the power o f producers and exchangers to establish such a system at once, without asking permission o f any other authority than their own will. Before entering upon this part o f the subject, it is desirable to state that, under our present system, in which, as has been shown, capital requires a larger share in the value o f products than those who produce and increase that value can, by any possibility, contribute, there is a manifest, an inevita ble antagonism between the interests o f capitalists and those o f producers, manufacturers, exchangers, o f all, in short, who are in any way required to pay interest to capital. W ithout assuming any absolute distinction between classes o f men, we can separate money capital, strictly such, from the pro ducing force, or industry o f every kind, and the antagonism is manifest. Our present banking system works for capital, and is, therefore, opposed to the interests o f other classes. It is true that banks are originally formed, professedly for the benefit o f commerce. Men in business get up a bank, as the operation is called, (there are several projects o f the kind in agitation at this moment,) and take stock, for the sake o f the facilities they expect to de rive from it. So long as it remains in their hands, it may partially serve the end they propose, though this is by no means so beneficial as they imagine ; but, as every man in trade, with few exceptions, requires all his capital to be actively employed, they sell their stock, sooner or later, to those who have permanent investments to make, the control o f the bank passes into the hands o f capital, and, as a general rule, is then, if not before, used for purposes diametrically opposed to the interests o f those by whom it was originated. There are some banks, no doubt, which remain under the control of mer chants ; but these merchants should be classed as capitalists, the preponder ance o f their interests being on that side. I will cite one fact, o f every-day occurrence, to show how, in this instance, among others, the banks, under our present system, serve the interests o f capital, and consequently act in opposition to those o f commerce. There are, probably, few merchants, o f moderate means, in the city o f New York, M utual B ank o f D iscount and D eposit. 517 whose note, refused in a bank when money was scarce, and sold in the street at a rate o f discount exceeding the interest allowed by law, has not been ul timately paid into the very bank at the counter o f which it was refused. I simply state a fact o f common occurrence, attributing no blame. The busi ness o f the banks is to make money, not for their customers, but for their stockholders; and so long as the trade in money is considered legitimate, and they have the power, so long will they make the most money they can, with a due regard to prudence and law. It is not that the difference of in terest goes into the coffers o f the bank, though this is sometimes the case, but at a time when most men in business are more or less liable to suspicion, it is by far the most prudent course to grant discounts to men o f known wealth, not subject to losses by trade, and the bank is made much more se cure by the additional endorsement, which must, o f course, be paid for by him who is so unfortunate as to need money ; he must suffer for “ overtra ding,” even though his business has always been perfectly legitimate. It is evident that a bank based upon a system offering inducements for an operation o f the kind above mentioned, is not favorable to the interests of trade, but the reverse, and all o f our banks must, and do, sooner or later, fall within this category. W h at commerce requires, is a bank, the interests o f which shall necessarily he identical with those o f its customers ; this can be attained, and attained only, by the adoption o f the mutual principle. It will, no doubt, be said, that the banking business is not possible without an actual capital paid in. It is but a few years since the same was said, with as much truth, respecting life, fire and marine insurance, and men were con tented to pay annually a large profit to those who were willing to undertake the business, thanking them, at the same time, for receiving their money. But those who required insurance, made the discovery that they could do this business themselves, and at much less cost. The modifications which have resulted from this discovery need not be told to your readers. I hope that those w ho require discounts will also soon discover that this business can be done as well as the other, and without paying so heavy a premium as is now exacted. As regards the actual capital paid in at the opening o f any particular bank, I doubt if any but the initiated can give reliable information as to the proportion really withdrawn from other business, and that which is covered by discounts shortly after the organization. In fact, a large per centage of the basis on which our banks begin operations is simply guarantee capital, such as w7e require at the commencement of our mutual companies, to ensure the confidence o f the public. This is especially and manifestly the case, under our present banking law, where stocks are deposited with the con troller, and the banks draw the interest. The public are satisfied, through the intervention o f the controller, that the guarantee exists to the amount stated, and this is all. It is true, that after a bank has been in successful operation for some time, its stock passes into the hands o f permanent investors, its capital becomes fixed, and, from the increased confidence felt in its stability by the public, it receives in deposit its proportion of the unappropriated means o f the commu nity ; but, at this time, when, by the use o f this capital, and o f these de posits, it might be beneficial to the interests o f commerce, it is so managed, as before shown, as to act in direct opposition to them. In order to secure the object desired, I would propose the formation o f a mutual bank o f discount and deposit, with a sufficient guarantee capital in 518 B ankruptcy — Banking. vested in interest hearing securities, which should receive deposits, and dis count approved paper, based on actual business transactions ; should issue no bills, but use current funds, the customers agreeing to receive such funds in pay ment o f all liabilities o f the bank ; a dividend of the profits of each finan cial year, payable two-thirds in cash, and one-third in scrip, at three years’ date, bearing interest, should be made to the customers, in proportion to their average daily balance of deposits, and the amount of interest received from each, in the shape of discount or otherwise. The directors should be paid, in compensation for their services, a per centage on the profits of the yearly business, and there should be a board o f unpaid supervisors, to watch over the interests o f the bank. Such a bank, originated by the right men, and placed under a direction which would secure the confidence o f the public, must be successful. The mutual principle embodied in it would attract deposits, by giving to them a certain interest, and would diminish the rate of discount by that o f the divi dend. The amount of reserved profits represented by scrip would, after three years, equal the average net annual income o f the three previous years, and, at the close o f five years, at most, would be sufficient to warrant the return of the guarantee capital to the subscribers, who, during that term, would have received the interest borne by the securities. As the bank extended its operations, it must ultimately embrace among its customers the majority o f the business men o f the city, and all settlements of their mutual transactions could be made upon its books, as has long been the case at the Bank of Hamburg, A s corresponding banks were formed in other cities, this advantage would be extended to external transactions. It would seem very difficult for one bank to do all the business required in a city like New York, but there could be no inducement to establish others, and thus increase the expenses. The labor devolving upon the di rectors could be much lightened by each branch o f trade establishing a committee of confidence, under whose scrutiny all paper o f that branch should pass, before being offered at the bank ; while the directors should re ceive such a compensation as would induce them to devote their whole time and energy, dependant, at the same time, upon the success o f the yearly bu siness. "Whenever the business o f the bank should have become thus extended, it would be in the power o f the customers to reduce the rate o f discount to such limit as might be found just and desirable, and the customary interest must be governed accordingly. I might enlarge still further upon thi§ subject; but I think that enough has now been said to show the ultimate relation existing between our system o f bankruptcy, and the, as proved, too high rate o f interest, the action of our present banks in aggravating the effects o f the latter, and the advanta ges to be derived from the establishment o f one bank based on the mutual principle. In the sincere hope that our commercial men will soon take their business into their own hands, and remedy the evils under which they suffer, I remain, dear sir, yours, &c., f . g . s. 519 C uba: the K ey o f the M exican G ulf. Art. V.— CUBA: THE KEY OF THE MEXICAN GULF: W IT H R E F E R E N C E TO TH E C O A S T TR AD E O F TH E UNITED STATES. C u b a — the pearl o f the American Islands, and the key o f the Mexican Gulf— has been well studied by diplomatists as a rich province to he won, and by soldiers as an outpost o f military guard and defence; but her position and value, as a mart o f exchange for the whole Union, and the pivot o f a coast trade such as the world never saw, has not received due investigation and publicity from our American press and statesmen. The central position o f Cuba in the great routes o f trade— opened, and to be opened, by Amer ican capital and enterprise— cannot fail to strike the most careless eye that rests on the map o f North America. It is not in a military point o f view alone that Cuba locks up, in a closed ring, the whole sweep o f the Mexican Gulf. If her ports were free, she would be the natural center o f reception and distribution for all the rich products of that two thousand miles o f coast. N ot only would the light craft o f the shallow harbors of Mexico and our G ulf States, bring their precious ores, their cochineal, their cotton, and their valuable products, to meet the wares and traders o f the Atlantic coast, and the heavier shipping from the great cities o f Europe and the North, but the valley o f the Mississippi would find there a most convenient and desirable warehouse for her varied commod ities. The Atlantic and the Gulf coasts meet opposite the magnificent har bors on the north side o f the Island, while it is in easy communication with all the other W est India Islands, and with Central America. Cuba also commands all the short routes to the Pacific— those routes through which a revolution ized commerce is preparing to pour a golden tide upon our shores. A t this moment the Panama route bears down all its rivals ; but Lake Nicaragua, and the Isthmus of Cortes, have also their peculiar advantages, in cutting off a goodly fraction o f the distance to California, for the trade and emigration o f the “ Old Thirteen.” B y whatever path the emigrant endeavors to shorten his land travel to the Pacific, Cuba would be the chosen halting ground, if it could by treaty, independence, or annexation, throw down its hedge o f hindrances and re strictions, and open its noble havens freely to sail and steam. It is the grand point o f intersection for all the most important lines o f trade and travel on this continent; and to inhospitably bar her gates with a chain of duties and formalities, puts serious delays and expenses in the way o f a rapid and profitable exchange o f benefits hetween opposite sections o f the Union, and between the Union and her neighbors. Absolutely disentangled from these checks, and, above all, in full and perfect union with the diverse, yet mutually dependent interests of the confederated States, Cuba, with her pre cious and peculiar staples, would buy and sell more largely, and with a greater number o f States than any one o f her sisters; in addition to her serving them all as an agent of transit and center o f interchange. Lines o f steamers and sailing vessels would doubtless be established from all our leading sea-ports to Havana and Matanzas, the year they could be assured o f freedom, security, and permanency, under our flag, since, under many vexations and uncertainties, wre now employ in the Cuban trade a large tonnage. The custom-houses o f Cuba report the clearance o f not far from one thousand American vessels in a year— from the summer o f 1848, 520 Cuba ; the K e y o f the M exican G ulf. to the summer o f 1849— and the table o f imports and exports prove that this handsome mercantile fleet would be doubled, if purchase and supply were relieved from the multifarious trammels o f the Spanish tariff. The Cubans import 120,000,000 a year of such commodities as the United States produce, and could sell on better terms than the Island can buy o f distant Europe, if they were permitted to compete in open market, and these com modities would be conveyed to her in our own ships. O f the $60,000,000 of annual imports and exports o f this fertile and ex tensive Island, three-fourths ought, and would be, managed by our merchant marine, if it were embraced by our government. The shipping interest is, however, but one item o f the disfavors and exclu sions endured by the States, under the sternly restrictive colonial system of Spain, and as it may suddenly cast before our citizens to decide whether Cuba shall be incorporated in the Union, it will not be amiss to enter into some computations. In 1846, a fraction more than one-fourth o f the entire imports o f Cuba were from the United States, and if the same ratio holds good, as is proba ble, we send to Cuba the current year about $8,000,000 in American pro ductions. Meanwhile something more than $10,000,000 o f similar articles o f commerce are brought in from Europe, to the heavy disadvantage o f the Cu bans, by a stringent system of protection for Spanish products. To specify :— Flour from Spain pays a duty o f only $2 50 the barrel, but from this country, and in American ships, it pays $10 50. Thus to compel the Cubans to eat the inferior Spanish flour, injured by a sea voyage o f 4,000 miles, this enormous tax is laid on an essential article o f daily use, though, for the sake o f revenue, $2 50 is also laid on the article from the mother country. These duties, freight, and other expenses, raises the cost to the consumer to $18 and $20 a barrel, and limits, o f necessity, the luxury o f good bread to the wealthier classes. Set aside these impediments, and instead o f the 300,000 barrels now entered, and chiefly from Spain, (according to L a Verdad,) 1,500,000 barrels would be annually demanded by the 1,200,000 inhabitants o f Cuba. The climate and soil o f Cuba is not adapted to the profitable cultivation o f the kinds o f provisions which the habits o f the day calls fo r ; but she produces exactly what will most acceptably pay for them where they are best, nearest, and most abundant— in the United States. If Cuba wants flour, fish, cured meats, and other provisions, to the amount of $10,000,000, which she could, in un shackled trade, buy o f us better than anywhere else ; if she requires, in ar ticles for house and field, in fabrics o f raiment, necessity or luxury, to the amount o f $10,000,000 more, so too do the United States import 150,000,000 lbs. of coffee, at $8,000,000, and sugar to the amount o f $9,000,000, which, under the impetus o f freedom, and the encouragement o f a profitable reci procity, Cuba could very well supply. It must be borne in mind that a vast amount o f rich coffee and sugar land lies waste and untouched on that Island, which would bloom into a garden, under the genial breath o f liberal institutions, as her own staticians estimate but one-ninth o f the soil enclosed. The Upper Mississippi and the Ohio States are the chief losers by the flour exclusion; for Cuba, fronting, as she does, the outlet o f that mighty valley, is very accessible to that trade; but all the grain States share in the loss, for they all buy sugar and coftee, and could all undersell Europe in the ports o f Cuba. The mineral region is also a larger loser than at the first glance would be thought possible. The staples o f Cuba are raised at a con siderable expenditure o f implements and machinery, in which iron and cop W ith reference to the Coast Trade o f the United States. 521 per hold a conspicuous share. That class o f imports, nearly all o f which are manufactured in this country, hut are discouraged from seeking a market in Cuba, by an average impost o f 35 per cent, are brought in, to the amount o f $>2,000,000 annually, and with a steady increase o f demand. This should, o f right, almost entirely be paid to the forges and workshops o f Pennsylva nia, and the States west o f her, who construct matters in question, such as ploughs, hoes, spades, boilers, and all the etceteras o f southern husbandry, and sell them in all the markets in our Gulf and Atlantic States, from 80 to 200 per cent less than the overtarifted Cuban pays for the like. Consider the effect o f these exhorbitant charges on provisions and implements on the net receipts o f production. Neither does the clothing, furniture, and conveyances o f the producer es cape these excessive contributions, and again equally to the disadvantage of American industry. Carts, carriages, and furniture, pay about 100 per cen t; yet, on account of bulk and distance, Spain leaves to us the principal supply, even under this liberal protection. The Eastern and Middle States send about $1,000,000 a year— at a rough estimate, for there is no reliable data at hand — o f these conveniences; but still the Island is scantily supplied. Cotton and woolen goods range from 27 to 331 per cent duty by the letter o f the tariff; but under their system o f re-appraisal, they pay more, and the official returns show upwards of $3,000,000 in desriptions o f goods manufactured in the New England States, and sold in our retail markets, all over the Union, at from 30 to 100 per cent less than in Cuba, whose producers in this way lose one-third or one-half the benefits o f their income. A careful revision o f the charges on imports corresponding to our list o f American fabrics and pro ductions, with the invoice prices, and the usual rates paid by the consumer, will convince the simplest understanding that is willing to be candid, that $20,000,000 o f the $30,000,000 (keeping to round and approximate num bers) o f annual imports into Cuba, ought, if the interests and convenience o f the direct producers and purchasers were consulted, to come to the industrial classes o f the Union. Not only would the fostering dew o f $20,000,000 support in comfort many thousand families now landing on our shores, in search o f homes and employment, but it would bring to the tables o f all our people the delicate fruits o f the torrid zone, in which Cuba abounds, at prices far below anything we have ever known. The rapid steam intercommunica tion between sister States, and the splendid geographical position o f the “ K ey o f the Gulf,” would bring Havana as near St. Louis and New York, as they are to each other, or to New Orleans, and in more prompt interchange with all the cities o f the G ulf and Atlantic coasts, than those coasts can be with each other. Relieved from the iron net o f domestic repression, under which Cuba now suffocates, and fairly launched into free traffic with the Northern States, her citizens would send their children here by hundreds, for education, and come themselves by thousands, to enjoy the bracing air o f a higher latitude, while return thousands from the North would hasten there in the winter, to enjoy her perpetual spring and ceaseless round o f fruits and flowers, which are fairest and brightest in Cuba when our fields are buried under chilling robes o f frost and snow. This facility o f changing climate, and living always in the smiles o f summer, will be felt in the liberal patronage o f her packet lines ; and when we add to this the central position of the Island with regard to mail and business lines from California and the Pacific, from Central and South America, and from the British, French, and Danish W est Indies, its 522 The P ra iries: what has Caused them ? importance to our steam marine is easily understood. As an open, safe, and reliable haven of rest, aid, and supply, beyond any fear o f foreign hostility or interference, standing midway as she does on the path from the Atlantic to the Gulf, from the Atlantic to the Pacific, by the way o f either isthmus, and most particularly by the Isthmus o f Cortes, the shortest though most overlooked o f all o f them, and commanding the ingress and egress to the Gulf, and all the coast o f Mexico, the control o f this Island is of immense, o f uncomputable importance to the dignity and independence o f our coast commerce. It even stands interferingly in the way between the Atlantic ports and the Gulf terminus o f the short land route to California, on our own soil, now in course of survey by the United States engineers, and which a pioneer merchant train, o f 80 wagoners, is now traversing under General W . L. Cazneau, with a view to penetrate to the markets o f New Mexico, and the unvisited Centralia between Texas and California, by the new and straight line from Corpus Christi and the Paso del Norte. It is the priceless jewel that clasps into one magnificent, unbroken chain, the vast circle o f our Pa cific, Gulf, and Atlantic trade. W e only require this one link to belt 5,000 miles of sea-board in close and continuous mart and commercial unity, pre senting, on every side, a well connected defence against the pretensions of rival or enemy. Whenever the trembling, restless Seal o f the G ulf drops from the nerveless finger o f Spain, there will be some envy in Europe, but little open resistance made to its passing into the grasp o f our Eagle ; and if he assumes the charge, Europe will retire from this continent, and thence forth on all our coasts we will ask nothing but our steam marine, and the splendor o f our flag to command the respect o f the world for our commerce. C. M. Art. ¥1.— T H E P R A I R I E S : W I I A T H A S C A U S E D T H E M ? H ow many ingenious theories have been got up, and what a multitude of facts, in their support, to account for these natural meadows ! Like the Cosmogonists, our prairie causationists have been divided into Plutonian and Neptunian parties ; and, between these, a party o f Trimmers, who call to their aid both fire and water. To a limited extent, all these have come near to the truth. There are, doubtless, many expansions o f grass and flowers, caused by the burning of forests, the drainage o f water from basins, and by the two united. It is well known, too, that shoal and quiet waters are displaced by a vegetable growth, which, in the course o f ages, converts ponds and lakes into meadows. But, to our apprehension, all the prairies originating from these causes constitute scarcely the thousandth part o f the vast plains o f grass and flowers covering more than half the land in the northern hemisphere o f the earth. W h y is it, that trees, shrubs, and herbaceous plants occupy different and distinct positions on the surface o f our globe' ? W h at causes one kind o f tree to prevail in one locality, and a different kind in another locality, having, in appearance, a like soil, climate, and situation ? W e shall hint at, rather than fully explain, what we believe to be a great law o f this organic being, on whose solid surface we move and think. The poetic fancy, which makes the earth o f the feminine gender, would, if fol lowed out, warrant many conclusions which, though not infallible, must be allowed to be plausible. The P r a irie s : what has Caused them ? 523 She has her every-day dress, and her fancy dress. In general, as green becomes her complexion best, she decides “ that green it shall be.” But though, according to geologists, several million years o f age, she has the love o f novelty and change proper in a beauty of eighteen. She is never satis fied with one color, but mixes with every shade of green which her ingenuity can devise, every variety o f color, and every shade o f every vareity, in com binations beyond the power o f numbers to express. Still she is not satisfied. A ll the beauty o f colors, and forms, beyond the imagination o f man to con ceive, she has lavished on her outward form, yet she does not allow her dress to remain unchanged for a single day ; no,*not for an hour ; not for one little minute. Her zone o f greatest beauty opens when the sun begins his warm smiles •upon her, with a modest green, occasionally sprinkled with blue. Day by day, as her lover increases in warmth, her dress becomes more showey, until the autumn finds her bedecked with the most gaudy colors. A t length, like other lovers, her beloved sun grows cold. She shows a becoming sensibility, by throwing aside all her gay attire, and putting on a mourning dress of brown and pure white. Nor is she satisfied to wear, the following season, the same ornaments with which she decked herself the preceding. In short, change— ceaseless change— is her law and her delight. Let us now leave this fanciful illustration, and view the subject in the light o f facts. It is a known law o f vegetable life, that plants, after using up the proper food where they grow, give place to other plants, whose proper food is left in the soil, unused by their predecessors; and that the excrement o f one class of plants is proper food for another class, though unnutricious, and, perhaps, poisonous to its own. Geologists tell us that the vegetable growth, some thousands o f years ago, was, in many respects, greatly unlike that which now covers the solid ground o f our earth. Changes o f temperature and constituents o f soil, are going on from age to age, and correspondent changes take place in the vegetable kingdom. Over large tracts, once green with ferns, stately trees have suc ceeded, followed, in a course o f ages, by grasses, and other herbaceous plants. One class o f trees has had its day, exausted the soil o f appropriate pabulum, and filled it with an excrement which, in time, it came to loathe. Another, and different class, has sprung up in its place, luxuriated on the excrement and decay o f its predecessor, and, in turn, given way for a successor, destined to the same ultimate fate. Thus, one after another, the stately tribes o f the forest have arisen, flourished, and fell, until the soil has become, in a meas ure, exhausted o f the proper food o f trees, and become well fitted for the growth o f herbaceous plants. These, in their turn, have taken possession o f the fertile plains, and had their round o f successions, until they, too, like the people o f Sodom, have wearied the earth with their impurities, and have been swept away, for a race o f plants better adapted to the growing lights o f the age. The life o f man is but a point in the endless line o f time. It scarcely reaches one fourth the duration of many a tree of the forest. The range of his individual observation is, therefore, extremely limited. A n d yet he has seen, clearly, the operation o f the great law o f change exhibited in the vege table world. H e has seen a crop o f pines spring up and grow on a surface denuded o f oaks and hickories. And, on the other hand, he has seen a thrifty growth o f deciduous trees spring up, after the ground has been cleared o f evergreens. Soft wood, deciduous trees, he has witnessed, taking the 524 Stoppage ip Transitu. place o f the h ard; and vice versa. Changes in herbaceous plants are still more observable. In large districts of our country, where wheat was once a common crop, it has almost ceased to be grown. W here it was formerly grown with little care, year after year, it is now cultivated with success only by new manures, and as one crop o f a rotation. Rotations which once an swered the purpose o f the cultivator, have, in time, required the introduction o f new crops and new manures, to ensure success. For a time, more perfect culture kept the crop from deterioration. Then a more extended list in the rotation, embracing root crops. Following this, is a deeper cultivation, by means o f subsoil ploughing, and underground drainage, enabling the roots to get food from a soil before out of their reach. Cotemporaneous with these improvements have been discoveries in science, by which the soil has been renovated with new chemical agents. But with all these paliatives, ground long cultivated in Cereal grains is deteriorating for their production ; and much o f the grain-eating population o f the world is now fed from fields lately opened in the wilds o f North America and Russia. The inquiry, what has caused our prairies, seems, then, to deserve atten tion, as a practical question. The grasses with which these vast plains are covered, may have had their round o f changes, until the best food o f that class o f plants has become nearly supplanted by the excrement which they loathe. The very rapid growth o f trees and shrubs, planted on prairie ground, seems to favor the idea that the time has arrived for the great change to take place, from grass to trees. The inferiority of the growth o f cultiva ted grasses, on the prairies, favors the same conclusion. Almost everywhere, the timber land, when cleared, is more productive in the grasses than the prairies ; and equally general is the superiority o f the prairie, in the growth o f newly-planted trees, over lands cleared o f timber. The Cereal grasses— maize, oats, and wheat, are new to the prairie, and will, for a time, succeed in a good degree. W ith equal fertility and adaptedness, in other respects, it is pretty certain that land cleared o f a heavy growth o f timber, produces, one year with another, better crops o f wheat than prairie. How much the difference is, and how fast that difference will increase, remains to be tested by longer experience. W e conclude, then, that a fixed law governs the change from one class of vegetation to another ; causing the earth to bring forth crops in rotation, occupying untold centuries, giving, at different times, to different lands, natu ral meadows and forests, such in extent and beauty, as the generations o f men have scarcely, in imagination, conceived themselves capable o f imitating, much less o f rivaling. Art. TII.— S T O P P A G E IN T R A N S I T U . T he legal power which is given to a seller o f goods to retake them before they enter the possession o f the party to whom they are sold, is called stop page in transitu. This privilege originated in Equity, and was subsequently sanctioned by the courts o f law. It is founded upon the presumption, that, until the goods reach the ven dee, at the place to which they are consigned, the seller retains over them a pledge, and justice requires that, until that event, he shall be privileged to retake the property, and thus avoid the consequences o f the vendee’s insol Stoppage in Transitu. 525 vency. Considerable controversy arose in the English courts, when this right began to be considered, as to whether the assertion o f it vested in the ven dor properly, and thus rescinded the contract o f sale, or whether he merely retained over the property a defeasible lien. It is now settled, that the privi lege is one o f pledge or lein o n ly ; not, however, subject to the rules gov erning ordinary liens, but resting on principles sui generis, and on this very clear distinction; that in the case o f common liens, their existence depend on both the right, and the fa c t o f possession ; and if a party abandon the possession, or the right to posession, the lien is lost, and cannot be resumed. But the lein in the case o f a vendor is not lost by parting with the posses sion, but springs from his original ownership. That the assertion o f this right does not rescind the contract o f sale, or divest the property, is shown in this; that by the very contract o f sale, the property is vested in the ven dee, because he is at the risk o f any accident; and his right to the possession depends upon the lein of the seller, to be asserted during the period the goods are passing from the hand o f the one, to the hand o f the other, at the place where the delivery is to be made. So we discover that the privilege o f the seller to stop the goods, is a lein taking root in his equitable claim to pay ment of their value; and the right of the purchaser to take them into pos session, depends on his paying the price agreed upon. W e proceed to the contemplation of the general rules o f law which apply to this description o f mercantile righ t:— 1st. And first o f the effect o f the assertion o f the right upon the contract o f sale. W e have seen in our introductory remarks, that the contract of sale, not withstanding the act o f stoppage in transitu, remains unaffected. It follows, that each party retains the advantages which he originally derived from the engagement. The vendee may claim the right o f possession, by tendering the price originally stipulated to be p a id ; or he may vindicate his right o f property, if that right has been encroached upon. Gordon vs. Harper, 7 Term It., 9, Edwards vs. Brewer, 2 Meeson and W elsbys’ R., 275. Goods which have been stopped in transitu, remain, while detained, at the risk of the vendee; and they are so far considered his property, that the vendor cannot sell them, until after the expiration o f the time o f a stipulated credit. But, after that period has elapsed, he may, on the refusal of the vendee to pay the price and take the goods, subject them to sale, and indemnify him self. Langford vs. Tiler, Salkeld, 113. In the case o f perishable goods, the vendor would also have authority to effect a sale, before the time o f credit expired, (Sands vs. Taylor, 5 Johns. R., 411,) and recover of the vendee the difference between the original price and the sum realized on the sale. So on a tender o f the goods, after stoppage, the vendor may recover on the original contract. 15 Maine R., 314. The cases which discuss this point in the subject, are Clay vs. Harrison, 10 Barnwell and Cresswell, 99, Stephens vs. Wilkinson, 3 Barn. & Ad., 323, Wilmhurst vs. Bowker, 5 Bingh., N. C., 547, Edwards vs. Brown, 2 Mee., & W ., 375, Hodgson vs. Loy, 7 T. R., 445, Newhall vs. Vargas, 13 Maine, 93, Jordan vs. Janes, 5 Ham., 98, W en t worth vs. Outhwaith, 10 M. & W ., 436. 2d. As between what persons this right arises. The fact that the privilege o f stoppage in transitu has been compared to, and justified by, the lein which a party selling always retains for the price o f his property, shows that it can only spring from the relation of seller and buyer. This relation has been held to exist, however, for the purposes o f stoppage in transitu, where an 526 Stoppage in Transitu. a g e n t fo r com m ission , a n d w ith th e in ten tion o f p a y in g for th e m o u t o f fu n d s t o be d e riv e d fro m his co n sig n e e , obtain s g o o d s on his o w n cred it a n d risk. N e w h a ll vs. V a rg a s, 13 M ain e R ., 93, Ils le y vs. S tu bbs, 9 M ass. R ., 65, J en k y n s vs. U sb o rn e , 7 M . & G., 678, F iese vs. W r a y , 1 East., 93, N e w s o m vs. T h o rn to n , 6 E ast., 17. B u t a su rety for th e p rice o f th e g o o d s has n o su ch p rivilege. S iffk in vs. R a y , 6 E ast., 376. 3d. W hen this right may be asserted. The vendor’s privilege o f stoppage in transitu, depends on the assertion o f it during the transit, or passing of the thing from his possession, to the possession of the vendee, at the place where, by the terms of the contract of purchase, it is to be delivered. As the possession o f the vendee may be actual or constructive, it results that much controversy will ensue, as to whether or no the goods have arrived at the place of destination, and have actually, or constructively, gone into the vendee’s possession. The principle to which the circumstances o f each case are to be adjusted, is, that the right prevails, while even the property is in the hands o f the carrier as such, whether appointed by the consignee, or not, and while they remain in a place of deposit connected with their transmission. Nichols vs. Lefevre, 2 Bing., N. C., 83, James vs. Griffin, 1 M. & W ., 20, Edwards vs. Brown, 2 M. & W ., 375. The main circumstance to be con sidered in each case, so far as this point is concerned, is, whether the final delivery o f the goods has been made at the place contemplated by the parties, and they have gone, in effect, into the hands o f the consignee, or his agent. W hile they are being conveyed to that place o f delivery, and while they are in the hands o f the carrier, under the original contract o f conveyance, and not under some new, actual or implied engagement between him and the vendee; and while they are in some place o f deposit, not specifically ap pointed by the vendor, after obtaining contractive or actual possession o f the goods, they remain subject to the right o f the vendor to stop them, as in transitu. 4th. W h at determines, or not, the right o f stoppage in transitu. 1st. Independent o f controlling circumstances, which rebut this presump tion, the delivery of part o f the goods, imports an intention to deliver the whole. But this fact will be subject to explanation; and if it appear that the delivery o f part was made with the design o f still retaining the right o f stoppage, as to the rest, this right will be awarded. Hammond vs. Ander son, 1 N. R., 69, Sluby vs. Hayward, 2 Hen. Black, 504, Hanson vs. Meyer, 6 East., 614, Bunney vs. Poynts, 4 Barn. & Ad., 570, Dixon vs. Yeates, 5 B. & Ad., 339, Betts vs. Gibbins, 2 A d. & E., 73. 2d. The arrival o f the property at the place o f destination, cannot be an ticipated by the consignee. The place o f delivery, from the nature o f the contract, is to be regarded; and the possession which the vendee may ob tain, by going forth and meeting the goods on their way, will not defeat the right o f stoppage. Holst vs. Pownal, 1 Esp., 240, Mills vs. Bull, 2 B. & P., 461, Openheim vs. Russel, 3 B. & P., 54, Foster vs. Frampton, 6 B. & C., 107, 1 Esp. R., 240, Abbot, 304. 3d. The right o f stoppage in transitu cannot be defeated by another credi tor. So that an attaching creditor, or carrier, in respect o f a general lien, will not be permitted to deprive the vendor of this privilege. It is the supe rior lein, arising from a principle o f justice in respect of his original dominion in the property. It would be unfair to defer his lein, resting, as it does, on his original ownership in the goods, to a claim which does not take its foun dation in the particular property. Smith vs. Goss, 1 Camp. 282, Butler vs. Stoppage in Transitu. , 527 W oolcot, 2 N. R., 64, Nichols vs. Lefevre, 2 Bing. N. C., 83, Buckley vs. Fenniss, 15 W end., 137, Naylor vs. Dennie, <fc Pich., 198. 4th. The delivery to an agent o f the consignee, at the place of destination, or at a place where they are to wait a new direction from him, is the same as a delivery to the vendor, and puts an end to the right o f stoppage. Rich ardson vs. Goss, 3 Bos. & P., 119, Leeds vs. Might, Ibid., 320, Scott vs. Pettit, lb., 469, Dixon vs. Baldwin, 5 East., 175. 5th. By a transfer o f the interest o f the consignee to a stranger, the right o f stoppage in transitu is also defeated. It was not until an immense amount of legal argument was expended, that the true nature o f this means of defeating a stoppage in transitu was ascer tained. A t one time it was put upon the negotiability o f the bill o f lading; but now it is understood that the matter rests on the bona fide sale o f the goods by the vendee, after they have left the vendors possession, and the bill o f lading is only looked to as evidence of the assignment, and symbolical o f delivery. The requisites o f a sale to defeat this right are, that it be upon valuable consideration, and accompanied by a transfer o f the bill o f lading. Stanton vs. Eager, 16 Pich., 473. Should the sale occur without a transfer of the bill of lading, a presumption will arise that the second vendee has had notice that the first vendor has not been paid, and that his lien continues. Crown vs. Rider, 6 Taunt., 433, Stanton vs. Eager, 16 Pich., 473, Gardner vs. Howland, 2 Pich., 399, Newborn vs. Thornton, 6 East., 41, Hatfield vs. Phillips, 9 M. A W ., 467. T o m a k e th e sale effectual b y th e m e re transfer o f th e b ill o f la d in g , w o u ld b e t o m a k e th e b ill o f la d in g n e g o tia b le ; a n d to recog n ize th e transfer o f th e g o o d s , w ith o u t th e assig n m en t o f th e b ill, w o u ld b e t o d ep riv e th e trans a ction o f th e h ig e st e v id e n ce o f th e co n tra ct. I t is u p o n th is rea son in g th at th e n ecessity fo r th e con cu rre n ce o f b o th acts is in sisted u p on . T h e le a d in g case u p o n th is b ra n ch o f law , is L ic k b a rr o w vs. M ason , re p orted in 2 T erm . R ., 1 H e n r y B la ck , a n d in 6 E ast. V a rio u s in g e n iou s efforts h av e b een m a d e t o sh ow th a t this case w as n o a u th o rity in fav or o f th e n eg o tia b ility o f b ills o f la d in g , a n d th at th e ju d g m e n t was p la ce d u p o n th e fact o f sale. I t is v e r y clear, h o w e v e r, th at th e co u rt d id n o t re g a rd this d is t in c tio n ; fo r in lo o k in g in to th e a rg u m e n t a n d o p in io n , it w ill b e seen th a t u p o n th e transfer o f th e b ill o f la d in g , per se, th e w h o le case w as con sid ered . B a n croft, o f co u n se l for defen dant, says, “ It has b e e n taken to b e clear a n d establish ed la w , th a t a ge n e ra l en d o rse m e n t o f a b ill o f la d in g does transfer th e p r o p e rty .” A sk in st, J., said, “ T h e in stru m en t is in its n ature transferable,” a n d “ sim ilar t o th e case o f a b ill o f e x ch a n g e .” A n d B u tler, J . said, in answ er t o the assertion, that n o case h a d d e c id e d th a t a bill o f la d in g transferred th e p r o p e r ty ; th at “ th e u niversal u n d e rsta n d in g o f a ll m a n k in d p reclu d e th at q u e stio n .” T h e re is n o d o u b t, h ow ev er, th a t th e d istin ction is a p r o p e r on e, a n d th at th e tru e p o sitio n u p o n w h ich to p la ce th e d efea t o f th e v e n d o r ’s r ig h t is, n ot th a t b y a n e g o tia b le ch aracter in th e b ill o f la d in g , th e m ere assig n m en t o f it operates t o d ep riv e th e v e n d o r o f h is l i e n ; b u t th a t th e sale itse lf effects this, w h ich is e v id e n t b y th e transfer o f th e bills o f la d in g , as a rep resen ta tio n o f d e liv e ry t o a th ird party, in g o o d faith, u p o n v a lu a ble con sid era tion . 528 Commercial Code o f Spain. Art. V I I I . — C O M M E R C I A L C ODE OF S P A I N . NUMBER IX . IN SU R A N C E . C O N C E R N IN G IN S U R A N C E O F LA N D T R A N SP O R T A T IO N . A r t i c l e 417. The effects which may be transported upon the land, can be insured. The Conductor himself, or a third party, receiving, on his ac count, the damages which may happen to them. 418. The contract o f Terrestial Insurance ought to be reduced to a writ ten policy, which ought to be a solemn instrument, executed before a notary or broker, or it may be a private instrument between the contracting parties. In the last case there shall be made out the necessary exemplifications o f the same tenor, for the underwriter and the insured. 419. Private policies are not executive unless there shall have been pre viously proved the authenticity o f the signatures of the respective parties, by judicial cognizance, or other mode o f legal proof. 420. Policies o f Terrestial Insurance, solemnly executed, as well as those made by private contract, shall contain the following circumstances :— F irst. The names and domicils o f the underwriter and the insured, and that o f the conductor o f the effects. Second. The specific qualities o f the effects insured, with the designation o f the number o f the bales, and o f the marks which they contain, and the value at which they may be estimated in the insurance. Third. The portion o f the same value which may be insured, if the insu rance should not be extended to the whole. Fourth. The premium agreed upon for the insurance. F ifth. The designation o f the point where the goods insured are to be received, and o f that in which they are to be delivered. Sixth. The route which the conductors are to follow. Seventh. The risks for which the underwriters shall be responsible. E ighth. The appointed time for which the risks shall be held, on account o f the underwriter, if the insurance be for a limited time, or a fair expression o f the time in which the responsibility shall continue, in order to verify the delivery o f the effects insured, at the place of their destination. Ninth. The date at which the contract was published. Tenth. The time, place, and manner, in which the premiums o f insurance shall be paid, or the sums insured in each case. The form o f the policies shall be the same when the conductor himself of the effects shall be the underwriter. 421. A n insurance cannot be contracted except in favor o f the legitimate owner o f the effects which may be insured, or o f the person who holds an interest in them. 422. The value at which the goods insured are to be estimated under the insurance, must not exceed that which they may have according to the prices current in the place where they are destined ; and when they exceed such valuation o f those rates, the insurance shall be void with respect to the in sured. 423. Exception not having been made in the policy o f insurance o f any risks especially determined upon, then shall be held as comprehended in the M ercantile Law Cases. 529 contract all the damages which may happen to the effects insured, o f what ever kind they may be. 424. There happening to the effects insured a damage which may be ex cepted from the insurance, it shall be for the underwriters to justify themselves from the charge, in due form, before the judicial authority of the immediate place in which the said damage may have happened, within twenty-four hours following the time o f such occurrence, and without such justification the exception which they propose for the exoneration o f their responsibility o f the effects which have been insured, shall not be admitted. 425. The underwriters shall be subrogated in the rights o f the insured to reclaim of the conductors the damages which the goods insured shall have suffered, for which the latter may be responsible, according to the regulations o f section 4, Title 3d, Book 1 o f this Code, which relates to Common Car riers. MERCANTILE LAW CASES. B A R B O U R S ’ R E P O R T S — L IA B I L I T Y OF COMMON C A R R IE R S — L A W OF R E P R E S E N T A T IO N S IN F IR E IN SU R A N C E — B IL L S OF E X C H A N G E -----C R IM IN A L L A W -----C O N ST R U C T IV E P R E S ENCE. T h e T h ird V o lu m e o f B arbou r's R ep orts contains the reports o f cases in law and equity, decided in the Suprem e C ou rt o f the State o f N e w Y ork , in the year 1848. M any o f our readers are aware that b y the n e w constitution o f the State o f N ew Y ork, it is divided into eight Judicial Districts, there bein g fou r Ju dges in each District, and in the w h ole, thirty-tw o ju d g e s ; o f these, fou r sit in the C ourt o f A ppeals, and tw enty-eight hold C ourts fo r A rgu m en t at law and in equity. Special T erm s, C ircuit C ourts, C ourts o f O yer and T erm iner, and C ourts fo r Spe cial M o tio n s ; or in other w ords, in each o f the Judical Districts, three ju d g es are constan tly em ployed in the various duties which appertain to their o ffic e s ; and in fou r D istricts out o f eight there is one m ore ju d g e in each District also em ployed in his Judicial duties. T h e fou r other ju d g e s sit in the C ourt o f A ppeals, with fo u r A p p ea l Judges, elected by the p eople fo r that purpose, so that the C ou rt o f A p peals consists o f eight ju d ges, fou r A ppeal Judges, and fou r Suprem e C ourt Ju dges. L i a b i l i t y o f C o m m o n C a r r i e r s . T h e first case w e notice is that o f Isaacs vs. Blanchard, page 388. T h is w as an action against a com m on carrier, the pro prietor o f a stage-coach running from W h iteh all to T ro y , in N ew Y ork . T h e p laintiff brou gh t an action fo r a coat w orth $ 1 8 , delivered to the driver o f the stage-coach, to b e carried to T r o y from F o rt M iller. N othing was paid fo r car ryin g the coat. T h e driver refused to put it on the w ay-bill when he received it, bu t he stated that he w o u ld g et the next agent to d o it, which he did not d o. T h e coa t w as l o s t ; a suit w as brou gh t in the Justices’ C ourt, fo r the value o f the coat, and ju d gm en t was given against the stage-proprietor fo r dam a g es and costs. O n appeal to the Suprem e C ourt, they held that the plaintiff cou ld n o t recover, and reversed the ju dgm ent. In delivering the opinion o f the S uprem e C ourt, on appeal, Willar.d, Justice, said:— “ I f the delivery o f g o o d s is m ade to a servant o f the carrier, it m ust be on e w h o is instructed to receive the g o o d s, and not to a person engaged in other duties.” T h e C ourt said that there w as no p r o o f in this case that the coat ever cam e to the p ossession o f the de fendant or his agents. L a w o f R e p r e s e n t a t i o n s in F i r e I n s u r a n c e . T h e next case w e notice is at page 73— Gates vs. the M adison C oun ty M utual Insurance C om pany. In this VOL. XX I.---- NO. V. 34 630 M ercantile Law Cases. case, a question o f Insurance, on certain representations, m ade b y the applicant fo r a p o licy o f fire insurance, w as decided. T h e interrogatory put to the appli cant w as this : h o w is you r building bou nded 1 h o w far is the distance from other buildings 1 is it less than ten rods 1 and fo r what purpose occupied, and by w h om ? T h e applicant answered, b y stating the nearest building m erely, bu t om itting to nam e the other buildings within that distance. O ne o f these buildings om itted w as o f the m ost hazardous description. T h e C ourt held that this am ounted to a w ithholding b y the applicant o f infor m ation, called fo r b y the interrogatory, which w as material to the risk, and that such om ission constituted a g o o d defence to an action on the policy. Gridley, Justice, in this case, declared that the om ission o f the plaintiff to inform the C om pany o f several buildings within the distance o f ten rods from the prem ises in sured, on e or m ore o f which w as o f the m ost hazardous description, furnishes a defence to this action. T h e learned ju d g e cited in his opinion a case in 5 H ill’s R ep orts, p. 191, Burrit vs. the Saratoga M utual C om pany, w herein the learned C h ie f Justice B ronson sa y s:— It is n o t necessary fo r the purpose o f avoiding a p o licy o f insurance to sh ow that any fraud w as intended on the part o f the ap plicant ; it is en ou gh that inform ation material to the risk w as required and with held. W e proceed to notice the first volum e o f C om stock's R eports, the first and only volum e o f R ep orts which have appeared o f cases argued and determ ined in tire C ourt o f A p peals o f the State o f N ew Y o rk , under the n ew constitution. B i l l of E x c h a n g e . T h e first case that w e w ill m ention is that o f C o g g ill vs. T h e A m erican E xch an ge Bank, p age 111. T h is action w as brough t to recover back m oney, which the plaintiff, as draw ee and acceptor o f a bill o f exchange, had paid to the holders, upon w hich the name o f the payee o f the bill had been forg ed. T h e case was t h is :— O ne partner d rew a bill in the name o f the firm on the plaintiff, fo r $1 ,500 , payable to the order o f on e T ru em an Billings. T h e name o f B illings w as fo rg e d as an indorser on this bill. T h e bill was d iscounted at a bank in Utica, and the m oney w as paid to the forger. T h e bank at U tica then endorsed the bill, and sent it to the defendants fo r collection. T h e plaintiff in this case having accepted the bill, paid it to the defendants at maturity. O n learning that the endorser’ s name had b e e n forg ed, the plaintiff dem anded back his m oney paid o n the b i l l ; b e in g refused, he brough t an action to recov er it. The, ju d g e w h o tried the cause, directed the ju ry to find a verdict fo r the defend ant. T h e Suprem e C ou rt affirmed the ju dgm ent, and n o w the plaintiff brings error. O n the argum ent before the C ou rt o f A ppeals, the .plaintiff insisted that, b y his acceptance o f the draft, he had contracted to pay to the order o f B illings alone, and that this name bein g forg ed , the holders had n o title to the bill, as he, the plaintiff, was an accom m odation acceptor, and had the right to insist on the letter o f his contract. B ronson , in delivering the opinion o f the C ourt, held, in this case, that he co u ld not r e c o v e r ; that, having paid the m oney to the bona fid e holders o f the bill, w h o w ere the ow n ers o f it, the plaintiff n ow had all the rights against the drawees o f the bill, w hich he w o u ld have had i f the endorsem ent had n o t been forg ed. It appeared that the plaintiff, in this case, w as an accom m oda tion acceptor, and the C ou rt held that he co u ld maintain an action against the draw ees fo r m oney paid to their use, and i f he had their funds in hand, he w ou ld have the right to charge this am ount against the funds o f the draw ees in his hands. C r im in a l L a w — C o n s t r u c t iv e P r e s e n c e . T h e next case w e w ill notice is A d am s vs. T h e P e o p le , fou n d at page 173. T h is w as the case o f a w arehouse warrant, drawn in O hio, b y A dam s, w h o had obtained the acceptance o f on e S ey m our, at Chillicothe, ackn ow ledgin g that he, Seym our, as the w arehouse man, had received from A dam s a large quantity o f pork and lard, irrevocably consigned to the order o f Suydam , S age &. C o., a mercantile firm in N ew Y ork. O a the fa ce o f this acceptance, S eym ou r agreed to forw ard the p ork and lard to this mercantile firm in N ew Y ork , and that they w ere to receive the same fo r sale on com m ission, and to have lien upon the am ount o f certain drafts drawn upon them b y A dam s against this property. It turned out, how ever, that no such pro M ercantile Law Cases. 531 perty had ever been received b y S e y m o u r ; that the warrant w as an instrument upon w hich to raise the w ind b y A dam s, w h o had sent on certain drafts accom panying the warrant, and they had been accepted and paid b y Suydam , S ag e & C o . T h is firm, finding that they had been deceived by A dam s, caused him to be indicted in the N ew Y o rk General Sessions, fo r obtaining m oney under false pre tences. A dam s pleaded to this indictm ent that he was born in Ohio, had never been to the State o f N e w Y ork , that the drafts and receipts w ere m ade and signed in the State o f O hio, and presented to Suydam , S age & C o., in N ew Y ork, b y an agent w h o was innocent, and that he, the said A dam s, ough t n ot to b e held am enable to the criminal law s o f the said State o f N ew Y ork. T h e C ourt o f S essions ruled this p lea in his favor, but the Suprem e C ou rt re versed it. It then cam e into the C ou rt o f A ppeals. T h is C ourt held that the prisoner k n ew that he w as defrauding th ose w h o resided in the State o f N ew Y ork , by means o f this warrant, and that he w as am enable to the law s o f the State o f N ew Y ork, and that he cou ld b e indicted in N ew Y ork, and that a requi sition made upon the G overnor o f Ohio, for his arrest, and brough t to N ew Y ork, and tried b y the law s o f that State. T h e C ourt o f A ppeals unanim ously gave ju d gm en t against the prisoner. T h e ju d g e s o f the C ou rt o f A ppeals, during the time o f the decision o f the cases contained in this volum e o f R ep orts, w ere Freeborn Jewett, C h ief Judge, G reen C. B ronson, A ddison Gardiner, and Charles II. R u g g les, A ssociate Justices. Sam uel Jones, late C h ief Justice o f the Superior C ou rt o f the city o f N ew Y ork , W illiam B. W rig h t, T h om as A . Johnson, and Charles Gray, Judges o f the S u prem e C ourt, sitting in the C ourt o f A ppeals, from July 1st, 1847, to January 1st, 1849. A ltogether, w e do not recollect ever to have seen a volum e o f reports containing m ore substantial and sound law than the on e b efore us. T h e C ourt o f A ppeals in this State, as at present organized, is com p osed o f eight very able and learned lawyers. PROMISSORY NOTES---- L IA B IL IT Y OF ENDORSERS. A defective and insufficient notice o f protest m ay be aided, and helped out, by accessory facts. The question whether an endorser o f a promissory note has been duly charged as such, does not de pend on the fact whether the note was correctly described in the notice o f the protest, but on the mind or know ledge o f the endorser. It seems that any notice o f protest, how ever defective, will be held sufficient, if, when taken in connection with accessory facts, it conveys to the m ind o f the endorser information o f the identical note intended to be protested. It seems also that a notice o f protest may vary according to each particular case, or the education, in telligence or quickness o f com prehension o f the endorser, as its sufficiency depends upon the in formation w hich it conveys to his mind. A notice o f protest need not show that a dem and o f paym ent o f the note has been m ade ; that is a matter o f evidence, to be given at the trial. A n o tic e o f protest, d e s crib in g a jo in t e n d o r s e m e n t as an in d iv id u a l o n e , is sufficient t o ch a rg e tha j o in t en d orsers o f a p r o m is so ry n ote. In the C ourt o f A ppeals. T h e C ayuga C ou n ty Bank vs. E than A . W arden and Franklin L. G risw old. T h e defendants w ere sued as the jo in t endorsers o f a s ix hundred d ollar note. I t w as in the w ords and figures fo llo w in g , to w i t :— “ [$600.] Ninety days after date I promise to pay to the order o f F. L. Griswold and E. A . Warden, six hundred dollars, for value received, at the Cayuga County Bank. Auburn, N. Y., January 30, 1845. (Signed) S. Warden.” Endorsed, “ F. L. Griswold, E. A . W arden.” T h e cause w as tried at the C ayuga Circuit in January, 1848, b efore H on . John M aynard, w ithout a ju ry. O n the trial o f the cause, the plaintiffs proved that the n otice o f p rotest served in this case w as directed to each defendant individually, and n ot to them jo in tly , and w as in the w ords and figures fo llo w in g , to w it s— “ C a y u g a C o u n t y B a n k , A u b u r n , May 3, 1845. “ [$600.] Sir Take notice that S. W arden’s note for three hundred dollars, pay able at this Bank, endorsed by you, was this evening protested for non-payment, and the holders look to you for the payment thereof. YTour obedient servant, “ P. B. E A TO N , Notary Public.” 532 M ercantile Law Cases. T h e plaintiffs then proved, under objections, b y defendants’ counsel, that Satterlee W arden , the m aker o f the note, had no other n ote in the bank, on which the defendants w ere endorsers. T hat Satterlee W a rd en resided in T enn essee, and had resided there about fou r years. T h at the note in question was given in renewal o f a form er note. T h at G risw old usually attended to the renewal. T hat the previous n ote w as for $ 6 6 5 51, and was due the 11th o f N ovem ber, 1844, and was made b y S. W arden . T h at it w as renew ned b y the note in suit, and the paym ent o f $ 6 5 51. T h e defendants then proved that the n ote o f $ 6 6 5 51, w as given to renew a n ote fo r 750, discounted by the plaintiffs about the 26th o f A pril, 1844, which n ote w as given fo r tw o notes, one against L eonard & W arden , and on e against W a rd en & Satterlee, fo r $ 3 8 4 06 each. T h a t the defendants w ere endorsers on the note given b y L eonard & W arden , and the defendant, G risw old, was alone endorser on the note given b y W arden & Satterlee. T h at both o f the $ 3 8 4 06 n otes w ere dated N ovem ber 12, 1843, and that the W a rd en w h o com p osed one o f the firm o f W arden & Satterlee, and Leonard &. W arden , w as Satterlee W a r den, the m aker o f the note, and n ot the same W a rd en w h o endorsed the note in question. John P orter, for plaintiffs; W arren T . W o rd e n for defendants. J e w e t t , C h ie f Justice.— T h ere is no question bu t that due presentm ent for payment, and notice o f non-paym ent to the endorsers o f a prom issory note, are condition s precedent to the liability o f the endorsers, and that the notice m ay b e either written or verbal. C uyler vs. Stevens, 4 W e n d . 566. S uch presentment o f the n ote in question w as made, and notice o f non-paym ent, in the form show n b y the evidence given. T h e only material question then is, w hether that notice is sufficient. It is w ell settled that there is no precise form o f w ords necessary to be used in giving n o t ic e ; it is sufficient i f the language used is such as in ex press term s, or b y necessary im plication, to con v ey notice to the endorsers o f the identity o f the note, and that paym ent o f it, o n due presentm ent, has been neg lected or refused b y the maker. T lie fact which w as necessary to b e established b y the plaintiffs is, that the de fendants had due notice o f the d ishon or o f the note in question. T h e notice, such as it is, w as given at the precise time and place required b y law. T h e evi dence show s that this note w as given fo r a balance due upon, and a renewal o f a form er note, payable at the same bank on the 11th o f N ovem ber, 1844, made by S. W arden , and endorsed b y the defendants, to w h ose order it was m ade payable. B u t it is contended that the notice m erely inform s the defendants o f the non-pay m ent o f a note drawn and endorsed respectively b y the defendants fo r $ 3 0 0 , and n o t o f a note fo r $ 6 0 0 , endorsed b y the defendants join tly. C on ced e that such varience or m isdescription e x ists; it is w ell settled in accordance with g o o d sense, that an immaterial variance in the notice w ill n ot vitiate i t ; it must b e such as that, under the circum stances o f the case, co n v ey s n o sufficient k n ow led ge to the endorsers o f the identity o f the particular note which has been dis honored. M ills vs. the Bank o f the United States, 11 W h eaton , 4 3 1 ; Bank o f A lexandria vs. Swann, 9 P eters, 33. N o w , having the accessory facts, nam ely, that this w as the only n ote in the bank drawn b y S. W arden , ana endorsed b y the defendants, and the intimation con v ey ed b y the figures “ $ 6 0 0 ,” upon the margin o f the notice, w h o can doubt bu t that this n otice con veyed to the m ind o f the defendants the inform ation that this identical note had been dishonored, although it m isdecribed the note, as it re spects the sum fo r which it was made in the b od y o f it. T h e defendants kn ow in g the facts stated, on the receipt o f this notice, cou ld not, as it seem s to me, fail to b e apprized b y it, that this particular note had been dishonored. It was said, on the argum ent, that the notice, to b e effectual, m ust b e p erfect on its face, to co n v ey the inform ation to the endorsers o f the non-paym ent o f the note, and that it co u ld n o t b e aided b y accessory facts. T h e cases o f S helton is. Braithw aite, 7 M ees. & W e ls b . 4 3 6 ; and Stockm an vs. Parr, 11 M ees. & W elsh . 809, are very m uch in point, to sh ow that a notice defective on its face may be aided b y such facts, and that it is proper to consider them in deciding the question o f the sufficiency o f such notice. M ercantile Law Cases. 533 It w as also contended, that the notice is fatally defective, and insufficient to charge the defendants as endorsers o f the note in question, on the ground that the notice describes the endorsem ent o f the note as an individual, and n ot a join t endorsem ent. T h e note is drawn payable “ to the order o f F . L. G risw old and E. A . W arden ,” and is endorsed by the payees respectively. In such case, the law requires notice to b e given to each o f them, as notice to on e w ill not, as it w ill in the case o f partners, b e deem ed notice to each other. W illis vs. Green, 5 H ill, 232. T h e objection rests upon the ground o f misdescription o f the note in q u e stio n ; that the receipt o f the notice did not, and was not calculated to inform the defend ants o f the non-paym ent o f the note ; that to effect such object, the notice should have described the note as having been endorsed b y both defendants. It seem s to m e that to h old in conform ity with this objection, w ou ld b e to sacrifice sub stance to the m erest technical form ality, and it is quite im possible n ot to see that, under the circu m stances o f this case, the notice fu lly inform ed the defendants that this particular n ote had been dishonored. A n oth er objection to the notice is, that it does n ot state that payment o f this note was ever demanded, or that it was refused, nor when nor w here such demand w as m ade and paym ent refused. T h e notice is dated “ C ayuga C oun ty Bank, A uburn, M ay 3, 1845,” and States that S. W arden ’ s note for $ 3 0 0 , payable at this Bank, endorsed, & c., w as this evening protested fo r non-paym ent, and the holders lo o k to y ou fo r the paym ent thereof. T h e case o f M ills vs. T h e Bank o f the U nited States 11 W h eaton , 431, show s that it need n o t b e stated in the n otice that a dem and o f paym ent w as m ade ; that it is sufficient to state the fact o f non-paym ent o f the note, which the notice in this case alleges,— it states that the n ote was protested fo r non -paym en t W h e th e r the demand was duly and regularly made, is m atter o f evidence to be given at the trial, and to the same effect is the case o f S tock in g vs. C ollins, 9 Carr & Payne, 653. I am o f opinion that the notice, under the circu m stances o f this case, w as suffi cient, and that the C ourt b e lo w erred in its ju dgm ent. T h at it should b e reversed w ith a venire de novo b y that C ourt, and that the co sts should abide the event. NOVATION OF A MANDATE TO COLLECT A DEBT, ETC. W here a party violates a mandate to collect a debt, and novates the claim b y taking new notes, he w ill be held responsible, and the principal w ill be entitled to claim the benefit o f the novation. The profits w hich are m ade by the agent in the course o f business for the principal, belong to the latter. In the Suprem e C ourt o f Louisiana. (June 4, 1849.) W id o w C. A . Stanfield rs. J. W . T u ck er, E xecu tor. A ppeal from the F ifth D istrict C ourt o f L asourch Interior. Stanfield o w e d R o b in so n $10,000. T o enable R o b in so n to pay him self, Stan field transferred to him notes o f C. A ubert, bearing 10 per cent interest, am ount in g to about $1 7,00 0. On a settlem ent betw een R ob in son and A ubert, it was fou nd that A u b ert w as entitled to credits which reduced Stanfield’s claim to $1 3,65 7 12, fo r which am ount A u b ert gave R o b in so n tw o notes, payable to R o b inson’ s order, and bearing 10 per cent interest from the date o f the settlem ent, 1st A pril, 1842, until paid. A portion o f these n otes has been p a id ; som e are y et unpaid, bu t are all considered g ood . T h e defendant admits that plaintiff is enti tled to $ 3 ,6 5 6 12 cents, bu t contends that R ob in son ’s estate can only b e held to pay 5 per cen t from 1st A pril, 1 8 4 2 ; the plaintiff asserts a right to 10 per cent interest. S l i d e l l , Justice — K i n o , Justice, concurring.— U nder the assignment, it was the duty o f R o b in so n to co lle ct the debt due A ubert, apply the fund to the pay m ent o f his o w n claim, and account to Stanfield fo r the surplus. R obin son w as therefore a trustee fo r Stanfield. A s such trustee, he stood tow ards him in the relation o f agent to p rin cipal; and not the less so because his authority was c o u p le d with an interest. Stanfield co u ld n ot revoke the authority w ithout pay in g R o b in s o n ; and on the other hand, the latter cou ld n ot act inconsistent with 534 M ercantile Law Cases. the mandate w hich he had accepted, and the trust with which the fund w as clothed. K eep in g in view these relations o f trustee and agent, the solution o f the con tro versy is free from difficulty. It w as held that R ob in son having violated the mandate to collect the debt from A ubert, b y taking the n ew notes from A ubert, the debt becam e novated. T hat consequently Stanfield had the right either to consider R ob in son as having made the A u b ert debt his ow n , and claim the surplus from him at once, or adopt the transaction and treat the n ew notes as acquired for his benefit. T hat the present action adopts the novation and claim s the benefit o f it, to w hich Stanfield is clearly entitled. T h at by the law s o f agency, the profits w hich are m ade b y the agent in the cou rse o f the business o f the principal b e lo n g to the latter. S to ry ’s T reat, on A g e n cy , § 207. T h at where there has been such an appropri ation o f the trust property that it can b e clearly and unequivocally identified, the change w hich it has undergone in point o f form , should n ot b e perm itted to frustate the ju st pursuit o f the principal, and put a profit into the p ock ets o f the agent o r trustee, at his expense. T hat i f it had appeared that the entire fund had been collected b y the trustee, b e fo re he w as put in default, 10 per cent interest should b e allow ed d ow n to the tim e it w as actually collected, and not m ore than 5 per cent hereafter. E u s t i s , C h ie f Justice, and R o s t , Justice, dissenting.— W e admit that it is a familiar principle o f the law o f agency, that profits w hich are made b y the agents in the execution o f the mandate b e lo n g to the principal. B ut the profits claim ed w ere made in violation o f the mandate, n ot in the execution o f it, and the responsibility o f R o b in so n is to be tested by other rules. A fte r an express denial that R o b in so n acted as agent in novating the debt, he cannot b e held resposible in that capacity. • W e are o f opinion that the ju dgm ent should b e reversed, and ju d gm en t en tered in favor o f the plaintiff fo r the sum claimed, with interest at the rate o f 5 per cent only. [T h e opinion o f the C ourt bein g equally divided in this case, the ju d gm en t o f the C ou rt b e lo w fo r plaintiff, stands affirmed.] — N ew O rleans P r ic e C u rren t, etc. P R IN C IP A L S AN D A G E N T S . Agents have no pow er to bind their principals in contracts o f an unlimited extent, nor can this con struction be deduced from any general authority given to the agent. In the Suprem e C ourt o f Louisiana. (June 2, 1849.) G eorg e H . H artw ell A ppeal from the T hird D istrict C ourt o f N ew Orleans. T h e plaintiff, w h o resides in Cincinnati, sues the defendant, a m erchant o f N ew Orleans, for an alleged breach o f contract m ade b y defendant’ s agents, b y which it is charged that the defendant agreed to purchase from the plaintiff certain large quantities o f oats. Certain shipments w ere made, and paid for. O ther shipments arriving after the market had fallen, w ere refused, and after due notice and adver tisement, sold at a considerable loss for plaintiff’s account. F o r the deficit, on these operations, the present suit is brought. E u s t i s , C h ie f Justice.— Principals can m ake what contracts they ch oose, bu t w e d o not understand h ow the p o w e r to m ake a contract o f this kind, on the part o f an agent, can b e deduced from any general authority. S tory on A g en cy , sec tions 21, 62, 68. T h e defendant certainly gave his agents n o authority to bind him to this extent. U nder this view o f the subject, it is unnecessary to inquire whether W a tson , the agent, in his contracts fo r oats, exceeded the limits o f prices prescribed by the defendant, or the other questions raised by coun sel on the argum ent o f the cause. Judgm ent reversed and rendered fo r defendant, with costs. vs. A u g u stu s W . W alk er. 535 Commercial Chronicle and Review. COMMERCIAL CHRONICLE AND REVIEW. SATISFACTORY STATE OF COMMERCIAL AFFAIRS— OUR PREDICTIONS REALIZED— MONEY PLENTY— EAST ERN RAILROAD BONDS— CORPORATE CAPITAL AND CHARTERS AUTHORIZED IN MASSACHUSETTS FROM 1835 TO 1848— BOSTON BANK DIVIDENDS FROM 1847 TO 1949—AGGREGATE CAPITAL AND DIVIDENDS OF BOSTON BANKS FOR LAST SEVEN YEARS— DIVIDENDS OF NEW YORK BANKS FROM 1845 TO 1849--MERCHANTS’ EXCHANGE BANK, BROADWAY BANK, AND BANK OF COMMERCE— INCREASE OF BANK CAP ITAL— PRODUCE MARKET— IMPORT OF BREADSTUFFS INTO BOSTON— EXPORTS TO GREAT BRITAIN AND IRELAND— ARRIVALS OF FLOUR AT BOSTON FROM 1845 TO 1849— EXPORTS OF UNITED STATES— SHIP BUILDING IN UNITED STATES— RATES OF FREIGHTS AT LIVERPOOL— INFLUENCE OF THE BRITISH NAV- / IGATION ACT, ETC., ETC. T he state o f com m ercial affairs has remained satisfactory during the m onth, presenting, how ever, som e anam olous features, w hich, in the main, mark the g ro w in g wealth o f the coun try, as w e ll as the sou nd state o f business generally. In our num ber fo r January, 1849, page 79, w e remarked as fo llo w s, m oney bein g then scarce, and the rate o f discou nt h i g h :— “ F o r the com in g year, from various operating causes, m on ey is, how ever, likely to he ch e a p ; the m ore so that the report o f the Secretary o f the T reasury has presented a satisfactory state o f the finances, and rem oved fears that w ere enter tained in relation to further loans b y the governm ent. T h e m eans o f the T rea sury are n o w quite adequate to its wants, w ith every prospect that the actual re ceipts o f the custom s w ill overrun the estimates. T h e exports o f the cou n try are large, and w ill, in all probability, continue so, involving a return o f the p roceed s in dutiable g o o d s that m ust sw ell the revenues.” T h e se view s have been fu lly justified in the existing state o f affairs. S ince the opening o f the spring business, m oney, as a general thing, has b e com e, and continued, very abundant, and is probably, at this m om ent, m ore gen eerally plenty, and cheaper, o n loan s “ at call,” than has been the case fo r m any years, notw ithstanding that a large and lucrative business has been done fo r the fall trade. A s a general thing, the sales o f p rod u ce throughou t the coun try have b e e n large, during the past year, and have been fairly remunerative. A n enor m ou s crop o f co tto n has sold, u p on the w h ole, w ell, and farm produce has been maintained at remunerative rates, u p on the A tlantic border, under supplies that have been seldom surpassed in extent. m anufacturers has been considerable. T h e reciprocal dem and on the hom e A s a usual thing, the quantity o f foreign g o o d s im ported equal that portion o f the national produce exported, and all the vast sales o f produce at hom e are paid fo r in dom estic m anufactures. T h e effect o f the export o f surplus produce is to sustain the price o f that w hich is so ld at h o m e ; consequently, the larger the export o f farm produce, the m ore effective is the hom e dem and fo r m anufactured g o o d s . T h is has been the case during the past season, and the ability o f the coun try to pay up has been m anifest in the increasing abundance o f m oney in the A tlantic cities, N ew Y o rk in particular. T h e business o f the p ort o f N ew Y o rk has been m ore, by 50 per cent, than fo r the corresponding season o f the previous year, and the am ount o f business pa per created has-been considerable. It is usually the case that the sales o f each m onth are accounted fo r at its close, b y notes running 30 days to 8 m onths ; the m onth fo llo w in g that o f the m ost active business presents the m ost considerable dem and fo r discount. A u g u st and Septem ber w ere heavy m onths, yet, as the 536 Commercial Chronicle and Review. season drew to a close, the notes offering were readily taken up, while money seemed in private hands to fall in value, notwithstanding that confidence, gene rally speaking, improved in the business paper created by the fall trade. The Banks, strong in specie, discounted freely regular paper, at something less than legal rates. That running 2 to 3 months was done readily at 5 per cent, with two endorsements, and the risk o f one only was paid for at 2 per cent higher. Auctioneer paper 8 per cent, and endorsed 7 per cent. The peculiar condition of the Boston market threw on the New York market not only the notes given by New Yorkers for goods purchased there, but also much local paper in addition to the obligations o f railroads and corporations, which could not be placed in New England. The bonds o f eastern and western railroads, and o f western cities and counties given for subscriptions to railroads, are extremely abundant here, and if they may be considered safe, are the most profitable securities to be found. Six and seven per cent bonds o f this description are selling, according to favor, at 80 up to 95 per cent. The 8 per cent bonds o f the Michigan Central Railroad can be had at par, and have been sold lately to the extent o f $300,000. The paper o f eastern railroads, at 6 months, is also plenty here, in batches o f any amount, at 12 per cent. W e presume that not less than $3,000,000 of such securities, as above de scribed, are pressing on this market at the present time. It is the case that the wonderful increase of corporate capital in those sections during the past few years, has exceeded the accumulation o f capital applicable to permanent investments, and by so doing has much cramped the movements o f general commerce. The following table indicates the number o f railroad, manu facturing, and miscellaneous corporations, authorized of late years in Massachus e t t s :— CHARTERS AUTHORIZED IN MASSACHUSETTS. Years. 1 8 3 6 ____ 1 8 3 7 ____ 1 8 3 8 ____ 1 8 3 9 ____ 1 8 4 0 ____ 1 8 4 1 ____ 1 8 4 2 ____ 1 8 4 3 ____ 1 8 4 4 ____ 1 8 4 5 ____ 1 8 4 6 ____ 1 8 4 7 ____ 1 8 4 8 ____ T o t a l.. Manufacturing. Capital. No. 73 810,72 9 ,0 0 0 6,605,000 61 1,160,000 13 15 3,370,000 6 1,610,000 2,216,000 17 1,240,000 6 100,000 1 13 2,975,000 8,600,000 SO 15,879,000 59 54 9,620,000 56 15,700,000 404 $ 8 2 ,82 2 ,0 0 0 No. 13 3 3 4 Railroads. Capital. $ 5,6 75 ,0 0 0 950,000 750,000 2,050,000 1 3 50,000 2,400,000 16 12 24 20 7,205,000 4,450,000 7,565,000 6,942,000 99 $ 38 ,037,000 . Miscellaneous. No. Capital. 28 $ 6,172,500 17 820,000 8 462 ,00 0 11 1,460,000 6 261,000 8 1,140,000 5 51,500 3 570 ,00 0 5 4 5 5 ,00 0 8 188,000 10 373,000 13 2,743,800 •• 122 $ 14 ,696,800 Total capital. $22,576,500 8,325,000 2,372,000 6,880,000 1,871,000 3,406,000 8,691,500 670,000 10,635,000 13,238,000 23,717,000 17,305,800 15,700,000 $13 5 ,5 5 5 ,8 00 This large demand for capital has had the effect o f exhausting the surplus cap ital o f that section, and o f producing a permanent high price for money, against which merchants and dealers have to contend. The influence o f this state o f af fairs upon demand for accommodation is perceptible in the table o f bank divi dends, which is as follow s:— 537 Commercial Chronicle and Review. BOSTON BANK DIVIDENDS. 1847. A tla s............................... Atlantic.......................... B o s t o n .......................... Boylston........................ C ity ................................. Colum bian.................... E a g le ............................. E x c h a n g e .................... Freem an’s .................... G lo b e ............................ Granite.......................... Grocers’ ......................... H am ilton...................... M arket........................... Massachusetts............... M echanics’ .................... Merchants’ .................... N ew England................ N o r t h ............................ Shawm ut....................... Shoe & Heather Deal.. S tate.............................. S u ffo lk .......................... Traders’ ........................ Trem ont........................ U n ion ............................ W a sh in g ton ................ T otal...................... 1848. 1849. April. October. April. October. A pril. October. Capital, p.c. Am ’ t. p.c. Am ’t. p.c. A m ’ t. p.c. Ain’ t, p.c. Am ’ t.p.c. Ain’t. $500,000 3 $15,000 3 ’ $17,500 3 $15,000 3£ $17,500 3£ $17,500 3£ $17,500 500,000 3 la ,000 3£ 17,500 3J 17,500 3 ’ 17,500 4 20,000 4 20,000 900,000 3£ 21,000 3£ 31,500 4 36,000 4 26,000 4 36,000 4 36,000 200,000 4 6,000 4 6,000 4 6,000 4£ 6,750 4 8,000 4 8,000 1,000,000 3 30,000 3 30,1X10 3£ 35,000 3£ 35,000 31 35,000 3 ! 35,000 500,000 3 15,000 3 15,000 3 15,000 4 20,000 4 20,000 3£ 17,500 500,000 3 15,000 3£ 17,500 3£ 17,500 3£ 17,500 3£ 17,500 3£ 17,500 500,000 ....................................... 4£* 22,500 4* 20,000 4 20,000 4 20,000 200,000 4 8,000 4 8,01X1 4 8,0(NI 41 9,000 4£ 9,000 4£ 9,000 1,000,000 3| 35,000 3J 35,000 3£ 35,000 4 40,000 4 40,000 4 40,000 500,000 3 15,000 31 17,500 3£ 17,500 3£ 17,500 3£ 17,500 3>- 17,500 250,000 ................................................................................. 4 10,000 4 10,000 500,000 3£ 17,500 3 i 17,500 3£ 17,500 3£ 17,500 31 17,500 3£ 17,500 560,000 4£ 25,200 5 28,000 5 28,000 5 28,000 5 28,000 5 28,000 8 0 0 ,0 0 0 3 24,000 3 24,000 3 24,000 3 24,000 3 24,000 3 24,000 120,000 4 4,800 4 4,800 4 4,800 4 4,800 4 4,800 4 4,800 3,000,000 3£ 105,000 3£ 105,000 4 120,000 4 120,000 4 120,000 4 120,000 1,000,000 4 40,000 4 40,000 4 40,000 4 40,000 4 40,000 4 40,000 750,000 3 22,500 3 22,500 3 22,500 3 22,500 3 22,500 3£ 26,250 500,000 3 15,000 4 20,1X10 3£ 17,500 4 20,000 3£ 17,5(X) 4 20,000 500,000 4 20,000 4 20,000 4£ 22,500 4£ 22,500 4£ 22,500 4 20,000 1,800,000 3 54,000 3 54,000 3 54,000 3£ &3,000 3£ 63,000 3 63,000 1,000,000 5 50,000 5 50,000 5 50,000 5 50,000 3 50,000 5 50,000 400,000 3 12,000 3£ 14,000 3£ 14,000 4 16,000 4 16,000 4 16,000 500,(XX) 3 15,000 3£ 17,500 3£ 17,500 3J 17,500 3£ 17,500 4 20,000 800,000 3£ 28,000 3| 28,000 3£ 28,000 3£ 28,000 3£ 28,000 3£ 28,000 500,000 3 15,000 3£ 17,500 3£ 17,500 3£ 17,500 3 15,000 3 15,000 banks . 19,280,000 $620,000 $658,300 $702,800 $725,550 $736,800 740,550 This gives an increase o f $3,750 for the dividends o f the last 6 months, over those of the first for the present year. For a series o f years the aggregate capiital and dividends o f these banks have been as follow s:— Years. 1 8 4 3 .. 1 8 4 4 .. 1 8 4 5 .. 1 8 4 6 ... . . . . Capital. $17,010,000 17,480,000 17,480,000 18,180,000 Dividends. $ 834,000 907,100 1,112,100 1,196,000 P. cent per an. 4.09 5.19 6.36 6.57 P. cent Dividends. Capital. Years. 1 8 4 7 .. . $ 18 ,18 0 ,0 0 0 $1,281,300 1 8 4 8 . . . . 18,920,000 1,428,350 19,280,600 1,477,350 1849. . . per an. 7.04 7.52 7.62 This is a constant and regular increase in the ratio o f profits earned by money employed in commercial banking in the emporium o f New England, and indicates the increased burden which the merchants have been compelled to pay, in conse quence o f the continually increasing competition o f corporations for money. Since 1843, the rate o f money, so employed, has increased 90 per cent, that is to say 3 per cent per annum; and this is an important item deducted from the annual pro fits o f those who procure discounts. The dividends o f the banks o f the city o f New York have been as follow s:— DIVIDENDS OF THE NEW YORK BANKS FOR 18 41 1846. 1847. Banks. Bank o f N ew Y ork *. Merchants’! ............... Mechanics’* ............... U nion *........................ Bank o f A m erica| ... C ity*............................ Phoenix 1 .................... North River||............. Tradesmen’s ! ............. Capital. D ollars, D iv. p. ct. D iv. p . ct. D iv. p. ct. 1,000,000 4 3 4 4 5 5 1,490,000 4 4 4 4 4 4 4 1,440,600 3£ 4 4 4 4 4 4 1,000,000 4 4 4 4 5 5 5 2,001,200 3 3 3 3J- 3 ! 3J 720,000 3 ! 4 4 4 4 4 4 1,200,000 3 3 3 3 3 3 3 655,000 S i S i 3£ 3| 3£ 4 400,000 5 5 5 5 5 10 Eight months. 1 8 4 5 -6 -7 -8 -9 . 1848. D iv. p. ct. 1849. Am ount. D iv. D ollars, p. ct. Am oun t. D ollars. 5 5 100,000 5 5 100,000 4 119,200 4 ................... 9 187,200 4 5 129,600 5 100,000 5 ................... 3 ! 3 ! 140,084 3 ! 3 ! 140,084 4 57,600 4 5 64,800 3 72,000 S i 3 i 84,000 4 4 52,400 4 4 52,400 5 5 40,000 5 5 40,000 538 Commercial Chronicle and Review. DIVIDENDS OF THE N EW YO RK BANKS---- CONTINUED. , Banks. Fulton*....................... Butch. A Drovers’$ .. Mech. & Traders’* . . N ationalg................... Merchants’ E xch'ge], Leather M anutac4. . Seventh Ward |........ State*.......................... Bank o f Comm erce). Mech. Association-)-. . American Exch’n g e * Manhattan C om p.}:.. G r e e n w ic h * ............ B o w e r y ...................... Chemical..................... 1845. 1846. 1847. 1848. Capital. Div. Div. I); v. Div. D ollars, p. ct. p. ct. p. ct, p. ct. 600,000 5 5 5 5 5 5 5 5 500,000 3£ 4 4 5 5 5 5 5 200,000 34 34 4 4 44 5 5 5 750,000 3 34 34 34 34 4 4 4 1,233,800 3J- 3J- 34 4 4 4 4 4 600,000 34 34 34 34 34 34 34 34 500,000 3 3 34 34 34 34 34 4 2,000,000 3 3 3 3 3 3 3 34 3,473,840 3 3 3 3 3 34 34 34 632,000 34 34 4 1,155,400 3 3 3 3 34 34 34 4 2,050,000 . . . 3 . . 3 3 200,000 .................................. 4 4 356,650 new 300,000 ................................. 6 6 1849. Amount. Div. Amount. D ollars, p. ct. D ollars. 60,000 5 5 60,000 50,000 5 5 50,000 20,000 5 5 20,000 60,000 4 4 60,000 60,000 8 ................... 42,000 4 4 48,000 37,500 4 4 40,000 130,000 34 ................... 241,092 4 4 276,753 4 . 34 86,655 4 .................... 122,000 34 34 143,500 16,000 4* 4 16,000 ............ 4 4 28,532 36,000 6 6 36,000 T ota l...................... 24,457,890 6.3 1 7 .0 9 7 .0 0 8 .0 9 1,883,971 4 .1 4 ............ Broadway (n e w ).. . . 300,000 ............................................................................................... T h e first dividend o f the M erchants’ E xch an ge Bank, fo r 1849, w as on its old capital o f $7 50,0 00, under the charter which expired June 1st, w h en a final div idend o f 85 cents per share w as paid. banking law. T h e present capital is under the free T h e capital o f the Bank o f C om m erce also increased $73,800. T h e B roadw ay Bank com m enced business in July, on a capital o f $6 00,0 00, on e-h alf paid up. T h e capital on which the first semi-annual dividend w as paid w as $2 3,94 0,75 0, and the am ount $9 91,4 94, bein g 4.14 per cent. secon d dividends, there has been no increase. O n those w hich have declared T h e dividends o f the N ew Y o rk banks appear to have been as f o l l o w s :— Years. Capital. Dividend. 1 8 4 5 .. . . $ 23 ,084,100 81,433,901 1 8 4 6 .. . . 23,084,100 1,836,312 1 8 4 7 .. . . 23,084,100 1,572,158 P. cent per an. 6 .2 1 7 .0 9 7 .2 5 Capital. Dividend. Years. 1 8 4 8 . . . . $23,28 4 ,1 0 0 $1,883,971 1 8 4 9 .. . 24,457,890 1,982,988 P. cent per an. 8 .0 9 8 .2 8 T h e aggregate dividends in B oston , in 1845, were, it appears, higher than in N e w Y o rk in that year. Since then, the increase o f bank capital in B oston has been nearly $2,000,000, or 124 per cent, w hile that o f N ew Y o r k has not m uch sw ollen in am ount. T h e average figure which dividends have n o w reached, have prom pted the creation o f n ew b a n k s ; and, as w e have seen, in the case o f the M erchants’ E xch an ge Bank, where confidence exists, the subscriptions are readily clo se d up. T h is enhanced bank profits is an indication o f the activity o f trade creating a demand fo r m eans on the part o f the merchants, and sh ow ing, fo r the m ost part, a sound state o f credits. T h e considerable im portations o f g o o d s have sent the rate o f sterling bills firm ly to 104 prem ium , and som e $ 3 0 0 ,0 0 0 g old to E ngland, and an equal am ount o f silver has g o n e forw ard, as w ell as considerable U nited States S tock, as a remittance. T h e considerable sales o f produce w hich have taken place in the past year have been the basis o f that considerable trade w hich has p rogressed so favorably to the general interest. T h e com in g year, dating from the realization o f the crops, has a less favorable aspect, in som e respects, in the N orth-w estern States, * Dividend paid May and November, t Dividend paid June and December. 4 Dividend paid February and August. § Dividend paid April and October. | Dividend paid January and July. 34 539 Commercial Chronicle and Review. particularly Ohio, much damage has been done to the wheat crop, and this will probably effect local interests, inasmuch as the general supply is such in usual years, to prevent any considerable rise from a local failure. Hence the farmers o f those sections are not compensated for a loss o f a portion o f the quantity, by a rise in the price o f the remainder. They all, however, will have a most profits able yield o f corn, and the market for this is likely to continue large. During the year ending with August last, the exports o f this article, mostly to Great Britain, reached 12,729,626 bushels, worth $7,637,775; thus raising that article to the importance o f the tobacco interest in the scale o f exports. At the average rate o f export in the last year, corn is a most profitable production, and a consid erable market for it does more to promote the interests o f farmers, in the new States, than probably that for any other one article of raw produce. The import o f several articles o f breadstuffs into Boston, for the year ending with August, have been as follow s:— Flour. C om . W heat. 1848. 1849. 1848. 1849. 1848. 1849. B b ls . B b ls . B ush. B ush. B u sh . B u sh . Im port......................... E xport......................... 942,642 122,321 1,033,767 132,765 2,460,694 303,947 2,979,243 551,403 282,474 9,579 416,010 12,568 Excess o f im port.. 820,322 901,002 2,156,747 2,427,840 272,895 403,442 The breadstuffs taken to Boston increases as the wants o f the various manu facturing districts commanded by the net work o f railroads that converge upon that city increase. This increase has not been large this year, as compared with the increased foreign demand for those articles. The export from the United States to Great Britain and Ireland, for the same period, was as follow s:— EXPORTS FROM THE UNITED STATES TO GREAT BRITAIN AND IRELAND. 1 8 4 8 ... ............................. ......... 1849................................... Increase................... ............ * V Flour. Bbls. Meal. Bush. W heat. Bush. Corn. Bush. 183,533 105,350 86,058 251,622 1,091,385 4,581,367 12,729,626 839,763 8,148,259 934,583 T h e arrivals o f flour at B oston , from various quarters, w ere as f o llo w s :— 1845. 1846. 1848. Bbls. Bbls. Bbls. estern R a ilr o a d ......... N ew Y o rk ........................ A lbany.............................. N ew Orleans................... . V irginia............................ B altim ore........................ . Other p la ce s ............................ 246,810 188,259 109,104 115,063 125,853 30,604 31,060 387,803 196,686 65,209 194,250 63,695 24,687 13,312 293,760 100,166 76,849 323,318 149,431 53,236 37,008 T ota l.......................... 846,753 942,642 1,033,769 W 1849. Bbls. The deliveries upon the Western Railroad at Boston, are probably affected by the demand in the interior o f Massachusetts, and at the cross railroads. The quantity that leaves Albany is constantly diminished by way deliveries, until it arrives at Boston. And without doubt the quantity that formerly left Boston for the interior is diminished by the supply coming in from Albany. The number o f barrels which left the latter place in vessels for Boston, appears, by reason o f lower freights, to have increased, while the railroad delivery was less. Both these channels o f communication have, however, been supplanted by the shipments from New Orleans, favored by the considerable supplies at the latter place, and 540 Commercial Chronicle and Review. the low rate o f freights. It would seem, from this course of flour, that in usual years o f fair supply and moderate freights, that the river and ocean route for western produce to its destination is better than the northern route ; or in other words, that the valley o f the Mississippi can successfully compete with the lake countries. The low rates o f freight this year are the natural effects of the extraordinary stimulus that was given to ship-bnilding by the temporary suspen sion of the navigation laws o f Great Britain, at the period of the famine o f 1847. During the fiscal year 1847, the exports o f the United States were as follows:— UNITED STATES EXPORTS. Years. 1846 _ 1847 _ 1 8 4 8 .... ,--------------------------------- DOMESTIC.-----------------------------—v ,----------------------FOREIGN.----------------------, Specie. $423,851 62,620 2,700,412 Specie. $3,481,417 1,845,119 13,141,204 Provisions. Breadstuffs. Total dom estic. $4,946,971 $19,627,020 $102,141,893 8.372,612 57,553,661 150,637,464 12,538,896 25,185,647 132,904,121 Goods. Grand total. $7,865,206 $113,488,516 6,166.039 158,648,622 8,987,806 154,036,436 There was here a large excess o f exports in 1847, mostly o f breadstuffs; and the close o f the fiscal year left apparently a large balance in favor o f the country. There is no doubt but that a considerably larger portion than usual went forward on foreign account; and that, therefore, the export value more nearly represented the actual amount realized to the country than usual. The large earnings o f the shipping must also have materially added to the amount due the country. The exports o f produce would doubtless’ have been much larger than actually was the case, had there been a sufficiency o f freight to transport the quantities waiting for shipment. The exorbitant freights that were demanded and obtained for portions o f the year, were a great stimulus to ship-building; and the official returns show a considerable increase in the number o f vessels built, with their tonnage, as follow s:— NUMBER AND CLASS OF VESSELS BUILT IN THE UNITED STATES FROM Years. 1840 18 41 1842 1843 1844 1845 1846 1847 1848 * ............. ............. ............. ............. ............. ............. ............. ............ ............. Ships. Brigs. 97 114 116 58 73 124 100 181 254 109 101 91 34 47 87 164 168 174 1840 TO 1847, Sloops & Schooners, canal-boats. Steamers. 378 312 273 138 204 322 576 689 701 224 157 404 173 279 342 355 392 547 • 64 78 137 79 163 163 225 198 175 Total. 872 762 1,021 482 766 1,038 1,420 1,598 1,851 INCLUSIVE. Total. tonnage. 118,309 118,883 129,083 63,617 103,537 146,018 188,202 243,732 318,075 The largest proportion o f this increase o f 55,531 tons was in sea-going ships. The sloops and canal-boats employed in internal navigation progressed less con siderably, but the whole increase is sufficient materially to affect freights under less active shipments. Accordingly, the rates are now, to Liverpool, as compared with the highest point o f last spring, as follow s:— March 1 ,1 8 4 7 ................ January 16, 1848 ......... October, 1849 ................ Flour. Cotton. H eavy goods. 8^9 a 9*0 1 .3 a 2 .0 0 .6 a 0 .7 f a J . a| 1-10 85 a 90 20 a 25 10 a 15 Beef. 13 a 14 .. a 3 9c. a Is. Grain. 29 a 30 ..a 3 3 a .. These figures show a very material difference in the cost of the transportation o f produce to England. The proportion o f foreign tonnage cleared, and the goods carried, is seen in the following table:— 541 Commercial Chronicle and Review. TONNAGE CLEARED, AND GOODS EXPORTED FROM THE UNITED STATES. FOREIGN VESSELS. Years. Tons. 1 8 4 1 ......................................... 1 8 4 2 ...................................... 1 8 4 3 ...................................... 1 8 4 4 ...................................... 1 8 4 5 ...................................... 1 8 4 6 ...................................... 1 8 4 1 ......................................... 1 8 4 8 ......................................... 136,849 140,491 523,949 906 ,81 4 930,215 959,139 1,116,605 1,404,159 AMERICAN VESSELS. Produce. Tons. $23,813,333 21,502,363 11,685,964 30,008,804 23,816,653 23,501,483 52,196,192 44,314,200 1,634,156 1,536,461 1,268,083 2 ,010,924 2,033,911 2,221,028 2,202,393 2,461,280 Produce. $82,569,389 11,461,634 60,101,964 69,106,315 15,483,123 1 8,634,410 91,514,612 109,651,931 T h e increase o f freights in foreign bottom s in 1847, was $28,988,709, or 130 per cent, and the requisite tonnage 216,866, and in the same time that Am erican tonnage sh ow s a decline, although the freights increased $18,880,062. T h e rates o f freights sh ow , how ever, that A m eriean tonnage was taxed to its utm ost capa c it y ; and, bu t fo r the influx o f foreign vessels, attracted b y those high freights, and made available b y the suspension o f the British navigation act, w e should have lo st the sale o f at least $30,000,000 w orth o f produce. T h e tonnage built in th ose years has produced the natural effect o f an over supply, when the im m ense demand fo r tonnage to feed E u rop e ceases. H ence, notw ithstanding the large crop o f cotton w hich w as to be transported in the past year, the supply o f freights has been so considerable as to depress rates to an un usual extent. originate. T h is is alw ays the effect o f high prices, from w hatever cause they W h eth er it b e raw materials, food , fixed capital, or stock s, high prices cause a rapid production o f the dear article, and the supply thus created, produces inevitable reaction. T h e ship-building o f the years 1847 and 1848, under the stim ulus w e have pointed out, w as immense, and this year w ill exhibit a falling off, as w ill also probably the next, and this decline w ill p robably equal the excess o f the constructions o f previous years above a regular and healthy increase. It w o u ld seem to b e the case, how ever, that the large sales o f farm produce in those years, and the exorbitant freights charged upon them, in addition to the govern m ent demand for vessels, which was considerable, earned fo r the nation a m uch larger stock o f the m eans o f transportation, and the producers and shippers are n o w recovering, in lo w rates o f freight, the enorm ous over-charges o f those years. T h e general business o f the country m ust w ork up to this am ple m eans o f trans portation. In the same manner that an enorm ous and speculative rise in w o o l or co tto n bein g succeeded by a large production, influences lo w prices, until these, b y stimulating consum ption, and retarding production, again restore a healthy m edium . T h e quantity o f tonnage taken o ff b y the California m ovem ent, is, how ever, considerable. T h e general interests o f the coun try are profiting b y the lo w freights, and, as w e see in the case o f flour, N ew O rleans supplies a larger portion than w ou ld have been the case, had freights continued high. T h e n ew change to b e produced in the current o f trade, and the demand for tonnage b y the action o f the British navigation act, after January, 1850, is matter o f consideration. T h e vessels o f the U nited States w ill, with w ider fields fo r enterprise, com e m ore directly into com petition w ith the vessels o f E urop e in the trade with Britain and her colonies, and there can b e no d o u b t bu t that they will maintain their position. T h ere cer tainly cou ld b e no m ore favorable time fo r the opening o f the com petition than at a m om ent w hen a large supply o f n ew vessels find insufficient em ploym ent in the 542 Commercial Regulations. carrying trade, and are, therefore, sailing at rates probably lower than ever before. Under such circumstances, they are more able to take possession o f a large share o f the new business that may be offered, and, by so doing, permanently secure the ascendancy o f American shipping interests. The following circular has been issued by the Department, in relation to the subject:— 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 15th, 1849. In consequence o f questions submitted by merchants and others, asking, in con sideration o f the recent alterations o f the British Navigation Laws, on what foot ing the commercial relations between the United States and Great Britain will be placed on and after the first o f January next— the day on which the recent act of the British Parliament goes into operation— the Department deems it expedient, at this time, to issue the following general instructions for the information o f the officers o f the customs, and others interested. First. In consequence o f the alterations o f the British Navigation Laws, above referred to, British vessels, from British or other foreign ports, will, (under exist ing laws,) after the 1st o f January next, be allowed to enter in our ports, with cargoes o f the growth, manufacture, or production, of any part o f the world. Second. Such vessels and their cargoes will be admitted, from and after the date before mentioned, on the same terms, as to duties, imposts, and charges, as vessels o f the United States and their cargoes. W . M. M EREDITH, Secretary o f the Treasury. COMMERCIAL REGULATIONS. THE NEW BRITISH NAVIGATION LAW. [The navigation acts o f England form an important branch o f the general Mercantile Law. The origin o f the Navigation Laws o f England are traced to the reign o f Richard II., or perhaps to a still m ore rem ote period. In the reign o f Henry V II., two o f the leading principles o f the late Navigation Law were distinctly recognized in the prohibition o f the importation o f certain com m odities, unless im ported in ships belonging to British owners, and manned by English seamen. In the early part o f the reign o f Elizabeth, foreign ships were excluded from the British fisheries and coasting trade. The republican Parliament gave a great extension to the Navigation Laws by the act o f 1650. In the fol low ing year (October, 1651,) the republican Parliament passed the fam ous N avigation A ct, w hich was intended not only to prom ote British navigation, but also to strike a decisive blow at the Dutch, w ho then engrossed almost the w hole carrying trade o f the w orld, and against w hom various circum stances had conspired to include the English. A n act was also passed in 1833 touching this subject, an abstract o f w hich will be found in M cCulloch’ s Commercial Dictionary, as also a pretty full history o f the several acts, from the com m encem ent o f legislation on that subject. It was not our design to give an account o f the laws on this subject in this place, and w e have simply made this brief sum mary by w ay o f introduction to the new navigation act passed June 26,1849, a docum ent o f too m uch im portance to the shipping interests o f the United States and the w orld to be excluded from the pages, notwithstanding its length, o f the Merchants'9 Magazine.'] AN ACT TO AMEND THE LAW S IN FORCE FOR THE ENCOURAGEMENT OF BRITISH SHIPPING AND NAVIGATION. W hereas it is inexpedient to amend the laws now in force for the encouragement o f British shipping and navigation: Be it enacted by the Queen’s most Excellent Majes ty, by and with the advice and consent o f the Lords spiritual and temporal, and Commons, in this present Parliament assembled, and b y the authority o f the same, That, from and after the first day o f January, one thousand eight hundred and fifty, the following acts and parts o f acts shall be repealed: (that is to say,) a certain act passed in the session o f Parliament holden in the eighth and ninth years o f the reign o f H er present Majesty, entitled A n act for the encouragement o f British shipping and navigation; and so much o f a certain other act passed in the said session o f Parlia- Commercial Regulations. 543 meat, entitled A n act for the registering o f British vessels, as limits the privileges o f vessels registered at Malta, Gibraltar, and H eligoland; and so much thereof as pro vides that no ship or vessel shall be registered, except such as are wholly o f the build o f some part o f the British Dom inions; and so much as relates to the disqualification o f ships repaired in a foreign coun try; and so much as prevents British ships which have been captured b y or sold to foreigners from becoming entitled to be again regis tered as British, in case the same again become the property o f British su bjects; and so much o f a certain other act passed in the said session o f Parliament, entitled A n act to regulate the trade o f British Possessions abroad, as provides that no goods shall be imported into, or exported from, any o f the British Possessions in America by sea, from or to any place other than the United Kingdom, or some other o f such Posses sions, except into, or from, the several ports denominated free p o rts; and so much thereof as provides for the limitation o f the privileges allowed to foreign ships by the law o f navigation in respect o f importations into the British Possessions in Asia, Africa, and A m erica; and so much thereof as provides that no vessel or boat shall be admit ted to be a British vessel, or boat, on any o f the inland waters or lakes o f America, except such as shall have been built at some place within the British Dominions, and shall not have been repaired at any foreign place to a greater extent than in the said act is mentioned; and so much o f a certain other act passed in the said session o f Par liament, entitled A n act for the general regulation o f the customs, as prohibits the importation o f train oil, blubber, spermaceti oil, head matter, skins, bones, and fins, the produce o f fish or creatures living in the sea, unless in vessels which shall have been cleared out regularly with such oil, blubber, or other produce on board, from some foreign p o r t; and so much thereof as prohibits the importation o f tea, unless from the Cape o f Good Hope, or from places eastward o f the same to the Straits o f M agellan; and so much o f a certain act passed in the session o f Parliament holden in the seventh and eighth years o f the reign o f Her present Majesty, entitled A n act to amend and consolidate the laws relating to merchant seamen, and for keeping a register o f sea men, as provides that the master or owner o f every ship belonging to any subject o f H er Majesty, and o f the burden o f eighty tons or upwards, (except pleasure yachts,) shall have on board at the time o f her proceeding from any port o f the United King dom, and at all times when absent from the United Kingdom, or navigating the seas, one apprentice or more in a certain proportion to the number o f tons o f his ship’s ad measurement, and that if any such master or owner shall neglect to have on board his ship the number o f apprentices thereby required, together with their respective regis tered indentures, assignments, and register tickets, he shall forfeit and pay the sum of ten pounds in respect to each apprentice, indenture, assignment, or register ticket so wanting or deficient; also an act passed in the thirty-seventh year o f the reign o f King George the Third, entitled A n act for regulating the trade to be carried on within the British Possessions in India, by the ships o f nations in amity with His M ajesty; and so much o f a certain act passed in the session o f Parliament holden in the fourth year o f the reign o f K ing George the Fourth, entitled A n act to consolidate and amend the several laws now in force with respect to rade from, and to places within the limits o f the charter o f the East India Company, and to make further provisions with respect to such trade, and to amend an act o f the present session o f Parliament for the regis tering o f vessels, so far as it relates to vessels registered in India, as enacts that no Asiatic sailors, lascars, or natives o f any o f the territories, countries, islands, or places, within the limits o f the charter o f the East India Company, shall at any time be deemed or taken to be British seamen, within the intent and meaning o f any act or acts o f Parliament relating to the navigation o f British ships by subjects o f Her Maj esty ; and also the following acts and parts o f a cts; so much o f a certain act passed in the fourth year o f the reign o f King George the Fourth, intitled A n act to authorize His Maj esty, under certain circumstances, to regulate the duties and drawbacks on goods imported or exported in foreign vessels, and to exempt certain foreign vessels from pilotage, as relates to the regulation o f duties and draw backs; also, an act passed in the fifth year o f the reign o f K ing George the Fourth, entitled A n act to indemnify all persons concerned in advising, issuing, or acting under a certain order in Council for regulating the tonnage duties on certain foreign vessels, and to amend an act o f the last session o f Parliament for authorizing His Majesty, under certain circumstances, to regulate the duties and draw backs on goods imported or exported in any foreign vessels; also so much o f an act passed in the session o f Parliament holden in the eighth and ninth years o f the reign o f Her present Majesty, entitled A n act for granting duties o f customs, as empowers Her Majesty in Council, in certain cases to direct that additional duties shall be levied 544 Commercial Regulations. on articles, the growth, produce or manufacture o f foreign countries, or upon goods im ported in the ships o f foreign countries, or to prohibit the importation o f manufactured articles, the produce o f foreign countries; also so much o f an act passed in the session o f Parliament, holden in the fifth and sixth years o f the reign o f her present Majesty, entitled A n act to amend the laws for the importation o f corn, as enables H er Majesty, under certain circumstances, to prohibit the importation o f corn, grain, meal, or flour, from the dominions o f certain foreign p o w ers; and the said several acts and parts o f acts before mentioned, are hereby accordingly repealed, except so far as the said acts or any o f them repeal any former act or acts, or any part o f such act or acts, and ex cept so far as relates to any penalty or forfeiture which shall have been incurred un der the said act or acts hereby repealed or any o f them, or to any offence which shall have been committed contrary to such act or acts or any o f them. II. A nd be it enacted, That no goods or passengers shall be carried coastwise from one part o f the United Kingdom to another, or from the United Kingdom to the Isle o f Man, or from the Isle o f Man to the United Kingdom, except in British ships. III. A nd be it enacted, That no goods or passengers shall be imported into the United Kingdom from any o f the Islands o f Guernsey, Jersey, Alderney, or Sark, nor shall any goods or passengers be exported from the United Kingdom to any o f the said islands, nor shall any goods or passengers be carried from any o f the Islands o f Guernsey, Jersey, Alderney, Sark, or Man to any other o f the said islands, nor from one part o f any o f the said islands to another part o f the same island, except in British ships. IV . A nd be it enacted, That no goods or passengers shall be carried from one part o f any British Possession in Asia, Africa, or A m erica to another part o f the same pos session, except in British ships. V . Provided always, and be it enacted, That if the Legislature or proper legislative authority o f any such British possession shall present an address to H er Majesty, praying Her Majesty to authorize or permit the conveyance o f goods or passengers from one part o f such possession to another part thereof in other than British ships, or i f the Legislatures o f any tw o or more Possessions, which for the purposes o f this act H er Majesty in Council shall declare to be neighboring possessions, shall present ad dresses, or a joint address to Her Majesty, praying H er Majesty to place the trade be tween them on the footing o f a coasting trade, or o f otherwise regulating the same, so far as relates to the vessels in which it is to be carried on, it shall thereupon be lawful for Her Majesty, by order in Council, so to authorize the conveyance o f such goods or passengers, or so to regulate the trade between such neighboring possessions, as the case m ay be, in such terms, and under such conditions, in either case, as to H er Maj esty may seem good. V I. And with regard to the coasting trade o f India, be it enacted, That it shall be lawful for the Governor-General o f India, in Council, to make any regulations author izing or permitting the conveyance o f goods or passengers from one part o f the Pos sessions o f the East India Company to another part thereof, in other than British ships, subject to such restrictions or regulations as he m ay think necessary; and such regulations shall be o f equal force and effect with any laws and regulations which the said Governor-General in Council is now or may hereafter be authorized to make, and shall be subject to disallowance and repeal in like manner as any other laws or regula tions made by the said Governor-General in Council under the laws from time to time in force for the government o f the British Territories in India, and shall be transmitted to England, and be laid before both houses o f Parliament, in the same manner as any other laws or regulations which the Governor-General in Council is now or may here after be empowered to make. V II. A nd be it enacted, That no ship shall be admitted to be a British ship unless duly registered and navigated as su ch ; and that every British registered ship (so long as the registry o f such shall be in force, or the certificate o f such registry retained for the use o f such ship,) shall be navigated during the whole o f every voyage (whether with a cargo or in ballast) in every part o f the world by a master w ho is a British subject, and by a crew w hereof three-fourths at least are British seam en; and if such ship be em ployed in a coasting voyage from one part o f the United Kingdom to ano ther, or in a voyage between the United Kingdom and the Islands o f Guernsey, Jersey, Alderney, Sark or Man, or from one o f the said islands to another o f them, or from one part o f either o f them to another o f the same, or be em ployed in fishing on the coasts o f the United Kingdom or any o f the said islands, then the whole o f the crew shall be British seam en: Provided always, that if a due proportion o f British seamen Commercial R egulations, 545 cannot be procured in any foreign port, or in any place within the limits o f the East India Company’s charter, for the navigation o f any British ship, or if such proportion be destroyed during the voyage b y any unavoidable circumstance, and the master o f such ship make proof o f the truth o f such facts to the satisfaction o f the Collector and Controller o f the Customs at any British port, or o f any person authorized in any other part o f the world to inquire into the navigation o f such ship, the same shall be deemed to be duly navigated: Provided also, that every British ship (except such as are required to be w holly navigated by British seamen) which shall be navigated by one British seaman for every twenty tons o f burthen o f such ship, shall be deemed to be duly navigated, although the number o f other seamen shall exceed one-fourth o f the whole crew. V I I L A nd be it enacted, That no person shall be deemed to be a British seaman, or to be duly qualified to be master o f a British vessel, except persons o f one o f the following classes; (that is to sav,) natural born subjects o f H er Majesty ; persons nat uralized by, or under any act o f Parliament, or by or under any act or ordinance o f the Legislature or proper legislative authority o f one o f the British Possessions, or made denizens by letters o f denization; persons who have becom e British subjects by virtue o f the conquest or cession o f some new ly acquired country, and who have taken the oath o f allegiance to Her Majesty, or the oath o f fidelity required by the treaty or ca pitulation by which such new ly acquired country came into H er Majesty’s possession ; Asiatic sailors or lascars, being natives o f any o f the territories, countries, islands, or places within the limits o f the charter o f the East India Company, and under the gov ernment o f Her Majesty or o f the said C om pan y; and persons who have served on board any o f H er Majesty’s ships o f war, in time o f war, for the space of three years. IX . A nd be it enacted. That if Her Majesty shall at any time by H er R oyal Pro clamation declare that the proportion o f British seamen necessary to the due naviga tion o f British ships shall be less than the proportion required b y this act, every British ship navigated with the proportion o f British seamen required b y such procla mation shall be deemed to be duly navigated, so long as such proclamation shall re main in force. X . A nd be it enacted, That in case it shall be made to appear to H er Majesty that British vessels are subject in any foreign country to any prohibitions or restrictions as to the voyages in which they may engage, or as to the articles which they may im port into, or export from, such country, it shall be lawful for Her Majesty, (if she think fit,) by order in Council, to impose such prohibitions or restrictions upon the ships o f such foreign country, either as to the voyages in which they m ay engage, or as to the articles which they m ay import into, or export from, any part o f the United Kingdom, or o f any British Possession in any part o f the world, as Her Majesty m ay think fit, so as to place the ships o f such country on as nearly as possible the same footing in British ports as that on which British ships are placed in the ports o f such country. X I. A nd be it enacted, That in case it shall be made to appear to Her Majesty that British ships are either directly or indirectly subject in any foreign country to any du ties or charges o f any sort or kind whatsoever, from which the national vessels o f such country are exempt, or that any duties are imposed upon articles imported or export ed in British ships which are not equally imposed upon the like articles imported or exported in national vessels, or that any preference whatever is shown either directly or indirectly to national vessels over British vessels, or to articles imported or export ed in national vessels, over the like articles imported or exported in British vessels, or that British trade and navigation is not placed by such country upon as advantageous a footing as the trade and navigation o f the most favored nation, then, and in any such case, it shall be lawful for H er Majesty, (if she think fit,) by order in Council, to im p o s e such duty or duties o f tonnage upon the ships o f such nation entering into, or de parting from, the ports o f the United Kingdom, or o f any British Possession in any part o f the world, or such duty or duties on all goods, or any specified classes o f goods, imported or exported in the ships o f such nation, as m ay appear to Her Majesty justly to countervail the disadvantages to which British trade or navigation is so subjected, as aforesaid. X II . A nd be it enacted, That in every such order Her Majesty may, if she so think fit, specify what ships are to be considered as ships o f the country or countries to which such order applies, and all ships answering the description contained in such order shall be considered to be ships o f such country or countries for the purpose o f such order. V O L . X X I .-----N O . V . 35 546 Commercial Regulations. X II I . A nd be it enacted, That it shall be lawful for Her Majesty from time to time to revoke any order or orders in Council made under the authority o f this act. X I V . A nd be it enacted, That every such order in Council, as aforesaid, shall, with in fourteen days after the issuing thereof be twice published in the London Gazette, and that a copy thereof shall be laid before both houses o f Parliament within six weeks after the issuing the same, if Parliament be then sitting, and if not, then within six weeks after the commencement o f the then next session o f Parliament. X V . A n d be it enacted, That i f any goods be imported, exported, or carried coast wise contrary to this act, all such goods shall be forfeited, and the master o f the ship in which the same are so imported, exported, or carried coastwise shall forfeit the sum o f one hundred pounds, except where any other penalty is hereby specially imposed. X V I . A nd be it enacted, That all penalties and forfeitures incurred under this act shall be sued for, prosecuted, recovered, and diposed of, or shall be m itigated or re stored, in like manner, and by the same authority as any penalty or forfeiture can be sued for, prosecuted, recovered, and disposed of, or m ay be mitigated or restored, un der an act passed in the said session o f Parliament holden in the eighth and ninth years o f H er present Majesty, entitled A n act for the prevention o f sm uggling; and that the costs o f all proceedings under this act shall be defrayed out o f the consoli dated duties o f customs. X V I I . A nd be it enacted, That all natural b o m subjects o f H er Majesty, and all persons made denizens b y letters o f denization, and all persons naturalized by or under any act o f Parliament, or by or under any act or ordinance o f the Legislature or proper legislative authority o f any o f the British Possessions in Asia, Africa, or America, and all persons authorized by, or under any such act or ordinance to hold shares in British shipping, shall, on taking the oath o f allegiance to Her Majesty, Her heirs and suc cessors, be deemed to be duly qualified to be owners or part owners o f British regis tered vessels, any thing in the said recited act for the registering o f British shipping to the contrary in anywise, notwithstanding. X V I I . A nd be it enacted, That the following form o f certificate shall be substituted for the form o f certificate prescribed by the said act for the registering o f British shipping. “ This i s . to certify, That [here insert the names, occupations and residence o f the subscribing owners,] having made and subscribed the declaration required b y law, and having declared that [he or they] together with [names, occupations and residence o f non-subscribing owners] is [or are] sole owner [or owners] in the proportions specified on the back hereof o f the ship or vessel called the [ship’s name] o f [place to which the vessel belongs,] which is o f the burthen o f [number o f tons,] and w hereof [master’s name] is master, and that the said ship or vessel was [when and where built, or con demned as a prize, referring to builder’s certificate, judges certificate, or certificate o f last registry, then delivered up to be cancelled, or, (if the vessel was foreign built, and the time and place o f building not known,) was foreign, and that he or they did not know the time or place o f building,] and [name and em ployment o f surveying officer] having certified to us that the said ship or vessel has [number] decks, and [number] masts, that her length from the inner part o f the main stem to the forepart o f the stempost aloft, is [ feet tenths,] her breadth in midships is [ feet tenths,] her depth in hold at mid ships is [ feet tenths,] that she is [how rigged] rigged with a [standing or run ning] bowsprit, is [description o f stern] sterned, [Carvel or Clincher] built, has [whether any or not] gallery, and [kind o f head, if any,] head, that the framework and planking, [or plating] is [state whether o f w ood or iron] and that she is [state whether a sailing vessel or a steamer, and if a steamer, state whether propelled b y paddle wheel or screw propellers ;] and the said subscribing owners having consented and agreed to the above description, and having caused sufficient security to be given as required by law, the said ship or vessel called the [nam e] has been duly registered at the port o f [name o f port.] Certified under our hands at the custom-house in the said port o f [name o f port,] this [date] day o f [name o f month] in the year [words at length.] (Signed) Collector. (Signed) Controller.” A nd on the back o f such certificate o f registry there shall be an account o f the parts or shares held b y each o f the owners mentioned and described in such certificate, in the form and maimer following :— 547 Commercial Regulations. Name of the several owners within mentioned. Number o f sixty-fourth shares held by each owner. [ N a m e ].. . Thirty-two. Sixteen. Eight. Eight. (Signed) (Signed) Controller. Collector. X I X . A nd be it enacted, That the following declaration shall be substituted for the declaration by the said act directed to be made by the owner or owners o f any vessel previous to the registry thereof:— “ I, A . B., o f [place o f residence and occupation] do truly declare, That the ship or vessel [name] o f [port or place] w hereof [master’s name] is at present master, being [kind o f build, burthen, etc., as described in the certificate o f the surveying officer,] was [when and where built, or, if prize or forfeited, capture and condemnation as such, or, (if the vessel be foreign built, and the owner does not kno v when and where she was built,) that the said vessel is foreign built, and that I do not know the time and place o f her building,] and that I, the said A . B., [and the other owners names and occupations, if any, and where they respectively reside,] am [or are] sole owner [or owners] o f the said vessel, and that no other person or persons whatever hath or have any right, title, interest, share or property therein or thereto; and that I, the said A . B., [and the said other owners, if any,] am [or are] truly and bona fide a sub je c t [or subjects] o f Great Britain, and that I, the said A . B., have not [nor have any o f the other owners, to the best o f m y knowledge and belief,] taken the oath o f alle giance to any foreign State whatever [except under the terms o f some capitulation, describing the particulars thereof,] or that since m y taking [or his or their taking] the oath o f allegiance to [naming the foreign States respectively to which he or any o f the said owners shall have taken the same] I have [or he or they hath or have] becom e a denizen [or denizens, or naturalized subject or subjects, as the case m ay be,] o f the United Kingdom o f Great Britain and Ireland, by H er Majesty’s letters patent [or b y an act o f Parliament, or by or under or by virtue o f an act or ordinance o f the Legis lature o f , or have been authorized by an act or ordinance o f the Legislature of to hold shares in British shipping within the said Colony, and since the passing o f such act or ordinance I have [or he or they hath or have] taken the oath o f allegiance to Her Majesty, Queen Victoria [naming the times when such letters o f de nization have been granted respectively, or the year or years in which such act or acts o f naturalization, or such colonial acts or ordinances have passed respectively,] and that no foreigner, directly or indirectly, hath any share or part interest in the said ship or vessel.” Provided always, that if it shall becom e necessary to register any ship or vessel be longing to any corporate body in the United Kingdom, the following declaration, in lieu o f the declaration hereinbefore directed, shall be made and subscribed b y the Secretary or other proper officer o f such corporate b o d y ; (that is to say,) “ I, A . B., Secretary or officer o f [name o f company or corporation,] do truly de clare, That the ship or vessel [nam e] o f [port,] w hereof [master’s name] is at present master, being [kind o f build, burthen, <fec., as described in the certificate o f the survey ing officer] was [when and where built, or, if prize or forfeited, capture and condem nation as such,] or [if the vessel be foreign built, and that such Secretary or officer does not know when and where built] that the said vessel is foreign built, and that I do not know the time and place o f the building, and that the same doth w holly and truly belong to [name the company or corporation.” ] X X . A nd be it enacted, That notwithstanding that b y the said recited act for the registering o f British vessels, it is enacted, that in case any ship, not being duly regis tered, shall exercise any o f the privileges o f a British vessel, the same shall be for feited, nevertheless all boats or vessels under fifteen tons burthen, wholly owned and navigated by British subjects, although not registered as British ships, shall be admit ted to be British vessels in all navigation in the rivers and upon the coasts o f the Uni ted Kingdom, or o f the British Possessions abroad, and not proceeding over sea, ex cept within the limits o f the respective colonial governments within which the mana ging owners o f such vessels respectively reside; and that all boats or vessels w holly owned and navigated by British subjects, not exceeding the burthen of thirty tons, and not having a whole or fixed deck, and being em ployed solely in fishing on the banks and shores o f Newfoundland, and o f the parts adjacent, or on the banks and shores of 548 Commercial Regulations. the Provinces o f Canada, Nova Scotia, or N ew Brunswick, adjacent to the G ulf o f St. Lawrence, or on the north o f Cape Caneo, or o f the islands within the same, or in trading coastwise within the said limits, shall be admitted to be British boats or vessels, al though not registered, so long as such boats or vessels shall be solely so employed. X X I . A nd be it enacted, That this act shall come into operation on the first day o f January, one thousand eight hundred and fifty. X X I I . A nd be it enacted, That this act may be amended or repealed by any act to be passed in the present session o f Parliament. OF THE LICENSING OF YACHTS. W e published, in the Merchants’ Magazine for September, 1848, (vol. xix., p. 331,) the act o f Congress, authorizing the Secretary o f the Treasury to license yachts, re ferred to in the following circular, expl anatory o f that act, an official copy o f which w e have received from the Treasury Department. CIRCULAR INSTRUCTIONS TO COLLECTORS AND OTHER OFFICERS OF THE CUSTOMS. T reasury D epartment, October 4th, 1849. , Subjoined is a copy o f the act o f Congress approved 7 th August, 1848, entitled “ A n act to authorize the Secretary o f the Treasury to license Yachts, and for other pur poses.” B y this act this Department is authorized, on certain conditions, to cause yachts, used and em ployed exclusively as pleasure vessels, and designed as models o f naval archi tecture, to be licensed on terms which w ill authorize them to proceed from port to p ort within the United States, without entering or clearing at the custom-house. No license o f this description can be granted to a yacht o f less than tw enty tons burthen, and before license is granted, the vessel must have been duly and regularly enrolled under existing laws. Before issuing a license to any yacht duly enrolled as an American vessel, the owner or owners must execute a bond, agreeably to the subjoined form, with one or more sureties, to the satisfaction o f the collector or other proper officer o f the customs, in a penalty in each case in proportion to the tonnage o f the yacht, as prescribed b y the 4th section o f the Enrolling and Licensing act o f the 18th February, 1793. On due execution o f said bond, a license m ay be issued agreeably to the annexed form. A s required by the 3d section o f the act, the Secretary o f the N avy has prescribed the signal to be used b y yachts, as follows, namely : “ The Am erican emigre, substitu ting in the field a white fo u l anchor, surrounded by thirteen white stars in a circle, in lieu o f a.star f o r each State;' It w ill becom e the duty o f the officers o f the customs to see that this provision o f the law is com plied with, and also that each yacht shall have her name, and the port to which she belongs, painted on her stern, as required by existing laws. It w ill be perceived that this law authorizes yachts duly licensed for that purpose “ to proceed from port to port o f the United States, without entering or clearing at the custom-house,” but expressly provides that such vessels “ shall not be allowed to trans port merchandise, or carry passengers for pay.” The proper officers o f the customs w ill consequently not require entry or clearance at the custom-house o f yachts proceeding from port to port within the United States, but masters or other persons in command or charge o f said vessels must exhibit their en rollments and licenses on demand o f any collector, surveyor, or inspector o f the cus toms, and submit to such examination as said officers, or either o f them, shaU see fit to make o f the vessel, with a view to the enforcement o f the requirements o f law, and the due protection o f the public revenue. Licenses granted under this act w ill continue in force for the period o f one year from the date o f issue, on the expiration o f which the privileges under them w ill cease, un til duly renewed. The second section o f the act provides that vessels licensed under its provisions shall be subject to the laws o f the United States, in all respects, excepting as provided in the first section o f the same act, and shall be liable to seizure and forfeiture for any violation o f its provisions. The especial attention, therefore, o f the officers o f the cus toms, is called to the provisions o f the act o f 18th February, 1793, with a view to a due execution o f such o f its provisions as do not conflict with the terms o f the act o f 7th August, 1848. Commercial Regulations. 549 Duplicates o f the enrolments issued under this law to yachts must he duly transmit ted to the Register o f the Treasury, as in other cases. W . M. M EREDITH, Secretary o f the Treasury. OF THE COASTING TRADE OF THE UNITED STATES. CIRCULAR INSTRUCTIONS 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 , Septembei 1 7 1 8 4 9 . In consequence o f a difference o f practice prevailing in the several coUection districts under the law regulating the coasting trade, the Department deems it expedient to caU the attention o f the customs to the subject. The law regulating the coasting trade was enacted on the 18th February, 1793, and its essential provisions have not been modified by subsequent legislation. W ithin the period o f upwards o f half a century, elapsed since the passage o f the law, great and important changes have taken place in the character o f the coastwise and interior com merce o f the country, and in respect to the facilities o f transportation by the use o f steam-power, without any corresponding changes in the law to meet the altered con dition o f the trade. The provisions o f the law o f 1793 have thus, by reason o f the causes referred to, becom e difficult o f application in several respects; and hence prac tices have grown up, involving departures from the strict letter o f the law. The De partment, feeling desirous to encourage this important branch o f the commerce o f the country, placed, by the events before mentioned, under embarrassing restrictions, di rects that every privilege and facility, consistent with law, and not detrimental to the interests o f the public revenue, be extended by Collectors and other officers o f the custom s; and whenever said officers shall find it their duty to enforce any fines, pen alties, or forfeitures that m ay attach under the coasting act, in cases where they shaU be satisfied that the same were incurred in consequence o f the inability o f the parties to comply, for the reasons before stated, with the strict letter o f the law, and not from any wilful intent to evade or violate its provisions, said officers will, before proceeding to enforce the penalties, and subjecting the parties to costs, afford them the opportu nity o f making application to the Department for remission, should they be disposed to avail themselves o f that privilege. W . M . M ERED ITH , Secretary o f the T reasury. OF SPIRITS IN BOND IN ENGLAND. A party at one o f the principal ports having racked for ship’s stores a hogshead o f brandy into several smaller casks, on which a deficiency in strength appeared to arise in the process, the duty thereon was required by the officers o f the revenue, on ac count o f one o f the racked casks being taken for home use, and the party urged a re quest to the authorities that they were entitled to have the duty on the deficiency re funded to them, as they were aware o f no customs regulation in existence requiring duty to be paid on deficiencies arising from racking spirits in bond for ships’ stores; and, b y a recent order, they were permitted to take for home consumption such balance cask o f foreign spirits racked for ships’ stores as they should require on payment of the duty thereon. In the operation o f racking the cask in question, a deficiency arose in strength, and had the five racked packages been exported, the loss, which was not excessive, w ould have been allowed without payment o f duty, but as one o f the pack ages was cleared for home use, the duty has been charged on the whole o f the defi ciency which arose in the operation o f racking. It appears that it is usual, at the port o f London, when casks o f spirits are racked or divided into smaller casks for home use, to charge the duty on the loss on the quantity arising from the operation at o n c e ; but if only a portion o f them is taken for home use, the loss is apportioned to the new packages, and the duty charged on the loss so apportioned as each package is cleared, and remitted on those which are exported, or are not taken for home use, and it was, therefore, considered that in this case the loss should only be charged on the portion taken for home use. OF NEWSPAPER POSTAGE TO CALIFORNIA. S. R. Hobbie, First Assistant Post-master General, under date o f Post-Office Depart ment, Septem ber 13th, 1849, writes in answer to an inquiry made by the Post-master o f Philadelphia, “ that prepayment o f postage is not required upon newspapers to Cali fornia, if sent from the office o f publication.” 550 Nautical Intelligence. OF THE RATES OF LETTER POSTAGE, P ost-O ffice D epartment, Contract Office, Sept. 7, 1849. S i r :— T he practice you have adopted (as appears by your letter o f the 31st ult.) under the recent act o f Congress, changing the scale o f progression in the rating o f letters, is correct. That law adopts a rule for this country, uniform with the one that prevails in Great Britain and Germany, to w i t : to count the half ounce in rating post age, that is, when the letter does not exceed the weight o f half an ounce. W hen the letter exceeds the weight o f half an ounce, it is required to be rated by the ounce. For instance, if weighing less than an ounce, but more than half an ounce, it is to be charged with two rates o f p osta g e; if weighing over an ounce, but less than two ounces, with four rates o f postage, [no matter how little the excess, it is to be charged the same as i f it weighed tw o ounces;] if over two ounces, but less than three, six rates o f postage, and so on. This law is general, embracing inland as w ell as foreign letters; for in seeking uni formity with other countries with which we have Postal Treaties, it was not intended to make a complicated and conflicting regulation for ourselves. Respectfully, your obedient servant, S. R . H OBBIE, F irst A ssistan t Post-master General. J. E. W harton , E s q . Post-master, W heeling. NAUTICAL INTELLIGENCE. NOTICE TO THE SHIPPING OF BOSTON. B oston, September 10,1849. The city government have placed a lead pipe across the channel from Boston to East Boston, nearly in the track o f the ferry boats, for the purpose o f supplying East Boston with Cochituate water, and, for the better preservation o f said pipe, I caution all persons from anchoring vessels in the vicinity o f said ferry track, under the follow ing p en alty :— Be it enacted b y the Senate and House o f Representatives, in general court assem bled, and by the authority o f the same, as fo llo w s:— S e c . 1. The harbor-master, authorized to be appointed b y the fifth section o f the act to which this is in addition, shall have authority to regulate the anchorage o f aU vessels in the upper harbor o f Boston, and, when necessary, to order the removal o f such vessels, ana to cause the same to be removed, in obedience to such order, at the expense o f the master or owners thereof; and if any person shaU obstruct said harbor master in the discharge o f his duties, as prescribed by this act, or bv the act to which this is in addition, or shall neglect or refuse to obey any lawful order made by said harbor-master, he shall be liable to a penalty, not exceeding fifty dollars, for each of fence, to be recovered by indictment, for the use o f the city o f Boston. G. P. T E W K S B U R Y , H arborm aster. LIGHT-HOUSE ON GIBB'S HILL. This light-house is the second only on a large scale that has ever been constructed o f iron. Both it and the former one— on Morant Point, Jamaica-—are the design and contrivance o f Alexander Gordon, Esq., Civil Engineer, o f London. The tower is 24 feet in diameter at the base, and 14 feet at the neck, under the hollow conodial capital which supports the gallery— the gallery itself is 20 feet in diameter, and the footway is 105 feet 9 inches from the level o f the foundation. The carcase o f the tower is o f cast iron plates, joined by wrought iron bolts and by iron cement. There are in all 135 concentrick plates, 10 in the circle, carrying in weight from 1£ tons, to 15 cwt. The necessary stability is given to the building by a mass o f concrete nearly 500 tons in weight, contained between the outside plates o f the tower, and the walls o f a cen tral circular well, 8 feet in diam eter; through which well, ascent is gained to the up per rooms o f the tower. This mass o f concrete reaches to a height o f 22 feet in the light-house, and at this height is the first flo o r; above this there are 7 rooms, each 12 feet in height, divided from each other by iron floors, supported on the outer plates, N au tical Intelligence . 551 and on the central hollow column, which rims from top to bottom o f the light-house, and serves for a passage for the weight o f the revolving machine o f the light. The as cent through the rooms is b y winding stairs o f perfectly easy gradation. The tw o rooms next above the concrete, are cased with brick work, to serve as oil and store rooms— the rest are lined with sheet iron, disposed in large panels, with oaken pilas ters and cornices, and are large enough for comfortable dwelling rooms. The light is a “ revolving dioptrick lens light, o f the first order, with mirrors,” with one central lamp o f four concentrick w ic k s ; it w ill be one o f the largest and most powerful in the world. The light b y calculation should be seen from the deck o f a ship o f the ordinary run o f vessels 26 or 27 miles, but as the atmosphere makes the greatest difference in the distance at which objects are discerned at sea, it m ay often be seen at a distance o f 32 or 34 miles. The light for this light-house was manufac tured by Messrs. Wilkins, o f L ong Acre, London. Height o f Gibb’s H ill from high water level, 245 feet; o f light-house to gallery 105 feet 9 inches ; from gallery to center o f lamp, 11 fe e t ; from center o f light to top o f vane 17 fe e t; total height from high water level to extreme top o f vane, 378 feet 9 inches. The first plate was erected in its place on the 19th December, 1844, and the last plate o f the tower on the 9th October, 1845. NEW HARBOR OF REFUGE NEAR CAPE HATTERAS. C oast S u r v e y S tation , ) (Near North Deerfield, N. H.,) July 25, 1849. ) S i r :— In consequence o f the information received from Lieutenant Commanding Maffit, and already reported to you, in regard to the importance o f the inlet opened in 1846, south o f Cape Hatteras, I have had a reconnisance made o f it b y Lieutenant Commanding James Alden, U. S. N. Assistant in the Coast Survey, which confirms the previous statement o f the value o f this inlet as a harbor o f refuge. The report o f Lieutenant A lden contains the following statements o f interest to navigators:— “ This opening bears from Hatteras Light S. 70° W ., distant about tw elve miles. It will be easily recognized by the remarkably round hammock covered with trees on the East side o f the entrance. The least depth at low water on the bar is 14 feet. It should be approached from the Northward, and Eastward, and as the brakers seldom extend entirely across the entrance, it can be readily discovered by the smoothness of the water between them ; at that point steer N. W . by W., keeping along the breakers on the starboard hand until w ell in, then haul m ore to the northward, and anchor soon after inside the sand pits, which form the entrance, and which, together with the bar outside, afford sufficient protection against all winds from that qu arter; the best an chorage, however, for a vessel drawing 10 feet o f water, is where the schooner’s first position is marked on the chart, and where the current w ill be felt much less than in mid channel; the currents and tides are influenced very much b y the w in d s; the greatest velocity w e found was three knots between the tw o sand pits ; the mean rise and fall was 2.2 feet. “ There are tw o openings; the one to the westward is small, and has a very narrow and intricate channel, and must be considered o f little or no importance, while so near a much finer and better one. “ G ood pilots can be obtained for Hatteras Inlet at any time.” The sketch o f Lieutenant Commanding A lden’s reconnoisance has been reduced to publication, and w ill be at oncd placed in the hands o f an engraver. V ery respectfully, yours, A . D . B A CH E, Superintendent U . S. Coast Survey. W m. M M e r e d i t h , Secretary o f the Treasury. CEDAR POINT LIGHT. John Young, CoUector at the port o f Sandusky, (Ohio,) gives notice “ that one o f Capt. Callard’s Patent Signal Lanterns has been placed on Cedar Point, so as to range with the Cedar Point Light, and the channel across the outer bar, which does away with the difficulty heretofore existing o f entering this port in the night. Steamers or vessels bound up or down the lake, should get the tw o lights in range and steer di rectly for them. The lam p shows a red light on the east and west sides, and a white light on the north, or front side.” 552 N au tical Intelligence. BANKS NEAR GRAHAM’S SHOAL DISCOVERED, L loyds A gency, Malta , A v g u s t 22, 1849. S ir :— On the 11th inst. H. M. S. Terrible, Capt. Ramsay, was despatched b y His E x cellency, Sir W . Parker, to survey Graham’s Shoal, from which service she returned on the 20th inst. The plans o f the survey not having y et been received at the A dm i ral’s office, w e have only been able to learn that where soundings w ere thirty-five fa thoms when the previous survey, in 1846, was taken, only thirty-two fathoms are now fou n d ; and a considerable bank has been discovered close to Graham’s Shoal, w ith only nineteen fathoms o f water upon it. This new shoal is stated to be between Gra ham’s and the Sicily Coast. A s soon as w e can obtain m ore precise information, w e wiU not fail to transmit it to you. R . D U C K W O RTH & Co., A g en ts at L loyd s. Capt . G. A alsted , R . N . Secretary, L loyds. WING’S NECK AND PALMER’S ISLAND LIGHT-HOUSES. W illiam T. Russell, Collector o f customs at N ew Bedford, (Massachusetts,) gives notice that the following light-houses have been erected in that D istrict:— w in g ’ s neck lig h t - house . Situated on the point o f W ing’s Neck, near the head o f Buzzard’s Bay, and was lighted on the 17th o f September, 1849. p a l m e r ’ s islan d lig h t - house . Situated on the north-easterly point o f Palmer's Island, in this harbor, and was lighted on Monday, the 1st day o f October, 1849. W e shall publish the bearings and distances o f these lights in the Merchants' M aga zine, as soon as they are taken. BUTTERMILK CHANNEL, NEW YORK HARBOR, From a survey recently made b y the Hydrographical party o f the Coast Survey, under the direction and command o f Lieutenant D. D. Porter, o f the United States N avy: The various soundings in the whole extent o f the Channel are minutely and distinctly designated, and the Channel has been buoyed out b y Lieutenant WoodhuU with spar buoys, so that ships o f the largest class can pass through it without difficulty or delay, b y observing the sailing directions as indicated on the published chart. It has hereto fore been held that there was not sufficient depth o f water in the Channel for vessels o f large draught, and, therefore, could not be used with safety. The survey shows that there are from thirty-one to forty-two feet o f water in and about the main Chan nel at low tides. The buoys are painted and numbered, and m oored in nineteen feet low water. The use o f this Channel by vessels w ill often save much time going in and out the East River at certain times. LIGHT-VESSEL IN ATCHAFALAYA BAY. C ustom -house , N e w O rle an s , ) C ollector ’ s O ffice , July 24th, 1849. f There has been placed in Atchafalaya B ay a Floating Light-Vessel, for the guidance o f vessels navigating said bay. The bearings from said Floating Light are as follows : Pointe-au-Fer, E. 22 S., distant 12 miles. Belle Isle, N. 83 E. Tucka Hammock, -N 22 W . Turn Stake, N. 5 W ., 1£ miles. S. W . or outer Stake, S. 38 E. D irections .— Bring the Floating Light to bear N. W . \ W., and run directly for her. Y ou will leave the outer or S. W . stake on your larboard hand; when up with the Light-Vessel, you must anchor near her on the N. E. side, as you cannot proceed further without a pilot, or until daylight. A t full 6ea there is twelve feet water in the channel. The Light-Vessel bearing any w ay between S. S. E. and N. N. W., westward o f you and near to, you are in safe anchorage. S A M U E L J. PE TE R S. Collector. 553 Commercial Statistics. APPROACH TO WESTERN BAR AT OAK ISLAND. Col. Rankin, the Collector o f this port, says the Wilmington, H. C. Commercial, has handed us the following, relative to the bearings o f the ranging Lights. T hey are from Capt. I. B. Smith, o f the steamer Gibraltar. On approaching the Western Bar o f Oak Island Channel, get the Light on Bald H ead to bear E. or E. b y N., and run for it until the Lights on Oak Island bear H. E. b y H , and run for the Lights until the Light on Bald Head bears E. or E. H. E., and then the course is E. H. E., up to the Rip, or to the Point o f Oak Island. W hen in over the Bar, Bald Head Light w ill bear E. S. E. COMMERCIAL STATISTICS. TRADE AND COMMERCE OF NEW ORLEANS. The “ New Orleans P r ice C urrent” etc., one o f the ablest and best conducted jou r nals o f its class in the United States, o f Septem ber 8th, 1849, contains the usual an nual statement o f the commerce o f that city. A greeably to our custom, w e give, in a condensed form, the substance o f the tabular statements, which have been prepared with so much accuracy and skill by our H ew Orleans cotemporary. Similar accounts o f the trade and commerce o f H ew Orleans for previous years, from 1831 to the pres ent time, derived from the same reliable sources, w ill be found in the “ M erchants’ Magazine ” vol. ii., p. 349 ; vol. v., p. 4 7 1 ; voL vii., p. 39 0; vol. ix., p. 5 6 8 ; voL xi., p. 415 ; voL xiii., p. 369 ; vol. xv., p. 4 0 4 ; voL xvii., p. 412, and vol. xix., p. 51 1:— EXPORTS OF COTTON AND TOBACCO FROM NEW ORLEANS FOR THREE LAST YEARS, COMMENCING ON 1ST OF SEPTEMBER, AND ENDING ON 3 1 ST OF AUGUST. COTTON—BALES. Whither exported. L iv e r p o o l........................... London ............................... Glasgow and G reen ock .. Cowes, Falmouth, & c. . . . H avre.......... ....................... Bordeaux ........................... Marseilles........................... Hantes, Cette, and Rouen A m sterd am ....................... Rotterdam and Ghent. . . B rem en............................... Antwerp, A c ...................... H a m b u r g ........................... Gottenburg........................ Spain and Gibraltar........ Havana, Mexico, & c ........ Genoa, Trieste, &c China................................... Other foreign p o r t s ......... N ew Y ork.......................... B oston ................................. Providence, R. I ................ P hiladelphia...................... B altim ore........................... Portsm outh........................ Other coastwise p o rts ... . W estern S ta te s ................ T o ta l........................... TOBACCO—HHDS. 1848. 1847. 1846. 1848. 1847. 1846- 603,453 305 27,533 11,237 2,488 139,910 3,424 11,313 619,817 367,810 48 10,598 6,102 810 90,103 330 3,323 1,963 6,120 5,362 8,706 10,008 3,374 5,173 2,535 1,153 1,148 6,998 1,450 2,192 2,201 128 2,625 1,159 242 2,096- 27,996 6,270 511 2,300 123,856 3,178 8,659 5,275 1,831 304 8,716 14,170 7,091 4,887 32,565 25,468 45,228 1,490 13,057 67,578 143,989 1,566 16,213 12,328 5,733 3,132 1,500 1,167,303 1,201,897 2,659 12,137 24,338 5,321 7,303 42,823 16,328 41,614 9,304 67,611 111,584 360 18,486 4,959 595 4,369 2,912 7,466 4,376 17,705 9,376 30,542 6,579 65,187 75,546 470 13,582 7,288 3,491 1,437 2,500 724,508 568 4,446 1,652 403 949 11,795 3,845 75 5,252 3,371 239 945 7,692 617 8,388 882 7,318 1,089 975 9,573 1,619 1,008 5,458 2,664 1,369 200 2,779 301 4,841 1,077 80 1,041 5,620 1,426 885 ..... 5,046 ...... ..... ..... 135 228 115 52,896 60,364 50,376 554 Commercial Statistics. RECAPITULATION. Great Britain.................... France................................. North o f Europe............... South o f Europe & China C oastw ise........................... 645,018 154,647 61,062 100,765 205,811 654,083 140,968 50.056 104,751 252,039 385,368 95,719 26,297 57,623 159,501 14,017 10,640 7,039 10,347 10,853 19,867 4,954 10,475 12,079 12,989 9,695 3,497 8,018 17,849 11,317 T ota l........................... 1,167,303 1,201,897 724,508 52,896 60,364 50,376 EXPORTS OP SUGAR FROM N EW ORLEANS FOR THREE TEARS, (U P THE R IV E R EXCEPTED,) FROM 1 s t OF SEPTEMBER TO 3 1 S T OF AUGUST. 1848. Whither exported. N ew Y ork................................... Philadelphia.............................. Charleston, S. C ......................... Savannah................................... Providence <Se Bristol, R. I . . . Boston......................................... Baltimore.................................... Hhds. 44,333 18,749 3,726 1,661 1847. Bbls. 1,532 3,232 365 20 1846. Hhds. 36,053 19,808 3,355 806 Bbls. 2,600 1,512 539 Hhds. 16,754 11,653 3,147 1,352 Bbls. 802 653 647 58 ....... ..... ...... 2,420 10,652 9 64 2,991 3 ,674 11,149 869 3,258 695 5,981 43 895 6,289 Richmond & Petersburg, Va. ) Alexandria, D. C ...................... M obile......................................... Apalachicola and P en sa cola .. Other ports................................ 1,204 6,888 861 4 ,806 966 528 4,549 1,363 220 1,463 294 316 230 5,310 1,738 171 1,604 426 273 156 3,783 1,415 371 1,038 473 76 T o ta l................................... 94,490 11,381 89,182 11,942 50,113 5,451 EXPORTS OF MOLASSES FROM NEW ORLEANS FOR THREE TEARS, (U P THE R IV E R EXCEPTED,) FROM 1ST SEPTEMBER TO 3 1 s T OF AUGUST. 1848. W hither exported. N ew Y ork................................... Philadelphia.............................. Charleston, S. C........................ Savannah.................................... Providence & Bristol, R. I . . . Boston......................................... B altim ore.................................... Richmond & Petersburg, Y a. j" Alexandria, D . C ...................... M obile.......................................... Apalachicola and Pensacola. . Other ports................................. Total................................... 1847. 1S46. Hhds. Bbls. Ilhds. Bbls. Hhds. Bbls. 1 ,8 3 7 3 8 ,8 9 2 5 ,7 4 7 3 1 ,2 2 5 2 ,8 4 2 1 5 ,8 6 1 410 1 4 ,2 5 2 117 1 0 ,8 7 1 60 4 ,5 1 2 6 ,6 5 9 3 ,2 3 8 6 ,6 6 0 1 ,0 9 6 118 2 ,3 3 4 230 1 ,0 4 3 602 1 ,7 5 2 .... 76 2 ,0 5 4 1 ,1 7 7 5 ,0 6 7 22 413 77 9 ,4 4 8 1 ,5 2 2 1 2 ,0 0 2 337 3 ,3 4 8 7 ,1 2 1 252 8 ,2 2 5 — .... 7 ,1 3 9 — 748 112 511 9 ,1 2 0 9 ,6 4 5 6 ,4 9 7 .... 3 ,6 0 1 .... 3 ,9 8 4 250 532 2 ,1 4 2 1 ,0 1 5 540 286 2 ,6 5 0 9 3 ,7 7 1 1 1 ,8 6 6 9 0 ,6 3 8 4 ,0 5 3 4 2 ,2 0 8 ' 2 ,5 6 5 EXPORTS OF FLOUR, PORK, BACON, LARD, BEEF, LEAD, W H ISK Y, AND CORN, FOR TWO YEARS’ FROM 1ST SEPTEMBER TO 3 1 S T AUGUST. 1848. Ports. Flour. Bbls. Pork. Bbls. Bacon. H hds . N ew Y o r k ... . . 174,898 220,487 29,971 B oston............... 303,563 129,628 10,249 P h ila d elp h ia ... 14,837 21,726 5,125 Baltimore........... 10 28,645 4,200 Charleston......... 1,754 3,502 4,086 Otli. coastw. pts. 62,025 8,661 10,759 C u b a ................. 740 1,682 870 Oth. for. ports.. 218,211 53,467 2,526 Lard. Beef. Lead. Whiskey . Cora. K egs. Bbls. P igs. Bbls. Sacks. 9,192 290,949 8,100 205,263 402,149 347,390 11,709 147,789 2,111 62,167 1,068 44,237 5 90 2,654 39,769 61,762 1,717 4 ,044 2,891 5,988 900 60 160 7,065 2,974 46,277 10,737 50 32,634 2,596 131,847 195 82 1,147,004 250,049 33,143 2,412 ...... T o ta l........... 778 ,37 0 466 ,05 0 67,202 1,249,691 60,058 489,641 63,473 1,466,861 Commercial Statistics. Ports. r---------Flour. Bbls. 55 5 1847. Pork. Bbls. Bacon. Hhds. N ew Y o r k ..__ 80,940 103,885 10,542 Boston............... 210,545 104,290 5,655 Philadelphia. . . 26,452 15,920 5,482 Baltimore.......... 50 31,439 6,028 Charleston........ 6,235 2,328 4,218 Oth. coastw. pts. 39,635 13,241 11,865 14,038 C u b a ................. 2,134 918 Oth. for. ports.. 94,6 24 45,126 1,346 Lard. Beef. Lead. K egs. Bbls. P igs. W hisky. Bbls. 299,871 6,662 358,989 9,785 391,690 8,523 144,181 687 59,998 79,438 4,226 575 1,528 5,364 74,947 10,431 9,777 311 35 12,419 13,203 2,725 37,977 132,407 427 413,603 20,630 1,755 562 Corn. Sacks. 262,333 268,501 6,967 6,937 59,007 59,486 5 60,630 Total............. 472,519 318,364 46,0 54 1,395,496 41,381 594,829 71,020 1,223,861 In the above, the exports to M obile & c., via the Pontchartrain Railroad and N ew Canal, are included. A TABLE SHOWING THE RECEIPTS OF THE PRINCIPAL ARTICLES FROM THE INTERIOR DURING THE YEAR ENDING 3 1 S T AUGUST, 1 8 4 8 , W IT H THEIR ESTIMATED AVGRAGE AND TOTAL VALUE. Articles. A p p les..................................... Bacon, assorted *................... Bacon, assorted...................... Bacon ham s............................ Bacon in bulk...................... Bagging.................................. Bale rope................................ Beans....................................... Butter..................................... Butter...................................... Beeswax................................. B ee f......................................... B eef.......................................... Beef, dried.............................. Buffalo robes......................... C o tto n ...................................... Com m e a l.............................. Cora in ear............................. Corn, shelled........................... C heese..................................... Candles.................................... C ider................. ..................... Coal, w estern.......................... Dried apples and peaches.. . Feathers................................. Flaxseed................................... F lo u r....................................... Furs............................... hhds. bundles & boxes H e m p ....................................... H id e s ..................................... . H a y .......................................... B on, p i g .................................. L a r d ......................................... L a r d ........................................ Lard......................................... Leather..................................... Lime, w e ste rn ...................... . L e a d ...................................... Lead, ba r................................. Molasses, (estimated crop).. O a t s ............................. Onions........................................ Oil, lin seed .............................. Oil, castor................................ Oil, la r d .................................... Potatoes.................................... Am ount. 54,987 32,056 32,156 19,831 217,000 72,941 93,322 13,157 57,972 2,144 481 44,473 36,117 20,300 23 1,142,382 12,097 295,711 1,705,138 54,289 28,362 1,189 315,000 2,964 3,939 1,188 1,013,177 200 19,856 30,570 64,241 413 790 214,362 275,485 3,976 10,401 508,557 945 14,300,000 266,559 6,898 1,409 2,628 8,842 146,116 Average. §3 40 25 45 00 00 00 00 05 16 00 12 00 3 00 5 00 20 00 40 00 11 00 15 50 07 70 00 27 00 2 50 45 1 05 3 00 4 50 3 00 50 2 50 25 00 9 00 4 50 .... 22 00 1 25 3 00 30 00 60 00 18 00 3 50 25 00 1 50 3 00 18 00 16 80 2 00 25 00 60 00 24 00 2 50 Value. $174,961 1,282,240 803,900 892,395 10,850 1,167,056 1,119,864 39,471 89,860 42,880 19,240 489,203 559,813 1,421 1,610 30,844,314 30,242 133,070 1,790,394 162,867 127,629 3,567 157,500 7,400 98,475 10,692 4,559,296 300,000 436,832 38,212 162,723 12,390 47,400 3,858,516 1,064,197 99,400 15,601 1,525,671 17,082 2,288,000 213,247 13,796 35,225 157,680 212,208 365,290 556 Commercial Statistics. TABLE SHOWING THE RECEIPTS OF THE PRINCIPAL ARTICLES FROM THE INTERIOR— CONTINUED. Articles. P o r k ......................................... P o r k ...................................... P o rk ....................................... Pork in bulk......................... Porter and a le ..................... Packing yarn...................... Skins, d e e r ........................... Skins, b e a r .......................... S h o t ..................................... Soap...................................... S ta v e s .................................. Sugar, (estimated c r o p ) . . . Spanish moss....................... T a llo w ...................................... Tobacco, le a f ........................ Tobacco, strips ..................... Tobacco, chew ing ................. T obacco............................... T w in e .................................... .bundles & boxes V in e g a r ............................... W h is lty ............................... W indow glass..................... W h e a t................................... Other various articles, estimated a t ................... Amount. 550,643 18,279 18,499 10,273,680 1,838 2,211 1,301 8 4,377 6,520 3,800 220,000 1,922 10,622 44,335 8,000 2,315 33 2,067 37 125,029 575 238,911 Average. 9 50 20 00 4 0 00 03f 8 00 8 00 25 00 15 00 2 0 00 3 00 4 0 00 . 4 0 00 6 00 21 00 7 0 00 100 00 15 00 3 50 15 00 5 00 7 00 5 00 2 00 881,989,692 79,779,151 90,033,256 7 7,193,464 Total valu e........... “ in 1 84 7 ......... “ 1 84 6 ......... “ 1845........ Value. 5,231,108 365,580 7 39,960 285,263 14,704 17,688 32,525 120 87,540 19,560 152,000 8,800,000 11,532 223,062 3,103,450 800,000 34,725 115 31,005 185 875,203 2,875 477 ,82 2 5,000,000 MONTHLY ARRIVALS OF SHIPS, BARKS, BRIGS, SCHOONERS, AND STEAMBOATS FOR TW O Y E A R S, FROM 1ST SEPTEMBER TO 3 1 ST AUGUST. 18/18 . U1 GO cr rji f 8 P, i to la 27 9 ii 32 7 45 23 24 33 13 96 47 44 37 14 87 57 60 45 10 71 62 47 50 11 101 62 39 39 10 70 61 53 54 15 132 56 34 53 11 74 32 19 43 15 40 22 25 31 8 12 19 10 21 12 2 12 9 18 10 r Months. Septem ber O ctober.. . November. D ecem ber. January... February.. March....... A p r il. . . . M a y ......... June.......... July........... A u g u s t.... P vr ? td E : 86 138 238 259 241 251 253 286 183 126 74 51 T o t a l... 757 462 375 456 136 2,186 1 m td g p- r m f 164 17 315 43 288 146 381 99 825 102 313 97 321 97 257 72 191 90 153 88 135 68 130 36 td 1 i3 27 45 61 82 60 50 42 42 39 34 14 td eC reD 15 18 31 66 74 59 47 40 35 33 24 20 1(547 m GO & GO o O 4. 3 41 6 44 12 62 15 72 14 97 18 74 16 82 17 68 11 96 22 49 20« 59 26 51 29 2,873 955 509 462 795 206 CO E td o ST 92 144 299 312 873 306 293 233 285 229 211 150 184 288 266 311 349 316 327 250 229 171 152 134 2,927 2,977 TOBACCO INSPECTED AT LYNCHBURG IN 1848-9. It appears, from an official statement signed b y John Thurman, and published in the Lynchburg V irginian, that the quantity o f tobacco inspected in Lynchburg, (the fiscal year ending on the 1st o f October,) from the 1st o f October, in the years 1848 and 1849, was, in 1848, 7,285 hhds., and in 1849, 10,465 hhds.; being an increase for 1849 over 1848, o f 3,181 hhds. The stocks on hand at the same time, were, in 1848, 3,805 hhds.; in 1849, 2,733 hhds ; decrease in stocks in 1849, 1,072 hhds. Commercial Statistics. 55 1 VALUE OF PRODUCE OF THE INTERIOR RECEIVED AT NEW ORLEANS. The following comparison o f the value o f the principal products o f the interior, re ceived at the port o f N ew Orleans, from Slst August to 1st September, 1841, 1848, and 1849, is compiled from a series o f tables which the editors o f the N ew Orleans P r ic e Current have yearly prepared for their “ annual statement.” It w ill be found to exhibit some interesting facts in regard to the commerce o f N ew Orleans with the South and W est:— Cotton . Sugar... T ob’c c o . Flour.. . P o r k . .. L ard... L ead... Molas’es B a con .. Corn.. . . Whisky. W h e a t.. Bagging B e e f .. . H e m p .. 1848-9. 1847-8. 1846-7. 1848-9. 1 8 48 -8. 1846-7. D ollars. D ollars. D ollars. D ollars. D ollars. D ollars. 30,844,314 35,200,345 32,589,436 B’le r’pe 1,119,864 743,240 337,206 8,800,000 9,600,000 9,800,000 Butter . 132,740 249,185 274,360 3,938,290 3,430,544 3,552,340 H ay . . . 162,723 170,317 285,673 4,559,926 3,574,790 8,897,213 H ides... 38,212 59,575 122,997 6,336,648 3,934,047 4,511,162 CoaL. . . 157,500 192,000 267,375 4,970,113 4,611,050 3,804,515 Potato’s. 365,290 303,782 285,776 1,542,753 1,711,796 1,807,219 Staves.. 152,000 80,000 50,000 2,288,000 1,711,796 1,807,219 T allow ,. 223,062 78,426 133,160 2,989,385 1,920,000 1,440,000 Feathe’s 98,475 64,800 87,450 1,923,464 1,497,758 5,454,553 Oats.. . . 213,247 250,415 529,593 30,242 875,203 947,331 1,265,530 C’n m ’al. 95,086 408,505 477,822 269,659 1,917,392 Oth. arts 7,096,094 6,722,827 7,162,221 1,167,056 1,009,866 640,311 493,418 670,490 T ota l 81,989,692 17 9,779,151 90,033,256 1,050,437 903,570 436,832 410,096 18 45-6 . . . . 1844-5. $77,193,464 1 1 8 4 3 -4 ____ 57,196,122 1 1 8 4 2 -3 ____ $60,094,716 I 1 8 4 1 -2____ 53,782,054 | $45,716,045 From the above table it results that the total value o f all the products received at the port o f N ew Orleans from the interior from September 1st, 1841, to September 1st, 1849, a period o f eight years, amounts to $545,730,500. RECEIPTS AND EXPORTS OF COTTON AND TOBACCO AT NEW ORLEANS. STATEMENT OF THE RECEIPTS AND EXPORTS OF COTTON AND TOBACCO AT THE PORT OF NEW ORLEANS IN EACH TEAR FROM 1822-23 TO 1848—49, A PERIOD OF TW ENTY-SIX YEARS---- DERIVED FROM THE NEW ORLEANS PRICE CURRENT. Years. 1 8 2 2 -2 3 ........................... ............ 1823 2 4 ........................... ............ 1 824 2 5 ........................... ............ 1 825 2 6 ........................... 1826 2 7 ........................... ............ 1827 2 8 .......................... ............ 1828 2 9 .......................... .............. 1 8 2 9 -3 0 .......................... ............... 1 830 3 1 .......................... ............... 1 8 3 1 -3 2 .......................... .............. 1 8 3 2 -3 3 .......................... .............. 1 8 3 3 -3 4 .......................... 1 8 3 4 -3 5 .......................... .............. 1 8 3 5 -3 6 ........................ ................ 1 8 3 6 -3 7 .......................... .............. 1 8 3 7 -3 8 ........................ ............... 1 8 3 8 -3 9 ........................ ............... 1 8 3 9 -4 0 ........................ ............... 1 8 4 0 - 4 1 ........................ ............... 1 8 4 1 -4 2 ........................ ............... 1 8 4 2 -4 3 ........................ ............... 1 8 4 3 -4 4 ........................ ............... Receipts. 161.959 141,524 206,358 249,881 336,573 295,853 268,639 362,977 429 ,39 2 345,646 403,833 467 ,98 4 536,172 495,442 605,813 742,726 578,514 954.445 822,870 740,155 1,089,642 910,854 COTTON. Exports. 171,872 143,843 203,914 259,681 326,516 304,073 367,736 351,237 423,942 358 ,10 4 4 1 0 ,52 4 461,026 536,991 490,495 588,969 738,313 579,179 949,320 821,288 749,267 1,088,870 895,375 TOBACCO. Exports. 16,292 25,262 17,759 18,242 29,681 29,443 24,637 32,438 32,098 31,174 20,627 25,871 35,059 50,558 28,601 37,588 28,153 43,827 53,170 67,555 92,509 82,435 Receipts. 28,624 25,910 16,849 18,231 26,540 35,098 25,288 28,028 33,872 35,056 23,637 25,210 33,831 41,604 35,821 35,555 30,852 40,436 54,667 68,058 89,891 81,249 658 Commercial Statistics. COTTON. Years. 18 4418 4518461 8 471848- Receipts. 4 5 .................................. 4 6 .................................. 4 7 .................................. 4 8 .................................. 19.................................. 979,238 1,053,633 740,669 1,213,805 1,142,382 T ota l.................... ................. 16,276,973 . TOBACCO. Exports. Exports. Receipts. 984,616 1,054,857 724,508 1,201,807 1,167,303 71,493 72,896 55,588 55,882 52,335 68,679 62,045 50,376 60,364 52,896 1,131,070 1,138,667 16,044,716 U pon the supposition that the average value o f cotton and tobacco for the twentysix years above stated may be fairly estimated at $40 per bale for the former, and $70 per hogshead for the latter, it w ould give a total value for these tw o articles alone o f $730,253,820. EXPORTS FROM THE PORT OF BUENOS AYRES. The following letter from a highly respectable and intelligent merchant residing at Buenos Ayres, and the accompanying table o f the quantity o f produce shipped from that port from July, 1 8 4 8 ,to 30th June, 1849, w ill doubtless interest a portion o f the readers o f our Magazine. The suggestions o f our correspondent touching the United States tariff on foreign w ool are deserving o f the consideration o f Congress:— B uenos A y r e s , To F r e e m a n H u n t , F sq ., E ditor o f the Merchants' M agazine , etc. July 28th, 1849. D e a r S i r :— Being a subscriber to, and a regular reader of, your valuable Magazine, and appreciating its importance as a repository o f commercial statistics, I have taken the liberty o f forwarding to you a copy o f the British Packet o f 21st July, 1849, con taining a statement o f the exports o f produce from Buenos A yres from July 1, 1848, to June 30, 1849, thinking it might be o f sufficient importance for insertion in the Merchants’ Magazine. The amount o f exports during that time is larger than usual, for the following rea sons :— This port was blockaded by the combined forces o f the English and French for about two years and nine months, during which time (although considerable produce found its w ay out o f the country by an allowed illicit trade with Monte V ideo in small vessels) large quantities o f produce accumulated, particularly bulky articles, such as wool, waiting for shipment when the blockade should be raised, which took place on the 19th June, 1848, so that all this accumulation was shipped in the time embraced in the table. Another reason is, since the raising o f the blockade, nearly all the trade o f the River o f Plata has centered at Buenos Ayres, very few vessels going into Monte V ideo, and thus the most o f the produce o f the Banda Oriental, Entre Rios, Corrientes, Paraguay, and all the provinces on the west side o f the River Parana is brought to Buenos A yres for sale and shipment. Y ou will perceive that the United States is a large consumer o f the produce o f these provinces, particularly hides, hair, and wool, the latter principally o f the coarser qual ities, and such as could scarcely come in competition with that o f the growth o f the United S tates; and it appears to be an unwise policy o f the government o f the United States to levy a duty o f 30 per cent on wools, and make it more difficult for Am ericen manufacturers to compete with those o f other countries in the manufacture o f coarse woolen goods. It could scarcely be produced here at a less price than is generaUy paid for it, and in many instances, particularly if brought from a distance, the w ool grower no more than gets paid for the expense o f shearing, washing, and carriage to market o f his common wools. It is to be hoped the United States government wiU see the necessity and justice o f taking the duty off o f wool, and make it, as formerly, free. This is due our manufacturers. R aw articles should never be burdened with a heavy duty, or they cannot compete successfully with foreign manufacturers. I w ould also note another circumstance, prejudicial to American shipping; that is, that about twothirds o f the carrying trade between Buenos A yres and the United States is done by German, Danish, Swedish, and Norwegian vessels, as a consequence o f the reciprocal treaties with those nations. It is not very easy to arrive at an exact statement o f the imports at Buenos A yres, but should I be able to make it up, or by any means get a statement o f the leading articles, in the course o f tune, in which I can place confidence, I w ill send it to you. I remain, dear sir, your obedient servant, * * * * 559 Commercial Statistics. W e subjoin an abstract o f the table referred to b y our correspondent, omitting the shipments made to Great Britain, France, Germany, Italy, Spain, Havana, and Brazil, giving, however, the exports to the United States and the grand total o f exports from Buenos A yres to all countries:— 1, 1848, TO AMOUNT OF PRODUCE SHIPPED FROM THE PORT OF BUENOS AYKES FROM JULY JUNE 30, 1849, AND FROM 1ST TO 30 th JUNE, 1849. United States. Total, July, 1848, to half-year, June, 1849. June, 1849. 1848. Number o f vessels........... Tonnage ............................. Beef, je rk e d ........................ quintals Bones.................................. “ ....................... u 90 22,469 105,000 33 11 H a ir ................................... « u Hide cuttings.................... Hides, ox and cow, salted “ d r y .. “ horse, d r y ............... “ “ salted.......... Horns, ox and c o w ........... Skins, calf.........................'. « « “ « deer......................... (( “ « t< goat......................... « (( “ “ « nutria...................... sheep........................ M “ a slunk calf................ « 7 1,730 732 244 43 1,563 303 2,598 78,775 575,017 11,487 2,704 638,711 149 486 29 4 94 132 54 15 1,364 123 183 11,159 42,390 279 2,126 327,002 774,091 22,999 39,814 912,795 340 1,205 16 4 27 132 54 15 1,384 123 74 58 13,178 10,562 1,678 13,405 532 150 64,280 5 7 189 332 T a llo w ............................... « W o o l ................................... it U 209 45,654 209,435 1,290 1,536,600 595 20,397 1,845 1,203 51 Total, half-year, 1849. Grand total. 300 65,330 288,227 1,588,900 387 49 15 1,538 654 18 2,237 537,334 1,254,206 14,676 68,422 1,053,996 325 25 16 69 28 28 1,675 70 359 11,770 24*654 1,828 16^593 2,647 509 110,984 497,662 1,290 3,125^500 983 49 15 3,101 957 18 4,363 864,336 2,028,297 37,675 103,236 1,966,791 665 1,230 32 4 96 160 54 43 3,059 123 144 417 24,949 35*216 3*506 29^998 3,179 150 TRADE AND COMMERCE OF CHICAGO. W e published an article in the Merchants’ Magazine for February, 1848, (vol. xviii., pages 164-171,) under our series o f articles on the “ Commercial Cities and Towns o f the United S tates’’ embracing a sketch o f the history and progress o f Chicago, with tabular statements o f the population, commerce, etc., from 1836 to 1847. A friend re siding in that city has sent us some statistics o f the business o f Chicago for the year 1848, com piled under the direction o f the Board o f Trade, at the instance o f Mr. Mil ford, who, it is understood, has been commissioned b y the United States Government at Washington to collect all available information pertaining to the commerce o f the lakes. The first o f these tables exhibits the value o f imports and exports, and the quantities, in part, for the year 1848:— Commercial Statistics. 560 TABLE EXHIBITING THE VALUE OK THE IMPORTS AND EXPORTS TO AND FROM THE PORT OP CHICAGO FOR THE YEAR Quantity. 74,452 S alt..............bbls. L u m ber...........ft. 60,009,250 Shingles..........M. 20,000,000 F ish .............bbls. 10,531 Nails and iro n ... ................ W o o d ........ cords 14,018 M arble................ W ater lime.bush. 4,864 W a g ’ns <fc car’ges H ollow ware and stoves.............. L a th ..............feet 10,025,109 Square tim ber. . 150,269 D ry goods........... G roceries............ H ardw are........... C r o ck e r y ........... Boots & shoes . . Hats, caps, and furs.................. Jewelry, <fcc.. . . Books & station’y Printing p a p er.. Presses, type, <tc. Paints (fc oils . . . Tobacco & cigars Ship chandlery.. Tools, <fcc............. Furniture g oods. G lass................... S ca le s................. Looking-glasses.. O ysters............... Sportsman’s g'ds. Musical Instru’ts. Machinery........... S a lt ............ sacks C oal.............. tons Shingle b’ls.cords B a rk ........... cords Value. $92,737 35 600,892 50 40,000 00 63,186 00 264,825 00 56,072 00 2,400 00 18,683 56 4,500 00 205,836 50,125 15,026 159,004 ................ 2,512^353 1,518,082 446,434 91,515 ........ 282,825 00 55 90 02 66 68 50 00 00 204,600 153,000 130,740 21,852 22,297 276,244 76,380 11,148 69,000 45,000 16,692 26,847 12,133 7,500 7,500 00 00 00 32 50 24 00 00 00 00 20 72 66 00 00 19,278 90,000 12,459 236,730 16,412 63,125 00 00 00 00 50 00 ........ ................ 16,612 47,316 2,525 10,625 1848. Quantity. Value. Flour......... •bbls. 45,200 $211,536 00 W h e a t. , . . bush. 2,160,000 2.095,200 00 225,688 60 Com .......... 650,460 P o r k ......... .bbls. 355,203 00 39,467 S a lt........... 45,000 52,650 00 61,560 60 L a r d ____ . .lbs. 1,026,000 18,422 10 Butter. . . . 184,221 15,430 00 S e e d s .. . . 12,090 177,597 00 B eef......... .casks 19,733 209,078 T obacco.. 10,453 90 961,400 W o o l........ 288,420 00 T a llo w . . . 513,005 41,040 40 7,333 60 Beans-.. . . .bush. 9,167 25,923 64,807 50 . .No. Staves . . 1,550,000 10*850 00 2,150 00 300,000 Spokes___ 3,324 00 H ay.......... 834 2,972 237,760 00 Robes <fcfurs.b’les 19,584 00 Oats.......... 65,280 14,743,268 147,432 68 L u m b er... F ish........ .bbls. 5,000 30,000 00 3,500 1,400 00 B a rle y . . . .bush. 20,490 10,245 00 P otatoes.. 32,630 3,263 00 Mill fe e d .. 34,128 00 2,844 M olasses. .bbls. 257,761 00 . .lbs. 3,682,300 H em p. . . . 602’l08 42,147 56 ....... 190,483 00 Threshing mach’s 1,060,262 00 Machiney. 302,104 00 W ag’ns & car’ges ................ 649,326 00 Furniture. ......... . . ............... 64,127 00 Planed w orks. . . L ath ......... 12,129 36 2,425,871 26,644 21 13,322,104 Shingles. . 3,978,869 98 Merchandise....... ................ Total . 10,709,333 40 T otal............................... 8,338,639 68 In 1836, the value o f imports amounted to $325,203 90, and the value o f exports to $1,000 64. From 1836 to 1840, both imports and exports steadily increased. The latter year they amounted to $562,106 20, value o f imports, and $228,635 74, value o f exports. Chicago since 1840:— Years. 1840................................................. 18 41................................................ 1842................................................. 1843................................................. 18 44................................................. 1845................................................. 1846................................................. 1847................................................. 1848................................................. Population. 4,853 7,580 12,088 14,199 17,000 19,724 Imports. $562,106 20 564,347 88 664,347 88 971,849 75 1,686,416 00 2,043,445 73 2,027.150 00 2,641,852 52 8,338,639 66 Exports. $228,635 74 348,862 24 659,305 20 682,210 85 785,604 23 1,543,519 85 1,813,468 00 2,296,299 00 10,706,333 40 Journal o f Banking, Currency, and Finance. 561 EXPORT OF SUGAR FR01I HAVANA AND MATANZAS, A merchant o f Hew Y ork has kindly furnished us with a commercial circular, dated Havana, August 26th, 1849, from which we derive the follow ing tabular statement of the number o f boxes o f sugar exported to different places from Havana and Matanzas from the 1st o f January to the 24th o f August in each year from 1844 to 1849, in- Years. United States. 1 84 4 163,389 1845 38,498 1846 107,691 1847 244,378 1848 176,230 1849 86,920 Great Britain. 14,922 8,769 12,590 120,134 63,156 51,601 Years. 1 8 4 4 .. 1 8 4 5 .. 1 8 4 6 .. 1 8 4 7 .. 1 8 4 8 .. 1 8 4 9 .. Spain. 87,989 75,469 102,868 97,482 145,817 118,738 Cowes and a market. 248,328 87,326 177,193 141,259 243,725 272,177 France. 21,219 9,117 25,831 30,565 32,611 29,834 Baltic. 69,099 16,436 26,357 43,474 16,164 58,870 Hamburg and Bremen. 73,707 27,320 86,847 58,931 71,624 33,467 Holland. 11,798 6,126 7,153 24,448 9,897 9,310 Trieste andLLeghorn and Venice. Genoa. Other ports. 4 ,9 6 4 22,595 25,827 2,728 3,612 8,157 21,559 29,178 7,921 15,530 44,188 9,955 8,911 18,30.6 7,719 11,220 11,536 4,581 Belgium. 9,460 5,799 18,358 27,751 29,372 39,907 Total. 753,297 289,357 623,546 858,095 823,532 728,161 JOURNAL OF BANKING, CURRENCY, AND FINANCE. THE BANKS OF ALBANY. In the paper (published in the Merchants' Magazine for July, 1849,) on the. city of Albany, prepared for our series o f articles entitled, “ Commercial Cities and Towns o f the United S t a t e s no mention was made o f the banking institutions. That deficiency in the completeness o f the article w e are enabled to rem edy b y the aid o f the “ A l bany A n n u a l R egister f o r 1849,” prepared by Joel Munsell, o f that city. N O T IC E S O F T H E S E V E R A L B A N K S L O C A T E D A T A L B A N Y . The banks are open every day in the year, from 10 A . M. to 3 P. M., except Sundays and holidays. The interest for discount in the banks in this city is fixed at 7 per cent per annum. Three days o f grace are allowed, and a discount taken for the same. E very bill or note offered for discount must be delivered the day preceding the day o f discount. Bills or notes lodged at the banks for collection, when protested for non-payment, the person lodging the same pays the charge o f protest. Deposits o f money, or notes for collection, must be entered in dealer’s book at the time o f deposit N o interest allowed on deposits. B a n k o f A l b a n y , No. 42 State-street; incorporated A pril 1 0 ,1 7 9 2 ; charter expires in 1855; capital, $240,000; shares, $30 each; dividends, May and N ovem ber; dis count day, Thursday. Jacob H. Ten Eyck, P resid en t; Jellis Winne, Jr., Cashier. A great many projects were on foot in the year 1792. The capitalists w ere eager for a bank, and a meeting was called on the 3d o f February, at Lewis’ Tavern (south side o f State-street, corner o f Pearl,) to discuss the subject. There was at this time, it is believed, but one bank in the State, the Bank o f New York, the stock o f which was 50 per cent above par. It was decided that the interests o f the northern part of the State required the location o f a bank at Albany. Some one, writing for the news papers, confidently asserted that a hundred thousand dollars would be subscribed in a few hours in the city a lon e; but it was liberally resolved that the neighboring places should be permitted to share in the honors and emoluments o f the enterprise. A t a subsequent meeting the outlines o f a plan for the establishment o f a bank were pre sented. The name o f the institution to be The A lban y B a n k ; the capital, $7 5,000, to b e divided in 500 shares o f $150 e a ch ; $15 to be paid on subscribing, and the remainvol . xxi.— n o . y. 36 56 2 , , Journal o f B anking Currency and Finance. der in three instalments; thirteen directors to constitute the board, nine o f whom to be residents o f the city. Jeremiah Van Rensselaer, Jacob Vanderheyden, and Barent Bleecker, were to open the books for subscriptions in the week following, and to close them as soon as five hundred shares should be subscribed. Accordingly, the committee opened the books on the 17th o f February, and the stock was overrun in amount in in less than three hours. A fter the books were closed offers o f 10 per cent advance w ere made on the stock, and on Saturday, the day following, it rose to 100 per cent cash. Application was immediately made to the Legislature for a charter, and as the pros pect o f its being granted was more or less doubtful during the progress o f the bill, the price o f the stock rose or fell, creating no little excitement and speculation in this quiet region, where stock transactions were quite a novelty. A t one time it is said to have stood at $100 premium on a share upon which only $15 had been paid. Stephen V an Rensselaer was elected president. Towards the close o f the session the act o f incor poration became a law. The first election o f directors was held on the 12th o f June, at the City Tavern, and resulted as fo llo w s:— Abraham Ten Broeck, Cornelius Glen, Stephen V an Rensselaer, Jeremiah Van Rensselaer, John Maley, Abraham Van Vechten, Henry Cuyler, John Stevenson, James Caldwell, Jacob Vanderheyden, Goldsbrow Banyar, Daniel Hale, and Elkanah Watson. A t a meeting o f the directors thus chosen, Abraham Ten Broeck was elected president. The bank was opened for deposits on the 16th o f July, and began to discount on the 17th. The rate o f interest was 6 per cent. In September notice was given that notes o f forty-five days only w ould be dis counted. The act o f incorporation limited the capital stock to $260,000; each share to be 400 Spanish m illed dollars, or its equivalent. This did not exhaust the idle cap ital, and those who were unable to get bank stock proposed to build an acqueduct. W hether they designed to throw cold water on the former project does not appear, but it w ill be allowed that their scheme promised to furnish an equally useful circulating medium. In 1797, a report was published in the N ew Y ork papers that the A lbany Bank had failed, on account o f the great influx o f counterfeits o f its ow n bills. The bank had now been in operation five years, and there had not y et been a counterfeit discovered. Its affairs.appear to have been managed with great prudence and considerable ability; and, in proportion to its capital, possessed more specie than any other bank in the country. Tue current price o f its stock was from, 45 to 50 per cent above par. The banking house was originally located in Pearl-street, and afterwards removed to the building next to the Mansion House on the south. In February, 1810, it was removed to the north-east corner o f State and Court-streets, the present site o f the E xchange; and when the latter building was erected, the bank was removed to No. 42 State-street, where it now remains. N e w Y ork S tate B ank , N o. 69 State-street; incorporated in 1803; charter expires in 1851; capital, $369,600; shares, $28 ; dividends, 5 per cent, semi-annually, in March and Septem ber; discount day, M onday; Rufus H. King, P resid en t; J. B. Plumb, Cashier. This bank was incorporated with a capital o f $460,000. A t a meeting o f the di rectors on the 25th o f March, 1803, John Taylor was chosen president, and John W . Yates, cashier. It commenced business on W ednesday, September 7 ; banking hours from 7 to 12, and from 2 to 4. Notes offered for discount were to be drawn payable at the bank, unless the drawer resided in the city o f A lbany or New York. Discounts w ere made for thirty-six days. In Decem ber the bank altered its hours o f business, opening at 9, and closing at 2. On the 10th o f May, 1804, they commenced business in their new banking house, where they have ever sinced continued. B y the act o f incorporation the controller, together with John Taylor, Thomas Tillotson, Abraham G. Lansing, Peter Gansevoort, Jr., Elkanah Watson, John R. Bleecker, Francis Bloodgood, John Robinson, Gilbert Stewart, John D. P. Douw, Richard Lush, and Thomas Mather, were constituted the first directors. The business was to be confined to the city o f Albany, the rate o f interest to be 6 per cent, and the State reserved the right o f subscribing for 3,000 shares. M echanics and F a r m e r s ’ B an k , comer o f Broadway and Exchange-street; incorpo rated in 1811; charter expires in 1853; capital, $442,000; shares, $1 7; dividends, semi-annually, in M ay and N ovem ber; discount days,Tuesdays and Fridays. Thomas W . Olcott, P r esid en t; Samuel S. Fowler, V ice-President; Edward E. Kendrick, Cashier. The history o f the origin and infancy o f this institution would be quite interesting to the present generation, since there w ere some phases in banking operations at that Journal o f Banking, Currency, and Finance . 563 remote period which are unknown now. The capital stock was limited to $600,000. The first election for directors was held on Monday, June 1, 1812. It seems to have been very generally understood among the stockholders for some time previous, that tw o federalists should be admitted into the board, the directors named in the law being all dem ocrats; but whose seats should be vacated for their admission was not so easily agreed upon. The election opened at 10 o’clock, at the Columbian Hotel, in Courtstreet, and was continued to a late hour in the afternoon. It was a warm and animated contest, and finally resulted in the election o f the follow ing:— Solomon Southwick, president; Benjamin Knower, Elisha Dorr, Isaac Denniston, Benjamin Van Benthuysen, W illiam Fowler, George Merchant, Thomas Lennington, Giles W . Porter, W illard W alker, W alter W eed, Peter Boyd, and Isaac Hutton. The tw o latter w ere elected in the place o f Spencer Stafford and John Bryan. O f that board, it is believed, there are three or four survivors. A t the next annual election Isaac Hutton was elected president, and the direction consisted o f Thomas Lennington, Peter Boyd, Benjamin Knower, Russell Forsyth, W illiam Fowler, William Boyd, Elisha Dorr, W alter W eed, Giles W. Porter, Benjamin Van Benthuysen, Charles E. Dudley, and Thomas Herring. This bank has ever been conducted with signal ability and success. Commercial B ank, N o. 40 State-street: incorporated in 1825; charter expired in 1847, and the institution is now under the general banking la w ; capital, $30.0,000; shares, $20; dividends, July and January; discount days, Mondays and Thursdays. John Townsend, P r esid en t; John L. Schoolcraft, V ice-President; James Taylor, Cashier. On the 20th o f October, 1813, John Bogart, George W ebster, E. F. Backus, Joseph H. W ebb, and Vinal Luce gave notice o f application to the Legislature for a charter to incorporate the A lbany Commercial Bank, with a capital o f $1,250,000. The bank ing capital o f the State was at this time $20,350,000, exclusive o f $810,000, which the State reserved the privilege o f subscribing; making an aggregate o f $21,160,000. Notices o f application were now given for eighteen more banks, with an aggregate capital o f $15,250,000. Three o f these w ere from Albany, namely, the Merchants’ Bank, Commercial Bank, and North River Bank; in N ew York, Millers’ Bank, Grocers’ Bank, Commission Company, Coal Company, Patent Cloth Manufacturing Company, North River Company, Vermont Mining and Smelting C om pany; also, one at Utica, Schenectady, Johnstown, Cooperstown, Auburn, Canandaigua, Geneva, and Oxford. N o bank, however, was chartered in A lbany until 1825, when the Commercial Bank went into operation, having no connection with the one above contemplated. The present bank has, at different times, lost nearly the whole amount o f its capital by peculation, but, by extraordinary good management, recovered itself again, and enjoys a high reputation for its soundness and the ability o f its officers. C an al B ank , N o. 4 0 State-street; incorporated in 1 8 2 9 ; charter expires in 1 8 5 4 ; capital, $ 3 0 0 ,0 0 0 ; shares, $20 . This bank failed in July, 1848, the first bank failure in Albany, and its affairs are in the hands o f a receiver. A lbany C ity B ank , N o. 47 State-street; incorporated in 1834; charter expires in 1864; capital, $500,000; shares, $100; dividends, A p ril and O ctober; discount days, Tuesdays and Fridays. Erastus Corning, P resid en t; Watts Sherman, Cashier. A lbany E xchange B \ nk , N o. 3 Exchange Building; certificates filed December 11, 1838, to continue 62 years ; capital, $311,100, with privilege to increase to $10,000,000 ; dividends, January and J u ly ; discount days, Tuesdays and Fridays. George W. Stan ton, P resid en t; Noah Lee, Cashier. A lbany S avings B ank was incorporated in 1820, being the oldest in the State. Open at the Commercial Bank, No. 40 State-street, every day, to receive deposits. It pays an interest o f 5 per cent per annum to depositors, payable half-yearly, on the third W ednesday in January and July. John Townsend, P resid en t; Teunis Van Vechten, first V ice-P resident; Samuel Stevens, second V ice-P residen t; John L. Winne, third V ice-President; William Newton, William McHarg, James Taylor, Rufus H. King, Jacob H. Ten Eyck, Garrit Y. Lansing, John I. Boyd, Frederick I. Barnard, Benjamin Tibbets, James Stevenson, W illiam E. Bleecker, R obert H. Pruyn. Harmon Pum pelly, James D. Wasson, Friend Humphrey, D irecto rs; James Taylor, Treasurer ; R obert H. Pruyn, Secretary. Open during banking hours, from 10 to 2 o’clock. AN ILLUSTRATION OF THE ACCU3IULATI0N OF CAPITAL. A n illustration o f what a little money w ill becom e in time, if put out on interest, and properly taken care of, is afforded by an incident related to the editors o f the , , Journal o f Banking Currency and Finance. 564 Journal o f Commerce, b y an old resident. He stated that about 50 years ago, a be quest o f 110,000 was left to an idiot on Long Island. H e was then in his infancy, and is, consequently, now but little over 50. Soon after his father’s decease, three respec table inhabitants o f this city, all o f whom are y et living, were appointed trustees for the care o f the bequest, with authority to appropriate $500 annually for the idiot’s maintenance, which was accordingly done. This left at first but a small accumulation, but laterally the increase has been rapid, and the principal amounts to over $100,000. Should the party live 20 years longer, as is not improbable, he w ill die worth a quar ter o f a million o f dollars. Pretty w ell for a fool. CONDITION OF THE BANKS OF OHIO. S T A T E M E N T O F T H E C O N D ITIO N O F T H E S E V E R A L B A N K S IN T H E S TATE O F O H IO , T A K E N F R O M T H E IR R E T U R N S M A D E TO T H E A U D IT O R O F STATE O N T H E F IR S T M O N D A Y O F AU GU ST, P R E P A R E D IN O B E D IE N C E TO A 2, R E S O L U T IO N OF THE 1849, G E N E R A L A SSE M B LY , PASSED M A R C H 1846. RE SO U R CE S. Independent banks. Bank o f Geauga.. . . Can’l B’nk o f Cl’vel’d City B'nk o f Clevel’d City B’nk o f Col’mb’s City B'nk o f Cincin’ti Com. B'nk o f Cincin’ti Dayton B a n k ......... Frank’n B'k o f Zan’Ue Sandusky City Bank Seneca County Bank W est'rn Res’ve Bank Eastern Notes and bills deposits. discounted. Specie 840,628 79 823,356 99 842,705 70 10,134 20 26,083 09 42,919 66 20,982 04 31,059 49 113,477 88 4 41,330 29 39,635 25 47,563 33 13,236 57 10,019 60 33,345 00 23,909 47 3,283 22 361,479 28 261,064 97 68,708 12 18,392 43 33,130 34 20,345 23 203,586 24 122,231 72 12,860 66 25,295 58 78,253 55 12,942 67 21,254 05 15,854 62 185,674 19 42,043 86 T o ta l...................... 1,883,991 57 Bonds deposit ed with State Treasurer. 862,000 57,611 90,000 245,744 50,000 54,000 175,292 150,616 53,066 90,000 126,125 00 09 00 23 09 00 88 33 00 00 64 Total resources. 8184,412 154,288 298,298 954,138 166,623 539,738 555,613 464,622 275,569 231,717 401,714 25 69 95 59 ul 66 46 28 67 27 18 300,940 17 261,856 34 1,154,456 17 4,226,736 91 Safety Fund deposited with Board o f Control. Branches o f State Bank. Athens........................ 8148,021 37 A k r o n ........................ . 198,925 27 B elm on t.................... 193,057 42 576,899 77 Chillicothe................. Comm’rcial, Clevel’d 392,060 22 Commercial, T oledo. 282,853 49 Dayton....................... 288,008 36 168,801 63 Delaware County . . E xchange.................. 223,446 75 Farmers’, Ashtabula 188,767 66 135,501 10 Farmers’, Mansfield. 164,083 68 Farmers’, R ip le y . . . Farmers’, Salem . . . 208,872 87 Franklin, Cincinnati. 481,890 93 Franklin, Columbus. 385,808 25 123,585 00 G u ern sey.................. Harrison C ounty. . . . 201,822 00 256,220 22 Hocking Y a lle y ____ Jefferson.................... 284,361 77 K nox County............ 202,000 82 Licking County.____ 138,056 28 Lorain......................... 117,793 96 Mad River V a l l e y .. 250,403 05 213,660 44 Marietta..................... Mechanics <fc Traders’ 287,070 53 Merchants’ ................ 308,368 50 130,092 88 Miami County.......... 169,199 60 Mt. Pleasant............. $36,010 63,317 56,752 115,534 93,945 76,724 73,921 75,124 73,098 56,211 34,747 62,516 64,992 78,577 93,568 42,428 60,205 59,465 61,652 58,557 40,696 37,108 55,888 53,122 55,585 75,057 46,775 61,675 56 $14,810 55 73 23,290 45 64 15,842 45 02 56,968 01 79 60,533 45 64 54,084 45 47 23,056 60 21 54,532 75 69 63,170 00 40 25,900 84 08 5,835 67 34 40,688 53 54 18,405 78 72 28,123 83 36 33,052 14 74 14,075 34 16 34,574 40 29 4,375 98 99 1,137 87 2,132 60 49 3,970 24 91 94 17,277 65 84 28,133 33 7,603 99 32 26 14,353 37 2,143 96 75 8,283 96 77 56 9,029 54 $12,000 20,000 18,584 41,250 31,250 27,500 30,599 18,400 23,750 19,332 12,000 20,000 20,000 30,000 31,250 11,940 20,000 20,000 20,317 18,000 13,040 12,000 20,000 18,000 16,000 23,750 14,032 20,000 00 00 00 00 80 00 00 00 00 00 00 00 00 00 00 00 00 00 60 00 00 00 00 00 00 00 00 00 $222,845 341,988 309,401 820,247 673,948 543,567 496,702 331,897 429,005 307,318 207,616 325,214 329,067 793,624 566,381 198,152 335,384 361,842 395,757 295,642 210,770 212,744 392,692 322,419 483,059 469,850 218,279 290,365 35 16 05 23 12 23 43 81 78 80 71 56 32 07 42 09 06 71 85 60 71 48 71 74 92 72 09 05 565 Journal o f Banking, Currency, and Finance. S T A T E M E N T O F T H E CO N D IT IO N O F T H E S E V E R A L B A N K S O F O H IO ----- CONTINU ED. Branches o f State Bank. Notes and bills discounted. M uskin gum .............. $134,320 11 N orw alk.................... 213,739 31 157,972 59 Piqua......................... 148,838 46 Portage C o u n ty .. . . 256,130 09 P ortsm outh............. Preble C ounty......... 192,877 52 Ross County............. 323,946 20 Summit C ounty____ 215,928 76 221,744 44 T o le d o ...................... Union......................... 203,496 34 W ayne C ounty........ 109,499 94 X enia......................... 274,797 90 Eastern deposits. Specie. $43,575 62,188 49,600 53,003 59,609 69,839 93,663 54,546 37,473 60,512 55,708 93,994 Safety Fund deposited with Board o f Control, 09 $12,891 13 70 20.803 02 00 39,375 91 44 45,349 60 98 22,455 87 83 3,504 44 31 41,814 41 29 606 92 20 15,073 02 73 42,221 57 89 8,647 01 22 24,115 77 Total..................... 9,168,025 48 !2,496,978 89 942,246 30 $14,000 20,000 16,723 18,850 20,000 18,600 25,800 20,000 24,575 20,000 12,000 27,500 00 00 20 00 00 00 00 00 00 00 00 00 Total resources. $255,133 46 342,916 31 314,139 17 304,430 43 395,690 72 310,479 57 516,438 72 310,700 38 415,544 60 364,047 32 217,808 '35 483,561 67 821,043 6 0 :15,116,678 47 Old banks. Bank o f Circle ville.. $322,734 82 Clint’n B’k o f Colum’s 531,787 34 L afay’e B ’k o f Cin’t i. 990,122 43 Bank o f Massillon . . 351,809 66 Ohio Life Insurance &, Trust Company. 1,195,373 23 T o t a l.................... 3,391,827 48 $82,310 112,276 117,144 74,349 53 $79,318 57 29 159.508 28 92 9,834 51 49 54,437 77 $542,409 1,028,421 1,400,476 527,154 25,919 48 29 75 21 06 1,907,958 76 412,000 71 303,099 13 5,406,411 06 L IA B IL IT IE S . Independent banks. BaDk o f Geauga___ Can’l B'nk o f Cl’vel'd C ity B ’nk o f Clevel’d City B’nk o f Col urn’s. C ity B’nk o f Cincin’ti Com. B’k o f Cincin’ti D ayton B ank........... Frank’n B’k o f Zan’lle Sandusky City Bank Seneca County Bank W est’n Res’rve Bank T o ta l.................... Capital stock paid in. 130,000 50.000 50.000 134,150 49,800 50.000 91,300 90,400 50.000 30.000 45.000 00 00 00 00 00 00 00 00 00 00 00 Circulation. $56,248 55,148 65,620 234,633 48,615 40,738 142,592 135,512 48,462 83,120 125,468 00 00 00 00 00 00 00 00 00 00 00 00 00 00 51 00 00 88 33 00 00 64 Due to depos itors. $23,628 21,390 75,978 258.907 7,530 302,505 136.907 78,989 63,157 23,002 61,980 Total. liabilities. 37 $184,412 25 93 154,288 69 39 298,298 95 24 954,138 59 60 166,623 01 90 539,738 56 11 555,613 46 97 464,622 28 91 275,569 67 93 231,717 27 62 401,714 18 670,650 001.,036,156 00 1,074,817 36 1,054,069 97 4,226,736 91 Safety Fund at credit o f Board o f Control. Branches o f State Bank. A th e n s...................... A k ron ........................ B elm ont,................... Chillicotlie................. Comm’rcial, Clevel’d Commercial, T o le d o . Dayton....................... Delaware County . . Exchange................... Farmers’, Ashtabula Farmers’, Mansfield. Farmers’, R ipley___ Farmers’, Salem . . . Franklin, Cincinnati. Franklin, Columbus. G u ern sey.................. Harrison County.. . . Safety Fund stock. $62,000 21,803 89,778 202,135 50.000 54.000 175,292 150,616 53,066 90.000 126,125 $60,000 100,000 92,920 250,000 175,000 150,000 178,330 92,374 125,000 96,900 60,000 100,000 100,000 169,000 175,000 60,000 100,000 00 00 00 00 00 00 00 10 00 00 00 00 00 00 00 00 00 !$120,000 198,178 165,285 379,734 283,995 237,599 192,859 182,571 225,960 180,327 115,663 185,245 199,525 202,465 301,837 119,400 195,453 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 $2,945 00 2,214 00 4,500 00 1,172 00 1,957 00 1,100 00 1,750 00 750 00 1,200 00 1,600 00 $23,267 24,338 43,420 157,856 133,016 76,440 103,212 39,250 46,709 21,310 21,344 25,634 15,325 316,132 64,724 12,364 31,202 12 95 39 14 07 43 87 41 27 76 81 23 29 74 73 73 73 $222,845 341,988 309,401 820,247 673,948 543,567 496,702 331,897 429,005 307,318 207,616 325,214 329,067 793,624 566,381 198,152 335,384 35 16 05 23 12 23 43 81 78 80 71 56 32 07 42 09 06 \ 566 Journal o f B anking, Currency, and Finance. Safety Fund at credit o f Capital stock Due to de- Total 14 07 43 38 27 84 89 07 77 88 66 48 92 51 85 59 13 68 11 60 04 30 45 $ 361,842 395,757 295,642 210,770 212,774 392,692 322,419 483,059 469 ,85 0 218,279 290,365 255,133 342,916 314,139 304,430 395,690 310,479 516,438 310,700 4 15,544 364,047 217,808 483,561 Branches o f State Bank. Hocking V a l l e y ... . $ 10 0 ,0 0 0 00 Jefferson ................... 100,000 00 Knox C ounty........... 90,000 00 Licking County. . . . 65,300 00 Lorain........................ 60,000 00 Mad River V a l l e y .. 100,000 00 89,690 00 Marietta..................... Mechanics & Traders’ 100,000 00 125,000 00 Merchants’ ................ Miami C ou n ty ......... 73,373 00 Mt. Pleasant.............. 100,000 00 Muskingum............... 70,000 00 N orw a lk .................... 100,500 00 Piqua.......................... 84,044 50 Portage C o u n ty .. . . 99,400 00 P ortsm outh.............. 100,000 00 Preble C ounty......... 100,000 00 Ross C ounty............. 137,220 00 100,000 00 Summit C o u n ty .. . . T o le d o ...................... 130,500 00 Union.......................... 127,760 00 W ayne C o u n ty ____ 60,000 00 X enia.......................... 150,000 00 $ 198,259 197,820 167,520 123,047 118,603 190,226 171,042 155,268 230,026 120,963 169,769 135,017 199,828 167,232 180,493 191,641 159,775 250,775 197,896 241,436 192,618 119,672 259,284 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 00 4,347,311 60 7[,624,306 00 $ 82 0 3,500 2,000 5,640 00 00 00 00 700 00 7,847 00 1,000 00 11 3,500 3,400 5,450 8,626 1,700 67 00 00 00 27 00 174 00 1,000 00 2,325 00 800 00 20 00 $47,036 74,935 25,278 7,527 26,308 83,108 41,103 157,175 83,296 14,870 12,226 40,771 27,735 43,7 44 19,434 88,781 41,846 100.645 6,947 12,256 30,241 30,732 56,535 71 85 60 71 48 71 74 92 72 09 05 46 31 17 43 72 57 72 38 60 32 35 67 68,301 9 4 :2,228,241 7 3 :15,116,678 47 Old banks. Bank o f Circleville.. $ 20 0 ,0 0 0 0 0 $ 24 5 ,4 3 0 00 Clinton B’k, Colum’s. 300,000 00 565,879 02 Lafay’e B'k, Cincin’ti 700,000 00 121,212 00 200,000 00 263,956 00 Bank o f Massillon . . Ohio Life Insurance 6,740 00 & Trust Company 611,226 00 T otal.. 2,011,226 0 0 1 ,,203,217 02 $54 ,63 7 77,546 349,577 36,988 78 $ 542,409 29 88 1,028,421 75 13 1,400,467 21 90 527,154 06 568,573. 49 1,907,948 75 . . 1,087,324 18 5,406,411 06 The capital stock o f the Ohio Life Insurance and Trust Company is $2,000,000, which is loaned on real estate. The capital o f $611,226, on which it is doing business as a bank, consists o f loans made to the company, on which it is paying interest. BANKS OF MAINE. Name. Androscoggin Bank.................. Augusta B a n k .......................... Bangor, Bank o f ........................ Belfast B a n k ............................ Biddeford B and........................ Brunswick Bank........................ Canal B ank................................ Casco Bank................................ Central B a n k ............................. Commercial Bank..................... Cumberland, Bank o f ............. Eastern B ank............................. Franklin B a n k ........................... Freeman’s B an k........................ Frontier Bank............................ Gardiner Bank.......................... Granite B ank............................. Location. Capital. $50 ,00 0 110,000 100,000 50,000 100,000 60,000 50,000 400,000 300,000 50,000 50,000 100,000 100,000 50,000 50,000 75,000 100,000 75,000 Shares. Par val. $ 50 0 $ 10 0 1,100 100 1,000 100 1,000 7 50 100 80 4 ,000 3,000 850 500 2,500 1,000 500 500 100 100 59 100 40 100 100 100 1,000 1,000 100 75 Journal o f B anking , Currency , and Finance. Name. Kenduskeag Bank........................... Lime Rock Bank...................... . . Lincoln Bank..................................... Manufacturers’ Bank...................... Manufacturers & Traders’ B a n k .. Mariners’ Bank................................. Medomak Bank................................. Megunticook B ank.......................... Mercantile B ank.............................. Merchants’ B ank............................. Northern B ank................................. Sagadahock Bank............................ Skowhegan B ank............................ South Berwick Bank...................... Thomaston Bank.............................. Ticonic Bank..................................... Westbrook, Bank o f ........................ Y ork B ank........................................ Location. B a n g o r ................ East Thom aston. Bath..................... S a c o .................... Portland.............. W iscasset............ W aldoboro.......... Oamden............... Bangor ................ Portland.............. H a llo w e ll........... B a t h .................... B lo o m fie ld ......... South B e rw ick .. Thom aston......... W a te r v ille ......... W e stb ro o k ......... S a co ...................... Capital. §1 0 0 ,0 0 0 100,000 125,000 100,000 75,0 00 50,0 00 60,000 49,0 00 50,000 150,000 75,000 50,000 75,000 100,000 50,000 7,500 50,000 75,000 567 Shares. Par val. §1,0 0 0 1,000 1,250 1,000 1,500 §100 100 100 100 50 1,000 2,000 750 500 750 2,000 50 75 100 100 100 50 750 100 1,000 75 DUFRENOY’S ANALYSIS OF CALIFORNIA GOLD. A late number o f tbe London Inventor's Magazine o f the 15 th inst., contains the following account o f an analysis o f the golden spangles or sands o f California, by M. Dufrenoy, read before the Paris Academ y. M. Dufrenoy read an interesting communication on the results he had obtained from a careful comparative investigation o f the golden sands o f California, N ew Granada and the Ural. The French Consul at Monterey having forwarded to the Minister for Foreign A f fairs a collection o f specimens o f the gold o f California, a portion o f these specimens were sent to the “ Ecole des Mines,” and these I had an opportunity o f examining. They are composed, 1. O f tw o specimens o f auriferous earth, collected at the surface o f the soil, on two points o f the V a lley o f the Sacramento. 2. O f auriferous sand, resulting from careful washings o f the preceding earths, and in which spangles o f gold were observed. 3. Pebbles o f quartz and fragments o f rock collected in the alluvium o f which this valley is composed. 4. Tw o fragments o f g o ld ; and, 5. Spangles o f gold brought from three different points o f the Sacramento, n a m ely : from the American River, near its confluence with the Sacram ento; from the same river, at about 30 miles from its m outh; and from the Pen River, a distance o f about 40 to 50 miles eastward o f the former. These three points included nearly a fifth part o f the V alley o f the Sacramento, which takes its rise in the Sierra Nevada (Snowy Mountains,) and empties itself into the ocean at the port o f San Francisco. Its course is nearly, from east to west, about 210 to 220 miles in length. The spangles o f California gold are much larger than those which come from the washings o f the Ural or those o f Brazil. They also differ in their reddish color, which causes them to be distinguished at first sight. Their composition, according to the analysis made by M. Rivot, is— G old ................................................... 90.70 I Iron........................................... 0.38 S ilver................................................. 8.80 | ------T otal...........................................................................................................99.80 The soils o f the Sacramento V alley are lig h t; to the touch they appear soft enough, but on rubbing, a few particles o f a hard substance are felt. Their color is light b ro w n ; the microscope shows them to be almost entirely silicious; the little frag ments o f which they are composed are angular and transparent; they easily agglome rate together; resemble, in their color and transparency, a saline mass ; by the naked e y e nothing but distinct grains are distinguished. The piece o f gold sent to the “ E cole des Mines,” weighs 47.9414 grammes (nearly I f ou n ce;) it is o f a somewhat red c o lo r ; its composition is otherwise very analogous to that o f the gold spangles. 568 Journal o f Banking, Currency, and Finance . This piece o f gold adheres to some white quartz, the surface o f which is worn like a pebble ; it must for a long time have been subject to considerable friction; neverthe less it has preserved its general form, which is that o f a thick vein, flat and irregular. The form o f this piece, and the presence o f quartz, reveals to us the fact, that in the primitive beds, gold forms small veins, with a quartoze gangue. The schistose fragments which exist in the V alley o f the. Sacramento, give reason to think that the mountains which contain auriferous veins consist rather o f micaceous schist than o f granite, properly so called. This conclusion agrees also with the exam ination o f washed auriferous sands. NATURE OF TH E , A U R IF E R O U S S AN D S O F C A L IF O R N IA . The general tint o f these sands is black. W e perceive, at first sight, that the oxydulous iron predominates, and that it is that mineral which causes the color. I therefore commenced b y separating the oxydulous iron by means o f the m agnet; three grammes produced 1-79 o f iron, or 59-82 per cent. Notwithstanding the separa tion o f this large proportion o f oxydulous iron, the sands still retained their dark c o lo r ; they were very rich in gold, and w e remarked m ore distinctly numerous spangles. Examined b y the microscope, the sands remaining after the separation o f the iron, contained some octahedrous crystals— some with mirror-like facits, and but little al tered ; the others rounded, but still brilliant. These crystals, by their form, and the color o f their dust, appear to belong to titaniferous oxydulous iron ; they are mixed with flattened crystals, which their hexahedrous projection, and their red dust, cause to be considered as olegist iron. Lastly, among the black grains, w e observed dull, irregular, and soft fragments, which have all the character o f manganese. The titaniferous oxydulous iron, predominates considerably in the second portion o f the sand, while the manganese, on the contrary, appears but rarely. This second spe cies o f oxydulous iron may be clearly distinguished from the oxydulous iron separated b y the m agnet; this, which is in dull fragments, is o f a rusty color in certain parts. M ixed with the titaniferous oxydulous iron, w e find in the second portion o f the sands o f California many crystals o f white zircon, terminal at their tw o extremities, the shapes o f which are all defined. These are— 1. Square prisms, surmounted by an octahedron with a square base, placed on the angles. 2. This same prism, presenting fecits beyond the octahedral pointing, resulting from the intersection o f the edges, common to the octahedron and the prism. 3. Prisms with eight faces, formed by two square prisms. These crystals are, for the most part, short. Their perfect transparency, and total absence o f color, cause them at first to be taken for qu artz; but where the number o f their facits is counted (which may easily be done with most o f them,) w e can no longer doubt that they belong to a prism having a square base. Notwithstanding the small ness o f their dimensions, the perfect form o f these crystals is such, that we can m ea sure the incidence o f many o f their faces. THE SEVEN SHILLING PIECE. It was during the panic o f 1826, that a gentleman whom w e shall call Mr. T hom p' son, was seated with something o f a melancholy look in his dreary back-room, watch" ing his clerks pay away thousands o f pounds hourly. Thompson was a banker o f ex" cellent c re d it: there existed perhaps, in the city o f London no safer concern than that o f Messrs. Thompson & C o.; but at a moment such as I speak of, no rational reflection was admitted, no former stability was looked t o ; a general distrust was felt, and every one rushed to his banker’s to withdraw his hoard, fearing that the next instant w ou ld be too late, forgetting entirely that this step was that o f all others most likely to in sure the ruin he sought to avoid. But to return. The w ealthy citizen sat gloom ily watching the outpouring o f his gold, and with a grim smile listening to the clamorous demands on his cashier; for al though he felt perfectly easy and secure as to the ultimate strength o f his resources, yet he could not suppress a feeling o f bitterness as he saw constituent after consituent rush in. and those whom he fondly imagined to be his dearest friends eagerly assisting in the run upon his strong box. Presently the door opened, and a stranger was ushered in, who, after gazing for a moment at the bewildered banker, coolly drew a chair, and abruptly addressed him— Journal o f Banking, Currency, and Finance . 569 “ Y ou w ill pardon me, sir, for asking a strange question, but I am a plain man, and like to come straight to the point.” u Well, sir,” impatiently interrupted the other. “ I have heard that you have a run on your bank, sir.” “ W e ll?” “ Is it true ?” “ Really, sir, I must decline replying to your most extraordinary query. If, h ow ever, you have any money in the bank, you had better at once draw it out, and so sat isfy yourself; our cashier will instantly pay y o u a n d the banker rose, as a hint to the stranger to withdraw. “ Far from it sir : I have not one sixpence in your hand.” “ Then m ay I ask what is your business here ?” “ I wish to know if a small sum w ould aid you at this moment ?” “ W hy do you ask the question ?” “ Because if it would, I would gladly pay in a small deposit. The m oney dealer started. “ Yo u seem surprised; you don’t know m y person or m y motive. I’ll at once ex plain. Do you recollect some twenty years ago when you resided in Essex ? “ Perfectly.” “ W ell, then, sir, perhaps you have not forgotten the turnpike gate through which you passed daily ? M y father kept that gate, and was often honored by a few min utes talk with you. One Christmas morning m y father was sick, and I attended the toll bar. On that day you passed through, and I opened the gate for you. D o you recollect it, sir ?” “ Not I, m y friend. “ No, sir ; few such men remember their kind deeds, but those w ho are benefitted b y them, seldom forget them. I am perhaps prolix : listen, however, only a few m o ments and I have done. The banker began to feel interested, and at once assented. “ W ell, sir, as I said before, I threw open the gate for you, as I considered m yself in duty bound, I wished you a happy Christmas. Thank you m y lad, replied you— thank y o u ; and the same to you, here is a trifle to make it s o ; and you threw me a seven shilling piece. It was the first money I ever possessed, and never shall I forget m y jo y at receiving it, nor your kind smile in bestowing it. I long treasured it, and as I grew up added a little to it, till I was able to rent a toll myself. Y ou left that part o f the country, and I lost sight o f you. Yearly, however, I have been getting o n ; your present brought good fortune with i t ; I am now comparatively rich, and to you I consider that I owe all. So this morning, hearing accidently that there was a run on your bank, I collected all m y capital, and brought it to lodge with you, in case it can be o f any u s e ; here it i s ;” and he handed a bundle o f bank notes to the agitated Thompson. In a few days I ’ll call again; and snatching up his hat, the stranger, throwing down his card, walked out o f the room. Thompson undid the r o ll; it contained thirty thousand pounds! The stern hearted banker— for all bankers must be stern— burst into tears. The firm did not require this prop ; but the motive was so noble, that even a millionare sobbed— he could not help it. The firm is still one o f the first in London. The £30,000 o f the turnpike boy is now grown into some £200,000. Fortune has w ell disposed o f her gifts. FINANCES OF AUSTRIA, The last financial statement o f the Austrian Government shows an expenditure o f 15,000,000,000 florins, against an income o f 7,000,000 florins. The money expended in the first half-year o f 1848, (Novem ber to April,) amounted to 91,000,000, the income being 45,000,000, leaving a deficit o f 46,000,000. The financial statement o f the A us trian Bank for the month o f August shows a decrease o f silver m oney to the amount o f 258,821 florins, aud an increased issue o f notes to the amount o f 1,351,541 florins. In the last six months, the amount o f silver in the bank decreased by 6,000,000, and the number o f the notes increased b y 24,000,000. The army estimates show as high a figure as 41,000,000, exclusive o f the expenses o f the army in Italy. The deficiency o f the last half year amounts to above 60,000,000 florins. It is expected that the pre sent half year will show a still larger deficit, and that o f the whole year is calculated at 150,000,000 florins. This sum adds 10 per cent to the national debt. 570 Journal o f Banking, Currency, and Finance. BOSTON BANK DIVIDENDS, The following are semi-annual declared dividends for the first six months o f 1849, and paid out in O ctober:— Banks. A tla n t ic ............ Atlas.................. Boston............... B oy lston ........ . C ity ................... Colum bian . . . . Eagle................. Exchange.......... Freeman’s ........ Globe................. Granite............. Grocers’............. Hamilton.......... M arket............. Total. Div. Div. Capital, p.c. Amount. Banks. Capital, p.c. Amount. . . . $ 500,000 4 $20,000 Massachusetts . . . . 800,000 3 24,000 ... 500,000 34- 17,500 Mechanics’ . . . . . . . 120,000 4 4,800 ... 900,000 4 36,000 Merchants’........ . . . 3,000,000 4 120,000 .. . 200,000 4 8,000 .New England.. . . . 1,000,000 4 40,000 . . . 1,000,000 S i 35,000 North................. . . . 750,000 S i 26,250 20,000 . . . 500 ,00 0 S i 17,500 Shawmut.......... . . . 500,000 4 500,000 4 20,000 .. . 500,000 S i 17,500 Shoe & L. Dealers’ . .. . 5 00,000 4 20,000 S ta te ................ . . . 1,800,000 3 i 63,000 ... 200,000 4 £ 9,000 Suffolk............... . . . 1,000,000 5 50,000 . . . 1,000,000 4 40,000 Tremont............ . . . 500,000 4 20,000 400,000 4 16,000 .. . 500,000 3 i 17,500 Traders’............. . . . ... 250,000 4 10,000 Union................. . . . 800,000 3| 28,000 . . . . 500,000 3 i 17,500 W ashington . . . . . . 500,000 3 15,000 ... 560,000 5 28,000 . $19,280,000 $740,550 The same banks paid in A pril for the six previous months $736,800, which shows an excess over the A pril dividend o f $3,760. The Shoe and Leather Dealers’, pay in addition, for interest on new stock on which a partial payment has been m ade................................................... Also, an extra dividend o f 18 per cent, which is received in part payment for new stock created, so that their capital will be $760,000.................... Am ount o f dividends above......................................... .......................................... Total amount paid out in October...................... ................................ 2,000 5,000 740,550 $747,550 UNITED STATES TREASURY NOTES OUTSTANDING OCTOBER 1, 1849. T r e a s u r y D e p a r t m e n t , R e o i s t e r ’ s O f f ic e , October A m ount outstanding o f the several issues prior to 22d July, 1846, as per records o f this office........................................................................... Am ount outstanding o f the issue o f 22d July, 1846, as per records o f this office....................................................................................................... Am ount outstanding o f the issue o f 28th January, 1847, as per records o f this office.................................................................................................. Total................. ................................................................................ Deduct cancelled notes in the hands o f the accounting officers, of which $1,950 is under the act o f 22d July, 1846, and $150 under acts prior to 22d July, 1846............................... ..................................... Total.............................................................................................. 1, 1849. $143,989 31 87,000 00 2,961,450 00 $3,192,439 31 2,100 00 $3,190,339 31 BANK OF ENGLAND DIVIDENDS, A t the half yearly general court o f the proprietors o f the Bank o f England, held in Septem ber last, for the purpose o f considering a dividend, the Governor, Mr. Prescott, said, I have to inform the court, that the profits o f the half-year have exceeded the usual dividend o f 3-J- per cent, by £14,522 ; that the amount o f rest, out o f which the dividend is to be declared, is £3,567,328 7s. 10d., and that the Court o f Directors pro pose that a dividend o f S i per cent be made (if this court think fit,) out o f interest and profits for the half-year ending the 10th o f October next, without any deduction on ac count o f income-tax. A fter the payment o f a dividend o f S i per cent, the amount o f the rest w ill be reduced to £3,057,973. Mr. De Winton moved, as an amendment, that out o f the rest o f £3,574,861, a dividend o f 4| per cent on the bank capital be paid to the proprietors on the 10th o f October next. Mr. De Winton jun., seconded the amendment. A fter considerable discussion, the amount was negatived, only the m over and seconder voting for it, and the original motion was agreed to. Journal o f M ining and M anufactures. JOURNAL OF MINING AND MANUFACTURES. QUANTITY OP GOLD FROM THE URAL MOUNTAINS. The Journal o f the Franklin Institute translates from the Archives o f Physical and Natural Sciences, published at Geneva, the following account o f the production o f the gold mines o f the Ural and o f Siberia, in 1847. The washings o f the auriferous sands gave, in the year 1847, the following results:— Washings o f the U r a l ...................................................... pouds “ o f Nertschinsk............................................................ “ o f Eastern and W estern Siberia............................. 324.628 25.000 1431.315 Total product o f the Russian washings................ 1780.943 Or about 29,100 kilogrammes (77,969.6 lbs. troy) o f gold. The Russian poud is 16,342 kilogrammes.* T o complete the account o f the Russian production o f gold in 1847, w e must add the gold o f the Altai, and o f the silver mines o f Nertschinsk, which is 45 pouds ; so that the total production is 1825.943 pouds, or about 29,835 kilogrammes (79,938.9 lbs. troy) o f gold in 1847. The following table shows the increase o f the product o f this important w ork in g :— AGGREGATE Year. OF TH E Pouds. Ill 1839............... . . . . 1840............... ___ 1841............... ___ 1842............... 1843............... N ET P R O O U C T O F G O L O Increase. 629 8 584.0 690.2 679.9 1294.0 55 2 106.2 289.7 315.0 IN R U S S IA . Year. In 1844 ............. ___ 1 8 4 5 .............. 1846 ............. ___ 1847 .............. ___ Pouds. Increase. 1342.0 1371.8 1722.7 1825.9 47.1 29.8 350.9 103.2 It appears that the space susceptible o f being profitably worked— which is left to future generations— is immense. BLAKE’S PATENT FIRE-PROOF PAINT. Our attention was called to this new discovery some months since, but we have d e layed referring to it, in the pages o f the Merchants' Magazine, until the present time, for the purpose o f obtaining more accurate and reliable information, touching its value and its uses. The raw article, which w e have examined with much interest, is a kind o f natural paste, as black as charcoal, found in large quantities in a stratum o f rock, in the township o f Sliarron, near Akron, Ohio. Mr. Blake, the discoverer and pantentee, has removed from Ohio to the city o f N ew York, and established a depot, in order to bring the article into more general use in this section o f country. It will, there can be little or no doubt, in time, work a radical change in the m ode o f covering the exterior o f our public and private buildings. It is a singular phenomenon, in the great works o f nature, being composed o f silica, alumina, prot-oxide o f iron, and magnesia, with a small admixture o f lime and carbon. W e have seen the pigment, as taken from the mine, and it really is a most singular substance. It has all the appearance o f the finest indigo, and may easily be mashed between the fingers, but an exposure o f a few days, turns it to a hard stone. The examining committee o f the fair o f the American Institute, o f 1848, reported that it was an article superior to every thing that had pre viously been presented, as a fire and weather p roof covering, and awarded to Mr. * A ccording to Kupffer, ( Travaux dr. la Commission des M rsvres et des Voids, dans VEm pire de Jlussic, 1841, tom. i, p. 331,) the value o f the Russian poud is 16,381 kilogram m es, w hich w ould but slightly alter the above results.— E d . F r . J ourn . 572 Journal o f M ining and M anufactures. Blake a medal. diploma. The fair o f the State o f N ew York, held in Buffalo, also awarded a The agents o f all the fire insurance companies in Akron, Ohio, (where the paint is best known,) have issued circulars, to the effect, that they w ill insure build ings, the roofs o f which are w ell covered with this paint, at lower premiums than those covered with tin or zinc, as they consider it a better fire-proof. It forms a com plete stone covering, impervious to the action o f the weather and of fire, and the longer on, the harder and more permanent it seems to become. The chocolate color produced with a slight mixture o f white lead, is the fashionable color o f the day, for the sides o f our dwelling houses, and forms a coating through which not a particle o f moisture can penetrate. It never, w e are informed, peals off, and cannot fade, as it is the natural color o f the substance. W e have so much confidence in the character o f the article, that w e have decided to cover the roof and sides o f our residence with it, and shall take occasion to speak o f it hereafter from our own personal knowledge and experience. THE VA1YCLUSE (S. C.) COTTON MANUFACTURING COMPANY, W e take great pleasure in recording in the pages o f the Merchants’ M agazine every circumstance in any w ay bearing upon the industrial interests o f the country, and par ticularly those parts o f it that are beginning to direct their attention to the introduc tion o f new branches o f industry which promise to promote the moral, social, as w ell as the material interests o f the people. That the southern States possess the facilities o f engaging in many branches o f manufacture, and particularly the cotton, w e never entert. ined a doubt, and w e look upon every movement in that direction, as highly fa vorable to the happiness o f our common country. The more our friends in the South diversify their pursuits, the more rapidly wiU they advance in whatever tends to pro mote their general prosperity. A s an illustration o f their ability to manufacture cotton good s advantageously, it w ill not be deemed irrelevent to quote in this place from the R epublic, published in the city o f Washington, the following statistics in relation to the Vancluse Company, in South Carolina:— During the year 1848, the w heel ran 2 8 3 } days, and consumed 367,401 lbs. o f cot ton, costing 6 cents, (7,3 88 mills per lb.,) the total o f which was $24,758 81. The amount manufactured was 71,614 pounds o f yarn, worth 14 cents per lb., and 290,789 pounds, or 59 1 ,5 7 9 } yards o f cloth, netting 7 cents per yard. The following details exhibit the various outlays and receip ts:— ■ 6 ,8 5 9 } days picking, at 6,175 mills per lb .,........................................................ 7,922 days spinning, 6,9 38 mills per lb................................................ 2,246 days spooling and warping, 1,406 mills per lb.................................... 1,4 50} days dressing, 2,131 m ills per lb.............................................................. 569 days drawing in, 0,364 mills per lb .,............................................................. 4 ,9 3 7 } days weaving, 9,360 mills per lb.............................................................. 562 days trimming, <Sse., 1,164 mills per lb .,....................................................... 1,114 days hnk’g yarn, 4,95 3 miUs per lb .,......................................................... 8 4 0 } days machinist with roller-cover and all extra work, 1,509 mills lb., 743 gallons o i l , ........................................................................................................... Contingencies w hich include materials, commissioners insurance upon $ 2 0 ,0 0 0 ................................................................................................................ 78 barrels o f flour for sizing,.................................................................................. Transportation on yarn and cloth, ...................................................................... 48 ream s o f p a p e r..................................................................................................... In terest on capital [$50,000] 7 per cent,............................................................ N e t profits above all cost and interest as ab ove,.............................................. $2,268 2,547 485 630 187 2,768 344 354 572 908 39 37 98 24 30 64 34 75 90 03 4,123 323 1,416 82 3,500 7,826 49 20 73 80 00 81 T otal cost o f cloth per lb., 12 cents, 4,999 mills, or 6 cents, 2,499 mills per yard. T otal cost o f yarn, 11 cents, 6,322 mills per lb .; capital factory, and buildings, $30,000; flo ati ng capital, $20,000— $50,000. Journal o f M ining and M anufactures. 513 The above facts demonstrate how valuable manufactories are to any country, espe cially to those where raw material is to be had without the expense o f far transporta tion. The cost o f the yarn to the consumer was $10,026 10, and the cotton cloth $11,410 53— making an aggregate o f $51,436 68 ; which sum, minus the cost o f the raw material, leaves a balance o f $26,616 82, to reimburse the cost o f labor, interest on investments, profits, &c. The section o f the country, therefore, in which is the Vancluse Company, had, during the year, been enriched by $26,667 82. Scarcely a factory in the whole north has worked to such advantage, on account o f the fact that at least 20 per cent is added to the cost o f the raw material by the trans portation thither, and that labor is more expensive. The lower the price o f cotton, the greater becomes this per centum o f charges, freight rarely or never varying. The same company w ill here serve us as a further illustration. In 1848 the cost o f cotton at Augusta was 6,710 cents per lb., amounting to $23,758, to which, if w e add 20 per cent for transportation, we have an aggregate o f $29,709 ; adding again ten per cent for wastage, w e have $32,679, as the cost o f the raw material to any northern factory. This cost, after deducting the freight o f the articles sent south to pay for the raw ma terial, m ay be estimated at 15 per cent, making the total yet higher b y $1,980. The total cost would then be $30,699— evidently $4,941 more than it cost at Vancluse. A n appreciation o f these immense advantages is what is rapidly converting G eorgia into a manufacturing State, and at the same time improving her agriculture by sup plying a home market. The data made use o f above, were drawn from the Am erican Agriculturist. ______________ ___ LECTURES ON THE COTTON MANUFACTURE, Mr. Frederic Warren, o f Manchester, England, has recently delivered in that city a course o f lectures on the cotton manufacture. The subject is one o f so much interest to a large number o f the readers o f the Merchants’ Magazine in the northern and southern States, that w e are induced to give an abstract o f three o f the lectures, as we find it in one o f our foreign exchanges:— The cotton, said Mr. W arren, was the beard o f a plant o f the same order as the common m arsh-mallows; in color it was either pure white, or white tinged with y el low, the latter being that used in the nankin fabric, and being indebted for its color to a salt o f iron, peculiar to the soil o f its growth. The fibers seen through a microscope present the appearance o f hollow cylinders, tortuous in their length, and tapering at their extremities, a constitution in a high degree favorable to their being spun into thread. Botanists differ in the enumeration o f the varieties o f the p la n t; but for prac tical purposes three divisions are necessary. The tree cotton, the shrub cotton, and the staple cotton. O f these, the first and second are useless in trade; the third is divided into the long staple and the short staple. The long staple is grown in the country bordering on the Gulf o f Florida, and in the Delta o f the Ganges. The short staple is the produce o f the entire peninsula o f India and o f the southern States o f North America. These particulars being given, Mr. Warren gave a history o f the cotton trade in Great Britain; pointed out how it has been the moral lever in the elevation o f both England and America, and exhibited the dangers to which it was exposed either from the commercial jealousy o f the American people, a failure from natural causes in their supply, or the probable rebellion o f the American slaves. “ Should,” he said, “ the manufacturing population o f this country increase during the next ten years in the ratio in which it has during the ten years just past, it w ill becom e necessary, in order to support and em ploy them, to secure a permanent and cheap supply o f cotton. This can be done by cultivating it in British India, where, on the authority o f Major Gene ral Briggs, Sir Charles Forbes, and others, there can be produced a supply sufficient to m eet the wants o f the entire wo^ld, equal in quality to the article supplied from N ew Orleans, and cheaper than it by one-half, the wages o f the American slave being Is. 6d. per diem, that o f the free Hindoo, 2d. The advantages derivable from such a course are, the certainty o f a good supply, the consolidation o f our Indian possessions by the means o f commerce, and the emancipation o f the American slaves by rendering their labor profitless to their owners. Air. Warren’s second lecture was devoted to an extended history o f the cotton tra d e; the enumeration and explanation o f the various improvements introduced into factory machinery, from the flying shuttle and picking peg o f John Kay, o f Bury, down to the self-acting mule o f Richard R oberts; and illustrated, b y working models, some o f the 574 Journal o f M ining and M anufactures . manifestations in that wonderful process b y which the cotton w ool is manufactured into calico web. The position taken by Mr. Warren at his former lecture, that British In dia was capable o f affording to Great Britain a sufficient, steady, continuous, and cheap supply o f raw cotton having been disputed, he reiterated that opinion, and,quoted, in support o f it, the statement o f Major General Briggs, who, in either a civil or a milita ry capacity, had been for tliirty-two years in the service o f the East India Company. H e also quoted largely from a memorial o f the merchants o f Cochin, presented some time since to the then Secretary o f the Board o f Control, and gave an account o f the social improvements in the condition o f the Hindoos, resident in the district under the supervision o f Mr. Williamson, revenue commissioner, consequeut upou the steps taken b y that gentleman to foster the growth o f cotton, until, in 1838, the East India Com pany officially condemned his proceedings, and rendered void all contracts made by him with the p eop le; yet, with a strange inconsistency, in 1840, they (the East India Company) sent out to India ten American planters to teach the Hindoo people the manner o f growing cotton. India, he showed, on the authority o f all historians and geographers, from Herodotus and Strabo down to the present time, not only excelled in the fineness o f its cotton fabric, but was the original seat o f the manufacture. In 1641, a writer named Lewis Roberts first makes mention o f a cotton trade in England. This was the manufacture o f articles dignified with the names o f fustians, dimities, and vermillians, but o f equal coarseness with housemaid’s rubber. Even at this early p e riod Manchester was the seat o f the manufacture. Again, in 1662, Dr. Fuller mentions that the founder o f the Manchester Blue-coat School was in that town proprietor o f a cotton factory. The progress o f the trade was in a great measure impeded by the jealousy o f the woolen manufacturers, for, in 1760, there was not more than £500,000 capital embarked in the trade, which then em ployed only 40,000 people at the average wages o f 6s. per week. A t that period were introduced into the machinery the me chanical improvements o f Key, o f Paul, and o f W yott. Since then, improvement has follow ed improvement, until the apparatus has acquired a comparative perfection. In this (upon the authority o f Mr. Warren) Sir Richard Arkwright has no share, as he never invented a single improvement, but had the tact to patent the invention o f others as his own. In his third lecture Mr. Warren resumed the history o f the cotton trade, gave a de tail o f the obstacles to its progress, the jealousies o f the woolen and linen manufacturers, and the restrictive duties imposed by the Legislature on the home made fabric. The trade was at first confined to pure cotton yam , manufactured chiefly by the firm o f Means, Strutt, tfc Co., the partners o f Richard Arkwright, and was only used in hosiery in the districts o f D erby and Nottingham. In the 14th o f George III. the restrictive duties were removed. Freedom o f trade being thus acquired, the machinery being im proved and the steam-engine being adaptod to it as a motive power, such was the progress o f the trade that in the year immediately subsequent, on the repeal o f the restrictive duties, the cotton exports were increased from £1,200,000 to £5,500,000. W ith this improvement the facilities o f transit were also increased in common roads, and by the introduction o f canals. In 1760, only \ per cent o f the population was em ployed in the trade, which now em ploys 2,000,000 persons, or 10 per cent o f the whole population. The improved condition o f the people is no less striking. They at that pe riod received an average wages o f 6s. per week, they now receive the average o f 11s. for the same period. The cotton exports were then not more than £500,000 per annum. In 1846, the exports amounted to £25,592,895. The differences in the prices o f the conveni ences and necessaries o f life in 1760, and o f those at the present period is not so great as to justify the assertion that the 6s. received then went in trade parlance farther than the 11s. received now. The prices o f corn are nearly the same, it having sold, in 1760, at 38s. 4d. per quarter, and is selling now at 40s. Clothing is now one-twelfth cheaper than at that period. E very other branch o f trade, even those which felt the greatest jealousy o f the cotton trade in its infancy, has progressed in its growth. PRODUCTION OF COPPER AT THE CLIFF MINE, It is pretty w ell known to most o f the readers o f the Merchants' Magazine, that the operations o f the Pittsburg and Boston Mining Company, at the Cliff Mine, have been eminently successful The Cliff Mine is nearly three miles square, bounded on its northern side by the shore o f Lake Superior. The mine is situated in a cliff, over hanging the west branch o f Eagle River, and having an elevation o f 250 feet above Journal o f M ining and M anufactures the bed o f that stream. . 575 I f Nature had been “ working to order,” says a late report o f the Directors, “ a more favorable combination o f circumstances could hardly have been desired than is here presented.” W e have before us a statement o f the amount o f copper taken from this mine in the months o f June, July, and August, 1849, from which it appears that the total taken from the mine in June, amounted to 506,936 lb s .; in July, 550,317 lb s .; in August, 798,239 lbs., exhibiting a total for the three months o f one million, eight hundred and fifty-two thousand, five hundred and seventy-two pounds. The total taken from the mine in the corresponding quarter o f 1848, was 1,551,402 lbs., giving an increase in the three months o f 1849, over 1848, o f 301,170 lbs. A dividend o f $10 per share was paid to the stockholders, on the 21st o f May, 1849. It also appears from a statement in the Boston Journal, that about one-third o f the entire product o f the mine is o f sufficient purity to ship to market in the shape in which it comes from the mine ; producing, when refined, about 60 per cent o f pure copper. The poorer ores are crushed and washed at the mine, and brought up to a value o f 60 a 70 per cent. Masses o f pure copper have been found in all parts o f the vein, as far as it has been penetrated, some weighing as much as sixty and eighty tons. These are cut into manageable dimensions, by means o f the cold chisel. Eight hundred and thirty tons o f mineral, averaging 60 per cent, w ere shipped from the mine in 1848. Valuable deposits o f silver are also found to exist in the mine, me chanically associated in fine particles with the copper, in the matrix o f the vein. One thousand dollars’ worth was selected from 88 tons o f the stampings, which w ere sent to Pittsburg last season. MANUFACTURING ESTABLISHMENTS OF MAINE. W e give below a table which w e have compiled from Pratt’s Business D irectory, o f the cotton, woolen, etc., manufacturing establishments o f Maine, showing the name and location o f each company, capital invested, kind o f goods manufactured, and the an nual amount o f goods m anufactured:— Name and location. Casco Manuf. Co., Gorham .................. H allow ell Manuf. Co., H a llo w e ll.. . . K enebeck Manuf. Co., A ugu sta......... Laconia Manuf. Co., B iddeford........... L ’wist’n F ’ls W at’r-pow’r Co., L. Falls Mausam Manuf. Co., Kennebunk. . . . Portland Manuf. Co., W e stb ro o k .. . . Portsmouth Co., South Berwick........ Saccarappa Manuf. Co., W estbrook.. Spring Vale Manuf. Co., S a n fo rd ... . Y ork Manuf. Co., S aco......................... Spring V ale Printing Co., S an ford... North Berwick Co., North Berwick.. Anson W oolen Factory, North Anson Brookville Manuf. Co., B rookville. . . Flannel Factory, Sanford.................... Harbeck and Kirk, Cam den............... Lewiston Falls Manuf. Co., L. Falls . Limerick W oolen Factory, Limerick. Lisbon W oolen Factory, Lisbon........ Readfield W ’len M’nuf. Co., Readfield South Paris Manuf. Co., South Paris. Vassalboro Manuf. Co., Vassal b o r o ... W ilton Woolen Factory, East W ilton Saco W ater-power Co., S a co .............. Portland Company, Portland.............. Annual amount o f yards K ind o f goods manufactured, manufactured. Sheetings......................... Printing cloths & sheet’s Sheetings and drillings. Jeans and d rillin gs.. . . Print’g cl’ths <&w'p. y ’ns Printing cloths................ Sheet’g strip’d shirt’gs Brown sheetings........... Printing cloths................ Printing cloths................ Colored & white cottons Cloth printing................ Printing B lankets......... Cassimeres...................... Cassimeres & sattinets . Flannels........................... W oolen............................ Cas., tw ’eds, sat., flannels Flannels........................... Sattinets.......................... W oolen g oods................ Cassimeres...................... Cassimeres, doe sk in s.. W oolen g o od s................ Cotton m achinery......... Engines & railroad cars 500,000 200,000 4,000,000 7,550,000 27,000 200,000 2,108,000 600,000 600,000 1,000,000 7,080,000 100,000 81,300 25,000 2,600 104,000 Capital. .............. 150,000 160,000 1,000,000 500.000 85,000 184 500 183,200 45,000 50,000 1,000,090 50,000 10,000 125,000 15,000 9,000 59,000 10,000 80,000 20,000 2,000,000 250,000 5*76 Journal o f M ining and M anufactures . MANUFACTURE OF WATCHES AND RIBBONS. A correspondent o f the Independent, residing in England, gives the following brief account o f the method o f manufacturing the above articles:— Watchmaking and ribbon weaving are extensively carried on in Coventry. I visited the works o f Richard Rotherham and Sons, who have a great number o f hands em ployed. The different processes are very interesting. They make use o f electro-gal vanism, in coating the internal works o f watches. They dip, for a moment only, those parts which they wish to coat, into a saturated solution o f nitro-muriate o f gold in which is kept continually suspended a piece o f metallic gold, and the coating is done. The curious engraving which is put on the back o f watches, and which appears to be carried from the center to the circumference, is done by a tnrning machine in which the operation is commenced on the outside and approaches the center. The inequality o f surface is given to it by an unequal movement o f the graver. A very narrow strip is engraved at each revolution, and then the machine requires to be set a new. I f it could be so constructed that the machine would set itself at each revolution, the work might g o on continuously and be very rapidly accomplished. In weaving ribbons, which is generally done at private houses, eight are woven at once. There are eight shuttles, one to each ribbon, and they are so attached that they are worked as though there were but one shuttle. They weave very fast. The size and general appearance o f the looms is much the same as that o f the old looms o f our country. A NEW ALLOY RESEMBLING GOLD. The London M ining Journal describes an ingenious and interesting discovery in the manipulation o f metaliferous substances, by which an alloy is produced that is likely to come into very general use for numerous articles hitherto manufactured in gilt work, or molu, and other m ore expensive metals. It is a mixture in certain proportions o f copper, tin, zinc, .fee., perfectly homogenous, close in texture, highly ductile, rolls into sheets, and i s manufactured with the greatest facility. It can be had o f various tints, to represent gold o f different degrees o f color and purity, takes a high degree o f polish, and cleans easily when tarnished. The editors o f the M ining Journal have inspected some small articles, pencil-cases, <fcc., manufactured from this alloy, and express the opinion that it w ould be difficult for the most practised eye to discover they were not gold, without having recourse to the acid test, or ascertaining the specific gravity, which is o f course less than the precious metal. TO UNITE WROUGHT AND CAST IRON. A cast iron and wrought iron beam may be united by immersing the wrought iron beam in w eak nitric acid, and then make it red hot, and plunge it luto the w eak bath o f nitric acid again, and free it from all the oxide that is upon it. It is then dipped in a weak solution o f sal-amoniac, and immersed in a bath o f m elted tin, until it is w ell tinned all over. It is then coated, where it has been united with the cast iron, with an alloy composed o f copper, 5 parts, and tin, 95 parts. It is then placed in a m ould and made fast with tinned nails, when the cast iron, in a molten state is poured into the mould, and a fusion takes place between the wrought and cast iron, through the action o f the interposed alloy. Steel and cast iron m ay be united in the same way. MANUFACTURE OF WOVEN IRON. Messrs. W ickershaw & Walker, o f Philadelphia, as we learn from the Journal o f Commerce, have a patent right for the manufacture o f woven iron. This improvement does away with the necessity o f pivots for the purpose o f Listening iron work together where it is used for grating o f any description. The manufacturers are enabled to w eave iron as large as railroad bars, or the smaUest description o f wire. They are now applying it to the following purposes: iron railings o f endless varieties, embra cing beauty, strength, and style o f finish, never surpassed, for public grounds, build ings, cottages, verandahs, lawns, cemeteries, <fec., iron bridges, galleries for churches gratings for prisons, window shutters, and gratings for stores, columns, and cornices for cottages, tree boxes, summer houses, guards for decks o f steamboats and vessels, tfcc., being cheaper than w ood or cast iron. k Journal o f M ining and Manufactures. 577 CINCINNATI LARD AND OIL MANUFACTURE. W e learn from the Cincinnati papers, that there are upwards o f thirty large esta blishments in that city em ployed in tile manufacture o f lard oil, which is accomplished b y divesting the lard o f one o f its constituent parts— stearine. The largest o f these, whose operations are probably more extensive than any other in the United States, has manufactured heretofore into lard oil and stearine 140,000 pounds monthly, all the year round, and the great increase o f hogs for the present season will probably enlarge that business this year 50 per cent. It is calculated that 11,000,000 lbs. lard w ill be run into lard oil this year, tw o sevenths o f which aggregate w ill make stearine, the residue oil, say about 24,000 barrels o f 42 gallons each. Much the larger share o f this is o f inferior lard, made o f mast fed and still fed hogs, the material, to a great extent, coming from a distance— hence the poor quality o f western lard oil. Lard oil, besides being sold for what it actually is, is also used for adulterating sperm oil, and in France serves to materially reduce the cost o f olive oil, the skill o f the French chemists ena bling them to incorporate from 60 to 10 per cent o f lard oil with that o f the olive. There is also an establishment in that city which, besides putting up hams, etc., is ex tensively engaged in extracting the grease from the rest o f the hog, and will probably this year operate in this w ay on 30,000 hogs. It ha3 seven large circular tanks, six o f capacity to hold each 15,000 lbs., and one 6,000 lbs. These receive the entire carcasse, with the exception o f the hams, and the mass is subjected to steam process, under a pressure o f 7 0 lbs. to the square inch, the effect o f which operation is to reduce the whole to one consistence, and every bone to powder. The fat is drawn off by cocks, and the residuum, a mere earthy substance, is taken away for manure. Besides the hogs which reacli this factory in entire carcasses, the great mass o f heads, ribs, back bones, tail-pieces, feet, and other trimmings o f the hogs cut up at different pork-houses are subjected to the same process, in order to extract every particle o f grease. This concern alone is expected to turn out this season 3,600,000 lbs. o f lard, five-sixths o f which is Ho. 1. Six hundred hogs daily pass through these tanks one day with another, The stearine expressed from the lard is used to make candles b y being subjected to hydraulic pressure, by which three-eights o f it is discharged as an impure oleine; this last is em ployed in the manufacture o f so a p ; 3,000,000 lbs. o f stearine have been made in one year into candles and soap in these factories, and they can make 6,000 lbs. o f candles per average day throughout the year. NEW .METHOD OF MANUFACTURING SHOT. In a recent number o f the H ew Y ork Pathfinder, w e find a description o f L eroy & Co.’s establishment for manufacturing shot b y a new method, without the aid o f the usual tower em ployed for that purpose It is the invention, say the Pathfinder, o f the junior partner o f the firm, Mr. Smith, cousin to the celebrated John Smith, to whom the exclusive right has been invested by letters patent, both in this country and in Europe. Its distinguishing features consist in the simplicity witli which the lead, after being dropped from a perforated vessel in a fluid state, is congealed before reaching the reservoir o f water into which it is depos ited. This is performed in the ordinary process, by'causin g the drippings o f lead to faU a great distance, from the top c f a tower to its base, and up to the period o f this beautiful invention, no other substitute for the tower could be devised to accomplish this indispenable object in the manufacture o f shot, although various attempts have heretofore been made. The-mode adopted b y Air. Smith is simply to cause the fluid lead to descend from the upper part o f the establishment through an upright circular pipe arranged over a reservoir o f water, and in which a strong blast o f air, produced near its lower extremity b y a revolving fan, is constantly passing in such a manner as to meet the lead drippings in their descent; and while it tends to break their fall by slightly buoying them up, imparts to them a degree o f cold sufficient to change their state, from a liquid to a solid, before they reach the reservoir o f water into which they faU, and from which they are taken to the drying table by an endless band o f buckets or elevators. W hen it is understood that this simple process performs the office o f the expensive towers and then complicated adjuncts now in use, w e think the reader wiH agree with us in the opinion that the immense shot towers now seen peering to the skies in the various large cities o f our country, will, ere long, be numbered among the vol. xxi.— no. v. 37 Journal o f M ining and Manufactures. 578 things that -were, to give place to this evidence o f the advancing tide o f the inventive genius o f our country. In addition to the advantages gained in labor, <fcc., in the pro cess o f manufacture by the improvement, the shot produced b y it are more solid, and otherwise superior to those heretofore placed in market. USE OF COLORED GLASS TO ASSIST THE VIEW IN FOGS, The following curious observation is made b y M. Luvini, o f Turin, in a letter to the editor o f L'Institut, o f January 4th, at Paris. I f verified, it m ay prove to be o f im portance to geodetical operations, as w ell as in observations at sea. “ "When there is a fog between tw o corresponding stations, so that the one station can with difficulty be seen from the other, if the observer passes a colored glass b e tween his eye and the eye-piece o f his telescope, the effect o f the fog is very sensibly diminished, so that frequently the signals from the other station can be very plainly perceived, when, without the colored glass, the station itself could not be seen. The different colors do not all produce this effect in the same degree. The red seems the most proper for the experiment. Those ■who have good sight prefer the dark red, those who are short-sighted like the light red better. The explanation o f this effect seems to depen d; upon the fact that the white color o f the fog strikes too pow erfully upon the organ o f sight, especially i f the glass have a somewhat large field. On the contrary, b y placing a colored glass between the eye o f the observer and the eye glass o f the instrument, the intensity o f the fight is much diminished b y the intercep tion o f a part o f the rays ; the observer’s eye is less wearied, suffers less, and, conse quently, distinguishes better the outlines o f the object observed.” BATHING ROOMS IN THE FACTORIES OF MANCHESTER, N. H. The foHowing extract is from the L ow ell Offering— a paper edited b y a lad y w ho was formerly an operative in the L ow ell miHs, and which is the acknowledged organ o f the factory g irls:— T w o o f the Manchester corporations— the Am oskeag and the Stark— have done a considerate and generous thing for their girls, in fitting up bathing rooms for their ex clusive use. Mr. Gillis, agent o f the Am oskeag corporation, began the movement. His rooms are fitted up with little expense— such as might be afforded b y every corpora tion in N ew England— and still they are perfectly convenient. One is better pleased, however, with the appointment o f the rooms on the Stark corporation, for there ele gance is combined with convenience; the pleasant yard, the neat brick block, and green blinds w ithout; within, the papered walls, mirrors, dressing-tables, the Venetian screens, and behind them the dressing-rooms, with their extensive, neatly kept baths, for show ering or immersion, or for both, as one chooses; and then, further on, the long cool room, where is the plunge bath— where are plants; while, moving here and there, wherever she is needed, is the quiet, kind lady w ho has the rooms, and aU w ho come hither, in her charge. BRITISH IMPORTATION OF GLASS. A return m oved in the British Parliament shows that the total imports o f foreign glass in the year 1848 were as follows, namely, 31,037 cwt. o f white or stoned window glass, o f one color o n ly ; 90,442 square feet o f silver and polished glass; 1,195 feet o f painted or otherwise ornamented glass ; 38,086 lbs. o f white flint glass bottles not cut or engraved; 154,343 lbs. o f wine glasses, tumblers, and other white flint glass goods, not cut or otherwise ornamented; 639,967 lbs. o f aU flint cut glass, flint colored glass, and fancy ornamented glass; and 370 cwt. o f glass manufactures not other wise described. The quantities o f British glass exported from this country in the year 1848 were as follows, namely, 15,226 cwt. o f flint glass; 19,708 cwt. o f window glass; 49,297 feet o f plate glass; 194,755 cwt. o f common glass bottles, and £6,965 worth o f looking-glasses and mirrors. ' 579 Railroad, Canal, and Steamboat Statistics. RAILROAD, CANAL, AND STEAMBOAT STATISTICS. BOSTON AND MAINE RAILROAD* This road extends from Boston to South Berwick, a distance o f 71 miles, where it connects with the Portland, Saco, and Portsmouth Road, and thus forms a continuous line to Portland, a distance o f 111 miles from Boston. It was partially opened as early as 1836, and to Dover, N ew Hampshire, in 1841. The original cost o f the road ■was §2,900,000. The number o f shares is 30,000, and the par value §100 each. The following table, which w e have compiled from the “ Pathfinder Railway G uide” ex hibits the stations or principal places on the route from Boston to Portland, the dis tances, and the present rates o f fa re :— Fares. Miles. Places. Boston........................... S om erville................... .. Stoneham..................... Greenwood................... South R eading........... R eading........................ W ilm ington................. Ballard v a le ................. A ndover....................... Lawrence..................... North A n d o v e r.......... B radford...................... 2 5 1 8 9 10 12 15 21 23 26 28 32 SO 0 0 0 0 0 0 0 0 0 0 0 0 Places. H averhill........................ 06 Plaistow......................... 12 15 18 E xeter............................. 20 South N ew m arket.. . . 20 N ewm arket................... 25 Durham.......................... 35 M adbury........................ 45 D o v e r ............................. 50 Somersworth................. 60 Salmon Falls................. 65 South Berwichj-........... 75 Portland.......................... Miles. 33 38 41 50 54 51 62 65 68 71 72 74 111 Fares. §0 0 0 1 1 1 1 1 1 1 1 1 1 2 75 85 92 02 12 22 39 40 50 50 56 61 73 00 ¥ e are indebted to Charles Minot, Esq., the Superintendent o f the Boston and Maine Railroad, for a copy o f the R eport o f the Directors o f this road made to the stockholders at their annual meeting, September 12, 1S49, which exhibits the affairs o f the corporation as in a prosperous condition. From the report, it appears that the Boston and Maine Railroad was opened to Dover in the autumn o f 1841; down to D e cember, 1841, there was a very regular increase in its business o f about 33 per cent per annum, till its gross receipts for the last mentioned year amounted to over half a million o f dollars. The directors, finding the income o f the road thus increasing, and then so ample, with a prospect o f a continued increase from the works commenced or projected at Lawrence, and from new connecting roads, as w ell as from a continued growth o f business in the towns and villages on the main line, reduced the fares and charges for freight about 14 per ce n t But unfortunately the m oney pressure became se v ere; and about this time began to be felt in a comparative reduction o f business and travel upon most o f the railroads, the Boston an l Maine with others, causing a great falling off in the operations at Lawrence, and reducing the business o f the rail road with that place to a small part o f what had been calculated upon. In the mean time, this corporation was making large expenditures for the purpose o f being pre * This road has several branches, nam ely, the M edford Branch, w hich leaves the main road at M alden, extending to the center o f Bedford, five m iles from B o sto n ; the Methuen Branch, and the Great Falls Branch, w hich leaves the main road at Somersworth, and extends to Great Falls Village, a distance o f three miles. + The places betw een South Berw ick and Portland, through w hich this route to the latter place e x tends (om itted in the “ Pathfinder Guide ” ) are North Berw ick, W eils, Kennebunk, Saco, and Scar borough. 580 , Railroad Canal, and Steamboat Statistics. pared to accommodate the business to be expected from Lawrence, and from the con necting roads then about to be opened into the interior o f N ew Hampshire and Maine ; all which preparations had been ordered or approved by the stockholders. In addition to these untoward circumstances, affecting unfavorable the income o f the road, the loss o f the Salmon Falls bridge and the Dover fire had their influence. A ll these circum stances operated together to prevent an increase in the net income o f the road, corre sponding to the increased means and the increased expenditure. The effect, however, was not greater than should have been expected from such a complication o f causes all operating the same way. Notwithstanding all these disadvantageous circumstances, the net earnings o f the road, over and above its expenses o f operation and repairs, have been for the tw o years ending June 1st, 1849, an average o f 8 per cent per an num, and for the worst twelve months o f this time, the last year, the net imcome was full 7 per cent. The result o f this severe trial proves the unquestionable soundness o f the enterprise; and it must give to the stockholders and the public the greatest confidence in the fu ture prosperity o f the road. It is also clear, from the report, that, compared with other roads, it lias been eco nom ically and judiciously managed. “ If,” says the report, “ w e compare the cost o f ‘ stations, buildings, and fixtures ’ on the Boston and Maine Railroad with the cost o f the same items on the Fitchburg, Old Colony, Boston and Lowell, and the Eastern Railroads, w e shall find the average cost o f these items on the four last mentioned roads, (in proportion to their length,) has been over 50 per cent greater than that o f the Boston and Maine. “ I f w e compare the entire cost o f building and fu rn ish in g the Boston and Providence, the Boston and Lowell, the Boston and Worcester, the Fitchburg, and the Eastern Railroads, with that o f the Boston and Maine, we shall find that the average cost per mile, o f these five roads, is SO per cent more than that o f the Boston and Maine. The expenes o f keeping in repair the engines and cars o f the Boston and Maine Railroad for the year 1848 was 10 per cent less than the average o f the other five principal rail roads connecting with Boston, namely, the Boston and Providence Railroad, the Boston and W orcester Railroad, the Boston and L ow ell Railroad, the Fitchburg Bailroad, and the Eastern Railroad. A n d i f w e except the Fitchburg Railroad, which had run but about three years at the time taken for this comparison, and whose furniture must have been nearly new, w e have the average charge for this item o f expense on the other f o u r roads, 19 per cent greater than the same item o f expense on the Boston and Maine Road, in proportion to the miles run. I f w e compare the general expenses o f these five roads with those o f the Boston and Maine for the same year, w e shall find that the average expense per mile o f maintaining and running these five roads, is (as before) 10 per cent greater than that o f the Boston and Maine. A n d if, as in the other case, we leave out o f the comparison the Fitchburg Railroad, whose track, bridges, ifcc., as w ell as the running apparatus, could hardly have required much repair during that time, w e shall find that the average expenses o f the other f o u r w ere 18 per cent greater than those o f the Boston and Maine. These comparisons are deduced from the official returns made b y the directors o f the roads severally, and some o f these are only a p proximations to a strict analogy, though they speak a general truth.” From a statement made b y the superintendent w e gather some facts touching the wages paid the men em ployed on the road. F ive o f the six passenger conductors are paid S600 and one 8540 per annum ; the wages o f the engine men ranges from 840 to 860 per month, or 8480 to 8720 per annum; ticket masters receive from 8156 to 8720 per annum; the salaries o f 14 firemen average 829 42 per m onth; the wages o f 8 train baggage masters average 834 37 per m onth; the wages o f 11 brakemen average $30 per m onth; freight conductors receive from 840 to $45 per m onth; gatemen, from $13 to 830 per month. The salaries o f the president and superintendent are $2,000 e a c h ; the treasurer receives $1,500. W e think the company are as economical in re spect to wages and salaries as is desirable, in order to secure competent men. err, it is on the side o f economy. I f they , Railroad, Canal and Steamboat Statistics. 581 From the treasurers report it appears that the receipts o f the corporation for the financial year ending June 1st, 1849, 'were, from passenger trains, $312,592 4 4 ; from freight trains, $110,131 0 1 ; for carrying United States Mail, $6,536 8 5 ; for rents, $4,462 3 8 ; showing the receipts to have been $493,128 18. The total expenditures for all purposes amounted, during the same period, to $240,691 1 4 ; showing the net earnings o f the road for the year to have been $253,031 04. The receipts o f the road for the three months o f June, July, and August, in the years 1848 and 1849, have been as fo llo w s:— 1848. 1849. Passengers............................. $21,242 15 Freight................................... 15,519 87 Rents....................................... 630 25 Total, J u n e ............................ Passengers............................. Freight................................... M a il........................................ Rents....................................... Total, July.................... $32,291 86 15,350 00 1,109 96 539 61 Passengers............................. Freight.................................... M a il........................................ Rents....................................... Total, A ugust................ $32,716 11,809 620 109 $26,190 18 13,819 81 131 69 $43,392 21 $40,208 23 $34,016 12,998 1,008 1,502 01 04 45 37 $35,289 3,346 217 470 19 08 99 62 49,291 43 55 17 29 92 49,516 81 45,255 93 Total for three m on th s......................... $131,939 63 49,323 88 $139,108 98 W e have endeavored to place before our readers a comprehensive abstract o f the report, omitting a few details relating to the car and engine establishment at L aw rence, etc., as o f little interest to the general reader. The report is one o f more than usual interest, especially as m any o f its statements were elicited b y a Committee o f Investigation, appointed at a meeting o f stockholders, who had, in a previous report, animadverted with a good deal o f severity on the general management o f the road The report o f the Investigating Committee seems to have fallen to the ground, as, after the present report was made, the old Board o f Directors were re-elected for the new y ear b y a decided majority, and the stock o f the company immediately advanced 3 or 4 per cent beyond its par value. PROGRESS OF RAILROADS DT IIVDIAHA. W e published in this department o f the Merchants’ Magazine for August. (Y oL xxi., p. 240— 242,) a comprehensive statement o f the railroads in Ohio, com pleted, in pro gress, and chartered, and in the September number (V ol. xxi., p. 340— 342) a similar account o f the railroads o f Georgia. Alm ost every mail shows that the inhabitants o f our Southern and W estern States are fully aware o f the importance o f railroad com munication. Indeed, Georgia, so far as the railroad enterprise is concerned, m ay be regarded as the “ Massachusetts o f the S ou th ;” Savannah is already the terminus o f some 700 miles o f railroad. The Cincinnati P r ice Current furnishes us with the following- statement o f the roads in Indiana, completed, and those in course o f completion, and also the contemplated routes.:— 1. T he M adison and I sd ia n apo lis R ailr oa d is cessful business, from Madison, on the Ohio River, passing through Vernon, Columbus, Edinburg, and tance o f 80 miles. The stock o f this road is very dend on its capital. completed, and in full tide o f suc 100 miles below Cincinnati, and Franklin, to Indianapolis— a dis valuable, and yields a large divi 582 Railroad, Canal, and Steamboat Statistics. 2. T he T erre H aute and I ndianapolis R ailroad , commencing at Terre Haute, on the W abash R iver and Erie Canal, which is in a direct line between Indianapolis and St. Louis, and running through Green Castle, and an agricultural country, for a distance o f 14 miles, to Indianapolis. 3. T h e L a F ayette and I ndian apolis R a ilr oa d , commencing at La Fayette, also on the W abash River and Erie Canal, and extending, in a south-eastern direction, to Indianapolis— a distance o f 10 miles. 4. T he I ndianapolis and P eru R ailroad , commencing at Indianapolis, and run ning through Noblesville to Peru, on the W abash R iver and Erie Canal— a distance o f 10 miles, in a north-east direction from Indianapolis. 5. T he I ndianapolis and B ellefontaine R ailroad , commencing at Indianapolis, and extending, in a north-eastern direction, through Pendleton, Andersontown, Muncietown, and Winchester, to the east line, dividing the States o f Indiana and Ohio— a distance o f 80 miles. A t this point, it connects with the railroad to Bellefontaine, in Ohio, where it intersects the Cincinnati and Sandusky Railroad, and also connects with the contemplated road from Pittsburg. This road from Indianapolis, to connect with the Bellefontaine Road, w ill bring the heart o f Indiana in almost direct communication with the eastern cities. 6. T he E dinburg and S helbtvilie R oad, from Edinburg, on the Madison and In dianapolis Road, to Shelby ville— a distance o f 16 miles. 1. T he J effersonville and C olumbus R ailroad , from Jeffersonville, on the Ohio River, to Columbus, situated 40 miles south o f Indianapolis, on the Madison Road. This road is located, and 40 miles graded. 8. A road is located, and partly under contract, from Lawrenceburg to Greenburg, from which latter point it is to be extended to Edinburg, to intersect the Madison and Indianapolis Road, and thence on to Martinsville, to penetrate the inexhaustible coal region o f W hite River, or to Shelby ville, thence to intersect the Edinburg, the Knightstown, and the Rushville Railroads, all o f which center at Indianapolis. 9. T he S helbyville and K nightstown R ailroad is 26 miles in length. This road meets, at Shelbyville, the Rushville Railroad, which runs, in the direction o f Cin cinnati, to Rushville, 18 miles in le n g th ; o f which the grading is done, and on part o f which the cars w ill run the present year. Tlius, it w ifi be seen that there are con structed, and in progress, 514 miles o f railroad, as fo llo w s:— Madison to Indianapolis........................................................................ Terre Haute “ L a Fayette “ ....................................... .............................. Indianapolis and Bellefontaine............................................................ Edinburg to Shelbyville........................................................................ Jeiferson ville to Columbus.................................................................... Lawrenceburg to Greensburg.............................................................. Greensburg to Edinburg....................................................................... Edinburg to M artinsville....................................................................... Shelbyville and Knightstown.............................................................. R ush ville.................................................................................................. TotaL............................................................................................ 80 74 70 80 16 70 35 20 25 26 18 514 A ll these roads that are not completed, are in a rapid state o f construction, by sol vent companies, and they will, probably, be finished in from one to three years, when most o f the business towns, and the richest agricultural portions o f Indiana, will be connected b y railroads, centering at Indianapolis, the capital o f the S ta te ; and all these places w ill b e in communication with the eastern cities, b y means o f the B elle fontaine Railroad. RAILWAY LIFE ASSURANCE. It seems b y the London journals, that the new system o f life assurance, in the event o f accidents b y railways, is now in operation over the London and North Western, and also the Lancashire and Yorkshire lines. The assurance tickets for a single journey, irrespective o f distance, are obtained at the same time that the passenger takes his ticket; the first-class passenger paying 3 d insures £ 1 ,000 ; the second-class passenger paying 2 d insures £200, and the third-class for I d insures £500 in the event o f loss o f life, to be paid to their representatives; and they are entitled to compensation in cases Mercantile Miscellanies. 583 o f personal injury. It is understood that tickets w ill be procurable next week over the Lancaster and Carlisle, North British, Caledonian, Edinburg and Glasgow, Chester and Holyhead, Eastern Counties, Cockermouth and Workington, Stockton and Hartlepool R ailw ays; and that arrangements are in progress to afford the same accommodation to the traveling p ublic on other lines as speedily as possible. THE STEAM FORCE OF ENGLAND, The following is a late official return o f the steam vessels and horse-power belong ing to the royal navy, whether in commission, in ordinary, or actually building. The return is as foU ows:— Available for war purposes, 4 line o f battle, 1,800 horse-power; 23 frigates, 11,159 horse-power; 48 sloops, 14,862 horse-power; 28 gun vessels, 3,906 horse-pow er; total, 103 o f 32,321 horse-power, and o f these only 6, 3,280 horse-power, are in course o f being built. The following is the total number o f steamers in troop ships, tenders, yachts, tugs, and packets;— Three troop-ships, 520 horse-power; 9 ten ders, 661 horse-pow er; 6 yachts, 1,100 horse-power; 11 tugs, 140 horse-power; 32 packets, 6,620 horse-power. Total number, 5 1 ; horse-power, 9,640. MERCANTILE MISCELLANIES. THE CONSIDERATE MERCHANT: OR, PAYING AN OLD DEBT. There is a moral in the following anecdote, which w e consider too instructive to be lost to the readers o f the M erchants’ Magazine. It was originally published, w e b e lieve, in the Boston Transcript. W e give it as we find it in the Home Jmirnal, o f NP. W il l is and General G eorge P. M o r r is . W e have reason to believe that the story m ay be taken b y our readers as substantially tru e :— A merchant, v ery extensively engaged in commerce, and located upon the Long Wharf, died February 18, 1806, at the age o f seventy-live; intestate. His eldest son administered upon the estate. This old gentleman used pleasantly to say that, for many years, he had fed a very large number o f the Catholics on the shores o f the Mediterranean during Lent, referring to his very extensive connection with the fishing business. In his day he was certainly w ell know n; and to the present time is w ell re membered b y some o f the “ old ones down along shore” from the Gurnet’s Nose to Race Point. A m ong his papers, a package o f very considerable size was found after his death carfuUy tied up, and labelled as foU ow s:— “ Notes, due-biUs, and accounts against sundry persons down along shore. Some o f these m ay be got b y suit or severe dun ning. But the people are p o o r ; most o f them have had fisherman’s luck. M y children w ill do as they think best. Perhaps they w ill think with me, that it is best to bum this package entire.” “ A bout a month,” said m y informant, “ after our father died, the sons m et together, and, after some general remarks, our elder brother, the administrator, produced this package, o f whose existence w e were already apprised, read the superscription, and asked what course should be taken in regard to it. Another brother, a few years vounger than the eldest, a man o f strong impulsive temperament, unable at the mo ment to express his feeling b y words, while he brushed the tears from his eyes with one hand, b y a spasmodic jerk o f the other toward the fireplace, indicated his wish to have the package put into the flames. It was suggested b y another o f our number, that it might be well, first, to make a list o f the debtors’ names, and o f the dates, and amounts, that we might be enabled, as the intended discharge was for all, to inform such as might offer payment, that their debts were forgiven. On the follow ing day, w e again assembled— the list had been prepared— and all the notes, due-bills, and accounts, whose amount, including interest, amounted to thirty-two thousand dol lars, were committed to the flames. “ It was about four months after our father's death,” continued m y informant, “ in the month o f June, that, as I was sitting in m y eldest brother’s counting-room, waiting for an opportunity to speak with him, there came in a hard-favored little old man, who look ed as if time and rough weather had been to windward o f him for seventy years. 584 Mercantile, Miscellanies. H e asked i f m y brother was not the executor. H e replied that he was adminis trator, as our father died intestate. ‘ W e ll/ said the stranger, ‘ I’ve come up from the Cape to pay a debt I owed the old gentleman.’ M y brother,” continued m y informant, “ requested him to take a seat, being at the moment engaged with other persons at the desk. “ The old man sat down, and putting on his glasses, drew out a very ancient leather pocket-book, and began to count over his money. W hen he had done— and there was quite a parcel o f bank notes— as he sat, waiting his turn, slow ly twisting his thumbs, with his old grey, meditative eyes upon the floor, he sighed; and I knew the money, a3 the phrase runs, came hard, and secretly wished the old man’s name might be found upon the forgiven list. M y brother was soon at leasure, and asked him the common questions— Ins name, etc. The original debt was four hundred and forty dollars— it had stood a long time, and, with the interest, amounted to a sum between seven and eight hundred dollars. M y brother went to his desk, and, after examining the forgiven list attentively, a sudden smile lighted up his countenance, and told me the truth at a glance— the old man's name was there! M y brother quietly took a chair b y his side, and a conversation ensued between them, which I never shall forget. * Y our note is outlawed,’ said m y brother, ‘ it was dated twelve years ago, payable in tw o y e a rs; there is no witness, and no interest has ever been p a id ; you are not bound to pay this n o te ; w e cannot recover the amount.’ ‘ Sir;’ said the old man, ‘ I wish to pay it. It is the only heavy debt I have in the world. It m ay be outlawed here, but I have no child, and m y old woman and I hope w e have made our peace with God, and wish to do so with man. I should like to pay it,’ and he laid his bank notes before m y brother, requesting him to count them over. ‘ I cannot take this m oney/ said m y brother. The old man became alarmed. ‘ I have cast simple interest for tw elve years and a little ov er/ said the old man. ‘ I w ill pay you compound interest, if you say so. The debt ought to have been paid long ago, but your hither, sir, was very indulgent— he knew I'd been unlucky, and told m e not to w orry about it.’ “ M y brother then set the whole matter plainly before him, and, taking the bank-bills, returned them to the old man’s pocket-book, telling him that, although our father left no formal will, he had recommended to his children to destroy certain notes, due-bills, and other evidences o f debt, and release those who m ight be legally bound to pay them. For a moment the worthy old man appeared to be stupefied. A fter he had collected himself, and w iped a few tears from his eyes, he stated that, from the time he had heard o f our father’s death, he had raked and scraped, and pinched and spared, to get the m oney together, for the paym ent o f this debt. ‘ A bou t ten days ag o/ said he, ‘ I had made up the sum within tw enty dollars. M y wife knew how much the payment o f this debt lay upon m y spirits, and advised me to sell a cow, and make up the difference, and get the heavy burthen off m y spirits. I did so— and now what w ill m y old wom an say ! I must get back to the Cape and tell her this good news. She'll probably say over the very words she said when she put her hand on m y shoul der as w e parted— I have never seen the righteous man forsa k en , or his seed begging b r e a d A fter a hearty shake ©f the hand, and a blessing upon our old father’s m em ory, he went on his w ay rejoicing. “ A fter a short silence— taking his pencil and making a cast— ‘ T here/ said m y brother, ‘ your part o f the amount w ould be so much— contrive a plan to convey to me your share o f the pleasure derived from this operation, and the m oney is at your service/ ” Such is the simple tale which I have told as it was told to me. THE TOBACCO TRADE. V i r g in i a T obacco A gency, N ew Y ork, October 8th, 1849. Mr. F reem an H unt, E sq , Editor o f the Merchant s’ Macjazinc, etc. D ear S i r :— M any o f m y numerous customers making daily application b y letter and otherwise, for correct information concerning the present unusual state o f the to bacco market, I take this method o f conveying such information, and it is given hon estly to the best o f m y judgment. A t the commencement o f spring trade, the stock o f manufactured tobacco held in this, and all markets in the country, was higher than for several years past, and this continued so up to the present period. T he consumption o f manufactured tobacco in creases y e a r ly ; new markets are continually opening to receive i t ; California alone, this year, has taken large supplies, and its production, owing to heavy losses incurred 585 Mercantile Miscellanies. by low prices, has decreased in the past tw o or three years. L eaf tobacco has also materially advanced in price, and the lower qualities cannot now be had to any extent, even at the full advance; hence, the manufactured article is now higher and scarcer than m some years. U pon careful investigation, it is now ascertained that the stock here is not over 8,000 packages, in first hands, against 40,000 usually held at this season ; and all the mar kets in the country, it is also correctly ascertained, are in like condition. This market is entirely cleaned o f all the lower qualities ; no common 16’s here under 7-.f to Scents, and no great quantity o f 16’s can be had here now at any price ; no common 5’s and 8 ’s at all, in first hands ; and no supply o f 5’s and 8’s to be had under 14| a 15 cen ts; no pound or half pound lumps here under 12 cents; and the supply under 20 cents is very small, pending the high price o f leaf in this country and Europe, caused by in creased demand, short crops, and the scarcity and high value o f slave labor in Virginia, caused by emigration to the cotton-growing regions, where they command high wages. It is not unreasonable now to suppose that manufactured tobacco w ill remain high, and not plenty, for some time to come. I am respectfully yours, C H A R LE S M . CO N N O LL Y . THE PHILANTHROPIC WRECKER, It is so unusual to find benevolent, disinterested men among the wreckers, that when such instances as the foHowing occur, w e feel that while w e are doing a simple act o f justice to one o f that class, w e are at the same time subservjpg the cause o f humanity, b y recording in the pages o f the Merchants' Magazine the honored name and noble deeds o f Capt. J osefh G askill , a Jersey shoreman, o f whom the Newark D a ily A d vertiser sa y s:— “ H e has assisted on various occasions in rescuing six hundred persons, and millions o f property from shipwreck, without having ever received one cent b y w ay o f remuneration.” The efforts o f Capt. GaskiU to save life, are thus described in the Salem, (N. J.) Standard. “ Capt. G. is as unassuming as he is brave, and it is with the greatest difficulty he can be induced to enter upon a recital o f his adventures, which have been sufficiently numerous, on our wild and desolate shore, to fill a most entertaining volume. Last A pril a brig drove ashore near Great E gg H a rb o r; the night was dark and the storm raged furiously. A s usual, the fishermen crossed the sound to the beach, but their boats were all too heavy to be carried over, and it was impossible to pass them out the inlet. In the extremity o f despair, and while the vessel was momentarily expect ed to go to pieces, Capt. G. arrived with a diminutive gunning skiff, decked over, ex cept a smaU space, scarcely large enough to seat the rower. The skiff was soon car ried across the beach, launched into the surf, and Capt. G., seizing the oars, started di rectly through the breakers for the brig. Every wave o f course submerged the tiny craft, but, drenched and half frozen, he finally arrived alongside. The captain and crew w ere struck with astonishment at the temerity o f the bold sailor, and, forgetting their own peril, hailed her, “ skiff a h o y ! where are you bound ?” Captain G. received one o f the crew from the bowsprit, who, sitting with his back to the stern, formed a breakwater, and by this means was safely landed. Notwithstand ing the coldness o f the weather, Capt. G. continued his trips until every man on board was sa v e d ; and sunrise found him struggling for a full hour, on his last trip, with the captain and his dog. The entire crew w ould undoubtedly have perished, had it not been for the intrepidity o f Capt. G., in venturing out in his mere egg-shell skiff. N o offer o f money would have induced him to perform this noble act, but the knowledge that fellow-creatures demanded Iris assistance, appealed to the heart, and commanded the aid o f the generous sailor.” THE FIRST VESSEL FROM THE LAKES TO CALIFORNIA. On the evening o f the 2*7th o f September, 1849, as w e learn from the Cleaveland (Ohio) Herald, the Eureka hauled down the river to the pier in Cleaveland, waiting for fair winds, to start on her long voyage. Her course lies through Lake Erie, the W e l land Canal, Lake Ontario, and the Itiver St. Lawrence, to the Atlantic. The sailing o f the Eureka, the second merchant vessel from the lakes to the ocean, is an era in marine 586 Mercantile Miscellanies. affairs, and a striking evidence o f their wonderful progress in the last thirty years. On the 6th o f November, 1821, only twenty-eight years ago, the steamboat Walk-in-theW ater was wrecked, and there was not a steamboat upon the waters o f these lakes, which now float an immense commercial marine. Emigrants to Ohio then plodded their slow course in covered wagons, and now emigrants for California take passage at Cleaveland, and, without leaving their vessel, are landed on the shores o f the Pacific. A t a quarter before twelve, on the morning o f the 28th o f September, 1849, the the Hudson steamer took the Eureka in tow, and in half an hour after she cast off, made sail, and the long voyage was begun. A crow d was gathered on the piers to see her start, and many a hearty good-by, and heartfelt wish for the success o f those on board, and especially for the Cleaveland boys, went with her. The Eureka took out 53 passengers— 25 from Cleaveland, 20 from other parts o f Ohio, 1 from Jamestown, N ew York, 1 from Auburn, 1 from Buffalo, 1 from Fort W ayne, 1 from Michigan, and 3 from Canada, including Mr. H. Leavenworth, form erly editor o f the St. Catherine’s Journal. T w o o f the gentlemen from Cleaveland took their families with them. “ GEORGIA! THE MASSACHUSETTS OF THE SOUTH.” Our attention has been called, from time to time, to the commercial and industrial progress o f Georgia, and w e have occasionally published statements showing conclu sively that the State is scarcely behind her sister States in the North, in an intelligent activity and enterprise. A highly respectable gentleman, who has the true interests o f Georgia at heart, and w ho has procured us a paper on the commere and resources o f that State, in a private letter on the subject rem arks:— “ Y our Magazine is very interesting and valuable, as a repository o f things useful; and I am glad to see its scope as wide as I understand its circulation to be. I consider Georgia the Massachusetts o f the South, and her progress is w ell w orth watching. W hile our city o f Savannah is as thriving, and promises as w ell for the future, as any point I know in the United States— at the mouth o f a good river, and the terminus o f some 7 00 miles o f railroads, which are daily extending, I see every tiling to hope from her future importance.” CONSUMPTION OF TOBACCO AND SNUFF. Returns m oved for in the British Parliament b y Mr. A . Shafto Adair, M. P., show that the quantities o f tobacco, manufactured and unmanufactured, entered for home consumption in the United Kingdom, in the year 1848, amounted to 27,304,134 lbs., including 206,681-J- lbs. o f manufactured tobacco and cigars, and 238-J- lbs. o f snuff. The quantity entered for home consumption in the year 1847 amounted to 26,753,933-Jlbs. The gross total amount o f duty received on this tobacco and snuff in 1848 was £4,365,233, and in 1847, £4,278,922. The quantity o f foreign manufactured tobacco imported in 1848 amounted to 1,509,079 lbs., and in 1847, 1,403,287 lbs., a great por tion o f which was re-exported. The number o f persons convicted o f smuggling to bacco, spirits, tea, silk, Ac., in 1848, amounted to 2,115, and the number o f persons in carcerated as felons for offenses against the revenue and customs’ laws on the 5th day o f January last, to 121. The number o f seizures o f smuggled tobacco, Ac., made in 1848 was 2,336 ; the number o f prosecutions, 1,798 ; the number o f persons imprisoned, 453 ; and the amount o f penalties received, £2,995. The number o f persons in prison on the 5th af January last for offenses against the excise branch o f inland revenue amounted to 279. THE LINEN CAMBRICS OF IRELAND. B y a customs’ return m oved for by Mr. Alderman Sydney, M. P., it appears that France has for some time ceased to supply any quantity— the return o f imports being in 1842, pieces, 12,139; in 1843, 14,307; in 1844, 14,032 ; in 1846, (when the duties were reduced,) 10,579 ; in 1847, 19,222; in 1848, 31,029. This latter increase has been owing to a very light gauzy fabric coming into wear, which the Belfast looms have hitherto not attempted. It m ay not be uninteresting here to quote the follow ing from Sir Robert Peel’s famous tariff speech o f 1846, as to Irish cambric pockethandkerchiefs in contrast with the French :—•“ From 1830 to 1834, the Irish manufac ture was in the proportion o f 300 to 1,000 dozens; from 1834 to 1838, as 900 to 1,000; from 1838 to 1842, as 4,000 to 1,000; and from 1842 to 1846, as 16,000 to 1,000. The Boole Trade. 587 THE BOOK TRADE. 1— Book-keeping and Accountantship, Elementary and Practical. In two parts, with a K e y f o r Teachers, cbe., dec. 4to., pp. 206. H ew Y o r k : John W iley. The great feature o f this work is an entire remodelling o f the plan o f instruction usually a d op ted ; its aim seems to be that o f leading the pupil from one principle to another, progressively causing him to work his w ay through a series o f exercises so arranged as to make him reason through each step, and, at the same time, require very little explanation. To carry out this successfully, is to achieve what every experienced teacher would unquestionably pronounce the perfection o f an elementary school-book. The want o f a text-book that manifested some definite plan o f instruction, by which the student and teacher w ould know what part o f the subject they were engaged upon, has long been felt. There is no more reason w h y the pupil should begin Book-keeping on any part o f the subject at random, than that he should begin the study o f arith m etic with the square root. H ow far the details, or minutia o f teaching m ay be car ried out, it w ould be difficult to determine, on a cursory examination; but the general features o f the work evince a profound knowledge o f the philosophy o f teaching, theo retical and practical, and w ill fully sustain the high reputation the author has so many years enjoyed, both as accountant and teacher. The work is divided into tw elve sec tions, and each section comprises a series o f exercises for the student. The answers to these questions, or exercises, which embrace, in addition to the mere arrangement o f accounts, an extensive course o f Commercial Arithmetic, are given in a Key, published separately, for teachers. It is no more than justice to the author to say, that the en tire originality o f the work distinguishes it from the many common-place compilations that from time to time ap p ear; moreover, it embodies a course o f instruction which has grown out o f fifteen years successful experience. These, w e think, are reasons sufficient to create an interest in it among all who are connected with this branch o f instruction. 2. — M ornings among the Jesuits at R o m e ; being N otes o f Conversations held with certain Jesuits on the Subject o f Religion in the City o f Rome. B y R ev. H. H obaet S eym our , M. A . 12mo., pp. 237. N ew Y o rk : Harper & Brothers. The author o f this work, a clergyman o f the Church o f England, enjoyed rare op portunity for becoming acquainted with the Church o f Rome, not only by attending all its serious services, watchfullly observing at every procession, attending every ex hibition o f relics, visiting every church on all unusual ceremonials, ifcc., but b y a long and intimate acquaintance with a large number o f the dignitaries and clergy o f that Church, with whom he entered into a series o f conversations or conferences on the sub je c t o f the points at issue between the Churches o f England and Rome, which were commenced and carried on, as occasion offered, during the whole period o f his residence at Rome. In order to be accurate in his statements, he often made it a point to note what they said, a circumstance not deemed discourteous at the time, as it appeared to be giving importance to their words, as if he considered them deserving o f an accurate record. 3. — Posthumous W orks o f the Rev. Thomas Chalmers, D. D., L L . T>. Edited b y the Rev. W illiam H anna, L L. D. Y ob vii. Institutes o f Theology o f the late Thomas Chalmers, D. D., LL. D. In 2 vols., 12mo., pp. 542. N ew Y o r k : Harper & Brothers. This volume is divided into three parts or books, the first treating o f preliminary ethics, metaphysics, mental physics, e tc.; the second, o f natural theology, in which the learned theologian introduces proofs from external nature, and from the constitution o f the human mind, and from its relation to external nature, for the being and character o f God. The third part is devoted to the evidences o f Christianity, derived from in ternal and external historical data. The work w ill interest a large class o f theologians, and, indeed, many who entertain opinions adverse to the theology o f the eminent author. 4. — T he Fountain o f L ivin g Waters, in a Series o f Sketches. Y o rk : George P. Putnam. B y a L ayman. N ew This little volume contains a series o f religious sketches designed to foster the re ligious sentiment, written in an agreeable style, that cannot fail o f interesting a large class o f pious minded people. 588 5. The B ook Trade . — Bulwer and Forbes on the Water-Treatment. Edited, with additional matter, by N ew Y o r k : George P. Putnam. R oland S. H oughton , A , M., M. D. The present compilation owes its origin to a desire, on the part o f Dr. Houghton, that the various materials o f which it is composed, should be embraced in a suitable form for permanent preservation. It contains “ Bulwer’s Confessions o f a W ater-Pa tient,” which originally appeared in Colburns New M onthly Magazine, for September, 1845 ; an article from the B ritish and Foreign Medical Review, by John Forbes, M. D. F. R. S. ; one o f the editors o f the “ Encyclopaedia o f Practical Medicine,” and the editor o f the R eview in which it was originally published, two chapters from Dr. W ilson’s Treatise on Healthy Skin, and a variety o f testimonials to the efficacy o f the Water-Treatment, voluntarily published to the world b y some o f the ablest members o f the medical profession in England. The editor has w isely adopted the plan o f pub lishing the several papers embraced in the volume, without notes or abridgement, de fining, however, his own position, in a separate paper, at the close o f the volume. W e have so frequently expressed our confidence in the efficacy o f this system o f treatment, that w e at this time m erely express our gratitude to the editor, for collecting and em bodying, in a permanent form, so many valuable contributions to the literature o f H y dropathy. 6. — The W orks o f J. Fennimore Cooper. Y ork : George P. Putnam. The P ilo t, complete in one Volume. N ew W e rejoice to learn that the new edition o f Cooper’s works, commenced b y Mr. Put nam as an experiment, is likely to prove successful. The second volume o f this edition is before us, revised, corrected, and illustrated with a new introduction, notes, etc., b y the author. The style o f printing, etc., is uniform with the works o f Washington Ir ving, by the same enterprising publishers. The standard character o f Mr. Cooper's in imitable tales, renders the present edition a desideratum, that few persons o f intelli gence and means can fail properly to appreciate or liberally patronize. 7. — Lectures on Modern H istory, fr o m the Irruption o f the N orthern N ations to the close o f the Am erioan Independence. B y W il l ia m S m yth , Professor o f Modern History in the University o f Cambridge. Third American edition, revised and cor rected. W ith additions, including a preface, and a list o f books on American his tory. B y J ared S pa r ks , President o f Harvard College. 8vo., pp. 738. Boston: Benjamin B. Muzey & Co. The embarrassments a student w ho is beginning the study o f history finds in select ing the best authors, ascertaining their intercourse and relative merits, and in working out for him self the most profitable course o f reading, Professor Smyth has undertaken to remove ; and, “ i f we may ju dge by the manner in which his task has been executed in this volume, it is safe to say that it could not have fallen into better hands.” His object, says President Sparks, is to teach students and readers generally how to read history for them selves; to show them the path, and furnish them the best lights for pursuing i t ; to enable them to form a just estimate o f the principles o f authors, and to bring forward in bold relief those prominent parts o f history to which their atten tion should chiefly be directed. His plan is unfolded with clearness and precision in his introductory lecture. It is broad and comprehensive, and such as could not have been carried out in the finished manner it has been without critical examination o f a large number o f authors, and close and patient meditation upon the contents o f the works. The work has already passed through several editions in this country, and is now used as a text book in Harvard College. O f its great value as an introduction to the study o f history there can be, among thinking men, but one opinion. W e hope the work w ill find a place in the library o f every student o f history. 8. — Friends in C ouncil; a Series o f Readings and Discourses thereon. 18mo., pp. 234. B oston: James Munroe & Co. This volume contains eleven essays on a variety o f subjects as follow s:— Truth, Conformity, Despair, Recreation, Greatness, Fiction, Unreasonable Claims in Social Affections and Relations, Public Improvements, and History. Each essay is supposed to be read before three “ friends in council,” and at its close an animated conversation on the subject springs up, farther illustrating the theory o f each essay. The subject matter has all the chasteness o f style that belongs to the best old English essayists, with all the freshness o f modern thinking. A great and prominent merit o f the work is its richness in suggestive thoughts and ideas. The Book Trade . 589 9.— P hysician and P a tie n t; or, a P ractical View o f the M utual D uties, Relations, and Interests o f the Medical P rofession and the Community. B y W ashington H ooker , M. D. 12mo., pp. 453. H ew Y o r k : Baker & 'Scribner. Although we are not prepared to adopt, without some reservation, all the views o f Dr. Hooker, w ho undertakes to dissect the various and exclusive systems o f medicine, and to expose the material o f quackery, whether it appear among the savage or the civilized, the rude or the refined, the illiterate or the learned, w e confess that w e have been amused and instructed by his clever handling o f the whole subject. In a chapter, the first in the volume, the “ Uncertainty o f Medicine,” he points out the difficulties which are encountered in the study and practice o f m edicines; in chapter 2d, he shows in what medical skill consists, in view o f the uncertainty o f medicine, appreciating the condition o f the patient in all respects, and applying remedies in the best manner to relieve this condition. T w o chapters are devoted to quackery and the means o f re moving it. Thomsonism, Homfeopathy, and Natural Bone-Setting, are each honored with a chapter, and dissected with more candor than is usually to be found among m ed ical men o f the allopathic, or even the eclectic school. Thomsonism, he thinks, m ay chance to cure like anything else, y et its general influence upon the medical prac tice o f the community he considers an unmitigated evil, b y giving currency to over dosing, which has been so popular and so destructive to health and fife. Homoeopathy, on the contrary, he considers is doing a good work in helping to destroy the undue re liance upon positive medication, and although, “ like other delusions,” it w ill pass away, he believes it w ill be seen that Hahneman, its founder, had a vocation to fill, o f which he never dreamed, and that he has, unwittingly, done more good than harm to the permanent interests o f the medical science. There are, besides, chapters on theory and observation; popular estimates o f physicians; intercourse o f physicians; inter ference with physicians; mutual influence o f mind and body in disease, and on insanity; each replete with valuable suggestions— and we only regret that the limited space, as w ell as the design o f this department o f our Magazine, precludes us from giving a more complete and comprehensive analysis o f the contents o f a work so w ell calcu lated to ieterest alike the profession and the community at large. 10. — Los G ringos; or, an Inside View o f M exico and C alif or nia, with Wanderings in P eru, Chili, and Polynesia. B y Lieut. W is e , U. S. N. 12mo., pp. 453. N ew Y o rk : Baker & Scribner. “ The title, 4Los Gringos,’ with which this volum e has been christened, is the epithet — and rather a reproachful one— used in California and Mexico to designate the descendents o f the Anglo-Saxon race. The definition o f the word is somewhat similar to that o f ‘ greenhorns,’ in modern parlance, or 4Mohawks,’ in the days o f the Specta tor. Although many o f the scenes were passed in those countries, y et the narrative takes a wider range, and embraces portions o f the South American continent, on Bra zil, Chili, and Peru, together with visits to some o f the groups o f the Pacific, at the Sandwich, Marquesas, and Society Islands. The sketches embodied in the narrative w ere all written on the field o f their occurrence— the characters incidentally mentioned are frequently nommes du mer.” So says the author in the brief off-hand preface to a volum e overflowing with incidents and anecdotes narrated as “ agreeable people talk.” “ The book,” says that liberal and just appreciator o f the literary labors o f his cotem poraries, N. P. W illis, “ is one o f the most agreeable men in the world— put in print. For that pow er o f unexpected parallelism, which brings together suddenly and laugh ably the most distant opponents in grotesque similitude— for the quick analysis o f a thought or feeling which supplies material for wit— for the genial and irresistable hu mor which makes what people familiarize b y the phrase “ the merriest fellow in the w o rld ”— w e hardly know the equal o f the author o f 4Los Gringos.’ ” Although w e “ deal in statistics,” which the author o f this volume disclaims, w e thank him sincerely for the 44change o f occupation ” his delightful volume has afforded our tired brain; and in conclusion w e heartily commend it to our numerous friends in the “ cotton and sugar line,” as a medicine far more potent than 44Brandreth’s pills,” or 44Townsend’s sarsapar illa,” for restoring their jaded constitutions to a healthy action. 11. — T he E x c u r s io n ; Francis & Co. a Poem. By W il l ia m W a r dsw o r th N ew Y o rk : C. S. A very beautiful edition o f one o f the most beautiful productions o f the present cen tury. Dana, the American poet, pronounces i t 44the noblest poem in the English lan guage, since Milton’s Paradise Lost.” Higher praise could scarcely be awarded to a human production. 590 The Booh Trade. 12.— H istory o f the French Revolution o f 1848. B y A . D e L am artine . Translated by F rancis A . D urivage and W il l ia m S. C hase . First American edition. In two volumes. V ol. I., pp. 270. Boston: Phillips, Sampson & Co. In announcing this brilliant contribution to the historical literature o f the nineteenth century in a translated form, the American publishers remark in the advertisement ap pended to the first volu m e:— “ A n early copy o f the work having been placed by us in the hands o f the translators, they commenced their task at short notice, and under a pledge o f rapid execution. Yet, in fulfilling the latter condition, they were to en deavor, conscientiously, to avoid injustice to the original. A s far as possible, they have aimed to render every phrase o f the historian by its equivalent in English, and not a line o f his has been suppressed. The difficulties encountered can be fully appreciated only b y those who are aware how com pletely the fesources o f the French, that flexible and copious language, have been exhausted by the ingenuity and genius o f Lamartine, and how difficult it is to grasp some o f his poetical and philosophical ideas and expresions.” The translators are not unknown to us b y their former efforts in this de partment o f literature, and their reputation as translators is a sufficient guaranty o f the fidelity with which it has been executed. The volume before us corresponds, in style and form, with the same publishers’ new editions o f Hume’s and Macaulay’s his tories o f England. 13. — Shakspeare's Dram atic Works, with Introductory Rem arks and Notes, Original and Selected. No. I. The Tempest. B oston: Phillips, Sampson <fe Co. The first number o f this new edition o f Shakspeare’s Dramatic W orks is highly creditable to the taste and liberality o f the publishers. It is printed in a large, bold, and handsome type on superfine white paper, and is, without exception, the most read able edition o f the great poet w e have ever seem It is to be issued in semi-monthly numbers, each containing a play complete, illustrated with a steel engraving o f its heroine in the highest style o f the art, from drawings o f eminent artists. The number before us, the “ Tempest,” is illustrated with a portrait o f “ Meranda,” as beautiful in conception as it is finished in execution. 14. — Loyola ; and Jesuitism in its Rudiments. B y I saac T a y l o r , author o f “ Natural History o f Enthusiasm.” 12mo., pp. 416. H ew Y o r k : R obert Carter & Brothers. This work is divided into tw o p arts; the first relating to the personal history o f Lo yola, including the relative position o f his system, with an account o f his early years and conversion, his attempts to connect the Mohammedan world, and the failure o f the enterprise, his preparation for the work to which he devotes himself, his colleagues, and the birth o f the Society o f Jesus, his election to the generalship and government o f the society, and finally a philosophical analysis o f his mind. The second part is devoted to a consideration o f Jesuitism in its Rudiments. The subject is treated with remarkable candor and calmness, and with the spirit o f the Christian philosopher, rather than that o f the bigoted sectarian, although he brings to the task the qualifica tions, on the one hand, o f “ a profound belief o f the truth o f the Gospel, and on the other, o f a thorough freedom o f mind, in relation to all those forms o f Christianity which bespeak a lower origin.” 15. — Ollendorff’s New M ethod o f Learning to Read, W rite, and Speak the French Langu age; or, F irst Lessons in French. B y G. W . G re ene , Instructor in Modern Languages in Brown University. H ew Y o rk : D. A ppleton & Co. This little volume is intended as an introduction to “ Ollendorffs Complete French Method.” It embraces only three points which are calculated to facilitate the study o f the larger work. It seems to be exceedingly well-adapted to the wants o f beginners in the language. — Appleton's New York City and V icinity Guide. D. A ppleton & Co. 16 . By W . W il l i a m s . H ew Y o r k : This little manual contains a summary description o f the great metropolis and its environs, o f the public buildings, places o f interest, the names and location o f churches, banks, insurance offices, hotels, etc., together with a list of the various steamboats, rail road, and stage conveyances diverging from the city, with the times o f departure, fares, <fcc. The volume is illustrated with a map o f the city. It is w ell calculated to furnish the stranger with just that kind o f information that he needs in perambulating the city and its environs. The Booh Trade. 591 17.— A Discourse on the Soul and Instinct, Physiologically Distinguished fr o m M a terialism, Introductory to a Course o f Lectures on the Institute o f Medicine and M a teria Medica, in the University o f tiie City o f New York. B y M akty' n P ain e , A . 11, M. D., Professor o f the Institutes o f Medicine and Materia Medica, in the University o f N ew York, Member o f the R oyal V ereii fur Heilkunde, in Preusser, o f the M edi cal Society at L eipsic; o f the Natural History Society, etc. 12mo., pp. 230. N ew Y o r k : Edward H. Fletcher. L ord Bacon, i f we mistake not, has said that “ a little philosophy inclines men to in fidelity, but depth in philosophy bringeth them round to religion.” The main object o f this able and ingenious essay is, to afford reliable evidence o f the existence o f the soul as an independent, self-acting, immortal, and spiritual essence. But this is not all, the learned author seems to have had in view, not only the characteristics o f the soul and o f the principle o f instinct, in their moral and physiological aspects, but the im portance o f a right appreciation o f their attributes in the practical pursuits o f H ygene, Pathology, and Therapeutics. The author supposes, and, in our judgment, rightly', that if the doctrine o f materialism can be shown to be erroneous, and a per fect conviction o f the existence o f the soul as an independent, self-acting agent, could be established, it w ould hardly fail to enlarge and strengthen our conceptions o f Cre ative Power, and o f our moral and religious responsibilities. Quotations are made from the Scriptures, “ but not,” says the author, “ in the light o f proof, excepting as they m ay concur with demonstration— introduced rather for the purpose o f showing how far our own facts corrolorate the divine authority.” I f G od is, as we apprehend, the author o f Nature, no revelation can be higher or more autliorative than the facts it is daily unfolding to the pure reason o f the human race. The treatise displays acute and patient investigation, and will, we think, be regarded as a valuable contribution to our stories o f metaphysical investigation. 18. — T he Science o f M an A p p lied to E pid em ics: their Course, Cure, and Prevention. B y L e w is S. H ough . I8mo., pp. 290. B oston: Bela Marsh. The design o f the six lectures contained in this volume, is to illustrate the nature o f epidemics, and to point out to “ the people o f our Republic,” the means o f resisting not only that scourge o f nations— the spasmodic cholera— but every other epidemic incident to the human race. The scope o f these lectures is much wider than would be inferred from the title. Indeed, it would be an almost hopeless search, to find, in a single work treating o f human pathology, so much really important information in re gard to the human organism, and the laws which govern that organism. AVe should say here, however, that the lecturer discards drugging as a remedy for diseases induced b y the transgression o f the laws o f nature, or o f man’s b e in g ; and although he thinks that there is great room for improvement among our American hydropathics, in order to render the system as “ practical on human welfare, as have our American physiol ogists made phrenological science,” he still regards hydropathy as a God-send to suffer ing humanity, to relieve it from the horror o f drugging. 19. — Selections fr o m the W ritings o f M rs. Sarah C. Edgarton M a y o : W ith a M emoir. B y her husband. B oston : A . Tompkins. The late Mrs. M ayo is w ell know to a large portion o f the religious denomination to which she belonged, and even beyond the precincts o f Universalisin, by the agreeable tales and the sketches she contributed to our stores o f light literature, as w ell as the sweet songs o f affection she uttered from the “ abundance ” o f her loving and gentle heart. But one w ho knew her best, and fully appreciated the excellencies of her so cial, moral, and intellectual nature, has presented us with a picture o f her life in all its relations to human existence ; and gathered up from her literary remains the choicest gems— the best results o f her intellectual pursuits, and given them to her friends and the public, in the form o f a handsome duodecimo volume o f some five hundred pages. The extracts from her private letters, written in the “ beaten track ” o f friendship, forms not the least interesting or instructive portion o f the work. 20. — Sketches, Poems, and Miscellaneous W ritings, on Subjects Connected with Tem perance and the L iquor Traffic. B y C h ar les J e w e it , M. D. B oston: John P. Jewett. This volume contains a series o f elaborate addresses, on subjects connected with the temperance movement, besides a number o f sketches and anecdotes, designed to illus trate the evils o f intemperance and the liquor trade. The work is worthy o f a wide circulation. 592 The B ook Trade. 21.— F rank Forester’s Fish and Fishing o f the United States and the British P rov inces o f N orth A m erica. Illustrated, fr o m N ature by the A uth or. B y H en ry W il l ia m H e r ber t , author o f “ Field Sports o f North America,” “ Frank Forester and his Friends,” etc., etc. 8vo., pp. 359. N ew Y o rk : Stringer & Townsend. This book is written for sportsmen, and, as, in a recent work by Mr. Herbert, noticed in a previous'number o f this Magazine, the Field Sports o f the Prairie Regions, it was with the game animals that he had to do, so in this it is the sporting fish o f which he treats. Fresh water fish claims, by far, the largest share o f the author’s attention. Lakes, estuaries, rivers, brooks, its scenes; and the salmon in all its varieties, the pike, the bass, and the perch, are the fish whose habits it chiefly describes, and treats in such a manner as to interest and instruct the sportsman in his pastimes. In a word, the author has succeeded to a charm, in producing just such a book as every sportsman w ill value as it deserves. It is copiously illustrated with well-executed engravings, and is, moreover, “ got up ” in a style that does credit to the taste and liberality o f the enterprising publishers. ’l l . — The Canton C hinese; or, the American's Sojourn in the Celestial Empire. O smond T iffan y , J r . 12mo., pp. 271. Boston: James Munroe <& Co. By Mr. Tiffany arrived in China in 1844, and remained in that Empire several months, most o f the time at Canton. Unlike many w ho have attempted to impart information touching the aspects, manners, habits, customs, and ranks o f Chinese life, instead o f re maining in the Hongs, and obtaining information from the numerous books which have been written on the Celestials, Mr. Tiffany went about the streets, into all kinds o f shops, passed much time on the densely peopled river, and made the acquaintance, as far as lay in his power, with the various ranks o f the inhabitants, minutely observing every thing that passed in his way, so that his book, if not as full and complete as the com pilations o f previous writers, is fresher and more reliable. In a word, he has hinted o f nothing that did not come under his own immediate observation. The chapters on shops, manufactures and arts, and the Great Tea Hongs, w ill interest our commercial readers. Indeed, the entire work pleases us better than any book o f equal scope on the subjects it includes that has o f late fallen in our way. 23. — Echoes o f In fa nt Voices. 12mo., pp. 144. Boston : W . Crosby & H. P. Nichols- This volume contains some forty poems selected, with marked good taste and a cor rect appreciation o f poetical beauty, from our best modern poets. The design o f the compilation w ill be inferred from the brief dedicatory note to “ the bereaved and sor rowing parent.” “ I f it shall serve to soften the shadows o f sad hours; b y awakening the echoes o f pleasant voices that have passed away from earth, or brighten the faith o f the stricken and w ounded heart, it w ill have accomplished its mission.” 24. — A n gel V oices; or, W ords o f Council f o r Overcoming the World. o f Richter's “ Best Thoughts'.’ Boston: Ticknor, Heed, A Fields. A fte r the mode A new and beautiful edition o f one o f the most charming little works in our lan guage, overflowing with pure and gentle thoughts expressed in a chaste and graceful diction. 25. — P ictoria l E dition o f L ord B yron’s Works. Virtue. London and N ew Y o r k : George The sixth and seventh parts o f this beautiful serial edition o f the noble poet’s works embraces four highly finished engravings, illustrating some o f the finest passages o f “ Marino Faliero,” “ The Island,” and “ Manfred.” 26. — Sermons. B y J ohn B r a ze r , D. D. 18mo., pp. 367. Boston: Crosby <fe Nichols. The author o f this volume o f sermons was educated at Harvard College, where he distinguished himself as a scholar, and afterwards as the pa'stor o f a religious society in Salem, Massachusetts. The volume before us contains a selection from the sermons delivered during liis ministerial life. B y many they would be regarded as essays on moral subjects, rather than discourses for the pulpit. They are written in a clear, chaste, and scholarly style, and express sentiments that w ill find a response in the heart o f almost every sober-minded reader. 27. — The L ittle Savage. B y C apta in M a r r y a t t , R. N. N ew Y o rk : Harper & Brothers. “W e have not y et found time to dip into this new work o f the late Captain Marryatt, bu t judging from a hasty glance, here and there, w e are induced to think that it will compare favorably with the best o f the author’s previous productions.
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